# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-009087
**Filing Date:** 2026-3
**Character Count:** 49289
**Document Hash:** b06b30244ed910fea3e2be8d49fd7e92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-009087.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000894189-26-009087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26805436

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

### Deepwater Beachfront Small Cap ETF (Series ID: S000097730)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000267219 | Deepwater Beachfront Small Cap ETF | DBSC            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Deepwater Beachfront Small Cap ETF** | **Deepwater Beachfront Small Cap ETF** | **Deepwater Beachfront Small Cap ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.8%** | **Shares** | **Value**  |
| **COMMUNICATION SERVICES - 0.5%** | **COMMUNICATION SERVICES - 0.5%** | |
| **Interactive Media & Services - 0.5%** | | |
| Grindr, Inc. <sup>(a)</sup> | 1602 | $18134 |
| **CONSUMER DISCRETIONARY - 11.7%** | **CONSUMER DISCRETIONARY - 11.7%** |  |
| **Diversified Consumer Services - 1.2%** |  |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 312 | 32308 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 474 | 13191 |
|  |  | 45499 |
| **Hotels, Restaurants & Leisure - 5.7%** |  |  |
| Brinker International, Inc. <sup>(a)</sup> | 384 | 60564 |
| Cheesecake Factory, Inc. | 438 | 25386 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 534 | 8539 |
| Genius Sports Ltd. <sup>(a)</sup> | 2070 | 18009 |
| Kura Sushi USA, Inc. - Class A <sup>(a)</sup> | 102 | 6815 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 1914 | 55831 |
| Shake Shack, Inc. - Class A <sup>(a)</sup> | 366 | 32417 |
| Sweetgreen, Inc. - Class A <sup>(a)</sup> | 1038 | 6373 |
|  |  | 213934 |
| **Specialty Retail - 4.4%** |  |  |
| American Eagle Outfitters, Inc. | 1476 | 34405 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 264 | 47119 |
| Group 1 Automotive, Inc. | 108 | 38260 |
| Revolve Group, Inc. <sup>(a)</sup> | 618 | 17088 |
| Warby Parker, Inc. - Class A <sup>(a)</sup> | 1080 | 27551 |
|  |  | 164423 |
| **Textiles, Apparel & Luxury Goods - 0.4%** |  |  |
| Figs, Inc. - Class A <sup>(a)</sup> | 1428 | 15437 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 439293 |
| **CONSUMER STAPLES - 3.5%** | **CONSUMER STAPLES - 3.5%** |  |
| **Beverages - 0.7%** |  |  |
| Vita Coco Co., Inc. <sup>(a)</sup> | 498 | 26568 |
| **Consumer Staples Distribution & Retail - 1.6%** |  |  |
| Chefs' Warehouse, Inc. <sup>(a)</sup> | 354 | 22267 |
| PriceSmart, Inc. | 264 | 37543 |
|  |  | 59810 |
| **Food Products - 0.5%** |  |  |
| Mama's Creations, Inc. <sup>(a)</sup> | 420 | 6342 |
| Vital Farms, Inc. <sup>(a)</sup> | 390 | 11096 |
|  |  | 17438 |
| **Household Products - 0.7%** |  |  |
| WD-40 Co. | 114 | 26360 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 130176 |
| **ENERGY - 1.7%** | **ENERGY - 1.7%** |  |
| **Energy Equipment & Services - 1.7%** |  |  |
| Innovex International, Inc. <sup>(a)</sup> | 600 | 14910 |
| TETRA Technologies, Inc. <sup>(a)</sup> | 1164 | 13270 |
| Valaris Ltd. <sup>(a)</sup> | 606 | 34984 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 63164 |
| **FINANCIALS - 16.9%** | **FINANCIALS - 16.9%** |  |
| **Banks - 5.5%** |  |  |
| Axos Financial, Inc. <sup>(a)</sup> | 486 | 48109 |
| Bancorp, Inc. <sup>(a)</sup> | 378 | 22468 |
| Cadence Bank | 1596 | 67208 |
| Enterprise Financial Services Corp. | 324 | 18581 |
| Esquire Financial Holdings, Inc. | 72 | 7677 |
| Finwise Bancorp <sup>(a)</sup> | 270 | 4728 |
| ServisFirst Bancshares, Inc. | 468 | 38306 |
|  |  | 207077 |
| **Capital Markets - 4.9%** |  |  |
| PJT Partners, Inc. - Class A | 372 | 64367 |
| StepStone Group, Inc. - Class A | 1014 | 71680 |
| StoneX Group, Inc. <sup>(a)</sup> | 450 | 50517 |
|  |  | 186564 |
| **Consumer Finance - 2.6%** |  |  |
| Dave, Inc. <sup>(a)</sup> | 120 | 19643 |
| Enova International, Inc. <sup>(a)</sup> | 216 | 35677 |
| Nelnet, Inc. - Class A | 312 | 41153 |
|  |  | 96473 |
| **Financial Services - 2.2%** |  |  |
| PennyMac Financial Services, Inc. | 450 | 44964 |
| StoneCo Ltd. - Class A <sup>(a)</sup> | 2352 | 37961 |
|  |  | 82925 |
| **Insurance - 1.7%** |  |  |
| HCI Group, Inc. | 114 | 18088 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 228 | 28179 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 384 | 17134 |
|  |  | 63401 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 636440 |
| **HEALTH CARE - 19.7%** | **HEALTH CARE - 19.7%** |  |
| **Biotechnology - 1.6%** |  |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | 2064 | 35707 |
| Travere Therapeutics, Inc. <sup>(a)</sup> | 780 | 24250 |
|  |  | 59957 |
| **Health Care Equipment & Supplies - 3.7%** |  |  |
| Alphatec Holdings, Inc. <sup>(a)</sup> | 1290 | 19131 |
| IRhythm Holdings, Inc. <sup>(a)</sup> | 276 | 42645 |
| LivaNova PLC <sup>(a)</sup> | 474 | 31146 |
| SI-BONE, Inc. <sup>(a)</sup> | 378 | 6267 |
| TransMedics Group, Inc. <sup>(a)</sup> | 294 | 39389 |
|  |  | 138578 |
| **Health Care Providers & Services - 12.3%** |  |  |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 1668 | 37580 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 1566 | 61497 |
| Ensign Group, Inc. | 432 | 74157 |
| GeneDx Holdings Corp. <sup>(a)</sup> | 252 | 24258 |
| Guardant Health, Inc. <sup>(a)</sup> | 720 | 82109 |
| HealthEquity, Inc. <sup>(a)</sup> | 738 | 63224 |
| Hims & Hers Health, Inc. <sup>(a)</sup> | 1974 | 53476 |
| Progyny, Inc. <sup>(a)</sup> | 750 | 17902 |
| RadNet, Inc. <sup>(a)</sup> | 672 | 47107 |
|  |  | 461310 |
| **Pharmaceuticals - 2.1%** |  |  |
| Axsome Therapeutics, Inc. <sup>(a)</sup> | 432 | 79596 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 739441 |
| **INDUSTRIALS - 22.1%** | **INDUSTRIALS - 22.1%** |  |
| **Aerospace & Defense - 3.3%** |  |  |
| AeroVironment, Inc. <sup>(a)</sup> | 210 | 58462 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 642 | 66132 |
|  |  | 124594 |
| **Building Products - 3.3%** |  |  |
| CSW Industrials, Inc. | 144 | 38877 |
| Modine Manufacturing Co. <sup>(a)</sup> | 456 | 84205 |
|  |  | 123082 |
| **Construction & Engineering - 9.5%** |  |  |
| Construction Partners, Inc. - Class A <sup>(a)</sup> | 486 | 53402 |
| Dycom Industries, Inc. <sup>(a)</sup> | 216 | 78708 |
| IES Holdings, Inc. <sup>(a)</sup> | 168 | 63889 |
| Limbach Holdings, Inc. <sup>(a)</sup> | 102 | 8770 |
| Primoris Services Corp. | 468 | 69381 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 234 | 83751 |
|  |  | 357901 |
| **Electrical Equipment - 2.4%** |  |  |
| Nextpower, Inc. - Class A <sup>(a)</sup> | 768 | 89925 |
| **Machinery - 3.6%** |  |  |
| Federal Signal Corp. | 522 | 56423 |
| Watts Water Technologies, Inc. - Class A | 264 | 79018 |
|  |  | 135441 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 830943 |
| **INFORMATION TECHNOLOGY - 13.3%** | **INFORMATION TECHNOLOGY - 13.3%** |  |
| **Semiconductors & Semiconductor Equipment - 5.0%** |  |  |
| Credo Technology Group Holding Ltd. <sup>(a)</sup> | 474 | 59383 |
| Impinj, Inc. <sup>(a)</sup> | 258 | 35630 |
| Kopin Corp. <sup>(a)</sup> | 1554 | 3963 |
| Rambus, Inc. <sup>(a)</sup> | 798 | 90836 |
|  |  | 189812 |
| **Software - 7.6%** |  |  |
| Alkami Technology, Inc. <sup>(a)</sup> | 912 | 19325 |
| AvePoint, Inc. <sup>(a)</sup> | 1872 | 21771 |
| Braze, Inc. - Class A <sup>(a)</sup> | 978 | 20362 |
| Clear Secure, Inc. - Class A | 1176 | 38361 |
| Commvault Systems, Inc. <sup>(a)</sup> | 378 | 32395 |
| Pagaya Technologies Ltd. - Class A <sup>(a)</sup> | 702 | 13612 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 546 | 33443 |
| SPS Commerce, Inc. <sup>(a)</sup> | 324 | 28920 |
| Workiva, Inc. <sup>(a)</sup> | 486 | 37432 |
| Zeta Global Holdings Corp. - Class A <sup>(a)</sup> | 2130 | 39575 |
|  |  | 285196 |
| **Technology Hardware, Storage & Peripherals - 0.7%** |  |  |
| GPGI, Inc. <sup>(a)</sup> | 1104 | 26021 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 501029 |
| **MATERIALS - 3.1%** | **MATERIALS - 3.1%** |  |
| **Chemicals - 0.1%** |  |  |
| Flotek Industries, Inc. <sup>(a)</sup> | 288 | 5003 |
| **Construction Materials - 0.9%** |  |  |
| Knife River Corp. <sup>(a)</sup> | 486 | 32645 |
| **Metals & Mining - 2.1%** |  |  |
| Coeur Mining, Inc. <sup>(a)</sup> | 3678 | 75178 |
| Vox Royalty Corp. | 960 | 5059 |
|  |  | 80237 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 117885 |
| **REAL ESTATE - 0.2%** | **REAL ESTATE - 0.2%** |  |
| **Real Estate Management & Development - 0.2%** |  |  |
| Real Brokerage, Inc. <sup>(a)</sup> | 1836 | 6499 |
| **UTILITIES - 3.1%** | **UTILITIES - 3.1%** |  |
| **Gas Utilities - 1.3%** |  |  |
| Brookfield Infrastructure Corp. - Class A | 1032 | 49381 |
| **Independent Power and Renewable Electricity Producers - 1.8%** |  |  |
| Ormat Technologies, Inc. | 522 | 65219 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | 114600 |
| **TOTAL COMMON STOCKS** (Cost $3,609,920) | **TOTAL COMMON STOCKS** (Cost $3,609,920) | 3597604 |
| **REAL ESTATE INVESTMENT TRUSTS - 3.6%** | **Shares** | **Value**  |
| **REAL ESTATE - 3.6%** | **REAL ESTATE - 3.6%** |  |
| **Health Care REITs - 3.6%** |  |  |
| American Healthcare REIT, Inc. | 1596 | 74868 |
| Diversified Healthcare Trust | 2106 | 12236 |
| Sabra Health Care REIT, Inc. | 2160 | 40457 |
| Strawberry Fields REIT, Inc. | 486 | 6376 |
| **Total Real Estate** | **Total Real Estate** | 133937 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $133,805) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $133,805) | 133937 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.7%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(b)</sup> | 26904 | 26904 |
| **TOTAL MONEY MARKET FUNDS** (Cost $26,904) | **TOTAL MONEY MARKET FUNDS** (Cost $26,904) | 26904 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $3,770,629**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $3,770,629**)** | 3758445 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (2118) |
| **TOTAL NET ASSETS - 100.0%** |  | $3756327 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
Deepwater Beachfront Small Cap ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3597604 | $– | $– | $3597604 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 133937 | – | – | 133937 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 26904 | – | – | 26904 |
| Total Investments | $3758445 | $– | $– | $3758445 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Deepwater Beachfront Small Cap ETF

- **b. EDGAR series identifier (if any):** S000097730

- **c. LEI of Series:** 529900YYIW0VCISGQW40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3758704.30

**Total Liabilities:** $2377.41

**Net Assets:** $3756326.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000267219 | 0.00%                | -0.78%               | 2.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $-41305.91                                 |
| Month 3  | $30239.65                | $29122.17                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc             | ADMA Biologics Inc                       | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2064 | NS      | $35707.20     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc           | Limbach Holdings Inc                     | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |       102 | NS      | $8769.96      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings Inc                     | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       228 | NS      | $28178.52     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In | PennyMac Financial Services Inc          | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |       450 | NS      | $44964.00     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                    | Progyny Inc                              | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       750 | NS      | $17902.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce Inc                         | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       324 | NS      | $28920.24     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       606 | NS      | $34984.38     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc              | Revolve Group Inc                        | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       618 | NS      | $17087.70     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Strawberry Fields REIT Inc     | Strawberry Fields REIT Inc               | CUSIP: 863182101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       486 | NS      | $6376.32      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group Inc                    | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |       294 | NS      | $39388.65     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc               | Warby Parker Inc                         | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1080 | NS      | $27550.80     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd        | Pagaya Technologies Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       702 | NS      | $13611.78     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                         | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       486 | NS      | $32644.62     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kopin Corp                     | Kopin Corp                               | CUSIP: 500600101<br>LEI: 52990031GUBB61RXCD89 | Long             | EC               | CORP              | US        |      1554 | NS      | $3962.70      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                     | RadNet Inc                               | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |       672 | NS      | $47107.20     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT Inc               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      2160 | NS      | $40456.80     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Gr | Skyward Specialty Insurance Group Inc    | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |       384 | NS      | $17134.08     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                 | Sweetgreen Inc                           | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1038 | NS      | $6373.32      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vox Royalty Corp               | Vox Royalty Corp                         | CUSIP: 92919F103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       960 | NS      | $5059.20      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                       | WD-40 Co                                 | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       114 | NS      | $26360.22     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc   | Watts Water Technologies Inc             | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |       264 | NS      | $79017.84     | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                         | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      3678 | NS      | $75178.32     | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grindr Inc                     | Grindr Inc                               | CUSIP: 39854F101<br>LEI: 254900J9EDQSYT0ERQ67 | Long             | EC               | CORP              | US        |      1602 | NS      | $18134.64     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co        | Modine Manufacturing Co                  | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |       456 | NS      | $84204.96     | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                     | Nelnet Inc                               | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |       312 | NS      | $41152.80     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                 | PriceSmart Inc                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |       264 | NS      | $37543.44     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc             | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |       312 | NS      | $32307.60     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc       | Alignment Healthcare Inc                 | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1668 | NS      | $37580.04     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial Inc                       | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |       486 | NS      | $48109.14     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc          | Alkami Technology Inc                    | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |       912 | NS      | $19325.28     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc          | Alphatec Holdings Inc                    | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |      1290 | NS      | $19130.70     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters Inc            | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |      1476 | NS      | $34405.56     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                   | AvePoint Inc                             | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1872 | NS      | $21771.36     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The     | Cheesecake Factory Inc/The               | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |       438 | NS      | $25386.48     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc          | Commvault Systems Inc                    | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       378 | NS      | $32394.60     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                       | Dave Inc                                 | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       120 | NS      | $19642.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc         | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       534 | NS      | $8538.66      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc            | Guardant Health Inc                      | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |       720 | NS      | $82108.80     | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                  | HCI Group Inc                            | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |       114 | NS      | $18088.38     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc               | IES Holdings Inc                         | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |       168 | NS      | $63888.72     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                     | Impinj Inc                               | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |       258 | NS      | $35629.80     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Brokerage Inc/The         | Real Brokerage Inc/The                   | CUSIP: 75585H206<br>LEI: 254900X7DGVQ8SUIC387 | Long             | EC               | CORP              | US        |      1836 | NS      | $6499.44      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp           | GeneDx Holdings Corp                     | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       252 | NS      | $24257.52     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc               | StoneX Group Inc                         | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       450 | NS      | $50517.00     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies Inc         | TETRA Technologies Inc                   | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |      1164 | NS      | $13269.60     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp      | Zeta Global Holdings Corp                | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |      2130 | NS      | $39575.40     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       474 | NS      | $59382.72     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                      | Braze Inc                                | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |       978 | NS      | $20361.96     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc  | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |       642 | NS      | $66132.42     | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc         | Ormat Technologies Inc                   | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |       522 | NS      | $65218.68     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc               | PJT Partners Inc                         | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |       372 | NS      | $64367.16     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                | Q2 Holdings Inc                          | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |       546 | NS      | $33442.50     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus Inc                               | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |       798 | NS      | $90836.34     | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                    | SI-BONE Inc                              | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |       378 | NS      | $6267.24      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc            | StepStone Group Inc                      | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1014 | NS      | $71679.66     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |       474 | NS      | $13191.42     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                        | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       210 | NS      | $58461.90     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp | Brookfield Infrastructure Corp           | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | US        |      1032 | NS      | $49381.20     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                             | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      1596 | NS      | $67207.56     | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT Inc             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |      1596 | NS      | $74868.36     | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International Inc                | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       384 | NS      | $60564.48     | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries Inc                     | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |       216 | NS      | $78708.24     | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                       | Figs Inc                                 | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1428 | NS      | $15436.68     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Finwise Bancorp                | Finwise Bancorp                          | CUSIP: 31813A109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       270 | NS      | $4727.70      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |     26904 | NS      | $26903.54     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Flotek Industries Inc          | Flotek Industries Inc                    | CUSIP: 343389409<br>LEI: 549300TF60OEK4FPPC44 | Long             | EC               | CORP              | US        |       288 | NS      | $5002.56      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp         | Primoris Services Corp                   | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |       468 | NS      | $69381.00     | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares Inc               | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       468 | NS      | $38305.80     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                | Shake Shack Inc                          | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |       366 | NS      | $32416.62     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc              | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       234 | NS      | $83750.94     | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc       | Travere Therapeutics Inc                 | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       780 | NS      | $24250.20     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The           | Vita Coco Co Inc/The                     | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |       498 | NS      | $26568.30     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                | Vital Farms Inc                          | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |       390 | NS      | $11095.50     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                    | Workiva Inc                              | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |       486 | NS      | $37431.72     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      2070 | NS      | $18009.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd                    | StoneCo Ltd                              | CUSIP: N/A<br>LEI: 549300O1A9LEF0XZCR35       | Long             | EC               | CORP              | BR        |      2352 | NS      | $37961.28     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc        | Axsome Therapeutics Inc                  | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |       432 | NS      | $79596.00     | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpring Health Services I | BrightSpring Health Services Inc         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1566 | NS      | $61496.82     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                      | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       144 | NS      | $38877.12     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure Inc                         | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1176 | NS      | $38361.12     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GPGI Inc                       | GPGI Inc                                 | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1104 | NS      | $26021.28     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc      | Construction Partners Inc                | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |       486 | NS      | $53401.68     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust   | Diversified Healthcare Trust             | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2106 | NS      | $12235.86     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity Inc                         | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |       738 | NS      | $63224.46     | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc         | Hims & Hers Health Inc                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |      1974 | NS      | $53475.66     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc      | Innovex International Inc                | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |       600 | NS      | $14910.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc             | Kura Sushi USA Inc                       | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       102 | NS      | $6814.62      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc   | Life Time Group Holdings Inc             | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1914 | NS      | $55831.38     | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp Inc/The                          | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |       378 | NS      | $22468.32     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                   | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |       264 | NS      | $47118.72     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International Inc                  | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       216 | NS      | $35676.72     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                     | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       432 | NS      | $74157.12     | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc | Esquire Financial Holdings Inc           | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        72 | NS      | $7677.36      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The       | Chefs' Warehouse Inc/The                 | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |       354 | NS      | $22266.60     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services  | Enterprise Financial Services Corp       | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |       324 | NS      | $18581.40     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                      | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |       522 | NS      | $56422.98     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc         | Group 1 Automotive Inc                   | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       108 | NS      | $38260.08     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IRhythm Holdings Inc           | IRhythm Holdings Inc                     | CUSIP: 450056106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       276 | NS      | $42644.76     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc           | Mama's Creations Inc                     | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       420 | NS      | $6342.00      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc                  | Nextpower Inc                            | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       768 | NS      | $89925.12     | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                   | LivaNova PLC                             | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |       474 | NS      | $31146.54     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President