# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-019531
**Filing Date:** 2023-3
**Character Count:** 31990
**Document Hash:** a43fee73b30e6bcc1b4dd8bbda360a20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-019531.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001145549-23-019531

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 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:** 23775445

**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

### Hardman Johnston International Growth Fund (Series ID: S000061218)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198300 | Institutional Shares | HJIGX           |
| C000198301 | Retail Shares        | HJIRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hardman Johnston International Growth Fund** | | |
| **Schedule of Investments** | | |
| **January 31, 2023 (Unaudited)** | | |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.8%** | | |
| **COMMUNICATION SERVICES - 6.1%** | | |
| Deutsche Telekom AG | 111100 | $2475164 |
| Sea Ltd. - ADR (a) | 9386 | 604928 |
|  |  | 3080092 |
| **CONSUMER DISCRETIONARY - 26%** |  |  |
| Aptiv Plc - ADR (a) | 11595 | 1311278 |
| JD.com, Inc. | 38420 | 1140819 |
| LVMH Moet Hennessy Louis Vuitton SE | 1780 | 1553890 |
| Meituan (a) | 82300 | 1839889 |
| Melco Resorts & Entertainment Ltd. - ADR (a) | 135600 | 1852296 |
| MercadoLibre, Inc. (a) | 848 | 1002073 |
| Prosus NV | 39700 | 3205574 |
| Puma SE | 19008 | 1298020 |
|  |  | 13203839 |
| **ENERGY - 5.1%** |  |  |
| TechnipFMC PLC - ADR (a) | 187820 | 2608820 |
|  |  | 2608820 |
| **FINANCIALS - 8.2%** |  |  |
| AIA Group Ltd. | 235760 | 2665891 |
| ICICI Bank Ltd. - ADR (a) | 72620 | 1512675 |
|  |  | 4178566 |
| **HEALTH CARE - 17.0%** |  |  |
| Alkermes PLC - ADR (a) | 44430 | 1272475 |
| AstraZeneca PLC | 17890 | 2343811 |
| Genmab A/S (a) | 5520 | 2163270 |
| Grifols SA (a) | 92180 | 1220279 |
| Wuxi Biologics Cayman, Inc. (a) | 199170 | 1663151 |
|  |  | 8662986 |
| **INDUSTRIALS - 17.4%** |  |  |
| Airbus SE | 18825 | 2360003 |
| Daifuku Co. Ltd. | 24125 | 1328413 |
| Nidec Corp. | 19060 | 1056283 |
| Prysmian SpA | 31465 | 1284953 |
| Safran SA | 19435 | 2794654 |
|  |  | 8824306 |
| **INFORMATION TECHNOLOGY - 18.0%** |  |  |
| ASML Holding NV | 3810 | 2520867 |
| Atlassian Corp PLC - ADR (a) | 6717 | 1085601 |
| Keyence Corp. | 5040 | 2320259 |
| Nordic Semiconductor ASA (a) | 50807 | 810171 |
| Taiwan Semiconductor Manufacturing Co Ltd. | 137000 | 2417611 |
|  |  | 9154509 |
| **TOTAL COMMON STOCKS** (Cost $47,401,277) |  | 49713118 |
| **SHORT-TERM INVESTMENTS - 2.3%** |  |  |
| **MONEY MARKET FUNDS - 2.3%** |  |  |
| First American Government Obligations Fund - Class X, 4.14% (b) | 1148716 | 1148716 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,148,716) |  | 1148716 |
| **TOTAL INVESTMENTS** (Cost $48,549,993) - 100.1% |  | 50861834 |
| Liabilities In Excess of Other Assets - (0.1)% |  | (26037) |
| **TOTAL NET ASSETS - 100.00%** |  | $50835797 |

---

---

| | |
|:---|:---|
|  | Percentages are stated as a percent of net assets. |
|  | ADR - American Depositary Receipt |
|  | PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the fund's 7-day yield as of January 31, 2023. |
|  | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the |
|  | exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). |
|  | GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank |
|  | Global Fund Services. |
|  | \* Percentages represent market value as a percentage of net assets. |

---

------

---

| | |
|:---|:---|
| **Summary of Fair Value Measurements at January 31, 2023 (Unaudited)** | **Summary of Fair Value Measurements at January 31, 2023 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out | &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 | 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 | 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: | disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date |
|  | of measurement. |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, |
|  | quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all |
|  | significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, |
|  | credit risk curves, default rates, and similar data). |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 - | Significant 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 would be |
|  | based on the best information available. |
| &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value | &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value |
| on a recurring basis. | on a recurring basis. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities* - Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, | *&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities* - Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, |
| closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued | closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued |
| at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, | at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, |
| at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations | at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations |
| are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall | are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall |
| be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. | be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. |
| Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. | Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. |
| Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked | Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked |
| prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the | prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the |
| fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its net asset value | fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its net asset value |
| ("NAV") because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility | ("NAV") because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility |
| that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined | that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined |
| that a security needs to be fair valued because it appears that the value of the security might have been materially affected by an event | that a security needs to be fair valued because it appears that the value of the security might have been materially affected by an event |
| (a "Significant Event") occurring after the close of the market in which the security is principally traded, but before the time the Fund | (a "Significant Event") occurring after the close of the market in which the security is principally traded, but before the time the Fund |
| calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, or even occurrences not tied directly to | calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, or even occurrences not tied directly to |
| the securities markets, such as natural disasters, armed conflicts, or significant government actions. | the securities markets, such as natural disasters, armed conflicts, or significant government actions. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV | *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV |
| provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. | provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities* – Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price | *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities* – Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price |
| supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other | supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other |
| analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the | analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the |
| securities will be priced in accordance with the procedures adopted by the Board of Trustees ("Board"). Short-term debt securities are generally | securities will be priced in accordance with the procedures adopted by the Board of Trustees ("Board"). Short-term debt securities are generally |
| classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities. | classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be | &nbsp;&nbsp;&nbsp;&nbsp; In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be |
| determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has | determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has |
| appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's | appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's |
| portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair | portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair |
| valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations | valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations |
| are not readily available or reliable and the methodologies to be used for determining the fair value of investments, | are not readily available or reliable and the methodologies to be used for determining the fair value of investments, |
| as well as the use and oversight of third-party pricing services for fair valuation. | as well as the use and oversight of third-party pricing services for fair valuation. |
| &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 |
| of the fair value hierarchy. | of the fair value hierarchy. |
| &nbsp;&nbsp;&nbsp;&nbsp;The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement | &nbsp;&nbsp;&nbsp;&nbsp;The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement |
| of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant | of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant |
| American Depositary Receipts or futures contracts. The Fund uses ICE Data Services ("ICE") as a third party fair valuation vendor. | American Depositary Receipts or futures contracts. The Fund uses ICE Data Services ("ICE") as a third party fair valuation vendor. |
| ICE provides a fair value for foreign securities in the Fund based on certain factors and methodologies applied by ICE in the event that there | ICE provides a fair value for foreign securities in the Fund based on certain factors and methodologies applied by ICE in the event that there |
| is a movement in the U.S. markets that exceeds a specific threshold established by the Valuation Committee. The effect of using fair value | is a movement in the U.S. markets that exceeds a specific threshold established by the Valuation Committee. The effect of using fair value |
| pricing is that the Fund's NAV will reflect the affected portfolio securities' values as determined by the Board or its designee instead of | pricing is that the Fund's NAV will reflect the affected portfolio securities' values as determined by the Board or its designee instead of |
| being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from | being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from |
| the foreign security's most recent closing price and from the prices used by other investment companies to calculate their NAVs and are | the foreign security's most recent closing price and from the prices used by other investment companies to calculate their NAVs and are |
| generally classified in Level 2 of the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's | generally classified in Level 2 of the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's |
| portfolio securities may change on days when you will not be able to purchase or redeem your shares. | portfolio securities may change on days when you will not be able to purchase or redeem your shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The | &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The |
| following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2023: | following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $604928 | $2475164 | $- | $3080092 |
| Consumer Discretionary | 4165647 | 9038192 | - | 13203839 |
| Energy | 2608820 | - | - | 2608820 |
| Financials | 1512675 | 2665891 | - | 4178566 |
| Health Care | 1272475 | 7390511 | - | 8662986 |
| Industrials | - | 8824306 | - | 8824306 |
| Information Technology | 1085601 | 8068908 | - | 9154509 |
| **Total Common Stocks** | 11250146 | 38462972 | - | 49713118 |
| **Short-Term Investments** | 1148716 | - | - | 1148716 |
| **Total Investments in Securities** | $12398862 | $38462972 | $- | $50861834 |

---

## 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:** Hardman Johnston International Growth Fund

- **b. EDGAR series identifier (if any):** S000061218

- **c. LEI of Series:** 549300HQ3J3PKKWI0D48

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $51441377.50

**Total Liabilities:** $613574.92

**Net Assets:** $50827802.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198300 | 18.76%               | -0.77%               | 10.19%               |
| Class ID C000198301 | 18.87%               | -0.82%               | 10.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1270633.26             | $9738198.87                                |
| Month 2  | $-1847602.97             | $1467853.67                                |
| Month 3  | $-1176673.75             | $6157667.97                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      9386 | NS      | $604927.70    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordic Semiconductor ASA       | Nordic Semiconductor ASA                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXJGFK95       | Long             | EC               | CORP              | NO        |     50807 | NS      | $810171.31    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                              | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    235760 | NS      | $2665891.09   | 5.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuxi Biologics Cayman Inc      | Wuxi Biologics Cayman Inc                  | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | CN        |    199170 | NS      | $1663150.77   | 3.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols SA                     | Grifols SA                                 | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | EC               | CORP              | ES        |     92180 | NS      | $1220278.85   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     11595 | NS      | $1311278.55   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                             | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |    187820 | NS      | $2608819.80   | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                             | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      6717 | NS      | $1085601.54   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     17630 | NS      | $2309747.44   | 4.54%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1148716 | NS      | $1148716.46   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     18625 | NS      | $2334930.00   | 4.59%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE        | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1752 | NS      | $1529446.78   | 3.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     72620 | NS      | $1512674.60   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                 | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      5520 | NS      | $2163270.17   | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Puma SE                        | Puma SE                                    | CUSIP: N/A<br>LEI: 529900GRZ2BQY5ZM9N49       | Long             | EC               | CORP              | DE        |     19008 | NS      | $1298019.92   | 2.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                        | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    109880 | NS      | $2447983.99   | 4.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment  | Melco Resorts & Entertainment Ltd          | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               | CORP              | HK        |    135600 | NS      | $1852296.00   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       848 | NS      | $1002073.12   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Daifuku Co Ltd                 | Daifuku Co Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24125 | NS      | $1328412.73   | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                               | CUSIP: N/A<br>LEI: 529900M7PQBS7A89DZ11       | Long             | EC               | CORP              | JP        |      5040 | NS      | $2320259.46   | 4.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp                     | Nidec Corp                                 | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |     19060 | NS      | $1056283.24   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    137000 | NS      | $2417611.22   | 4.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                      | Safran SA                                  | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     19205 | NS      | $2761580.72   | 5.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                               | CUSIP: N/A<br>LEI: 529900X0H1IO3RS1A464       | Long             | EC               | CORP              | IT        |     31465 | NS      | $1284952.42   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      3780 | NS      | $2501017.46   | 4.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                    | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | CN        |     82300 | NS      | $1839888.81   | 3.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                      | Prosus NV                                  | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     39120 | NS      | $3158741.86   | 6.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                 | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     38420 | NS      | $1140819.50   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Alkermes PLC                   | Alkermes PLC                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     44430 | NS      | $1272475.20   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-29

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Manager Directed Portfolios

**Title:** Treasurer