NPORT-P
    false
    
      
      
        
          0001359057
          XXXXXXXX
        
      
      
      
      
        S000061218
        C000198300
        C000198301
      
      
      
    
  
  
    
      Manager Directed Portfolios
      811-21897
      0001359057
      549300J0JL5T81OQ6O93
      615 E. Michigan Street
      Milwaukee
      
      53202
      4147654339
      Hardman Johnston International Growth Fund
      S000061218
      549300HQ3J3PKKWI0D48
      2021-10-31
      2021-07-31
      N
    
    
      58775652.590000000000
      167892.480000000000
      58607760.110000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca PLC
        G0593M107
        
          
          
        
        24600.000000000000
        NS
        
        2826800.590000000000
        4.8232530721
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        791604.800000000000
        NS
        USD
        791604.800000000000
        1.3506825692
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        Airbus SE
        N0280G100
        
          
          
        
        22955.000000000000
        NS
        
        3148719.750000000000
        5.3725304364
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        ICICI Bank Ltd
        R7RX8ER1V4666J8D1I38
        ICICI Bank Ltd
        45104G104
        
          
          
        
        163690.000000000000
        NS
        USD
        3042997.100000000000
        5.1921402461
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Genmab A/S
        529900MTJPDPE4MHJ122
        Genmab A/S
        K3967W102
        
          
          
        
        6610.000000000000
        NS
        
        2987582.510000000000
        5.0975886203
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Puma SE
        529900GRZ2BQY5ZM9N49
        Puma SE
        D62318148
        
          
          
        
        24558.000000000000
        NS
        
        3012526.210000000000
        5.1401490252
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kering SA
        549300VGEJKB7SVUZR78
        Kering SA
        F5433L103
        
          
          
        
        1955.000000000000
        NS
        
        1753913.160000000000
        2.9926295711
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Melco Resorts & Entertainment
        529900NRV6LBR3T6B421
        Melco Resorts & Entertainment Ltd
        585464100
        
          
          
        
        141490.000000000000
        NS
        USD
        1969540.800000000000
        3.3605461057
        Long
        EC
        CORP
        HK
        N
        
        1
        
          N
          N
          N
        
      
      
        Daifuku Co Ltd
        N/A
        Daifuku Co Ltd
        J08988107
        
          
          
        
        22625.000000000000
        NS
        
        2027409.690000000000
        3.4592854021
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp
        529900M7PQBS7A89DZ11
        Keyence Corp
        J32491102
        
          
          
        
        5540.000000000000
        NS
        
        3085796.570000000000
        5.2651672137
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Murata Manufacturing Co Ltd
        529900QZG6DL8ZRI7140
        Murata Manufacturing Co Ltd
        J46840104
        
          
          
        
        30480.000000000000
        NS
        
        2529404.900000000000
        4.3158190916
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nidec Corp
        353800IF171MZTNL6Y31
        Nidec Corp
        J52968104
        
          
          
        
        20960.000000000000
        NS
        
        2352624.110000000000
        4.0141853324
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sea Ltd
        529900OM6JLLW44YKI15
        Sea Ltd
        81141R100
        
          
          
        
        4125.000000000000
        NS
        USD
        1139160.000000000000
        1.9437016495
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        874039100
        
          
          
        
        23080.000000000000
        NS
        USD
        2692051.200000000000
        4.5933357544
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Nordic Semiconductor ASA
        5967007LIEEXZXJGFK95
        Nordic Semiconductor ASA
        R4988P103
        
          
          
        
        43907.000000000000
        NS
        
        1437728.550000000000
        2.4531368326
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Safran SA
        969500UIC89GT3UL7L24
        Safran SA
        F4035A557
        
          
          
        
        20745.000000000000
        NS
        
        2714997.560000000000
        4.6324881806
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Prysmian SpA
        529900X0H1IO3RS1A464
        Prysmian SpA
        T7630L105
        
          
          
        
        65285.000000000000
        NS
        
        2340696.520000000000
        3.9938337783
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd
        Y002A1105
        
          
          
        
        114950.000000000000
        NS
        
        1375464.600000000000
        2.3468984268
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N07059202
        
          
          
        
        4390.000000000000
        NS
        
        3355659.290000000000
        5.7256228249
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Afterpay Ltd
        529900P6ROPAX0QTB720
        Afterpay Ltd
        Q3583G105
        
          
          
        
        29690.000000000000
        NS
        
        2110429.200000000000
        3.6009381625
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Wuxi Biologics Cayman Inc
        5493001TD2TH6VDTJU11
        Wuxi Biologics Cayman Inc
        G97008117
        
          
          
        
        191670.000000000000
        NS
        
        2927616.960000000000
        4.9952718795
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        G87572163
        
          
          
        
        19735.000000000000
        NS
        
        1190181.290000000000
        2.0307571690
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        ALI HEALTH
        529900GE9653COPX1I86
        Alibaba Health Information Technology Ltd
        G0171K101
        
          
          
        
        399000.000000000000
        NS
        
        621884.510000000000
        1.0610958495
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlassian Corp PLC
        549300AGBII4MWBVJY22
        Atlassian Corp PLC
        G06242104
        
          
          
        
        10665.000000000000
        NS
        USD
        3467404.800000000000
        5.9162895724
        Long
        EC
        CORP
        AU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        Aptiv PLC
        G6095L109
        
          
          
        
        19840.000000000000
        NS
        USD
        3310304.000000000000
        5.6482349672
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-09-23
      Manager Directed Portfolios
      /s/ Scott Ostrowski
      Manager Directed Portfolios
      President
    
  
  XXXX





Hardman Johnston International Growth Fund
           
Schedule of Investments
           
July 31, 2021 (Unaudited)
           
             
   
Shares
   
Value
 
COMMON STOCKS - 96.9%
           
Communication Services - 4.0%
           
Sea Ltd. - ADR (a)
   
4,125
     
1,139,160
 
Tencent Holdings Ltd.
   
19,735
     
1,190,181
 
             
2,329,341
 
Consumer Discretionary - 17.1%
               
Aptiv PLC - ADR (a)
   
19,840
     
3,310,304
 
Kering SA
   
1,955
     
1,753,913
 
Melco Resorts & Entertainment Ltd. - ADR (a)
   
141,490
     
1,969,541
 
Puma SE
   
24,558
     
3,012,526
 
             
10,046,284
 
Financials - 7.5%
               
AIA Group Ltd.
   
114,950
     
1,375,465
 
ICICI Bank Ltd. - ADR
   
163,690
     
3,042,997
 
             
4,418,462
 
Health Care - 16.0%
               
Alibaba Health Information Technology Ltd. (a)
   
399,000
     
621,884
 
AstraZeneca PLC
   
24,600
     
2,826,801
 
Genmab A/S (a)
   
6,610
     
2,987,582
 
Wuxi Biologics Cayman, Inc. (a)
   
191,670
     
2,927,617
 
             
9,363,884
 
Industrials - 21.5%
               
Airbus SE (a)
   
22,955
     
3,148,720
 
Daifuku Co., Ltd.
   
22,625
     
2,027,410
 
Nidec Corp.
   
20,960
     
2,352,624
 
Prysmian SpA
   
65,285
     
2,340,697
 
Safran SA
   
20,745
     
2,714,997
 
             
12,584,448
 
Information Technology - 30.8%
               
Afterpay Ltd. (a)
   
29,690
     
2,110,429
 
ASML Holding NV
   
4,430
     
3,386,235
 
Atlassian Corp PLC - ADR (a)
   
8,725
     
2,836,672
 
Keyence Corp.
   
5,540
     
3,085,796
 
Murata Manufacturing Co., Ltd.
   
30,480
     
2,529,405
 
Nordic Semiconductor ASA (a)
   
43,907
     
1,437,729
 
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
   
23,080
     
2,692,051
 
             
18,078,317
 
TOTAL COMMON STOCKS (Cost $49,888,324)
           
56,820,736
 
                 
SHORT-TERM INVESTMENTS - 1.4%
               
MONEY MARKET FUNDS - 1.4%
               
First American Government Obligations Fund - Class X, 0.03% (b)
   
791,605
     
791,605
 
TOTAL SHORT-TERM INVESTMENTS (Cost $791,605)
           
791,605
 
TOTAL INVESTMENTS (Cost $50,679,929) - 98.3%
           
57,612,341
 
Other Assets in Excess of Liabilities - 1.7%
           
1,005,983
 
TOTAL NET ASSETS - 100.00%
         
$
58,618,324
 
                 
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 July 31, 2021.
 
     
 
The Global Industry Classification Standard (GICS®) 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.
 
       
 
Country Allocation of Portfolio Assets*
 
 
Japan
17.1%
 
 
United Kingdom
16.4%
 
 
China
12.3%
 
 
Netherlands
11.1%
 
 
France
7.6%
 
 
India
5.2%
 
 
Germany
5.1%
 
 
Denmark
5.1%
 
 
Taiwan
4.6%
 
 
Italy
4.0%
 
 
Australia
3.6%
 
 
Norway
2.4%
 
 
Hong Kong
2.3%
 
 
Bermuda
1.1%
 
 
Short-Term Investments and Other
2.1%
 
       
 
* Percentages represent market value as a percentage of net assets.


 
 
Summary of Fair Value Measurements at July 31, 2021 (Unaudited)
 
    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
       
 
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:
         

 
    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.
                 
 
    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).
               
 
    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.
               

 
    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.
                   
                         
 
    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
       
 
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
       
 
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.
       
 
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
       
 
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
       
 
("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 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
         
 
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.
             
                         
 
    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.
         
                         
 
    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
         
 
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
       
 
classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
         
                         
 
    The Board has delegated day-to-day valuation issues to a Valuation Committee of Manager Directed Portfolios (the "Trust")
         
 
which is comprised of officers of the Trust.  The function of the Valuation Committee is to value securities where current and
         
 
reliable market quotations are not readily available, or the closing price does not represent fair value, by following procedures approved
         
 
by the Board. These procedures consider many factors, including the type of security, size of holding, trading volume, news events and
         
 
significant events such as those described previously.  All actions taken by the Valuation Committee are subsequently reviewed and ratified
         
 
by the Board.
                   
                         
 
    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.
                 
                         
 
    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
       
 
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
       
 
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
         
 
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
       
 
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.
       
                         
 
    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 July 31, 2021:
             

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
                       
Communication Services
 
$
1,139,160
   
$
1,190,181
   
$
-
     
2,329,341
 
Consumer Discretionary
   
5,279,845
     
4,766,439
     
-
     
10,046,284
 
Financials
   
3,042,997
     
1,375,465
     
-
     
4,418,462
 
Health Care
   
-
     
9,363,884
     
-
     
9,363,884
 
Industrials
   
-
     
12,584,448
     
-
     
12,584,448
 
Information Technology
   
5,528,723
     
12,549,594
     
-
     
18,078,317
 
Total Common Stocks
   
14,990,725
     
41,830,011
     
-
     
56,820,736
 
Short-Term Investments
   
791,605
     
-
     
-
     
791,605
 
Total Investments in Securities
 
$
15,782,330
   
$
41,830,011
   
$
-
   
$
57,612,341