(null)

NPORT-P false 0001359057 XXXXXXXX S000063161 C000204775 Manager Directed Portfolios 811-21897 0001359057 549300J0JL5T81OQ6O93 615 E. Michigan Street Milwaukee 53202 4147654339 Argent Small Cap Fund S000063161 549300R68Q3CKSOCOT61 2022-12-31 2022-03-31 N 20152732.350000000000 53564.100000000000 20099168.250000000000 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 N/A N/A ASGN Inc LZBNYYCBUKY537072438 ASGN Inc 00191U102 6570.000000000000 NS USD 766784.700000000000 3.8150071210 Long EC CORP US N 1 N N N ACI Worldwide Inc 5493003BPVMZUJ6F5C02 ACI Worldwide Inc 004498101 9085.000000000000 NS USD 286086.650000000000 1.4233755668 Long EC CORP US N 1 N N N Addus HomeCare Corp 52990090ZT33AKPDBX62 Addus HomeCare Corp 006739106 5990.000000000000 NS USD 558807.100000000000 2.7802498743 Long EC CORP US N 1 N N N Alarm.com Holdings Inc 549300HIH92U1EKIHZ32 Alarm.com Holdings Inc 011642105 4065.000000000000 NS USD 270159.900000000000 1.3441347256 Long EC CORP US N 1 N N N America's Car-Mart Inc/TX N/A America's Car-Mart Inc/TX 03062T105 5205.000000000000 NS USD 419314.800000000000 2.0862296130 Long EC CORP US N 1 N N N Asbury Automotive Group Inc 549300JH4DTA7U42GL91 Asbury Automotive Group Inc 043436104 3545.000000000000 NS USD 567909.000000000000 2.8255348328 Long EC CORP US N 1 N N N Atkore Inc 52990002TI38AM4RPV48 Atkore International Group Inc 047649108 2670.000000000000 NS USD 262834.800000000000 1.3076899339 Long EC CORP US N 1 N N N Colfax Corp 635400OP2DYYYMOIYL17 Colfax Corp 194014106 11130.000000000000 NS USD 442862.700000000000 2.2033881924 Long EC CORP US N 1 N N N Colliers International Group I D3O8K13PHLEXXD1DT480 Colliers International Group Inc 194693107 5070.000000000000 NS USD 661128.000000000000 3.2893301443 Long EC CORP CA N 1 N N N Envestnet Inc 549300HLWZ5OKIDM8737 Envestnet Inc 29404K106 8540.000000000000 NS USD 635717.600000000000 3.1629050123 Long EC CORP US N 1 N N N ePlus Inc 529900FFY8AAFJ21NE91 ePlus Inc 294268107 12400.000000000000 NS USD 695144.000000000000 3.4585709784 Long EC CORP US N 1 N N N Exponent Inc 529900NY3F5Q2NWPUZ42 Exponent Inc 30214U102 4520.000000000000 NS USD 488386.000000000000 2.4298816445 Long EC CORP US N 1 N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V336 198754.580000000000 NS USD 198754.580000000000 0.9888696762 Long STIV RF US N 1 N N N FirstService Corp 5493000XUDIV75BCF118 FirstService Corp 33767E202 4535.000000000000 NS USD 657030.800000000000 3.2689452212 Long EC CORP CA N 1 N N N Fortinet Inc 549300O0QJWDBAS0QX03 Fortinet Inc 34959E109 2375.000000000000 NS USD 811632.500000000000 4.0381397374 Long EC CORP US N 1 N N N Franchise Group Inc 549300MWCHSL8BSOMV77 Franchise Group Inc 35180X105 4825.000000000000 NS USD 199899.750000000000 0.9945672752 Long EC CORP US N 1 N N N Glacier Bancorp Inc 549300SMJAUKZB5D7V74 Glacier Bancorp Inc 37637Q105 6270.000000000000 NS USD 315255.600000000000 1.5685007264 Long EC CORP US N 1 N N N Globus Medical Inc 5299003M2P4CIK0RF205 Globus Medical Inc 379577208 6615.000000000000 NS USD 488054.700000000000 2.4282333176 Long EC CORP US N 1 N N N Green Brick Partners Inc 549300R7SCIV7FQI6T56 Green Brick Partners Inc 392709101 21805.000000000000 NS USD 430866.800000000000 2.1437046282 Long EC CORP US N 1 N N N Halozyme Therapeutics Inc 529900242I3SV9AGM753 Halozyme Therapeutics Inc 40637H109 5815.000000000000 NS USD 231902.200000000000 1.1537900331 Long EC CORP US N 1 N N N Houlihan Lokey Inc 549300S3CNGTQ1QZVY46 Houlihan Lokey Inc 441593100 5600.000000000000 NS USD 491680.000000000000 2.4462703824 Long EC CORP US N 1 N N N IAA Inc 549300PZCOPC5178W747 IAA Inc 449253103 13160.000000000000 NS USD 503370.000000000000 2.5044319931 Long EC CORP US N 1 N N N InfuSystem Holdings Inc 549300F58N8PHJ4QUI59 InfuSystem Holdings Inc 45685K102 31175.000000000000 NS USD 305515.000000000000 1.5200380245 Long EC CORP US N 1 N N N Installed Building Products In 549300I95Y9P9YM5FI86 Installed Building Products Inc 45780R101 2950.000000000000 NS USD 249245.500000000000 1.2400786784 Long EC CORP US N 1 N N N LCI Industries 549300E1B98YNJ1WIQ04 LCI Industries 50189K103 2855.000000000000 NS USD 296377.550000000000 1.4745761930 Long EC CORP US N 1 N N N ManTech International Corp/VA 5299007N03CAU4SWNR02 ManTech International Corp/VA 564563104 3435.000000000000 NS USD 296062.650000000000 1.4730094615 Long EC CORP US N 1 N N N Medpace Holdings Inc 549300H8TYEUVTW14A54 Medpace Holdings Inc 58506Q109 5725.000000000000 NS USD 936552.750000000000 4.6596592374 Long EC CORP US N 1 N N N Murphy USA Inc 549300Y081F8XIKQIO72 Murphy USA Inc 626755102 1980.000000000000 NS USD 395920.800000000000 1.9698367369 Long EC CORP US N 1 N N N Omnicell Inc 5493008RH0GTKHHPZI77 Omnicell Inc 68213N109 3835.000000000000 NS USD 496594.150000000000 2.4707199016 Long EC CORP US N 1 N N N OneMain Holdings Inc 549300E3VEW8SMS5XW09 OneMain Holdings Inc 68268W103 18590.000000000000 NS USD 881351.900000000000 4.3850167780 Long EC CORP US N 1 N N N Pacific Premier Bancorp Inc 549300Q1KIC3KLI0XG98 Pacific Premier Bancorp Inc 69478X105 6355.000000000000 NS USD 224649.250000000000 1.1177042115 Long EC CORP US N 1 N N N PetIQ Inc 549300GROACFGKVYOX14 PetIQ Inc 71639T106 22080.000000000000 NS USD 538752.000000000000 2.6804691284 Long EC CORP US N 1 N N N Purple Innovation Inc N/A Purple Innovation Inc 74640Y106 8250.000000000000 NS USD 48262.500000000000 0.2401218767 Long EC CORP US N 1 N N N RLI Corp 529900AMTJE5ECN9PS55 RLI Corp 749607107 3535.000000000000 NS USD 391077.050000000000 1.9457374810 Long EC CORP US N 1 N N N Repay Holdings Corp N/A Repay Holdings Corp 76029L100 28250.000000000000 NS USD 417252.500000000000 2.0759689894 Long EC CORP US N 1 N N N Select Medical Holdings Corp N/A Select Medical Holdings Corp 81619Q105 21125.000000000000 NS USD 506788.750000000000 2.5214414034 Long EC CORP US N 1 N N N Simpson Manufacturing Co Inc 529900EJUNNL15LZ8056 Simpson Manufacturing Co Inc 829073105 3811.000000000000 NS USD 415551.440000000000 2.0675056541 Long EC CORP US N 1 N N N Skyline Champion Corp N/A Skyline Champion Corp 830830105 11255.000000000000 NS USD 617674.400000000000 3.0731341333 Long EC CORP US N 1 N N N Telos Corp 549300P7ZDPL8UWNVI47 Telos Corp 87969B101 21475.000000000000 NS USD 214105.750000000000 1.0652468169 Long EC CORP US N 1 N N N UFP Industries Inc 5493007KB485C9OV5572 UFP Industries Inc 90278Q108 5740.000000000000 NS USD 442898.400000000000 2.2035658117 Long EC CORP US N 1 N N N Veritex Holdings Inc 549300F3SMOML02SC814 Veritex Holdings Inc 923451108 6850.000000000000 NS USD 261464.500000000000 1.3008722388 Long EC CORP US N 1 N N N Victory Capital Holdings Inc 549300BN5LH2CIPPHS71 Victory Capital Holdings Inc 92645B103 23072.000000000000 NS USD 666088.640000000000 3.3140109666 Long EC CORP US N 1 N N N Willdan Group Inc 529900YQO0LF5VAEKN05 Willdan Group Inc 96924N100 17150.000000000000 NS USD 526333.500000000000 2.6186829895 Long EC CORP US N 1 N N N Helen of Troy Ltd N/A Helen of Troy Ltd G4388N106 2125.000000000000 NS USD 416160.000000000000 2.0705334411 Long EC CORP US N 1 N N N IBEX Holdings Ltd N/A IBEX Holdings Ltd G4690M101 11820.000000000000 NS USD 188410.800000000000 0.9374059546 Long EC CORP US N 1 N N N 2022-05-13 Manager Directed Portfolios /s/ Scott Ostrowski Manager Directed Portfolios President XXXX

Argent Small Cap Fund
Schedule of Investments
March 31, 2022 (Unaudited)

	Number of
COMMON STOCKS - 99.1%	Shares		Value

Consumer Discretionary - 16.0%
America's Car-Mart, Inc.		5,205		419,315
Asbury Automotive (a)		3,545		567,909
Franchise Group, Inc.		4,825		199,900
Helen of Troy Ltd. (a)		2,125		416,160
Installed Building Products, Inc.		2,950		249,245
LCI Industries		2,855		296,378
Murphy USA, Inc.		1,980		395,921
Purple Innovation, Inc. (a)		8,250		48,262
Skyline Champion Corp. (a)		11,255		617,674
				3,210,764
Financials - 16.1%
Glacier Bancorp, Inc.		6,270		315,256
Houlihan Lokey, Inc.		5,600		491,680
OneMain Holdings, Inc.		18,590		881,352
Pacific Premier Bancorp, Inc.		6,355		224,649
RLI Corp.		3,535		391,077
Veritex Holdings, Inc.		6,850		261,464
Victory Capital Holdings, Inc.		23,072		666,089
				3,231,567
Health Care - 20.2%
Addus Homecare Corp. (a)		5,990		558,807
Globus Medical, Inc. (a)		6,615		488,055
Halozyme Therapeutics, Inc. (a)		5,815		231,902
InfuSystems Holdings, Inc. (a)		31,175		305,515
Medpace Holdings, Inc. (a)		5,725		936,553
Omnicell, Inc. (a)		3,835		496,594
PetIQ, Inc. (a)		22,080		538,752
Select Medical Holdings Corp.		21,125		506,789
				4,062,967
Industrials - 20.1%
ASGN, Inc. (a)		6,570		766,785
Atkore International Group, Inc. (a)		2,670		262,835
Enovis Corporation (a)		11,130		442,863
Exponent, Inc.		4,520		488,386
IAA, Inc. (a)		13,160		503,370
IBEX Holdings Ltd. (a)		11,820		188,411
Simpson Manufacturing Co., Inc.		3,811		415,551
UFP Industries, Inc.		5,740		442,898
Willdan Group, Inc. (a)		17,150		526,333
				4,037,432

Information Technology - 18.0%
ACI Worldwide, Inc. (a)		9,085		286,087
Alarm.com Holdings, Inc. (a)		4,065		270,160
Envestnet, Inc. (a)		8,540		635,717
ePlus, Inc. (a)		12,400		695,144
Fortinet, Inc. (a)		2,375		811,632
Man Tech International Corp.		3,435		296,063
Repay Holdings Corp. (a)		28,250		417,252
Telos Corp. (a)		21,475		214,106
				3,626,161
Real Estate - 8.7%
Colliers International Group, Inc. (a)		5,070		661,128
FirstService Corporation		4,535		657,031
Green Brick Partners, Inc. (a)		21,805		430,867
				1,749,026
TOTAL COMMON STOCKS				19,917,917
(Cost $17,349,899)

SHORT-TERM INVESTMENT - 1.0%
Money Market Fund - 1.0%
First American Government Obligations Fund - Class X, 0.19% (b)		198,755		198,755
TOTAL SHORT-TERM INVESTMENT
(Cost $198,755)				198,755
TOTAL INVESTMENTS
(Cost $17,548,654) - 100.1%				20,116,672
Liabilities in Excess of Other Assets - 0.1%				(17,504	)
TOTAL NET ASSETS - 100.0%			$	20,099,168

Percentages are stated as a percent of net assets.

	(a)	Non-income producing security.
	(b)	The rate shown represents the fund's 7-day yield as of March 31, 2022.

		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.

	Summary of Fair Value Measurements at March 31, 2022 (Unaudited)
	The Fund has adopted authoritative fair valuation 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.

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 March 31, 2022:

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	3,210,764	$	-	$	-	$	3,210,764
Financials		3,231,567		-		-		3,231,567
Health Care		4,062,967		-		-		4,062,967
Industrials		4,037,432		-		-		4,037,432
Information Technology		3,626,161		-		-		3,626,161
Real Estate		1,749,026						1,749,026
Total Common Stocks		19,917,917		-		-		19,917,917
Short-Term Investments		198,755		-		-		198,755
Total Investments in Securities	$	20,116,672	$	-	$	-	$	20,116,672