Manager Directed Portfolios NPORT-P Hood River New Opportunities Fund (Sep 2024 report)

Hood River New Opportunities Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 99.5%	Shares		Value
COMMUNCATION SERVICES- 2.7%
Diversified Telecommunication Services - 1.3%
Cogent Communications Holdings, Inc.		687		52,157
			$	–
Entertainment - 0.8%
Electronic Arts, Inc.		247		35,430
			$	–
Interactive Media & Services - 0.6%
Reddit, Inc. - Class A (a)(b)		420		27,686
Total Communication Services				115,273
CONSUMER DISCRETIONARY - 9.5%
Broadline Retail - 2.6%
Global-e Online Ltd. (a)		1,160		44,590
Ollie's Bargain Outlet Holdings, Inc. (a)(b)		719		69,887
				114,477
Hotels, Restaurants & Leisure - 3.7%
Caesars Entertainment, Inc. (a)		870		36,314
Genius Sports Ltd. (a)		5,515		43,238
Kura Sushi USA, Inc. - Class A (a)		428		34,480
Life Time Group Holdings, Inc. (a)		879		21,465
Rush Street Interactive, Inc. (a)		2,284		24,781
				160,278
Household Durables - 1.5%
SharkNinja, Inc.		586		63,704
Management of Companies & Enterprises – 1.0%
Viking Holdings Ltd. ORD SHS (a)		1,243		43,368
			$	–
Specialty Retail - 0.7%
Abercrombie & Fitch Co. - Class A (a)(b)		217		30,358
TOTAL CONSUMER DISCRETIONARY				412,185
CONSUMER STAPLES - 1.1%
Consumer Staples Distribution & Retail - 1.1%
Sprouts Farmers Market, Inc. (a)		418		46,151
TOTAL CONSUMER STAPLES
ENERGY - 2.2%
Oil, Gas & Consumable Fuels - 2.2%
Antero Resources Corp. (a)		1,158		33,177
NexGen Energy Ltd. (a)		5,013		32,735
Northern Oil & Gas, Inc. (b)		729		25,814
				91,726
TOTAL ENERGY				91,726
FINANCIALS - 2.7%
Banks - 2.7%
Customers Bancorp, Inc. (a)		407		18,905
Western Alliance Bancorp		1,128		97,561
				116,466
TOTAL FINANCIALS				116,466
HEALTH CARE - 22.0%
Biotechnology - 11.5%
Biohaven Ltd. (a)		522		26,084
Blueprint Medicines Corp. (a)		366		33,855
Crinetics Pharmaceuticals, Inc. (a)		521		26,623
Cytokinetics, Inc. (a)(b)		556		29,357
Immunovant, Inc. (a)		812		23,150
Insmed, Inc. (a)		872		63,656
Iovance Biotherapeutics, Inc. (a)(b)		5,128		48,152
Krystal Biotech, Inc. (a)(b)		291		52,971
MoonLake Immunotherapeutics (a)(b)		339		17,092
Natera, Inc. (a)		226		28,691
Neurocrine Biosciences, Inc. (a)		257		29,612
REVOLUTION Medicines, Inc. (a)		833		37,777
Rhythm Pharmaceuticals, Inc. (a)		390		20,432
TG Therapeutics, Inc. (a)(b)		1,026		23,998
Viking Therapeutics, Inc. (a)(b)		503		31,845
				493,295
Health Care Equipment & Supplies - 3.7%
AtriCure, Inc. (a)		1,872		52,491
Lantheus Holdings, Inc. (a)		660		72,434
TransMedics Group, Inc. (a)		214		33,598
				158,523
Health Care Providers & Services - 4.4%
Guardant Health, Inc. (a)		914		20,967
National HealthCare Corp.		168		21,129
Option Care Health, Inc. (a)		1,138		35,619
PACS Group, Inc. (a)		1,346		53,800
RadNet, Inc. (a)		801		55,581
Select Medical Holdings Corp.		185		6,451
				193,547
Health Care Technology - 0.4%
Evolent Health, Inc. - Class A (a)(b)		655		18,523
			$	–
Pharmaceuticals - 2.0%
Axsome Therapeutics, Inc. (a)		387		34,780
Intra-Cellular Therapies, Inc. (a)		351		25,683
Verona Pharma PLC - ADR (a)		907		26,095
				86,558
TOTAL HEALTH CARE				950,446
INDUSTRIALS - 24.2%
Aerospace & Defense - 4.2%
Axon Enterprise, Inc. (a)		223		89,111
Bombardier, Inc. - Class B (a)		600		45,655
Kratos Defense & Security Solutions, Inc. (a)		1,943		45,272
				180,038
Commercial Services & Supplies - 3.6%
Clean Harbors, Inc. (a)		284		68,646
GFL Environmental, Inc.		2,235		89,132
				157,778
Construction & Engineering - 8.2%
API Group Corp. (a)		92		3,038
Argan, Inc.		447		45,339
Comfort Systems USA, Inc.		272		106,174
Fluor Corp. (a)		776		37,023
Granite Construction, Inc. (b)		530		42,018
MasTec, Inc. (a)(b)		859		105,743
MDU Resources Group, Inc.		693		18,995
				358,330
Ground Transportation - 1.5%
Proficient Auto Logistics, Inc. (a)		881		12,493
XPO, Inc. (a)(b)		488		52,465
				64,958
Machinery - 1.0%
Flowserve Corp.		357		18,453
Kornit Digital Ltd. (a)		109		2,816
SPX Technologies, Inc. (a)		130		20,730
				41,999
Marine Transportation - 1.5%
Kirby Corp. (a)		514		62,929
			$	–
Professional Services - 0.7%
Parsons Corp. (a)		298		30,897
			$	–
Trading Companies & Distributors - 3.5%
FTAI Aviation Ltd.		994		132,103
Xometry, Inc. - Class A (a)		1,156		21,236
				153,339
TOTAL INDUSTRIALS				1,050,268
INFORMATION TECHNOLOGY - 30.8%(c)
Communications Equipment - 0.8%
Ciena Corp. (a)		588		36,215
			$	–
Electronic Equipment, Instruments & Components - 3.0%
Coherent Corp. (a)(b)		1,068		94,956
Corning, Inc.		754		34,043
				128,999
Interactive Media & Services - 0.8%
QuinStreet, Inc. (a)		1,826		34,931
			$	–
IT Services - 9.3%
Applied Digital Corp. (a)		39,000		321,749
DigitalOcean Holdings, Inc. (a)(b)		648		26,173
MongoDB, Inc. (a)		223		60,288
				408,210
Professional Services - 0.5%
ExlService Holdings, Inc. (a)		566		21,593
			$	–
Semiconductors & Semiconductor Equipment - 7.5%
Entegris, Inc. (b)		306		34,434
FormFactor, Inc. (a)		1,104		50,784
MACOM Technology Solutions Holdings, Inc. (a)(b)		479		53,294
Marvell Technology, Inc.		832		60,004
MKS Instruments, Inc. (b)		169		18,372
Semtech Corp. (a)		2,390		109,126
				326,014
Software - 8.9%
ACI Worldwide, Inc. (a)		1,925		97,983
Cadence Design Systems, Inc. (a)		125		33,879
Clearwater Analytics Holdings, Inc. - Class A (a)		1,874		47,319
CyberArk Software Ltd. (a)(b)		141		41,117
Q2 Holdings, Inc. (a)		918		73,229
SentinelOne, Inc. - Class A (a)		1,204		28,800
Varonis Systems, Inc. (a)		1,000		56,500
				378,827
TOTAL INFORMATION TECHNOLOGY				1,334,789
MATERIALS - 3.1%
Chemicals - 1.1%
DuPont de Nemours, Inc.		554		49,367
			$	–
Construction Materials - 2.0%
Eagle Materials, Inc.		119		34,230
Knife River Corp. (a)		575		51,400
				85,630
TOTAL MATERIALS				134,997
UTILITIES - 1.2%
Electric Utilities - 1.2%
NRG Energy, Inc.		578		52,656
TOTAL UTILITIES				52,656
TOTAL COMMON STOCKS (Cost $3,898,229)				4,304,957
SHORT-TERM INVESTMENTS - 14.9%
Investments Purchased with Proceeds from Securities Lending - 14.5%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)		627,895		627,895
Money Market Funds - 0.4%	Shares
First American Treasury Obligations Fund - Class X, 4.79% (d)		17,382		17,382
TOTAL SHORT-TERM INVESTMENTS (Cost $645,277)				645,277
TOTAL INVESTMENTS - 114.4% (Cost $4,543,506)				4,950,234
Liabilities in Excess of Other Assets - (14.4)%				(624,748	)
TOTAL NET ASSETS - 100.0%			$	4,325,486
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $610,767 which represented 14.1% of net assets.
(c)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)

Hood River New Opportunities 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. The inputs or 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	4,304,957	$	–	$	–	$	4,304,957
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		627,895
Money Market Funds		17,382		–		–		17,382
Total Investments	$	4,322,339	$	–	$	–	$	4,950,234
Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $627,895 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.