Manager Directed Portfolios NPORTP Vert Global Sustainable Real Estate ETF (Sep 2024 report)

Vert Global Sustainable Real Estate ETF
Schedule of Investments
September 30, 2024 (Unaudited)

REAL ESTATE INVESTMENT TRUSTS - 99.2%	Shares		Value
DIVERSIFIED REITs - 7.1%
Activia Properties, Inc.		229	$	523,511
American Assets Trust, Inc.		20,869		557,620
British Land Co. PLC		357,455		2,087,615
Charter Hall Long Wale REIT		284,931		790,684
Covivio SA		22,335		1,359,762
Cromwell European Real Estate Investment Trust ^(a)		60,019		107,174
Daiwa House REIT Investment Corp.		929		1,529,499
Empire State Realty Trust, Inc. - Class A		53,349		591,107
GPT Group		779,008		2,691,378
Growthpoint Properties Australia Ltd.		118,508		219,514
Growthpoint Properties Ltd.		1,452,574		1,182,627
Hulic Reit, Inc.		541		525,720
ICADE		14,859		440,122
KDX Realty Investment Corp.		1,607		1,698,674
Land Securities Group PLC		282,929		2,470,581
Merlin Properties Socimi SA		131,738		1,671,683
Mirvac Group		1,588,540		2,369,409
Mori Trust Reit, Inc.		607		276,681
Nomura Real Estate Master Fund, Inc.		1,546		1,544,487
NTT UD REIT Investment Corp.		577		462,681
Picton Property Income Ltd.		151,733		151,831
Redefine Properties Ltd.		2,650,988		767,644
Schroder Real Estate Investment Trust Ltd.		148,475		103,163
Sekisui House Reit, Inc.		1,708		907,494
Stockland		960,926		3,493,210
Suntec Real Estate Investment Trust		873,300		905,998
Tokyu REIT, Inc.		317		343,727
Tritax EuroBox PLC ^(b)		353,805		335,050
				30,108,646

HEALTH CARE REITs- 11.9%
Aedifica SA		19,710		1,383,629
Alexandria Real Estate Equities, Inc. ^(c)		61,010		7,244,937
Assura PLC		1,091,895		622,459
Cofinimmo SA		15,445		1,137,664
Healthpeak Properties, Inc.		273,758		6,260,845
Ventas, Inc. ^(c)		165,614		10,620,826
Welltower, Inc.		180,451		23,103,142
				50,373,502

HOTEL & RESORT REITs - 1.9%
CapitaLand Ascott Trust		1,115,100		848,068
DiamondRock Hospitality Co. ^(c)		80,841		705,742
Hoshino Resorts REIT, Inc.		100		342,911
Host Hotels & Resorts, Inc. ^(c)		282,768		4,976,717
Japan Hotel REIT Investment Corp.		1,885		942,236
RLJ Lodging Trust		48,012		440,750
				8,256,424

INDUSTRIAL REITs - 17.9%
Advance Logistics Investment Corp.		283		239,395
Americold Realty Trust, Inc.		111,967		3,165,307
CapitaLand Ascendas REIT		1,534,900		3,424,192
Dexus Industria REIT		22,306		44,877
Dream Industrial Real Estate Investment Trust		52,319		559,226
Frasers Logistics & Commercial Trust		1,270,700		1,139,863
GLP J-Reit		1,795		1,665,244
Goodman Group		694,174		17,813,781
Goodman Property Trust		452,653		591,841
Industrial & Infrastructure Fund Investment Corp.		920		769,239
Japan Logistics Fund, Inc.		314		601,702
LaSalle Logiport REIT		806		807,465
LXP Industrial Trust		120,140		1,207,407
Mapletree Logistics Trust		1,364,700		1,554,183
Mitsubishi Estate Logistics REIT Investment Corp.		190		490,143
Mitsui Fudosan Logistics Park, Inc.		182		540,122
Nippon Prologis REIT, Inc.		879		1,512,932
Prologis Property Mexico SAB de CV		350,161		1,150,054
Prologis, Inc.		162,871		20,567,350
Rexford Industrial Realty, Inc. ^(c)		89,579		4,506,719
Segro PLC		520,432		6,101,212
SOSiLA Logistics REIT, Inc.		306		247,726
STAG Industrial, Inc. ^(c)		75,568		2,953,953
TF Administradora Industrial S de RL de CV		314,268		609,874
Tritax Big Box REIT PLC		915,473		1,953,693
Warehouses De Pauw CVA		69,486		1,856,538
				76,074,038

OFFICE REITs - 6.6%
Allied Properties Real Estate Investment Trust		19,000		284,378
Brandywine Realty Trust		66,296		360,650
BXP, Inc. ^(c)		61,261		4,929,060
CLS Holdings PLC		15,840		19,760
Cromwell Property Group		647,533		202,152
Derwent London PLC		38,334		1,235,088
Dexus ^(a)		417,978		2,197,992
Dream Office Real Estate Investment Trust		3,508		58,945
Gecina SA		18,793		2,168,697
Great Portland Estates PLC		153,080		730,986
Hudson Pacific Properties, Inc.		36,698		175,416
Inmobiliaria Colonial Socimi SA		109,031		758,089
Japan Prime Realty Investment Corp.		323		786,951
Japan Real Estate Investment Corp.		513		2,047,840
JBG SMITH Properties		31,650		553,242
Kilroy Realty Corp. ^(c)		40,581		1,570,485
Manulife US Real Estate Investment Trust		752,209		93,274
Nippon Building Fund, Inc.		3,155		2,907,082
NSI NV		9,879		227,124
Orix JREIT, Inc.		1,015		1,089,933
Precinct Properties New Zealand Ltd. ^(a)		570,564		457,407
SL Green Realty Corp. ^(c)		26,909		1,873,135
Vornado Realty Trust		68,282		2,690,311
Workspace Group PLC		64,887		565,733
				27,983,730

RESIDENTIAL REITs - 14.8%
Advance Residence Investment Corp.		546		1,284,459
Altarea SCA		1,773		212,914
AvalonBay Communities, Inc. ^(c)		58,111		13,089,503
Care Property Invest NV		6,667		106,848
Centerspace		4,709		331,843
Dream Residential Real Estate Investment Trust		2,600		19,032
Equity LifeStyle Properties, Inc.		72,424		5,166,728
Equity Residential		139,773		10,407,498
Essex Property Trust, Inc.		26,001		7,681,215
Home Reit PLC ^(a)(d)		255,956		32,650
Irish Residential Properties REIT PLC		77,602		77,860
Killam Apartment Real Estate Investment Trust		23,142		359,562
Mid-America Apartment Communities, Inc. ^(c)		46,875		7,448,438
Minto Apartment Real Estate Investment Trust ^(b)		11,500		143,777
Sun Communities, Inc.		51,023		6,895,758
UDR, Inc. ^(c)		129,983		5,893,429
UMH Properties, Inc.		25,598		503,513
UNITE Group PLC		165,332		2,084,613
Veris Residential, Inc.		31,690		565,983
Xior Student Housing NV		6,822		257,723
				62,563,346

RETAIL REITs - 16.5%
Brixmor Property Group, Inc.		119,534		3,330,217
CapitaLand Integrated Commercial Trust		2,282,556		3,774,586
Carmila SA		26,911		536,406
Charter Hall Retail REIT		221,249		554,105
Choice Properties Real Estate Investment Trust		71,734		803,387
Eurocommercial Properties NV		18,079		502,407
Federal Realty Investment Trust		29,407		3,380,923
First Capital Real Estate Investment Trust		42,825		594,373
Frasers Centrepoint Trust		469,100		841,599
Hammerson PLC		151,871		647,702
Immobiliare Grande Distribuzione SIIQ SpA ^(a)		20,822		58,561
Japan Metropolitan Fund Invest		2,726		1,840,965
Kimco Realty Corp.		271,790		6,310,964
Kiwi Property Group Ltd.		591,640		348,198
Klepierre SA		86,998		2,858,442
Lar Espana Real Estate Socimi SA		19,055		171,193
Lendlease Global Commercial REIT		881,046		415,782
Macerich Co.		87,258		1,591,586
Mapletree Pan Asia Commercial Trust		821,500		948,377
Mercialys SA		38,177		516,401
Regency Centers Corp.		70,677		5,105,000
RioCan Real Estate Investment Trust		62,813		947,577
Scentre Group		2,092,512		5,298,638
Shaftesbury Capital PLC		560,635		1,106,952
Simon Property Group, Inc.		121,615		20,555,367
Unibail-Rodamco-Westfield		48,071		4,216,848
Vastned Belgium NV		37		1,301
Vastned Retail NV		4,372		117,836
Vicinity Ltd.		1,513,645		2,320,704
Wereldhave Belgium Comm VA		447		24,744
Wereldhave NV		15,258		253,386
				69,974,527

SPECIALIZED REITs - 22.5%
American Tower Corp.		92,860		21,595,521
Big Yellow Group PLC		71,529		1,216,584
Charter Hall Social Infrastructure REIT		146,810		290,271
Digital Realty Trust, Inc.		127,278		20,597,399
Equinix, Inc.		23,319		20,698,644
Extra Space Storage, Inc. ^(c)		86,563		15,597,787
Iron Mountain, Inc.		119,937		14,252,114
Safestore Holdings PLC		80,292		966,063
				95,214,383
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $347,975,835)				420,548,596

SHORT-TERM INVESTMENTS - 14.3%
Investments Purchased with Proceeds from Securities Lending - 14.1%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% ^(e)		59,869,352		59,869,352

Money Market Funds - 0.2%	Shares
Invesco Government & Agency Portfolio - Class Institutional, 4.85% ^(e)		731,962		731,962
TOTAL SHORT-TERM INVESTMENTS (Cost $60,601,314)				60,601,314

TOTAL INVESTMENTS - 113.5% (Cost $408,577,149)				481,149,910
Liabilities in Excess of Other Assets - (13.5)%				(57,345,640	)
TOTAL NET ASSETS - 100.0%			$	423,804,270

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

S de RL de CV - Sociedad de Responsabilidad Limitada de Capital Variable

CVA - coöperatieve vennootschap aansprakelijkheid

NV - Naamloze Vennootschap

SCA - Societate în comandită pe acţiuni

SpA - Soceita per azioni

VA - Vennootschap op Aandelen

(a)	Non-income producing security.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2024, the value of these securities total $478,827 or 0.1% of the Fund’s net assets.
(c)	All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $58,573,844 which represented 13.8% of net assets.
(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $32,650 or 0.0% of net assets as of September 30, 2024.
(e)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

The Global Industry Classification Standard ("GICS^®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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 Disclosure as of September 30, 2024 (Unaudited)

Vert Global Sustainable Real Estate ETF 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:
Real Estate Investment Trusts	$	420,515,946	$	–	$	32,650	$	420,548,596
Investments Purchased with Proceeds from Securities Lending^(a)		–		–		–		59,869,352
Money Market Funds		731,962		–		–		731,962
Total Investments	$	421,247,908	$	–	$	32,650	$	481,149,910

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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

Manager Directed Portfolios NPORT-PVert Global Sustainable Real Estate ETF (Sep 2024 report)