Form NPORT-P Manager Directed Portfol For: Mar 31

May 18, 2022 3:17 PM EDT

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      Manager Directed Portfolios
      811-21897
      0001359057
      549300J0JL5T81OQ6O93
      615 E. Michigan Street
      Milwaukee
      
      53202
      4147654339
      Vert Global Sustainable Real Estate Fund
      S000059043
      549300O4S6KI8KB5W085
      2022-06-30
      2022-03-31
      N
    
    
      183351032.900000000000
      163466.240000000000
      183187566.660000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
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      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      212552.330000000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
      
      
      
        
        
          N/A
          N/A
          
        
        
      
    
    
      
        British Land Co PLC/The
        RV5B68J2GV3QGMRPW209
        British Land Co PLC/The
        G15540118
        
          
          
        
        181337.000000000000
        NS
        
        1255548.620000000000
        0.6853896489
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Alexander & Baldwin Inc
        N/A
        Alexander & Baldwin Inc
        014491104
        
          
          
        
        12405.000000000000
        NS
        USD
        287671.950000000000
        0.1570368313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexander's Inc
        549300TZM28P04U5R635
        Alexander's Inc
        014752109
        
          
          
        
        413.000000000000
        NS
        USD
        105822.990000000000
        0.0577675614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexandria Real Estate Equitie
        MGCJBT4MKTQBVLNUIS88
        Alexandria Real Estate Equities Inc
        015271109
        
          
          
        
        27684.000000000000
        NS
        USD
        5571405.000000000000
        3.0413663447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Assets Trust Inc
        N/A
        American Assets Trust Inc
        024013104
        
          
          
        
        8731.000000000000
        NS
        USD
        330817.590000000000
        0.1805895433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Derwent London PLC
        213800BXKQ9KZNUR1M61
        Derwent London PLC
        G27300105
        
          
          
        
        23534.000000000000
        NS
        
        987866.950000000000
        0.5392652831
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Big Yellow Group PLC
        213800W7Q4V2ZI8LIW31
        Big Yellow Group PLC
        G1093E108
        
          
          
        
        31496.000000000000
        NS
        
        634962.410000000000
        0.3466187261
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp
        03027X100
        
          
          
        
        35969.000000000000
        NS
        USD
        9036132.180000000000
        4.9327213330
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Americold Realty Trust
        549300R7N1V5YV8MWH02
        Americold Realty Trust
        03064D108
        
          
          
        
        47673.000000000000
        NS
        USD
        1329123.240000000000
        0.7255531935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        AvalonBay Communities Inc
        053484101
        
          
          
        
        25100.000000000000
        NS
        USD
        6234087.000000000000
        3.4031168783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McKay Securities PLC
        213800OPY9L5UDCSZN71
        McKay Securities PLC
        G59332117
        
          
          
        
        11835.000000000000
        NS
        
        46356.010000000000
        0.0253052163
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        UNITE Group PLC/The
        213800BBUUWVDH9YI827
        UNITE Group PLC/The
        G9283N101
        
          
          
        
        54273.000000000000
        NS
        
        822094.780000000000
        0.4487721492
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Shaftesbury PLC
        213800N7LHKFNTDKAT98
        Shaftesbury PLC
        G80603106
        
          
          
        
        28404.000000000000
        NS
        
        229200.740000000000
        0.1251180657
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Boston Properties Inc
        549300OF70FSEUQBT254
        Boston Properties Inc
        101121101
        
          
          
        
        27078.000000000000
        NS
        USD
        3487646.400000000000
        1.9038663287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lendlease Global Commercial RE
        N/A
        Lendlease Global Commercial REIT
        N/A
        
          
          
        
        37526.000000000000
        NS
        
        1460.170000000000
        0.0007970901
        Long
        EC
        CORP
        SG
        N
        
        3
        
          N
          N
          N
        
      
      
        Morguard Real Estate Investmen
        549300NPEVWGZFTMW837
        Morguard Real Estate Investment Trust
        617914106
        
          
          
        
        4903.000000000000
        NS
        
        21060.760000000000
        0.0114968283
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        RioCan REIT
        549300S8HVUSEU3JBY60
        RioCan Real Estate Investment Trust
        766910103
        
          
          
        
        30613.000000000000
        NS
        
        617818.650000000000
        0.3372601434
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        DiamondRock Hospitality Co
        529900KKD4BPVBUAQ734
        DiamondRock Hospitality Co
        252784301
        
          
          
        
        39023.000000000000
        NS
        USD
        394132.300000000000
        0.2151523202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digital Realty Trust Inc
        549300HKCZ31D08NEI41
        Digital Realty Trust Inc
        253868103
        
          
          
        
        51879.000000000000
        NS
        USD
        7356442.200000000000
        4.0157977608
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duke Realty Corp
        254900E47KH1NFFKNF25
        Duke Realty Corp
        264411505
        
          
          
        
        69350.000000000000
        NS
        USD
        4026461.000000000000
        2.1979990637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Empire State Realty Trust Inc
        549300VOKY1DUEQSB456
        Empire State Realty Trust Inc
        292104106
        
          
          
        
        26704.000000000000
        NS
        USD
        262233.280000000000
        0.1431501519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equinix Inc
        549300EVUN2BTLJ3GT74
        Equinix Inc
        29444U700
        
          
          
        
        12020.000000000000
        NS
        USD
        8914272.400000000000
        4.8661994711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties In
        529900PEQG66LENB6798
        Equity LifeStyle Properties Inc
        29472R108
        
          
          
        
        31822.000000000000
        NS
        USD
        2433746.560000000000
        1.3285544452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity Residential
        5493008RACSH5EP3PI59
        Equity Residential
        29476L107
        
          
          
        
        64945.000000000000
        NS
        USD
        5839854.400000000000
        3.1879098055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extra Space Storage Inc
        N/A
        Extra Space Storage Inc
        30225T102
        
          
          
        
        24432.000000000000
        NS
        USD
        5023219.200000000000
        2.7421179786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Realty Investment Trus
        549300LI6XZ51GOCJ427
        Federal Realty Investment Trust
        313745101
        
          
          
        
        13216.000000000000
        NS
        USD
        1613277.120000000000
        0.8806695506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Street Properties Cor
        549300STLK2T6QY5WO82
        Franklin Street Properties Corp
        35471R106
        
          
          
        
        18517.000000000000
        NS
        USD
        109250.300000000000
        0.0596384908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Befimmo SA
        529900UM10B3V374TA43
        Befimmo SA
        B09186105
        
          
          
        
        4329.000000000000
        NS
        
        226430.240000000000
        0.1236056814
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hannon Armstrong Sustainable I
        N/A
        Hannon Armstrong Sustainable Infrastructure Capital Inc
        41068X100
        
          
          
        
        15467.000000000000
        NS
        USD
        733599.810000000000
        0.4004637560
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cofinimmo SA
        549300TM914CSF6KI389
        Cofinimmo SA
        B25654136
        
          
          
        
        6036.000000000000
        NS
        
        879060.680000000000
        0.4798691833
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Healthpeak Properties Inc
        PZ9HF5U52KPF0MH0QN75
        Healthpeak Properties Inc
        42250P103
        
          
          
        
        97504.000000000000
        NS
        USD
        3347312.320000000000
        1.8272595575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hersha Hospitality Trust
        549300DNC58BIN1VO064
        Hersha Hospitality Trust
        427825500
        
          
          
        
        5877.000000000000
        NS
        USD
        53363.160000000000
        0.0291303395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Host Hotels & Resorts Inc
        N6EL63S0K3PB1YFTDI24
        Host Hotels & Resorts Inc
        44107P104
        
          
          
        
        129115.000000000000
        NS
        USD
        2508704.450000000000
        1.3694731011
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Charter Hall Social Infrastruc
        254900W31UGIMDQW3W98
        Charter Hall Social Infrastructure REIT
        Q2308H109
        
          
          
        
        54551.000000000000
        NS
        
        159659.030000000000
        0.0871560406
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Hulic Reit Inc
        N/A
        Hulic Reit Inc
        J2359T109
        
          
          
        
        239.000000000000
        NS
        
        326512.100000000000
        0.1782392255
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Home Reit PLC
        213800A53AOVH3FCGG44
        Home Reit PLC
        N/A
        
          
          
        
        108795.000000000000
        NS
        
        177218.490000000000
        0.0967415492
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Hammerson PLC
        213800G1C9KKVVDN1A60
        Hammerson PLC
        G4273Q164
        
          
          
        
        656153.000000000000
        NS
        
        284616.840000000000
        0.1553690816
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Lendlease Global Commercial RE
        N/A
        Lendlease Global Commercial REIT
        N/A
        
          
          
        
        129400.000000000000
        NS
        
        73776.000000000000
        0.0402734756
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Lar Espana Real Estate Socimi
        9598002PHMH00MHN3741
        Lar Espana Real Estate Socimi SA
        E7S5A1113
        
          
          
        
        7067.000000000000
        NS
        
        38637.310000000000
        0.0210916662
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        First Capital Real Estate Inve
        549300U55W8QFK2YTK38
        First Capital Real Estate Investment Trust
        31890B103
        
          
          
        
        17325.000000000000
        NS
        
        248757.150000000000
        0.1357936865
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Cromwell European Real Estate
        21380093RFHTC319NL93
        Cromwell European Real Estate Investment Trust
        Y1867K124
        
          
          
        
        46919.000000000000
        NS
        
        118342.080000000000
        0.0646015896
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NIPPON REIT Investment Corp
        3538004O49OJ90PEXX85
        NIPPON REIT Investment Corp
        J5530Q100
        
          
          
        
        78.000000000000
        NS
        
        244759.660000000000
        0.1336115024
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Scentre Group
        N/A
        Scentre Group
        Q8351E109
        
          
          
        
        922548.000000000000
        NS
        
        2097562.370000000000
        1.1450353363
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Dream Industrial Real Estate I
        549300QOI0TM3CBYUH79
        Dream Industrial Real Estate Investment Trust
        26153W109
        
          
          
        
        20787.000000000000
        NS
        
        268369.540000000000
        0.1464998662
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Dream Office Real Estate Inves
        549300WQI5VPNY3ILE95
        Dream Office Real Estate Investment Trust
        26153P104
        
          
          
        
        5900.000000000000
        NS
        
        131530.620000000000
        0.0718010629
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Redefine Properties Ltd
        37890061EC026A7DA532
        Redefine Properties Ltd
        S6815L196
        
          
          
        
        1141199.000000000000
        NS
        
        360810.220000000000
        0.1969621774
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        Dream Impact Trust
        549300CN7LLOI4MV1658
        Dream Impact Trust
        26154L102
        
          
          
        
        8300.000000000000
        NS
        
        41163.060000000000
        0.0224704442
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Eurocommercial Properties NV
        724500SFK53FPNM68L95
        Eurocommercial Properties NV
        N31068195
        
          
          
        
        5405.000000000000
        NS
        
        148177.380000000000
        0.0808883390
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Prologis Property Mexico SA de
        N/A
        Prologis Property Mexico SA de CV
        P4559M101
        
          
          
        
        87344.000000000000
        NS
        
        228965.120000000000
        0.1249894434
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Sekisui House Reit Inc
        N/A
        Sekisui House Reit Inc
        J91258103
        
          
          
        
        803.000000000000
        NS
        
        531251.700000000000
        0.2900042343
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kiwi Property Group Ltd
        N/A
        Kiwi Property Group Ltd
        Q5349C104
        
          
          
        
        288023.000000000000
        NS
        
        219094.700000000000
        0.1196012939
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Vicinity Centres
        N/A
        Vicinity Centres
        Q9395F102
        
          
          
        
        688574.000000000000
        NS
        
        955504.370000000000
        0.5215989204
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Real Estate Master Fund
        353800TNNZOQ1CPZE086
        Nomura Real Estate Master Fund Inc
        J589D3119
        
          
          
        
        770.000000000000
        NS
        
        1017869.310000000000
        0.5556432287
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Manulife US Real Estate Invest
        254900OMIOIPNIC1T502
        Manulife US Real Estate Investment Trust
        Y5817J103
        
          
          
        
        282409.000000000000
        NS
        USD
        190302.720000000000
        0.1038840809
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Land Securities Group PLC
        213800V8IAVKS37D6B88
        Land Securities Group PLC
        G5375M142
        
          
          
        
        145072.000000000000
        NS
        
        1488407.010000000000
        0.8125043840
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Frasers Logistics & Commercial
        N/A
        Frasers Logistics & Industrial Trust
        Y26465107
        
          
          
        
        488100.000000000000
        NS
        
        523505.660000000000
        0.2857757595
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Killam Apartment Real Estate I
        N/A
        Killam Apartment Real Estate Investment Trust
        49410M102
        
          
          
        
        11300.000000000000
        NS
        
        193613.570000000000
        0.1056914361
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        Hudson Pacific Properties Inc
        444097109
        
          
          
        
        26874.000000000000
        NS
        USD
        745753.500000000000
        0.4070983165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICADE
        969500UDH342QLTE1M42
        ICADE
        F4931M119
        
          
          
        
        5733.000000000000
        NS
        
        368838.000000000000
        0.2013444508
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Iron Mountain Inc
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain Inc
        46284V101
        
          
          
        
        52412.000000000000
        NS
        USD
        2904148.920000000000
        1.5853417199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JBG SMITH Properties
        N/A
        JBG SMITH Properties
        46590V100
        
          
          
        
        20740.000000000000
        NS
        USD
        606022.800000000000
        0.3308209236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altarea SCA
        969500ICGCY1PD6OT783
        Altarea SCA
        F0261X121
        
          
          
        
        865.000000000000
        NS
        
        147480.290000000000
        0.0805078056
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Societe de la Tour Eiffel
        969500LIJD0OW1446X30
        Societe de la Tour Eiffel
        F92245103
        
          
          
        
        402.000000000000
        NS
        
        11882.670000000000
        0.0064866138
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Vastned Retail NV
        724500GTYRJW5W85PN10
        Vastned Retail NV
        N91784103
        
          
          
        
        2359.000000000000
        NS
        
        70801.020000000000
        0.0386494680
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Kilroy Realty Corp
        549300CXXI18B214UN80
        Kilroy Realty Corp
        49427F108
        
          
          
        
        18804.000000000000
        NS
        USD
        1437001.680000000000
        0.7844428016
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimco Realty Corp
        549300EA7I6T15IBYS12
        Kimco Realty Corp
        49446R109
        
          
          
        
        111585.000000000000
        NS
        USD
        2756149.500000000000
        1.5045505272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wereldhave NV
        724500YRQCY3BD9RJZ92
        Wereldhave NV
        N95060120
        
          
          
        
        5552.000000000000
        NS
        
        108205.960000000000
        0.0590683975
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Wereldhave Belgium Comm VA
        549300WKEX26S4CUA403
        Wereldhave Belgium Comm VA
        B98499104
        
          
          
        
        447.000000000000
        NS
        
        30015.930000000000
        0.0163853533
        Long
        EC
        CORP
        BE
        N
        
        1
        
          N
          N
          N
        
      
      
        Macerich Co/The
        529900PSWCB5KI0JYU46
        Macerich Co/The
        554382101
        
          
          
        
        38663.000000000000
        NS
        USD
        604689.320000000000
        0.3300929921
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vastned Belgium NV
        54930068RSC6OT68NE51
        Vastned Retail Belgium NV
        B52491105
        
          
          
        
        234.000000000000
        NS
        
        8610.870000000000
        0.0047005756
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Precinct Properties New Zealan
        N/A
        Precinct Properties New Zealand Ltd
        Q7740Q104
        
          
          
        
        247020.000000000000
        NS
        
        268216.910000000000
        0.1464165472
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Mirvac Group
        N/A
        Mirvac Group
        Q62377108
        
          
          
        
        715222.000000000000
        NS
        
        1326208.140000000000
        0.7239618737
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Cromwell Property Group
        N/A
        Cromwell Property Group
        Q2995J103
        
          
          
        
        279924.000000000000
        NS
        
        173201.770000000000
        0.0945488677
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Charter Hall Retail REIT
        N/A
        Charter Hall Retail REIT
        Q2308D108
        
          
          
        
        92390.000000000000
        NS
        
        289697.160000000000
        0.1581423703
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Property Trust
        N/A
        Goodman Property Trust
        Q4232A119
        
          
          
        
        197541.000000000000
        NS
        
        322577.100000000000
        0.1760911539
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        GPT Group/The
        N/A
        GPT Group/The
        Q4252X155
        
          
          
        
        345031.000000000000
        NS
        
        1330894.160000000000
        0.7265199185
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Building Fund Inc
        52990053R8NL2MB32172
        Nippon Building Fund Inc
        J52088101
        
          
          
        
        279.000000000000
        NS
        
        1582717.670000000000
        0.8639874959
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Real Estate Investment C
        3538003YAIR3CBGJJ928
        Japan Real Estate Investment Corp
        J27523109
        
          
          
        
        217.000000000000
        NS
        
        1136563.460000000000
        0.6204370093
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CapitaLand Integrated Commerci
        54930031292WUTXF0L29
        CapitaLand Mall Trust
        Y1100L160
        
          
          
        
        918212.000000000000
        NS
        
        1519035.030000000000
        0.8292238702
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Metropolitan Fund Invest
        353800QDHNIP60E1LQ93
        Japan Retail Fund Investment Corp
        J27544105
        
          
          
        
        1302.000000000000
        NS
        
        1098632.400000000000
        0.5997308770
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Orix JREIT Inc
        N/A
        Orix JREIT Inc
        J8996L102
        
          
          
        
        447.000000000000
        NS
        
        606191.060000000000
        0.3309127748
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NTT UD REIT Investment Corp
        N/A
        Premier Investment Corp
        J7446X104
        
          
          
        
        251.000000000000
        NS
        
        331661.250000000000
        0.1810500876
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ascendas Real Estate Investmen
        549300ILIBAEMQZK3L20
        Ascendas Real Estate Investment Trust
        Y0205X103
        
          
          
        
        604400.000000000000
        NS
        
        1302377.990000000000
        0.7109532671
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Stockland
        N/A
        Stockland
        Q8773B105
        
          
          
        
        429973.000000000000
        NS
        
        1362588.350000000000
        0.7438214148
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Paramount Group Inc
        5493006GJU1CFI7Z5J17
        Paramount Group Inc
        69924R108
        
          
          
        
        29570.000000000000
        NS
        USD
        322608.700000000000
        0.1761084040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pebblebrook Hotel Trust
        5493004Q1NNH6JXCSI52
        Pebblebrook Hotel Trust
        70509V100
        
          
          
        
        23353.000000000000
        NS
        USD
        571681.440000000000
        0.3120743675
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Physicians Realty Trust
        549300ITOVH0OY7PZC34
        Physicians Realty Trust
        71943U104
        
          
          
        
        40026.000000000000
        NS
        USD
        702056.040000000000
        0.3832443723
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        Prologis Inc
        74340W103
        
          
          
        
        56362.000000000000
        NS
        USD
        9101335.760000000000
        4.9683152224
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        RLJ Lodging Trust
        74965L101
        
          
          
        
        29743.000000000000
        NS
        USD
        418781.440000000000
        0.2286080042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Klepierre SA
        969500PB4U31KEFHZ621
        Klepierre SA
        F5396X102
        
          
          
        
        34964.000000000000
        NS
        
        930890.170000000000
        0.5081623098
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Regency Centers Corp
        529900053A7X7FJ97S58
        Regency Centers Corp
        758849103
        
          
          
        
        27603.000000000000
        NS
        USD
        1969198.020000000000
        1.0749627040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexford Industrial Realty Inc
        549300MSLO0DF0EMX355
        Rexford Industrial Realty Inc
        76169C100
        
          
          
        
        28777.000000000000
        NS
        USD
        2146476.430000000000
        1.1717369629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        Gecina SA
        F4268U171
        
          
          
        
        7851.000000000000
        NS
        
        989453.520000000000
        0.5401313736
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Covivio
        969500P8M3W2XX376054
        Covivio
        F2R22T119
        
          
          
        
        10104.000000000000
        NS
        
        804121.160000000000
        0.4389605554
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        SL Green Realty Corp
        549300VQZPJU97H3GT17
        SL Green Realty Corp
        78440X887
        
          
          
        
        11965.000000000000
        NS
        USD
        971318.700000000000
        0.5302317825
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Government & Agency Po
        5493007T1J7WZ5QI1A47
        Invesco Government & Agency Portfolio
        825252885
        
          
          
        
        224533.120000000000
        NS
        USD
        224533.120000000000
        0.1225700653
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simon Property Group Inc
        529900GQL5X8H7AO3T64
        Simon Property Group Inc
        828806109
        
          
          
        
        59942.000000000000
        NS
        USD
        7885969.520000000000
        4.3048606757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAG Industrial Inc
        549300QWYX2W6FASVQ07
        STAG Industrial Inc
        85254J102
        
          
          
        
        31773.000000000000
        NS
        USD
        1313813.550000000000
        0.7171958086
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Communities Inc
        549300H5GEOJYN41ZG57
        Sun Communities Inc
        866674104
        
          
          
        
        21093.000000000000
        NS
        USD
        3697391.970000000000
        2.0183640393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UDR Inc
        P3CH2EG5X6Z1XWU1OO74
        UDR Inc
        902653104
        
          
          
        
        57542.000000000000
        NS
        USD
        3301184.540000000000
        1.8020789294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UMH Properties Inc
        529900OM5K3PJ11F0Q09
        UMH Properties Inc
        903002103
        
          
          
        
        8904.000000000000
        NS
        USD
        218949.360000000000
        0.1195219545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ventas Inc
        ORQTRC074CWLT3DKHT41
        Ventas Inc
        92276F100
        
          
          
        
        72682.000000000000
        NS
        USD
        4488840.320000000000
        2.4504066525
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vornado Realty Trust
        N/A
        Vornado Realty Trust
        929042109
        
          
          
        
        29172.000000000000
        NS
        USD
        1322075.040000000000
        0.7217056616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Welltower Inc
        T6IZ0MBEG5ACZDTR7D06
        Welltower Inc
        95040Q104
        
          
          
        
        81310.000000000000
        NS
        USD
        7817143.400000000000
        4.2672892831
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boardwalk Real Estate Investme
        549300RMNRTTJRCOYW23
        Boardwalk Real Estate Investment Trust
        096631106
        
          
          
        
        4100.000000000000
        NS
        
        192808.060000000000
        0.1052517174
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Schroder Real Estate Investmen
        549300ZIJJTMTIIQJP67
        Schroder Real Estate Investment Trust Ltd
        G4935B100
        
          
          
        
        92182.000000000000
        NS
        
        69708.430000000000
        0.0380530356
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Dexus
        N/A
        Dexus
        Q3190P134
        
          
          
        
        193730.000000000000
        NS
        
        1581357.150000000000
        0.8632448036
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        Goodman Group
        Q4229W132
        
          
          
        
        305302.000000000000
        NS
        
        5189080.580000000000
        2.8326598113
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Suntec REIT
        549300C46QFXSI2F4K13
        Suntec Real Estate Investment Trust
        Y82954101
        
          
          
        
        353500.000000000000
        NS
        
        454558.200000000000
        0.2481381287
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Logistics Fund Inc
        3538004KZWISCQO70151
        Japan Logistics Fund Inc
        J2785A104
        
          
          
        
        160.000000000000
        NS
        
        416472.410000000000
        0.2273475311
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mercialys SA
        969500081CGAXB7YS433
        Mercialys SA
        F61573105
        
          
          
        
        12898.000000000000
        NS
        
        127821.130000000000
        0.0697760947
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Hotel REIT Investment Co
        353800L8KG849FP1JI68
        Japan Hotel REIT Investment Corp
        J2761Q107
        
          
          
        
        757.000000000000
        NS
        
        385937.870000000000
        0.2106790745
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Excellent Inc
        35380015J62221TE0D86
        Japan Excellent Inc
        J2739K109
        
          
          
        
        203.000000000000
        NS
        
        224735.880000000000
        0.1226807496
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Frasers Centrepoint Trust
        5493002RGQ266FKERZ83
        Frasers Centrepoint Trust
        Y2642S101
        
          
          
        
        182200.000000000000
        NS
        
        326973.690000000000
        0.1784912022
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Accommodations Fund Inc
        N/A
        Nippon Accommodations Fund Inc
        J52066107
        
          
          
        
        73.000000000000
        NS
        
        383768.690000000000
        0.2094949439
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        Aedifica SA
        529900DTKNXL0AXQFN28
        Aedifica SA
        B0130A108
        
          
          
        
        5315.000000000000
        NS
        
        668394.970000000000
        0.3648691787
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Growthpoint Properties Austral
        529900VCPJ9IEDF4TJ03
        Growthpoint Properties Australia Ltd
        Q4359J133
        
          
          
        
        57094.000000000000
        NS
        
        186301.840000000000
        0.1017000462
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Industrial & Infrastructure Fu
        353800WCHFY04YKYCI19
        Industrial & Infrastructure Fund Investment Corp
        J24393118
        
          
          
        
        346.000000000000
        NS
        
        524214.130000000000
        0.2861625052
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        LondonMetric Property PLC
        213800OCERWWPQDURL87
        LondonMetric Property PLC
        G5689W109
        
          
          
        
        167046.000000000000
        NS
        
        604220.940000000000
        0.3298373088
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Carmila SA
        222100P6D3QKU33LZQ72
        Carmila SA
        F1625D132
        
          
          
        
        6091.000000000000
        NS
        
        95914.430000000000
        0.0523585917
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Segro PLC
        213800XC35KGM9NFC641
        Segro PLC
        G80277141
        
          
          
        
        214898.000000000000
        NS
        
        3777691.950000000000
        2.0621988811
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Capital & Counties Properties
        549300TTXXZ1SHUI0D54
        Capital & Counties Properties PLC
        G19406100
        
          
          
        
        108182.000000000000
        NS
        
        246864.830000000000
        0.1347606906
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Advance Residence Investment C
        N/A
        Advance Residence Investment Corp
        J00184101
        
          
          
        
        293.000000000000
        NS
        
        826969.380000000000
        0.4514331377
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Workspace Group PLC
        2138003GUZRFIN3UT430
        Workspace Group PLC
        G5595E136
        
          
          
        
        21942.000000000000
        NS
        
        195982.210000000000
        0.1069844496
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        PLA Administradora Industrial
        N/A
        PLA Administradora Industrial S de RL de CV
        P2R51T187
        
          
          
        
        145010.000000000000
        NS
        
        202970.260000000000
        0.1107991463
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Activia Properties Inc
        353800RPGYN3ML8CXV54
        Activia Properties Inc
        J00089102
        
          
          
        
        111.000000000000
        NS
        
        386970.580000000000
        0.2112428191
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Comforia Residential REIT Inc
        353800BJ2SV3UPG9JU05
        Comforia Residential REIT Inc
        J0816Z106
        
          
          
        
        120.000000000000
        NS
        
        323309.860000000000
        0.1764911592
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        GLP J-Reit
        353800E27V9KA51K2I90
        GLP J-Reit
        J17305103
        
          
          
        
        895.000000000000
        NS
        
        1359954.100000000000
        0.7423834078
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Prologis REIT Inc
        353800PHBMSDLAFURY41
        Nippon Prologis REIT Inc
        J5528H104
        
          
          
        
        384.000000000000
        NS
        
        1121224.010000000000
        0.6120633788
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Growthpoint Properties Ltd
        37890019DD1E46632291
        Growthpoint Properties Ltd
        S3373C239
        
          
          
        
        672051.000000000000
        NS
        
        676995.090000000000
        0.3695638860
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        Hoshino Resorts REIT Inc
        353800DF2MUZWFL4IL56
        Hoshino Resorts REIT Inc
        J2245U104
        
          
          
        
        36.000000000000
        NS
        
        201575.510000000000
        0.1100377682
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Inmobiliaria Colonial Socimi S
        95980020140005007414
        Inmobiliaria Colonial Socimi SA
        E6451E105
        
          
          
        
        60451.000000000000
        NS
        
        551066.960000000000
        0.3008211584
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Charter Hall Long Wale REIT
        N/A
        Charter Hall Long Wale REIT
        Q2308E106
        
          
          
        
        109828.000000000000
        NS
        
        435647.560000000000
        0.2378150264
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        LaSalle Logiport REIT
        353800II3DI1RPKBB314
        LaSalle Logiport REIT
        J38684106
        
          
          
        
        331.000000000000
        NS
        
        476092.890000000000
        0.2598936700
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mori Trust Hotel Reit Inc
        N/A
        Mori Trust Hotel Reit Inc
        J4672S107
        
          
          
        
        56.000000000000
        NS
        
        58071.630000000000
        0.0317006394
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Estate Logistics RE
        353800YYSGZU31ICQK38
        Mitsubishi Estate Logistics REIT Investment Corp
        J4S41D104
        
          
          
        
        71.000000000000
        NS
        
        276223.340000000000
        0.1507871659
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Great Portland Estates PLC
        213800JMEDD2Q4N1MC42
        Great Portland Estates PLC
        G40712211
        
          
          
        
        43051.000000000000
        NS
        
        399779.240000000000
        0.2182349202
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Unibail-Rodamco-Westfield
        N/A
        Unibail-Rodamco-Westfield
        F95094581
        
          
          
        
        22550.000000000000
        NS
        
        1689168.180000000000
        0.9220976133
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ascott Residence Trust
        549300W6RTG7Y32IWY65
        Ascott Residence Trust
        Y0261Y177
        
          
          
        
        320500.000000000000
        NS
        
        266009.680000000000
        0.1452116456
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Tritax Big Box REIT PLC
        213800L6X88MIYPVR714
        Tritax Big Box REIT PLC
        G9101W101
        
          
          
        
        273701.000000000000
        NS
        
        866621.920000000000
        0.4730790063
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hibernia REIT plc
        635400MHRA4QVVFTON18
        Hibernia REIT plc
        G4432Z105
        
          
          
        
        94393.000000000000
        NS
        
        168747.260000000000
        0.0921172016
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-13
      Manager Directed Portfolios
      /s/ Scott Ostrowski
      Manager Directed Portfolios
      President
    
  
  XXXX




 
Vert Global Sustainable Real Estate Fund
           
 
Schedule of Investments
           
 
March 31, 2022 (Unaudited)
           
     
Number of
       
     
Shares
   
Value
 
 
REITS - 99.4%
           
 
Diversified REITs - 8.5%
           
 
Activia Properties, Inc.
   
111
     
386,971
 
 
Alexander & Baldwin, Inc.
   
12,405
     
287,672
 
 
American Assets Trust, Inc.
   
8,731
     
330,818
 
 
Charter Hall Long Wale REIT
   
109,828
     
435,647
 
 
Cofinimmo SA
   
6,036
     
879,061
 
 
Covivio
   
10,104
     
804,121
 
 
CROMWELL EU REIT
   
46,919
     
118,342
 
 
Dream Impact Trust (a)
   
8,300
     
41,163
 
 
Empire State Realty Trust, Inc.
   
26,704
     
262,233
 
 
Gecina SA
   
7,851
     
989,454
 
 
Goodman Property Trust
   
197,541
     
322,577
 
 
GPT Group
   
345,031
     
1,330,894
 
 
Growthpoint Properties Australia Ltd.
   
57,094
     
186,302
 
 
Growthpoint Properties Ltd.
   
672,051
     
676,995
 
 
Hulic Reit, Inc.
   
239
     
326,512
 
 
ICADE
   
5,733
     
368,838
 
 
Land Securities Group PLC
   
145,072
     
1,488,407
 
 
Lar Espana Real Estate Socimi SA
   
7,067
     
38,637
 
 
LondonMetric Property PLC
   
167,046
     
604,221
 
 
Mirvac Group
   
715,222
     
1,326,208
 
 
Morguard Real Estate Investment Trust (a)
   
4,903
     
21,061
 
 
NIPPON REIT Investment Corp.
   
78
     
244,760
 
 
Nomura Real Estate Master Fund, Inc.
   
770
     
1,017,869
 
 
Premier Investment Corp.
   
251
     
331,661
 
 
Redefine Properties Ltd.
   
1,141,199
     
360,810
 
 
Schroder Real Estate Investment Trust Ltd.
   
92,182
     
69,709
 
 
Sekisui House Reit, Inc.
   
803
     
531,252
 
 
Stockland
   
429,973
     
1,362,588
 
 
Suntec Real Estate Investment Trust
   
353,500
     
454,558
 
               
15,599,341
 
 
Health Care REITs - 9.3%
               
 
Aedifica SA
   
5,315
     
668,395
 
 
Healthpeak Properties, Inc.
   
97,504
     
3,347,312
 
 
Physicians Realty Trust
   
40,026
     
702,056
 
 
Ventas, Inc.
   
72,682
     
4,488,840
 
 
Welltower, Inc.
   
81,310
     
7,817,144
 
               
17,023,747
 
 
Hotel & Resort REITs - 2.7%
               
 
Ascott Residence Trust
   
320,500
     
266,010
 
 
DiamondRock Hospitality Co. (a)
   
39,023
     
394,132
 
 
Hersha Hospitality Trust (a)
   
5,877
     
53,363
 
 
Hoshino Resorts REIT, Inc.
   
36
     
201,576
 
 
Host Hotels & Resorts, Inc. (a)
   
129,115
     
2,508,704
 
 
Japan Hotel REIT Investment Corp.
   
757
     
385,938
 
 
Mori Trust Hotel Reit, Inc.
   
56
     
58,072
 
 
Pebblebrook Hotel Trust
   
23,353
     
571,681
 
 
RLJ Lodging Trust
   
29,743
     
418,781
 
               
4,858,257
 
 
Industrial REITs - 19.2%
               
 
Americold Realty Trust
   
47,673
     
1,329,123
 
 
Ascendas Real Estate Investment Trust
   
604,400
     
1,302,378
 
 
Dream Industrial Real Estate Investment Trust (a)
   
20,787
     
268,369
 
 
Duke Realty Corp.
   
69,350
     
4,026,461
 
 
Frasers Logistics & Industrial Trust
   
488,100
     
523,506
 
 
GLP J-Reit
   
895
     
1,359,954
 
 
Goodman Group
   
305,302
     
5,189,081
 
 
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
   
15,467
     
733,600
 
 
Industrial & Infrastructure Fund Investment Corp.
   
346
     
524,214
 
 
Japan Logistics Fund, Inc.
   
160
     
416,472
 
 
LaSalle Logiport REIT
   
331
     
476,093
 
 
Mitsubishi Estate Logistics REIT Investment Corp.
   
71
     
276,223
 
 
Nippon Prologis REIT, Inc.
   
384
     
1,121,224
 
 
PLA Administradora Industrial S de RL de CV
   
145,010
     
202,970
 
 
Prologis Property Mexico SA de CV
   
87,344
     
228,965
 
 
Prologis, Inc.
   
56,362
     
9,101,336
 
 
Rexford Industrial Realty, Inc.
   
28,777
     
2,146,477
 
 
Segro PLC
   
214,898
     
3,777,692
 
 
STAG Industrial, Inc.
   
31,773
     
1,313,814
 
 
Tritax Big Box REIT PLC
   
273,701
     
866,622
 
               
35,184,574
 
 
Office REITs - 12.6%
               
 
Alexandria Real Estate Equities, Inc.
   
27,684
     
5,571,405
 
 
Befimmo SA
   
3,528
     
184,533
 
 
Boston Properties, Inc.
   
27,078
     
3,487,646
 
 
Cromwell Property Group
   
279,924
     
173,202
 
 
Derwent London PLC
   
23,534
     
987,867
 
 
Dexus
   
193,730
     
1,581,357
 
 
Dream Office Real Estate Investment Trust (a)
   
5,900
     
131,531
 
 
Franklin Street Properties Corp.
   
18,517
     
109,250
 
 
Great Portland Estates PLC
   
43,051
     
399,779
 
 
Hibernia REIT PLC
   
94,393
     
168,747
 
 
Hudson Pacific Properties, Inc.
   
26,874
     
745,753
 
 
Inmobiliaria Colonial Socimi SA
   
60,451
     
551,067
 
 
Japan Excellent, Inc.
   
203
     
224,736
 
 
Japan Real Estate Investment Corp.
   
217
     
1,136,563
 
 
JBG SMITH Properties
   
20,740
     
606,023
 
 
Kilroy Realty Corp.
   
18,804
     
1,437,002
 
 
Manulife US Real Estate Investment Trust
   
282,409
     
190,303
 
 
McKay Securities PLC
   
11,835
     
46,356
 
 
Nippon Building Fund, Inc.
   
279
     
1,582,718
 
 
Orix JREIT, Inc.
   
447
     
606,191
 
 
Paramount Group, Inc.
   
29,570
     
322,609
 
 
Precinct Properties New Zealand Ltd.
   
247,020
     
268,217
 
 
SL Green Realty Corp.
   
11,965
     
971,319
 
 
Societe de la Tour Eiffel
   
402
     
11,883
 
 
Vornado Realty Trust
   
29,172
     
1,322,075
 
 
Workspace Group PLC
   
21,942
     
195,982
 
               
23,014,114
 
 
Residential REITs - 13.4%
               
 
Advance Residence Investment Corp.
   
293
     
826,969
 
 
AvalonBay Communities, Inc.
   
25,100
     
6,234,087
 
 
Boardwalk Real Estate (a)
   
4,100
     
192,808
 
 
Comforia Residential REIT, Inc.
   
120
     
323,310
 
 
Equity LifeStyle Properties, Inc.
   
31,822
     
2,433,747
 
 
Equity Residential
   
64,945
     
5,839,854
 
 
Home Reit PLC
   
108,795
     
177,218
 
 
Killam Apartment Real Estate Investment Trust (a)
   
11,300
     
193,614
 
 
Nippon Accommodations Fund, Inc.
   
73
     
383,769
 
 
Sun Communities, Inc.
   
21,093
     
3,697,392
 
 
The UNITE Group PLC (c)
   
54,273
     
822,095
 
 
UDR, Inc.
   
57,542
     
3,301,185
 
 
UMH Properties, Inc.
   
8,904
     
218,949
 
               
24,644,997
 
 
Retail REITs - 15.1%
               
 
Alexander's, Inc.
   
413
     
105,823
 
 
Altarea SCA
   
865
     
147,480
 
 
British Land Comany PLC
   
181,337
     
1,255,549
 
 
Capital & Counties Properties PLC
   
108,182
     
246,865
 
 
CapitaLand Mall Trust
   
918,212
     
1,519,035
 
 
Carmila SA
   
6,091
     
95,914
 
 
Charter Hall Retail REIT
   
92,390
     
289,697
 
 
Eurocommercial Properties NV
   
5,405
     
148,178
 
 
Federal Realty Investment Trust
   
13,216
     
1,613,277
 
 
First Capital Real Estate Investment Trust (a)
   
17,325
     
248,757
 
 
Frasers Centrepoint Trust
   
182,200
     
326,974
 
 
Hammerson
   
656,153
     
284,617
 
 
Japan Retail Fund Investment Corp.
   
1,302
     
1,098,632
 
 
Kimco Realty Corp.
   
111,585
     
2,756,150
 
 
Kiwi Property Group Ltd.
   
288,023
     
219,095
 
 
Klepierre SA
   
34,964
     
930,890
 
 
Lendlease Global Commercial REIT
   
129,400
     
73,776
 
 
Macerich Co.
   
38,663
     
604,689
 
 
Mercialys SA
   
12,898
     
127,821
 
 
Regency Centers Corp.
   
27,603
     
1,969,198
 
 
RioCan Real Estate Investment Trust
   
30,613
     
617,819
 
 
Scentre Group
   
922,548
     
2,097,562
 
 
Shaftesbury PLC
   
28,404
     
229,201
 
 
Simon Property Group, Inc.
   
59,942
     
7,885,970
 
 
Unibail-Rodamco-Westfield (a)
   
22,550
     
1,689,168
 
 
Vastned Belgium NV
   
234
     
8,611
 
 
Vastned Retail NV
   
2,359
     
70,801
 
 
Vicinity Centres
   
688,574
     
955,504
 
 
Wereldhave Belgium Comm VA
   
447
     
30,016
 
 
Wereldhave NV
   
5,552
     
108,206
 
               
27,755,275
 
 
Specialized REITs - 18.6%
               
 
American Tower Corp.
   
35,969
     
9,036,132
 
 
Big Yellow Group PLC
   
31,496
     
634,963
 
 
Charter Hall Social Infrastructure REIT
   
54,551
     
159,659
 
 
Digital Realty Trust, Inc.
   
51,879
     
7,356,442
 
 
Equinix, Inc.
   
12,020
     
8,914,272
 
 
Extra Space Storage, Inc.
   
24,432
     
5,023,219
 
 
Iron Mountain, Inc.
   
52,412
     
2,904,149
 
               
34,028,836
 
 
TOTAL REITS (Cost $158,240,371)
           
182,109,141
 
                   
 
RIGHTS - 0.0%
               
 
Lendlease Global Commercial REIT (a)(c)
   
37,526
     
1,460
 
 
TOTAL RIGHTS (Cost $2,491)
           
1,460
 
                   
 
SHORT-TERM INVESTMENT - 0.1%
               
 
MONEY MARKET FUND - 0.1%
               
 
STIT - Government & Agency Portfolio 0.26% (b)
   
224,533
     
224,533
 
 
TOTAL SHORT-TERM INVESTMENT (Cost $224,533)
           
224,533
 
 
TOTAL INVESTMENTS (Cost $158,467,395) - 99.5%
           
182,335,134
 
 
Other Assets in Excess of Liabilities - 0.5%
           
953,821
 
 
TOTAL NET ASSETS - 100.00%
         
$
183,288,955
 

   
Percentages are stated as a percent of net assets.
     
             
   
PLC - Public Limited Company
       
   
REIT - Real Estate Investment Trust
     
 
(a)
Non-income producing security
     
 
(b)
The rate shown represents the fund's 7-day yield as of March 31, 2022.
   
 
(c)
Security valued at fair value using methods determined in good faith by members of the
   
Valuation Committee by following procedures approved by the Board.
   
             
   
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*
     
   
United States
67.9%
     
   
Australia
8.2%
     
   
Japan
7.6%
     
   
United Kingdom
6.5%
     
   
France
2.8%
     
   
Singapore
2.6%
     
   
Belgium
1.0%
     
   
Canada
0.9%
     
   
South Africa
0.6%
     
   
New Zealand
0.4%
     
   
Spain
0.3%
     
   
Mexico
0.2%
     
   
Netherlands
0.2%
     
   
Ireland
0.1%
     
   
Guernsey
0.1%
     
   
Short-Term Investments and Other
0.6%
     
             
   
* Percentages represent market value as a percentage of net assets.
   



 
Summary of Fair Value Measurements at March 31, 2022 (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 signifcant 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
 
 
REITs
                           
 
Diversified REITs
   
$
2,099,094
   
$
13,500,247
   
$
-
   
$
15,599,341
 
 
Health Care REITs
     
16,355,352
     
668,395
     
-
     
17,023,747
 
 
Hotel & Resort REITs
     
3,946,661
     
911,596
     
-
     
4,858,257
 
 
Industrial REITs
     
19,351,115
     
15,833,459
     
-
     
35,184,574
 
 
Office REITs
     
14,873,360
     
8,140,754
     
-
     
23,014,114
 
 
Residential REITs
     
22,672,623
     
1,972,374
     
-
     
24,644,997
 
 
Retail REITs
     
16,116,316
     
11,638,959
     
-
     
27,755,275
 
 
Specialized REITs
     
  33,234,214
     
794,622
     
-
     
34,028,836
 
 
Total REITs
     
128,648,735
     
53,460,406
     
-
     
182,109,141
 
 
Rights
       
-
     
-
     
1,460
     
1,460
 
 
Short-Term Investments
     
224,533
     
-
     
-
     
224,533
 
 
Total Investments in Securities
   
$
128,873,268
   
$
53,460,406
   
$
1,460
   
$
182,335,134
 
                                       
 
Level 3 Reconciliation Disclosure
                                 
 
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
 

                 
Rights, at Value
                 
 
Balance as of June 30, 2021
             
-
                 
 
Purchases
             
2,011
                 
 
(Sales proceeds and/or rights exercised)
           
-
                 
 
Accrued discounts/premiums, net


     
-
                 
 
Realized gain/(loss)


           
-
                 
 
Change in unrealized appreciation/(depreciation)


     
(551
)
               
 
Transfer in and/or (out) of Level 3


     
-
                 
 
Balance as of March 31, 2022


         
$
1,460
                 



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