MANAGER DIRECTED PORTFOLIOS

Ticker: VGSR CUSIP: 56170L695 Class: VERT GLB SUST RE

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (5)

NATURAL INVESTMENTS, LLC
Value ($000) $7 Shares 715,779
Mason & Associates Inc
Value ($000) $960 Shares 92,303
Millstone Evans Group, LLC
Value ($000) $15 Shares 1,408
AXXCESS WEALTH MANAGEMENT, LLC
Value ($000) $108 Shares 10,411
Spire Wealth Management
Value ($000) $4 Shares 359

Increased Positions (43)

Abacus Wealth Partners, LLC
Value ($000) $129,099 (-1.0%) Shares 12,412,287 (+1.4%)
North Berkeley Wealth Management, LLC
Value ($000) $4,908 (+3.6%) Shares 471,942 (+6.1%)
First Pacific Financial
Value ($000) $15,458 (+1.7%) Shares 1,486,334 (+4.1%)
Balanced Rock Investment Advisors LLC
Value ($000) $2,652 (+3.5%) Shares 254,973 (+6.0%)
BRIGHTON JONES LLC
Value ($000) $37,215 (+1.4%) Shares 3,578,397 (+3.8%)
Allodium Investment Consultants, LLC
Value ($000) $2,233 (+2.2%) Shares 214,754 (+4.7%)
WCG Wealth Advisors LLC
Value ($000) $5,548 (+264.1%) Shares 533,474 (+272.8%)
PFG Investments, LLC
Value ($000) $9,479 (+17.8%) Shares 911,440 (+20.7%)
SOA Wealth Advisors, LLC.
Value ($000) $5,443 (+0.2%) Shares 523,318 (+2.7%)
Meritas Wealth Management, LLC
Value ($000) $2,122 (-0.4%) Shares 204,076 (+2.0%)
Focus Partners Wealth
Value ($000) $38,061 (+154.9%) Shares 3,659,666 (+160.4%)
MASECO LLP
Value ($000) $3,967 (+20.4%) Shares 382,176 (+23.5%)
RED LIGHTHOUSE INVESTMENT MANAGEMENT, LLC
Value ($000) $2,366 (-0.9%) Shares 227,522 (+1.5%)
Silver Oak Advisory Group, Inc.
Value ($000) $1 (+11.3%) Shares 96,724 (+14.0%)
Pine Haven Investment Counsel, Inc
Value ($000) $732 (+0.9%) Shares 70,357 (+3.3%)
Level Financial Advisors, Inc.
Value ($000) $1,097 (+4.9%) Shares 105,452 (+7.4%)
Beacon Pointe Advisors, LLC
Value ($000) $2,556 (+199.8%) Shares 245,741 (+207.0%)
Savant Capital, LLC
Value ($000) $4,712 (+65.5%) Shares 453,084 (+69.5%)
Dynamic Advisor Solutions LLC
Value ($000) $917 (+85.8%) Shares 88,206 (+90.3%)
Forum Financial Management, LP
Value ($000) $13,628 (+2.0%) Shares 1,310,370 (+4.5%)

Decreased Positions (19)

LongView Asset Management LLC
Value ($000) $3,618 (-3.8%) Shares 347,874 (-1.5%)
Buckingham Strategic Partners
Value ($000) $1,205 (-71.3%) Shares 115,820 (-70.7%)
Koss-Olinger Consulting, LLC
Value ($000) $2,660 (-9.7%) Shares 255,814 (-9.2%)
MISSION WEALTH MANAGEMENT, LP
Value ($000) $6,637 (-4.3%) Shares 638,212 (-2.0%)
HighTower Advisors, LLC
Value ($000) $3,618 (-15.8%) Shares 347,861 (-13.8%)
OSAIC HOLDINGS, INC.
Value ($000) $552 (-50.8%) Shares 53,033 (-49.6%)
NWAM LLC
Value ($000) $383 (-11.1%) Shares 36,835 (-8.9%)
LPL Financial LLC
Value ($000) $185 (-36.1%) Shares 17,755 (-34.6%)
Modera Wealth Management, LLC
Value ($000) $656 (-9.7%) Shares 63,083 (-7.5%)
Index Fund Advisors, Inc.
Value ($000) $878 (-4.7%) Shares 84,420 (-2.4%)
Prime Capital Investment Advisors, LLC
Value ($000) $1,858 (-4.4%) Shares 178,622 (-2.1%)
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $390 (+75025.2%) Shares 37,491 (-23.0%)
AQR CAPITAL MANAGEMENT LLC
Value ($000) $422 (-11.2%) Shares 40,584 (-9.0%)
Allworth Financial LP
Value ($000) $0 (-99.9%) Shares 2 (-99.9%)
SJS Investment Consulting Inc.
Value ($000) $22 (-29.1%) Shares 2,123 (-27.4%)
Parallel Advisors, LLC
Value ($000) $10 (-47.7%) Shares 953 (-46.4%)
Cetera Investment Advisers
Value ($000) $202 (-5.5%) Shares 19,423 (-3.2%)
JANE STREET GROUP, LLC
Value ($000) $164 (-4.8%) Shares 15,754 (-2.5%)
Ethic Inc.
Value ($000) $159 (-3.9%) Shares 15,282 (-1.6%)

Exited Positions (4)

Cloud Capital Management, LLC
Value ($000) $0 Shares 17,914
Crestwood Advisors Group LLC
Value ($000) $151 Shares 14,168
CITADEL ADVISORS LLC
Value ($000) $214 Shares 20,124
UBS Group AG
Value ($000) $8 Shares 721