Description of Advisory Business Hood River is a limited liability company founded in 2013 and is headquartered in Palm Beach Gardens, Florida. Hood River is registered with the Securities and Exchange Commission as a registered investment adviser. Brian Smoluch and David Swank own 100% of the voting shares of Hood River Capital Management LLC. Hood River has a service level agreement with Mar Vista Investment Partners, LLC (“Mar Vista”), a registered investment adviser, to provide Hood River with various administrative, operational, and business services including marketing support, client services, compliance support, information technology, accounting and proxy coordinating services. In accordance with that agreement, certain trading, operations and compliance employees are dual employees of both advisers. Mar Vista is not an affiliate of Hood River or related to Hood River. Advisory Services Offered Hood River manages multi-strategy equity portfolios including Small-Cap Growth, Small/Mid-Cap Growth and International Opportunity. Hood River provides investment advisory services that are limited to the strategies listed to a variety of separately managed client accounts (Small-Cap Growth, Small/Mid-Cap Growth) generally on a discretionary basis. Hood River is the investment adviser to the Manager Directed Portfolios (“MDP”) Hood River Small-Cap Growth Fund and the MDP Hood River International Opportunity Fund (the “Funds”). Under the Investment Company Act of 1940, MDP is registered as an open-end investment management company. Each Fund’s investment objective, risks, fees, expenses, share classes and other important information are detailed in the respective Fund’s prospectus and Statement of Additional Information. Hood River is the investment adviser to the Hood River Collective Investment Trust (the “Trust”), a collective investment fund. The Trust is managed according to the Small/Mid-Cap Growth strategy described on page 8. SEI Trust Company

serves as the Trustee of the Trust. The Trust is regulated by the Department of Banking and Securities for the Commonwealth of Pennsylvania and is available only to certain eligible plans. Discretionary Services A client, upon engaging Hood River as its discretionary investment manager, must select one of Hood River’s investment strategies for their portfolio. The client can change the investment strategy upon written request to Hood River. Hood River tailors its advisory services to the specific investment objectives and restrictions of each client account and upon agreement with a client upon specific investment policies or guidelines. Clients can impose restrictions on their account by discussing desired investment limitations with Hood River and providing a list of such limitations in writing. Hood River manages its clients’ accounts in accordance with the stated investment objectives, financial situation, risk tolerance, account restrictions, and account guidelines identified in each client’s signed investment advisory agreement and investment policy statement. In addition, Hood River may manage taxable portfolios differently from tax-exempt portfolios that have selected the same investment strategy unless directed otherwise by the client. Hood River does not typically accept an account that has check writing privileges or margin accounts. However, Hood River has the right to accept such accounts at its sole discretion. Non-Discretionary Services Under limited circumstances, Hood River may agree to advise clients on a non-discretionary basis. The services that Hood River provides to non-discretionary accounts and the fee charged for such services are individually negotiated with each client. Assets Under Management As of December 31, 2023, Hood River had approximately $3,702,254,198 in discretionary assets under management and $0 in non-discretionary assets under management for a total of $3,702,254,198 in total assets under management.