Description of Advisory Business Mar Vista Investment Partners, LLC (“Mar Vista”) is a privately-owned limited liability company founded in 2007 and is headquartered in Los Angeles, California. Mar Vista is registered with the Securities and Exchange Commission as a registered investment adviser. On June 10, 2021, Mar Vista and F/m Managers Group, LLC (“F/m”) (f/k/a 1251 Asset Management Platform) signed a purchase agreement for a non-controlling investment in Mar Vista Investment Partners. Mar Vista maintains 75.1% of the voting interest and 65% of the economic interest. F/m maintains 24.9% of the voting interest and 35% of the economic interest. The voting interest allows Mar Vista to appoint 5 of 6 Board seats, which is 83.3% of the Board vote. Silas Myers and Brian Massey jointly determine the composition of 83.3% of the Board. Mar Vista's LLC is governed by the Mar Vista Board. Advisory Services Offered Mar Vista manages multi-strategy equity portfolios including Strategic Growth, Focus, Select Equity, Global Equity and International Equity. Mar Vista provides investment advisory services that are limited to the strategies listed to a variety of separately managed client accounts and wrap accounts generally on a discretionary basis as well as recommendations for Unified Managed Accounts (“Model Accounts”) on a non-discretionary basis. Mar Vista is the investment adviser to the Manager Directed Portfolios (“MDP”) Mar Vista Strategic Growth Fund (the “Fund”). Under the Investment Company Act of 1940, MDP is registered as an open- end investment management company. The Fund’s investment objective, risks, fees, expenses, share classes and other important information are detailed in the Fund’s prospectus and Statement of Additional Information. Discretionary Services A client, upon engaging Mar Vista as its discretionary investment manager, must select one of Mar Vista’s investment strategies for their portfolio. The client can change the investment strategy upon written request to Mar Vista. Mar Vista tailors its advisory services to the specific investment objectives and restrictions of each client account and upon agreement with a client can institute specific investment policies or guidelines. Clients can impose restrictions on their account by discussing desired investment limitations with Mar Vista and providing a list of such limitations in writing. Mar Vista 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. In addition, Mar Vista may manage taxable portfolios differently from tax-exempt portfolios that have selected the same management style unless directed otherwise by the client. However, under certain wrap programs, Mar Vista may not be able to manage taxable accounts differently than tax-exempt accounts because of wrap sponsor system limitations. Mar Vista does not typically accept an account that has check writing privileges or margin accounts. However, Mar Vista has the right to accept such accounts at its sole discretion. Non-Discretionary Services Mar Vista provides non-discretionary recommendations (often in the form of model portfolios) through Unified Managed Accounts to Overlay Portfolio Managers (“OPMs”) who utilize such recommendations in connection with their management of program client accounts. It is only the OPM, and not Mar Vista, that acts as the investment adviser to clients of such programs and the OPM controls the utilization of Mar Vista’s investment recommendations when managing their accounts. The services that Mar Vista provides to non-discretionary accounts and the fee charged for such services are individually negotiated. Wrap Accounts Mar Vista has agreements with certain brokerage firms (“wrap sponsors”) whereby Mar Vista agrees to manage accounts that select Mar Vista as an investment manager (“wrap accounts”). Under these programs (“wrap programs”), clients typically pay a single fee based on a percentage of assets under management, and Mar Vista receives a portion of such fee (as agreed upon by the applicable wrap sponsors and Mar Vista) for portfolio management services Mar Vista provides under these programs. The services provided by Mar Vista to wrap programs generally differ from services provided to separately managed client accounts, which are usually larger in size, in that Mar Vista typically provides a higher degree of individualized client service to such separately managed client accounts than it does to wrap accounts. Unlike separately managed client accounts, Mar Vista generally has little or no contact with wrap account clients. Assets Under Management As of December 31, 2023, Mar Vista had approximately $2,306,064,061 in discretionary regulatory assets under management and $1,722,339,423 in non-discretionary assets under advisement. Total assets under advisement were $4,028,403,484.