0001145549-19-001007.txt : 20190110 0001145549-19-001007.hdr.sgml : 20190110 20190110143130 ACCESSION NUMBER: 0001145549-19-001007 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181031 FILED AS OF DATE: 20190110 DATE AS OF CHANGE: 20190110 EFFECTIVENESS DATE: 20190110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Manager Directed Portfolios CENTRAL INDEX KEY: 0001359057 IRS NUMBER: 571138125 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21897 FILM NUMBER: 19520056 BUSINESS ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 E. MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 9522306140 MAIL ADDRESS: STREET 1: C/O U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 E. MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: Roxbury Funds DATE OF NAME CHANGE: 20060411 0001359057 S000061218 Marmont Redwood International Equity Fund C000198300 Institutional Shares MRILX C000198301 Retail Shares MRIDX N-CEN 1 primary_doc.xml X0101 N-CEN LIVE 1359057 XXXXXXXX false false false N-1A S000061218 C000198300 C000198301 Manager Directed Portfolios 811-21897 001359057 549300J0JL5T81OQ6O93 615 E. Michigan Street Milwaukee 53202 US-WI US 4142873101 U.S. Bank N.A. 1555 North River Center Drive Suite 302 Milwaukee 53212 8336121912 Custody Records U.S. Bancorp Fund Services LLC 615 East Michigan Street 3rd Floor Milwaukee 53202 8336121912 Fund Adminstration Transfer Agent and Fund Accounting Records Quasar Distributors LLC 777 East Wisconsin Avenue 6th Floor Milwaukee 53202 8336121912 Distributor and Underwriter Records N N N-1A 7 Y Scott Craven Jones N/A N Gaylord Brickwood Lyman Jr. N/A N Lawrence T. Greenberg N/A N James Robert Schoenike 001041981 Y Gerard Scarpati N/A 223 Wilmington West Chester Pike Chadds Ford 19317 XXXXXX N N N N N N N Quasar Distributors LLC 8-52323 000103848 N/A Y N BBD LLP 00552 N/A N N N N N N N Marmont Redwood International Equity Fund S000061218 549300HQ3J3PKKWI0D48 Y 2 1 0 N/A N N Y N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Y Y Y N Marmont Partners LLC 801-112120 000290284 N/A 2018-02-14 Redwood Investments, LLC 801-63597 000133028 549300EY2376P6C77F47 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N Y Intercontinental Exchange Inc. 5493000F4O33MV32P92 N Y U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 Y N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Royal Bank of Canada ES7IP3U3RHIGC71XBU11 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Y N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 Y N Y Instinet LLC 8-23669 000007897 549300MGMN3RKMU8FT57 10132.400000000000 Mediobanca Securities USA LLC 8-67538 000143189 549300FV9LPF2H3NQO82 45.090000000000 Berenberg Capital Markets LLC 8-68821 000156757 5493007EG0CYRKKG9L11 4902.020000000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 1553.580000000000 Goldman Sachs and Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 518.410000000000 CIBC World Markets Corp. 8-18333 000000630 549300445CON3DBMU275 222.270000000000 Mischler Financial Group, Inc. 8-48067 000037818 2549004IPXPSM9EJFC92 83.520000000000 Jefferies LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 66.040000000000 Loop Capital Markets LLC 8-50140 000043098 254900FPPM2WN90D4786 64.190000000000 Exane, Inc. 8-49569 000041784 6SDWK6FV8H98XAGSYS75 46.840000000000 17763.890000000000 0.000000000000 N 2805856.000000000000 N true INTERNAL CONTROL RPT 2 marmontncenopinion.htm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Manager Directed Portfolios

and the Shareholders of Marmont Redwood International Equity Fund

In planning and performing our audit of the financial statements of Marmont Redwood International Equity Fund, a series of shares of beneficial interest in Manager Directed Portfolios (the “Fund”), as of October 31, 2018, and for the period then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness, as defined above, as of October 31, 2018.

This report is intended solely for the information and use of management, the shareholders of Marmont Redwood International Equity Fund, the Board of Trustees of Manager Directed Portfolios and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

BBD, LLP

Philadelphia, Pennsylvania

December 26, 2018