0001145549-21-001161.txt : 20210114 0001145549-21-001161.hdr.sgml : 20210114 20210114102529 ACCESSION NUMBER: 0001145549-21-001161 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201031 FILED AS OF DATE: 20210114 DATE AS OF CHANGE: 20210114 EFFECTIVENESS DATE: 20210114 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: 21527752 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 Hardman Johnston International Growth Fund C000198300 Institutional Shares HJIGX C000198301 Retail Shares HJIRX N-CEN 1 primary_doc.xml X0303 N-CEN LIVE 0001359057 XXXXXXXX false false false N-1A S000061218 true Manager Directed Portfolios 811-21897 0001359057 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 9 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 Justin Dausch N/A 223 Wilmington West Chester Pike Suite 216 Chadds Ford 19317 XXXXXX N N N N N Quasar Distributors LLC 8-52323 000103848 N/A N N BBD LLP 00552 N/A N N N N N N N Hardman Johnston International Growth Fund S000061218 549300HQ3J3PKKWI0D48 N 2 0 0 N/A Y 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 Dakota Investments, LLC 801-112120 000290284 N/A N Hardman Johnston Global Advisors LLC 801-23854 000112500 549300DPPRM8YBBRMT15 N N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4O33MV32P92 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N Instinet, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 19504.380000000000 Citigroup Global Markets Inc. 8-8177 000007059 6SHGI4ZSSLCXXQSBB395 336.860000000000 Jefferies LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 8179.500000000000 Sanford Bernstein & Co., LLC 801-57937 000104474 I9V72LSADV3RBJDSMF19 6512.230000000000 BNY Mellon Capital Markets, LLC 8-35255 000017454 VJW2DOOHGDT6PO0ZRO63 2034.400000000000 RBC Global Asset Management, Inc. 801-20303 000107173 549300LCO2FLSSVFFR64 1562.560000000000 Credit Suisse Securities 8-422 000000816 1V8Y6QCX6YMJ2OELII46 1518.640000000000 BNP Paribas Securities Corp. 8-32682 000015794 2J5703FH5U5M97R1I237 1224.900000000000 Berenberg Capital Markets LLC 8-68821 000156757 5493007EG0CYRKKG9L11 1204.800000000000 UBS Securities LLC 8-22651 000007654 T6FIZBDPKLYJKFCRVK44 784.750000000000 44372.150000000000 0.000000000000 Y 6028203.000000000000 N N N N true INTERNAL CONTROL RPT 2 hj103120ncen.htm AUDIT OPINION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  

  

To the Board of Trustees of Manager Directed Portfolios 

and the Shareholders of Hardman Johnston International Growth Fund  

  

  

In planning and performing our audit of the financial statements of Hardman Johnston International Growth Fund (formerly Marmont Redwood International Equity Fund), a series of shares of beneficial interest in Manager Directed Portfolios (the “Fund”), as of October 31, 2020, and for the year 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 fund’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 fund’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 fund; (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 fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’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, 2020.  

  

This report is intended solely for the information and use of management and the shareholders of Hardman Johnston International Growth 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 29, 2020