Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential. AMENDMENT TO THE MANAGER DIRECTED PORTFOLIOS CUSTODY AGREEMENT

Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.

AMENDMENT TO THE

MANAGER DIRECTED PORTFOLIOS

CUSTODY AGREEMENT

THIS AMENDMENT, effective as of October 1, 2022, to the Custody Agreement, dated as of July 1, 2016, as amended (the “Agreement”), is entered into by and between MANAGER DIRECTED PORTFOLIOS, a Delaware statutory trust (the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the series of the Trust to amend the fee schedule on Exhibit G; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree to amend the Agreement as follows:

1.Exhibit G is hereby superseded and replaced in its entirety with Exhibit G attached hereto.

2.Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date written above.

MANAGER DIRECTED PORTFOLIOS			U.S. BANK NATIONAL ASSOCIATION
By: Xxxxxx X. Xxxxxxx			By: Xxxxxxx Xxxxxx
Name: Xxxxxx X. Xxxxxxx			Name: Xxxxxxx Xxxxxx
Title: Vice President & Secretary			Title: Senior Vice President
Date: 10/24/2022			Date: 10/24/2022

1

Exhibit G to the Manager Directed Portfolios Custody Agreement

Name of Series

Vert Global Sustainable Real Estate Fund

Custody Services Fee Schedule

Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio*:

[ ] basis points

$ [ ]- Minimum annual fee per fund

Plus, portfolio transaction fees

Portfolio Transaction Fees

■$ [ ]- Book entry DTC transaction, Federal Reserve transaction, principal paydown

■$ [ ]- Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

■$ [ ]- Option/SWAPS/future contract written, exercised or expired

■$ [ ]- Mutual fund trade, Margin Variation Wire and outbound Fed wire

■$ [ ]- Physical security transaction

■$ [ ]- Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

■Additional fees apply for global servicing. Fund of Fund expenses quoted separately.

■$ [ ]per custody sub account per year (e.g., per sub – adviser, segregated account, etc.)

■Class Action Services - $ [ ]filing fee per class action per account, plus [ ]% of gross proceeds, up to a maximum per recovery not to exceed $ [ ].

■No charge for the initial conversion free receipt.

■Overdrafts - charged to the account at prime interest rate plus [ ]% unless a line of credit is in place.

■Third Party lending - Additional fees will apply

* Subject to annual CPI increase - All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

Fees are calculated pro rata and billed monthly.

2

Additional Global Sub-Custodial Services Annual Fee Schedule

Country

Safekeeping (BPS)

Transaction Fee

Country

Safekeeping (BPS)

Transaction Fee

Country

Safekeeping (BPS)

Transaction Fee

Argentina

[ ]

[ ]

Hong Kong

[ ]

[ ]

Poland

[ ]

[ ]

Australia

[ ]

[ ]

Hungary

[ ]

[ ]

Portugal

[ ]

[ ]

Austria

[ ]

[ ]

Iceland

[ ]

[ ]

Qatar

[ ]

[ ]

Bahrain

[ ]

[ ]

India

[ ]

[ ]

Romania

[ ]

[ ]

Bangladesh

[ ]

[ ]

Indonesia

[ ]

[ ]

Russia

[ ]

[ ]

Belgium

[ ]

[ ]

Ireland

[ ]

[ ]

Saudi Arabia

[ ]

[ ]

Bermuda

[ ]

[ ]

Israel

[ ]

[ ]

Serbia

[ ]

[ ]

Botswana

[ ]

[ ]

Italy

[ ]

[ ]

Singapore

[ ]

[ ]

Brazil

[ ]

[ ]

Japan

[ ]

[ ]

Slovakia

[ ]

[ ]

Bulgaria

[ ]

[ ]

Jordan

[ ]

[ ]

Slovenia

[ ]

[ ]

Canada

[ ]

[ ]

Kenya

[ ]

[ ]

South Africa

[ ]

[ ]

Chile

[ ]

[ ]

Kuwait

[ ]

[ ]

South Korea

[ ]

[ ]

China Connect

[ ]

[ ]

Latvia

[ ]

[ ]

Spain

[ ]

[ ]

China (B Shares)

[ ]

[ ]

Lithuania

[ ]

[ ]

Sri Lanka

[ ]

[ ]

Colombia

[ ]

[ ]

Luxembourg

[ ]

[ ]

Sweden

[ ]

[ ]

Costa Rica

[ ]

[ ]

Malaysia

[ ]

[ ]

Switzerland

[ ]

[ ]

Croatia

[ ]

[ ]

Malta

[ ]

[ ]

Tanzania

[ ]

[ ]

Cyprus

[ ]

[ ]

Mauritius

[ ]

[ ]

Taiwan

[ ]

[ ]

Czech Republic

[ ]

[ ]

Mexico

[ ]

[ ]

Thailand

[ ]

[ ]

Denmark

[ ]

[ ]

Morocco

[ ]

[ ]

Tunisia

[ ]

[ ]

Egypt

[ ]

[ ]

Namibia

[ ]

[ ]

Turkey

[ ]

[ ]

Estonia

[ ]

[ ]

Netherlands

[ ]

[ ]

UAE

[ ]

[ ]

Eswatini

[ ]

[ ]

New Zealand

[ ]

[ ]

Uganda

[ ]

[ ]

Euroclear (Eurobonds)

[ ]

[ ]

Nigeria

[ ]

[ ]

Ukraine

[ ]

[ ]

Euroclear (Non-Eurobonds)

[ ]

[ ]

Norway

[ ]

[ ]

United Kingdom

[ ]

[ ]

Finland

[ ]

[ ]

Oman

[ ]

[ ]

Uruguay

[ ]

[ ]

France

[ ]

[ ]

Pakistan

[ ]

[ ]

Vietnam

[ ]

[ ]

Germany

[ ]

[ ]

Panama

[ ]

[ ]

West African Economic Monetary Union (WAEMU)*

[ ]

[ ]

Ghana

[ ]

[ ]

Peru

[ ]

[ ]

Zambia

[ ]

[ ]

Greece

[ ]

[ ]

Philippines

[ ]

[ ]

Zimbabwe

[ ]

[ ]

*Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network.

Global Custody Base Fee

$ [ ]monthly base fee of per fund will apply. If no global assets are held within a given month, the monthly base charge will not apply for that month. "Safekeeping and transaction fees are assessed on security and currency transactions."

Miscellaneous Expenses

■Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, tax reclaim fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

■A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

■SWIFT reporting and message fees.

3

Advisor’s signature below acknowledges approval of the Fund Administration fee schedule on this Exhibit G.

Vert Asset Management LLC

By: _/s/ Xxxxxx X. Xxxxx______________

Name: Xxxxxx X Xxxxx

Title: CEO

Date: October 19, 2022

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