MANAGED ASSET PORTFOLIOS, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UL	Unilever PLC - Sponsored ADR	299,763	$19,604	2.4%	$65.40	—	COM	904767803
VZ	Verizon Communications	410,382	$16,715	2.0%	$40.48	0.0%	COM	92343V104
WDAY	Workday Inc	46,258	$9,935	1.2%	$227.21	0.0%	COM	98138H101
XLE	Energy Select Sector SPDR	132,711	$5,934	0.7%	$44.71	—	COM	81369Y506
SOLS	Solstice Advanced Materials In	107,339	$5,215	0.6%	$47.08	0.0%	COM	83443Q103
QUAL	Ishares Edge MSCI USA Quality	19,108	$3,795	0.5%	$198.62	—	COM	46432F339
EWL	ISHARES MSCI SWITZERLAND ETF	56,302	$3,376	0.4%	$59.96	—	COM	464286749
XNTK	SPDR NYSE Technology ETF	9,322	$2,590	0.3%	$277.88	—	COM	78464A102
IXJ	ISHARES GLOBAL HEALTHCARE ETF	17,469	$1,701	0.2%	$97.40	—	COM	464287325
GNR	SPDR S&P GL NAT RESOURCES	12,547	$780	0.1%	$62.14	—	COM	78463X541
USMV	Ishares Edge MSCI Min Vol USA	4,918	$463	0.1%	$94.16	—	COM	46429B697
IYJ	iShares U.S. Industrials ETF	2,343	$347	0.0%	$148.18	—	COM	464287754
XLB	Materials Select Sector SPDR T	6,799	$308	0.0%	$45.35	—	COM	81369Y100
EFAV	Ishares MSCI EAFE Minimum Vola	2,799	$241	0.0%	$86.26	—	COM	46429B689
ACWX	Ishares MSCI ACWU ex US	3,000	$201	0.0%	$67.13	—	COM	464288240

Increased Positions (14)

UBER Uber Technologies Inc. 0.8%

Value ($000) $6,390 (+681.7%) Shares 78,208 (+837.3%) Est. Cost $90.42 Unrealized -0.4%

ACWI iShares MSCI ACWI ETF 0.3%

Value ($000) $2,770 (+313.8%) Shares 19,574 (+304.3%) Est. Cost $140.69 Unrealized —

ARCO Arcos Dorados Holdings Inc 1.3%

Value ($000) $10,836 (+11.7%) Shares 1,476,299 (+2.7%) Est. Cost $8.39 Unrealized -14.8%

XLI Industrial Select Sector SPDR 0.2%

Value ($000) $1,383 (+272.1%) Shares 8,913 (+270.0%) Est. Cost $148.81 Unrealized —

HON Honeywell International Inc 2.4%

Value ($000) $19,642 (-4.8%) Shares 100,682 (+2.8%) Est. Cost $196.90 Unrealized -1.0%

AON Aon PLC 2.5%

Value ($000) $20,408 (+4.3%) Shares 57,831 (+5.4%) Est. Cost $374.22 Unrealized -6.7%

MDT Medtronic PLC 3.6%

Value ($000) $30,000 (+1.9%) Shares 312,301 (+1.1%) Est. Cost $80.59 Unrealized +20.5%

FBIN Fortune Brands Innovations, In 1.1%

Value ($000) $9,458 (-5.2%) Shares 189,080 (+1.2%) Est. Cost $64.90 Unrealized -23.3%

CVX Chevron Corporation 2.6%

Value ($000) $21,739 (+2.4%) Shares 142,637 (+4.3%) Est. Cost $143.81 Unrealized +5.3%

XLV Health Care Select Sector 0.1%

Value ($000) $494 (+111.1%) Shares 3,192 (+89.8%) Est. Cost $145.72 Unrealized —

— CME Group Inc 1.4%

Value ($000) $11,463 (+2.2%) Shares 41,978 (+1.1%) Est. Cost $265.53 Unrealized —

XLK Technology Select Sector SPDR 0.1%

Value ($000) $429 (+53.1%) Shares 2,980 (+199.8%) Est. Cost $173.51 Unrealized —

MEG Montrose Environmental Group 0.1%

Value ($000) $721 (-8.2%) Shares 29,027 (+1.5%) Est. Cost $27.40 Unrealized -3.6%

CPB The Campbell's Company 0.1%

Value ($000) $1,002 (+6.5%) Shares 35,949 (+20.7%) Est. Cost $31.60 Unrealized -4.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	Uber Technologies Inc.	78,208 (+837.3%)	$6,390 (+681.7%)	0.8%	$90.42	-0.4%	COM	90353T100
ACWI	iShares MSCI ACWI ETF	19,574 (+304.3%)	$2,770 (+313.8%)	0.3%	$140.69	—	COM	464288257
ARCO	Arcos Dorados Holdings Inc	1,476,299 (+2.7%)	$10,836 (+11.7%)	1.3%	$8.39	-14.8%	COM	G0457F107
XLI	Industrial Select Sector SPDR	8,913 (+270.0%)	$1,383 (+272.1%)	0.2%	$148.81	—	COM	81369Y704
HON	Honeywell International Inc	100,682 (+2.8%)	$19,642 (-4.8%)	2.4%	$196.90	-1.0%	COM	438516106
AON	Aon PLC	57,831 (+5.4%)	$20,408 (+4.3%)	2.5%	$374.22	-6.7%	COM	G0403H108
MDT	Medtronic PLC	312,301 (+1.1%)	$30,000 (+1.9%)	3.6%	$80.59	+20.5%	COM	G5960L103
FBIN	Fortune Brands Innovations, In	189,080 (+1.2%)	$9,458 (-5.2%)	1.1%	$64.90	-23.3%	COM	34964C106
CVX	Chevron Corporation	142,637 (+4.3%)	$21,739 (+2.4%)	2.6%	$143.81	+5.3%	COM	166764100
XLV	Health Care Select Sector	3,192 (+89.8%)	$494 (+111.1%)	0.1%	$145.72	—	COM	81369Y209
—	CME Group Inc	41,978 (+1.1%)	$11,463 (+2.2%)	1.4%	$265.53	—	COM	12572q105
XLK	Technology Select Sector SPDR	2,980 (+199.8%)	$429 (+53.1%)	0.1%	$173.51	—	COM	81369Y803
MEG	Montrose Environmental Group	29,027 (+1.5%)	$721 (-8.2%)	0.1%	$27.40	-3.6%	COM	615111101
CPB	The Campbell's Company	35,949 (+20.7%)	$1,002 (+6.5%)	0.1%	$31.60	-4.8%	COM	134429109

Exited Positions (4)

— Unilever PLC - Sponsored ADR 1.9%

Value ($000) $15,794 Shares 266,439 Est. Cost $33.39 Unrealized —

COP ConocoPhillips 0.8%

Value ($000) $6,608 Shares 69,861 Est. Cost $100.86 Unrealized -10.7%

KTOS Kratos Defense & Security 0.6%

Value ($000) $4,797 Shares 52,500 Est. Cost $14.09 Unrealized +481.2%

LEN Lennar Corporation CL A 0.1%

Value ($000) $696 Shares 5,523 Est. Cost $123.58 Unrealized -2.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Unilever PLC - Sponsored ADR	266,439	$15,794	1.9%	$33.39	—	—	904767704
COP	ConocoPhillips	69,861	$6,608	0.8%	$100.86	-10.7%	—	20825C104
KTOS	Kratos Defense & Security	52,500	$4,797	0.6%	$14.09	+481.2%	—	50077B207
LEN	Lennar Corporation CL A	5,523	$696	0.1%	$123.58	-2.3%	—	526057104

Decreased Positions (18)

JNJ Johnson & Johnson 2.1%

Value ($000) $17,187 (-46.0%) Shares 83,048 (-51.7%) Est. Cost $88.13 Unrealized +123.6%

ECG Everus Construction Group, Inc 1.5%

Value ($000) $12,788 (-44.7%) Shares 149,465 (-44.6%) Est. Cost $62.75 Unrealized +42.6%

META Meta Platforms, Inc. 3.1%

Value ($000) $25,681 (-26.8%) Shares 38,905 (-18.6%) Est. Cost $148.04 Unrealized +350.8%

CEF Sprott Physical Gold & Silver 6.2%

Value ($000) $50,935 (+21.8%) Shares 1,112,116 (-2.4%) Est. Cost $13.04 Unrealized —

ORANY Orange - ADR 2.3%

Value ($000) $18,808 (-27.1%) Shares 1,126,917 (-29.1%) Est. Cost $14.74 Unrealized —

CSCO Cisco Systems Inc 4.6%

Value ($000) $37,895 (+11.0%) Shares 491,954 (-1.4%) Est. Cost $24.74 Unrealized +198.3%

MSFT Microsoft 5.2%

Value ($000) $42,903 (-7.7%) Shares 88,712 (-1.1%) Est. Cost $48.04 Unrealized +942.0%

BIL SPDR Bloomberg Barclays 1-3 Mo 1.8%

Value ($000) $14,736 (-19.2%) Shares 161,262 (-18.9%) Est. Cost $72.68 Unrealized —

BG Bunge Global SA NPV 2.7%

Value ($000) $22,595 (+7.1%) Shares 253,644 (-2.3%) Est. Cost $96.30 Unrealized -4.6%

SNY Sanofi ADR 3.7%

Value ($000) $30,827 (-3.9%) Shares 636,141 (-6.4%) Est. Cost $46.30 Unrealized —

MU Micron Technology Inc 1.5%

Value ($000) $12,362 (-9.1%) Shares 43,312 (-46.7%) Est. Cost $31.05 Unrealized +638.6%

TTEK Tetra Tech Inc 3.4%

Value ($000) $28,351 (-2.3%) Shares 845,280 (-2.8%) Est. Cost $34.39 Unrealized -1.7%

AMAT Applied Materials 3.5%

Value ($000) $28,784 (+1.6%) Shares 112,004 (-19.1%) Est. Cost $129.87 Unrealized +84.4%

FIS Fidelity National Information 0.8%

Value ($000) $7,025 (-5.3%) Shares 105,705 (-6.1%) Est. Cost $64.84 Unrealized +1.2%

GLDM SPDR Gold MiniShares Trust 1.0%

Value ($000) $8,563 (+4.7%) Shares 100,303 (-6.3%) Est. Cost $14.97 Unrealized —

ZTS Zoetis Inc 0.1%

Value ($000) $853 (-30.6%) Shares 6,779 (-19.3%) Est. Cost $150.53 Unrealized -13.5%

XCEM Columbia EM Core ex-China ETF 0.1%

Value ($000) $770 (+4.2%) Shares 20,075 (-1.3%) Est. Cost $31.34 Unrealized —

AAPL Apple Inc. 0.0%

Value ($000) $264 (+2.5%) Shares 969 (-4.1%) Est. Cost $112.16 Unrealized +139.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNJ	Johnson & Johnson	83,048 (-51.7%)	$17,187 (-46.0%)	2.1%	$88.13	+123.6%	COM	478160104
ECG	Everus Construction Group, Inc	149,465 (-44.6%)	$12,788 (-44.7%)	1.5%	$62.75	+42.6%	COM	300426103
META	Meta Platforms, Inc.	38,905 (-18.6%)	$25,681 (-26.8%)	3.1%	$148.04	+350.8%	COM	30303M102
CEF	Sprott Physical Gold & Silver	1,112,116 (-2.4%)	$50,935 (+21.8%)	6.2%	$13.04	—	COM	85208R101
ORANY	Orange - ADR	1,126,917 (-29.1%)	$18,808 (-27.1%)	2.3%	$14.74	—	COM	684060106
CSCO	Cisco Systems Inc	491,954 (-1.4%)	$37,895 (+11.0%)	4.6%	$24.74	+198.3%	COM	17275R102
MSFT	Microsoft	88,712 (-1.1%)	$42,903 (-7.7%)	5.2%	$48.04	+942.0%	COM	594918104
BIL	SPDR Bloomberg Barclays 1-3 Mo	161,262 (-18.9%)	$14,736 (-19.2%)	1.8%	$72.68	—	COM	78468R663
BG	Bunge Global SA NPV	253,644 (-2.3%)	$22,595 (+7.1%)	2.7%	$96.30	-4.6%	COM	H11356104
SNY	Sanofi ADR	636,141 (-6.4%)	$30,827 (-3.9%)	3.7%	$46.30	—	COM	80105N105
MU	Micron Technology Inc	43,312 (-46.7%)	$12,362 (-9.1%)	1.5%	$31.05	+638.6%	COM	595112103
TTEK	Tetra Tech Inc	845,280 (-2.8%)	$28,351 (-2.3%)	3.4%	$34.39	-1.7%	COM	88162G103
AMAT	Applied Materials	112,004 (-19.1%)	$28,784 (+1.6%)	3.5%	$129.87	+84.4%	COM	038222105
FIS	Fidelity National Information	105,705 (-6.1%)	$7,025 (-5.3%)	0.8%	$64.84	+1.2%	COM	31620M106
GLDM	SPDR Gold MiniShares Trust	100,303 (-6.3%)	$8,563 (+4.7%)	1.0%	$14.97	—	COM	98149E303
ZTS	Zoetis Inc	6,779 (-19.3%)	$853 (-30.6%)	0.1%	$150.53	-13.5%	COM	98978V103
XCEM	Columbia EM Core ex-China ETF	20,075 (-1.3%)	$770 (+4.2%)	0.1%	$31.34	—	COM	19762B202
AAPL	Apple Inc.	969 (-4.1%)	$264 (+2.5%)	0.0%	$112.16	+139.3%	COM	037833100

Unchanged Positions (15)

GOOG Alphabet Inc CL C 4.1%

Value ($000) $33,640 Shares 107,201 Est. Cost $176.10 Unrealized +62.6%

MOS The Mosaic Company 2.0%

Value ($000) $16,890 Shares 701,113 Est. Cost $21.46 Unrealized +24.7%

NFG National Fuel Gas Company 3.7%

Value ($000) $30,487 Shares 380,797 Est. Cost $41.69 Unrealized +97.6%

FCX Freeport-McMoran Inc 2.1%

Value ($000) $17,093 Shares 336,548 Est. Cost $40.70 Unrealized +6.4%

WMT Walmart Inc. 3.5%

Value ($000) $29,000 Shares 260,297 Est. Cost $58.24 Unrealized +84.1%

HD Home Depot Inc 1.3%

Value ($000) $10,816 Shares 31,432 Est. Cost $300.46 Unrealized +21.3%

NVS Novartis AG-ADR 3.3%

Value ($000) $27,386 Shares 198,636 Est. Cost $81.05 Unrealized —

ETN Eaton Corp PLC 1.2%

Value ($000) $10,017 Shares 31,449 Est. Cost $307.46 Unrealized +15.3%

MDU MDU Resources Group Inc. 2.5%

Value ($000) $20,841 Shares 1,067,661 Est. Cost $9.67 Unrealized +102.3%

TAK Takeda Pharmaceutical Company 2.8%

Value ($000) $23,319 Shares 1,495,746 Est. Cost $16.30 Unrealized —

V Visa Inc. CL A 2.2%

Value ($000) $18,055 Shares 51,482 Est. Cost $342.40 Unrealized -0.6%

PSMT PriceSmart Inc 2.2%

Value ($000) $18,385 Shares 149,877 Est. Cost $87.56 Unrealized +38.7%

PM Philip Morris Intl Inc. 0.3%

Value ($000) $2,129 Shares 13,272 Est. Cost $89.07 Unrealized +72.4%

XLP Consumer Staples Select Sector 0.1%

Value ($000) $545 Shares 7,014 Est. Cost $83.00 Unrealized —

XLC Communication Services Select 0.0%

Value ($000) $223 Shares 1,897 Est. Cost $96.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc CL C	107,201	$33,640	4.1%	$176.10	+62.6%	COM	02079K107
MOS	The Mosaic Company	701,113	$16,890	2.0%	$21.46	+24.7%	COM	61945C103
NFG	National Fuel Gas Company	380,797	$30,487	3.7%	$41.69	+97.6%	COM	636180101
FCX	Freeport-McMoran Inc	336,548	$17,093	2.1%	$40.70	+6.4%	COM	35671D857
WMT	Walmart Inc.	260,297	$29,000	3.5%	$58.24	+84.1%	COM	931142103
HD	Home Depot Inc	31,432	$10,816	1.3%	$300.46	+21.3%	COM	437076102
NVS	Novartis AG-ADR	198,636	$27,386	3.3%	$81.05	—	COM	66987V109
ETN	Eaton Corp PLC	31,449	$10,017	1.2%	$307.46	+15.3%	COM	G29183103
MDU	MDU Resources Group Inc.	1,067,661	$20,841	2.5%	$9.67	+102.3%	COM	552690109
TAK	Takeda Pharmaceutical Company	1,495,746	$23,319	2.8%	$16.30	—	COM	874060205
V	Visa Inc. CL A	51,482	$18,055	2.2%	$342.40	-0.6%	COM	92826C839
PSMT	PriceSmart Inc	149,877	$18,385	2.2%	$87.56	+38.7%	COM	741511109
PM	Philip Morris Intl Inc.	13,272	$2,129	0.3%	$89.07	+72.4%	COM	718172109
XLP	Consumer Staples Select Sector	7,014	$545	0.1%	$83.00	—	COM	81369Y308
XLC	Communication Services Select	1,897	$223	0.0%	$96.81	—	COM	81369Y852