American Trust Investment Advisors, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	49,935 (+7.0%)	$5,827 (+23.0%)	3.1%	$94.73	+9.4%	COM NEW	172967424
OPRA	OPERA LTD	126,025 (+3.0%)	$1,785 (-29.3%)	1.0%	$15.76	—	SPONSORED ADS	68373M107
ACN	ACCENTURE PLC IRELAND	19,015 (+4.0%)	$5,102 (+13.2%)	2.7%	$260.36	-2.4%	SHS CLASS A	G1151C101
BG	BUNGE GLOBAL SA	66,791 (+1.0%)	$5,950 (+10.8%)	3.2%	$87.95	+4.4%	COM SHS	H11356104
SONY	SONY GROUP CORP	222,357 (+2.2%)	$5,692 (-9.1%)	3.0%	$27.99	—	SPONSORED ADR	835699307
CARR	CARRIER GLOBAL CORPORATION	86,306 (+1.8%)	$4,560 (-9.9%)	2.4%	$67.42	-17.6%	COM	14448C104
AMZN	AMAZON COM INC	21,190 (+3.0%)	$4,891 (+8.3%)	2.6%	$219.77	+4.1%	COM	023135106
MSFT	MICROSOFT CORP	15,460 (+2.0%)	$7,477 (-4.8%)	4.0%	$96.33	+419.6%	COM	594918104
KTB	KONTOOR BRANDS INC	19,679 (+2.0%)	$1,202 (-21.9%)	0.6%	$76.96	-3.5%	COM	50050N103
CTRA	COTERRA ENERGY INC	104,620 (+2.0%)	$2,754 (+13.5%)	1.5%	$23.98	+4.7%	COM	127097103
SCHW	SCHWAB CHARLES CORP	50,913 (+1.9%)	$5,087 (+6.7%)	2.7%	$69.66	+36.0%	COM	808513105
MDLZ	MONDELEZ INTL INC	61,352 (+5.9%)	$3,303 (-8.7%)	1.8%	$49.28	+15.8%	CL A	609207105
VFC	V F CORP	69,779 (+1.4%)	$1,262 (+27.1%)	0.7%	$26.41	-38.6%	COM	918204108
ARCO	ARCOS DORADOS HOLDINGS INC	209,313 (+4.8%)	$1,536 (+14.0%)	0.8%	$5.46	+31.0%	SHS CLASS -A -	G0457F107
NFLX	NETFLIX INC	4,140 (+788.4%)	$388 (-30.5%)	0.2%	$98.30	+9.7%	COM	64110L106
BWXT	BWX TECHNOLOGIES INC	18,988 (+1.9%)	$3,282 (-4.4%)	1.8%	$59.63	+214.3%	COM	05605H100
NXPI	NXP SEMICONDUCTORS N V	19,263 (+3.7%)	$4,181 (-1.2%)	2.2%	$106.93	+99.8%	COM	N6596X109
HON	HONEYWELL INTL INC	1,319 (+17.9%)	$257 (+9.2%)	0.1%	$205.28	-5.0%	COM	438516106
ITRI	ITRON INC	2,590 (+23.3%)	$241 (-8.1%)	0.1%	$123.72	-12.0%	COM	465741106
XYL	XYLEM INC	1,755 (+11.8%)	$239 (+3.2%)	0.1%	$138.64	+3.6%	COM	98419M100
LMT	LOCKHEED MARTIN CORP	3,386 (+3.6%)	$1,638 (+0.4%)	0.9%	$449.26	+6.0%	COM	539830109

Exited Positions (5)

KIM KIMCO RLTY CORP 2.2%

Value ($000) $4,064 Shares 186,007 Est. Cost $17.29 Unrealized +19.0%

FCX FREEPORT-MCMORAN INC 1.8%

Value ($000) $3,406 Shares 86,852 Est. Cost $40.03 Unrealized +8.2%

CMCSA COMCAST CORP NEW 0.7%

Value ($000) $1,271 Shares 40,439 Est. Cost $39.99 Unrealized -28.7%

OC OWENS CORNING NEW 0.1%

Value ($000) $229 Shares 1,620 Est. Cost $131.70 Unrealized -10.9%

GNRC GENERAC HLDGS INC 0.1%

Value ($000) $207 Shares 1,235 Est. Cost $175.19 Unrealized -7.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KIM	KIMCO RLTY CORP	186,007	$4,064	2.2%	$17.29	+19.0%	—	49446R109
FCX	FREEPORT-MCMORAN INC	86,852	$3,406	1.8%	$40.03	+8.2%	—	35671D857
CMCSA	COMCAST CORP NEW	40,439	$1,271	0.7%	$39.99	-28.7%	—	20030N101
OC	OWENS CORNING NEW	1,620	$229	0.1%	$131.70	-10.9%	—	690742101
GNRC	GENERAC HLDGS INC	1,235	$207	0.1%	$175.19	-7.9%	—	368736104

Decreased Positions (15)

GOOGL ALPHABET INC 3.0%

Value ($000) $5,690 (+27.1%) Shares 18,178 (-1.3%) Est. Cost $129.10 Unrealized +121.2%

CCJ CAMECO CORP 2.0%

Value ($000) $3,777 (-24.2%) Shares 41,285 (-30.6%) Est. Cost $12.54 Unrealized +617.0%

TREX TREX CO INC 1.0%

Value ($000) $1,917 (-36.2%) Shares 54,660 (-6.0%) Est. Cost $60.90 Unrealized -33.6%

ALV AUTOLIV INC 2.7%

Value ($000) $5,011 (-6.2%) Shares 42,216 (-2.4%) Est. Cost $90.06 Unrealized +32.6%

FLR FLUOR CORP NEW 1.9%

Value ($000) $3,499 (-7.0%) Shares 88,304 (-1.3%) Est. Cost $21.14 Unrealized +109.3%

CEG CONSTELLATION ENERGY CORP 3.8%

Value ($000) $7,140 (+2.1%) Shares 20,211 (-4.9%) Est. Cost $47.96 Unrealized +657.3%

AMTM AMENTUM HOLDINGS INC 0.5%

Value ($000) $846 (+15.9%) Shares 29,175 (-4.3%) Est. Cost $28.49 Unrealized -10.3%

ALB ALBEMARLE CORP 0.2%

Value ($000) $322 (+48.5%) Shares 2,279 (-14.9%) Est. Cost $68.37 Unrealized +65.7%

ADP AUTOMATIC DATA PROCESSING IN 0.3%

Value ($000) $585 (-14.2%) Shares 2,273 (-2.2%) Est. Cost $66.84 Unrealized +296.2%

NXT NEXTPOWER INC 0.1%

Value ($000) $233 (-14.3%) Shares 2,675 (-27.2%) Est. Cost $64.43 Unrealized +40.7%

EMBJ EMBRAER S.A. 1.7%

Value ($000) $3,219 (+0.6%) Shares 50,002 (-5.6%) Est. Cost $15.47 Unrealized —

GOOG ALPHABET INC 0.1%

Value ($000) $250 (+3.5%) Shares 796 (-19.7%) Est. Cost $107.20 Unrealized +167.1%

BP BP PLC 0.2%

Value ($000) $401 (-1.6%) Shares 11,560 (-2.4%) Est. Cost $32.23 Unrealized —

SPXV PROSHARES TR 0.2%

Value ($000) $450 (-1.1%) Shares 6,033 (-2.7%) Est. Cost $58.27 Unrealized —

SPY SPDR S&P 500 ETF TR 0.5%

Value ($000) $844 (-0.1%) Shares 1,237 (-2.4%) Est. Cost $152.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	18,178 (-1.3%)	$5,690 (+27.1%)	3.0%	$129.10	+121.2%	CAP STK CL A	02079K305
CCJ	CAMECO CORP	41,285 (-30.6%)	$3,777 (-24.2%)	2.0%	$12.54	+617.0%	COM	13321L108
TREX	TREX CO INC	54,660 (-6.0%)	$1,917 (-36.2%)	1.0%	$60.90	-33.6%	COM	89531P105
ALV	AUTOLIV INC	42,216 (-2.4%)	$5,011 (-6.2%)	2.7%	$90.06	+32.6%	COM	052800109
FLR	FLUOR CORP NEW	88,304 (-1.3%)	$3,499 (-7.0%)	1.9%	$21.14	+109.3%	COM	343412102
CEG	CONSTELLATION ENERGY CORP	20,211 (-4.9%)	$7,140 (+2.1%)	3.8%	$47.96	+657.3%	COM	21037T109
AMTM	AMENTUM HOLDINGS INC	29,175 (-4.3%)	$846 (+15.9%)	0.5%	$28.49	-10.3%	COM	023939101
ALB	ALBEMARLE CORP	2,279 (-14.9%)	$322 (+48.5%)	0.2%	$68.37	+65.7%	COM	012653101
ADP	AUTOMATIC DATA PROCESSING IN	2,273 (-2.2%)	$585 (-14.2%)	0.3%	$66.84	+296.2%	COM	053015103
NXT	NEXTPOWER INC	2,675 (-27.2%)	$233 (-14.3%)	0.1%	$64.43	+40.7%	CLASS A COM	65290E101
EMBJ	EMBRAER S.A.	50,002 (-5.6%)	$3,219 (+0.6%)	1.7%	$15.47	—	SPONSORED ADS	29082A107
GOOG	ALPHABET INC	796 (-19.7%)	$250 (+3.5%)	0.1%	$107.20	+167.1%	CAP STK CL C	02079K107
BP	BP PLC	11,560 (-2.4%)	$401 (-1.6%)	0.2%	$32.23	—	SPONSORED ADR	055622104
SPXV	PROSHARES TR	6,033 (-2.7%)	$450 (-1.1%)	0.2%	$58.27	—	SP500 EX HLTH	74347B565
SPY	SPDR S&P 500 ETF TR	1,237 (-2.4%)	$844 (-0.1%)	0.5%	$152.98	—	TR UNIT	78462F103

Unchanged Positions (40)

LRCX LAM RESEARCH CORP 4.3%

Value ($000) $8,070 Shares 47,144 Est. Cost $75.03 Unrealized +107.1%

LEN LENNAR CORP 1.7%

Value ($000) $3,097 Shares 30,124 Est. Cost $57.29 Unrealized +110.7%

META META PLATFORMS INC 3.3%

Value ($000) $6,250 Shares 9,468 Est. Cost $169.61 Unrealized +293.4%

IRM IRON MTN INC DEL 1.6%

Value ($000) $3,038 Shares 36,624 Est. Cost $29.03 Unrealized +219.6%

AAPL APPLE INC 4.9%

Value ($000) $9,255 Shares 34,042 Est. Cost $84.98 Unrealized +215.8%

J JACOBS SOLUTIONS INC 2.6%

Value ($000) $4,804 Shares 36,267 Est. Cost $104.73 Unrealized +39.8%

LNG CHENIERE ENERGY INC 1.4%

Value ($000) $2,635 Shares 13,553 Est. Cost $63.22 Unrealized +232.2%

SO SOUTHERN CO 2.4%

Value ($000) $4,450 Shares 51,030 Est. Cost $65.02 Unrealized +39.8%

IBM INTERNATIONAL BUSINESS MACHS 3.8%

Value ($000) $7,019 Shares 23,695 Est. Cost $111.56 Unrealized +167.8%

SAN BANCO SANTANDER SA 1.4%

Value ($000) $2,615 Shares 222,925 Est. Cost $5.38 Unrealized —

LLY ELI LILLY & CO 0.5%

Value ($000) $948 Shares 882 Est. Cost $190.36 Unrealized +402.0%

CB CHUBB LIMITED 0.6%

Value ($000) $1,057 Shares 3,386 Est. Cost $96.06 Unrealized +204.4%

TELFY TELEFONICA S A 0.2%

Value ($000) $308 Shares 75,984 Est. Cost $4.88 Unrealized —

HSBC HSBC HLDGS PLC 0.3%

Value ($000) $633 Shares 8,045 Est. Cost $26.83 Unrealized —

UBS UBS GROUP AG 0.3%

Value ($000) $523 Shares 11,295 Est. Cost $16.20 Unrealized +149.5%

CBRE CBRE GROUP INC 1.4%

Value ($000) $2,540 Shares 15,794 Est. Cost $44.04 Unrealized +257.0%

MRK MERCK & CO INC 0.1%

Value ($000) $261 Shares 2,483 Est. Cost $88.52 Unrealized +5.3%

CMI CUMMINS INC 0.1%

Value ($000) $258 Shares 505 Est. Cost $99.73 Unrealized +367.6%

FSLR FIRST SOLAR INC 0.1%

Value ($000) $280 Shares 1,070 Est. Cost $66.40 Unrealized +279.8%

COP CONOCOPHILLIPS 1.1%

Value ($000) $2,084 Shares 22,260 Est. Cost $49.53 Unrealized +81.7%

SAP SAP SE 0.2%

Value ($000) $394 Shares 1,620 Est. Cost $107.39 Unrealized —

TM TOYOTA MOTOR CORP 0.2%

Value ($000) $366 Shares 1,710 Est. Cost $125.25 Unrealized —

AMX AMERICA MOVIL SAB DE CV 1.2%

Value ($000) $2,196 Shares 106,225 Est. Cost $19.99 Unrealized —

HXL HEXCEL CORP NEW 0.1%

Value ($000) $255 Shares 3,445 Est. Cost $61.40 Unrealized +15.1%

ORA ORMAT TECHNOLOGIES INC 0.1%

Value ($000) $267 Shares 2,415 Est. Cost $90.04 Unrealized +21.4%

ASML ASML HOLDING N V 0.2%

Value ($000) $358 Shares 335 Est. Cost $570.01 Unrealized —

SCHP SCHWAB STRATEGIC TR 1.0%

Value ($000) $1,856 Shares 70,070 Est. Cost $41.01 Unrealized —

BHP BHP GROUP LTD 0.2%

Value ($000) $367 Shares 6,072 Est. Cost $57.06 Unrealized —

NGG NATIONAL GRID PLC 0.2%

Value ($000) $400 Shares 5,172 Est. Cost $56.71 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $244 Shares 1,177 Est. Cost $135.89 Unrealized +45.0%

BJ BJS WHSL CLUB HLDGS INC 0.3%

Value ($000) $524 Shares 5,815 Est. Cost $55.95 Unrealized +64.1%

NEE NEXTERA ENERGY INC 0.2%

Value ($000) $288 Shares 3,590 Est. Cost $53.46 Unrealized +54.3%

HMC HONDA MOTOR LTD 0.2%

Value ($000) $283 Shares 9,585 Est. Cost $27.23 Unrealized —

BEP BROOKFIELD RENEWABLE PARTNER 0.1%

Value ($000) $276 Shares 10,225 Est. Cost $26.28 Unrealized —

WDS WOODSIDE ENERGY GROUP LTD 0.1%

Value ($000) $280 Shares 17,944 Est. Cost $22.35 Unrealized —

HASI HA SUSTAINABLE INFRA CAP INC 0.2%

Value ($000) $283 Shares 8,990 Est. Cost $20.72 Unrealized +50.1%

EMA EMERA INC 0.1%

Value ($000) $231 Shares 4,685 Est. Cost $46.62 Unrealized +3.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 7.3%

Value ($000) $13,623 Shares 27,103 Est. Cost $184.58 Unrealized +169.6%

TSLA TESLA INC 0.2%

Value ($000) $330 Shares 734 Est. Cost $220.83 Unrealized +100.7%

CL COLGATE PALMOLIVE CO 0.1%

Value ($000) $213 Shares 2,690 Est. Cost $71.73 Unrealized +9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRCX	LAM RESEARCH CORP	47,144	$8,070	4.3%	$75.03	+107.1%	COM NEW	512807306
LEN	LENNAR CORP	30,124	$3,097	1.7%	$57.29	+110.7%	CL A	526057104
META	META PLATFORMS INC	9,468	$6,250	3.3%	$169.61	+293.4%	CL A	30303M102
IRM	IRON MTN INC DEL	36,624	$3,038	1.6%	$29.03	+219.6%	COM	46284V101
AAPL	APPLE INC	34,042	$9,255	4.9%	$84.98	+215.8%	COM	037833100
J	JACOBS SOLUTIONS INC	36,267	$4,804	2.6%	$104.73	+39.8%	COM	46982L108
LNG	CHENIERE ENERGY INC	13,553	$2,635	1.4%	$63.22	+232.2%	COM NEW	16411R208
SO	SOUTHERN CO	51,030	$4,450	2.4%	$65.02	+39.8%	COM	842587107
IBM	INTERNATIONAL BUSINESS MACHS	23,695	$7,019	3.8%	$111.56	+167.8%	COM	459200101
SAN	BANCO SANTANDER SA	222,925	$2,615	1.4%	$5.38	—	ADR	05964H105
LLY	ELI LILLY & CO	882	$948	0.5%	$190.36	+402.0%	COM	532457108
CB	CHUBB LIMITED	3,386	$1,057	0.6%	$96.06	+204.4%	COM	H1467J104
TELFY	TELEFONICA S A	75,984	$308	0.2%	$4.88	—	SPONSORED ADR	879382208
HSBC	HSBC HLDGS PLC	8,045	$633	0.3%	$26.83	—	SPON ADR NEW	404280406
UBS	UBS GROUP AG	11,295	$523	0.3%	$16.20	+149.5%	SHS	H42097107
CBRE	CBRE GROUP INC	15,794	$2,540	1.4%	$44.04	+257.0%	CL A	12504L109
MRK	MERCK & CO INC	2,483	$261	0.1%	$88.52	+5.3%	COM	58933Y105
CMI	CUMMINS INC	505	$258	0.1%	$99.73	+367.6%	COM	231021106
FSLR	FIRST SOLAR INC	1,070	$280	0.1%	$66.40	+279.8%	COM	336433107
COP	CONOCOPHILLIPS	22,260	$2,084	1.1%	$49.53	+81.7%	COM	20825C104
SAP	SAP SE	1,620	$394	0.2%	$107.39	—	SPON ADR	803054204
TM	TOYOTA MOTOR CORP	1,710	$366	0.2%	$125.25	—	ADS	892331307
AMX	AMERICA MOVIL SAB DE CV	106,225	$2,196	1.2%	$19.99	—	SPON ADS RP CL B	02390A101
HXL	HEXCEL CORP NEW	3,445	$255	0.1%	$61.40	+15.1%	COM	428291108
ORA	ORMAT TECHNOLOGIES INC	2,415	$267	0.1%	$90.04	+21.4%	COM	686688102
ASML	ASML HOLDING N V	335	$358	0.2%	$570.01	—	N Y REGISTRY SHS	N07059210
SCHP	SCHWAB STRATEGIC TR	70,070	$1,856	1.0%	$41.01	—	US TIPS ETF	808524870
BHP	BHP GROUP LTD	6,072	$367	0.2%	$57.06	—	SPONSORED ADS	088606108
NGG	NATIONAL GRID PLC	5,172	$400	0.2%	$56.71	—	SPONSORED ADR NE	636274409
JNJ	JOHNSON & JOHNSON	1,177	$244	0.1%	$135.89	+45.0%	COM	478160104
BJ	BJS WHSL CLUB HLDGS INC	5,815	$524	0.3%	$55.95	+64.1%	COM	05550J101
NEE	NEXTERA ENERGY INC	3,590	$288	0.2%	$53.46	+54.3%	COM	65339F101
HMC	HONDA MOTOR LTD	9,585	$283	0.2%	$27.23	—	ADR ECH CNV IN 3	438128308
BEP	BROOKFIELD RENEWABLE PARTNER	10,225	$276	0.1%	$26.28	—	PARTNERSHIP UNIT	G16258108
WDS	WOODSIDE ENERGY GROUP LTD	17,944	$280	0.1%	$22.35	—	SPONSORED ADR	980228308
HASI	HA SUSTAINABLE INFRA CAP INC	8,990	$283	0.2%	$20.72	+50.1%	COM	41068X100
EMA	EMERA INC	4,685	$231	0.1%	$46.62	+3.6%	COM	290876101
BRK/B	BERKSHIRE HATHAWAY INC DEL	27,103	$13,623	7.3%	$184.58	+169.6%	CL B NEW	084670702
TSLA	TESLA INC	734	$330	0.2%	$220.83	+100.7%	COM	88160R101
CL	COLGATE PALMOLIVE CO	2,690	$213	0.1%	$71.73	+9.2%	COM	194162103