California First Leasing Corporation

Statement of Investments

As of March 31, 2023

Industry - Percent of Net Assets	Company	Shares		Market Value
Auto & Truck Dealerships --0.46%	Lithia Mtrs Inc		4,265	$	976,386
Auto Manufacturers --3.57%	Ford Motor Company		597,300		7,525,980
Auto Parts --0.47%	Allison Transmission		21,890		990,304
Banks - Diversified --3.65%	Bank of America Corporation		117,500		3,360,500
	JP Morgan Chase & Co		4,380		570,758
	Wells Fargo & Co		100,400		3,752,952
					7,684,210
Capital Markets --2.89%	Goldman Sachs		18,600		6,084,246
Credit Services --0.74%	Credit Acceptance Corporation (1)		1,220		531,969
	Paypal Holdings Inc (1)		13,600		1,032,784
					1,564,753
Drug Manufacturers --4.37%	Bristol Myers Squibb		132,800		9,204,368
Entertainment --0.43%	Netflix.com Inc. (1)		2,650		915,522
Financial --0.34%	Pimco Muni Income Fund III		85,459		710,164
Healthcare Plans --4.28%	Cigna Corp New		30,710		7,847,326
	United Health Group		2,489		1,176,277
					9,023,603
Insurance - Diversified --0.49%	Berkshire Hathaway Inc (1)		3,364		1,038,702
Internet Content & Information --6.58%	Alphabet Inc. (1)		105,100		10,902,023
	Meta Platforms Inc. (1)		13,907		2,947,450
					13,849,473
Internet Retail --0.24%	Alibaba Grp Hldg (1)		4,900		500,682
Oil & Gas E & P --2.88%	Ovintiv Inc.		168,325		6,073,166
Oil & Gas Equipment & Services --3.01%	Schlumberger LTD		129,000		6,333,900
Oil & Gas Integrated --8.37%	Exxon Mobil		160,800		17,633,328
Scientific & Technical Instruments --0.53%	Sensata Technologies		22,300		1,115,446
Semiconductor Equip & Materials --5.95%	Applied Materials		102,000		12,528,660
Semiconductors --10.49%	Advanced Micro Devices Inc. (1)		31,100		3,048,111
	Marvell Technology Inc.		129,500		5,607,350
	Micron Technology Inc.		81,300		4,905,642
	Qualcomm Inc		66,850		8,528,723
					22,089,826
Specialty Business Services --1.15%	Global Payments Inc.		23,050		2,425,782
Specialty Chemicals --1.77%	Dupont De Nemours		51,940		3,727,734
Steel --2.08%	Cleveland-Cliffs Inc. (1)		239,000		4,380,870
Telecom Services --3.75%	Charter Communications Inc (1)		3,199		1,143,994
	Verizon Communications		173,750		6,757,138
					7,901,132
Thermal Coal --0.23%	Consol Energy Inc.		8,400		489,468
Tobacco --2.28%	British American Tobacco		136,700		4,800,904
	Total-Equity Securities			$	149,568,608
Short-term Investments --21.58%
Bank Deposit --0.25%	Liberty Bank, N.A.				525,440
Fixed Income --14.16%	U.S. Treasury Bills (4.73%)*				29,823,831
Money Market Mutual Funds --7.17%	JP Morgan Prime MMkt 3605 (4.93%)**				11,134,196
	Goldman FSQ Money Market (4.78%)**				3,969,332
	Total Short-term Investments			$	45,452,799
Total Equity Securities and Short-term Investments				$	195,021,407
Net Assets at March 31, 2023				$	210,621,226

(1)	Non-income producing
*	Weighted average yield to maturity for bills maturing from 4/25/23 to 6/8/23.
**	Rate is the annualized seven-day yield of the fund at period end.