California First Leasing Corporation

Statement of Investments

As of March 31, 2025

Industry-- Percent of Net Assets	Company	Shares		Market Value
Common Stocks-- 88.77%
Auto & Truck Dealerships-- 1.29%	Lithia Mtrs Inc		10,759	$	3,158,197
Auto Parts-- 1.66%	Allison Transmission		42,290		4,045,884
Banks - Diversified-- 5.58%	Bank of America Corporation		117,500		4,903,275
	JP Morgan Chase & Co		4,380		1,074,414
	Wells Fargo & Co		106,400		7,638,456
					13,616,145
Capital Markets-- 6.81%	Goldman Sachs		23,200		12,673,928
	Credit Acceptance Corporation (1)		1,220		629,947
	PayPal Holdings Inc (1)		50,750		3,311,438
					16,615,313
Drug Manufacturers-- 3.32%	Bristol Myers Squibb		132,800		8,099,472
Engineering & Construction-- 1.04%	Comfort Systems USA Inc		7,860		2,533,514
Entertainment-- 1.01%	Netflix.com Inc. (1)		2,650		2,471,205
Footwear & Accessories-- 1.14%	On Holding AG (1)		63,100		2,771,352
Healthcare Plans-- 4.68%	The Cigna Group		30,710		10,103,590
	United Health Group		2,489		1,303,614
					11,407,204
Information Tech Services-- 1.95%	Cognizant Technology Solutions		32,799		2,509,124
	Leidos Holdings Inc		16,681		2,250,934
					4,760,058
Insurance - Diversified-- 0.73%	Berkshire Hathaway Inc (1)		3,364		1,791,599
Insurance - Reinsurance-- 1.15%	Everest Group LTD		7,740		2,812,174
Internet Content & Information-- 10.65%	Alphabet Inc.		105,100		16,252,664
	Fiverr Intl LTD (1)		71,710		1,698,093
	Meta Platforms Inc		13,907		8,015,439
					25,966,195
Internet Retail-- 0.27%	Alibaba Grp Hldg		4,900		647,927
Medical Instruments & Supplies-- 1.38%	Align Technology Inc (1)		21,150		3,359,889
Oil & Gas E & P-- 2.81%	Ovintiv Inc.		159,925		6,844,790
Oil & Gas Equipment & Services-- 2.21%	Schlumberger LTD		129,000		5,392,200
Oil & Gas Integrated-- 7.84%	Exxon Mobil		160,800		19,123,944
Resorts & Casinos-- 0.96%	Vail Resorts Inc		14,648		2,343,973
Scientific & Technical Instruments-- 1.16%	Itron Inc (1)		26,950		2,823,282
Semiconductor Equip & Materials-- 5.52%	Applied Materials		92,836		13,472,360
Semiconductors-- 14.16%	Advanced Micro Devices Inc. (1)		42,100		4,325,354
	Marvell Technology Inc		130,800		8,053,356
	Micron Technology Inc		86,400		7,507,296
	Qualcomm Inc		58,650		9,009,227
	Taiwan Semiconductor Co		33,950		5,635,700
					34,530,933
Software - Infrastructure-- 2.40%	Twilio Inc (1)		30,300		2,966,673
	Zeta Global Holdings Corp (1)		213,000		2,888,280
					5,854,953
Specialty Business Services-- 1.43%	Global Payments Inc.		35,650		3,490,848
Specialty Chemicals-- 1.65%	Dupont De Nemours		53,940		4,028,239
Telecom Services-- 4.39%	Charter Communications Inc (1)		7,657		2,821,834
	Verizon Communications		173,750		7,881,300
					10,703,134
Thermal Coal-- 0.67%	Core Nat Res Inc		21,300		1,642,230
Tobacco-- 0.89%	British American Tobacco		52,500		2,171,925
	Total Common Stocks			$	216,478,938
Exchange Traded Funds-- 4.16%
Small-Cap Core-- 4.16%	iShares Russell 2000 ETF		29,705		5,925,850
	SPDR® Portfolio S&P 600 Small Cap ETF		103,485		4,218,049
	Total Exchange Traded Funds			$	10,143,899
Short-term investments-- 10.13%
Money Market Mutual Funds-- 10.13%	JP Morgan Prime Money Market 3605 (4.38%) **				16,771,317
	Fidelity MM Treasury Portfolio (4.24%) **				7,942,435
	Total Short-term Investments			$	24,713,751
	Total Investments			$	251,336,589
	Net Assets at March 31, 2025			$	243,878,332

(1) Non-income producing security

** Rate is the annualized seven-day yield of the fund at period end.