LEDERER & ASSOCIATES INVESTMENT COUNSEL/CA Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	Netflix Inc	17,103 (+858.2%)	$2 (-25.0%)	1.1%	$100.98	+6.8%	COM	64110L106
PG	Procter & Gamble Co	7,068 (+115.2%)	$1 (+100.6%)	0.7%	$109.80	+34.0%	COM	742718109
REZ	iShares Residential Real Estate Capd ETF	6,905 (+190.7%)	$1 (+182.7%)	0.4%	$0.08	—	COM	464288562
NEE	NextEra Energy Inc	27,648 (+9.1%)	$2 (+16.0%)	1.5%	$64.92	+27.1%	COM	65339F101
SPGI	S&P Global Inc	4,185 (+5.7%)	$2 (+13.4%)	1.5%	$157.00	+214.8%	COM	78409V104
CB	Chubb Ltd	7,510 (+1.2%)	$2 (+11.9%)	1.6%	$139.38	+109.8%	COM	H1467J104
WM	Waste Management Inc	9,196 (+9.1%)	$2 (+8.5%)	1.4%	$122.64	+73.3%	COM	94106L109
CPAY	Corpay Inc	2,765 (+10.5%)	$1 (+15.4%)	0.6%	$287.26	+1.1%	COM	219948106
LIN	Linde plc	4,332 (+5.6%)	$2 (-5.2%)	1.2%	$452.89	-5.7%	COM	G54950103
SCHD	Schwab US Dividend Equity ETF	24,911 (+4.2%)	$1 (+4.6%)	0.5%	$18.95	—	COM	808524797
SPY	SPDR S&P 500 ETF	361 (+4.3%)	$0 (+7.0%)	0.2%	$0.67	—	COM	78462F103
SCHR	Schwab Int-Term US Treasury ETF	14,393 (+1.7%)	$0 (+1.4%)	0.2%	$4999.58	—	COM	808524854
HD	The Home Depot Inc	3,439 (+17.6%)	$1 (-0.2%)	0.8%	$238.38	+52.9%	COM	437076102

Exited Positions (4)

BMY Bristol-Myers Squibb Company 0.6%

Value ($000) $1 Shares 19,787 Est. Cost $48.37 Unrealized -1.7%

KMB Kimberly-Clark Corp 0.6%

Value ($000) $1 Shares 7,044 Est. Cost $119.36 Unrealized -9.2%

CCI Crown Castle International Corp 0.2%

Value ($000) $0 Shares 3,445 Est. Cost $120.41 Unrealized -24.4%

SCHO Schwab Short-Term US Treasury ETF 0.2%

Value ($000) $0 Shares 12,910 Est. Cost $529.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	Bristol-Myers Squibb Company	19,787	$1	0.6%	$48.37	-1.7%	—	110122108
KMB	Kimberly-Clark Corp	7,044	$1	0.6%	$119.36	-9.2%	—	494368103
CCI	Crown Castle International Corp	3,445	$0	0.2%	$120.41	-24.4%	—	22822V101
SCHO	Schwab Short-Term US Treasury ETF	12,910	$0	0.2%	$529.16	—	—	808524862

Decreased Positions (50)

MSFT Microsoft Corp 7.3%

Value ($000) $11 (-11.1%) Shares 22,548 (-4.8%) Est. Cost $122.61 Unrealized +308.3%

GOOGL Alphabet Inc A 4.5%

Value ($000) $7 (+16.8%) Shares 21,267 (-9.3%) Est. Cost $107.34 Unrealized +166.1%

NVDA NVIDIA Corp 5.8%

Value ($000) $9 (-8.7%) Shares 46,714 (-8.6%) Est. Cost $92.20 Unrealized +101.9%

META Meta Platforms 2.7%

Value ($000) $4 (-16.3%) Shares 6,021 (-6.8%) Est. Cost $101.74 Unrealized +555.9%

FISV Fiserv Inc 0.4%

Value ($000) $1 (-54.6%) Shares 9,453 (-12.9%) Est. Cost $127.38 Unrealized -34.2%

SCHH Schwab US REIT ETF 0.3%

Value ($000) $0 (-66.5%) Shares 17,984 (-65.4%) Est. Cost $2935.94 Unrealized —

ADP Automatic Data Processing Inc 1.8%

Value ($000) $3 (-17.3%) Shares 10,403 (-5.6%) Est. Cost $141.58 Unrealized +87.1%

BX Blackstone Inc 0.8%

Value ($000) $1 (-22.0%) Shares 8,135 (-13.5%) Est. Cost $154.00 Unrealized -1.7%

UBER Uber Technologies Inc 0.9%

Value ($000) $1 (-17.9%) Shares 17,204 (-1.6%) Est. Cost $70.91 Unrealized +27.0%

FLUT Flutter Entertainment PLC 0.8%

Value ($000) $1 (-21.0%) Shares 5,339 (-6.6%) Est. Cost $252.09 Unrealized -10.8%

SYK Stryker Corp 1.2%

Value ($000) $2 (-14.1%) Shares 4,966 (-9.6%) Est. Cost $112.07 Unrealized +224.3%

AWK American Water Works Co Inc 0.8%

Value ($000) $1 (-17.9%) Shares 9,069 (-12.5%) Est. Cost $59.52 Unrealized +123.7%

COST Costco Wholesale Corp 1.2%

Value ($000) $2 (-12.1%) Shares 2,121 (-5.6%) Est. Cost $361.86 Unrealized +150.3%

V Visa Inc Class A 2.3%

Value ($000) $3 (-6.4%) Shares 9,561 (-8.9%) Est. Cost $67.96 Unrealized +400.9%

MLM Martin Marietta Materials Inc 1.2%

Value ($000) $2 (-10.9%) Shares 2,953 (-9.8%) Est. Cost $244.40 Unrealized +154.2%

CRWD CrowdStrike Holdings Inc 0.7%

Value ($000) $1 (-16.7%) Shares 2,351 (-12.9%) Est. Cost $284.07 Unrealized +79.3%

CSCO Cisco Systems Inc 1.2%

Value ($000) $2 (+10.4%) Shares 23,446 (-2.0%) Est. Cost $25.02 Unrealized +195.0%

PYPL PayPal Holdings Inc 0.5%

Value ($000) $1 (-18.3%) Shares 13,015 (-6.2%) Est. Cost $53.82 Unrealized +20.5%

GOOG Alphabet Inc C 0.6%

Value ($000) $1 (+20.7%) Shares 2,986 (-6.3%) Est. Cost $107.36 Unrealized +166.7%

DAL Delta Air Lines Inc 1.1%

Value ($000) $2 (+10.8%) Shares 22,678 (-9.4%) Est. Cost $54.13 Unrealized +15.4%

AMZN Amazon.com Inc 3.4%

Value ($000) $5 (-2.9%) Shares 21,701 (-7.7%) Est. Cost $129.01 Unrealized +77.3%

SCHZ Schwab US Aggregate Bond ETF 0.3%

Value ($000) $0 (-25.3%) Shares 17,713 (-24.9%) Est. Cost $5553.56 Unrealized —

SYY Sysco Corp 0.7%

Value ($000) $1 (-12.2%) Shares 13,527 (-1.9%) Est. Cost $47.87 Unrealized +57.7%

AVGO Broadcom Inc Com 2.7%

Value ($000) $4 (+3.6%) Shares 11,500 (-1.3%) Est. Cost $150.31 Unrealized +137.5%

BRK/B Berkshire Hathaway Inc B 2.0%

Value ($000) $3 (-3.9%) Shares 5,925 (-3.9%) Est. Cost $178.01 Unrealized +179.5%

XOM Exxon Mobil Corp 1.2%

Value ($000) $2 (+5.1%) Shares 15,261 (-1.6%) Est. Cost $103.79 Unrealized +11.3%

ITW Illinois Tool Works Inc 0.7%

Value ($000) $1 (-7.0%) Shares 4,467 (-1.5%) Est. Cost $237.66 Unrealized +4.2%

ABBV AbbVie Inc 1.6%

Value ($000) $2 (-3.2%) Shares 10,755 (-1.9%) Est. Cost $178.07 Unrealized +27.8%

AMT American Tower Corp 0.4%

Value ($000) $1 (-10.8%) Shares 3,574 (-2.2%) Est. Cost $173.65 Unrealized +3.8%

CTSH Cognizant Technology Solutions 0.5%

Value ($000) $1 (+10.7%) Shares 9,483 (-10.5%) Est. Cost $47.14 Unrealized +58.4%

PLD Prologis Inc 0.6%

Value ($000) $1 (+9.1%) Shares 6,665 (-2.2%) Est. Cost $73.60 Unrealized +68.3%

DLR Digital Realty Trust Inc 0.3%

Value ($000) $0 (-12.4%) Shares 2,685 (-2.0%) Est. Cost $117.54 Unrealized +38.8%

LLY Eli Lilly and Co 0.2%

Value ($000) $0 (+19.3%) Shares 305 (-15.5%) Est. Cost $804.42 Unrealized +18.8%

PSA Public Storage 0.2%

Value ($000) $0 (-12.1%) Shares 1,234 (-2.1%) Est. Cost $172.81 Unrealized +60.5%

O Realty Income Corp 0.3%

Value ($000) $0 (-9.2%) Shares 7,013 (-2.1%) Est. Cost $54.49 Unrealized +5.3%

SBUX Starbucks Corp 0.7%

Value ($000) $1 (-3.4%) Shares 12,962 (-3.0%) Est. Cost $85.27 Unrealized -1.4%

CRM Salesforce Inc 0.6%

Value ($000) $1 (-4.2%) Shares 3,113 (-14.3%) Est. Cost $266.04 Unrealized -6.7%

AAPL Apple Inc 8.8%

Value ($000) $13 (-0.2%) Shares 48,450 (-6.6%) Est. Cost $90.62 Unrealized +196.1%

BA Boeing Co 1.0%

Value ($000) $1 (-2.0%) Shares 6,732 (-2.6%) Est. Cost $180.30 Unrealized +14.1%

MDT Medtronic PLC 0.9%

Value ($000) $1 (-1.7%) Shares 14,031 (-2.5%) Est. Cost $83.34 Unrealized +16.6%

GS Goldman Sachs Group Inc 0.8%

Value ($000) $1 (+1.8%) Shares 1,369 (-7.7%) Est. Cost $273.22 Unrealized +197.7%

EQIX Equinix Inc 0.3%

Value ($000) $0 (-4.1%) Shares 549 (-2.0%) Est. Cost $474.32 Unrealized +64.7%

WELL Welltower Inc Com 0.6%

Value ($000) $1 (+2.0%) Shares 4,649 (-2.1%) Est. Cost $148.05 Unrealized +26.0%

SPG Simon Property Group Inc 0.3%

Value ($000) $0 (-3.4%) Shares 2,487 (-2.0%) Est. Cost $106.46 Unrealized +69.1%

GLD SPDR Gold Shares 1.6%

Value ($000) $2 (-0.7%) Shares 6,140 (-10.9%) Est. Cost $8950.85 Unrealized —

CME CME Group Inc Class A 0.9%

Value ($000) $1 (-1.0%) Shares 4,851 (-2.1%) Est. Cost $228.01 Unrealized +18.7%

WAT Waters Corp 0.6%

Value ($000) $1 (-0.9%) Shares 2,375 (-21.7%) Est. Cost $277.50 Unrealized +32.6%

VRT Vertiv Holdings Co 0.5%

Value ($000) $1 (+0.8%) Shares 4,779 (-6.2%) Est. Cost $107.79 Unrealized +61.0%

TRV The Travelers Companies Inc 0.6%

Value ($000) $1 (-0.6%) Shares 3,208 (-4.4%) Est. Cost $129.81 Unrealized +116.2%

FICO Fair Isaac Corp 0.8%

Value ($000) $1 (+0.3%) Shares 692 (-11.2%) Est. Cost $1503.82 Unrealized +14.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp	22,548 (-4.8%)	$11 (-11.1%)	7.3%	$122.61	+308.3%	COM	594918104
GOOGL	Alphabet Inc A	21,267 (-9.3%)	$7 (+16.8%)	4.5%	$107.34	+166.1%	COM	02079K305
NVDA	NVIDIA Corp	46,714 (-8.6%)	$9 (-8.7%)	5.8%	$92.20	+101.9%	COM	67066G104
META	Meta Platforms	6,021 (-6.8%)	$4 (-16.3%)	2.7%	$101.74	+555.9%	COM	30303M102
FISV	Fiserv Inc	9,453 (-12.9%)	$1 (-54.6%)	0.4%	$127.38	-34.2%	COM	337738108
SCHH	Schwab US REIT ETF	17,984 (-65.4%)	$0 (-66.5%)	0.3%	$2935.94	—	COM	808524847
ADP	Automatic Data Processing Inc	10,403 (-5.6%)	$3 (-17.3%)	1.8%	$141.58	+87.1%	COM	053015103
BX	Blackstone Inc	8,135 (-13.5%)	$1 (-22.0%)	0.8%	$154.00	-1.7%	COM	09260D107
UBER	Uber Technologies Inc	17,204 (-1.6%)	$1 (-17.9%)	0.9%	$70.91	+27.0%	COM	90353T100
FLUT	Flutter Entertainment PLC	5,339 (-6.6%)	$1 (-21.0%)	0.8%	$252.09	-10.8%	COM	G3643J108
SYK	Stryker Corp	4,966 (-9.6%)	$2 (-14.1%)	1.2%	$112.07	+224.3%	COM	863667101
AWK	American Water Works Co Inc	9,069 (-12.5%)	$1 (-17.9%)	0.8%	$59.52	+123.7%	COM	030420103
COST	Costco Wholesale Corp	2,121 (-5.6%)	$2 (-12.1%)	1.2%	$361.86	+150.3%	COM	22160K105
V	Visa Inc Class A	9,561 (-8.9%)	$3 (-6.4%)	2.3%	$67.96	+400.9%	COM	92826C839
MLM	Martin Marietta Materials Inc	2,953 (-9.8%)	$2 (-10.9%)	1.2%	$244.40	+154.2%	COM	573284106
CRWD	CrowdStrike Holdings Inc	2,351 (-12.9%)	$1 (-16.7%)	0.7%	$284.07	+79.3%	COM	22788C105
CSCO	Cisco Systems Inc	23,446 (-2.0%)	$2 (+10.4%)	1.2%	$25.02	+195.0%	COM	17275R102
PYPL	PayPal Holdings Inc	13,015 (-6.2%)	$1 (-18.3%)	0.5%	$53.82	+20.5%	COM	70450Y103
GOOG	Alphabet Inc C	2,986 (-6.3%)	$1 (+20.7%)	0.6%	$107.36	+166.7%	COM	02079K107
DAL	Delta Air Lines Inc	22,678 (-9.4%)	$2 (+10.8%)	1.1%	$54.13	+15.4%	COM	247361702
AMZN	Amazon.com Inc	21,701 (-7.7%)	$5 (-2.9%)	3.4%	$129.01	+77.3%	COM	023135106
SCHZ	Schwab US Aggregate Bond ETF	17,713 (-24.9%)	$0 (-25.3%)	0.3%	$5553.56	—	COM	808524839
SYY	Sysco Corp	13,527 (-1.9%)	$1 (-12.2%)	0.7%	$47.87	+57.7%	COM	871829107
AVGO	Broadcom Inc Com	11,500 (-1.3%)	$4 (+3.6%)	2.7%	$150.31	+137.5%	COM	11135F101
BRK/B	Berkshire Hathaway Inc B	5,925 (-3.9%)	$3 (-3.9%)	2.0%	$178.01	+179.5%	COM	084670702
XOM	Exxon Mobil Corp	15,261 (-1.6%)	$2 (+5.1%)	1.2%	$103.79	+11.3%	COM	30231G102
ITW	Illinois Tool Works Inc	4,467 (-1.5%)	$1 (-7.0%)	0.7%	$237.66	+4.2%	COM	452308109
ABBV	AbbVie Inc	10,755 (-1.9%)	$2 (-3.2%)	1.6%	$178.07	+27.8%	COM	00287Y109
AMT	American Tower Corp	3,574 (-2.2%)	$1 (-10.8%)	0.4%	$173.65	+3.8%	COM	03027X100
CTSH	Cognizant Technology Solutions	9,483 (-10.5%)	$1 (+10.7%)	0.5%	$47.14	+58.4%	COM	192446102
PLD	Prologis Inc	6,665 (-2.2%)	$1 (+9.1%)	0.6%	$73.60	+68.3%	COM	74340W103
DLR	Digital Realty Trust Inc	2,685 (-2.0%)	$0 (-12.4%)	0.3%	$117.54	+38.8%	COM	253868103
LLY	Eli Lilly and Co	305 (-15.5%)	$0 (+19.3%)	0.2%	$804.42	+18.8%	COM	532457108
PSA	Public Storage	1,234 (-2.1%)	$0 (-12.1%)	0.2%	$172.81	+60.5%	COM	74460D109
O	Realty Income Corp	7,013 (-2.1%)	$0 (-9.2%)	0.3%	$54.49	+5.3%	COM	756109104
SBUX	Starbucks Corp	12,962 (-3.0%)	$1 (-3.4%)	0.7%	$85.27	-1.4%	COM	855244109
CRM	Salesforce Inc	3,113 (-14.3%)	$1 (-4.2%)	0.6%	$266.04	-6.7%	COM	79466L302
AAPL	Apple Inc	48,450 (-6.6%)	$13 (-0.2%)	8.8%	$90.62	+196.1%	COM	037833100
BA	Boeing Co	6,732 (-2.6%)	$1 (-2.0%)	1.0%	$180.30	+14.1%	COM	097023105
MDT	Medtronic PLC	14,031 (-2.5%)	$1 (-1.7%)	0.9%	$83.34	+16.6%	COM	G5960L103
GS	Goldman Sachs Group Inc	1,369 (-7.7%)	$1 (+1.8%)	0.8%	$273.22	+197.7%	COM	38141G104
EQIX	Equinix Inc	549 (-2.0%)	$0 (-4.1%)	0.3%	$474.32	+64.7%	COM	29444U700
WELL	Welltower Inc Com	4,649 (-2.1%)	$1 (+2.0%)	0.6%	$148.05	+26.0%	COM	95040Q104
SPG	Simon Property Group Inc	2,487 (-2.0%)	$0 (-3.4%)	0.3%	$106.46	+69.1%	COM	828806109
GLD	SPDR Gold Shares	6,140 (-10.9%)	$2 (-0.7%)	1.6%	$8950.85	—	COM	78463V107
CME	CME Group Inc Class A	4,851 (-2.1%)	$1 (-1.0%)	0.9%	$228.01	+18.7%	COM	12572Q105
WAT	Waters Corp	2,375 (-21.7%)	$1 (-0.9%)	0.6%	$277.50	+32.6%	COM	941848103
VRT	Vertiv Holdings Co	4,779 (-6.2%)	$1 (+0.8%)	0.5%	$107.79	+61.0%	COM	92537N108
TRV	The Travelers Companies Inc	3,208 (-4.4%)	$1 (-0.6%)	0.6%	$129.81	+116.2%	COM	89417E109
FICO	Fair Isaac Corp	692 (-11.2%)	$1 (+0.3%)	0.8%	$1503.82	+14.5%	COM	303250104

Unchanged Positions (18)

AMGN Amgen Inc 1.5%

Value ($000) $2 Shares 6,640 Est. Cost $131.05 Unrealized +141.1%

JNJ Johnson & Johnson 1.8%

Value ($000) $3 Shares 13,256 Est. Cost $84.52 Unrealized +133.1%

BLK BlackRock Inc 1.9%

Value ($000) $3 Shares 2,673 Est. Cost $961.85 Unrealized +13.3%

MRK Merck & Co Inc 0.7%

Value ($000) $1 Shares 9,664 Est. Cost $74.87 Unrealized +24.5%

GLW Corning Inc 1.1%

Value ($000) $2 Shares 18,741 Est. Cost $46.30 Unrealized +85.7%

JPM JPMorgan Chase & Co 2.0%

Value ($000) $3 Shares 9,044 Est. Cost $53.08 Unrealized +483.1%

HON Honeywell International Inc 0.5%

Value ($000) $1 Shares 3,922 Est. Cost $183.93 Unrealized +6.0%

UNP Union Pacific Corp 1.2%

Value ($000) $2 Shares 7,792 Est. Cost $200.03 Unrealized +13.6%

BAC Bank of America Corporation 0.4%

Value ($000) $1 Shares 12,000 Est. Cost $24.69 Unrealized +113.3%

KO Coca-Cola Co 0.5%

Value ($000) $1 Shares 10,317 Est. Cost $30.18 Unrealized +130.0%

SCHV Schwab US Large-Cap Value ETF 1.3%

Value ($000) $2 Shares 66,702 Est. Cost $15.89 Unrealized —

SCHP Schwab US TIPS ETF 1.0%

Value ($000) $2 Shares 57,130 Est. Cost $14893.62 Unrealized —

MS Morgan Stanley 0.2%

Value ($000) $0 Shares 1,275 Est. Cost $146.45 Unrealized +13.7%

SCHG Schwab US Large-Cap Growth ETF 1.0%

Value ($000) $1 Shares 43,714 Est. Cost $12.53 Unrealized —

PEP PepsiCo Inc 0.6%

Value ($000) $1 Shares 6,247 Est. Cost $107.70 Unrealized +35.5%

CVX Chevron Corp 0.4%

Value ($000) $1 Shares 4,155 Est. Cost $145.12 Unrealized +4.3%

SCHB Schwab US Broad Market ETF 0.4%

Value ($000) $1 Shares 20,474 Est. Cost $16.16 Unrealized —

SCHJ Schwab 1 5 Year Corp Bond ETF 0.3%

Value ($000) $0 Shares 19,821 Est. Cost $4655.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMGN	Amgen Inc	6,640	$2	1.5%	$131.05	+141.1%	COM	031162100
JNJ	Johnson & Johnson	13,256	$3	1.8%	$84.52	+133.1%	COM	478160104
BLK	BlackRock Inc	2,673	$3	1.9%	$961.85	+13.3%	COM	09290D101
MRK	Merck & Co Inc	9,664	$1	0.7%	$74.87	+24.5%	COM	58933Y105
GLW	Corning Inc	18,741	$2	1.1%	$46.30	+85.7%	COM	219350105
JPM	JPMorgan Chase & Co	9,044	$3	2.0%	$53.08	+483.1%	COM	46625H100
HON	Honeywell International Inc	3,922	$1	0.5%	$183.93	+6.0%	COM	438516106
UNP	Union Pacific Corp	7,792	$2	1.2%	$200.03	+13.6%	COM	907818108
BAC	Bank of America Corporation	12,000	$1	0.4%	$24.69	+113.3%	COM	060505104
KO	Coca-Cola Co	10,317	$1	0.5%	$30.18	+130.0%	COM	191216100
SCHV	Schwab US Large-Cap Value ETF	66,702	$2	1.3%	$15.89	—	COM	808524409
SCHP	Schwab US TIPS ETF	57,130	$2	1.0%	$14893.62	—	COM	808524870
MS	Morgan Stanley	1,275	$0	0.2%	$146.45	+13.7%	COM	617446448
SCHG	Schwab US Large-Cap Growth ETF	43,714	$1	1.0%	$12.53	—	COM	808524300
PEP	PepsiCo Inc	6,247	$1	0.6%	$107.70	+35.5%	COM	713448108
CVX	Chevron Corp	4,155	$1	0.4%	$145.12	+4.3%	COM	166764100
SCHB	Schwab US Broad Market ETF	20,474	$1	0.4%	$16.16	—	COM	808524102
SCHJ	Schwab 1 5 Year Corp Bond ETF	19,821	$0	0.3%	$4655.85	—	COM	808524714