Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JPST	JPMorgan Ultra-Short Income	110,745	$5.6M	1.5%	$50.57	—	ETF	46641Q837
IWF	iShares Russell 1000 Growth Index	43,657	$5.339M	1.5%	$122.30	—	ETF	464287614
NOBL	S&P 500 Dividend Aristocrats	10,464	$588K	0.2%	$56.16	—	ETF	74348A467
HYS	PIMCO 0-5 Year Hi Yld Corp Bond Idx	4,770	$446K	0.1%	$93.52	—	ETF	72201R783
ONEQ	Fidelity Nasdaq Composite Index	4,059	$414K	0.1%	$102.00	—	ETF	315912808
IWO	iShares Russell 2000 Growth Index	394	$105K	0.0%	$266.97	—	ETF	464287648
IWP	iShares Russell Midcap Growth Index	515	$59,735	0.0%	$115.99	—	ETF	464287481
PNQI	PowerShares NASDAQ Internet	1,304	$59,436	0.0%	$45.58	—	ETF	46137V530
CMF	iShares S&P Calif Municipal Bond	681	$39,253	0.0%	$57.64	—	ETF	464288356

Increased Positions (12)

GOOGL Alphabet Inc. Class A 6.3%

Value $23M (+24.0%) Shares 65,560 (+1.7%) Est. Cost $145.41 Unrealized —

AAPL Apple Inc. 6.2%

Value $22.67M (+13.9%) Shares 81,038 (+3.3%) Est. Cost $183.45 Unrealized —

RCL Royal Caribbean Cruises Ltd. 1.8%

Value $6.421M (+38.7%) Shares 20,222 (+20.2%) Est. Cost $287.22 Unrealized —

EEM iShares MSCI Emerging Markets Index 1.1%

Value $4.054M (+23.5%) Shares 59,281 (+2.6%) Est. Cost $57.08 Unrealized —

GOOG Alphabet Inc. Class C 0.1%

Value $364K (+23.2%) Shares 1,909 (+85.5%) Est. Cost $165.02 Unrealized —

MSFT Microsoft 2.9%

Value $10.74M (+0.6%) Shares 30,114 (+4.3%) Est. Cost $397.48 Unrealized —

HYG iShares High Yield Corp Bond Fund 0.3%

Value $1.244M (+4.6%) Shares 15,553 (+4.1%) Est. Cost $77.82 Unrealized —

MBB iShares Barclays MBS Fixed-Rate 0.2%

Value $645K (+8.9%) Shares 6,822 (+9.4%) Est. Cost $92.80 Unrealized —

— PCM Fund Inc. 0.1%

Value $358K (+10.7%) Shares 64,246 (+13.3%) Est. Cost $7.95 Unrealized —

SLB Schlumberger Ltd. 0.0%

Value $125K (-9.5%) Shares 2,714 (+1.2%) Est. Cost $34.47 Unrealized —

XLY Sector Spdr Consumer Disc. Fund 0.0%

Value $8,913 (+41.0%) Shares 76 (+31.0%) Est. Cost $164.79 Unrealized —

PG Procter & Gamble 0.0%

Value $141K (+1.5%) Shares 1,033 (+7.6%) Est. Cost $149.85 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	Alphabet Inc. Class A	65,560 (+1.7%)	$23M (+24.0%)	6.3%	$145.41	—	CAP STK CL A	02079K305
AAPL	Apple Inc.	81,038 (+3.3%)	$22.67M (+13.9%)	6.2%	$183.45	—	COM	037833100
RCL	Royal Caribbean Cruises Ltd.	20,222 (+20.2%)	$6.421M (+38.7%)	1.8%	$287.22	—	COM	V7780T103
EEM	iShares MSCI Emerging Markets Index	59,281 (+2.6%)	$4.054M (+23.5%)	1.1%	$57.08	—	ETF	464287234
GOOG	Alphabet Inc. Class C	1,909 (+85.5%)	$364K (+23.2%)	0.1%	$165.02	—	CAP STK CL C	02079K107
MSFT	Microsoft	30,114 (+4.3%)	$10.74M (+0.6%)	2.9%	$397.48	—	COM	594918104
HYG	iShares High Yield Corp Bond Fund	15,553 (+4.1%)	$1.244M (+4.6%)	0.3%	$77.82	—	ETF	464288513
MBB	iShares Barclays MBS Fixed-Rate	6,822 (+9.4%)	$645K (+8.9%)	0.2%	$92.80	—	ETF	464288588
—	PCM Fund Inc.	64,246 (+13.3%)	$358K (+10.7%)	0.1%	$7.95	—	COM	69323T101
SLB	Schlumberger Ltd.	2,714 (+1.2%)	$125K (-9.5%)	0.0%	$34.47	—	COM STK	806857108
XLY	Sector Spdr Consumer Disc. Fund	76 (+31.0%)	$8,913 (+41.0%)	0.0%	$164.79	—	ETF	81369Y407
PG	Procter & Gamble	1,033 (+7.6%)	$141K (+1.5%)	0.0%	$149.85	—	COM	742718109

Unchanged Positions (29)

DELL Dell Inc. 5.3%

Value $19.52M Shares 45,253 Est. Cost $119.03 Unrealized —

SOXX S&P PHLX Semiconducter Index 3.8%

Value $14.1M Shares 22,108 Est. Cost $227.92 Unrealized —

NVDA NVIDIA Corporation 10.6%

Value $38.89M Shares 194,352 Est. Cost $162.06 Unrealized —

XLK Sector Spdr Technology Fund 3.1%

Value $11.53M Shares 60,531 Est. Cost $177.04 Unrealized —

UNH UnitedHealth Group 2.7%

Value $9.97M Shares 24,054 Est. Cost $488.97 Unrealized —

QQQ PowerShares QQQ Trust 4.2%

Value $15.56M Shares 21,128 Est. Cost $444.01 Unrealized —

XLI Sector Spdr Industrial Fund 7.0%

Value $25.5M Shares 137,693 Est. Cost $125.96 Unrealized —

NFLX Netflix Inc. 2.5%

Value $9.273M Shares 130,572 Est. Cost $102.65 Unrealized —

AMZN Amazon Com Inc. 6.9%

Value $25.14M Shares 106,190 Est. Cost $172.57 Unrealized —

XLE The Energy Spyder 3.5%

Value $12.67M Shares 238,584 Est. Cost $67.94 Unrealized —

BAC Bank Of America Corp. 3.3%

Value $12M Shares 210,638 Est. Cost $36.53 Unrealized —

ETN Eaton Corp PLC 2.8%

Value $10.43M Shares 24,488 Est. Cost $363.27 Unrealized —

LLY Eli Lilly & Co. 1.8%

Value $6.73M Shares 5,611 Est. Cost $742.24 Unrealized —

SNOW Snowflake Inc. 0.9%

Value $3.228M Shares 12,685 Est. Cost $244.09 Unrealized —

MAR Marriott Intl Inc Class A 2.8%

Value $10.26M Shares 27,677 Est. Cost $248.57 Unrealized —

JPM J. P. Morgan 3.3%

Value $12M Shares 36,656 Est. Cost $173.61 Unrealized —

V Visa, Inc. 2.1%

Value $7.768M Shares 22,642 Est. Cost $291.95 Unrealized —

AVGO Broadcom 1.4%

Value $5.11M Shares 13,528 Est. Cost $334.17 Unrealized —

IHE iShares Dow Jones US Pharmaceuticals 1.3%

Value $4.894M Shares 49,456 Est. Cost $67.89 Unrealized —

IBB iShares Nasdaq Biotechnology 1.4%

Value $5.216M Shares 27,445 Est. Cost $137.22 Unrealized —

COST Costco Wholesale Corp. 1.2%

Value $4.507M Shares 4,818 Est. Cost $956.70 Unrealized —

META Meta Platforms, Inc. 3.2%

Value $11.6M Shares 20,644 Est. Cost $446.30 Unrealized —

IHI iShares Dow Jones US Medical Devices 0.6%

Value $2.087M Shares 42,288 Est. Cost $58.59 Unrealized —

CVX Chevron Corp. 0.1%

Value $380K Shares 2,294 Est. Cost $166.19 Unrealized —

IYE iShares Dow Jones US Energy Sector 0.2%

Value $614K Shares 10,857 Est. Cost $53.20 Unrealized —

XLP Consumer Staples Select Sect. SPDR 1.2%

Value $4.479M Shares 53,923 Est. Cost $76.36 Unrealized —

QCOM Qualcomm Inc. 0.1%

Value $205K Shares 1,110 Est. Cost $148.53 Unrealized —

GIS General Mills, Inc. 0.0%

Value $76,073 Shares 2,186 Est. Cost $49.46 Unrealized —

ORCL Oracle 0.1%

Value $193K Shares 1,318 Est. Cost $112.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DELL	Dell Inc.	45,253	$19.52M	5.3%	$119.03	—	CL C	24703L202
SOXX	S&P PHLX Semiconducter Index	22,108	$14.1M	3.8%	$227.92	—	ETF	464287523
NVDA	NVIDIA Corporation	194,352	$38.89M	10.6%	$162.06	—	COM	67066G104
XLK	Sector Spdr Technology Fund	60,531	$11.53M	3.1%	$177.04	—	ETF	81369Y803
UNH	UnitedHealth Group	24,054	$9.97M	2.7%	$488.97	—	COM	91324P102
QQQ	PowerShares QQQ Trust	21,128	$15.56M	4.2%	$444.01	—	ETF	46090E103
XLI	Sector Spdr Industrial Fund	137,693	$25.5M	7.0%	$125.96	—	ETF	81369Y704
NFLX	Netflix Inc.	130,572	$9.273M	2.5%	$102.65	—	COM	64110L106
AMZN	Amazon Com Inc.	106,190	$25.14M	6.9%	$172.57	—	COM	023135106
XLE	The Energy Spyder	238,584	$12.67M	3.5%	$67.94	—	ETF	81369Y506
BAC	Bank Of America Corp.	210,638	$12M	3.3%	$36.53	—	COM	060505104
ETN	Eaton Corp PLC	24,488	$10.43M	2.8%	$363.27	—	SHS	G29183103
LLY	Eli Lilly & Co.	5,611	$6.73M	1.8%	$742.24	—	COM	532457108
SNOW	Snowflake Inc.	12,685	$3.228M	0.9%	$244.09	—	CL A	833445109
MAR	Marriott Intl Inc Class A	27,677	$10.26M	2.8%	$248.57	—	CL A	571903202
JPM	J. P. Morgan	36,656	$12M	3.3%	$173.61	—	COM	46625H100
V	Visa, Inc.	22,642	$7.768M	2.1%	$291.95	—	COM CL A	92826C839
AVGO	Broadcom	13,528	$5.11M	1.4%	$334.17	—	COM	11135F101
IHE	iShares Dow Jones US Pharmaceuticals	49,456	$4.894M	1.3%	$67.89	—	ETF	464288836
IBB	iShares Nasdaq Biotechnology	27,445	$5.216M	1.4%	$137.22	—	ETF	464287556
COST	Costco Wholesale Corp.	4,818	$4.507M	1.2%	$956.70	—	COM	22160K105
META	Meta Platforms, Inc.	20,644	$11.6M	3.2%	$446.30	—	CL A	30303M102
IHI	iShares Dow Jones US Medical Devices	42,288	$2.087M	0.6%	$58.59	—	ETF	464288810
CVX	Chevron Corp.	2,294	$380K	0.1%	$166.19	—	COM	166764100
IYE	iShares Dow Jones US Energy Sector	10,857	$614K	0.2%	$53.20	—	ETF	464287796
XLP	Consumer Staples Select Sect. SPDR	53,923	$4.479M	1.2%	$76.36	—	ETF	81369Y308
QCOM	Qualcomm Inc.	1,110	$205K	0.1%	$148.53	—	COM	747525103
GIS	General Mills, Inc.	2,186	$76,073	0.0%	$49.46	—	COM	370334104
ORCL	Oracle	1,318	$193K	0.1%	$112.35	—	COM	68389X105