Value Investment Fund – 10/31/25 Report

Each month, the Value Investment Fund reports its results through the last day of that period. The following is a report of all activity during the October 2025 period, along with the current financial status of the Value Investment Fund.

During October 2025, the Value Investment Fund had one transaction. The Fund purchased an additional 3,000 shares of Wendy’s at $9 per share, including transaction fees of $0.25 per share.

No dividends were earned, and no PUT Options were sold. Financial changes during the period are strictly the result of market price fluctuations with existing investments within the portfolio.

Value Investment Fund
      Balance Sheet
           10/31/25

ASSETS
  Cash                                                                                                                            $34,433
  Dividends Receivable                                                                                                     -0-
  Securities Portfolio              #of Shares           Basis         Market Value
     Target                                   500                $45,500            $45,860
     Lululemon                           300                   48,300             50,862
     Wendy’s                            6,000                   57,750             51,480
     Disney                                 678.2                70,031             75,701
     Essex Property                    200                   50,616             50,154
     Subtotal                                                    $272,197         $274,057                          274,057
TOTAL ASSETS                                                                                                         $308,490
LIABILITIES
Tax Deferral on Unrealized Gains of $1,860@28%                                                               521
NET FUND BALANCE                                                                                             $307,969

The following schedule reflects the cash reconciliation for the month:

Cash Balance on 09/30/25                            $60,919
Dividends Rcvble Paid                                        514
Purchase of Wendy’s                                      (27,000)
Cash Balance on 10/31/25                             $34,433

The Fund currently has two open PUT Option contracts; the following schedule provides the current status:

Name                                        # of Shares        Strike Price      Expiration Date   Financial Exposure      Current Market Value            Status
Essex Property Trust                        400                  $240.00           01/16/2026             $96,400                            $251.77                        4.9% Safety Margin
Target*                                           1,000                   $85.00            12/17/2027             $86,000                              $92.72                        9% Safety Margin

*Target’s PUT Options are referred to as LONG PUTs due to the expiration date being 26 months out. Thus, the margin of safety is irrelevant in the overall risk status.

There is a strong possibility that the Fund will have to comply with the Essex Property Trust exposure. Essex Property Trust reported financial results for the third quarter 2025 on Thursday, October 30, 2025. Through nine months, Essex’s gross profit margin is $48 million ahead of the same period in 2024. At this time in 2024, the market price was $277 per share and rose to over $312 by the end of November 2024. The facilitator feels the risk exposure for Essex is low, considering how much this mirrors 2024. The market price chart here illustrates the same time period last year.

After 6.08 years of activity, the Value Investment Fund is averaging a 25.02% annualized return.