Value Investment Fund – 11/30/25 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 November 2025 period, along with the current financial status of the Value Investment Fund.

During November 2025, the Value Investment Fund had two transactions. The Fund purchased an additional 200 shares of Target Corporation at $91 per share, including transaction fees of $1.00 per share. The second transaction is tied to dividends issued by Target. Target issued a $1.14 per share dividend on the 12th of November, payable on December 1, 2025. Just as a sidenote, Target has issued increasing dividends over the last 55 years.

No PUT Options were sold. No current positions were sold. Financial changes during the period are strictly the result of market price fluctuations with existing investments within the portfolio.

Net Fund Balance on 10/31/25 = $307,969

Value Investment Fund
      Balance Sheet
           11/30/25

ASSETS
  Cash                                                                                                                            $16,234
  Dividends Receivable                                                                                                        798
  Securities Portfolio              #of Shares           Basis         Market Value
     Target                                   700                $63,700            $62,734
     Lululemon                           300                   48,300             54,954
     Wendy’s                            6,000                   57,750             48,360
     Disney                                 678.2                70,031             70,173
     Essex Property                    200                   50,616             52,324
     Subtotal                                                    $290,397         $288,545                          288,545
TOTAL ASSETS                                                                                                         $305,577
LIABILITIES
Tax Deferral on Unrealized Gains/(Losses) of ($1,852)@28%                                          (519) *Technically, an Asset Value
NET FUND BALANCE                                                                                             $306,096

The following schedule reflects the cash reconciliation for the month:

Cash Balance on 10/31/25                            $34,433
Dividends Rcvble Paid                                        -0-
Purchase of Target                                         (18,200)
Cash Balance on 11/30/25                             $16,233

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                             $261.62                       9.0% Safety Margin
Target*                                           1,000                   $85.00            12/17/2027             $86,000                              $89.62                       5.4% Safety Margin

*Target’s PUT Options are referred to as LONG PUTs due to the expiration date being 25 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 of 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 $312 per share and rose to over $275 by the end of December 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 6.166 years of activity, the Value Investment Fund is averaging a 24.5% annualized return.

For comparison purposes, during November 2025, the Value Investment Fund decreased .61 percent (.00608). The S&P 500 gained .13 percent (.0013). The NASDAQ 100 lost 1.6 percent (.016). In effect, all three Funds remained relatively flat during the month of November. Act on Knowledge.