Value Investment Fund – 07/31/26 Report

Each month, the Value Investment Fund reports its results through the last day of that period. The following is a report on all activity during July 2026, along with the current financial status of the Value Investment Fund.

During July 2026, the Value Investment Fund experienced four transactions. The Fund had the following activity:

1) Disney – 07/15/26 Received $508.65 for earned dividends back in June.
2) UDR – 07/15/26 UDR is now paying dividends monthly with ex-dividend dates of the 15th and payment by the end of the month. Earned $145 and received on 07/31/26.
3) Conagra – 07/30/26 Earned $175 on 1,000 shares payable on 09/02/26. This is reported as dividends receivable on the 07/31/26 Balance Sheet.
4) Margin Account – 07/31/26 Paid $246.30 of Interest on $24,630 Principal Balance.

Net Fund Balance on 06/30/26 = $320,824

Value Investment Fund
      Balance Sheet
           07/31/26

ASSETS
  Cash                                                                                                                               7,745

  Dividends Receivable                                                                                                       175 *Conagra Brands 

  Securities Portfolio              #of Shares           Basis         Market Value
     Target                                   700                $63,700          $100,443
     Lululemon                           300                   48,300             35,541
     Wendy’s                           12,000                103,230             85,320
     Disney                                 678.2                70,031             64,558
     Conagra Brands                 1,000                  15,630             14,260
UDR, Inc.                              1,000                  36,000              37,160
    Subtotal                                                     $336,891          $337,282                        337,282
TOTAL ASSETS                                                                                                        $345,202
LIABILITIES
Taxes Payable on Dividends/PUTs Earned                                                                          21
Tax Deferral on Unrealized Gains/(Losses) of $391 @28%                                              110
Margin Account Balance                                                                                                24,630
NET FUND BALANCE                                                                                            $320,441
Lifetime to Date Earnings – $312,063 on a $100,000 Investment = 23.2% Average Annualized Return over 6.83 Years.
Income Taxes Paid Lifetime to Date – $87,357 

The following schedule reflects the cash reconciliation for the month:

Cash Balance on 06/30/26                                7,338
Rcvd Dividends Balance 06/30/26                      509
Rcvd Dividends UDR                                          145
Interest Paid on Margin Account                        (246) * 1% EOM requirement
Cash Balance on 07/31/2026                           $7,746 

The Fund currently has three 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                             $260.68                        8.6% Safety Margin
Essex Property Trust                        500                  $240.00           07/17/2026           $120,500                             $291.59                       21.5% Safety Margin
Lululemon                                        300                  $100.00          03/19/2027              $30,300                             $118.47                       18.4% Safety Margin                       
Target*                                           1,000                   $85.00           12/17/2027             $86,000                             $143.49                       68.8% Safety Margin

*Target’s PUT Options are referred to as LONG PUTs due to the expiration date being 17 months out. Thus, the margin of safety is irrelevant in the overall risk status.

After 6.83 years of activity, the Value Investment Fund is averaging a 23.2% annualized return. Act on Knowledge.