Value Investment Fund – Status on September 30, 2023

.                                                                                                                      September 30, 2023          August 31, 2023            September 30, 2023
.                                                                              # of Shares     Cost Basis  Net Market Price*  Net Fair Market Value*   Net Fair Market Value*
REITs 
.   – Essex Property Trust, Inc. (Tranche #1)              71.6846           $20,000.00       $211.09                        $17,010.04                        $15,131.91
.   – Essex Property Trust, Inc. (Tranche #2)              77.7000             20,000.00         211.09                          18,437.43                          16,401.69
.   – Essex Property Trust, Inc. (Tranche #3)            100.0000             22,221.00         211.09                          23,729.00                           21,109.00
.   – Essex Property Trust, Inc. (Tranche #4)            180.0000             44,980.00         211.09                          42,712.20                           37,996.20
.       Sub-Total                                                          429.3846           107,201.00                                          $101,888.67                        $90,638.80
.   – AvalonBay Communities                                   100.0000             17,581.38        170.74                         $18,770.00                        $17,074.00

Railroads
.   – Norfolk Southern Railroad (Tranche #1)           100.0000             21,624.01        195.93                         $20,401.00                        $19,593.00
.   – Norfolk Southern Railroad (Tranche #2)           200.0000            40,895.12         195.93                                -0-                                39,186.00
.      Sub-Total                                                           300.0000            62,519.13                                              $20,401.00                       $58,779.00

Entertainment
.    – The Walt Disney Company (Tranche #1)         180.1801            20,000.00         $80.05                         $15,005.40                       $14,423.42
.    – The Walt Disney Company (Tranche #2)      200.0000             21,200.00          80.05                           16,656.00                         16,010.00
.    – The Walt Disney Company (Tranche #3)         198.0198             20,000.00          80.05                           16,491.09                         15,851.48
.    – The Walt Disney Company (Tranche #4)         100.0000               9,096.09          80.05                             8,328.00                           8,005.00
.       Sub-Total                                                          678.1999             70,296.09                                            $56,480.49                       $54,289.90
Banking 
.    – Wells Fargo (Tranche #1)                                  100.0000              4,267.50           39.86                           $4,029.00                         $3,986.00
.    – Wells Fargo (Tranche #2)                                  400.0000            15,804.00           39.86                           16,116.00                         15,944.00
.       Sub-Total                                                           500.0000            20,071.50                                            $20,145.00                        $19,930.00

Dividend Receivables (Essex/AvalonBay)                                                                                                               -0-                               1,156.88
Cash on Hand (Basis, Gains, Dividends, PUTS)                                                                                                3,243.57                           1,752.98
Totals (Starting Cost Basis = $100,000)                                         $277,669.10                                          $220,292.56                     $243,621.56
Accrual adjustment for taxes                                                                                                                                 4,617.33                        10,348.07
Totals Net of Taxes (Recapture)                                                                                                                   $224,909.89                     $253,969.63
Margin Account (AvalonBay/Norfolk Southern/Disney Purchase)                                                                 (45,817.38)                      (85,521.38)
This portfolio’s value is AFTER TAXES of 28% on all realized gains. Total taxes paid to date                      35,508.50                        36,921.63
Comparative Gross Return Since Inception                                                                                                     $214,601.01                    $205,369.88
Unrealized Earnings (Value of Respective Market Prices Less Cost Basis & Fees at Point of Sale)      $(18,660.48)                    $(36,957.40)

*Net of transaction fees of $1.00 per share; thus, the amount in the schedule equals the actual market price per share at closing less $1.00 per share.

Value Investment Fund – Potential Obligations

The Value Investment Fund’s current exposure related to PUT options is as follows:

Norfolk Southern Corporation – sold in September (200 Shares) with a strike price of $145 and an expiration date of January 21, 2024   $29,200
L3 Harris Technologies – sold 12/30/22 (100 Shares) with a strike price of $150 and an expiration date of October 20, 2023                      $15,100
Marriott Hotels – sold 12/30/22 (100 Shares) with a strike price of $90 and an expiration date of January 19, 2024                                       $9,100
Essex Property Trust – sold 03/17/23 (100 Shares) with a strike price of $200 and an expiration date of October 23, 2023                          $20,100
Norfolk Southern Corporation – sold 09/29/23 (200 Shares) with a strike price of $185.00 and an expiration date of June 21, 2024           $37,200
The Walt Disney Company – sold 07/18/23 (300 Shares) with a strike price of $85 and an expiration date of June 21, 2024                        $25,800
*Total financial commitment = $136,500

Market prices on September 30, 2023 are:

• L3 Harris Technologies (Expiration 10/20/23)        $174.12 (Strike Price of $150.00) Current Deviation =    16.08%
• Essex Property Trust (Expiration 10/20/23)            $212.09 (Strike Price of $200.00) Current Deviation =      6.04%
• Marriott Hotels (Expiration 01/19/2024)                  $196.56 (Strike Price of $90.00)   Current Deviation =  118.40%
• Norfolk Southern Corp (Expiration on 01/21/24)    $195.93 (Strike Price of $145.00) Current Deviation =   35.12%
• The Walt Disney Company (Expiration on 06/21/24) $81.05 (Strike Price of $85.00)   Current Deviation =   (4.65%) 
• Norfolk Southern Corp (Expiration on 06/21/24)     $195.93 (Strike Price of $185.00) Current Deviation =     5.91%

*Deviations > 25% are considered favorable.

1st Quarter Earnings Summary:

• Gains from Securities                                         $20,412.00 *Comerica Bank 
• Dividends                                                               2,131.53
• Sale of PUT Option Contracts                               1,840.00
  Sub-Total 1st Quarter Earnings                     $24,383.53

2nd Quarter Earnings Summary:

• Dividends                                                             $1,441.88

3rd Quarter Earnings:

• Norfolk Southern Dividends                                 $135.00
• Wells Fargo Dividends                                            175.00
• Essex Property Dividends                                       991.88
• AvalonBay Dividends                                             165.00
• Sale of PUT Option Contract (NSC)                    1,720.00   
• Sale of PUT Option Contracts (Disney)               1,860.00
  Sub-Total 3rd Quarter Earnings                          $5,046.88

Total Earnings to Date 2023:                                        $30,872.29
Realized Return Year-to-Date 2023:                               21.378%
Taxes Paid Year-to-Date 2023:                                       $8,644.24 ($30,872.291*.28)

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