Value Investment Fund – March 31, 2023<\/span><\/strong><\/span><\/h1>\n

Value Investment Fund – Status on March 31, 2023<\/span><\/strong><\/h2>\n

.\u00a0<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0March 31, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0February 28, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 March 31, 2023
\n.<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 # of Shares<\/span>\u00a0 \u00a0 \u00a0Cost Basis<\/span>\u00a0 \u00a0Net Market Price*<\/span>\u00a0 \u00a0Net Fair Market Value*<\/span>\u00a0 \u00a0Net Fair Market Value*<\/span>
\nREITs\u00a0<\/strong>
\n<\/span>.<\/span>\u00a0 \u00a0– Essex Property Trust, Inc. (Tranche #1)\u00a0 <\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 71.6846\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$20,000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $208.14\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span>$16,276.71\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$14,920.43
\n<\/span>.<\/span>\u00a0 \u00a0– Essex Property Trust, Inc. (Tranche #2)\u00a0 <\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 77.7000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 208.14\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span>\u00a0 17,642.56\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a016,172.48
\n.<\/span>\u00a0 \u00a0– Essex Property Trust, Inc. (Tranche #3)<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 100.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a022,221\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0208.14\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a022,706.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,814.00
\n.<\/span>\u00a0 \u00a0– Essex Property Trust, Inc. (Tranche #4)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 180.0000<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a044,980<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0208.14\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a040,870.80<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a037,465.20<\/span><\/span><\/span>
\n<\/span>.<\/span>\u00a0 \u00a0 \u00a0 \u00a0Sub-Totals\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 429.3846\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 107,201\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $97,496.07\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$89,372.11
\n.<\/span>\u00a0 \u00a0– AvalonBay Communities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0100.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a016,586.22\u00a0 \u00a0 \u00a0 \u00a0167.06\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$16,706.00<\/span><\/p>\n

Entertainment
\n<\/span><\/strong>.<\/span>\u00a0 \u00a0 – The Walt Disney Company (Tranche #1)<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0180.1801\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$99.13\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$17,767.56\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$17,861.26
\n.<\/span>\u00a0 \u00a0 – The Walt Disney Company<\/span><\/a><\/strong> (Tranche #2)<\/span>\u00a0 \u00a0 \u00a0 200.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a021,200\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a099.13\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a019,722.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a019,826.00
\n.<\/span>\u00a0 \u00a0 – The Walt Disney Company (Tranche #3)<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0198.0198<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,000<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a099.13\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a019,526.73<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a019,629.70<\/span>
\n.<\/span>\u00a0 \u00a0 \u00a0 \u00a0Sub-Totals\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 578.1999\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 61,200\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $57,016.29\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$57,316.96
\n<\/span>Banking\u00a0<\/strong><\/span>
\n.\u00a0 \u00a0 – Wells Fargo (Tranche #1)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0100.0000\u00a0<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4,267.50<\/span>\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 36.38\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $4,577.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,638.00
\n.\u00a0 \u00a0 – Wells Fargo (Tranche #2)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 400.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 15,804.00<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 36.38\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a014,552.00<\/span>
\n.\u00a0 \u00a0 \u00a0 \u00a0Sub-Total\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0500.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,071.50\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$18,190.00<\/span><\/span><\/span><\/span><\/span><\/p>\n

Dividend Receivables <\/strong>(Essex\/Avalonbay)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a030.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,156.88
\nCash on Hand <\/strong>(Basis, Gains, Dividends, PUTS)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span>1,105.67<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0756.28
\n<\/span><\/span>Totals (Starting Cost Basis = $100,000)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $205,058.72\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$160,225.03\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$183,498.23
\n<\/strong>Accrual adjustment for taxes\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0 \u00a0<\/span>\u00a0 <\/span>3,802.16<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a06,572.62
\n<\/span><\/span><\/span><\/span>Totals Net of Taxes (Recapture)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$164,027.19\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$190,070.85
\nMargin Account <\/strong>(AvalonBay Purchase)\u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(16,586.22)<\/span><\/span>
\n<\/strong><\/span>This portfolio’s value is AFTER TAXES of 28%<\/strong> on all realized gains. Total taxes paid to date\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span>28,323.59<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 35,150.98<\/span>
\n<\/span><\/span>Comparative Gross Return Since Inception\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$192,350.78\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$208,635.61<\/strong>
\n<\/strong>Unrealized Earnings (Value of Respective Market Prices Less Cost Basis\/Fees at Point of Sale)\u00a0 $(13,579.14)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$(23,473.65)
\n<\/strong><\/span>*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.<\/span><\/p>\n

Value Investment Fund – Potential Obligations<\/span><\/strong><\/span><\/h2>\n

The Value Investment Fund’s current exposure related to PUT options is as follows:<\/span><\/p>\n

\n
• JP Morgan Chase<\/strong> – sold in May 2022 with a strike price of $80\/share and an expiration date of June 16, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $20,000<\/span><\/span><\/li>\n
• Norfolk Southern Corporation<\/strong> – sold in September (200 Shares) with a strike price of $145 and an expiration date of January 21, 2024\u00a0 \u00a0$29,000<\/span><\/span><\/li>\n
• Essex Property Trust<\/strong> – sold 12\/30\/22 (100 Shares) with a strike price of $170 and an expiration date of July 21, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $17,100<\/span><\/span><\/li>\n
• Union Pacific<\/strong> – sold 12\/30\/22 (200 Shares) with a strike price of $145 and an expiration date of August 18, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$29,200<\/span><\/span><\/li>\n
• L3 Harris Technologies<\/strong> – sold 12\/30\/22 (100 Shares) with a strike price of $150 and an expiration date of October 20, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $15,100<\/span><\/span><\/li>\n
• Marriott Hotels<\/strong> – sold 12\/30\/22 (100 Shares) with a strike price of $90 and an expiration date of January 19, 2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$9,100<\/span><\/span><\/li>\n
• Essex Property Trust<\/strong> – sold 03\/17\/23 (100 Shares) with a strike price of $200 and an expiration date of October 23, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $20,100<\/span><\/span><\/li>\n
• Huntington Ingalls<\/strong> – sold 03\/17\/23 (200 Shares) with a strike price of $185 and an expiration date of September 15, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $37,200<\/span>
  \n<\/span>*Total financial commitment = $176,800<\/span><\/li>\n<\/ul>\n

  Market prices on March 31, 2023 are:<\/span><\/p>\n

  \n
  • JP Morgan Chase<\/strong> (Expiration on 06\/16\/2023)\u00a0 \u00a0 \u00a0 \u00a0$130.31\u00a0 (Strike Price of $80.00)\u00a0 Current Deviation =\u00a0 62.89%<\/span><\/li>\n
  • Essex Property Trust<\/strong> (Expiration 07\/21\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $209.14 (Strike Price of $170.00) Current Deviation =\u00a0 23.02%\u00a0<\/span><\/li>\n
  • Union Pacific<\/strong> (Expiration 08\/18\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$201.26 (Strike Price of $145.00) Current Deviation =\u00a0 38.80%<\/span><\/li>\n
  • Huntington Ingalls<\/strong> (Expiration 09\/15\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $207.02 (Strike Price of\u00a0 $185.00) Current Deviation = 11.90%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><\/li>\n
  • L3 Harris Technologies<\/strong> (Expiration 10\/20\/23)\u00a0 \u00a0 \u00a0 $196.24 (Strike Price of $150.00) Current Deviation =\u00a0 30.82%<\/span><\/li>\n
  • Essex Property Trust <\/strong>(Expiration 10\/23\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $209.14 (Strike Price of $200.00) Current Deviation =\u00a0 \u00a0 1.07%<\/span><\/li>\n
  • Marriott Hotels <\/strong>(Expiration 01\/19\/2024)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$166.04 (Strike Price of $90.00)\u00a0 \u00a0Current Deviation =\u00a0 \u00a084.48%<\/span><\/li>\n
  • Norfolk Southern Corp <\/strong>(Expiration on 01\/21\/24) $212.00 (Strike Price of $145.00) Current Deviation =\u00a0 \u00a046.20%<\/span>
    \n*Deviations > 25% are considered favorable.<\/span><\/span><\/li>\n<\/ul>\n

    Earnings realized during January\/February\/March 2023:<\/strong><\/span><\/p>\n

    \n
    • Dividends of $2.20 per share for Essex Property Trust (429.3846 shares) = $944.65<\/span><\/li>\n
    • Dividends of $.30 per share for Wells Fargo (100 shares) = $30.00<\/span><\/li>\n
    • Dividends of $2.31\/Share for Essex Property Trust (429.3846 shares) = $991.88<\/span><\/li>\n
    • Dividends of $1.65\/Share for Avalonbay (100 shares) = $165.00<\/span><\/li>\n
    • Gain on Sale of Comerica Bank = $20,412.00<\/span><\/li>\n
    • Sold PUT contract on Essex Property Trust $900<\/span><\/li>\n
    • Sold PUT contract on Huntington Ingalls = $940<\/span><\/li>\n<\/ul>\n

      1st Quarter Earnings Summary:<\/span><\/strong><\/p>\n

      \n
      • Gains from Securities\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$20,412.00 *Comerica Bank\u00a0<\/span><\/li>\n
      • Dividends\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02,131.53<\/span><\/li>\n
      • Sale of PUT Option Contracts\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01,840.00<\/span><\/span>
        \nSub-Total 1st Quarter Earnings\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$24,383.53<\/span><\/strong><\/li>\n<\/ul>\n