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

Value Investment Fund – Status on May 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 \u00a0 \u00a0May 31, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 April 30, 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 May 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$20,000.00\u00a0 \u00a0 \u00a0 \u00a0$215.06\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span>$15,680.29\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $15,416.49
\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 \u00a020,000.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0215.06\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span>\u00a0 16,996.10\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 16,710.16
\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 \u00a022,221.00\u00a0 \u00a0 \u00a0 \u00a0 215.06\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a021,874.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 21,506.00
\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 \u00a044,980.00<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0215.06\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a039,373.20<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 38,710.80<\/span><\/span><\/span>
\n<\/span>.<\/span>\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 \u00a0 429.3846\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 107,201.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$93,923.59\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $92,343.45
\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 16,917.94\u00a0 \u00a0 \u00a0 \u00a0 \u00a0172.98\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$17,937.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $17,298.00\u00a0 \u00a0 \u00a0 \u00a0<\/span><\/p>\n

Railroads
\n.\u00a0<\/span><\/span><\/strong>\u00a0 – Norfolk Southern Railroad\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0100.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,808.00\u00a0 \u00a0 \u00a0 \u00a0 207.18\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $20,203.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$20,718.00<\/span><\/span><\/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 \u00a020,000.00\u00a0 \u00a0 \u00a0 \u00a0 $86.96\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$18,288.28\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $15,668.46
\n.<\/span>\u00a0 \u00a0 – The Walt Disney Company<\/span><\/a> (Tranche #2)<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0200.0000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a021,200.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 86.96\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,300.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 17,392.00
\n.<\/span>\u00a0 \u00a0 – The Walt Disney Company (Tranche #3)<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0198.0198<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,000.00<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 86.96\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a020,099.01<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 17,219.80<\/span>
\n.<\/span>\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 \u00a0 578.1999\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a061,200.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $58,687.29\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $50,280.26
\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 38.81\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $3,875.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$3,881.00
\n.\u00a0 \u00a0 – Wells Fargo (Tranche #2)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 400.0000\u00a0<\/span> \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 15,804.00<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 38.81\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 15,500.00<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a015,524.00<\/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 $19,375.00\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$19,405.00<\/span><\/span><\/span><\/p>\n

Dividend Receivables <\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -0-\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-0-
\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> 1,543.30<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1,458.44
\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 $226,198.44\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$211,669.18\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $201,503.16
\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>4,396.76<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7,323.04
\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$216,065.94\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $208,826.20
\nMargin Account <\/strong>(AvalonBay\/Norfolk Southern 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 (36,986.22)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(36,986.22)<\/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>35,150.98<\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a035,150.98<\/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 $214,230.70\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $206,990.96<\/strong>
\n<\/strong>Unrealized Earnings (Value of Respective Market Prices Less Cost Basis\/Fees at Point of Sale) $(15,702.70)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $(26,153.72)
\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 May 31, 2023 are:<\/span><\/p>\n

  \n
  • JP Morgan Chase<\/strong> (Expiration on 06\/16\/2023)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0$135.71\u00a0 (Strike Price of $80.00)\u00a0 Current Deviation =\u00a0 68.87%<\/span><\/li>\n
  • Essex Property Trust<\/strong> (Expiration 07\/21\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $216.06 (Strike Price of $170.00) Current Deviation =\u00a0 27.09%\u00a0<\/span><\/li>\n
  • Union Pacific<\/strong> (Expiration 08\/18\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$192.52 (Strike Price of $145.00) Current Deviation =\u00a0 32.77%<\/span><\/li>\n
  • Huntington Ingalls<\/strong> (Expiration 09\/15\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $201.38 (Strike Price of\u00a0 $185.00) Current Deviation =\u00a0 \u00a08.85%\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><\/li>\n
  • L3 Harris Technologies<\/strong> (Expiration 10\/20\/23)\u00a0 \u00a0 \u00a0 \u00a0 $175.92 (Strike Price of $150.00) Current Deviation =\u00a0 17.28%<\/span><\/li>\n
  • Essex Property Trust <\/strong>(Expiration 10\/23\/23)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $216.06 (Strike Price of $200.00) Current Deviation =\u00a0 \u00a0 8.03%<\/span><\/li>\n
  • Marriott Hotels <\/strong>(Expiration 01\/19\/2024)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$167.79 (Strike Price of $90.00)\u00a0 \u00a0Current Deviation =\u00a0 \u00a086.43%<\/span><\/li>\n
  • Norfolk Southern Corp <\/strong>(Expiration on 01\/21\/24)\u00a0 \u00a0$208.18 (Strike Price of $145.00) Current Deviation =\u00a0 \u00a043.57%<\/span>
    \n*Deviations > 25% are considered favorable.<\/span><\/span><\/li>\n<\/ul>\n

    Earnings realized during April\/May\/June 2023:<\/strong><\/span><\/p>\n

    \n
    • Norfolk Southern – $1.35\/Share, 100 Shares = $135.00<\/span><\/li>\n
    • Wells Fargo Bank – $.30\/Share, 500 Shares\u00a0 \u00a0= $150.00<\/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