Value Investment Fund – May 31, 2023 / Value Investing – Business and Economic Principles

Worth Funding Fund – Standing on Might 31, 2023

.                                                                                                                      Might 31, 2023                April 30, 2023                    Might 31, 2023.                                                                        # of Shares     Price Foundation   Internet Market Worth*   Internet Honest Market Worth*   Internet Honest Market Worth*REITs .   – Essex Property Belief, Inc. (Tranche #1)              71.6846           $20,000.00       $215.06                        $15,680.29                      $15,416.49.   – Essex Property Belief, Inc. (Tranche #2)              77.7000             20,000.00         215.06                          16,996.10                        16,710.16.   – Essex Property Belief, Inc. (Tranche #3)            100.0000             22,221.00        215.06                           21,874.00                        21,506.00.   – Essex Property Belief, Inc. (Tranche #4)            180.0000             44,980.00         215.06                          39,373.20                        38,710.80.       Sub-Whole                                                    429.3846          107,201.00                                             $93,923.59                      $92,343.45.   – AvalonBay Communities                             100.0000            16,917.94         172.98                         $17,937.00                      $17,298.00       

Railroads.   – Norfolk Southern Railroad                           100.0000             20,808.00        207.18                          $20,203.00                     $20,718.00

Leisure.    – The Walt Disney Firm (Tranche #1)         180.1801             20,000.00        $86.96                         $18,288.28                      $15,668.46.    – The Walt Disney Firm (Tranche #2)         200.0000             21,200.00          86.96                           20,300.00                        17,392.00.    – The Walt Disney Firm (Tranche #3)         198.0198             20,000.00          86.96                           20,099.01                        17,219.80.       Sub-Whole                                                    578.1999             61,200.00                                            $58,687.29                      $50,280.26Banking .    – Wells Fargo (Tranche #1)                                             100.0000                     4,267.50           38.81                          $3,875.00                         $3,881.00.    – Wells Fargo (Tranche #2)                          400.0000              15,804.00          38.81                          15,500.00                         15,524.00.       Sub-Whole                                                   500.0000             20,071.50                                            $19,375.00                       $19,405.00

Dividend Receivables                                                                                                                                       -0-                                     -0-Money on Hand (Foundation, Beneficial properties, Dividends, PUTS)                                                                                        1,543.30                            1,458.44Totals (Beginning Price Foundation = $100,000)                                  $226,198.44                                         $211,669.18                      $201,503.16Accrual adjustment for taxes                                                                                                                         4,396.76                            7,323.04Totals Internet of Taxes (Recapture)                                                                                                           $216,065.94                      $208,826.20Margin Account (AvalonBay/Norfolk Southern Buy)                                                                                        (36,986.22)                       (36,986.22)This portfolio’s worth is AFTER TAXES of 28% on all realized good points. Whole taxes paid to this point             35,150.98                          35,150.98Comparative Gross Return Since Inception                                                                                            $214,230.70                      $206,990.96Unrealized Earnings (Worth of Respective Market Costs Much less Price Foundation/Charges at Level of Sale) $(15,702.70)                      $(26,153.72)*Internet of transaction charges of $1.00 per share; thus the quantity within the schedule equals the precise market worth per share at closing much less $1.00 per share.

Worth Funding Fund – Potential Obligations

The Worth Funding Fund’s present publicity associated to PUT choices is as follows:

JP Morgan Chase – bought in Might 2022 with a strike worth of $80/share and an expiration date of June 16, 2023                                                $20,000
Norfolk Southern Company – bought in September (200 Shares) with a strike worth of $145 and an expiration date of January 21, 2024   $29,000
Essex Property Belief – soutdated 12/30/22 (100 Shares) with a strike worth of $170 and an expiration date of July 21, 2023                                  $17,100
Union Pacific – bought 12/30/22 (200 Shares) with a strike worth of $145 and an expiration date of August 18, 2023                                             $29,200
L3 Harris Applied sciences – bought 12/30/22 (100 Shares) with a strike worth of $150 and an expiration date of October 20, 2023                        $15,100
Marriott Accommodations – bought 12/30/22 (100 Shares) with a strike worth of $90 and an expiration date of January 19, 2024                                           $9,100
Essex Property Belief – bought 03/17/23 (100 Shares) with a strike worth of $200 and an expiration date of October 23, 2023                            $20,100
Huntington Ingalls – bought 03/17/23 (200 Shares) with a strike worth of $185 and an expiration date of September 15, 2023                            $37,200*Whole monetary dedication = $176,800

Market costs on Might 31, 2023 are:

JP Morgan Chase (Expiration on 06/16/2023)                                   $135.71  (Strike Worth of $80.00)  Present Deviation =  68.87%
Essex Property Belief (Expiration 07/21/23)                                       $216.06 (Strike Worth of $170.00) Present Deviation =  27.09% 
Union Pacific (Expiration 08/18/23)                                                    $192.52 (Strike Worth of $145.00) Present Deviation =  32.77%
Huntington Ingalls (Expiration 09/15/23)                                           $201.38 (Strike Worth of  $185.00) Present Deviation =   8.85%           
L3 Harris Applied sciences (Expiration 10/20/23)                                   $175.92 (Strike Worth of $150.00) Present Deviation =  17.28%
Essex Property Belief (Expiration 10/23/23)                                       $216.06 (Strike Worth of $200.00) Present Deviation =    8.03%
Marriott Accommodations (Expiration 01/19/2024)                                            $167.79 (Strike Worth of $90.00)   Present Deviation =   86.43%
Norfolk Southern Corp (Expiration on 01/21/24)                              $208.18 (Strike Worth of $145.00) Present Deviation =   43.57%*Deviations > 25% are thought-about favorable.

Earnings realized throughout April/Might/June 2023:

Norfolk Southern – $1.35/Share, 100 Shares = $135.00
Wells Fargo Financial institution – $.30/Share, 500 Shares   = $150.00

1st Quarter Earnings Abstract:

Beneficial properties from Securities                                         $20,412.00 *Comerica Financial institution 
Dividends                                                               2,131.53
Sale of PUT Possibility Contracts                               1,840.00Sub-Whole 1st Quarter Earnings                     $24,383.53

© 2023, David J Hoare MSA. All rights reserved.