Value Investment Fund – March 31, 2023 / Business Administration

Worth Funding Fund – Standing on March 31, 2023

.                                                                                                                    March 31, 2023           February 28, 2023              March 31, 2023.                                                                        # of Shares     Value Foundation   Internet Market Worth*   Internet Honest Market Worth*   Internet Honest Market Worth*REITs .   – Essex Property Belief, Inc. (Tranche #1)              71.6846           $20,000            $208.14                        $16,276.71                       $14,920.43.   – Essex Property Belief, Inc. (Tranche #2)              77.7000             20,000              208.14                          17,642.56                         16,172.48.   – Essex Property Belief, Inc. (Tranche #3)            100.0000             22,221             208.14                           22,706.00                         20,814.00.   – Essex Property Belief, Inc. (Tranche #4)            180.0000             44,980             208.14                           40,870.80                         37,465.20.       Sub-Totals                                                  429.3846            107,201                                                $97,496.07                       $89,372.11.   – AvalonBay Communities                             100.0000             16,586.22       167.06                                                                   $16,706.00

Leisure.    – The Walt Disney Firm (Tranche #1)         180.1801             20,000             $99.13                         $17,767.56                       $17,861.26.    – The Walt Disney Firm (Tranche #2)         200.0000             21,200               99.13                           19,722.00                         19,826.00.    – The Walt Disney Firm (Tranche #3)         198.0198             20,000               99.13                           19,526.73                         19,629.70.       Sub-Totals                                                  578.1999              61,200                                                $57,016.29                       $57,316.96Banking .    – Wells Fargo (Tranche #1)                                             100.0000                     4,267.50           36.38                          $4,577.00                           3,638.00.    – Wells Fargo (Tranche #2)                                400.0000              15,804.00          36.38                                                                   14,552.00.       Sub-Whole                                                   500.0000             20,071.50                                                                                     $18,190.00

Dividend Receivables (Essex/Avalonbay)                                                                                                       30.00                            1,156.88Cash on Hand (Foundation, Beneficial properties, Dividends, PUTS)                                                                                        1,105.67                               756.28Totals (Beginning Value Foundation = $100,000)                                  $205,058.72                                         $160,225.03                     $183,498.23Accrual adjustment for taxes                                                                                                                         3,802.16                           6,572.62Totals Internet of Taxes (Recapture)                                                                                                           $164,027.19                     $190,070.85Margin Account (AvalonBay Buy)                                                                                                                                                      (16,586.22)This portfolio’s worth is AFTER TAXES of 28% on all realized good points. Whole taxes paid so far             28,323.59                          35,150.98Comparative Gross Return Since Inception                                                                                             $192,350.78                     $208,635.61Unrealized Earnings (Worth of Respective Market Costs Much less Value Foundation/Charges at Level of Sale)  $(13,579.14)                     $(23,473.65)*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 Resorts – 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 March 31, 2023 are:

JP Morgan Chase (Expiration on 06/16/2023)                                   $130.31  (Strike Worth of $80.00)  Present Deviation =  62.89%
Essex Property Belief (Expiration 07/21/23)                                       $209.14 (Strike Worth of $170.00) Present Deviation =  23.02% 
Union Pacific (Expiration 08/18/23)                                                    $201.26 (Strike Worth of $145.00) Present Deviation =  38.80%
Huntington Ingalls (Expiration 09/15/23)                                           $207.02 (Strike Worth of  $185.00) Present Deviation = 11.90%           
L3 Harris Applied sciences (Expiration 10/20/23)                                   $196.24 (Strike Worth of $150.00) Present Deviation =  30.82%
Essex Property Belief (Expiration 10/23/23)                                       $209.14 (Strike Worth of $200.00) Present Deviation =    1.07%
Marriott Resorts (Expiration 01/19/2024)                                            $166.04 (Strike Worth of $90.00)   Present Deviation =   84.48%
Norfolk Southern Corp (Expiration on 01/21/24)                              $212.00 (Strike Worth of $145.00) Present Deviation =   46.20%*Deviations > 25% are thought-about favorable.

Earnings realized throughout January/February/March 2023:

Dividends of $2.20 per share for Essex Property Belief (429.3846 shares) = $944.65
Dividends of $.30 per share for Wells Fargo (100 shares) = $30.00
Dividends of $2.31/Share for Essex Property Belief (429.3846 shares) = $991.88
Dividends of $1.65/Share for Avalonbay (100 shares) = $165.00
Achieve on Sale of Comerica Financial institution = $20,412.00
Bought PUT contract on Essex Property Belief $900
Bought PUT contract on Huntington Ingalls = $940

1st Quarter Earnings Abstract:

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

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