Bought 100 Shares of Avalonbay Communities

This morning, the Value Investment Fund purchased 100 shares of Avalonbay Communities Inc. The Fund paid $160 per share plus a $1.00 fee. In addition, the Fund utilized the margin account and paid a 2% fee. Thus, the total basis in this transactions is as follows:

Market Price                       $16,000.00
Transaction Fee                         100.00
Margin Fee                                322.00
Total Basis                          $16,422.00

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