RULE ONE FUND
Schedule of Investments | September 30, 2023 (unaudited) | ||||
72.80% | COMMON STOCKS |
| Shares |
| Fair Value |
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| ||
14.41% | COMMUNICATION SERVICES |
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| Activision Blizz . . . . . . . . . . . . . . . . . . . . . . | . . . | 232,000 | $ 21,722,160 | |
3.61% | CONSUMER DISCRETIONARY |
|
|
|
|
| Sturm, Ruger & Co., Inc. . . . . . . . . . . . . . . . . . | 104,447 | 5,443,778 | ||
6.93% | CONSUMER STAPLES |
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|
| Sprouts Farmers Market, Inc. (a) . . . . . . . . . . . | 175,000 | 7,490,000 | ||
| Tyson Foods, Inc. Class A . . . . . . . . . . . . . | . . . | 58,500 | 2,953,665 | |
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|
|
|
| 10,443,665 |
4.52% | ENERGY |
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| Occidental Petroleum Corp . . . . . . . . . . . | . . . | 105,000 | 6,812,400 | |
13.22% | FINANCIALS |
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|
| Bank of America Corp. . . . . . . . . . . . . . . . | . . . | 100,000 | 2,738,000 | |
| Bank OZK . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . | 416,269 | 15,431,092 | |
| Capital One Financial Corp. . . . . . . . . . . . | . . . | 18,000 | 1,746,900 | |
|
|
|
|
| 19,915,992 |
4.48% | INDUSTRIALS |
|
|
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|
| Huntington Ingalls Industries, Inc. . . . . . . | . . . | 33,000 | 6,751,140 | |
18.29% | MEDIA & ENTERTAINMENT |
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| Netflix, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . | 73,000 | 27,564,800 | ||
7.34% | TECHNOLOGY |
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| HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | . . . | 43,300 | 1,112,810 | |
| Alphabet, Inc. Class A (a) . . . . . . . . . . . . . . | . . . | 76,000 | 9,945,360 | |
|
|
|
|
| 11,058,170 |
72.80% | . . . .TOTAL COMMON STOCKS . . . . . . . | . . . . . . | . . . . . . . . . . . . . | 109,712,105 | |
6.88% | EXCHANGE TRADED FUND |
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|
|
|
| iShares Silver Trust ETF (a) . . . . . . . . . . . . . | . . . | 50,000 | 1,017,000 | |
| SPDR Gold Shares (a) . . . . . . . . . . . . . . . . . | . . . | 20,000 | 3,429,000 | |
| VanEck Vecors Gold Miners ETF . . . . . . . | . . . | 220,000 | 5,920,200 | |
|
|
|
|
| 10,366,200 |
6.88% | . . .TOTAL EXCHANGE TRADED FUND | . . . . . . | . . . . . . . . . . . . . |
| 10,366,200 |
1
QUARTERLY REPORT
RULE ONE FUND
Schedule of Investments - continued | September 30, 2023 (unaudited) | ||||||||||||
19.27% |
| MONEY MARKET FUNDS |
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| Shares |
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| Fair Value | ||
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| Federated Government Obligations Fund |
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| Institutional Class 5.20% (b) . . . . . . . . . . | . . . 29,048,772 | $ | 29,048,789 |
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5.49% |
| PURCHASED OPTIONS |
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| |
1.87% | CALL OPTIONS | Number |
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| of |
| Notional | Exercise | Expiration |
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| Description | Contracts |
| Amount | Price | Date |
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|
| Value | ||
|
| Tyson Foods . . | 1,200 | $ | 6,058,800 | $ 27.50 | 1/16/2025 | $ | 2,820,000 |
| |||
3.62% |
| PUT OPTIONS |
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| Invesco QQQ |
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| Trust . . . . . . | 2,248 | $ | 80,539,096 | $ 280.00 | 6/19/2025 | $ | 2,623,416 |
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| S&P 500 |
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| Index . . . . . | 284 | 121,780,620 | 3,350.00 | 6/19/2025 |
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| 2,827,220 |
| ||
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| The Boeing |
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| 5,200 |
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| Co. . . . . . . . | 100 |
| 1,916,800 | 170.00 | 10/20/2023 |
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| 5,455,836 |
|
5.49% |
| . . . . . . . . .TOTAL PURCHASED OPTIONS | . . . . . . . | . . . . | . . . . . . . . . . . |
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| 8,275,836 |
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| ` |
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104.44% | TOTAL INVESTMENTS . . . . | . . . . . . . . . . . . . | . . . . . . . | . . . . | . . . . . . . . . . . | 157,402,930 |
| ||||||
-4.44% |
| Other assets, net of liabilities . . . . . . . . . . . . | . . . . . . . | . . . . | . . . . . . . . . . . |
|
|
| (6,693,960) | ||||
100.00% | . . .NET ASSETS | . . . . . . . . . . | . . . . . . . . . . . . . | . . . . . . . | . . . . | . . . . . . . . . . . |
|
| $150,708,970 |
|
(a)Non-income producing
(b)Effective 7 day yield as of September 30, 2023
2
QUARTERLY REPORT
RULE ONE FUND
Schedule of Investments - continued | September 30, 2023 (unaudited) |
(0.53%) |
| OPTIONS WRITTEN |
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(0.53%) | CALL OPTIONS |
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| Number |
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| of |
| Notional | Exercise | Expiration |
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| Description | Contracts |
| Amount |
| Price | Date |
| Value | |
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| Activision |
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| Blizzard . . . | 2,320 | $ | 21,722,160 | $ | 95.00 | 1/16/2025 | $ | (51,040) | |
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| Bank of America |
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| Co. . . . . . . . . | 1,000 |
| 2,738,000 |
| 28.50 | 10/6/2023 |
| (5,000) | |
|
| Netflix Inc. . . . | 230 |
| 8,684,800 |
| 500.00 | 5/14/1901 |
| (415,150) | |
|
| Tyson Foods . | 600 |
| 3,029,400 |
| 50.00 | 6/21/2024 |
| (324,000) | |
|
| . . . . . . . .TOTAL CALL OPTIONS WRITTEN | . . | . . . . . . . . | . . . . . . . . . . . | $ | (795,190) |
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| PUT OPTIONS |
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| The Boeing |
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| Co. . . . . . . . . . | 100 | $ | 1,916,800 | $ | 175.00 | 10/19/2023 | $ | (9,100.00) | |
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| Howard |
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| Hughes |
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| Holding . . . | 400 | $ | 2,965,200 |
| 75.00 | 10/19/2023 |
| (70,000) | |
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| HP Inc. . . . . . . | 60 | $ | 154,200 |
| 29.00 | 10/7/2023 |
| (22,110) | |
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| Pool Corp. . . . | 75 | $ | 2,670,750 |
| 330.00 | 10/19/2023 |
| (33,375) | |
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| $ | (134,585) |
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| TOTAL WRITTEN OPTIONS | . . . . . . . . . . . . . . | . . | . . . . . . . . | . . . . . . . . . . . | $ | (929,775) | |||
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In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
3
QUARTERLY REPORT
RULE ONE FUND
Schedule of Investments - continued | September 30, 2023 (unaudited) |
The following is a summary of the inputs used to value the Fund’s investment as of September 30, 2023:
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| Level 1 |
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| Level 2 |
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| Level 3 |
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| Other |
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| Significant |
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| Significant |
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| Observable |
| Unobservable |
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| Quoted Prices |
|
| Inputs |
|
| Inputs |
| Total |
| |||
Common Stocks . . . . . . . . . | $ | 109,712,105 | $ | — | $ | — | $ | 109,712,105 | |||||
Exchange Traded Funds . . |
| 10,366,200 |
|
|
| — |
|
| — |
| 10,366,200 |
| |
Money Market Funds . . . . . |
| 29,048,789 |
|
|
| — |
|
| — |
| 29,048,789 |
| |
Options Purchased . . . . . . |
| — |
|
| 8,275,836 |
|
|
| — |
| 8,275,836 |
| |
Total Investments . . . . . . . . | $ | 149,127,094 |
| $ | 8,275,836 |
| $ | — | $ | 157,402,930 |
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Options Written |
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$ | — | $ | (929,775) | $ | — | $ | (929,775) |
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The Fund held no Level 3 securities at any time during the period.
There were no transfers into or out of Levels 1 and 2 during the period ended September 30, 2023.
At September 30, 2023 the cost of investments for Federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purpose is $138,014,562 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation . . . . . . . . | $ 21,025,545 |
|
Gross unrealized depreciation . . . . . . . . | (2,566,952) | |
Net unrealized appreciation . . . . . . . . . . . | $ 18,458,593 |
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4
QUARTERLY REPORT