| RULE ONE FUND |
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Schedule of Investments |
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| March 31, 2022 (unaudited) |
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60.82% | COMMON STOCKS |
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| Shares |
| Fair Value | |
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12.28% | COMMUNICATION SERVICES |
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| Activision Blizz . . . . . . . . . . . . . |
| . . . . | . . | . 97,000. . | $ 7,770,670 |
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| Netflix, Inc..* .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | .. | .. .. .. .. .. .. |
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| 19,000 | 7,117,210 |
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| 14,887,880 |
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3.55% | CONSUMER DISCRETIONARY |
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| Sturm, Ruger & Co.., Inc.. . . . . . . . . . | . . 61,947. . . | 4,312,750 |
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14.72% | CONSUMER STAPLES |
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| Sanderson Farms, Inc.. . . . . . . . . . . . | . . | . 42,000. . | 7,874,580 |
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| Sprouts Farmers Market, Inc..* . . . . . . | . . .312,000 | 9,977,760 |
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| 17,852,340 |
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14.66% | FINANCIALS |
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| Bank OZK . . . . . . . . . . . . . | . . . | . . | 416,269. . . . | .17,774,686. . . |
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10.39% | INDUSTRIALS |
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| The Boeing Co..** . . . . . . . . . . . . |
| . . . . . . | . . 20,000 | 3,830,000 |
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| Huntington Ingalls Industries, Inc.. . . . . | . . | 44,000 | 8,775,360 |
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| 12,605,360 |
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5.22% | REAL ESTATE |
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| Armada Hoffler Properties, Inc.. . . . . . . . . | 433,400 |
| 6,327,640 |
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60.82% | TOTAL COMMON STOCKS . . . . | . | . . . . . . . | . . . . . . . | . 73,760,656. . . . . . | ||||
0.94% | EXCHANGE TRADED FUND |
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| iShares Silver Trust ETF* . . . . . . . |
| . . . | . . .50,000. |
| 1,144,000 |
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0.94% | TOTAL EXCHANGE TRADED FUND . . . . | . . | . . . | . . . . . . . . 1,144,000. |
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38.06% | MONEY MARKET FUNDS |
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| Federated Government Obligations |
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| Fund Institutional Class 0..14%** | . . . . | . . 46,154,550 |
| 46,154,550 |
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1
QUARTERLY REPORT
RULE ONE FUND |
|
Schedule of Investments - continued | March 31, 2022 (unaudited) |
0.01% | PURCHASED OPTIONS |
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0.01% | PUT OPTIONS |
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| Number of | Notional | Exercise Expiration |
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| Description | Contracts | Amount | Price | Date | Value | |||
| Netflix Inc.. . . . | 26 | $973,934 | $ 250. | .00 7/16/2022 | $ 8,996 |
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0.01% | TOTAL PURCHASED OPTIONS . . . . . . . | . . . . . . . | . . . . . . .8,996. . . . . . . | ||||||
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99.83% | TOTAL INVESTMENTS . . . . . | . . . . . . . . . . | . . . . . . . .121,068,202.. . . . . . | ||||||
0.17% | Other assets, net of liabilities | . . . . . . . . . . | . . . . . . . | . . . . . . .203,509. |
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100.00% | NET ASSETS |
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. . . . . . . . . . . | . . . . . . . . .$121,271,711. . . . | ||||||||
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*Non-income producing
**Effective 7 day yield as of March 31, 2022
2
QUARTERLY REPORT
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| RULE ONE FUND |
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Schedule of Options Written |
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| March 31, 2022 (unaudited) |
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(0.20%) | OPTIONS WRITTEN |
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(0.20%) | PUT OPTIONS |
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| Number of |
| Notional | Exercise | Expiration |
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| Description | Contracts |
| Amount |
| Price | Date |
| Value | ||
| Sprouts Farmers |
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| Market . . . . . . | . . | 850 | $ | (2,718,300) | $ | 28. .00 | 6/18/2022 | $ | (69,700) | |
| Netflix, Inc.. . . . . . | . . | 26 | $ | (973,934) | $ | 310. .00 | 7/16/2022 |
| (27,560) | |
| Netflix, Inc.. . . . . . | . . | 224 | $ | (8,390,816) | $ | 280. .00 | 7/16/2022 | (142,240) | ||
| Netflix, Inc.. . . . . . | . . | 50 | $ | (1,872,950) | $ | 350. .00 | 4/2/2022 |
| (350) | |
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TOTAL PUT OPTIONS WRITTEN . . . . . . . . . . . . . . . . . . . . . . . . . . .(239,850. . .) . . .
(0.00%) CALL OPTIONS
| Number of | Notional | Exercise | Expiration |
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Description | Contracts | Amount | Price | Date | Value |
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The Boeing Co.. . . | 200 | $ (3,830,000) | $ 200. .00 | 4/2/2022 | (2,200) | |
TOTAL CALL OPTIONS WRITTEN | .. .. .. .. .. .. .. .. .. .. .. .. .. | .. .. .. .. .. .. .. .. .. .. .. .. | .. .. .. .. .. .. .. .. .. .. $ | (2,200) |
(0.20%) TOTAL OPTIONS WRITTEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.(242,050. . ). . . .
3
QUARTERLY REPORT
RULE ONE FUND |
|
Schedule of Options Written - continued | March 31, 2022 (unaudited) |
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..
The following is a summary of the inputs used to value the Fund’s investment as of March 31, 2022:
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| Level 1 |
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| Level 2 |
| Level 3 |
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| Other |
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| Significant |
| Significant |
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| Quoted |
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| Observable | Unobservable |
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Common Stocks . . . . | . |
| Prices |
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| Inputs |
| Inputs |
| Total | ||
$.73,760,656. | $ | — | $ | — | $ | 73,760,656 |
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Exchange Traded Funds . . |
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| 1,144,000 |
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| — |
| — |
| 1,144,000 |
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Money Market Funds . . . 46,154,550 |
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| — |
| — |
| 46,154,550 |
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Options Purchased . . | . . | — |
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| 8,996 |
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| 8,996 |
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Total Investments . . . . |
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.$.121,059,206 | $ | 8,996 |
| $ | — | $ | 121,068,202 |
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Options Written . . . . . | . |
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$. . | — | $ | (242,050) | $ | — | $ | (242,050) |
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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 March 31, 2022..
At March 31, 2022 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 $104,980,115 and the related tax-based net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation | . . . . . | . . $.16,685,469. . . |
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Gross unrealized depreciation | . . . . . | . . . .(839,432). . | ||
Net unrealized appreciation . . | . . . . |
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. . .$ 15,846,037. . . |
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4
QUARTERLY REPORT