Gator
Capital
Long/Short
Fund
Schedule
of
Investments
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
LONG
—
87.38%
Shares
Fair
Value
Banks
—
27.97%
Axos
Financial,
Inc.
(a)
25,000
$
2,158,750
Banc
of
California,
Inc.
56,600
821,832
Bridgewater
Bancshares,
Inc.
(a)
24,000
373,440
Business
First
Bancshares,
Inc.
2,265
53,794
Capital
Bancorp,
Inc.
19,915
626,924
Chain
Bridge
Bancorp,
Inc.
(a)
24,900
658,356
ConnectOne
Bancorp,
Inc.
60,800
1,400,224
Customers
Bancorp,
Inc.
(a)
27,200
1,734,000
Dime
Community
Bancshares,
Inc.
7,063
195,716
First
Business
Financial
Services,
Inc.
7,500
357,150
First
Citizens
BancShares,
Inc.,
Class
A
900
1,795,284
First
Internet
Bancorp
10,000
219,300
Homestreet,
Inc.
(a)
38,232
500,075
OFG
Bancorp
19,991
852,016
Old
Second
Bancorp,
Inc.
43,900
744,983
OP
Bancorp
38,573
493,734
UMB
Financial
Corp.
16,000
1,759,840
Unity
Bancorp,
Inc.
5,051
248,055
Webster
Financial
Corp.
15,000
864,750
Western
Alliance
Bancorp
24,000
1,861,440
17,719,663
Casinos
&
Gaming
—
0.38%
Caesars
Entertainment,
Inc.
(a)
9,000
240,120
Computer
Hardware
&
Storage
—
1.28%
Dell
Technologies,
Inc.,
Class
C
4,000
530,760
Hewlett
Packard
Enterprise
Co.
13,500
279,315
810,075
Consumer
Finance
—
4.80%
SLM
Corp.
68,000
2,162,400
Synchrony
Financial
12,600
877,842
3,040,242
Data
&
Transaction
Processors
—
7.19%
Block,
Inc.
(a)
12,000
927,120
Global
Payments,
Inc.
15,900
1,271,205
Visa,
Inc.,
Class
A
1,900
656,393
WEX,
Inc.
(a)
10,000
1,696,800
4,551,518
Data
Processing
&
Outsourced
Services
—
1.68%
PayPal
Holdings,
Inc.
(a)
15,500
1,065,780
Diversified
Banks
—
6.65%
Barclays
PLC
-
ADR
108,000
2,118,960
BNP
Paribas
SA
-
ADR
32,000
1,459,200
Societe
Generale
SA
-
ADR
50,000
639,500
4,217,660
Gator
Capital
Long/Short
Fund
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
LONG
—
87.38%
-
continued
Shares
Fair
Value
Institutional
Brokerage
—
4.22%
Interactive
Brokers
Group,
Inc.,
Class
A
40,800
$
2,674,848
Insurance
Brokers
&
Services
—
0.59%
Kingstone
Companies,
Inc.
(a)
22,629
370,889
Internet
Media
&
Services
—
2.44%
Meta
Platforms,
Inc.,
Class
A
2,000
1,546,880
Investment
Companies
—
0.19%
BBX
Capital,
Inc.
(a)
32,801
121,364
Investment
Management
—
2.99%
Invesco
Ltd.
75,000
1,575,750
WisdomTree
Investments,
Inc.
24,074
319,462
1,895,212
Life
Insurance
—
6.94%
Corebridge
Financial,
Inc.
46,500
1,653,540
Genworth
Financial,
Inc.,
Class
A
(a)
160,000
1,257,600
Jackson
Financial,
Inc.,
Class
A
17,000
1,488,520
4,399,660
Private
Equity
—
4.49%
The
Carlyle
Group,
Inc.
20,000
1,213,200
Victory
Capital
Holdings,
Inc.,
Class
A
23,590
1,625,587
2,838,787
Real
Estate
Services
—
2.14%
Anywhere
Real
Estate,
Inc.
(a)
294,000
1,358,280
Specialty
&
Generic
Pharmaceuticals
—
0.77%
Viatris,
Inc.
56,000
489,440
Wealth
Management
—
12.66%
Ameriprise
Financial,
Inc.
2,500
1,295,475
Robinhood
Markets,
Inc.,
Class
A
(a)
20,000
2,061,000
Stifel
Financial
Corp.
12,000
1,369,440
UBS
Group
AG
46,000
1,717,180
Virtus
Investment
Partners,
Inc.
8,200
1,585,142
8,028,237
Total
Common
Stocks
—
Long
—
(Cost $35,190,669)
55,368,655
PREFERRED
STOCKS
—
LONG
—
4.55%
Specialty
Finance
—
4.55%
AG
Mortgage
Investment
Trust,
Inc.,
Series
C,
8.00%
36,000
910,080
Chimera
Investment
Corp.,
Series
B,
8.00%
14,391
359,775
Chimera
Investment
Corp.,
Series
D,
8.00%
19,717
486,615
Federal
National
Mortgage
Association,
Series
O,
7.00%
(a)
5,243
127,143
Federal
National
Mortgage
Association,
Series
R,
7.63%
(a)
30,185
373,328
SLM
Corp.,
Series
B,
1.70%
8,276
624,838
Total
Preferred
Stocks
—
Long
—
(Cost $1,976,682)
2,881,779
Gator
Capital
Long/Short
Fund
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
MONEY
MARKET
FUNDS
-
7.75%
Shares
Fair
Value
First
American
Government
Obligations
Fund
-
Class
X,
4.23%
(b)
4,910,014
$
4,910,014
Total
Money
Market
Funds
(Cost
$4,910,014)
4,910,014
Total
Investments
—
99.68%
(Cost
$42,077,365)
63,160,448
Other
Assets
in
Excess
of
Liabilities — 0.32%
200,725
NET
ASSETS
—
100.00%
$
63,361,173
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2025.
ADR
-
American
Depositary
Receipt
Gator
Capital
Long/Short
Fund
Schedule
of
Securities
Sold
Short
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
SHORT
—
(16.91)%
Shares
Fair
Value
Banks
—
(7.32)%
Bank
of
Hawaii
Corp.
(10,000)
$
(618,800)
Capitol
Federal
Financial,
Inc.
(23,300)
(140,266)
Citigroup,
Inc.
(14,000)
(1,311,800)
First
Financial
Bankshares,
Inc.
(6,250)
(216,375)
Hingham
Institution
for
Savings
(2,354)
(576,448)
Northwest
Bancshares,
Inc.
(9,142)
(106,961)
Park
National
Corp.
(1,700)
(275,179)
Renasant
Corp.
(8,100)
(296,784)
Toronto-Dominion
Bank
(The)
(15,000)
(1,093,200)
(4,635,813)
Commercial
Vehicles
—
0.00%
Nikola
Corp.
(a)
(333)
(10)
Industrial
Wholesale
&
Rental
—
(0.76)%
SiteOne
Landscape
Supply,
Inc.
(a)
(3,500)
(482,405)
Insurance
Brokers
—
(0.44)%
Arthur
J.
Gallagher
&
Co.
(960)
(275,760)
Investment
Companies
—
(0.09)%
TriplePoint
Venture
Growth
BDC
Corp.
(8,500)
(58,480)
Investment
Management
—
(0.56)%
T.
Rowe
Price
Group,
Inc.
(3,500)
(355,075)
Mass
Merchants
—
(0.46)%
Walmart,
Inc.
(3,000)
(293,940)
Mortgage
Finance
—
(1.22)%
AGNC
Investment
Corp.
(14,600)
(137,678)
Essent
Group
Ltd.
(9,000)
(503,910)
Federal
National
Mortgage
Association
(a)
(15,600)
(125,112)
(766,700)
Non-Alcoholic
Beverages
—
(0.02)%
Oatly
Group
AB
-
ADR
(a)
(782)
(11,902)
Office
REITs
—
(1.33)%
Corporate
Office
Properties
Trust
(15,000)
(409,200)
Cousins
Properties,
Inc.
(16,000)
(433,600)
(842,800)
P&C
Insurance
—
(3.79)%
American
International
Group,
Inc.
(12,000)
(931,560)
NMI
Holdings,
Inc.,
Class
A
(a)
(19,291)
(719,940)
Radian
Group,
Inc.
(23,000)
(750,030)
(2,401,530)
Packaged
Food
—
(0.01)%
Beyond
Meat,
Inc.
(a)
(1,600)
(4,864)
Regional
Banks
—
(0.91)%
KeyCorp
(32,000)
(573,440)
Total
Common
Stocks
-
Short
(Proceeds
Received $10,515,860)
(10,702,719)
Gator
Capital
Long/Short
Fund
Schedule
of
Securities
Sold
Short
(continued)
July
31,
2025
(Unaudited)
EXCHANGE-TRADED
FUNDS
—
SHORT
—
(0.08)%
Shares
Fair
Value
Direxion
Daily
Financial
Bear
3X
Shares
(11,700)
$
(51,831)
Total
Exchange-Traded
Funds
-
Short
(Proceeds
Received
$499,663)
(51,831)
Total
Securities
Sold
Short
-
(16.99)%
(Proceeds
Received
$11,015,523)
(10,754,550)
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt