Patient Opportunity Trust
  
Consolidated Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 103.3%
  
Shares
   
Value
 
Communication Services - 14.6%
        
Interactive Media & Services - 14.2%
            
Alphabet, Inc. - Class A(h)
    
380,000
    
$
109,272,800
  
IAC, Inc. (a) (h)
    
1,800,000
      
72,054,000
  
Meta Platforms, Inc. - Class A(h)
    
115,000
      
65,794,950
  
               
247,121,750
  
Media - 0.4%
                
S4 Capital PLC
    
19,000,000
      
6,991,211
  
Total Communication Services
      
254,112,961
  
                   
Consumer Discretionary - 17.7%
          
Automobiles - 2.1%
                
General Motors Co.
    
500,000
      
37,250,000
  
                   
Broadline Retail - 6.8%
                
Amazon.com, Inc. (a) (h)
    
455,000
      
94,762,850
  
JD.com, Inc. - ADR
    
800,000
      
23,656,000
  
               
118,418,850
  
Hotels, Restaurants & Leisure - 6.0%
                
Dave & Buster's Entertainment, Inc. (a)
    
750,000
      
8,122,500
  
Expedia Group, Inc.
    
110,000
      
25,397,900
  
Norwegian Cruise Line Holdings Ltd. (a) (h)
    
3,800,000
      
71,060,000
  
               
104,580,400
  
Textiles, Apparel & Luxury Goods - 2.8%
                
Crocs, Inc. (a)
    
575,000
      
47,736,500
  
Total Consumer Discretionary
      
307,985,750
  
                   
Energy - 11.1%
          
Energy Equipment & Services - 6.4%
                
Noble Corp. PLC
    
850,000
      
41,709,500
  
Seadrill Ltd. (a)
    
1,523,039
      
69,298,275
  
               
111,007,775
  
Oil, Gas & Consumable Fuels - 4.7%
                
Energy Transfer LP (h)
    
4,200,000
      
81,060,000
  
Total Energy
      
192,067,775
  
                   
Financials - 17.8%
          
Banks - 6.5%
                
Citigroup, Inc. (h)
    
1,000,000
      
113,410,000
  
                   
Capital Markets - 4.7%
                
Coinbase Global, Inc. - Class A (a)
    
275,000
      
48,017,750
  
UBS Group AG
    
850,000
      
33,209,500
  
               
81,227,250
  
Consumer Finance - 2.5%
                
OneMain Holdings, Inc.
    
550,000
      
29,419,500
  
SoFi Technologies, Inc. (a)
    
880,000
      
13,974,400
  
               
43,393,900
  
Financial Services - 4.1%
                
Chime Financial, Inc. - Class A (a)
    
1,900,000
      
35,587,000
  
Fiserv, Inc. (a)
    
625,000
      
34,875,000
  
               
70,462,000
  
Total Financials
      
308,493,150
  
                   
Health Care - 24.5% (b)
          
Biotechnology - 5.6%
                
Biogen, Inc. (a) (h)
    
250,000
      
45,832,500
  
Precigen, Inc. (a) (c)
    
12,900,000
      
49,923,000
  
               
95,755,500
  
Health Care Providers & Services - 8.5%
                
CVS Health Corp. (h)
    
925,000
      
66,433,500
  
UnitedHealth Group, Inc. (h)
    
300,000
      
81,177,000
  
               
147,610,500
  
Life Sciences Tools & Services - 3.5%
                
Illumina, Inc. (a) (h)
    
390,000
      
48,071,400
  
Tempus AI, Inc. - Class A (a)
    
285,000
      
12,887,700
  
               
60,959,100
  
Pharmaceuticals - 6.9%
                
Royalty Pharma PLC - Class A (h)
    
2,500,000
      
119,925,000
  
Total Health Care
      
424,250,100
  
                   
Industrials - 9.8%
          
Passenger Airlines - 4.2%
                
Delta Air Lines, Inc.
    
395,000
      
26,259,600
  
United Airlines Holdings, Inc. (a)
    
500,000
      
46,035,000
  
               
72,294,600
  
Trading Companies & Distributors - 5.6%
                
QXO, Inc. (a) (h)
    
5,000,000
      
97,100,000
  
Total Industrials
      
169,394,600
  
                   
Information Technology - 7.8%
          
Semiconductors & Semiconductor Equipment - 5.0%
                
NVIDIA Corp. (h)
    
500,000
      
87,200,000
  
                   
Software - 2.8%
                
Adobe, Inc. (a)
    
200,000
      
48,616,000
  
Total Information Technology
      
135,816,000
  
TOTAL COMMON STOCKS (Cost $1,189,529,834)
      
1,792,120,336
  
                   
WARRANTS - 3.3%
  
Contracts
   
Value
 
Health Care - 3.3% (b)
          
Precigen Warrant Restricted, Expires 12/30/2034, Exercise Price $0.75 (Acquired 12/30/2024, Cost $9,022,725)(a)(c)(d)(e)
    
13,600,000
      
56,712,000
  
TOTAL WARRANTS (Cost $9,022,725)
      
56,712,000
  
                   
EXCHANGE TRADED FUNDS - 2.4%
  
Shares
   
Value
 
iShares Bitcoin Trust ETF (a) (i)
    
1,100,000
      
42,262,000
  
TOTAL EXCHANGE TRADED FUNDS (Cost $44,845,256)
      
42,262,000
  
                   
PURCHASED OPTIONS - 0.5% (a)
Notional Amount  
  
Contracts
   
Value
 
Call Options - 0.5%
                
Biogen, Inc., Expiration: 01/21/2028; Exercise Price: $150.00 (f)(g)
  27,884,493
    
1,521
      
9,430,200
  
TOTAL PURCHASED OPTIONS (Cost $5,829,199)
      
9,430,200
  
                   
TOTAL INVESTMENTS - 109.5% (Cost $1,249,227,014)
      
1,900,524,536
  
Liabilities in Excess of Other Assets - (9.5)%
      
(165,574,463
)
TOTAL NET ASSETS - 100.0%
            
$
1,734,950,073
  
           
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LP - Limited Partnership
PLC - Public Limited Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Affiliated security as defined by the Investment Company Act of 1940.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $56,712,000 or 3.3% of net assets as of March 31, 2026.
(e)
Security is considered restricted. The total market value of these securities was $56,712,000 which represented 3.3% of net assets as of March 31, 2026.
(f)
Exchange-traded.
(g)
100 shares per contract.
(h)
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
(i)
Position held in Cayman Subsidiary.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Patient Opportunity Trust (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,792,120,336
    
$
–
    
$
–
    
$
1,792,120,336
  
  Warrants
    
–
      
–
      
56,712,000
      
56,712,000
  
  Exchange Traded Funds
    
42,262,000
      
–
      
–
      
42,262,000
  
  Purchased Options
    
–
      
9,430,200
      
–
      
9,430,200
  
Total Investments
  
$
1,834,382,336
    
$
9,430,200
    
$
56,712,000
    
$
1,900,524,536
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

Fair Value Measurement Using Significant Unobservable Inputs
  
Level 3
  
Beginning balance as of December 31, 2025
  
$
60,520,000
  
Change in unrealized depreciation
    
(3,808,000
)
Ending balance as of March 31, 2026
  
$
56,712,000
  
   
$
0
  
Change in unrealized appreciation/depreciation still held as of March 31, 2026
  
$
(3,808,000
)

Description
  
Fair Value as of
March 31, 2026
  
Valuation Technique
Unobservable Inputs
  
Range Weighted
 Average
  
Warrants
  
$
56,712,000
  
Black Scholes with Probability Adjustment
Going Concern Probability
  
15%

   
$
56,712,000
            

Patient Opportunity Trust - Transactions with Affiliates
        
   
Value as of
December 31, 2025
    
Additions
    
Reductions
    
Realized
Gain (Loss)
    
Net Change in Unrealized
Appreciation (Depreciation)
    
Value as of
March 31, 2026
    
Shares as of
March 31, 2026
    
Dividend /
Interest Income
    
Capital Gain Distributions
from
Underlying Funds
  
Precigen Inc. (a)
  
$
58,593,619
    
$
–
    
$
(4,960,713
)
  
$
4,064,404
    
$
(7,774,310
)
  
$
49,923,000
      
12,900,000
    
$
–
    
$
–
  
Precigen Warrant Restricted
    
60,520,000
      
–
      
–
      
–
      
(3,808,000
)
    
56,712,000
      
13,600,000
      
–
      
–
  
   
$
119,113,619
    
$
–
    
$
(4,960,713
)
  
$
4,064,404
    
$
(11,582,310
)
  
$
106,635,000
      
26,500,000
    
$
–
    
$
–