Gator

Capital

Long/Short

Fund

Schedule

of

Investments

January

31,

2025

(Unaudited)

COMMON

STOCKS

—

LONG

—

92.68%

Shares

Fair

Value

Banks

—

30.06%

Axos

Financial,

Inc.

(a)

25,000‌

$

1,748,250‌

Banc

of

California,

Inc.

56,600‌

906,732‌

Bridgewater

Bancshares,

Inc.

(a)

24,000‌

338,880‌

Business

First

Bancshares,

Inc.

2,265‌

61,132‌

Capital

Bancorp,

Inc.

(a)

19,915‌

617,763‌

Chain

Bridge

Bancorp,

Inc.

(a)

24,800‌

610,080‌

ConnectOne

Bancorp,

Inc.

42,690‌

1,081,765‌

Customers

Bancorp,

Inc.

(a)

27,200‌

1,549,856‌

Dime

Community

Bancshares,

Inc.

7,063‌

220,577‌

Financial

Institutions,

Inc.

2,250‌

59,333‌

First

Business

Financial

Services,

Inc.

7,500‌

387,450‌

First

Citizens

BancShares,

Inc.,

Class

A

900‌

1,984,221‌

First

Internet

Bancorp

10,000‌

325,700‌

OFG

Bancorp

19,991‌

853,816‌

Old

Second

Bancorp,

Inc.

43,900‌

824,881‌

OP

Bancorp

38,573‌

512,249‌

UMB

Financial

Corp.

15,000‌

1,768,500‌

Webster

Financial

Corp.

15,000‌

903,600‌

Western

Alliance

Bancorp

13,600‌

1,195,032‌

15,949,817‌

Casinos

&

Gaming

—

0.61%

Caesars

Entertainment,

Inc.

(a)

9,000‌

324,450‌

Coal

Mining

—

1.06%

SunCoke

Energy,

Inc.

60,000‌

563,400‌

Computer

Hardware

&

Storage

—

1.26%

Dell

Technologies,

Inc.,

Class

C

4,000‌

414,400‌

Hewlett

Packard

Enterprise

Co.

12,000‌

254,280‌

668,680‌

Consumer

Finance

—

6.52%

OneMain

Holdings,

Inc.

12,500‌

694,250‌

SLM

Corp.

68,000‌

1,897,880‌

Synchrony

Financial

12,600‌

869,148‌

3,461,278‌

Data

&

Transaction

Processors

—

6.50%

Block,

Inc.

(a)

12,000‌

1,089,840‌

Global

Payments,

Inc.

10,600‌

1,196,210‌

Visa,

Inc.,

Class

A

1,900‌

649,420‌

WEX,

Inc.

(a)

2,801‌

515,076‌

3,450,546‌

Data

Processing

&

Outsourced

Services

—

2.59%

PayPal

Holdings,

Inc.

(a)

15,500‌

1,372,990‌

Diversified

Banks

—

2.99%

Barclays

PLC

-

ADR

108,000‌

1,585,440‌

Financials

—

2.67%

BNP

Paribas

SA

-

ADR

32,000‌

1,090,880‌

Gator

Capital

Long/Short

Fund

Schedule

of

Investments

(continued)

January

31,

2025

(Unaudited)

COMMON

STOCKS

—

LONG

—

92.68%

-

continued

Shares

Fair

Value

Financials

—

2.67%

-

continued

Societe

Generale

SA

-

ADR

(a)

50,000‌

$

325,250‌

1,416,130‌

Institutional

Brokerage

—

4.18%

Interactive

Brokers

Group,

Inc.,

Class

A

10,200‌

2,217,888‌

Insurance

Brokers

&

Services

—

0.72%

Kingstone

Companies,

Inc.

(a)

22,629‌

384,467‌

Internet

Media

&

Services

—

2.60%

Meta

Platforms,

Inc.,

Class

A

2,000‌

1,378,360‌

Investment

Companies

—

0.40%

BBX

Capital,

Inc.

(a)

32,801‌

215,175‌

Life

Insurance

—

6.51%

Corebridge

Financial,

Inc.

46,500‌

1,569,840‌

Genworth

Financial,

Inc.,

Class

A

(a)

39,000‌

281,970‌

Jackson

Financial,

Inc.,

Class

A

17,000‌

1,602,080‌

3,453,890‌

Private

Equity

—

5.06%

The

Carlyle

Group,

Inc.

20,000‌

1,123,200‌

Victory

Capital

Holdings,

Inc.,

Class

A

23,590‌

1,561,186‌

2,684,386‌

Real

Estate

Services

—

2.00%

Anywhere

Real

Estate,

Inc.

(a)

294,000‌

1,061,340‌

Specialty

&

Generic

Pharmaceuticals

—

0.81%

Viatris,

Inc.

38,000‌

428,640‌

Steel

Producers

—

0.68%

United

States

Steel

Corp.

9,750‌

359,287‌

Wealth

Management

—

15.46%

Ameriprise

Financial,

Inc.

2,500‌

1,358,400‌

Robinhood

Markets,

Inc.,

Class

A

(a)

55,000‌

2,857,250‌

Stifel

Financial

Corp.

12,000‌

1,390,200‌

UBS

Group

AG

46,000‌

1,629,320‌

Virtus

Investment

Partners,

Inc.

4,858‌

969,171‌

8,204,341‌

Total

Common

Stocks

—

Long—

(Cost $30,595,934)

49,180,505‌

PREFERRED

STOCKS

—

LONG

—

5.22%

Specialty

Finance

—

5.22%

AG

Mortgage

Investment

Trust,

Inc.,

Series

C,

8.00%

36,000‌

910,440‌

Chimera

Investment

Corp.,

Series

B,

8.00%

14,391‌

363,229‌

Chimera

Investment

Corp.,

Series

D,

8.00%

19,717‌

490,362‌

Federal

National

Mortgage

Association,

Series

O,

7.00%

(a)

8,100‌

152,037‌

Federal

National

Mortgage

Association,

Series

R,

7.63%

(a)

24,426‌

234,978‌

SLM

Corp.,

Series

B,

1.70%

8,276‌

620,866‌

Total

Preferred

Stocks

—

Long—

(Cost $1,960,610)

2,771,912‌

Gator

Capital

Long/Short

Fund

Schedule

of

Investments

(continued)

January

31,

2025

(Unaudited)

MONEY

MARKET

FUNDS

-

2.85%

Shares

Fair

Value

First

American

Treasury

Obligations

Fund

-

Class

X,

4.30%

(b)

1,509,852‌

$

1,509,852‌

Total

Money

Market

Funds

(Cost

$1,509,852)

1,509,852‌

Total

Investments

—

100.75%

(Cost

$34,066,396)

53,462,269‌

Liabilities

in

Excess

of

Other

Assets — (0.75)%

(399,335‌)

NET

ASSETS

—

100.00%

$

53,062,934‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

January

31,

2025.

ADR

-

American

Depositary

Receipt.

Gator

Capital

Long/Short

Fund

Schedule

of

Securities

Sold

Short

January

31,

2025

(Unaudited)

COMMON

STOCKS

—

SHORT

—

(22.56)%

Shares

Fair

Value

Banks

—

(12.50)%

Bank

of

Hawaii

Corp.

(10,000‌)

$

(745,100‌)

Berkshire

Hills

Bancorp,

Inc.

(16,800‌)

(494,088‌)

Brookline

Bancorp,

Inc.

(39,700‌)

(485,531‌)

Capitol

Federal

Financial,

Inc.

(165,800‌)

(986,510‌)

Commerce

Bancshares,

Inc.

(4,288‌)

(286,438‌)

First

Financial

Bankshares,

Inc.

(6,250‌)

(232,875‌)

Hingham

Institution

for

Savings

(2,354‌)

(600,859‌)

Northwest

Bancshares,

Inc.

(9,142‌)

(120,766‌)

Park

National

Corp.

(1,700‌)

(288,507‌)

Renasant

Corp.

(19,000‌)

(738,720‌)

Seacoast

Banking

Corp.

of

Florida

(7,600‌)

(216,220‌)

Toronto-Dominion

Bank

(The)

(15,000‌)

(856,050‌)

United

Bankshares,

Inc.

(15,100‌)

(581,350‌)

(6,633,014‌)

Commercial

Vehicles

—

0.00%

Nikola

Corp.

(a)

(333‌)

(263‌)

Diversified

Banks

—

(1.70)%

Bank

of

America

Corp.

(19,500‌)

(902,850‌)

Industrial

Wholesale

&

Rental

—

(0.94)%

SiteOne

Landscape

Supply,

Inc.

(a)

(3,500‌)

(498,050‌)

Infrastructure

Software

—

(0.10)%

Upstart

Holdings,

Inc.

(a)

(800‌)

(51,796‌)

Internet

Media

&

Services

—

(0.13)%

Opendoor

Technologies,

Inc.

(a)

(50,800‌)

(70,104‌)

Investment

Management

—

(0.77)%

T.

Rowe

Price

Group,

Inc.

(3,500‌)

(409,220‌)

Mortgage

Finance

—

(0.99)%

Essent

Group

Ltd.

(9,000‌)

(524,250‌)

Non-Alcoholic

Beverages

—

(0.02)%

Oatly

Group

AB

-

ADR

(a)

(15,651‌)

(9,644‌)

Office

REITs

—

(2.47)%

Boston

Properties,

Inc.

(5,200‌)

(380,328‌)

Corporate

Office

Properties

Trust

(15,000‌)

(441,600‌)

Cousins

Properties,

Inc.

(16,000‌)

(488,480‌)

(1,310,408‌)

P&c

Insurance

—

(1.47)%

Radian

Group,

Inc.

(23,000‌)

(782,460‌)

P&C

Insurance

—

(1.46)%

NMI

Holdings,

Inc.,

Class

A

(a)

(20,100‌)

(776,262‌)

Packaged

Food

—

(0.01)%

Beyond

Meat,

Inc.

(a)

(1,600‌)

(6,336‌)

Total

Common

Stocks

-

Short

(Proceeds

Received $12,061,840)

(11,974,657‌)

Gator

Capital

Long/Short

Fund

Schedule

of

Securities

Sold

Short

(continued)

January

31,

2025

(Unaudited)

COMMON

STOCKS

—

SHORT

—

(22.56)%

-

continued

Shares

Fair

Value

Packaged

Food

—

(0.01)%

-

continued

EXCHANGE-TRADED

FUNDS

—

SHORT

—

(0.12)%

Exchange-Traded

Funds

—

(0.12)%

Direxion

Daily

Financial

Bear

3X

Shares

(11,700‌)

$

(61,893‌)

Total

Exchange-Traded

Funds

(Proceeds

Received

$(499,663))

(61,893‌)

TOTAL

SECURITIES

SOLD

SHORT

-

(22.68)%

(Proceeds

Received

$12,561,503)

(12,036,550‌)

(a)

Non-income

producing

security.

ADR

-

American

Depositary

Receipt.