NPORT-EX 2 longshortpartf.htm

Otter Creek Long/Short Opportunity Fund
  
Schedule of Investments
  
January 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.3%
  
Shares
    
Value
 
Aerospace & Defense - 2.9%
        
Parsons Corp. (a)
    
58,801
    
$
4,661,155
  
                   
Application Software - 9.4%
          
Microsoft Corp.
    
12,050
      
5,001,473
  
PTC, Inc. (a)
    
18,258
      
3,532,558
  
Salesforce, Inc.
    
19,025
      
6,500,842
  
             
15,034,873
  
                   
Communication Equipment - 2.2%
          
F5, Inc. (a)
    
12,000
      
3,567,120
  
                   
Construction & Engineering - 5.7%
          
Jacobs Solutions, Inc.
    
33,000
      
4,624,290
  
Quanta Services, Inc.
    
14,397
      
4,428,661
  
             
9,052,951
  
                   
Data Processing & Outsourced Services - 3.2%
          
Visa, Inc. - Class A
    
14,800
      
5,058,640
  
                   
Electrical Components & Equipment - 2.2%
          
Vertiv Holdings Co. - Class A
    
30,336
      
3,549,919
  
                   
Electronic Components - 3.7%
          
Coherent Corp. (a)
    
29,084
      
2,631,811
  
Corning, Inc.
    
63,564
      
3,310,413
  
             
5,942,224
  
                   
Electronic Manufacturing Services - 2.1%
          
Flex Ltd. (a)
    
81,197
      
3,381,855
  
                   
Environmental & Facilities Services - 4.7%
          
Clean Harbors, Inc. (a)
    
12,155
      
2,832,115
  
Veralto Corp.
    
44,640
      
4,615,330
  
             
7,447,445
  
                   
Financial Exchanges & Data - 7.1%
          
Intercontinental Exchange, Inc.
    
33,233
      
5,311,631
  
Nasdaq, Inc.
    
72,383
      
5,960,016
  
             
11,271,647
  
                   
Independent Power Producers & Energy Traders - 1.3%
          
Vistra Corp.
    
12,000
      
2,016,360
  
                   
Industrial Conglomerates - 8.1%
          
3M Co.
    
33,396
      
5,082,871
  
GE HealthCare Technologies, Inc.
    
70,126
      
6,192,126
  
General Electric Co.
    
7,834
      
1,594,768
  
             
12,869,765
  
                   
Insurance Brokers - 8.6%
          
Arthur J Gallagher & Co.
    
18,658
      
5,631,357
  
Baldwin Insurance Group, Inc. - Class A (a)
    
122,987
      
5,036,318
  
Brown & Brown, Inc.
    
29,115
      
3,047,176
  
             
13,714,851
  
                   
Interactive Media & Services - 5.3%
          
Meta Platforms, Inc. - Class A
    
12,202
      
8,409,374
  
                   
Internet Retail - 4.0%
          
Amazon.com, Inc. (a)
    
26,997
      
6,416,647
  
                   
Internet Software & Services - 4.0%
          
Alphabet, Inc. - Class A
    
31,615
      
6,450,092
  
                   
Medical Equipment - 4.1%
          
Thermo Fisher Scientific, Inc.
    
10,901
      
6,516,073
  
                   
Movies & Entertainment - 3.1%
          
Universal Music Group NV - ADR
    
349,826
      
4,866,080
  
                   
Property & Casualty Insurance - 3.2%
          
W R Berkley Corp.
    
85,650
      
5,038,790
  
                   
Rail Transportation - 2.2%
          
Canadian Pacific Kansas City Ltd.
    
44,000
      
3,502,400
  
                   
Semiconductors - 1.7%
          
Broadcom, Inc.
    
12,505
      
2,766,981
  
                   
Technology Hardware, Storage & Peripherals - 2.3%
          
CompoSecure, Inc.
    
226,579
      
3,611,669
  
                   
Transaction & Payment Processing Services - 7.2%
          
Block, Inc. (a)
    
71,801
      
6,520,967
  
Fiserv, Inc. (a)
    
22,928
      
4,953,365
  
             
11,474,332
  
TOTAL COMMON STOCKS (Cost $131,622,528)
      
156,621,243
  
                   
TOTAL MISCELLANEOUS SECURITIES - 0.2%(a)(b)(c)
Notional Amount
  
Contracts
    
Value
  
 (Cost $281,263)
$ 6,003,500
    
500
      
353,750
  
           
                   
SHORT-TERM INVESTMENTS - 1.3%
          
Value
 
Money Market Funds - 1.3%
  
Shares
          
MSILF Treasury Portfolio - Class Institutional, 4.22% (d)
    
2,043,034
      
2,043,034
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,043,034)
      
2,043,034
  
                   
TOTAL INVESTMENTS - 99.8% (Cost $133,946,825)
      
159,018,027
  
Other Assets in Excess of Liabilities - 0.2%
      
253,461
  
TOTAL NET ASSETS - 100.0%
            
$
159,271,488
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt

(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
(d)
The rate shown represents the 7-day annualized effective yield as of January 31, 2025.
Otter Creek Long/Short Opportunity Fund
  
Schedule of Securities Sold Short
  
January 31, 2025 (Unaudited)
  
   
COMMON STOCKS - (25.8)%
  
Shares
    
Value
  
Aerospace & Defense - (2.5)%
        
Loar Holdings, Inc.
    
(20,000
)
  
$
(1,589,600
)
TransDigm Group, Inc.
    
(1,755
)
    
(2,375,112
)
             
(3,964,712
)
                 
Application Software - (2.9)%
          
Cadence Design Systems, Inc.
    
(5,600
)
    
(1,666,672
)
Procore Technologies, Inc.
    
(15,000
)
    
(1,193,400
)
Samsara, Inc. - Class A
    
(32,500
)
    
(1,673,750
)
             
(4,533,822
)
                 
Building Products - (0.2)%
          
CSW Industrials, Inc.
    
(1,071
)
    
(353,226
)
                 
Commodity Chemicals - (1.3)%
          
Hawkins, Inc.
    
(19,300
)
    
(2,063,363
)
                 
Construction & Engineering - (1.1)%
          
Comfort Systems USA, Inc.
    
(800
)
    
(349,400
)
Construction Partners, Inc. - Class A
    
(8,600
)
    
(691,440
)
Sterling Infrastructure, Inc.
    
(4,500
)
    
(640,890
)
             
(1,681,730
)
                 
Construction Machinery & Heavy Transportation Equipment - (0.5)%
          
Federal Signal Corp.
    
(7,800
)
    
(766,818
)
                 
Education Services - (1.1)%
          
Duolingo, Inc.
    
(5,000
)
    
(1,819,950
)
                 
Electronic Components - (0.9)%
          
Littelfuse, Inc.
    
(6,000
)
    
(1,430,160
)
                 
Financial Exchanges & Data - (1.9)%
          
MSCI, Inc.
    
(5,194
)
    
(3,099,623
)
                 
Food Retail - (0.3)%
          
Sprouts Farmers Market, Inc.
    
(2,743
)
    
(434,327
)
                 
Homefurnishing Retail - (1.0)%
          
Williams-Sonoma, Inc.
    
(7,700
)
    
(1,627,549
)
                 
Personal Care Products - (1.5)%
          
BellRing Brands, Inc.
    
(30,000
)
    
(2,320,500
)
                 
Research & Consulting Services - (1.5)%
          
Booz Allen Hamilton Holding Corp.
    
(5,600
)
    
(722,400
)
Exponent, Inc.
    
(18,500
)
    
(1,695,895
)
             
(2,418,295
)
                 
Restaurants - (1.3)%
          
Cava Group, Inc.
    
(7,000
)
    
(945,350
)
Shake Shack, Inc. - Class A
    
(9,000
)
    
(1,063,170
)
             
(2,008,520
)
                 
Semiconductors - (3.9)%
          
Analog Devices, Inc.
    
(9,900
)
    
(2,097,711
)
MACOM Technology Solutions Holdings, Inc.
    
(16,600
)
    
(2,195,350
)
Texas Instruments, Inc.
    
(10,787
)
    
(1,991,388
)
             
(6,284,449
)
                 
Specialized Finance - (1.9)%
          
Factset Research Systems, Inc.
    
(6,424
)
    
(3,047,610
)
                 
Technology Hardware, Storage & Peripherals - (1.8)%
          
Apple, Inc.
    
(12,300
)
    
(2,902,800
)
                 
Trading Companies & Distributors - (0.2)%
          
Watsco, Inc.
    
(788
)
    
(377,129
)
TOTAL COMMON STOCKS (Proceeds $40,962,538)
      
(41,134,583
)
                 
EXCHANGE TRADED FUNDS - (7.4)%
  
Shares
    
Value
  
Invesco S&P 500 Equal Weight ETF
    
(22,000
)
    
(3,987,280
)
iShares Russell 2000 ETF
    
(17,000
)
    
(3,850,160
)
iShares Semiconductor ETF
    
(18,000
)
    
(3,926,340
)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $11,762,313)
      
(11,763,780
)
                 
TOTAL SECURITIES SOLD SHORT - (33.2)% (Proceeds $52,724,851)
          
$
(52,898,363
)
                 
Percentages are stated as a percent of net assets.
                
Summary of Fair Value Disclosure as of January 31, 2025 (Unaudited)
 
Otter Creek Long/Short Opportunity Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
156,621,243
    
$
–
    
$
–
    
$
156,621,243
  
  Miscellaneous Securities
    
–
      
353,750
      
–
      
353,750
  
  Money Market Funds
    
2,043,034
      
–
      
–
      
2,043,034
  
Total Investments
  
$
158,664,277
    
$
353,750
    
$
–
    
$
159,018,027
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(41,134,583
)
  
$
–
    
$
–
    
$
(41,134,583
)
  Exchange Traded Funds
    
(11,763,780
)
    
–
      
–
      
(11,763,780
)
Total Investments
  
$
(52,898,363
)
  
$
–
    
$
–
    
$
(52,898,363
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.