Otter Creek Long/Short Opportunity Fund
SCHEDULE OF INVESTMENTS at January 31, 2023 (Unaudited)
Shares					Value
COMMON STOCKS: 65.0%
Asset Management & Custody Banks: 4.8%
	260,054	Blackstone Secured Lending Fund			$	6,397,328
	231,191	Blue Owl Capital, Inc. - Class A				2,908,383
						9,305,711
Building Products: 4.3%
	89,300	Carrier Global Corp.				4,065,829
	60,359	Johnson Controls International PLC				4,199,176
						8,265,005
Construction & Engineering: 5.4%
	35,161	Ameresco, Inc. - Class A 1				2,266,830
	33,317	Jacobs Solutions, Inc.				4,116,315
	27,375	Quanta Services, Inc.				4,166,201
						10,549,346
Copper: 1.0%
	42,000	Freeport-McMoRan, Inc.				1,874,040
Data Processing & Outsourced Services: 2.1%
	18,000	Visa, Inc. - Class A				4,143,780
Diversified Metals & Mining: 5.0%
	228,000	Glencore PLC - ADR				3,039,240
	64,000	Newmont Goldcorp Corp.				3,387,520
	40,000	Rio Tinto PLC - ADR				3,174,000
						9,600,760
Electrical Components & Equipment: 3.4%
	18,300	Eaton Corp PLC				2,968,443
	254,426	Vertiv Holdings Co.				3,617,938
						6,586,381
Electronic Equipment & Instruments: 1.3%
	7,680	Zebra Technologies Corp. - Class A 1				2,428,262
Electronic Manufacturing Services: 1.9%
	160,009	Flex Ltd. 1				3,736,210
Fertilizers & Agricultural Chemicals: 2.4%
	72,000	Corteva, Inc.				4,640,400
Financial Exchanges & Data: 2.2%
	40,000	Intercontinental Exchange, Inc.				4,302,000
Financial Services: 1.2%
	330,526	E2open Parent Holdings, Inc. - Class A 1				2,280,630
Health Care Equipment: 4.8%
	64,000	Hologic, Inc. 1				5,207,680
	48,000	Medtronic Plc				4,017,120
						9,224,800
Homefurnishing Retail: 1.8%
	11,200	RH 1				3,494,288
Insurance Brokers: 3.1%
	19,200	Arthur J Gallagher & Co.				3,757,824
	80,521	BRP Group, Inc. - Class A 1				2,306,927
						6,064,751
Integrated Telecommunication Services: 4.4%
	202,000	AT&T, Inc.				4,114,740
	331,143	Radius Global Infrastructure, Inc. - Class A 1				4,460,496
						8,575,236
Internet Software & Services: 1.2%
	22,870	Alphabet, Inc. - Class A 1				2,260,471
Investment Banking & Brokerage: 4.4%
	18,261	LPL Financial Holdings, Inc.				4,330,048
	43,000	Morgan Stanley				4,185,190
						8,515,238
Life Sciences Tools & Services: 1.2%
	94,000	Avantor, Inc. 1				2,246,600
Oil & Gas Equipment & Services: 1.5%
	70,000	Halliburton Co.				2,885,400
Pharmaceuticals: 1.5%
	46,000	AstraZeneca PLC - ADR				3,007,020
Property & Casualty Insurance: 1.9%
	54,000	W R Berkley Corp.				3,787,560
Semiconductor Equipment: 0.9%
	32,870	Azenta, Inc. 1				1,837,433
Semiconductors: 1.1%
	11,900	NXP Semiconductors NV				2,193,289
Technology Hardware, Storage & Peripherals: 1.7%
	109,197	Avid Technology, Inc. 1				3,309,761
Thrifts & Mortgage Finance: 0.3%
	25,057	HMN Financial, Inc.				546,994
TOTAL COMMON STOCKS
(Cost $114,392,484)						125,661,366
PREFERRED STOCKS: 2.1%
Trading Companies & Distributors: 2.1%
	147,686	WESCO International, Inc., 10.625%				4,017,059
TOTAL PREFERRED STOCKS
(Cost $3,959,314)						4,017,059
Principal Amount
CORPORATE BONDS: 16.5%
Asset Management & Custody Banks: 1.9%
$	2,000,000	BlueLinx Holdings, Inc.
		6.000%, 11/15/2029				1,775,550
	2,000,000	Owl Rock Capital Corp.
		4.250%, 1/15/2026				1,882,819
						3,658,369
Electrical Components & Equipment: 3.0%
	6,750,000	Vertiv Group Corp.
		4.125%, 11/15/2028				5,855,974
Investment Banking & Brokerage: 1.2%
	2,785,000	Goldman Sachs Capital II
		5.793% (3 Month LIBOR + 0.077%), 3/3/2023 2,3				2,238,444
Oil & Gas Storage & Transportation: 4.1%
	8,000,000	Hess Midstream Operations LP
		5.625%, 2/15/2026				7,911,560
Packaged Foods & Meats: 2.0%
	4,000,000	Tenet Healthcare Corp.
		4.875%, 1/1/2026				3,900,500
Research & Consulting Services: 4.3%
	9,500,000	Clarivate Science Holdings Corp.
		4.875%, 7/1/2029				8,372,065
TOTAL CORPORATE BONDS
(Cost $30,849,634)						31,936,912
CONVERTIBLE BONDS: 1.1%
	200,000	MGIC Investment Corp.
		9.000%, 4/1/2063				273,245
	2,000,000	Radius Global Infrastructure, Inc.
		2.500%, 9/15/2026				1,852,500
TOTAL CONVERTIBLE BONDS
(Cost $1,816,760)						2,125,745
U.S. GOVERNMENT NOTES/BONDS: 10.6%
	17,000,000	2.500%, 5/15/2024				16,546,445
	4,000,000	2.500%, 5/31/2024				3,891,094
TOTAL U.S. GOVERNMENT NOTES/BONDS
(Cost $20,454,756)						20,437,539
Shares
EXCHANGE-TRADED FUNDS: 1.0%
Gold: 1.0%
	11,000	SPDR Gold Shares 1				1,973,510
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,911,030)						1,973,510
SHORT-TERM INVESTMENTS: 2.6%
Money Market Funds: 2.6%
	5,068,007	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 4.439% 4				5,068,007
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,068,007)						5,068,007
TOTAL MISCELLANEOUS SECURITIES: 1.3% 5			Notional Amount
(Cost $3,498,532)			$	99,194,767		2,438,948
TOTAL INVESTMENTS IN SECURITIES: 100.0%
(Cost $181,353,936)						193,659,086
Liabilities in Excess of Other Assets: (0.2)%						(342,664	)
TOTAL NET ASSETS: 100.0%					$	193,316,422

ADR - American Depositary Receipt
LIBOR - London Interbank Offered Rate
	1	Non-income producing security.
	2	Variable rate security; rate shown is the rate in effect on January 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
	3	Perpetual call date security. Date shown is next call date.
	4	Annualized seven-day effective yield as of January 31, 2023.
	5	Represents unrestricted previously undisclosed exchange-traded purchased options which the Otter Creek Long/Short Opportunity Fund (the “Fund”) has held for less than one year.

Otter Creek Long/Short Opportunity Fund
SCHEDULE OF SECURITIES SOLD SHORT at January 31, 2023 (Unaudited) 1
Shares				Value
COMMON STOCKS: 35.4%
Advertising: 1.1%
	58,000		The Interpublic Group of Companies, Inc.	$	2,114,680
Apparel Retail: 1.0%
	8,500		Burlington Stores, Inc.		1,953,555
Apparel, Accessories & Luxury Goods: 2.0%
	12,400		Lululemon Athletica, Inc.		3,805,312
Application Software: 1.8%
	15,600		Ceridian HCM Holding, Inc.		1,127,568
	8,300		PTC, Inc.		1,119,504
	15,000		Zoom Video Communications, Inc. - Class A		1,125,000
					3,372,072
Asset Management & Custody Banks: 4.3%
	25,000		Ares Management Corp. 2		2,074,750
	5,200		BlackRock, Inc.		3,947,892
	24,300		Blackstone, Inc. - Class A		2,331,828
					8,354,470
Building Products: 0.5%
	13,300		AAON, Inc.		1,015,056
Data Processing & Outsourced Services: 2.2%
	26,000		Paychex, Inc.		3,012,360
	15,000		Square, Inc.		1,225,800
					4,238,160
Diversified Support Services: 1.0%
	4,400		Cintas Corp.		1,952,456
Electrical Components & Equipment: 1.8%
	9,000		Rockwell Automation, Inc.		2,538,270
	35,000		Sunrun, Inc.		919,800
					3,458,070
Environmental & Facilities Services: 1.0%
	13,000		Waste Management, Inc.		2,011,490
Food Retail: 0.6%
	37,000		Grocery Outlet Holding Corp.		1,124,430
Health Care Equipment: 1.5%
	11,500		Stryker Corp.		2,918,815
Home Improvement Stores: 1.6%
	9,300		The Home Depot, Inc.		3,014,781
Industrial Conglomerates: 1.0%
	25,000		General Electric Co.		2,012,000
Industry Machinery: 1.2%
	9,600		IDEX Corp.		2,300,928
Internet & Direct Marketing Retail: 0.6%
	19,700		DoorDash, Inc. - Class A		1,141,024
Internet Retail: 1.1%
	21,000		Amazon.com, Inc.		2,165,730
IT Consulting & Other Services: 0.8%
	4,850		EPAM Systems, Inc.		1,613,353
Life Sciences Tools & Services: 1.0%
	7,400		West Pharmaceutical Services, Inc.		1,965,440
Managed Health Care: 0.4%
	13,600		HealthEquity, Inc.		827,560
Packaged Foods & Meats: 1.4%
	113,400		Hostess Brands, Inc.		2,622,942
Restaurants: 0.5%
	6,600		Wingstop, Inc.		1,045,902
Semiconductor Equipment: 0.6%
	21,400		Kulicke & Soffa Industries, Inc.		1,093,540
Semiconductors: 1.0%
	10,000		NVIDIA Corp.		1,953,700
Specialized Consumer Services: 1.1%
	27,400		Service Corp International		2,031,710
Specialty Stores: 1.8%
	2,600		Five Below, Inc.		512,538
	73,000		National Vision Holdings, Inc.		3,000,300
					3,512,838
Technology Hardware, Storage & Peripherals: 1.0%
	13,500		Apple, Inc.		1,947,915
Trucking: 1.5%
	6,139		Old Dominion Freight Line, Inc.		2,045,760
	28,000		Uber Technologies, Inc.		866,040
					2,911,800
TOTAL COMMON STOCKS
(Proceeds $65,905,631)					68,479,729
EXCHANGE-TRADED FUNDS: 2.0%
	75,000		Financial Select Sector SPDR Fund		2,742,000
	15,000		iShares Russell Mid-Cap ETF		1,095,750
TOTAL EXCHANGE-TRADED FUNDS
(Proceeds $3,638,543)					3,837,750
TOTAL SECURITIES SOLD SHORT: 37.4%
(Proceeds $69,544,174)				$	72,317,479
		Percentages are stated as a percent of net assets.
		1	Non-income producing security.
		2	Non-voting shares.

Summary of Fair Value Exposure at January 31, 2023 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:

• 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 spreads, 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 inputs used to value the Fund’s investments and securities sold short as of January 31, 2023. See the Schedule of Investments and Schedule of Securities Sold Short for the industry breakout.

Description	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	125,661,366	$	–	$	–	$	125,661,366
Preferred Stocks		4,017,059		–		–		4,017,059
Corporate Bonds		–		31,936,912		–		31,936,912
Convertible Bonds		–		2,125,745		–		2,125,745
U.S. Government Notes/Bonds		–		20,437,539		–		20,437,539
Exchange-Traded Funds		1,973,510		–		–		1,973,510
Short-Term Investments		5,068,007		–		–		5,068,007
Miscellaneous Securities		377,100		2,061,848		–		2,438,948
Total Investments in Securities	$	137,097,042	$	56,562,044	$	–	$	193,659,086
Securities Sold Short
Common Stocks	$	68,479,729	$	–	$	–	$	68,479,729
Exchange-Traded Funds		3,837,750		–		–		3,837,750
Total Securities Sold Short	$	72,317,479	$	–	$	–	$	72,317,479