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
|