Otter Creek Long/Short Opportunity Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 91.7%
  
Shares
    
Value
 
Aerospace & Defense - 6.2%
        
L3Harris Technologies, Inc.
    
13,600
    
$
3,737,552
  
Parsons Corp. (a)
    
54,567
      
4,048,871
  
             
7,786,423
  
                 
Application Software - 9.4%
          
Guidewire Software, Inc. (a)
    
13,901
      
3,144,684
  
Microsoft Corp.
    
6,966
      
3,716,361
  
Salesforce, Inc.
    
9,325
      
2,408,927
  
Workday, Inc. - Class A (a)
    
10,650
      
2,442,897
  
             
11,712,869
  
                 
Casinos & Gaming - 2.7%
          
DraftKings, Inc. - Class A (a)
    
73,900
      
3,328,456
  
                 
Communications Equipment - 3.5%
          
F5, Inc. (a)
    
14,000
      
4,387,880
  
                 
Construction & Engineering - 3.4%
          
Jacobs Solutions, Inc.
    
18,700
      
2,652,969
  
Quanta Services, Inc.
    
3,840
      
1,559,539
  
             
4,212,508
  
                 
Electrical Components & Equipment - 3.0%
          
Vertiv Holdings Co. - Class A
    
26,000
      
3,785,600
  
                 
Electronic Components - 3.2%
          
Coherent Corp. (a)
    
1,442
      
155,159
  
Corning, Inc.
    
60,385
      
3,818,748
  
             
3,973,907
  
                 
Electronic Manufacturing Services - 3.9%
          
Flex Ltd. (a)
    
98,000
      
4,887,260
  
                 
Financial Exchanges & Data - 5.6%
          
Intercontinental Exchange, Inc.
    
23,647
      
4,370,675
  
Nasdaq, Inc.
    
27,725
      
2,667,700
  
             
7,038,375
  
                 
Health Care Equipment - 3.8%
          
Hologic, Inc. (a)
    
71,000
      
4,744,220
  
                 
Health Care Technology - 1.5%
          
Waystar Holding Corp. (a)
    
51,370
      
1,899,663
  
                 
Industrial Conglomerates - 6.0%
          
3M Co.
    
24,896
      
3,714,981
  
GE HealthCare Technologies, Inc.
    
52,209
      
3,723,546
  
             
7,438,527
  
                 
Insurance Brokers - 5.4%
          
Baldwin Insurance Group, Inc. - Class A (a)
    
123,797
      
4,560,681
  
Ryan Specialty Holdings, Inc.
    
36,100
      
2,208,959
  
             
6,769,640
  
                 
Interactive Home Entertainment - 3.1%
          
Take-Two Interactive Software, Inc. (a)
    
17,300
      
3,853,229
  
                 
Interactive Media & Services - 3.8%
          
Meta Platforms, Inc. - Class A
    
6,143
      
4,751,242
  
                 
Internet Retail - 4.0%
          
Amazon.com, Inc. (a)
    
21,051
      
4,928,250
  
                 
Internet Software & Services - 1.2%
          
Alphabet, Inc. - Class A
    
7,818
      
1,500,274
  
                 
Investment Banking & Brokerage - 3.6%
          
LPL Financial Holdings, Inc.
    
11,462
      
4,535,857
  
                 
IT Consulting & Other Services - 2.3%
          
EPAM Systems, Inc. (a)
    
17,950
      
2,830,894
  
                 
Life Sciences Tools & Services - 6.7%
          
Avantor, Inc. (a)
    
336,014
      
4,516,028
  
Danaher Corp.
    
19,700
      
3,884,052
  
             
8,400,080
  
                 
Property & Casualty Insurance - 2.9%
          
W R Berkley Corp.
    
52,379
      
3,604,199
  
                 
Technology Hardware, Storage & Peripherals - 3.6%
          
CompoSecure, Inc. (a)
    
316,500
      
4,497,465
  
                 
Transaction & Payment Processing Services - 2.9%
          
Block, Inc. (a)
    
46,810
      
3,616,541
  
TOTAL COMMON STOCKS (Cost $98,211,830)
      
114,483,359
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 8.4%
  
Shares
    
Value
 
MSILF Treasury Portfolio - Institutional Class, 4.13%(b)
    
10,517,590
      
10,517,590
  
TOTAL MONEY MARKET FUNDS (Cost $10,517,590)
      
10,517,590
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $108,729,420)
      
125,000,949
  
Liabilities in Excess of Other Assets - (0.1)%
      
(138,971
)
TOTAL NET ASSETS - 100.0%
          
$
124,861,978
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.


Otter Creek Long/Short Opportunity Fund
  
Schedule of Securities Sold Short
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - (37.8)%
  
Shares
    
Value
  
Aerospace & Defense - (1.4)%
        
Loar Holdings, Inc.
    
(24,000
)
  
$
(1,773,840
)
                 
Application Software - (3.3)%
          
Cadence Design Systems, Inc.
    
(6,135
)
    
(2,236,637
)
Descartes Systems Group, Inc.
    
(17,900
)
    
(1,893,104
)
             
(4,129,741
)
                 
Asset Management & Custody Ban - (3.2)%
          
Blackrock, Inc.
    
(3,574
)
    
(3,952,880
)
                 
Building Products - (5.0)%
          
CSW Industrials, Inc.
    
(9,100
)
    
(2,361,268
)
Lennox International, Inc.
    
(6,462
)
    
(3,935,358
)
             
(6,296,626
)
                 
Commodity Chemicals - (2.6)%
          
Hawkins, Inc.
    
(19,500
)
    
(3,183,960
)
                 
Food Retail - (0.3)%
          
Sprouts Farmers Market, Inc.
    
(2,400
)
    
(363,696
)
                 
General Merchandise Stores - (1.5)%
          
Ollie's Bargain Outlet Holdings, Inc.
    
(13,300
)
    
(1,817,179
)
                 
Health Care Equipment - (1.7)%
          
Intuitive Surgical, Inc.
    
(4,500
)
    
(2,164,905
)
                 
Hypermarkets & Super Centers - (2.5)%
          
Walmart, Inc.
    
(32,000
)
    
(3,135,360
)
                 
Industrial Machinery & Supplies - (2.1)%
          
Kadant, Inc.
    
(7,900
)
    
(2,628,883
)
                 
Internet Software & Services - (1.1)%
          
Shopify, Inc. - Class A
    
(11,000
)
    
(1,344,310
)
                 
Other Specialty Retail - (2.4)%
          
Tractor Supply Co.
    
(53,300
)
    
(3,035,435
)
                 
Personal Care Products - (1.7)%
          
BellRing Brands, Inc.
    
(40,000
)
    
(2,183,200
)
                 
Restaurants - (3.6)%
          
Shake Shack, Inc. - Class A
    
(9,500
)
    
(1,143,230
)
Texas Roadhouse, Inc.
    
(17,900
)
    
(3,313,827
)
             
(4,457,057
)
                 
Semiconductors - (2.3)%
          
MACOM Technology Solutions Holdings, Inc.
    
(21,000
)
    
(2,879,940
)
                 
Technology Hardware, Storage & Peripherals - (3.1)%
          
Apple, Inc.
    
(18,500
)
    
(3,840,045
)
TOTAL COMMON STOCKS (Proceeds $43,889,341)
      
(47,187,057
)
                 
EXCHANGE TRADED FUNDS - (37.7)%
  
Shares
    
Value
  
Industrial Select Sector SPDR Fund
    
(26,000
)
    
(3,952,260
)
Invesco QQQ Trust Series 1
    
(11,000
)
    
(6,215,110
)
Invesco S&P 500 Equal Weight ETF
    
(55,000
)
    
(10,099,650
)
iShares Russell 2000 ETF
    
(30,000
)
    
(6,581,700
)
iShares Russell 2000 Growth ETF
    
(21,000
)
    
(6,093,150
)
iShares Russell Mid-Cap ETF
    
(97,100
)
    
(9,099,241
)
SPDR S&P Retail ETF
    
(65,000
)
    
(5,099,900
)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $44,553,173)
      
(47,141,011
)
                 
TOTAL SECURITIES SOLD SHORT - (75.5)% (Proceeds $88,442,514)
          
$
(94,328,068
)
                 
Percentages are stated as a percent of net assets.
                
                 

Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
Otter Creek Long/Short Opportunity Fund (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 July 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
114,483,359
    
$
–
    
$
–
    
$
114,483,359
  
  Money Market Funds
    
10,517,590
      
–
      
–
      
10,517,590
  
Total Investments
  
$
125,000,949
    
$
–
    
$
–
    
$
125,000,949
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(47,187,057
)
  
$
–
    
$
–
    
$
(47,187,057
)
  Exchange Traded Funds
    
(47,141,011
)
    
–
      
–
      
(47,141,011
)
Total Investments
  
$
(94,328,068
)
  
$
–
    
$
–
    
$
(94,328,068
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.