Otter Creek Long/Short Opportunity Fund | |||||||||
SCHEDULE OF INVESTMENTS at July 31, 2021 (Unaudited) | |||||||||
Shares | Value | ||||||||
COMMON STOCKS: 78.5% | |||||||||
Asset Management & Custody Banks: 1.7% | |||||||||
170,000 | Blue Owl Capital, Inc. 1 | $ | 2,422,500 | ||||||
Biotechnology: 0.5% | |||||||||
75,000 | Immunic, Inc. 1 | 662,250 | |||||||
Construction & Engineering: 12.4% | |||||||||
63,294 | Ameresco, Inc. - Class A 1 | 4,337,538 | |||||||
46,889 | IES Holdings, Inc. 1 | 2,551,230 | |||||||
45,331 | Jacobs Engineering Group, Inc. 2 | 6,131,018 | |||||||
53,000 | Quanta Services, Inc. | 4,817,700 | |||||||
17,837,486 | |||||||||
Consumer Finance: 3.4% | |||||||||
17,765 | PayPal Holdings, Inc. 1 | 4,894,790 | |||||||
Electrical Components & Equipment: 6.8% | |||||||||
32,400 | Eaton Corp PLC | 5,120,820 | |||||||
163,800 | Vertiv Holdings Co. 2 | 4,592,952 | |||||||
9,713,772 | |||||||||
Electronic Equipment & Instruments: 3.4% | |||||||||
8,790 | Zebra Technologies Corp. - Class A 1 | 4,856,299 | |||||||
Electronic Manufacturing Services: 1.9% | |||||||||
31,900 | Trimble, Inc. 1 | 2,727,450 | |||||||
Financial Services: 4.5% | |||||||||
635,400 | E2open Parent Holdings, Inc. - Class A 1 | 6,385,770 | |||||||
Health Care Equipment: 6.8% | |||||||||
69,736 | Hologic, Inc. 1,2 | 5,232,989 | |||||||
27,500 | Zimmer Biomet Holdings, Inc. | 4,494,050 | |||||||
9,727,039 | |||||||||
Insurance Brokers: 3.7% | |||||||||
196,168 | BRP Group, Inc. - Class A 1 | 5,347,540 | |||||||
Integrated Telecommunication Services: 2.6% | |||||||||
244,600 | Radius Global Infrastructure, Inc. - Class A 1 | 3,749,718 | |||||||
Investment Banking & Brokerage: 2.0% | |||||||||
20,400 | LPL Financial Holdings, Inc. | 2,877,216 | |||||||
Life Sciences Tools & Services: 7.0% | |||||||||
150,000 | Avantor, Inc. 1 | 5,637,000 | |||||||
17,450 | IQVIA Holdings, Inc. 1 | 4,322,365 | |||||||
9,959,365 | |||||||||
Metal & Glass Containers: 3.5% | |||||||||
62,000 | Ball Corp. | 5,014,560 | |||||||
Regional Banks: 1.4% | |||||||||
66,223 | Seacoast Banking Corporation of Florida | 2,012,517 | |||||||
Renewable Electricity: 3.8% | |||||||||
70,773 | NextEra Energy Partners LP | 5,487,031 | |||||||
Research & Consulting Services: 5.0% | |||||||||
313,000 | Clarivate PLC 1 | 7,136,400 | |||||||
Semiconductors: 6.2% | |||||||||
28,276 | Analog Devices, Inc. 2 | 4,733,968 | |||||||
22,193 | Qorvo, Inc. 1 | 4,207,571 | |||||||
8,941,539 | |||||||||
Specialized Real Estate Investment Trusts: 1.5% | |||||||||
6,500 | SBA Communications Corp. | 2,216,435 | |||||||
Thrifts & Mortgage Finance: 0.4% | |||||||||
25,057 | HMN Financial, Inc. 1 | 556,516 | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $93,247,100) | 112,526,193 | ||||||||
CONVERTIBLE PREFERRED STOCKS: 1.8% | |||||||||
Research & Consulting Services: 1.8% | |||||||||
28,600 | Clarivate PLC, 5.250% 1 | 2,599,740 | |||||||
TOTAL CONVERTIBLE PREFERRED STOCKS | |||||||||
(Cost $2,869,770) | 2,599,740 | ||||||||
Principal Amount | |||||||||
CORPORATE BONDS: 12.7% | |||||||||
Investment Banking & Brokerage: 1.4% | |||||||||
$ | 2,000,000 | Goldman Sachs Capital II | |||||||
4.000%, (3 Month LIBOR USD + 0.077%), 8/30/2021 3,4 | 1,994,767 | ||||||||
Oil & Gas Equipment & Services: 5.5% | |||||||||
12,000,000 | KLX Energy Services Holdings, Inc. | ||||||||
11.500%, 11/1/2025 | 7,847,820 | ||||||||
Oil & Gas Storage & Transportation: 5.8% | |||||||||
8,000,000 | Hess Midstream Operations LP | ||||||||
5.625%, 2/15/2026 | 8,331,680 | ||||||||
TOTAL CORPORATE BONDS | |||||||||
(Cost $13,898,593) | 18,174,267 | ||||||||
CONVERTIBLE BONDS: 0.2% | |||||||||
Mortgage Insurance: 0.2% | |||||||||
200,000 | MGIC Investment Corp. | ||||||||
9.000%, 4/1/2063 | 263,500 | ||||||||
TOTAL CONVERTIBLE BONDS | |||||||||
(Cost $234,563) | 263,500 | ||||||||
Shares | |||||||||
CLOSED-END MUTUAL FUNDS: 2.3% | |||||||||
43,460 | BlackRock Florida Municipal 2020 Term Trust Escrow 5 | 0 | |||||||
199,700 | BlackRock Municipal 2020 Term Trust Escrow 5 | 0 | |||||||
226,499 | Owl Rock Capital Corp. 2 | 3,259,321 | |||||||
TOTAL CLOSED-END MUTUAL FUNDS | |||||||||
(Cost $2,788,769) | 3,259,321 | ||||||||
SHORT-TERM INVESTMENTS: 4.1% | |||||||||
Money Market Funds: 4.1% | |||||||||
5,910,275 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.010% 6 | 5,910,275 | |||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $5,910,275) | 5,910,275 | ||||||||
TOTAL MISCELLANEOUS SECURITIES: 2.2% 7 | Notional Amount | ||||||||
(Cost $5,057,135) | $ | 164,036,800 | 3,239,541 | ||||||
TOTAL INVESTMENTS IN SECURITIES: 101.8% | |||||||||
(Cost $124,006,205) | 145,972,837 | ||||||||
Liabilities in Excess of Other Assets: (1.8)% | (2,621,448 | ) | |||||||
TOTAL NET ASSETS: 100.0% | $ | 143,351,389 |
LIBOR – London Interbank Offered Rate | ||||||||||||
1 | Non-income producing security. | |||||||||||
2 | All or a portion of the shares of this security have been committed as collateral for securities sold short. | |||||||||||
3 | Variable rate security; rate shown is the rate in effect on July 31, 2021. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor. | |||||||||||
4 | Perpetual call date security. Date shown is next call date. | |||||||||||
5 | Not a readily marketable security. | |||||||||||
6 | Annualized seven-day effective yield as of July 31, 2021. | |||||||||||
7 | 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 JULY 31, 2021 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS: 24.5% 1 | ||||||||
Agricultural & Farm Machinery: 0.7% | ||||||||
8,500 | The Toro Company | $ | 966,790 | |||||
Apparel Retail: 1.1% | ||||||||
18,100 | Boot Barn Holdings, Inc. | 1,564,202 | ||||||
Application Software: 1.8% | ||||||||
22,770 | Guidewire Software, Inc. | 2,623,104 | ||||||
Asset Management & Custody Banks: 1.1% | ||||||||
30,000 | Focus Financial Partners, Inc. - Class A | 1,539,900 | ||||||
Auto Parts & Equipment: 0.9% | ||||||||
8,000 | Fox Factory Holding Corp. | 1,292,320 | ||||||
Automobile Manufacturers: 0.9% | ||||||||
2,000 | Tesla Motors, Inc. | 1,374,400 | ||||||
Building Products: 1.2% | ||||||||
28,721 | AAON, Inc. | 1,785,010 | ||||||
Computer Hardware: 1.3% | ||||||||
35,000 | Intel Corp. | 1,880,200 | ||||||
Environmental & Facilities Services: 1.6% | ||||||||
60,600 | Rollins, Inc. | 2,322,798 | ||||||
Household Products: 1.2% | ||||||||
34,500 | Central Garden & Pet Co. | 1,666,005 | ||||||
Industrial Machinery: 1.4% | ||||||||
9,000 | Snap-on, Inc. | 1,961,820 | ||||||
Investment Banking & Brokerage: 1.8% | ||||||||
38,000 | Stifel Financial Corp. | 2,528,520 | ||||||
Leisure Products: 0.5% | ||||||||
8,000 | YETI Holdings, Inc. | 770,640 | ||||||
Life & Health Insurance: 0.5% | ||||||||
6,000 | Trupanion, Inc. | 690,120 | ||||||
Managed Health Care: 1.5% | ||||||||
29,000 | HealthEquity, Inc. | 2,145,420 | ||||||
Packaged Foods & Meats: 1.5% | ||||||||
2,000 | Freshpet, Inc. | 292,900 | ||||||
21,806 | McCormick & Company, Inc. 2 | 1,835,411 | ||||||
2,128,311 | ||||||||
Specialty Stores: 1.6% | ||||||||
41,413 | National Vision Holdings, Inc. | 2,235,474 | ||||||
Technology Hardware, Storage & Peripherals: 2.2% | ||||||||
33,000 | HP, Inc. | 952,710 | ||||||
20,200 | Logitech International SA | 2,202,810 | ||||||
3,155,520 | ||||||||
Trading Companies & Distributors: 1.7% | ||||||||
14,100 | SiteOne Landscape Supply, Inc. | 2,464,398 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $33,372,847) | 35,094,952 | |||||||
EXCHANGE TRADED FUNDS: 9.1% 1 | ||||||||
11,000 | ARK Next Generation Internet ETF | 1,623,050 | ||||||
12,000 | iShares Russell 2000 ETF | 2,652,600 | ||||||
9,000 | iShares Russell 2000 Growth ETF | 2,700,450 | ||||||
20,200 | SPDR S&P Homebuilders ETF | 1,522,878 | ||||||
11,500 | Vanguard S&P 500 ETF | 4,636,225 | ||||||
13,135,203 | ||||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Proceeds $12,787,977) | 13,135,203 | |||||||
TOTAL SECURITIES SOLD SHORT: 33.6% | ||||||||
(Proceeds $46,160,824) | $ | 48,230,155 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
1 | Non-income producing security. | |||||||
2 | Non-voting shares. |
Summary of Fair Value Exposure at July 31, 2021 (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 July 31, 2021. 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 | $ | 112,526,193 | $ | – | $ | – | $ | 112,526,193 | |||||||
Convertible Preferred Stocks | 2,599,740 | – | – | 2,599,740 | |||||||||||
Corporate Bonds | – | 18,174,267 | – | 18,174,267 | |||||||||||
Convertible Bonds | – | 263,500 | – | 263,500 | |||||||||||
Closed-End Mutual Funds | 3,259,321 | – | 0 | 1 | 3,259,321 | ||||||||||
Short-Term Investments | 5,910,275 | – | – | 5,910,275 | |||||||||||
Miscellaneous Securities | – | 3,239,541 | – | 3,239,541 | |||||||||||
Total Investments in Securities | $ | 124,295,529 | $ | 21,677,308 | – | $ | 145,972,837 | ||||||||
Securities sold short | |||||||||||||||
Common Stocks | $ | 35,094,952 | $ | – | $ | – | $ | 35,094,952 | |||||||
Exchange Traded Funds | 13,135,203 | – | – | 13,135,203 | |||||||||||
Total Securities Sold Short | $ | 48,230,155 | $ | – | $ | – | $ | 48,230,155 | |||||||
1 BlackRock Florida Municipal 2020 Term Trust Escrow and BlackRock Municipal 2020 Term Trust Escrow, in Closed-End Mutual Funds on the Schedule of Investments, are Level 3 securities. |
The following is a reconciliation of the Fund’s Level 3 assets for which significant unobservable inputs were used to determine fair value: | |||||||||||||||||||
Closed-End Mutual Funds | Total | ||||||||||||||||||
Balance as of October 31, 2020 | $ | 3,636,535 | $ | 3,636,535 | |||||||||||||||
Acquisitions | - | - | |||||||||||||||||
Dispositions | (3,546,574 | ) | (3,546,574 | ) | |||||||||||||||
Accrued discounts/premiums | - | - | |||||||||||||||||
Realized gain (loss) | (26,999 | ) | (26,999 | ) | |||||||||||||||
Change in unrealized appreciation/depreciation | (62,962 | ) | (62,962 | ) | |||||||||||||||
Transfer in and/or out of Level 3 | - | - | |||||||||||||||||
Balance as of July 31, 2021 | $ | - | $ | - | |||||||||||||||
Change in unrealized appreciation/depreciation for Level 3 investments held at July 31, 2021 | $ | - | $ | - | |||||||||||||||
Type of Security | Fair Value at 7/31/21 | Valuation Techniques | Unobservable Input | Input Value(s) | |||||||||||||||
Closed-End Mutual Funds | $ | - | Liquidation Terms Factor | Market Data | $ | - | |||||||||||||
Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||
The Trust’s valuation procedures have been adopted by the Trust’s Board of Trustees, which has established a Valuation Committee to oversee valuation techniques. The Board of Trustees ratifies valuation techniques quarterly. |