Otter Creek Advisors, LLCOctober 30, 2018 | 3rd Quarter Review

Overview

Executive Summary

Attribution

Investment Process

Framing the Macro and Market Environment

Current Themes

Portfolio Composition

Table of Contents

1

• Otter Creek Advisors

• Fundamentally focused investors

• Value orientated

• 100% employee owned

• Launched the Otter Creek Long/Short Opportunity Fund December 30, 2013

• Fund assets are $160.7 million as of September 30th, 2018

Firm Overview

Past performance does not guarantee future results  2

Performance Returns      As  of September 30, 2018   Portfolio Statistics      As  of September 30, 2018  

Since Inception 1

Since Inception 3

   Institutional Class (OTTRX) 13.58% 2.73% Weekly Standard Deviation   Investor Class (OTCRX) 12.38% 2.50%   S&P 500 Index 74.47% 12.46%   Morningstar L/S Equity Category 16.10% 3.20%

Total Expense Ratio 4 Weekly Correlation (since inception)      As  of September 30, 2018  

    r2   

   Institutional Class (OTTRX)    OTTRX vs. S&P 500 Index   Investor Class (OTCRX)

4 1 Cumulative  return s ince  Fund inception date  of December 30, 20132 Annual ized return for one  year and three  years3 Annual ized return s ince  Fund inception date  of December 30, 2013

1 Year 2 3 Year 2 OTTRX S&P 500‐2.83% ‐0.12% 6.2% 11.8%‐3.03% ‐0.35%17.95% 17.33%5.69% 5.42%

The  Fund's  investment advisor has  contractual ly agreed to reduce  i ts  fees  and/or absorb expenses  of the  fund unti l  at least February 28, 2019.  The  expense  ratios  are  based on estimated amounts  and may not reflect the  actual  expense  ratios .

Gross Net     r    2.34% 2.31% ‐0.05 0.002.60% 2.57%

STRATEGY

Generate absolute risk-adjusted returns with a focus on long-term capital appreciation with below average volatility by investing in opportunities both long and short which are driven by intensive fundamental analysis

Attempt to achieve capital preservation during periods of dislocation

Executive Summary

Performance data quoted is past performance. Past performance does not guarantee future results. The investment and principal value of aninvestment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The current performancemay be lower or higher than the performance data quoted. Performance data current to the most recent month‐end may be obtained by calling(855) 681‐5261. Performance data quoted does not reflect the 1% redemption fee on shares held for 60 days or less. If reflected, total returnswould be reduced.

3

Attribution: Long and Short

Otter Creek Advisors focuses on generating absolute returns in both our long and short portfolio for the Fund

Past performance does not guarantee future results  4

1 For the period from January 1, 2018 through September 30, 2018 4 For the period from January 1, 2015 through December 31, 20152 For the period from January 1, 2017 through December 31, 2017 5 For the period from January 1, 2014 through December 31, 20143 For the period from January 1, 2016 through December 31, 2016 Source: Company Reports

7.5%

-8.5%

-0.6%-2.2%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

20181

Long Short Cash Net

19.3%

-17.9%

-1.6%-3.6%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

20172

Long Short Cash Net

12.5%

-0.7%-1.7%

9.8%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

20145

Long Short Cash Net

5.5% 5.8%

-1.9%

9.5%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

20154

Long Short Cash Net

11.7%

-8.7%

-1.8%

0.1%

-10%

-5%

0%

5%

10%

15%

20163

Long Short Cash Net

Past performance does not guarantee future results 

Fund Attribution 2018 3rd Quarter

5

Long Short NetInformation Technology 2.5% ‐0.2% 2.3%Consumer Discretionary 0.7% ‐2.6% ‐1.9%Health Care 1.5% ‐0.2% 1.2%Industrials 0.8% ‐1.7% ‐0.9%Financials ‐1.2% 0.3% ‐0.9%Real Estate ‐0.2% ‐0.1% ‐0.3%Consumer Staples 0.3% ‐0.1% 0.2%Materials ‐0.2% 0.0% ‐0.2%Utilities 0.1% 0.0% 0.1%Other 0.0% ‐0.1% ‐0.1%Energy 0.0% 0.0% 0.0%Gross Return 4.4% ‐4.7% ‐0.5%

Net Expenses ‐0.2%Net Return ‐0.7%

Quarter‐to‐Date Sector Attribution

Fund Contributors and Detractors2018 3rd Quarter

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any securities 

Notable Changes Trimmed gains in Leidos Holdings to maintain approximate position size

Modestly added to Zimmer Holdings during the quarter

Covered a portion of our short equity and added puts in Proto Labs

Covered a portion of our short equity and added puts in NVIDIA

Added to our put position in Snap-on

Added puts in Ollies

Past performance does not guarantee future results 

6

 Top 5 Contributors  Long/Short

Security Return(Q3)

Portfolio Contribution  Top 5 Detractors  Long/Short

Security Return(Q3)

Portfolio Contribution

Leidos Holdings Inc Long 17.7% 1.1% Proto Labs Inc Short 36.0% ‐0.8%

Zimmer Biomet Holdings Inc Long 18.2% 0.8% NVIDIA Corporation Short 18.7% ‐0.7%

Trimble Inc Long 32.3% 0.7% Snap‐on Inc Short 14.8% ‐0.7%

FLIR Systems Inc Long 18.6% 0.7% Ollies Bargain Outlet Holdings Inc Short 32.6% ‐0.6%

Aramark Corp Long 16.3% 0.6% E‐Trade Financial Corp Long ‐14.3% ‐0.6%

The Otter Creek Investment ProcessFundamentally Driven

INVESTABLE UNIVERSEWilshire 5000 & American Depositary Receipts

Any listed security in capital structureMost attractive risk/reward in capital structure

INVESTMENT PROCESSNarrow investment universe by:

• Develop a macroeconomic thesis• Frame bond and equity market valuations• Identify thematic ideas• Identify secular trends

CONCENTRATED PORTFOLIOTypically 30‐35 longs and 30‐35 shorts

Equity put exposure ranges from 1% ‐ 5% of capital

IDEA GENERATIONIndustry conferencesFinancial screensNetwork base

SHORT• Aggressive accounting• Deteriorating balance sheet metrics• Low quality earnings• High financial leverage• High level of insider selling

COMPANY CHARACTERISTICSLONG• Operating margins > 10%• Return on Equity > 15%• #1 or #2 market share position• Low‐to‐moderate financial leverage• Consistent and growing dividends

7

Past performance does not guarantee future results 

Fund AttributionOctober 1st through October 26th

8

Top Contributors Ellie Mae (ELLI)

Snap-on (SNA)

NVIDIA Corp (NVDA)

SVB Financial Group (SIVB)

BlackRock (BLK)

Proto Labs (PRLB)

Source: Company ReportsSector and Top Contributors are for the period 10/01/2018 to 10/26/2018

Long Short NetInformation Technology ‐1.8% 4.5% 2.6%Financials ‐1.9% 3.5% 1.5%Industrials ‐1.6% 2.6% 1.0%Materials ‐0.9% 0.0% ‐0.9%Utilities ‐0.4% 0.0% ‐0.4%Consumer Discretionary ‐1.3% 1.6% 0.3%Other 0.0% 0.1% 0.1%Consumer Staples ‐0.3% 0.2% ‐0.1%Energy ‐0.1% 0.0% ‐0.1%Health Care ‐1.0% 0.9% ‐0.1%Real Estate 0.0% ‐0.1% ‐0.1%Gross Return ‐9.0% 14.0% 3.7%

Net Expenses 0.1%Net Return 3.9%

Month‐to‐Date Sector Attribution

9

Macro & U.S. Divergence

A negative estimate revision cycle is underway

Source: Hedgeeye as of 09/30/2018

Source: Lohman Econometrics, Bloomberg

Consecutive Quarters of Accelerating YoY U.S. Real GDP Growth

10Source: Bloomberg , Morgan Stanley Research

U.S. Micro

45

50

55

60

65

70

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Manufacturing ISM & New Orders

ISM ISM New Orders

Source: Bloomberg as of 09/30/2018

Source: BLS, Smith Travel Research Source: Haver Analytics, Gluskin Sheff

Increasing evidence growth peaked 1H18Growth in U.S. manufacturing remains steady

Housing data points continue to soften

RevPar decelerating 

11Source: Bloomberg as of 06/21/2018

Rates and Federal Reserve Bank

*Referencing U.S Economy

The magnitude of increase in 2YR real rates is similar to prior recessions

Financial conditions tightening after significant easing since 

2016

Source: Goldman Sachs as of 10/20/2018

Source: Thomson Reuters

Global yields are now rising

The Fed’s view of the economy is more optimistic despite the evidence that growth peaked 

12Source: Bloomberg as of 06/21/2018

Earnings Revisions & Peak Margin

‐5%0%5%10%15%20%25%30%

‐30%‐20%‐10%0%10%20%30%40%50%

Q1 20

13Q2 20

13Q3 20

13Q4 20

13Q1 20

14Q2 20

14Q3 20

14Q4 20

14Q1 20

15Q2 20

15Q3 20

15Q4 20

15Q1 20

16Q2 20

16Q3 20

16Q4 20

16Q1 20

17Q2 20

17Q3 20

17Q4 20

17Q1 20

18Q2 20

18Q3 20

18Q4 20

18 Est

Q1 20

19 Est

S&P 500 Growth Metrics 

EBIT Growth Earnings Growth Sales Growth (RHS)

Source: Alphasense, Morgan Stanley Research Source: Alphasense, Morgan Stanley Research

Source: Nordea Capital Markets

Up 4x from end of 2016

2019 estimates could be challenging to meet given mixed macro, cost pressure and difficult comparisons

13

Source: Bloomberg as of 09/30/2018

Valuations

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

2.3

2.5

S‐93

O‐94

N‐95

D‐96

J‐98

F‐99

M‐00

A‐01

M‐02

J‐03

J‐04

A‐05

S‐06

O‐07

N‐08

D‐09

J‐11

F‐12

M‐13

A‐14

M‐15

J‐16

J‐17

A‐18

S&P 500 Price to Sales 

Price/Sales Average 1 St‐Dev 2 St‐Dev

S&P 500 valuation remains elevated on a price to sales basis, but less so on price to earnings

Rising real rates typically pressure equity valuations especially for high-multiple stocks

14Source: Strategas

Market Observations

Source :FactSet Research Systems 9/21/2018

Source: Strategas as of 10/21/2018

Record high buybacks .. yet negative EPS revisions increasing

Relatively Low Gross and Net Fund Exposure

• We look for attractive absolute return opportunities

• We maintain a high cash balance for when absolute return opportunities increase

15

Gross delta‐adjusted exposure 171.2% Net delta‐adjusted exposure 6.9%Source: Company Reports Source: Company Reports

Historical Delta-adjusted ExposureHistorical Delta-adjusted Gross Exposure As of September 30, 2018 As of September 30, 2018

60%

80%

100%

120%

140%

160%

180%

01/31/14

04/30/14

07/31/14

10/31/14

01/31/15

04/30/15

07/31/15

10/31/15

01/31/16

04/30/16

07/31/16

10/31/16

03/31/17

06/30/17

09/30/17

12/31/17

03/31/18

06/30/18

09/30/18

-82.1%

89.1%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

01/31/14

04/30/14

07/31/14

10/31/14

01/31/15

04/30/15

07/31/15

10/31/15

01/31/16

04/30/16

07/31/16

10/31/16

03/31/17

06/30/17

09/30/17

12/31/17

03/31/18

06/30/18

09/30/18

Long Delta Short Delta Net Delta

Investment Themes

16

THEME RATIONALE COMPANY

America First Companies that are beneficiaries from the current administration's agenda Leidos (LDOS), FLIR Systems (FLIR), Harris (HRS)

Financial Deregulation Benefits from deregulation should provide a multi-year tailwind to earnings and drive higher capital returns to shareholders via higher share repurchases and dividends

Seacoast Bank Corp. (SBCF), Ameris Bancorp (ABCB) CenterState Bank Corp. (CSFL)

Hard Asset Companies that should benefit from higher inflation and commodity prices Archer-Daniels-Midland (ADM), Nutrien (NTR), Newmont Mining (NEM)

Water Companies benefiting from demand for an improvement in water infrastructure Xylem (XYL), American Waterworks (AWK), SJW Group (SJW)

Demographic Changes: Millennials & Baby Boomers

Millennials spending habits are changing, new demands for healthier foods and using e-commerceAging population will drive long term secular demand for healthcare

Calavo Growers (CVGW), Thermo Fisher (TMO)Abbott Laboratories (ABT), Zimmer Biomet (ZBH)

Special Situations Visibility on tax rates, tax repatriation, improved business confidence will result in higher M&ACompanies going through value-enhancing break-ups

Ashland (ASH), DowDupont (DWDP), E*TRADE (ETFC)

THEME RATIONALE COMPANY

Interest Rate Risks Companies that could be negatively impacted from rising interest rates, in addition face increased competition, rising input costs

Snap-on (SNA), Elli Mae (ELLI), Aaron's (AAN)

Exchange Regulatory Risk Business mix has shifted to increasing exchange fees which is unsustainableRegulatory initiatives will adversely effect exchanges

Intercontinental Exchange (ICE), Nasdaq (NDAQ)

Risk in Restaurants We expect negative estimate revisions as benefits from tax cuts slow, wage pressure increases and sales growth slows

Dine Brands Global (DIN), BJ's Restaurants (BJRI)

Peak Semis Peak stock prices don't reflect the potential profit slowdown over the next 6-12 months

Broadcom (AVGO), NVIDIA (NVDA), Intel Corp (INTC), Qorvo (QRVO)

Profitless Growth Companies growing sales, but losing incrementally more money, facing increased competition

Tesla (TSLA), Shopify (SHOP), Wayfair (W), Netflix (NFLX), Zillow Group (ZG)

As of 09/30/2018

LONG INVESTMENT THEMES

SHORT INVESTMENT THEMES

Red = new position or theme

Otter Creek Long/Short Opportunity Fund Investment Themes As a Percent of Invested Capital

Source: Company ReportsAs of 10/26/2018

17

Long Theme: Water

18

Investment Thesis: • Depleted water infrastructure in the U.S• U.S water infrastructure is rated a “D” by Civil

Engineers• Secular growth opportunity as infrastructure

investment increases

• Key beneficiaries:• AWK• XLY

Short Theme: U.S Stock Exchanges

19

Investment Thesis:• Market consolidation has led to competition concerns

• Operates as an Oligopoly 13 exchanges with 12 of them owned by three companies (58% market share)

• Business mix has shifted to increasing exchange fees which we believe is unsustainable

• We believe regulatory initiatives will adversely effect exchanges

• Brett Redfearn, formerly head of all Market Structure at JPMorgan, recently left to become the Head of the SEC’s trading and market division. Redfearn’s main goal as head of the SEC’s trading & market division is to reform the exchanges and lower prices.

• SEC Commissioner Jackson last week gave a significant policy address, titled, “Rethinking Exchange Regulation”

Source: SEC.gov, Company Filings

Source: Company filings, Bloomberg as of 06/30/2018

0%5%10%15%20%25%30%35%40%

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

Market Data Business % of Revenue 

ICE NDAQ

InterContinental Exchange (ICE)

NYSE

NYSE ARCA

NYSE American LLC

NYSE National, Inc

Chicago Stock Exchange

Nasdaq (NDAQ)

NASDAQ PHLX LLC

Nasdaq BX

Nasdaq Stock Market

CBOE Global Markets (CBOE)

CBOE BYX Exchange

BZX Exchange

CBOE EDGA Exchange

CBOE EDGX Exchange

Exchange Market Share

New Short: Cambrex (CBM)

20

Company Discretion:• Manufactures pharmaceutical ingredients for

drug manufacturers• GILD is CBM’s largest customer (35% sales)

Investment Thesis:• Gilead’s Hep C Franchise meaningfully improved

CBM’s sales and margins, however, we believe the decline in the Gilead business will now drive meaningfully lower margins

• An international competitor experienced similar margin improvement to CBM and margin are now down over 1,000bps

• Significant insider selling by management with strong track record of selling before disappointing events

• We expect management to rebase margin expectations lower over next 1-2 quarters.

Source: SEC.gov, Company Filings

Exchange Market Share

Source: 3D Advisors

Short Theme: Restaurants Update

21

Short Investment Thesis:

• Tax cuts created a temporary improvement in sales from casual dining restaurant stocks - who we believe have secular challenges

• Survey work suggests sales growth peaked in 3Q18

• Input cost pressure via wages building

• We expect sizeable negative estimate revisions

• Stocks we are short:• BJRI: up 78% YTD, valued at

30x earnings

• DIN: up 60% YTD, 7x levered

Source: Evercore ISI 10/19/2018Source: Company filings, Bloomberg as of 06/30/2018

Exchange Market Share

Source: Evercore ISI 10/19/18

Otter Creek Long/Short Opportunity FundCurrent Sector Exposure

22

Source: Company ReportsAs of 09/30/2018

Otter Creek Long/Short Opportunity FundValuation of Portfolio

23

Weighted Averages      As of October 26, 2018   Market Cap      As of September 30, 2018  

P/E '18 2

 Long Portfolio Mega (>= 100 billion) Short Portfolio Large (>= 10 billion & < 100 billion) S&P 500 Mid (>= 1 billion & < 10 billion)1 Market Cap is in millions of dollars Small (< 1 billion)2 P/E estimated based on non‐Generally Accepted Accounting Principles (GAAP) 2 Gross Exposures are Delta Adjusted

  Source: Bloomberg

% of Net Assets % of Net Assets

KLX Inc KLX IncLeidos Holdings Inc Leidos Holdings IncFLIR Systems Inc Zimmer Biomet Holdings IncCDK Global Inc Aramark CorpAshland Inc Snap‐on IncBerkshire Hathaway Inc‐CL B FLIR Systems IncPotlatch Corporation Seacoast Banking Corp of FloridaNextEra Energy Partners LP Berkshire Hathaway Inc‐CL BKirby Corp Ashland IncSeacoast Banking Corp of Florida E‐Trade Financial Corp

Market Cap 1 Gross Exposure 2

5.7%93.1%

15.4x27.7x

5.6%4.8%4.3%

6.4%

$60,780$35,170

57.6%8.6%

Top 10 Securities      As of June 30, 2018   Top 10 Securities      As of September 30, 2018  

16.3x

3.3%3.3%

6.6%6.4%5.0%4.5%‐4.2%4.1%3.8%3.6%3.5%3.4%

4.3%3.5%3.4%3.3%

Drawdown AnalysisS&P 500 Drawdowns of 3% Since Inception of OTTRX

24

Performance data quoted is past performance. Past performance does not guarantee future results. The investment and principal value of an investment willfluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The current performance may be lower or higher thanthe performance data quoted. Performance data current to the most recent month‐end may be obtained by calling (855) 681‐5261. Performance data quoteddoes not reflect the 1% redemption fee on shares held for 60 days or less. If reflected, total returns would be reduced.

Source: Company ReportsAs of 09/30/2018

Definitions

• Correlation is a statistical measure of how two securities move in relation to each other.  The correlation coefficient (r) is a measure that determines the degree to which two variable's movements are associated.  The coefficient of determination (r2) is a measure used in statistical model analysis to assess how well a model explains and predicts future outcomes.

• Delta is the ratio comparing the change in price of the underlying asset to the corresponding change in the price of a derivative.• Delta‐adjusted equity exposure is a representation of the portfolio's equity exposure which has been adjusted to take into account the combined effect of options and equity 

positions.• The EPS Growth is the change from year to year in the earnings per share of the S&P 500.• P/E or Price‐to‐Earnings is a ratio derived by dividing the price of a stock by the earnings per share of the company.• Standard deviation is a measure of the dispersion of a set of data from its mean.  • A basis point (BP) is 1/100 of a percentage point. The Largest Drawdown is the greatest percentage peak‐to‐trough decline (high point to low point over consecutive days) since 

inception of the fund. • GDP reflects the Gross Domestic Product of a country.  It is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. • Generally Accepted Accounting Principles (GAAP) are a common set of accounting standards and procedures which companies should use to compile their financial statements in 

order to ensure consistency across different companies.• The Price to Sales Ratio (P/S) is calculated by dividing the company’s market capitalization by its total sales over a twelve month period.• The Book Value is the total value of a company which is calculated by taking the total assets minus the intangible assets (patents, goodwill, etc.) and liabilities. • The Market Capitalization (Market Cap) is the current market value of a company.  It is derived by taking the outstanding shares times the current price.• FX and FOREX are acronyms that stand for Foreign Exchange.  This is the idea of purchasing one currency by selling another.• Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. • Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to 

undertake new projects or investments by the firm.• Duration is a measure of the sensitivity in the value for a security whenever there is a change in interest rates. • Cash Flow is the net amount of cash and cash‐equivalents moving into and out of a business.• The Enterprise Multiple (EV/EBITDA) is a ratio used to determine the value of a company.  It is calculated by taking the Enterprise Value and dividing it by EBITDA.• The Enterprise Value to Sales ratio (EV/sales) is a way to measure a company’s enterprise value versus its sales.• The Enterprise Value (EV) is a measure of a company’s value.  It is calculated as market cap plus debt, minority interest and preferred shares, minus total cash and cash 

equivalents.• EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization expenses. It is a measure used to analyze and compare profitability between companies 

of different characteristics because it largely eliminates the effect of accounting and financing decisions.• Earnings growth is the annual rate of growth of earnings from investments.

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Definitions

• The Standard and Poor's 500 Index (S&P 500) is a capitalization‐weighted index of 500 stocks.  The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

• The Wilshire 5000 Index is a capitalization‐weighted index of over 5,000 securities. The index is designed to measure performance of all US equity securities with readily available price data.

• The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index is an index which is comprised of surveys from purchasing managers in the manufacturing sector.  It can be used as an indicator of the economic health of the manufacturing sector.

• The Non‐Manufacturing ISM is a report produced by The Institute of Supply Management (ISM) for all sectors of the economy other than manufacturing.  It can be used as an indicator of the overall economic condition for the non‐manufacturing sector.

• The Institute for Supply Management (ISM) Purchasing Managers’ Composite Index is an index which is comprised of surveys from purchasing managers across all sectors of the economy  It can be used as an indicator of the economic health of the economy as a whole.

• NASDAQ is a global electronic marketplace for buying and selling securities as well as the benchmark index for U.S. technology stocks.• The NASDAQ Composite Index is a broad‐based capitalization‐weighted index of stocks in the NASDAQ marketplace.• The Federal Reserve Bank of New York (FRBNY) Underlying Inflation Gauge captures sustained movements in inflation from information contained in a broad set of price, real 

activity and financial data. • The Goldman Sachs Discretionary Most Short Index is an index of the most shorted consumer discretionary stocks which is compiled from data at Goldman Sachs Prime 

brokerage and New York Stock Exchange short interest data.• The EM10FX Spot Index is an index comprised of the 10 largest Emerging Market currencies as measured against the US Dollar.• The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) reflects a market estimate of future volatility based on the weighted average of the implied volatilities for a 

wide range of strikes.  The index is a widely used measure of market risk and is often referred to as the “investor fear gauge”.

26It is not possible to invest directly in an index

Legal Disclaimers

Otter Creek Advisors, LLC is the Advisor to the Otter Creek Long/Short Opportunity Fund which is distributed by Quasar Distributors, LLC.

The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 1‐855‐681‐5261 or visiting www.ottercreekfunds.com.  Read carefully before investing. 

Mutual fund investing involves risk; Principal loss is possible. The Fund is non‐diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer‐term debt securities. Investments in lower‐rated and non‐rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in Asset‐Backed and Mortgage‐Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. The Fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. Short sales of securities involves the risk that losses may exceed the original amount invested. Investments in Master Limited Partnerships (MLPs) which concentrate investments in the natural resource sector and are subject to the risks of energy prices and demand and the volatility of commodity investments.  Damage to facilities and infrastructure of MLPs may significantly affect the value of an investment and may incur environmental costs and liabilities due to the nature of their business. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment. Investments in IPOs are subject to market and liquidity risks and such investments may have a magnified impact on the performance of the Fund. To qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code ("Code"), the Fund must meet certain income source, asset diversification and annual distribution requirements. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as an ordinary corporation and would become (or remain) subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.It is not possible to invest directly in an index.EPS Growth is not a measure of the Fund’s future performance

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