as of 12/11/2017
TickerNAV$ Change
OTTRX$11.44$-0.04
OTCRX$11.34$-0.04

LONG/SHORT OPPORTUNITY FUND

AVERAGE ANNUALIZED QUARTERLY PERFORMANCE DATA AS OF 09/30/17

  YTD 1 YR 3 YR SINCE INCEPTION*
Otter Creek Long/Short Opportunity Fund - Institutional Class -2.91% -3.31% 2.29% 4.25%

*The inception date for the Otter Creek Long/Short Opportunity Fund - Institutional Class (OTTRX) is 12/30/13.

HISTORICAL PERFORMANCE BY MONTH (OTTRX) % AS OF 11/30/17

  JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD S&P YTD
2017 -3.41% -0.09% -1.29% 0.35% -0.35% 0.70% 1.91% -1.02% 0.34% -0.26% -0.77% - -3.91% 20.49%
2016 3.49% -0.48% -3.39% 2.76% -1.22% -0.16% -0.74% -1.08% 1.51% 1.99% -3.41% 1.09% 0.08% 11.96%
2015 -0.36% 0.00% 1.19% 0.99% 0.18% -1.88% 1.64% 4.12% -1.98% 6.50% 0.49% -1.39% 9.57% 1.37%
2014 1.10% 1.78% 2.24% 3.42% 2.67% -0.36% -1.53% 0.46% -0.82% 1.74% -1.26% 0.07% 9.78% 13.68%

Expense Ratio: Gross 2.79%    Net 2.76%**

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate 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 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 redemption fee of 1.00% for shares held for 60 days or less. If reflected total returns would be reduced. **The Fund's investment advisor has contractually agreed to waive a portion of or all of its management fees through February 28, 2018.

Growth of $10,000 since inception

 Otter Creek Long/Short Opportunity Fund  S&P 500

This chart illustrates the performance of a hypothetical $10,000 investment made in the fund since inception on December 30, 2013. It assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. this chart does not imply any future performance.

DELTA SECTOR EXPOSURE AS OF 10/31/17

Delta Sector Exposure

GROSS DELTA SECTOR EXPOSURE AS OF 10/31/17

  LONG SHORT NET GROSS
Financials 20.0% -11.2% 8.8% 31.2%
Consumer Discretionary 2.7% -26.1% -23.4% 28.8%
Information Technology 11.1% -16.3% -5.2% 27.4%
Industrials 9.3% -9.0% 0.3% 18.3%
Consumer Staples 9.3% -1.8% 7.6% 11.1%
Real Estate 10.1% -0.5% 9.6% 10.6%
Materials 10.1% 0.0% 10.1% 10.1%
Health Care 6.9% -1.2% 5.7% 8.1%
Utilities 4.7% 0.0% 4.7% 4.7%
Energy 4.2% 0.0% 4.2% 4.2%
Other 0.0% -3.4% -3.4% 3.4%
TOTAL 88.4% -69.6% 18.8% 158.0%

Sector allocations are subject to change and are not a recommendation to buy or sell any security.