Otter Creek Long/Short Opportunity Fund

Performance data quoted is past performance. Past performance does not guarantee future results. The investment 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 1% redemption fee on shares held for 60 days or less. If reflected, total returns would be reduced. Click here for standardized performance.

Click here for the fund’s top 10 holdings.

Alpha is a way to measure the performance of a security on a risk-adjusted basis.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio relative to an index.

Cash Flow is the net amount of cash and cash-equivalents moving into and out of a business.

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.

The Dollar Index is an index that measures the value of the US Dollar relative to a group of other foreign currencies.

Duration is a measure of the sensitivity in the value for a security whenever there is a change in interest rates.

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 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.

Earnings Per Share (EPS) is the portion of a company’s profit allocated to each outstanding share of a common stock. It is calculated by taking the net income of a company and dividing it by the shares outstanding.

The EPS Growth is the change from year to year in the earnings per share of the S&P 500.

Tracking Error is the difference between the returns of the fund and the index.

Forward Earnings are a company’s estimated earnings which are typically made by an analyst or the company itself.

The Market Cap to GNP is a ratio used to determine whether an overall market is undervalued or overvalued. This is calculated by taking the stock market capitalization and dividing it by the corresponding market’s gross national product.

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.

The Producer Price Index (PPI) is an index that measures the changes in the prices that producers pay for goods and services.

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.

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.

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.

The Russell 3000 Index is an index with 3,000 large U.S. companies as determined by market capitalization. This represents 98% of the investible U.S. equity market.

The Russell 2000 Index is an index with 2,000 of the smallest companies in the Russell 3000 index. The index is designed to measure the performance of the small-capitalization sector of the US equity market.

The Russell 1000 Index is an index with 1,000 of the largest companies in the Russell 3000 index.

The Russell Midcap Index is an index with 800 of the smallest companies in the Russell 1000 index.

The Russell 2000 Growth Index is a subset of the Russell 2000 index with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Growth Index is a subset of the Russell 1000 index with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap Growth Index is a subset of the Russell Midcap index with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index is a subset of the Russell 2000 index with lower price-to-book ratios and lower forecasted growth values.

The Russell 1000 Value Index is a subset of the Russell 1000 index with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap Value Index is a subset of the Russell Midcap index with lower price-to-book ratios and lower forecasted growth values.

The S&P GSCI Total Return CME Index is mainly comprised of the principled physical commodities future contracts of the world on a weighted basis. It is used as a measure of commodity price movements and inflation in the world economy.

The Comprehensive Capital Analysis and Review (CCAR) is an annual review by the Federal Reserve to ensure that banking institutions have well-defined and forward looking capital planning processes.

Commodity Trading Advisor is an individual or company who specializes in trading futures contracts, commodity options and/or swaps.

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.

M&A is an acronym that stands for Mergers and Acquisitions.

EPS Growth is not a measure of the Fund’s future performance.