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.

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.

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.

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

The SPDR S&P Bank ETF is an exchange-traded fund which seeks to replicate the performance of the S&P Banks Select Industry Index. It is comprised of various banks and banking institutions listed on US stock markets.

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 Philadelphia Stock Exchange Semiconductor Index (SOX) is a modified capitalization-weighted index which is comprised of companies that are involved in the design, distribution, manufacturing and sale of semiconductors.

The S&P 500 Consumer Discretionary Sector GICS Level 1 Index is a capital-weighted index which includes industries such as auto, household durables, textiles & apparel, leisure equipment, hotels, restaurants, other leisure facilities, media production & services and consumer retailing.

The MSCI World Index is a free-float weighted equity index. It includes developed world markets, and does not include emerging markets.

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”.

The Employment Cost Index (ECI) is a quarterly report from the US Department of Labor that measures the growth of employee compensation. It is used to track the changes in the cost of labor.

The London Inter-Bank Offered Rate (LIBOR) is a benchmark rate that many banks use to charge each other for short-term loans.

The Global Citibank Economic Surprise Index is comprised of the historical standard deviations of data surprises (actual releases vs Bloomberg survey median). A positive reading suggests that economic releases on balance have been beating consensus.

The Price to Tangible Book Value (P/TBV) is a valuation ratio expressing the price of a security compared to its tangible book value as reported on the company’s balance sheet.

The Tangible Book Value is the total net asset value of a company (book value) minus intangible assets and goodwill. A company’s standard book value may be significantly affected by intangible assets and/or goodwill.

The Green Street Commercial Property Price Index (Green Street CPPI) is an index of commercial property values based off of commercial real estate transactions currently being negotiated and contracted.

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