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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 S&P 500 Equal Weight index is the equal-weight version of the S&P 500 index. It includes the same securities as the S&P 500 but each company is allocated a fixed weight of the index at each quarterly rebalance.

The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

The 60/40 S&P 500 Equal Weight and Bloomberg Aggregate Bond Index as described herein, takes 60% of the S&P 500 Equal Weight index return and 40% of the Bloomberg US Aggregate Bond Index in order to better represent the investment strategy of the Fund.

The HFRI Equity Hedge Total Index (HFRIEHI or HFRI Index) is primarily comprised of long and short positions in equity and equity derivative securities. The index is designed to measure the performance of Investment Managers who would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities, both long and short.

Standard deviation is a measure of the dispersion of a set of data from its mean.

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.

Correlation is a statistical measure of how two variables move in relation to each other. The correlation coefficient (r) measures the strength and direction of a linear relationship between two variables.

The coefficient of determination (r2) is a measure used in statistical analysis to assess how well a model explains variance and predicts future outcomes; it allows us to determine how certain one can be in making predictions from a certain model.

A drawdown is the peak-to-trough decline during a specific recorded period of an investment, fund or commodity security.

A drawdown is usually quoted as the percentage between the peak and the subsequent trough.

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

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.

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.

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.

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.

Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures.

Return on Invested Capital (ROIC) is a profitability or performance ratio that aims to measure the percentage return that investors in a company are earning from their invested capital. It also represents the residual value of assets minus liabilities.

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

GARP stands for "growth at a reasonable price" and is a fundamental-driven investment strategy. It's a way to identify stocks that have strong growth potential but aren't overvalued.

Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from a particular fund.

Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

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. 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.

Earnings growth is not a measure of the Fund’s future performance.