Long/Short Opportunity Fund

Performance

AVERAGE ANNUALIZED QUARTERLY PERFORMANCE DATA AS OF 3/31/23

YTD 1 YR 3 YR 5 YR SINCE INCEPTION*
Otter Creek Long/Short Opportunity Fund – Institutional Class -3.32% -6.66% 5.98% 3.85% 3.51%
S&P 500 -7.50% -7.73% 18.60% 11.19% 11.17%

*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 3/31/23

Expense Ratio: Gross 2.52% Net 2.40%**
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, 2024.

Growth of 10K

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.

Sectors

Gross Delta Sector Exposure

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

Morningstar

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OTTER CREEK ADVISORS, LLC  |  11300 US 1  |  SUITE 500  |  PALM BEACH GARDENS, FL 33408  |  WWW.OTTERCREEKFUNDS.COM


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 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 a 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.

Past performance does not guarantee future results.

Diversification does not guarantee a profit or protect from loss in a declining market.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment.

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

Buying with a "margin of safety," a phrase popularized by Benjamin Graham and Warren Buffet, is when a security is purchased for less than its estimated value. This helps protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price. Correlation is the degree to which two or more attributes or measurements on the same group of elements show a tendency to vary together. Free Cash Flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. Standard deviation is a measure of the dispersion of a set of data from its mean; more spread-apart data has a higher deviation. Standard deviation is calculated as the square root of variance. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. 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. Return On Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Delta is the ratio comparing the change in price of the underlying asset to the corresponding change in the price of a derivative. It is not possible to invest directly in an index.

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

We Are Social

REIT - Real Estate Investment Trust.

MLP - Master Limited Partnership.

Fund AUM as of 4/30/23 is $169.3 Million.

Firm AUM as of 4/30/23 is $172.0 Million.

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 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 a 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.

Past performance does not guarantee future results.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Diversification does not guarantee a profit or protect from loss in a declining market.

The Securities and Exchange Commission (SEC) does not approve or disapprove of any investment.

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.

Click here for most recent standardized performance and click here for most recent holdings. Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.

Buying with a "margin of safety," a phrase popularized by Benjamin Graham and Warren Buffet, is when a security is purchased for less than its estimated value. This helps protect against permanent capital loss in the case of an unexpected event or analytical mistake. A purchase made with a margin of safety does not guarantee the security will not decline in price. Correlation is the degree to which two or more attributes or measurements on the same group of elements show a tendency to vary together. Free Cash Flow is a measure of the cash produced by the firm in a given period on behalf of equity holders. Standard deviation is a measure of the dispersion of a set of data from its mean; more spread-apart data has a higher deviation. Standard deviation is calculated as the square root of variance. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is not possible to invest directly in an index.

Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.

Correlation is a statistical measure that indicates the extent to which two or more variables fluctuate together. A drawdown is the peak-to-trough decline during a specific recorded period of an investment, fund or commodity.

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