Institutional Class: OTTRX

OTTER CREEK LONG/SHORT OPPORTUNITY FUND Investor Class: OTCRX

www.ottercreekfunds.com

INVESTMENT STRATEGY PROCESS

FUND INCEPTION
December 30, 2013 The Fund employs a long/short investment strategy in an attempt to achieve capital appreciation
and manage risk. The Fund takes long positions in securities Otter Creek believes to be
undervalued and short positions in securities Otter Creek believes to be overvalued. The Fund’s
AS OF DATE objective is to provide long-term capital appreciation.
April 30, 2019 PERFORMANCE
Since Since
NET ASSETS MTD1 QTD 1 YTD 1 Inception 1 1-Year 2 3-Year2 5-Year2 Inception 2
$141.9 Million Institutional Class
(OTTRX) -0.17% -0.17% -2.56% 14.95% 1.06% -1.30% 1.82% 2.72%

FUND TYPE Investor Class

(OTCRX) -0.27% -0.27% -2.67% 13.55% 0.80% -1.51% 1.59% 2.50%
Long/Short Mutual Fund

S&P 500 Index 4.05% 4.05% 18.25% 78.39% 9.51% 13.54% 10.92% 10.84%
MINIMUM INVESTMENT
Institutional Class: $100,000 Morningstar L/S
Investor Class: $2,500 Equity Category 1.91% 1.91% 7.87% 14.57% -0.27% 4.25% 2.15% 2.26%

1
Cumulative as of month‐end April 30, 2019
REDEMPTION FEE 2
Annualized as of previous quarter‐end March 31, 2019
1% (if sold within 60 days of
purchase) 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
POTFOLIO MANAGERS current performance may be lower or higher than the performance data quoted. Performance
Tyler C. Walling data current to the most recent month end may be obtained by calling 855-681-5261.
Michael J. Winter, CFA Performance data quoted does not reflect the redemption fee. If reflected, total returns would
be reduced.
The Fund's investment adviser has contractually agreed to waive a portion or all of its
INVESTMENT ADVISOR management fees and pay Fund expenses (excluding acquired fund fees and expenses
Otter Creek Advisors, LLC (“AFFE”), interest, taxes, interest and dividend expense on securities sold short and
11300 US Highway 1, Suite 500 extraordinary expenses) to cap the fees at 1.70% for the institutional class and 1.95% for the
Palm Beach Gardens, FL 33408 investor class until at least February 28, 2020. The expense ratios as per the previous
(561) 832-4110 prospectus were 2.41% gross and 2.32% net for the institutional class and 2.64% gross and
2.55% net for the investor class. The net expense ratios are applicable to investors. The
expense ratios are based on the estimated amounts and may not reflect the actual expense
TRANSFER AGENT ratios.
U.S. Bancorp Fund Services, LLC
615 East Michigan Street Growth of $10,000 Since Inception
$19,000
Milwaukee, WI 53202 $18,000
$17,000 $17,839
$16,000
$15,000
ADMINISTRATOR $14,000
U.S. Bancorp Fund Services, LLC $13,000
$12,000 $11,495
615 East Michigan Street $11,000
$10,000 $11,457
Milwaukee, WI 53202
$9,000

OTTRX S&P 500 Morningstar L/S Equity Category

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.
Portfolio Statistics As of April 30, 2019
OTTRX S&P 500
Weekly standard deviation 6.5% 12.8%
__r__ 2
__r__
Weekly correlation to the S&P 500 since inception -0.14 0.02
 Institutional Class: OTTRX
OTTER CREEK LONG/SHORT OPPORTUNITY FUND Investor Class: OTCRX
www.ottercreekfunds.com

MTD Sector Attribution As of April 30, 2019 Gross Delta Sector Exposure As of April 30, 2019 Gross Delta Sector Exposure As of April 30, 2019
Long Short Net Long Long Short Net
Short Net Gross Long Short Net Gross
20%
Financials 0.9% -2.3% -1.4% ## 15% 11.7% -26.7% -15.0% 38.5% Consumer Discretionary 11.7% -26.7% -15.0% 38.5%
Consumer Discretionary 1.4% -0.6% 0.7% ## 10% #REF! #REF! #REF! #REF! Financials 13.5% -17.1% -3.6% 30.6%
5%
Industrials 1.0% -0.5% 0.5% ## 0%
#REF! #REF! #REF! #REF! Information Technology 15.2% -14.7% 0.5% 29.9%
Materials -0.3% -0.1% -0.3% ## -5% #REF! #REF! #REF! #REF! Industrials 15.9% -13.3% 2.6% 29.2%
-10%
Information Technology 1.4% -1.1% 0.3% ## #REF! #REF! #REF! #REF! Health Care 9.8% -3.3% 6.5% 13.1%
-15%
Health Care -0.2% 0.0% -0.2% ## -20% #REF! #REF! #REF! #REF! Materials 8.4% -2.5% 5.9% 10.8%
Utilities 0.1% 0.0% 0.1% ## -25% #REF! #REF! #REF! #REF! Utilities 8.1% 0.0% 8.1% 8.1%
-30%
Real Estate 0.0% 0.0% 0.0% ## #REF! #REF! #REF! #REF! Consumer Staples 1.3% -3.7% -2.4% 5.0%
Energy 0.0% 0.0% 0.0% ## #REF! #REF! #REF! #REF! Energy 2.2% 0.0% 2.2% 2.2%
Consumer Staples 0.2% -0.2% 0.0% Real Estate 1.7% 0.0% 1.7% 1.7%
Other 0.0% 0.0% 0.0% Other 0.0% 0.0% 0.0% 0.0%
Total 4.6% -4.8% -0.2% Total #REF! #REF! #REF! #REF! Total 87.8% -81.3% 6.5% 169.1%
Historical Performance By Month (OTTRX)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD S&P YTD
2019 -2.13 -1.13 0.88 -0.17 -2.56% 18.25%
2018 2.33 -3.54 -0.70 2.02 0.34 -1.89 1.14 -1.64 -0.18 1.94 1.30 0.58 1.54% -4.39%
2017 -3.41 -0.09 -1.29 0.35 -0.35 0.70 1.91 -1.02 0.34 -0.26 -0.77 0.43 -3.49% 21.82%
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% 11.95%
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%

Concentration of Assets As of April 30, 2019 Top 10 Securities (% of Net Assets) As of April 30, 2019
Dollar Delta-Adj Walt Disney Co/The 5.7% eBay Inc 3.9%
Top 5 Long Positions 23.9% 23.9% FLIR Systems Inc 5.0% SVB Financial Group -3.6%
Top 10 Long Positions 41.4% 41.4% Zimmer Biomet Holdings Inc 4.7% Leidos Holdings Inc 3.5%
Top 5 Short Positions -15.7% -21.8% Harris Corp 4.5% Seacoast Banking Corp of Florida 3.5%
Top 10 Short Positions -26.9% -38.4% Xylem Inc/NY 4.0% NextEra Energy Partners LP 3.4%

Month End Attribution Commentary

The Otter Creek Long/Short Opportunity Fund Institutional Class depreciated approximately 0.17% in April while the S&P 500 gained 4.05%.

At month end, the portfolio’s delta-adjusted exposure was 6.5% net long. Our long portfolio appreciated 4.6% while our short portfolio (inclusive of puts)
depreciated 4.8%.

For the month, the largest winner for the fund was our long position, The Walt Disney Co (DIS), which added 1.09% for the month. DIS shares appreciated on
the back of a positive analyst day that showcased the company's direct-to-consumer platform and strategy. Texas Roadhouse Inc.
(TXRH) was the fund’s most profitable short position adding approximately 0.64% as the shares fell due to the company reporting and issuing weaker than
expected guidance because of ongoing wage pressures. SVB Financial Group (SIVB), a short, was the largest loser for the month costing the fund
approximately 0.71%. The largest loser on the long side was our position in Newmont Goldcorp which cost 0.40% as gold prices declined.

Single Stock Updates

FLIR Systems (FLIR) reported 1% organic sales growth and a 190 basis points (bps) improvement in operating margins. Organic bookings grew 34% which
supports sales growth accelerating going forward. Management reaffirmed guidance of 5% organic sales growth and 22%-23% operating margins resulting in
earnings per share (EPS) of $2.30-$2.36. FLIR continues to remain a core mid-cap growth holding for us as we expect the new management team to drive
faster than expected sales and operating margin growth. FLIR is valued at 22x 2019 earnings, relatively in-line with the historical average.

Zimmer Biomet (ZBH) reported a 1% increase in organic sales growth and maintained is 2019 guidance. Importantly, the quarter was another incremental step
in the company’s turnaround as sales and profits meet expectations. We continue to view Zimmer as an attractive idiosyncratic long as management
accelerates sales growth later in the year driven by new product launches and an improved supply chain. Zimmer is valued at 15x 2019 earnings relative to its
medical devices peers at 18x-22x earnings.

eBay (EBAY) reported constant currency sales growth of 4%, but overall gross merchandising volume (GMV) declined 6% driven by a reduction in low margin
market spending that was weighing on margins. Operating margins expanded 190bps. Overall, we believe the financial results were mixed, but are
incrementally encouraged that the company provided more segment disclosure detail around margins in its Classified and StubHub business which is
supportive for the sum-of-the-part / break-up story going forward. We continue to believe eBay is an attractive special situations investment. eBay is valued at
14x 2019 earnings and has a 1.5% dividend yield.

Attribution Commentary Continued on Next Page

OK-Fact
 Institutional Class: OTTRX
OTTER CREEK LONG/SHORT OPPORTUNITY FUND Investor Class: OTCRX
www.ottercreekfunds.com

Attribution Commentary cont.

Leidos (LDOS) reported a better than expected quarter driven by 6% revenue growth and 10% earnings growth. Management indicated a robust $36 billion (bn)
pipeline that could support over 5% revenue growth in the intermediate term. Importantly, management raised its cash flow outlook suggesting robust cash flow
growth this year. The company remains committed to being a repurchaser of its shares given the current valuation of 15x 2019 earnings.

Snap-on (SNA) reported total sales down 1.5% and organic sales (excluding currency impact) of +1.4%, however, management admitted that sales into their
franchised van network was greater than the franchisee sales to auto repair shops suggesting modest inventory builds. We remain short because we believe the
company continues to be increasingly reliant on extending payment terms via its in-house finance arm to boost near-term sales. We don’t believe the strategy is
sustainable long-term. Snap-on trades for 14x 2019 consensus earnings which we view as aggressive given the pull forward in demand.

BlackRock (BLK) reported a 7% decline in revenue and operating income fell 11%. EPS was roughly flat relative to 1Q18. The company continues to struggle
growing operating income despite a 3% increase in assets under management. BLK operating income peaked in 4Q17 at $1.488bn relative to the $1.233bn in
operating income reported in 1Q19. BlackRock is valued at 17x 2019 earnings despite reporting no earnings growth the past several quarters.

Illinois Tool Works (ITW) organic sales were flat year-over-year and operating margins (excluding restructuring charges) increased modestly. The company
reaffirmed its 2019 EPS guidance of $7.90-$8.20 per share, representing around 4% growth. We remain short because we believe guidance remains overly
optimistic in the midst of the ongoing weakness in the global auto industry and risk to growth in the non-residential industry. ITW is valued at 20x 2019 earnings
despite muted sales and earnings growth.

Texas Instruments (TXN) reported a 5% sales decrease as demand continued to slow across most of the company’s end markets. Operating income declined
11% and EPS decreased 7%. The company did exhibit strong cash flow generation despite weak sales and earnings. We believe any improvement in growth
will be elusive in the near-term given the company’s sizable exposure to the weak auto end market that is facing soft sales and elevated inventory levels. Texas
Instruments is trading at 23x 2019 earnings.

Market Commentary

For the month of April the broad indices made all-time highs. The NASDAQ Composite gained 4.77 percent, the S&P 500 returned 4.05 percent, and the Dow
Jones Industrial Average rose 2.66 percent. From a sector perspective the semiconductors industry was the top performer in April, up 10%. Financials was the
top performing sector in large and mid-caps while Technology was the leader in small-caps. Unsurprisingly April saw the bulk of companies report Q1 earnings
and dispersion among industry returns increased sharply in April. At the time of this publication, 83% of companies in the S&P 500 have reported aggregate
revenue growth of 4.5% and EPS growth of 1.83%, the slowest quarterly year-over-year growth metrics since 2016.

April marked a busy and important month for U.S. economic data providing us with the final look at the last month of the quarter and included a much anticipated
Federal Reserve meeting. With the government shutdown in January, April marked the first month where the majority of the data was caught up and not
distorted. Positively, U.S. payroll growth continues to remain strong and unemployment is 3.8%, more importantly wage growth was over 3% keeping the
consumer tailwind intact. However, we believe that is the extent of the obviously positive news for the month. The Purchasing Managers' Index (PMI) data
continued to decelerate albeit remaining above expansion levels. The purchasing managers index peaked at 59.5 in September 2018 and in the most recent
April reading logged a 2.5 year low of 52.8. We continue to expect readings to remain soft and consistent with moderate 2% gross domestic product (GDP)
growth. The headline economic news in the month was GDP which was a head scratching 3.2% annualized. The print was widely panned as the internal
components contained 0.7% boost from transitory inventories while real domestic and final demand decelerated. Subsequent to that the government used a
personal consumption expenditures (PCE) deflater of 0.65% which is surprising since the core consumer price index (CPI) reading was 1.85% for the month, a
120 basis point divergence. These two numbers generally correlate pretty strongly and we suspect that the PCE deflater while understated in April numbers will
likely reflect higher inflation and thusly a more muted real GDP growth number moving forward. The last negative surprise to investor sentiment was the Fed
whose expectations for an “insurance cut” was not answered and instead communicated a patient stance. We believe that these reset expectations should help
the market recalibrate heading into 2Q 2019 where the S&P 500 has some of the hardest growth comps in history.

The members of Otter Creek appreciate your support and trust. If you have any questions concerning the fund or firm, please do not hesitate to reach out.
 Institutional Class: OTTRX
OTTER CREEK LONG/SHORT OPPORTUNITY FUND Investor Class: OTCRX
www.ottercreekfunds.com

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 Morningstar Long/Short Equity Category is a composite of returns produced by Morningstar
which can be used to compare the returns of other mutual funds in the same category. © 2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information. It is not possible to invest directly in either index. Delta is the ratio comparing the change in price of the
underlying asset to the corresponding change in the price of a derivative. Standard deviation is a measure of the dispersion of a set of data from its mean. 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. A basis
point (BPS) is 1/100 of a percentage point. 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. Dividend yield is a financial ratio that shows how much a company pays out in dividends each year
relative to its share price. Cash Flow is the net amount of cash and cash-equivalents moving into and out of a business. The Institute for Supply Management Manufacturing
Purchasing Managers’ Index (PMI Composite 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 Core Personal Consumption Expenditures (Core PCE) is a measure of prices paid by consumers excluding food and
energy prices. The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation,
food and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price
changes associated with the cost of living; the CPI is one of the most frequently used statistics for identifying periods of inflation or deflation. NASDAQ is a global electronic marketplace
for buying and selling securities as well as the benchmark index for U.S. technology stocks. The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in
the NASDAQ marketplace. The Dow Jones Industrial Average (DJIA) is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or the Nasdaq Stock
Exchange.

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.