Team

INVESTMENT PROFESSIONALS

Tyler Walling

Principal and Portfolio Manager

Mr. Walling joined Otter Creek Management in May 2011 as an investment professional and co-founded Otter Creek Advisors in 2014. Prior to joining Otter Creek Management, Mr. Walling worked at Goldman Sachs & Co. as a Global Investment Research Associate from August 2009 through May 2011 and as a Global Investment Research Analyst from July 2006 through July 2009. While at Goldman Sachs & Co., Mr. Walling performed in-depth fundamental research and analysis for food, beverage, and tobacco companies, auto manufacturers and auto parts suppliers. Mr. Walling received his BS in Finance from Lehigh University in 2006.

Cory Reed, CFA

Principal and Portfolio Manager

Mr. Reed joined Otter Creek Advisors as an investment professional in 2016. Prior to joining Otter Creek, Mr. Reed worked as the Head Trader for Tetrem Capital Management, a $5B firm, located in Boston, MA from 2013 to 2016. From 2010 through 2012, Mr. Reed worked as an investment associate with LPL Financial in Boston, MA. Prior to joining LPL financial, Mr. Reed started his career in 2007, as a Trading Assistant at Westfield Capital Management in Boston MA. Mr. Reed received his BS in Business Administration and Finance from The University of Maine in 2007. Mr. Reed holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

MARKETING AND ADMINISTRATIVE PROFESSIONALS

Gordon Williams

Principal and Business Development Manager

Mr. Williams joined Otter Creek Management in September 2009 and co-founded Otter Creek Advisors in 2014. Prior to joining Otter Creek, he was a principal and co-founder of Ironworks Capital Management which was founded in 2005. In addition, Mr. Williams served as a Director for the OTC option business at IXIS Securities North America. Prior to joining IXIS, Mr. Williams worked with the Equity Derivatives Group at DLJ that was subsequently merged into Credit Suisse. From 1993 to December 1999, Mr. Williams served as Head of Business Development for San Francisco Sentry Investment Group, a multi-family office, located in San Francisco. Mr. Williams received a BA in History from the University of New Hampshire in 1989.

Justin Beals

Principal and Chief Operating Officer

Mr. Beals joined Otter Creek in 2012 as Director of Operations. In August of 2015, Mr. Beals was promoted to Chief Compliance Officer. Previous to joining Otter Creek, he was a Vice President at Deutsche Bank Alternative Fund Services in Boston Massachusetts. From 2007 to 2012, he held various positions with HedgeWorks (and subsequently Deutsche Bank) including managing client integrations in Boston, Dublin and Singapore. He also designed and implemented various global processes to increase efficiencies and decrease operational risk. From 2001 to 2007, he was with Mellon Financial Services where he eventually ended up supervising a team of individuals calculating daily net asset values for a Fortune 500’s 401k and pension plan. He started his career in the financial industry with Investor’s Bank and Trust in 2000. Mr. Beals received his B.A. in Economics and Political Science from Syracuse University.

Johanna Gaudino

Operations Associate

Ms. Gaudino received her BS from St. John’s University in 2000. She began her career in marketing including public relations, event management and sales support with firms in New York and Florida. Ms. Gaudino transitioned into the financial services industry and has been with Otter Creek Advisors since 2009.

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

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

The Strategy 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 Strategy 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.

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

We Are Social

REIT - Real Estate Investment Trust. MLP - Master Limited Partnership. Strategy AUM as of 04/30/22 is $3.2 Million. Firm AUM as of 04/30/22 is $158.2 Million.

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.

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.