Los Angeles • Newport Beach • Boston www.aristotlefunds.com

Aristotle Capital Management, LLCAristotle/Saul Global Opportunities Fund Update (ARSOX)

1Q16

2

Aristotle/Saul Global Opportunities Fund (Class I: ARSOX)

2

Fund Highlights:

1) Flexible global mandate

All-cap, all-country, equity-focused

Ability to allocate to cash, bonds and gold-related investments

2) Disciplined and pragmatic approach

Focused portfolio of unique companies

We recognize that quality and value come in many different forms

3) Well-diversified portfolio with an eye towards risk mitigation

Our ambition is to not be exceedingly biased to any economic environment

There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including the potential loss of principal.

Global | Equity | Flexible | Quality | Diversified

Fund Objective:

The Fund seeks to maximize long term capital appreciation and income.

3

Aristotle/Saul Global Opportunities Fund (Class I: ARSOX)

PORTFOLIO OVERVIEW

As of March 31, 2016

Holdings and allocations will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations. Recommendations for the last 12 months are available upon request.

Fund Composition (%)

Top 10 Holdings (%)ITC Holdings 3.5Danaher 3.1Microsoft 3.1Baxter International 3.0Samsung Electronics 2.8Mondelēz International 2.8Peyto Exploration & Dev. 2.8Walgreens Boots Alliance 2.8Agnico Eagle Mines 2.7Astellas Pharma 2.6TOTAL 29.2

U.S. Equity, 35.3%

Developed Non-U.S. Equity, 40.0%

Emerging Markets,

5.3%

Gold-Related,

7.2%

Bonds, 0.0%

Cash,12.2%

ARSOX MSCI ACWI

ARSOX MSCI ACWI

Under I OverConsumer Discretionary 4.0 12.9Consumer Staples 15.4 10.7Energy 8.2 6.5Financials 5.1 20.4Health Care 8.0 11.7Industrials 11.0 10.5Information Technology 13.0 15.0Materials 8.7 4.8Telecommunication Services 2.0 4.0Utilities 5.2 3.5Gold-Related 7.2 ---Cash 12.2 ---Corporate Bonds --- ---

Europe (ex United Kingdom) 15.1 15.7United Kingdom 3.2 6.4Japan 12.5 7.5Asia (ex Japan) 1.6 4.1Emerging Markets 5.3 10.0United States 35.3 53.2Canada 7.6 3.1Gold-Related 7.2 ---Cash 12.2 ---Corporate Bonds --- ---

Sector Allocation (%)

Regional Allocation (%)

0.012.2

7.21.7

-2.03.9

-2.00.5

-3.7-15.3

1.74.7

-8.9

-30 0 30

0.012.2

7.24.5

-17.9-4.7

-2.55.0

-3.2-0.6

-30 0 30

Under I Over

4

Underappreciated QualityBank of America

Compagnie Financière RichemontDanaher

Dassault SystèmesDiageo

ExperianGivaudanMedtronic Microsoft

Mondelēz InternationalOracle

Paypal HoldingsSchlumberger

UnileverWalgreens Boots Alliance

Overlooked QualityAstellas Pharma

Baxter InternationalErste Group Bank

HypermarcasITC Holdings

KubotaKurita Water Industries

KDDILennar

Martin Marietta MaterialsNational Fuel Gas Company

OshkoshSamsung Electronics Co.

Stock Spirits GroupToray Industries

Toyo Suisan Kaisha

Out-of-Favor QualityAgnico Eagle Mining

Arch Coal*Cameco

Canadian Natural ResourcesCentamin

Newcrest MiningPeyto ExplorationSandfire Resources

Uranium Participation

* residual 0.04% position in secured bond **positions added in 1Q16 are bolded

Past performance is not indicative of future results. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capitalmakes in the future will be profitable or equal the performance of the securities listed in this report. Allocations are subject to change. Recommendations for the last 12 months are available upon request. Please see importantdisclosures at the end of this document.

Portfolio Holdings (as of 3/31/2016)

“Diversification, after all, is not how many different things you own, but how different the things you do own are in the risks they entail.”

~Seth Klarman

5

Portfolio Characteristics

Underappreciated Quality

Overlooked Quality

Out-of-Favor Quality

Past performance is not indicative of future results. Allocations are subject to change. Please see important disclosures at the end of this document.

# of Holdings% of Total Portfolio

Average Market Cap Average Net Debt / EBITDAReturn on Invested Capital (5yr)

Valuation:Discount to Fair Value*Average EV/EBITDA** (‘16E)Average P/E (’16E)

Statistics:Average Volatility (90 day)Average Correlation (1 year to ACWI)Average Beta (1 year to ACWI)

1538%

$94.8 billion0.6x12%

1633%

$23.5 billion1.2x8%

917%

$9.6 billion1.1x5%

20%15x22x

29%11x19x

37%10x22x

36%0.560.86

28%0.671.02

42%0.350.85

as of 3/31/2016

*Fair Value is an internal estimate. **EBITDA is Earnings Before Interest Taxes Depreciation & Amortization and is a proxy for pre-tax cash flow.Sources: Factset, Bloomberg

6

1Q16 Performance Review

Top-5 Detractors -2.19%:

Top-5 Contributors 3.41%:

Summary: Selection drove relative outperformance Gold-related exposure helped Japan exposure was primary drag Currency gains partially offset by hedges

Sources: Factset, BloombergA complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document.

Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investmentreturn and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance information quoted. To obtain performanceinformation current to the most recent month‐end please call 1‐888‐661‐6691.

Gold-Related 2.13% U.S. 1.42% Canada/Australia 0.81% Emerging Market 0.36% Fixed Income -0.16%Europe -0.37%Japan -1.52%Portfolio Contribution (Local) 2.67%

Foreign Currency, gross 2.63%Foreign Currency Hedges -1.13% Currency Contribution, net* 1.50%

Fees/Other -0.28%

ARSOX 1Q16 Total Net Return 3.89%*Developed market currency exposure is systematically hedged approximately 50% through short-duration forward contracts

7

ARSOX Performance

Sources: Advent, MSCI7

Performance data quoted here represents past performance. Past performance is no guarantee of future results.Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Current performance may be lower or higher than the performance information quoted. Toobtain performance information current to the most recent month‐end please call 1‐888‐661‐6691.The Fund’s advisor has contractually agreed to waive certain fees and/or absorb expenses, through April 30, 2016, to theextent that the total annual operating expenses do not exceed 1.10% of average daily net assets of the Fund. The Fund’sadvisor may seek reimbursement from the Fund for waived fees and/or expenses paid for three years from the date of thewaiver or payment. Without these reductions, the Fund’s performance would have been lower. A redemption fee of 1.00%will be imposed on redemptions of shares within 30 days of purchase.Gross expense ratio is 1.55%. Net expense ratio is 1.11%.

Performance as of Quarter-End as of 3/31/2016

*Inception date is 3/30/12

Total Returns (%) QTD 1 YR 3 YR 5 YR Since Inception1

ARSOX Class I 3.89 0.51 1.79 --- 3.36

MSCI ACWI Index (Net) 0.24 -4.34 5.54 --- 6.76

-5

0

5

10Trailing Periods

8

Underappreciated Quality

What is underappreciated?

World-class brands with leadership positions in Life Science & Diagnostics, Dental and Environmental industries

Separation into two more focused companies (post-Fortive spin) can allow both entities to thrive

Post-separation Danaher transitions to a Life Science & Diagnostics-focused company (more resilient business)

Recent Pall acquisition can provide a strong “beachhead” in the water filtration business

Underappreciated improvement and margin expansion potential in diagnostics, filtration and dental franchises

High gross margin businesses with 24 consecutive years of free cash flow exceeding net income

Danaher Corporation $65 billion market capitalization, U.S. company Founded in 1984 Innovative science and technology conglomerate, with Kaizen

inspired culture that utilizes an operating system focused on continuous improvement (Danaher Business System)

As of 3/31/16Sources: Company Annual Reports, BloombergThe company identified above is an example of a holding and is subject to change without notice. The company was selected to help illustrate the investment process described herein. A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document.

9

Overlooked / Misunderstood Quality

What is overlooked / misunderstood?

Aggregates is a unique business with remarkably high barriers to entry and pricing power

Martin Marietta has a leading market share (#1 or #2) in 85% of the markets in which it operates

Demand is well-balanced both geographically and by customer base (public and private sector)

New highway bill can provide some funding certainty to commit to multi-year aggregate intensive construction projects

Operational improvements and synergies from recent Texas Industries acquisition are underappreciated

Disciplined management team with solid balance sheet and opportunity to continue industry consolidation

Martin Marietta Materials, Inc. $10 billion market capitalization, U.S. company Founded in 1961 (spun-off from Lockheed Martin in 1996) Construction aggregates focused company; 2nd largest producer in U.S. Focused on California, Colorado, Florida, Georgia, Iowa & Texas

As of 3/31/16Sources: Company Annual Reports, BloombergThe company identified above is an example of a holding and is subject to change without notice. The company was selected to help illustrate the investment process described herein. A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document.

10

1Q16 Activity (Sells)

Sells: To have sustainable success in the oil business, we believe you need to “tick the good box” in thefollowing four categories: assets, people, returns and balance sheet. Continental is run by what webelieve to be capable people with some of the best assets in the industry, which has driven strongreturns on capital. Unfortunately, balance sheets are not static and Continental’s balance sheethas deteriorated to the point where we would not invest in the company today if we did notalready hold a position. We would need oil to rebound above $60 in short order to get the balancesheet back to a sustainable level and that is a proposition we do not need to take, particularly giventhe resilience of our other energy holdings.

Despite the implication of the company’s name, Dundee Precious Metals generates a large andgrowing portion of its profits from its copper smelter. Significant investments in the smelter overthe last few years have failed to produce the results we anticipated, adding uncertainty tomanagement’s ability to execute and optimize this unique asset. In addition, we are increasinglyquestioning the company’s ability to fund its expansion projects in Eastern Europe.

More details can be found in the 1Q16 shareholder letter which can be found on the www.aristotlefunds.com website or is available by request.A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document.

We were increasingly having more questions than answers in a few key areas that are outside thecompany’s control. Rising non-performing student loans and increased uncertainty overgovernment subsidy program has us questioning the sustainability of demand, which skyrocketedin Brazil over the last 5 years. In addition, we are seeing increased competition from private equityand local players in the distance learning business. Kroton remains a dominant player with what webelieve is a quality offering in a growing market and we will continue to monitor its progress fromafar.

11

Disclosures

Important Information:

The views in this report were as of the date stated and may not necessarily reflect the same views on the datethis letter is first published or any time thereafter. These views are intended to help shareholders inunderstanding the Fund’s investment methodology and do not constitute investment advice.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, sothat an investor’s shares, when redeemed, may be worth more or less than their original cost.

An investment in the Fund is subject to risks and you could lose money on your investment in the Fund. Theprincipal risks of investing in the Fund include, but are not limited to, investing in foreign securities, emergingmarkets, short sales, derivatives, below investment grade bonds, convertible securities, and ETFs.

Foreign securities have additional risks including currency rate changes, political and economic instability, lackof comprehensive company information, less market liquidity, less efficient trading markets, and differingauditing controls and legal standards.

Investments in emerging markets involve even greater risks. The use of short sales and ETFs may cause theFund to have higher expenses than those of other equity funds. Short sales are speculative transactions andinvolve special risks, including a greater reliance on the investment team's ability to accurately anticipate thefuture value of a security. The Fund’s losses are potentially unlimited in a short sale transaction. The Fund’suse of short sales and futures contracts leverages the Fund’s portfolio. The Fund’s use of leverage can makethe Fund more volatile and magnify the effect of any losses. There is no assurance that a leveraging strategywill be successful.

The Fund may invest in derivatives which can be highly volatile, illiquid, difficult to value, and changes in thevalue of a derivative may not correlate with the underlying securities or other securities held directly by theFund. Such risks include gains or losses which, as a result of leverage, can be substantially greater than thederivatives' original cost. There is also a possibility that derivatives may not perform as intended which canreduce opportunity for gain or result in losses by offsetting positive returns in other securities the Fund owns.

12

Disclosures

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing.The prospectus or summary prospectus that contains this and other information about the Fund isavailable by calling 1‐888‐661‐6691 or by visiting aristotlefunds.com and should be read carefully prior toinvesting.

The Aristotle/Saul Global Opportunities Fund is distributed by IMST Distributors, LLC.

The MSCI All Country World Index (ACWI) captures large and mid cap representation across 23 Developed Markets and21 Emerging Markets countries. With over 2,400 constituents, the index covers approximately 85% of the globalinvestable equity opportunity set. The volatility (beta) of the account may be greater or less than the benchmarks. Aninvestor cannot invest directly in these indices.

Effective January 17, 2014, Aristotle/Saul Opportunity Fund has been renamed Aristotle/Saul Global OpportunitiesFund. In addition, the Fund’s investment strategy has been updated.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectorsshould not be construed as recommendations by the Fund, its Advisor or Distributor.

As of March 31, 2016, the Fund holdings and their weight as a percent of total net assets were: CIE FinancièreRichemont 1.7%, Lennar 2.3%, Diageo 1.7%, Hypermarcas 2.5%, Mondelēz International 2.8%, Stock Spirits Group1.5%, Toyo Suisan Kaisha 2.1%, Unilever 2.0%, Walgreens Boots Alliance 2.8%, Arch Coal 0.0%, Cameco 1.9%, CanadianNatural Resources 1.5%, Peyto Exploration & Dev 2.8%, Schlumberger 2.0%, Bank Of America 2.0%, Erste Group Bank1.6%, Uranium Participation 1.4%, Astellas Pharma 2.6%, Baxter International 3.0%, Medtronic 2.4%, Danaher 3.1%,Experian 2.3%, Kubota 1.8%, Kurita Water Industries 2.0%, OshKosh 1.9%, Dassault Systèmes 2.6%, Microsoft 3.1%,Oracle 2.3%, Paypal Holdings 2.2%, Samsung Electronics 2.8%, Agnico Eagle Mines 2.7%, Centamin 2.0%, Givaudan2.5%, Martin Marietta Materials 2.6%, Newcrest Mining 2.5%, Sandfire Resources 1.6%, Toray Industries 2.0%, KDDI2.0%, ITC Holdings 3.5%, National Fuel Gas 1.7%, Continental Resources 0.0%, Dundee Precious Metals 0.0% and KrotonEducacional 0.0%. Portfolio composition will change due to ongoing management of the Fund. References to specificsecurities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.

ACML-16-733