Aristotle Capital Management, LLCGlobal Opportunities Update

1Q 2015

Los Angeles • Newport Beach www.aristotlecap.com

Aristotle/Saul Global Opportunities Fund Class I: ARSOX

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Frequently Asked Questions

What is this fund?

Absolute return‐oriented global equity fund with a broad and flexible mandate

What do you do?

Focus on what we believe to be well‐established companies with a moat and/or improving fundamentals

Manage a concentrated portfolio of 40‐50 companies with various attributes and exposures Maintain a deep understanding of companies, buy at a sufficient discount and remain diversified

What am I getting?

Global fund with high active share* Significant non‐U.S. equity exposure with dampened forex (FX) exposure Quarterly income distributions Portfolio Managers with majority of liquid net worth invested in Fund

*95% Active Share as of 3/31/2015 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.

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Aristotle/Saul Global Opportunities Fund Class I: ARSOX

PORTFOLIO OVERVIEW As of March 31, 2015

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.

Aristotle MSCI ACWI Under  I Over

Under  I OverAristotle MSCI ACWI

Consumer Discretionary 6.5 12.5Consumer Staples 13.5 9.7Energy 10.8 7.5Financials 10.6 21.5Health Care 3.6 12.2Industrials 7.3 10.5Information Technology 12.4 14.0Materials 12.2 5.3Telecommunication Services 2.0 3.6Utilities 5.0 3.2Cash 10.4 ‐‐‐Corporate Bonds/ETFs 5.7 ‐‐‐

Europe (ex United Kingdom) 19.4 15.7United Kingdom 5.7 6.9Japan 16.2 7.7Asia (ex Japan) 3.2 5.4Emerging Markets 3.0 9.0United States 24.0 51.6Canada 12.4 3.3Other Countries --- 0.4Cash 10.4 ‐‐‐Corporate Bonds/ETFs 5.7 ‐‐‐

Sector Allocation1 (%)

Regional Allocation1 (%)

5.710.4

1.8‐1.6

6.9‐1.6‐3.2

‐8.6‐10.9

3.33.8

‐6.0

‐30 0 30

5.710.4

‐0.49.1

‐6.0‐2.2

8.5‐1.2

3.7

‐30 0 30

Fund Composition (%)

24.0%

56.9%

3.0%

4.2%

1.5%10.4%

U.S. Equity

Developed Non-U.S. Equity

Cash

Emerging Markets

Corporate Bonds

ETFs

Top 10 Holdings (%)Royal Dutch Shell Plc 3.0Samsung Electronics 3.0Newcrest Mining Ltd. 3.0Unilever N V 2.9Kurita Water Industries Ltd. 2.7Toyo Suisan Kaisha Ltd. 2.5Canadian Natural Resources 2.4Walgreens Boots Alliance, Inc. 2.3Lennar Corp. 2.3Diageo Plc 2.3TOTAL 26.4

‐27.5

Controversial / Out-of-Favor

Quality

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Risk Management

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

99%

Disc

ount

to A

ppra

ised

Valu

e

Level of Certainty

Overlooked / Misunderstood

Quality

Underappreciated Quality

“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.”

~Margin of Safety by Seth Klarman

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Portfolio Holdings

Underappreciated QualityBank of America Corp.

Canadian Natural Resources Ltd.Compass Group plc

Dassault Systèmes SADiageo plceBay Inc.

EMC Corp.Givaudan SA

Medtronic Inc. Microsoft Corp.

Mondelez International Inc.Oracle Corp.

Royal Dutch Shell plcUnilever NVWalgreen Co.

Overlooked Qualityadidas AGAES Corp.

Banco Santander SAContinental Resources Inc.

Daiichi Sankyo Co. Ltd.ITC Holdings

Kurita Water Industries Ltd.KDDI Corp.Lennar Corp.

Mitsubishi UFJ Financial Inc.MS&AD Insurance Group Ltd.

National Fuel Gas CompanyOshkosh Corp.

Peyto Exploration Corp.Samsung Electronics Co. Ltd.

Stock Spirits GroupToray Industries Inc.

Toto Ltd.Toyo Suisan Kaisha Ltd.

Vallourec SA

Out-of-Favor QualityArch Coal Inc.*Cameco Corp.Centamin plc

Centerra Gold Inc.Dundee Precious MetalsErste Group Bank AGGoodrich Petroleum Corp.*

IAMGOLD Corp.*Kinross Gold Corp.

Newcrest Mining Ltd.Uranium Participation Corp.

Aristotle/Saul Global Opportunities Fund as of 3/31/2015

*Fixed income positions in italics † Year to date, YTD, contribution to return excludes currency impacts (↓2.5%) and fees

31%

Allocation to respective bucket as a % of total portfolio:

36% 21%

↑ 0.9% YTD † ↑ 2.5%  YTD † ↑ 0.7% YTD †

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 Capital makes 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 important disclosures at the end of this document.

Sources: Advent, MSCI6

ARSOX Performance

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, 2015, 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 2.54%. Net expense ratio is 1.15%.

Quarter End

1 Year 3 Years Since Inception*

Aristotle/Saul Global Opportunities Fund Class I

1.32% -6.59% 4.33% 4.32%

MSCI ACWI (Net) 2.31% 5.42% 10.75% 10.74%

Performance as of Quarter-End as of 3/31/2015

*Inception date is 3/30/12

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1Q15 Performance Review

Top-5 Detractors (138bps):

Top-5 Contributors (260bps):

Absolute-return breakdown: Europe & AsiaPac helped Commodity-related helped U.S. tech & utilities hurt Currency hurt (particularly CAD$)

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.

Europe 1.92%Japan + Samsung 1.85%Gold-related 0.86%Other commodity-related 0.12%U.S. -0.65%Other 0.09%

Portfolio Contribution (Local) 4.19%

FX Impact, gross -3.10%FX Hedges 0.56%

FX Impact -2.54%

Fees/Other charges -0.29%

ARSOX 1Q15 Total Return 1.36%

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.

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1Q15 Activity

Buys:

Sells:Observation that Singapore may be transforming into the Switzerland of Asia seems to be widely held as stock price reached our estimate of fair value. Better risk-reward in Banco Santander.

Lacked sufficient visibility on the competitive dynamics of the evolving telecom equipment industry and no longer held a well-founded differentiated view.

Transition to higher margin embedded and analog chips has largely played out (45% in ’06 to 80% currently). The company was a strong contributor and was approaching our fair value estimate.

More optimal investments in the portfolio with similar attributes and exposures in the semiconductor memory and nuclear power businesses (Samsung Electronics and Cameco).

Fundamentals continue to deteriorate. We entered this investment with eyes wide open to the capital intensive, cyclical nature of the business but we underestimated the increasing supply-demand imbalance and the vulnerability of the contract backlog.

Reinitiated position (sold in summer 2014) after new management team cut dividend to sustainable level. Leading Spanish bank with focus on retail business. Dominant position in Latin America. We believe profitability has been masked by cyclically high credit losses.

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.

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Underappreciated Quality

What is underappreciated? #1 or #2 market position in most products and geographies in which it competes Extraordinarily high barriers to entry and relatively low exposure to private label threats Exceptional management team as evidenced by savvy deal making Building state of the art production lines with the goal to reduce manufacturing costs & optimize operations  Sale of European coffee business into JV while maintaining exposure to the coffee business Emerging markets represent over 40% of sales where market share could improve over time “Snacking”, once thought of an indulgence, is becoming more accepted as a “healthy” way of eating Potential to double earnings per share over next 3‐5 years through 500bps of margin expansion

Mondelez International $55 billion market capitalization, U.S. company The remaining entity of the original Kraft Inc., which spun out its North American grocery business in 2012

Unique products in the global snacks and confectionary business

Sources: 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.

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Overlooked / Misunderstood Quality

What is overlooked / misunderstood? Strong brand portfolio, long history of product innovation and market leadership in emerging markets Refocusing on heartbeat sports (soccer, cricket, rugby) after losing touch to chase trendy apparel margin While Under Armour has taken over #2 in the U.S., adidas remains the global leader outside the U.S. Innovative former head of TaylorMade, Mark King, has taken over the floundering North American business We believe recent sale of non‐core shoe business, Rockport ($280 million), is evidence the company is on the right path

Board of Directors have begun the search for a new CEO to succeed long‐serving Herbert Hainer Franchise has the potential to generate over $1.6 billion of free cash flow to owners on a normalized basis (~€6/share in earnings per share)

adidas AG $16 billion market capitalization, German company Established in 1949 by Adi Dassler  2nd largest sporting goods company in the world and global leader outside the U.S.; >40% of sales from emerging markets & <25% from U.S.

Sources: 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.

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Overlooked / Misunderstood Quality

What is overlooked / misunderstood? 20+ straight years of profitability 10 consecutive years of dividend increases Recently (2012) bought back 6% of shares outstanding and has $600 million of net cash on balance sheet Transitioning from an average business (hardware/service) to a good business (solutions/service) Transforming to a truly global company with expanding overseas sales Ancillary issues resolved with resolution of troubled overseas water treatment project Steady and expanding free cash flow as services business now represents 85% of company‐wide sales Our analysis indicates the company can generate $250 million in free cash flow on a normalized basis

Kurita Water Industries Ltd. $3 billion market capitalization, Japanese company Established in 1949 Leader in the global industrial water field Only water company in the world that provides water treatment chemicals, water treatment hardware and service (maintenance, cleaning, etc.)

Sources: 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.

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Disclosures

Important Information:

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

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, whenredeemed, 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. The principal risks of investing in theFund include, but are not limited to, investing in foreign securities, emerging markets, short sales, derivatives, below investment grade bonds,convertible securities, and ETFs.

Foreign securities have additional risks including currency rate changes, political and economic instability, lack of comprehensive companyinformation, less market liquidity, less efficient trading markets, and differing auditing controls and legal standards.

Investments in emerging markets involve even greater risks. The use of short sales and ETFs may cause the Fund to have higher expenses thanthose of other equity funds. Short sales are speculative transactions and involve special risks, including a greater reliance on the investmentteam's ability to accurately anticipate the future value of a security. The Fund’s losses are potentially unlimited in a short sale transaction. TheFund’s use of short sales and futures contracts leverages the Fund’s portfolio. The Fund’s use of leverage can make the Fund more volatile andmagnify the effect of any losses. There is no assurance that a leveraging strategy will be successful.

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

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

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

Definitions:

•The MSCI All Country World Index (ACWI) captures large and mid cap representation across 23 Developed Markets and 21 Emerging Marketscountries. With over 2,400 constituents, the index covers approximately 85% of the global investable equity opportunity set.•Free Cash Flow (FCF): a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF)represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cashflow is important because it allows a company to pursue opportunities that enhance shareholder value.

The volatility (beta) of the account may be greater or less than the benchmarks. An investor cannot invest directly in these indices.

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Disclosures

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Disclosures

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

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

As of March 31, 2015, the Fund held the following positions as a percent of total net assets: adidas Ag ‐ Spon Adr 0.91%; Banco Santander Sa ‐Spon Adr 2.04%; Daiichi Sankyo Co ‐ Spon Adr 0.40%; Dbs Group Holdings ‐ Spon Adr 0.00%; Diageo Plc ‐ Spon Adr 2.28%; Mitsubishi Ufj FinlGrp ‐ Spon Ad 1.56%; Newcrest Mining Ltd ‐ Spon Adr 0.20%; Royal Dutch Shell Plc ‐ Spon Adr 3.00%; Unilever N V ‐ Ny Shares 2.93%; Aes Corp1.33%; Bank Of America Corp 1.66%; Cameco Corp 2.08%; Canadian Natural Resources 2.43%; Continental Resources Inc/Ok 1.39%; ebay Inc2.09%; Emc Corp/Ma 1.83%; Itc Holdings Corp 1.82%; Kinross Gold Corp 1.19%; Lennar Corp‐A 2.31%; Medtronic Plc 1.99%; Microsoft Corp1.88%; Mondelez International Inc‐A 1.97%; National Fuel Gas Co 1.83%; Oracle Corp 1.47%; Oshkosh Corp 2.03%; Walgreens Boots AllianceInc 2.32%; Centamin Plc 1.51%; Compass Group Plc 1.95%; Stock Spirits Group Plc 1.43%; Centerra Gold Inc 1.47%; Dundee Precious Metals Inc1.56%; Peyto Exploration & Dev Corp 1.88%; Uranium Participation Corp 1.73%; Adidas Ag 1.32%; Dassault Systemes Sa 2.08%; Erste GroupBank Ag 1.42%; Vallourec Sa 0.80%; Daiichi Sankyo Co Ltd 1.16%; Kddi Corp 1.97%; Kurita Water Industries Ltd 2.65%; Ms&Ad Insurance GroupHoldings 2.19%; Toray Industries Inc 1.95%; Toto Ltd 1.80%; Toyo Suisan Kaisha Ltd 2.54%; Newcrest Mining Ltd 2.95%; Givaudan‐Reg 1.39%;Samsung Electronics‐Pref 3.00%; Arch Coal Inc 1.21%; Goodrich Petroleum Corp 0.45%; Arch Coal Inc 0.25%; Arch Coal Inc 0.40%; IamgoldCorp 1.93%; and Etfs Platinum Trust 1.46%. 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‐15‐232