global opportunities fund (arsox)...beta 0.79 1.00 annualized alpha 0.61 --r-squared 0.80 1.00...

(844) 274-7868 | www.aristotlefunds.comLos Angeles | Newport Beach | Boston | New York

Global Opportunities Fund(ARSOX)

December 31, 2018

FIRM OVERVIEWAs of December 31, 2018

Sources: SS&C Advent; FactSet

Firm Profi le• Independent/Broad employee ownership

• $15.5 billion in AUM

• 17 member global investment team

• Headquartered in Los Angeles

Aristotle Capital Management, LLC 2

Value Equity Interna onal Equity Global Equity Global Opportuni es

Number of Holdings 35 - 45 30 - 40 45 - 55 30 - 60

Active Share (%) 90 90 92 93

Annualized Turnover (3 Yrs, %) 15 13 12 26

Benchmark(s) Russell 1000 Value IndexS&P 500 Index

MSCI EAFE Index (Net)MSCI ACWI ex USA Index (Net)

MSCI World Index (Net)MSCI ACWI Index (Net) MSCI ACWI Index (Net)

Key Diff eren ators• Private equity approach to public markets

• Process and philosophy applied consistently for 20 years

• Focused, high active share, low turnover portfolios

• Research driven process with long-term time horizon

Cons

umer

Stap

les

●

Energy

●

Financials●

Health Care ● Industrials●

Informa on Technology

●M

aterials●

INVESTMENT TEAM


One dedicated investment team covering all global sectors

Number in parenthesis represents the years of industry experience. For a complete list of academic backgrounds please see the biographies slides in the appendix.

As of December 31, 2018

●

Consumer Discre onary●

Communica on Services ●U li es

●

Real Estate

Chief Investment Offi cersHoward Gleicher, CFA (34)Por olio Manager/Global Research AnalystMBA, Harvard

Gary Lisenbee (45)MA, Cal State Fullerton

Por olio Managers/Global Research AnalystsAlberto Jimenez Crespo, CFA (19)MS, Universidad Politécnica de Madrid

Gregory Padilla, CFA (13)MBA, USC

Geoff rey Stewart, CFA (20)BA, Duke

Sean Thorpe (30)BA, UCLA

Client Por olio ManagersJames Henderson, CFA (32)BS, Cal State Northridge

Catalina Llinás, CFA (17)MBA, Georgetown

Aylon Ben-Shlomo, CFA (11)MBA, UCLA

Global Research AnalystsRobert Bexton, CFA (16)MS, UCLA

Lauren Caston, PhD, CFA (4)PhD, UCLA

William Cram, CFA (16)MBA, USC

Jay Cunningham, CFA (24)MBA, Auburn

Jake Gilden, CFA (15)MBA, UC Berkeley

Victor Hawley, CFA (27)Director of ResearchMBA, Harvard

Weixin Lin, CFA (9)MBA, Harvard

Kevin Zhang, CFA (9)MBA, Stanford

INVESTMENT PHILOSOPHY

Identify what we believe to be high-qualitybusinesses

Analyze businesses

from a globalperspective

Invest with a long-term

view

Aims to provide preservation of capital

Deepens our knowledge of companies and their

global competitors, suppliers and customers

Enables us to capitalize on market inefficiencies

~Results in lower

turnover

Results in stock selection being primary driver of relative performance

~Demonstrates high conviction in each

holding

Construct focused,

yet diversified, portfolios


There can be no guarantee that any strategy (risk management or otherwise) will be successful.

INVESTMENT PROCESS

• A rac ve business fundamentals• Sustainable compe ve advantages• Experienced management team• Pricing power• Improving profi tability metrics

Use of normalized figures, including:• Cash Flow Return on Enterprise Value• Price-to-Earnings Ra o• Price-to-Sales Ra o• Price-to-Free Cash Flow Ra o• Enterprise Value-to-EBITDA Ra o

• Produc ve use of strong free cash fl ow

• Restructuring and/or produc vity gains

• Change in management or control• Accre ve acquisi ons or dives tures• Resolu on of ancillary problems

High Quality

Cuu Mitig

Cu u M it i g

~90FirmwideHoldings

High Quality A rac ve Valua on Compelling Catalysts


Sources: Company annual reports, BloombergThe company identifi ed above is an example of a holding and is subject to change without notice. The company has been selected to help illustrate the investment process described herein. A complete list of holdings is included in this presentation. This information should not be considered a recommendation to purchase or sell any particular security. Recommendations made in the last 12 months are available upon request. Please see important disclosures at the end of this document.

Sony Corporation • ¥6,766 billion ($62 billion) market capitalization; Japanese company• Global conglomerate focused on Electronics, Entertainment and Financial Services• Founded in 1946

• Large (>75mm) and growing Gaming installed base

• Leading market share and technology in image sensors

• World’s largest music publisher• Significant recurring revenue

within the Financials segment (the company’s second largest division)

• Mix shift, particularly in Gaming & Music, to digital can bring higher margins, returns & cash flows

• Higher earnings power within image sensors business

• Improved profitability at Pictures

• We believe current valuation does not reflect the more stable and increased earning power of this transforming enterprise

High Quality A rac ve Valua on Compelling Catalysts



INVESTMENT EXAMPLE

Buy Discipline

• Focus on quality that aims to provide preserva on of capital

• A rac ve valua on may off er margin of safety

• Catalysts seek to avoid value traps

RISK MANAGEMENT

Sale Review Occurs if:

• Approaches fair value es mate

• Material stock price decline (absolute)

• 15% underperformance (vs. industry or market)

Sale Occurs if:

• Catalysts realized

• Fundamentals deteriorate

• Be er alterna ves found

Sell Discipline

• Diversifi ca on by posi on, sector and country

• Con nuous review of exis ng holdings

• Por olio guidelines monitored through Advent Rules Manager

Por olio Construc on and Monitoring



GLOBAL OPPORTUNITIES FUND (CLASS I: ARSOX)

Fund Investment Objec veThe Fund seeks to maximize long-term capital appreciation and income

Fund Highlights• Flexible global mandate

- All-cap, all-country, equity-focused strategy

- Foreign currency exposure partially hedged

• Private equity approach

- Focused on long-term investments in companies we believe possess sustainable competitive advantages

- Attractive fundamentals and experienced management teams

• Disciplined investment process

- All portfolio holdings must meet the following three criteria; high quality, attractive valuation and compelling catalysts

Global | Equity | Flexible | Quality | Diversifi ed

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.



Largest Holdings (%)Samsung Electronics 3.7Microsoft 3.3LVMH Moët Hennessy Louis Vuitton 2.8Marui Group 2.7Ecolab 2.6Kubota 2.6Medtronic 2.5Dassault Systèmes 2.5Givaudan 2.5PayPal Holdings 2.5Total 27.7

Fund Composi on


U.S.Equity42.1%

DevelopedNon-U.S. Equity

51.1%

EmergingMarketsEquity5.0%

Cash1.8%

Characteris cs ARSOX MSCI ACWI Class I Index

Number of Holdings 47 2,758Wtd. Average Market Cap ($B) 81.7 132.1Median Market Cap ($B) 23.9 9.1Net Debt/Capital (%) 17.6 21.1Active Share (%) 93.1 --Annualized Turnover (3 Yrs, %) 40.0 --

Por olio Risk/Return Sta s cs ARSOX MSCI ACWI3 Years Class I Index (Net)

Beta 0.79 1.00Annualized Alpha 0.61 --R-Squared 0.80 1.00Standard Deviation (%) 9.36 10.62Loss Deviation (%) 6.93 7.66Sortino Ratio 0.70 0.73

Sources: SS&C Advent, FactSet, MSCI, eVestmentPast performance is not indicative of future results. Holdings and allocations will change due to ongoing management of the Fund. This is not a recommendation to buy or sell a particular security. Holdings are available within the last 12 months. Please see important disclosures at the end of this document.


Sector Weights (%) Region Weights (%)

Sources: SS&C Advent, MSCIThe Aristotle/Saul Global Opportunities Fund’s sector and region weights are based on the Fund. Sectors are based on Standard & Poor's Global Industry Classifi cation Standards (GICS).


ARSOX Class I MSCI ACWI Index


3.4

3.2

5.0

14.8

10.3

12.1

17.2

6.2

8.4

10.4

9.0

1.8

0.0

0.0

13.9

16.4

12.4

8.6

14.5

8.1

11.3

11.1

1.9

0 5 10 15 20

Cash

Utilities

Real Estate

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Communication Services

2.9

54.4

11.9

3.8

7.6

5.2

14.2

1.8

5.0

42.1

5.0

2.3

17.2

2.2

24.4

0 10 20 30 40 50 60

Cash

Canada

United States

Emerging Markets

Developed Asia (ex Japan)

Japan

United Kingdom

Developed Europe (ex U.K.)


HOLDINGS - GLOBAL OPPORTUNITIES FUND (CLASS I: ARSOX)

Sources: SS&C Advent, MSCIIndividual holdings are based on the Aristotle/Saul Global Opportunities Fund and may not be included as part of the index weights. The Aristotle/Saul Global Opportunities Fund’s sector and region weights are based on the Fund. This is not a recommendation to buy or sell a particular security. There is no guarantee that these securities will be held in the portfolio at the time of your receipt of this report. Holdings are available within the last 12 months.

Global MSCI ACWI Holdings Opportuni es (%) Index (%) Country Communica on Services 1.9 9.0 Twitter United States

Consumer Discre onary 11.1 10.4 Lennar United States LVMH Möet Hennessy Louis Vuitton France Marui Japan Penske Automotive Group Inc United States Sony Japan

Consumer Staples 11.3 8.4 Heineken Netherlands Kimberly-Clark de México Mexico Kroger United States Mondelēz International United States Unilever United Kingdom Walgreens Boots Alliance United States

Energy 8.1 6.2 Cameco Canada Halliburton United States Peyto Exploration & Development Canada Pioneer Natural Resources United States Total France

Financials 14.5 17.2 AIA Group Hong Kong Ameriprise Financial United States Bank of America United States BBVA Spain Erste Group Bank Austria Mitsubishi UFJ Financial Japan ORIX Japan UBS Group Switzerland

Global MSCI ACWI Holdings Opportuni es (%) Index (%) Country Health Care 8.6 12.1 Amgen United States Astellas Pharma Japan Danaher United States Medtronic Ireland

Industrials 12.4 10.3 Assa Abloy Sweden Hoshizaki Japan Kubota Japan Nidec Japan Oshkosh United States Sensata Technologies Netherlands

Informa on Technology 16.4 14.8 Adobe United States Dassault Systèmes France Microchip Technology United States Microsoft United States PayPal Holdings United States Samsung Electronics South Korea

Materials 13.9 5.0 Agnico Eagle Mines Canada Ecolab United States Givaudan Switzerland Martin Marietta Materials United States PPG Industries United States Toray Industries Japan

Real Estate 0.0 3.2 U li es 0.0 3.4 Cash 1.8



GLOBAL OPPORTUNITIES FUND (CLASS I: ARSOX)To

tal R

etur

n (%

)

1 Year 3 Years 5 Years(3/30/2012)

-15

-10

-5

0

5

10

ARSOX Class I MSCI ACWI Index (Net)

-9.53 -9.42

5.826.91

3.984.26

1.47

6.59

Sources: SS&C Advent, MSCIPerformance data quoted here represents past performance. Past performance is no guarantee of future results. Returns over one year are annualized. Investment return and principal value will fl uctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call (844) 274-7868.The Fund’s advisor has contractually agreed to waive certain fees and/or absorb expenses, through April 30, 2020, to the extent that the total annual operating expenses do not exceed 0.80% of average daily net assets of the Fund. The Fund’s advisor may seek reimbursement from the Fund for waived fees and/or expenses paid for three years from the date of the waiver 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 1.05%. Net expense ratio is 0.80%.



APPENDIX


SEEKING TO EXPLOIT SPECIFIC MARKET INEFFICIENCIES

Primary market ineffi ciencies we believe we are a emp ng to exploit:

By searching for the best opportunities without fixating on country or sector classification we believe we

increase our chance of successSector & Country Bias

Short-termism Focus on a company's three-to-five year outlook

Benchmark Fixa on Think independently

Misunderstanding of Risk Distinguish stock price volatility from investment risk

WHAT WE BELIEVE MAKES ARISTOTLE CAPITAL DIFFERENT?


Aristotle Capital's Approach

• Invest in businesses; think and act like owners

• Seek to iden fy structural business changes

• Do not start or end with valua on; no screens

• Study the “how” of corporate profi ts

• Build long-term normalized fi nancial models

• Defi ne risk as probability of permanent loss of capital

Some Other Firms’ Approach

• Trade pieces of paper; “rent” stocks

• Industry/“theme” focus & “play the cycle”

• “Screen” on value metrics

• Focus on the “if” of corporate profi t growth

• Focus on reported historic metrics

• Defi ne risk using backward looking sta s cs

Source: Internal AnalysisThe opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not fi nancial advice or an offer to purchase or sell any product. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. Please see additional disclosures at the end of this document.

CORPORATE STRUCTURE

Not a complete list of employees; numbers in parentheses denote total number of employees in each department.

Investment and Research (17)Howard Gleicher, CFACEO, Chief Investment Offi cerPor olio Manager

Gary LisenbeeCo-CEO, Co-Chief Investment Offi cer

Alberto Jimenez Crespo, CFAPor olio Manager Senior Global Research Analyst

Gregory Padilla, CFAPor olio ManagerSenior Global Research Analyst

Geoff rey Stewart, CFAPor olio Manager Senior Global Research Analyst

Sean ThorpePor olio ManagerSenior Global Research Analyst

Victor Hawley, CFADirector of ResearchSenior Global Research Analyst

Robert Bexton, CFASenior Global Research Analyst

William Cram, CFASenior Global Research Analyst

Jay Cunningham, CFASenior Global Research Analyst

Jake Gilden, CFASenior Global Research Analyst

Lauren Caston, PhD, CFAGlobal Research Analyst

Weixin Lin, CFAGlobal Research Analyst

Kevin Zhang, CFAGlobal Research Analyst

James Henderson, CFAManaging DirectorClient Por olio Manager

Catalina Llinás, CFAManaging DirectorClient Por olio Manager

Aylon Ben-Shlomo, CFAClient Por olio Manager

Average experience of investment team: 20 years


Shared Services

Compliance & Risk Management (8)Richard Schweitzer, CFACFO and Chief Opera ng Offi cer

Nancy Scarle Chief Risk Offi cer

Michelle GosomChief Compliance Offi cer

Trading (4)Andrew ShapiroDirector of Trading

Randy YiDirector of Trading

Opera ons (12)Dianne Krager-Godel Manager, Investment Opera ons

Marke ng Communica ons (13)Geneviève Plourde, CFASenior Vice President

Private Client Group (3)James Birdwell, Jr.Managing Director

Donn Conner, CFAManaging Director

James Reed, CFAManaging Director

Ins tu onal Services (7)Steve BorowskiPresident

Ranjit Sufi Managing Director

Advisory Distribu on (9)Patrick Schussman, CFA, CIMA, AIFManaging Director

Corporate Administra on (19)Robert Womack, Jr.Managing Director

Business Solu ons (9)Hazael MezaSenior Vice President


Name/Title

Industry Experience

(Yrs) Prior Experience Educa onRichard S. Hollander*Chairman of the Board

35 • MetWest Ventures, LLC — Founder, Chairman and CEO• The Signature Group — Founder, Chairman• Drexel Burnham Lambert — West Coast Head

• Master of Finance, St. John’s University• BA, Business Administra on, Ithaca College

Howard Gleicher, CFA*Chief Execu ve Offi cerChief Investment Offi cer

34 • Metropolitan West Capital Management, LLC — Co-Founder, CEO and Chief Investment Offi cer

• Palley-Needelman Asset Management, Inc. — Principal, Por olio Manager and Investment Policy Commi ee member

• Pacifi c Investment Management Company (PIMCO) — Equity Por olio Manager

• MBA, Harvard University• MS and BS, Electrical Engineering, Stanford University

Gary W. Lisenbee*Co-Chief Execu ve Offi cerCo-Chief Investment Offi cer

45 • Metropolitan West Capital Management, LLC — Co-Founder, CEO and Chief Investment Offi cer

• Palley-Needelman Asset Management, Inc. — Principal, Por olio Manager and Investment Policy Commi ee member

• Van Deventer & Hoch, Investment Counsel — Senior Vice President, Por olio Manager and Investment Policy Commi ee member

• Phelps Investment Management — Partner and Research Analyst

• MA, Economics, California State University, Fullerton• BA, Accoun ng, California State University, Fullerton

Steve Borowski*President

39 • Metropolitan West Capital Management, LLC — Co-Founder, Managing Partner• Palley-Needelman Asset Management, Inc. — Managing Director

• MBA, Pepperdine University• BA, University of California, Irvine

Richard H. Schweitzer, CFA*Chief Financial Offi cerChief Opera ng Offi cer

32 • Metropolitan West Financial/MetWest Ventures — Chief Opera ng Offi cer, Chief Financial Offi cer

• Metropolitan West Securi es, LLC — Chief Opera ng Offi cer, Chief Financial Offi cer• Astra Management Company (Pilgrim Group) — Senior Analyst• Bank of America — Mortgage and Asset Securi es Services Bond

Administra on Group Head• Price Waterhouse — Auditor

• MBA, University of Southern California• BS, Business Administra on in Finance and Accoun ng,

California State University, Northridge

*Denotes Principal

BOARD OF MANAGERS



PROFESSIONAL BIOGRAPHIES

Name/Title

Industry Experience

(Yrs) Prior Experience Educa onAlberto Jimenez Crespo, CFA*Por olio Manager

19 • Vinik Asset Management, LP — Por olio Manager and Equity Analyst• Tradewinds Global Investors, LLC — Managing Director, Por olio Manager and

Equity Analyst• Merrill Lynch — Vice President, Equity Analyst• Salomon Smith Barney — Equity Analyst

• MS, Mineral Economics, Colorado School of Mines• MS and BS, Mining Engineering, Universidad Politécnica

de Madrid

Gregory D. Padilla, CFA*Por olio Manager

13 • Vinik Asset Management, LP — Por olio Manager and Equity Analyst• Tradewinds Global Investors, LLC — Managing Director, Por olio Manager and

Equity Analyst

• MBA, University of Southern California• BS, Finance, Arizona State University

Geoff rey S. Stewart, CFA*Por olio Manager

20 • Reed, Conner & Birdwell, LLC — Por olio Manager and Analyst• Oppenheimer & Company — Equity Analyst

• BA, History, Duke University

Sean M. Thorpe*Por olio Manager

30 • Reed, Conner & Birdwell, LLC — Por olio Manager and Analyst• Shamrock Holdings, LLC — Senior Vice President• Mandeville Partners, LLC — Managing Director• Salick Health Care, Inc. — Vice President, Strategic Planning• Kidder Peabody & Co. — Financial Analyst• Drexel Burnham Lambert, Inc. — Financial Analyst

• BA, Economics and Finance, University of California, Los Angeles

Victor F. Hawley, CFA*Director of Research

27 • Reed, Conner & Birdwell, LLC — Por olio Manager and Senior Analyst• The Boston Company — Vice President• Interna onal Business Machines — Marke ng Unit Manager

• MBA, Harvard University• BA, Economics, University of Notre Dame

Robert Bexton, CFA*Senior Global Research Analyst

16 • Hotchkis and Wiley Capital Management — Research Associate• Moirai Capital Management — Equity Analyst• MBF Capital Management — Research Assistant

• MS, Sta s cs, University of California, Los Angeles• BA, Economics, University of California, Berkeley

William A. Cram, CFA*Senior Global Research Analyst

16 • Reed, Conner & Birdwell, LLC — Por olio Manager and Analyst• Loop Capital Markets — Lead Research Analyst (Telecom)• Accenture — Consultant

• MBA, University of Southern California• BBA, University of Iowa

Jay Cunningham, CFA*Senior Global Research Analyst

24 • Metropolitan West Capital Management, LLC — Senior Vice President, Senior Analyst

• Hibernia Southcoast Capital — Senior Analyst• AIM Investments — Senior Analyst• Re rement Systems of Alabama — Senior Analyst, Por olio Manager

• MBA, Auburn University• BA, Communica ons, University of Alabama

*Denotes Principal




Name/Title

Industry Experience

(Yrs) Prior Experience Educa onJake Gilden, CFA*Senior Global Research Analyst

15 • Wells Fargo Asset Management (MetWest Capital Equity Team) – Associate Por olio Manager, Senior Research Analyst

• Cowen and Company – Investment Banking Associate

• MBA, University of California, Berkeley• BS, University of Colorado Boulder

Lauren Caston, PhD, CFADirector of Structured ResearchGlobal Research Analyst

4 • Praedicat, Inc. — Chief Mathema cian and Co-Founder, Director, Emerging Risk Technologies

• RAND Corpora on — Mathema cian

• PhD, Mathema cs, University of California, Los Angeles• BA, Mathema cs, University of California, Berkeley

Weixin Lin, CFA*Global Research Analyst

9 • Newbrook Capital — Hedge Fund Analyst• H.I.G. Capital — Private Equity Associate• Ci Markets & Banking — Investment Banking Analyst

• MBA, Harvard University• BE, Biomedical Engineering, and BS, Economics,

Duke University

Kevin K. Zhang, CFA*Global Research Analyst

9 • Goldman Sachs (Hong Kong, China) — Associate of Southeast Asia Team• Passport Capital — Research Analyst• Thomas H. Lee Partners — Investment Associate• Morgan Stanley — Investment Banking Analyst

• MBA, Stanford University• BA, Economics and Mathema cal Methods in the Social

Sciences (MMSS), and minor in Business, Northwestern University

James R. Henderson, CFA*Managing DirectorClient Por olio Manager

32 • Reed, Conner & Birdwell, LLC — Por olio Manager and Senior Analyst• Metropolitan West Capital Management, LLC — Partner, Por olio Manager• Van Deventer & Hoch, Investment Counsel — Partner, Por olio Manager

• BS, Finance and Economics, California State University, Northridge

Catalina Llinás, CFA*Managing DirectorClient Por olio Manager

17 • Metropolitan West Capital Management, LLC — Senior Vice President, Por olio Rela onship Manager

• Ci bank España (Madrid, Spain) — Financial Advisor

• MBA, Georgetown University• Licenciatura en Economía, Universidad

Europea de Madrid

Aylon Ben-Shlomo, CFAClient Por olio Manager

11 • Gra a Capital — Analyst• Pacifi c Investment Management Company (PIMCO) — Vice President,

Por olio Manager, Equity Research Analyst• Ivory Investment Management — Analyst

• MBA, University of California, Los Angeles• BS, Accoun ng, University of Maryland

*Denotes Principal




Name/Title

Industry Experience

(Yrs) Prior Experience Educa onRanjit S. Sufi *Managing DirectorIns tu onal Services

32 • Mar n Currie Investment Management Ltd. — Execu ve Vice President, Sales and Client Service, North America

• Tradewinds Global Investors, LLC — Managing Director • Nicholas-Applegate Capital Management, LLC — Managing Director, Global Sales and

Client Service• Barclays Global Investors — Principal • AirTouch Communica ons/Pacifi c Telesis Group — Director, Fund Manager

• MBA, Pepperdine University• BS, Electrical Engineering, California State University,

Fresno

William J. Averill*DirectorIns tu onal Services

23 • Loomis Sayles & Company, LP — Vice President, Ins tu onal Services• Intercon nental Real Estate Corpora on — Director, Ins tu onal Equity • State Street Global Advisors — Principal, Ins tu onal Sales• Mellon Trust — Trust Specialist, Global Accoun ng

• MBA, Babson College• BS, Economics, Northeastern University

Keri HepburnVice PresidentIns tu onal Services

30 • Invesco — Managing Director• INVESCO Management & Research, Inc. — Marke ng Associate• Gardner & Preston Moss, Inc. — Por olio Assistant/Performance Analyst

• BS, Business Administra on, University of Vermont

John J. Manley, CFAVice PresidentIns tu onal Services

18 • William Blair Investment Management, LLC — Senior Client Rela onship Manager• Meketa Investment Group, Inc. — Principal, Investment Consultant• Kobren Insight Management, Inc. — Senior Research Analyst• Brown Brothers Harriman & Co. — Client Account Manager, Investor Services

• BA, Economics and Government, Hamilton College

*Denotes Principal




DISCLOSURES

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 any time thereafter. These views are intended to help shareholders in understanding 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, so that 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. The principal risks of investing in the Fund 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 company information, 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 than those of other equity funds. Short sales are speculative transactions and involve special risks, including a greater reliance on the investment team’s ability to accurately anticipate the future value of a security. The Fund’s losses are potentially unlimited in a short sale transaction. The Fund’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 and magnify 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 not correlate with the underlying securities or other securities held directly by the Fund. Such risks include gains or losses which, as a result of leverage, can be substantially greater than the derivatives’ original cost. There is also a possibility that derivatives may not perform as intended, which 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 summary prospectus that contains this and other information about the Fund is available by calling (844) 274-7868 or by visiting aristotlefunds.com and should be read carefully prior to investing.


DISCLOSURES

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 and 21 Emerging Markets countries. With over 2,400 constituents, the index covers approximately 85% of the global investable equity opportunity set. The volatility (beta) of the account may be greater or less than the benchmark. An investor cannot invest directly in this index.

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

As of December 31, 2018, the Fund’s holdings and their weights as a percent of total net assets were: Adobe Inc., 2.03%; Agnico Eagle Mines Ltd., 2.02%; AIA Group Ltd., 2.32%; Ameriprise Financial Inc., 1.75%; Amgen Inc., 2.25%; ASSA ABLOY AB, 1.91%; Astellas Pharma Inc., 1.62%; Banco Bilbao Vizcaya Argentaria SA, 1.41%; Bank of America Corp., 1.93%; Cameco Corp., 1.93%; Danaher Corp., 2.19%; Dassault Systèmes SE, 2.53%; Ecolab Inc., 2.60%; Erste Group Bank AG, 2.05%; Givaudan SA, 2.53%; Halliburton Co., 1.35%; Heineken NV, 2.02%; Hoshizaki Corp., 1.76%; Kimberly-Clark de México SAB de CV, 1.34%; The Kroger Co., 2.00%; Kubota Corp., 2.59%; Lennar Corp., 1.87%; Lennar Corp., 0.04%; LVMH Moët Hennessy Louis Vuitton SE, 2.84%; Martin Marietta Materials Inc., 2.46%; Marui Group Co. Ltd., 2.65%; Medtronic plc, 2.55%; Microchip Technology Inc., 2.30%; Microsoft Corp., 3.32%; Mitsubishi UFJ Financial Group Inc., 0.86%; Mondelēz International Inc., 2.00%; Nidec Corp., 1.78%; ORIX Corp., 1.73%; Oshkosh Corp., 2.14%; PayPal Holdings Inc., 2.52%; Penske Automotive Group Inc., 1.46%; Peyto Exploration & Development Corp., 1.04%; Pioneer Natural Resources Co., 1.78%; PPG Industries Inc., 2.39%; Samsung Electronics Co. Ltd., 3.69%; Sensata Technologies Holding plc, 2.15%; Sony Corp., 2.28%; Toray Industries Inc., 1.91%; TOTAL SA, 1.99%; Twitter Inc., 1.89%; UBS Group AG, 2.45%; Unilever NV, 2.16%; Walgreens Boots Alliance Inc., 1.81%

ACM-1901-163

global opportunities fund (arsox)...beta 0.79 1.00 annualized alpha 0.61 --r-squared 0.80 1.00...

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