Important Information on Risk

The Fund is subject to liquidity risk (the risk that an investment may be difficult to purchase, value and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale) and credit risk (the risk that an issuer may be unable or unwilling to meet its financial obligations, resulting in default). High-yield/high-risk bonds ("junk bonds") and floating-rate loans, which are usually rated below investment grade, have greater risk of default than higher-rated securities that may have a lower yield. The Fund is also subject to foreign-markets risk. Any investment in collateralized loan obligations or other structured vehicles involves significant risks not associated with other fixed income securities.
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• An investment in the Fund should be considered speculative and involving a high degree of risk. It is possible that investing in the Fund may result in a loss of some or all of the amount invested.
• Investment should be avoided where an investor has a short-term investing horizon and/or cannot bear the loss of some or all of their investment.
• An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.
• There is no guarantee that you will be able to sell your Common Shares at any given time or in the quantity that you desire. You should consider Common Shares to be illiquid.
• There is no assurance that the Fund will be able to make any distributions to its shareholders and, if it makes distributions, that they will not decline or that any distributions will be at any particular level or correspond to any particular yield.
• The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses. Although the Fund's distributions may constitute a return of capital, return of capital does not constitute income.
• The ultimate tax characterization of the Fund's distributions in a calendar year may not be finally determined until after the end of that calendar year. The Fund may make distributions during a calendar year that exceed the Fund's net investment income and net realized capital gains for that year. In such a situation, the amount by which the Fund's total distributions exceed net investment income and net realized capital gains would generally be treated as a tax-free return of capital up to the amount of the shareholder's tax basis in such shareholder's Common Shares, with any amounts exceeding such basis treated as gain from the sale of the shareholder's Common Shares. Because a return of capital distribution will reduce the tax basis of a shareholder's Common Shares, a return of capital distribution may result in a higher capital gain or lower capital loss when those Common Shares on which the distribution was paid on are sold.

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The Fund has adopted a fundamental investment policy, which may only be changed by a majority vote of shareholders, to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at NAV.

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Investing involves risk. Principal loss is possible. The Fund is exposed to risks associated with changes in interest rates. CLOs may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund's ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund's principal investment. Investments in structured vehicles, including equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk. The Fund may borrow money, which magnifies the potential for gain or loss on amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of investing with the Fund.

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Past performance is not indicative of future results. All investing involves risk. Principal loss is possible.

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An interval fund is a non-diversified, closed-end management investment company that continuously offers its common shares. An interval fund provides liquidity through periodic repurchase offers, which are quarterly and not daily. Accordingly, interval funds are designed for long-term investors and should be considered illiquid, unlike an investment in a traditional listed closed-end fund. An interval fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment objective. An interval fund's performance and the value of its investments will vary in response to changes in interest rates, inflation, the financial condition of a security's issuer, ratings on a security and other market factors. Common shares at any point in time may be worth less than your original investment. While the Fund has no current intention to use leverage for investment purposes as of the date of the current Prospectus, the Fund may use leverage to the extent permitted by the Investment Company Act of 1940 (the "1940 Act"). The Fund may borrow for temporary purposes as permitted by the 1940 Act. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility, interest rate risk and credit risk. These and other risk considerations are described in more detail on the Fund's web page at www.aristotlepacific.com/cef.

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Investors should consider a fund's investment objective, risk, charges and expenses carefully before investing. The prospectus contains this and other information about the fund and can be obtained at www.aristotlepacific.com/cef. It should be read carefully before investing.

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The Fund is distributed by Foreside Financial Services, LLC.