# EDGAR Filing Document

**Accession Number:** 0001959372
**File Stem:** 0001133228-25-006025
**Filing Date:** 2025-6
**Character Count:** 1267777
**Document Hash:** 465b5942841a6bb5e28cdf8d57a56465
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006025.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001133228-25-006025

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 217

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aristotle Funds Series Trust
- **CENTRAL INDEX KEY:** 0001959372

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23850
- **FILM NUMBER:** 251022442

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 1700
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** (949) 219-3391

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 1700
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

## Series and Classes Contracts Data

### Aristotle Portfolio Optimization Conservative Fund (Series ID: S000080056)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241669 | Class C      | POACX           |
| C000241670 | Class A      | POAAX           |
| C000241671 | Class I-2    | PLCDX           |

### Aristotle Short Duration Income Fund (Series ID: S000080057)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241672 | Class A      | PLADX           |
| C000241673 | Class C      | PLCSX           |
| C000241674 | Class I      | PLSDX           |
| C000241675 | Class I-2    | PLDSX           |

### Aristotle Small/Mid Cap Equity Fund (Series ID: S000080058)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241676 | Class I-2    | AIHHX           |
| C000241677 | Class A      | ARAHX           |
| C000241678 | Class C      | AISHX           |
| C000241679 | Class I      | ARIHX           |

### Aristotle Strategic Income Fund (Series ID: S000080059)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241680 | Class C      | PLCNX           |
| C000241681 | Class I      | PLSRX           |
| C000241682 | Class A      | PLSTX           |
| C000241683 | Class I-2    | PLSFX           |

### Aristotle Ultra Short Income Fund (Series ID: S000080060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241684 | Class A      | PLUAX           |
| C000241685 | Class I-2    | PLUDX           |
| C000241686 | Class I      | PLUIX           |

### Aristotle Small Cap Equity Fund (Series ID: S000080061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241687 | Class A      | ARABX           |
| C000241688 | Class C      | AISBX           |
| C000241690 | Class I      | ARIBX           |
| C000241691 | Class R6     | ARRBX           |
| C000244904 | Class I-2    | AIBBX           |

### Aristotle Core Equity Fund (Series ID: S000080062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241692 | Class I      | ARILX           |
| C000244207 | Class I-2    | AILLX           |
| C000244208 | Class A      | ARALX           |

### Aristotle Growth Equity Fund (Series ID: S000080063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241693 | Class I      | ARIGX           |
| C000244209 | Class A      | ARAGX           |
| C000244210 | Class I-2    | AIGGX           |

### Aristotle International Equity Fund (Series ID: S000080065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241695 | Class I      | ARIFX           |
| C000244213 | Class I-2    | AIFFX           |
| C000244214 | Class A      | ARAFX           |

### Aristotle Value Equity Fund (Series ID: S000080066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241696 | Class I      | ARIQX           |
| C000244215 | Class I-2    | AIQQX           |
| C000244216 | Class A      | ARAQX           |
| C000248130 | Class R6     | ARRQX           |

### Aristotle Portfolio Optimization Moderate Conservative Fund (Series ID: S000080067)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241697 | Class A      | POBAX           |
| C000241698 | Class C      | POBCX           |
| C000241699 | Class I-2    | PMCDX           |

### Aristotle/Saul Global Equity Fund (Series ID: S000080068)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241700 | Class I      | ARIOX           |
| C000244217 | Class A      | ARAOX           |
| C000244218 | Class I-2    | AIOOX           |

### Aristotle Portfolio Optimization Moderate Fund (Series ID: S000080069)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241701 | Class A      | POCAX           |
| C000241702 | Class I-2    | POMDX           |
| C000241703 | Class C      | POMCX           |

### Aristotle Portfolio Optimization Growth Fund (Series ID: S000080070)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241704 | Class C      | PODCX           |
| C000241705 | Class A      | PODAX           |
| C000241706 | Class I-2    | PMADX           |

### Aristotle Portfolio Optimization Aggressive Growth Fund (Series ID: S000080071)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241707 | Class C      | POCEX           |
| C000241708 | Class A      | POEAX           |
| C000241709 | Class I-2    | POEDX           |

### Aristotle Core Income Fund (Series ID: S000080072)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241710 | Class A      | PLIAX           |
| C000241711 | Class C      | PLNCX           |
| C000241712 | Class I      | PLIIX           |
| C000241713 | Class I-2    | PLIDX           |

### Aristotle Core Bond Fund (Series ID: S000080073)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241714 | Class I      | PLEBX           |
| C000241715 | Class I-2    | PLEDX           |

### Aristotle Floating Rate Income Fund (Series ID: S000080074)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241716 | Class A      | PLFLX           |
| C000241717 | Class I-2    | PLFDX           |
| C000241718 | Class I      | PLFRX           |
| C000241719 | Class C      | PLBCX           |

### Aristotle High Yield Bond Fund (Series ID: S000080075)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241720 | Class I      | PLHIX           |
| C000241721 | Class I-2    | PLHYX           |
| C000241722 | Class A      | PLAHX           |
| C000241723 | Class C      | PLCHX           |

?xml version='1.0' encoding='ASCII'? 2025-04-08194903_AristotleCoreIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23850</u>**

<u>**Aristotle Funds Series Trust**</u>

(Exact name of registrant as specified in charter)

**<u>11100 Santa Monica Blvd., Suite 1700</u>**

**<u>Los Angeles, CA 90025</u>**

(Address of principal executive offices) (Zip code)

**<u>Richard Schweitzer</u>**

**<u>11100 Santa Monica Blvd., Suite 1700</u>**

**<u>Los Angeles, CA 90025</u>**

(Name and address of agent for service)

**<u>(844-274-7885)</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31, 2025</u>**

Date of reporting period: **<u>April 1, 2024 through March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLEBX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $49 | 0.48% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund primarily invests in a broad range of investment grade debt securities, including corporate bonds, mortgage-related securities, asset-backed securities, debt securities issued by the U.S. government or its related agencies and U.S. dollar-denominated debt securities issued by developed foreign governments and corporation.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, agency mortgage exposure and cash holdings were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation.

• While duration moved over the last twelve months, the point-to-point Fund duration was nearly flat. The Fund remained roughly inline with benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased the government, agency and non-agency exposure. The Fund also significantly reduced the investment grade corporate bond and asset-backed security exposure over the period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Core Bond Fund PAGE 1 TSR-AR-04045F683

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3800img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/14/2020)** |
| **Class I (without sales charge)**  | 4.94 | -0.80 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -1.36 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39123189 |
| **Number of Holdings** | 127 |
| **Net Advisory Fee** | $96476 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 41.1% |
|  Federal National Mortgage Association  | 1.8% |
|  Bank of America Corp.  | 1.6% |
|  UBS Group AG  | 1.5% |
|  Morgan Stanley  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |
|  Federal National Mortgage Association  | 1.1% |
|  Oracle Corp.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  COLT Funding LLC  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts3800img004.jpg)

\* Percentages are stated as a percent of net assets.

**Fund Name Change:**

The Fund changed its name from Aristotle ESG Core Bond Fund on February 17, 2025.

**Changes to Fund's Investment Objective or Goals:**

The Fund changed its Investment Goal to remove references to consideration of environmental, social or governance ("ESG") factors on February 17, 2025.

Aristotle Core Bond Fund PAGE 2 TSR-AR-04045F683

------

**Changes to the Fund's Principal Investment Strategy:**

The Fund changed its Principal Investment Strategies by adding a policy to invest at least 80% of its assets in debt securities. In addition, effective February 17, 2025, because the sub-adviser's investment process no longer considers ESG criteria as part of its investment process, disclosure related to the sub-adviser's use of ESG exclusionary screens and ESG metrics has been removed from the Fund's Principal Investment Strategies. In connection with these changes, disclosure regarding the types of non-agency asset-backed and mortgage-related securities in which the Fund previously invested has been removed.

**Changes to Fund's Principal Risks:**

As part of these Principal Investment Strategies changes, in the Fund's Principal Risks, ESG Criteria Risk was removed, Mortgage-Related and Other Asset-Backed Securities Risk and Foreign Investment Risk were revised and Sector Focus Risk was added.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.38% to 0.35% and the Supervision and Administration Fee for Class I has been increased from 0.10% to 0.13%. As a result of these changes, there has been no change to the Fund's total Management Fee for Class I.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, Jeff Klingelhofer, CFA, has been added as a Portfolio Manager of the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Bond Fund PAGE 3 TSR-AR-04045F683

50000048633946506844590846032548304450000048434046422944202444952947146441.120.416.24.53.73.33.01.61.44.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLEDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $49 | 0.48% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund primarily invests in a broad range of investment grade debt securities, including corporate bonds, mortgage-related securities, asset-backed securities, debt securities issued by the U.S. government or its related agencies and U.S. dollar-denominated debt securities issued by developed foreign governments and corporation.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, agency mortgage exposure and cash holdings were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation.

• While duration moved over the last twelve months, the point-to-point Fund duration was nearly flat. The Fund remained roughly inline with benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased the government, agency and non-agency exposure. The Fund also significantly reduced the investment grade corporate bond and asset-backed security exposure over the period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Core Bond Fund PAGE 1 TSR-AR-04045F675

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3797img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/14/2020)** |
| **Class I-2 (without sales charge)**  | 4.93 | -0.80 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -1.36 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39123189 |
| **Number of Holdings** | 127 |
| **Net Advisory Fee** | $96476 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 41.1% |
|  Federal National Mortgage Association  | 1.8% |
|  Bank of America Corp.  | 1.6% |
|  UBS Group AG  | 1.5% |
|  Morgan Stanley  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |
|  Federal National Mortgage Association  | 1.1% |
|  Oracle Corp.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  COLT Funding LLC  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts3797img004.jpg)

\* Percentages are stated as a percent of net assets.

**Fund Name Change:**

The Fund changed its name from Aristotle ESG Core Bond Fund on February 17, 2025.

**Changes to Fund's Investment Objective or Goals:**

The Fund changed its Investment Goal to remove references to consideration of environmental, social or governance ("ESG") factors on February 17, 2025.

Aristotle Core Bond Fund PAGE 2 TSR-AR-04045F675

------

**Changes to the Fund's Principal Investment Strategy:**

The Fund changed its Principal Investment Strategies by adding a policy to invest at least 80% of its assets in debt securities. In addition, effective February 17, 2025, because the sub-adviser's investment process no longer considers ESG criteria as part of its investment process, disclosure related to the sub-adviser's use of ESG exclusionary screens and ESG metrics has been removed from the Fund's Principal Investment Strategies. In connection with these changes, disclosure regarding the types of non-agency asset-backed and mortgage-related securities in which the Fund previously invested has been removed.

**Changes to Fund's Principal Risks:**

As part of these Principal Investment Strategies changes, in the Fund's Principal Risks, ESG Criteria Risk was removed, Mortgage-Related and Other Asset-Backed Securities Risk and Foreign Investment Risk were revised and Sector Focus Risk was added.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.38% to 0.35% and the Supervision and Administration Fee for Class I-2 has been increased from 0.10% to 0.13%. As a result of these changes, there has been no change to the Fund's total Management Fee for Class I-2.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, Jeff Klingelhofer, CFA, has been added as a Portfolio Manager of the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Bond Fund PAGE 3 TSR-AR-04045F675

1000097279301891892069661100009687928588408991942941.120.416.24.53.73.33.01.61.44.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLIAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $87 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, non-U.S. government debt and agency exposures were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• While the Fund duration moved over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain slightly short of benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased agency and non-agency exposure as well as the government exposure. The Fund reduced the securitized, investment grade corporate bond and floating rate loan exposure over the period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3827img003.jpg)

Aristotle Core Income Fund PAGE 1 TSR-AR-04045F733

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.59 | 1.84 | 2.17 |
| **Class A (with sales charge)**  | 0.12 | 0.96 | 1.72 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3162129036 |
| **Number of Holdings** | 443 |
| **Net Advisory Fee** | $11291433 |
| **Portfolio Turnover Rate** | 73% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 25.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  Federal National Mortgage Association  | 0.9% |
|  Morgan Stanley  | 0.9% |
|  Energy Transfer LP  | 0.8% |
|  VICI Properties LP  | 0.7% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  Federal National Mortgage Association  | 0.7% |

---

**Sector Breakdown (%)**

![image](ts3827img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.50% to 0.40% and the Supervision and Administration Fee was increased from 0.10% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Core Income Fund PAGE 2 TSR-AR-04045F733

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Income Fund PAGE 3 TSR-AR-04045F733

9574954898571005910460108271172511361109181134111862100001019610241103641082911796118801138610842110261156425.319.415.57.86.65.24.13.61.011.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PLNCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $163 | 1.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, non-U.S. government debt and agency exposures were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• While the Fund duration moved over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain slightly short of benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased agency and non-agency exposure as well as the government exposure. The Fund reduced the securitized, investment grade corporate bond and floating rate loan exposure over the period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3826img003.jpg)

Aristotle Core Income Fund PAGE 1 TSR-AR-04045F725

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 3.83 | 1.10 | 1.41 |
| **Class C (with sales charge)**  | 2.83 | 1.10 | 1.41 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3162129036 |
| **Number of Holdings** | 443 |
| **Net Advisory Fee** | $11291433 |
| **Portfolio Turnover Rate** | 73% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 25.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  Federal National Mortgage Association  | 0.9% |
|  Morgan Stanley  | 0.9% |
|  Energy Transfer LP  | 0.8% |
|  VICI Properties LP  | 0.7% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  Federal National Mortgage Association  | 0.7% |

---

**Sector Breakdown (%)**

![image](ts3826img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.50% to 0.40% and the Supervision and Administration Fee was increased from 0.10% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Core Income Fund PAGE 2 TSR-AR-04045F725

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Income Fund PAGE 3 TSR-AR-04045F725

100009897101401028010600108891170511256107351107811501100001019610241103641082911796118801138610842110261156425.319.415.57.86.65.24.13.61.011.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLIIX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, non-U.S. government debt and agency exposures were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• While the Fund duration moved over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain slightly short of benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased agency and non-agency exposure as well as the government exposure. The Fund reduced the securitized, investment grade corporate bond and floating rate loan exposure over the period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3825img003.jpg)

Aristotle Core Income Fund PAGE 1 TSR-AR-04045F717

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 5.00 | 2.16 | 2.48 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3162129036 |
| **Number of Holdings** | 443 |
| **Net Advisory Fee** | $11291433 |
| **Portfolio Turnover Rate** | 73% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 25.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  Federal National Mortgage Association  | 0.9% |
|  Morgan Stanley  | 0.9% |
|  Energy Transfer LP  | 0.8% |
|  VICI Properties LP  | 0.7% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  Federal National Mortgage Association  | 0.7% |

---

**Sector Breakdown (%)**

![image](ts3825img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.50% to 0.40%. As a result, the total Management Fee has been reduced by 0.10%. In addition, the contractual fee waiver for Class I has been reduced from 0.55% to 0.45%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Income Fund PAGE 2 TSR-AR-04045F717

50000050014051786153004655281357388562329760581258400960824863869150000050980351204851820754142758979659398556932354209055129457819525.319.415.57.86.65.24.13.61.011.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLIDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $56 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve and intermediate portions of the curve were supported by the yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated as compared to recent history, which was beneficial to return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, non-U.S. government debt and agency exposures were least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• While the Fund duration moved over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain slightly short of benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially increased agency and non-agency exposure as well as the government exposure. The Fund reduced the securitized, investment grade corporate bond and floating rate loan exposure over the period.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3821img003.jpg)

Aristotle Core Income Fund PAGE 1 TSR-AR-04045F691

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 4.89 | 2.16 | 2.47 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3162129036 |
| **Number of Holdings** | 443 |
| **Net Advisory Fee** | $11291433 |
| **Portfolio Turnover Rate** | 73% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 25.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.0% |
|  Federal National Mortgage Association  | 0.9% |
|  Morgan Stanley  | 0.9% |
|  Energy Transfer LP  | 0.8% |
|  VICI Properties LP  | 0.7% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  Federal National Mortgage Association  | 0.7% |

---

**Sector Breakdown (%)**

![image](ts3821img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.50% to 0.40% and the Supervision and Administration Fee for Class I-2 was increased from 0.05% to 0.15%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Income Fund PAGE 2 TSR-AR-04045F691

100009998103481060111045114661246312103116681216512760100001019610241103641082911796118801138610842110261156425.319.415.57.86.65.24.13.61.011.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLFLX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $105 | 1.02% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Credit Suisse Leveraged Loan Index. The Fund invests principally in income-producing floating rate loans and floating rate debt securities.

• The Fund continues to avoid lower-quality, distressed credits and focuses on large-cap issuers and the performing segment of the loan market. The coupon of the asset class ended the most recent quarter at a historically elevated level (7.6%). We believe loans will continue to provide a ballast during this volatile rate environment.

• The Fund benefited from largely supportive corporate fundmentals, technicals and an attractive asset class relative value trade. Asset class yields remained elevated as the secured overnight financing rate (SOFR) remained at higher levels.

• On a year-over-year basis, the Fund maintained its focused exposure inside of the floating rate loan asset class, specifically seeking out the larger more-liquid credits while seeking to avoid deteriorating credits and unfavorable sectors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3832img003.jpg)

Aristotle Floating Rate Income Fund PAGE 1 TSR-AR-04045F626

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 5.57 | 7.48 | 4.51 |
| **Class A (with sales charge)**  | 2.35 | 6.83 | 4.20 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Credit Suisse Leveraged Loan Index**  | 7.02 | 8.90 | 4.98 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4284277290 |
| **Number of Holdings** | 162 |
| **Net Advisory Fee** | $23202062 |
| **Portfolio Turnover Rate** | 122% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.6% |
|  UKG, Inc.  | 3.5% |
|  TransDigm, Inc.  | 2.8% |
|  Bausch + Lomb Corp.  | 2.7% |
|  8th Avenue Food & Provisions, Inc.  | 2.4% |
|  Deerfield Dakota Holding LLC  | 2.2% |
|  TIH Insurance Holdings LLC  | 2.2% |
|  Ellucian Holdings, Inc.  | 2.2% |
|  ClubCorp Holdings, Inc.  | 2.1% |
|  Wand NewCo 3, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3832img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

In the Fund's Principal Investment Strategies, the Fund discloses that a significant portion of the floating rate loans held by the Fund may be "covenant lite" loans.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.62% to 0.55% and the Supervision and Administration Fee for Class A was increased from 0.13% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd and Tommy Zhang, CFA, have been added as Portfolio Managers of the Fund.

Aristotle Floating Rate Income Fund PAGE 2 TSR-AR-04045F626

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Floating Rate Income Fund PAGE 3 TSR-AR-04045F626

97029771105831099011273105191204612392127011428915085100001019610241103641082911796118801138610842110261156410000988910853113561173410618128231323713518151941626023.421.418.215.95.53.32.71.03.25.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PLBCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $181 | 1.77% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Credit Suisse Leveraged Loan Index. The Fund invests principally in income-producing floating rate loans and floating rate debt securities.

• The Fund continues to avoid lower-quality, distressed credits and focuses on large-cap issuers and the performing segment of the loan market. The coupon of the asset class ended the most recent quarter at a historically elevated level (7.6%). We believe loans will continue to provide a ballast during this volatile rate environment.

• The Fund benefited from largely supportive corporate fundmentals, technicals and an attractive asset class relative value trade. Asset class yields remained elevated as the secured overnight financing rate (SOFR) remained at higher levels.

• On a year-over-year basis, the Fund maintained its focused exposure inside of the floating rate loan asset class, specifically seeking out the larger more-liquid credits while seeking to avoid deteriorating credits and unfavorable sectors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3831img003.jpg)

Aristotle Floating Rate Income Fund PAGE 1 TSR-AR-04045F618

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.78 | 6.70 | 3.77 |
| **Class C (with sales charge)**  | 3.80 | 6.70 | 3.77 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Credit Suisse Leveraged Loan Index**  | 7.02 | 8.90 | 4.98 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4284277290 |
| **Number of Holdings** | 162 |
| **Net Advisory Fee** | $23202062 |
| **Portfolio Turnover Rate** | 122% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.6% |
|  UKG, Inc.  | 3.5% |
|  TransDigm, Inc.  | 2.8% |
|  Bausch + Lomb Corp.  | 2.7% |
|  8th Avenue Food & Provisions, Inc.  | 2.4% |
|  Deerfield Dakota Holding LLC  | 2.2% |
|  TIH Insurance Holdings LLC  | 2.2% |
|  Ellucian Holdings, Inc.  | 2.2% |
|  ClubCorp Holdings, Inc.  | 2.1% |
|  Wand NewCo 3, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3831img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

In the Fund's Principal Investment Strategies, the Fund discloses that a significant portion of the floating rate loans held by the Fund may be "covenant lite" loans.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.62% to 0.55% and the Supervision and Administration Fee for Class C was increased from 0.13% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd and Tommy Zhang, CFA, have been added as Portfolio Managers of the Fund.

Aristotle Floating Rate Income Fund PAGE 2 TSR-AR-04045F618

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Floating Rate Income Fund PAGE 3 TSR-AR-04045F618

100009996107501108711293104671190512161123741381814479100001019610241103641082911796118801138610842110261156410000988910853113561173410618128231323713518151941626023.421.418.215.95.53.32.71.03.25.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLFRX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $71 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Credit Suisse Leveraged Loan Index. The Fund invests principally in income-producing floating rate loans and floating rate debt securities.

• The Fund continues to avoid lower-quality, distressed credits and focuses on large-cap issuers and the performing segment of the loan market. The coupon of the asset class ended the most recent quarter at a historically elevated level (7.6%). We believe loans will continue to provide a ballast during this volatile rate environment.

• The Fund benefited from largely supportive corporate fundmentals, technicals and an attractive asset class relative value trade. Asset class yields remained elevated as the secured overnight financing rate (SOFR) remained at higher levels.

• On a year-over-year basis, the Fund maintained its focused exposure inside of the floating rate loan asset class, specifically seeking out the larger more-liquid credits while seeking to avoid deteriorating credits and unfavorable sectors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3830img003.jpg)

Aristotle Floating Rate Income Fund PAGE 1 TSR-AR-04045F592

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 5.91 | 7.81 | 4.83 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Credit Suisse Leveraged Loan Index**  | 7.02 | 8.90 | 4.98 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4284277290 |
| **Number of Holdings** | 162 |
| **Net Advisory Fee** | $23202062 |
| **Portfolio Turnover Rate** | 122% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.6% |
|  UKG, Inc.  | 3.5% |
|  TransDigm, Inc.  | 2.8% |
|  Bausch + Lomb Corp.  | 2.7% |
|  8th Avenue Food & Provisions, Inc.  | 2.4% |
|  Deerfield Dakota Holding LLC  | 2.2% |
|  TIH Insurance Holdings LLC  | 2.2% |
|  Ellucian Holdings, Inc.  | 2.2% |
|  ClubCorp Holdings, Inc.  | 2.1% |
|  Wand NewCo 3, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3830img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

In the Fund's Principal Investment Strategies, the Fund discloses that a significant portion of the floating rate loans held by the Fund may be "covenant lite" loans.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.62% to 0.55% and the Supervision and Administration Fee for Class I has been increased from 0.05% to 0.12%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd and Tommy Zhang, CFA, have been added as Portfolio Managers of the Fund.

Aristotle Floating Rate Income Fund PAGE 2 TSR-AR-04045F592

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Floating Rate Income Fund PAGE 3 TSR-AR-04045F592

50000050509354868457202158853155032863215265293367051575685980157250000050980351204851820754142758979659398556932354209055129457819550000049447154262956780258670453090364117366182467587875969381300723.421.418.215.95.53.32.71.03.25.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLFDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $79 | 0.77% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Credit Suisse Leveraged Loan Index. The Fund invests principally in income-producing floating rate loans and floating rate debt securities.

• The Fund continues to avoid lower-quality, distressed credits and focuses on large-cap issuers and the performing segment of the loan market. The coupon of the asset class ended the most recent quarter at a historically elevated level (7.6%). We believe loans will continue to provide a ballast during this volatile rate environment.

• The Fund benefited from largely supportive corporate fundmentals, technicals and an attractive asset class relative value trade. Asset class yields remained elevated as the secured overnight financing rate (SOFR) remained at higher levels.

• On a year-over-year basis, the Fund maintained its focused exposure inside of the floating rate loan asset class, specifically seeking out the larger more-liquid credits while seeking to avoid deteriorating credits and unfavorable sectors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3828img003.jpg)

Aristotle Floating Rate Income Fund PAGE 1 TSR-AR-04045F584

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.83 | 7.74 | 4.77 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Credit Suisse Leveraged Loan Index**  | 7.02 | 8.90 | 4.98 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4284277290 |
| **Number of Holdings** | 162 |
| **Net Advisory Fee** | $23202062 |
| **Portfolio Turnover Rate** | 122% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.6% |
|  UKG, Inc.  | 3.5% |
|  TransDigm, Inc.  | 2.8% |
|  Bausch + Lomb Corp.  | 2.7% |
|  8th Avenue Food & Provisions, Inc.  | 2.4% |
|  Deerfield Dakota Holding LLC  | 2.2% |
|  TIH Insurance Holdings LLC  | 2.2% |
|  Ellucian Holdings, Inc.  | 2.2% |
|  ClubCorp Holdings, Inc.  | 2.1% |
|  Wand NewCo 3, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts3828img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

In the Fund's Principal Investment Strategies, the Fund discloses that a significant portion of the floating rate loans held by the Fund may be "covenant lite" loans.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.62% to 0.55% and the Supervision and Administration Fee for Class I-2 was increased from 0.13% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd and Tommy Zhang, CFA, have been added as Portfolio Managers of the Fund.

Aristotle Floating Rate Income Fund PAGE 2 TSR-AR-04045F584

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Floating Rate Income Fund PAGE 3 TSR-AR-04045F584

1000010096109611142011743109781260013009133551506015937100001019610241103641082911796118801138610842110261156410000988910853113561173410618128231323713518151941626023.421.418.215.95.53.32.71.03.25.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle High Yield Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLAHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US High Yield 2% Issuer Capped Bond Total Return Index. The Fund invests at least 80% of its assets in non-investment grade (high yield/high risk, sometimes called "junk bonds") debt instruments or in instruments with characteristics of non-investment grade debt instruments.

• A substantial portion of this underperformance is attributable to a lack of exposure to lower-quality distressed credits that benefited during the period. The Fund did benefit from a supportive rate environment elevating entry yields as well as largely compressing credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely in favor. The shorter curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis.

• Positive contribution to relative performance was led by active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration remained relatively flat. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced the limited investment grade bond exposure along with the securitized exposure. Conversely, we increased the corporate high yield bond exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3839img003.jpg)

Aristotle High Yield Bond Fund PAGE 1 TSR-AR-04045F576

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 5.14 | 6.89 | 4.18 |
| **Class A (with sales charge)**  | 0.62 | 5.96 | 3.72 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.69 | 7.28 | 5.01 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113018110 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $473791 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.3% |
|  SPX FLOW, Inc.  | 2.0% |
|  Venture Global LNG, Inc.  | 1.9% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.9% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.8% |
|  TransDigm, Inc.  | 1.7% |
|  Allied Universal Holdco LLC  | 1.6% |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC  | 1.6% |
|  UKG, Inc.  | 1.6% |
|  Panther Escrow Issuer LLC  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts3839img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.50% and the Supervision and Administration Fee was increased from 0.10% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee for Class A.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd no longer serves as a Portfolio Manager of the Fund.

Aristotle High Yield Bond Fund PAGE 2 TSR-AR-04045F576

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle High Yield Bond Fund PAGE 3 TSR-AR-04045F576

95719017103831086611298103251284912804124081370414408100001019610241103641082911796118801138610842110261156410000963411213116371232711472141851409113618151371630117.016.610.910.59.48.66.25.33.711.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle High Yield Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PLCHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $174 | 1.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US High Yield 2% Issuer Capped Bond Total Return Index. The Fund invests at least 80% of its assets in non-investment grade (high yield/high risk, sometimes called "junk bonds") debt instruments or in instruments with characteristics of non-investment grade debt instruments.

• A substantial portion of this underperformance is attributable to a lack of exposure to lower-quality distressed credits that benefited during the period. The Fund did benefit from a supportive rate environment elevating entry yields as well as largely compressing credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely in favor. The shorter curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis.

• Positive contribution to relative performance was led by active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration remained relatively flat. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced the limited investment grade bond exposure along with the securitized exposure. Conversely, we increased the corporate high yield bond exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3838img003.jpg)

Aristotle High Yield Bond Fund PAGE 1 TSR-AR-04045F568

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.35 | 6.11 | 3.42 |
| **Class C (with sales charge)**  | 3.36 | 6.11 | 3.42 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.69 | 7.28 | 5.01 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113018110 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $473791 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.3% |
|  SPX FLOW, Inc.  | 2.0% |
|  Venture Global LNG, Inc.  | 1.9% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.9% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.8% |
|  TransDigm, Inc.  | 1.7% |
|  Allied Universal Holdco LLC  | 1.6% |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC  | 1.6% |
|  UKG, Inc.  | 1.6% |
|  Panther Escrow Issuer LLC  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts3838img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.50% and the Supervision and Administration Fee was increased from 0.10% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee for Class C.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd no longer serves as a Portfolio Manager of the Fund.

Aristotle High Yield Bond Fund PAGE 2 TSR-AR-04045F568

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle High Yield Bond Fund PAGE 3 TSR-AR-04045F568

100009348106901110011472104081286512715122441341513998100001019610241103641082911796118801138610842110261156410000963411213116371232711472141851409113618151371630117.016.610.910.59.48.66.25.33.711.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle High Yield Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLHIX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $57 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US High Yield 2% Issuer Capped Bond Total Return Index. The Fund invests at least 80% of its assets in non-investment grade (high yield/high risk, sometimes called "junk bonds") debt instruments or in instruments with characteristics of non-investment grade debt instruments.

• A substantial portion of this underperformance is attributable to a lack of exposure to lower-quality distressed credits that benefited during the period. The Fund did benefit from a supportive rate environment elevating entry yields as well as largely compressing credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely in favor. The shorter curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis.

• Positive contribution to relative performance was led by active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration remained relatively flat. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced the limited investment grade bond exposure along with the securitized exposure. Conversely, we increased the corporate high yield bond exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3837img003.jpg)

Aristotle High Yield Bond Fund PAGE 1 TSR-AR-04045F550

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 5.64 | 7.19 | 4.46 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.69 | 7.28 | 5.01 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113018110 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $473791 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.3% |
|  SPX FLOW, Inc.  | 2.0% |
|  Venture Global LNG, Inc.  | 1.9% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.9% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.8% |
|  TransDigm, Inc.  | 1.7% |
|  Allied Universal Holdco LLC  | 1.6% |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC  | 1.6% |
|  UKG, Inc.  | 1.6% |
|  Panther Escrow Issuer LLC  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts3837img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Class I: Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.50%. As a result of this change, the total Management Fee for Class I was reduced by 0.10%. In addition, the contractual fee waiver for Class I has been reduced from 0.65% to 0.55%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd no longer serves as a Portfolio Manager of the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle High Yield Bond Fund PAGE 2 TSR-AR-04045F550

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle High Yield Bond Fund PAGE 3 TSR-AR-04045F550

50000047215054542357242859687254700168244468109666125673253077386450000050980351204851820754142758979659398556932354209055129457819550000048171956065358185461636157360870925670454668091275684681505717.016.610.910.59.48.66.25.33.711.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle High Yield Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLHYX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US High Yield 2% Issuer Capped Bond Total Return Index. The Fund invests at least 80% of its assets in non-investment grade (high yield/high risk, sometimes called "junk bonds") debt instruments or in instruments with characteristics of non-investment grade debt instruments.

• A substantial portion of this underperformance is attributable to a lack of exposure to lower-quality distressed credits that benefited during the period. The Fund did benefit from a supportive rate environment elevating entry yields as well as largely compressing credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely in favor. The shorter curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis.

• Positive contribution to relative performance was led by active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration remained relatively flat. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced the limited investment grade bond exposure along with the securitized exposure. Conversely, we increased the corporate high yield bond exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3836img003.jpg)

Aristotle High Yield Bond Fund PAGE 1 TSR-AR-04045F543

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.55 | 7.20 | 4.46 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.69 | 7.28 | 5.01 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $113018110 |
| **Number of Holdings** | 208 |
| **Net Advisory Fee** | $473791 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.3% |
|  SPX FLOW, Inc.  | 2.0% |
|  Venture Global LNG, Inc.  | 1.9% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.9% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.8% |
|  TransDigm, Inc.  | 1.7% |
|  Allied Universal Holdco LLC  | 1.6% |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC  | 1.6% |
|  UKG, Inc.  | 1.6% |
|  Panther Escrow Issuer LLC  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts3836img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.50% and the Supervision and Administration Fee was increased from 0.10% to 0.15%. As a result of these changes, the total Management Fee for Class I-2 was reduced by 0.05%. In addition, the contractual fee waiver for Class I-2 was reduced from 0.70% to 0.65%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Effective March 1, 2025, C. Robert Boyd no longer serves as a Portfolio Manager of the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle High Yield Bond Fund PAGE 2 TSR-AR-04045F543

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle High Yield Bond Fund PAGE 3 TSR-AR-04045F543

100009434109031143911922109241363913625132381465015463100001019610241103641082911796118801138610842110261156410000963411213116371232711472141851409113618151371630117.016.610.910.59.48.66.25.33.711.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Short Duration Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLADX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $77 | 0.75% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government and non-U.S. government debt were the least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained essentially flat on a point-to-point basis. However, this was beneficial as the front end of the rate curve remained largely supportive. On a year-over-year basis, we materially increased shorter duration investment grade rated corporate bond exposure while significantly reducing its floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3861img003.jpg)

Aristotle Short Duration Income Fund PAGE 1 TSR-AR-04045F774

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 5.77 | 3.32 | 2.32 |
| **Class A (with sales charge)**  | 2.63 | 2.70 | 2.01 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg 1-3 Year US Government/Credit Index**  | 5.61 | 1.56 | 1.73 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $905079417 |
| **Number of Holdings** | 277 |
| **Net Advisory Fee** | $2175233 |
| **Portfolio Turnover Rate** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 14.8% |
|  JPMorgan Chase & Co.  | 3.0% |
|  Bank of America Corp.  | 2.7% |
|  Morgan Stanley  | 2.1% |
|  DTE Energy Co.  | 1.3% |
|  UBS Group AG  | 1.2% |
|  Public Service Enterprise Group, Inc.  | 1.1% |
|  Wells Fargo & Co.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.1% |
|  TransDigm, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts3861img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.40% to 0.25% and the Supervision and Administration Fee was increased from 0.10% to 0.25%. As a result of these changes, there is no change to the Fund's total Management Fee for Class A shares.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Short Duration Income Fund PAGE 2 TSR-AR-04045F774

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Short Duration Income Fund PAGE 3 TSR-AR-04045F774

97029717994610063103761036311066108611094311538122031000010196102411036410829117961188011386108421102611564100001010410176102001050910985111581083310862112411187123.114.813.810.08.97.16.16.00.59.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Short Duration Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PLCSX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $154 | 1.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government and non-U.S. government debt were the least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained essentially flat on a point-to-point basis. However, this was beneficial as the front end of the rate curve remained largely supportive. On a year-over-year basis, we materially increased shorter duration investment grade rated corporate bond exposure while significantly reducing its floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3860img003.jpg)

Aristotle Short Duration Income Fund PAGE 1 TSR-AR-04045F766

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.98 | 2.55 | 1.56 |
| **Class C (with sales charge)**  | 3.98 | 2.55 | 1.56 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg 1-3 Year US Government/Credit Index**  | 5.61 | 1.56 | 1.73 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $905079417 |
| **Number of Holdings** | 277 |
| **Net Advisory Fee** | $2175233 |
| **Portfolio Turnover Rate** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 14.8% |
|  JPMorgan Chase & Co.  | 3.0% |
|  Bank of America Corp.  | 2.7% |
|  Morgan Stanley  | 2.1% |
|  DTE Energy Co.  | 1.3% |
|  UBS Group AG  | 1.2% |
|  Public Service Enterprise Group, Inc.  | 1.1% |
|  Wells Fargo & Co.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.1% |
|  TransDigm, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts3860img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.40% to 0.25% and the Supervision and Administration Fee was increased from 0.10% to 0.25%. As a result of these changes, there is no change to the Fund's total Management Fee for Class C shares.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Short Duration Income Fund PAGE 2 TSR-AR-04045F766

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Short Duration Income Fund PAGE 3 TSR-AR-04045F766

1000099421010110144103831029210909106261062611118116721000010196102411036410829117961188011386108421102611564100001010410176102001050910985111581083310862112411187123.114.813.810.08.97.16.16.00.59.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Short Duration Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLSDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $40 | 0.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government and non-U.S. government debt were the least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained essentially flat on a point-to-point basis. However, this was beneficial as the front end of the rate curve remained largely supportive. On a year-over-year basis, we materially increased shorter duration investment grade rated corporate bond exposure while significantly reducing its floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3859img003.jpg)

Aristotle Short Duration Income Fund PAGE 1 TSR-AR-04045F758

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 6.06 | 3.63 | 2.61 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg 1-3 Year US Government/Credit Index**  | 5.61 | 1.56 | 1.73 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $905079417 |
| **Number of Holdings** | 277 |
| **Net Advisory Fee** | $2175233 |
| **Portfolio Turnover Rate** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 14.8% |
|  JPMorgan Chase & Co.  | 3.0% |
|  Bank of America Corp.  | 2.7% |
|  Morgan Stanley  | 2.1% |
|  DTE Energy Co.  | 1.3% |
|  UBS Group AG  | 1.2% |
|  Public Service Enterprise Group, Inc.  | 1.1% |
|  Wells Fargo & Co.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.1% |
|  TransDigm, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts3859img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.40% to 0.25% and the Supervision and Administration Fee was increased from 0.05% to 0.14%. As a result of these changes, the total Management Fee for Class I has been reduced by 0.06%. In addition, the contractual fee waiver for Class I shares has been reduced from 0.45% to 0.39%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Short Duration Income Fund PAGE 2 TSR-AR-04045F758

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Short Duration Income Fund PAGE 3 TSR-AR-04045F758

50000050272451558052294754109254121557995257016057621360988564682750000050980351204851820754142758979659398556932354209055129457819550000050521550880651000952546154924055788954166154308356204459355523.114.813.810.08.97.16.16.00.59.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Short Duration Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLDSX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $50 | 0.49% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government and non-U.S. government debt were the least additive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained essentially flat on a point-to-point basis. However, this was beneficial as the front end of the rate curve remained largely supportive. On a year-over-year basis, we materially increased shorter duration investment grade rated corporate bond exposure while significantly reducing its floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3858img003.jpg)

Aristotle Short Duration Income Fund PAGE 1 TSR-AR-04045F741

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.94 | 3.58 | 2.57 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg 1-3 Year US Government/Credit Index**  | 5.61 | 1.56 | 1.73 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $905079417 |
| **Number of Holdings** | 277 |
| **Net Advisory Fee** | $2175233 |
| **Portfolio Turnover Rate** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 14.8% |
|  JPMorgan Chase & Co.  | 3.0% |
|  Bank of America Corp.  | 2.7% |
|  Morgan Stanley  | 2.1% |
|  DTE Energy Co.  | 1.3% |
|  UBS Group AG  | 1.2% |
|  Public Service Enterprise Group, Inc.  | 1.1% |
|  Wells Fargo & Co.  | 1.1% |
|  Goldman Sachs Group, Inc.  | 1.1% |
|  TransDigm, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts3858img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.40% to 0.25% and the Supervision and Administration Fee for Class I-2 has been increased from 0.10% to 0.24%. As a result of these changes, the total Management Fee for Class I-2 has been reduced by 0.01%. In addition, the contractual fee waiver for Class I-2 has been reduced from 0.50% to 0.49%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Short Duration Income Fund PAGE 2 TSR-AR-04045F741

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Short Duration Income Fund PAGE 3 TSR-AR-04045F741

10000100401030310450108111081411587113901150512169128921000010196102411036410829117961188011386108421102611564100001010410176102001050910985111581083310862112411187123.114.813.810.08.97.16.16.00.59.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Strategic Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLSTX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $96 | 0.94% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The Fund benefited from an elevated rate environment supporting all in yields as well as largely supportive credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• The Fund benefited across the credit quality spectrum with the exception of lower rated credit exposure (some CCC). On the other hand, cash holdings were least additive to return.

• Positive contributions to relative performance were led by credit selection and active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration was slightly below its starting level. The Fund's shorter-than-benchmark duration profile proved mostly beneficial to performance. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced the investment grade bond exposure. Conversely, we increased the corporate high yield bond exposure along with the floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3874img003.jpg)

Aristotle Strategic Income Fund PAGE 1 TSR-AR-04045F667

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 5.17 | 6.15 | 4.04 |
| **Class A (with sales charge)**  | 0.65 | 5.24 | 3.58 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3791942005 |
| **Number of Holdings** | 437 |
| **Net Advisory Fee** | $16201644 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 2.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  Venture Global LNG, Inc.  | 1.7% |
|  TransDigm, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  Energy Transfer LP  | 1.2% |
|  UKG, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts3874img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.59% to 0.50% and the Supervision and Administration Fee for Class A was increased from 0.10% to 0.19%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Financial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Strategic Income Fund PAGE 2 TSR-AR-04045F667

95739365102851069111058105521295912790124821352214221100001019610241103641082911796118801138610842110261156426.613.110.67.97.16.05.45.23.914.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Strategic Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PLCNX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $173 | 1.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The Fund benefited from an elevated rate environment supporting all in yields as well as largely supportive credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• The Fund benefited across the credit quality spectrum with the exception of lower rated credit exposure (some CCC). On the other hand, cash holdings were least additive to return.

• Positive contributions to relative performance were led by credit selection and active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration was slightly below its starting level. The Fund's shorter-than-benchmark duration profile proved mostly beneficial to performance. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced the investment grade bond exposure. Conversely, we increased the corporate high yield bond exposure along with the floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3873img003.jpg)

Aristotle Strategic Income Fund PAGE 1 TSR-AR-04045F659

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.41 | 5.40 | 3.29 |
| **Class C (with sales charge)**  | 3.41 | 5.40 | 3.29 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3791942005 |
| **Number of Holdings** | 437 |
| **Net Advisory Fee** | $16201644 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 2.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  Venture Global LNG, Inc.  | 1.7% |
|  TransDigm, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  Energy Transfer LP  | 1.2% |
|  UKG, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts3873img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.59% to 0.50% and the Supervision and Administration Fee for Class C was increased from 0.10% to 0.19%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Financial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Strategic Income Fund PAGE 2 TSR-AR-04045F659

100009710105871093111229106291297112713123261324113825100001019610241103641082911796118801138610842110261156426.613.110.67.97.16.05.45.23.914.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Strategic Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLSRX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $61 | 0.59% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The Fund benefited from an elevated rate environment supporting all in yields as well as largely supportive credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• The Fund benefited across the credit quality spectrum with the exception of lower rated credit exposure (some CCC). On the other hand, cash holdings were least additive to return.

• Positive contributions to relative performance were led by credit selection and active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration was slightly below its starting level. The Fund's shorter-than-benchmark duration profile proved mostly beneficial to performance. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced the investment grade bond exposure. Conversely, we increased the corporate high yield bond exposure along with the floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3872img003.jpg)

Aristotle Strategic Income Fund PAGE 1 TSR-AR-04045F642

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 5.68 | 6.50 | 4.36 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3791942005 |
| **Number of Holdings** | 437 |
| **Net Advisory Fee** | $16201644 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 2.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  Venture Global LNG, Inc.  | 1.7% |
|  TransDigm, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  Energy Transfer LP  | 1.2% |
|  UKG, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts3872img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.59% to 0.50% and the Supervision and Administration Fee for Class I has been increased from 0.05% to 0.09%. As a result of these changes, the total Management Fee for Class I has been reduced by 0.05%. In addition, the contractual fee waiver for Class I has been reduced from 0.64% to 0.59%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Financial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Strategic Income Fund PAGE 2 TSR-AR-04045F642

50000049011454011356325558447555922368910668210366824772497176613950000050980351204851820754142758979659398556932354209055129457819526.613.110.67.97.16.05.45.23.914.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Strategic Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLSFX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $71 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• The Fund benefited from an elevated rate environment supporting all in yields as well as largely supportive credit spreads.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The intermediate curve positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• The Fund benefited across the credit quality spectrum with the exception of lower rated credit exposure (some CCC). On the other hand, cash holdings were least additive to return.

• Positive contributions to relative performance were led by credit selection and active asset class allocation.

• While the Fund duration moved over the last twelve months, the point-to-point duration was slightly below its starting level. The Fund's shorter-than-benchmark duration profile proved mostly beneficial to performance. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced the investment grade bond exposure. Conversely, we increased the corporate high yield bond exposure along with the floating rate loan exposure.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3871img003.jpg)

Aristotle Strategic Income Fund PAGE 1 TSR-AR-04045F634

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.53 | 6.43 | 4.29 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3791942005 |
| **Number of Holdings** | 437 |
| **Net Advisory Fee** | $16201644 |
| **Portfolio Turnover Rate** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 2.0% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  Venture Global LNG, Inc.  | 1.7% |
|  TransDigm, Inc.  | 1.7% |
|  Citigroup, Inc.  | 1.4% |
|  Bank of America Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  Energy Transfer LP  | 1.2% |
|  UKG, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts3871img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.59% to 0.50% and the Supervision and Administration Fee for Class I-2 was increased from 0.10% to 0.19%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Financial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Strategic Income Fund PAGE 2 TSR-AR-04045F634

100009799107881124211657111511372913596133031442915227100001019610241103641082911796118801138610842110261156426.613.110.67.97.16.05.45.23.914.2 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PLUAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $60 | 0.58% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg Short Treasury Total Return Index. The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed and floating rate debt securities, including corporate debt securities, mortgage-related securities, asset-backed securities, U.S. government securities and agency securities and money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government debt and U.S. corporate high yield debt were the least positive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained very front-end pinned which benefited from an attractive rate curve. On a year-over-year basis, we reduced floating rate loan and high yield bond exposure as well as slightly trimmed the asset backed security exposure. We increased cash holdings.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3877img003.jpg)

Aristotle Ultra Short Income Fund PAGE 1 TSR-AR-04045F816

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(04/17/2023)** |
| **Class A (without sales charge)**  | 5.60 | 5.72 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | 3.60 |
| **Bloomberg Short Treasury Total Return Index**  | 5.07 | 5.15 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47710925 |
| **Number of Holdings** | 128 |
| **Net Advisory Fee** | $102984 |
| **Portfolio Turnover Rate** | 128% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 4.2% |
|  Bank of America Corp.  | 4.0% |
|  Goldman Sachs Group, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.4% |
|  HSBC Holdings PLC  | 2.3% |
|  Magnetite CLO Ltd.  | 2.2% |
|  Neuberger Berman CLO Ltd.  | 2.1% |
|  United Airlines, Inc.  | 2.0% |
|  Santander Consumer USA Holdings, Inc.  | 1.8% |

---

**Sector Breakdown (%)**

![image](ts3877img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Ultra Short Income Fund PAGE 2 TSR-AR-04045F816

10000105581114910000102181071610000104991103229.914.814.313.04.03.93.22.55.58.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| PLUIX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $33 | 0.32% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg Short Treasury Total Return Index. The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed and floating rate debt securities, including corporate debt securities, mortgage-related securities, asset-backed securities, U.S. government securities and agency securities and money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government debt and U.S. corporate high yield debt were the least positive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained very front-end pinned which benefited from an attractive rate curve. On a year-over-year basis, we reduced floating rate loan and high yield bond exposure as well as slightly trimmed the asset backed security exposure. We increased cash holdings.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3876img003.jpg)

Aristotle Ultra Short Income Fund PAGE 1 TSR-AR-04045F790

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/28/2019)** |
| **Class I (without sales charge)**  | 5.77 | 3.89 | 3.04 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 0.62 |
| **Bloomberg Short Treasury Total Return Index**  | 5.07 | 2.48 | 2.49 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47710925 |
| **Number of Holdings** | 128 |
| **Net Advisory Fee** | $102984 |
| **Portfolio Turnover Rate** | 128% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 4.2% |
|  Bank of America Corp.  | 4.0% |
|  Goldman Sachs Group, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.4% |
|  HSBC Holdings PLC  | 2.3% |
|  Magnetite CLO Ltd.  | 2.2% |
|  Neuberger Berman CLO Ltd.  | 2.1% |
|  United Airlines, Inc.  | 2.0% |
|  Santander Consumer USA Holdings, Inc.  | 1.8% |

---

**Sector Breakdown (%)**

![image](ts3876img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Ultra Short Income Fund PAGE 2 TSR-AR-04045F790

50000049094151944651724452911556180559421550000052839653214951005448565649390251800350000050958151033150968952127754823357605129.914.814.313.04.03.93.22.55.58.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLUDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $33 | 0.32% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Bloomberg Short Treasury Total Return Index. The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed and floating rate debt securities, including corporate debt securities, mortgage-related securities, asset-backed securities, U.S. government securities and agency securities and money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes.

• The front end of the curve was highly favorable due to a yield curve inversion seen through September 2024. Even post re-inversion, yields remained elevated compared to recent history, which was beneficial to the return. Additionally, corporate spreads remained quite favorable for most of the period.

• Exposure to credit-sensitive sectors benefited performance for most of the period as credit remained largely well supported. The front-end positioning and elevated yield profile helped to insulate the full effect of credit spread widening seen on a periodic basis as compared to a long duration based offerings.

• By credit quality, BBB-rated credits were most beneficial to performance (corporate investment grade bonds) followed by AAA-rated credits (mostly securitized assets). On the other hand, U.S. government debt and U.S. corporate high yield debt were the least positive to return.

• Positive contributions to relative performance were led by active asset class allocation and credit selectivity.

• The Fund duration remained very front-end pinned which benefited from an attractive rate curve. On a year-over-year basis, we reduced floating rate loan and high yield bond exposure as well as slightly trimmed the asset backed security exposure. We increased cash holdings.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3875img003.jpg)

Aristotle Ultra Short Income Fund PAGE 1 TSR-AR-04045F782

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/28/2019)** |
| **Class I-2 (without sales charge)**  | 5.77 | 3.89 | 3.05 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 0.62 |
| **Bloomberg Short Treasury Total Return Index**  | 5.07 | 2.48 | 2.49 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47710925 |
| **Number of Holdings** | 128 |
| **Net Advisory Fee** | $102984 |
| **Portfolio Turnover Rate** | 128% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 4.2% |
|  Bank of America Corp.  | 4.0% |
|  Goldman Sachs Group, Inc.  | 3.3% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.4% |
|  HSBC Holdings PLC  | 2.3% |
|  Magnetite CLO Ltd.  | 2.2% |
|  Neuberger Berman CLO Ltd.  | 2.1% |
|  United Airlines, Inc.  | 2.0% |
|  Santander Consumer USA Holdings, Inc.  | 1.8% |

---

**Sector Breakdown (%)**

![image](ts3875img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Ultra Short Income Fund PAGE 2 TSR-AR-04045F782

10000981910389103451058411237118861000010568106431020197139878103601000010192102071019410426109651152129.914.814.313.04.03.93.22.55.58.9 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARALX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $93 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to security selection, while sector allocation contributed to relative performance.

• Security selection in consumer staples and industrials detracted the most from relative performance. Conversely, security selection in healthcare and communication services contributed.

• Darling Ingredients, Halliburton and Avery Dennison were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and Antero Resources were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and utilities detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in materials contributed to relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3813img003.jpg)

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F329

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/25/2023)** |
| **Class A (without sales charge)**  | 5.82 | 23.26 |
| **Class A (with sales charge)**  | 1.34 | 19.61 |
| **S&P 500 TR**  | 8.25 | 24.44 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $491650394 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $2184347 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  NVIDIA Corp.  | 6.1% |
|  Apple, Inc.  | 5.6% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.1% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Costco Wholesale Corp.  | 2.8% |
|  Broadcom, Inc.  | 2.8% |
|  Visa, Inc.  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3813img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, REIT Investment Risk and Emerging Markets Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Equity Fund PAGE 2 TSR-AR-04045F329

9579122141292510000126371368029.314.612.512.210.08.54.42.80.94.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARILX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to security selection, while sector allocation contributed to relative performance.

• Security selection in consumer staples and industrials detracted the most from relative performance. Conversely, security selection in healthcare and communication services contributed.

• Darling Ingredients, Halliburton and Avery Dennison were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and Antero Resources were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and utilities detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in materials contributed to relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3817img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class I (without sales charge)**  | 6.03 | 23.75 |
| **S&P 500 TR**  | 8.25 | 23.43 |

---

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F436

------

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $491650394 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $2184347 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  NVIDIA Corp.  | 6.1% |
|  Apple, Inc.  | 5.6% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.1% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Costco Wholesale Corp.  | 2.8% |
|  Broadcom, Inc.  | 2.8% |
|  Visa, Inc.  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3817img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Class I: Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.65%.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, REIT Investment Risk and Emerging Markets Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Equity Fund PAGE 2 TSR-AR-04045F436

50000064182768051250000062627467795229.314.612.512.210.08.54.42.80.94.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Core Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AILLX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $67 | 0.65% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to security selection, while sector allocation contributed to relative performance.

• Security selection in consumer staples and industrials detracted the most from relative performance. Conversely, security selection in healthcare and communication services contributed.

• Darling Ingredients, Halliburton and Avery Dennison were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and Antero Resources were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and utilities detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in materials contributed to relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3804img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/31/2017)** |
| **Class I-2 (without sales charge)**  | 6.02 | 16.40 | 12.70 |
| **S&P 500 TR**  | 8.25 | 18.59 | 13.34 |

---

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F311

------

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $491650394 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $2184347 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 7.1% |
|  NVIDIA Corp.  | 6.1% |
|  Apple, Inc.  | 5.6% |
|  Amazon.com, Inc.  | 4.6% |
|  Meta Platforms, Inc.  | 4.3% |
|  Alphabet, Inc.  | 4.1% |
|  JPMorgan Chase & Co.  | 3.4% |
|  Costco Wholesale Corp.  | 2.8% |
|  Broadcom, Inc.  | 2.8% |
|  Visa, Inc.  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3804img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, REIT Investment Risk and Emerging Markets Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Core Equity Fund PAGE 2 TSR-AR-04045F311

10000114441262012176193092128018754245392601610000113991248211611181542099419371251602723629.314.612.512.210.08.54.42.80.94.8 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Growth Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARAGX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $98 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the Russell 1000 Growth Index over the 1-year period was due to security selection and sector allocation.

• Security selection in information technology and industrials detracted the most from relative performance. Conversely, security selection in financials and consumer discretionary contributed.

• Dexcom, Synopsys and Bio-Techne were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and NVIDIA were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and energy detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in consumer staples contributed to relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3834img003.jpg)

Aristotle Growth Equity Fund PAGE 1 TSR-AR-04045F295

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(11/29/2023)** |
| **Class A (without sales charge)**  | 5.31 | 14.71 |
| **Class A (with sales charge)**  | 0.83 | 11.07 |
| **S&P 500 TR**  | 8.25 | 18.61 |
| **Russell 1000 Growth Total Return Index**  | 7.76 | 18.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233695319 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $1609666 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.8% |
|  NVIDIA Corp.  | 10.1% |
|  Apple, Inc.  | 10.0% |
|  Amazon.com, Inc.  | 7.9% |
|  Alphabet, Inc.  | 6.2% |
|  Visa, Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.1% |
|  Costco Wholesale Corp.  | 2.6% |
|  Home Depot, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3834img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk, REIT Investment Risk, Warrants and Rights Risk and Small-Capitalization Companies Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Growth Equity Fund PAGE 2 TSR-AR-04045F295

9579109271150810000116051256310000116391254245.415.613.37.76.15.63.61.01.00.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Growth Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIGX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the Russell 1000 Growth Index over the 1-year period was due to security selection and sector allocation.

• Security selection in information technology and industrials detracted the most from relative performance. Conversely, security selection in financials and consumer discretionary contributed.

• Dexcom, Synopsys and Bio-Techne were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and NVIDIA were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and energy detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in consumer staples contributed to relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3835img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 5.15 | 14.46 | 13.09 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Russell 1000 Growth Total Return Index**  | 7.76 | 20.09 | 15.12 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

Aristotle Growth Equity Fund PAGE 1 TSR-AR-04045F428

------

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233695319 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $1609666 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.8% |
|  NVIDIA Corp.  | 10.1% |
|  Apple, Inc.  | 10.0% |
|  Amazon.com, Inc.  | 7.9% |
|  Alphabet, Inc.  | 6.2% |
|  Visa, Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.1% |
|  Costco Wholesale Corp.  | 2.6% |
|  Home Depot, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3835img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk, REIT Investment Risk, Warrants and Rights Risk and Small-Capitalization Companies Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Growth Equity Fund PAGE 2 TSR-AR-04045F428

50000051085058364773496684511587082313098881412525122747016269551710722500000508914596306679740744292692355108250912518761155126150029116240905000005125855933527194598111778185691332170153169113647141896905204416445.415.613.37.76.15.63.61.01.00.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Growth Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIGGX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The underperformance of the Fund relative to the Russell 1000 Growth Index over the 1-year period was due to security selection and sector allocation.

• Security selection in information technology and industrials detracted the most from relative performance. Conversely, security selection in financials and consumer discretionary contributed.

• Dexcom, Synopsys and Bio-Techne were the largest detractors over the period. Meanwhile, Guardant Health, Adaptive Biotechnologies and NVIDIA were the top contributors to relative performance for the year.

• From a sector allocation standpoint, underweights in financials and energy detracted from relative performance. Conversely, an overweight to consumer discretionary and underweight in consumer staples contributed to relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3833img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class I-2 (without sales charge)**  | 5.23 | 12.20 |
| **S&P 500 TR**  | 8.25 | 16.10 |
| **Russell 1000 Growth Total Return Index**  | 7.76 | 15.70 |

---

Aristotle Growth Equity Fund PAGE 1 TSR-AR-04045F287

------

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $233695319 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $1609666 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 10.8% |
|  NVIDIA Corp.  | 10.1% |
|  Apple, Inc.  | 10.0% |
|  Amazon.com, Inc.  | 7.9% |
|  Alphabet, Inc.  | 6.2% |
|  Visa, Inc.  | 4.9% |
|  Meta Platforms, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.1% |
|  Costco Wholesale Corp.  | 2.6% |
|  Home Depot, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3833img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk, REIT Investment Risk, Warrants and Rights Risk and Small-Capitalization Companies Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Growth Equity Fund PAGE 2 TSR-AR-04045F287

10000109181148810000110591197110000110641192245.415.613.37.76.15.63.61.01.00.7 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle International Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARAFX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $107 | 1.04% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its primary performance benchmark, the MSCI EAFE Index (net), but underperformed its secondary performance benchmark, the MSCI ACWI ex USA Index (net). The Fund invests at least 80% of its assets in publicly traded equity securities or depositary receipts of companies organized, headquartered, or doing a substantial amount of business outside of the United States.

• The performance explanation is provided relative to the primary benchmark, the MSCI EAFE Index (net). The outperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from security selection, while sector allocation detracted value.

• Security selection in the healthcare and consumer discretionary sectors added the most. On the other hand, security selection in the industrials and materials sectors detracted the most. Exposure to Sony, Erste Group Bank and DBS Group positively contributed to relative returns. Meanwhile, Samsung Electronics, Ashtead Group and LVMH Moët Hennessy Louis Vuitton were the top detractors to relative performance for the year.

• It is also worth noting that the largest holding of the Index, Novo Nordisk, dropped 46% over the period as newer entrants in the GLP-1 business (a pharmaceutical for diabetes being used for weight loss) threatens the company's dominance. Security selection here helped the Fund's excess returns.

• From a sector allocation standpoint, an overweight position in the industrials sector and an underweight position in the materials sector added to relative performance. An underweight exposure to the communication services sector and an overweight position in the consumer discretionary sector detracted value.

• Regionally, security selection in Developed Asia positively contributed to relative return, while security selection in the United Kingdom detracted. A significant underweight allocation to Developed Asia proved to be beneficial to performance but was partially offset by the Fund's exposure to select Emerging Markets, specifically Peru and South Korea).

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle International Equity Fund PAGE 1 TSR-AR-04045F378

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3841img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/28/2023)** |
| **Class A (without sales charge)**  | 5.37 | 7.06 |
| **Class A (with sales charge)**  | 0.88 | 3.45 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 6.09 | 8.60 |
| **MSCI EAFE Net (USD)**  | 4.88 | 8.42 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $555189249 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $3684143 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Sony Group Corp.  | 4.5% |
|  Brookfield Corp.  | 4.0% |
|  Safran SA  | 3.8% |
|  MonotaRO Co. Ltd.  | 3.8% |
|  Nemetschek SE  | 3.7% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.5% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Accenture PLC  | 3.4% |
|  Roche Holding AG  | 3.3% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3841img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 21.4% |
|  United Kingdom  | 16.5% |
|  France  | 12.6% |
|  Germany  | 8.9% |
|  Switzerland  | 7.8% |
|  Canada  | 7.0% |
|  Ireland  | 5.8% |
|  Singapore  | 3.5% |
|  Netherlands  | 3.2% |
|  Cash & Other  | 13.3% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Aristotle International Equity Fund PAGE 2 TSR-AR-04045F378

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and Administration Fee for Class A has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle International Equity Fund PAGE 3 TSR-AR-04045F378

957999041043610000104571109410000105551107021.120.515.013.19.48.55.34.72.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle International Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIFX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $80 | 0.78% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its primary performance benchmark, the MSCI EAFE Index (net), but underperformed its secondary performance benchmark, the MSCI ACWI ex USA Index (net). The Fund invests at least 80% of its assets in publicly traded equity securities or depositary receipts of companies organized, headquartered, or doing a substantial amount of business outside of the United States.

• The performance explanation is provided relative to the primary benchmark, the MSCI EAFE Index (net). The outperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from security selection, while sector allocation detracted value.

• Security selection in the healthcare and consumer discretionary sectors added the most. On the other hand, security selection in the industrials and materials sectors detracted the most. Exposure to Sony, Erste Group Bank and DBS Group positively contributed to relative returns. Meanwhile, Samsung Electronics, Ashtead Group and LVMH Moët Hennessy Louis Vuitton were the top detractors to relative performance for the year.

• It is also worth noting that the largest holding of the Index, Novo Nordisk, dropped 46% over the period as newer entrants in the GLP-1 business (a pharmaceutical for diabetes being used for weight loss) threatens the company's dominance. Security selection here helped the Fund's excess returns.

• From a sector allocation standpoint, an overweight position in the industrials sector and an underweight position in the materials sector added to relative performance. An underweight exposure to the communication services sector and an overweight position in the consumer discretionary sector detracted value.

• Regionally, security selection in Developed Asia positively contributed to relative return, while security selection in the United Kingdom detracted. A significant underweight allocation to Developed Asia proved to be beneficial to performance but was partially offset by the Fund's exposure to select Emerging Markets, specifically Peru and South Korea).

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle International Equity Fund PAGE 1 TSR-AR-04045F410

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3842img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class I (without sales charge)**  | 5.69 | 16.59 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 6.09 | 17.32 |
| **MSCI EAFE Net (USD)**  | 4.88 | 17.91 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $555189249 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $3684143 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Sony Group Corp.  | 4.5% |
|  Brookfield Corp.  | 4.0% |
|  Safran SA  | 3.8% |
|  MonotaRO Co. Ltd.  | 3.8% |
|  Nemetschek SE  | 3.7% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.5% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Accenture PLC  | 3.4% |
|  Roche Holding AG  | 3.3% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3842img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 21.4% |
|  United Kingdom  | 16.5% |
|  France  | 12.6% |
|  Germany  | 8.9% |
|  Switzerland  | 7.8% |
|  Canada  | 7.0% |
|  Ireland  | 5.8% |
|  Singapore  | 3.5% |
|  Netherlands  | 3.2% |
|  Cash & Other  | 13.3% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.78%. Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and

Aristotle International Equity Fund PAGE 2 TSR-AR-04045F410

------

Administration Fee for Class I has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle International Equity Fund PAGE 3 TSR-AR-04045F410

50000059071662432150000059384462998550000060499363452821.120.515.013.19.48.55.34.72.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle International Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIFFX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $80 | 0.78% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its primary performance benchmark, the MSCI EAFE Index (net), but underperformed its secondary performance benchmark, the MSCI ACWI ex USA Index (net). The Fund invests at least 80% of its assets in publicly traded equity securities or depositary receipts of companies organized, headquartered, or doing a substantial amount of business outside of the United States.

• The performance explanation is provided relative to the primary benchmark, the MSCI EAFE Index (net). The outperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from security selection, while sector allocation detracted value.

• Security selection in the healthcare and consumer discretionary sectors added the most. On the other hand, security selection in the industrials and materials sectors detracted the most. Exposure to Sony, Erste Group Bank and DBS Group positively contributed to relative returns. Meanwhile, Samsung Electronics, Ashtead Group and LVMH Moët Hennessy Louis Vuitton were the top detractors to relative performance for the year.

• It is also worth noting that the largest holding of the Index, Novo Nordisk, dropped 46% over the period as newer entrants in the GLP-1 business (a pharmaceutical for diabetes being used for weight loss) threatens the company's dominance. Security selection here helped the Fund's excess returns.

• From a sector allocation standpoint, an overweight position in the industrials sector and an underweight position in the materials sector added to relative performance. An underweight exposure to the communication services sector and an overweight position in the consumer discretionary sector detracted value.

• Regionally, security selection in Developed Asia positively contributed to relative return, while security selection in the United Kingdom detracted. A significant underweight allocation to Developed Asia proved to be beneficial to performance but was partially offset by the Fund's exposure to select Emerging Markets, specifically Peru and South Korea).

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle International Equity Fund PAGE 1 TSR-AR-04045F360

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3840img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.65 | 11.49 | 5.52 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 6.09 | 10.92 | 4.98 |
| **MSCI EAFE Net (USD)**  | 4.88 | 11.77 | 5.40 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $555189249 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $3684143 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Sony Group Corp.  | 4.5% |
|  Brookfield Corp.  | 4.0% |
|  Safran SA  | 3.8% |
|  MonotaRO Co. Ltd.  | 3.8% |
|  Nemetschek SE  | 3.7% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.5% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Accenture PLC  | 3.4% |
|  Roche Holding AG  | 3.3% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3840img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 21.4% |
|  United Kingdom  | 16.5% |
|  France  | 12.6% |
|  Germany  | 8.9% |
|  Switzerland  | 7.8% |
|  Canada  | 7.0% |
|  Ireland  | 5.8% |
|  Singapore  | 3.5% |
|  Netherlands  | 3.2% |
|  Cash & Other  | 13.3% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.78%. Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and

Aristotle International Equity Fund PAGE 2 TSR-AR-04045F360

------

Administration Fee for Class I has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle International Equity Fund PAGE 3 TSR-AR-04045F360

10000952710317120071169299321493114968142011619417108100009081102741197211468968214466142511352815322162551000091731024411760113239695140161417913984161251691321.120.515.013.19.48.55.34.72.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARABX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $114 | 1.16% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2000 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization companies.

• U.S. small cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, Huron Consulting Group, ACI Worldwide and an out-of-benchmark position in World Wrestling Entertainment contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were out-of-benchmark positions in Acadia Healthcare and Carter's, alongside Columbus Mckinnon.

• Examining sector allocation, underweight exposures to consumer discretionary and healthcare (specifically pharmaceuticals and biotechnology) both added value, while an underweight exposure in financials and an overweight exposure in information technology detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3866img003.jpg)

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F485

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class A (without sales charge)**  | -3.20 | 10.69 |
| **Class A (with sales charge)**  | -7.29 | 7.42 |
| **Russell 3000 Total Return Index**  | 7.22 | 22.89 |
| **Russell 2000 Total Return Index**  | -4.01 | 14.88 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149826774 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $1271976 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.9% |
|  AerCap Holdings NV  | 2.6% |
|  ACI Worldwide, Inc.  | 2.4% |
|  Itron, Inc.  | 2.3% |
|  Merit Medical Systems, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.0% |
|  TKO Group Holdings, Inc.  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3866img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2000® Index.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class A was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F485

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small Cap Equity Fund PAGE 3 TSR-AR-04045F485

9575114581109110000125671347410000127321222122.917.815.213.75.04.94.94.02.59.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| AISBX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $187 | 1.91% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2000 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization companies.

• U.S. small cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, Huron Consulting Group, ACI Worldwide and an out-of-benchmark position in World Wrestling Entertainment contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were out-of-benchmark positions in Acadia Healthcare and Carter's, alongside Columbus Mckinnon.

• Examining sector allocation, underweight exposures to consumer discretionary and healthcare (specifically pharmaceuticals and biotechnology) both added value, while an underweight exposure in financials and an overweight exposure in information technology detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3865img003.jpg)

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F477

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class C (without sales charge)**  | -3.83 | 9.87 |
| **Class C (with sales charge)**  | -4.79 | 9.87 |
| **Russell 3000 Total Return Index**  | 7.22 | 22.89 |
| **Russell 2000 Total Return Index**  | -4.01 | 14.88 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149826774 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $1271976 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.9% |
|  AerCap Holdings NV  | 2.6% |
|  ACI Worldwide, Inc.  | 2.4% |
|  Itron, Inc.  | 2.3% |
|  Merit Medical Systems, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.0% |
|  TKO Group Holdings, Inc.  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3865img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2000® Index.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class C was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F477

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small Cap Equity Fund PAGE 3 TSR-AR-04045F477

10000119161145910000125671347410000127321222122.917.815.213.75.04.94.94.02.59.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIBX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $89 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2000 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization companies.

• U.S. small cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, Huron Consulting Group, ACI Worldwide and an out-of-benchmark position in World Wrestling Entertainment contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were out-of-benchmark positions in Acadia Healthcare and Carter's, alongside Columbus Mckinnon.

• Examining sector allocation, underweight exposures to consumer discretionary and healthcare (specifically pharmaceuticals and biotechnology) both added value, while an underweight exposure in financials and an overweight exposure in information technology detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3864img003.jpg)

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F469

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class I (without sales charge)**  | -2.97 | 4.02 |
| **Russell 3000 Total Return Index**  | 7.22 | 15.15 |
| **Russell 2000 Total Return Index**  | -4.01 | 5.09 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149826774 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $1271976 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.9% |
|  AerCap Holdings NV  | 2.6% |
|  ACI Worldwide, Inc.  | 2.4% |
|  Itron, Inc.  | 2.3% |
|  Merit Medical Systems, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.0% |
|  TKO Group Holdings, Inc.  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3864img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2000® Index.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class I was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F469

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small Cap Equity Fund PAGE 3 TSR-AR-04045F469

50000054034652432250000055278859269450000055298153082222.917.815.213.75.04.94.94.02.59.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIBBX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $89 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2000 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization companies.

• U.S. small cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, Huron Consulting Group, ACI Worldwide and an out-of-benchmark position in World Wrestling Entertainment contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were out-of-benchmark positions in Acadia Healthcare and Carter's, alongside Columbus Mckinnon.

• Examining sector allocation, underweight exposures to consumer discretionary and healthcare (specifically pharmaceuticals and biotechnology) both added value, while an underweight exposure in financials and an overweight exposure in information technology detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3862img003.jpg)

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F337

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/30/2015)** |
| **Class I-2 (without sales charge)**  | -2.89 | 13.36 | 6.53 |
| **Russell 3000 Total Return Index**  | 7.22 | 18.18 | 12.55 |
| **Russell 2000 Total Return Index**  | -4.01 | 13.27 | 7.47 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149826774 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $1271976 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.9% |
|  AerCap Holdings NV  | 2.6% |
|  ACI Worldwide, Inc.  | 2.4% |
|  Itron, Inc.  | 2.3% |
|  Merit Medical Systems, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.0% |
|  TKO Group Holdings, Inc.  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3862img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2000® Index.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class I-2 was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F337

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small Cap Equity Fund PAGE 3 TSR-AR-04045F337

1000096171194713394133849698177181774417020186931815210000994411741133631453413208214672402621965283993044910000965812190136281390710571205971940517153205331971022.917.815.213.75.04.94.94.02.59.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class R6 \| ARRBX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R6 | $84 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2000 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization companies.

• U.S. small cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, Huron Consulting Group, ACI Worldwide and an out-of-benchmark position in World Wrestling Entertainment contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were out-of-benchmark positions in Acadia Healthcare and Carter's, alongside Columbus Mckinnon.

• Examining sector allocation, underweight exposures to consumer discretionary and healthcare (specifically pharmaceuticals and biotechnology) both added value, while an underweight exposure in financials and an overweight exposure in information technology detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3863img003.jpg)

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F451

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class R6 (without sales charge)**  | -2.75 | 11.13 |
| **Russell 3000 Total Return Index**  | 7.22 | 22.89 |
| **Russell 2000 Total Return Index**  | -4.01 | 14.88 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149826774 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $1271976 |
| **Portfolio Turnover Rate** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.9% |
|  AerCap Holdings NV  | 2.6% |
|  ACI Worldwide, Inc.  | 2.4% |
|  Itron, Inc.  | 2.3% |
|  Merit Medical Systems, Inc.  | 2.3% |
|  HealthEquity, Inc.  | 2.0% |
|  TKO Group Holdings, Inc.  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3863img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2000® Index.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class R6 was increased from 0.15% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F451

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small Cap Equity Fund PAGE 3 TSR-AR-04045F451

10000001197962116496410000001256653134737110000001273165122214622.917.815.213.75.04.94.94.02.59.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARAHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $115 | 1.15% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2500 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization and mid-capitalization companies.

• U.S. small cap and mid cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, an out-of-benchmark position in Alamos Gold, Huron Consulting Group and Baldwin Insurance Group contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were Acadia Healthcare, Tronox Holdings and ASGN Incorporated.

• Examining sector allocation, an underweight exposure to consumer discretionary and a slight overweight to energy added value, while an overweight exposure to information technology and an underweight exposure to financials detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F535

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3870img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/08/2016)** |
| **Class A (without sales charge)**  | -0.18 | 12.28 | 7.10 |
| **Class A (with sales charge)**  | -4.40 | 11.32 | 6.60 |
| **Russell 3000 Total Return Index**  | 7.22 | 18.18 | 13.79 |
| **Russell 2500 Total Return Index**  | -3.11 | 14.91 | 9.91 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34521593 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $277333 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.6% |
|  Huron Consulting Group, Inc.  | 2.5% |
|  AerCap Holdings NV  | 2.4% |
|  ACI Worldwide, Inc.  | 2.2% |
|  Merit Medical Systems, Inc.  | 2.2% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  Itron, Inc.  | 2.0% |
|  Belden, Inc.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3870img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap and mid cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2500® Index.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F535

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class A was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small/Mid Cap Equity Fund PAGE 3 TSR-AR-04045F535

9579101951227913631137931010918551180281597218075180421000010756126991445415721142862321925988237583071732935100001079913124147401540111940226142269220334246922392422.919.014.513.56.36.25.74.41.16.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| AISHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $189 | 1.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2500 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization and mid-capitalization companies.

• U.S. small cap and mid cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, an out-of-benchmark position in Alamos Gold, Huron Consulting Group and Baldwin Insurance Group contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were Acadia Healthcare, Tronox Holdings and ASGN Incorporated.

• Examining sector allocation, an underweight exposure to consumer discretionary and a slight overweight to energy added value, while an overweight exposure to information technology and an underweight exposure to financials detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F527

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3869img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/08/2016)** |
| **Class C (without sales charge)**  | -0.82 | 11.45 | 6.31 |
| **Class C (with sales charge)**  | -1.73 | 11.45 | 6.31 |
| **Russell 3000 Total Return Index**  | 7.22 | 18.18 | 13.79 |
| **Russell 2500 Total Return Index**  | -3.11 | 14.91 | 9.91 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34521593 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $277333 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.6% |
|  Huron Consulting Group, Inc.  | 2.5% |
|  AerCap Holdings NV  | 2.4% |
|  ACI Worldwide, Inc.  | 2.2% |
|  Merit Medical Systems, Inc.  | 2.2% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  Itron, Inc.  | 2.0% |
|  Belden, Inc.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3869img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class C was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F527

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap and mid cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2500® Index.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small/Mid Cap Equity Fund PAGE 3 TSR-AR-04045F527

10000106221269013994140541022518625179661580917729175841000010756126991445415721142862321925988237583071732935100001079913124147401540111940226142269220334246922392422.919.014.513.56.36.25.74.41.16.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $85 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2500 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization and mid-capitalization companies.

• U.S. small cap and mid cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, an out-of-benchmark position in Alamos Gold, Huron Consulting Group and Baldwin Insurance Group contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were Acadia Healthcare, Tronox Holdings and ASGN Incorporated.

• Examining sector allocation, an underweight exposure to consumer discretionary and a slight overweight to energy added value, while an overweight exposure to information technology and an underweight exposure to financials detracted from relative performance.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F519

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3868img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 0.16 | 12.68 | 5.51 |
| **Russell 3000 Total Return Index**  | 7.22 | 18.18 | 11.80 |
| **Russell 2500 Total Return Index**  | -3.11 | 14.91 | 7.46 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34521593 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $277333 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.6% |
|  Huron Consulting Group, Inc.  | 2.5% |
|  AerCap Holdings NV  | 2.4% |
|  ACI Worldwide, Inc.  | 2.2% |
|  Merit Medical Systems, Inc.  | 2.2% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  Itron, Inc.  | 2.0% |
|  Belden, Inc.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3868img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap and mid cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2500® Index.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F519

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class I has been increased from 0.15% to 0.20%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small/Mid Cap Equity Fund PAGE 3 TSR-AR-04045F519

53300050013660408667310368332550178292486290227880206691020591167050900150725859890268163174138667373110950051225577112042014486281553204525844487400592332665262695088538891102066310241469177471114434107977122.919.014.513.56.36.25.74.41.16.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIHHX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $90 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund outperformed its performance benchmark, the Russell 2500 Index. The Fund invests at least 80% of its assets in equity securities of small-capitalization and mid-capitalization companies.

• U.S. small cap and mid cap equities generally advanced between April and November of last year, mainly driven by investor sentiment around the Federal Reserve and the potential for the easing cycle to resume, coupled with the post-election advance, peaking on November 25, 2024. Subsequently, volatility increased, and sentiment turned negative with markets selling off, as clarity around the Federal Reserve's interest rate policy came into focus, with investors adjusting to a higher for longer interest rate environment. Additionally, uncertainty around the new administration's policies and implementation methods and geopolitical tensions also weighed on markets.

• The primary driver of the Fund's relative outperformance during the fiscal year was strong security selection while sector allocation detracted. Security selection within the information technology and materials sectors were the largest contributors, while selections in consumer discretionary and consumer staples detracted.

• On a relative basis, an out-of-benchmark position in Alamos Gold, Huron Consulting Group and Baldwin Insurance Group contributed the most to performance.

• In contrast, the biggest individual relative detractors to performance were Acadia Healthcare, Tronox Holdings and ASGN Incorporated.

• Examining sector allocation, an underweight exposure to consumer discretionary and a slight overweight to energy added value, while an overweight exposure to information technology and an underweight exposure to financials detracted from relative performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F493

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3867img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/08/2016)** |
| **Class I-2 (without sales charge)**  | 0.07 | 12.58 | 7.36 |
| **Russell 3000 Total Return Index**  | 7.22 | 18.18 | 13.79 |
| **Russell 2500 Total Return Index**  | -3.11 | 14.91 | 9.91 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34521593 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $277333 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.6% |
|  Huron Consulting Group, Inc.  | 2.5% |
|  AerCap Holdings NV  | 2.4% |
|  ACI Worldwide, Inc.  | 2.2% |
|  Merit Medical Systems, Inc.  | 2.2% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  Itron, Inc.  | 2.0% |
|  Belden, Inc.  | 1.9% |
|  Dycom Industries, Inc.  | 1.9% |
|  Chemed Corp.  | 1.9% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3867img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund defines a small cap and mid cap company as one that, at the time of initial purchase, has a market capitalization that falls within the capitalization range of the Russell 2500® Index.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F493

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.65% and the Supervision and Administration Fee for Class I-2 was increased from 0.20% to 0.25%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Sector Focus Risk and Industrial Sector Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Small/Mid Cap Equity Fund PAGE 3 TSR-AR-04045F493

10000106321283614292145061064519591190991697019241192551000010756126991445415721142862321925988237583071732935100001079913124147401540111940226142269220334246922392422.919.014.513.56.36.25.74.41.16.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle/Saul Global Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARAOX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle/Saul Global Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $102 | 1.03% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the MSCI ACWI Index (net) and the MSCI World Index (net), respectively. The Fund invests at least 80% of its assets in equity securities that are listed on an exchange or that are otherwise publicly traded in the United States or in a foreign country.

• The performance explanation is provided relative to the primary benchmark, the MSCI ACWI Index (net). The underperformance of the Fund relative to the MSCI ACWI Index (net) over the 1-year period came primarily from security selection, although sector allocation also detracted value.

• Security selection in the information technology and consumer discretionary sectors detracted the most. On the other hand, security selection in the healthcare and financials sectors added the most. Exposure to Lennar, Microchip Technology and Samsung Electronics negatively contributed to relative returns. Meanwhile, MonotaRO, DBS Group and Sony were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) significantly lagged related peers that were more aligned with the first wave of artificial intelligence (AI) spending in the economy. These "first wave" AI companies include large weights in the Index such as Apple, NVIDIA, Amazon, Meta, Broadcom and Tesla—all of which were not owned by the Fund over the period and detracted from excess returns. The goods and services provided by Microchip and Adobe (i.e., microcontrollers and software providers) have the potential to be beneficiaries of AI spending in the years to come.

• From a sector allocation standpoint, an overweight position in the materials sector and an underweight position in the communication services sectors detracted from relative performance. An underweight exposure to the information technology sector and an overweight position to the financials sector added value.

• Regionally, security selection in North America negatively contributed to relative return, while security selection in Japan added to relative return. A significant overweight allocation to Japen proved to be detrimental to performance but was partially offset by the Fund's underweight exposure to North America.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle/Saul Global Equity Fund PAGE 1 TSR-AR-04045F394

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3884img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class A (without sales charge)**  | -1.74 | 4.47 |
| **Class A (with sales charge)**  | -5.91 | 0.80 |
| **MSCI ACWI Net Total Return Index (USD)**  | 7.15 | 14.06 |
| **MSCI THE WORLD INDEX Net (USD)**  | 7.04 | 14.20 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31070164 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $250608 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 4.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.9% |
|  Lennar Corp.  | 3.6% |
|  MonotaRO Co. Ltd.  | 3.3% |
|  Sony Group Corp.  | 3.2% |
|  DBS Group Holdings Ltd.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.1% |
|  Cameco Corp.  | 2.8% |
|  Amgen, Inc.  | 2.7% |
|  TotalEnergies SE  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3884img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 40.0% |
|  Japan  | 18.6% |
|  Germany  | 9.3% |
|  Canada  | 5.1% |
|  France  | 4.2% |
|  Switzerland  | 3.7% |
|  Ireland  | 3.1% |
|  United Kingdom  | 3.1% |
|  Singapore  | 3.1% |
|  Cash & Other  | 9.8% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Aristotle/Saul Global Equity Fund PAGE 2 TSR-AR-04045F394

------

**Changes to Fund's Investment Objective or Goals:**

The Fund changed its Investment Goal to seek to maximize long-term capital appreciation, removing the reference to also seeking income.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and Administration Fee for Class A has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle/Saul Global Equity Fund PAGE 3 TSR-AR-04045F394

9578102751009610000109371171910000109651173619.816.215.514.111.18.55.55.01.82.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle/Saul Global Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIOX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle/Saul Global Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $77 | 0.78% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the MSCI ACWI Index (net) and the MSCI World Index (net), respectively. The Fund invests at least 80% of its assets in equity securities that are listed on an exchange or that are otherwise publicly traded in the United States or in a foreign country.

• The performance explanation is provided relative to the primary benchmark, the MSCI ACWI Index (net). The underperformance of the Fund relative to the MSCI ACWI Index (net) over the 1-year period came primarily from security selection, although sector allocation also detracted value.

• Security selection in the information technology and consumer discretionary sectors detracted the most. On the other hand, security selection in the healthcare and financials sectors added the most. Exposure to Lennar, Microchip Technology and Samsung Electronics negatively contributed to relative returns. Meanwhile, MonotaRO, DBS Group and Sony were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) significantly lagged related peers that were more aligned with the first wave of artificial intelligence (AI) spending in the economy. These "first wave" AI companies include large weights in the Index such as Apple, NVIDIA, Amazon, Meta, Broadcom and Tesla—all of which were not owned by the Fund over the period and detracted from excess returns. The goods and services provided by Microchip and Adobe (i.e., microcontrollers and software providers) have the potential to be beneficiaries of AI spending in the years to come.

• From a sector allocation standpoint, an overweight position in the materials sector and an underweight position in the communication services sectors detracted from relative performance. An underweight exposure to the information technology sector and an overweight position to the financials sector added value.

• Regionally, security selection in North America negatively contributed to relative return, while security selection in Japan added to relative return. A significant overweight allocation to Japen proved to be detrimental to performance but was partially offset by the Fund's underweight exposure to North America.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle/Saul Global Equity Fund PAGE 1 TSR-AR-04045F261

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3882img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class I (without sales charge)**  | -1.50 | 4.74 |
| **MSCI ACWI Net Total Return Index (USD)**  | 7.15 | 14.06 |
| **MSCI THE WORLD INDEX Net (USD)**  | 7.04 | 14.20 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31070164 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $250608 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 4.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.9% |
|  Lennar Corp.  | 3.6% |
|  MonotaRO Co. Ltd.  | 3.3% |
|  Sony Group Corp.  | 3.2% |
|  DBS Group Holdings Ltd.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.1% |
|  Cameco Corp.  | 2.8% |
|  Amgen, Inc.  | 2.7% |
|  TotalEnergies SE  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3882img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 40.0% |
|  Japan  | 18.6% |
|  Germany  | 9.3% |
|  Canada  | 5.1% |
|  France  | 4.2% |
|  Switzerland  | 3.7% |
|  Ireland  | 3.1% |
|  United Kingdom  | 3.1% |
|  Singapore  | 3.1% |
|  Cash & Other  | 9.8% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Investment Objective or Goals:**

The Fund changed its Investment Goal to seek to maximize long-term capital appreciation, removing the reference to also seeking income.

Aristotle/Saul Global Equity Fund PAGE 2 TSR-AR-04045F261

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.78%. Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and Administration Fee for Class I has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle/Saul Global Equity Fund PAGE 3 TSR-AR-04045F261

50000053673952870950000054684958594950000054822558681219.816.215.514.111.18.55.55.01.82.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle/Saul Global Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIOOX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle/Saul Global Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $78 | 0.79% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the MSCI ACWI Index (net) and the MSCI World Index (net), respectively. The Fund invests at least 80% of its assets in equity securities that are listed on an exchange or that are otherwise publicly traded in the United States or in a foreign country.

• The performance explanation is provided relative to the primary benchmark, the MSCI ACWI Index (net). The underperformance of the Fund relative to the MSCI ACWI Index (net) over the 1-year period came primarily from security selection, although sector allocation also detracted value.

• Security selection in the information technology and consumer discretionary sectors detracted the most. On the other hand, security selection in the healthcare and financials sectors added the most. Exposure to Lennar, Microchip Technology and Samsung Electronics negatively contributed to relative returns. Meanwhile, MonotaRO, DBS Group and Sony were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) significantly lagged related peers that were more aligned with the first wave of artificial intelligence (AI) spending in the economy. These "first wave" AI companies include large weights in the Index such as Apple, NVIDIA, Amazon, Meta, Broadcom and Tesla—all of which were not owned by the Fund over the period and detracted from excess returns. The goods and services provided by Microchip and Adobe (i.e., microcontrollers and software providers) have the potential to be beneficiaries of AI spending in the years to come.

• From a sector allocation standpoint, an overweight position in the materials sector and an underweight position in the communication services sectors detracted from relative performance. An underweight exposure to the information technology sector and an overweight position to the financials sector added value.

• Regionally, security selection in North America negatively contributed to relative return, while security selection in Japan added to relative return. A significant overweight allocation to Japen proved to be detrimental to performance but was partially offset by the Fund's underweight exposure to North America.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle/Saul Global Equity Fund PAGE 1 TSR-AR-04045F386

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3883img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | -1.53 | 13.27 | 7.66 |
| **MSCI ACWI Net Total Return Index (USD)**  | 7.15 | 15.18 | 8.84 |
| **MSCI THE WORLD INDEX Net (USD)**  | 7.04 | 16.13 | 9.50 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31070164 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $250608 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 4.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.9% |
|  Lennar Corp.  | 3.6% |
|  MonotaRO Co. Ltd.  | 3.3% |
|  Sony Group Corp.  | 3.2% |
|  DBS Group Holdings Ltd.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.1% |
|  Cameco Corp.  | 2.8% |
|  Amgen, Inc.  | 2.7% |
|  TotalEnergies SE  | 2.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3883img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 40.0% |
|  Japan  | 18.6% |
|  Germany  | 9.3% |
|  Canada  | 5.1% |
|  France  | 4.2% |
|  Switzerland  | 3.7% |
|  Ireland  | 3.1% |
|  United Kingdom  | 3.1% |
|  Singapore  | 3.1% |
|  Cash & Other  | 9.8% |

---

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Fund's Investment Objective or Goals:**

The Fund changed its Investment Goal to seek to maximize long-term capital appreciation, removing the reference to also seeking income.

Aristotle/Saul Global Equity Fund PAGE 2 TSR-AR-04045F386

------

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.70% to 0.60% and the Supervision and Administration Fee for Class I-2 has been increased from 0.08% to 0.18%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk was added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle/Saul Global Equity Fund PAGE 3 TSR-AR-04045F386

100001005111626125661277411215182641845717799212402091510000956611005126391296811508177921908717667217692332510000965511081125861309211731180701989918502231472477619.816.215.514.111.18.55.55.01.82.5 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Value Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| ARAQX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $95 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the Russell 1000 Value Index and the S&P 500 Index, respectively. The Fund invests at least 80% of its assets in equity securities.

• The performance explanation is provided relative to the primary benchmark, the Russell 1000 Value Index. The underperformance of the Fund relative to the Russell 1000 Value Index over the 1-year period came from both security selection and sector allocation.

• Security selection in the information technology and financials sectors detracted the most from relative performance. On the other hand, security selection in the utilities and energy sectors added the most value.

• Exposure to Microchip Technology, Lennar and Adobe negatively contributed to relative returns. Meanwhile, Sony, Atmos Energy and Mitsubishi UFJ Financial Group were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) lagged related peers that were more aligned with the "first wave" of artificial intelligence (AI) spending in the economy.

• From a sector allocation standpoint, an overweight position in the materials and information technology sectors detracted from relative performance. An underweight exposure to the healthcare sector and an overweight position in the utilities sector added value.

• During the 12-month period, some companies in the Russell 1000 Value Index (top holdings at significant percentages and not owned by the Fund due to valuations) meaningfully outperformed the market, representing a key area of detraction from excess return. Top detractors not owned included Berkshire Hathaway, Walmart and JPMorgan.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3881img003.jpg)

Aristotle Value Equity Fund PAGE 1 TSR-AR-04045F352

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/28/2023)** |
| **Class A (without sales charge)**  | 0.28 | 5.92 |
| **Class A (with sales charge)**  | -4.02 | 2.35 |
| **S&P 500 TR**  | 8.25 | 15.10 |
| **Russell 1000 Value Total Return Index**  | 7.18 | 12.87 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $562116132 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $3606610 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.4% |
|  Ameriprise Financial, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  Corteva, Inc.  | 3.3% |
|  Capital One Financial Corp.  | 3.2% |
|  Sony Group Corp.  | 2.9% |
|  ANSYS, Inc.  | 2.8% |
|  Atmos Energy Corp.  | 2.7% |
|  Amgen, Inc.  | 2.6% |
|  Lennar Corp.  | 2.6% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3881img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.55% and the Supervision and Administration Fee for Class A has been increased from 0.09% to 0.14%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Value Equity Fund PAGE 2 TSR-AR-04045F352

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Value Equity Fund PAGE 3 TSR-AR-04045F352

9579102681029710000110251193510000108641164420.414.612.810.19.87.67.25.70.411.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Value Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I \| ARIQX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $69 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the Russell 1000 Value Index and the S&P 500 Index, respectively. The Fund invests at least 80% of its assets in equity securities.

• The performance explanation is provided relative to the primary benchmark, the Russell 1000 Value Index. The underperformance of the Fund relative to the Russell 1000 Value Index over the 1-year period came from both security selection and sector allocation.

• Security selection in the information technology and financials sectors detracted the most from relative performance. On the other hand, security selection in the utilities and energy sectors added the most value.

• Exposure to Microchip Technology, Lennar and Adobe negatively contributed to relative returns. Meanwhile, Sony, Atmos Energy and Mitsubishi UFJ Financial Group were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) lagged related peers that were more aligned with the "first wave" of artificial intelligence (AI) spending in the economy.

• From a sector allocation standpoint, an overweight position in the materials and information technology sectors detracted from relative performance. An underweight exposure to the healthcare sector and an overweight position in the utilities sector added value.

• During the 12-month period, some companies in the Russell 1000 Value Index (top holdings at significant percentages and not owned by the Fund due to valuations) meaningfully outperformed the market, representing a key area of detraction from excess return. Top detractors not owned included Berkshire Hathaway, Walmart and JPMorgan.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $500,000 chart reflects a hypothetical $500,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $500,000)

![image](ts3879img003.jpg)

Aristotle Value Equity Fund PAGE 1 TSR-AR-04045F279

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/26/2023)** |
| **Class I (without sales charge)**  | 0.58 | 6.47 |
| **S&P 500 TR**  | 8.25 | 15.21 |
| **Russell 1000 Value Total Return Index**  | 7.18 | 13.07 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $562116132 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $3606610 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.4% |
|  Ameriprise Financial, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  Corteva, Inc.  | 3.3% |
|  Capital One Financial Corp.  | 3.2% |
|  Sony Group Corp.  | 2.9% |
|  ANSYS, Inc.  | 2.8% |
|  Atmos Energy Corp.  | 2.7% |
|  Amgen, Inc.  | 2.6% |
|  Lennar Corp.  | 2.6% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3879img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.69%. Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.55% and the Supervision and Administration Fee for Class I has been increased from 0.09% to 0.14%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Value Equity Fund PAGE 2 TSR-AR-04045F279

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Value Equity Fund PAGE 3 TSR-AR-04045F279

50000053808154120750000055234459792250000054477858389320.414.612.810.19.87.67.25.70.411.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Value Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| AIQQX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $69 | 0.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the Russell 1000 Value Index and the S&P 500 Index, respectively. The Fund invests at least 80% of its assets in equity securities.

• The performance explanation is provided relative to the primary benchmark, the Russell 1000 Value Index. The underperformance of the Fund relative to the Russell 1000 Value Index over the 1-year period came from both security selection and sector allocation.

• Security selection in the information technology and financials sectors detracted the most from relative performance. On the other hand, security selection in the utilities and energy sectors added the most value.

• Exposure to Microchip Technology, Lennar and Adobe negatively contributed to relative returns. Meanwhile, Sony, Atmos Energy and Mitsubishi UFJ Financial Group were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) lagged related peers that were more aligned with the "first wave" of artificial intelligence (AI) spending in the economy.

• From a sector allocation standpoint, an overweight position in the materials and information technology sectors detracted from relative performance. An underweight exposure to the healthcare sector and an overweight position in the utilities sector added value.

• During the 12-month period, some companies in the Russell 1000 Value Index (top holdings at significant percentages and not owned by the Fund due to valuations) meaningfully outperformed the market, representing a key area of detraction from excess return. Top detractors not owned included Berkshire Hathaway, Walmart and JPMorgan.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3880img003.jpg)

Aristotle Value Equity Fund PAGE 1 TSR-AR-04045F345

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/31/2016)** |
| **Class I-2 (without sales charge)**  | 0.61 | 15.58 | 10.76 |
| **S&P 500 TR**  | 8.25 | 18.59 | 13.66 |
| **Russell 1000 Value Total Return Index**  | 7.18 | 16.15 | 9.48 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $562116132 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $3606610 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.4% |
|  Ameriprise Financial, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  Corteva, Inc.  | 3.3% |
|  Capital One Financial Corp.  | 3.2% |
|  Sony Group Corp.  | 2.9% |
|  ANSYS, Inc.  | 2.8% |
|  Atmos Energy Corp.  | 2.7% |
|  Amgen, Inc.  | 2.6% |
|  Lennar Corp.  | 2.6% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3880img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.55% and the Supervision and Administration Fee for Class I-2 has been increased from 0.09% to 0.14%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Value Equity Fund PAGE 2 TSR-AR-04045F345

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Value Equity Fund PAGE 3 TSR-AR-04045F345

10000111791269412959116481922620272192532388424030100001101412555137481278819995231232133627712299981000010993117571242410291160631793816877202982175520.414.612.810.19.87.67.25.70.411.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Value Equity Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class R6 \| ARRQX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class R6 | $61 | 0.61% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed its primary and secondary performance benchmarks, the Russell 1000 Value Index and the S&P 500 Index, respectively. The Fund invests at least 80% of its assets in equity securities.

• The performance explanation is provided relative to the primary benchmark, the Russell 1000 Value Index. The underperformance of the Fund relative to the Russell 1000 Value Index over the 1-year period came from both security selection and sector allocation.

• Security selection in the information technology and financials sectors detracted the most from relative performance. On the other hand, security selection in the utilities and energy sectors added the most value.

• Exposure to Microchip Technology, Lennar and Adobe negatively contributed to relative returns. Meanwhile, Sony, Atmos Energy and Mitsubishi UFJ Financial Group were the top contributors to relative performance for the year.

• Key holdings in the technology sector (notably, Microchip Technology and Adobe, mentioned above) lagged related peers that were more aligned with the "first wave" of artificial intelligence (AI) spending in the economy.

• From a sector allocation standpoint, an overweight position in the materials and information technology sectors detracted from relative performance. An underweight exposure to the healthcare sector and an overweight position in the utilities sector added value.

• During the 12-month period, some companies in the Russell 1000 Value Index (top holdings at significant percentages and not owned by the Fund due to valuations) meaningfully outperformed the market, representing a key area of detraction from excess return. Top detractors not owned included Berkshire Hathaway, Walmart and JPMorgan.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts3878img003.jpg)

Aristotle Value Equity Fund PAGE 1 TSR-AR-04045F253

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/29/2024)** |
| **Class R6 (without sales charge)**  | 0.71 | 5.78 |
| **S&P 500 TR**  | 8.25 | 13.32 |
| **Russell 1000 Value Total Return Index**  | 7.18 | 13.34 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $562116132 |
| **Number of Holdings** | 44 |
| **Net Advisory Fee** | $3606610 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.4% |
|  Ameriprise Financial, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.4% |
|  Corteva, Inc.  | 3.3% |
|  Capital One Financial Corp.  | 3.2% |
|  Sony Group Corp.  | 2.9% |
|  ANSYS, Inc.  | 2.8% |
|  Atmos Energy Corp.  | 2.7% |
|  Amgen, Inc.  | 2.6% |
|  Lennar Corp.  | 2.6% |

---

**Sector Breakdown (%)** **\*\***

![image](ts3878img004.jpg)

\* Percentages are stated as a percent of net assets.

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Effective April 1, 2024, a Management Fee waiver was implemented to limit Total Annual Fund Operating Expenses to 0.61%. Effective April 1, 2024, the Fund's Advisory Fee was reduced from 0.60% to 0.55% and the Supervision and Administration Fee for Class R6 has been increased from 0.01% to 0.06%. As a result of these changes, there has been no change to the Fund's total Management Fee.

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, Information Technology Sector Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Value Equity Fund PAGE 2 TSR-AR-04045F253

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Value Equity Fund PAGE 3 TSR-AR-04045F253

10000001060341106788610000001069253115748510000001080203115776420.414.612.810.19.87.67.25.70.411.4 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| POEAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from our asset allocation during came from an overweight to foreign large-cap value, and an foreign small/mid-cap blend. While detractors came from the overweight to mid-cap growth and an underweight to intermediate-term bond.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark is 69% S&P 500, 26% MSCI EAFE, and 5% Bloomberg US Aggregate Bond Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-AR-04045F840

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3845img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.66 | 13.23 | 7.45 |
| **Class A (with sales charge)**  | -1.11 | 11.96 | 6.84 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 7.35 | 15.91 | 10.16 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $254529693 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $544589 |
| **Portfolio Turnover Rate** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 22.9% |
|  Aristotle Growth Equity Fund  | 16.8% |
|  iShares Russell 1000 Value ETF  | 13.8% |
|  Aristotle International Equity Fund  | 10.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.6% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  iShares Russell 2000 Growth ETF  | 3.4% |
|  iShares Core U.S. REIT ETF  | 3.1% |

---

**Security Type Breakdown (%)**

![image](ts3845img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F840

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk was revised and in the Principal Risks from Holdings In Underlying Funds, Debt Securities Risk, Leverage Risk, Credit Risk, Interest Rate Risk, Mortgage-Related and Other Asset-Backed Securities Risk, U.S. Government Securities Risk, Financial Sector Risk and Liquidity Risk were removed, and Information Technology Sector Risk, Non-Diversification Risk, REIT Investment Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F840

945190381039911665120611041316666171331550018519193821000010178119261359514886138472165025038231033000632482100001019610241103641082911796118801138610842110261156410000991611396129421369112580188812091419695245182632150.645.83.00.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| POCEX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $148 | 1.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from our asset allocation during came from an overweight to foreign large-cap value, and an foreign small/mid-cap blend. While detractors came from the overweight to mid-cap growth and an underweight to intermediate-term bond.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark is 69% S&P 500, 26% MSCI EAFE, and 5% Bloomberg US Aggregate Bond Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-AR-04045F832

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3844img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 3.89 | 12.39 | 6.65 |
| **Class C (with sales charge)**  | 2.89 | 12.39 | 6.65 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 7.35 | 15.91 | 10.16 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $254529693 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $544589 |
| **Portfolio Turnover Rate** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 22.9% |
|  Aristotle Growth Equity Fund  | 16.8% |
|  iShares Russell 1000 Value ETF  | 13.8% |
|  Aristotle International Equity Fund  | 10.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.6% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  iShares Russell 2000 Growth ETF  | 3.4% |
|  iShares Core U.S. REIT ETF  | 3.1% |

---

**Security Type Breakdown (%)**

![image](ts3844img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F832

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk was revised and in the Principal Risks from Holdings In Underlying Funds, Debt Securities Risk, Leverage Risk, Credit Risk, Interest Rate Risk, Mortgage-Related and Other Asset-Backed Securities Risk, U.S. Government Securities Risk, Financial Sector Risk and Liquidity Risk were removed, and Information Technology Sector Risk, Non-Diversification Risk, REIT Investment Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F832

1000094871083212066123761061216855171991545218318190301000010178119261359514886138472165025038231033000632482100001019610241103641082911796118801138610842110261156410000991611396129421369112580188812091419695245182632150.645.83.00.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| POEDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from our asset allocation during came from an overweight to foreign large-cap value, and an foreign small/mid-cap blend. While detractors came from the overweight to mid-cap growth and an underweight to intermediate-term bond.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Aggressive Growth Composite Benchmark is 69% S&P 500, 26% MSCI EAFE, and 5% Bloomberg US Aggregate Bond Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-AR-04045F824

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3843img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 4.81 | 13.49 | 7.71 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 7.35 | 15.91 | 10.16 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $254529693 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $544589 |
| **Portfolio Turnover Rate** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 22.9% |
|  Aristotle Growth Equity Fund  | 16.8% |
|  iShares Russell 1000 Value ETF  | 13.8% |
|  Aristotle International Equity Fund  | 10.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.6% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  iShares Russell 2000 Growth ETF  | 3.4% |
|  iShares Core U.S. REIT ETF  | 3.1% |

---

**Security Type Breakdown (%)**

![image](ts3843img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F824

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk was revised and in the Principal Risks from Holdings In Underlying Funds, Debt Securities Risk, Leverage Risk, Credit Risk, Interest Rate Risk, Mortgage-Related and Other Asset-Backed Securities Risk, U.S. Government Securities Risk, Financial Sector Risk and Liquidity Risk were removed, and Information Technology Sector Risk, Non-Diversification Risk, REIT Investment Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F824

1000095881105712437128821116317900184401673420055210201000010178119261359514886138472165025038231033000632482100001019610241103641082911796118801138610842110261156410000991611396129421369112580188812091419695245182632150.645.83.00.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| POAAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight US equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large value, and an underweight to small growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market bonds. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg US Aggregate Bond, 17% S&P 500, 7% ICE BofA U.S. 3-Month T-Bill, and 5% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-AR-04045F105

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3846img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.98 | 4.43 | 3.12 |
| **Class A (with sales charge)**  | -0.78 | 3.26 | 2.54 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 5.55 | 3.61 | 3.68 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $127994789 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $274091 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 40.0% |
|  Aristotle Short Duration Income Fund  | 10.5% |
|  Aristotle Core Bond Fund  | 8.1% |
|  Aristotle High Yield Bond Fund  | 6.5% |
|  Aristotle Core Equity Fund  | 6.2% |
|  iShares Russell 1000 Value ETF  | 5.9% |
|  Aristotle Growth Equity Fund  | 4.7% |
|  iShares TIPS Bond ETF  | 3.6% |
|  Aristotle Floating Rate Income Fund  | 3.5% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3846img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F105

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Geographic Focus Risk, Growth Companies Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F105

945292899901103561055110345124101214511330122381284710000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001014510523109431148312024133251328112700136001435568.614.711.05.60.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| POACX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $148 | 1.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight US equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large value, and an underweight to small growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market bonds. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg US Aggregate Bond, 17% S&P 500, 7% ICE BofA U.S. 3-Month T-Bill, and 5% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-AR-04045F204

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3847img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.15 | 3.62 | 2.33 |
| **Class C (with sales charge)**  | 3.15 | 3.62 | 2.33 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 5.55 | 3.61 | 3.68 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $127994789 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $274091 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 40.0% |
|  Aristotle Short Duration Income Fund  | 10.5% |
|  Aristotle Core Bond Fund  | 8.1% |
|  Aristotle High Yield Bond Fund  | 6.5% |
|  Aristotle Core Equity Fund  | 6.2% |
|  iShares Russell 1000 Value ETF  | 5.9% |
|  Aristotle Growth Equity Fund  | 4.7% |
|  iShares TIPS Bond ETF  | 3.6% |
|  Aristotle Floating Rate Income Fund  | 3.5% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3847img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F204

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Geographic Focus Risk, Growth Companies Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F204

10000974910313107141083410540125381218111287120911259310000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001014510523109431148312024133251328112700136001435568.614.711.05.60.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PLCDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight US equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large value, and an underweight to small growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market bonds. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg US Aggregate Bond, 17% S&P 500, 7% ICE BofA U.S. 3-Month T-Bill, and 5% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-AR-04045F303

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3848img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.20 | 4.68 | 3.38 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 5.55 | 3.61 | 3.68 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $127994789 |
| **Number of Holdings** | 15 |
| **Net Advisory Fee** | $274091 |
| **Portfolio Turnover Rate** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 40.0% |
|  Aristotle Short Duration Income Fund  | 10.5% |
|  Aristotle Core Bond Fund  | 8.1% |
|  Aristotle High Yield Bond Fund  | 6.5% |
|  Aristotle Core Equity Fund  | 6.2% |
|  iShares Russell 1000 Value ETF  | 5.9% |
|  Aristotle Growth Equity Fund  | 4.7% |
|  iShares TIPS Bond ETF  | 3.6% |
|  Aristotle Floating Rate Income Fund  | 3.5% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3848img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F303

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Geographic Focus Risk, Growth Companies Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F303

10000984710525110291127811088133241307912228132471393710000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001014510523109431148312024133251328112700136001435568.614.711.05.60.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| PODAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to short-term bond. While detractors came from the overweight to small-cap value and emerging market equity. Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Growth Composite Benchmark is 58% S&P 500, 23% Bloomberg US Aggregate Bond, and 19% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-AR-04045F873

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3851img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.74 | 11.34 | 6.52 |
| **Class A (with sales charge)**  | -0.98 | 10.09 | 5.92 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 6.99 | 12.90 | 8.75 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $600093310 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1302976 |
| **Portfolio Turnover Rate** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.1% |
|  iShares Russell 1000 Value ETF  | 15.7% |
|  Aristotle Growth Equity Fund  | 14.6% |
|  Aristotle International Equity Fund  | 9.9% |
|  Aristotle Core Income Fund  | 9.6% |
|  iShares Russell 2000 Value ETF  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.1% |
|  Aristotle High Yield Bond Fund  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3851img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F873

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Financial Sector Risk, Information Technology Sector Risk, REIT Investment Risk, Non-Diversification Risk, Floating Rate Loan Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F873

9452913510330113731170610390156121595914533169761778110000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001000411223124761322112606176131905217984216182312843.639.215.61.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| PODCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $148 | 1.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to short-term bond. While detractors came from the overweight to small-cap value and emerging market equity. Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Growth Composite Benchmark is 58% S&P 500, 23% Bloomberg US Aggregate Bond, and 19% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-AR-04045F865

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3850img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 3.98 | 10.50 | 5.73 |
| **Class C (with sales charge)**  | 2.98 | 10.50 | 5.73 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 6.99 | 12.90 | 8.75 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $600093310 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1302976 |
| **Portfolio Turnover Rate** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.1% |
|  iShares Russell 1000 Value ETF  | 15.7% |
|  Aristotle Growth Equity Fund  | 14.6% |
|  Aristotle International Equity Fund  | 9.9% |
|  Aristotle Core Income Fund  | 9.6% |
|  iShares Russell 2000 Value ETF  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.1% |
|  Aristotle High Yield Bond Fund  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3850img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F865

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Financial Sector Risk, Information Technology Sector Risk, REIT Investment Risk, Non-Diversification Risk, Floating Rate Loan Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F865

10000958710769117701201910600157941603314489167961746410000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001000411223124761322112606176131905217984216182312843.639.215.61.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PMADX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Growth Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to short-term bond. While detractors came from the overweight to small-cap value and emerging market equity. Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Growth Composite Benchmark is 58% S&P 500, 23% Bloomberg US Aggregate Bond, and 19% MSCI EAFE Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-AR-04045F857

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3849img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 4.97 | 11.62 | 6.79 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 6.99 | 12.90 | 8.75 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $600093310 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1302976 |
| **Portfolio Turnover Rate** | 65% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.1% |
|  iShares Russell 1000 Value ETF  | 15.7% |
|  Aristotle Growth Equity Fund  | 14.6% |
|  Aristotle International Equity Fund  | 9.9% |
|  Aristotle Core Income Fund  | 9.6% |
|  iShares Russell 2000 Value ETF  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  iShares Russell Mid-Cap Value ETF  | 4.1% |
|  Aristotle High Yield Bond Fund  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts3849img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F857

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Financial Sector Risk, Information Technology Sector Risk, REIT Investment Risk, Non-Diversification Risk, Floating Rate Loan Risk, Geographic Risk Related to Europe and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F857

10000969010983121271250611133167681717915682183711928510000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001000411223124761322112606176131905217984216182312843.639.215.61.50.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| POBAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark is 55% Bloomberg US Aggregate Bond, 30% S&P 500, 10% MSCI EAFE, and 5% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-AR-04045F402

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3852img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.89 | 6.53 | 4.17 |
| **Class A (with sales charge)**  | -0.85 | 5.33 | 3.59 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 6.03 | 6.61 | 5.35 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $187000820 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $407511 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 34.1% |
|  iShares Russell 1000 Value ETF  | 9.5% |
|  Aristotle Core Equity Fund  | 9.2% |
|  Aristotle Growth Equity Fund  | 7.2% |
|  Aristotle High Yield Bond Fund  | 7.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  Aristotle International Equity Fund  | 4.9% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  Aristotle Floating Rate Income Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts3852img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F402

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk, Warrants and Rights Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F402

9453927710064107041090810369133821327112263135611422410000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001010110749114291203312230146331498114286158881684551.123.421.34.10.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| POBCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $148 | 1.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark is 55% Bloomberg US Aggregate Bond, 30% S&P 500, 10% MSCI EAFE, and 5% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-AR-04045F501

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3853img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 4.12 | 5.72 | 3.39 |
| **Class C (with sales charge)**  | 3.12 | 5.72 | 3.39 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 6.03 | 6.61 | 5.35 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $187000820 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $407511 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 34.1% |
|  iShares Russell 1000 Value ETF  | 9.5% |
|  Aristotle Core Equity Fund  | 9.2% |
|  Aristotle Growth Equity Fund  | 7.2% |
|  Aristotle High Yield Bond Fund  | 7.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  Aristotle International Equity Fund  | 4.9% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  Aristotle Floating Rate Income Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts3853img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F501

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk, Warrants and Rights Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F501

10000973910492110791120210572135381333012214134081396010000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001010110749114291203312230146331498114286158881684551.123.421.34.10.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| PMCDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and emerging market equity. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Conservative Composite Benchmark is 55% Bloomberg US Aggregate Bond, 30% S&P 500, 10% MSCI EAFE, and 5% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-AR-04045F600

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3854img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.15 | 6.79 | 4.43 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 6.03 | 6.61 | 5.35 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $187000820 |
| **Number of Holdings** | 19 |
| **Net Advisory Fee** | $407511 |
| **Portfolio Turnover Rate** | 55% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 34.1% |
|  iShares Russell 1000 Value ETF  | 9.5% |
|  Aristotle Core Equity Fund  | 9.2% |
|  Aristotle Growth Equity Fund  | 7.2% |
|  Aristotle High Yield Bond Fund  | 7.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  Aristotle International Equity Fund  | 4.9% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  iShares MSCI EAFE Value ETF  | 3.5% |
|  Aristotle Floating Rate Income Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts3854img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F600

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings In Underlying Funds, Leverage Risk, Convertible Securities Risk, Inflation-Indexed Debt Securities Risk, REIT Investment Risk, Warrants and Rights Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F600

10000984010704114121165211108143781428513234146711542710000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001010110749114291203312230146331498114286158881684551.123.421.34.10.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class A \| POCAX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $72 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and mid-cap growth. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500, 38% Bloomberg US Aggregate Bond, 15% MSCI EAFE, and 2% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-AR-04045F709

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3855img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.71 | 9.05 | 5.56 |
| **Class A (with sales charge)**  | -1.04 | 7.82 | 4.97 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 6.55 | 9.98 | 7.20 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $657781286 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1442304 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 21.6% |
|  Aristotle Core Equity Fund  | 15.5% |
|  Aristotle Growth Equity Fund  | 12.4% |
|  iShares Russell 1000 Value ETF  | 11.9% |
|  Aristotle International Equity Fund  | 6.9% |
|  Aristotle High Yield Bond Fund  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 5.5% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Value ETF  | 3.0% |
|  Aristotle Floating Rate Income Fund  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts3855img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F709

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings in Underlying Funds, Leverage Risk, Convertible Securities Risk and Financial Sector Risk were removed, and Information Technology Sector Risk REIT Investment Risk, Non-Diversification Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F709

9448921210220110741134910528146981483313547155071623710000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001005211006119891267012451162081709416216188072003934.834.728.42.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class C \| POMCX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $148 | 1.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and mid-cap growth. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500, 38% Bloomberg US Aggregate Bond, 15% MSCI EAFE, and 2% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-AR-04045F808

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3856img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 3.93 | 8.25 | 4.78 |
| **Class C (with sales charge)**  | 2.93 | 8.25 | 4.78 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 6.55 | 9.98 | 7.20 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $657781286 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1442304 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 21.6% |
|  Aristotle Core Equity Fund  | 15.5% |
|  Aristotle Growth Equity Fund  | 12.4% |
|  iShares Russell 1000 Value ETF  | 11.9% |
|  Aristotle International Equity Fund  | 6.9% |
|  Aristotle High Yield Bond Fund  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 5.5% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Value ETF  | 3.0% |
|  Aristotle Floating Rate Income Fund  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts3856img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F808

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings in Underlying Funds, Leverage Risk, Convertible Securities Risk and Financial Sector Risk were removed, and Information Technology Sector Risk REIT Investment Risk, Non-Diversification Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F808

10000967810665114621166510736148761489613520153511595510000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001005211006119891267012451162081709416216188072003934.834.728.42.00.1 ------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | Class I-2 \| POMDX  | ![image](image001.jpg) |
| ![image](image002.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](image001.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I-2 | $46 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

• For the 12-month period ended March 31, 2025, the Fund underperformed the Aristotle Portfolio Optimization Moderate Composite Benchmark <sup>1</sup> . The Fund is a "fund of funds" that seeks to achieve its investment goal by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of the investment adviser and unaffiliated ETFs, including passively managed funds that seek to track the performance of a benchmark index.

• For the 12-month period ending March 31, 2025, both equity and fixed income markets ended in positive territory, with equities pulling back in the first quarter of 2025.

• The U.S. equity markets peaked after the U.S. presidential election prior to pulling back in the first quarter among uncertainty in trade and tariff discussions.

• International equity performed well with the uncertainty in the U.S. market.

• Fixed income had a strong start to 2025 and remained up for the 1-year period.

• The Fund is positioned to be overweight U.S. equity with a slight underweight to international

• Top contributors from asset allocation came from an overweight to foreign large-cap value, and an underweight to small-cap growth. While detractors came from the overweight to small-cap value and mid-cap growth.

• Top contributors within manager research was an outperformance from foreign large-cap growth and mid-cap growth. While detractions came from U.S. large-cap growth and foreign large-cap value.

---

| | |
|:---|:---|
| 1 | The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund's composite benchmark is shown below. Results include the reinvestment of all distributions. Aristotle Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500, 38% Bloomberg US Aggregate Bond, 15% MSCI EAFE, and 2% ICE BofA U.S. 3-Month T-Bill Indices. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge, if applicable. The chart uses total return performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, if applicable, management fees and other expenses were deducted.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-AR-04045F881

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3857img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 5.07 | 9.35 | 5.83 |
| **S&P 500 TR**  | 8.25 | 18.59 | 12.50 |
| **Bloomberg US Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 6.55 | 9.98 | 7.20 |

---

Visit https://www.aristotlefunds.com/resources/prospectuses-reports for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $657781286 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $1442304 |
| **Portfolio Turnover Rate** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 21.6% |
|  Aristotle Core Equity Fund  | 15.5% |
|  Aristotle Growth Equity Fund  | 12.4% |
|  iShares Russell 1000 Value ETF  | 11.9% |
|  Aristotle International Equity Fund  | 6.9% |
|  Aristotle High Yield Bond Fund  | 5.5% |
|  iShares Russell Mid-Cap Growth ETF  | 5.5% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Value ETF  | 3.0% |
|  Aristotle Floating Rate Income Fund  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts3857img004.jpg)

\* Percentages are stated as a percent of net assets.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's Principal Investment Strategies were revised to reflect that the Fund's investment in unaffiliated exchange-traded funds may include passively managed funds that seek to track the performance of a benchmark index.

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F881

------

**Changes to Fund's Principal Risks:**

In the Fund's Principal Risks, the description of Asset Allocation Fund of Funds Risk and Conflicts of Interest Risk were revised and in the Principal Risks from Holdings in Underlying Funds, Leverage Risk, Convertible Securities Risk and Financial Sector Risk were removed, and Information Technology Sector Risk REIT Investment Risk, Non-Diversification Risk and Sector Focus Risk were added.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.aristotlefunds.com/resources/prospectuses-reports.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your shareholder documents not be householded, please contact the Fund at 1-844-274-7885, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aristotle Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F881

10000977610881118101213411276157851597014630167791763010000101781192613595148861384721650250382310330006324821000010196102411036410829117961188011386108421102611564100001005211006119891267012451162081709416216188072003934.834.728.42.00.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. <u>Wendy Greuel</u> is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant, Tait, Weller & Baker LLP., to perform audit services, audit-related services, and tax services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| (a) Audit Fees | $550300 | $498300 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $84500 | $78300 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **Tait, Weller & Baker LLP.** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 3/31/2025 | FYE 3/31/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](aristotle-logo.jpg)

**ARISTOTLE FUNDS Series Trust** 

**Aristotle Core Bond Fund** 

**(formerly known as Aristotle ESG Core Bond Fund)** 

**Aristotle Core Income Fund** 

**Aristotle Floating Rate Income Fund** 

**Aristotle High Yield Bond Fund** 

**Aristotle Short Duration Income Fund** 

**Aristotle Strategic Income Fund** 

**Aristotle Ultra Short Income Fund** 

**Aristotle Core Equity Fund** 

**Aristotle Growth Equity Fund** 

**Aristotle International Equity Fund** 

**Aristotle Small Cap Equity Fund** 

**Aristotle Small/Mid Cap Equity Fund** 

**Aristotle/Saul Global Cap Equity Fund** 

**Aristotle Value Equity Fund** 

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Aristotle Portfolio Optimization Conservative Fund** 

**Aristotle Portfolio Optimization Growth Fund** 

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Aristotle Portfolio Optimization Moderate Fund** 

Core Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Income Fund](#soi2) | [4](#soi2) |
| &nbsp;&nbsp;&nbsp; [Aristotle Floating Rate Income Fund](#soi3) | [14](#soi3) |
| &nbsp;&nbsp;&nbsp; [Aristotle High Yield Bond Fund](#soi4) | [19](#soi4) |
| &nbsp;&nbsp;&nbsp; [Aristotle Short Duration Income Fund](#soi5) | [24](#soi5) |
| &nbsp;&nbsp;&nbsp; [Aristotle Strategic Income Fund](#soi6) | [31](#soi6) |
| &nbsp;&nbsp;&nbsp; [Aristotle Ultra Short Income Fund](#soi7) | [41](#soi7) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Equity Fund](#soi8) | [45](#soi8) |
| &nbsp;&nbsp;&nbsp; [Aristotle Growth Equity Fund](#soi9) | [46](#soi9) |
| &nbsp;&nbsp;&nbsp; [Aristotle International Equity Fund](#soi10) | [47](#soi10) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small Cap Equity Fund](#soicap) | [49](#soicap) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small/Mid Cap Equity Fund](#soi12) | [51](#soi12) |
| &nbsp;&nbsp;&nbsp; [Aristotle/Saul Global Cap Equity Fund](#soi13) | [53](#soi13) |
| &nbsp;&nbsp;&nbsp; [Aristotle Value Equity Fund](#soi14) | [55](#soi14) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Aggressive Growth Fund](#soi15) | [56](#soi15) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Conservative Fund](#soi16) | [57](#soi16) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Growth Fund](#soi17) | [58](#soi17) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Conservative Fund](#soi18) | [59](#soi18) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Fund](#soi19) | [60](#soi19) |
| [Statements of Assets and Liabilities](#sal) | [61](#sal) |
| [Statements of Operations](#sop) | [65](#sop) |
| [Statements of Changes in Net Assets](#scna) | [69](#scna) |
| [Financial Highlights](#fihi) | [80](#fihi) |
| [Notes to Financial Statements](#not1) | [145](#not1) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [194](#rep1) |
| [Additional Notices](#add) | [196](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 41.1%** | **U.S. TREASURY SECURITIES - 41.1%** | **U.S. TREASURY SECURITIES - 41.1%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | $400000 | $390166  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 2000000 | 2007734  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 275000 | 267771  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/31/2029 | 250000 | 254580  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 3300000 | 3307992  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 750000 | 633091  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 500000 | 509199  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 250000 | 236831  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 300000 | 295980  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 125000 | 121865  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 4555000 | 4706240  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 125000 | 84766  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 250000 | 197051  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 250000 | 124209  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 500000 | 290049  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 250000 | 148965  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 150000 | 86323  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 500000 | 315547  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 500000 | 363184  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 1735000 | 1746928  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $16,570,187)**<br>|  | 16088471 |
| **CORPORATE BONDS - 30.0%**<br>|  |  |
| **Communications - 0.5%**<br>|  |  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 100000 | 77036  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/23/2054 | 100000 | 97271  |
|  |  | 174307 |
| **Consumer Discretionary - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>5.89%, 03/15/2035 | 50000 | 49933  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, <br>4.85%, 03/25/2027<sup>(a)</sup> | 50000 | 50011  |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., <br>4.45%, 04/01/2062 | 250000 | 194650  |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp., <br>3.88%, 04/15/2029<sup>(a)</sup> | 200000 | 190569  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br>5.63%, 09/30/2031<sup>(a)</sup> | 100000 | 98263  |
|  |  | 583426 |
| **Consumer Staples - 1.2%**<br>|  |  |
| General Mills, Inc., 4.95%, 03/29/2033 | 150000 | 148507  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 6.75%, 03/15/2034 | 100000 | 108027  |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | 200000 | 201077  |
|  |  | 457611 |
| **Energy - 0.4%**<br>|  |  |
| Energy Transfer LP, 5.75%, 02/15/2033 | 150000 | 153568  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Financials - 16.2%**<br>|  |  |
|  Arthur J Gallagher & Co., 5.15%, 02/15/2035 | $250000 | $247963  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>5.13%, 04/10/2030<sup>(a)</sup> | 50000 | 49744  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>5.38%, 05/30/2030<sup>(a)</sup> | 150000 | 150248  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + <br>1.31%, 01/24/2036 | 50000 | 50905  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 350000 | 291992  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 300000 | 269349  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, <br>5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 200000 | 204560  |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP, <br>5.75%, 02/15/2035 | 250000 | 254135  |
|  Broadstone Net Lease LLC, 2.60%, 09/15/2031 | 200000 | 169499  |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, <br>1.98% to 12/15/2026 then 1 yr. CMT Rate + 0.73%, 12/15/2027<sup>(a)</sup> | 250000 | 239170  |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, <br>5.50%, 06/15/2034 | 230000 | 234498  |
| Fiserv, Inc., 3.50%, 07/01/2029 | 250000 | 237812  |
| &nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., <br>3.25%, 01/15/2032 | 100000 | 86645  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 400000 | 390605  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, <br>5.81%, 02/15/2055<sup>(a)</sup> | 100000 | 98708  |
|  Host Hotels & Resorts LP, 5.70%, 07/01/2034 | 250000 | 250264  |
|  HSBC Holdings PLC, 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | 300000 | 306623  |
| JAB Holdings BV, 4.50%, 04/08/2052<sup>(a)</sup> | 250000 | 192431  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., <br>5.50% to 01/24/2035 then SOFR + 1.32%, 01/24/2036 | 200000 | 204385  |
|  Morgan Stanley, 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 500000 | 518384  |
| Nasdaq, Inc., 5.95%, 08/15/2053 | 200000 | 203794  |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, <br>5.38%, 03/05/2029<sup>(a)</sup> | 300000 | 306937  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br>2.47%, 01/14/2029 | 300000 | 278220  |
|  Truist Bank, 4.63% to 09/17/2029 then 5 yr. CMT Rate + 1.15%, 09/17/2029 | 250000 | 244778  |
| UBS Group AG <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 200000 | 203666  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 350000 | 365033  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | $100000 | $97106  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 200000 | 188486  |
|  |  | 6335940 |
| **Health Care - 1.6%**<br>|  |  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/01/2033 | 150000 | 142251  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/21/2040 | 100000 | 76476  |
|  Elevance Health, Inc., 5.65%, 06/15/2054 | 200000 | 193060  |
|  UnitedHealth Group, Inc., 4.75%, 05/15/2052 | 250000 | 216271  |
|  |  | 628058 |
| **Industrials - 3.3%**<br>|  |  |
|  Allegion US Holding Co., Inc., 3.55%, 10/01/2027 | 200000 | 194649  |
|  Ferguson Finance PLC, 3.25%, 06/02/2030<sup>(a)</sup> | 200000 | 184984  |
| IDEX Corp., 4.95%, 09/01/2029 | 200000 | 200462  |
|  Keysight Technologies, Inc., 3.00%, 10/30/2029 | 250000 | 231031  |
| Nordson Corp., 4.50%, 12/15/2029 | 250000 | 246273  |
| nVent Finance Sarl, 2.75%, 11/15/2031 | 250000 | 215010  |
|  |  | 1272409 |
| **Materials - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br>5.50%, 03/17/2035<sup>(a)</sup> | 50000 | 50200  |
|  Rio Tinto Finance USA PLC, 5.25%, 03/14/2035 | 200000 | 201612  |
|  |  | 251812 |
| **Technology - 3.7%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 250000 | 237549  |
| &nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., <br>5.10%, 03/01/2030 | 150000 | 149869  |
| &nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., <br>5.00%, 04/01/2030 | 100000 | 100502  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>4.55%, 10/15/2029 | 350000 | 346301  |
| Intel Corp., 5.70%, 02/10/2053 | 150000 | 137981  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 | 250000 | 234870  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 | 200000 | 181460  |
| Synopsys, Inc., 5.15%, 04/01/2035 | 75000 | 75424  |
|  |  | 1463956 |
| **Utilities - 1.0%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 200000 | 202184  |
| DTE Energy Co., 5.85%, 06/01/2034 | 150000 | 155160  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | $50000 | $50769  |
|  |  | 408113 |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $12,267,173)** |  | 11729200 |
| **MORTGAGE-BACKED SECURITIES - 13.8%** | **MORTGAGE-BACKED SECURITIES - 13.8%** | **MORTGAGE-BACKED SECURITIES - 13.8%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool SB8079, 2.00%, 12/01/2035 | 253504 | 231033  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 219977 | 220001  |
| &nbsp;&nbsp;&nbsp; Pool SD8523, 5.00%, 04/01/2055 | 300000 | 294209  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 683035 | 695478  |
| &nbsp;&nbsp;&nbsp; Pool MA4123, 2.00%, 09/01/2035 | 104955 | 95654  |
| &nbsp;&nbsp;&nbsp; Pool MA4206, 2.00%, 12/01/2035 | 253133 | 230695  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 536249 | 500609  |
| &nbsp;&nbsp;&nbsp; Pool MA5665, 3.50%, 03/01/2055 | 497392 | 449038  |
| &nbsp;&nbsp;&nbsp; Pool MA5670, 4.00%, 04/01/2055 | 250000 | 233345  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 273613 | 262642  |
| &nbsp;&nbsp;&nbsp; Pool MB0091, 5.00%, 12/20/2054 | 307875 | 303013  |
| &nbsp;&nbsp;&nbsp; Pool MB0145, 4.50%, 01/20/2055 | 313872 | 301287  |
| &nbsp;&nbsp;&nbsp; Pool MB0147, 5.50%, 01/20/2055 | 348442 | 349478  |
| &nbsp;&nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055 | 349284 | 343769  |
| &nbsp;&nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 350000 | 327769  |
| &nbsp;&nbsp;&nbsp; Pool MB0257, 4.50%, 03/20/2055 | 315000 | 302367  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 250000 | 250743  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $5,448,842)** |  | 5391130  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.6%** |
|  Angel Oak Mortgage Trust LLC, Series 2025-3, Class A1, 5.42%, 03/25/2070<sup>(a)(b)</sup> | 150000 | 150230  |
|  BRAVO Residential Funding Trust, Series 2025-NQM3, Class A1, 5.57%, 03/25/2065<sup>(a)(b)</sup> | 300000 | 300358  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.66%, 04/15/2042<sup>(a)(c)</sup> | 100000 | 100659  |
| COLT Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A1, <br>7.18%, 09/25/2068<sup>(a)(b)</sup> | 369423 | 374953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.35%, 03/25/2070<sup>(a)(b)</sup> | 124205 | 124018  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, <br>3.25%, 11/25/2064 | 199221 | 171318  |
| &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, <br>Series 2025-NQM1, Class A1, <br>5.59%, 06/25/2065<sup>(a)(b)</sup> | 200000 | 200776  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, <br>6.84%, 04/25/2063<sup>(a)(b)</sup> | $322761 | $326651  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.65%, 12/01/2064<sup>(a)(b)</sup> | 346984 | 348374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.40%, 02/25/2055<sup>(a)(b)</sup> | 247753 | 247257  |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, <br>Series 2025-HOME1, Class A1A, <br>5.55%, 02/25/2060<sup>(a)(b)</sup> | 250000 | 250594  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>**(Cost $2,591,674)** |  | 2595188 |
| **ASSET-BACKED SECURITIES - 4.5%** | **ASSET-BACKED SECURITIES - 4.5%** | **ASSET-BACKED SECURITIES - 4.5%** |
|  AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 141348 | 141813  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, <br>Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(b)</sup> | 200000 | 201962  |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 100000 | 104109  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059<sup>(a)</sup> | 212841 | 205794  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 98654 | 89219  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>(a)</sup> | 120892 | 106043  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 84204 | 76057  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(a)</sup> | 240630 | 243986  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, <br>Series 2021-A, Class APT2, <br>1.07%, 01/15/2053<sup>(a)</sup> | 93853 | 81967  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, <br>Series 2023-1A, Class A, <br>4.93%, 06/25/2036<sup>(a)</sup> | 250000 | 253739  |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-5, <br>Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 250000 | 254742  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,779,214)** |  | 1759431 |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.0%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.0%** |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.38% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 172466 | 172155  |
|  Magnetite CLO Ltd., Series 2019-22A, Class ARR, 5.55% (3 mo. Term SOFR + 1.25%), 07/15/2036<sup>(a)</sup> | 250000 | 249428  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., Series 2021-43A, Class BR, 5.77% <br>(3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | $250000 | $249985  |
|  Palmer Square CLO Ltd., Series 2015-1A, Class A1A5, 5.38% (3 mo. Term SOFR + 1.05%), 05/21/2034<sup>(a)</sup> | 250000 | 249777  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, 5.35% <br>(3 mo. Term SOFR + 1.06%), 07/20/2029<sup>(a)</sup> | 11375 | 11367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A2, 5.96% <br>(3 mo. Term SOFR + 1.66%), 10/15/2029<sup>(a)</sup> | 250000 | 249921  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $1,183,415)** |  | 1182633 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $39,840,505)** |  | $38746053 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 377136 |
| **TOTAL NET ASSETS - 100.0%** |  | $39123189 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USISSO05 - 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $8,332,863 or 21.3% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2025. 

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 36.2%**<br>|  |  |
| **Communications - 0.8%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | $4865000 | $3319958  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060 | 4550000 | 3172641  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 4500000 | 3120054  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 2000000 | 1215619  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2033 | 3000000 | 3024907  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 | 7200000 | 7154034  |
|  Verizon Communications, Inc., 3.40%, 03/22/2041 | 4000000 | 3081449  |
|  |  | 24088662 |
| **Consumer Discretionary - 3.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., <br>3.88%, 01/15/2028<sup>(a)</sup> | 12000000 | 11479553  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | 4359471 | 4204195  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2028 | 4935910 | 4690656  |
| &nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/11/2034 | 4167779 | 3596356  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.15%, 02/15/2032 | 1655632 | 1513993  |
| &nbsp;&nbsp;&nbsp; Series B, 3.95%, 07/11/2030 | 1007500 | 947414  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(a)</sup> | 4000000 | 3917487  |
| AutoNation, Inc., 5.89%, 03/15/2035 | 6400000 | 6391446  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 9511970 | 9074947  |
| British Airways PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, 3.30%, 12/15/2032<sup>(a)</sup> | 4851866 | 4514725  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 11/15/2032<sup>(a)</sup> | 1846797 | 1763460  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/20/2025<sup>(a)</sup> | 1000089 | 996714  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(a)</sup> | 2000000 | 1992310  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 | 1725000 | 1703375  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 2225000 | 2146252  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(a)</sup> | 2000000 | 1875828  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.38%, 12/15/2031 | 3650000 | 3637074  |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027<sup>(a)</sup> | 2025000 | 2034994  |
|  Royal Caribbean Cruises Ltd., 5.63%, 09/30/2031<sup>(a)</sup> | 7850000 | 7713668  |
|  Stellantis Finance US, Inc., 6.45%, 03/18/2035<sup>(a)</sup> | 2800000 | 2781162  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  United Airlines 2019-2 Class A Pass Through Trust, Series A, 2.90%, 05/01/2028 | $1087077 | $1016347  |
| United Airlines, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2036 | 7670216 | 7791597  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2037 | 2279984 | 2287545  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, 4.15%, 08/25/2031 | 821980 | 787744  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.50%, 03/01/2030 | 9490039 | 8970697  |
|  |  | 97829539  |
| **Consumer Staples - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., <br>5.45%, 01/23/2039 | 5000000 | 5080702  |
| &nbsp;&nbsp;&nbsp; J M Smucker Co., <br>6.20%, 11/15/2033 | 9200000 | 9801176  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 | 727000 | 739021  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 7660000 | 8274853  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035<sup>(a)</sup> | 7600000 | 7818880  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 2500000 | 2513463  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> | 4200000 | 4199453  |
|  |  | 38427548  |
| **Energy - 2.7%**<br>|  |  |
|  DT Midstream, Inc., 5.80%, 12/15/2034<sup>(a)</sup> | 4000000 | 4021792  |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, <br>5.65%, 10/15/2054 | 6100000 | 5894247  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual | 1650000 | 1652180  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031<sup>(a)</sup> | 4800000 | 5041322  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 4800000 | 4914170  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 | 2250000 | 2249813  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 6500000 | 6514621  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2044<sup>(b)</sup> | 4000000 | 3454429  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 14000000 | 13954968  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 1750000 | 1471620  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2053 | 4850000 | 4488461  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 | 7750000 | 7708838  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027 | 3625000 | 3548806  |
|  Targa Resources Corp., 6.50%, 03/30/2034 | 6850000 | 7317611  |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br>3.88%, 08/15/2029<sup>(a)</sup> | 4075000 | 3775243  |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 10000000 | 9497788  |
|  |  | 85505909  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - 16.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, <br>6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | $8100000 | $8045245  |
|  Arthur J Gallagher & Co., 5.15%, 02/15/2035 | 4200000 | 4165781  |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br>6.25%, 01/15/2030<sup>(a)</sup> | 10750000 | 10812272  |
|  Aviation Capital Group LLC, 5.13%, 04/10/2030<sup>(a)</sup> | 3500000 | 3482104  |
|  Avolon Holdings Funding Ltd., 5.38%, 05/30/2030<sup>(a)</sup> | 1850000 | 1853063  |
|  Banco Mercantil del Norte SA/Grand Cayman<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% to 01/10/2028 then <br>10 yr. CMT Rate + 5.35%, Perpetual<sup>(a)</sup> | 1324000 | 1321563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then <br>10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 2001000 | 2026893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then <br>5 yr. CMT Rate + 4.07%, Perpetual<sup>(a)</sup> | 9700000 | 9627607  |
| &nbsp;&nbsp;&nbsp; Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, <br>5.62%, 12/10/2029<sup>(a)</sup> | 6400000 | 6483712  |
|  Banco Santander SA, 6.03%, 01/17/2035 | 8050000 | 8338998  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + <br>1.65%, 01/23/2035 | 5800000 | 5886866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 then SOFR + <br>1.74%, 10/25/2035 | 15000000 | 14723702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + <br>1.70%, 02/12/2036 | 7500000 | 7488460  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then <br>5 yr. CMT Rate + 1.20%, 09/21/2036 | 4700000 | 3921035  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 then <br>5 yr. CMT Rate + 2.00%, 03/08/2037 | 9000000 | 8080459  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 11500000 | 11422190  |
|  Barclays PLC, 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 | 4600000 | 4626842  |
|  BBVA Bancomer SA/Texas, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 7000000 | 7138236  |
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, 7.63% to 02/11/2030 then 5 yr. CMT Rate + <br>3.38%, 02/11/2035<sup>(a)</sup> | 1150000 | 1164030  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Block, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/2026 | $4000000 | $3882893  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2031 | 5000000 | 4400058  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, <br>5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 12000000 | 12273567  |
|  BPCE SA, 6.29% to 01/14/2035 then SOFR + 2.04%, 01/14/2036<sup>(a)</sup> | 6500000 | 6725301  |
| &nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP, <br>5.75%, 02/15/2035 | 7500000 | 7624038  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., <br>6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 3100000 | 3093981  |
| Citibank NA, 5.57%, 04/30/2034 | 5250000 | 5397073  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + <br>2.66%, 05/25/2034 | 5150000 | 5280739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% to 02/13/2034 then SOFR + <br>2.06%, 02/13/2035 | 3000000 | 2988185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + <br>1.83%, 01/24/2036 | 3400000 | 3433773  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 6000000 | 5741995  |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, <br>5.93% to 03/14/2045 then <br>1 yr. CMT Rate + <br>1.32%, 03/14/2046<sup>(a)</sup> | 4000000 | 3962363  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/23/2034 then USISSO05 + 3.60%, Perpetual<sup>(a)</sup> | 6050000 | 5839760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + <br>1.74%, 01/09/2036<sup>(a)</sup> | 4000000 | 4094191  |
|  Extra Space Storage LP, 5.40%, 02/01/2034 | 5800000 | 5809684  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033 | 4925000 | 5063034  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 | 11600000 | 11512218  |
| GLP Capital LP / GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 | 8700000 | 7538135  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 10650000 | 10481171  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2054 | 3850000 | 3786694  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + <br>1.28%, 04/22/2032 | 7950000 | 6943696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + <br>1.25%, 07/21/2032 | 4075000 | 3491240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85% to 04/25/2034 then SOFR + <br>1.55%, 04/25/2035 | 8150000 | 8425905  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + <br>1.42%, 10/23/2035 | 6350000 | 6176753  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + <br>1.38%, 01/28/2036 | 6050000 | 6136774  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, <br>5.81%, 02/15/2055<sup>(a)</sup> | 4300000 | 4244443  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2030 | $1500000 | $1375270  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 5400000 | 4688748  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 | 8550000 | 8559036  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual | 4800000 | 4791399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% to 03/03/2035 then SOFR + <br>1.56%, 03/03/2036 | 3500000 | 3488428  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 9800000 | 10054240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + <br>1.81%, 10/23/2034 | 4000000 | 4297434  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77% to 04/22/2034 then SOFR + <br>1.49%, 04/22/2035 | 16500000 | 17156285  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + <br>1.46%, 07/22/2035 | 12750000 | 12806704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + <br>1.34%, 10/22/2035 | 12000000 | 11747775  |
|  Kite Realty Group LP, 4.95%, 12/15/2031 | 10000000 | 9840812  |
|  Liberty Mutual Group, Inc., 4.30%, 02/01/2061<sup>(a)</sup> | 3650000 | 2278930  |
|  Lloyds Banking Group PLC, 6.75% to 09/27/2031 then 5 yr. CMT Rate + 3.15%, Perpetual | 5900000 | 5623047  |
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co., <br>5.67%, 12/01/2052<sup>(a)</sup> | 4700000 | 4641192  |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 2950000 | 2960030  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + <br>1.58%, 04/19/2035 | 10000000 | 10367673  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59% to 01/18/2035 then SOFR + <br>1.42%, 01/18/2036 | 4800000 | 4903923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + <br>1.36%, 09/16/2036 | 14150000 | 11735145  |
| Nasdaq, Inc., 5.95%, 08/15/2053 | 4150000 | 4228725  |
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., <br>3.85%, 09/30/2047<sup>(a)</sup> | 4600000 | 3520632  |
|  Phillips Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035 | 9000000 | 8551490  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 6500000 | 7189048  |
|  Royal Bank of Canada, 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | 13200000 | 12564471  |
|  State Street Corp., 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual | 5000000 | 5008084  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, Perpetual<sup>(a)</sup> | $6250000 | $6229334  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 9450000 | 9855878  |
| Ventas Realty LP, 5.00%, 01/15/2035 | 6400000 | 6193628  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 7000000 | 6909081  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 2400000 | 2351145  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., <br>4.63%, 12/01/2029<sup>(a)</sup> | 14581000 | 14159013  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + <br>2.02%, 04/24/2034 | 4450000 | 4482177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + <br>1.99%, 07/25/2034 | 5500000 | 5598536  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + <br>1.78%, 01/23/2035 | 9825000 | 9962087  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 9700000 | 9641033  |
|  |  | 522717155  |
| **Health Care - 1.4%**<br>|  |  |
|  Elevance Health, Inc., 5.65%, 06/15/2054 | 5830000 | 5627704  |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, <br>4.80%, 10/01/2034 | 9550000 | 9199404  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/15/2053 | 6000000 | 5437296  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 | 9500000 | 9350887  |
| Universal Health Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 | 7200000 | 7014575  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/2030 | 4450000 | 3902356  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 | 3325000 | 2784012  |
|  |  | 43316234  |
| **Industrials - 1.4%**<br>|  |  |
|  BAE Systems PLC, 5.30%, 03/26/2034<sup>(a)</sup> | 7550000 | 7647157  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 5250000 | 5628319  |
| &nbsp;&nbsp;&nbsp; 6.86%, 05/01/2054 | 700000 | 760973  |
| HEICO Corp., 5.35%, 08/01/2033 | 8400000 | 8487993  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 4300000 | 3698175  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 | 4350000 | 4344506  |
|  Quanta Services, Inc., 5.25%, 08/09/2034 | 5200000 | 5141513  |
|  Regal Rexnord Corp., 6.40%, 04/15/2033 | 5000000 | 5192238  |
|  Weir Group PLC, 2.20%, 05/13/2026<sup>(a)</sup> | 5400000 | 5244848  |
|  |  | 46145722  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Materials - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br>5.50%, 03/17/2035<sup>(a)</sup> | $6250000 | $6275040  |
|  Rio Tinto Finance USA PLC, 5.25%, 03/14/2035 | 3400000 | 3427406  |
|  Sonoco Products Co., 5.00%, 09/01/2034 | 9100000 | 8708954  |
|  Vale Overseas Ltd., 6.40%, 06/28/2054 | 4550000 | 4494760  |
|  |  | 22906160  |
| **Technology - 1.8%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 5000000 | 4750982  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>5.00%, 10/15/2034 | 10300000 | 10038484  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/25/2050 | 4900000 | 3951108  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 | 5000000 | 4599383  |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 6500000 | 5710833  |
| Oracle Corp., 5.50%, 09/27/2064 | 15000000 | 13609508  |
|  Roper Technologies, Inc., 4.90%, 10/15/2034 | 10500000 | 10267226  |
| Synopsys, Inc., 5.15%, 04/01/2035 | 3075000 | 3092367  |
|  |  | 56019891  |
| **Utilities - 6.6%**<br>|  |  |
| AES Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 | 3000000 | 3052972  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2032 | 11900000 | 12029955  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., <br>5.63%, 03/01/2033 | 4700000 | 4822291  |
| Boston Gas Co., 6.12%, 07/20/2053<sup>(a)</sup> | 2600000 | 2647183  |
|  Brooklyn Union Gas Co., 4.63%, 08/05/2027<sup>(a)</sup> | 2225000 | 2220468  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 13100000 | 12949337  |
|  Dominion Energy, Inc., 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055 | 7450000 | 7416290  |
| DPL, Inc., 4.35%, 04/15/2029 | 1350000 | 1295022  |
| DTE Energy Co., 5.85%, 06/01/2034 | 6700000 | 6930489  |
|  Duke Energy Ohio, Inc., 5.65%, 04/01/2053 | 3000000 | 2950879  |
|  Duke Energy Progress NC Storm Funding LLC, 2.39%, 07/01/2037 | 5350000 | 4444606  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 8939000 | 8098185  |
| &nbsp;&nbsp;&nbsp; 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 12000000 | 11732400  |
| Exelon Corp., 5.45%, 03/15/2034 | 7850000 | 7986510  |
|  Georgia Power Co., 5.25%, 03/15/2034 | 6000000 | 6056830  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  IPALCO Enterprises, Inc., 4.25%, 05/01/2030 | $2400000 | $2285858  |
|  KeySpan Gas East Corp., 3.59%, 01/18/2052<sup>(a)</sup> | 2850000 | 1932800  |
|  National Grid PLC, 5.81%, 06/12/2033 | 3950000 | 4073204  |
|  Nevada Power Co., 5.90%, 05/01/2053 | 2950000 | 2955698  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 | 5000000 | 5018174  |
| &nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 4850000 | 4929472  |
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, <br>5.55%, 06/15/2054 | 7500000 | 7332489  |
| PacifiCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 | 7000000 | 7146405  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2054 | 2000000 | 1879163  |
| &nbsp;&nbsp;&nbsp; 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 5850000 | 5939899  |
| &nbsp;&nbsp;&nbsp; PG&E Energy Recovery Funding LLC, <br>2.28%, 01/15/2036 | 2400000 | 1937482  |
| &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC, <br>5.53%, 06/01/2049 | 12000000 | 12004501  |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., <br>5.05%, 05/15/2052 | 1750000 | 1563194  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/01/2038 | 6000000 | 4939249  |
| &nbsp;&nbsp;&nbsp; 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 5000000 | 4710844  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 7100000 | 6752039  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 | 1900000 | 1886102  |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br>5.30%, 04/01/2033 | 5000000 | 5014761  |
|  Texas Electric Market Stabilization Funding N LLC, 4.27%, 08/01/2034<sup>(a)</sup> | 1624055 | 1605771  |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., <br>5.55%, 08/15/2054 | 7550000 | 7332280  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> | 9050000 | 9728198  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034<sup>(a)</sup> | 5350000 | 5327354  |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, <br>7.25%, 01/15/2029<sup>(a)</sup> | 7000000 | 6893295  |
|  |  | 207821649  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,159,281,923)** |  | 1144778469  |
| **U.S. TREASURY SECURITIES - 25.0%** | **U.S. TREASURY SECURITIES - 25.0%** | **U.S. TREASURY SECURITIES - 25.0%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 24000000 | 24058125  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 9000000 | 7615898  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 15000000 | 12770801  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2031 | $12000000 | $12135000  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031 | 15000000 | 14629688  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 20000000 | 20056250  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 27000000 | 24983437  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 27000000 | 24692344  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 20000000 | 19160156  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 19000000 | 17999160  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 34000000 | 33330625  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 36000000 | 36868359  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 35750000 | 35271006  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 23000000 | 23315801  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 40000000 | 38996875  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 48500000 | 48651562  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 49000000 | 50626953  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 14500000 | 9181729  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 22000000 | 14918750  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 11500000 | 10731836  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 5000000 | 5109570  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 19500000 | 19273008  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 5000000 | 5017676  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 12000000 | 11246250  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 13000000 | 10246641  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 27000000 | 27042187  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 3500000 | 2490059  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 | 3000000 | 2126836  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 7550000 | 5080029  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 2000000 | 1459531  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 9000000 | 4471523  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 6500000 | 3314238  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 30000000 | 17875781  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 10500000 | 6042627  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 16500000 | 10413047  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 9500000 | 6900488  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 14000000 | 10428633  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 12000000 | 10110234  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 16000000 | 13482188  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 34000000 | 31340430  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 26900000 | 27503149  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 46000000 | 43355000  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 9000000 | 8497969  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 21000000 | 20698125  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 6000000 | 6041250  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $823,123,325)** |  | 789560824  |
| **BANK LOANS - 11.9%**<br>|  |  |
| **Consumer Discretionary - 4.7%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 09/23/2030 | 9925000 | 9847932  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 05/15/2028 | 4235880 | 4236219  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Beacon Roofing Supply, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 05/19/2028 | $6833959 | $6834233  |
|  Belron Finance 2019 LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 10/16/2031 | 7980000 | 7976289  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 6.56% (3 mo. SOFR US + 2.25%), 02/06/2031 | 12383750 | 12321831  |
|  Carnival Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/18/2028 | 3513000 | 3515196  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 11/03/2028 | 11816301 | 11720589  |
|  Clarios Global LP, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 01/28/2032 | 2500000 | 2466663  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 2407144 | 2414413  |
|  Flutter Financing BV, Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 11/29/2030 | 7425000 | 7405101  |
|  Grant Thornton Advisors Holdings LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 05/30/2031 | 7630875 | 7601076  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 6.07% <br>(1 mo. SOFR US + 1.75%), 11/08/2030 | 6500000 | 6501560  |
|  Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 08/02/2028 | 4984439 | 4966321  |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., Senior Secured First Lien, 6.57% <br>(1 mo. SOFR US + 2.25%), 04/01/2031 | 7705639 | 7704676  |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 6.32% <br>(1 mo. SOFR US + 2.00%), 12/04/2031 | 15205368 | 15116645  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 05/01/2031 | 10149435 | 10127867  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 01/30/2031 | 12359223 | 12193980  |
|  Whatabrands LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/03/2028 | 14962406 | 14916247  |
|  |  | 147866838  |
| **Energy - 0.2%**<br>|  |  |
|  Buckeye Partners LP, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 11/02/2026 | 5593724 | 5597528  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Financials - 2.9%**<br>|  |  |
|  AssuredPartners, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 02/14/2031 | $17062252 | $17101495  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.07% <br>(1 mo. SOFR US + 1.75%), 06/22/2028 | 11785097 | 11787572  |
|  Boost Newco Borrower LLC, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 01/31/2031 | 7815875 | 7774373  |
|  BroadStreet Partners, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 4520679 | 4487181  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 441821 | 438547  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 8050099 | 7915944  |
|  Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/09/2027 | 12276627 | 11679431  |
|  Delos Aircraft DAC, Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 10/29/2027 | 8375000 | 8393676  |
|  HUB International Ltd., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 06/20/2030 | 13062820 | 13022978  |
|  SBA Senior Finance II LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 01/27/2031 | 3616004 | 3616763  |
|  USI, Inc./NY, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 11/23/2029 | 4676358 | 4637638  |
|  |  | 90855598  |
| **Health Care - 0.2%**<br>|  |  |
|  Medline Borrower LP, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/23/2028 | 6312367 | 6307538  |
| **Industrials - 2.2%**<br>|  |  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 12/26/2030 | 6965000 | 6877937  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 4202222 | 4195541  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 11047778 | 11030212  |
| Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (6 mo. SOFR US + 2.75%), 02/26/2032 | 3655172 | 3611000  |
| &nbsp;&nbsp;&nbsp; 7.07% (3 mo. SOFR US + 2.75%), 02/26/2032 | 3655172 | 3610999  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 7.30% (1 mo. Term SOFR + 2.75%), 02/26/2032 | $689655 | $681321  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029 | 6912806 | 6886261  |
|  Titan Acquisition Ltd./Canada, Senior Secured First Lien, 8.78% (6 mo. SOFR US + 4.50%), 02/15/2029 | 11072878 | 11039438  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 3120600 | 3116122  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 1792553 | 1789981  |
|  TransDigm, Inc., Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 02/28/2031 | 17722987 | 17645449  |
|  |  | 70484261  |
| **Materials - 0.2%**<br>|  |  |
|  Proampac PG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 mo. SOFR US + 4.00%), 09/15/2028 | 3999456 | 3982798  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 2592783 | 2581985  |
|  |  | 6564783  |
| **Technology - 1.5%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 7.08% (3 mo. Term SOFR + 2.75%), 02/24/2031 | 2903441 | 2905851  |
|  Central Parent LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029 | 9026711 | 7774254  |
|  Dun & Bradstreet Corp., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/18/2029 | 11106852 | 11092969  |
|  Epicor Software Corp., Senior Secured First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 7980000 | 7968229  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 3928934 | 3770323  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 14934287 | 14919427  |
|  |  | 48431053  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $378,594,795)** |  | 376107599  |
| **MORTGAGE-BACKED SECURITIES - 10.4%** | **MORTGAGE-BACKED SECURITIES - 10.4%** | **MORTGAGE-BACKED SECURITIES - 10.4%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool SB8224, 5.50%, 04/01/2038 | 2411826 | 2452945  |
| &nbsp;&nbsp;&nbsp; Pool SB8231, 5.50%, 05/01/2038 | 3884723 | 3950954  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Pool SB8279, 6.00%, 01/01/2039 | $4368195 | $4493674  |
| &nbsp;&nbsp;&nbsp; Pool SD8225, 3.00%, 07/01/2052 | 15757774 | 13682320  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, 5.00%, 01/01/2053 | 3229429 | 3174861  |
| &nbsp;&nbsp;&nbsp; Pool SD8324, 5.50%, 05/01/2053 | 5110112 | 5113310  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 3408013 | 3409707  |
| &nbsp;&nbsp;&nbsp; Pool SD8344, 6.50%, 07/01/2053 | 2810752 | 2911270  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 13242599 | 13244067  |
| &nbsp;&nbsp;&nbsp; Pool SD8440, 6.50%, 06/01/2054 | 4071757 | 4200357  |
| &nbsp;&nbsp;&nbsp; Pool SD8503, 4.00%, 02/01/2055 | 9659695 | 9016183  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 9297935 | 9467314  |
| &nbsp;&nbsp;&nbsp; Pool CB9471, 5.00%, 11/01/2054 | 10666924 | 10643691  |
| &nbsp;&nbsp;&nbsp; Pool FS0902, 3.50%, 07/01/2043 | 5572832 | 5195872  |
| &nbsp;&nbsp;&nbsp; Pool FS3150, 5.00%, 11/01/2052 | 6439626 | 6410711  |
| &nbsp;&nbsp;&nbsp; Pool FS3825, 4.50%, 04/01/2050 | 4796387 | 4671036  |
| &nbsp;&nbsp;&nbsp; Pool FS5365, 3.00%, 02/01/2050 | 5207697 | 4619870  |
| &nbsp;&nbsp;&nbsp; Pool FS5749, 6.50%, 09/01/2053 | 18226584 | 18828706  |
| &nbsp;&nbsp;&nbsp; Pool FS7526, 3.00%, 10/01/2053 | 5730472 | 4971824  |
| &nbsp;&nbsp;&nbsp; Pool MA4992, 5.00%, 04/01/2038 | 3854017 | 3879381  |
| &nbsp;&nbsp;&nbsp; Pool MA5029, 5.50%, 05/01/2038 | 1283259 | 1305134  |
| &nbsp;&nbsp;&nbsp; Pool MA5073, 6.00%, 07/01/2053 | 20863495 | 21224840  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, 5.50%, 08/01/2053 | 5171413 | 5173863  |
| &nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/2053 | 19894589 | 20252913  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 10491570 | 10662064  |
| &nbsp;&nbsp;&nbsp; Pool MA5140, 6.50%, 09/01/2053 | 3773874 | 3908977  |
| &nbsp;&nbsp;&nbsp; Pool MA5166, 6.00%, 10/01/2053 | 3243622 | 3301214  |
| &nbsp;&nbsp;&nbsp; Pool MA5268, 6.00%, 02/01/2039 | 3214566 | 3306658  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 3734761 | 3486541  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, 6.00%, 06/01/2054 | 5275303 | 5361030  |
| &nbsp;&nbsp;&nbsp; Pool MA5390, 6.50%, 06/01/2054 | 4975319 | 5143616  |
| &nbsp;&nbsp;&nbsp; Pool MA5480, 5.50%, 09/01/2044 | 26708221 | 27011785  |
| &nbsp;&nbsp;&nbsp; Pool MA5503, 5.50%, 10/01/2044 | 21927011 | 22176249  |
| &nbsp;&nbsp;&nbsp; Pool MA5540, 5.50%, 11/01/2044 | 5591280 | 5653962  |
| &nbsp;&nbsp;&nbsp; Pool MA5586, 5.50%, 01/01/2055 | 13473171 | 13462143  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8148, 3.00%, 07/20/2052 | 15060587 | 13353832  |
| &nbsp;&nbsp;&nbsp; Pool MA8492, 6.00%, 12/20/2052 | 4527652 | 4600168  |
| &nbsp;&nbsp;&nbsp; Pool MA8949, 6.00%, 06/20/2053 | 3528649 | 3600326  |
| &nbsp;&nbsp;&nbsp; Pool MA9242, 6.00%, 10/20/2053 | 7364028 | 7511659  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 16217800 | 15567517  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $327,783,502)** |  | 330402544  |
| **ASSET-BACKED SECURITIES - 5.2%** | **ASSET-BACKED SECURITIES - 5.2%** | **ASSET-BACKED SECURITIES - 5.2%** |
|  AmeriCredit Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class C, 0.89%, 10/19/2026 | 521030 | 518571  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class C, 1.41%, 08/18/2027 | 3500000 | 3404166  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, <br>5.70%, 12/20/2032<sup>(a)</sup> | $2578125 | $2598885  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A3, 1.29%, 06/15/2026 | 46281 | 46035  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 5.28%, 02/15/2036<sup>(a)</sup> | 6000000 | 6121608  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(b)</sup> | 9975000 | 10072833  |
|  GM Financial Revolving Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 5.12%, 04/11/2035<sup>(a)</sup> | 4100000 | 4158007  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 3650000 | 3799996  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 4.98%, 12/11/2036<sup>(a)</sup> | 2000000 | 2023750  |
|  GreenSky Home Improvement Issuer Trust 2025-1, Series 2025-1A, Class A4, 5.22%, 03/25/2060<sup>(a)</sup> | 1700000 | 1705187  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1D, Class A, 3.61%, 06/20/2034<sup>(a)</sup> | 242347 | 237476  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 2311888 | 2348082  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, 08/27/2040<sup>(a)</sup> | 1147194 | 1152339  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 1.74%, 10/20/2037<sup>(a)</sup> | 137290 | 130656  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(a)</sup> | 1000599 | 1008264  |
|  Mosaic Solar Loans LLC, Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | 3236240 | 3262270  |
|  MVW Owner Trust, Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(a)</sup> | 1833692 | 1815771  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068<sup>(a)</sup> | 397318 | 388722  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 1951154 | 1764551  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.46%, 11/15/2068<sup>(a)</sup> | 417911 | 401047  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 2561145 | 2424154  |
| &nbsp;&nbsp;&nbsp; Series 2020-CA, Class A2A, 2.15%, 11/15/2068<sup>(a)</sup> | 379163 | 357804  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 8860731 | 8252223  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 419366 | 387314  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(a)</sup> | 330034 | 302987  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(a)</sup> | 581265 | 547986  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>(a)</sup> | $1063850 | $933181  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 421018 | 380285  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/2069<sup>(a)</sup> | 1469453 | 1322496  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.23%, 07/15/2070<sup>(a)</sup> | 8194623 | 7369944  |
| &nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, 4.16%, 10/15/2070<sup>(a)</sup> | 12218881 | 11933043  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071<sup>(a)</sup> | 6754014 | 6875102  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(a)</sup> | 11550225 | 11711317  |
|  OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.13%, 05/14/2035<sup>(a)</sup> | 2700000 | 2688394  |
|  Pagaya AI Debt Selection Trust, Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(a)</sup> | 900000 | 903263  |
| &nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners LLC, <br>Series 2025-RPL1, Class A1, <br>4.00%, 07/25/2069<sup>(a)(b)</sup> | 5336747 | 5158435  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class B, 3.44%, 09/15/2027 | 529137 | 527830  |
| &nbsp;&nbsp;&nbsp; Series 2022-4, Class B, 4.42%, 11/15/2027 | 1660480 | 1659554  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B, 5.61%, 07/17/2028 | 1250000 | 1259413  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.78%, 07/16/2029 | 2220000 | 2260176  |
|  SLM Student Loan Trust, Series 2004-3A, Class A6B, 5.37% (90 day avg SOFR US + 0.81%), 10/25/2064<sup>(a)</sup> | 918629 | 912724  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-A, Class A2A, 2.88%, 09/15/2034<sup>(a)</sup> | 390476 | 387473  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class A2A, 2.82%, 10/15/2035<sup>(a)</sup> | 486252 | 478155  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 3.50%, 02/15/2036<sup>(a)</sup> | 934168 | 919703  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, 3.60%, 01/15/2037<sup>(a)</sup> | 270094 | 267189  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 3.63%, 11/15/2035<sup>(a)</sup> | 388656 | 381661  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(a)</sup> | 586008 | 576919  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.23%, 09/15/2037<sup>(a)</sup> | 2421051 | 2321689  |
| &nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 1.29%, 07/15/2053<sup>(a)</sup> | 1102302 | 1032860  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A2, 5.16% (1 mo. Term SOFR + 0.84%), 01/15/2053<sup>(a)</sup> | 483432 | 478254  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053<sup>(a)</sup> | $2252470 | $1967206  |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A1A, 1.68%, 02/15/2051<sup>(a)</sup> | 1499956 | 1397003  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class A1A, 4.48%, 05/16/2050<sup>(a)</sup> | 1890683 | 1863456  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A1A, 5.67%, 11/15/2052<sup>(a)</sup> | 2124209 | 2156250  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 5.24%, 03/15/2056<sup>(a)</sup> | 6182181 | 6228629  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A1A, 5.50%, 06/17/2052<sup>(a)</sup> | 6921510 | 7023111  |
| &nbsp;&nbsp;&nbsp; Series 2024-F, Class A1A, 5.06%, 03/16/2054<sup>(a)</sup> | 9917468 | 10048212  |
| SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 2.37%, 11/16/2048<sup>(a)</sup> | 530889 | 508185  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 2.54%, 05/15/2046<sup>(a)</sup> | 779432 | 747673  |
|  Toyota Auto Loan Extended Note Trust, Series 2023-1A, Class A, 4.93%, 06/25/2036<sup>(a)</sup> | 5646000 | 5730449  |
|  Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032<sup>(a)</sup> | 6000000 | 5968045  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $165,362,366)** |  | 165607963  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.1%** |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 5.69%, 01/25/2070<sup>(a)(b)</sup> | 10718208 | 10752392  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/2070<sup>(a)(b)</sup> | 10598154 | 10665393  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, 5.42%, 03/25/2070<sup>(a)(b)</sup> | 8700000 | 8713327  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60%, 12/25/2064<sup>(a)(b)</sup> | 15512477 | 15556754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.57%, 03/25/2065<sup>(a)(b)</sup> | 7300000 | 7308716  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.66%, 04/15/2042<sup>(a)(c)</sup> | 8725000 | 8782473  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 27143873 | 23342059  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, <br>5.59%, 02/25/2064<sup>(a)(b)</sup> | 4291929 | 4312731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.59%, 06/25/2065<sup>(a)(b)</sup> | 4900000 | 4919027  |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, <br>Series 2025-RTL1, Class A1, 5.65%, 01/25/2040<sup>(a)(b)</sup> | 3500000 | 3511078  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)** |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM5, Class A1, 5.65%, 10/25/2069<sup>(a)(c)</sup> | $8632329 | $8657484  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.55%, 12/25/2064<sup>(a)(c)</sup> | 4866958 | 4876728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60%, 11/25/2064<sup>(a)(b)</sup> | 13090631 | 13128882  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.65%, 12/01/2064<sup>(a)(b)</sup> | 9582720 | 9621088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.40%, 02/25/2055<sup>(a)(b)</sup> | 14171482 | 14143117  |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060<sup>(a)(b)</sup> | 9400000 | 9422343  |
|  Velocity Commercial Capital Loan Trust 2024-1, Series 2025-1, Class A, 6.03%, 02/25/2055<sup>(a)(c)</sup> | 2696547 | 2708692  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $159,869,367)** |  | 160422284  |
| **COLLATERALIZED LOAN OBLIGATIONS - 4.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.1%** |
|  Aimco CDO, Series 2019-10A, Class ARR, 5.70% (3 mo. Term SOFR + 1.41%), 07/22/2037<sup>(a)</sup> | 10000000 | 10011322  |
|  AIMCO CLO Series 2018-B, Series 2018-BA, Class ARR, 5.81% (3 mo. Term SOFR + 1.50%), 04/16/2037<sup>(a)</sup> | 7000000 | 7014779  |
|  Benefit Street Partners CLO Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. Term SOFR + 1.00%), 01/15/2035<sup>(a)</sup> | 1000000 | 998902  |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.38% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 4139178 | 4131727  |
|  Carlyle Group, Inc., Series 2014-3RA, Class A2, 6.11% (3 mo. Term SOFR + 1.81%), 07/27/2031<sup>(a)</sup> | 2000000 | 1999640  |
| CarVal CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, 6.16% (3 mo. Term SOFR + 1.85%), 07/16/2031<sup>(a)</sup> | 6100000 | 6069793  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.80% <br>(3 mo. Term SOFR + 1.51%), 04/21/2034<sup>(a)</sup> | 4000000 | 4000800  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-53A, Class B, 5.96% <br>(3 mo. Term SOFR + 1.66%), 01/15/2031<sup>(a)</sup> | 1500000 | 1499933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-55A, Class C, 6.46% <br>(3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(a)</sup> | 1000000 | 1000686  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-64A, Class B, 5.95% <br>(3 mo. Term SOFR + 1.66%), 04/18/2031<sup>(a)</sup> | $1600000 | $1599441  |
|  Elmwood CLO Ltd., Series 2021-3A, Class BR, 6.04% (3 mo. Term SOFR + 1.75%), 04/20/2034<sup>(a)</sup> | 5000000 | 4980222  |
|  Flatiron CLO Ltd., Series 2019-1A, Class BR, 6.13% (3 mo. Term SOFR + 1.81%), 11/16/2034<sup>(a)</sup> | 1000000 | 1000160  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-12A, Class AR4, 5.45% (3 mo. Term SOFR + 1.15%), 10/15/2031<sup>(a)</sup> | 1020440 | 1020900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.76% <br>(3 mo. Term SOFR + 1.46%), 01/25/2032<sup>(a)</sup> | 2564396 | 2563636  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2, 5.42% (3 mo. Term SOFR + 1.15%), 01/25/2038<sup>(a)</sup> | 8460000 | 8437161  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.10% (3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 2300000 | 2301419  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-15A, Class A1R2, 5.48% (3 mo. Term SOFR + 1.18%), 10/15/2029<sup>(a)</sup> | 1741127 | 1740557  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class AR2, 5.53% (3 mo. Term SOFR + 1.23%), 01/20/2039<sup>(a)</sup> | 550000 | 549442  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.77% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 10000000 | 9999388  |
| &nbsp;&nbsp;&nbsp; Series 2022-49A, Class BR, 5.85% (3 mo. Term SOFR + 1.55%), 07/25/2035<sup>(a)</sup> | 3000000 | 2987938  |
| OCP CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-16A, Class AR, 5.55% (3 mo. Term SOFR + 1.26%), 04/10/2033<sup>(a)</sup> | 4458052 | 4457744  |
| &nbsp;&nbsp;&nbsp; Series 2023-29A, Class BR, 5.84% (3 mo. Term SOFR + 1.55%), 01/20/2036<sup>(a)</sup> | 7750000 | 7710039  |
|  Palmer Square CLO Ltd., Series 2018-2A, Class A1R, 5.84% (3 mo. Term SOFR + 1.53%), 04/16/2037<sup>(a)</sup> | 2750000 | 2754714  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2, 5.95% <br>(3 mo. Term SOFR + 1.66%), 07/20/2029<sup>(a)</sup> | 4500000 | 4501638  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A2, 5.96% <br>(3 mo. Term SOFR + 1.66%), 10/15/2029<sup>(a)</sup> | 9700000 | 9696921  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class A2R, 5.60% (3 mo. Term SOFR + 1.30%), 07/24/2031<sup>(a)</sup> | 6000000 | 5966187  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.75% <br>(3 mo. Term SOFR + 1.45%), 10/15/2032<sup>(a)</sup> | $5950000 | $5937178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.90% <br>(3 mo. Term SOFR + 1.45%), 01/15/2033<sup>(a)</sup> | 12700000 | 12689469  |
|  TIAA CLO Ltd., Series 2018-1A, Class A2R, 6.04% (3 mo. Term SOFR + 1.75%), 01/20/2032<sup>(a)</sup> | 2000000 | 1995969  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $129,722,409)** |  | 129617705  |
| **U.S. GOVERNMENT AGENCY ISSUES - 0.3%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.3%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.3%** |
|  SBA Office of Investments and Innovation, Series 2024-10A, Class 1, 5.04%, 03/10/2034 | 9114458 | 9236289  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $9,114,458)** |  | 9236289  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.2%** <br>**(Cost $3,152,852,145)** |  | $3105733677  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.8% |  | 56395359  |
| **TOTAL NET ASSETS - 100.0%** |  | $3162129036 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USISSO05 - 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $683,650,117 or 21.6% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 88.4%**<br>|  |  |
| **Communications - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, Senior Secured First Lien, 8.32% <br>(1 mo. Term SOFR + 3.50%), 10/13/2031 | $7997554 | $7996315  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, Senior Secured First Lien, 9.07% <br>(1 mo. SOFR US + 4.75%), 03/15/2030 | 7638184 | 7619089  |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Senior Secured First Lien, 7.44% <br>(1 mo. SOFR US + 3.00%), 03/09/2027 | 29421362 | 27456603  |
|  |  | 43072007  |
| **Consumer Discretionary - 17.0%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 05/15/2028 | 43137438 | 43140889  |
|  Alterra Mountain Co., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 08/17/2028 | 72276085 | 72276085  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 05/31/2030 | 2743125 | 2749983  |
|  Anticimex Global AB, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.46% (SOFR + 3.15%), 11/16/2028 | 30878806 | 30844067  |
| &nbsp;&nbsp;&nbsp; 7.71% (SOFR + 3.40%), 11/16/2028 | 15287213 | 15279569  |
|  Caesars Entertainment, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.56% (1 mo. Term SOFR + 3.25%), 02/06/2030 | 3656490 | 3641261  |
| &nbsp;&nbsp;&nbsp; 6.56% (3 mo. SOFR US + 2.25%), 02/06/2031 | 18112172 | 18021611  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 11/03/2028 | 67620796 | 67073068  |
|  Clarios Global LP, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 01/28/2032 | 25125000 | 24789958  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 86370163 | 86631001  |
| &nbsp;&nbsp;&nbsp; 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 2589288 | 2597108  |
|  CNT Holdings I Corp., Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 11/08/2032 | 15207496 | 15132599  |
|  Cornerstone Building Brands, Inc., Senior Secured First Lien, 8.82% (1 mo. SOFR US + 4.50%), 05/15/2031 | 7891031 | 6552396  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  DK Crown Holdings, Inc., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 03/04/2032 | $4500000 | $4477522  |
|  Grant Thornton Advisors Holdings LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 05/30/2031 | 17728365 | 17659136  |
|  Great Outdoors Group LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 01/23/2032 | 20783438 | 20765252  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 05/04/2028 | 32933664 | 32765044  |
|  PetSmart LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/14/2028 | 24211342 | 23883400  |
|  PPV Intermediate Holdings II LLC, Senior Secured First Lien<br>|  |  |
|  10.06% (3 mo. SOFR US + 5.75%), 08/31/2029 | 29824874 | 29787593  |
|  Tacala Investment Corp., Senior Secured First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 01/31/2031 | 3500000 | 3503552  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 01/30/2031 | 58575938 | 57792778  |
|  Weber-Stephen Products LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (1 mo. SOFR US + 3.25%), 10/29/2027 | 60082378 | 58329775  |
| &nbsp;&nbsp;&nbsp; 8.77% (1 mo. SOFR US + 4.25%), 10/29/2027 | 20692751 | 20216818  |
|  Whatabrands LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/03/2028 | 70020597 | 69804584  |
|  |  | 727715049  |
| **Consumer Staples - 2.7%**<br>|  |  |
|  8th Avenue Food & Provisions, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (1 mo. SOFR US + 3.75%), 10/01/2025 | 89656196 | 88160283  |
| &nbsp;&nbsp;&nbsp; 9.30% (1 mo. SOFR US + 4.75%), 10/01/2025 | 16580200 | 16317653  |
|  Opal LLC, Senior Secured First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 04/30/2032 | 10500000 | 10447500  |
|  |  | 114925436  |
| **Energy - 0.5%**<br>|  |  |
|  Traverse Midstream Partners LLC, Senior Secured First Lien, 7.29% (3 mo. SOFR US + 3.00%), 02/16/2028 | 20087102 | 20103875  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Financials - 21.1%**<br>|  |  |
|  Accession Risk Management Group, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.04% (3 mo. SOFR US + 4.75%), 11/01/2026 | $43961750 | $43961750  |
| &nbsp;&nbsp;&nbsp; 9.04% (3 mo. SOFR US + 4.75%), 11/01/2026 | 3729465 | 3729465  |
| &nbsp;&nbsp;&nbsp; 9.04% (3 mo. SOFR US + 4.75%), 11/01/2026 | 2807363 | 2807363  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 mo. SOFR US + 4.75%), 11/01/2026 | 8679964 | 8679964  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 mo. SOFR US + 4.75%), 11/01/2026 | 1570018 | 1570018  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 mo. SOFR US + 4.75%), 11/01/2026 | 2576978 | 2576978  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. SOFR US + 4.75%), 11/01/2026 | 355975 | 355975  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. SOFR US + 4.75%), 11/01/2026 | 807021 | 807021  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. SOFR US + 4.75%), 11/01/2026 | 1686533 | 1686533  |
| &nbsp;&nbsp;&nbsp; 9.04% (3 mo. SOFR US + 4.75%), 10/30/2029 | 2003371 | 2003372  |
| &nbsp;&nbsp;&nbsp; 9.04% (3 mo. SOFR US + 4.75%), 10/30/2029 | 1818996 | 1818996  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 mo. SOFR US + 4.75%), 10/30/2029 | 3131114 | 3131114  |
| &nbsp;&nbsp;&nbsp; 9.05% (3 mo. SOFR US + 4.75%), 10/30/2029 | 807115 | 807115  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. SOFR US + 4.75%), 10/30/2029 | 3951529 | 3951529  |
| &nbsp;&nbsp;&nbsp; 9.06% (3 mo. SOFR US + 4.75%), 10/30/2029 | 2364774 | 2364774  |
| &nbsp;&nbsp;&nbsp; 9.26% (3 mo. SOFR US + 4.75%), 10/30/2029 | 163035 | 163035  |
| &nbsp;&nbsp;&nbsp; 9.77% (3 mo. SOFR US + 4.75%), 10/30/2029 | 6320 | 6320  |
|  Acrisure LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 11/06/2030 | 73104220 | 72777809  |
|  Alliant Holdings Intermediate LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 09/19/2031 | 55872425 | 55593063  |
|  Amynta Agency Borrower, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.29% (3 mo. SOFR US + 3.00%), 12/29/2031 | 13301426 | 13194748  |
| &nbsp;&nbsp;&nbsp; 7.29% (3 mo. SOFR US + 3.00%), 12/29/2031 | 4653574 | 4616253  |
|  Apex Group Treasury LLC, Senior Secured First Lien, 7.82% (3 mo. SOFR US + 3.50%), 02/27/2032 | 75046322 | 74905985  |
|  Arcline FM Holdings, Senior Secured First Lien, 8.07% (1 mo. SOFR US + 3.50%), 06/24/2030 | 15051846 | 15006690  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Ardonagh Group Finco Pty Ltd., Senior Secured First Lien, 7.08% (6 mo. Term SOFR + 3.75%), 02/18/2031 | $28000000 | $27685000  |
|  Ascensus Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 08/02/2028 | 23250000 | 23140958  |
|  AssuredPartners, Inc., Senior Secured First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 02/14/2031 | 49201040 | 49314202  |
|  BroadStreet Partners, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 79671632 | 79081266  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 7786572 | 7728874  |
|  Citrin Cooperman Advisors, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 03/06/2032 | 12212121 | 12139642  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 03/08/2032 | 787879 | 783203  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 78898980 | 77584128  |
|  Deerfield Dakota Holding LLC, Senior Secured Second Lien, 11.57% (3 mo. SOFR US + 6.75%), 04/10/2028 | 65831490 | 63239704  |
|  Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/09/2027 | 31352024 | 29826905  |
|  FNZ USA FinCo LLC, Senior Secured First Lien, 9.29% (3 mo. SOFR US + 5.00%), 11/05/2031 | 34500000 | 31912500  |
|  Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.82% (1 mo. Term SOFR + 3.50%), 01/08/2032 | 9911530 | 9948698  |
|  Howden Group Holdings Ltd., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 04/18/2030 | 13653180 | 13665945  |
|  HUB International Ltd., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 06/20/2030 | 16708125 | 16657165  |
| &nbsp;&nbsp;&nbsp; IMA Financial Group, Inc., Senior Secured First Lien, 7.32% <br>(1 mo. SOFR US + 3.00%), 11/01/2028 | 45649803 | 45464464  |
|  Summit Acquisition, Inc., Senior Secured First Lien, 8.07% (3 mo. SOFR US + 3.75%), 10/16/2031 | 5493512 | 5500378  |
| &nbsp;&nbsp;&nbsp; TIH Insurance Holdings LLC, Senior Secured Second Lien, 9.05% <br>(3 mo. SOFR US + 4.75%), 05/06/2032 | 82000000 | 82948330  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
|  TIH Insurance Holdings LLC, Senior Secured First Lien, 7.08% (3 mo. Term SOFR + 2.75%), 05/06/2031 | $10000000 | $9950000  |
|  USI, Inc./NY, Senior Secured First Lien, 6.55% (3 mo. SOFR US + 2.25%), 11/23/2029 | 748120 | 741926  |
|  |  | 903829158  |
| **Health Care - 5.5%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.77% (1 mo. SOFR US + 3.25%), 05/10/2027 | 73356803 | 73191016  |
| &nbsp;&nbsp;&nbsp; 8.32% (1 mo. SOFR US + 4.00%), 09/29/2028 | 44297900 | 44242750  |
|  Curium Bidco Sarl, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 mo. SOFR US + 3.50%), 07/31/2029 | 10584208 | 10584208  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 mo. SOFR US + 3.50%), 07/31/2029 | 7094210 | 7094210  |
| &nbsp;&nbsp;&nbsp; 7.80% (3 mo. SOFR US + 3.50%), 07/31/2029 | 3152141 | 3152141  |
|  Medline Borrower LP, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/23/2028 | 3470708 | 3468053  |
|  Pathway Vet Alliance LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.60% (3 mo. SOFR US + 3.75%), 03/31/2027 | 39353753 | 32362362  |
| &nbsp;&nbsp;&nbsp; 9.33% (1 mo. SOFR US + 5.00%), 06/30/2028 | 5974733 | 6044637  |
|  Southern Veterinary Partners LLC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 12/04/2031 | 55305852 | 55217086  |
|  |  | 235356463  |
| **Industrials - 21.4%**<br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 09/23/2031 | 73081611 | 72636179  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 12/26/2030 | 45479966 | 44911466  |
|  Bleriot US Bidco, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 10/17/2030 | 7757468 | 7709604  |
|  Brown Group Holding LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.79% (3 mo. SOFR US + 2.50%), 07/01/2031 | 951143 | 946540  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.81% (3 mo. SOFR US + 2.50%), 07/01/2031 | $451341 | $449156  |
| &nbsp;&nbsp;&nbsp; 6.82% (1 mo. SOFR US + 2.50%), 07/01/2031 | 585022 | 582190  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 08/16/2029 | 60607552 | 60729676  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 7973959 | 7961281  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 20963796 | 20930464  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.82% (3 mo. SOFR US + 6.00%), 05/21/2029 | 16010679 | 16090812  |
| &nbsp;&nbsp;&nbsp; 11.32% (3 mo. SOFR US + 6.50%), 05/21/2029 | 9985275 | 10035201  |
|  FCG Acquisitions, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 04/03/2028 | 16739270 | 16639839  |
|  Filtration Group Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 10/24/2028 | 64053792 | 64079093  |
|  GFL ES US LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.50%), 03/03/2032 | 14750000 | 14639375  |
|  Gloves Buyer, Inc., Senior Secured First Lien, 8.30% (1 mo. Term SOFR + 4.00%), 01/20/2032 | 2025000 | 1952434  |
|  Goat Holdco LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 01/27/2032 | 41302000 | 41078350  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured Second Lien, 11.57% <br>(3 mo. SOFR US + 6.75%), 12/24/2029 | 26439641 | 26704037  |
|  Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (6 mo. SOFR US + 2.75%), 02/26/2032 | 26043103 | 25728373  |
| &nbsp;&nbsp;&nbsp; 7.07% (3 mo. SOFR US + 2.75%), 02/26/2032 | 26043103 | 25728373  |
| &nbsp;&nbsp;&nbsp; 7.30% (1 mo. Term SOFR + 2.75%), 02/26/2032 | 4913793 | 4854410  |
|  Kenan Advantage Group, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 01/25/2029 | 26200708 | 26129704  |
|  Lasership, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (3 mo. SOFR US + 1.50%), 08/10/2029 | 13963 | 13963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06% (includes 0.00% PIK) <br>(3 mo. SOFR US + 1.50%), 08/10/2029 | 214 | 214  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  Madison IAQ, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 03/29/2032 | $18750000 | $18597656  |
|  Pro Mach Group, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/31/2028 | 19556634 | 19527104  |
|  Radwell Parent LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.80% (3 mo. SOFR US + 5.50%), 04/01/2029 | 42225506 | 42225506  |
| &nbsp;&nbsp;&nbsp; 11.95% (1 mo. Term SOFR + 6.53%), 04/01/2029 | 866720 | 866720  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029 | 60840777 | 60607148  |
|  Signia Aerospace LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | 15992308 | 15932337  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | 13084615 | 13035548  |
| &nbsp;&nbsp;&nbsp; 7.67% (3 mo. Term SOFR + 3.00%), 12/11/2031 | 2423077 | 2413990  |
|  Spirit AeroSystems, Inc., Senior Secured First Lien, 8.79% (3 mo. SOFR US + 4.50%), 01/15/2027 | 15656089 | 15695230  |
|  SPX FLOW, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 04/05/2029 | 6568540 | 6563909  |
|  Star US Bidco LLC, Senior Secured First Lien, 8.07% (1 mo. SOFR US + 3.75%), 03/17/2027 | 17948294 | 17967948  |
|  STS Operating, Inc., Senior Secured First Lien, 8.42% (1 mo. SOFR US + 4.00%), 03/25/2031 | 10179314 | 9793976  |
|  Titan Acquisition Ltd./Canada, Senior Secured First Lien, 8.78% (6 mo. SOFR US + 4.50%), 02/15/2029 | 37581423 | 37467927  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 22862163 | 22829356  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 13132616 | 13113770  |
| &nbsp;&nbsp;&nbsp; 8.57% (1 mo. Term SOFR + 3.00%), 04/30/2030 | 7750000 | 7738879  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (3 mo. Term SOFR + 2.75%), 08/24/2028 | 3512053 | 3514985  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 03/22/2030 | 26555841 | 26543890  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 02/28/2031 | $40990902 | $40811567  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 01/20/2032 | 50618125 | 50413881  |
|  |  | 916192061  |
| **Materials - 3.3%**<br>|  |  |
|  Charter Next Generation, Inc., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 12/02/2030 | 14740851 | 14737903  |
|  Pregis TopCo LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.32% (1 mo. SOFR US + 4.00%), 07/31/2026 | 18951593 | 18982105  |
| &nbsp;&nbsp;&nbsp; 8.55% (1 mo. SOFR US + 4.00%), 07/31/2026 | 10748660 | 10767147  |
|  Pretium PKG Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% (includes 0.00% PIK) <br>(3 mo. SOFR US + 3.90%), 10/02/2028 | 28335 | 16334  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19% (includes 0.00% PIK) <br>(3 mo. SOFR US + 3.90%), 10/02/2028 | 56 | 32  |
|  Proampac PG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 mo. SOFR US + 4.00%), 09/15/2028 | 10531534 | 10487670  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 6827425 | 6798989  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 02/10/2032 | 14500000 | 14355435  |
|  Trident TPI Holdings, Inc., Senior Secured First Lien, 8.05% (6 mo. SOFR US + 3.75%), 09/18/2028 | 22586743 | 21866790  |
|  Windsor Holdings III LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/01/2030 | 45833238 | 45441823  |
|  |  | 143454228  |
| **Technology - 15.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Applied Systems, Inc., Senior Secured Second Lien, 8.83% <br>(3 mo. SOFR US + 4.50%), 02/23/2032 | 82500000 | 84481650  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/15/2029 | 22250000 | 22027500  |
|  Avalara, Inc., Senior Secured First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 03/29/2032 | 18500000 | 18450883  |
|  BCPE Pequod Buyer, Inc., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.50%), 11/25/2031 | 6875000 | 6862109  |
|  Central Parent LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029 | 17478428 | 15053296  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Technology - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Senior Secured Second Lien, 9.07% <br>(1 mo. SOFR US + 4.75%), 11/22/2032 | $68989899 | $70096497  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 10/29/2029 | 22617661 | 22607596  |
|  Epicor Software Corp., Senior Secured First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 65642704 | 65545881  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 81553271 | 78260965  |
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, Senior Secured Second Lien, 9.55% <br>(3 mo. SOFR US + 5.25%), 07/16/2032 | 26030894 | 26095971  |
|  Project Boost Purchaser LLC, Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 07/16/2031 | 10902411 | 10853841  |
|  RealPage, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.56% (3 mo. SOFR US + 3.00%), 04/24/2028 | 40410605 | 39928304  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 04/24/2028 | 45840451 | 45926402  |
|  Starlight Parent LLC, Senior Secured First Lien, 8.32% (1 mo. Term SOFR + 4.00%), 04/30/2032 | 3375000 | 3282204  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 08/31/2028 | 24937500 | 24773910  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 148266693 | 148119168  |
|  |  | 682366177  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,804,057,184)** |  | 3787014454  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 5.3%** | **EXCHANGE TRADED FUNDS - 5.3%** | **EXCHANGE TRADED FUNDS - 5.3%** |
| Invesco Senior Loan ETF | 3697377 | 76535704  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 265823 | 20970776  |
| SPDR Blackstone Senior Loan ETF | 1744127 | 71735943  |
|  SPDR Bloomberg High Yield Bond ETF | 261272 | 24899222  |
|  SPDR Bloomberg Short Term High Yield Bond ETF | 1360882 | 34239791  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $226,653,295)** |  | 228381436 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - 3.5%**<br>|  |  |
| **Consumer Discretionary - 1.2%**<br>|  |  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> | $22300000 | $22602611  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(a)</sup> | 30218625 | 30952255  |
|  |  | 53554866  |
| **Financials - 2.3%**<br>|  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> | 69496000 | 69296894  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | 27535000 | 27690353  |
|  |  | 96987247  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $150,074,711)** |  | 150542113  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.2%** <br>**(Cost $4,180,785,190)** |  | $4165938003  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.8% |  | 118339287  |
| **TOTAL NET ASSETS - 100.0%** |  | $4284277290 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $150,542,113 or 3.5% of the Fund's net assets.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 84.7%**<br>|  |  |
| **Communications - 8.6%**<br>|  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | $265000 | $256642  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(a)</sup> | 240000 | 239472  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 865000 | 803050  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 850000 | 753944  |
|  Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 975000 | 890154  |
| CSC Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> | 850000 | 824897  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031<sup>(a)</sup> | 200000 | 143452  |
|  DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 1050000 | 1106387  |
| EchoStar Corp., 10.75%, 11/30/2029 | 400000 | 420661  |
| Frontier Communications Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028<sup>(a)</sup> | 425000 | 419673  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2031<sup>(a)</sup> | 700000 | 746280  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 05/15/2030<sup>(a)</sup> | 282000 | 303571  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2031<sup>(a)</sup> | 425000 | 320875  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> | 475000 | 476928  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 800000 | 782484  |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, <br>4.75%, 07/15/2031<sup>(a)</sup> | 520000 | 452577  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 700000 | 713347  |
|  |  | 9654394  |
| **Consumer Discretionary - 16.8%**<br>|  |  |
| 1011778 BC ULC / New Red Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(a)</sup> | 665000 | 615251  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(a)</sup> | 175000 | 176275  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> | 600000 | 543522  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br>7.88%, 02/15/2031<sup>(a)</sup> | 1825000 | 1849765  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(a)</sup> | 705000 | 690457  |
|  Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(a)</sup> | 862000 | 795692  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., <br>4.63%, 10/15/2029<sup>(a)</sup> | 950000 | 873935  |
|  Churchill Downs, Inc., 6.75%, 05/01/2031<sup>(a)</sup> | 350000 | 353195  |
| &nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios US Finance Co., <br>6.75%, 02/15/2030<sup>(a)</sup> | 475000 | 479940  |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., <br>9.50%, 08/15/2029<sup>(a)</sup> | 450000 | 374857  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., <br>7.00%, 12/01/2028<sup>(a)</sup> | 450000 | 356303  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029<sup>(a)</sup> | $325000 | $299587  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030<sup>(a)</sup> | 230000 | 199097  |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 485000 | 445117  |
| Garda World Security Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> | 350000 | 342095  |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032<sup>(a)</sup> | 775000 | 762844  |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, <br>8.63%, 11/15/2031<sup>(a)</sup> | 325000 | 313586  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031<sup>(a)</sup> | 220000 | 193386  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032<sup>(a)</sup> | 475000 | 471078  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc., <br>7.00%, 11/15/2032<sup>(a)</sup> | 700000 | 663197  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(a)</sup> | 3370000 | 2587711  |
|  Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031<sup>(a)</sup> | 425000 | 401832  |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, <br>11.00%, 12/15/2029<sup>(a)</sup> | 475000 | 385457  |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., <br>5.25%, 08/15/2029<sup>(a)</sup> | 475000 | 450437  |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., <br>7.25%, 05/15/2031<sup>(a)</sup> | 350000 | 351568  |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 07/15/2029 | 475000 | 449935  |
|  Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 650000 | 689049  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2025<sup>(a)</sup> | 315000 | 315298  |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/2031<sup>(a)</sup> | 425000 | 454328  |
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., <br>5.63%, 02/15/2029<sup>(a)</sup> | 50000 | 49262  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(a)</sup> | 1059275 | 1084991  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 835000 | 864630  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> | 100000 | 97488  |
|  |  | 18981165  |
| **Consumer Staples - 5.3%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 03/15/2029<sup>(a)</sup> | 1950000 | 1796666  |
|  Chobani Holdco II LLC, 8.75% (includes 9.50% PIK), 10/01/2029<sup>(a)</sup> | 475000 | 517494  |
| Fiesta Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | 390000 | 403034  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)</sup> | 700000 | 721094  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| Opal Bidco SAS, 6.50%, 03/31/2032<sup>(a)</sup> | $300000 | $300000  |
|  Post Holdings, Inc., 6.38%, 03/01/2033<sup>(a)</sup> | 575000 | 566844  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(a)</sup> | 400000 | 399277  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029<sup>(a)</sup> | 425000 | 407108  |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(a)</sup> | 125000 | 121914  |
| &nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., <br>8.63%, 11/01/2031<sup>(a)</sup> | 850000 | 789801  |
|  |  | 6023232  |
| **Energy - 9.4%**<br>|  |  |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(a)</sup> | 400000 | 407114  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(a)</sup> | 835000 | 816764  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032<sup>(a)</sup> | 25000 | 25438  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(a)</sup> | 650000 | 653145  |
|  Civitas Resources, Inc., 8.63%, 11/01/2030<sup>(a)</sup> | 425000 | 438835  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031<sup>(a)</sup> | 215000 | 206424  |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2033<sup>(a)</sup> | 600000 | 632630  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 1057000 | 1085372  |
|  Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 1200000 | 1219377  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 675000 | 680823  |
| Sunoco LP, 7.25%, 05/01/2032<sup>(a)</sup> | 500000 | 516806  |
| Transocean, Inc., 8.50%, 05/15/2031<sup>(a)</sup> | 725000 | 705120  |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br>3.88%, 11/01/2033<sup>(a)</sup> | 550000 | 473803  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028<sup>(a)</sup> | 325000 | 332298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT <br>Rate + 5.44%, Perpetual<sup>(a)</sup> | 700000 | 664845  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 1135000 | 1206176  |
| Vital Energy, Inc., 7.88%, 04/15/2032<sup>(a)</sup> | 575000 | 535836  |
|  |  | 10600806  |
| **Financials - 10.5%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029<sup>(a)</sup> | 300000 | 287786  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> | 1775000 | 1807048  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 1075000 | 1056654  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | $375000 | $377116  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., <br>8.88%, 02/15/2032<sup>(a)</sup> | 650000 | 662440  |
|  AssuredPartners, Inc., 5.63%, 01/15/2029<sup>(a)</sup> | 425000 | 424376  |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA/Grand Cayman, 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, <br>Perpetual<sup>(a)</sup> | 300000 | 268757  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, <br>7.50%, 01/15/2031<sup>(a)</sup> | 510000 | 531260  |
|  BroadStreet Partners, Inc., 5.88%, 04/15/2029<sup>(a)</sup> | 500000 | 481018  |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(a)</sup> | 785000 | 731685  |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031<sup>(a)</sup> | 400000 | 404132  |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2032<sup>(a)</sup> | 925000 | 935645  |
|  Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032<sup>(a)</sup> | 125000 | 115592  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029<sup>(a)</sup> | 405000 | 386951  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(a)</sup> | 75000 | 68823  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033<sup>(a)</sup> | 125000 | 123885  |
| OneMain Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 | 415000 | 384060  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 195000 | 185669  |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, <br>7.13%, 06/01/2031<sup>(a)</sup> | 1700000 | 1733288  |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(a)</sup> | 450000 | 453931  |
|  UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%, Perpetual<sup>(a)</sup> | 500000 | 493058  |
|  |  | 11913174  |
| **Health Care - 2.7%**<br>|  |  |
|  1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)</sup> | 225000 | 223864  |
| Bausch Health Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/01/2027<sup>(a)</sup> | 125000 | 126828  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2027<sup>(a)</sup> | 125000 | 124859  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028<sup>(a)</sup> | 150000 | 121299  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories <br>International, Inc., <br>4.00%, 03/15/2031<sup>(a)</sup> | 350000 | 313517  |
| CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(a)</sup> | 555000 | 439378  |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/2032<sup>(a)</sup> | 200000 | 197284  |
|  Medline Borrower LP, 3.88%, 04/01/2029<sup>(a)</sup> | 750000 | 701564  |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029<sup>(a)</sup> | 25000 | 25350  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - (Continued)** <br>|  |  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 | $75000 | $72463  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 | 125000 | 117886  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 | 615000 | 577154  |
|  |  | 3041446  |
| **Industrials - 13.1%**<br>|  |  |
|  BWX Technologies, Inc., 4.13%, 04/15/2029<sup>(a)</sup> | 885000 | 827208  |
| Chart Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030<sup>(a)</sup> | 625000 | 648997  |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031<sup>(a)</sup> | 600000 | 640979  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030<sup>(a)</sup> | 510000 | 510864  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/2031<sup>(a)</sup> | 400000 | 403051  |
|  EquipmentShare.com, Inc., 9.00%, 05/15/2028<sup>(a)</sup> | 500000 | 518637  |
| GFL Environmental, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2028<sup>(a)</sup> | 200000 | 189185  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029<sup>(a)</sup> | 375000 | 361187  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029<sup>(a)</sup> | 1200000 | 1133005  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(a)</sup> | 825000 | 808207  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 425000 | 426320  |
|  Madison IAQ LLC, 5.88%, 06/30/2029<sup>(a)</sup> | 400000 | 378262  |
|  Oregon Tool Lux LP, 7.88%, 10/15/2029<sup>(a)</sup> | 642447 | 385458  |
|  Regal Rexnord Corp., 6.40%, 04/15/2033 | 875000 | 908642  |
| Sensata Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030<sup>(a)</sup> | 300000 | 277432  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031<sup>(a)</sup> | 350000 | 306054  |
| Spirit AeroSystems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029<sup>(a)</sup> | 475000 | 507313  |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/2030<sup>(a)</sup> | 625000 | 690684  |
| SPX FLOW, Inc., 8.75%, 04/01/2030<sup>(a)</sup> | 1750000 | 1800361  |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/2028<sup>(a)</sup> | 680000 | 681499  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., <br>5.25%, 07/15/2027<sup>(a)</sup> | 435000 | 427139  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> | 325000 | 330153  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 525000 | 531009  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | 190000 | 180631  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030<sup>(a)</sup> | 175000 | 178998  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031<sup>(a)</sup> | 275000 | 283274  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 100000 | 101399  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 350000 | 344884  |
|  |  | 14780832  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Materials - 9.8%**<br>|  |  |
|  Calderys Financing II LLC, 11.75% (includes 12.50% PIK), 06/01/2028<sup>(a)</sup> | $700000 | $695651  |
|  Celanese US Holdings LLC, 6.75%, 04/15/2033 | 125000 | 121463  |
| Clydesdale Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(a)</sup> | 475000 | 482049  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032<sup>(a)</sup> | 250000 | 251932  |
|  Herens Holdco Sarl, 4.75%, 05/15/2028<sup>(a)</sup> | 375000 | 337816  |
|  Iris Holding, Inc., 10.00%, 12/15/2028<sup>(a)</sup> | 345000 | 308467  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 735000 | 579793  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 25000 | 21168  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 1075000 | 802068  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 475000 | 462557  |
| Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 75000 | 73594  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(a)</sup> | 965000 | 911465  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030<sup>(a)</sup> | 335000 | 312667  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031<sup>(a)</sup> | 425000 | 369897  |
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., <br>7.25%, 06/15/2031<sup>(a)</sup> | 1225000 | 1203679  |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., <br>7.25%, 05/15/2031<sup>(a)</sup> | 500000 | 488750  |
| Perenti Finance Pty Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/07/2025<sup>(a)</sup> | 128313 | 128353  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/26/2029<sup>(a)</sup> | 200000 | 206425  |
| Quikrete Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032<sup>(a)</sup> | 100000 | 100717  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033<sup>(a)</sup> | 375000 | 373635  |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(a)</sup> | 1475000 | 1544909  |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | 325000 | 325279  |
| Standard Industries, Inc./NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030<sup>(a)</sup> | 145000 | 133910  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031<sup>(a)</sup> | 375000 | 326357  |
|  Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(a)</sup> | 475000 | 490738  |
|  |  | 11053339  |
| **Technology - 4.0%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(a)</sup> | 600000 | 590858  |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc. / CDK Global, Inc., <br>7.25%, 06/15/2029<sup>(a)</sup> | 925000 | 801475  |
|  CommScope LLC, 9.50%, 12/15/2031<sup>(a)</sup> | 485000 | 499996  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 925000 | 911984  |
|  Open Text Holdings, Inc., 4.13%, 12/01/2031<sup>(a)</sup> | 440000 | 389175  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - (Continued)** | **Technology - (Continued)** | **Technology - (Continued)** |
|  Rackspace Finance LLC, 3.50%, 05/15/2028<sup>(a)</sup> | $185500 | $76483  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 1275000 | 1294347  |
|  |  | 4564318  |
| **Utilities - 4.5%**<br>|  |  |
| Calpine Corp., 5.13%, 03/15/2028<sup>(a)</sup> | 590000 | 581037  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031<sup>(a)</sup> | 750000 | 664805  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2034<sup>(a)</sup> | 300000 | 295587  |
| PG&E Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030 | 865000 | 831323  |
| &nbsp;&nbsp;&nbsp; 7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055 | 50000 | 49268  |
|  Vistra Corp., 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, Perpetual<sup>(a)</sup> | 350000 | 360356  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029<sup>(a)</sup> | 625000 | 594029  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | 100000 | 104813  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 250000 | 255023  |
|  XPLR Infrastructure Operating Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2029<sup>(a)</sup> | 1075000 | 1058613  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/2033<sup>(a)</sup> | 300000 | 292123  |
|  |  | 5086977  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $97,175,100)** |  | 95699683  |
| **BANK LOANS - 6.9%**<br>|  |  |
| **Consumer Discretionary - 0.2%**<br>|  |  |
|  CP Atlas Buyer, Inc., Senior Secured First Lien, 8.17% (1 mo. SOFR US + 3.75%), 11/23/2027 | 249739 | 231914  |
| **Industrials - 3.4%**<br>|  |  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.82% (3 mo. SOFR US + 6.00%), 05/21/2029 | 400000 | 402002  |
| &nbsp;&nbsp;&nbsp; 11.32% (3 mo. SOFR US + 6.50%), 05/21/2029 | 478568 | 480961  |
|  Icebox Holdco III, Inc., Senior Secured Second Lien, 11.57% (3 mo. SOFR US + 6.75%), 12/24/2029 | 500000 | 505000  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.32% (1 mo. Term SOFR + 4.00%), 10/15/2029 | 861688 | 640880  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029 | 491306 | 489419  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), <br>04/05/2029 | $500000 | $499648  |
|  STS Operating, Inc., Senior Secured First Lien, 8.42% (1 mo. SOFR US + 4.00%), 03/25/2031 | 397605 | 382554  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 314412 | 313961  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 180606 | 180347  |
|  |  | 3894772  |
| **Materials - 1.1%**<br>|  |  |
|  Iris Holding, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.14% (3 mo. SOFR US + 4.75%), 06/28/2028 | 381164 | 361153  |
| &nbsp;&nbsp;&nbsp; 9.24% (3 mo. SOFR US + 4.75%), 06/28/2028 | 362106 | 343096  |
|  Pregis TopCo LLC, Senior Secured First Lien, 8.32% (1 mo. SOFR US + 4.00%), 07/31/2026 | 490933 | 491723  |
|  |  | 1195972  |
| **Technology - 2.2%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 02/24/2031 | 493769 | 494179  |
|  Ellucian Holdings, Inc., Senior Secured Second Lien, 9.07% (1 mo. SOFR US + 4.75%), 11/22/2032 | 500000 | 508020  |
|  Epicor Software Corp., Senior Secured First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 497500 | 496766  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 488608 | 468882  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 493672 | 493181  |
|  |  | 2461028  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $7,821,172)** |  | 7783686  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.5%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.5%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.5%** |
|  Aimco CDO, Series 2019-10A, Class ERR, 9.94% (3 mo. Term SOFR + 5.65%), 07/22/2037<sup>(a)</sup> | 250000 | 252475  |
|  Clover CLO, Series 2018-1A, Class ERR, 10.69% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 250000 | 252814  |
|  Eaton Vance Management, Series 2020-1A, Class ERR, 10.55% (3 mo. Term SOFR + 6.25%), 10/15/2037<sup>(a)</sup> | 500000 | 502645  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
|  OHA Credit Partners Ltd., Series 2012-7A, Class ER4, 8.82% (3 mo. Term SOFR + 4.50%), 02/20/2038<sup>(a)</sup> | $500000 | $490850  |
|  OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 9.99% (3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(a)</sup> | 1000000 | 1010502  |
| RR Ltd./Cayman Islands<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class DR, 10.55% <br>(3 mo. Term SOFR + 6.25%), 07/15/2037<sup>(a)</sup> | 500000 | 502684  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A, Class D, 10.05% <br>(3 mo. Term SOFR + 5.75%), 07/15/2036<sup>(a)</sup> | 500000 | 505525  |
|  Trimaran CAVU LLC, Series 2021-3A, Class E, 11.92% (3 mo. Term SOFR + 7.63%), 01/18/2035<sup>(a)</sup> | 500000 | 492144  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $4,001,681)** |  | 4009639  |
|  | **Shares** |  |
| **COMMON STOCKS - 0.1%**<br>|  |  |
| **Industrials - 0.1%**<br>|  |  |
| Chart Industries, Inc.<sup>(b)</sup> | 1083 | 156342  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $132,813)** |  | 156342  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.2%** <br>**(Cost $109,130,766)** |  | $107649350  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 4.8% |  | 5368760  |
| **TOTAL NET ASSETS - 100.0%** |  | $113018110 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USISSO05 - 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $93,509,967 or 82.7% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 48.7%**<br>|  |  |
| **Communications - 0.4%**<br>|  |  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026 | $3000000 | $3061764  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, <br>5.15%, 03/20/2028<sup>(a)</sup> | 901800 | 904183  |
|  |  | 3965947  |
| **Consumer Discretionary - 6.5%**<br>|  |  |
|  Air Canada, Series 2017-1, 3.30%, 01/15/2030<sup>(a)</sup> | 1617960 | 1506760  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | 5383373 | 5191627  |
| &nbsp;&nbsp;&nbsp; Series 2013-1, 4.00%, 07/15/2025 | 521721 | 518197  |
| &nbsp;&nbsp;&nbsp; Series 2013-1, 3.95%, 11/15/2025 | 1269045 | 1257941  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.00%, 10/15/2028 | 5863849 | 5529258  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.25%, 10/15/2028 | 4546075 | 4233191  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 2766850 | 2639729  |
|  Darden Restaurants, Inc., 4.35%, 10/15/2027 | 1500000 | 1489366  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Series 2015-1, <br>3.63%, 07/30/2027 | 1245812 | 1210649  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., <br>4.50%, 10/20/2025<sup>(a)</sup> | 1499833 | 1494772  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 4200000 | 4150260  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 1775000 | 1712179  |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br>5.55%, 07/15/2029 | 7250000 | 7310114  |
| Hyatt Hotels Corp., 5.05%, 03/30/2028 | 1250000 | 1255944  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 1350000 | 1350282  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 5600000 | 5613853  |
|  Las Vegas Sands Corp., 5.90%, 06/01/2027 | 3150000 | 3201653  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc./MD, <br>5.55%, 10/15/2028 | 5000000 | 5144517  |
|  United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026 | 1196916 | 1179658  |
| United Airlines, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1B, 3.65%, 01/07/2026 | 300347 | 294209  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.10%, 07/07/2028 | 2467176 | 2339099  |
|  |  | 58623258  |
| **Consumer Staples - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bacardi Ltd. / Bacardi-Martini BV, <br>5.25%, 01/15/2029<sup>(a)</sup> | 3000000 | 3023623  |
|  Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029 | 1100000 | 1124496  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/2027 | $2700000 | $2598119  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/2028 | 2000000 | 2021573  |
| Mars, Inc., 4.60%, 03/01/2028<sup>(a)</sup> | 3200000 | 3213466  |
|  |  | 11981277  |
| **Energy - 2.4%**<br>|  |  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 3500000 | 3583597  |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 | 1500000 | 1566517  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 | 3500000 | 3552293  |
| ONEOK, Inc., 4.25%, 09/24/2027 | 3125000 | 3098039  |
|  Petroleos Mexicanos, 6.50%, 03/13/2027 | 4000000 | 3915924  |
|  Targa Resources Corp., 6.15%, 03/01/2029 | 3550000 | 3713265  |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br>3.88%, 08/15/2029<sup>(a)</sup> | 2200000 | 2038168  |
|  |  | 21467803  |
| **Financials - 19.5%**<br>|  |  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 | 3000000 | 3089993  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/01/2028 | 2000000 | 2035011  |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br>6.05%, 01/15/2028<sup>(a)</sup> | 5250000 | 5298086  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>4.75%, 04/14/2027<sup>(a)</sup> | 3100000 | 3102761  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/21/2026<sup>(a)</sup> | 4000000 | 3906199  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2026<sup>(a)</sup> | 2650000 | 2635860  |
|  Banco Santander SA, 5.37% to 07/15/2027 then 1 yr. CMT Rate + 0.95%, 07/15/2028 | 3400000 | 3449896  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38% to 04/02/2025 then SOFR + 1.33%, 04/02/2026 | 6750000 | 6749663  |
| &nbsp;&nbsp;&nbsp; 4.83% to 07/22/2025 then SOFR + 1.75%, 07/22/2026 | 2150000 | 2151111  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 8500000 | 8668169  |
| &nbsp;&nbsp;&nbsp; 4.98% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 6850000 | 6920335  |
|  Bank of Montreal, 5.24% (SOFR + 0.86%), 01/27/2029 | 2250000 | 2251380  |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 5.09% to 02/25/2028 then <br>SOFR + 0.96%, 02/25/2029 | 1200000 | 1208737  |
| Block, Inc., 2.75%, 06/01/2026 | 750000 | 728042  |
|  Credit Agricole SA, 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029<sup>(a)</sup> | 3250000 | 3285940  |
|  Danske Bank AS, 5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028<sup>(a)</sup> | 4400000 | 4474463  |
|  Extra Space Storage LP, 5.70%, 04/01/2028 | 2200000 | 2260418  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** <br>|  |  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term <br>SOFR + 1.42%, 04/23/2029 | $2000000 | $1953024  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | 6300000 | 6500718  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 | 1450000 | 1441380  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + 1.04%, 11/19/2028 | 2000000 | 2016572  |
| &nbsp;&nbsp;&nbsp; 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | 3550000 | 3628373  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.08% to 04/26/2025 then SOFR + 1.32%, 04/26/2026 | 4000000 | 3996954  |
| &nbsp;&nbsp;&nbsp; 6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 | 10000000 | 10237965  |
| &nbsp;&nbsp;&nbsp; 5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 | 6750000 | 6809980  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 | 3550000 | 3547102  |
| &nbsp;&nbsp;&nbsp; 4.92% to 01/24/2028 then SOFR + 0.80%, 01/24/2029 | 2450000 | 2473703  |
|  Kite Realty Group Trust, 4.75%, 09/15/2030 | 4300000 | 4247916  |
|  Lloyds Banking Group PLC, 5.09% to 11/26/2027 then 1 yr. CMT Rate + 0.85%, 11/26/2028 | 750000 | 757658  |
| LPL Holdings, Inc., 5.70%, 05/20/2027 | 6850000 | 6964102  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.68% to 07/17/2025 then SOFR + 1.67%, 07/17/2026 | 2500000 | 2499588  |
| &nbsp;&nbsp;&nbsp; 5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 | 2500000 | 2509060  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 | 6125000 | 6315987  |
| Morgan Stanley Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 | 4250000 | 4329067  |
| &nbsp;&nbsp;&nbsp; 4.97% to 07/14/2027 then SOFR + 0.93%, 07/14/2028 | 2100000 | 2118575  |
| &nbsp;&nbsp;&nbsp; 5.02% to 01/12/2028 then SOFR + 0.91%, 01/12/2029 | 1500000 | 1518301  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027<sup>(a)</sup> | 3150000 | 3183354  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027<sup>(a)</sup> | 2300000 | 2289509  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> | 3000000 | 3037352  |
|  PNC Financial Services Group, Inc., 5.81% to 06/12/2025 then SOFR + 1.32%, 06/12/2026 | 2000000 | 2003274  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/18/2026 then SOFR + 0.72%, 10/18/2027 | $500000 | $499880  |
| &nbsp;&nbsp;&nbsp; 4.97% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 4650000 | 4686186  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49% to 05/12/2025 then <br>1 yr. CMT Rate + 1.55%, 05/12/2026<sup>(a)</sup> | 3750000 | 3748759  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.43% to 02/08/2029 then <br>1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 2400000 | 2443985  |
| &nbsp;&nbsp;&nbsp; 5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + 1.34%, 09/13/2030<sup>(a)</sup> | 4300000 | 4415494  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 | 1350000 | 1350961  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 | 2000000 | 2005376 |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90% to 01/24/2027 then SOFR + 0.78%, 01/24/2028 | 2000000 | 2011619  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 | 4250000 | 4343346  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | 3850000 | 3955445  |
|  |  | 176056629  |
| **Health Care - 1.3%**<br>|  |  |
| HCA, Inc., 5.00%, 03/01/2028 | 4800000 | 4840419  |
|  Icon Investments Six DAC, 5.81%, 05/08/2027 | 2800000 | 2859338  |
| IQVIA, Inc., 5.70%, 05/15/2028 | 3850000 | 3922438  |
|  |  | 11622195  |
| **Industrials - 4.4%**<br>|  |  |
|  BAE Systems PLC, 5.00%, 03/26/2027<sup>(a)</sup> | 2800000 | 2825377  |
| Boeing Co., 6.26%, 05/01/2027 | 1150000 | 1183483  |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., <br>5.64%, 03/13/2027<sup>(a)</sup> | 4600000 | 4677346  |
| IDEX Corp., 4.95%, 09/01/2029 | 2050000 | 2054738  |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 5900000 | 6056072  |
| Nordson Corp., 4.50%, 12/15/2029 | 6375000 | 6279967  |
|  Quanta Services, Inc., 4.75%, 08/09/2027 | 3240000 | 3246701  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2026 | 6412000 | 6461718  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 | 1153000 | 1183181  |
| Veralto Corp., 5.50%, 09/18/2026 | 2000000 | 2025049  |
| Weir Group PLC, 2.20%, 05/13/2026<sup>(a)</sup> | 4015000 | 3899642  |
|  |  | 39893274  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Materials - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br>4.80%, 03/17/2028<sup>(a)</sup> | $3200000 | $3218414  |
|  Rio Tinto Finance USA PLC, 4.50%, 03/14/2028 | 700000 | 704256  |
|  Sonoco Products Co., 4.45%, 09/01/2026 | 7075000 | 7054470  |
|  |  | 10977140  |
| **Technology - 5.6%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 9648000 | 9167495  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 | 2300000 | 2281021  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028 | 1800000 | 1813603  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 | 4800000 | 4867883  |
| &nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp.,<br>5.10%, 03/01/2030 | 5600000 | 5595121  |
| Concentrix Corp., 6.65%, 08/02/2026 | 5800000 | 5918626  |
| Flex Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 | 305000 | 302354  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2028 | 2000000 | 2056041  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/25/2026 | 2000000 | 1995893  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 | 2100000 | 2077807  |
| Infor LLC, 1.75%, 07/15/2025<sup>(a)</sup> | 2800000 | 2771925  |
|  Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | 2775000 | 2666450  |
|  Microchip Technology, Inc., 4.90%, 03/15/2028 | 6000000 | 6019315  |
| Synopsys, Inc., 4.65%, 04/01/2028 | 3450000 | 3470662  |
|  |  | 51004196  |
| **Utilities - 6.1%**<br>|  |  |
| Ameren Corp., 5.00%, 01/15/2029 | 3850000 | 3887345  |
| DTE Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2027 | 3000000 | 3023336  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 | 8850000 | 8969947  |
|  Edison International, 5.45%, 06/15/2029 | 4900000 | 4837678  |
|  Essential Utilities, Inc., 4.80%, 08/15/2027 | 3100000 | 3112589  |
| Exelon Corp., 5.15%, 03/15/2029 | 4650000 | 4730240  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., <br>3.90%, 07/15/2027<sup>(b)</sup> | 2600000 | 2557255  |
| NiSource, Inc., 5.20%, 07/01/2029 | 2700000 | 2750618  |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp., <br>5.45%, 05/15/2029 | 1650000 | 1689012  |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., <br>5.88%, 10/15/2028 | 10000000 | 10405053  |
| &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC, <br>5.09%, 05/01/2027 | 1703309 | 1714450  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Vistra Operations Co. LLC, 5.05%, 12/30/2026<sup>(a)</sup> | $5950000 | $5973134  |
| Xcel Energy, Inc., 4.75%, 03/21/2028 | 1800000 | 1807228  |
|  |  | 55457885  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $436,211,242)** |  | 441049604  |
| **U.S. TREASURY SECURITIES - 14.8%** | **U.S. TREASURY SECURITIES - 14.8%** | **U.S. TREASURY SECURITIES - 14.8%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 10000000 | 9735352  |
| &nbsp;&nbsp;&nbsp; 0.50%, 04/30/2027 | 15000000 | 13990430  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 5000000 | 5060156  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 11000000 | 10710820  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | 2925000 | 2923914  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | 19000000 | 19110215  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2028 | 8000000 | 8079687  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 10000000 | 10030469  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 15000000 | 14998242  |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 | 12000000 | 11114766  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/31/2028 | 13000000 | 12895645  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | 8000000 | 8187187  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 7000000 | 7110059  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $133,913,795)** |  | 133946942  |
| **ASSET-BACKED SECURITIES - 13.8%** | **ASSET-BACKED SECURITIES - 13.8%** | **ASSET-BACKED SECURITIES - 13.8%** |
|  AmeriCredit Automobile Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B, 1.17%, 08/18/2027 | 2778120 | 2757221  |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 4.38%, 04/18/2028 | 137087 | 136989  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A2, 6.19%, 04/19/2027 | 744972 | 747708  |
|  CC Towers Guarantor LLC, 4.24%, 07/15/2028<sup>(a)</sup> | 1450000 | 1415808  |
|  DT Auto Owner Trust, Series 2021-3A, Class D, 1.31%, 05/17/2027<sup>(a)</sup> | 1224705 | 1197243  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, <br>Series 2022-1, Class C, 3.06%, 03/15/2028<sup>(a)</sup> | 3300000 | 3253660  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 4.85%, 08/15/2035<sup>(a)</sup> | 2000000 | 2016525  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(b)</sup> | 3300000 | 3332366  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.26%, 11/15/2029 | 3000000 | 3034262  |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 2250000 | 2342463  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  GreenSky Home Improvement Issuer Trust 2025-1, Series 2025-1A, Class A2, 5.12%, 03/25/2060<sup>(a)</sup> | $800000 | $801854  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, 2.74%, 02/25/2039<sup>(a)</sup> | 82607 | 80227  |
| &nbsp;&nbsp;&nbsp; Series 2022-1D, Class A, 3.61%, 06/20/2034<sup>(a)</sup> | 236776 | 232017  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 01/25/2037<sup>(a)</sup> | 648473 | 643716  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.72%, 01/25/2038<sup>(a)</sup> | 1543772 | 1569810  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, 09/15/2039<sup>(a)</sup> | 975871 | 990735  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 2201799 | 2236269  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, 08/27/2040<sup>(a)</sup> | 2603249 | 2614924  |
|  Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, 10/15/2030<sup>(a)</sup> | 1550000 | 1550056  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 1.74%, 10/20/2037<sup>(a)</sup> | 137290 | 130656  |
| &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 01/22/2041<sup>(a)</sup> | 447635 | 422692  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.15%, 11/21/2039<sup>(a)</sup> | 358550 | 354945  |
| MVW Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 02/20/2043<sup>(a)</sup> | 4012405 | 4058934  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(a)</sup> | 3577935 | 3542968  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BA, Class A2A, 3.61%, 12/15/2059<sup>(a)</sup> | 145958 | 145051  |
| &nbsp;&nbsp;&nbsp; Series 2018-DA, Class A2A, 4.00%, 12/15/2059<sup>(a)</sup> | 232983 | 230474  |
| &nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059<sup>(a)</sup> | 599551 | 579701  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068<sup>(a)</sup> | 468836 | 458691  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1B, 5.50% (30 day avg SOFR US + 1.16%), 06/25/2069<sup>(a)</sup> | 1245355 | 1244235  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 1951154 | 1764551  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.46%, 11/15/2068<sup>(a)</sup> | 417911 | 401047  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 4341548 | 4109326  |
| &nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 998389 | 933940  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 9017150 | 8397900  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | $419366 | $387314  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(a)</sup> | 403375 | 370318  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(a)</sup> | 4460976 | 4205573  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 5.05% (30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 894601 | 888091  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1B, 5.00% (30 day avg SOFR US + 0.66%), 02/25/2070<sup>(a)</sup> | 1832045 | 1816029  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 477153 | 430989  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, 10/15/2069<sup>(a)</sup> | 5163510 | 4645419  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070<sup>(a)</sup> | 1373254 | 1206724  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.23%, 07/15/2070<sup>(a)</sup> | 1824584 | 1640964  |
| &nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, 4.16%, 10/15/2070<sup>(a)</sup> | 5577704 | 5447224  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(a)</sup> | 2005247 | 2033215  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, <br>Series 2021-A, Class APT1, 1.36%, 04/20/2062<sup>(a)</sup> | 1471865 | 1366325  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 900000 | 902426  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.16%, 07/15/2032<sup>(a)</sup> | 1400000 | 1404567  |
|  Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 935896 | 936362  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-3, Class B, 4.13%, 08/16/2027 | 578599 | 578093  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2, 5.71%, 02/16/2027 | 99914 | 100030  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.25%, 04/17/2028 | 1500000 | 1503384  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 5.41%, 07/15/2027 | 618364 | 619782  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A2, 4.88%, 09/15/2027 | 2799297 | 2800915  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A3, 4.62%, 11/15/2028 | 2000000 | 2000750  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.74%, 01/16/2029 | 2700000 | 2709272  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.88%, 03/17/2031 | 5000000 | 5036355  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.71%, 06/15/2028 | 3000000 | 2994979  |
| Santander Consumer USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class B, 4.43%, 03/15/2027 | 84956 | 84924  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class B, 4.72%, 06/15/2027 | $1022851 | $1022917  |
| &nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.21%, 07/15/2027 | 1414804 | 1415725  |
|  SBNA Auto Receivables Trust 2024-A, Series 2024-A, Class B, 5.29%, 09/17/2029<sup>(a)</sup> | 1000000 | 1010177  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-A, Class A2A, 2.88%, 09/15/2034<sup>(a)</sup> | 189994 | 188533  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 3.50%, 02/15/2036<sup>(a)</sup> | 178617 | 175851  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, 3.60%, 01/15/2037<sup>(a)</sup> | 522763 | 517140  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 3.63%, 11/15/2035<sup>(a)</sup> | 574044 | 563713  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(a)</sup> | 1339153 | 1318383  |
| &nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 1.29%, 07/15/2053<sup>(a)</sup> | 1102302 | 1032860  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053<sup>(a)</sup> | 1576729 | 1377044  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 4.83%, 12/22/2031<sup>(a)</sup> | 2750000 | 2781347  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 2350000 | 2394573  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1A, 4.17%, 08/20/2030 | 5000000 | 4974161  |
|  Veros Automobile Receivables Trust, Series 2022-1, Class D, 7.23%, 07/16/2029<sup>(a)</sup> | 2790000 | 2809072  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $126,514,607)** |  | 125420484  |
| **BANK LOANS - 12.0%**<br>|  |  |
| **Consumer Discretionary - 3.5%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 05/15/2028 | 4366930 | 4367280  |
|  Belron Finance 2019 LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 10/16/2031 | 1492500 | 1491806  |
|  Carnival Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/18/2028 | 3410510 | 3412642  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 1917194 | 1922984  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 6.07% <br>(1 mo. SOFR US + 1.75%), 11/08/2030 | $4000000 | $4000960  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.32% <br>(1 mo. SOFR US + 2.00%), 08/02/2028 | 2647273 | 2637651  |
|  Marriott Ownership Resorts, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 04/01/2031 | 2972525 | 2972153  |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 6.32% <br>(1 mo. SOFR US + 2.00%), 12/04/2031 | 5306473 | 5275510  |
|  United Airlines, Inc., Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 02/24/2031 | 4984824 | 4980363  |
|  |  | 31061349  |
| **Energy - 0.1%**<br>|  |  |
|  Buckeye Partners LP, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 11/02/2026 | 1142898 | 1143675  |
| **Financials - 3.6%**<br>|  |  |
|  Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 06/22/2028 | 6926883 | 6928337  |
|  Boost Newco Borrower LLC, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 01/31/2031 | 1987500 | 1976946  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 3377500 | 3321214  |
|  Deerfield Dakota Holding LLC, Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/09/2027 | 4457751 | 4240903  |
|  Delos Aircraft DAC, Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 10/29/2027 | 4200000 | 4209366  |
|  HUB International Ltd., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 06/20/2030 | 6402321 | 6382794  |
|  SBA Senior Finance II LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 01/27/2031 | 5632402 | 5633585  |
|  |  | 32693145  |
| **Health Care - 0.9%**<br>|  |  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 08/02/2027 | 3262591 | 3259720  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
|  Medline Borrower LP, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/23/2028 | $4497456 | $4494016  |
|  |  | 7753736  |
| **Industrials - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Roper Industrial Products Investment Co., Senior Secured First Lien, <br>7.05% (3 mo. SOFR US + <br>2.75%), 11/23/2029 | 3930449 | 3915356  |
|  SPX FLOW, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 04/05/2029 | 800424 | 799860  |
|  TransDigm, Inc., Senior Secured First Lien, 6.80% (3 mo. SOFR US + 2.50%), 02/28/2031 | 9843119 | 9800055  |
|  |  | 14515271  |
| **Materials - 0.8%**<br>|  |  |
|  Proampac PG Borrower LLC, Senior Secured FirstLien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 mo. SOFR US + 4.00%), 09/15/2028 | 2798727 | 2787071  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1814370 | 1806813  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 04/14/2031 | 2962322 | 2933528  |
|  |  | 7527412  |
| **Technology - 1.5%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 02/24/2031 | 1911114 | 1912700  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 10/29/2029 | 956647 | 956222  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 1959391 | 1880290  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 08/31/2028 | 2183594 | 2169269  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 6906265 | 6899394  |
|  |  | 13817875  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $108,494,009)** |  | 108512463  |
| **COLLATERALIZED LOAN OBLIGATIONS - 8.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 8.9%** | **COLLATERALIZED LOAN OBLIGATIONS - 8.9%** |
|  Benefit Street Partners CLO Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. Term SOFR + 1.00%), 01/15/2035<sup>(a)</sup> | 3750000 | 3745882  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.38% (3 mo. Term <br>SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | $3173369 | $3167657  |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc., Series 2014-3RA, Class A1A, 5.61% (3 mo. Term <br>SOFR + 1.31%), 07/27/2031<sup>(a)</sup> | 143197 | 143134  |
|  CarVal CLO, Series 2018-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.23%), 07/16/2031<sup>(a)</sup> | 4643771 | 4640293  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-30A, Class AR, 5.40% (3 mo. Term SOFR + 1.08%), 11/15/2028<sup>(a)</sup> | 108735 | 108646  |
| &nbsp;&nbsp;&nbsp; Series 2018-55A, Class A1, 5.58% (3 mo. Term SOFR + 1.28%), 04/15/2031<sup>(a)</sup> | 1308958 | 1309562  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class A, 5.52% (3 mo. Term SOFR + 1.23%), 04/18/2031<sup>(a)</sup> | 1459535 | 1459336  |
|  Flatiron CLO Ltd., Series 2018-1A, Class A, 5.51% (3 mo. Term SOFR + 1.21%), 04/17/2031<sup>(a)</sup> | 1434269 | 1433544  |
|  Fort Greene Park CLO, Series 2025-2A, Class AR, 5.27% (3 mo. Term SOFR + 0.95%), 04/22/2034<sup>(a)</sup> | 2100000 | 2091814  |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class A1R3, 5.27% (3 mo. Term SOFR + 0.97%), 04/20/2034<sup>(a)</sup> | 6100000 | 6087904  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-12A, Class AR4, 5.45% (3 mo. Term SOFR + 1.15%), 10/15/2031<sup>(a)</sup> | 1597211 | 1597931  |
| &nbsp;&nbsp;&nbsp; Series 2015-15A, Class AR, 5.57% (3 mo. Term SOFR + 1.27%), 07/25/2031<sup>(a)</sup> | 1668586 | 1668995  |
| &nbsp;&nbsp;&nbsp; Series 2019-22A, Class ARR, 5.55% (3 mo. Term SOFR + 1.25%), 07/15/2036<sup>(a)</sup> | 2100000 | 2095196  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class BR, 6.05% (3 mo. Term SOFR + 1.75%), 04/15/2035<sup>(a)</sup> | 250000 | 250376  |
| &nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.76% (3 mo. Term SOFR + 1.46%), 01/25/2032<sup>(a)</sup> | 1709597 | 1709090  |
| &nbsp;&nbsp;&nbsp; Series 2020-25A, Class B, 6.11% (3 mo. Term SOFR + 1.81%), 01/25/2032<sup>(a)</sup> | 1300000 | 1301231  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2, 5.42% (3 mo. Term SOFR + 1.15%), 01/25/2038<sup>(a)</sup> | 5500000 | 5485152  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.10% (3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 2000000 | 2001234  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 5.67% (3 mo. Term SOFR + 0.95%), 07/16/2035<sup>(a)</sup> | $6250000 | $6218308  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.77% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 5250000 | 5249679  |
| &nbsp;&nbsp;&nbsp; Series 2022-49A, Class AR, 5.45% (3 mo. Term SOFR + 1.15%), 07/25/2035<sup>(a)</sup> | 4250000 | 4241359  |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2015-1A, Class A1A5, 5.38% (3 mo. Term <br>SOFR + 1.05%), 05/21/2034<sup>(a)</sup> | 5000000 | 4995534  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2, 5.95% (3 mo. Term SOFR + 1.66%), 07/20/2029<sup>(a)</sup> | 1000000 | 1000364  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1, 5.36% (3 mo. Term SOFR + 1.06%), 10/15/2029<sup>(a)</sup> | 1055620 | 1055092  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A2, 5.96% (3 mo. Term SOFR + 1.66%), 10/15/2029<sup>(a)</sup> | 1856000 | 1855411  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 5.35% (3 mo. Term SOFR + 1.05%), 10/15/2032<sup>(a)</sup> | 4599550 | 4597140  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, 5.45% (3 mo. Term SOFR + 1.00%), 01/15/2033<sup>(a)</sup> | 7600000 | 7590745  |
|  TCI-Flatiron CLO Ltd., Series 2017-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.22%), 11/18/2030<sup>(a)</sup> | 257585 | 257403  |
| TIAA CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1AR, 5.43% (3 mo. Term SOFR + 1.14%), 01/20/2032<sup>(a)</sup> | 1266131 | 1266247  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2R, 6.04% (3 mo. Term SOFR + 1.75%), 01/20/2032<sup>(a)</sup> | 2000000 | 1995969  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $80,735,642)** |  | 80620228  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3%** |  |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, <br>Series 2025-RTL1, Class A1, 5.65%, 01/25/2040<sup>(a)(b)</sup> | $1000000 | $1003165  |
|  Onslow Bay Mortgage Loan Trust, Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(a)(c)</sup> | 1349256 | 1351964  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $2,349,212)** |  | 2355129  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $888,218,507)** |  | $891904850  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 13174567  |
| **TOTAL NET ASSETS - 100.0%** |  | $905079417 |

---

Percentages are stated as a percent of net assets. CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $272,018,305 or 30.1% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2025. 

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 61.6%**<br>|  |  |
| **Communications - 3.2%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032 | $2475000 | $2088224  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 | 8000000 | 8131359  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 4000000 | 3713526  |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031<sup>(a)</sup> | 5000000 | 5083000  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/01/2032 | 5000000 | 4050106  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 4000000 | 2773382  |
|  Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 14200000 | 12964300  |
|  Cox Communications, Inc., 5.45%, 09/01/2034<sup>(a)</sup> | 11700000 | 11433862  |
|  DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 14450000 | 15225987  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, <br>8.63%, 03/15/2031<sup>(a)</sup> | 7000000 | 7462804  |
|  Sprint Capital Corp., 8.75%, 03/15/2032 | 6000000 | 7219149  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2029 | 2000000 | 1837811  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 2050000 | 1949163  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 10000000 | 9589531  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 1125000 | 1041393  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 | 5700000 | 4932438  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., <br>2.55%, 03/21/2031 | 12719000 | 11211205  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 11025000 | 11235214  |
|  |  | 121942454  |
| **Consumer Discretionary - 5.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br>7.88%, 02/15/2031<sup>(a)</sup> | 19675000 | 19941990  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 4.10%, 01/15/2028 | 893373 | 853373  |
| &nbsp;&nbsp;&nbsp; Series A, 3.50%, 02/15/2032 | 1420987 | 1274148  |
| &nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/11/2034 | 3267199 | 2819250  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.15%, 02/15/2032 | 2149698 | 1965792  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(a)</sup> | 5125000 | 5019279  |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., <br>9.50%, 08/15/2029<sup>(a)</sup> | 8225000 | 6851548  |
|  CP Atlas Buyer, Inc., 7.00%, 12/01/2028<sup>(a)</sup> | 1675000 | 1326239  |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 9675000 | 8879404  |
| Ford Motor Co., 6.10%, 08/19/2032 | 5175000 | 5076265  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 | $5500000 | $5387625  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 4000000 | 3865257  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 | 6000000 | 6173534  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 | 3500000 | 3132846  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 3138000 | 3285521  |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030 | 5000000 | 5193742  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 5400000 | 4837325  |
| Garda World Security Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027<sup>(a)</sup> | 5000000 | 4871565  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> | 10530000 | 10292166  |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032<sup>(a)</sup> | 9050000 | 8908046  |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., <br>5.55%, 07/15/2029 | 10000000 | 10082915  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc., <br>7.00%, 11/15/2032<sup>(a)</sup> | 8825000 | 8361026  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(a)</sup> | 31350000 | 24072624  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc./MD, <br>2.85%, 04/15/2031 | 9000000 | 8007101  |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, <br>11.00%, 12/15/2029<sup>(a)</sup> | 11275000 | 9149540  |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., Series 2019-1, <br>4.15%, 08/25/2031 | 1972752 | 1890587  |
|  Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 12350000 | 13091926  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(a)</sup> | 4450000 | 4558035  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 15500000 | 16050018  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> | 6575000 | 6409839  |
|  |  | 211628526  |
| **Consumer Staples - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / <br>New Albertsons LP / Albertsons LLC, <br>3.50%, 03/15/2029<sup>(a)</sup> | 15000000 | 13820511  |
|  Chobani Holdco II LLC, 8.75% (includes 9.50% PIK), 10/01/2029<sup>(a)</sup> | 9800000 | 10676724  |
| Fiesta Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | 14175000 | 14648743  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)</sup> | 12825000 | 13211467  |
| J M Smucker Co., 6.20%, 11/15/2033 | 13000000 | 13849488  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 | 9440000 | 9596090  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 2414000 | 2607767  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035<sup>(a)</sup> | 10100000 | 10390880  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, <br>6.50%, 03/31/2032<sup>(a)</sup> | 7800000 | 7800000  |
|  Pilgrim's Pride Corp., 4.25%, 04/15/2031 | 8000000 | 7520941  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| &nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., <br>8.63%, 11/01/2031<sup>(a)</sup> | $11700000 | $10871378  |
|  |  | 114993989  |
| **Energy - 6.9%**<br>|  |  |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(a)</sup> | 9525000 | 9694412  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029<sup>(a)</sup> | 3950000 | 3863734  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(a)</sup> | 18200000 | 18288052  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, <br>3.25%, 01/31/2032 | 10925000 | 9619875  |
|  Comstock Resources, Inc., 6.75%, 03/01/2029<sup>(a)</sup> | 8125000 | 7903679  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031<sup>(a)</sup> | 9275000 | 8905021  |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2033<sup>(a)</sup> | 8250000 | 8698668  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 15624000 | 16043379  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 | 3000000 | 2837788  |
| &nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 | 2000000 | 2132311  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 14500000 | 14844890  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 14000000 | 14031492  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 11675000 | 11863516  |
|  Genesis Energy LP / Genesis Energy Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 | 4450000 | 4485622  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 6300000 | 6354350  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2029 | 1350000 | 1352720  |
| &nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 | 2225000 | 1982020  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2032 | 300000 | 294079  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 17750000 | 17692906  |
| Sunoco LP, 7.25%, 05/01/2032<sup>(a)</sup> | 7125000 | 7364485  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 | 3500000 | 3654952  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034 | 4750000 | 5074256  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 | 17952000 | 16574270  |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, <br>3.88%, 11/01/2033<sup>(a)</sup> | 3560000 | 3066799  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028<sup>(a)</sup> | 10075000 | 10301248  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> | 7500000 | 8047021  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 16800000 | 15956285  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 28575000 | 30366944  |
|  |  | 261294774  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Financials - 22.3%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., <br>7.50%, 11/06/2030<sup>(a)</sup> | $23675000 | $24102452  |
|  AerCap Ireland Capital DAC / AerCapGlobal Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/2031 | 5050000 | 5089934  |
| &nbsp;&nbsp;&nbsp; 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055 | 5650000 | 5785102  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> | 7000000 | 6979945  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 14775000 | 14522847  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | 11250000 | 11313473  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/21/2028<sup>(a)</sup> | 6500000 | 6112997  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029<sup>(a)</sup> | 7000000 | 7139212  |
|  Banco Mercantil del Norte SA/Grand Cayman<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% to 01/10/2028 then 10 yr. CMT Rate + 5.35%, Perpetual<sup>(a)</sup> | 1600000 | 1597055  |
| &nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 2397000 | 2428017  |
| &nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, Perpetual<sup>(a)</sup> | 3900000 | 3870894  |
| &nbsp;&nbsp;&nbsp; 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, Perpetual<sup>(a)</sup> | 4712000 | 4221283  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09% to 06/14/2028 then SOFR + <br>1.06%, 06/14/2029 | 2300000 | 2127232  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + <br>2.15%, 04/29/2031 | 14500000 | 13028265  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92% to 10/24/2030 then SOFR + <br>1.37%, 10/24/2031 | 1000000 | 856014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% to 03/11/2031 then SOFR + <br>1.22%, 03/11/2032 | 5000000 | 4413619  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% to 04/22/2031 then SOFR + <br>1.32%, 04/22/2032 | 1450000 | 1276639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + <br>1.33%, 02/04/2033 | 6000000 | 5262425  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + <br>1.91%, 04/25/2034 | 4000000 | 4020043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% to 09/15/2033 then SOFR + <br>1.84%, 09/15/2034 | 11000000 | 11482879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + <br>1.70%, 02/12/2036 | 4500000 | 4493076  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 6750000 | 5631273  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 7250000 | 7200946  |
| &nbsp;&nbsp;&nbsp; Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, <br>Perpetual | 6000000 | 5882674  |
|  BBVA Bancomer SA/Texas, 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 10000000 | 10197479  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, 7.63% to 02/11/2030 then 5 yr. CMT Rate + 3.38%, 02/11/2035<sup>(a)</sup> | $5725000 | $5794845  |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, 5.79% to 01/13/2032 <br>then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 14800000 | 15137400  |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup> | 12230000 | 12739818  |
|  BroadStreet Partners, Inc., 5.88%, 04/15/2029<sup>(a)</sup> | 3000000 | 2886106  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.08% to 04/23/2028 then 3 mo. Term SOFR + 1.45%, 04/23/2029 | 3000000 | 2950480  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/15/2030 then 5 yr. CMT Rate + 2.73%, Perpetual | 5525000 | 5522888  |
| &nbsp;&nbsp;&nbsp; 3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030 | 12000000 | 11636702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67% to 01/29/2030 then SOFR + <br>1.15%, 01/29/2031 | 1000000 | 902579  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.56% to 05/01/2031 then SOFR + <br>1.17%, 05/01/2032 | 450000 | 391039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% to 11/03/2031 then SOFR + <br>1.18%, 11/03/2032 | 4500000 | 3844766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + <br>2.66%, 05/25/2034 | 14250000 | 14611754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% to 02/13/2034 then SOFR + <br>2.06%, 02/13/2035 | 6000000 | 5976369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + <br>1.83%, 01/24/2036 | 700000 | 706953  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 8000000 | 7655993  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/23/2034 then USISSO05 + 3.60%, Perpetual<sup>(a)</sup> | 7650000 | 7384159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + <br>1.74%, 01/09/2036<sup>(a)</sup> | 5000000 | 5117739  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2031 | 7000000 | 5960933  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 | 2100000 | 2103506  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2030 | 2900000 | 2894335  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033 | 7500000 | 7710203  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 | 7000000 | 7210038  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 | 5450000 | 5408758  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 06/01/2028 | 7000000 | 6959485  |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 | 6345000 | 5943009  |
| GLP Capital LP / GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 | 16000000 | 16036768  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 | 7925000 | 7395059  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 14100000 | 13876480  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual | $5000000 | $5256880  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 | 8000000 | 7252556  |
| &nbsp;&nbsp;&nbsp; 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 5150000 | 5227235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + <br>1.27%, 04/25/2030 | 5600000 | 5778416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + <br>1.28%, 04/22/2032 | 10050000 | 8777879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + <br>1.25%, 07/21/2032 | 14000000 | 11994445  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% to 10/21/2031 then SOFR + <br>1.26%, 10/21/2032 | 9000000 | 7781109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + <br>1.42%, 10/23/2035 | 650000 | 632266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + <br>1.38%, 01/28/2036 | 3250000 | 3296614  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 10000000 | 10822268  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2029 | 10800000 | 10041190  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2030 | 1500000 | 1375270  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 10379000 | 9011947  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% to 08/17/2028 then SOFR + <br>1.29%, 08/17/2029 | 4500000 | 4124477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% to 11/19/2029 then SOFR + <br>1.29%, 11/19/2030 | 10000000 | 10105979  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual | 4600000 | 4591758  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.01% to 04/23/2028 then 3 mo. Term SOFR + 1.38%, 04/23/2029 | 2000000 | 1966230  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + <br>1.02%, 06/01/2029 | 6000000 | 5556337  |
| &nbsp;&nbsp;&nbsp; 6.88% to 06/01/2029 then 5 yr. CMT Rate + 2.74%, Perpetual | 450000 | 473760  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 9100000 | 9336080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + <br>1.16%, 04/22/2030 | 7500000 | 7737336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% to 04/22/2030 then SOFR + <br>2.04%, 04/22/2031 | 1950000 | 1750502  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 | 550000 | 483428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% to 01/25/2032 then SOFR + <br>1.26%, 01/25/2033 | 6950000 | 6137426  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59% to 04/26/2032 then SOFR + <br>1.80%, 04/26/2033 | 7500000 | 7309260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72% to 09/14/2032 then SOFR + <br>2.58%, 09/14/2033 | 11950000 | 12283786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% to 06/01/2033 then SOFR + <br>1.85%, 06/01/2034 | 13000000 | 13217109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + <br>1.81%, 10/23/2034 | 1900000 | 2041281  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc., <br>5.65%, 03/15/2035 | $17000000 | $16843798  |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 1650000 | 1655610  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030 | 16000000 | 15801631  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94% to 01/21/2032 then SOFR + <br>1.29%, 01/21/2033 | 11500000 | 10090243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + <br>1.87%, 04/21/2034 | 5500000 | 5504989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + <br>1.36%, 09/16/2036 | 21100000 | 17499050  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + <br>2.62%, 04/20/2037 | 550000 | 539654  |
| Nasdaq, Inc., 5.55%, 02/15/2034 | 11446000 | 11744253  |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 18825000 | 19193617  |
|  Penske Truck Leasing Co. Lp/ PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 11/01/2029<sup>(a)</sup> | 3675000 | 3427420  |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/15/2030<sup>(a)</sup> | 5000000 | 5296201  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 03/15/2030 then H157 yr. CMT Rate + 2.81%, Perpetual | 7250000 | 7305245  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 10/20/2033 then SOFR + <br>2.28%, 10/20/2034 | 11000000 | 12166082  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% to 01/22/2034 then SOFR + <br>1.90%, 01/22/2035 | 7500000 | 7679750  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% to 02/04/2030 then SOFR + <br>1.03%, 02/04/2031 | 3350000 | 3391288  |
| &nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | 11950000 | 11374654  |
| State Street Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/15/2029 then 5 yr. CMT Rate + 2.63%, Perpetual | 2500000 | 2565822  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual | 1450000 | 1452344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% to 05/18/2033 then SOFR + <br>1.89%, 05/18/2034 | 10900000 | 10967916  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br>5.42%, 07/09/2031 | 10000000 | 10283922  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, Perpetual<sup>(a)</sup> | 2500000 | 2491734  |
| &nbsp;&nbsp;&nbsp; 5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 12500000 | 12729090  |
| &nbsp;&nbsp;&nbsp; 7.00% to 08/10/2030 then USISSO05 + 3.08%, Perpetual<sup>(a)</sup> | 200000 | 197466  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + 1.34%, 09/13/2030<sup>(a)</sup> | $700000 | $718801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, <br>Perpetual<sup>(a)</sup> | 15350000 | 16009282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 02/10/2035 then USISSO05 + 3.18%, <br>Perpetual<sup>(a)</sup> | 10000000 | 9861166  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84% to 02/01/2033 then SOFR + <br>1.60%, 02/01/2034 | 13000000 | 12636235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% to 06/10/2033 then SOFR + <br>2.26%, 06/12/2034 | 8000000 | 8257969  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68% to 01/23/2034 then SOFR + <br>1.86%, 01/23/2035 | 900000 | 920389  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 3000000 | 2961035  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 8000000 | 7837150  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 | 3000000 | 2985308  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | 10300000 | 10001909  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 9000000 | 8481865  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 | 4000000 | 3688112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + <br>2.10%, 07/25/2033 | 7000000 | 6901358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + <br>2.02%, 04/24/2034 | 12050000 | 12137130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + <br>1.99%, 07/25/2034 | 8650000 | 8804970  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + <br>2.06%, 10/23/2034 | 8000000 | 8633142  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 8300000 | 8249544  |
|  |  | 847443907  |
| **Health Care - 1.6%**<br>|  |  |
|  1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)</sup> | 1100000 | 1094448  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 5000000 | 5050307  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 | 16000000 | 14468809  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2033 | 5000000 | 5020645  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 10000000 | 10059487  |
| Humana, Inc., 5.95%, 03/15/2034 | 7500000 | 7678226  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br>5.05%, 10/15/2034 | 19000000 | 18023219  |
|  |  | 61395141  |
| **Industrials - 5.5%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | 3500000 | 3247120  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 | $10000000 | $10661572  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | 23975000 | 20649875  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 5000000 | 5360304  |
|  Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)</sup> | 8000000 | 8546384  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028<sup>(a)</sup> | 10350000 | 10735795  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 6000000 | 6192120  |
| Flowserve Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2030 | 8233000 | 7593302  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/15/2032 | 14819000 | 12696753  |
|  GFL Environmental, Inc., 4.38%, 08/15/2029<sup>(a)</sup> | 7000000 | 6609198  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(a)</sup> | 7625000 | 7469793  |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup> | 13825000 | 13867954  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 3600000 | 3096146  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 | 4650000 | 4644127  |
|  Oregon Tool Lux LP, 7.88%, 10/15/2029<sup>(a)</sup> | 6723616 | 4034062  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 | 3000000 | 3078528  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 | 16925000 | 17575725  |
| SPX FLOW, Inc., 8.75%, 04/01/2030<sup>(a)</sup> | 17350000 | 17849298  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., <br>5.25%, 07/15/2027<sup>(a)</sup> | 17750000 | 17429245  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 | 4675000 | 4442266  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | 9475000 | 9007775  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 2525000 | 2488090  |
| Weir Group PLC, 2.20%, 05/13/2026<sup>(a)</sup> | 9850000 | 9566992  |
|  |  | 206842424  |
| **Materials - 3.7%**<br>|  |  |
|  Celanese US Holdings LLC, 6.75%, 04/15/2033 | 3925000 | 3813930  |
| Clydesdale Acquisition Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(a)</sup> | 2150000 | 2181907  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032<sup>(a)</sup> | 6225000 | 6273105  |
| LABL, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 7475000 | 5896534  |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028<sup>(a)</sup> | 275000 | 232851  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 31450000 | 23465159  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 10000000 | 9738050  |
| Mauser Packaging Solutions Holding Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 5000000 | 4906250  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(a)</sup> | 15650000 | 14781790  |
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd., <br>6.13%, 04/11/2033<sup>(a)</sup> | 7970000 | 8258924  |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., <br>7.25%, 05/15/2031<sup>(a)</sup> | 10000000 | 9775000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>6.88%, 07/15/2033<sup>(a)</sup> | $9000000 | $9426564  |
| Sonoco Products Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2029 | 3500000 | 3451061  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 22000000 | 21054613  |
|  South32 Treasury Ltd., 4.35%, 04/14/2032<sup>(a)</sup> | 9500000 | 8897634  |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc./NY, <br>4.38%, 07/15/2030<sup>(a)</sup> | 7500000 | 6926392  |
|  |  | 139079764  |
| **Technology - 3.8%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(a)</sup> | 7800000 | 7681151  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 12500000 | 11877455  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030 | 2500000 | 2464172  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 | 7589000 | 7346698  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 | 10050000 | 10196239  |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc. / CDK Global, Inc., <br>7.25%, 06/15/2029<sup>(a)</sup> | 2200000 | 1906211  |
| &nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., <br>5.30%, 04/01/2032 | 5000000 | 5033902  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 15200000 | 14986115  |
| Entegris, Inc., 4.75%, 04/15/2029<sup>(a)</sup> | 18875000 | 18213039  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>5.00%, 10/15/2034 | 10650000 | 10379598  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/11/2031 | 5000000 | 4332612  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 15000000 | 14774826  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 | 1800000 | 1824043  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 | 5000000 | 4652370  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 | 15000000 | 14329615  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 10000000 | 10083921  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 | 5000000 | 4335896  |
|  |  | 144417863  |
| **Utilities - 6.0%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 16100000 | 16275821  |
| Ameren Corp., 5.00%, 01/15/2029 | 9900000 | 9996031  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 15000000 | 14827485  |
|  Duke Energy Corp., 5.45%, 06/15/2034 | 12650000 | 12829080  |
|  Edison International, 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 4000000 | 3623754  |
| Georgia Power Co., 5.25%, 03/15/2034 | 8750000 | 8832877  |
|  KeySpan Gas East Corp., 5.99%, 03/06/2033<sup>(a)</sup> | 8000000 | 8201565  |
| National Grid PLC, 5.42%, 01/11/2034 | 7000000 | 7069767  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)**  | **Utilities - (Continued)**  | **Utilities - (Continued)**  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/28/2030 | $5000000 | $5088850  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 | 10000000 | 10165523  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 | 3000000 | 3003308  |
| &nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, 08/15/2055 | 5000000 | 5017885  |
|  Pacific Gas and Electric Co., 4.50%, 07/01/2040 | 14500000 | 12325195  |
| &nbsp;&nbsp;&nbsp; PacifiCorp, 7.38% to 09/15/2030 <br>then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 3250000 | 3299944  |
| &nbsp;&nbsp;&nbsp; PG&E Corp., 7.38% to 03/15/2030 <br>then 5 yr. CMT Rate + 3.88%, 03/15/2055 | 2250000 | 2217042  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/01/2038 | 12000000 | 9878499  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 10100000 | 9605013  |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., <br>5.95%, 11/01/2032 | 8000000 | 8218380  |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., <br>5.75%, 09/15/2033 | 5100000 | 5265280  |
| Vistra Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, Perpetual<sup>(a)</sup> | 1675000 | 1724560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, <br>Perpetual<sup>(a)</sup> | 5000000 | 5067240  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/15/2029<sup>(a)</sup> | 13000000 | 12590243  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | 1825000 | 1912846  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 9625000 | 9818375  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> | 17900000 | 19241408  |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, <br>7.25%, 01/15/2029<sup>(a)</sup> | 21625000 | 21295359  |
|  |  | 227391330  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,356,745,541)** |  | 2336430172  |
| **BANK LOANS - 24.7%**<br>|  |  |
| **Consumer Discretionary - 5.0%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 05/15/2028 | 14598718 | 14599886  |
|  Anticimex Global AB, Senior Secured First Lien, 7.70% (1 mo. Term SOFR + 3.50%), 11/16/2028 | 4239323 | 4237204  |
|  Belron Finance 2019 LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 10/16/2031 | 6716250 | 6713127  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 6.56% (3 mo. SOFR US + 2.25%), 02/06/2031 | 17966505 | 17876673  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Carnival Corp., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 10/18/2028 | $4267000 | $4269667  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 11/03/2028 | 16298221 | 16166206  |
|  Clarios Global LP, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 01/28/2032 | 13000000 | 12826645  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 2172820 | 2179382  |
|  CP Atlas Buyer, Inc., Senior Secured First Lien, 8.17% (1 mo. SOFR US + 3.75%), 11/23/2027 | 7473911 | 6940461  |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors Holdings LLC, Senior Secured First Lien, 7.07% <br>(1 mo. SOFR US + 2.75%), 05/30/2031 | 18036860 | 17966426  |
|  Madison Safety & Flow LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 09/26/2031 | 14925000 | 14983865  |
|  MajorDrive Holdings IV LLC, Senior Secured First Lien, 8.68% (3 mo. SOFR US + 4.00%), 06/01/2028 | 6961249 | 6335676  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 05/04/2028 | 7722195 | 7682657  |
|  PetSmart LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/14/2028 | 6123096 | 6040159  |
|  Tamko Building Products LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 09/20/2030 | 2851250 | 2841741  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 09/20/2030 | 2851250 | 2841741  |
| &nbsp;&nbsp;&nbsp; 7.07% (3 mo. SOFR US + 2.75%), 09/20/2030 | 2851250 | 2841741  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 09/20/2030 | 2822738 | 2813324  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 01/30/2031 | 29190556 | 28800278  |
|  Whatabrands LLC, Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/03/2028 | 9925125 | 9894506  |
|  |  | 188851365  |
| **Consumer Staples - 0.4%**<br>|  |  |
|  Fiesta Purchaser, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 02/12/2031 | 2708464 | 2692565  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. SOFR US + 3.25%), 02/12/2031 | 2254098 | 2240867  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** <br>|  |  |
| **Consumer Staples - (Continued)** <br>|  |  |
|  Opal LLC, Senior Secured First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 04/30/2032 | $10000000 | $9950000  |
|  |  | 14883432  |
| **Energy - 0.2%**<br>|  |  |
|  Traverse Midstream Partners LLC, Senior Secured First Lien, 7.29% (3 mo. SOFR US + 3.00%), 02/16/2028 | 6640081 | 6645626  |
| **Financials - 4.3%<sup>(b)</sup>**<br>|  |  |
| Acrisure LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 02/16/2027 | 4334514 | 4328337  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 11/06/2030 | 13881524 | 13819543  |
|  AmWINS Group, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/21/2032 | 3740625 | 3715207  |
|  AssuredPartners, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 02/14/2031 | 33165000 | 33241279  |
|  Boost Newco Borrower LLC, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 01/31/2031 | 13715625 | 13642795  |
|  BroadStreet Partners, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 27135404 | 26934331  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. SOFR US + 3.00%), 06/16/2031 | 2652033 | 2632381  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 14645010 | 14400951  |
|  HUB International Ltd., Senior Secured First Lien, 6.79% (3 mo. SOFR US + 2.50%), 06/20/2030 | 38768599 | 38650355  |
|  TIH Insurance Holdings LLC, Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 05/06/2031 | 8022177 | 7982067  |
|  TIH Insurance Holdings LLC, Senior Secured Second Lien, 9.05% (3 mo. SOFR US + 4.75%), 05/06/2032 | 5000000 | 5057825  |
|  |  | 164405071  |
| **Health Care - 1.4%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.77% (1 mo. SOFR US + 3.25%), 05/10/2027 | 4974425 | 4963182  |
| &nbsp;&nbsp;&nbsp; 8.32% (1 mo. SOFR US + 4.00%), 09/29/2028 | 6895000 | 6886416  |
|  Medline Borrower LP, Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 10/23/2028 | 30775552 | 30752009  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Pathway Vet Alliance LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.60% (3 mo. SOFR US + 3.75%), 03/31/2027 | $9839994 | $8091870  |
| &nbsp;&nbsp;&nbsp; 9.33% (1 mo. SOFR US + 5.00%), 06/30/2028 | 1493919 | 1511398  |
|  |  | 52204875  |
| **Industrials - 7.6%**<br>|  |  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.57% (1 mo. SOFR US + 3.25%), 12/26/2030 | 13150791 | 12986406  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 3.50%), 08/16/2029 | 17800425 | 17836293  |
|  Cube A&D Buyer, Inc., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.50%), 10/20/2031 | 12100000 | 12034478  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 3985567 | 3979230  |
| &nbsp;&nbsp;&nbsp; 6.32% (1 mo. SOFR US + 2.00%), 10/31/2031 | 10478183 | 10461523  |
|  Engineered Machinery Holdings, Inc., Senior Secured First Lien, 8.57% (3 mo. SOFR US + 3.75%), 05/22/2028 | 10602393 | 10621478  |
|  Filtration Group Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 10/24/2028 | 16699381 | 16705977  |
|  Goat Holdco LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 01/27/2032 | 7250000 | 7210741  |
|  Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (6 mo. SOFR US + 2.75%), 02/26/2032 | 8795259 | 8688968  |
| &nbsp;&nbsp;&nbsp; 7.07% (3 mo. SOFR US + 2.75%), 02/26/2032 | 8795259 | 8688968  |
| &nbsp;&nbsp;&nbsp; 7.30% (1 mo. Term SOFR + 2.75%), 02/26/2032 | 1659483 | 1639428  |
|  Madison IAQ LLC, Senior Secured First Lien, 6.76% (6 mo. SOFR US + 2.50%), 06/21/2028 | 7720000 | 7644228  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.32% (1 mo. Term SOFR + 4.00%), 10/15/2029 | 11760987 | 8747234  |
|  Pro Mach Group, Inc., Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 08/31/2028 | 14339291 | 14317638  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 11/23/2029 | 13168490 | 13117923  |
|  Signia Aerospace LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | 3680769 | 3666966  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** <br>|  |  |
| **Industrials - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. SOFR US + 3.00%), 12/11/2031 | $3011538 | $3000245  |
| &nbsp;&nbsp;&nbsp; 7.67% (3 mo. Term SOFR + 3.00%), 12/11/2031 | 557692 | 555601  |
|  SPX FLOW, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 04/05/2029 | 5602969 | 5599019  |
|  STS Operating, Inc., Senior Secured First Lien, 8.42% (1 mo. SOFR US + 4.00%), 03/25/2031 | 24063462 | 23152540  |
|  Titan Acquisition Ltd./Canada, Senior Secured First Lien, 8.78% (6 mo. SOFR US + 4.50%), 02/15/2029 | 34737500 | 34632593  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 11352176 | 11335886  |
| &nbsp;&nbsp;&nbsp; 7.74% (6 mo. SOFR US + 3.50%), 04/30/2030 | 6520983 | 6511625  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 03/22/2030 | 15524070 | 15517084  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 02/28/2031 | 27137598 | 27018871  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 01/20/2032 | 4975000 | 4954926  |
|  |  | 290625869  |
| **Materials - 1.7%**<br>|  |  |
|  Charter Next Generation, Inc., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 12/02/2030 | 11937662 | 11935275  |
|  Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 7.50% (1 mo. SOFR US + 3.18%), 04/13/2029 | 4904523 | 4888926  |
|  Graham Packaging Co., Inc., Senior Secured First Lien, 6.82% (1 mo. SOFR US + 2.50%), 08/04/2027 | 7735162 | 7735162  |
|  Pregis TopCo LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.32% (1 mo. SOFR US + 4.00%), 07/31/2026 | 14590434 | 14613925  |
| &nbsp;&nbsp;&nbsp; 8.55% (1 mo. SOFR US + 4.00%), 07/31/2026 | 3377500 | 3383309  |
|  Proampac PG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.30% (3 mo. SOFR US + 4.00%), 09/15/2028 | 10350206 | 10307097  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 6709873 | 6681926  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 03/19/2029 | 4950000 | 4909435  |
|  |  | 64455055  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Technology - 4.1%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 7.05% (3 mo. SOFR US + 2.75%), 02/24/2031 | $31312449 | $31338439  |
|  Central Parent LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029 | 15887581 | 13683180  |
|  Dun & Bradstreet Corp., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 01/18/2029 | 9291908 | 9280293  |
|  Ellucian Holdings, Inc., Senior Secured Second Lien, 9.07% (1 mo. SOFR US + 4.75%), 11/22/2032 | 10000000 | 10160400  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 10/29/2029 | 8065679 | 8062090  |
|  Epicor Software Corp., Senior Secured First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 27423825 | 27383375  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.42% (3 mo. SOFR US + 3.75%), 06/05/2028 | 11648753 | 11178493  |
|  UKG, Inc., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 02/10/2031 | 43848540 | 43804911  |
|  |  | 154891181  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $946,804,228)** |  | 936962474  |
| **COLLATERALIZED LOAN OBLIGATIONS - 5.2%** | **COLLATERALIZED LOAN OBLIGATIONS - 5.2%** | **COLLATERALIZED LOAN OBLIGATIONS - 5.2%** |
|  Aimco CDO, Series 2019-10A, Class BRR, 6.04% (3 mo. Term SOFR + 1.75%), 07/22/2037<sup>(a)</sup> | 8000000 | 8014627  |
|  Atlantic Avenue Ltd., Series 2024-2A, Class D, 9.04% (3 mo. Term SOFR + 4.75%), 04/20/2037<sup>(a)</sup> | 4000000 | 4045340  |
| Barrow Hanley Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, 7.40% (3 mo. Term SOFR + 3.10%), 01/20/2038<sup>(a)</sup> | 6000000 | 5994691  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class DR, 6.94% (3 mo. Term SOFR + 2.65%), 10/20/2035<sup>(a)</sup> | 7650000 | 7636272  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 8.44% (3 mo. Term SOFR + 4.15%), 04/20/2037<sup>(a)</sup> | 4000000 | 4031961  |
|  Bowling Green Park CLO LLC, Series 2019-1A, Class BRR, 5.76% (3 mo. Term SOFR + 1.45%), 04/18/2035<sup>(a)</sup> | 10000000 | 9947899  |
|  Boyce Park Clo Ltd., Series 2022-1A, Class D, 7.39% (3 mo. Term SOFR + 3.10%), 04/21/2035<sup>(a)</sup> | 2500000 | 2502927  |
|  Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.89% (3 mo. Term SOFR + 3.60%), 04/19/2037<sup>(a)</sup> | 8000000 | 8043110  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| CarVal CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class BR, 6.16% (3 mo. Term SOFR + 1.85%), 07/16/2031<sup>(a)</sup> | $9650000 | $9602213  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class D, 7.46% (3 mo. Term SOFR + 3.15%), 07/16/2031<sup>(a)</sup> | 1755000 | 1757855  |
|  Cayuga Park CLO, Series 2020-1A, Class DR, 7.66% (3 mo. Term SOFR + 3.36%), 07/17/2034<sup>(a)</sup> | 1750000 | 1752229  |
|  CIFC Funding Ltd., Series 2022-4A, Class B, 6.31% (3 mo. Term SOFR + 2.00%), 07/16/2035<sup>(a)</sup> | 7500000 | 7507923  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-55A, Class C, 6.46% (3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(a)</sup> | 250000 | 250172  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class B, 5.95% (3 mo. Term SOFR + 1.66%), 04/18/2031<sup>(a)</sup> | 2600000 | 2599091  |
|  Elmwood CLO 39 Ltd., Series 2025-2A, Class D1, 6.78% (3 mo. Term SOFR + 2.50%), 04/17/2038<sup>(a)</sup> | 5000000 | 5011785  |
|  Elmwood CLO Ltd., Series 2025-1A, Class D1, 6.78% (3 mo. Term SOFR + 2.50%), 04/22/2038<sup>(a)</sup> | 5000000 | 5011764  |
| Flatiron CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class DR, 7.58% (3 mo. Term SOFR + 3.26%), 11/16/2034<sup>(a)</sup> | 1000000 | 1002554  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, 5.72% (3 mo. Term SOFR + 1.40%), 10/15/2034<sup>(a)</sup> | 7000000 | 6961706  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class DR, 6.72% (3 mo. Term SOFR + 2.40%), 10/15/2034<sup>(a)</sup> | 8000000 | 8015387  |
|  Fort Greene Park CLO, Series 2025-2A, Class DR, 6.67% (3 mo. Term SOFR + 2.35%), 04/22/2034<sup>(a)</sup> | 2000000 | 2009967  |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class DR3, 6.70% (3 mo. Term SOFR + 2.40%), 04/20/2034<sup>(a)</sup> | 4350000 | 4337729  |
|  Madison Park Funding Ltd., Series 2019-35A, Class DR, 7.55% (3 mo. Term SOFR + 3.26%), 04/20/2032<sup>(a)</sup> | 2000000 | 2005950  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-15A, Class DR, 7.31% <br>(3 mo. Term SOFR + 3.01%), 07/25/2031<sup>(a)</sup> | 9320000 | 9301230  |
| &nbsp;&nbsp;&nbsp; Series 2016-17A, Class DR2, 7.79% (3 mo. Term SOFR + 3.50%), 04/20/2037<sup>(a)</sup> | 8000000 | 8011250  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class DR, 7.35% (3 mo. Term SOFR + 3.05%), 04/15/2035<sup>(a)</sup> | $2600000 | $2603995  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class BR2, 5.77% (3 mo. Term SOFR + 1.50%), 01/25/2038<sup>(a)</sup> | 5000000 | 4973026  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class DR, 7.40% (3 mo. Term SOFR + 3.11%), 10/20/2034<sup>(a)</sup> | 1400000 | 1401790  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-20A, Class D1R3, 6.97% (3 mo. Term SOFR + 2.65%), 04/15/2039<sup>(a)</sup> | 4000000 | 4013633  |
| &nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.72% (3 mo. Term SOFR + 1.40%), 10/20/2036<sup>(a)</sup> | 5000000 | 4971491  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 6.17% (3 mo. Term SOFR + 1.40%), 07/16/2036<sup>(a)</sup> | 5000000 | 4983177  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class DR, 7.37% (3 mo. Term SOFR + 2.50%), 07/16/2036<sup>(a)</sup> | 5590000 | 5565075  |
| &nbsp;&nbsp;&nbsp; Series 2021-44A, Class DR, 6.95% (3 mo. Term SOFR + 2.65%), 10/16/2035<sup>(a)</sup> | 5000000 | 4990616  |
| &nbsp;&nbsp;&nbsp; Series 2021-46A, Class DR, 6.95% (3 mo. Term SOFR + 2.65%), 01/20/2037<sup>(a)</sup> | 4000000 | 4012819  |
|  OCP CLO Ltd., Series 2019-16A, Class DR, 7.70% (3 mo. Term SOFR + 3.41%), 04/10/2033<sup>(a)</sup> | 1000000 | 1001969  |
|  OHA Credit Funding, Series 2018-1A, Class D1R, 7.89% (3 mo. Term SOFR + 3.60%), 04/20/2037<sup>(a)</sup> | 8000000 | 8043475  |
|  OHA Credit Partners Ltd., Series 2015-12A, Class D1R2, 7.79% (3 mo. Term SOFR + 3.50%), 04/23/2037<sup>(a)</sup> | 1500000 | 1509332  |
|  OHA Loan Funding Ltd., Series 2013-1A, Class D1R3, 7.59% (3 mo. Term SOFR + 3.30%), 04/23/2037<sup>(a)</sup> | 5000000 | 5055887  |
|  Rad CLO, Series 2021-12A, Class B, 6.20% (3 mo. Term SOFR + 1.91%), 10/30/2034<sup>(a)</sup> | 4000000 | 3998869  |
|  RR Ltd./Cayman Islands, Series 2019-7A, Class C1B, 7.40% (3 mo. Term SOFR + 3.10%), 01/15/2037<sup>(a)</sup> | 2000000 | 2002085  |
|  Symphony CLO Ltd., Series 2022-37A, Class DR, 9.19% (3 mo. Term SOFR + 4.90%), 01/20/2037<sup>(a)</sup> | 6750000 | 6826218  |
|  TICP CLO Ltd., Series 2018-12A, Class DR, 7.86% (3 mo. Term SOFR + 3.56%), 07/15/2034<sup>(a)</sup> | 1100000 | 1102480  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
|  Wellington Management Clo 3 Ltd., Series 2025-4A, Class D1, 6.83% (3 mo. Term SOFR + 2.55%), 04/18/2038<sup>(a)</sup> | $4750000 | $4755695  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $196,421,041)** |  | 197167264  |
| **U.S. TREASURY SECURITIES - 2.0%** | **U.S. TREASURY SECURITIES - 2.0%** | **U.S. TREASURY SECURITIES - 2.0%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 12500000 | 10577637  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031 | 10000000 | 10252734  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 10000000 | 10028125  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 18000000 | 16461563  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 15000000 | 14370117  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 15000000 | 15046875  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $75,331,459)** |  | 76737051  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3%** |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, <br>5.64%, 02/25/2070<sup>(a)(c)</sup> | 3134665 | 3154553  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(c)</sup> | 10000000 | 10015318  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, <br>3.25%, 11/25/2064 | 14294113 | 12292057  |
|  JP Morgan Mortgage Trust, Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(a)(c)</sup> | 3000000 | 3011649  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.65%, 12/01/2064<sup>(a)(c)</sup> | 3321137 | 3334435  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.40%, 02/25/2055<sup>(a)(c)</sup> | 8572260 | 8555102  |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2025-HOME1, Class A1A, <br>5.55%, 02/25/2060<sup>(a)(c)</sup> | 9350000 | 9372224  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $49,594,665)** |  | 49735338  |
| **MORTGAGE-BACKED SECURITIES - 0.5%** | **MORTGAGE-BACKED SECURITIES - 0.5%** | **MORTGAGE-BACKED SECURITIES - 0.5%** |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 10750000 | 10067206  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 9750000 | 9778985  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $19,800,100)** |  | 19846191  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 0.1%** | **ASSET-BACKED SECURITIES - 0.1%** | **ASSET-BACKED SECURITIES - 0.1%** |
|  Mosaic Solar Loans LLC, Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | $884378 | $891491  |
|  RCO Mortgage LLC, Series 2025-1, Class A1, 5.88%, 01/25/2030<sup>(a)(c)</sup> | 597577 | 597443  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,489,280)** |  | 1488934  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.4%** <br>**(Cost $3,646,186,314)** |  | $3618367424  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 4.6% |  | 173574581  |
| **TOTAL NET ASSETS - 100.0%** |  | $3791942005 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USISSO05 - 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $1,262,034,225 or 33.3% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 56.0%**<br>|  |  |
| **Consumer Discretionary - 12.6%**<br>|  |  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | $717018 | $691479  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2028 | 598025 | 568311  |
| &nbsp;&nbsp;&nbsp; Series 2013-1, 3.95%, 11/15/2025 | 689726 | 683691  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.00%, 10/15/2028 | 249207 | 234988  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.25%, 10/15/2028 | 311375 | 289945  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 273592 | 261022  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., Series 2015-1, <br>3.63%, 07/30/2027 | 371928 | 361430  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., <br>4.50%, 10/20/2025<sup>(a)</sup> | 420375 | 418956  |
|  Ford Motor Credit Co. LLC, 4.69%, 06/09/2025 | 200000 | 199733  |
| Las Vegas Sands Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 06/25/2025 | 500000 | 497385  |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/2027 | 150000 | 152460  |
|  United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026 | 720038 | 709656  |
|  United Airlines, Inc., Series A, 4.00%, 04/11/2026 | 963594 | 951333  |
|  |  | 6020389  |
| **Consumer Staples - 2.1%**<br>|  |  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027 | 500000 | 481133  |
| Mars, Inc., 4.45%, 03/01/2027<sup>(a)</sup> | 500000 | 501100  |
|  |  | 982233  |
| **Financials - 28.0%<sup>(b)</sup>**<br>|  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 07/15/2025 | 300000 | 300889  |
| Air Lease Corp., 1.88%, 08/15/2026 | 300000 | 288949  |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br>6.05%, 01/15/2028<sup>(a)</sup> | 350000 | 353206  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>4.25%, 04/15/2026<sup>(a)</sup> | 300000 | 298399  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38% to 04/02/2025 then SOFR + 1.33%, 04/02/2026 | 1400000 | 1399930  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 200000 | 203957  |
| &nbsp;&nbsp;&nbsp; 5.21% (SOFR + 0.83%), 01/24/2029 | 500000 | 500711  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/28/2025<sup>(a)</sup> | 200000 | 199241  |
| &nbsp;&nbsp;&nbsp; 2.22% to 06/09/2025 then SOFR + 2.07%, 06/09/2026<sup>(a)</sup> | 600000 | 597061  |
|  Citigroup, Inc., 5.28% (SOFR + 0.87%), 03/04/2029 | 250000 | 250199  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Credit Agricole SA, 5.59%, 07/05/2026<sup>(a)</sup> | $250000 | $253437  |
| Equinix, Inc., 1.25%, 07/15/2025 | 484000 | 479139  |
| &nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., <br>5.38%, 04/15/2026 | 500000 | 501897  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 | 1250000 | 1255121  |
| &nbsp;&nbsp;&nbsp; 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 | 300000 | 299320  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.10% to 06/04/2025 then SOFR + 1.93%, 06/04/2026 | 600000 | 597160  |
| &nbsp;&nbsp;&nbsp; 5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 | 200000 | 203197  |
| &nbsp;&nbsp;&nbsp; 5.44% (SOFR + 1.03%), 03/03/2029 | 500000 | 501034  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.08% to 04/26/2025 then SOFR + 1.32%, 04/26/2026 | 550000 | 549581  |
| &nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.80%), 01/24/2029 | 700000 | 701349  |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, 4.72% to 08/11/2025 then <br>1 yr. CMT Rate + 1.75%, 08/11/2026 | 400000 | 399774  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.68% to 07/17/2025 then SOFR + 1.67%, 07/17/2026 | 200000 | 199967  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 | 1000000 | 961477  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.70%, 06/15/2026<sup>(a)</sup> | 300000 | 289762  |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, <br>2.75%, 05/07/2025<sup>(a)</sup> | 200000 | 199574  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 5.40% <br>(SOFR + 0.99%), 03/13/2030<sup>(a)</sup> | 200000 | 201546  |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, 5.32% <br>(SOFR + 0.91%), 06/10/2025<sup>(a)</sup> | 250000 | 250380  |
|  UBS AG/Stamford CT, 4.86% to 01/10/2027 then SOFR + 0.72%, 01/10/2028 | 350000 | 351687  |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 2.19% to 06/05/2025 then <br>SOFR + 2.04%, 06/05/2026<sup>(a)</sup> | 250000 | 248835  |
| VICI Properties LP, 4.38%, 05/15/2025 | 500000 | 500323  |
|  |  | 13337102  |
| **Health Care - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., <br>4.70%, 02/19/2027 | 350000 | 351185  |
| **Industrials - 3.9%**<br>|  |  |
|  BAE Systems Holdings, Inc., 3.85%, 12/15/2025<sup>(a)</sup> | 300000 | 298104  |
| Boeing Co., 6.26%, 05/01/2027 | 150000 | 154367  |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., <br>3.85%, 06/15/2025<sup>(a)</sup> | 200000 | 199547  |
|  Lennox International, Inc., 1.35%, 08/01/2025 | 500000 | 493967  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**<br>|  |  |
| **Industrials - (Continued)**<br>|  |  |
|  Regal Rexnord Corp., 6.05%, 02/15/2026 | $400000 | $403102  |
| &nbsp;&nbsp;&nbsp; Weir Group PLC, <br>2.20%, 05/13/2026<sup>(a)</sup> | 300000 | 291380  |
|  |  | 1840467  |
| **Materials - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc., <br>4.00%, 05/17/2025 | 300000 | 299591  |
|  Rio Tinto Finance USA PLC, 4.38%, 03/12/2027 | 100000 | 100272  |
|  Sonoco Products Co., 4.45%, 09/01/2026 | 310000 | 309100  |
|  |  | 708963  |
| **Technology - 4.0%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 300000 | 285059  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.65%, 08/02/2026 | 150000 | 153068  |
| Infor LLC, 1.75%, 07/15/2025<sup>(a)</sup> | 700000 | 692981  |
| Jabil, Inc., 1.70%, 04/15/2026 | 200000 | 194280  |
|  Kyndryl Holdings, Inc., 2.05%, 10/15/2026 | 100000 | 96088  |
| Synopsys, Inc., 4.55%, 04/01/2027 | 500000 | 501961  |
|  |  | 1923437  |
| **Utilities - 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., <br>1.00%, 11/01/2025 | 300000 | 293614  |
|  Consolidated Edison Co. of New York, Inc., 4.91% (SOFR + 0.52%), 11/18/2027 | 200000 | 201176  |
| DTE Energy Co., 2.85%, 10/01/2026 | 300000 | 292577  |
| Exelon Corp., 3.40%, 04/15/2026 | 200000 | 197732  |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., <br>5.35%, 03/01/2026 | 300000 | 301307  |
|  Vistra Operations Co. LLC, 5.05%, 12/30/2026<sup>(a)</sup> | 250000 | 250972  |
|  |  | 1537378  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $26,584,545)** |  | 26701154  |
| **COLLATERALIZED LOAN OBLIGATIONS - 14.8%** | **COLLATERALIZED LOAN OBLIGATIONS - 14.8%** | **COLLATERALIZED LOAN OBLIGATIONS - 14.8%** |
| Blackstone, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, 5.59% (3 mo. Term SOFR + 1.29%), 04/15/2031<sup>(a)</sup> | 81195 | 81228  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, 5.57% (3 mo. Term SOFR + 1.27%), 04/15/2031<sup>(a)</sup> | 81195 | 81221  |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.38% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 275945 | 275448  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, 5.65% (3 mo. Term SOFR + 1.36%), 07/18/2031<sup>(a)</sup> | $188795 | $188678  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, 5.60% (3 mo. Term SOFR + 1.30%), 04/17/2034<sup>(a)</sup> | 250000 | 249972  |
|  Flatiron CLO Ltd., Series 2018-1A, Class A, 5.51% (3 mo. Term SOFR + 1.21%), 04/17/2031<sup>(a)</sup> | 223506 | 223393  |
|  Fort Greene Park CLO, Series 2025-2A, Class AR, 5.27% (3 mo. Term SOFR + 0.95%), 04/22/2034<sup>(a)</sup> | 450000 | 448246  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-12A, Class AR4, 5.45% (3 mo. Term SOFR + 1.15%), 10/15/2031<sup>(a)</sup> | 1064807 | 1065287  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-12A, Class BRRA, 6.16% <br>(3 mo. Term SOFR + 1.86%), 10/15/2031<sup>(a)</sup> | 400000 | 400029  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.76% <br>(3 mo. Term SOFR + 1.46%), 01/25/2032<sup>(a)</sup> | 615455 | 615273  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2, 5.42% (3 mo. Term SOFR + 1.15%), 01/25/2038<sup>(a)</sup> | 250000 | 249325  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.10% (3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 250000 | 250154  |
|  Myers Park CLO, Series 2018-1A, Class B1, 6.15% (3 mo. Term SOFR + 1.86%), 10/20/2030<sup>(a)</sup> | 250000 | 250255  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 5.67% (3 mo. Term SOFR + 0.95%), 07/16/2035<sup>(a)</sup> | 250000 | 248732  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class AR, 5.37% (3 mo. Term SOFR + 1.05%), 07/17/2036<sup>(a)</sup> | 1000000 | 998225  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, 5.35% (3 mo. Term SOFR + 1.06%), <br>07/20/2029<sup>(a)</sup> | 11375 | 11367  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A1, 5.36% (3 mo. Term SOFR + 1.06%), 10/15/2029<sup>(a)</sup> | 37701 | 37682  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class A2, 5.96% (3 mo. Term SOFR + 1.66%), 10/15/2029<sup>(a)</sup> | 250000 | 249921  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A1, 5.35% (3 mo. Term SOFR + 1.05%), 04/15/2030<sup>(a)</sup> | 129153 | 129037  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, 5.45% (3 mo. Term SOFR + 1.00%), 01/15/2033<sup>(a)</sup> | 400000 | 399513  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| TCI-Flatiron CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class AR, 5.54% (3 mo. Term SOFR + 1.22%), 11/18/2030<sup>(a)</sup> | $525583 | $525212  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class ANR, 5.62% (3 mo. Term SOFR + 1.32%), 01/29/2032<sup>(a)</sup> | 103473 | 103405  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $7,082,374)** |  | 7081603  |
| **ASSET-BACKED SECURITIES - 13.0%** | **ASSET-BACKED SECURITIES - 13.0%** |  |
|  Ally Auto Receivables Trust, Series 2022-2, Class A3, 4.76%, 05/17/2027 | 67627 | 67644  |
| &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, <br>Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 141348 | 141813  |
|  Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 09/11/2028 | 120461 | 115834  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, <br>Series 2021-4, Class B, 1.49%, 02/15/2027<sup>(a)</sup> | 78758 | 78604  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.68%, 09/15/2026 | 80517 | 80658  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.32%, 01/15/2027 | 139781 | 140136  |
|  Hilton Grand Vacations, Inc., Series 2020-AA, Class A, 2.74%, 02/25/2039<sup>(a)</sup> | 20652 | 20057  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-FA, Class A2, 2.60%, 08/15/2068<sup>(a)</sup> | 486807 | 463360  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 65769 | 59479  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 309205 | 292666  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 230850 | 214997  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 83873 | 77463  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(a)</sup> | 412542 | 378734  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(a)</sup> | 46132 | 43491  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 5.05% (30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 72535 | 72007  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 56136 | 50705  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, 10/15/2069<sup>(a)</sup> | 523683 | 471138  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Reach Financial LLC, <br>Series 2025-1A, Class A, <br>4.96%, 08/16/2032<sup>(a)</sup> | $89133 | $89177  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.61%, 10/15/2027 | 856474 | 858216  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 5.80%, 09/15/2027 | 115129 | 115403  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A2, 5.91%, 06/15/2027 | 172755 | 173139  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 5.41%, 07/15/2027 | 80656 | 80841  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 4.76%, 08/16/2027 | 600000 | 600015  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.71%, 06/15/2028 | 420000 | 419297  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(a)</sup> | 342962 | 337643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 5.26% <br>(1 mo. Term SOFR + 0.94%), 09/15/2037<sup>(a)</sup> | 372469 | 372318  |
|  SoFi Consumer Loan Program Trust, Series 2025-1, Class A, 4.80%, 02/27/2034<sup>(a)</sup> | 350000 | 350246  |
|  SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047<sup>(a)</sup> | 50169 | 49790  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>**(Cost $6,236,832)** |  | 6214871  |
| **BANK LOANS - 5.8%**<br>|  |  |
| **Consumer Discretionary - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., Senior Secured First Lien, <br>6.07% (1 mo. SOFR US + 1.75%), 11/08/2030 | 250000 | 250060  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, <br>6.32% (1 mo. SOFR US + 2.00%), 08/02/2028 | 335780 | 334560  |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, <br>6.32% (1 mo. SOFR US + 2.00%), 12/04/2031 | 241936 | 240524  |
|  |  | 825144  |
| **Energy - 0.3%**<br>|  |  |
|  Buckeye Partners LP, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 11/02/2026 | 133038 | 133128  |
| **Financials - 1.9%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, <br>6.07% (1 mo. SOFR US + 1.75%), 06/22/2028 | 137258 | 137287  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**<br>|  |  |
| **Financials - (Continued)**<br>|  |  |
|  Delos Aircraft DAC, Senior Secured First Lien, 6.05% (3 mo. SOFR US + 1.75%), 10/29/2027 | $470000 | $471048  |
|  SBA Senior Finance II LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 01/27/2031 | 292087 | 292149  |
|  |  | 900484  |
| **Health Care - 0.9%**<br>|  |  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 08/02/2027 | 417845 | 417477  |
| **Materials - 1.0%**<br>|  |  |
|  Asplundh Tree Expert LLC, Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 09/07/2027 | 231250 | 231196  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 04/14/2031 | 249372 | 246948  |
|  |  | 478144  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $2,748,568)** |  | 2754377  |
| **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** |  |
| **U.S. Treasury Bills - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.24%, 04/03/2025<sup>(c)</sup> | 2000000 | 1999529  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,999,530)** |  | 1999529  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.8%** <br>**(Cost $44,651,849)** |  | $44751534  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 6.2% |  | 2959391  |
| **TOTAL NET ASSETS - 100.0%** |  | $47710925 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $16,594,040 or 34.8% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Communication Services - 10.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 129934 | $20092994  |
| Meta Platforms, Inc. - Class A | 37076 | 21369123  |
| Netflix, Inc.<sup>(a)</sup> | 8494 | 7920910  |
|  |  | 49383027  |
| **Consumer Discretionary - 12.2%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 119931 | 22818072  |
| Expedia Group, Inc. | 33502 | 5631686  |
| General Motors Co. | 123341 | 5800727  |
| Home Depot, Inc. | 25793 | 9452877  |
| Marriott International Inc. - Class A | 29905 | 7123371  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 6262 | 8970816  |
|  |  | 59797549  |
| **Consumer Staples - 4.4%**<br>|  |  |
| Costco Wholesale Corp. | 14633 | 13839599  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 248811 | 7772855  |
|  |  | 21612454  |
| **Energy - 2.8%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 183648 | 7426725  |
| Halliburton Co. | 251719 | 6386111  |
|  |  | 13812836  |
| **Financials - 14.6%**<br>|  |  |
| Ameriprise Financial, Inc. | 21618 | 10465490  |
| Bank of America Corp. | 253089 | 10561404  |
| Chubb Ltd. | 32468 | 9805011  |
| Intercontinental Exchange, Inc. | 62559 | 10791427  |
| JPMorgan Chase & Co. | 67705 | 16608037  |
| Visa, Inc. - Class A | 38213 | 13392128  |
|  |  | 71623497  |
| **Health Care - 12.5%**<br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 494237 | 3672181  |
| Becton Dickinson & Co. | 37098 | 8497668  |
| Bio-Techne Corp. | 134812 | 7904028  |
| Boston Scientific Corp.<sup>(a)</sup> | 67664 | 6825944  |
| Cigna Group | 15272 | 5024488  |
| Eli Lilly & Co. | 8763 | 7237449  |
| Guardant Health, Inc.<sup>(a)</sup> | 155561 | 6626899  |
| Thermo Fisher Scientific, Inc. | 12152 | 6046835  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 11842 | 5741238  |
| Zoetis, Inc. | 25337 | 4171737  |
|  |  | 61748467  |
| **Industrials - 8.5%**<br>|  |  |
| AMETEK, Inc. | 60514 | 10416880  |
| Chart Industries, Inc.<sup>(a)</sup> | 23809 | 3437067  |
| General Electric Co. | 22238 | 4450936  |
| Honeywell International, Inc. | 24863 | 5264740  |
| Norfolk Southern Corp. | 35691 | 8453414  |
| Trane Technologies PLC | 29099 | 9804035  |
|  |  | 41827072  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 29.3%<sup>(b)</sup>**<br>|  |  |
| Amphenol Corp. - Class A | 66920 | $4389283  |
| Analog Devices, Inc. | 17762 | 3582063  |
| Apple, Inc. | 123155 | 27356420  |
| Applied Materials, Inc. | 23065 | 3347193  |
| Broadcom, Inc. | 82426 | 13800585  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 11648 | 4106852  |
| Microsoft Corp. | 92732 | 34810665  |
| NVIDIA Corp. | 275635 | 29873321  |
| Oracle Corp. | 68201 | 9535182  |
| ServiceNow, Inc.<sup>(a)</sup> | 10188 | 8111074  |
| Synopsys, Inc.<sup>(a)</sup> | 12028 | 5158208  |
|  |  | 144070846  |
| **Materials - 1.4%**<br>|  |  |
| Avery Dennison Corp. | 37966 | 6756809  |
| **Utilities - 2.2%**<br>|  |  |
| American Water Works Co., Inc. | 38069 | 5615939  |
| NextEra Energy, Inc. | 72293 | 5124851  |
|  |  | 10740790  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $362,519,427)** |  | 481373347  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** |
| **Real Estate - 1.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 29410 | 2720719  |
| Prologis, Inc. | 32943 | 3682698  |
|  |  | 6403417  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $6,960,462)** |  | 6403417  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $369,479,889)** |  | $487776764  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 3873630  |
| **TOTAL NET ASSETS - 100.0%** |  | $491650394 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Growth Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Communication Services - 13.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 94429 | $14602501  |
| Meta Platforms, Inc. - Class A | 16502 | 9511093  |
| Netflix, Inc.<sup>(a)</sup> | 4301 | 4010811  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 14962 | 3100874  |
|  |  | 31225279  |
| **Consumer Discretionary - 15.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 97618 | 18572801  |
| Expedia Group, Inc. | 31948 | 5370459  |
| Home Depot, Inc. | 16090 | 5896824  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 2778 | 3979707  |
| Tesla, Inc.<sup>(a)</sup> | 10026 | 2598338  |
|  |  | 36418129  |
| **Consumer Staples - 3.6%**<br>|  |  |
| Costco Wholesale Corp. | 6531 | 6176889  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 71556 | 2235410  |
|  |  | 8412299  |
| **Financials - 6.1%**<br>|  |  |
| S&P Global, Inc. | 5385 | 2736118  |
| Visa, Inc. - Class A | 32719 | 11466701  |
|  |  | 14202819  |
| **Health Care - 7.7%**<br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 306714 | 2278885  |
| Bio-Techne Corp. | 77871 | 4565577  |
| Eli Lilly & Co. | 4049 | 3344110  |
| Guardant Health, Inc.<sup>(a)</sup> | 70678 | 3010883  |
| UnitedHealth Group, Inc. | 4014 | 2102332  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5439 | 2636936  |
|  |  | 17938723  |
| **Industrials - 5.6%**<br>|  |  |
| AMETEK, Inc. | 20158 | 3469998  |
| Chart Industries, Inc.<sup>(a)</sup> | 11682 | 1686414  |
| Norfolk Southern Corp. | 11370 | 2692984  |
| Quanta Services, Inc. | 10859 | 2760141  |
| Uber Technologies, Inc.<sup>(a)</sup> | 36142 | 2633306  |
|  |  | 13242843  |
| **Information Technology - 45.4%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 9719 | 3727528  |
| Analog Devices, Inc. | 18411 | 3712946  |
| Apple, Inc. | 105467 | 23427385  |
| Broadcom, Inc. | 42699 | 7149094  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 10356 | 3651318  |
| KLA Corp. | 5966 | 4055687  |
| Microsoft Corp. | 67462 | 25324560  |
| NVIDIA Corp. | 217950 | 23621421  |
| Oracle Corp. | 27048 | 3781581  |
| ServiceNow, Inc.<sup>(a)</sup> | 4749 | 3780869  |
| Synopsys, Inc.<sup>(a)</sup> | 8906 | 3819338  |
|  |  | 106051727  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 1.0%**<br>|  |  |
| Linde PLC | 4855 | $2260682  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $166,634,530)** |  | 229752501  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.8%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.8%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.8%** |
| **Real Estate - 0.8%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 8483 | 784762  |
| Prologis, Inc. | 9536 | 1066030  |
|  |  | 1850792  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $2,140,856)** |  | 1850792  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $168,775,386)** |  | $231603293  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 2092026  |
| **TOTAL NET ASSETS - 100.0%** |  | $233695319 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%**<br>|  |  |
| **Austria - 3.0%**<br>|  |  |
| Erste Group Bank AG | 241700 | $16718702  |
| **Canada - 7.0%**<br>|  |  |
| Brookfield Corp. | 429300 | 22466616  |
| Cameco Corp. | 394300 | 16231772  |
|  |  | 38698388  |
| **France - 12.6%**<br>|  |  |
| Amundi SA<sup>(a)</sup> | 140000 | 10968392  |
|  Cie Generale des Etablissements Michelin SCA | 366800 | 12891800  |
|  LVMH Moet Hennessy Louis Vuitton SE | 18900 | 11704401  |
| Safran SA | 81000 | 21326022  |
| TotalEnergies SE | 203100 | 13086378  |
|  |  | 69976993  |
| **Germany - 8.9%**<br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 31100 | 19646580  |
| Nemetschek SE | 175100 | 20412528  |
| Symrise AG | 89400 | 9268487  |
|  |  | 49327595  |
| **Hong Kong - 1.5%**<br>|  |  |
| AIA Group Ltd. | 1076300 | 8147454  |
| **Ireland - 5.8%**<br>|  |  |
| Accenture PLC - Class A | 59800 | 18659992  |
| Experian PLC | 299700 | 13886763  |
|  |  | 32546755  |
| **Japan - 21.4%**<br>|  |  |
| Daikin Industries Ltd. | 81400 | 8833420  |
| FANUC Corp. | 303700 | 8274537  |
| Fast Retailing Co. Ltd. | 46900 | 13961727  |
| Kubota Corp. | 502500 | 6209594  |
| MonotaRO Co. Ltd. | 1125400 | 21023309  |
| NIDEC CORP | 240400 | 4034461  |
| Otsuka Holdings Co. Ltd. | 222300 | 11584051  |
|  Pan Pacific International Holdings Corp. | 714200 | 19617898  |
| Sony Group Corp. | 992100 | 25103113  |
|  |  | 118642110  |
| **Netherlands - 3.2%**<br>|  |  |
| Akzo Nobel NV | 127600 | 7858358  |
| Heineken NV | 121900 | 9939805  |
|  |  | 17798163  |
| **Peru - 2.9%**<br>|  |  |
| Credicorp Ltd. | 86100 | 16028376  |
| **Singapore - 3.5%**<br>|  |  |
| DBS Group Holdings Ltd. | 568850 | 19535065  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **South Korea - 1.5%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 210800 | $8357266  |
| **Sweden - 2.0%**<br>|  |  |
| Assa Abloy AB - Class B | 366600 | 11005795  |
| **Switzerland - 7.8%**<br>|  |  |
| Alcon AG | 171300 | 16253802  |
| DSM-Firmenich AG | 89100 | 8820759  |
| Roche Holding AG | 56300 | 18529886  |
|  |  | 43604447  |
| **United Kingdom - 16.5%**<br>|  |  |
| Ashtead Group PLC | 264600 | 14306134  |
| Coca-Cola Europacific Partners PLC | 211200 | 18380736  |
| Diageo PLC | 470300 | 12290241  |
| GSK PLC | 545500 | 10424666  |
| Haleon PLC | 3238200 | 16353659  |
| Rentokil Initial PLC | 1821400 | 8265814  |
| Unilever PLC | 196600 | 11713842  |
|  |  | 91735092  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $429,351,226)** |  | 542122201  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $429,351,226)** |  | $542122201  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.4% |  | 13067048  |
| **TOTAL NET ASSETS - 100.0%** |  | $555189249 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is exempt from registration pursuant
 to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
 to qualified institutional investors. As of March 31, 2025, the value of these securities total $10,968,392 or 2.0% of the Fund's
 net assets.

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

**Sector Classification as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Industrials | $117165849 | 21.1%  |
| Financials | 113511185 | 20.5  |
| Consumer Discretionary | 83278939 | 15.0  |
| Health Care | 73146064 | 13.1  |
| Consumer Staples | 52324624 | 9.4  |
| Information Technology | 47429786 | 8.5  |
| Energy | 29318150 | 5.3  |
| Materials | 25947604 | 4.7  |
| Other Assets in Excess of Liabilities | 13067048 | 2.4  |
|  | $555189249 | 100.0% |

---

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.8%**<br>|  |  |
| **Communication Services - 2.0%**<br>|  |  |
| TKO Group Holdings, Inc. | 19187 | $2931965  |
| **Consumer Discretionary - 5.0%**<br>|  |  |
| 1-800-Flowers.com, Inc. - Class A<sup>(a)</sup> | 102976 | 607558  |
| Carter's, Inc. | 26771 | 1094934  |
| KB Home | 26348 | 1531346  |
| Matthews International Corp. - Class A | 48244 | 1072947 |
| Monro, Inc. | 28711 | 415448  |
| Sonos, Inc.<sup>(a)</sup> | 80080 | 854454  |
| Valvoline, Inc.<sup>(a)</sup> | 31936 | 1111692  |
| Wolverine World Wide, Inc. | 59667 | 829968  |
|  |  | 7518347  |
| **Consumer Staples - 2.9%**<br>|  |  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 22733 | 1238039  |
| Herbalife Ltd.<sup>(a)</sup> | 61743 | 532842  |
| J & J Snack Foods Corp. | 10185 | 1341568  |
| Nu Skin Enterprises, Inc. - Class A | 41025 | 297842  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 36354 | 984830  |
|  |  | 4395121  |
| **Energy - 4.9%**<br>|  |  |
| Ardmore Shipping Corp. | 165189 | 1617200  |
| International Seaways, Inc. | 27038 | 897662  |
| Northern Oil & Gas, Inc. | 41585 | 1257115  |
| Oceaneering International, Inc.<sup>(a)</sup> | 94414 | 2059169  |
| Patterson-UTI Energy, Inc. | 143371 | 1178510  |
| Ring Energy, Inc.<sup>(a)</sup> | 203981 | 234578  |
|  |  | 7244234  |
| **Financials - 13.5%**<br>|  |  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 29771 | 1330466  |
| BankUnited, Inc. | 33999 | 1170926  |
| Banner Corp. | 18851 | 1202128  |
| Berkshire Hills Bancorp, Inc. | 22465 | 586112  |
| Byline Bancorp, Inc. | 81417 | 2129869  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 27451 | 1378040  |
| eHealth, Inc.<sup>(a)</sup> | 36796 | 245797  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 21416 | 2288300  |
|  First Interstate BancSystem, Inc. - Class A | 27697 | 793519  |
| National Bank Holdings Corp. - Class A | 58206 | 2227544  |
| Old National Bancorp | 42332 | 897015  |
| Pacific Premier Bancorp, Inc. | 40815 | 870176  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 12126 | 905812  |
|  United Community Banks, Inc. of Georgia | 40603 | 1142162  |
| Veritex Holdings, Inc. | 54692 | 1365659  |
| Voya Financial, Inc. | 24530 | 1662153  |
|  |  | 20195678  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 13.7%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 44806 | $1358518  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 7652 | 1151779  |
| Chemed Corp. | 4618 | 2841548  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 63458 | 944890  |
| Haemonetics Corp.<sup>(a)</sup> | 27630 | 1755886  |
| HealthEquity, Inc.<sup>(a)</sup> | 34278 | 3029147  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 32695 | 3456188  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 40280 | 583657  |
| Perrigo Co. PLC | 16195 | 454108  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 25965 | 2232211  |
| QuidelOrtho Corp.<sup>(a)</sup> | 19700 | 688909  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 61887 | 2026799  |
|  |  | 20523640  |
| **Industrials - 22.9%**<br>|  |  |
| AerCap Holdings NV | 38360 | 3919241  |
| Albany International Corp. - Class A | 24406 | 1684990  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 44919 | 817526  |
| AZEK Co., Inc.<sup>(a)</sup> | 55070 | 2692372  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 17490 | 1950310  |
| Chart Industries, Inc.<sup>(a)</sup> | 13865 | 2001551  |
| Columbus McKinnon Corp. | 48455 | 820343  |
| Dycom Industries, Inc.<sup>(a)</sup> | 18249 | 2780053  |
| FTI Consulting, Inc.<sup>(a)</sup> | 8488 | 1392711  |
| GXO Logistics, Inc.<sup>(a)</sup> | 22833 | 892314  |
| Hexcel Corp. | 15248 | 834981  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 30385 | 4358728  |
| KBR, Inc. | 34915 | 1739116  |
| Liquidity Services, Inc.<sup>(a)</sup> | 56220 | 1743382  |
| Mercury Systems, Inc.<sup>(a)</sup> | 38105 | 1641944  |
|  Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 51446 | 1820674  |
| Titan Machinery, Inc.<sup>(a)</sup> | 32169 | 548160  |
| Wabash National Corp. | 28318 | 312914  |
|  Westinghouse Air Brake Technologies Corp. | 7485 | 1357405  |
| WillScot Holdings Corp. | 37268 | 1036050  |
|  |  | 34344765  |
| **Information Technology - 17.8%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 66637 | 3645710  |
| Advanced Energy Industries, Inc. | 24406 | 2326136  |
| ASGN, Inc.<sup>(a)</sup> | 28567 | 1800292  |
| Belden, Inc. | 24183 | 2424346  |
| Benchmark Electronics, Inc. | 29861 | 1135614  |
| Box, Inc. - Class A<sup>(a)</sup> | 69672 | 2150078  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 8377 | 1256466  |
| Itron, Inc.<sup>(a)</sup> | 33420 | 3501079  |
| Knowles Corp.<sup>(a)</sup> | 118742 | 1804878  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Littelfuse, Inc. | 5756 | $1132436  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 28780 | 2888936  |
| Novanta, Inc.<sup>(a)</sup> | 11166 | 1427796  |
| Rogers Corp.<sup>(a)</sup> | 6354 | 429086  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 33431 | 671295  |
|  |  | 26594148  |
| **Materials - 4.0%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 95126 | 2543669  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 35527 | 1178431  |
| Silgan Holdings, Inc. | 36967 | 1889753  |
| Tronox Holdings PLC | 59298 | 417458  |
|  |  | 6029311  |
| **Utilities - 2.1%**<br>|  |  |
| ALLETE, Inc. | 12627 | 829594  |
| Unitil Corp. | 41027 | 2366848  |
|  |  | 3196442  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $101,750,395)** |  | 132973651  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.6%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.6%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.6%** |
| **Financials - 1.7%**<br>|  |  |
|  HA Sustainable Infrastructure Capital, Inc. | 89248 | 2609611  |
| **Real Estate - 4.9%**<br>|  |  |
| Agree Realty Corp. | 17312 | 1336313  |
| Americold Realty Trust, Inc. | 45644 | 979520  |
| Armada Hoffler Properties, Inc. | 102511 | 769858  |
| Community Healthcare Trust, Inc. | 53085 | 964024  |
| JBG SMITH Properties | 30020 | 483622  |
| Safehold, Inc. | 24135 | 451807  |
| STAG Industrial, Inc. | 64530 | 2330824  |
|  |  | 7315968  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $11,191,002)** |  | 9925579  |
| **EXCHANGE TRADED FUNDS - 0.9%** | **EXCHANGE TRADED FUNDS - 0.9%** |  |
| iShares Russell 2000 ETF | 3330 | 664302  |
| iShares Russell 2000 Value ETF | 4470 | 674880  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $916,115)** |  | 1339182  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.3%** <br>**(Cost $113,857,512)** |  | $144238412  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 3.7% |  | 5588362  |
| **TOTAL NET ASSETS - 100.0%** |  | $149826774 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.3%**<br>|  |  |
| **Communication Services - 1.9%**<br>|  |  |
| TKO Group Holdings, Inc. | 4209 | $643177  |
| **Consumer Discretionary - 6.2%**<br>|  |  |
| 1-800-Flowers.com, Inc. - Class A<sup>(a)</sup> | 18710 | 110389  |
| Carter's, Inc. | 5638 | 230594  |
| KB Home | 5939 | 345175  |
| LKQ Corp. | 6203 | 263876  |
| Matthews International Corp. - Class A | 10626 | 236322 |
| Monro, Inc. | 6137 | 88802  |
| Pool Corp. | 705 | 224437  |
| Sonos, Inc.<sup>(a)</sup> | 9702 | 103520  |
| Valvoline, Inc.<sup>(a)</sup> | 7474 | 260170  |
| Wolverine World Wide, Inc. | 19928 | 277198  |
|  |  | 2140483  |
| **Consumer Staples - 1.9%**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 13411 | 115737  |
| J & J Snack Foods Corp. | 2385 | 314152  |
| Nu Skin Enterprises, Inc. - Class A | 7194 | 52229  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 7145 | 193558  |
|  |  | 675676  |
| **Energy - 5.7%**<br>|  |  |
| Northern Oil & Gas, Inc. | 6119 | 184977  |
| Oceaneering International, Inc.<sup>(a)</sup> | 20685 | 451140  |
| Patterson-UTI Energy, Inc. | 19857 | 163225  |
| Permian Resources Corp. | 43699 | 605231  |
| Range Resources Corp. | 14545 | 580782  |
|  |  | 1985355  |
| **Financials - 11.7%**<br>|  |  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 7024 | 313903  |
| BankUnited, Inc. | 16107 | 554725  |
| Banner Corp. | 4088 | 260692  |
| Berkshire Hills Bancorp, Inc. | 4683 | 122179  |
| Cohen & Steers, Inc. | 2747 | 220447  |
| eHealth, Inc.<sup>(a)</sup> | 7078 | 47281  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 4245 | 453578  |
| First Interstate BancSystem, Inc. - Class A | 6599 | 189061  |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. - <br>Class A | 12687 | 485531  |
| Old National Bancorp | 9924 | 210290  |
| Pacific Premier Bancorp, Inc. | 9240 | 196997  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 2354 | 175844  |
| United Community Banks, Inc. of Georgia | 9099 | 255955  |
| Voya Financial, Inc. | 5253 | 355943  |
| WSFS Financial Corp. | 3607 | 187095  |
|  |  | 4029521  |
| **Health Care - 14.5%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 9111 | 276245  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1977 | 297578  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Chemed Corp. | 1054 | $648547  |
| Encompass Health Corp. | 6325 | 640596  |
| Haemonetics Corp.<sup>(a)</sup> | 6459 | 410469  |
| HealthEquity, Inc.<sup>(a)</sup> | 7299 | 645013  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 7074 | 747793  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 8744 | 126701  |
| Perrigo Co. PLC | 3782 | 106047  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 4077 | 350500  |
| QuidelOrtho Corp.<sup>(a)</sup> | 2833 | 99070  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 14592 | 477888  |
| Teleflex, Inc. | 1278 | 176607  |
|  |  | 5003054  |
| **Industrials - 22.9%**<br>|  |  |
| AerCap Holdings NV | 8122 | 829825  |
| Albany International Corp. - Class A | 5406 | 373230  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 10515 | 191373  |
| AZEK Co., Inc.<sup>(a)</sup> | 12631 | 617530  |
| Carlisle Cos., Inc. | 1638 | 557739  |
| Chart Industries, Inc.<sup>(a)</sup> | 3261 | 470758  |
| Columbus McKinnon Corp. | 2655 | 44949  |
| Dycom Industries, Inc.<sup>(a)</sup> | 4263 | 649425  |
| Flowserve Corp. | 3812 | 186178  |
| FTI Consulting, Inc.<sup>(a)</sup> | 3486 | 571983  |
| GXO Logistics, Inc.<sup>(a)</sup> | 5368 | 209782  |
| HEICO Corp. - Class A | 1013 | 213713  |
| Hexcel Corp. | 3567 | 195329  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 6002 | 860987  |
| IDEX Corp. | 1498 | 271093  |
| Jacobs Solutions, Inc. | 2743 | 331601  |
| KBR, Inc. | 8309 | 413871  |
| Knight-Swift Transportation Holdings, Inc. | 6052 | 263202  |
| Mercury Systems, Inc.<sup>(a)</sup> | 4470 | 192612  |
|  Westinghouse Air Brake Technologies Corp. | 1292 | 234304  |
| WillScot Holdings Corp. | 8134 | 226125  |
|  |  | 7905609  |
| **Information Technology - 19.0%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 13915 | 761290  |
| Advanced Energy Industries, Inc. | 5667 | 540122  |
| ASGN, Inc.<sup>(a)</sup> | 6698 | 422108  |
| Belden, Inc. | 6565 | 658141  |
| Box, Inc. - Class A<sup>(a)</sup> | 15123 | 466696  |
| Ciena Corp.<sup>(a)</sup> | 6212 | 375391  |
| Gartner, Inc.<sup>(a)</sup> | 915 | 384062  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 1174 | 176088  |
| IPG Photonics Corp.<sup>(a)</sup> | 1971 | 124449  |
| Itron, Inc.<sup>(a)</sup> | 6500 | 680940  |
| Knowles Corp.<sup>(a)</sup> | 24398 | 370850  |
| Littelfuse, Inc. | 1347 | 265009  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 7241 | 726851  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| NCR Voyix Corp.<sup>(a)</sup> | 11429 | $111433  |
| Rogers Corp.<sup>(a)</sup> | 1418 | 95757  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 817 | 406629  |
|  |  | 6565816  |
| **Materials - 6.3%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 34127 | 912556  |
| AptarGroup, Inc. | 3371 | 500189  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 8315 | 275808  |
| Silgan Holdings, Inc. | 5031 | 257185  |
| Tronox Holdings PLC | 32904 | 231644  |
|  |  | 2177382  |
| **Utilities - 1.2%**<br>|  |  |
| ALLETE, Inc. | 3008 | 197626  |
| NorthWestern Corp. | 3654 | 211457  |
|  |  | 409083  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $28,736,033)** |  | 31535156  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.2%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.2%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.2%** |
| **Financials - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br>Inc. | 20909 | 611379  |
| **Real Estate - 4.4%**<br>|  |  |
| Agree Realty Corp. | 4054 | 312928  |
| Americold Realty Trust, Inc. | 10680 | 229193  |
| BXP, Inc. | 2249 | 151110  |
| Healthpeak Properties, Inc. | 12708 | 256956  |
| JBG SMITH Properties | 15200 | 244872  |
| Safehold, Inc. | 2584 | 48373  |
| STAG Industrial, Inc. | 7818 | 282386  |
|  |  | 1525818  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**<br>**(Cost $1,932,249)** |  | 2137197  |
| **CLOSED-END FUNDS - 1.0%**<br>|  |  |
| SLR Investment Corp. | 20004 | 337268  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS**<br>**(Cost $295,279)** |  | 337268  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%**<br>**(Cost $30,963,561)** |  | $34009621  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 511972  |
| **TOTAL NET ASSETS - 100.0%** |  | $34521593 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.8%**<br>|  |  |
| **Austria - 1.7%**<br>|  |  |
| Erste Group Bank AG | 7500 | $518785  |
| **Canada - 5.1%**<br>|  |  |
| Brookfield Corp. | 14000 | 732664  |
| Cameco Corp. | 20800 | 856254  |
|  |  | 1588918  |
| **France - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton <br>SE | 750 | 464460  |
| TotalEnergies SE | 13000 | 837631  |
|  |  | 1302091  |
| **Germany - 9.3%**<br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1900 | 1200273  |
| Nemetschek SE | 7100 | 827693  |
| Rational AG | 600 | 499895  |
| Symrise AG | 3500 | 362860  |
|  |  | 2890721  |
| **Hong Kong - 1.5%**<br>|  |  |
| AIA Group Ltd. | 62100 | 470089  |
| **Ireland - 3.1%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 4100 | 509015  |
| Medtronic PLC | 5200 | 467272  |
|  |  | 976287  |
| **Japan - 18.6%**<br>|  |  |
| Daikin Industries Ltd. | 5200 | 564297  |
| FANUC Corp. | 15800 | 430483  |
| Mitsubishi UFJ Financial Group, Inc. | 38900 | 530356  |
| MonotaRO Co. Ltd. | 55500 | 1036781  |
| NIDEC CORP | 13400 | 224883  |
| Otsuka Holdings Co. Ltd. | 14800 | 771228  |
| Pan Pacific International Holdings Corp. | 18500 | 508164  |
| Sony Group Corp. | 38800 | 981757  |
| Tokyo Century Corp. | 74100 | 725799  |
|  |  | 5773748  |
| **Netherlands - 1.1%**<br>|  |  |
| Heineken NV | 4100 | 334317  |
| **Singapore - 3.1%**<br>|  |  |
| DBS Group Holdings Ltd. | 28020 | 962244  |
| **Sweden - 1.3%**<br>|  |  |
| Assa Abloy AB - Class B | 13600 | 408289  |
| **Switzerland - 3.7%**<br>|  |  |
| Alcon AG | 7800 | 740103  |
| DSM-Firmenich AG | 4200 | 415793  |
|  |  | 1155896  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United Kingdom - 3.1%**<br>|  |  |
| GSK PLC | 27900 | $533177  |
| Rentokil Initial PLC | 96700 | 438841  |
|  |  | 972018  |
| **United States - 40.0%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1600 | 613648  |
| Alphabet, Inc. - Class C | 3756 | 586800  |
| Amgen, Inc. | 2700 | 841185  |
| Coca-Cola Co. | 8800 | 630256  |
| Danaher Corp. | 2600 | 533000  |
| Dolby Laboratories, Inc. - Class A | 6400 | 513984  |
| FirstCash Holdings, Inc. | 6300 | 758016  |
| FMC Corp. | 5500 | 232045  |
| General Dynamics Corp. | 2200 | 599676  |
| Lennar Corp. - Class A | 9700 | 1113366  |
| Martin Marietta Materials, Inc. | 2000 | 956260  |
| Microchip Technology, Inc. | 10200 | 493782  |
| Microsoft Corp. | 3700 | 1388943  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 19700 | 373512  |
| Oshkosh Corp. | 6600 | 620928  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 4000 | 261000  |
| Procter & Gamble Co. | 3400 | 579428  |
| QUALCOMM, Inc. | 4200 | 645162  |
| RPM International, Inc. | 5800 | 670944  |
|  |  | 12411935  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $19,690,383)** |  | 29765338  |
| **PREFERRED STOCKS - 1.8%**<br>|  |  |
| **South Korea - 1.8%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 16900 | 547009  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $297,903)** |  | 547009  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $19,988,286)** |  | $30312347  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.4% |  | 757817  |
| **TOTAL NET ASSETS - 100.0%** |  | $31070164 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

**Sector Classification as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $6159226 | 19.8%  |
| Information Technology | 5030221 | 16.2  |
| Industrials | 4824073 | 15.5  |
| Health Care | 4394980 | 14.1  |
| Consumer Discretionary | 3441259 | 11.1  |
| Materials | 2637902 | 8.5  |
| Energy | 1693885 | 5.5  |
| Consumer Staples | 1544001 | 5.0  |
| Communication Services | 586800 | 1.9  |
| Other Assets in Excess of Liabilities | 757817 | 2.4  |
|  | $31070164 | 100.0% |

---

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Communication Services - 4.5%**<br>|  |  |
| Alphabet, Inc. - Class C | 79120 | $12360918  |
| Verizon Communications, Inc. | 289400 | 13127184  |
|  |  | 25488102  |
| **Consumer Discretionary - 7.6%**<br>|  |  |
| Lennar Corp. - Class A | 124900 | 14336022  |
| Lennar Corp. - Class B | 78 | 8507  |
| Lowe's Cos., Inc. | 49600 | 11568208  |
| Sony Group Corp. - ADR | 651600 | 16544124  |
|  |  | 42456861  |
| **Consumer Staples - 5.7%**<br>|  |  |
| Coca-Cola Co. | 182100 | 13042002  |
| Constellation Brands, Inc. - Class A | 37800 | 6937056  |
| Procter & Gamble Co. | 70300 | 11980526  |
|  |  | 31959584  |
| **Energy - 4.2%**<br>|  |  |
| Coterra Energy, Inc. | 431600 | 12473240  |
| TotalEnergies SE - ADR | 176700 | 11430723  |
|  |  | 23903963  |
| **Financials - 20.4%**<br>|  |  |
| American International Group, Inc. | 162600 | 14136444  |
| Ameriprise Financial, Inc. | 41800 | 20235798  |
| Blackstone, Inc. | 81300 | 11364114  |
| Capital One Financial Corp. | 99200 | 17786560  |
| Commerce Bancshares, Inc./MO | 107800 | 6708394  |
| Cullen/Frost Bankers, Inc. | 74000 | 9264800  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR | 872700 | 11894901  |
| PNC Financial Services Group, Inc. | 64200 | 11284434  |
| US Bancorp | 288500 | 12180470  |
|  |  | 114855915  |
| **Health Care - 10.1%**<br>|  |  |
| Alcon AG | 133300 | 12654169  |
| Amgen, Inc. | 46100 | 14362455  |
| Danaher Corp. | 54300 | 11131500  |
| Medtronic PLC | 97700 | 8779322  |
| Merck & Co., Inc. | 109500 | 9828720  |
|  |  | 56756166  |
| **Industrials - 9.8%**<br>|  |  |
| General Dynamics Corp. | 41000 | 11175780  |
| Oshkosh Corp. | 76400 | 7187712  |
| Parker-Hannifin Corp. | 40500 | 24617925  |
| Xylem, Inc./NY | 102600 | 12256596  |
|  |  | 55238013  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 14.6%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 32600 | $12503078  |
| ANSYS, Inc.<sup>(a)</sup> | 49800 | 15764688  |
| Microchip Technology, Inc. | 181900 | 8805779  |
| Microsoft Corp. | 50800 | 19069812  |
| QUALCOMM, Inc. | 89600 | 13763456  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 24400 | 12144124  |
|  |  | 82050937  |
| **Materials - 12.8%**<br>|  |  |
| Air Products and Chemicals, Inc. | 40500 | 11944260  |
| Corteva, Inc. | 290900 | 18306337  |
| Ecolab, Inc. | 55600 | 14095712  |
| Martin Marietta Materials, Inc. | 30000 | 14343900  |
| RPM International, Inc. | 112800 | 13048704  |
|  |  | 71738913  |
| **Utilities - 7.2%**<br>|  |  |
| American Water Works Co., Inc. | 86900 | 12819488  |
| Atmos Energy Corp. | 99300 | 15349794  |
| Xcel Energy, Inc. | 170400 | 12062616  |
|  |  | 40231898  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $386,646,523)** |  | 544680352  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%** |
| **Real Estate - 1.6%**<br>|  |  |
| Equity LifeStyle Properties, Inc. | 132100 | 8811070  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**<br>**(Cost $7,964,303)** |  | 8811070  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%**<br>**(Cost $394,610,826)** |  | $553491422  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 8624710  |
| **TOTAL NET ASSETS - 100.0%** |  | $562116132 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 53.6%** | **AFFILIATED OPEN-END FUNDS - 53.6%** |  |
| **Affiliated Equity Open-End Funds - 50.6%** | **Affiliated Equity Open-End Funds - 50.6%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 4340285 | $58203217  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 3138985 | 42784362  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 2425719 | 27847254  |
|  |  | 128834833  |
| **Affiliated Fixed Income Open-End Funds - 3.0%** | **Affiliated Fixed Income Open-End Funds - 3.0%** |  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 139098 | 1301955  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 704211 | 6408321  |
|  |  | 7710276  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $118,817,646)** |  | 136545109  |
| **EXCHANGE TRADED FUNDS - 46.3%** | **EXCHANGE TRADED FUNDS - 46.3%** |  |
| **Equity Exchange Traded Funds - 45.8%** | **Equity Exchange Traded Funds - 45.8%** |  |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging <br>Markets ETF | 70406 | 3799812  |
| iShares Core U.S. REIT ETF | 135846 | 7824730  |
| iShares MSCI EAFE Value ETF | 151027 | 8901531  |
| iShares Russell 1000 Value ETF | 186297 | 35053643  |
| iShares Russell 2000 Growth ETF | 34359 | 8779755  |
| iShares Russell 2000 Value ETF | 109312 | 16503926  |
| iShares Russell Mid-Cap Growth ETF | 140123 | 16463051  |
| iShares Russell Mid-Cap Value ETF | 92219 | 11616827  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 65433 | 7564055  |
|  |  | 116507330  |
| **Fixed Income Exchange Traded Funds - 0.5%** | **Fixed Income Exchange Traded Funds - 0.5%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 14215 | 1287737  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $115,658,093)** |  | 117795067  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $234,475,739)** |  | $254340176  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 189517  |
| **TOTAL NET ASSETS - 100.0%** |  | $254529693 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Conservative Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 79.6%** | **AFFILIATED OPEN-END FUNDS - 79.6%** |  |
| **Affiliated Equity Open-End Funds - 11.0%** | **Affiliated Equity Open-End Funds - 11.0%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 593680 | $7961246  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 444064 | 6052589  |
|  |  | 14013835  |
| **Affiliated Fixed Income Open-End Funds - 68.6%** | **Affiliated Fixed Income Open-End Funds - 68.6%** |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 1196193 | 10418844  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)(b)</sup> | 5306647 | 51156080  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 481645 | 4508199  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 910000 | 8280997  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 1323789 | 13502652  |
|  |  | 87866772  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS**<br>**(Cost $99,293,991)** |  | 101880607  |
| **EXCHANGE TRADED FUNDS - 20.3%** | **EXCHANGE TRADED FUNDS - 20.3%** |  |
| **Equity Exchange Traded Funds - 14.7%** | **Equity Exchange Traded Funds - 14.7%** |  |
| iShares Core U.S. REIT ETF | 11247 | 647827  |
| iShares MSCI EAFE Value ETF | 75024 | 4421915  |
| iShares Russell 1000 Value ETF | 39966 | 7520003  |
| iShares Russell 2000 Value ETF | 12531 | 1891930  |
| iShares Russell Mid-Cap Growth ETF | 21418 | 2516401  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 16252 | 1878731  |
|  |  | 18876807  |
| **Fixed Income Exchange Traded Funds - 5.6%** | **Fixed Income Exchange Traded Funds - 5.6%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 28246 | 2558805  |
| iShares TIPS Bond ETF | 40919 | 4545692  |
|  |  | 7104497  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Cost $25,719,607)** |  | 25981304  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $125,013,598)** |  | $127861911  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 132878  |
| **TOTAL NET ASSETS - 100.0%** |  | $127994789 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Growth Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 59.2%** | **AFFILIATED OPEN-END FUNDS - 59.2%** |  |
| **Affiliated Equity Open-End Funds - 43.6%** | **Affiliated Equity Open-End Funds - 43.6%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 8557501 | $114756082  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 6427317 | 87604328  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 5171048 | 59363633  |
|  |  | 261724043  |
| **Affiliated Fixed Income Open-End Funds - 15.6%** | **Affiliated Fixed Income Open-End Funds - 15.6%** |  |
| Aristotle Core Income Fund - Class I<sup>(a)</sup> | 5963622 | 57489314  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 974490 | 9121231  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 2643172 | 24052865  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 297593 | 3035448  |
|  |  | 93698858  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $320,784,450)** |  | 355422901  |
| **EXCHANGE TRADED FUNDS - 40.7%** | **EXCHANGE TRADED FUNDS - 40.7%** |  |
| **Equity Exchange Traded Funds - 39.2%** | **Equity Exchange Traded Funds - 39.2%** |  |
|  iShares Core MSCI Emerging Markets ETF | 166132 | 8966144  |
| iShares Core U.S. REIT ETF | 106849 | 6154503  |
| iShares MSCI EAFE Value ETF | 356369 | 21004389  |
| iShares Russell 1000 Value ETF | 499181 | 93925897  |
| iShares Russell 2000 Growth ETF | 34746 | 8878645  |
| iShares Russell 2000 Value ETF | 218253 | 32951838  |
| iShares Russell Mid-Cap Growth ETF | 228904 | 26893931  |
| iShares Russell Mid-Cap Value ETF | 193424 | 24365621  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 102932 | 11898939  |
|  |  | 235039907  |
| **Fixed Income Exchange Traded Funds - 1.5%** | **Fixed Income Exchange Traded Funds - 1.5%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 33542 | 3038570  |
| iShares TIPS Bond ETF | 55533 | 6169161  |
|  |  | 9207731  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $242,849,484)** |  | 244247638  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $563,633,934)** |  | $599670539  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 422771  |
| **TOTAL NET ASSETS - 100.0%** |  | $600093310 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 72.4%** | **AFFILIATED OPEN-END FUNDS - 72.4%** |  |
| **Affiliated Equity Open-End Funds - 21.3%** | **Affiliated Equity Open-End Funds - 21.3%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 1280537 | $17171996  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 985534 | 13432833  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 801612 | 9202502  |
|  |  | 39807331  |
| **Affiliated Fixed Income Open-End Funds - 51.1%** | **Affiliated Fixed Income Open-End Funds - 51.1%** |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 433035 | 3771733  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)(b)</sup> | 6616623 | 63784244  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 604148 | 5654825  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 1433984 | 13049257  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 922426 | 9408744  |
|  |  | 95668803  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS**<br>**(Cost $129,217,738)** |  | 135476134  |
| **EXCHANGE TRADED FUNDS - 27.5%** | **EXCHANGE TRADED FUNDS - 27.5%** |  |
| **Equity Exchange Traded Funds - 23.4%** | **Equity Exchange Traded Funds - 23.4%** |  |
|  iShares Core MSCI Emerging Markets ETF | 17183 | 927367  |
| iShares Core U.S. REIT ETF | 16577 | 954835  |
| iShares MSCI EAFE Value ETF | 110575 | 6517290  |
| iShares Russell 1000 Value ETF | 94266 | 17737091  |
| iShares Russell 2000 Growth ETF | 3594 | 918375  |
| iShares Russell 2000 Value ETF | 30782 | 4647466  |
| iShares Russell Mid-Cap Growth ETF | 63133 | 7417496  |
| iShares Russell Mid-Cap Value ETF | 7502 | 945027  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 31938 | 3692033  |
|  |  | 43756980  |
| **Fixed Income Exchange Traded Funds - 4.1%** | **Fixed Income Exchange Traded Funds - 4.1%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 31222 | 2828401  |
| iShares TIPS Bond ETF | 43077 | 4785424  |
|  |  | 7613825  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Cost $51,096,057)** |  | 51370805  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $180,313,795)** |  | $186846939  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 153881  |
| **TOTAL NET ASSETS - 100.0%** |  | $187000820 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 69.5%** | **AFFILIATED OPEN-END FUNDS - 69.5%** |  |
| **Affiliated Equity Open-End Funds - 34.8%** | **Affiliated Equity Open-End Funds - 34.8%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 7583503 | $101694777  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 5993879 | 81696566  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 3956997 | 45426322  |
|  |  | 228817665  |
| **Affiliated Fixed Income Open-End Funds - 34.7%** | **Affiliated Fixed Income Open-End Funds - 34.7%** |  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 14753545 | 142224176  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 1775476 | 16618455  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 3972904 | 36153422  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 3252827 | 33178830  |
|  |  | 228174883  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS**<br>**(Cost $420,809,953)** |  | 456992548  |
| **EXCHANGE TRADED FUNDS - 30.4%** | **EXCHANGE TRADED FUNDS - 30.4%** |  |
| **Equity Exchange Traded Funds - 28.4%** | **Equity Exchange Traded Funds - 28.4%** |  |
|  iShares Core MSCI Emerging Markets ETF | 121483 | 6556438  |
| iShares Core U.S. REIT ETF | 58600 | 3375360  |
| iShares MSCI EAFE Value ETF | 223366 | 13165192  |
| iShares Russell 1000 Value ETF | 416814 | 78427722  |
| iShares Russell 2000 Growth ETF | 25408 | 6492506  |
| iShares Russell 2000 Value ETF | 130579 | 19714817  |
| iShares Russell Mid-Cap Growth ETF | 306873 | 36054509  |
| iShares Russell Mid-Cap Value ETF | 106081 | 13363024  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 84678 | 9788777  |
|  |  | 186938345  |
| **Fixed Income Exchange Traded Funds - 2.0%** | **Fixed Income Exchange Traded Funds - 2.0%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 73582 | 6665793  |
| iShares TIPS Bond ETF | 60913 | 6766825  |
|  |  | 13432618  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS**<br>**(Cost $200,238,959)** |  | 200370963  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $621,048,912)** |  | $657363511  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 417775  |
| **TOTAL NET ASSETS - 100.0%** |  | $657781286 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Assets and Liabilities** 

**March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle** <br>**Core Income** <br>**Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $38746053 | $3105733677 | $4165938003 | $107649350 | $891904850  |
| Cash & cash equivalents | 529943 | 30987633 | 138706756 | 4212764 | 4487492  |
| Investments receivable | 2938 | 16022287 | 514359589 | 419678 | 6708981  |
| Fund shares sold |  | 6752673 | 2643743 | 96 | 1250386  |
| Dividend and interest tax reclaim receivable | 4457 | 129074 |  | 1766 | —  |
| Dividends and interest receivable | 257948 | 28492836 | 36597703 | 2109655 | 7888779  |
| Other assets |  |  |  | 30971 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 39541339 | 3188118180 | 4858245794 | 114424280 | 912240488  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Distributions payable |  | 1206559 | 4648110 | 841 | 118863  |
| Investments payable | 401411 | 17494311 | 557833532 | 1197536 | 1994580  |
| Payable for capital shares reacquired | 5148 | 5784488 | 8637938 | 149209 | 4650166  |
| Due to Adviser | 11331 | 1400334 | 2638119 | 55599 | 349626  |
| Accrued distribution and shareholder servicing fees |  | 69744 | 163037 | 1672 | 38065  |
| Trustee fees payable | 260 | 33708 | 46639 | 1313 | 9771  |
| Other liabilities |  |  | 1129 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 418150 | 25989144 | 573968504 | 1406170 | 7161071  |
| **NET ASSETS** | $39123189 | $3162129036 | $4284277290 | $113018110 | $905079417  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | $42737684 | $3280689307 | $4594950456 | $134735373 | $925782644  |
| Total distributable earnings/accumulated deficit | (3614495) | (118560271) | (310673166) | (21717263) | (20703227)  |
| &nbsp;&nbsp;&nbsp; **Net ASSETS** | $39123189 | $3162129036 | $4284277290 | $113018110 | $905079417  |
| **Net Asset Value Per Share:**<br>|  |  |  |  |  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $— | $124241279 | $269790205 | $6005567 | $90404968  |
| Shares of beneficial interest outstanding |  | 12898611 | 28852324 | 650537 | 8850115  |
| Net asset value per share | $— | $9.63 | $9.35 | $9.23 | $10.22  |
| Maximum offering price per share | $— | $10.06<sup>(b)</sup> | $9.64<sup>(c)</sup> | $9.64<sup>(b)</sup> | $10.54<sup>(c)</sup>  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | $51101367 | $123841436 | $472983 | $21985388  |
| Shares of beneficial interest outstanding |  | 5307778 | 13261708 | 51334 | 2157965  |
| Net asset value per share<sup>(a)</sup> | $— | $9.63 | $9.34 | $9.21 | $10.19  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $26482482 | $820916629 | $1837801972 | $91128936 | $300594268  |
| Shares of beneficial interest outstanding | 3042072 | 85130286 | 196288624 | 10017217 | 29466344  |
| Net asset value per share | $8.71 | $9.64 | $9.36 | $9.10 | $10.20  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $12640707 | $2165869761 | $2052843677 | $15410624 | $492094793  |
| Shares of beneficial interest outstanding | 1452052 | 224210965 | 218750069 | 1664523 | 48139125  |
| Net asset value per share | $8.71 | $9.66 | $9.38 | $9.26 | $10.22  |
| Cost of investments | $39840505 | $3152852145 | $4180785190 | $109130766 | $888218507 |

---

<sup>(a)</sup> Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge.

<sup>(b)</sup> Net asset value plus sales charge of 4.25% of offering price.

<sup>(c)</sup> Net asset value plus sales charge of 3.00% of offering price. 

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Assets and Liabilities** 

**March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Core Equity** <br>**Fund** | **Aristotle** <br>**Growth Equity** <br>**Fund** | **Aristotle** <br>**International** <br>**Equity Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $3618367424 | $44751534 | $487776764 | $231603293 | $542122201  |
| Cash & cash equivalents | 149118021 | 2637449 | 4354097 | 2431612 | 10911483  |
| Investments receivable | 37600792 |  |  |  | —  |
| Fund shares sold | 7559627 |  | 79159 |  | 186578  |
| Dividend and interest tax reclaim receivable | 234981 | 1341 |  |  | 1553957  |
| Dividends and interest receivable | 47948269 | 347358 | 110085 | 21236 | 1249540  |
| Other assets |  |  | 1435 |  | 6500  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3860829114 | 47737682 | 492321540 | 234056141 | 556030259  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Distributions payable | 2172019 |  |  |  | —  |
| Investments payable | 54877484 |  |  |  | —  |
| Payable for capital shares reacquired | 9507742 | 13628 | 394250 | 220108 | 461681  |
| Due to Adviser | 2148945 | 12445 | 271509 | 137360 | 373118  |
| Accrued distribution and shareholder servicing fees | 140207 | 171 | 218 | 365 | 295  |
| Trustee fees payable | 40712 | 513 | 5169 | 2989 | 5916  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 68887109 | 26757 | 671146 | 360822 | 841010  |
| **NET ASSETS** | $3791942005 | $47710925 | $491650394 | $233695319 | $555189249  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | $3924376432 | $47546257 | $369804479 | $148153202 | $458482701  |
| Total distributable earnings/accumulated deficit | (132434427) | 164668 | 121845915 | 85542117 | 96706548  |
| &nbsp;&nbsp;&nbsp; **Net ASSETS** | $3791942005 | $47710925 | $491650394 | $233695319 | $555189249  |
| **Net Asset Value Per Share:**<br>|  |  |  |  |  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $201109778 | $678233 | $1001995 | $1713092 | $1389779  |
| Shares of beneficial interest outstanding | 19296548 | 67052 | 76608 | 195621 | 130466  |
| Net asset value per share | $10.42 | $10.12 | $13.08 | $8.76 | $10.65  |
|  Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price) | $10.88 | N/A | $13.66 | $9.15 | $11.12  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $113811017 | $— | $— | $— | $— |
| Shares of beneficial interest outstanding | 10964749 |  |  |  |  |
| Net asset value per share<sup>(a)</sup> | $10.38 | $— | $— | $— | $— |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $548059925 | $16849042 | $299889703 | $231889801 | $147543654  |
| Shares of beneficial interest outstanding | 52975619 | 1688609 | 22357069 | 17008395 | 12852055  |
| Net asset value per share | $10.35 | $9.98 | $13.41 | $13.63 | $11.48  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $2928961285 | $30183650 | $190758696 | $92426 | $406255816  |
| Shares of beneficial interest outstanding | 280929800 | 3024871 | 7954109 | 6778 | 28631047  |
| Net asset value per share | $10.43 | $9.98 | $23.98 | $13.64 | $14.19  |
| Cost of investments | $3646186314 | $44651849 | $369479889 | $168775386 | $429351226 |

---

<sup>(a)</sup> Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Assets and Liabilities** 

**March 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle/Saul** <br>**Global** <br>**Equity Fund** | **Aristotle** <br>**Value** <br>**Equity Fund**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | $144238412 | &nbsp;&nbsp; $34009621 | $30312347 | $553491422  |
| Cash & cash equivalents | 3700564 | &nbsp;&nbsp; 391570 | 566833 | 2233716  |
| Investments receivable | 2087058 | &nbsp;&nbsp; 171372 |  | 5937358  |
| Fund shares sold | 450 | &nbsp;&nbsp; 1721 |  | 179984  |
| Dividend and interest tax reclaim receivable | 313 | &nbsp;&nbsp; 568 | 143203 | 157704  |
| Dividends and interest receivable | 125347 | &nbsp;&nbsp; 26526 | 67064 | 740036  |
| Other assets | 1380 | &nbsp;&nbsp; — | 2045 | 2992  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 150153524 | &nbsp;&nbsp; 34601378 | 31091492 | 562743212  |
| **LIABILITIES:**<br>|  |  |  |  |
| Investments payable | 191463 | &nbsp;&nbsp; 45704 |  | —  |
| Payable for capital shares reacquired | 12976 | &nbsp;&nbsp; 2582 |  | 285993  |
| Due to Adviser | 118800 | &nbsp;&nbsp; 27389 | 20950 | 333847  |
| Accrued distribution and shareholder servicing fees | 1379 | &nbsp;&nbsp; 3243 | 2 | 46  |
| Trustee fees payable | 2132 | &nbsp;&nbsp; 487 | 376 | 7194  |
| Other liabilities |  | &nbsp;&nbsp; 380 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 326750 | &nbsp;&nbsp; 79785 | 21328 | 627080  |
| **NET ASSETS** | $149826774 | &nbsp;&nbsp; $34521593 | $31070164 | $562116132  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Paid-in capital | $122098949 | &nbsp;&nbsp; $29236467 | $19311295 | $387164382  |
| Total distributable earnings/accumulated deficit | 27727825 | &nbsp;&nbsp; 5285126 | 11758869 | 174951750  |
| &nbsp;&nbsp;&nbsp; **Net ASSETS** | $149826774 | &nbsp;&nbsp; $34521593 | $31070164 | $562116132  |
| **Net Asset Value Per Share:**<br>|  |  |  |  |
| **Class A**<br>|  |  |  |  |
| Net assets | $3856840 | &nbsp;&nbsp; $10033786 | $10765 | $215142  |
| Shares of beneficial interest outstanding | 281689 | &nbsp;&nbsp; 1548623 | 981 | 21063  |
| Net asset value per share | $13.69 | &nbsp;&nbsp; $6.48 | $10.97 | $10.21  |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (net asset value plus sales charge of 4.25% of offering price) | $14.30 | &nbsp;&nbsp; $6.77 | $11.46 | $10.66  |
| **Class C**<br>|  |  |  |  |
| Net assets | $604090 | &nbsp;&nbsp; $1230652 | $— | $— |
| Shares of beneficial interest outstanding | 46701 | &nbsp;&nbsp; 217980 |  |  |
| Net asset value per share<sup>(a)</sup> | $12.94 | &nbsp;&nbsp; $5.65 | $— | $— |
| **Class I**<br>|  |  |  |  |
| Net assets | $54437 | &nbsp;&nbsp; $568607 | $10570 | $35945  |
| Shares of beneficial interest outstanding | 3787 | &nbsp;&nbsp; 74271 | 963 | 3594  |
| Net asset value per share | $14.37 | &nbsp;&nbsp; $7.66 | $10.98 | $10.00  |
| **Class I-2**<br>|  |  |  |  |
| Net assets | $145173679 | &nbsp;&nbsp; $22688548 | $31048829 | $561854368  |
| Shares of beneficial interest outstanding | 10089632 | &nbsp;&nbsp; 3397021 | 2823803 | 26470535  |
| Net asset value per share | $14.39 | &nbsp;&nbsp; $6.68 | $11.00 | $21.23  |
| **Class R6**<br>|  |  |  |  |
| Net assets | $137728 | &nbsp;&nbsp; $— | $— | $10677  |
| Shares of beneficial interest outstanding | 10153 | &nbsp;&nbsp; — |  | 504  |
| Net asset value per share | $13.57 | &nbsp;&nbsp; $— | $— | $21.22<sup>(b)</sup>  |
| Cost of investments | $113857512 | &nbsp;&nbsp; $30963561 | $19988286 | $394610826 |

---

<sup>(a)</sup> Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge.

<sup>(b)</sup> Differences in actual and calculated net asset value shown are due to rounding.

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Assets and Liabilities** 

**March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Conservative** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Growth Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate** <br>**Conservative** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated issuers, at value | $117795067 | $25981304 | $244247638 | $51370805 | &nbsp;&nbsp; $200370963  |
| Affiliated investments, at value | 136545109 | 101880607 | 355422901 | 135476134 | &nbsp;&nbsp; 456992548  |
| Cash & cash equivalents | 356255 | 216501 | 815859 | 274420 | &nbsp;&nbsp; 840092  |
| Investments receivable | 113688 | 38055 | 358182 | 36904 | &nbsp;&nbsp; 492003  |
| Fund shares sold | 61711 | 1757 | 187377 | 22210 | &nbsp;&nbsp; 69125  |
| Dividends and interest receivable | 1464 | 838 | 3434 | 546 | &nbsp;&nbsp; 9216  |
| Other assets |  |  |  | 295 | &nbsp;&nbsp; 566  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 254873294 | 128119062 | 601035391 | 187181314 | &nbsp;&nbsp; 658774513  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Distributions payable | 5 | 12 | 8 |  | &nbsp;&nbsp; 8  |
| Payable for capital shares reacquired | 175397 | 39812 | 545559 | 59113 | &nbsp;&nbsp; 561128  |
| Due to Adviser | 99595 | 49434 | 234959 | 72932 | &nbsp;&nbsp; 257832  |
| Accrued distribution and shareholder servicing fees | 65856 | 33665 | 155029 | 46460 | &nbsp;&nbsp; 167192  |
| Trustee fees payable | 2748 | 1350 | 6526 | 1989 | &nbsp;&nbsp; 7067  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 343601 | 124273 | 942081 | 180494 | &nbsp;&nbsp; 993227  |
| **NET ASSETS** | $254529693 | $127994789 | $600093310 | $187000820 | &nbsp;&nbsp; $657781286  |
| **Net Assets Consist of:**<br>|  |  |  |  |  |
| Paid-in capital | $224230630 | $133529311 | $525578908 | $188924573 | &nbsp;&nbsp; $597690652  |
| Total distributable earnings/accumulated deficit | 30299063 | (5534522) | 74514402 | (1923753) | &nbsp;&nbsp; 60090634  |
| &nbsp;&nbsp;&nbsp; **Net ASSETS** | $254529693 | $127994789 | $600093310 | $187000820 | &nbsp;&nbsp; $657781286  |
| **Net Asset Value Per Share:**<br>|  |  |  |  |  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $226575079 | $112305176 | $546463407 | $173968442 | &nbsp;&nbsp; $597270863  |
| Shares of beneficial interest outstanding | 17194467 | 11358205 | 44857923 | 16862370 | &nbsp;&nbsp; 52474445  |
| Net asset value per share | $13.18 | $9.89 | $12.18 | $10.32 | &nbsp;&nbsp; $11.38  |
|  Maximum offering price per share (net asset value plus sales charge of 5.50% of offering price) | $13.95 | $10.47 | $12.89 | $10.92 | &nbsp;&nbsp; $12.04  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $19048912 | $11165997 | $41451222 | $10168650 | &nbsp;&nbsp; $42778744  |
| Shares of beneficial interest outstanding | 1577380 | 1188808 | 3629645 | 1040612 | &nbsp;&nbsp; 3964922  |
| Net asset value per share<sup>(a)</sup> | $12.08 | $9.39 | $11.42 | $9.77 | &nbsp;&nbsp; $10.79  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $8905702 | $4523616 | $12178681 | $2863728 | &nbsp;&nbsp; $17731679  |
| Shares of beneficial interest outstanding | 664419 | 451674 | 982651 | 273223 | &nbsp;&nbsp; 1534369  |
| Net asset value per share | $13.40 | $10.02 | $12.39 | $10.48 | &nbsp;&nbsp; $11.56  |
| Cost of investments | $115658093 | $25719607 | $242849484 | $51096057 | &nbsp;&nbsp; $200238959  |
| Cost of investments in affiliates | $118817646 | $99293991 | $320784450 | $129217738 | &nbsp;&nbsp; $420809953 |

---

<sup>(a)</sup> Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Operations** 

**For the Year Ended March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle** <br>**Core Income** <br>**Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income - unaffiliated | $— | $— | $17726363 | $2927 | &nbsp;&nbsp; $—  |
| Interest income | 1097208 | 154889092 | 348054793 | 7106207 | &nbsp;&nbsp; 46952029  |
| Less: Interest withholding taxes |  |  |  | (506) | &nbsp;&nbsp; (2481)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1097208 | 154889092 | 365781156 | 7108628 | &nbsp;&nbsp; 46949548  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 97600 | 11415854 | 23207629 | 478026 | &nbsp;&nbsp; 2211492  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class A <br>(See Note 3) |  | 231303 | 537108 | 11506 | &nbsp;&nbsp; 233284  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class C <br>(See Note 3) |  | 87601 | 242298 | 1078 | &nbsp;&nbsp; 60495  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class I <br>(See Note 3) | 20708 | 373281 | 2130109 | 39979 | &nbsp;&nbsp; 415408  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class I-2 <br>(See Note 3) | 15544 | 2921923 | 4109550 | 14032 | &nbsp;&nbsp; 1128877  |
|  Distribution and shareholder servicing fees - Class A |  | 289129 | 671386 | 14382 | &nbsp;&nbsp; 233284  |
|  Distribution and shareholder servicing fees - Class C |  | 438006 | 1211490 | 5389 | &nbsp;&nbsp; 241981  |
| Trustee fees and expenses | 1069 | 118880 | 170548 | 4064 | &nbsp;&nbsp; 34578  |
| Legal fees | 55 | 5541 | 13619 | 171 | &nbsp;&nbsp; 1680  |
| Line of credit commitment expense |  |  | 777246 |  | &nbsp;&nbsp; —  |
| Miscellaneous expenses |  | 1656 | 36677 | 538 | &nbsp;&nbsp; 615  |
| &nbsp;&nbsp;&nbsp; Total expenses | 134976 | 15883174 | 33107660 | 569165 | &nbsp;&nbsp; 4561694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class A <br>(See Note 3) |  | (5032) | (550) | (255) | &nbsp;&nbsp; (3828)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class C <br>(See Note 3) |  | (1916) | (243) | (23) | &nbsp;&nbsp;&nbsp;&nbsp;(996)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I <br>(See Note 3) | (642) | (32530) | (707) | (3532) | &nbsp;&nbsp; (12149)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I-2 <br>(See Note 3) | (482) | (84943) | (4067) | (425) | &nbsp;&nbsp; (19286)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 133852 | 15758753 | 33102093 | 564930 | &nbsp;&nbsp; 4525435  |
| **Net investment income (loss)** | 963356 | 139130339 | 332679063 | 6543698 | &nbsp;&nbsp; 42424113  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (755496) | (15614593) | (47604755) | (1457030) | &nbsp;&nbsp; (584288)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | 1130233 | 8610573 | (48997666) | (231548) | &nbsp;&nbsp; 8628566  |
|  **Net realized and unrealized gain (loss) on investments and foreign currency** | 374737 | (7004020) | (96602421) | (1688578) | &nbsp;&nbsp; 8044278  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1338093 | $132126319 | $236076642 | $4855120 | &nbsp;&nbsp; $50468391 |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Operations** 

**For the Year Ended March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Core Equity** <br>**Fund** | **Aristotle** <br>**Growth Equity** <br>**Fund** | **Aristotle** <br>**International** <br>**Equity Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income - unaffiliated | $— | &nbsp;&nbsp; $— | $3767212 | $1373645 | $14514637  |
| Less: Dividend withholding taxes |  | &nbsp;&nbsp; — |  |  | (1311894)  |
| Interest income | 215753245 | &nbsp;&nbsp; 2325622 | 166320 | 105603 | 629989  |
| Less: Interest withholding taxes | (36792) | &nbsp;&nbsp; — |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 215716453 | &nbsp;&nbsp; 2325622 | 3933532 | 1479248 | 13832732  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 16345777 | &nbsp;&nbsp; 104631 | 2206250 | 1624334 | 3714899  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class A <br>(See Note 3) | 338196 | &nbsp;&nbsp; 380 | 729 | 1223 | 1342  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class C <br>(See Note 3) | 202273 | &nbsp;&nbsp; — |  |  | —  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class I <br>(See Note 3) | 412247 | &nbsp;&nbsp; 10709 | 364728 | 441728 | 333298  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class I-2 <br>(See Note 3) | 4800627 | &nbsp;&nbsp; 18208 | 296418 | 50 | 779830  |
| Distribution and shareholder servicing fees - Class A | 444995 | &nbsp;&nbsp; 1358 | 1215 | 2038 | 1863  |
| Distribution and shareholder servicing fees - Class C | 1064593 | &nbsp;&nbsp; — |  |  | —  |
| Trustee fees and expenses | 137922 | &nbsp;&nbsp; 1576 | 21097 | 14115 | 29474  |
| Legal fees | 6211 | &nbsp;&nbsp; 71 | 831 | 595 | 1317  |
| Interest expense |  | &nbsp;&nbsp; — |  |  | 9469  |
| Tax expenses |  | &nbsp;&nbsp; 1356 |  |  | —  |
| Miscellaneous expenses | 3376 | &nbsp;&nbsp; 158 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 23756217 | &nbsp;&nbsp; 138447 | 2891268 | 2084083 | 4871492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class A <br>(See Note 3) | (7842) | (20) |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class C <br>(See Note 3) | (4680) | &nbsp;&nbsp; — |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I <br>(See Note 3) | (20226) | (606) | (12080) | (14668) | (9267)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I-2 <br>(See Note 3) | (111385) | &nbsp;&nbsp; (1021) | (9823) |  | (21489)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 23612084 | &nbsp;&nbsp; 136800 | 2869365 | 2069415 | 4840736  |
| **Net investment income (loss)** | 192104369 | &nbsp;&nbsp; 2188822 | 1064167 | (590167) | 8991996  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (15436364) | &nbsp;&nbsp; 147512 | 13673746 | 38286260 | 11103662  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | &nbsp;&nbsp; — |  |  | (146953) |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (10163914) | &nbsp;&nbsp; 45443 | 2275091 | (12969071) | 17355946  |
| &nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  | &nbsp;&nbsp; — |  |  | 21625  |
|  **Net realized and unrealized gain (loss) on investments and foreign currency** | (25600278) | &nbsp;&nbsp; 192955 | 15948837 | 25317189 | 28334280  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $166504091 | &nbsp;&nbsp; $2381777 | $17013004 | $24727022 | $37326276 |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Operations** 

**For the Year Ended March 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle/Saul** <br>**Global** <br>**Equity Fund** | **Aristotle** <br>**Value** <br>**Equity Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income - unaffiliated | $2162326 | &nbsp;&nbsp; $455566 | $970965 | $13554802  |
| Less: Dividend withholding taxes | (1742) | &nbsp;&nbsp;&nbsp;&nbsp;(581) | (61761) | (231373)  |
| Interest income | 169203 | &nbsp;&nbsp; 25625 | 37842 | 383923  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2329787 | &nbsp;&nbsp; 480610 | 947046 | 13707352  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 1280022 | &nbsp;&nbsp; 277370 | 252490 | 3637538  |
| Supervision and Administration fee - Class A (See Note 3) | 10066 | &nbsp;&nbsp; 29251 | 19 | 195  |
| Supervision and Administration fee - Class C (See Note 3) | 2031 | &nbsp;&nbsp; 5008 |  | —  |
| Supervision and Administration fee - Class I (See Note 3) | 35 | &nbsp;&nbsp; 1286 | 19 | 52  |
| Supervision and Administration fee - Class I-2 (See Note 3) | 477791 | &nbsp;&nbsp; 70814 | 77197 | 925657  |
| Supervision and Administration fee - Class R6 (See Note 3) | 1915 | &nbsp;&nbsp; — |  | 7  |
| Distribution and shareholder servicing fees - Class A | 10066 | &nbsp;&nbsp; 29251 | 27 | 347  |
| Distribution and shareholder servicing fees - Class C | 8126 | &nbsp;&nbsp; 20032 |  | —  |
| Trustee fees and expenses | 7834 | &nbsp;&nbsp; 1738 | 1800 | 29589  |
| Legal fees | 412 | &nbsp;&nbsp; 85 | 83 | 1343  |
| Interest expense | 3948 | &nbsp;&nbsp; — | 979 | 8418  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1802246 | &nbsp;&nbsp; 434835 | 332614 | 4603146  |
| &nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class A (See Note 3) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;(3) |  | —  |
| &nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class C (See Note 3) | —<sup>(a)</sup> | &nbsp;&nbsp; —<sup>(a)</sup> |  | —  |
| &nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I (See Note 3) | —<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(28) | —<sup>(a)</sup> | (1)  |
| &nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I-2 (See Note 3) | (8004) | &nbsp;&nbsp;&nbsp;&nbsp;(6) | (1882) | (30926)  |
| &nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class R6 (See Note 3) | (41) | &nbsp;&nbsp; — |  | (1)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1794200 | &nbsp;&nbsp; 434798 | 330732 | 4572218  |
| **Net investment income (loss)** | 535587 | &nbsp;&nbsp; 45812 | 616314 | 9135134  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | 5556985 | &nbsp;&nbsp; 4932048 | 10254772 | 30745416  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | &nbsp;&nbsp; — | 1004 |  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (7102940) | &nbsp;&nbsp; (4474437) | (11007744) | (33154832)  |
| &nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  | &nbsp;&nbsp; — | 1705 | —  |
|  **Net realized and unrealized gain (loss) on investments and foreign currency** | (1545955) | &nbsp;&nbsp; 457611 | (750263) | (2409416)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1010368) | &nbsp;&nbsp; $503423 | $(133949) | $6725718 |

---

<sup>(a)</sup> Amount rounds to zero 

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Operations** 

**For the Year Ended March 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Conservative** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Growth** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate** <br>**Conservative** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income - unaffiliated | $2325361 | $1223790 | $5155191 | $1757879 | $5132372  |
| Dividend income - affiliated | 1596298 | 4296942 | 7456914 | 5188400 | 13867885  |
| Interest income | 27982 | 15130 | 64875 | 22671 | 72788  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3949641 | 5535862 | 12676980 | 6968950 | 19073045  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 544589 | 274091 | 1302976 | 407511 | 1442304  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class A <br>(See Note 3) | 601430 | 297906 | 1469145 | 469508 | 1625309  |
| &nbsp;&nbsp;&nbsp; Supervision and Administration fee - Class C <br>(See Note 3) | 55855 | 33224 | 126381 | 30850 | 127781  |
|  Supervision and Administration fee - Class I-2 (See Note 3) | 23451 | 11483 | 33194 | 9031 | 49791  |
| &nbsp;&nbsp;&nbsp; Distribution and shareholder servicing fees - <br>Class A | 601430 | 297906 | 1469145 | 469508 | 1625309  |
| &nbsp;&nbsp;&nbsp; Distribution and shareholder servicing fees - <br>Class C | 223422 | 132897 | 505523 | 123402 | 511123  |
| Trustee fees and expenses | 12946 | 6543 | 30899 | 9661 | 34102  |
| Legal fees | 532 | 270 | 1279 | 400 | 1423  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2063655 | 1054320 | 4938542 | 1519871 | 5417142  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class A <br>(See Note 3) |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class C <br>(See Note 3) |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (waived/reimbursed) - Class I-2 <br>(See Note 3) |  |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2063655 | 1054320 | 4938542 | 1519871 | 5417142  |
| **Net investment income (loss)** | 1885986 | 4481542 | 7738438 | 5449079 | 13655903  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | 18669450 | 3765546 | 42449299 | 7695484 | 32727250  |
| &nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | 4364417 | 1056758 | 9107316 | 2020723 | 11003215  |
| &nbsp;&nbsp;&nbsp; Distributions received from other affiliated investment companies | 5020209 | 710159 | 10872300 | 1565650 | 11089598  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers | (13546683) | (2492541) | (31161210) | (5326555) | (25963781)  |
| &nbsp;&nbsp;&nbsp; Investments in securities of affiliated issuers | (3646408) | (929281) | (7251334) | (1340115) | (7341855)  |
|  **Net realized and unrealized gain (loss) on investments and foreign currency** | 10860985 | 2110641 | 24016371 | 4615187 | 21514427  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12746971 | $6592183 | $31754809 | $10064266 | $35170330 |

---

The accompanying notes are an integral part of these financial statements.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle Core** <br>**Bond Fund**  | **Aristotle Core** <br>**Bond Fund**  | **Aristotle Core** <br>**Income Fund**  | **Aristotle Core** <br>**Income Fund**  | **Aristotle Floating** <br>**Rate Income Fund** | **Aristotle Floating** <br>**Rate Income Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $963356 | $882966 | $139130339 | $79562640 | $332679063 | $329124502  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments and foreign currency | (755496) | (548466) | (15614593) | (20595252) | (47604755) | (58790213)  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 1130233 | 588390 | 8610573 | 23907873 | (48997666) | 166695920  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 1338093 | 922890 | 132126319 | 82875261 | 236076642 | 437030209  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (5339586) | (4102252) | (20568730) | (22945559)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (1709540) | (894056) | (8371337) | (8829783)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<sup>(a)(b)</sup> | (563432) | (522323) | (37448085) | (24706812) | (141444297) | (137147018)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (410249) | (355545) | (95903323) | (49022375) | (162237252) | (160239909)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (973681) | (877868) | (140400534) | (78725495) | (332621616) | (329162269)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A |  |  | 51095334 | 37389150 | 90831137 | 97687593  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class C |  |  | 26663279 | 19426582 | 43388786 | 36138381  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I<sup>(a)(b)</sup> | 15905128 | 2590052 | 361783140 | 683598662 | 867390088 | 729476268  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 558635 | 21006 | 1182871871 | 1322501825 | 1161402001 | 1052260805  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A |  |  | 5076527 | 3873499 | 19109676 | 21895323  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class C |  |  | 1605467 | 839982 | 8123117 | 8664189  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I<sup>(a)(b)</sup> | 563432 | 522323 | 36834211 | 24181542 | 101446506 | 95545145  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 410249 | 355545 | 84310198 | 41745579 | 148945986 | 149752306  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A |  |  | (37026325) | (34797375) | (99513891) | (127109495)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class C |  |  | (10041578) | (10085378) | (42398766) | (40421856)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I<sup>(a)(b)</sup> | (8021088) | (485550) | (208132747) | (260917740) | (731962279) | (744172310)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (1010) | (21836) | (649555745) | (416192239) | (1128088972) | (1176458830)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class P<sup>(a)(b)</sup> |  |  |  | (1465744) |  | (579701)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | 9415346 | 2981540 | 845483632 | 1410098345 | 438673389 | 102677818  |
| **Total increase/(decrease) in net assets** | $9779758 | $3026562 | $837209417 | $1414248111 | $342128415 | $210545758  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $29343431 | $26316869 | $2324919619 | $910671508 | $3942148875 | $3731603117  |
| &nbsp;&nbsp;&nbsp; End of the period | $39123189 | $29343431 | $3162129036 | $2324919619 | $4284277290 | $3942148875  |
| **Class A**<br>|  |  |  |  |  |  |
| Shares sold |  |  | 5258680 | 3921742 | 9563524 | 10361893  |
| Shares reinvested |  |  | 526681 | 406688 | 2015141 | 2321833  |
| Shares redeemed |  |  | (3824628) | (3660783) | (10483524) | (13502937)  |
| Net increase/(decrease) |  |  | 1960733 | 667647 | 1095141 | (819211)  |
| **Class C**<br>|  |  |  |  |  |  |
| Shares sold |  |  | 2744928 | 2051303 | 4573892 | 3828430  |
| Shares reinvested |  |  | 166644 | 88157 | 857712 | 919809  |
| Shares redeemed |  |  | (1041735) | (1080334) | (4473602) | (4301621)  |
| Net increase/(decrease) |  |  | 1869837 | 1059126 | 958002 | 446618 |

---

The accompanying notes are an integral part of these financial statements.

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle Core** <br>**Bond Fund**  | **Aristotle Core** <br>**Bond Fund**  | **Aristotle Core** <br>**Income Fund**  | **Aristotle Core** <br>**Income Fund**  | **Aristotle Floating** <br>**Rate Income Fund**  | **Aristotle Floating** <br>**Rate Income Fund**  |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025**  | **2024**  | **2025**  | **2024**  | **2025**  | **2024** |
| **Class I<sup>(a)(b)</sup>**<br>|  |  |  |  |  |  |
| Shares sold | 1828448 | 305751 | 37358592 | 71098636 | 91208500 | 77267205  |
| Shares received through reorganization |  |  |  | 7228019 |  | 3138540  |
| Shares reinvested | 65305 | 61689 | 3818211 | 2535206 | 10685739 | 10117681  |
| Shares redeemed | (928451) | (57329) | (21524140) | (27392553) | (77039106) | (79045712)  |
| Net increase/(decrease) | 965302 | 310111 | 19652663 | 53469308 | 24855133 | 11477714  |
| **Class I-2**<br>|  |  |  |  |  |  |
| Shares sold | 64971 | 2471 | 121902818 | 138938770 | 121904967 | 111186410  |
| Shares reinvested | 47516 | 41992 | 8721031 | 4371010 | 15646572 | 15822511  |
| Shares redeemed | (117) | (2513) | (67154908) | (44448446) | (118698874) | (124732018)  |
| Net increase/(decrease) | 112370 | 41950 | 63468941 | 98861334 | 18852665 | 2276903  |
| **Class P<sup>(a)(b)</sup>**<br>|  |  |  |  |  |  |
| Shares sold |  |  |  |  |  | —  |
| Shares reinvested |  |  |  |  |  | —  |
| Shares redeemed |  |  |  | (149904) |  | (62249)  |
| Shares reorganized into Class I shares |  |  |  | (7198335) |  | (3138541)  |
| Net increase/(decrease) |  |  |  | (7348239) |  | (3200790) |

---

<sup>(a)</sup> On April 17, 2023, the Pacific Funds Core Income - Class P and Class I shares merged into Aristotle Core Income Fund - Class I shares. The exchange rate for Class P shares merging into Class I shares was 1 to 1.004.

<sup>(b)</sup> On April 17, 2023, the Pacific Funds Floating Rate Income - Class P and Class I shares merged into Aristotle Floating Rate Income Fund - Class I shares. The exchange rate for Class P shares merging into Class I shares was 1 to 1.

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle High** <br>**Yield Bond Fund** | **Aristotle High** <br>**Yield Bond Fund** | **Aristotle Short** <br>**Duration Income Fund** | **Aristotle Short** <br>**Duration Income Fund** | **Aristotle Strategic** <br>**Income Fund** | **Aristotle Strategic** <br>**Income Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $6543698  | $5364784  | $42424113  | $45257583  | $192104369  | $110154046  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments and foreign currency | (1457030) | (3530533) | (584288) | (10811672) | (15436364) | (35859018)  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | (231548) | 5964343  | 8628566  | 22906743  | (10163914) | 94825726  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 4855120 | 7798594  | 50468391  | 57352654  | 166504091  | 169120754  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (368106) | (396170) | (4301378) | (4167999) | (10094895) | (6459902)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (30325) | (41242) | (937739) | (938373) | (5239923) | (3330097)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<sup>(a)</sup> | (5552867) | (4170760) | (14665974) | (17435747) | (27929482) | (11740312)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (637270) | (708969) | (22946477) | (22362375) | (149882433) | (87221853)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6588568) | (5317141) | (42851568) | (44904494) | (193146733) | (108752164)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 1134216  | 2267221  | 18814447  | 24022165  | 97237549  | 76319905  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class C | 42395  | 192881  | 6471213  | 7542077  | 43698132  | 42050787  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I<sup>(a)</sup> | 48880165  | 24542244  | 129366290  | 337848604  | 296793283  | 254629459  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 10774787  | 5064830  | 212351003  | 206692987  | 1420558836  | 1341195001  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 358118  | 389897  | 3939313  | 3699368  | 8758006  | 5575636  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class C | 30286  | 37754  | 926540  | 925613  | 4969848  | 3055825  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I<sup>(a)</sup> | 5552793  | 4170553  | 14664427  | 17435694  | 27716002  | 11740667  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 637270  | 708969  | 22174871  | 21943574  | 130675488  | 77521882  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A | (1365214) | (3052009) | (27323840) | (52442093) | (56467843) | (33747906)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class C | (253060) | (498801) | (11999251) | (13303535) | (23803047) | (20478998)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I<sup>(a)</sup> | (22657829) | (31161269) | (221804142) | (178601309) | (126285028) | (43618751)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (6806613) | (3736860) | (220064071) | (412949978) | (678638203) | (577645445)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class P<sup>(a)</sup> |  | (1161212) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | 36327314 | (2235802) | (72483200) | (37186833) | 1145213023  | 1136598062  |
| **Total increase/(decrease) in net assets** | $34593866 | $245651  | $(64866377) | $(24738673) | $1118570381  | $1196966652  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $78424244 | $78178593  | $969945794  | $994684467  | $2673371624  | $1476404972  |
| &nbsp;&nbsp;&nbsp; End of the period | $113018110 | $78424244  | $905079417  | $969945794  | $3791942005  | $2673371624  |
| **Class A**<br>|  |  |  |  |  |  |
| Shares sold | 120665  | 249741  | 1843717  | 2393801  | 9229283  | 7417522  |
| Shares reinvested | 38256  | 42843  | 386994  | 368801  | 834173  | 544338  |
| Shares redeemed | (145806) | (335336) | (2677986) | (5231387) | (5360882) | (3293814)  |
| Net increase/(decrease) | 13115 | (42752) | (447275) | (2468785) | 4702574  | 4668046  |
| **Class C**<br>|  |  |  |  |  |  |
| Shares sold | 4527  | 21012  | 636571  | 751050  | 4164406  | 4101647  |
| Shares reinvested | 3245  | 4155  | 91294  | 92450  | 475228  | 299316  |
| Shares redeemed | (27101) | (54650) | (1181067) | (1330142) | (2272575) | (2008756)  |
| Net increase/(decrease) | (19329) | (29483) | (453202) | (486642) | 2367059  | 2392207  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle High** <br>**Yield Bond Fund** | **Aristotle High** <br>**Yield Bond Fund** | **Aristotle Short** <br>**Duration Income Fund** | **Aristotle Short** <br>**Duration Income Fund** | **Aristotle Strategic** <br>**Income Fund** | **Aristotle Strategic** <br>**Income Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Class I<sup>(a)</sup>**<br>|  |  |  |  |  |  |
| Shares sold | 5286934  | 2735693  | 12689830  | 33767427  | 28361968  | 24724710  |
| Shares received through reorganization | —  | 6685118  |  |  |  |  |
| Shares reinvested | 601623  | 464384  | 1442797  | 1740654  | 2658143  | 1150592  |
| Shares redeemed | (2446299) | (3500300) | (21875938) | (17837221) | (12098925) | (4301365)  |
| Net increase/(decrease) | 3442258 | 6384895  | (7743311) | 17670860  | 18921186  | 21573937  |
| **Class I-2**<br>|  |  |  |  |  |  |
| Shares sold | 1137058  | 553034  | 20799695  | 20559011  | 134788865  | 130766398  |
| Shares reinvested | 67940  | 77672  | 2177265  | 2186629  | 12441623  | 7562089  |
| Shares redeemed | (725158) | (408442) | (21577977) | (41126558) | (64447323) | (56326296)  |
| Net increase/(decrease) | 479840 | 222264  | 1398983  | (18380918) | 82783165  | 82002191  |
| **Class P<sup>(a)</sup>**<br>|  |  |  |  |  |  |
| Shares sold |  |  |  |  |  |  |
| Shares reinvested |  |  |  |  |  |  |
| Shares redeemed |  | (129263) |  |  |  |  |
| Shares reorganized into Class I shares |  | (6677698) |  |  |  |  |
| Net increase/(decrease) |  | (6806961) |  |  |  |  |

---

<sup>(a)</sup> On April 17, 2023, the Pacific Funds High Income - Class P and Class I shares merged into Aristotle High Yield Bond Fund - Class I shares. The exchange rate for Class P shares merging into Class I shares was 1 to 1.001.

The accompanying notes are an integral part of these financial statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle Ultra** <br>**Short Income Fund** | **Aristotle Ultra** <br>**Short Income Fund** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Growth** <br>**Equity Fund** | **Aristotle Growth** <br>**Equity Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(b)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024** | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(b)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2188822  | $2926205  | $1064167  | $319814  | $1413282  | $(590167) | $(132677)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments and foreign currency | 147512  | (45110) | 13673746  | 8792225  | (7188811) | 38286260  | 40439200  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 45443 | 346223  | 2275091  | 36430669  | 70580603  | (12969071) | 31659984  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 2381777 | 3227318  | 17013004  | 45542708  | 64805074  | 24727022  | 71966507  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (26191) | (17054) | (15001) | —  | (295) | (91865) | (10831)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<sup>(a)</sup> | (783954) | (786697) | (5721576) | —  | (696029) | (24402852) | (37989806)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (1332269) | (2077465) | (4423358) | —  | (1393559) | (1543) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2142414) | (2881216) | (10159935) | —  | (2089883) | (24496260) | (38000637)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 477808  | 486912  | 1000393  | 287  | 42007  | 1656172  | 253996  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I<sup>(a)</sup> | 4760751  | 2044200  | 141160142  | 573784  | 6944801  | 75389976  | 135369806  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 13653404  | 5416982  | 18960868  | 3595864  | 20524180  | 91477  | 10068  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 26162  | 16914  | 15002  | —  | 295  | 91865  | 10832  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I<sup>(a)</sup> | 783954  | 786605  | 5721576  | —  | 696029  | 24402852  | 37989805  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 1329683  | 2077080  | 4422271  | —  | 1354733  | 1543  | —  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class I |  |  | —  | —  | 196500075  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A | (261909) | (72770) | (15461) | (1000) | (15) | (97343) | (22000)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I<sup>(a)</sup> | (4567380) | (376387) | (73737281) | (20433750) | (11098647) | (146016541) | (75800656)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (16611861) | (26244693) | (24452223) | (14358094) | (48331781) | (1240) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | (409388) | (15865157) | 73075287  | (30622909) | 166631677  | (44481239) | 97811851  |
| **Total increase/(decrease) in net assets** | $(170025) | $(15519055) | $79928356  | $14919799  | $229346868  | $(44250477) | $131777721  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $47880950 | $63400005  | $411722038  | $396802239  | $167455371  | $277945796  | $146168075  |
| &nbsp;&nbsp;&nbsp; End of the period | $47710925 | $47880950  | $491650394  | $411722038  | $396802239  | $233695319  | $277945796  |
| **Class A**<br>|  |  |  |  |  |  |  |
| Shares sold | 47265  | 48698  | 72580  | 24  | 4120  | 167463  | 30124  |
| Shares reinvested | 2591  | 1686  | 1047  | —  | 26  | 9242  | 1344  |
| Shares redeemed | (25917) | (7271) | (1104) | (84) | (1) | (10032) | (2520)  |
| Net increase/(decrease) | 23939 | 43113  | 72523  | (60) | 4145  | 166673  | 28948  |
| **Class I<sup>(a)</sup>**<br>|  |  |  |  |  |  |  |
| Shares sold | 477587  | 206904  | 9778426  | 49251  | 660166  | 5253516  | 10568602  |
| Shares received through reorganization |  | —  |  | —  | 19415441  |  | —  |
| Shares reinvested | 78708  | 79184  | 389398  | —  | 59899  | 1572349  | 3058309  |
| Shares redeemed | (457936) | (37938) | (5305259) | (1670890) | (1019363) | (9600132) | (5672558)  |
| Net increase/(decrease) | 98359 | 248150  | 4862565  | (1621639) | 19116143  | (2774267) | 7954353  |
| **Class I-2**<br>|  |  |  |  |  |  |  |
| Shares sold | 1369987  | 548482  | 757965  | 162729  | 1124337  | 5978  | 782  |
| Shares reinvested | 133515  | 208803  | 168520  | —  | 70101  | 99  | —  |
| Shares redeemed | (1668834) | (2656434) | (985348) | (649406) | (2607478) | (81) | —  |
| Net increase/(decrease) | (165332) | (1899149) | (58863) | (486677) | (1413040) | 5996  | 782 |

---

<sup>(a)</sup> On April 17, 2023, the PF Growth Fund - Class P shares merged into Aristotle Growth Equity Fund - Class I shares.

<sup>(b)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small/Mid Cap** <br>**Equity Fund**  | **Aristotle Small/Mid Cap** <br>**Equity Fund**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(c)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(c)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Year Ended** <br>**March 31,** <br>**2024**  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $8991996  | $1098993  | $5622290  | $535587  | $142020  | $873552  | $45812  | $161002  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments and foreign currency | 10956709  | 741809  | (10142169) | 5556985  | 1070135  | (1898644) | 4932048  | 11847879  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 17377571 | 19357029  | 93139980  | (7102940) | 6580410  | 15174739  | (4474437) | (6730762)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 37326276 | 21197831  | 88620101  | (1010368) | 7792565  | 14149647  | 503423  | 5278119  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (28427) | —  | —  | (50067) | —  | —  | (919404) | (5737120)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | (6618) | —  | —  | (130885) | (1080539)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<sup>(a)</sup> | (3337184) | —  | (425515) | (149) | —  | —  | (52017) | (70032)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (5803479) | —  | (6763144) | (2043585) | —  | (1767917) | (2294027) | (11184884)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  | (12116) | —  | (176) |  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9169090) | —  | (7188659) | (2112535) | —  | (1768093) | (3396333) | (18072575)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 1422598  | 9574  | 1000  | 1184754  | 59130  | 56361  | 1455907  | 11029453  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class C |  |  |  | 87161  | 4068  | 25339  | 146723  | 153213  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I<sup>(a)</sup> | 55460397  | 7103845  | 4201132  | 44520  | 10000  | —  | 131357  | 562641  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 76149075  | 29384352  | 107590423  | 14646336  | 2366427  | 5855  | 2383512  | 5492599  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-3 |  |  |  |  |  | 23979139  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class R6 |  |  |  | —  | —  | —  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 28426  | —  | —  | 50035  | —  | —  | 917049  | 5670576  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class C |  |  |  | 6618  | —  | —  | 130653  | 1079325  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I<sup>(a)</sup> | 3337184  | —  | 425515  | 149  | —  | —  | 52017  | 70032  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 5420510  | —  | 6336047  | 1993870  | —  | —  | 2232085  | 11027923  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-3 |  |  |  |  |  | 1731338  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class R6 |  |  |  | 12116  | —  | 176  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class A |  |  |  | —  | —  | 3476633  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class C |  |  |  | —  | —  | 852283  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class I | —  | —  | 182607294  |  |  | —  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class I-2 |  |  |  | —  | —  | 15893062  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from merger - Class R6 |  |  |  | —  |  | 1070788  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A | (71633) | —  | —  | (885330) | (264288) | (250528) | (4356218) | (12695673)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class C |  |  |  | (457092) | (31268) | (17240) | (1623171) | (3028713)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I<sup>(a)</sup> | (107011915) | (24326890) | (13203788) | —  | —  | —  | (247424) | (424750)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (139595257) | (21146217) | (128295688) | (75675356) | (6689307) | (64954) | (11884990) | (49170836)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-3 |  |  |  | —  | —  | (39874648) |  |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class R6 |  |  |  | (1096944) | (100000) | —  |  |  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | (104860615) | (8975336) | 159661935  | (60089163) | (4645238) | 6883604  | (10662500) | (30234210)  |
| **Total increase/(decrease) in net assets** | $(76703429) | $12222495  | $241093377  | $(63212066) | $3147327  | $19265158  | $(13555410) | $(43028666)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $631892678 | $619670183  | $378576806  | $213038840  | $209891513  | $190626355  | $48077003  | $91105669  |
| &nbsp;&nbsp;&nbsp; End of the period | $555189249 | $631892678  | $619670183  | $149826774  | $213038840  | $209891513  | $34521593  | $48077003  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small Cap** <br>**Equity Fund** | **Aristotle Small/Mid Cap** <br>**Equity Fund**  | **Aristotle Small/Mid Cap** <br>**Equity Fund**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(c)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(c)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Year Ended** <br>**March 31,** <br>**2024**  |
| **Class A**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 133422  | 969  | 100  | 80288  | 4381  | 4373  | 202659  | 1332279  |
| Shares received through reorganization |  |  |  | —  | —  | 290898  |  |  |
| Shares reinvested | 2755  | —  | —  | 3251  | —  | —  | 125420  | 892909  |
| Shares redeemed | (6780) | —  | —  | (63048) | (19129) | (19325) | (612155) | (1797011)  |
| Net increase/(decrease) | 129397  | 969  | 100  | 20491  | (14748) | 275946  | (284076) | 428177  |
| **Class C**<br>|  |  |  |  |  |  |  |  |
| Shares sold |  |  |  | 6166  | 316  | 1983  | 23494  | 20729  |
| Shares received through reorganization |  |  |  | —  | —  | 74917  |  |  |
| Shares reinvested |  |  |  | 448  | —  | —  | 20479  | 194157  |
| Shares redeemed |  |  |  | (33315) | (2377) | (1437) | (258382) | (397857)  |
| Net increase/(decrease) |  |  |  | (26701) | (2061) | 75463  | (214409) | (182971)  |
| **Class I<sup>(a)</sup>**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 4950147  | 668585  | 428916  | 3058  | 720  |  | 15264  | 68941  |
| Shares received through reorganization | —  | —  | 19448229  |  |  |  |  |  |
| Shares reinvested | 300377  | —  | 39768  | 9  | —  |  | 6024  | 9337  |
| Shares redeemed | (9386980) | (2275856) | (1321131) | —  | —  |  | (28908) | (44169)  |
| Net increase/(decrease) | (4136456) | (1607271) | 18595782  | 3067  | 720  |  | (7620) | 34109  |
| **Class I-2<sup>(b)</sup>**<br>|  |  |  |  |  |  |  |  |
| Shares sold | 5464862  | 2230136  | 8725686  | 960352  | 166374  | 482  | 326896  | 668249  |
| Shares received through reorganization |  |  |  | —  | —  | 1297021  |  |  |
| Shares reinvested | 394793  | —  | 518807  | 123509  | —  | —  | 296299  | 1687565  |
| Shares redeemed | (9788364) | (1595823) | (10593473) | (4808563) | (468930) | (5367) | (1635384) | (5590077)  |
| Shares reorganized into Class I-3 shares |  |  |  |  | —  | (1292136) |  |  |
| Net increase/(decrease) | (3928709) | 634313  | (1348980) | (3724702) | (302556) | —  | (1012189) | (3234263)  |
| **Class I-3<sup>(b)</sup>**<br>|  |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  |  | 1728255  |  |  |
| Shares issued upon conversion |  |  |  |  |  | 1262249  |  |  |
| Shares reinvested |  |  |  |  |  | 132246  |  |  |
| Shares redeemed |  |  |  |  |  | (2950039) |  |  |
| Net increase/(decrease) |  |  |  |  |  | 172711 |  |  |
| **Class R6**<br>|  |  |  |  |  |  |  |  |
| Shares sold |  |  |  | —  | —  | —  |  |  |
| Shares received through reorganization |  |  |  | —  | —  | 90862  |  |  |
| Shares reinvested |  |  |  | 792  | —  | 13  |  |  |
| Shares redeemed |  |  |  | (74040) | (7474) | —  |  |  |
| Net increase/(decrease) |  |  |  | (73248) | (7474) | 90875  |  |  |

---

<sup>(a)</sup> On April 17, 2023, the Pacific Funds Small/Mid Cap - Class R6 shares merged into the Aristotle Small/Mid Cap Equity Fund - Class I shares.

<sup>(b)</sup> On November 6, 2023, the Aristotle Small Cap Equity Fund's Class I-2 shares were merged into Class I-3 shares. Class I-3 was subsequently renamed class I-2 and the Class I-3 name was discontinued following that merger.

<sup>(c)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle/Saul Global Equity Fund** | **Aristotle/Saul Global Equity Fund** | **Aristotle/Saul Global Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2023**  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $616314  | $89411  | $714791  | $9135134  | $1758795  | $9187815  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from investments and foreign currency | 10255776  | 137034  | 3496196  | 30745416  | 12574697  | (5331990)  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | (11006039) | 3300731  | 6210111  | (33154832) | 34165740  | 115089712  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | (133949) | 3527176  | 10421098  | 6725718  | 48499232  | 118945537  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3053) | —  | —  | (8260) | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (3071) | —  | —  | (1956) | —  | (656)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (10058163) | —  | (3642990) | (21166499) | —  | (7884459)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  | (366) | —  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (10064287) | —  | (3642990) | (21177081) | —  | (7885115)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 938  | 9578  | —  | 112794  | 99697  | 1000  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I | —  | 10000  | —  | —  | 10000  | 25000  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 1335711  | 2135144  | 8832719  | 104311670  | 20521434  | 89823260  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class R6 |  |  |  | —  | 10000  | —  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 3053  | —  | —  | 8260  | —  | —  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I | 3071  | —  | —  | 579  | —  | —  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 9832863  | —  | 2305631  | 20602741  | —  | 7688646  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class R6 |  |  |  | 366  | —  | —  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A | (255) | —  | —  | (886) | —  | —  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I | —  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (31577677) | (2083925) | (27343056) | (244553137) | (52244265) | (212731589)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | (20402296) | 70797  | (16204706) | (119517613) | (31603134) | (115193683)  |
| **Total increase/(decrease) in net assets** | $(30600532) | $3597973  | $(9426598) | $(133968976) | $16896098  | $(4133261)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $61670696 | $58072723  | $67499321  | $696085108  | $679189010  | $683322271  |
| &nbsp;&nbsp;&nbsp; End of the period | $31070164 | $61670696  | $58072723  | $562116132  | $696085108  | $679189010  |
| **Class A**<br>|  |  |  |  |  |  |
| Shares sold | 68  | 670  | —  | 10370  | 9895  | 100  |
| Shares reinvested | 262  | —  | —  | 784  | —  | —  |
| Shares redeemed | (19) | —  | —  | (86) | —  | —  |
| Net increase/(decrease) | 311 | 670  | —  | 11068  | 9895  | 100  |
| **Class I**<br>|  |  |  |  |  |  |
| Shares sold | —  | 700  | —  | —  | 1038  | 2500  |
| Shares reinvested | 263  | —  | —  | 56  | —  | —  |
| Shares redeemed |  | —  | —  | —  | —  | —  |
| Net increase/(decrease) | 263 | 700  | —  | 56  | 1038  | 2500  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle/Saul Global Equity Fund** | **Aristotle/Saul Global Equity Fund** | **Aristotle/Saul Global Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2023** | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>** | **Year Ended** <br>**December 31,** <br>**2023**  |
| **Class I-2**<br>|  |  |  |  |  |  |
| Shares sold | 97703  | 148394  | 639451  | 4772272  | 990753  | 4913806  |
| Shares reinvested | 842857  | —  | 163340  | 935369  | —  | 378378  |
| Shares redeemed | (2136010) | (143506) | (1990110) | (11177791) | (2541271) | (11661439)  |
| Net increase/(decrease) | (1195450) | 4888  | (1187319) | (5470150) | (1550518) | (6369255)  |
| **Class R6**<br>|  |  |  |  |  |  |
| Shares sold |  |  |  | —  | 487  | —  |
| Shares reinvested |  |  |  | 17  | —  | —  |
| Shares redeemed |  |  |  |  | —  | —  |
| Net increase/(decrease) |  |  |  | 17 | 487  |  |

---

<sup>(a)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio Optimization** <br>**Aggressive Growth Fund** | **Aristotle Portfolio Optimization** <br>**Aggressive Growth Fund** | **Aristotle Portfolio Optimization** <br>**Conservative Fund** | **Aristotle Portfolio Optimization** <br>**Conservative Fund** | **Aristotle Portfolio Optimization** <br>**Growth Fund** | **Aristotle Portfolio Optimization** <br>**Growth Fund** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025**  | **2024** | **2025** | **2024** | **2025** | **2024**  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1885986  | $5646480  | $4481542  | $5349516  | $7738438  | $16747897  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from affiliated and unaffiliated investments | 28054076  | (11536496) | 5532463  | (7047835) | 62428915  | (19561429)  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on affiliated and unaffiliated investments | (17193091) | 52794369  | (3421822) | 13087063  | (38412544) | 103056292  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 12746971 | 46904353  | 6592183  | 11388744  | 31754809  | 100242760  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4976302) | (3903619) | (4674010) | (4221357) | (15160325) | (7713835)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (440178) | (397620) | (488913) | (548829) | (1243635) | (682601)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (206377) | (156412) | (189052) | (162633) | (338629) | (189559)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5622857) | (4457651) | (5351975) | (4932819) | (16742589) | (8585995)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 11543257  | 11672238  | 5232972  | 5389279  | 24025676  | 23842212  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class C | 2038115  | 2552456  | 499470  | 581048  | 3590010  | 4599633  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 1112691  | 1746748  | 1534014  | 639266  | 3697500  | 3256008  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 4946394  | 3885617  | 4631166  | 4176034  | 15044255  | 7656828  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class C | 439314  | 397207  | 486875  | 546749  | 1236976  | 678872  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 202173  | 153185  | 186794  | 160167  | 335101  | 187419  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class A | (38234433) | (40956243) | (23646078) | (29553579) | (100166586) | (105558714)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class C | (8622945) | (9040427) | (6028140) | (9668023) | (20837057) | (21536033)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Class I-2 | (1657982) | (3632676) | (2103682) | (3051501) | (6236617) | (7326555)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | (28233416) | (33221895) | (19206609) | (30780560) | (79310742) | (94200330)  |
| **Total increase/(decrease) in net assets** | $(21109302) | $9224807  | $(17966401) | $(24324635) | $(64298522) | $(2543565)  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $275638995 | $266414188  | $145961190  | $170285825  | $664391832  | $666935397  |
| &nbsp;&nbsp;&nbsp; End of the period | $254529693 | $275638995  | $127994789  | $145961190  | $600093310  | $664391832  |
| **Class A**<br>|  |  |  |  |  |  |
| Shares sold | 858235  | 1012843  | 522576  | 566531  | 1939030  | 2198536  |
| Shares reinvested | 362905  | 331417  | 471606  | 433199  | 1204504  | 683902  |
| Shares redeemed | (2839178) | (3550493) | (2357195) | (3102188) | (8038905) | (9724747)  |
| Net increase/(decrease) | (1618038) | (2206233) | (1363013) | (2102458) | (4895371) | (6842309)  |
| **Class C**<br>|  |  |  |  |  |  |
| Shares sold | 165830  | 238894  | 52019  | 63567  | 308361  | 446050  |
| Shares reinvested | 35089  | 36865  | 52072  | 59172  | 105454  | 64222  |
| Shares redeemed | (698204) | (843882) | (633099) | (1061157) | (1786143) | (2106400)  |
| Net increase/(decrease) | (497285) | (568123) | (529008) | (938418) | (1372328) | (1596128)  |
| **Class I-2**<br>|  |  |  |  |  |  |
| Shares sold | 80926  | 148034  | 150804  | 66377  | 294805  | 294804  |
| Shares reinvested | 14587  | 12882  | 18792  | 16444  | 26386  | 16499  |
| Shares redeemed | (121470) | (312011) | (207209) | (318162) | (495473) | (667686)  |
| Net increase/(decrease) | (25957) | (151095) | (37613) | (235341) | (174282) | (356383) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio Optimization** <br>**Moderate Conservative Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Conservative Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Fund** |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $5449079  | $6982278  | $13655903  | $20237706  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from affiliated and unaffiliated investments | 11281857  | (9398752) | 54820063  | (9402629)  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation (depreciation) on affiliated and unaffiliated investments | (6666670) | 23749262  | (33305636) | 87627835  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from operations** | 10064266 | 21332788  | 35170330  | 98462912  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (6462137) | (5077544) | (18352441) | (10904405)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (402686) | (393470) | (1378269) | (910318)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I-2 | (115715) | (120076) | (570951) | (346007)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6980538) | (5591090) | (20301661) | (12160730)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class A | 7688324  | 6493946  | 21302705  | 24247993  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class C | 740452  | 878337  | 3371779  | 4246163  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Class I-2 | 1318463  | 1006586  | 10342230  | 3197634  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class A | 6392042  | 5005448  | 18200107  | 10811751  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class C | 400376  | 387288  | 1370788  | 908125  |
| &nbsp;&nbsp;&nbsp; Reinvestments- Class I-2 | 115715  | 119706  | 558756  | 339523  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed- Class A | (36026538) | (40306443) | (123072757) | (122206976)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed- Class C | (6010708) | (6458248) | (21247244) | (23877108)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed- Class I-2 | (3015722) | (1593735) | (13980247) | (7479742)  |
| &nbsp;&nbsp;&nbsp; **Net increase/(decrease) in net assets from capital transactions** | (28397596) | (34467115) | (103153883) | (109812637)  |
| **Total increase/(decrease) in net assets** | $(25313868) | $(18725417) | $(88285214) | $(23510455)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | $212314688 | $231040105  | $746066500  | $769576955  |
| &nbsp;&nbsp;&nbsp; End of the period | $187000820 | $212314688  | $657781286  | $746066500  |
| **Class A**<br>|  |  |  |  |
| Shares sold | 739255  | 669034  | 1846384  | 2353302  |
| Shares reinvested | 618186  | 506110  | 1568974  | 1012341  |
| Shares redeemed | (3431366) | (4160260) | (10587128) | (11822329)  |
| Net increase/(decrease) | (2073925) | (2985116) | (7171770) | (8456686)  |
| **Class C**<br>|  |  |  |  |
| Shares sold | 73595  | 94942  | 305120  | 426954  |
| Shares reinvested | 40813  | 40983  | 124391  | 88945  |
| Shares redeemed | (606974) | (699173) | (1937041) | (2421190)  |
| Net increase/(decrease) | (492566) | (563248) | (1507530) | (1905291)  |
| **Class I-2**<br>|  |  |  |  |
| Shares sold | 124216  | 103659  | 868528  | 306872  |
| Shares reinvested | 11021  | 11947  | 47473  | 31408  |
| Shares redeemed | (282973) | (162654) | (1177212) | (719078)  |
| Net increase/(decrease) | (147736) | (47048) | (261211) | (380798) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **For the Period** <br>**December 14, 2020<sup>(a)</sup> -** <br>**March 31, 2021**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  | **For the Period** <br>**December 14, 2020<sup>(a)</sup> -** <br>**March 31, 2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $8.59 | $8.59 | $9.17 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.30 | 0.27 | 0.20 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
|  Net realized and unrealized gain (loss) on investments | 0.12 | (0.00)<sup>(f)</sup> | (0.58) | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Total from investment operations** | 0.42 | 0.27 | (0.38) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | $8.71 | $8.59 | $8.59 | $9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.70  |
| TOTAL RETURN<sup>(c)(d)</sup> | 4.94% | 3.23% | (4.12)% | (4.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $26482 | $17838 | $15172 | $14534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12156  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(recapture)<sup>(e)</sup> | 0.48% | 0.50% | 0.88% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(recapture)<sup>(e)</sup> | 0.48% | 0.48% | 0.48% | 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(recapture)<sup>(e)</sup> | 3.45% | 3.22% | 2.30% | 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Portfolio turnover rate<sup>(c)</sup> | 76% | 32% | 42% | 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount calculated is less than $0.005 per share.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **For the Period** <br>**December 14, 2020<sup>(b)</sup> -** <br>**March 31, 2021**  |
|  | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022**  | **For the Period** <br>**December 14, 2020<sup>(b)</sup> -** <br>**March 31, 2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $8.59 | $8.59 | $9.17 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(c)</sup> | 0.30 | 0.27 | 0.20 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
|  Net realized and unrealized gain (loss) on investments | 0.12 | (0.00)<sup>(g)</sup> | (0.58) | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Total from investment operations** | 0.42 | 0.27 | (0.38) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | $8.71 | $8.59 | $8.59 | $9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.70  |
| TOTAL RETURN<sup>(d)(e)</sup> | 4.93% | 3.23% | (4.12)% | (4.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $12641 | $11506 | $11144 | $11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12156  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.48% | 0.50% | 0.88% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 0.48% | 0.48% | 0.48% | 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 3.45% | 3.21% | 2.30% | 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Portfolio turnover rate<sup>(d)</sup> | 76% | 32% | 42% | 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of the Fund's predecessor fund, Pacific Funds ESG Core Bond, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Amount calculated is less than $0.005 per share.

<sup>(h)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.64 | $9.68 | $10.41 | $11.18 | $10.60  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.44 | 0.42 | 0.31 | 0.20 | 0.22  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments | (0.01) | (0.06) | (0.72) | (0.52) | 0.66  |
| **Total from investment operations** | 0.43 | 0.36 | (0.41) | (0.32) | 0.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.44) | (0.40) | (0.32) | (0.21) | (0.22)  |
| From net realized gains |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | (0.44) | (0.40) | (0.32) | (0.45) | (0.30)  |
| **Net asset value, end of period** | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.59% | 3.87% | (3.90)% | (3.11)% | 8.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $124241 | $105474 | $99406 | $127727 | $160701  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.85% | 0.86% | 0.97% | 0.97% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 4.57% | 4.40% | 3.25% | 1.83% | 1.95%  |
| Portfolio turnover rate<sup>(b)</sup> | 73% | 37% | 118% | 82% | 102% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.64 | $9.68 | $10.41 | $11.18 | $10.60  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.37 | 0.35 | 0.24 | 0.12 | 0.14  |
| Net realized and unrealized gain (loss) on investments | (0.01) | (0.05) | (0.73) | (0.53) | 0.66  |
| **Total from investment operations** | 0.36 | 0.30 | (0.49) | (0.41) | 0.80  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.37) | (0.34) | (0.24) | (0.12) | (0.14)  |
| From net realized gains |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | (0.37) | (0.34) | (0.24) | (0.36) | (0.22)  |
| **Net asset value, end of period** | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| TOTAL RETURN<sup>(b)(c)</sup> | 3.83% | 3.19% | (4.63)% | (3.84)% | 7.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $51101 | $33140 | $23038 | $35731 | $53990  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.60% | 1.61% | 1.72% | 1.72% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.60% | 1.60% | 1.60% | 1.60% | 1.60%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 3.83% | 3.66% | 2.50% | 1.08% | 1.20%  |
| Portfolio turnover rate<sup>(b)</sup> | 73% | 37% | 118% | 82% | 102% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Financial Highlights** 

**Class I<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.65 | $9.69 | $10.42 | $11.19 | $10.61  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.48 | 0.45 | 0.34 | 0.24 | 0.25  |
|  Net realized and unrealized gain (loss) on investments | (0.01) | (0.06) | (0.72) | (0.53) | 0.67  |
| **Total from investment operations** | 0.47 | 0.39 | (0.38) | (0.29) | 0.92  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.48) | (0.43) | (0.35) | (0.24) | (0.26)  |
| From net realized gains |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | (0.48) | (0.43) | (0.35) | (0.48) | (0.34)  |
| **Net asset value, end of period** | $9.64 | $9.65 | $9.69 | $10.42 | $11.19  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.00% | 4.15% | (3.60)% | (2.81)% | 8.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $820917 | $632073 | $116338 | $118420 | $107857  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.45% | 0.56% | 0.72% | 0.72% | 0.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.45% | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 4.98% | 4.73% | 3.55% | 2.13% | 2.25%  |
| Portfolio turnover rate<sup>(c)</sup> | 73% | 37% | 118% | 82% | 102% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> On April 17, 2023 the Pacific Funds Core Income Class P shares were merged into Aristotle Core Income Fund - Class I shares.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of Class I of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Income Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.67 | $9.70 | $10.43 | $11.21 | $10.62  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.47 | 0.45 | 0.34 | 0.24 | 0.26  |
|  Net realized and unrealized gain (loss) on investments | (0.01) | (0.05) | (0.72) | (0.54) | 0.67  |
| **Total from investment operations** | 0.46 | 0.40 | (0.38) | (0.30) | 0.93  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.47) | (0.43) | (0.35) | (0.24) | (0.26)  |
| From net realized gains |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | (0.47) | (0.43) | (0.35) | (0.48) | (0.34)  |
| **Net asset value, end of period** | $9.66 | $9.67 | $9.70 | $10.43 | $11.21  |
| TOTAL RETURN<sup>(c)(d)</sup> | 4.89% | 4.27% | (3.60)% | (2.89)% | 8.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $2165870 | $1554233 | $600431 | $625283 | $801154  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.55% | 0.56% | 0.72% | 0.72% | 0.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 4.88% | 4.75% | 3.55% | 2.13% | 2.25%  |
| Portfolio turnover rate<sup>(c)</sup> | 73% | 37% | 118% | 82% | 102% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Core Income, the predecessor fund of Aristotle Core Income Fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.56 | $9.28 | $9.66 | $9.72 | $8.80  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.73 | 0.83 | 0.59 | 0.35 | 0.34  |
|  Net realized and unrealized gain (loss) on investments | (0.21) | 0.28 | (0.38) | (0.06) | 0.92  |
| **Total from investment operations** | 0.52 | 1.11 | 0.21 | 0.29 | 1.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.73) | (0.83) | (0.59) | (0.35) | (0.34)  |
| **Total distributions** | (0.73) | (0.83) | (0.59) | (0.35) | (0.34)  |
| **Net asset value, end of period** | $9.35 | $9.56 | $9.28 | $9.66 | $9.72  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.57% | 12.50% | 2.50% | 2.87% | 14.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $269790 | $265404 | $265188 | $280827 | $170353  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.02% | 1.04% | 1.13% | 1.13% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.02%<sup>(f)</sup> | 1.03%<sup>(f)</sup> | 0.98%<sup>(e)</sup> | 1.00% | 1.02%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 7.66% | 8.84% | 6.35% | 3.56% | 3.63%  |
| Portfolio turnover rate<sup>(b)</sup> | 122% | 130% | 66% | 90% | 116% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The annualized ratios of expenses, excluding interest expense, after expense reductions, to average net assets for the year ended March 31, 2023 was 0.96%

<sup>(f)</sup> The annualized ratios of expenses, excluding line of credit commitment expense, after expense reductions, to average net assets was 1.00% and 1.01% for the years ended March 31, 2025 and March 31, 2024, respectively.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

86<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.55 | $9.27 | $9.64 | $9.71 | $8.79  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.65 | 0.76 | 0.52 | 0.28 | 0.28  |
|  Net realized and unrealized gain (loss) on investments | (0.20) | 0.28 | (0.37) | (0.07) | 0.92  |
| **Total from investment operations** | 0.45 | 1.04 | 0.15 | 0.21 | 1.20  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.66) | (0.76) | (0.52) | (0.28) | (0.28)  |
| **Total distributions** | (0.66) | (0.76) | (0.52) | (0.28) | (0.28)  |
| **Net asset value, end of period** | $9.34 | $9.55 | $9.27 | $9.64 | $9.71  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.78% | 11.67% | 1.75% | 2.15% | 13.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $123841 | $117483 | $109877 | $109161 | $87940  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.77% | 1.79% | 1.88% | 1.88% | 1.92%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.77%<sup>(f)</sup> | 1.78%<sup>(f)</sup> | 1.71%<sup>(e)</sup> | 1.70% | 1.72%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 6.91% | 8.09% | 5.61% | 2.86% | 2.93%  |
| Portfolio turnover rate<sup>(b)</sup> | 122% | 130% | 66% | 90% | 116% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The annualized ratios of expenses, excluding interest expense, after expense reductions, to average net assets for the year ended March 31, 2023 was 1.69%.

<sup>(f)</sup> The annualized ratios of expenses, excluding line of credit commitment expense, after expense reductions, to average net assets was 1.75% and 1.76% for the years ended March 31, 2025 and March 31, 2024, respectively.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Financial Highlights** 

**Class I<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.57 | $9.29 | $9.67 | $9.73 | $8.81  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.76 | 0.86 | 0.62 | 0.38 | 0.38  |
|  Net realized and unrealized gain (loss) on investments | (0.20) | 0.29 | (0.38) | (0.06) | 0.91  |
| **Total from investment operations** | 0.56 | 1.15 | 0.24 | 0.32 | 1.29  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.77) | (0.87) | (0.62) | (0.38) | (0.37)  |
| **Total distributions** | (0.77) | (0.87) | (0.62) | (0.38) | (0.37)  |
| **Net asset value, end of period** | $9.36 | $9.57 | $9.29 | $9.67 | $9.73  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.91% | 12.88% | 2.69% | 3.29% | 14.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | $1837802 | $1641206 | $1486461 | $1838625 | $1019062  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.69% | 0.71% | 0.88% | 0.88% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.69%<sup>(g)</sup> | 0.70%<sup>(g)</sup> | 0.68%<sup>(f)</sup> | 0.70% | 0.72%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 7.97% | 9.15% | 6.65% | 3.86% | 3.93%  |
| Portfolio turnover rate<sup>(c)</sup> | 122% | 130% | 66% | 90% | 116% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> On April 17, 2023 Pacific Funds Floating Rate Income Class P shares were merged into the Fund's Class I shares.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The annualized ratios of expenses, excluding interest expense, after expense reductions, to average net assets for the year ended March 31, 2023 was 0.66%.

<sup>(g)</sup> The annualized ratios of expenses, excluding line of credit commitment expense, after expense reductions, to average net assets was 0.67% and 0.68% for the years ended March 31, 2025 and March 31, 2024, respectively.

<sup>(h)</sup> For periods prior to April 17, 2023, the financial and return data is of Class I of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $9.59 | $9.31 | $9.69 | $9.75 | $8.83  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.75 | 0.86 | 0.61 | 0.37 | 0.37  |
|  Net realized and unrealized gain (loss) on investments | (0.20) | 0.28 | (0.37) | (0.06) | 0.92  |
| **Total from investment operations** | 0.55 | 1.14 | 0.24 | 0.31 | 1.29  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.76) | (0.86) | (0.62) | (0.37) | (0.37)  |
| **Total distributions** | (0.76) | (0.86) | (0.62) | (0.37) | (0.37)  |
| **Net asset value, end of period** | $9.38 | $9.59 | $9.31 | $9.69 | $9.75  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.83% | 12.76% | 2.66% | 3.25% | 14.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | $2052844 | $1918057 | $1840333 | $1778969 | $716233  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.77% | 0.79% | 0.88% | 0.88% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.77%<sup>(g)</sup> | 0.78%<sup>(g)</sup> | 0.73%<sup>(f)</sup> | 0.75% | 0.77%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 7.90% | 9.07% | 6.60% | 3.81% | 3.88%  |
| Portfolio turnover rate<sup>(c)</sup> | 122% | 130% | 66% | 90% | 116% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Floating Rate Income, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The annualized ratios of expenses, excluding interest expense, after expense reductions, to average net assets for the year ended March 31, 2023 was 0.71%.

<sup>(g)</sup> The annualized ratios of expenses, excluding line of credit commitment expense, after expense reductions, to average net assets was 0.75% and 0.76% for the years ended March 31, 2025 and March 31, 2024, respectively.

<sup>(h)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $9.36 | $9.03 | $9.85 | $10.34 | $8.75  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.61 | 0.59 | 0.49 | 0.47 | 0.51  |
| Net realized and unrealized gain (loss) on investments | (0.14) | 0.32 | (0.81) | (0.50) | 1.59  |
| **Total from investment operations** | 0.47 | 0.91 | (0.32) | (0.03) | 2.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.60) | (0.58) | (0.50) | (0.46) | (0.51)  |
| **Total distributions** | (0.60) | (0.58) | (0.50) | (0.46) | (0.51)  |
| **Net asset value, end of period** | $9.23 | $9.36 | $9.03 | $9.85 | $10.34  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.14% | 10.45% | (3.09)% | (0.36)% | 24.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $6005 | $5964 | $6141 | $6816 | $7496  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.95% | 0.97% | 1.16% | 1.12% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 6.47% | 6.47% | 5.37% | 4.53% | 5.13%  |
| Portfolio turnover rate<sup>(b)</sup> | 62% | 74% | 35% | 40% | 66% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds High Income.

The accompanying notes are an integral part of these financial statements.

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $9.34 | $9.02 | $9.83 | $10.33 | $8.74  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.54 | 0.52 | 0.42 | 0.40 | 0.44  |
| Net realized and unrealized gain (loss) on investments | (0.14) | 0.32 | (0.80) | (0.51) | 1.59  |
| **Total from investment operations** | 0.40 | 0.84 | (0.38) | (0.11) | 2.03  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.53) | (0.52) | (0.43) | (0.39) | (0.44)  |
| **Total distributions** | (0.53) | (0.52) | (0.43) | (0.39) | (0.44)  |
| **Net asset value, end of period** | $9.21 | $9.34 | $9.02 | $9.83 | $10.33  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.35% | 9.57% | (3.81)% | (1.17)% | 23.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $473 | $660 | $903 | $1291 | $1937  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.70% | 1.72% | 1.91% | 1.87% | 1.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.70% | 1.70% | 1.68% | 1.65% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 5.72% | 5.69% | 4.64% | 3.83% | 4.43%  |
| Portfolio turnover rate<sup>(b)</sup> | 62% | 74% | 35% | 40% | 66% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds High Income.

The accompanying notes are an integral part of these financial statements.

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Financial Highlights** 

**Class I<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $9.23 | $8.91 | $9.74 | $10.24 | $8.66  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.64 | 0.61 | 0.50 | 0.49 | 0.53  |
| Net realized and unrealized gain (loss) on investments | (0.13) | 0.31 | (0.80) | (0.50) | 1.59  |
| **Total from investment operations** | 0.51 | 0.92 | (0.30) | (0.01) | 2.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.64) | (0.60) | (0.53) | (0.49) | (0.54)  |
| **Total distributions** | (0.64) | (0.60) | (0.53) | (0.49) | (0.54)  |
| **Net asset value, end of period** | $9.10 | $9.23 | $8.91 | $9.74 | $10.24  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.64% | 10.78% | (2.91)% | (0.20)% | 24.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $91129 | $60689 | $1694 | $86 | $62  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.55% | 0.66% | 0.92% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.55% | 0.65% | 0.65% | 0.69% | 0.70%  |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 6.89% | 6.78% | 5.67% | 4.79% | 5.38%  |
| Portfolio turnover rate<sup>(c)</sup> | 62% | 74% | 35% | 40% | 66% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> On April 17, 2023 Pacific Funds High Income Class P shares were merged into the Fund's Class I shares.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of Class I of the Fund's predecessor fund, Pacific Funds High Rate Income.

The accompanying notes are an integral part of these financial statements.

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $9.38 | $9.05 | $9.87 | $10.36 | $8.76  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.64 | 0.62 | 0.51 | 0.50 | 0.54  |
| Net realized and unrealized gain (loss) on investments | (0.13) | 0.31 | (0.81) | (0.50) | 1.60  |
| **Total from investment operations** | 0.51 | 0.93 | (0.30) | 0.00<sup>(c)</sup> | 2.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.63) | (0.60) | (0.52) | (0.49) | (0.54)  |
| **Total distributions** | (0.63) | (0.60) | (0.52) | (0.49) | (0.54)  |
| **Net asset value, end of period** | $9.26 | $9.38 | $9.05 | $9.87 | $10.36  |
| TOTAL RETURN<sup>(d)(e)</sup> | 5.55% | 10.67% | (2.84)% | (0.11)% | 24.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $15411 | $11112 | $8707 | $6741 | $3937  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.65% | 0.72% | 0.91% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 0.65% | 0.70% | 0.70% | 0.70% | 0.70%  |
| Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: | Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 6.77% | 6.74% | 5.62% | 4.78% | 5.38%  |
| Portfolio turnover rate<sup>(d)</sup> | 62% | 74% | 35% | 40% | 66% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds High Income, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Amount is less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds High Income.

The accompanying notes are an integral part of these financial statements.

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.12 | $10.00 | $10.16 | $10.57 | $10.05  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.46 | 0.41 | 0.23 | 0.12 | 0.16  |
| Net realized and unrealized gain (loss) on investments | 0.11 | 0.12 | (0.16) | (0.31) | 0.52  |
| **Total from investment operations** | 0.57 | 0.53 | 0.07 | (0.19) | 0.68  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.47) | (0.41) | (0.23) | (0.12) | (0.16)  |
| From net realized gains |  |  |  | (0.10) | —  |
| **Total distributions** | (0.47) | (0.41) | (0.23) | (0.22) | (0.16)  |
| **Net asset value, end of period** | $10.22 | $10.12 | $10.00 | $10.16 | $10.57  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.77% | 5.43% | 0.75% | (1.85)% | 6.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $90405 | $94101 | $117609 | $174444 | $204761  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.75% | 0.76% | 0.87% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 4.56% | 4.09% | 2.33% | 1.14% | 1.50%  |
| Portfolio turnover rate<sup>(b)</sup> | 66% | 76% | 61% | 60% | 76% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

94<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.09 | $9.98 | $10.14 | $10.55 | $10.03  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.39 | 0.33 | 0.16 | 0.04 | 0.08  |
|  Net realized and unrealized gain (loss) on investments | 0.10 | 0.12 | (0.16) | (0.31) | 0.52  |
| **Total from investment operations** | 0.49 | 0.45 | 0.00<sup>(b)</sup> | (0.27) | 0.60  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.39) | (0.34) | (0.16) | (0.04) | (0.08)  |
| From net realized gains |  |  |  | (0.10) | —  |
| **Total distributions** | (0.39) | (0.34) | (0.16) | (0.14) | (0.08)  |
| **Net asset value, end of period** | $10.19 | $10.09 | $9.98 | $10.14 | $10.55  |
| TOTAL RETURN<sup>(c)(d)</sup> | 4.98% | 4.63% | 0.00% | (2.59)% | 6.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $21985 | $26358 | $30904 | $39891 | $51385  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.50% | 1.51% | 1.62% | 1.62% | 1.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets: |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 3.82% | 3.34% | 1.58% | 0.39% | 0.75%  |
| Portfolio turnover rate<sup>(c)</sup> | 66% | 76% | 61% | 60% | 76% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.11 | $9.98 | $10.14 | $10.56 | $10.03  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.50 | 0.44 | 0.26 | 0.15 | 0.18  |
|  Net realized and unrealized gain (loss) on investments | 0.10 | 0.13 | (0.16) | (0.32) | 0.54  |
| **Total from investment operations** | 0.60 | 0.57 | 0.10 | (0.17) | 0.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.51) | (0.44) | (0.26) | (0.15) | (0.19)  |
| From net realized gains |  |  |  | (0.10) | —  |
| **Total distributions** | (0.51) | (0.44) | (0.26) | (0.25) | (0.19)  |
| **Net asset value, end of period** | $10.20 | $10.11 | $9.98 | $10.14 | $10.56  |
| TOTAL RETURN<sup>(b)(c)</sup> | 6.06% | 5.84% | 1.06% | (1.69)% | 7.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $300594 | $376103 | $195023 | $171154 | $141974  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.39% | 0.46% | 0.62% | 0.62% | 0.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.39% | 0.45% | 0.45% | 0.48% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 4.91% | 4.43% | 2.63% | 1.40% | 1.75%  |
| Portfolio turnover rate<sup>(b)</sup> | 66% | 76% | 61% | 60% | 76% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Short Duration Income Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.13 | $10.00 | $10.16 | $10.58 | $10.05  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.49 | 0.43 | 0.26 | 0.15 | 0.18  |
|  Net realized and unrealized gain (loss) on investments | 0.10 | 0.13 | (0.16) | (0.32) | 0.54  |
| **Total from investment operations** | 0.59 | 0.56 | 0.10 | (0.17) | 0.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.50) | (0.43) | (0.26) | (0.15) | (0.19)  |
| From net realized gains |  |  |  | (0.10) | —  |
| **Total distributions** | (0.50) | (0.43) | (0.26) | (0.25) | (0.19)  |
| **Net asset value, end of period** | $10.22 | $10.13 | $10.00 | $10.16 | $10.58  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.94% | 5.77% | 1.01% | (1.70)% | 7.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $492095 | $473384 | $651148 | $622664 | $778271  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.49% | 0.51% | 0.62% | 0.62% | 0.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.49% | 0.50% | 0.50% | 0.50% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 4.82% | 4.32% | 2.58% | 1.39% | 1.75%  |
| Portfolio turnover rate<sup>(c)</sup> | 66% | 76% | 61% | 60% | 76% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Short Duration Income, the Fund's predecessor fund were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.48 | $10.20 | $10.96 | $11.52 | $9.72  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.59 | 0.56 | 0.44 | 0.33 | 0.40  |
|  Net realized and unrealized gain (loss) on investments | (0.06) | 0.26 | (0.72) | (0.47) | 1.79  |
| **Total from investment operations** | 0.53 | 0.82 | (0.28) | (0.14) | 2.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.59) | (0.54) | (0.44) | (0.32) | (0.39)  |
| From net realized gains |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | (0.59) | (0.54) | (0.48) | (0.42) | (0.39)  |
| **Net asset value, end of period** | $10.42 | $10.48 | $10.20 | $10.96 | $11.52  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.17% | 8.33% | (2.41)% | (1.30)% | 22.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $201110 | $152889 | $101292 | $134612 | $104659  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.94% | 0.95% | 1.07% | 1.07% | 1.08%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.94% | 0.94% | 0.94% | 0.94% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 5.66% | 5.50% | 4.34% | 2.85% | 3.57%  |
| Portfolio turnover rate<sup>(b)</sup> | 45% | 56% | 45% | 40% | 86% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.44 | $10.18 | $10.93 | $11.49 | $9.69  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.51 | 0.49 | 0.37 | 0.25 | 0.32  |
|  Net realized and unrealized gain (loss) on investments | (0.06) | 0.24 | (0.72) | (0.47) | 1.80  |
| **Total from investment operations** | 0.45 | 0.73 | (0.35) | (0.22) | 2.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.51) | (0.47) | (0.36) | (0.24) | (0.32)  |
| From net realized gains |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | (0.51) | (0.47) | (0.40) | (0.34) | (0.32)  |
| **Net asset value, end of period** | $10.38 | $10.44 | $10.18 | $10.93 | $11.49  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.41% | 7.43% | (3.04)% | (1.99)% | 22.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $113811 | $89723 | $63154 | $78497 | $72157  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.69% | 1.70% | 1.82% | 1.82% | 1.83%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.69% | 1.69% | 1.68% | 1.64% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 4.91% | 4.75% | 3.60% | 2.15% | 2.87%  |
| Portfolio turnover rate<sup>(b)</sup> | 45% | 56% | 45% | 40% | 86% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.40 | $10.14 | $10.89 | $11.45 | $9.66  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.63 | 0.60 | 0.47 | 0.36 | 0.42  |
|  Net realized and unrealized gain (loss) on investments | (0.05) | 0.23 | (0.71) | (0.46) | 1.80  |
| **Total from investment operations** | 0.58 | 0.83 | (0.24) | (0.10) | 2.22  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.63) | (0.57) | (0.47) | (0.36) | (0.43)  |
| From net realized gains |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | (0.63) | (0.57) | (0.51) | (0.46) | (0.43)  |
| **Net asset value, end of period** | $10.35 | $10.40 | $10.14 | $10.89 | $11.45  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.68% | 8.49% | (2.03)% | (1.02)% | 23.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $548060 | $354281 | $126525 | $142365 | $13842  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.59% | 0.65% | 0.82% | 0.82% | 0.84%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.59% | 0.64% | 0.64% | 0.64% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 6.01% | 5.84% | 4.64% | 3.15% | 3.87%  |
| Portfolio turnover rate<sup>(b)</sup> | 45% | 56% | 45% | 40% | 86% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $10.48 | $10.21 | $10.97 | $11.52 | $9.72  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.62 | 0.59 | 0.47 | 0.36 | 0.43  |
|  Net realized and unrealized gain (loss) on investments | (0.05) | 0.25 | (0.73) | (0.46) | 1.79  |
| **Total from investment operations** | 0.57 | 0.84 | (0.26) | (0.10) | 2.22  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.62) | (0.57) | (0.46) | (0.35) | (0.42)  |
| From net realized gains |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | (0.62) | (0.57) | (0.50) | (0.45) | (0.42)  |
| **Net asset value, end of period** | $10.43 | $10.48 | $10.21 | $10.97 | $11.52  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.53% | 8.46% | (2.16)% | (0.97)% | 23.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $2928961 | $2076479 | $1185434 | $1245830 | $832054  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.69% | 0.70% | 0.82% | 0.82% | 0.83%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 5.91% | 5.77% | 4.59% | 3.10% | 3.82%  |
| Portfolio turnover rate<sup>(c)</sup> | 45% | 56% | 45% | 40% | 86% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Strategic Income, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2025** | **For the Period** <br>**April 17, 2023<sup>(a)</sup>** <br>**March 31, 2024**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.60% | &nbsp;&nbsp;&nbsp;&nbsp; 5.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $678 | &nbsp;&nbsp;&nbsp;&nbsp; $434  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.58%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.93% | &nbsp;&nbsp;&nbsp;&nbsp; 5.30%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 128% | &nbsp;&nbsp;&nbsp;&nbsp; 102% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes tax expense of 0.01%. 

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $9.93 | $9.86 | $9.92 | $10.07 | $9.65  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.52 | 0.53 | 0.31 | 0.06 | 0.12  |
|  Net realized and unrealized gain (loss) on investments | 0.04 | 0.06 | (0.09) | (0.10) | 0.44  |
| **Total from investment operations** | 0.56 | 0.59 | 0.22 | (0.04) | 0.56  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.51) | (0.52) | (0.28) | (0.07) | (0.12)  |
| From net realized gains |  |  |  | (0.04) | (0.02)  |
| **Total distributions** | (0.51) | (0.52) | (0.28) | (0.11) | (0.14)  |
| **Net asset value, end of period** | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| TOTAL RETURN<sup>(b)(c)</sup> | 5.77% | 6.18% | 2.30% | (0.42)% | 5.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $16849 | $15784 | $13231 | $12929 | $12993  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 0.33%<sup>(f)</sup> | 0.35% | 0.73% | 0.66% | 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 0.32%<sup>(f)</sup> | 0.32% | 0.32% | 0.32% | 0.32%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 5.24% | 5.40% | 3.16% | 0.62% | 1.16%  |
| Portfolio turnover rate<sup>(b)</sup> | 128% | 102% | 51% | 75% | 96% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Ultra Short Income.

<sup>(f)</sup> Includes tax expense of 0.01%. 

The accompanying notes are an integral part of these financial statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |  |
| Net asset value, beginning of period | $9.93 | $9.86 | $9.92 | $10.07 | $9.65  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.52 | 0.53 | 0.31 | 0.06 | 0.12  |
|  Net realized and unrealized gain (loss) on investments | 0.04 | 0.07 | (0.09) | (0.10) | 0.44  |
| **Total from investment operations** | 0.56 | 0.60 | 0.22 | (0.04) | 0.56  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.51) | (0.53) | (0.28) | (0.07) | (0.12)  |
| From net realized gains |  |  |  | (0.04) | (0.02)  |
| **Total distributions** | (0.51) | (0.53) | (0.28) | (0.11) | (0.14)  |
| **Net asset value, end of period** | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.77% | 6.18% | 2.30% | (0.42)% | 5.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $30184 | $31663 | $50169 | $18598 | $18449  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.33%<sup>(g)</sup> | 0.36% | 0.77% | 0.66% | 0.69%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.32%<sup>(g)</sup> | 0.32% | 0.32% | 0.32% | 0.32%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 5.23% | 5.31% | 3.16% | 0.62% | 1.16%  |
| Portfolio turnover rate<sup>(c)</sup> | 128% | 102% | 51% | 75% | 96% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Ultra Short Income, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Ultra Short Income.

<sup>(g)</sup> Includes tax expense of 0.01% 

The accompanying notes are an integral part of these financial statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **October 25,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.39  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| From net realized gains | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp;&nbsp; $11.33  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.82%  | &nbsp;&nbsp;&nbsp; 11.83% | &nbsp;&nbsp;&nbsp;&nbsp; 14.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1002 | &nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp;&nbsp; $47  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.91%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 18% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than $0.005 per share.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(f)</sup>** | **October 23,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $12.95 | $11.58 | &nbsp;&nbsp; $10.12  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.03 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments | 0.78 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.48  |
| **Total from investment operations** | 0.81 | 1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | (0.05) |  | &nbsp;&nbsp; (0.04)  |
| From net realized gains | (0.30) |  | &nbsp;&nbsp; —  |
| **Total distributions** | (0.35) |  | &nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | $13.41 | $12.95 | &nbsp;&nbsp; $11.58  |
| TOTAL RETURN<sup>(c)(d)</sup> | 6.03% | 11.83% | &nbsp;&nbsp; 14.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $299890 | $226581 | &nbsp;&nbsp; $221283  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.65% | 0.65% | &nbsp;&nbsp; 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.65% | 0.65% | &nbsp;&nbsp; 0.66%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.25% | 0.31% | &nbsp;&nbsp; 0.85%  |
| Portfolio turnover rate<sup>(c)</sup> | 26% | 3% | &nbsp;&nbsp; 18% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> This Fund was part of a reorganization of a series of the Investment Managers Series Trust (an "Acquired Fund") into the Fund, in which the Acquired Fund acted as the accounting survivor. The amounts shown are based on the 70 days between the date of reorganization and the end of the period.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of year | $23.10 | $20.64 | $16.89 | $21.87 | $17.86 | $14.33  |
| **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** |
| Net investment income (loss)<sup>(b)</sup> | 0.06 | 0.02 | 0.11 | 0.09 | 0.07 | 0.10  |
|  Net realized and unrealized gain (loss) on investments | 1.38 | 2.44 | 3.80 | (4.93) | 4.28 | 3.58  |
|  **Total from investment operations** | 1.44 | 2.46 | 3.91 | (4.84) | 4.35 | 3.68  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| From net investment income | (0.03) |  | (0.16) | (0.08) | (0.06) | (0.07)  |
| From net realized gains | (0.53) |  |  | (0.06) | (0.28) | (0.08)  |
| **Total distributions** | (0.56) |  | (0.16) | (0.14) | (0.34) | (0.15)  |
| Redemption fee proceeds<sup>(b)</sup> |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $23.98 | $23.10 | $20.64 | $16.89 | $21.87 | $17.86  |
| TOTAL RETURN<sup>(d)(f)</sup> | 6.02% | 11.92% | 23.21% | (22.15)% | 24.34% | 25.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of year <br>(in thousands) | $190758 | $185090 | $175473 | $167455 | $178513 | $90679  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.65% | 0.65% | 0.76% | 0.79% | 0.79% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.23% | 0.32% | 0.62% | 0.51% | 0.33% | 0.62%  |
| Portfolio turnover rate<sup>(f)</sup> | 26% | 3% | 18% | 18% | 8% | 20% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> For periods prior to October 23, 2023, reflects financial information and returns of Class I of Aristotle Core Equity Fund (the "Predecessor Fund"), a series of Investment Managers Series Trust, as a result of a reorganization of the Predecessor Fund into the Fund on October 23, 2023.

<sup>(b)</sup> Based on the average shares outstanding for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

The accompanying notes are an integral part of these financial statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Growth Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **November 29,** <br>**2023<sup>(a)</sup> through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.14  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.13  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| From net realized gains | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp; (2.06)  |
| **Total distributions** | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp; (2.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp;&nbsp; $9.01  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp;&nbsp;&nbsp; 14.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1713 | &nbsp;&nbsp;&nbsp;&nbsp; $261  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 84% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of Operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Growth Equity Fund** 

**Financial Highlights** 

**Class I<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $14.04 | $12.36 | $29.12 | $30.54 | $27.10  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.03) | (0.01) | 0.01 | (0.10) | (0.08)  |
|  Net realized and unrealized gain (loss) on investments | 0.91 | 3.76 | (4.62) | 3.07 | 13.51  |
| **Total from investment operations** | 0.88 | 3.75 | (4.61) | 2.97 | 13.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income |  | (0.01) |  |  | —  |
| From net realized gains | (1.29) | (2.06) | (12.15) | (4.39) | (9.99)  |
| **Total distributions** | (1.29) | (2.07) | (12.15) | (4.39) | (9.99)  |
| **Net asset value, end of period** | $13.63 | $14.04 | $12.36 | $29.12 | $30.54  |
| TOTAL RETURN<sup>(d)(e)</sup> | 5.15% | 32.55% | (13.10)% | 7.84% | 50.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $231890 | $277674 | $146168 | $158592 | $179183  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.70% | 0.71% | 0.86% | 0.77% | 0.78%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | (0.20)% | (0.05)% | 0.03% | (0.30)% | (0.24)%  |
| Portfolio turnover rate<sup>(d)</sup> | 35% | 84% | 78% | 10% | 32% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Prior to April 17, 2023, the financial and return information is of Class P shares of PF Growth Fund, which merged into Class I shares of the Fund on April 17, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Amount calculated is less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, PF Growth Fund.

The accompanying notes are an integral part of these financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Growth Equity Fund** 

**Financial Highlights** 

**Class I-2** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 16,** <br>**2024<sup>(a)</sup> through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp;&nbsp;&nbsp; $12.86  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp;&nbsp;&nbsp; $14.04  |
| TOTAL RETURN<sup>(d)(e)</sup> | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp;&nbsp;&nbsp; 9.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $92 | &nbsp;&nbsp;&nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp;&nbsp; 84% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of Operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Amount calculated is less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(f)</sup>** | **December 28,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1390 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $1  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.04%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.04%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp;&nbsp; 16% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(g)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

111<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(f)</sup>** | **October 23,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $11.07 | $10.71 | &nbsp;&nbsp; $9.39  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.17 | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments | 0.45 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.33  |
| **Total from investment operations** | 0.62 | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.34  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | (0.21) |  | &nbsp;&nbsp; (0.02)  |
| **Total distributions** | (0.21) |  | &nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | $11.48 | $11.07 | &nbsp;&nbsp; $10.71  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.69% | 3.36% | &nbsp;&nbsp; 14.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $147543 | $188136 | &nbsp;&nbsp; $199073  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.79%<sup>(g)</sup> | 0.78% | &nbsp;&nbsp; 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.78%<sup>(g)</sup> | 0.78% | &nbsp;&nbsp; 0.79%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.47% | 0.69% | &nbsp;&nbsp; 0.64%  |
| Portfolio turnover rate<sup>(c)</sup> | 12% | 3% | &nbsp;&nbsp; 16% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> This Fund was part of a reorganization of a series of the Investment Managers Series Trust (an "Acquired Fund") into the Fund, in which the Acquired Fund acted as the accounting survivor. The amounts shown are based on the 70 days between the date of reorganization and the end of the period.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(g)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

112<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
|  Net asset value, beginning of period | $13.63 | $13.17 | $11.38 | $14.56 | $12.80 | $11.66  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.20 | 0.02 | 0.17 | 0.15 | 0.13 | 0.10  |
|  Net realized and unrealized gain (loss) on investments | 0.56 | 0.44 | 1.83 | (3.19) | 1.88 | 1.11  |
|  **Total from investment operations** | 0.76 | 0.46 | 2.00 | (3.04) | 2.01 | 1.21  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| From net investment income | (0.20) |  | (0.21) | (0.14) | (0.11) | (0.07)  |
| From net realized gains |  |  |  |  | (0.14) | —  |
| **Total distributions** | (0.20) |  | (0.21) | (0.14) | (0.25) | (0.07)  |
| Redemption fee proceeds<sup>(b)</sup> |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | $14.19 | $13.63 | $13.17 | $11.38 | $14.56 | $12.80  |
| TOTAL RETURN<sup>(d)(f)</sup> | 5.65% | 3.49% | 17.73% | (20.91)% | 15.79% | 10.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | $406256 | $443745 | $420596 | $378577 | $391477 | $245021  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(g)</sup> | 0.79%<sup>(i)</sup> | 0.78% | 0.90%<sup>(e)</sup> | 0.94% | 0.93% | 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(g)</sup> | 0.78%<sup>(i)</sup> | 0.78% | 0.80%<sup>(e)</sup> | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(g)</sup> | 1.45% | 0.72% | 1.37% | 1.26% | 0.91% | 0.96%  |
| Portfolio turnover rate<sup>(f)</sup> | 12% | 3% | 16% | 18% | 10% | 14% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> For periods prior to October 23, 2023, reflects financial information and returns of Class I of Aristotle International Equity Fund (the "Predecessor Fund"), a series of Investment Managers Series Trust, as a result of a reorganization of the Predecessor Fund into the Fund on October 23, 2023.

<sup>(b)</sup> Based on the average shares outstanding for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Includes tax reclaim service fee of 0.00%.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(i)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

113<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(f)</sup>** | **October 23,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp;&nbsp; $11.95  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.82  |
| **Total from investment operations** | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp;&nbsp; $13.78  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (3.20)% | &nbsp;&nbsp;&nbsp; 3.77% | &nbsp;&nbsp;&nbsp;&nbsp; 15.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $3857 | &nbsp;&nbsp;&nbsp; $3734 | &nbsp;&nbsp;&nbsp;&nbsp; $3802  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.16%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.16%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.42%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 10% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> This Fund was part of a reorganization of a series of the Investment Managers Series Trust (an "Acquired Fund") into the Fund, in which the Acquired Fund acted as the accounting survivor. The amounts shown are based on the 70 days between the date of reorganization and the end of the period.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(g)</sup> Amount represents less than $0.005 per share. 

<sup>(h)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(f)</sup>** | **October 23,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp;&nbsp; $11.38  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.73  |
| **Total from investment operations** | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp;&nbsp; $13.10  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (3.83)% | &nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp;&nbsp; 15.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $604 | &nbsp;&nbsp;&nbsp; $996 | &nbsp;&nbsp;&nbsp;&nbsp; $988  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.91%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.91%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.91%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.33)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 10% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> This Fund was part of a reorganization of a series of the Investment Managers Series Trust (an "Acquired Fund") into the Fund, in which the Acquired Fund acted as the accounting survivor. The amounts shown are based on the 70 days between the date of reorganization and the end of the period.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(g)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 16,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
| Net asset value, beginning of period | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp;&nbsp; $13.88  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.11  |
| **Total from investment operations** | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;1.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $14.37 | &nbsp;&nbsp;&nbsp; $15.00  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (2.97)% | &nbsp;&nbsp;&nbsp; 8.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $54 | &nbsp;&nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.90%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.90%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.90%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.90%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 1% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

116<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** | **PER SHARE DATA:** |
|  Net asset value, beginning of period | $14.99 | $14.44 | $13.67 | $15.99 | $13.90 | $12.96  |
| **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** |
| Net investment income (loss)<sup>(b)</sup> | 0.04 | 0.01 | 0.06 | 0.00<sup>(c)</sup> | (0.01) | 0.01  |
|  Net realized and unrealized gain (loss) on investments | (0.45) | 0.54 | 0.84 | (1.63) | 2.61 | 1.19  |
|  **Total from investment operations** | (0.41) | 0.55 | 0.90 | (1.63) | 2.60 | 1.20  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| From net investment income | (0.06) |  | (0.08) |  | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup>  |
| From net realized gains | (0.13) |  | (0.05) | (0.69) | (0.51) | (0.26)  |
| **Total distributions** | (0.19) |  | (0.13) | (0.69) | (0.51) | (0.26)  |
| Redemption fee proceeds<sup>(b)</sup> |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | $14.39 | $14.99 | $14.44 | $13.67 | $15.99 | $13.90  |
| TOTAL RETURN<sup>(d)(e)</sup> | (2.89)% | 3.81% | 6.65% | (10.26)% | 18.87% | 9.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | $145174 | $207121 | $203865 | $190626 | $215876 | $161570  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.91%<sup>(h)</sup> | 0.90% | 1.00% | 1.01% | 1.00% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 0.90%<sup>(h)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 0.28% | 0.29% | 0.44% | 0.02% | (0.06)% | 0.06%  |
| Portfolio turnover rate<sup>(e)</sup> | 15% | 1% | 10% | 19% | 14% | 24% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> For periods prior to October 23, 2023, reflects financial information and returns of Class I of Aristotle Small Cap Equity Fund (the "Predecessor Fund"), a series of Investment Managers Series Trust, as a result of a reorganization of the Predecessor Fund into the Fund on October 23, 2023. On November 6, 2023, the Fund's Class I-2 shares were merged into Class I-3 shares. Class I-3 was subsequently renamed Class I-2, and the Class I-3 name was discontinued following the merger.

<sup>(b)</sup> Based on the average shares outstanding for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(h)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

117<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Financial Highlights** 

**Class R6** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **October 23,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp;&nbsp; $11.78  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.79  |
| **Total from investment operations** | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.81  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(f)</sup>  |
| From net realized gains | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.57 | &nbsp;&nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp;&nbsp; $13.59  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (2.75)% | &nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp;&nbsp;&nbsp; 15.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $138 | &nbsp;&nbsp;&nbsp; $1177 | &nbsp;&nbsp;&nbsp;&nbsp; $1235  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.86%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.86%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.85%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 10% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> This Fund was part of a reorganization of a series of the Investment Managers Series Trust (an "Acquired Fund") into the Fund, in which the Acquired Fund acted as the accounting survivor. The amounts shown are based on the 70 days between the date of reorganization and the end of the period.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than $0.005 per share.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(h)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

118<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $7.02 | $9.29 | $15.98 | $17.47 | $9.52  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.00)<sup>(b)</sup> | 0.01 | 0.04 | (0.07) | (0.04)  |
| Net realized and unrealized gain (loss) on investments | 0.05 | 0.83 | (1.91) | (0.34) | 7.99  |
| **Total from investment operations** | 0.05 | 0.84 | (1.87) | (0.41) | 7.95  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.01) | (0.10) |  |  | —  |
| From net realized gains | (0.58) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | (0.59) | (3.11) | (4.82) | (1.08) | —  |
| **Net asset value, end of period** | $6.48 | $7.02 | $9.29 | $15.98 | $17.47  |
| TOTAL RETURN<sup>(c)(d)</sup> | (0.18)% | 13.16% | (11.41)% | (2.82)% | 83.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $10034 | $12864 | $13055 | $19675 | $22988  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.15% | 1.16% | 1.29% | 1.23% | 1.24%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.15% | 1.16% | 1.21% | 1.20% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | (0.02)% | 0.16% | 0.34% | (0.38)% | (0.33)%  |
| Portfolio turnover rate<sup>(c)</sup> | 17% | 151% | 33% | 34% | 64% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

119<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $6.15 | $8.55 | $15.24 | $16.83 | $9.24  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.05) | (0.05) | (0.05) | (0.19) | (0.14)  |
| Net realized and unrealized gain (loss) on investments | 0.06 | 0.72 | (1.82) | (0.32) | 7.73  |
| **Total from investment operations** | 0.01 | 0.67 | (1.87) | (0.51) | 7.59  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income |  | (0.06) |  |  | —  |
| From net realized gains | (0.51) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | (0.51) | (3.07) | (4.82) | (1.08) | —  |
| **Net asset value, end of period** | $5.65 | $6.15 | $8.55 | $15.24 | $16.83  |
| TOTAL RETURN<sup>(b)(c)</sup> | (0.82)% | 12.14% | (12.01)% | (3.53)% | 82.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $1231 | $2660 | $5260 | $9370 | $10990  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(d)</sup> | 1.90% | 1.91% | 2.04% | 1.98% | 1.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | 1.90% | 1.91% | 1.96% | 1.95% | 1.95%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)</sup> | (0.82)% | (0.62)% | (0.41)% | (1.13)% | (1.08)%  |
| Portfolio turnover rate<sup>(b)</sup> | 17% | 151% | 33% | 34% | 64% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

120<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $8.29 | $10.40 | $17.17 | $17.61 | $9.59  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.02 | 0.04 | 0.09 | (0.01) | 0.00<sup>(b)</sup>  |
| Net realized and unrealized gain (loss) on investments | 0.07 | 0.98 | (2.04) | (0.43) | 8.08  |
| **Total from investment operations** | 0.09 | 1.02 | (1.95) | (0.44) | 8.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.03) | (0.12) |  |  | (0.06)  |
| From net realized gains | (0.69) | (3.01) | (4.82) |  | —  |
| **Total distributions** | (0.72) | (3.13) | (4.82) |  | (0.06)  |
| **Net asset value, end of period** | $7.66 | $8.29 | $10.40 | $17.17 | $17.61  |
| TOTAL RETURN<sup>(c)(d)</sup> | 0.16% | 13.48% | (11.11)% | (2.44)% | 84.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $569 | $679 | $497 | $1017 | $1558  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.85% | 0.87% | 1.03% | 0.98% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.85% | 0.85% | 0.86% | 0.85% | 0.86%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.29% | 0.46% | 0.69% | (0.03)% | 0.01%  |
| Portfolio turnover rate<sup>(c)</sup> | 17% | 151% | 33% | 34% | 64% |

---

Portfolio Turnover is calculated for the Fund as a whole.

(<sup>a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

121<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $7.23 | $9.46 | $16.12 | $17.57 | $9.58  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.01 | 0.03 | 0.08 | (0.02) | (0.01)  |
| Net realized and unrealized gain (loss) on investments | 0.06 | 0.85 | (1.92) | (0.35) | 8.05  |
| **Total from investment operations** | 0.07 | 0.88 | (1.84) | (0.37) | 8.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.02) | (0.10) |  |  | (0.05)  |
| From net realized gains | (0.60) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | (0.62) | (3.11) | (4.82) | (1.08) | (0.05)  |
| **Net asset value, end of period** | $6.68 | $7.23 | $9.46 | $16.12 | $17.57  |
| TOTAL RETURN<sup>(c)(d)</sup> | 0.07% | 13.39% | (11.15)% | (2.52)% | 84.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $22688 | $31874 | $72294 | $184718 | $312981  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.90% | 0.91% | 1.04% | 0.98% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.90% | 0.91% | 0.96% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.22% | 0.39% | 0.59% | (0.13)% | (0.08)%  |
| Portfolio turnover rate<sup>(c)</sup> | 17% | 151% | 33% | 34% | 64% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Small/Mid-Cap, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

122<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 16,** <br>**2024<sup>(a)</sup> through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp;&nbsp;&nbsp; $14.29  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;1.03  |
| **Total from investment operations** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;1.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp;&nbsp;&nbsp; $15.33  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (1.74)% | &nbsp;&nbsp;&nbsp;&nbsp; 7.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.03%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 1.03%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 1% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

123<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 16,** <br>**2024<sup>(a)</sup> through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp;&nbsp; $14.29  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.03  |
| **Total from investment operations** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;1.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (4.32) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.98 | &nbsp;&nbsp;&nbsp;&nbsp; $15.34  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp; (1.50)% | &nbsp;&nbsp;&nbsp;&nbsp; 7.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.78%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp; 0.78%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 1% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

124<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
|  Net asset value, beginning of period | $15.34 | &nbsp;&nbsp; $14.47 | $12.98 | $16.53 | $14.18 | $12.79  |
| **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** |
| Net investment income (loss)<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.16 | 0.14 | 0.11 | 0.11  |
|  Net realized and unrealized gain (loss) on investments | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 2.28 | (3.01) | 2.65 | 2.01  |
|  **Total from investment operations** | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 2.44 | (2.87) | 2.76 | 2.12  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| From net investment income | (0.18) | &nbsp;&nbsp; — | (0.18) | (0.16) | (0.11) | (0.12)  |
| From net realized gains | (4.11) | &nbsp;&nbsp; — | (0.77) | (0.52) | (0.30) | (0.61)  |
| **Total distributions** | (4.29) | &nbsp;&nbsp; — | (0.95) | (0.68) | (0.41) | (0.73)  |
| Redemption fee proceeds<sup>(b)</sup> |  | &nbsp;&nbsp; — |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | $11.00 | &nbsp;&nbsp; $15.34 | $14.47 | $12.98 | $16.53 | $14.18  |
| TOTAL RETURN<sup>(d)(f)</sup> | (1.53)% | &nbsp;&nbsp; 6.01% | 19.07% | (17.49)% | 19.54% | 16.68%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | $31049 | &nbsp;&nbsp; $61650 | $58073 | $67499 | $94029 | $69128  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(g)</sup> | 0.79%<sup>(i)</sup> | &nbsp;&nbsp; 0.79% | 1.00%<sup>(e)</sup> | 0.95% | 0.95% | 1.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(g)</sup> | 0.79%<sup>(i)</sup> | &nbsp;&nbsp; 0.78% | 0.81%<sup>(e)</sup> | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(g)</sup> | 1.46% | &nbsp;&nbsp; 0.61% | 1.16% | 1.03% | 0.70% | 0.90%  |
| Portfolio turnover rate<sup>(f)</sup> | 9% | &nbsp;&nbsp; 1% | 10% | 22% | 13% | 12% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> For periods prior to October 23, 2023, reflects financial information and returns of Class I of Aristotle/Saul Global Equity Fund (the "Predecessor Fund"), a series of Investment Managers Series Trust, as a result of a reorganization of the Predecessor Fund into the Fund on October 23, 2023.

<sup>(b)</sup> Based on the average shares outstanding for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Includes tax expense of 0.01%.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(i)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **December 28,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp;&nbsp; $9.98  |
| TOTAL RETURN<sup>(d)(e)</sup> | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 7.41% | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $215 | &nbsp;&nbsp;&nbsp; $107 | &nbsp;&nbsp;&nbsp;&nbsp; $1  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.95%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.95%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(h)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024<sup>(g)</sup>** | **December 26,** <br>**2023<sup>(a)</sup> through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)  |
| From net realized gains | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.75  |
| TOTAL RETURN<sup>(d)(e)</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 7.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $36 | &nbsp;&nbsp;&nbsp; $37 | &nbsp;&nbsp;&nbsp;&nbsp; $24  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.69%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp; 0.69%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 7% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(h)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024 <sup>(i)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,** <br>**2024 through** <br>**March 31,** <br>**2024 <sup>(i)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
|  Net asset value, beginning of year | $21.79 | $20.28 | $17.14 | $20.55 | $16.83 | $14.79  |
| **INVESTMENTS OPERATIONS:** | **INVESTMENTS OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.30 | 0.05 | 0.25 | 0.21 | 0.16 | 0.13  |
|  Net realized and unrealized gain (loss) on investments | (0.15) | 1.46 | 3.13 | (3.29) | 4.03 | 2.00  |
|  **Total from investment operations** | 0.15 | 1.51 | 3.38 | (3.08) | 4.19 | 2.13  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |
| From net investment income | (0.33) |  | (0.24) | (0.21) | (0.13) | (0.09)  |
| From net realized gains | (0.38) |  |  | (0.12) | (0.34) | —  |
| **Total distributions** | (0.71) |  | (0.24) | (0.33) | (0.47) | (0.09)  |
| Redemption fee proceeds<sup>(b)</sup> |  |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |
| **Net asset value, end of year** | $21.23 | $21.79 | $20.28 | $17.14 | $20.55 | $16.83  |
| TOTAL RETURN<sup>(d)(g)</sup> | 0.61% | 7.45% | 19.70% | (15.04)% | 24.90% | 14.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year <br>(in thousands) | $561854 | $695930 | $679164 | $683322 | $947191 | $396792  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(h)</sup> | 0.70%<sup>(j)</sup> | 0.69% | 0.71%<sup>(f)</sup> | 0.71% | 0.71% | 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(h)</sup> | 0.69%<sup>(j)</sup> | 0.69% | 0.69%<sup>(f)</sup> | 0.69% | 0.69% | 0.70%<sup>(e)</sup>  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(h)</sup> | 1.38% | 1.05% | 1.38% | 1.18% | 0.80% | 0.92%  |
| Portfolio turnover rate<sup>(g)</sup> | 13% | 4% | 7% | 20% | 14% | 14% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> For periods prior to October 23, 2023, reflects financial information and returns of Class I of Aristotle Value Equity Fund (the "Predecessor Fund"), a series of Investment Managers Series Trust, as a result of a reorganization of the Predecessor Fund into the Fund on October 23, 2023.

<sup>(b)</sup> Based on the average shares outstanding for the year.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Effective March 1, 2020, the Predecessor Fund's adviser had contractually agreed to waive its fees and/or absorb expenses of the Predecessor Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.69% of average daily net assets of the Predecessor Fund. Prior to March 1, 2020, the annual operating expense limitation was 0.78%.

<sup>(f)</sup> Includes tax reclaim service fee of 0.00%.

<sup>(g)</sup> Not annualized for periods less than one year.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> The Fund changed its fiscal year end from December 31 to March 31 as a result of the October 23, 2023 Reorganization.

<sup>(j)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

128<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Financial Highlights** 

**Class R6** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2025** | **January 29,** <br>**2024<sup>(a)</sup> through** <br>**March 31, 2024**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $21.79 | &nbsp;&nbsp;&nbsp;&nbsp; $20.55  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp;&nbsp;&nbsp; $21.79  |
| TOTAL RETURN<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 6.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Ratio of net investment income (loss) to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp; 4% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes interest expense of 0.00%. 

The accompanying notes are an integral part of these financial statements.

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $12.86 | $10.95 | $16.37 | $17.62 | $11.38  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.25 | 0.06 | 0.02 | 0.09  |
|  Net realized and unrealized gain (loss) on investments | 0.51 | 1.87 | (1.74) | 0.63 | 6.70  |
| **Total from investment operations** | 0.61 | 2.12 | (1.68) | 0.65 | 6.79  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.29) | (0.06) |  | (0.52) | (0.21)  |
| From net realized gains |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | (0.29) | (0.21) | (3.74) | (1.90) | (0.55)  |
| **Net asset value, end of period** | $13.18 | $12.86 | $10.95 | $16.37 | $17.62  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.66% | 19.48% | (9.53)% | 2.80% | 60.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $226575 | $241995 | $230188 | $270691 | $275818  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(recapture)<sup>(e)</sup> | 0.70% | 0.70% | 0.66% | 0.65% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.75% | 2.20% | 0.46% | 0.12% | 0.56%  |
| Portfolio turnover rate<sup>(b)</sup> | 69% | 121% | 29% | 15% | 31% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Aggressive-Growth.

The accompanying notes are an integral part of these financial statements.

130<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $11.87 | $10.18 | $15.62 | $16.92 | $10.97  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.00)<sup>(b)</sup> | 0.16 | (0.04) | (0.11) | (0.03)  |
| Net realized and unrealized gain (loss) on investments | 0.47 | 1.71 | (1.66) | 0.60 | 6.45  |
| **Total from investment operations** | 0.47 | 1.87 | (1.70) | 0.49 | 6.42  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.26) | (0.03) |  | (0.41) | (0.13)  |
| From net realized gains |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | (0.26) | (0.18) | (3.74) | (1.79) | (0.47)  |
| **Net asset value, end of period** | $12.08 | $11.87 | $10.18 | $15.62 | $16.92  |
| TOTAL RETURN<sup>(c)(d)</sup> | 3.89% | 18.54% | (10.16)% | 2.04% | 58.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $19049 | $24630 | $26893 | $35333 | $43705  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 1.45% | 1.45% | 1.41% | 1.40% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | (0.01)% | 1.51% | (0.29)% | (0.63)% | (0.19)%  |
| Portfolio turnover rate<sup>(c)</sup> | 69% | 121% | 29% | 15% | 31% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Amount represents less than $0.005 per share. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Aggressive-Growth.

The accompanying notes are an integral part of these financial statements.

131<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $13.06 | $11.09 | $16.48 | $17.72 | $11.44  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.14 | 0.30 | 0.09 | 0.07 | 0.12  |
| Net realized and unrealized gain (loss) on investments | 0.50 | 1.88 | (1.74) | 0.62 | 6.74  |
| **Total from investment operations** | 0.64 | 2.18 | (1.65) | 0.69 | 6.86  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.30) | (0.06) |  | (0.55) | (0.24)  |
| From net realized gains |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | (0.30) | (0.21) | (3.74) | (1.93) | (0.58)  |
| **Net asset value, end of period** | $13.40 | $13.06 | $11.09 | $16.48 | $17.72  |
| TOTAL RETURN<sup>(c)(d)</sup> | 4.81% | 19.84% | (9.25)% | 3.02% | 60.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $8906 | $9014 | $9333 | $10940 | $14855  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.45% | 0.45% | 0.41% | 0.40% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 1.02% | 2.52% | 0.71% | 0.37% | 0.81%  |
| Portfolio turnover rate<sup>(c)</sup> | 69% | 121% | 29% | 15% | 31% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Portfolio Optimization Aggressive-Growth, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Aggressive Growth Fund.

The accompanying notes are an integral part of these financial statements.

132<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Conservative Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $9.82 | $9.40 | $10.77 | $11.46 | $9.83  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.33 | 0.34 | 0.27 | 0.18 | 0.16  |
|  Net realized and unrealized gain (loss) on investments | 0.16 | 0.41 | (1.00) | (0.39) | 1.80  |
| **Total from investment operations** | 0.49 | 0.75 | (0.73) | (0.21) | 1.96  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.42) | (0.33) | (0.02) | (0.28) | (0.33)  |
| From net realized gains |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | (0.42) | (0.33) | (0.64) | (0.48) | (0.33)  |
| **Net asset value, end of period** | $9.89 | $9.82 | $9.40 | $10.77 | $11.46  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.98% | 8.01% | (6.71)% | (2.13)% | 19.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $112305 | $124966 | $139384 | $174061 | $191406  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.70% | 0.71% | 0.68% | 0.67% | 0.67%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 3.33% | 3.52% | 2.74% | 1.53% | 1.47%  |
| Portfolio turnover rate<sup>(b)</sup> | 53% | 127% | 28% | 20% | 37% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

133<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Conservative Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $9.39 | $9.05 | $10.44 | $11.14 | $9.59  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.25 | 0.26 | 0.19 | 0.09 | 0.08  |
|  Net realized and unrealized gain (loss) on investments | 0.14 | 0.38 | (0.96) | (0.38) | 1.74  |
| **Total from investment operations** | 0.39 | 0.64 | (0.77) | (0.29) | 1.82  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.39) | (0.30) |  | (0.21) | (0.27)  |
| From net realized gains |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | (0.39) | (0.30) | (0.62) | (0.41) | (0.27)  |
| **Net asset value, end of period** | $9.39 | $9.39 | $9.05 | $10.44 | $11.14  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.15% | 7.12% | (7.34)% | (2.85)% | 18.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $11166 | $16138 | $24031 | $37841 | $46869  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.45% | 1.46% | 1.43% | 1.42% | 1.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 2.58% | 2.79% | 1.99% | 0.78% | 0.72%  |
| Portfolio turnover rate<sup>(b)</sup> | 53% | 127% | 28% | 20% | 37% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

134<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Conservative Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $9.93 | $9.48 | $10.84 | $11.52 | $9.88  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.36 | 0.36 | 0.29 | 0.21 | 0.19  |
| Net realized and unrealized gain (loss) on investments | 0.15 | 0.42 | (1.00) | (0.39) | 1.80  |
| **Total from investment operations** | 0.51 | 0.78 | (0.71) | (0.18) | 1.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.42) | (0.33) | (0.03) | (0.30) | (0.35)  |
| From net realized gains |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | (0.42) | (0.33) | (0.65) | (0.50) | (0.35)  |
| **Net asset value, end of period** | $10.02 | $9.93 | $9.48 | $10.84 | $11.52  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.20% | 8.33% | (6.50)% | (1.84)% | 20.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $4524 | $4857 | $6871 | $13647 | $11299  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.45% | 0.46% | 0.43% | 0.42% | 0.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 3.59% | 3.77% | 2.99% | 1.78% | 1.72%  |
| Portfolio turnover rate<sup>(c)</sup> | 53% | 127% | 28% | 20% | 37% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Portfolio Optimization Conservative, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Conservative Fund.

The accompanying notes are an integral part of these financial statements.

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Growth Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $11.94 | $10.36 | $14.33 | $15.50 | $10.59  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.15 | 0.29 | 0.11 | 0.07 | 0.11  |
|  Net realized and unrealized gain (loss) on investments | 0.42 | 1.44 | (1.47) | 0.39 | 5.19  |
| **Total from investment operations** | 0.57 | 1.73 | (1.36) | 0.46 | 5.30  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.33) | (0.11) |  | (0.40) | (0.23)  |
| From net realized gains |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | (0.33) | (0.15) | (2.61) | (1.63) | (0.39)  |
| **Net asset value, end of period** | $12.18 | $11.94 | $10.36 | $14.33 | $15.50  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.74% | 16.81% | (8.93)% | 2.22% | 50.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $546463 | $594004 | $586164 | $712010 | $743213  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.70% | 0.70% | 0.64% | 0.64% | 0.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.24% | 2.64% | 0.97% | 0.46% | 0.80%  |
| Portfolio turnover rate<sup>(b)</sup> | 65% | 126% | 30% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Growth Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $11.27 | $9.84 | $13.86 | $15.06 | $10.33  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.20 | 0.03 | (0.04) | 0.01  |
|  Net realized and unrealized gain (loss) on investments | 0.40 | 1.36 | (1.44) | 0.38 | 5.03  |
| **Total from investment operations** | 0.46 | 1.56 | (1.41) | 0.34 | 5.04  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.31) | (0.09) |  | (0.31) | (0.15)  |
| From net realized gains |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | (0.31) | (0.13) | (2.61) | (1.54) | (0.31)  |
| **Net asset value, end of period** | $11.42 | $11.27 | $9.84 | $13.86 | $15.06  |
| TOTAL RETURN<sup>(b)(c)</sup> | 3.98% | 15.92% | (9.63)% | 1.51% | 48.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $41451 | $56368 | $64896 | $89501 | $116482  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.45% | 1.45% | 1.39% | 1.39% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 0.49% | 1.97% | 0.22% | (0.29)% | 0.05%  |
| Portfolio turnover rate<sup>(b)</sup> | 65% | 126% | 30% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Growth Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $12.12 | $10.49 | $14.44 | $15.60 | $10.65  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.19 | 0.33 | 0.15 | 0.11 | 0.14  |
| Net realized and unrealized gain (loss) on investments | 0.42 | 1.46 | (1.49) | 0.39 | 5.23  |
| **Total from investment operations** | 0.61 | 1.79 | (1.34) | 0.50 | 5.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.34) | (0.12) |  | (0.43) | (0.26)  |
| From net realized gains |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | (0.34) | (0.16) | (2.61) | (1.66) | (0.42)  |
| **Net asset value, end of period** | $12.39 | $12.12 | $10.49 | $14.44 | $15.60  |
| TOTAL RETURN<sup>(c)(d)</sup> | 4.97% | 17.15% | (8.72)% | 2.46% | 50.62%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $12179 | $14019 | $15875 | $19833 | $20137  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.45% | 0.45% | 0.39% | 0.39% | 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 1.49% | 2.99% | 1.22% | 0.71% | 1.05%  |
| Portfolio turnover rate<sup>(c)</sup> | 65% | 126% | 30% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Portfolio Optimization Growth, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

138<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $10.20 | $9.47 | $11.62 | $12.52 | $9.95  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.28 | 0.32 | 0.23 | 0.15 | 0.15  |
|  Net realized and unrealized gain (loss) on investments | 0.22 | 0.67 | (1.14) | (0.20) | 2.74  |
| **Total from investment operations** | 0.50 | 0.99 | (0.91) | (0.05) | 2.89  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.38) | (0.26) |  | (0.29) | (0.32)  |
| From net realized gains |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | (0.38) | (0.26) | (1.24) | (0.85) | (0.32)  |
| **Net asset value, end of period** | $10.32 | $10.20 | $9.47 | $11.62 | $12.52  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.89% | 10.58% | (7.59)% | (0.83)% | 29.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $173968 | $193061 | $207516 | $262457 | $283474  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.70% | 0.70% | 0.67% | 0.65% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 2.72% | 3.27% | 2.26% | 1.14% | 1.25%  |
| Portfolio turnover rate<sup>(b)</sup> | 55% | 123% | 26% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate-Conservative.

The accompanying notes are an integral part of these financial statements.

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $9.72 | $9.08 | $11.29 | $12.20 | $9.72  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.20 | 0.23 | 0.15 | 0.05 | 0.06  |
| Net realized and unrealized gain (loss) on investments | 0.20 | 0.65 | (1.12) | (0.18) | 2.66  |
| **Total from investment operations** | 0.40 | 0.88 | (0.97) | (0.13) | 2.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.35) | (0.24) |  | (0.22) | (0.24)  |
| From net realized gains |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | (0.35) | (0.24) | (1.24) | (0.78) | (0.24)  |
| **Net asset value, end of period** | $9.77 | $9.72 | $9.08 | $11.29 | $12.20  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.12% | 9.78% | (8.37)% | (1.54)% | 28.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $10169 | $14906 | $19045 | $31538 | $45349  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.45% | 1.45% | 1.42% | 1.41% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.96% | 2.49% | 1.51% | 0.39% | 0.50%  |
| Portfolio turnover rate<sup>(b)</sup> | 55% | 123% | 26% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate-Conservative.

The accompanying notes are an integral part of these financial statements.

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $10.33 | $9.57 | $11.70 | $12.60 | $10.00  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.31 | 0.35 | 0.26 | 0.18 | 0.18  |
| Net realized and unrealized gain (loss) on investments | 0.22 | 0.68 | (1.15) | (0.20) | 2.76  |
| **Total from investment operations** | 0.53 | 1.03 | (0.89) | (0.02) | 2.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.38) | (0.27) |  | (0.32) | (0.34)  |
| From net realized gains |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | (0.38) | (0.27) | (1.24) | (0.88) | (0.34)  |
| **Net asset value, end of period** | $10.48 | $10.33 | $9.57 | $11.70 | $12.60  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.15% | 10.85% | (7.36)% | (0.64)% | 29.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $2864 | $4348 | $4479 | $6710 | $6126  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.45% | 0.45% | 0.41% | 0.40% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 2.93% | 3.54% | 2.51% | 1.39% | 1.50%  |
| Portfolio turnover rate<sup>(c)</sup> | 55% | 123% | 26% | 19% | 28% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Portfolio Optimization Moderate-Conservative, the Fund's predecessor fund were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate Conservative Fund.

The accompanying notes are an integral part of these financial statements.

141<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $11.19 | $9.94 | $13.33 | $14.35 | $10.60  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.23 | 0.29 | 0.17 | 0.10 | 0.12  |
|  Net realized and unrealized gain (loss) on investments | 0.30 | 1.14 | (1.38) | 0.11 | 4.06  |
| **Total from investment operations** | 0.53 | 1.43 | (1.21) | 0.21 | 4.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.34) | (0.18) |  | (0.36) | (0.32)  |
| From net realized gains |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | (0.34) | (0.18) | (2.18) | (1.23) | (0.43)  |
| **Net asset value, end of period** | $11.38 | $11.19 | $9.94 | $13.33 | $14.35  |
| TOTAL RETURN<sup>(b)(c)</sup> | 4.71% | 14.47% | (8.67)% | 0.92% | 39.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $597271 | $667295 | $677263 | $845027 | $897486  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 0.70% | 0.70% | 0.64% | 0.63% | 0.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.94% | 2.80% | 1.52% | 0.68% | 0.95%  |
| Portfolio turnover rate<sup>(b)</sup> | 62% | 121% | 32% | 20% | 27% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $10.68 | $9.55 | $12.98 | $14.03 | $10.39  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.13 | 0.20 | 0.08 | (0.01) | 0.03  |
|  Net realized and unrealized gain (loss) on investments | 0.30 | 1.09 | (1.33) | 0.11 | 3.96  |
| **Total from investment operations** | 0.43 | 1.29 | (1.25) | 0.10 | 3.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.32) | (0.16) |  | (0.28) | (0.24)  |
| From net realized gains |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | (0.32) | (0.16) | (2.18) | (1.15) | (0.35)  |
| **Net asset value, end of period** | $10.79 | $10.68 | $9.55 | $12.98 | $14.03  |
| TOTAL RETURN<sup>(b)(c)</sup> | 3.93% | 13.54% | (9.24)% | 0.14% | 38.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $42779 | $58421 | $70433 | $107229 | $143244  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(e)</sup> | 1.45% | 1.45% | 1.39% | 1.38% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(d)(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)</sup> | 1.19% | 2.00% | 0.77% | (0.07)% | 0.20%  |
| Portfolio turnover rate<sup>(b)</sup> | 62% | 121% | 32% | 20% | 27% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(b)</sup> Not annualized for periods less than one year.

<sup>(c)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(d)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Fund** 

**Financial Highlights** 

**Class I-2<sup>(a)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
| Net asset value, beginning of period | $11.33 | $10.05 | $13.41 | $14.42 | $10.64  |
| **INVESTMENTS OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.26 | 0.32 | 0.20 | 0.14 | 0.16  |
| Net realized and unrealized gain (loss) on investments | 0.32 | 1.15 | (1.38) | 0.11 | 4.07  |
| **Total from investment operations** | 0.58 | 1.47 | (1.18) | 0.25 | 4.23  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| From net investment income | (0.35) | (0.19) |  | (0.39) | (0.34)  |
| From net realized gains |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | (0.35) | (0.19) | (2.18) | (1.26) | (0.45)  |
| **Net asset value, end of period** | $11.56 | $11.33 | $10.05 | $13.41 | $14.42  |
| TOTAL RETURN<sup>(c)(d)</sup> | 5.07% | 14.68% | (8.39)% | 1.17% | 39.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $17731 | $20351 | $21881 | $30378 | $35732  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement (recapture)<sup>(f)</sup> | 0.45% | 0.45% | 0.39% | 0.38% | 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(e)(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement (recapture)<sup>(f)</sup> | 2.23% | 3.02% | 1.77% | 0.93% | 1.20%  |
| Portfolio turnover rate<sup>(c)</sup> | 62% | 121% | 32% | 20% | 27% |

---

Portfolio Turnover is calculated for the Fund as a whole.

<sup>(a)</sup> Advisor Class shares of Pacific Funds Portfolio Optimization Moderate, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on the average shares outstanding method.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025** 

**NOTE 1 – ORGANIZATION** 

Aristotle Funds Series Trust (which may be referred to as "Aristotle Funds" or the "Trust") is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end, management investment company, and is organized as a Delaware statutory trust established pursuant to a Declaration of Trust dated November 29, 2022. Aristotle Investment Services, LLC ("AIS" or the "Adviser") serves as investment adviser to the Trust. As of March 31, 2025, the Trust was comprised of the following nineteen separate funds (each individually a "Fund", and collectively the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Core Bond Fund (formerly known as
 Aristotle ESG Core Bond Fund)

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Core Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle High Yield Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Short Duration Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Ultra Short Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Core Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Growth Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Small Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Small/Mid Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Value Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle/Saul Global Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Aggressive Growth
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Conservative
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Moderate Conservative
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Moderate Fund

All of the Funds are classified and operate as diversified funds as of the date of these financial statements under the 1940 Act, with the exception of Aristotle Growth Equity Fund, which operates as a non-diversified company within the meaning of the 1940 Act. Each Fund represents a distinct portfolio with its own investment objectives and policies. The assets of each Fund are segregated, and a shareholder's interest is limited to the Fund in which shares are held. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

Aristotle Core Bond Fund, Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund and Aristotle Ultra Short Income Fund are collectively the "Income Funds." Aristotle Core Equity Fund, Aristotle Growth Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle Value Equity Fund, Aristotle/Saul Global Equity Fund, and Aristotle Small/Mid Cap Equity Fund are collectively the "Equity Funds." Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Moderate Conservative Fund and Aristotle Portfolio Optimization Moderate Fund are collectively the "Portfolio Optimization Funds."

Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Equity Fund, and Aristotle Value Equity Fund (the "Legacy Aristotle Funds") were each part of a reorganization with corresponding series of the Investment Managers Series Trust (the "IMST Funds"), which occurred on October 23, 2023 (the "October 2023 Reorganization"). The IMST Funds were the accounting survivors of the October 2023 Reorganization, and had a fiscal year end of December 31; as such, the Legacy Aristotle Funds had a fiscal year end of December 31 following the October 2023 Reorganization. The Legacy Aristotle Funds changed their fiscal year end to March 31, beginning March 31, 2024.

Aristotle Core Bond Fund's primary investment goal is to seek total return, consisting of current income and capital appreciation. The Fund was formerly known as Aristotle ESG Core Bond Fund until February 17, 2025, and its primary investment goal until such time included consideration of certain environmental, social and governance

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

criteria.The Fund offers Class I and Class I-2 shares. Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Core Bond Fund acquired the assets and assumed the liabilities of Pacific Funds ESG Core Bond, a series of Pacific Funds Series Trust.

Aristotle Core Income Fund's primary investment goal is to seek a high level of current income; capital appreciation is of secondary importance. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge ("CDSC"); and (iii) Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Core Income Fund acquired the assets and assumed the liabilities of Pacific Funds Core Income, a series of Pacific Funds Series Trust.

Aristotle Floating Rate Income Fund's primary investment goal is to seek a high level of current income. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 3.00% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Floating Rate Income Fund acquired the assets and assumed the liabilities of Pacific Funds Floating Rate Income, a series of Pacific Funds Series Trust.

Aristotle High Yield Bond Fund's primary investment goal is to seek a high level of current income. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle High Yield Bond Fund acquired the assets and assumed the liabilities of Pacific Funds High Income, a series of Pacific Funds Series Trust.

Aristotle Short Duration Income Fund's primary investment goal is to seek current income; capital appreciation is of secondary importance. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 3.00% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Short Duration Income Fund acquired the assets and assumed the liabilities of Pacific Funds Short Duration Income, a series of Pacific Funds Series Trust.

Aristotle Strategic Income Fund's primary investment goal is to seek a high level of current income. The Fund may also seek capital appreciation. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Strategic Income Fund acquired the assets and assumed the liabilities of Pacific Funds Strategic Income, a series of Pacific Funds Series Trust.

Aristotle Ultra Short Income Fund's primary investment goal is to seek current income consistent with capital preservation. The Fund offers Class A, Class I and Class I-2 shares. Each class is distinguished by its applicable level of distribution and/or service fees. Class A, Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Ultra Short Income Fund acquired the assets and assumed the liabilities of Pacific Funds Ultra Short Income, a series of Pacific Funds Series Trust.

Aristotle Core Equity Fund's primary investment goal is to seek long-term growth of capital. The Fund offers Class A, Class I, and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. In general: (i) Class A shares are subject to a maximum 4.25% front-end sales charge; and; (ii) Class I, and Class I-2 shares are sold at net asset value without a sales charge. Effective on October 23, 2023, Aristotle Core Equity Fund II acquired the assets and assumed the liabilities of Aristotle Core Equity Fund, a series of Investment Managers Series Trust ("IMST"). Aristotle Core Equity Fund acted as the accounting survivor. The newly reorganized Fund was subsequently renamed Aristotle Core Equity Fund.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Aristotle Growth Equity Fund's primary investment goal is to seek long-term growth of capital. The Fund offers Class A, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge and; (ii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Growth Equity Fund acquired the assets and assumed the liabilities of PF Growth Fund, a series of Pacific Funds Series Trust.

Aristotle International Equity Fund's primary investment goal is to seek long-term capital appreciation. The Fund offers Class A, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge and; (ii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on October 23, 2023, the Aristotle International Equity Fund II acquired the assets and assumed the liabilities of Aristotle International Equity Fund, a series of IMST. The Aristotle International Equity Fund acted as the accounting survivor. The newly reorganized Fund was subsequently renamed the Aristotle International Equity Fund.

Aristotle Small Cap Equity Fund's primary investment goal is to seek long-term capital appreciation. The Fund offers Class A, Class C, Class I, Class I-2 and Class R6 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class I-2, Class R6 shares are sold at net asset value without a sales charge. On April 17, 2023, Aristotle Small Cap Equity Fund II acquired the assets and assumed the liabilities of the Pacific Funds Small-Cap and the Pacific Funds Small-Cap Value, both series of Pacific Funds Series Trust. In addition, effective October 23, 2023, the Aristotle Small Cap Equity Fund II acquired the assets and assumed the liabilities of the Aristotle Small Cap Equity Fund, a series of IMST. The Aristotle Small Cap Equity Fund acted as the accounting survivor. The newly reorganized Fund was subsequently renamed the Aristotle Small Cap Equity Fund.

Aristotle Small/Mid Cap Equity Fund's primary investment goal is to seek long-term capital appreciation. The Fund offers Class A, Class C, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Small/Mid Cap Equity Fund acquired the assets and assumed the liabilities of Pacific Funds Small/Mid-Cap, a series of Pacific Funds Series Trust.

Aristotle/Saul Global Equity Fund's primary investment goal is to maximize long-term capital appreciation. The Fund offers Class A, Class I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; and (ii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on October 23, 2023. Aristotle/Saul Global Equity Fund II acquired the assets and assumed the liabilities of Aristotle/Saul Global Equity Fund, a series of IMST. Aristotle/Saul Global Equity Fund acted as the accounting survivor. The newly reorganized Fund was subsequently renamed Aristotle/Saul Global Equity Fund.

Aristotle Value Equity Fund's primary investment goal is to seek long-term growth of capital. The Fund offers Class A, Class I, Class I-2 and Class R6. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; and (ii) Class I, Class I-2 and Class R6 shares are sold at net asset value without a sales charge. Effective on October 23, 2023, Aristotle Value Equity Fund II acquired the assets and assumed the liabilities of Aristotle Value Equity Fund, a series of IMST. Aristotle Value Equity Fund acted as the accounting survivor. The newly reorganized Fund was subsequently renamed Aristotle Value Equity Fund.

Aristotle Portfolio Optimization Aggressive Growth Fund's primary investment goal is to seek high, long-term capital appreciation. The Fund offers Class A, Class C and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Portfolio Optimization Aggressive Growth Fund acquired the assets and assumed the liabilities of Pacific Funds Portfolio Optimization Aggressive Growth, a series of Pacific Funds Series Trust.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Aristotle Portfolio Optimization Conservative Fund's primary investment goal is to seek current income and preservation of capital. The Fund offers Class A, Class C and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Portfolio Optimization Conservative Fund acquired the assets and assumed the liabilities of Pacific Funds Portfolio Optimization Conservative, a series of Pacific Funds Series Trust.

Aristotle Portfolio Optimization Growth Fund's primary investment goal is to seek moderately high, long-term capital appreciation with low, current income. The Fund offers Class A, Class C and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Portfolio Optimization Growth Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Growth, a series of Pacific Funds Series Trust.

Aristotle Portfolio Optimization Moderate Conservative Fund's primary investment goal is to seek current income and moderate growth of capital. The Fund offers Class A, Class C and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Portfolio Optimization Moderate Conservative Fund acquired the assets and assumed the liabilities of Pacific Funds Portfolio Optimization Moderate Conservative, a series of Pacific Funds Series Trust.

Aristotle Portfolio Optimization Moderate Fund's primary investment goal is to seek long-term growth of capital and low to moderate income. The Fund offers Class A, Class C and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Portfolio Optimization Moderate Fund acquired the assets and assumed the liabilities of Pacific Funds Portfolio Optimization Moderate, a series of Pacific Funds Series Trust.

**NOTE 2 – ACCOUNTING POLICIES** 

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

**Valuation Policy. The Trust's Board of Trustees (the "Board") has adopted a Valuation Policy (the "Valuation Policy") for determining the value of the investments of each Fund of the Trust. Each Fund of the Trust is divided into shares and share classes, if applicable. The price per share of each class of a Fund's shares reflects its net asset value ("NAV"), which is determined by taking the total value of its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding. For the purpose of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data from various sources detailed in the Adviser's valuation procedures. Additionally, the Board has designated AIS as the "valuation designee" for fair valuation determination pursuant to 1940 Act Rule 2a-5, as discussed below.** 

The NAVs are calculated once per day on each day that the New York Stock Exchange ("NYSE") is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of the close of trading of the NYSE (typically 4:00 p.m. Eastern Time) on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of a NAV on a particular day will not normally be used to retroactively adjust the price of a Fund's investment or the NAV determined earlier that day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

The NAVs will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted or halted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission ("SEC")), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.

Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year's Day; Martin Luther King, Jr. Day; Washington's Birthday; Good Friday; Memorial Day; Juneteenth; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving Day and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends or other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the Valuation Policy as described below, which may be after the official closing time of the NYSE.

**Investment Valuation. Investments for which market quotations are readily available are valued at market value. Investments in underlying funds that are open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. When a market quotation for a portfolio holding is not readily available or is deemed unreliable (for example, when trading has been halted or there are unexpected market closures or other material** 

**events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other portfolio holdings, the portfolio holding is priced at its fair value. The Board has designated AIS, as the valuation designee, to make fair value determinations in good faith.** 

In determining the fair value of a Fund's portfolio holdings, AIS, pursuant to its valuation procedures, may consider inputs from pricing service providers, broker-dealers, or a Fund's sub-adviser. Issuer-specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers, and other market data may be reviewed in the course of making a good faith determination of the fair value of a portfolio holding. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

**Domestic Equity Investments. Domestic equity investments (including exchange-traded funds) are generally valued using the official closing price or last reported sale price from an exchange and does not normally take into account trading, clearances or settlements that take place after the close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.** 

**Foreign Equity Investments. Foreign equity investments are generally valued using the official closing price or the last reported sale price from the principal foreign exchanges. The Funds may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. With respect to foreign equity holdings (traded in a foreign market which closes prior to the NYSE close), the values determined in accordance with the above, may be modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service or other service approved by the AIS Valuation Oversight Committee ("VOC"), to the extent that such foreign fair values are available. Certain Funds may hold investments that are primarily listed on foreign exchanges.** 

**Domestic and Foreign Debt Investments. Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

various observable market and other factors. Certain debt investments are valued by using broker quotes, cost, or other pricing methodology approved pursuant to the Valuation Policy. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

**Investments in Mutual Funds. With respect to shares of the following: registered and unregistered investment companies (including series thereof, or underlying funds held by Funds that are "funds-of-funds"), the NAV per share of the acquired fund whose time of determination coincides with the time of valuation of the Fund, provided that the NAV is published daily or provided by agents of the acquired fund that the VOC believes to be reliable.** 

**Foreign Forward Currency Contracts. Foreign forward currency contracts values are generally determined at the mean between the bid and offer forward rates. A forward foreign currency contract might be used to try to "lock in" the U.S. dollar price of the security. A position hedge is used to protect against a potential decline of the U.S. dollar against a foreign currency by buying a forward contract on that foreign currency for a fixed U.S. dollar amount. Alternatively, the Fund could enter into a forward contract to sell a different foreign currency the Manager believes will fall whenever there is a decline in the U.S. dollar value of the currency in which portfolio securities are denominated. Interpolated forward rates shall be used when the life of the contract is not the same as a life for which quotations are available.** 

**Investment Values Determined by the Valuation Oversight Committee. The Adviser's valuation procedures include methodologies approved for valuing investments in circumstances where pricing data from approved sources is not readily available or deemed to be unreliable. In such circumstances, the valuation procedures provides that the value of such investments may be determined in accordance with pre-approved fair valuation methodologies ("Pre-Approved Fair Valuation Methods"). These Pre-Approved Fair Valuation Methods may include, among others, amortized cost, intrinsic value, the use of broker dealer quotes, use of purchase price, use of merger or acquisition price, use of a reference instrument.** 

In the event pricing data from approved sources or Pre-Approved Fair Valuation Methods are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the VOC or its delegate pursuant to the Valuation Oversight Committee Charter. Valuations determined by the VOC or its delegate may require subjective inputs about the value of such investments. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers, and other market data may be reviewed in the course of making a good faith determination of the fair value of a portfolio holding. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

**Fair Value Measurements and Disclosure. The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Utilizing the valuation procedures, the VOC determines the level in which each investment is characterized. The VOC includes finance, operations, legal, risk and compliance members of AIS, and the Trust's Chief Legal Officer and Chief Compliance Officer. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:** 

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The VOC reviews the AIS valuation procedures periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund's investments. The VOC also periodically evaluates how the

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Trust's investments are characterized within the three-tier hierarchy and the appropriateness of third-party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange traded prices, transaction prices, and/or observable vendor prices.

The inputs or methodologies used for characterizing each Fund's investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

The following is a summary of the inputs used, as of March 31, 2025, in valuing the Funds' assets carried at fair value:

**Aristotle Core Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $16088471 | $— | $16088471  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 11729200 |  | 11729200  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 5391130 |  | 5391130  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 2595188 |  | 2595188  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1759431 |  | 1759431  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1182633 |  | 1182633  |
| **Total Investments** | $— | $38746053 | $— | $38746053 |

---

**Aristotle Core Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $1144778469 | $— | $1144778469  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 789560824 |  | 789560824  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 376107599 |  | 376107599  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 330402544 |  | 330402544  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 165607963 |  | 165607963  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 160422284 |  | 160422284  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 129617705 |  | 129617705  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 9236289 |  | 9236289  |
| **Total Investments** | $— | $3105733677 | $— | $3105733677 |

---

**Aristotle Floating Rate Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $3787014454 | $— | $3787014454  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 228381436 |  |  | 228381436  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 150542113 |  | 150542113  |
| **Total Investments** | $228381436 | $3937556567 | $— | $4165938003 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Aristotle High Yield Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $95699683 | $— | $95699683  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 7783686 |  | 7783686  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 4009639 |  | 4009639  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 156342 |  |  | 156342  |
| **Total Investments** | $156342 | $107493008 | $— | $107649350 |

---

**Aristotle Short Duration Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $441049604 | $— | $441049604  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 133946942 |  | 133946942  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 125420484 |  | 125420484  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 108512463 |  | 108512463  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 80620228 |  | 80620228  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 2355129 |  | 2355129  |
| **Total Investments** | $— | $891904850 | $— | $891904850 |

---

**Aristotle Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $2336430172 | $— | $2336430172  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 936962474 |  | 936962474  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 197167264 |  | 197167264  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 76737051 |  | 76737051  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 49735338 |  | 49735338  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 19846191 |  | 19846191  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1488934 |  | 1488934  |
| **Total Investments** | $— | $3618367424 | $— | $3618367424 |

---

**Aristotle Ultra Short Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $26701154 | $— | $26701154  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 7081603 |  | 7081603  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 6214871 |  | 6214871  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 2754377 |  | 2754377  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 1999529 |  | 1999529  |
| **Total Investments** | $— | $44751534 | $— | $44751534 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Aristotle Core Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $481373347 | $— | $— | $481373347  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 6403417 |  |  | 6403417  |
| **Total Investments** | $487776764 | $— | $— | $487776764 |

---

**Aristotle Growth Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $229752501 | $— | $— | $229752501  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1850792 |  |  | 1850792  |
| **Total Investments** | $231603293 | $— | $— | $231603293 |

---

**Aristotle International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $91767492 | $450354709 | $— | $542122201  |
| **Total Investments** | $91767492 | $450354709 | $— | $542122201 |

---

**Aristotle Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $132973651 | $— | $— | $132973651  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 9925579 |  |  | 9925579  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1339182 |  |  | 1339182  |
| **Total Investments** | $144238412 | $— | $— | $144238412 |

---

**Aristotle Small/Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $31535156 | $— | $— | $31535156  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 2137197 |  |  | 2137197  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 337268 |  |  | 337268  |
| **Total Investments** | $34009621 | $— | $— | $34009621 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Aristotle/Saul Global Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $14977140 | $14788198 | $— | $29765338  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | 547009 |  | 547009  |
| **Total Investments** | $14977140 | $15335207 | $— | $30312347 |

---

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| **Description** | **Common Stocks**  |
| Balance as of April 1, 2024 | &nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Purchases  | &nbsp;&nbsp;&nbsp; 111774  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | &nbsp;&nbsp;&nbsp; (117667)  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | &nbsp;&nbsp;&nbsp; 5893  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | &nbsp;&nbsp;&nbsp; —  |
| **Balance as of March 31, 2025** | &nbsp;&nbsp;&nbsp; $—  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025. | &nbsp;&nbsp;&nbsp; $— |

---

**Aristotle Value Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $544680352 | $— | $—  | $544680352  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 8811070 |  | —  | 8811070  |
| **Total Investments** | $553491422 | $— | $—  | $553491422 |

---

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
| **Description**  | **Common Stocks**  |
| Balance as of April 1, 2024  | $—  |
| &nbsp;&nbsp;&nbsp; Purchases  | 1486143  |
| &nbsp;&nbsp;&nbsp; Sales proceeds and paydowns  | (1564500)  |
| &nbsp;&nbsp;&nbsp; Accreted discounts, net  | —  |
| &nbsp;&nbsp;&nbsp; Corporate Actions  | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss)  | 78357  |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation)  | —  |
| &nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3  |  |
| **Balance as of March 31, 2025**  | $—  |
|  Change in unrealized appreciation (depreciation) during the year for Level 3 investments held at March 31, 2025.  | $— |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $136545109 | $— | $— | $136545109  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 117795067 |  |  | 117795067  |
| **Total Investments** | $254340176 | $— | $— | $254340176 |

---

**Aristotle Portfolio Optimization Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $101880607 | $— | $— | $101880607  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 25981304 |  |  | 25981304  |
| **Total Investments** | $127861911 | $— | $— | $127861911 |

---

**Aristotle Portfolio Optimization Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $355422901 | $— | $— | $355422901  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 244247638 |  |  | 244247638  |
| **Total Investments** | $599670539 | $— | $— | $599670539 |

---

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $135476134 | $— | $— | $135476134  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 51370805 |  |  | 51370805  |
| **Total Investments** | $186846939 | $— | $— | $186846939 |

---

**Aristotle Portfolio Optimization Moderate Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $456992548 | $— | $— | $456992548  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 200370963 |  |  | 200370963  |
| **Total Investments** | $657363511 | $— | $— | $657363511 |

---

**Bank Loans. Floating rate bank loan notes ("Bank Loans") are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Bank Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.** 

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust's valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset under investments at value, and any change in net

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended March, 31, 2025, are summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Unfunded** <br>**Loan** <br>**Commitments** | **Value** | **Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Aristotle Core Income Fund | $689655 | $681321 | &nbsp;&nbsp; $(7472)  |
| Aristotle Floating Rate Income Fund | 8991469 | 8918323  | &nbsp;&nbsp; (49265)  |
| Aristotle Strategic Income Fund | 2217175 | 2195029 | &nbsp;&nbsp; (20752) |

---

**Investment Transactions, Investment Income and Expenses. Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends and interest, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.** 

**Federal Income Taxes. *Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.** 

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds' current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March, 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Distributions to Shareholders. Each Fund intends to distribute substantially all of its net investment income, as described in the schedule below, and distribute realized capital gains, if any, to shareholders at least annually, although distributions could occur more or less frequently if it is advantageous to the specific Fund and to its shareholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Optimization and Equity Funds - dividends,
 if any, are generally declared and paid annually.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income Funds (except Floating Rate Income
 Fund and Ultra Short Income Fund) - dividends, if any, are generally declared and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;• Floating Rate Income Fund and Ultra Short Income
 Fund - dividends, if any, are generally declared daily and paid monthly.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

**NOTE 3 – INVESTMENT ADVISORY AND OTHER AGREEMENTS** 

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the "Agreement") with the Adviser. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund's average daily net assets. Fees paid to the Adviser for the year ended March 31, 2025 are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

---

| | |
|:---|:---|
| **Fund** | **Annual Investment** <br>**Advisory Fee Rate** <br>**(as a percentage** <br>**of average daily** <br>**net assets)**  |
| Aristotle Core Bond Fund | 0.35%  |
| Aristotle Core Income Fund | 0.40%  |
| Aristotle Floating Rate Income Fund | 0.55%  |
| Aristotle High Yield Bond Fund | 0.50%  |
| Aristotle Short Duration Income Fund | 0.25%  |
| Aristotle Strategic Income Fund | 0.50%  |
| Aristotle Ultra Short Income Fund | 0.25%  |
| Aristotle Core Equity Fund | 0.50%  |
| Aristotle Growth Equity Fund | 0.55%  |
| Aristotle International Equity Fund | 0.60%  |
| Aristotle Small Cap Equity Fund | 0.65%  |
| Aristotle Small/Mid Cap Equity Fund | 0.65%  |
| Aristotle/Saul Global Equity Fund | 0.60%  |
| Aristotle Value Equity Fund | 0.55%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | 0.20%  |
| Aristotle Portfolio Optimization Conservative Fund | 0.20%  |
| Aristotle Portfolio Optimization Growth Fund | 0.20%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | 0.20%  |
| Aristotle Portfolio Optimization Moderate Fund | 0.20% |

---

The Adviser engages the following sub-advisers to manage the Funds (each a "Sub Adviser" and collectively the "Sub Advisers"). The Adviser pays the Sub Advisers from its advisory fees.

**Aristotle Atlantic Partners, LLC ("Aristotle Atlantic")** 

Aristotle Atlantic, located at 50 Central Avenue, Suite 750, Sarasota, Florida 34236, acts as sub-adviser to Aristotle Core Equity Fund and Aristotle Growth Equity Fund.

**Aristotle Capital Boston, LLC ("Aristotle Boston")** 

Aristotle Boston, located at One Federal Street, 36th Floor, Boston, Massachusetts 02110, acts as sub-adviser to the Aristotle Small/Mid Cap Equity Fund and Aristotle Small Cap Equity Fund.

**Aristotle Capital Management, LLC ("Aristotle Capital")** 

Aristotle Capital, located at 11100 Santa Monica Boulevard, Suite 1700, Los Angeles, California 90025, acts as investment adviser to Aristotle International Equity Fund, Aristotle/Saul Global Equity Fund, and Aristotle Value Equity Fund.

**Aristotle Pacific Capital, LLC ("Aristotle Pacific")** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Aristotle Pacific, located at 840 Newport Center Drive, 7th Floor, Newport Beach, California 92660, acts as sub-adviser to Aristotle Ultra Short Income Fund, Aristotle Short Duration Income Fund, Aristotle Core Income Fund, Aristotle Core Bond Fund, Aristotle Strategic Income Fund, Aristotle Floating Rate Income Fund, and Aristotle High Yield Bond Fund.

**Pacific Life Fund Advisors LLC ("PLFA")** 

PLFA, located at 700 Newport Center Drive, Newport Beach, California 92660, acts as sub-adviser to the Portfolio Optimization Funds.

The total advisory fee amounts paid to AIS for the year ending March 31, 2025 can be referenced on the Statements of Operations of the Funds.

AIS in its capacity as the Funds' administrator (the "Administrator"), performs certain administrative services for each of the Funds pursuant to a supervision and administration agreement (as amended and restated from time to time, the "Supervision and Administration Agreement") with the Trust. Pursuant to the Supervision and Administration Agreement, the Administrator provides the Funds with certain supervisory, administrative and shareholder services necessary for Fund operations and is responsible for the supervision of other Fund service providers. The Administrator receives a supervision and administration fee in return for its services. The supervision and administration services provided by the Administrator include, among others, (i) shareholder services, including the preparation of shareholder reports and the maintenance of a shareholder call center; (ii) regulatory compliance, such as report filings with the SEC and state or other regulatory authorities; and (iii) general supervision and coordination of matters relating to the operation of the Funds, including coordination of the services performed by the Funds' advisers, custodian, transfer agent, dividend disbursing agent, recordkeeping agent, legal counsel, independent public accountants and others. The Administrator pays for and furnishes the office space and equipment necessary to carry out the Funds' business and pays the compensation of the Trust's officers and employees. In addition, the Administrator is responsible for arranging the services and bearing the expenses of the Trust's service providers, including, among others, legal, audit, transfer agency, and recordkeeping services. The Administrator is also responsible for the costs of registration of the Trust's shares and the printing of prospectuses and shareholder reports for current shareholders.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

The supervision and administration fee for each class of each Fund is paid at the following annual rates (stated as a percentage of the average daily net assets attributable in the aggregate to each class's shares taken separately):

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration** <br>**Fee**  |
| Aristotle Core Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Aristotle Core Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle Floating Rate Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle High Yield Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle Short Duration Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Aristotle Strategic Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| Aristotle Ultra Short Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| Aristotle Core Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle Growth Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle International Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration** <br>**Fee**  |
| Aristotle Small Cap Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Small/Mid Cap Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle/Saul Global Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Aristotle Value Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Conservative Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Growth Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Moderate Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% |

---

The total supervision and administration fee amounts paid to AIS for the year ending March 31, 2025 can be referenced on the Statements of Operations of the Funds.

AIS has contractually agreed that to the extent that the aggregate expenses (the "Expenses") incurred by a Fund, including but not limited to organizational and offering costs and the fees (but excluding interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, other expenditures which are capitalized in accordance with generally accepted accounting principles (other than offering costs), other extraordinary expenses not incurred in the ordinary course of such Fund's business and amounts payable pursuant to a plan adopted in accordance

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

with Rule 12b-1 under the 1940 Act), exceed on an annual basis the amount specified below, AIS shall waive its fees under either or both of the Supervision and Administration Agreement and Advisory Agreement in an amount equal to such excess amount so that the Expenses incurred by a Fund in any fiscal year do not exceed the expense limit. Waived expenses are not subject to future recoupment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Agreement** <br>**Expires** | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  |
| **Fund** | **Agreement** <br>**Expires** | **Class A** | **Class C** | **Class I** | **Class I-2** | **Class R6**  |
| Aristotle Core Bond Fund | July 31, 2025 |  |  | 0.48% | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; —  |
| Aristotle Core Income Fund | July 31, 2025 | 0.85% | 1.60% | 0.45% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; —  |
| Aristotle Floating Rate Income Fund | July 31, 2025 | 1.02% | 1.77% | 0.72% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; —  |
| Aristotle High Yield Bond Fund | July 31, 2025 | 0.95% | 1.70% | 0.55% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; —  |
| Aristotle Short Duration Income Fund | July 31, 2025 | 0.75% | 1.50% | 0.39% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; —  |
| Aristotle Strategic Income Fund | July 31, 2025 | 0.94% | 1.69% | 0.59% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; —  |
| Aristotle Ultra Short Income Fund | July 31, 2025 | 0.57% |  | 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; —  |
| Aristotle Core Equity Fund | July 31, 2026 |  |  | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; —  |
| Aristotle Growth Equity Fund | July 31, 2025 |  |  | 0.70% | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Aristotle International Equity Fund | July 31, 2026 |  |  | 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; —  |
| Aristotle Small Cap Equity Fund | July 31, 2025 | 1.20% | 1.95% | 0.90%<sup>(a)</sup> | &nbsp;&nbsp; 0.90%<sup>(a)</sup> | &nbsp;&nbsp; 0.85%  |
| Aristotle Small/Mid Cap Equity Fund | July 31, 2025 | 1.20% | 1.95% | 0.85% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; —  |
| Aristotle/Saul Global Equity Fund | July 31, 2026 |  |  | 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; —  |
| Aristotle Value Equity Fund | July 31, 2026 |  |  | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.61%  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | July 31, 2025 | 1.26% | 2.01% |  | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Conservative Fund | July 31, 2025 | 1.22% | 1.97% |  | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; —  |
| Aristotle Portfolio Optimization Growth Fund | July 31, 2025 | 1.25% | 2.00% |  | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | July 31, 2025 | 1.22% | 1.97% |  | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; —  |
| Aristotle Portfolio Optimization Moderate Fund | July 31, 2025 | 1.23% | 1.98% |  | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The total limit on annual operating expenses is
 calculated based on each Fund's average daily net assets.

<sup>(a)</sup> Agreement expires on July 31, 2026.

The total expense reimbursement amounts paid by AIS for the period ending March 31, 2025 can be referenced on the Statements of Operations of the Funds.

**NOTE 4 – FEDERAL INCOME TAX INFORMATION** 

Each Fund intends to qualify each year as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code (the "Code"). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year ended March 31, 2025, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

On the Statements of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Total Distributional** <br>**Earnings (Loss)**  | **Capital Stock**  |
| Aristotle Core Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $—  |
| Aristotle Core Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Floating Rate Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle High Yield Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Short Duration Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Strategic Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Ultra Short Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Core Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Growth Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 590167  | (590167)  |
| Aristotle International Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Small Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; (37548)  | 37548  |
| Aristotle Small/Mid Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle/Saul Global Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;(340)  | 340  |
| Aristotle Value Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Portfolio Optimization Aggressive Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Portfolio Optimization Conservative Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Portfolio Optimization Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Portfolio Optimization Moderate Conservative Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| Aristotle Portfolio Optimization Moderate Fund  | &nbsp;&nbsp;&nbsp;&nbsp; —  |  |

---

Accumulated capital losses represent net capital loss carryovers as of March 31, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2025 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2025, as applicable:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Accumulated** <br>**Capital Loss** <br>**Carryover**  | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
| **Fund** | **Short Term** | **Long Term**  | **Accumulated** <br>**Capital Loss** <br>**Carryover**  | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
| Aristotle Core Bond Fund | $(495717) | $(2022498) | $(2518215) | $—  |
| Aristotle Core Income Fund | (18607327) | (51861599) | (70468926) | —  |
| Aristotle Floating Rate Income Fund | (51085422) | (241299598) | (292385020) | —  |
| Aristotle High Yield Bond Fund | (4367077) | (15729025) | (20096102) | —  |
| Aristotle Short Duration Income Fund | (4962106) | (19473582) | (24435688) | —  |
| Aristotle Strategic Income Fund | (6895829) | (97752381) | (104648210) | —  |
| Aristotle Ultra Short Income Fund | (15930) | (16374) | (32304) | (140070)  |
| Aristotle Core Equity Fund | —  | —  | —  | —  |
| Aristotle Growth Equity Fund | —  | —  | —  | —  |
| Aristotle International Equity Fund | (2435529) | (4798478) | (7234007) | (8995498)  |
| Aristotle Small Cap Equity Fund | —  | —  | —  | (1323414)  |
| Aristotle Small/Mid Cap Equity Fund | —  | —  | —  | —  |
| Aristotle/Saul Global Equity Fund | —  | —  | —  | —  |
| Aristotle Value Equity Fund | —  | —  | —  | (3940950)  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | —  | —  | —  | (16833610)  |
|  Aristotle Portfolio Optimization Conservative Fund | (1642011) | (10458855) | (12100866) | (5397285)  |

---

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Accumulated** <br>**Capital Loss** <br>**Carryover**  | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
| **Fund** | **Short Term** | **Long Term**  | **Accumulated** <br>**Capital Loss** <br>**Carryover**  | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
|  Aristotle Portfolio Optimization Growth Fund | $—  | $—  | $—  | $(30089010)  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | (2420969) | (10190833) | (12611802) | (11130914)  |
|  Aristotle Portfolio Optimization Moderate Fund | —  | —  | —  | (39844393) |

---

Additionally, at March 31, 2025, the Funds deferred no post-October or late-year losses.

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.

At March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Aristotle** <br>**Core Bond** <br>**Fund**  | **Aristotle Core** <br>**Income Fund**  | **Aristotle** <br>**Floating Rate** <br>**Income Fund**  | **Aristotle** <br>**High Yield** <br>**Bond Fund**  | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| Cost of Portfolio  | $39844141  | $3154009036  | $4185206475  | $109272310  | $888218993  |
| Gross Unrealized Appreciation  | 194164  | 24496372  | 18660880  | 1255034  | 7105503  |
| Gross Unrealized Depreciation  | (1292252)  | (72771731)  | (37929352)  | (2877994)  | (3419646)  |
|  Net Unrealized Appreciation/ (Depreciation)  | (1098088)  | (48275359)  | (19268472)  | (1622960)  | 3685857  |
| Undistributed Ordinary Income  | 1808  | 1390573  | 5628436  | 2640  | 165467  |
|  Undistributed Long-Term Capital Gains  | —  | —  | —  | —  | —  |
| Other Accumulated Gains/(Losses) | (2518215)  | (71675485)  | (297033130)  | (20096943)  | (24554551)  |
| Total Distributable Earnings/(Loss)  | (3614495)  | (118560271)  | (310673166)  | (21717263)  | (20703227) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Aristotle** <br>**Strategic** <br>**Income Fund**  | **Aristotle** <br>**Ultra Short** <br>**Income Fund**  | **Aristotle Core** <br>**Equity Fund**  | **Aristotle** <br>**Growth** <br>**Equity Fund**  | **Aristotle** <br>**International** <br>**Equity Fund**  |
| Cost of Portfolio  | $3646400379  | $44652058  | $371726048  | $169431264  | $438909959  |
| Gross Unrealized Appreciation  | 37779761  | 158160  | 137673974  | 70109427  | 144073506  |
| Gross Unrealized Depreciation  | (65812716)  | (58684)  | (21623258)  | (7937398)  | (40861264)  |
|  Gross Unrealized Depreciation on Foreign Currencies  | —  | —  | —  | —  | (10360)  |
|  Net Unrealized Appreciation/ (Depreciation)  | (28032955)  | 99476  | 116050716  | 62172029  | 103201882  |
| Undistributed Ordinary Income  | 2418757  | 97496  | 291723  | —  | 738673  |
|  Undistributed Long-Term Capital Gains  | —  | —  | 5503476  | 23370088  | —  |
| Other Accumulated Gains/(Losses)  | (106820229)  | (32304)  | —  | —  | (7234007)  |
| Total Distributable Earnings/(Loss)  | (132434427)  | 164668  | 121845915  | 85542117  | 96706548 |

---

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Aristotle** <br>**Small Cap** <br>**Equity Fund**  | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund**  | **Aristotle/**<br>**Saul Global** <br>**Equity Fund**  | **Aristotle Value** <br>**Equity Fund**  |
| Cost of Portfolio  | $118514968  | $31344294  | $20036598  | $397470335  |
| Gross Unrealized Appreciation  | 47749668  | 7032278  | 11688659  | 166334160  |
| Gross Unrealized Depreciation  | (22026224)  | (4366951)  | (1412910)  | (10313073)  |
| &nbsp;&nbsp;&nbsp; Gross Unrealized Depreciation on Foreign <br>Currencies  | —  | —  | (4185)  | —  |
| Net Unrealized Appreciation/(Depreciation)  | 25723444  | 2665327  | 10271564  | 156021087  |
| Undistributed Ordinary Income  | —  | 174350  | 161416  | 3140601  |
| Undistributed Long-Term Capital Gains  | 2004381  | 2445449  | 1325889  | 15790062  |
| Other Accumulated Gains/(Losses)  | —  | —  | —  | —  |
| Total Distributable Earnings/(Loss)  | 27727825  | 5285126  | 11758869  | 174951750 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Conservative** <br>**Fund**  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Growth Fund**  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate** <br>**Conservative** <br>**Fund**  | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate Fund**  |
| Cost of Portfolio  | $237196915  | $125784789  | $565699870  | $181626484  | $626015582  |
| Gross Unrealized Appreciation  | 22998889  | 3692423  | 43883902  | 8010301  | 42657480  |
| Gross Unrealized Depreciation  | (5855628)  | (1615301)  | (9913233)  | (2789846)  | (11309551)  |
|  Net Unrealized Appreciation/ (Depreciation)  | 17143261  | 2077122  | 33970669  | 5220455  | 31347929  |
| Undistributed Ordinary Income  | 4010053  | 4489233  | 12081871  | 5467594  | 13894230  |
|  Undistributed Long-Term Capital Gains  | 9145754  | —  | 28461862  | —  | 14848475  |
| Other Accumulated Gains/(Losses)  | (5)  | (12100877)  | —  | (12611802)  | —  |
| Total Distributable Earnings/(Loss)  | 30299063  | (5534522)  | 74514402  | (1923753)  | 60090634 |

---

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2022.

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**TAX CHARACTER OF DISTRIBUTIONS** 

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2025, March 31, 2024 and December 31, 2023 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**December 31, 2023**  | **For the Year Ended** <br>**December 31, 2023**  | **For the Year Ended** <br>**December 31, 2023**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions**  |
|  Aristotle Core Equity Fund | $1092258  | $9067677  | $10159935  | $—  | $—  | &nbsp;&nbsp; $—  | $2089883  | $—  | $2089883  |
|  Aristotle International Equity Fund | 9169090  | —  | 9169090  | —  | —  | &nbsp;&nbsp; —  | 7188659  | —  | 7188659  |
|  Aristotle Small Cap Equity Fund | 640059  | 1472476  | 2112535  | —  | —  | &nbsp;&nbsp; —  | 1098665  | 669428  | 1768093  |
|  Aristotle/Saul Global Equity Fund | 552132  | 9512155  | 10064287  | —  | —  | &nbsp;&nbsp; —  | 706709  | 2936281  | 3642990  |
|  Aristotle Value Equity Fund | 10026648  | 11150433  | 21177081  | —  | —  | &nbsp;&nbsp; —  | 7885115  | —  | 7885115 |

---

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2024**  | **For the Year Ended** <br>**March 31, 2024**  | **For the Year Ended** <br>**March 31, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions**  |
| Aristotle Core Bond Fund | $973681  | $—  | $973681  | $877868  | $—  | $877868  |
| Aristotle Core Income Fund | 140400534  | —  | 140400534  | 78725495  | —  | 78725495  |
| Aristotle Floating Rate Income Fund | 332621616  | —  | 332621616  | 329162269  | —  | 329162269  |
| Aristotle High Yield Bond Fund | 6588568  | —  | 6588568  | 5317141  | —  | 5317141  |
| Aristotle Short Duration Income Fund | 42851568  | —  | 42851568  | 44904494  | —  | 44904494  |
| Aristotle Strategic Income Fund | 193146733  | —  | 193146733  | 108752164  | —  | 108752164  |
| Aristotle Ultra Short Income Fund | 2142414  | —  | 2142414  | 2881216  | —  | 2881216  |
| Aristotle Growth Equity Fund | 733053  | 23763207  | 24496260  | 161601  | 37839036  | 38000637  |
| Aristotle Small/Mid Cap Equity Fund | 331867  | 3064466  | 3396333  | 708745  | 17363830  | 18072575  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | 5622857  | —  | 5622857  | 1212212  | 3245439  | 4457651  |
| &nbsp;&nbsp;&nbsp; Aristotle Portfolio Optimization Conservative <br>Fund | 5351975  | —  | 5351975  | 4932819  | —  | 4932819  |
| Aristotle Portfolio Optimization Growth Fund | 16742589  | —  | 16742589  | 6481877  | 2104118  | 8585995  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | 6980538  | —  | 6980538  | 5591090  | —  | 5591090  |
| Aristotle Portfolio Optimization Moderate Fund | 20301661  | —  | 20301661  | 12160730  | —  | 12160730 |

---

The Funds also designate as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

**NOTE 5 – DISTRIBUTION AND SERVICE PLAN** 

Class A shares and Class C shares have adopted a Distribution and Service Plan in accordance with Rule 12b-1 ("12b-1") under the 1940 Act. For the year ended March 31, 2025, distribution and service fees incurred are disclosed on the Statements of Operations. The Plan provides for the payment of distribution and service fees at the annual rate of up to 0.25% of each Fund's average daily net assets attributable to Class A shares and up to 1.00% of average daily net assets attributable to Class C shares.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**NOTE 6 – INDEMNIFICATIONS** 

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties of the Trust. In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**NOTE 7 – FUND OF FUNDS** 

Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, Aristotle Portfolio Optimization Moderate Fund, Aristotle Portfolio Optimization Growth Fund and Aristotle Portfolio Optimization Aggressive Growth Fund each operate as a "Fund of Funds," by investing in a combination of underlying funds, including funds that are actively managed by an affiliate of AIS and unaffiliated exchange-traded funds ("ETFs") (the "Underlying Funds"). The allocation of the Funds' assets between underlying funds sub-advised by an affiliate of AIS and unaffiliated ETFs will vary over time, although PLFA currently expects to invest, under normal circumstances within the asset breakout shown below in Underlying Funds sub-advised by an affiliate of AIS. Under normal market conditions, the Fund's exposures to the two broad asset classes of debt and equity are expected to be within the following ranges below. AIS believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds in addition to the Fund's direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by AIS or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

---

| | | |
|:---|:---|:---|
|  | **Broad Asset Class Allocation**  | **Broad Asset Class Allocation**  |
|  | **Debt** | **Equity**  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0-15% | &nbsp;&nbsp;&nbsp;&nbsp; 85-100%  |
| Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp; 70-85% | &nbsp;&nbsp;&nbsp;&nbsp; 15-30%  |
| Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15-30% | &nbsp;&nbsp;&nbsp;&nbsp; 70-85%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp; 50-70% | &nbsp;&nbsp;&nbsp;&nbsp; 30-50%  |
| Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30-50% | &nbsp;&nbsp;&nbsp;&nbsp; 50-70% |

---

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Equity Fund - Class I | $44096991 | $26268110 | $(11961773) | $1427711 | &nbsp;&nbsp; $(1627822) | $58203217 | $1047461 | $— | 4340285  |
|  Aristotle Core Income Fund - Class I | 9318571 | 4339552 | (13804197) | 210320 | &nbsp;&nbsp; (64246) |  | 383743 |  | —  |
|  Aristotle Floating Rate Income Fund - Class I |  | 2799259 | (1468669) | (13564) | &nbsp;&nbsp; (15071) | 1301955 | 25396 |  | 139098  |
|  Aristotle Growth Equity Fund - Class I | 46989382 | 16984928 | (20543672) | 969360 | &nbsp;&nbsp; (1615636) | 42784362 | 4135382 |  | 3138985  |
|  Aristotle High Yield Bond Fund - Class I | 3937489 | 4094967 | (1497178) | (697) | &nbsp;&nbsp; (126260) | 6408321 | 337385 |  | 704211  |
|  Aristotle International Equity Fund - Class I | 37493291 | 7862504 | (19135187) | 1723787 | &nbsp;&nbsp; (97141) | 27847254 | 663835 |  | 2425719  |
|  Aristotle Short Duration Income Fund - Class I | 9071391 | 2881652 | (11900311) | 47500 | &nbsp;&nbsp; (100232) |  | 23305 |  | —  |
|  | $150907115 | $65230972 | $(80310987) | $4364417 | &nbsp;&nbsp; $(3646408) | $136545109 | $6616507 | $— | 10748298 |

---

**Aristotle Portfolio Optimization Conservative Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Bond Fund - Class I | $— | $10466476  | $(47544) | $(102) | &nbsp;&nbsp;&nbsp; $14  | $10418844  | $25221  | $— | 1196193  |
|  Aristotle Core Equity Fund - Class I | 5049155  | 5283076  | (2326307) | 155784  | &nbsp;&nbsp;&nbsp; (200462) | 7961246  | 147546  |  | 593680  |
|  Aristotle Core Income Fund - Class I | 55332323  | 10705032  | (14853411) | (74682) | &nbsp;&nbsp;&nbsp; 46818  | 51156080  | 2678341  |  | 5306647  |
|  Aristotle Floating Rate Income Fund - Class I | 2167095  | 3746363  | (1333620) | 17092  | &nbsp;&nbsp;&nbsp; (88731) | 4508199  | 205811  |  | 481645  |
|  Aristotle Growth Equity Fund - Class I | 6417232  | 3190175  | (3555163) | 276909  | &nbsp;&nbsp;&nbsp; (276564) | 6052589  | 583557  |  | 444064  |
|  Aristotle High Yield Bond Fund - Class I | 6493089  | 3815436  | (1903571) | 6509  | &nbsp;&nbsp;&nbsp; (130466) | 8280997  | 496631  |  | 910000  |
|  Aristotle International Equity Fund - Class I | 2938989  | 2263137  | (5466693) | 553334  | &nbsp;&nbsp;&nbsp; (288767) |  | 24462  |  | —  |
|  Aristotle Short Duration Income Fund - Class I | 23502737  | 3600047  | (13730923) | 121914  | &nbsp;&nbsp;&nbsp; 8877  | 13502652  | 845532  |  | 1323789  |
|  | $101900620  | $43069742  | $(43217232) | $1056758  | &nbsp;&nbsp;&nbsp; $(929281) | $101880607  | $5007101  | $— | 10256018 |

---

167<br>

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Aristotle Portfolio Optimization Growth Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Equity Fund - Class I | $82344994  | $58605048  | $(25727346) | $1713443  | &nbsp;&nbsp; $(2180057) | $114756082  | $2108013  | $— | 8557501  |
|  Aristotle Core Income Fund - Class I | 68953795  | 14057156  | (25514587) | (96157) | &nbsp;&nbsp; 89107  | 57489314  | 3380709  |  | 5963622  |
|  Aristotle Floating Rate Income Fund - Class I |  | 10639630  | (1400147) | (5646) | &nbsp;&nbsp; (112606) | 9121231  | 337276  |  | 974490  |
|  Aristotle Growth Equity Fund - Class I | 99857583  | 39080705  | (51206516) | 4209414  | &nbsp;&nbsp; (4336858) | 87604328  | 9083257  |  | 6427317  |
|  Aristotle High Yield Bond Fund - Class I | 12713585  | 17564301  | (5883158) | (297680) | &nbsp;&nbsp; (44183) | 24052865  | 1386729  |  | 2643172  |
|  Aristotle International Equity Fund - Class I | 81053706  | 19686206  | (44241911) | 3046941  | &nbsp;&nbsp; (181309) | 59363633  | 1442011  |  | 5171048  |
|  Aristotle Short Duration Income Fund - Class I | 50205893  | 8226385  | (55448403) | 537001  | &nbsp;&nbsp; (485428) | 3035448  | 591219  |  | 297593  |
|  | $395129556  | $167859431  | $(209422068) | $9107316  | &nbsp;&nbsp; $(7251334) | $355422901  | $18329214  | $— | 30034743 |

---

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

168<br>

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Bond Fund - Class I | $—  | $3807843  | $(35979) | $(131) | &nbsp;&nbsp; $—  | $3771733  | $9129  | $—  | 433035  |
|  Aristotle Core Equity Fund - Class I | 13840002  | 8630936  | (5498370) | 356232  | &nbsp;&nbsp; (156804) | 17171996  | 366687  | —  | 1280537  |
|  Aristotle Core Income Fund - Class I | 66678291  | 16775523  | (19696144) | (61934) | &nbsp;&nbsp; 88508  | 63784244  | 3377062  | —  | 6616623  |
|  Aristotle Floating Rate Income Fund - Class I | 3125481  | 4524681  | (1903284) | 23443  | &nbsp;&nbsp; (115496) | 5654825  | 240289  | —  | 604148  |
|  Aristotle Growth Equity Fund - Class I | 15649541  | 5489498  | (7661147) | 709972  | &nbsp;&nbsp; (755031) | 13432833  | 1252114  | —  | 985534  |
|  Aristotle High Yield Bond Fund - Class I | 9364708  | 7271395  | (3425011) | (43702) | &nbsp;&nbsp; (118133) | 13049257  | 861150  | —  | 1433984  |
|  Aristotle International Equity Fund - Class I | 14862503  | 3031014  | (9406941) | 924429  | &nbsp;&nbsp; (208503) | 9202502  | 182393  | —  | 801612  |
|  Aristotle Short Duration Income Fund - Class I | 20544617  | 4359207  | (15532838) | 112414  | &nbsp;&nbsp; (74656) | 9408744  | 465226  | —  | 922426  |
|  | $144065143  | $53890097  | $(63159714) | $2020723  | &nbsp;&nbsp; $(1340115) | $135476134  | $6754050  | $—  | 13077899 |

---

**Aristotle Portfolio Optimization Moderate Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Equity Fund - Class I | $81222686  | $48074012  | $(28223486) | $2363231  | &nbsp;&nbsp; $(1741666) | $101694777  | $2051333  | $—  | 7583503  |
|  Aristotle Core Income Fund - Class I | 145051548  | 44705595  | (47738990) | (138331) | &nbsp;&nbsp; 344354  | 142224176  | 7765220  | —  | 14753545  |
|  Aristotle Floating Rate Income Fund - Class I | 3627746  | 15592094  | (2358552) | (9261) | &nbsp;&nbsp; (233572) | 16618455  | 557492  | —  | 1775476  |
|  Aristotle Growth Equity Fund - Class I | 108782878  | 34812748  | (63045267) | 6978190  | &nbsp;&nbsp; (5831983) | 81696566  | 9343767  | —  | 5993879  |
|  Aristotle High Yield Bond Fund - Class I | 25362576  | 21006966  | (9713178) | (169616) | &nbsp;&nbsp; (333326) | 36153422  | 2271088  | —  | 3972904  |
|  Aristotle International Equity Fund - Class I | 51714333  | 20301071  | (28761184) | 1406500  | &nbsp;&nbsp; 765602  | 45426322  | 920835  | —  | 3956997  |
|  Aristotle Short Duration Income Fund - Class I | 89430554  | 13217332  | (69730294) | 572502  | &nbsp;&nbsp; (311264) | 33178830  | 2047748  | —  | 3252827  |
|  | $505192321  | $197709818  | $(249570951) | $11003215  | &nbsp;&nbsp; $(7341855) | $456992548  | $24957483  | $—  | 41289131 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**NOTE 8 – RESTRICTED AND ILLIQUID SECURITIES** 

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. AIS, with the assistance of the Sub Advisers and/or pricing services, will determine the value of such securities in good faith pursuant to its fair valuation procedures. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund's ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds' liquidity risk management program adopted pursuant to Rule 22e-4 under the 1940 Act.

**NOTE 9 – FOREIGN SECURITIES** 

For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a Fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Adviser's valuation procedures.

**Foreign Currency Translation** 

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.

The value of the Funds' foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

**NOTE 10 – INVESTMENT TRANSACTIONS** 

For the year ended March 31, 2025, purchases and sales of investments, excluding U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $14993713 | $15406708  |
| Aristotle Core Income Fund | 2366843534 | 1836669860  |
| Aristotle Floating Rate Income Fund | 5371977776 | 5001928666  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle High Yield Bond Fund | $90140670 | $56220625  |
| Aristotle Short Duration Income Fund | 541009751 | 619210609  |
| Aristotle Strategic Income Fund | 2409740557 | 1325148813  |
| Aristotle Ultra Short Income Fund | 48349502 | 50076003  |
| Aristotle Core Equity Fund | 176687121 | 113292247  |
| Aristotle Growth Equity Fund | 102069167 | 173066449  |
| Aristotle International Equity Fund | 71924156 | 179336044  |
| Aristotle Small Cap Equity Fund | 29871686 | 92038027  |
| Aristotle Small/Mid Cap Equity Fund | 7322822 | 21029213  |
| Aristotle/Saul Global Equity Fund | 3709687 | 32903074  |
| Aristotle Value Equity Fund | 85179735 | 212552656  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | 187703842 | 214000685  |
| Aristotle Portfolio Optimization Conservative Fund | 72343471 | 91538807  |
| Aristotle Portfolio Optimization Growth Fund | 423308192 | 499846286  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | 111343504 | 139394926  |
| Aristotle Portfolio Optimization Moderate Fund | 445981602 | 543781251 |

---

For the year ended March 31, 2025, purchases and sales of U.S. Government Securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $17195422 | $5649505  |
| Aristotle Core Income Fund | 516350953 | 197995184  |
| Aristotle Short Duration Income Fund | 30940484 | 27945316  |
| Aristotle Strategic Income Fund | 84416020 | 96643145  |
| Aristotle Ultra Short Income Fund | 402016 | 2395626 |

---

**NOTE 11 – REORGANIZATION** 

**Reorganizations of Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, Pacific Funds Portfolio Optimization Aggressive-Growth, Pacific Funds Ultra Short Income, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds ESG Core Bond, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Small/Mid-Cap, PF Growth Fund and Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, Aristotle Portfolio Optimization Moderate Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Ultra Short Income Fund, Aristotle Short Duration Income Fund, Aristotle Core Income Fund, Aristotle Core Bond Fund, Aristotle Strategic Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Growth Equity Fund.** 

Effective April 17, 2023, the Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, Pacific Funds Portfolio Optimization Aggressive-Growth, Pacific Funds Ultra Short Income, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds ESG Core Bond, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Small/Mid-Cap and the PF Growth Fund, each a series of the Pacific Funds Series Trust, (the "Phase I Predecessor Funds" or the "Phase I Acquired Funds") reorganized into the Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, Aristotle Portfolio Optimization Moderate Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Ultra Short Income Fund, Aristotle Short Duration Income Fund, Aristotle Core Income Fund, Aristotle Core Bond Fund, Aristotle Strategic Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Small/Mid Cap Equity

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

Fund and Aristotle Growth Equity Fund (the "Phase I Acquiring Funds"), respectively (the "April Reorganization"). The Phase I Predecessor Funds were deemed to be the accounting survivor for financial reporting purposes, and as a result, the financial statements and financial highlights of the Phase I Acquiring Funds reflect the operations of the Phase I Predecessor Funds for the periods prior to the April Reorganization.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect their historical cost basis as of the date of the reorganization. Immediately prior to the April Reorganization, the net assets, fair value of investments, net unrealized appreciation/(depreciation) and fund shares outstanding of the Phase I Predecessor Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Assets** | **Fair Value of** <br>**Investments** | **Net Unrealized** <br>**Appreciation/**<br>(Depreciation) | **Shares** <br>**Outstanding**  |
| Pacific Funds Core Income | $935611883 | $961143502 | $(79887454) | 96297069  |
| Pacific Funds ESG Core Bond | 26396218 | 26215919 | (2818878) | 3070456  |
| Pacific Funds Floating Rate Income | 3701230958 | 3762711432 | (120015201) | 396807848  |
| Pacific Funds High Income | 77645458 | 76251978 | (6709578) | 8599510  |
| Pacific Funds Short Duration Income | 984439857 | 983953498 | (26793320) | 98246153  |
| Pacific Funds Strategic Income | 1520524994 | 1509934099 | (108123172) | 148370789  |
| Pacific Funds Ultra Short Income | 63849532 | 63819187 | (244482) | 6471287  |
| PF Growth Fund | 144197259 | 145198867 | 44517916 | 11624259  |
| Pacific Funds Small/Mid-Cap | 89840335 | 89928953 | 13629485 | 9646158  |
|  Pacific Funds Portfolio Optimization Aggressive Growth | 266118262 | 266208121 | (18197873) | 24301312  |
|  Pacific Funds Portfolio Optimization Conservative | 168765053 | 168812537 | (7247507) | 17978603  |
| Pacific Funds Portfolio Optimization Growth | 668556274 | 668770668 | (35013889) | 64432305  |
|  Pacific Funds Portfolio Optimization Moderate Conservative | 230510334 | 230570543 | (11390850) | 24314365  |
| Pacific Funds Portfolio Optimization Moderate | 769938281 | 770164982 | (24120049) | 77251995 |

---

In connection with the April Reorganization, the net assets of the Acquired Funds were acquired by the Phase I Acquiring Funds on April 17, 2023. The Phase I Acquiring Funds commenced operations on April 17, 2023. The acquisition was accomplished by a tax-free exchange of all shares of the Phase I Acquired Funds for shares of the Phase I Acquiring Funds as described in the prior table. For financial reporting purposes, the Phase I Predecessor Funds are deemed to be the accounting survivor. In the instance of Pacific Funds Small Cap Equity and Pacific Funds Small Cap Value, the accounting survivor is the Aristotle Small Cap Equity Fund, effective as part of the October 23, 2023 Reorganization. The assets received and shares issued by the Phase I Acquiring Funds were recorded at market value and, where not available, fair value; and, the cost basis of the investments received from the Phase I Acquired Funds were carried forward to align ongoing reporting of the Phase I Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Information with respect to the net assets and other relevant operating data for the Phase I Acquired Funds on the merger date are included below:

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Core Income** | **Aristotle Core** <br>**Income Fund**  |
| **Class A**<br>|  |  |
| Shares | 10262561 | 10262561  |
| Net Assets | $99486731 | $99486731  |
| Net Asset Value | $9.69 | $9.69  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Core Income** | **Aristotle Core** <br>**Income Fund**  |
| **Class C**<br>|  |  |
| Shares | 2383177 | 2383177  |
| Net Assets | $23108435 | $23108435  |
| Net Asset Value | $9.70 | $9.70  |
| **Class I\***<br>|  |  |
| Shares | 12014012 | 19212347  |
| Net Assets | $116589431 | $186709234  |
| Net Asset Value | $9.70 | $9.70  |
| **Class I-2**<br>|  |  |
| Shares | 64438983 | 64438983  |
| Net Assets | $626307484 | $626307484  |
| Net Asset Value | $9.72 | $9.72  |
| **Class P\***<br>|  |  |
| Shares | 7198335 | —  |
| Net Assets | $70119803 | $—  |
| Net Asset Value | $9.74 | $—  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(79887454) | $(79887454) |

---

\* Class P Shares of Pacific Funds Core Income were exchanged for Class I shares of the Aristotle Core Income Fund

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**ESG Core Bond** | **Aristotle Core** <br>**Bond Fund**  |
| **Class I**<br>|  |  |
| Shares | 1772724 | 1772724  |
| Net Assets | $15240243 | $15240243  |
| Net Asset Value | $8.60 | $8.60  |
| **Class I-2**<br>|  |  |
| Shares | 1297732 | 1297732  |
| Net Assets | $11155975 | $11155975  |
| Net Asset Value | $8.60 | $8.60  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(2818878) | $(2818878) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Floating Rate** <br>**Income** | **Aristotle Floating** <br>**Rate Income** <br>**Fund**  |
| **Class A**<br>|  |  |
| Shares | 28681106 | 28681106  |
| Net Assets | $266922309 | $266922309  |
| Net Asset Value | $9.31 | $9.31  |
| **Class C**<br>|  |  |
| Shares | 11765781 | 11765781  |
| Net Assets | $109343174 | $109343174  |
| Net Asset Value | $9.29 | $9.29  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Floating Rate** <br>**Income** | **Aristotle Floating** <br>**Rate Income** <br>**Fund**  |
| **Class I\***<br>|  |  |
| Shares | 156955666 | 160094206  |
| Net Assets | $1462761726 | $1492010608  |
| Net Asset Value | $9.32 | $9.32  |
| **Class I-2**<br>|  |  |
| Shares | 196266755 | 196266755  |
| Net Assets | $1832954867 | $1832954867  |
| Net Asset Value | $9.34 | $9.34  |
| **Class P\***<br>|  |  |
| Shares | 3138540 | —  |
| Net Assets | $29248882 | $—  |
| Net Asset Value | $9.32 | $—  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(120015201) | $(120015201) |

---

\* Class P Shares of Pacific Funds Floating Rate Income were exchanged for Class I shares of the Aristotle Floating Rate Income Fund

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**High Income** | **Aristotle High** <br>**Yield Bond Fund**  |
| **Class A**<br>|  |  |
| Shares | 680978 | 680978  |
| Net Assets | $6204809 | $6204809  |
| Net Asset Value | $9.11 | $9.11  |
| **Class C**<br>|  |  |
| Shares | 96614 | 96614  |
| Net Assets | $878761 | $878761  |
| Net Asset Value | $9.10 | $9.10  |
| **Class I\***<br>|  |  |
| Shares | 187728 | 6872845  |
| Net Assets | $1689066 | $61827933  |
| Net Asset Value | $9.00 | $9.00  |
| **Class I-2**<br>|  |  |
| Shares | 956492 | 956492  |
| Net Assets | $8733955 | $8733955  |
| Net Asset Value | $9.13 | $9.13  |
| **Class P\*** |  |  |
| Shares | 6677698 | —  |
| Net Assets | $60138867 | $—  |
| Net Asset Value | $9.01 | $—  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(6709578) | $(6709578) |

---

\* Class P Shares of Pacific Funds High Income were exchanged for Class I shares of the Aristotle High Yield Bond Fund

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Short Duration** <br>**Income** | **Aristotle Short** <br>**Duration Income** <br>**Fund**  |
| **Class A**<br>|  |  |
| Shares | 11599364 | 11599364  |
| Net Assets | $116228890 | $116228890  |
| Net Asset Value | $10.02 | $10.02  |
| **Class C**<br>|  |  |
| Shares | 3047013 | 3047013  |
| Net Assets | $30463311 | $30463311  |
| Net Asset Value | $10.00 | $10.00  |
| **Class I**<br>|  |  |
| Shares | 19245972 | 19245972  |
| Net Assets | $192603159 | $192603159  |
| Net Asset Value | $10.01 | $10.01  |
| **Class I-2**<br>|  |  |
| Shares | 64353803 | 64353803  |
| Net Assets | $645144496 | $645144496  |
| Net Asset Value | $10.02 | $10.02  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(26793320) | $(26793320) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Strategic** <br>**Income** | **Aristotle** <br>**Strategic** <br>**Income Fund**  |
| **Class A**<br>|  |  |
| Shares | 9907133 | 9907133  |
| Net Assets | $101574865 | $101574865  |
| Net Asset Value | $10.25 | $10.25  |
| **Class C**<br>|  |  |
| Shares | 6205041 | 6205041  |
| Net Assets | $63425650 | $63425650  |
| Net Asset Value | $10.22 | $10.22  |
| **Class I**<br>|  |  |
| Shares | 12605375 | 12605375  |
| Net Assets | $128408323 | $128408323  |
| Net Asset Value | $10.19 | $10.19  |
| **Class I-2**<br>|  |  |
| Shares | 119653240 | 119653240  |
| Net Assets | $1227116156 | $1227116156  |
| Net Asset Value | $10.26 | $10.26  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(108123172) | $(108123172) |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Ultra Short** <br>**Income** | **Aristotle Ultra** <br>**Short Income** <br>**Fund**  |
| **Class I**<br>|  |  |
| Shares | 1342100 | 1342100  |
| Net Assets | $13242817 | $13242817  |
| Net Asset Value | $9.87 | $9.87  |
| **Class I-2**<br>|  |  |
| Shares | 5129187 | 5129187  |
| Net Assets | $50606715 | $50606715  |
| Net Asset Value | $9.87 | $9.87  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(244482) | $(244482) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **PF Growth** <br>**Fund** | **Aristotle Growth** <br>**Equity Fund**  |
| **Class I**<br>|  |  |
| Shares |  | 11624259  |
| Net Assets | $— | $144197259  |
| Net Asset Value | $— | $12.40  |
| **Class P\***<br>|  |  |
| Shares | 11624259 | —  |
| Net Assets | $144197259 | $—  |
| Net Asset Value | $12.40 | $—  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $44517916 | $44517916 |

---

\* Class P Shares of the PF Growth Fund were exchanged for Class I shares of the Aristotle Growth Equity Fund.

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Small/Mid-Cap** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund**  |
| **Class A**<br>|  |  |
| Shares | 1413864 | 1413864  |
| Net Assets | $13041317 | $13041317  |
| Net Asset Value | $9.22 | $9.22  |
| **Class C**<br>|  |  |
| Shares | 575563 | 575563  |
| Net Assets | $4880612 | $4880612  |
| Net Asset Value | $8.48 | $8.48  |
| **Class I**<br>|  |  |
| Shares | 45982 | 45982  |
| Net Assets | $474847 | $474847  |
| Net Asset Value | $10.33 | $10.33  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Small/Mid-Cap** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund**  |
| **Class I-2**<br>|  |  |
| Shares | 7610749 | 7610749  |
| Net Assets | $71443559 | $71443559  |
| Net Asset Value | $9.39 | $9.39  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $13629485 | $13629485 |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific** <br>**Funds Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
| **Class A**<br>|  |  |
| Shares | 20840847 | 20840847  |
| Net Assets | $229891044 | $229891044  |
| Net Asset Value | $11.03 | $11.03  |
| **Class C**<br>|  |  |
| Shares | 2629121 | 2629121  |
| Net Assets | $26938808 | $26938808  |
| Net Asset Value | $10.25 | $10.25  |
| **Class I-2**<br>|  |  |
| Shares | 831344 | 831344  |
| Net Assets | $9288410 | $9288410  |
| Net Asset Value | $11.17 | $11.17  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(18197873) | $(18197873) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Portfolio** <br>**Optimization** <br>**Conservative** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Conservative** <br>**Fund**  |
| **Class A**<br>|  |  |
| Shares | 14711844 | 14711844  |
| Net Assets | $138805800 | $138805800  |
| Net Asset Value | $9.43 | $9.43  |
| **Class C**<br>|  |  |
| Shares | 2554194 | 2554194  |
| Net Assets | $23179152 | $23179152  |
| Net Asset Value | $9.07 | $9.07  |
| **Class I-2**<br>|  |  |
| Shares | 712565 | 712565  |
| Net Assets | $6780102 | $6780102  |
| Net Asset Value | $9.52 | $9.52  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(7247507) | $(7247507) |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific** <br>**Funds Portfolio** <br>**Optimization** <br>**Growth** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Growth Fund**  |
| **Class A**<br>|  |  |
| Shares | 56428259 | 56428259  |
| Net Assets | $588324489 | $588324489  |
| Net Asset Value | $10.43 | $10.43  |
| **Class C**<br>|  |  |
| Shares | 6482215 | 6482215  |
| Net Assets | $64159587 | $64159587  |
| Net Asset Value | $9.90 | $9.90  |
| **Class I-2**<br>|  |  |
| Shares | 1521830 | 1521830  |
| Net Assets | $16072198 | $16072198  |
| Net Asset Value | $10.56 | $10.56  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(35013889) | $(35013889) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific** <br>**Funds Portfolio** <br>**Optimization** <br>**Moderate-**<br>**Conservative** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate-**<br>**Conservative Fund**  |
| **Class A**<br>|  |  |
| Shares | 21810560 | 21810560  |
| Net Assets | $207437663 | $207437663  |
| Net Asset Value | $9.51 | $9.51  |
| **Class C**<br>|  |  |
| Shares | 2042313 | 2042313  |
| Net Assets | $18634871 | $18634871  |
| Net Asset Value | $9.12 | $9.12  |
| **Class I-2**<br>|  |  |
| Shares | 461492 | 461492  |
| Net Assets | $4437800 | $4437800  |
| Net Asset Value | $9.62 | $9.62  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(11390850) | $(11390850) |

---

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Portfolio** <br>**Optimization** <br>**Moderate** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate Fund**  |
| **Class A**<br>|  |  |
| Shares | 67817002 | 67817002  |
| Net Assets | $678265951 | $678265951  |
| Net Asset Value | $10.00 | $10.00  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Before** <br>**Reorganization** | **After** <br>**Reorganization**  |
|  | **Pacific Funds** <br>**Portfolio** <br>**Optimization** <br>**Moderate** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Moderate Fund**  |
| **Class C**<br>|  |  |
| Shares | 7265025 | 7265025  |
| Net Assets | $69729286 | $69729286  |
| Net Asset Value | $9.60 | $9.60  |
| **Class I-2**<br>|  |  |
| Shares | 2169967 | 2169967  |
| Net Assets | $21943043 | $21943043  |
| Net Asset Value | $10.11 | $10.11  |
| **Fund Total**<br>|  |  |
| Net Unrealized Appreciation/(Depreciation) | $(24120049) | $(24120049) |

---

**Reorganizations of Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Equity Fund, Aristotle Value Equity Fund and Aristotle Core Equity Fund II, Aristotle International Equity Fund II, Aristotle Small Cap Equity Fund II, Aristotle/Saul Global Equity Fund II, Aristotle Value Equity Fund II.** 

Effective October 23, 2023, Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Equity Fund and Aristotle Value Equity Fund, each a series of the Investment Managers Series Trust ("IMST"), (the "Phase II Predecessor Funds" or the "Phase II Acquired Funds") reorganized into Aristotle Core Equity Fund II, Aristotle International Equity Fund II, Aristotle Small Cap Equity Fund II, Aristotle/Saul Global Equity Fund II and Aristotle Value Equity Fund II (the "Phase II Acquiring Funds"), respectively (the "October Reorganization"). The Phase II Predecessor Funds were deemed to be the accounting survivor for financial reporting purposes, and as a result, the financial statements and financial highlights of the Acquiring Funds, subsequently re-named Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Equity Fund and Aristotle Value Equity Fund, reflect the operations of the Phase II Predecessor Funds for the periods prior to the October Reorganization.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect their historical cost basis as of the date of the reorganization. Immediately prior to the October Reorganization, the net assets, fair value of investments, net unrealized appreciation/(depreciation) and fund shares outstanding of the Phase II Predecessor Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Assets** | **Fair Value of** <br>**Investments** | **Net** <br>**Unrealized** <br>**Appreciation/**<br>(Depreciation) | **Shares** <br>**Outstanding**  |
| Aristotle Core Equity Fund | $160303939 | $160401086 | $25327710 | 8881307  |
| Aristotle International Equity Fund | 375259394 | 377360178 | 12596276 | 32399612  |
| Aristotle Small Cap Equity Fund | 176656934 | 176913445 | 1710106 | 14084291  |
| Aristotle/Saul Global Equity Fund | 54895317 | 54762270 | 11276599 | 4071521  |
| Aristotle Value Equity Fund | 607640014 | 607234371 | 58948691 | 34641853 |

---

In connection with the reorganization, the net assets of the Phase II Acquired Funds were acquired by the Phase II Acquiring Funds on October 23, 2023. The acquisition was accomplished by a tax-free exchange of all shares of the Phase II Acquired Funds for shares of the Phase II Acquiring Funds as described in the prior table. For financial reporting purposes, the Phase II Predecessor Funds are deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the Phase II Acquiring Funds. The assets received and shares issued by the Phase II Acquiring Funds were recorded at fair value; and, the cost basis of the

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

investments received from the Phase II Acquired Funds were carried forward to align ongoing reporting of the Phase II Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Information with respect to the net assets and other relevant operating data for the Phase II Acquired Funds on the merger date are included below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle Core** <br>**Equity Fund II** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Core** <br>**Equity Fund**  |
| **Class I\***<br>|  |  |  |
| Shares | 19415441 | 8881307 | 19415441  |
| Net Assets | $196500075 | $160303939 | $196500075  |
| Net Asset Value | $10.12 | $18.05 | $10.12  |
| **Class I-2**<br>|  |  |  |
| Shares |  |  | 8881307  |
| Net Assets | $— | $— | $160303939  |
| Net Asset Value | $— | $— | $18.05  |
| **Fund Total**<br>|  |  |  |
| Net Unrealized Appreciation/(Depreciation) | $3322853 | $25327710 | $28650563 |

---

\* Class I Shares of the Aristotle Core Equity Fund, a series of IMST, were exchanged for Class I-2 shares of the Aristotle Core Equity Fund II, a series of Aristotle Funds Series Trust, which was subsequently renamed Aristotle Core Equity Fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle** <br>**International** <br>**Equity Fund II** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**International** <br>**Equity Fund**  |
| **Class I\***<br>|  |  |  |
| Shares | $19448229 | $32399612 | 19448229  |
| Net Assets | $182607294 | $375259394 | $182607294  |
| Net Asset Value | $9.39 | $11.58 | $9.39  |
| **Class I-2**<br>|  |  |  |
| Shares |  |  | 32399612  |
| Net Assets | $— | $— | $375259394  |
| Net Asset Value | $— | $— | $11.58  |
| **Fund Total**<br>|  |  |  |
| Net Unrealized Appreciation/(Depreciation) | $(12924347) | $12596276 | $(328071) |

---

\* Class I Shares of the Aristotle International Equity Fund, a series of IMST, were exchanged for Class I-2 shares of the Aristotle International Equity Fund II, a series of Aristotle Funds Series Trust, which was subsequently renamed Aristotle International Equity Fund. 

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund II** | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small Cap** <br>**Equity Fund**  |
| **Class A**<br>|  |  |  |
| Shares | 290893 |  | 290893  |
| Net Assets | $3476633 | $— | $3476633  |
| Net Asset Value | $11.95 | $— | $11.95  |

---

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund II** | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small Cap** <br>**Equity Fund**  |
| **Class C**<br>|  |  |  |
| Shares | 74917 |  | 74917  |
| Net Assets | $852283 | $— | $852283  |
| Net Asset Value | $11.38 | $— | $11.38  |
| **Class I\***<br>|  |  |  |
| Shares |  | 14084291 | —  |
| Net Assets | $— | $176656934 | $—  |
| Net Asset Value | $— | $12.54 | $—  |
| **Class I-2\*\***<br>|  |  |  |
| Shares | 1297021 |  | 1297021  |
| Net Assets | $15893062 | $— | $15893062  |
| Net Asset Value | $12.25 | $— | $12.25  |
| **Class I-3**<br>|  |  |  |
| Shares |  |  | 14084291  |
| Net Assets | $— | $— | $176656934  |
| Net Asset Value | $— | $— | $12.54  |
| **Class R6**<br>|  |  |  |
| Shares | 90862 |  | 90862  |
| Net Assets | $1070788 | $— | $1070788  |
| Net Asset Value | $11.78 | $— | $11.78  |
| **Fund Total**<br>|  |  |  |
| Net Unrealized Appreciation/(Depreciation) | $(1386574) | $1710106 | $353532 |

---

\* Class I Shares of the Aristotle Small Cap Equity Fund, a series of IMST, were exchanged for Class I-3 shares of the Aristotle Small Cap Equity Fund II, a series of Aristotle Funds Series Trust, which was subsequently renamed Aristotle Small Cap Equity Fund.

\*\* Effective November 6, 2023, Class I-2 was merged into Class I-3, and the subsequent share class was renamed Class I-2. The Class I-3 name was subsequently discontinued.

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle/Saul** <br>**Global Equity** <br>**Fund II** | **Aristotle/Saul** <br>**Global Equity** <br>**Fund** | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| **Class I\***<br>|  |  |  |
| Shares |  | 4071521 | —  |
| Net Assets | $— | $54895317 | $—  |
| Net Asset Value | $— | 13.48 | $—  |
| **Class I-2**<br>|  |  |  |
| Shares |  |  | 4071521  |
| Net Assets | $— | $— | $54896047  |
| Net Asset Value | $— | $— | $13.48  |
| **Fund Total**<br>|  |  |  |
| Net Unrealized Appreciation/(Depreciation) | $— | $11276599 | $11276599 |

---

\* Class I Shares of the Aristotle/Saul Global Equity Fund, a series of IMST, were exchanged for Class I-2 shares of the Aristotle/Saul Global Equity Fund II, a series of Aristotle Funds Series Trust, which was subsequently renamed Aristotle/Saul Global Equity Fund.

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Before Reorganization** | **Before Reorganization** | **After** <br>**Reorganization**  |
|  | **Aristotle** <br>**Value Equity** <br>**Fund II** | **Aristotle** <br>**Value Equity** <br>**Fund** | **Aristotle** <br>**Value Equity** <br>**Fund**  |
| **Class I\*** |  |  |  |
| Shares |  | 34641853 | —  |
| Net Assets | $— | $607640014 | $—  |
| Net Asset Value | $— | $17.54 | $—  |
| **Class I-2**<br>|  |  |  |
| Shares |  |  | 34641853  |
| Net Assets | $— | $— | $607640014  |
| Net Asset Value | $— | $— | $17.54  |
| **Fund Total**<br>|  |  |  |
| Net Unrealized Appreciation/(Depreciation) | $— | $58948691 | $58948691 |

---

\* Class I Shares of the Aristotle Value Equity Fund, a series of IMST, were exchanged for Class I-2 shares of the Aristotle Value Equity Fund II, a series of Aristotle Funds Series Trust, which was subsequently renamed Aristotle Value Equity Fund.

Assuming the merger had been completed on January 1, 2023, the beginning of the reporting period of the Acquiring Funds, the Acquiring Funds' pro forma results of operations for the year ended December 31, 2023, are as follows:

---

| | |
|:---|:---|
| **Aristotle Core Equity Fund**<br>|  |
| Net investment income/loss | $2034383  |
| Net realized and unrealized gain/loss on investments | $66859127  |
| **Total increase/decrease from operations** | $68893510  |
| **Aristotle International Equity Fund**<br>|  |
| Net investment income/loss | $7325909  |
| Net realized and unrealized gain/loss on investments | $68932013  |
| **Total increase/decrease from operations** | $76257922  |
| **Aristotle Small Cap Equity Fund**<br>|  |
| Net investment income/loss | $942434  |
| Net realized and unrealized gain/loss on investments | $11960253  |
| **Total increase/decrease from operations** | $12902687 |

---

**NOTE 12 – SERVICE, CUSTODY, AND LINE OF CREDIT AGREEMENTS** 

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") and a Custody Agreement with U.S. Bank, N.A. ("USB" or the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Funds have established an uncommitted line of credit ("LoC") with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds' portfolios as collateral, for all Funds except Aristotle Floating Rate Income Fund. Advances under the uncommitted LoC are limited to the lesser of the facility amount of $400,000,000, 20% of the Borrowing Fund's market value, or 33 1/3% of the Borrowing Fund's unencumbered assets. The uncommitted LoC has drawn pricing of the Prime Rate minus 1%.

Aristotle Floating Rate Income Fund has established a committed LoC with USB, as the lead arranger and administrative agent, to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds' portfolios as collateral. Advances under the committed line of credit facility are limited

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to $225,000,000. The committed line of credit has drawn pricing of the overnight rate + 120 basis points ("bps") (10 bp credit spread adjustment) and a commitment fee of 30 basis points.

The aggregate outstanding principal balance of all loans and other borrowings shall not exceed:

&nbsp;&nbsp;&nbsp;&nbsp;• The maximum amount permitted to be borrowed
 by a Fund (the "Borrower") under the Borrower's fundamental policies and operating policies

&nbsp;&nbsp;&nbsp;&nbsp;• The maximum amount permitted to be lent to
 the Borrower under the intercreditor agreement and in conformity with applicable law and with the regulations of the Board of Governors
 of the Federal Reserve System.

&nbsp;&nbsp;&nbsp;&nbsp;• 20% (or such lower percentage as may be stated
 in the Borrower's offering documents) of the Adjusted Total Net Assets of the Borrower.

During the period from April 1, 2024 to March 31, 2025, the details of the borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average Daily** <br>**Borrowings** | **Weighted** <br>**Average** <br>**Annualized** <br>**Interest Rate** | **Maximum** <br>**Borrowings**  |
| Aristotle International Equity Fund | &nbsp;&nbsp; $143674 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | $13234000  |
| Aristotle Small Cap Equity Fund | &nbsp;&nbsp; 56315 | &nbsp;&nbsp;&nbsp;&nbsp; 6.91% | 13474000  |
| Aristotle/Saul Global Equity Fund | &nbsp;&nbsp; 12921 | &nbsp;&nbsp;&nbsp;&nbsp; 7.48% | 4572000  |
| Aristotle Value Equity Fund | &nbsp;&nbsp; 127726 | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | 8536000 |

---

As of March 31, 2025, no Funds had outstanding borrowings. Total interest expenses paid by the Funds can be found in the Statements of Operations.

**NOTE 13 – TRUSTEE COMPENSATION** 

For each fiscal year, each Independent Trustee receives a retainer fee of $150,000. The Chairman of the Board receives additional compensation of $20,000. The chairs of the Audit Committee and Nominating and Fund Governance Committee receive additional compensation of $10,000 and $5,000, respectively. Along with this compensation, the Trustees are reimbursed for expenses incurred in connection with attendance at quarterly meetings. The retainer fees and expense reimbursements are allocated proportionally to each Fund within the Trust based on net assets. No compensation is paid by the Trust to any of the Trust's Officers or the Interested Trustee. Effective January 1, 2025, each Independent Trustee receives a retainer fee of $157,500, and the Nominating and Fund Governance Committee Chair will receive additional compensation of $7,000.

**NOTE 14 – SUBSEQUENT EVENTS EVALUATION** 

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

**NOTE 15 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Aristotle Core Bond Fund | Pacific Life Insurance Company | &nbsp;&nbsp;&nbsp; 61.69%  |
| Aristotle Core Bond Fund | Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp; 26.62%  |
| Aristotle High Yield Bond Fund | Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp; 32.10%  |
| Aristotle Ultra Short Income Fund | Pacific Life Insurance Company | &nbsp;&nbsp;&nbsp; 51.54%  |

---

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Aristotle Core Equity Fund | Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp; 28.17%  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp; 37.35%  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp; 34.83%  |
| Aristotle Small Cap Equity Fund | National Finance Services LLC | &nbsp;&nbsp;&nbsp; 38.02%  |
| Aristotle Small/Mid Cap Equity Fund | National Finance Services LLC | &nbsp;&nbsp;&nbsp; 25.95%  |
| Aristotle Value Equity Fund | Morgan Stanley | &nbsp;&nbsp;&nbsp; 59.10% |

---

**Accounting Standards Update** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirement.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**Principal Risks** 

The following provides information about the principal risks of the Funds identified in the Prospectus.

**Active Management Risk: A portfolio manager's judgments about the potential value or price appreciation of an investment may prove to be incorrect or fail to have the intended results, which could negatively impact a Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal. A portfolio manager's investment strategies are also discretionary and there can be no assurance that their investment strategies will be advantageous for a Fund. From time to time, the activities of a portfolio manager's firm (and/or its affiliates) may be limited because of regulatory restrictions and/or their own internal policies or market, liquidity or other issues which may limit the investment opportunities for a Fund managed by such firm. Investments held for cash management or temporary defensive investing purposes can fluctuate in value and are subject to risk, including market and regulatory, interest rate and credit risks. Uninvested cash will be subject to the credit risk of the depositary institution holding the cash, in which case it is possible that no income would be earned on the cash and yield would go down. If significant assets are used for cash management or defensive investing purposes, investment goals may not be met.** 

**Asset Allocation Fund of Funds Risk: If a Fund is a fund of funds, it will be exposed to the same risks as the Underlying Funds in which it invests in direct proportion to its allocations to those Underlying Funds. Although the theory behind asset allocation is that diversification among asset classes in general can help reduce volatility over the long term, this theory assumes that asset classes do not move in tandem and that positive returns in one asset class will help offset negative returns in another asset class. You still may lose money if this theory proves incorrect and/or experience price volatility. Because an Underlying Fund's investments can change due to market movements, the Underlying Fund Manager's investment decisions or other factors, the sub-adviser estimates each Underlying Fund's investment exposures to determine a Fund's allocations to the Underlying Fund. As a result, a Fund's actual allocation to an Underlying Fund, as applicable, may deviate from the intended allocation, which could result in the Fund's risk/return target not being met. Performance of and the sub-adviser's assumptions about asset classes and Underlying Funds may diverge from historical performance and assumptions used to develop allocations in light of actual market** 

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conditions. There is a risk that you could achieve better returns by investing in an individual fund or funds representing a single broad asset class or asset class category rather than investing in a fund of funds. Fund shareholders also bear indirectly their proportionate share of the expenses of the respective Underlying Fund in which the Fund invests in addition to the Fund's management fee so there is a risk of an additional layer or layers of fees.

**Conflicts of Interest Risk: The investment adviser and sub-adviser are subject to competing interests that have the potential to influence investment decisions for the Fund. With respect to retaining new Manager for Underlying Funds, if an affiliate of the investment adviser has investment advisory capabilities in investment strategies used or to be used by an Underlying Fund, then the investment adviser may be influenced to recommend its affiliate as Manager of that Underlying Fund. With respect to Underlying Funds already managed by an affiliate of the investment adviser, these competing interests may influence the investment adviser with regard to remedial measures that it might recommend in the event such a Fund was underperforming. For example, in the case of an underperforming Underlying Fund managed by an affiliate of the investment adviser, the investment adviser may be influenced to recommend the pursuit of remedial measures other than replacement of its affiliate as a Manager of the Fund and to pursue such remedial measures for a longer period of time than might be the case if the Underlying Fund were managed by an unaffiliated Manager. In addition, the sub-adviser may be influenced by its or the investment adviser's view of the best interests of Underlying Funds, such as a view that an Underling Fund may benefit from additional assets or could be harmed by redemptions. The sub-adviser has adopted a policy under which investment decisions for the Fund must be made in the best interests of the Fund and its shareholders, and the sub-adviser may not take into account the interests of an Underlying Fund and its shareholders when making investment decisions for the Fund.** 

PLFA provides asset allocation advisory services to various mutual funds. Although some of the Funds subadvised by PLFA may have names or investment goals that resemble other Funds managed by PLFA, they will not have the same allocation percentages, underlying holdings or performance.

**Convertible Securities Risk: Convertible securities are generally subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because the conversion feature is more valuable) and to the risks of debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). Convertible securities are also generally subject to credit risk, as they tend to be of lower credit quality, and interest rate risk, though they generally are not as sensitive to interest rate changes as conventional debt securities. A convertible security's value also tends to increase and decrease with the underlying stock and typically has less potential for gain or loss than the underlying stock.** 

**Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due ("default"). The risk of a default is higher for debt instruments that are non-investment grade and lower for debt instruments that are of higher quality. Defaults may potentially reduce a Fund's income or ability to recover amounts due and may reduce the value of the debt instrument, sometimes dramatically. The credit quality of securities can change rapidly in certain market environments, particularly during volatile markets or periods of economic uncertainty or downturn, and the default of a single holding could cause significant NAV deterioration. A debt security's issuer (or a borrower or counterparty to a repurchase agreement or reverse repurchase agreement) may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk.** 

**Currency Risk: Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition or removal of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of a Fund's investments denominated in or with exposure to that foreign currency. For Funds that may hold short currency exposure, an appreciation in the value of the currency shorted would incur a loss for the Fund. As a currency control, certain countries aim to fix (or "peg" or "manage") the exchange rates of their currencies against other countries' currencies (the reference currency), rather than allowing them to fluctuate based on market forces. A pegged currency typically has a very narrow band of fluctuation (or a completely fixed rate) against the value of its reference currency and, as a result,** 

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may experience sudden and significant decline in value if the reference currency also declines in value. A managed currency establishes minimum exchange rates against its reference currency and, as a result, is not allowed to fall below a certain level against the reference currency but can rise above the reference currency's value. There is no guarantee that these currency controls will remain in place and if these exchange rates were allowed to fluctuate based on market forces (for instance, a currency is "de-pegged" against its reference currency), there can be large losses as a result of exchange rates movements, which may adversely impact a Fund's returns. In addition, the use of foreign exchange contracts (such as forward foreign currency contracts) to reduce foreign currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Foreign currency values can decrease significantly both in the short term and over the long term in response to these and other conditions.

**Debt Securities Risk: Debt securities and other debt instruments are subject to many risks, including but not limited to interest rate risk and credit risk, which may affect their value. Many debt securities give the issuer the right to redeem ("call") the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Federal Reserve policy in response to market conditions may adversely affect the value, volatility and liquidity of debt securities.** 

**Emerging Markets Risk: Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and other developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, lower credit quality, a higher degree of political and economic instability, the imposition of economic sanctions, less governmental regulation and supervision of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.** 

**Equity Securities Risk: Stock markets are volatile. Equity securities tend to go up and down in value, sometimes rapidly and unpredictably, in response to many factors, including a company's historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Income from equity securities may be reduced by changes in the dividend policies of issuers and there is no guarantee that issuers will distribute dividends in the future or that dividends will remain at current levels or increase over time. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. An equity security's market value may decline for a number of reasons that relate to particular issuer, such as management performance, financial leverage, reduced demand for the issuer's products or services, or as a result of factors that affect the issuer's industry or market more broadly, such as labor shortages, increased production costs, or competitive conditions within an industry.** 

**ETF Risk: Investing in an ETF will provide a Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their NAVs. If the Fund has to sell shares of an ETF when the shares are trading at a discount, the Fund will receive a price that is less than the ETF's net asset value per share. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for several reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. An investment in an ETF is an investment in another investment company and therefore, the Fund's shareholders will indirectly bear a proportionate share of any fees and expenses of the ETFs in which the Fund invests. A Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.** 

**Financial Sector Risk: Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. The profitability of financial services companies is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or as a result of increased competition. During a general market downturn, numerous financial services companies may experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or even cease** 

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**March 31, 2025(Continued)** 

operations. These actions may cause the securities of a financial services company to experience dramatic declines in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector.

**Floating Rate Loan Risk: Floating rate loans (or bank loans) are usually rated below investment grade and thus are subject to high yield/high risk or "junk" securities risk. The market for floating rate loans is a private interbank resale market and thus may be subject to irregular trading activity, wide bid/ask spreads and delayed settlement periods, which may result in cash proceeds not being immediately available to a Fund. As a result, a Fund that invests in floating rate loans may be subject to greater liquidity risk than a Fund that does not. Funds that invest in floating rate loans take steps to maintain adequate liquidity, such as borrowing cash under a line of credit or other facility through their custodian bank; however, these actions may increase expenses to a Fund (such as borrowing cost) or may not always be adequate, particularly during periods of market stress. Investments in floating rate loans are typically in the form of a participation or assignment. Loan participations typically represent direct participation in a loan to a borrower, and generally are offered by financial institutions or lending syndicates. In a loan participation, a Fund may participate in such syndications, or buy part of a loan, becoming a part lender. In a loan participation, a Fund assumes the credit risk associated with the borrower and may assume the credit risk associated with the financial intermediary that syndicated the loan. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy, a Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. In addition, a Fund may not be able to control the exercise of remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. In purchasing an assignment, a Fund succeeds to all the rights and obligations under the loan agreement of the assigning bank or other financial intermediary and becomes a lender under the loan agreement with the same rights and obligations as the assigning bank or other financial intermediary. Accordingly, if the loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.** 

Floating rate loans are also subject to prepayment risk. Borrowers may pay off their loans sooner than expected, particularly when interest rates are falling. A Fund investing in such securities will be required to reinvest this money at lower yields, which can reduce its returns. Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. Prepayment and call risk typically occur when interest rates are declining.

In addition, the floating rate feature of loans means that floating rate loans will not generally experience capital appreciation in a declining interest rate environment. Conversely, when interest rates are rising, the duration of such securities tends to extend, making them more sensitive to changes in interest rates (extension risk), although floating rate debt securities are typically less exposed to this risk than fixed rate debt securities.

Floating rate loans generally are subject to restrictions on transfer and may be difficult to sell at a time when the Manager seeks to sell the loan or may only be sold at prices that are less than their fair market value. Fair market value may be difficult to establish for loans. A loan may not be fully collateralized and can decline significantly in value. In addition, access to collateral backing the loan may be limited by bankruptcy or other insolvency laws. Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions.

A loan may also be in the form of a bridge loan, which is designed to provide temporary or "bridge" financing to a borrower, pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. A bridge loan involves a risk that the borrowers may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

A loan may be a senior loan or a junior loan. Senior loans typically provide lenders with a first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to certain limitations of bankruptcy law). However, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of a default or that such collateral could be readily liquidated. In addition, senior loans are subject to the risk that a court could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

senior loans or causing interest previously paid to be refunded to the borrower. Any such actions could negatively affect a Fund's performance. To the extent a Fund invests in junior loans, these loans involve a higher degree of overall risk than senior loans of the same borrower because of their lower place in the borrower's capital structure and possible unsecured status.

A significant portion of the floating rate loans held by a Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans.

Although the overall size and number of participants in the market for floating rate loans (or bank loans) has grown over the past decade, floating rate loans continue to trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of floating rate loans are generally subject to contractual restrictions that must be satisfied before a floating rate loan can be bought or sold. These restrictions may impede a Fund's ability to buy or sell floating rate loans, negatively impact the transaction price, and impede a Fund's ability to timely vote or otherwise act with respect to floating rate loans. As a result, it may take longer than seven days for transactions in floating rate loans to settle, which make it more difficult for a Fund to raise cash to pay investors when they redeem their shares in the Fund. A Fund may then have to sell its floating rate loans or other investments at an unfavorable time and/or under unfavorable conditions, hold cash, temporarily borrow from banks or other lenders, or take other actions to meet short-term liquidity needs in order to satisfy redemption requests from Fund shareholders and may be adversely impacted. These actions may impact a Fund's performance (in the case of holding cash or selling securities) or increase a Fund's expenses (in the case of borrowing).

It is also unclear whether the U.S. federal securities laws, which afford certain protections against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading markets for securities, would be available to a Fund's investments in a loan. This is because a loan may not be deemed to be a security in certain circumstances. In these instances, the Fund may need to rely on contractual provisions in the loan documents for some protections and also avail itself of common law fraud protections under applicable state law, which could increase the risk and expense to the Fund of investing in loans. In addition, holders of such loans may from time to time receive confidential information about the borrower. In certain circumstances, this confidential information may be considered material non-public information. Because U.S. laws and regulations generally prohibit trading in securities of issuers while in possession of material, non-public information, a Fund that receives confidential information about a borrower for loan investments might be unable to trade securities or other instruments issued by the borrower when it would otherwise be advantageous to do so and, as such, could incur a loss. For this reason, a Fund or its Manager may determine not to receive confidential information about a borrower for loan investments, which may disadvantage the Fund relative to other investors who do receive such information.

**Foreign Investment Risk: Exposure to a foreign market through investments in foreign issuers (companies or other entities) can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions of that market. These factors can make investments in foreign issuers more volatile and less liquid than U.S. investments. Less stringent regulatory, accounting, and disclosure requirements and general supervision for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries, and can be particularly difficult against foreign governments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with, another market, country, or region. Foreign securities may include ADRs, EDRs and GDRs. Unsponsored ADRs, EDRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends.** 

**Geographic Focus Risk: If a Fund invests a significant portion of its assets in a single country, limited number of countries, or particular geographic region, then the risk increases that economic, political, social, or other conditions in those countries or that region will have a significant impact on the Fund's performance. As a result, the Fund's performance may be more volatile than the performance of more geographically diversified funds.** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

**Geographic Risk Related to Europe: Europe includes both developed and emerging markets. Most Western European countries are members of the European Union (the "EU"), which imposes restrictions on inflation rates, deficits, and debt levels. Both developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro, recessions among European countries and acts of war in the region may have a significant adverse effect on the economies of other European countries, including those of Eastern Europe. In particular, the extent and duration of Russia's invasion of Ukraine, the resulting sanctions on Russia, the subsequent impact on global markets and trade remain unknown but could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.** 

**Growth Companies Risk: Growth companies are those that a portfolio manager believes have the potential for above average or rapid growth but may be subject to greater price volatility than "undervalued" companies, for example. A smaller company with a promising product and/or operating in a dynamic field may have greater potential for rapid earnings growth than a larger one. Additionally, many companies in certain market sectors like health care and technology are faster-growing companies with limited operating histories and greater business risks, and their potential profitability may be dependent on regulatory approval of their products or developments affecting those sectors, which increases the volatility of these companies' securities prices and could have an adverse impact upon the companies' future growth and profitability.** 

**High Yield/High Risk or "Junk" Securities Risk: High yield/high risk securities are typically issued by companies or governments that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk due to fewer market participants (buyers/sellers of these assets) and less capital available to market makers (broker-dealers) as compared to higher rated securities, and subject to a greater risk of default than higher rated securities. High yield/high risk securities (including loans) may be more volatile than investment grade securities. Non-investment grade debt instruments may include securities that are stressed, distressed or in default and are subject to credit risk.** 

**Index Sampling Risk: Because index sampling relies on the securities selected to have economic characteristics similar to securities in the fund's benchmark index, it may not result in the aggregate in investment performance matching that of that fund's benchmark index or of other funds that purchased all or substantially all of the securities in the same index in approximately the same proportions as their weightings in the index.** 

**Industrials Sector Risk: The operations and businesses of companies in the industrials sector are subject to several risks. The industrials sector can be affected by government regulation, world events, commodity prices, exchange rates and economic conditions, and liabilities for environmental damage, product liability claims, and general civil liabilities. Companies in the industrials sector may also be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of industrial sector companies may face obsolescence due to rapid technological developments and frequent new product introduction.** 

**Information Technology Sector Risk: Information Technology companies face numerous risks, including operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants, government regulation and patent and intellectual property rights and rapid obsolescence of products and services due to information technological innovations or changing consumer preferences. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. In addition, many U.S. technology companies have diverse operations, with products or services in foreign markets, exposing them to foreign investment risk.** 

**Interest Rate Risk: The value of debt instruments may fall when interest rates rise. Debt instruments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt instruments with** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

shorter durations or floating or adjustable (also known as variable) interest rates. Many factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, general economic conditions, and expectations about the foregoing. In addition, as interest rates rise, the value of fixed income investments will generally decrease. The negative impact on debt instruments from interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt instruments may result in those broker-dealers restricting their market making activities for certain debt instruments, which may reduce the liquidity and increase the volatility of such debt instruments. Certain countries have experienced negative interest rates on certain debt securities. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also may be low, and the Fund may experience low or negative returns. A Fund may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. Floating or adjustable-rate instruments (such as most loans) typically have less exposure to interest rate fluctuations and their exposure to interest rate fluctuations will generally be limited to the period of time until the interest rate on the security is reset. There is a risk of lag in the adjustment of interest rates between the periods when these interest rates are reset. An interest rate reset may not completely offset changes in interest rates. Resets that may be tied to an index may not reflect the prevailing interest rate changes. There is a risk of a lag between interest rate and index changes.

**Large-Capitalization Companies Risk: Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies but are still subject to equity securities risk. Large-capitalization equity security prices may not rise as much as prices of equity securities of small-capitalization companies.** 

**Leverage Risk: A Fund's investment in forward commitments, futures contracts, options, or swap agreements, including taking short positions using certain derivatives, as a principal investment strategy gives rise to a form of leverage. Leverage is investment exposure that exceeds the initial amount invested. The loss on a leveraged investment may far exceed a Fund's principal amount invested. Leverage can magnify a Fund's gains and losses and therefore increase its volatility. There is no guarantee that a Fund will use leverage, or when it does, that a Fund's leveraging strategy will be successful or produce a high return on an investment.** 

**Liquidity Risk: Generally, a security or investment is considered illiquid if it is not reasonably expected to be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the security. Certain holdings may be difficult to purchase, sell and value, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. A Fund may not be able to sell a holding quickly at the price it has valued the holding, may be unable to take advantage of market opportunities or may be forced to sell other more desirable, more liquid securities or sell less liquid or illiquid securities at a loss if needed to raise cash to conduct operations, including to meet redemption requests. Liquid investments may become less liquid or illiquid, and thus more difficult to sell, over time or suddenly and unexpectedly. This may occur, for example, as a result of adverse market or economic conditions (including financial distress, or geopolitical events such as sanctions, trading halts or wars) or investor perceptions, which may be independent of any adverse changes to the particular issuer. Less liquidity also means that more subjectivity may be used in establishing the value of the securities or other investments. For example, if market quotations are not readily available or reliable for these investments, the securities or other investments will be valued by a method that reflects fair value. Valuations determined in this manner may require subjective inputs about the value of these investments. Some securities (such as loans) may have no active trading market and may be subject to restrictions on resale. The markets in which such securities trade may be subject to irregular trading, wide bid/ask spreads and extended trade settlement periods, which may impair a Fund's ability to sell the holding at the price it has valued the holding causing a decline in the Fund's NAV. Investments in companies in turn-around, distress or other similar situations may be or become less liquid than other investments, particularly when the economy is not robust or during market downturns. Reduced liquidity resulting from these situations may impede a Fund's ability to meet unusually high or unanticipated levels of redemption requests. Each Fund may borrow money to the extent permitted** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

under the 1940 Act to meet redemption requests by Fund shareholders; however, these actions may increase the expenses for a Fund (such as borrowing cost) or may not always be adequate, particularly during periods of market stress.

**Mid-Capitalization Companies Risk: Mid-capitalization companies may be subject to greater price volatility and may be more vulnerable to economic, market and industry changes than larger, more established companies. Mid-capitalization (also known as "medium capitalization") companies may have a shorter history of operations, more limited ability to raise capital, inexperienced management, limited product lines, less capital reserves and liquidity and more speculative prospects for future growth, sustained earnings or market share than larger companies, and are therefore more sensitive to economic, market and industry changes. It may be difficult to sell a mid-capitalization position at an acceptable time and price because of the potentially less frequent trading of stocks of mid-capitalization companies.** 

**Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related and other asset-backed securities, including CLOs, are subject to certain risks. The value of these securities will be, as applicable, influenced by the factors affecting the housing market or the market for the assets underlying such securities or the issuers of such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, these securities may decline in value, become difficult to value, become more volatile and/or become illiquid.** 

Extension Risk – Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed or other asset-backed securities, making them more sensitive to changes in interest rates and making any Fund holding such securities more volatile. This is because when interest rates rise, the issuer of a security held by a Fund may make principal payments on that security on a delayed basis. Such delayed principal payments decrease the value of the security. In addition, as payments are received later than agreed upon, a Fund may miss or postpone the opportunity to reinvest in higher yielding investments.

Interest Rate Risk – When interest rates rise, borrowers with variable interest rate loans may not be able to repay their loans at the higher interest rates. This could cause an increase in defaults and decrease the value of certain mortgage-related or other asset-backed securities.

Subprime Risk or Credit Risk – Mortgage-related securities may have exposure to subprime loans and subprime mortgages, which are loans or mortgages made to borrowers with lower credit ratings. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. In addition, holdings in non-investment grade (high yield/high risk) asset-backed securities, including mortgage pools with exposure to subprime loans or mortgages, have a greater risk of being or becoming less liquid than other debt securities, especially when the economy is not robust, during market downturns, or when credit is tight. Other asset-backed securities, such as CLOs, may also be subject to exposure resulting from loans to borrowers with lower credit ratings, who pose a higher level of default risk.

Prepayment Risk – In addition, adjustable and fixed rate mortgage-related or other asset-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages (or other debt obligations) sooner than expected. This can reduce a Fund's returns because it may have to reinvest that money at the lower prevailing interest rates.

Call Risk – Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. This call risk typically occurs when interest rates are declining.

U.S. Government Securities Risk – Mortgage-backed securities may be issued by the U.S. government, which are subject to U.S. government securities risk.

Issuer Risk – Mortgage-backed and asset-backed securities offered by non-governmental issuers, such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. For mortgage-backed securities, timely payment of interest and principal of non-governmental issuers is often supported by various forms of private insurance or guarantees, including

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

individual loan, title, pool and hazard insurance purchased by the issuer, and there can be no assurance that these private insurers can meet their obligations under the policies. Other asset-backed securities, including CLOs, are subject to economic risks in addition to structural risks, such as the contractual obligations governing the priority of payments, and risks arising from the management of the issuer, including conflicts of interest, departure of personnel or resource constraints, and regulatory or other developments that may adversely impact the manager of the issuer.

Stripped Mortgage-Related Securities Risk – Stripped mortgage-related securities can be particularly sensitive to changes in interest rates. Stripped mortgage-related securities are made up of Interest Only ("IO") and Principal Only ("PO") components. IOs present a heightened risk of total loss of investment.

**Non-Diversification Risk: A "non-diversified" mutual fund may hold a smaller number of portfolio securities than many other funds. To the extent a non-diversified fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the fund may affect its value more than if it invested in a larger number of issuers. The value of the fund's shares may be more volatile than the values of shares of more diversified funds.** 

**Passive Management Risk: A passively managed (or index) fund generally holds constituent securities of its benchmark index regardless of performance, which could cause the index fund's return to be lower than an actively managed fund (which generally seeks to outperform a benchmark index). Such fund will also perform poorly when the index performs poorly. In addition, an index fund has operating and other expenses while an index does not. As such, an index fund will tend to underperform the index to some degree over time even though it will attempt to track its index as closely as possible.** 

**Preferred Stock Risk: Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise. Convertible preferred stock allows the holder to convert the preferred shares into a fixed number of common shares, usually after a predetermined date. Like preferred stock, convertible preferred stock generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends but ranks behind bonds, including convertible bonds, in priority upon liquidation.** 

**REIT Investment Risk: Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent the Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.** 

In addition to these risks, residential/diversified REITs and commercial equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Code, or to maintain their exemptions from registration under the 1940 Act. The Fund expects that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

**Sector Focus Risk: A Fund may be invested more heavily from time to time (e.g., over 20% of its assets) in a particular sector (which is more broadly defined than an industry classification). If a Fund is invested more heavily in** 

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**Notes to Financial Statements** 

**March 31, 2025(Continued)** 

a particular sector, its performance will be more sensitive to risks and developments that affect that sector. Individual sectors may rise and fall more than the broader market. In addition, issuers within a sector may all react in the same way to economic, political, regulatory or other events.

**Small-Capitalization Companies Risk: Small-capitalization companies may be more susceptible to liquidity risk and price volatility and be more vulnerable to economic, market and industry changes than larger, more established companies. Small-capitalization companies may have fewer financial resources, limited product and market diversification, greater potential for volatility in earnings and business prospects, and greater dependency on a few key managers. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, more limited ability to raise capital, inexperienced management, and more speculative prospects for future growth or sustained earnings or market share than larger companies. In addition, these companies may be more susceptible to the underperformance of a sector in which it belongs and therefore, may be riskier and more susceptible to price changes. It may be difficult or impossible to liquidate a small-capitalization position at an acceptable time and price because of the potentially less frequent trading of stocks of smaller market capitalizations.** 

**Underlying Fund Risk: Because a Fund is available for investment by the Portfolio Optimization Funds and thus may have a significant percentage of its outstanding shares held by a Portfolio Optimization Fund, a change in asset allocation by a Portfolio Optimization Fund could result in large redemptions out of a Fund, causing the sale of securities in a short timeframe and potential increases in expenses to a Fund and its remaining shareholders, both of which could negatively impact performance.** 

**U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is a risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities, or sponsored enterprises if those entities are not able to meet their financial obligations. Some U.S. government securities are supported only by the credit of the issuing agency, which depends entirely on its own resources to repay the debt. Although there are many types of U.S. government securities, such as those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal Home Loan Banks that may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Pursuant to the authorities of the U.S. Treasury Department and the Federal Housing Finance Administration ("FHFA"), Fannie Mae and Freddie Mac have been in a conservatorship under FHFA since September 2008. Should Fannie Mae and Freddie Mac exit the conservatorship, the effect this will have on the entities' debt and equities, and on securities guaranteed by the entities, is unclear.** 

**Value Companies Risk: Value companies are those that a portfolio manager believes are undervalued and trading for less than their intrinsic values. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market. These companies may be subject to lower price volatility than companies considered to be "growth" companies. In value investing, the principal belief is that the market overreacts to good and bad news, resulting in stock price movements that do not correspond with a company's long-term fundamentals. In that case, the result is an opportunity for value investors to profit by buying when the price is deflated. However, the intrinsic value of a company is subjective, meaning there is no empirically "correct" intrinsic value. A portfolio manager's processes for determining value will vary. There is a risk that a portfolio manager's determination that a stock is undervalued is not correct or is not recognized in the market.** 

**Warrants and Rights Risk: Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and therefore are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.** 

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**ARISTOTLE FUNDS SERIES TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and** 

**Board of Trustees of the** 

**Aristotle Funds Series Trust** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the Aristotle Core Bond Fund (formerly known as Aristotle ESG Core Bond Fund), Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund, Aristotle Ultra Short Income Fund, Aristotle Core Equity Fund, Aristotle Growth Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle/Saul Global Cap Equity Fund, Aristotle Value Equity Fund, Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, and Aristotle Portfolio Optimization Moderate Fund (the "Funds"), each a series of Aristotle Funds Series Trust (the "Trust"), including the schedules of investments, as of March 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of March 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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|:---|:---|:---|:---|
| **Individual Funds Constituting Aristotle Funds** <br>**Series Trust** | **Statement of** <br>**Operations** | **Statements of Changes** <br> **in Net Assets** | **Financial Highlights**  |
| Aristotle Core Bond Fund (formerly known as Aristotle ESG Core Bond Fund), Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund, Aristotle Ultra Short Income Fund, Aristotle Growth Equity Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, and Aristotle Portfolio Optimization Moderate Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025  |
| Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Cap Equity Fund, and Aristotle Value Equity Fund  | For the year ended March 31, 2025 | For the year ended March 31, 2025, for the three months period ended March 31, 2024 and for the year ended December 31, 2023  | For the year ended March 31, 2025, for the three months period ended March 31, 2024 and for each of the four years in the period ended December 31, 2023 |

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With respect to Aristotle Core Bond Fund (formerly known as Aristotle ESG Core Bond Fund), Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund, Aristotle Ultra Short Income Fund, Aristotle Growth Equity Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, and Aristotle Portfolio Optimization Moderate Fund, the financial highlights for each of the three years in the period ended March 31, 2023 were audited by other auditors, whose report dated May 24, 2023 expressed an unqualified opinion on such financial highlights.

194<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2012.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](tait_sign.jpg)

**TAIT, WELLER & BAKER LLP** 

Philadelphia, Pennsylvania

May 23, 2025

195<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Additional Notices** 

**March 31, 2025** 

**Other Tax Information (Unaudited)** 

The Funds designated the following percentages of dividends during the year ended March 31, 2025 as dividends qualifying for the dividends received deduction available to corporate shareholders and as dividends from net investment income that are qualifying income under the Jobs and Growth Tax Relief Reconciliation Act of 2003, respectively:

---

| | | |
|:---|:---|:---|
|  | **Dividends Received** <br>**Deduction % for Corporate** <br>**Shareholders** | **% of Dividends as** <br>**Qualified Income**  |
| Aristotle Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Core Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Short Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Ultra Short Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle Small/Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle/Saul Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.34%  |
| Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.05%  |
| Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44.27%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.01%  |
| Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.09% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for each Fund were as follows (unaudited).

---

| | |
|:---|:---|
|  | **% of Dividends as** <br>**Short-Term Capital Gain**  |
| Aristotle Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Core Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Short Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Ultra Short Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Aristotle International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Small/Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67.38%  |
| Aristotle/Saul Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

---

196<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Additional Notices** 

**March 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **% of Dividends as** <br>**Short-Term Capital Gain**  |
| Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

**PRIVACY PRINCIPLES OF THE ARISTOTLE FUNDS FOR SHAREHOLDERS** 

The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the Aristotle Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the Funds' proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Funds at 844-ARISTTL (844-274-7885) or on the SEC's website at www.sec.gov.

**PROXY VOTING RECORD** 

Information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling 844-ARISTTL (844-274-7885) or by accessing the Funds' Form N-PX on the SEC's website at www.sec.gov.

**PORTFOLIO HOLDINGS DISCLOSURE** 

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of Form N-PORT are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) 732-0330. The Funds' Part F of Form N-PORT may also be obtained by calling toll-free 844-ARISTTL (844-274-7885) or by visiting the Funds' website https://www.aristotlefunds.com/resources/prospectuses-reports.

Aristotle Funds

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201

844-ARISTTL (844-274-7885)

197<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

For the year ended March 31, 2025, the aggregate remuneration the Registrant paid the directors, all members of any advisory board and any officers are disclosed in the Financial Statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

• Aristotle Core Income
 Fund • Aristotle Portfolio
 Optimization Aggressive Growth Fund

• Aristotle ESG Core Bond Fund • Aristotle Portfolio Optimization
 Conservative Fund

• Aristotle Floating Rate Income Fund • Aristotle Portfolio Optimization
 Growth Fund

• Aristotle High Yield Bond Fund • Aristotle Portfolio Optimization
 Moderate Conservative Fund

• Aristotle Short Duration Income
 Fund • Aristotle Portfolio Optimization
 Moderate Fund

• Aristotle Strategic Income Fund

• Aristotle Ultra Short Income Fund

• Aristotle Core Equity Fund

• Aristotle Growth Equity Fund

• Aristotle International Equity Fund

• Aristotle Small Cap Equity Fund

• Aristotle Small/Mid Cap Equity Fund

• Aristotle Saul/Global Equity Fund

• Aristotle Value Equity Fund

Aristotle Funds Series Trust's (the "Trust") Investment Advisory Agreement with Aristotle Investment Services, LLC (the "Adviser" or "Aristotle") and the Adviser's separate Subadvisory Agreement with each of Aristotle Atlantic Partners, LLC ("Aristotle Atlantic"), Aristotle Capital Boston, LLC ("Aristotle Boston"), Aristotle Capital Management, LLC ("Aristotle Capital"), Aristotle Pacific Capital, LLC ("Aristotle Pacific") and Pacific Life Fund Advisors LLC ("PLFA") (each, a "Sub-Adviser") (the Investment Advisory Agreement and the Subadvisory Agreements, together, the "Advisory Agreements") must be approved for each series of the Trust (individually, a "Fund" and collectively, the "Funds") for an initial term no longer than two years, and may continue in effect thereafter only if such continuation is approved at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

In 2024, the Board of Trustees (the "Board") had four regularly scheduled quarterly meetings and several special meetings and took into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees considered, at each relevant meeting, factors that are relevant to the annual continuation of each Fund's Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance with legal and regulatory requirements and the services and support provided to each Fund and its shareholders by the Adviser and Sub-Advisers.

As part of the review process, the Independent Trustees met independently of Aristotle, Trust management and of the interested trustee of the Board to consider the renewal of the Advisory Agreements. During the review process, the Independent Trustees were represented by independent legal counsel. The Independent Trustees reviewed materials relating to the renewal of the Advisory Agreements received from Aristotle, the Sub-Advisers, Broadridge Financial Solutions ("Broadridge"), an independent provider of mutual fund data, and independent legal counsel. After reviewing the information received, the Independent Trustees requested supplemental information and Aristotle and the Sub-Advisers provided additional materials and other information in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to approve the renewal of the Advisory Agreements for each Fund for another one-year period, commencing January 1, 2025.

The Board concluded that it was in the best interests of each Fund to renew the Advisory Agreements. In reaching this conclusion for the Funds, the Board did not identify any single factor as determinative in its analysis, but rather the Board considered a variety of factors, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors and the Board, including each Independent Trustee, weighed each factor differently in reaching their determination.

The Board considered the nature, extent and quality of the services provided by Aristotle and the Sub-Advisers to each Fund. The Board noted that: (1) pursuant to the Funds' Advisory Agreements, Aristotle and the Sub-Advisers provide portfolio management services to the Funds and receive an advisory fee; and (2) pursuant to a separate Supervision and Administration Agreement, Aristotle receives a supervision and administration fee. The Board considered the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Funds, reviewed information regarding each Fund's performance, advisory fee and expense ratios for its share classes compared to similar

funds and considered the experience of Aristotle in providing services to each Fund. In assessing each Fund's performance, the Board considered that performance is closely evaluated at the quarterly meetings and that Aristotle and the Sub-Advisers employ a long-term investment approach. The Board considered any underperformance by a Fund relative to peer funds and benchmarks and Aristotle and the Sub-Advisers' explanations for such underperformance. The Board also considered Aristotle and the Sub-Advisers' discussions of its investment processes, Aristotle and the Sub-Advisers' work to evaluate whether potential changes to such processes could improve performance and the outcomes of such evaluations. In evaluating the advisory fee paid by each Fund relative to comparative data, the Board considered not only the advisory fee, but also the combination of the advisory fee and the applicable supervision and administration fee given the "unitary fee" structure of the Funds and that such fees together represent most or all of a Fund's total expenses. The Board also considered the advisory fee schedule for each Fund. The Board considered other benefits derived by Aristotle and its affiliates from their relationship to the Funds. The Board concluded that the nature, extent and quality of the services provided by Aristotle and the Sub-Advisers to the Funds, pursuant to the Advisory Agreements, were satisfactory.

The Board reviewed Aristotle's and the Sub-Advisers' revenues received with respect to the Funds and the nature of Aristotle's resources expended in providing solely advisory services as well as the supervision and administration and other services to the Funds. The Board considered Aristotle's and the Sub-Advisers' profitability with respect to the Funds and concluded that it was reasonable in comparison to the services performed.

The Board considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of a Fund. The Board also considered the extent to which economies of scale realized by the Adviser or the Sub-Advisers are shared with a Fund indirectly through investment by the Adviser in its business to enhance efficiencies and effectiveness of operations impacting the Funds and directly through fee waivers and expense reimbursements.

The following is a summary of the information considered, and conclusions reached, by the Board.

<u>Aristotle Core Income Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 5<sup>th</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the 1-year period and the 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the 1-year period and the 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle ESG Core Bond Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile and 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 1<sup>st</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. They also noted that the Fund's performance ranked in the 1<sup>st</sup> quintile for the 1-year and 3-year periods vs. its peer group and ranked in the 1<sup>st</sup> quintile for the 1-year and 3-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Floating Rate Income Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 5<sup>th</sup> quintile and 4<sup>th</sup> quintile vs. its total expense peer group and peer universe,

respectively. The Board also noted that the Fund's performance ranked in the 1<sup>st</sup> quintile for the 1-year and 3-year periods, 2<sup>nd</sup> quintile for the 5-year period and 1<sup>st</sup> quintile for the 10-year period vs. its peer group and ranked in the 1<sup>st</sup> quintile for the 1-year, 3-year, 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle High Yield Bond Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 4<sup>th</sup> quintile for the 1-year period, 3<sup>rd</sup> quintile for the 3-year and 5-year periods and 2<sup>nd</sup> quintile for the 10-year period vs. its peer group and ranked in the 3<sup>rd</sup> quintile for the 1-year period and 2<sup>nd</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Short Duration Income Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 5<sup>th</sup> quintile and 4<sup>th</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the 1-year period and the 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the 1-year period and 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Strategic Income Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile and 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the 1-year period and the 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the 1-year period and the 1<sup>st</sup> quintile for the 3-year, 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Ultra Short Income Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile and 3<sup>rd</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 1<sup>st</sup> quintile for the 1-year period and the 2<sup>nd</sup> quintile for the 3-year and 5-year periods vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the 1-year and 3-year periods and 1<sup>st</sup> quintile for the 5-year period vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Core Equity Fund</u>

The Board noted that the Fund ranked in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 1<sup>st</sup> quintile and 2<sup>nd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 4<sup>th</sup> quintile for the 1-year period, 3<sup>rd</sup> quintile for the 3-year period and 4<sup>th</sup> quintile for the 5-year period vs. its peer group and ranked in the 4<sup>th</sup> quintile for the 1-year period, 3<sup>rd</sup> quintile for the 3-year period and 4<sup>th</sup> quintile for the 5-year period vs. its peer universe. The Board noted that the contractual advisory fee was on the lower end of the spectrum of the expense peer group and, on the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Aristotle Growth Equity Fund</u>

The Board noted that the Fund ranked in the 3<sup>rd</sup> quintile vs. its advisory fee peer group and peer universe, and in the 2<sup>nd</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the period since inception vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the period since inception vs. its peer universe. The Board noted that the Fund's contractual advisory fee was near average of the expense peer group, and on the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Aristotle International Equity Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 2<sup>nd</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 4<sup>th</sup> quintile for the 1-year period, 3<sup>rd</sup> quintile for the 3-year period, 4<sup>th</sup> quintile for the 5-year period and 3<sup>rd</sup> quintile for the 10-year period vs. its peer group and ranked in the 4<sup>th</sup> quintile for the 1-year, 3-year and 5-year periods and 3<sup>rd</sup> quintile for the 10-year period vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Small Cap Equity Fund</u>

The Board noted that the Fund ranked in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 5<sup>th</sup> quintile for the 1-year period, 4<sup>th</sup> quintile for the 3-year period and 5<sup>th</sup> quintile for the 5-year period vs. its peer group and ranked in the 5<sup>th</sup> quintile for the 1-year period, 3<sup>rd</sup> quintile for the 3-year period and 5<sup>th</sup> quintile for the 5-year period vs. its peer universe. The Board noted that the Fund's contractual advisory fee was on the lower end of the spectrum of the expense peer group and, on the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Aristotle Small/Mid Cap Equity Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile and 3<sup>rd</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 2<sup>nd</sup> quintile and 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 4<sup>th</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year and 5-year periods vs. its peer group and ranked in the 3<sup>rd</sup> quintile for the 1-year period and 5<sup>th</sup> quintile for the 3-year and 5-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Saul/Global Equity Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 1<sup>st</sup> quintile and 2<sup>nd</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the 1-year, 3-year and 5-year periods and 5<sup>th</sup> quintile for the 10-year period vs. its peer group and ranked in the 4<sup>th</sup> quintile for the 1-year and 3-year periods, 3<sup>rd</sup> quintile for the 5-year period and 4<sup>th</sup> quintile for the 10-year period vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Value Equity Fund</u>

The Board noted that the Fund ranked in the 2<sup>nd</sup> quintile and 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 3<sup>rd</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 3<sup>rd</sup> quintile for the 1-year period, 4<sup>th</sup> quintile for the 3-year and 5-year periods vs. its peer group and ranked in the 5<sup>th</sup> quintile for the 1-year, 3-year and 5-year periods vs. its peer universe. The Board noted that the Fund's contractual advisory fee was on the lower end of the spectrum of the expense peer group and, on the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Aristotle Portfolio Optimization Aggressive Growth Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 4<sup>th</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year and 5-year periods and 4<sup>th</sup> quintile for the 10-year period vs. its peer group and ranked in the 4<sup>th</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period and 4<sup>th</sup> quintile for the 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Portfolio Optimization Conservative Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile and 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 5<sup>th</sup> quintile and 4<sup>th</sup> quintile vs. its total expense peer group and peer universe, respectively. The Board also noted that the Fund's performance ranked in the 1<sup>st</sup> quintile for the 1-year period, 4<sup>th</sup> quintile for the 3-year period and 1<sup>st</sup> quintile for the 5-year and 10-year periods vs. its peer group and ranked in the 2<sup>nd</sup> quintile for the 1-year period, 4<sup>th</sup> quintile for the 3-year period, 3<sup>rd</sup> quintile for the 5-year period and 4<sup>th</sup> quintile for the 10-year period vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Portfolio Optimization Growth Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 4<sup>th</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period, 4<sup>th</sup> quintile for the 5-year period and 3<sup>rd</sup> quintile for the 10-year period vs. its peer group and ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period and 4<sup>th</sup> quintile for the 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Portfolio Optimization Moderate Conservative Fund</u>

The Board noted that the Fund ranked in the 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, and in the 5<sup>th</sup> quintile vs. its total expense peer group and peer universe. The Board noted that the Fund's performance ranked in the 2<sup>nd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period and 3<sup>rd</sup> quintile for the 5-year and 10-year periods vs. its peer group and ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period and 3<sup>rd</sup> quintile for the 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Aristotle Portfolio Optimization Moderate Fund</u>

The Board noted that the Fund ranked in the 4<sup>th</sup> quintile and 5<sup>th</sup> quintile vs. its advisory fee peer group and peer universe, respectively, and in the 4<sup>th</sup> quintile vs. its total expense peer group and peer universe. The Board also noted that the Fund's performance ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period, 3<sup>rd</sup> quintile for the 5-year period and 2<sup>nd</sup> quintile for the 10-year period vs. its peer group and ranked in the 3<sup>rd</sup> quintile for the 1-year period, 5<sup>th</sup> quintile for the 3-year period and 4<sup>th</sup> quintile for the 5-year and 10-year periods vs. its peer universe. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, on the basis of the information provided, the advisory fee was reasonable.

<u>Conclusion</u>

Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreements for the Funds were reasonable and fair and that the renewal of the Advisory Agreements was in the best interests of each Fund.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Treasurer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated
 by reference to the Registrant's Form N-CSR filed March 31, 2024.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](a-efp15629_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](a-efp15629_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Aristotle Funds Series Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Richard Schweitzer |
|  | Richard Schweitzer, President |

---

Date <u>6/2/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Richard Schweitzer |
|  | Richard Schweitzer, President |

---

Date <u>6/2/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joshua B. Schwab |
|  | Joshua B. Schwab, Treasurer |

---

Date <u>6/2/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Richard Schweitzer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Aristotle Funds Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/2/2025 | /s/ Richard Schweitzer |
|  |  | Richard Schweitzer |
|  |  | President |

---

**<u>CERTIFICATIONS</u>**

I, Joshua B. Schwab, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Aristotle Funds Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/2/2025 | /s/ Joshua B. Schwab |
|  |  | Joshua B. Schwab |
|  |  | Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Aristotle Funds Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Aristotle Funds Series Trust for the year ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Aristotle Funds Series Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Richard Schweitzer | /s/ Joshua B. Schwab |
| Richard Schweitzer<br> President, Aristotle Funds Series Trust<br>| Joshua B. Schwab<br> Treasurer, Aristotle Funds Series Trust |

---

Dated: <u>6/2/2025</u> Dated: <u>6/2/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Aristotle Funds Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.