# EDGAR Filing Document

**Accession Number:** 0001959372
**File Stem:** 0001133228-26-008820
**Filing Date:** 2026-6
**Character Count:** 1340597
**Document Hash:** d8a9c1c192448c00441f65476196a46e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008820.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001133228-26-008820

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 369

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**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:** 261063482

**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 Multi-Asset Income 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           |
| C000268433 | Class H      | PLDHX           |

### 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           |
| C000268434 | Class H      | PLSHX           |

### 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           |
| C000268435 | Class H      | PLUHX           |

### 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 Multi-Asset Balanced Income 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   |
|:---|:---|:---|
| C000244218 | Class I-2    | AIOOX           |

### Aristotle Multi-Asset Balanced Fund (Series ID: S000080069)

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

### Aristotle Multi-Asset Growth and Income Fund (Series ID: S000080070)

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

### Aristotle Multi-Asset 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           |
| C000268436 | Class H      | PLIHX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241714 | Class I      | PLEBX           |
| C000241715 | Class I-2    | PLEDX           |
| C000268437 | Class H      | PLEHX           |

### 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           |

### Aristotle Pacific EXclusive Fund Series H (Series ID: S000093339)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000261550 | Aristotle Pacific EXclusive Fund Series H | APXHX           |

### Aristotle Pacific EXclusive Fund Series I (Series ID: S000093340)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000261551 | Aristotle Pacific EXclusive Fund Series I | APXIX           |

?xml version='1.0' encoding='ASCII'? 2026-02-04194904_AristotleCoreBondFund_ClassH_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, 2026</u>**

Date of reporting period: **<u>April 1, 2025 through March 31, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| PLEHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of December 5, 2025, to March 31, 2026. 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 H | $15 | 0.48% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on December 5, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund duration tactically adjusted over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain close to its benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially reduced government bond exposure, while increasing investment grade bond exposure as well as agency and non-agency mortgage-backed securities allocations.

**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](ts7041img003.jpg)

Aristotle Core Bond Fund PAGE 1 TSR-AR-04045F220

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/05/2025)** |
| **Class H (without sales charge)**  | 0.15 |
| **Bloomberg US Aggregate Bond Index**  | 0.29 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $270044758 |
| **Number of Holdings** | 340 |
| **Net Advisory Fee** | $520753 |
| **Portfolio Turnover Rate** | 142% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 24.8% |
|  Federal National Mortgage Association  | 10.0% |
|  Federal Home Loan Mortgage Corp.  | 6.7% |
|  Ginnie Mae II Pool  | 3.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.2% |
|  GCAT  | 1.1% |
|  Wells Fargo & Co.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7041img004.jpg)

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

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

In the Fund's Principal Risks, Liquidity Risk, Underlying Fund Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund will invest at least 80% of its assets in debt securities, and that the Fund may lend its portfolio securities to generate additional income.

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 2 TSR-AR-04045F220

1000010015100001002931.724.820.74.94.62.32.01.73.24.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLEBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2025, to March 31, 2026. 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 | $48 | 0.47% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund duration tactically adjusted over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain close to its benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially reduced government bond exposure, while increasing investment grade bond exposure as well as agency and non-agency mortgage-backed securities allocations.

**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](ts7040img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/14/2020)** |
| **Class I (without sales charge)**  | 4.63 | 0.77 | 0.20 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | -0.31 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $270044758 |
| **Number of Holdings** | 340 |
| **Net Advisory Fee** | $520753 |
| **Portfolio Turnover Rate** | 142% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 24.8% |
|  Federal National Mortgage Association  | 10.0% |
|  Federal Home Loan Mortgage Corp.  | 6.7% |
|  Ginnie Mae II Pool  | 3.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.2% |
|  GCAT  | 1.1% |
|  Wells Fargo & Co.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7040img004.jpg)

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

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

In the Fund's Principal Risks, Liquidity Risk, Underlying Fund Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund will invest at least 80% of its assets in debt securities, and that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, the Fund's Supervision and Administration Fee for Class I has been decreased from 0.13% to 0.09%. As a result, the total Management Fee has been reduced by 0.04%. In addition, the contractual fee waiver for Class I has been reduced from 0.48% to 0.44%.

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 Bond Fund PAGE 2 TSR-AR-04045F683

------

**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

50000048633946506844590846032548304450542050000048434046422944202444952947146449196631.724.820.74.94.62.32.01.73.24.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLEDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund duration tactically adjusted over the last twelve months, the point-to-point duration was nearly flat. The Fund did remain close to its benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we materially reduced government bond exposure, while increasing investment grade bond exposure as well as agency and non-agency mortgage-backed securities allocations.

**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](ts7039img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/14/2020)** |
| **Class I-2 (without sales charge)**  | 4.39 | 0.72 | 0.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | -0.31 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $270044758 |
| **Number of Holdings** | 340 |
| **Net Advisory Fee** | $520753 |
| **Portfolio Turnover Rate** | 142% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 24.8% |
|  Federal National Mortgage Association  | 10.0% |
|  Federal Home Loan Mortgage Corp.  | 6.7% |
|  Ginnie Mae II Pool  | 3.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Bank of America Corp.  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.2% |
|  GCAT  | 1.1% |
|  Wells Fargo & Co.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7039img004.jpg)

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

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

In the Fund's Principal Risks, Liquidity Risk, Underlying Fund Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund will invest at least 80% of its assets in debt securities, and that the Fund may lend its portfolio securities to generate additional income.

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 2 TSR-AR-04045F675

1000097279301891892069661100841000096879285884089919429983931.724.820.74.94.62.32.01.73.24.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARALX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $99 | 0.90% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to both security selection and sector allocation.

• Security selection in information technology and consumer staples contributed the most to relative performance. Conversely, security selection in energy and materials detracted.

• Guardant Health, Darling Ingredients and Broadcom were the largest contributors over the period. Meanwhile, Boston Scientific, Becton, Dickinson and Company and Ameriprise Financial were the top detractors from relative performance for the year.

• From a sector allocation standpoint, underweights in consumer staples and information technology contributed to relative performance. Conversely, overweights to healthcare and industrials 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](ts7042img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/25/2023)** |
| **Class A (without sales charge)**  | 20.17 | 21.98 |
| **Class A (with sales charge)**  | 15.06 | 19.84 |
| **S&P 500 TR**  | 17.80 | 21.67 |

---

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F329

------

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $518451973 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $2679117 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Alphabet, Inc.  | 6.3% |
|  Microsoft Corp.  | 5.8% |
|  Apple, Inc.  | 4.8% |
|  Broadcom, Inc.  | 4.3% |
|  Amazon.com, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 3.6% |
|  Darling Ingredients, Inc.  | 2.6% |
|  Costco Wholesale Corp.  | 2.5% |
|  Chubb Ltd.  | 2.4% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7042img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

95791221412925155311000012637136801611530.912.311.211.110.38.95.43.61.15.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARILX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.65% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to both security selection and sector allocation.

• Security selection in information technology and consumer staples contributed the most to relative performance. Conversely, security selection in energy and materials detracted.

• Guardant Health, Darling Ingredients and Broadcom were the largest contributors over the period. Meanwhile, Boston Scientific, Becton, Dickinson and Company and Ameriprise Financial were the top detractors from relative performance for the year.

• From a sector allocation standpoint, underweights in consumer staples and information technology contributed to relative performance. Conversely, overweights to healthcare and industrials 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](ts7044img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class I (without sales charge)**  | 20.53 | 22.42 |
| **S&P 500 TR**  | 17.80 | 21.10 |

---

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

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F436

------

\* *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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $518451973 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $2679117 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Alphabet, Inc.  | 6.3% |
|  Microsoft Corp.  | 5.8% |
|  Apple, Inc.  | 4.8% |
|  Broadcom, Inc.  | 4.3% |
|  Amazon.com, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 3.6% |
|  Darling Ingredients, Inc.  | 2.6% |
|  Costco Wholesale Corp.  | 2.5% |
|  Chubb Ltd.  | 2.4% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7044img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

50000064182768051282021150000062627467795279865130.912.311.211.110.38.95.43.61.15.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AILLX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.65% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the S&P 500 Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance of the Fund relative to the S&P 500 Index over the 1-year period was due to both security selection and sector allocation.

• Security selection in information technology and consumer staples contributed the most to relative performance. Conversely, security selection in energy and materials detracted.

• Guardant Health, Darling Ingredients and Broadcom were the largest contributors over the period. Meanwhile, Boston Scientific, Becton, Dickinson and Company and Ameriprise Financial were the top detractors from relative performance for the year.

• From a sector allocation standpoint, underweights in consumer staples and information technology contributed to relative performance. Conversely, overweights to healthcare and industrials 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](ts7043img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/31/2017)** |
| **Class I-2 (without sales charge)**  | 20.47 | 10.17 | 13.53 |
| **S&P 500 TR**  | 17.80 | 12.06 | 13.83 |

---

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

Aristotle Core Equity Fund PAGE 1 TSR-AR-04045F311

------

\* *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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $518451973 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $2679117 |
| **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.1% |
|  Alphabet, Inc.  | 6.3% |
|  Microsoft Corp.  | 5.8% |
|  Apple, Inc.  | 4.8% |
|  Broadcom, Inc.  | 4.3% |
|  Amazon.com, Inc.  | 4.2% |
|  Meta Platforms, Inc.  | 3.6% |
|  Darling Ingredients, Inc.  | 2.6% |
|  Costco Wholesale Corp.  | 2.5% |
|  Chubb Ltd.  | 2.4% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7043img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

100001144412620121761930921280187542453926016313401000011399124821161118154209941937125160272363208530.912.311.211.110.38.95.43.61.15.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLIAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund slightly increased its duration profile over the last twelve months but remained very close to benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we increased exposures to investment grade corporate bonds as well as agency and non-agency mortgage-backed securities. The Fund reduced its government and floating rate loan exposures 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](ts7045img003.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)** | 4.26 | 1.07 | 2.62 |
| **Class A (with sales charge)** | -0.20 | 0.19 | 2.18 |
| **Bloomberg US Aggregate Bond Index** | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3112880365 |
| **Number of Holdings** | 496 |
| **Net Advisory Fee** | $12409806 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.1% |
|  Federal National Mortgage Association  | 8.3% |
|  Federal Home Loan Mortgage Corp.  | 4.3% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Ginnie Mae II Pool  | 1.7% |
|  Morgan Stanley  | 1.0% |
|  Bank of America Corp.  | 1.0% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  A&D Mortgage LLC  | 0.4% |
|  Transdigm, Inc.  | 0.4% |

---

**Sector Breakdown (%)**

![image](ts7045img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, Jeff Klingelhofer, CFA, was added as a Portfolio Manager of Aristotle Core Income 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 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

970310017102221062911002119151154511095115251205412567100001004410165106201156911651111681063310814113421183524.221.818.05.95.74.14.13.62.99.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PLNCX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund slightly increased its duration profile over the last twelve months but remained very close to benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we increased exposures to investment grade corporate bonds as well as agency and non-agency mortgage-backed securities. The Fund reduced its government and floating rate loan exposures 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](ts7046img003.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)**  | 3.37 | 0.31 | 1.85 |
| **Class C (with sales charge)**  | 2.37 | 0.31 | 1.85 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3112880365 |
| **Number of Holdings** | 496 |
| **Net Advisory Fee** | $12409806 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.1% |
|  Federal National Mortgage Association  | 8.3% |
|  Federal Home Loan Mortgage Corp.  | 4.3% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Ginnie Mae II Pool  | 1.7% |
|  Morgan Stanley  | 1.0% |
|  Bank of America Corp.  | 1.0% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  A&D Mortgage LLC  | 0.4% |
|  Transdigm, Inc.  | 0.4% |

---

**Sector Breakdown (%)**

![image](ts7046img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, Jeff Klingelhofer, CFA, was added as a Portfolio Manager of Aristotle Core Income 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 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

1000010246103871071111003118261137310847111931162112013100001004410165106201156911651111681063310814113421183524.221.818.05.95.74.14.13.62.99.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| PLIHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of December 5, 2025, to March 31, 2026. 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 H | $15 | 0.46% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on December 5, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund slightly increased its duration profile over the last twelve months but remained very close to benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we increased exposures to investment grade corporate bonds as well as agency and non-agency mortgage-backed securities. The Fund reduced its government and floating rate loan exposures 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.

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

![image](ts7049img003.jpg)

Aristotle Core Income Fund PAGE 1 TSR-AR-04045F212

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/05/2025)** |
| **Class H (without sales charge)**  | -0.23 |
| **Bloomberg US Aggregate Bond Index**  | 0.29 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3112880365 |
| **Number of Holdings** | 496 |
| **Net Advisory Fee** | $12409806 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.1% |
|  Federal National Mortgage Association  | 8.3% |
|  Federal Home Loan Mortgage Corp.  | 4.3% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Ginnie Mae II Pool  | 1.7% |
|  Morgan Stanley  | 1.0% |
|  Bank of America Corp.  | 1.0% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  A&D Mortgage LLC  | 0.4% |
|  Transdigm, Inc.  | 0.4% |

---

**Sector Breakdown (%)**

![image](ts7049img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, Jeff Klingelhofer, CFA, was added as a Portfolio Manager of Aristotle Core Income 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 Core Income Fund PAGE 2 TSR-AR-04045F212

------

**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-04045F212

100009977100001002924.221.818.05.95.74.14.13.62.99.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLIIX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund slightly increased its duration profile over the last twelve months but remained very close to benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we increased exposures to investment grade corporate bonds as well as agency and non-agency mortgage-backed securities. The Fund reduced its government and floating rate loan exposures 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](ts7048img003.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)**  | 4.67 | 1.41 | 2.94 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3112880365 |
| **Number of Holdings** | 496 |
| **Net Advisory Fee** | $12409806 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.1% |
|  Federal National Mortgage Association  | 8.3% |
|  Federal Home Loan Mortgage Corp.  | 4.3% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Ginnie Mae II Pool  | 1.7% |
|  Morgan Stanley  | 1.0% |
|  Bank of America Corp.  | 1.0% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  A&D Mortgage LLC  | 0.4% |
|  Transdigm, Inc.  | 0.4% |

---

**Sector Breakdown (%)**

![image](ts7048img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, Jeff Klingelhofer, CFA, was added as a Portfolio Manager of Aristotle Core Income 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 Core Income Fund PAGE 2 TSR-AR-04045F717

------

**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-04045F717

50000051771652989755265857372562312260564358384660807863851266836350000050220250824353101657845558256455837653166754069456707859173724.221.818.05.95.74.14.13.62.99.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Core Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLIDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance. By asset class, investment grade corporate bonds were most beneficial to performance followed by agency mortgage exposure.

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

• While the Fund slightly increased its duration profile over the last twelve months but remained very close to benchmark duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we increased exposures to investment grade corporate bonds as well as agency and non-agency mortgage-backed securities. The Fund reduced its government and floating rate loan exposures 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](ts7047img003.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)**  | 4.56 | 1.37 | 2.93 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3112880365 |
| **Number of Holdings** | 496 |
| **Net Advisory Fee** | $12409806 |
| **Portfolio Turnover Rate** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 18.1% |
|  Federal National Mortgage Association  | 8.3% |
|  Federal Home Loan Mortgage Corp.  | 4.3% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Ginnie Mae II Pool  | 1.7% |
|  Morgan Stanley  | 1.0% |
|  Bank of America Corp.  | 1.0% |
|  Freddie Mac Seasoned Credit Risk Transfer Trust  | 0.7% |
|  A&D Mortgage LLC  | 0.4% |
|  Transdigm, Inc.  | 0.4% |

---

**Sector Breakdown (%)**

![image](ts7047img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective December 29, 2025, Jeff Klingelhofer, CFA, was added as a Portfolio Manager of Aristotle Core Income 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 Core Income Fund PAGE 2 TSR-AR-04045F691

------

**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-04045F691

1000010350106031104811468124661210611670121681276313345100001004410165106201156911651111681063310814113421183524.221.818.05.95.74.14.13.62.99.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLFLX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | $106 | 1.03% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed its performance benchmark, the Morningstar LSTA US 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 and distressed credits, instead emphasizing large-cap issuers and the performing segment of the loan market. The asset class ended the most recent quarter with an effective yield above 8%, which we view as an attractive level. We believe loans should continue to provide stability amid a volatile interest rate environment.

• While the market experienced sector specific weakness in the first quarter of 2026, the Fund benefited from largely supportive corporate fundamentals, technicals and an attractive asset class relative value trade.

• 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](ts7050img003.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)**  | 5.25 | 5.68 | 4.97 |
| **Class A (with sales charge)**  | 2.09 | 5.04 | 4.66 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Morningstar LSTA US Leveraged Loan TR USD**  | 4.81 | 5.93 | 5.61 |
| **S&P UBS Leverage Loan Index**  | 4.79 | 5.85 | 5.59 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3489671006 |
| **Number of Holdings** | 161 |
| **Net Advisory Fee** | $21262845 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.9% |
|  CoreLogic, Inc.  | 3.6% |
|  CRC Insurance Group LLC  | 3.6% |
|  Proofpoint, Inc.  | 3.5% |
|  TransDigm, Inc.  | 3.2% |
|  RealPage, Inc.  | 3.0% |
|  Gainwell Acquisition Corp.  | 2.7% |
|  Ellucian Holdings, Inc.  | 2.6% |
|  Allied Universal Holdco LLC  | 2.6% |
|  TK Elevator US Newco, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts7050img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were updated to remove the statement that a significant portion of the floating rate loans held by the Fund may be "covenant-lite" loans, and to add that the Fund may lend its portfolio securities to generate additional income.

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

Effective January 31, 2026, J.P. Leasure no longer served 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 Floating Rate Income Fund PAGE 2 TSR-AR-04045F626

------

**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

97021050910913111931044411961123041261114188149781576510000100441016510620115691165111168106331081411342118351000010972114581179810717129361335713696154051646117253100001097411483118651073712967133841366915364164421722927.319.017.012.910.93.52.40.57.91.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PLBCX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | $182 | 1.78% |

---

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

• For the 12-month period ended March 31, 2026, the Fund underperformed its performance benchmark, the Morningstar LSTA US 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 and distressed credits, instead emphasizing large-cap issuers and the performing segment of the loan market. The asset class ended the most recent quarter with an effective yield above 8%, which we view as an attractive level. We believe loans should continue to provide stability amid a volatile interest rate environment.

• While the market experienced sector specific weakness in the first quarter of 2026, the Fund benefited from largely supportive corporate fundamentals, technicals and an attractive asset class relative value trade.

• 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](ts7051img003.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)**  | 4.47 | 4.91 | 4.23 |
| **Class C (with sales charge)**  | 3.48 | 4.91 | 4.23 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Morningstar LSTA US Leveraged Loan TR USD**  | 4.81 | 5.93 | 5.61 |
| **S&P UBS Leverage Loan Index**  | 4.79 | 5.85 | 5.59 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3489671006 |
| **Number of Holdings** | 161 |
| **Net Advisory Fee** | $21262845 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.9% |
|  CoreLogic, Inc.  | 3.6% |
|  CRC Insurance Group LLC  | 3.6% |
|  Proofpoint, Inc.  | 3.5% |
|  TransDigm, Inc.  | 3.2% |
|  RealPage, Inc.  | 3.0% |
|  Gainwell Acquisition Corp.  | 2.7% |
|  Ellucian Holdings, Inc.  | 2.6% |
|  Allied Universal Holdco LLC  | 2.6% |
|  TK Elevator US Newco, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts7051img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were updated to remove the statement that a significant portion of the floating rate loans held by the Fund may be "covenant-lite" loans, and to add that the Fund may lend its portfolio securities to generate additional income.

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

Effective January 31, 2026, J.P. Leasure no longer served 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 Floating Rate Income Fund PAGE 2 TSR-AR-04045F618

------

**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

100001075411092112971047111910121661237913824144851513210000100441016510620115691165111168106331081411342118351000010972114581179810717129361335713696154051646117253100001097411483118651073712967133841366915364164421722927.319.017.012.910.93.52.40.57.91.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLFRX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Morningstar LSTA US 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 and distressed credits, instead emphasizing large-cap issuers and the performing segment of the loan market. The asset class ended the most recent quarter with an effective yield above 8%, which we view as an attractive level. We believe loans should continue to provide stability amid a volatile interest rate environment.

• While the market experienced sector specific weakness in the first quarter of 2026, the Fund benefited from largely supportive corporate fundamentals, technicals and an attractive asset class relative value trade.

• 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](ts7053img003.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)**  | 5.60 | 6.01 | 5.30 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Morningstar LSTA US Leveraged Loan TR USD**  | 4.81 | 5.93 | 5.61 |
| **S&P UBS Leverage Loan Index**  | 4.79 | 5.85 | 5.59 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3489671006 |
| **Number of Holdings** | 161 |
| **Net Advisory Fee** | $21262845 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.9% |
|  CoreLogic, Inc.  | 3.6% |
|  CRC Insurance Group LLC  | 3.6% |
|  Proofpoint, Inc.  | 3.5% |
|  TransDigm, Inc.  | 3.2% |
|  RealPage, Inc.  | 3.0% |
|  Gainwell Acquisition Corp.  | 2.7% |
|  Ellucian Holdings, Inc.  | 2.6% |
|  Allied Universal Holdco LLC  | 2.6% |
|  TK Elevator US Newco, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts7053img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were updated to remove the statement that a significant portion of the floating rate loans held by the Fund may be "covenant-lite" loans, and to add that the Fund may lend its portfolio securities to generate additional income.

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

Effective January 31, 2026, J.P. Leasure no longer served 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 Floating Rate Income Fund PAGE 2 TSR-AR-04045F592

------

**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

50000054315156625358259754477962577864634966375574922879349083793250000050220250824353101657845558256455837653166754069456707859173750000054861057291458990153585864682266786968481877024782305086266650000054869757415259326453684064834266922568343676818882209986147427.319.017.012.910.93.52.40.57.91.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Floating Rate Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLFDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Morningstar LSTA US 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 and distressed credits, instead emphasizing large-cap issuers and the performing segment of the loan market. The asset class ended the most recent quarter with an effective yield above 8%, which we view as an attractive level. We believe loans should continue to provide stability amid a volatile interest rate environment.

• While the market experienced sector specific weakness in the first quarter of 2026, the Fund benefited from largely supportive corporate fundamentals, technicals and an attractive asset class relative value trade.

• 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](ts7052img003.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)**  | 5.64 | 5.97 | 5.25 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Morningstar LSTA US Leveraged Loan TR USD**  | 4.81 | 5.93 | 5.61 |
| **S&P UBS Leverage Loan Index**  | 4.79 | 5.85 | 5.59 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3489671006 |
| **Number of Holdings** | 161 |
| **Net Advisory Fee** | $21262845 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 3.9% |
|  CoreLogic, Inc.  | 3.6% |
|  CRC Insurance Group LLC  | 3.6% |
|  Proofpoint, Inc.  | 3.5% |
|  TransDigm, Inc.  | 3.2% |
|  RealPage, Inc.  | 3.0% |
|  Gainwell Acquisition Corp.  | 2.7% |
|  Ellucian Holdings, Inc.  | 2.6% |
|  Allied Universal Holdco LLC  | 2.6% |
|  TK Elevator US Newco, Inc.  | 2.2% |

---

**Sector Breakdown (%)**

![image](ts7052img004.jpg)

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

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

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

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

The Fund's Principal Investment Strategies were updated to remove the statement that a significant portion of the floating rate loans held by the Fund may be "covenant-lite" loans, and to add that the Fund may lend its portfolio securities to generate additional income.

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

Effective January 31, 2026, J.P. Leasure no longer served 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 Floating Rate Income Fund PAGE 2 TSR-AR-04045F584

------

**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

100001085611311116311087312479128841322814916157851667510000100441016510620115691165111168106331081411342118351000010972114581179810717129361335713696154051646117253100001097411483118651073712967133841366915364164421722927.319.017.012.910.93.52.40.57.91.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Growth Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARAGX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $104 | 0.95% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance 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 industrials and healthcare contributed the most to relative performance. Conversely, security selection in consumer discretionary and financials detracted.

• Guardant Health, KLA Corporation and Quanta Services were the largest contributors over the period. Meanwhile, Visa, Hubspot and Bio-Techne Corporation were the top detractors from relative performance for the year.

• From a sector allocation standpoint, an underweight to financials and an overweight to healthcare contributed to relative performance. Conversely, an overweight to materials and underweight 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](ts7054img003.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)**  | 19.94 | 16.92 |
| **Class A (with sales charge)**  | 14.83 | 14.79 |
| **S&P 500 TR**  | 17.80 | 18.26 |
| **Russell 1000 Growth Total Return**  | 18.81 | 18.61 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $219493897 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $1172585 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.7% |
|  Microsoft Corp.  | 9.4% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.3% |
|  Alphabet, Inc.  | 6.4% |
|  Broadcom, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 3.8% |
|  Visa, Inc.  | 3.5% |
|  KLA Corp.  | 2.4% |
|  Quanta Services, Inc.  | 2.1% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7054img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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 Growth Equity Fund PAGE 2 TSR-AR-04045F295

------

**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 3 TSR-AR-04045F295

9579109271150813802100001160512563147991000011639125421490249.112.811.89.47.04.63.40.51.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Growth Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARIGX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance 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 industrials and healthcare contributed the most to relative performance. Conversely, security selection in consumer discretionary and financials detracted.

• Guardant Health, KLA Corporation and Quanta Services were the largest contributors over the period. Meanwhile, Visa, Hubspot and Bio-Techne Corporation were the top detractors from relative performance for the year.

• From a sector allocation standpoint, an underweight to financials and an overweight to healthcare contributed to relative performance. Conversely, an overweight to materials and underweight in information technology 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.

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

![image](ts7056img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 20.31 | 9.46 | 14.95 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Russell 1000 Growth Total Return**  | 18.81 | 12.76 | 16.83 |

---

Aristotle Growth Equity Fund PAGE 1 TSR-AR-04045F428

------

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $219493897 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $1172585 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.7% |
|  Microsoft Corp.  | 9.4% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.3% |
|  Alphabet, Inc.  | 6.4% |
|  Broadcom, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 3.8% |
|  Visa, Inc.  | 3.5% |
|  KLA Corp.  | 2.4% |
|  Quanta Services, Inc.  | 2.1% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7056img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000057125171935682716685232712820671382523120139915923991674387201445050000058586166783473125568022810635481229949113489314740121595643187972350000057878470179579126179847212994631494085133120818503331993977236909149.112.811.89.47.04.63.40.51.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Growth Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIGGX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $77 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund outperformed its performance benchmark, the Russell 1000 Growth Index. The Fund invests at least 80% of its assets in equity securities.

• The outperformance 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 industrials and healthcare contributed the most to relative performance. Conversely, security selection in consumer discretionary and financials detracted.

• Guardant Health, KLA Corporation and Quanta Services were the largest contributors over the period. Meanwhile, Visa, Hubspot and Bio-Techne Corporation were the top detractors from relative performance for the year.

• From a sector allocation standpoint, an underweight to financials and an overweight to healthcare contributed to relative performance. Conversely, an overweight to materials and underweight 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](ts7055img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class I-2 (without sales charge)**  | 20.30 | 15.80 |
| **S&P 500 TR**  | 17.80 | 16.87 |
| **Russell 1000 Growth Total Return**  | 18.81 | 17.10 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $219493897 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $1172585 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.7% |
|  Microsoft Corp.  | 9.4% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.3% |
|  Alphabet, Inc.  | 6.4% |
|  Broadcom, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 3.8% |
|  Visa, Inc.  | 3.5% |
|  KLA Corp.  | 2.4% |
|  Quanta Services, Inc.  | 2.1% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7055img004.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, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000109181148813821100001105911971141031000011064119221416549.112.811.89.47.04.63.40.51.00.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle High Yield Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLAHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, 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.

• The Fund's underperformance is, in part, attributable to a lack of exposure to lower-quality distressed credits that benefited during portions of the period. The Fund did benefit from a supportive rate environment as well as generally compressed credit spreads.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited from BB and single B rated credit exposures over the period. By asset class, high yield bonds and floating rate loans were most beneficial to performance.

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

• While the Fund duration tactically adjusted over the last 12 months, the point-to-point duration ended only slightly lower. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced a portion of our high yield bond exposure while increasing a limited exposure to investment grade bond and asset backed 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](ts7057img003.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)**  | 6.28 | 3.57 | 5.44 |
| **Class A (with sales charge)**  | 1.76 | 2.67 | 4.98 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.01 | 4.22 | 6.12 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $109996477 |
| **Number of Holdings** | 217 |
| **Net Advisory Fee** | $499726 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  TransDigm, Inc.  | 2.7% |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.8% |
|  NCL Corp. Ltd.  | 1.7% |
|  Energy Transfer LP  | 1.5% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Sunoco LP  | 1.5% |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7057img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F576

------

**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

9702111731169212157111101382613777133521474615504164771000010044101651062011569116511116810633108141134211835100001163912079127951190814723146261413515711169201810617.215.815.810.26.25.14.94.67.312.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle High Yield Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PLCHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to March 31, 2026. 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 | $175 | 1.70% |

---

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

• For the 12-month period ended March 31, 2026, 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.

• The Fund's underperformance is, in part, attributable to a lack of exposure to lower-quality distressed credits that benefited during portions of the period. The Fund did benefit from a supportive rate environment as well as generally compressed credit spreads.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited from BB and single B rated credit exposures over the period. By asset class, high yield bonds and floating rate loans were most beneficial to performance.

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

• While the Fund duration tactically adjusted over the last 12 months, the point-to-point duration ended only slightly lower. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced a portion of our high yield bond exposure while increasing a limited exposure to investment grade bond and asset backed 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](ts7058img003.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)**  | 5.61 | 2.82 | 4.69 |
| **Class C (with sales charge)**  | 4.61 | 2.82 | 4.69 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.01 | 4.22 | 6.12 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $109996477 |
| **Number of Holdings** | 217 |
| **Net Advisory Fee** | $499726 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  TransDigm, Inc.  | 2.7% |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.8% |
|  NCL Corp. Ltd.  | 1.7% |
|  Energy Transfer LP  | 1.5% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Sunoco LP  | 1.5% |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7058img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F568

------

**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

10000114361187412272111341376313602130991435214975158151000010044101651062011569116511116810633108141134211835100001163912079127951190814723146261413515711169201810617.215.815.810.26.25.14.94.67.312.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle High Yield Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLHIX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, 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.

• The Fund's underperformance is, in part, attributable to a lack of exposure to lower-quality distressed credits that benefited during portions of the period. The Fund did benefit from a supportive rate environment as well as generally compressed credit spreads.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited from BB and single B rated credit exposures over the period. By asset class, high yield bonds and floating rate loans were most beneficial to performance.

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

• While the Fund duration tactically adjusted over the last 12 months, the point-to-point duration ended only slightly lower. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced a portion of our high yield bond exposure while increasing a limited exposure to investment grade bond and asset backed 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](ts7060img003.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)**  | 6.69 | 3.88 | 5.75 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.01 | 4.22 | 6.12 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $109996477 |
| **Number of Holdings** | 217 |
| **Net Advisory Fee** | $499726 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  TransDigm, Inc.  | 2.7% |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.8% |
|  NCL Corp. Ltd.  | 1.7% |
|  Energy Transfer LP  | 1.5% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Sunoco LP  | 1.5% |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7060img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000057759560619463207957926772269972127170026177573981951287434550000050220250824353101657845558256455837653166754069456707859173750000058192960393463975159537573617173128370675278556784598790529017.215.815.810.26.25.14.94.67.312.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle High Yield Bond Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLHYX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, 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.

• The Fund's underperformance is, in part, attributable to a lack of exposure to lower-quality distressed credits that benefited during portions of the period. The Fund did benefit from a supportive rate environment as well as generally compressed credit spreads.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited from BB and single B rated credit exposures over the period. By asset class, high yield bonds and floating rate loans were most beneficial to performance.

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

• While the Fund duration tactically adjusted over the last 12 months, the point-to-point duration ended only slightly lower. The Fund benefited from an elevated yield environment over the period.

• On a year-over-year basis, we reduced a portion of our high yield bond exposure while increasing a limited exposure to investment grade bond and asset backed 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](ts7059img003.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)**  | 6.58 | 3.86 | 5.74 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg US High Yield 2% Issuer Capped Bond Total** **Return Index**  | 7.01 | 4.22 | 6.12 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $109996477 |
| **Number of Holdings** | 217 |
| **Net Advisory Fee** | $499726 |
| **Portfolio Turnover Rate** | 72% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  TransDigm, Inc.  | 2.7% |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.8% |
|  NCL Corp. Ltd.  | 1.7% |
|  Energy Transfer LP  | 1.5% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.5% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Sunoco LP  | 1.5% |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7059img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000115581212512638115801445814442140331553016391174691000010044101651062011569116511116810633108141134211835100001163912079127951190814723146261413515711169201810617.215.815.810.26.25.14.94.67.312.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle International Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARAFX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $111 | 1.04% |

---

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

• For the 12-month period ended March 31, 2026, the Fund underperformed its primary and secondary performance benchmarks, the MSCI EAFE Index (net), and the MSCI ACWI ex USA Index (net), respectively. 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 underperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from both security and sector allocation.

• Security selection in the industrials and information technology sectors detracted the most from relative performance. On the other hand, security selection in the energy and financials sectors contributed the most. MonotaRO, Nemetschek and Accenture detracted most from relative returns. Meanwhile, Cameco, Samsung Electronics and Credicorp were the top contributors to relative performance for the year.

• Certain large benchmark constituents not owned by the Fund, notably ASML, benefited from strong demand for advanced semiconductor equipment driven by continued investment in artificial intelligence infrastructure. As a key supplier to leading-edge chip manufacturers, ASML's performance reflected its critical role in the semiconductor value chain, and the Fund's lack of exposure to the company represented a headwind to relative results.

• From a sector allocation standpoint, an overweight position in the consumer discretionary sector and a lack of exposure to the utilities sector detracted from relative performance. An overweight exposure to the energy sector and a lack of exposure to the communication services sector added value.

• Regionally, security selection in Developed Europe & Middle East detracted most from relative return, while security selection in Emerging Markets contributed. An underweight allocation to Developed Asia detracted from relative performance but was offset by the Fund's exposure to Canada.

**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](ts7061img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/28/2023)** |
| **Class A (without sales charge)**  | 13.86 | 10.02 |
| **Class A (with sales charge)**  | 9.05 | 7.94 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 24.91 | 15.55 |
| **MSCI EAFE Net (USD)**  | 21.27 | 13.93 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $577399742 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $3412164 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cameco Corp.  | 4.9% |
|  Credicorp Ltd.  | 4.5% |
|  Brookfield Corp.  | 4.2% |
|  Safran SA  | 4.1% |
|  Erste Group Bank AG  | 4.0% |
|  DBS Group Holdings Ltd.  | 3.9% |
|  Samsung Electronics Co. Ltd.  | 3.7% |
|  Roche Holding AG  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.4% |
|  Sony Group Corp.  | 3.2% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7061img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 16.7% |
|  United Kingdom  | 12.2% |
|  France  | 10.5% |
|  Canada  | 9.0% |
|  Switzerland  | 6.4% |
|  Germany  | 6.2% |
|  Hong Kong  | 4.7% |
|  Peru  | 4.5% |
|  Cash  | 1.9% |
|  Other  | 27.9% |

---

\* 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 Fund's Principal Risks:**

In the Fund's Principal Risks, Large-Capitalization Companies Risk, Small-Capitalization Companies Risk, Mid-Capitalization Companies Risk, ETF Risk, Liquidity Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

957999041043611883100001045711094138581000010555110701342421.419.915.112.710.07.77.63.21.90.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle International Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARIFX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.79% |

---

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

• For the 12-month period ended March 31, 2026, the Fund underperformed its primary and secondary performance benchmarks, the MSCI EAFE Index (net), and the MSCI ACWI ex USA Index (net), respectively. 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 underperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from both security and sector allocation.

• Security selection in the industrials and information technology sectors detracted the most from relative performance. On the other hand, security selection in the energy and financials sectors contributed the most. MonotaRO, Nemetschek and Accenture detracted most from relative returns. Meanwhile, Cameco, Samsung Electronics and Credicorp were the top contributors to relative performance for the year.

• Certain large benchmark constituents not owned by the Fund, notably ASML, benefited from strong demand for advanced semiconductor equipment driven by continued investment in artificial intelligence infrastructure. As a key supplier to leading-edge chip manufacturers, ASML's performance reflected its critical role in the semiconductor value chain, and the Fund's lack of exposure to the company represented a headwind to relative results.

• From a sector allocation standpoint, an overweight position in the consumer discretionary sector and a lack of exposure to the utilities sector detracted from relative performance. An overweight exposure to the energy sector and a lack of exposure to the communication services sector added value.

• Regionally, security selection in Developed Europe & Middle East detracted most from relative return, while security selection in Emerging Markets contributed. An underweight allocation to Developed Asia detracted from relative performance but was offset by the Fund's exposure to Canada.

**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](ts7063img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class I (without sales charge)**  | 14.13 | 15.58 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 24.91 | 20.37 |
| **MSCI EAFE Net (USD)**  | 21.27 | 19.27 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $577399742 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $3412164 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cameco Corp.  | 4.9% |
|  Credicorp Ltd.  | 4.5% |
|  Brookfield Corp.  | 4.2% |
|  Safran SA  | 4.1% |
|  Erste Group Bank AG  | 4.0% |
|  DBS Group Holdings Ltd.  | 3.9% |
|  Samsung Electronics Co. Ltd.  | 3.7% |
|  Roche Holding AG  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.4% |
|  Sony Group Corp.  | 3.2% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7063img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 16.7% |
|  United Kingdom  | 12.2% |
|  France  | 10.5% |
|  Canada  | 9.0% |
|  Switzerland  | 6.4% |
|  Germany  | 6.2% |
|  Hong Kong  | 4.7% |
|  Peru  | 4.5% |
|  Cash  | 1.9% |
|  Other  | 27.9% |

---

\* 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, Large-Capitalization Companies Risk, Small-Capitalization Companies Risk, Mid-Capitalization Companies Risk, ETF Risk, Liquidity Risk and Securities Lending Risk were added.

Aristotle International Equity Fund PAGE 2 TSR-AR-04045F410

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

50000059071662432171252250000059384462998578694550000060499363452876948521.419.915.112.710.07.77.63.21.90.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle International Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIFFX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $85 | 0.79% |

---

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

• For the 12-month period ended March 31, 2026, the Fund underperformed its primary and secondary performance benchmarks, the MSCI EAFE Index (net), and the MSCI ACWI ex USA Index (net), respectively. 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 underperformance of the Fund relative to the MSCI EAFE Index (net) over the 1-year period came from both security and sector allocation.

• Security selection in the industrials and information technology sectors detracted the most from relative performance. On the other hand, security selection in the energy and financials sectors contributed the most. MonotaRO, Nemetschek and Accenture detracted most from relative returns. Meanwhile, Cameco, Samsung Electronics and Credicorp were the top contributors to relative performance for the year.

• Certain large benchmark constituents not owned by the Fund, notably ASML, benefited from strong demand for advanced semiconductor equipment driven by continued investment in artificial intelligence infrastructure. As a key supplier to leading-edge chip manufacturers, ASML's performance reflected its critical role in the semiconductor value chain, and the Fund's lack of exposure to the company represented a headwind to relative results.

• From a sector allocation standpoint, an overweight position in the consumer discretionary sector and a lack of exposure to the utilities sector detracted from relative performance. An overweight exposure to the energy sector and a lack of exposure to the communication services sector added value.

• Regionally, security selection in Developed Europe & Middle East detracted most from relative return, while security selection in Emerging Markets contributed. An underweight allocation to Developed Asia detracted from relative performance but was offset by the Fund's exposure to Canada.

**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](ts7062img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 14.15 | 5.52 | 7.44 |
| **MSCI AC WORLD INDEX ex USA Net (USD)**  | 24.91 | 7.02 | 8.38 |
| **MSCI EAFE Net (USD)**  | 21.27 | 7.91 | 8.38 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $577399742 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $3412164 |
| **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cameco Corp.  | 4.9% |
|  Credicorp Ltd.  | 4.5% |
|  Brookfield Corp.  | 4.2% |
|  Safran SA  | 4.1% |
|  Erste Group Bank AG  | 4.0% |
|  DBS Group Holdings Ltd.  | 3.9% |
|  Samsung Electronics Co. Ltd.  | 3.7% |
|  Roche Holding AG  | 3.5% |
|  Pan Pacific International Holdings Corp.  | 3.4% |
|  Sony Group Corp.  | 3.2% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7062img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 16.7% |
|  United Kingdom  | 12.2% |
|  France  | 10.5% |
|  Canada  | 9.0% |
|  Switzerland  | 6.4% |
|  Germany  | 6.2% |
|  Hong Kong  | 4.7% |
|  Peru  | 4.5% |
|  Cash  | 1.9% |
|  Other  | 27.9% |

---

\* 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, Large-Capitalization Companies Risk, Small-Capitalization Companies Risk, Mid-Capitalization Companies Risk, ETF Risk, Liquidity Risk and Securities Lending Risk were added.

Aristotle International Equity Fund PAGE 2 TSR-AR-04045F360

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may invest in exchange traded funds and may lend its portfolio securities to generate additional income.

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

10000108291260312272104251567215711149061699817957204981000011313131831262810661159291569314897168721789922358100001116712820123441056915279154571524417579184372235921.419.915.112.710.07.77.63.21.90.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Pacific EXclusive Fund Series H**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | APXHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Pacific EXclusive Fund Series H for the period of June 23, 2025, to March 31, 2026. 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.

**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** **\*\*** |
| Aristotle Pacific EXclusive Fund Series H | $2 | 0.03% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized. If bank loan transaction costs had been excuded, the expense ratio would have been lowered by 0.03%.

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

• Since its inception on June 23, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund primarily invests 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.

• The Fund's underperformance is, in part, attributable to a lack of exposure to lower-quality distressed credits that benefited during portions of the period. The Fund did benefit from a supportive rate environment as well as generally compressed credit spreads.

**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](ts7065img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/23/2025)** |
| **Aristotle Pacific EXclusive Fund Series H (without sales charge)**  | 2.66 |
| **Bloomberg US Aggregate Bond Index**  | 3.93 |

---

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.*

Aristotle Pacific EXclusive Fund Series H PAGE 1 TSR-AR-04045F246

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $5252115 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Banco Mercantil del Norte SA/Grand Cayman  | 3.8% |
|  TK Elevator US Newco, Inc.  | 3.8% |
|  Colossus Acquireco LLC  | 3.8% |
|  USI, Inc.  | 3.8% |
|  Indicor LLC  | 3.8% |
|  CoreLogic, Inc.  | 3.6% |
|  TransDigm, Inc.  | 3.4% |
|  Burford Capital Global Finance LLC  | 3.2% |
|  Avolon TLB Borrower 1 US LLC  | 2.8% |
|  Quikrete Holdings, Inc.  | 2.8% |

---

**Sector Breakdown (%)**

![image](ts7065img004.jpg)

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

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 Pacific EXclusive Fund Series H PAGE 2 TSR-AR-04045F246

1000010266100001039335.819.518.18.67.62.81.90.95.60.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Pacific EXclusive Fund Series I**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | APXIX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Pacific EXclusive Fund Series I for the period of June 23, 2025, to March 31, 2026. 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.

**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** **\*\*** |
| Aristotle Pacific EXclusive Fund Series I | $0 | 0.00% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on June 23, 2025, the Fund underperformed 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, debt securities issued by states or local governments and their agencies, authorities and other instrumentalities, U.S. dollar-denominated debt securities issued by developed foreign governments and corporations and floating and variable rate debt instruments; structured notes, including hybrid or "indexed" securities and event-linked bonds; delayed funding loans and revolving credit facilities; bank certificates of deposit; fixed time deposits and bankers' acceptances; repurchase agreements and reverse repurchase agreements.

• Investment grade bonds were not immune to the risk-off environment and generated largely negative returns recently, with performance favoring short maturities and higher-rated bonds within the universe.

**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](ts7064img003.jpg)

Aristotle Pacific EXclusive Fund Series I PAGE 1 TSR-AR-04045F238

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/23/2025)** |
| **Aristotle Pacific EXclusive Fund Series I (without sales charge)**  | 3.81 |
| **Bloomberg US Aggregate Bond Index**  | 3.93 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3551644 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover Rate** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Elmwood CLO Ltd.  | 7.0% |
|  BRAVO Residential Funding Trust, Series 2024-NQM3  | 4.4% |
|  Angel Oak Mortgage Trust LLC, Series 2025-7  | 3.8% |
|  Upstart Securitization Trust  | 3.7% |
|  BRAVO Residential Funding Trust, Series 2025-NQM6  | 3.3% |
|  Angel Oak Mortgage Trust LLC, Series 2025-4  | 3.2% |
|  Northwestern Mutual Life Insurance Co.  | 2.9% |
|  JPMorgan Chase & Co.  | 2.9% |
|  Bank of America Corp.  | 2.9% |
|  ROCK Trust 2024-CNTR  | 2.9% |

---

**Sector Breakdown (%)**

![image](ts7064img004.jpg)

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

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 Pacific EXclusive Fund Series I PAGE 2 TSR-AR-04045F238

1000010381100001039340.134.79.37.02.91.41.40.91.80.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| POEAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | $76 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. short-term bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7066img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 18.27 | 6.58 | 9.75 |
| **Class A (with sales charge)**  | 11.74 | 5.38 | 9.13 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 18.16 | 10.50 | 12.11 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $272119049 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $553358 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 10.0% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell 2000 Value ETF  | 8.9% |
|  iShares Russell Mid-Cap Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 6.0% |
|  iShares Core MSCI Emerging Markets ETF  | 3.6% |
|  Aristotle High Yield Bond Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts7066img004.jpg)

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

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F840

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Debt Securities Risk, Liquidiy Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk, Healthcare Sector Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F840

94471087012193126061088417420179081620119356202582395910000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001149313052138071268619041210911986224726265443136547.444.06.91.512.10.212.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| POCEX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | $158 | 1.45% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. short-term bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7067img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 17.32 | 5.78 | 8.94 |
| **Class C (with sales charge)**  | 16.32 | 5.78 | 8.94 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 18.16 | 10.50 | 12.11 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $272119049 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $553358 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 10.0% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell 2000 Value ETF  | 8.9% |
|  iShares Russell Mid-Cap Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 6.0% |
|  iShares Core MSCI Emerging Markets ETF  | 3.6% |
|  Aristotle High Yield Bond Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts7067img004.jpg)

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

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F832

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Debt Securities Risk, Liquidiy Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk, Healthcare Sector Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F832

100001141812718130451118617766181291628719308200582353310000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001149313052138071268619041210911986224726265443136547.444.06.91.512.10.212.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Aggressive** **Growth Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| POEDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.45% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. short-term bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7068img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 18.60 | 6.85 | 10.03 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Aggressive Growth** **Composite Benchmark**  | 18.16 | 10.50 | 12.11 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $272119049 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $553358 |
| **Portfolio Turnover Rate** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 10.0% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell 2000 Value ETF  | 8.9% |
|  iShares Russell Mid-Cap Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 6.0% |
|  iShares Core MSCI Emerging Markets ETF  | 3.6% |
|  Aristotle High Yield Bond Fund  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts7068img004.jpg)

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

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 2 TSR-AR-04045F824

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Debt Securities Risk, Liquidiy Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk, Healthcare Sector Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Aggressive Growth Fund PAGE 3 TSR-AR-04045F824

100001153212972134361164418670192331745420917219242600110000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001149313052138071268619041210911986224726265443136547.444.06.91.512.10.212.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| POAAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $73 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to U.S. large-cap growth and U.S. mid-cap growth equity, while detractors came from the underweight to U.S. small-cap growth and international large-cap growth equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth equity and U.S. core bond, while top detractors came from international large-cap value equity and U.S. high yield bond.

---

| | |
|:---|:---|
| 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](ts7069img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 7.92 | 2.24 | 4.09 |
| **Class A (with sales charge)**  | 1.94 | 1.09 | 3.50 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 7.42 | 2.96 | 4.28 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $117932894 |
| **Number of Holdings** | 20 |
| **Net Advisory Fee** | $248416 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 32.9% |
|  Aristotle Core Income Fund  | 14.1% |
|  Aristotle High Yield Bond Fund  | 10.4% |
|  Aristotle Short Duration Income Fund  | 9.0% |
|  Aristotle Core Equity Fund  | 6.3% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  Aristotle Growth Equity Fund  | 3.4% |
|  iShares Russell 1000 Value ETF  | 3.3% |
|  iShares TIPS Bond ETF  | 2.5% |
|  iShares Russell Mid-Cap Value ETF  | 2.0% |

---

**Security Type Breakdown (%)**

![image](ts7069img004.jpg)

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

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F105

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Warrants and Rights Risk, Information Technology Sector Risk, Industry Concentration Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F105

94491007210536107341052412625123561152612450130691410410000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001037210786113191185213134130901251813405141491519968.313.410.77.57.30.27.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| POACX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $150 | 1.45% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to U.S. large-cap growth and U.S. mid-cap growth equity, while detractors came from the underweight to U.S. small-cap growth and international large-cap growth equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth equity and U.S. core bond, while top detractors came from international large-cap value equity and U.S. high yield bond.

---

| | |
|:---|:---|
| 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](ts7070img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 7.12 | 1.47 | 3.30 |
| **Class C (with sales charge)**  | 6.12 | 1.47 | 3.30 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 7.42 | 2.96 | 4.28 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $117932894 |
| **Number of Holdings** | 20 |
| **Net Advisory Fee** | $248416 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 32.9% |
|  Aristotle Core Income Fund  | 14.1% |
|  Aristotle High Yield Bond Fund  | 10.4% |
|  Aristotle Short Duration Income Fund  | 9.0% |
|  Aristotle Core Equity Fund  | 6.3% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  Aristotle Growth Equity Fund  | 3.4% |
|  iShares Russell 1000 Value ETF  | 3.3% |
|  iShares TIPS Bond ETF  | 2.5% |
|  iShares Russell Mid-Cap Value ETF  | 2.0% |

---

**Security Type Breakdown (%)**

![image](ts7070img004.jpg)

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

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F204

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Warrants and Rights Risk, Information Technology Sector Risk, Industry Concentration Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F204

100001057910989111131081112861124941157812403129171383710000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001037210786113191185213134130901251813405141491519968.313.410.77.57.30.27.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLCDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $47 | 0.45% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to U.S. large-cap growth and U.S. mid-cap growth equity, while detractors came from the underweight to U.S. small-cap growth and international large-cap growth equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth equity and U.S. core bond, while top detractors came from international large-cap value equity and U.S. high yield bond.

---

| | |
|:---|:---|
| 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](ts7071img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 8.05 | 2.48 | 4.34 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Conservative** **Composite Benchmark**  | 7.42 | 2.96 | 4.28 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $117932894 |
| **Number of Holdings** | 20 |
| **Net Advisory Fee** | $248416 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 32.9% |
|  Aristotle Core Income Fund  | 14.1% |
|  Aristotle High Yield Bond Fund  | 10.4% |
|  Aristotle Short Duration Income Fund  | 9.0% |
|  Aristotle Core Equity Fund  | 6.3% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  Aristotle Growth Equity Fund  | 3.4% |
|  iShares Russell 1000 Value ETF  | 3.3% |
|  iShares TIPS Bond ETF  | 2.5% |
|  iShares Russell Mid-Cap Value ETF  | 2.0% |

---

**Security Type Breakdown (%)**

![image](ts7071img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

Aristotle Portfolio Optimization Conservative Fund PAGE 2 TSR-AR-04045F303

------

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Warrants and Rights Risk, Information Technology Sector Risk, Industry Concentration Risk and Securities Lending Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Conservative Fund PAGE 3 TSR-AR-04045F303

100001068911201114531126013532132821241913454141541529310000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001037210786113191185213134130901251813405141491519968.313.410.77.57.30.27.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PODAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | $75 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. high yield bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7072img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 15.52 | 5.64 | 8.44 |
| **Class A (with sales charge)**  | 9.16 | 4.46 | 7.83 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 15.40 | 8.67 | 10.31 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $615972448 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1271874 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  Aristotle Growth Equity Fund  | 12.9% |
|  iShares Russell 1000 Value ETF  | 11.3% |
|  Aristotle Core Bond Fund  | 7.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle International Equity Fund  | 5.0% |
|  iShares Russell Mid-Cap Growth ETF  | 5.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |

---

**Security Type Breakdown (%)**

![image](ts7072img004.jpg)

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

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F873

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk and Geographic Risk Related to Europe were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F873

94501068611765121091074816150165091503417561183932124910000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001121812470132151260117605190441797621608231182667941.337.119.91.512.60.212.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PODCX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | $156 | 1.45% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. high yield bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7073img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 14.65 | 4.86 | 7.64 |
| **Class C (with sales charge)**  | 13.65 | 4.86 | 7.64 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 15.40 | 8.67 | 10.31 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $615972448 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1271874 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  Aristotle Growth Equity Fund  | 12.9% |
|  iShares Russell 1000 Value ETF  | 11.3% |
|  Aristotle Core Bond Fund  | 7.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle International Equity Fund  | 5.0% |
|  iShares Russell Mid-Cap Growth ETF  | 5.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |

---

**Security Type Breakdown (%)**

![image](ts7073img004.jpg)

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

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F865

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk and Geographic Risk Related to Europe were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F865

100001123312276125371105616473167231511317518182152088310000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001121812470132151260117605190441797621608231182667941.337.119.91.512.60.212.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Growth** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PMADX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.45% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity and slightly underweight to international equity and fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while top detractors came from the underweight to U.S. small-cap growth equity and overweight to U.S. high yield bond.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7074img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 15.85 | 5.91 | 8.71 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Growth Composite** **Benchmark**  | 15.40 | 8.67 | 10.31 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $615972448 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1271874 |
| **Portfolio Turnover Rate** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  Aristotle Growth Equity Fund  | 12.9% |
|  iShares Russell 1000 Value ETF  | 11.3% |
|  Aristotle Core Bond Fund  | 7.9% |
|  iShares Russell 2000 Value ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle International Equity Fund  | 5.0% |
|  iShares Russell Mid-Cap Growth ETF  | 5.0% |
|  Aristotle Short Duration Income Fund  | 5.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |

---

**Security Type Breakdown (%)**

![image](ts7074img004.jpg)

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

Aristotle Portfolio Optimization Growth Fund PAGE 2 TSR-AR-04045F857

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk and Geographic Risk Related to Europe were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Growth Fund PAGE 3 TSR-AR-04045F857

100001133412515129051148917304177281618318959199022305710000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001121812470132151260117605190441797621608231182667941.337.119.91.512.60.212.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| POBAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $74 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value and international blend equity, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7078img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 10.13 | 3.20 | 5.38 |
| **Class A (with sales charge)**  | 4.08 | 2.04 | 4.79 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 10.02 | 4.84 | 6.26 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $178691535 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $376045 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 25.1% |
|  Aristotle Core Equity Fund  | 13.3% |
|  Aristotle Core Income Fund  | 10.8% |
|  Aristotle High Yield Bond Fund  | 8.4% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell 1000 Value ETF  | 6.8% |
|  Aristotle Growth Equity Fund  | 5.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.0% |
|  iShares Russell Mid-Cap Value ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts7078img004.jpg)

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

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F402

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Preferred Stock Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Growth Companies Risk and Geographic Focus Risk were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F402

94521025510907111151056613636135221249613818144941596310000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001064111314119121210714486148311414215728166761834752.823.219.44.56.30.16.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| POBCX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $152 | 1.45% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value and international blend equity, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7079img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 9.36 | 2.43 | 4.60 |
| **Class C (with sales charge)**  | 8.36 | 2.43 | 4.60 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 10.02 | 4.84 | 6.26 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $178691535 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $376045 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 25.1% |
|  Aristotle Core Equity Fund  | 13.3% |
|  Aristotle Core Income Fund  | 10.8% |
|  Aristotle High Yield Bond Fund  | 8.4% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell 1000 Value ETF  | 6.8% |
|  Aristotle Growth Equity Fund  | 5.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.0% |
|  iShares Russell Mid-Cap Value ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts7079img004.jpg)

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

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F501

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Preferred Stock Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Growth Companies Risk and Geographic Focus Risk were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F501

100001077411376115021085513901136871254113767143341567610000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001064111314119121210714486148311414215728166761834752.823.219.44.56.30.16.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Conservative Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PMCDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to March 31, 2026. 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 | $47 | 0.45% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value and international blend equity, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7080img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 10.54 | 3.47 | 5.65 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Conservative** **Composite Benchmark**  | 10.02 | 4.84 | 6.26 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $178691535 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $376045 |
| **Portfolio Turnover Rate** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Bond Fund  | 25.1% |
|  Aristotle Core Equity Fund  | 13.3% |
|  Aristotle Core Income Fund  | 10.8% |
|  Aristotle High Yield Bond Fund  | 8.4% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell 1000 Value ETF  | 6.8% |
|  Aristotle Growth Equity Fund  | 5.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.0% |
|  iShares Russell Mid-Cap Value ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts7080img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 2 TSR-AR-04045F600

------

In the Fund's Principal Risks from Holdings in Underlying Funds, Small-Capitalization Companies Risk, Preferred Stock Risk, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Growth Companies Risk and Geographic Focus Risk were removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Conservative Fund PAGE 3 TSR-AR-04045F600

100001087811598118421128814611145171344914909156771733010000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001064111314119121210714486148311414215728166761834752.823.219.44.56.30.16.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| POCAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to March 31, 2026. 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 | $74 | 0.70% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7075img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 12.64 | 4.47 | 7.10 |
| **Class A (with sales charge)**  | 6.47 | 3.29 | 6.49 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 12.92 | 6.90 | 8.45 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $640959509 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1351444 |
| **Portfolio Turnover Rate** | 47% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Bond Fund  | 17.0% |
|  Aristotle Growth Equity Fund  | 13.2% |
|  iShares Russell 1000 Value ETF  | 9.2% |
|  Aristotle Core Income Fund  | 7.5% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell Mid-Cap Value ETF  | 4.0% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts7075img004.jpg)

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

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F709

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F709

94471048111357116401079715073152121389315903166521875710000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001095011927126051238716125170061613218710199362251235.834.927.22.07.00.17.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| POMCX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to March 31, 2026. 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 | 1.45% |

---

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

• For the 12-month period ended March 31, 2026, 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7076img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 11.80 | 3.70 | 6.31 |
| **Class C (with sales charge)**  | 10.80 | 3.70 | 6.31 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 12.92 | 6.90 | 8.45 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $640959509 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1351444 |
| **Portfolio Turnover Rate** | 47% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Bond Fund  | 17.0% |
|  Aristotle Growth Equity Fund  | 13.2% |
|  iShares Russell 1000 Value ETF  | 9.2% |
|  Aristotle Core Income Fund  | 7.5% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell Mid-Cap Value ETF  | 4.0% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts7076img004.jpg)

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

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F808

------

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

In the Fund's Principal Risks, Securities Lending Risk was added.

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F808

100001101911843120531109315370153911396915861164851843110000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001095011927126051238716125170061613218710199362251235.834.927.22.07.00.17.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Portfolio Optimization Moderate** **Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| POMDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to March 31, 2026. 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 | $48 | 0.45% |

---

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

• For the 12-month period ended March 31, 2026, the Fund marginally outperformed 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, 2026, both equity and fixed income markets ended in positive territory.

• Equities delivered double-digit positive returns despite sharp pullbacks in April 2025 amidst tariff worries, and in March 2026 due to the Iran war and energy price shock.

• Both developed and emerging market international equities outperformed the U.S. over the period.

• Fixed income had a strong 2025 but gave back some of the gains as interest rates rose in March 2026. Credit spreads remained near historically tight levels.

• The Fund was positioned to be overweight U.S. equity, slightly overweight to international equity, and slightly underweight to fixed income.

• Top contributors from asset allocation came from an overweight to international large-cap value equity and an underweight to U.S. core bond, while detractors came from the underweight to U.S. small-cap growth and emerging market equity.

• Top contributors within manager research came from an outperformance by U.S. large-cap growth and U.S. large-cap value equity, while top detractors came from international large-cap value and growth equity.

---

| | |
|:---|:---|
| 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](ts7077img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 12.94 | 4.75 | 7.37 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Aristotle Portfolio Optimization Moderate Composite** **Benchmark**  | 12.92 | 6.90 | 8.45 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $640959509 |
| **Number of Holdings** | 21 |
| **Net Advisory Fee** | $1351444 |
| **Portfolio Turnover Rate** | 47% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Bond Fund  | 17.0% |
|  Aristotle Growth Equity Fund  | 13.2% |
|  iShares Russell 1000 Value ETF  | 9.2% |
|  Aristotle Core Income Fund  | 7.5% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  iShares Russell Mid-Cap Value ETF  | 4.0% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.0% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts7077img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

Aristotle Portfolio Optimization Moderate Fund PAGE 2 TSR-AR-04045F881

------

In the Fund's Principal Risks from Holdings in Underlying Funds, Financial Sector Risk, Industrials Sector Risk, Industry Concentration Risk and Securities Lending Risk were added and Geographic Focus Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

Effective July 29, 2025, Howard T. Hirakawa was no longer 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 Portfolio Optimization Moderate Fund PAGE 3 TSR-AR-04045F881

100001113012081124121153516147163361496617163180342036810000117171335714625136052127124599226982948031913375941000010044101651062011569116511116810633108141134211835100001095011927126051238716125170061613218710199362251235.834.927.22.07.00.17.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Short Duration Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLADX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | $76 | 0.75% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund's duration was marginally increased over the year seeking to capture additional yield compensation. On a year-over-year basis, we increased shorter duration investment grade rated corporate bond and asset backed exposures while reducing floating rate loan and government 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](ts7082img003.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)**  | 3.98 | 2.78 | 2.71 |
| **Class A (with sales charge)**  | 0.83 | 2.15 | 2.39 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg 1-3 Year US Government/Credit**  | 3.96 | 2.04 | 2.02 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $999441552 |
| **Number of Holdings** | 320 |
| **Net Advisory Fee** | $2461294 |
| **Portfolio Turnover Rate** | 86% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 10.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.2% |
|  Wells Fargo & Co.  | 1.9% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.7% |
|  Santander Consumer USA Holdings, Inc.  | 1.5% |
|  Navient Student Loan Trust  | 1.1% |
|  UBS AG  | 1.1% |
|  Magnetite CLO Ltd.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7082img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk and Underlying Fund Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

969899261004310356103431104410840109211151512179126651000010044101651062011569116511116810633108141134211835100001007110095104011087111043107211075011125117491221326.015.410.77.87.16.95.85.62.612.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Short Duration Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PLCSX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | $152 | 1.50% |

---

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

• For the 12-month period ended March 31, 2026, the Fund underperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund's duration was marginally increased over the year seeking to capture additional yield compensation. On a year-over-year basis, we increased shorter duration investment grade rated corporate bond and asset backed exposures while reducing floating rate loan and government 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](ts7083img003.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)**  | 3.31 | 2.02 | 1.95 |
| **Class C (with sales charge)**  | 2.32 | 2.02 | 1.95 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg 1-3 Year US Government/Credit**  | 3.96 | 2.04 | 2.02 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $999441552 |
| **Number of Holdings** | 320 |
| **Net Advisory Fee** | $2461294 |
| **Portfolio Turnover Rate** | 86% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 10.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.2% |
|  Wells Fargo & Co.  | 1.9% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.7% |
|  Santander Consumer USA Holdings, Inc.  | 1.5% |
|  Navient Student Loan Trust  | 1.1% |
|  UBS AG  | 1.1% |
|  Magnetite CLO Ltd.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7083img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk and Underlying Fund Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000101601020310443103521097310688106881118311740121301000010044101651062011569116511116810633108141134211835100001007110095104011087111043107211075011125117491221326.015.410.77.87.16.95.85.62.612.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Short Duration Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| PLDHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of December 5, 2025, to March 31, 2026. 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 H | $13 | 0.40% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on December 5, 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.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund's duration was marginally increased over the year seeking to capture additional yield compensation. On a year-over-year basis, we increased shorter duration investment grade rated corporate bond and asset backed exposures while reducing floating rate loan and government bond exposure.

**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](ts7081img003.jpg)

Aristotle Short Duration Income Fund PAGE 1 TSR-AR-04045F196

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/05/2025)** |
| **Class H (without sales charge)**  | 0.54 |
| **Bloomberg US Aggregate Bond Index**  | 0.29 |
| **Bloomberg 1-3 Year US Government/Credit**  | 0.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $999441552 |
| **Number of Holdings** | 320 |
| **Net Advisory Fee** | $2461294 |
| **Portfolio Turnover Rate** | 86% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 10.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.2% |
|  Wells Fargo & Co.  | 1.9% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.7% |
|  Santander Consumer USA Holdings, Inc.  | 1.5% |
|  Navient Student Loan Trust  | 1.1% |
|  UBS AG  | 1.1% |
|  Magnetite CLO Ltd.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7081img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk and Underlying Fund Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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 Short Duration Income Fund PAGE 2 TSR-AR-04045F196

10000100541000010029100001007026.015.410.77.87.16.95.85.62.612.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Short Duration Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLSDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund's duration was marginally increased over the year seeking to capture additional yield compensation. On a year-over-year basis, we increased shorter duration investment grade rated corporate bond and asset backed exposures while reducing floating rate loan and government 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](ts7085img003.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)**  | 4.47 | 3.11 | 3.00 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg 1-3 Year US Government/Credit**  | 3.96 | 2.04 | 2.02 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $999441552 |
| **Number of Holdings** | 320 |
| **Net Advisory Fee** | $2461294 |
| **Portfolio Turnover Rate** | 86% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 10.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.2% |
|  Wells Fargo & Co.  | 1.9% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.7% |
|  Santander Consumer USA Holdings, Inc.  | 1.5% |
|  Navient Student Loan Trust  | 1.1% |
|  UBS AG  | 1.1% |
|  Magnetite CLO Ltd.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7085img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk and Underlying Fund Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000051278652011353816053828357680956707057309160658064332267210350000050220250824353101657845558256455837653166754069456707859173750000050355450474552003754357155213053607053747755624258742861066326.015.410.77.87.16.95.85.62.612.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Short Duration Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLDSX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg 1-3 Year US Government/Credit Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, BBB rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund's duration was marginally increased over the year seeking to capture additional yield compensation. On a year-over-year basis, we increased shorter duration investment grade rated corporate bond and asset backed exposures while reducing floating rate loan and government 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](ts7084img003.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)**  | 4.36 | 3.03 | 2.97 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |
| **Bloomberg 1-3 Year US Government/Credit**  | 3.96 | 2.04 | 2.02 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $999441552 |
| **Number of Holdings** | 320 |
| **Net Advisory Fee** | $2461294 |
| **Portfolio Turnover Rate** | 86% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 10.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Morgan Stanley  | 2.2% |
|  Wells Fargo & Co.  | 1.9% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.7% |
|  Santander Consumer USA Holdings, Inc.  | 1.5% |
|  Navient Student Loan Trust  | 1.1% |
|  UBS AG  | 1.1% |
|  Magnetite CLO Ltd.  | 1.0% |

---

**Sector Breakdown (%)**

![image](ts7084img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk and Underlying Fund Risk were added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000102611040810768107711154011344114591212012840134001000010044101651062011569116511116810633108141134211835100001007110095104011087111043107211075011125117491221326.015.410.77.87.16.95.85.62.612.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARABX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $121 | 1.15% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in communication services and utilities contributed.

• On a relative basis, Advanced Energy Industries, Dycom Industries and an out-of-benchmark position in MACOM Technology Solutions were the largest contributors. In contrast, the largest detractors were Merit Medical Systems, ACI Worldwide, and an out-of-benchmark position in Chemed.

• From a sector allocation standpoint, overweight allocations to industrials and information technology both added value, while an underweight position in energy and an overweight allocation in consumer staples 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 Cap Equity Fund PAGE 1 TSR-AR-04045F485

------

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

![image](ts7090img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class A (without sales charge)**  | 10.13 | 10.46 |
| **Class A (with sales charge)**  | 5.43 | 8.52 |
| **Russell 3000 Total Return**  | 18.09 | 20.90 |
| **Russell 2000 Total Return Index**  | 25.72 | 19.19 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $114506909 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $879160 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  AerCap Holdings NV  | 2.2% |
|  HealthEquity, Inc.  | 2.0% |
|  Huron Consulting Group, Inc.  | 2.0% |
|  Alamos Gold, Inc.  | 1.9% |
|  Littelfuse, Inc.  | 1.8% |
|  Mercury Systems, Inc.  | 1.7% |
|  ACI Worldwide, Inc.  | 1.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7090img004.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, Securities Lending Risk was added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F485

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

9575114581109112214100001256713474159111000012732122211536519.319.216.512.87.17.04.83.91.67.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| AISBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $199 | 1.90% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in communication services and utilities contributed.

• On a relative basis, Advanced Energy Industries, Dycom Industries and an out-of-benchmark position in MACOM Technology Solutions were the largest contributors. In contrast, the largest detractors were Merit Medical Systems, ACI Worldwide, and an out-of-benchmark position in Chemed.

• From a sector allocation standpoint, overweight allocations to industrials and information technology both added value, while an underweight position in energy and an overweight allocation in consumer staples 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 Cap Equity Fund PAGE 1 TSR-AR-04045F477

------

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

![image](ts7091img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class C (without sales charge)**  | 9.20 | 9.60 |
| **Class C (with sales charge)**  | 8.20 | 9.60 |
| **Russell 3000 Total Return**  | 18.09 | 20.90 |
| **Russell 2000 Total Return Index**  | 25.72 | 19.19 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $114506909 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $879160 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  AerCap Holdings NV  | 2.2% |
|  HealthEquity, Inc.  | 2.0% |
|  Huron Consulting Group, Inc.  | 2.0% |
|  Alamos Gold, Inc.  | 1.9% |
|  Littelfuse, Inc.  | 1.8% |
|  Mercury Systems, Inc.  | 1.7% |
|  ACI Worldwide, Inc.  | 1.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7091img004.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, Securities Lending Risk was added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F477

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000119161145912513100001256713474159111000012732122211536519.319.216.512.87.17.04.83.91.67.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARIBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $95 | 0.90% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in communication services and utilities contributed.

• On a relative basis, Advanced Energy Industries, Dycom Industries and an out-of-benchmark position in MACOM Technology Solutions were the largest contributors. In contrast, the largest detractors were Merit Medical Systems, ACI Worldwide, and an out-of-benchmark position in Chemed.

• From a sector allocation standpoint, overweight allocations to industrials and information technology both added value, while an underweight position in energy and an overweight allocation in consumer staples 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.

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F469

------

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

![image](ts7093img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/16/2024)** |
| **Class I (without sales charge)**  | 10.43 | 6.88 |
| **Russell 3000 Total Return**  | 18.09 | 16.47 |
| **Russell 2000 Total Return Index**  | 25.72 | 13.99 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $114506909 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $879160 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  AerCap Holdings NV  | 2.2% |
|  HealthEquity, Inc.  | 2.0% |
|  Huron Consulting Group, Inc.  | 2.0% |
|  Alamos Gold, Inc.  | 1.9% |
|  Littelfuse, Inc.  | 1.8% |
|  Mercury Systems, Inc.  | 1.7% |
|  ACI Worldwide, Inc.  | 1.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7093img004.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, Securities Lending Risk was added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F469

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F469

50000054034652432257898450000055278859269469988650000055298153082266737419.319.216.512.87.17.04.83.91.67.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIBBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $95 | 0.90% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in communication services and utilities contributed.

• On a relative basis, Advanced Energy Industries, Dycom Industries and an out-of-benchmark position in MACOM Technology Solutions were the largest contributors. In contrast, the largest detractors were Merit Medical Systems, ACI Worldwide, and an out-of-benchmark position in Chemed.

• From a sector allocation standpoint, overweight allocations to industrials and information technology both added value, while an underweight position in energy and an overweight allocation in consumer staples detracted from relative performance.

**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 Small Cap Equity Fund PAGE 1 TSR-AR-04045F337

------

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

![image](ts7092img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 10.32 | 2.48 | 7.61 |
| **Russell 3000 Total Return**  | 18.09 | 10.87 | 13.72 |
| **Russell 2000 Total Return Index**  | 25.72 | 3.77 | 9.88 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $114506909 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $879160 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  AerCap Holdings NV  | 2.2% |
|  HealthEquity, Inc.  | 2.0% |
|  Huron Consulting Group, Inc.  | 2.0% |
|  Alamos Gold, Inc.  | 1.9% |
|  Littelfuse, Inc.  | 1.8% |
|  Mercury Systems, Inc.  | 1.7% |
|  ACI Worldwide, Inc.  | 1.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7092img004.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, Securities Lending Risk was added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F337

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F337

10000124221392713917100841842418450176971943718875208231000011807134381461613282215872416122088285583062036157100001262214110143991094521326200921776021260204092565919.319.216.512.87.17.04.83.91.67.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class R6 \| ARRBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $89 | 0.85% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in communication services and utilities contributed.

• On a relative basis, Advanced Energy Industries, Dycom Industries and an out-of-benchmark position in MACOM Technology Solutions were the largest contributors. In contrast, the largest detractors were Merit Medical Systems, ACI Worldwide, and an out-of-benchmark position in Chemed.

• From a sector allocation standpoint, overweight allocations to industrials and information technology both added value, while an underweight position in energy and an overweight allocation in consumer staples 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.

Aristotle Small Cap Equity Fund PAGE 1 TSR-AR-04045F451

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts7094img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/20/2023)** |
| **Class R6 (without sales charge)**  | 10.40 | 10.83 |
| **Russell 3000 Total Return**  | 18.09 | 20.90 |
| **Russell 2000 Total Return Index**  | 25.72 | 19.19 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $114506909 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $879160 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  AerCap Holdings NV  | 2.2% |
|  HealthEquity, Inc.  | 2.0% |
|  Huron Consulting Group, Inc.  | 2.0% |
|  Alamos Gold, Inc.  | 1.9% |
|  Littelfuse, Inc.  | 1.8% |
|  Mercury Systems, Inc.  | 1.7% |
|  ACI Worldwide, Inc.  | 1.7% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7094img004.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, Securities Lending Risk was added.

Aristotle Small Cap Equity Fund PAGE 2 TSR-AR-04045F451

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F451

10000001197962116496412861231000000125665313473711591050100000012731651222146153654019.319.216.512.87.17.04.83.91.67.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARAHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $124 | 1.16% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in information technology and communication services contributed.

• On a relative basis, Ciena, Advanced Energy Industries, and Dycom Industries were the largest contributors. In contrast, the largest detractors were not owning SanDisk alongside owning Merit Medical Systems and Chemed.

• From a sector allocation standpoint, an overweight allocation to information technology and an underweight position in real estate positively contributed, while an overweight allocation to energy and an underweight position to utilities detracted from relative performance.

**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 Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F535

------

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

![image](ts7086img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 13.46 | 1.99 | 7.22 |
| **Class A (with sales charge)**  | 8.60 | 1.10 | 6.76 |
| **Russell 3000 Total Return**  | 18.09 | 10.87 | 13.72 |
| **Russell 2500 Total Return**  | 23.45 | 5.48 | 10.58 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21852691 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $175860 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  Alamos Gold, Inc.  | 2.7% |
|  Permian Resources Corp.  | 2.4% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  Range Resources Corp.  | 2.2% |
|  AerCap Holdings NV  | 2.0% |
|  BankUnited, Inc.  | 1.8% |
|  FTAI Aviation Ltd.  | 1.8% |
|  HealthEquity, Inc.  | 1.8% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7086img004.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, Securities Lending Risk was added.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F535

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10195122791363113793101091855118028159721807518042204701075612699144541572114286232192598823758307173293538891107991312414740154011194022614226922033424692239242953320.019.216.412.27.77.05.73.51.56.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| AISHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $203 | 1.91% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in information technology and communication services contributed.

• On a relative basis, Ciena, Advanced Energy Industries, and Dycom Industries were the largest contributors. In contrast, the largest detractors were not owning SanDisk alongside owning Merit Medical Systems and Chemed.

• From a sector allocation standpoint, an overweight allocation to information technology and an underweight position in real estate positively contributed, while an overweight allocation to energy and an underweight position to utilities detracted from relative performance.

**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 Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F527

------

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

![image](ts7087img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 12.42 | 1.20 | 6.41 |
| **Class C (with sales charge)**  | 11.51 | 1.20 | 6.41 |
| **Russell 3000 Total Return**  | 18.09 | 10.87 | 13.72 |
| **Russell 2500 Total Return**  | 23.45 | 5.48 | 10.58 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21852691 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $175860 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  Alamos Gold, Inc.  | 2.7% |
|  Permian Resources Corp.  | 2.4% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  Range Resources Corp.  | 2.2% |
|  AerCap Holdings NV  | 2.0% |
|  BankUnited, Inc.  | 1.8% |
|  FTAI Aviation Ltd.  | 1.8% |
|  HealthEquity, Inc.  | 1.8% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7087img004.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, Securities Lending Risk was added.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F527

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10622126901399414054102251862517966158091772917584197681075612699144541572114286232192598823758307173293538891107991312414740154011194022614226922033424692239242953320.019.216.412.27.77.05.73.51.56.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARIHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $92 | 0.86% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in information technology and communication services contributed.

• On a relative basis, Ciena, Advanced Energy Industries, and Dycom Industries were the largest contributors. In contrast, the largest detractors were not owning SanDisk alongside owning Merit Medical Systems and Chemed.

• From a sector allocation standpoint, an overweight allocation to information technology and an underweight position in real estate positively contributed, while an overweight allocation to energy and an underweight position to utilities 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](ts7089img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 13.73 | 2.31 | 7.56 |
| **Russell 3000 Total Return**  | 18.09 | 10.87 | 13.72 |
| **Russell 2500 Total Return**  | 23.45 | 5.48 | 10.58 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21852691 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $175860 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  Alamos Gold, Inc.  | 2.7% |
|  Permian Resources Corp.  | 2.4% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  Range Resources Corp.  | 2.2% |
|  AerCap Holdings NV  | 2.0% |
|  BankUnited, Inc.  | 1.8% |
|  FTAI Aviation Ltd.  | 1.8% |
|  HealthEquity, Inc.  | 1.8% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7089img004.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, Securities Lending Risk was added.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F519

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000060392267292068313950164692461090203380184890995791142310365465000005903336718777307786640911079336120804011043881427899153097918078655000006076456824607130575528231047049105062294147211432431107684136738620.019.216.412.27.77.05.73.51.56.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Small/Mid Cap Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIHHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $97 | 0.91% |

---

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

• For the 12-month period ended March 31, 2026 , the Fund underperformed 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 advanced over the past year, led by the Liberation Day rally from April through October of 2025, driven largely by optimism around artificial intelligence and expectations for further Federal Reserve rate easing. Ongoing uncertainty related to the administration's trade policies, their implementation, the Iran conflict alongside broader geopolitical risks resulted in increased volatility throughout the year and weighed on market sentiment.

• The majority of the Fund's relative underperformance occurred during the Liberation Day rally, when the market rose 40%, driven largely by non-earning companies that increased over 80%, whereas the Fund's focus on positive cash flow businesses, up approximately 34%, lagged in that environment. The underperformance was a function of what we did not own versus what we did own that hurt us.

• Overall, security selection detracted while allocation was additive. Security selection within the healthcare—not owning biotechnology/pharmaceuticals accounted for half of the sector's underperformance—and industrials sectors were the largest detractors to relative performance, while selections in information technology and communication services contributed.

• On a relative basis, Ciena, Advanced Energy Industries, and Dycom Industries were the largest contributors. In contrast, the largest detractors were not owning SanDisk alongside owning Merit Medical Systems and Chemed.

• From a sector allocation standpoint, an overweight allocation to information technology and an underweight position in real estate positively contributed, while an overweight allocation to energy and an underweight position to utilities detracted from relative performance.

**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 Small/Mid Cap Equity Fund PAGE 1 TSR-AR-04045F493

------

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

![image](ts7088img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 13.71 | 2.25 | 7.49 |
| **Russell 3000 Total Return**  | 18.09 | 10.87 | 13.72 |
| **Russell 2500 Total Return**  | 23.45 | 5.48 | 10.58 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21852691 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $175860 |
| **Portfolio Turnover Rate** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Advanced Energy Industries, Inc.  | 2.9% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.7% |
|  Alamos Gold, Inc.  | 2.7% |
|  Permian Resources Corp.  | 2.4% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.3% |
|  Range Resources Corp.  | 2.2% |
|  AerCap Holdings NV  | 2.0% |
|  BankUnited, Inc.  | 1.8% |
|  FTAI Aviation Ltd.  | 1.8% |
|  HealthEquity, Inc.  | 1.8% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7088img004.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, Securities Lending Risk was added.

Aristotle Small/Mid Cap Equity Fund PAGE 2 TSR-AR-04045F493

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10632128361429214506106451959119099169701924119255218951075612699144541572114286232192598823758307173293538891107991312414740154011194022614226922033424692239242953320.019.216.412.27.77.05.73.51.56.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Strategic Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLSTX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.94% |

---

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

• For the 12-month period ended March 31, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited across the credit quality spectrum led by BBB and single B rated credit exposures. By asset class, investment grade corporate bonds, high yield bonds, and floating rate loans were most beneficial to performance. Non-US government (limited weighted exposure in the Fund) was a slight performance drag.

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

• While the Fund increased its duration over the last twelve months but remains shorter duration than the benchmark's duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced floating rate loan exposure while increasing exposure to investment grade bond, high yield bond, and government 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](ts7095img003.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)**  | 5.53 | 2.98 | 4.83 |
| **Class A (with sales charge)**  | 1.07 | 2.09 | 4.37 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $4217662209 |
| **Number of Holdings** | 494 |
| **Net Advisory Fee** | $20079060 |
| **Portfolio Turnover Rate** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Citigroup, Inc.  | 1.6% |
|  Energy Transfer LP  | 1.6% |
|  Bank of America Corp.  | 1.6% |
|  Goldman Sachs Group, Inc.  | 1.5% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.4% |
|  Oracle Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7095img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

970210654110751145610931134251325012931140081473215546100001004410165106201156911651111681063310814113421183533.78.68.67.86.85.35.04.50.419.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Strategic Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class C \| PLCNX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited across the credit quality spectrum led by BBB and single B rated credit exposures. By asset class, investment grade corporate bonds, high yield bonds, and floating rate loans were most beneficial to performance. Non-US government (limited weighted exposure in the Fund) was a slight performance drag.

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

• While the Fund increased its duration over the last twelve months but remains shorter duration than the benchmark's duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced floating rate loan exposure while increasing exposure to investment grade bond, high yield bond, and government 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](ts7096img003.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)**  | 4.76 | 2.23 | 4.08 |
| **Class C (with sales charge)**  | 3.76 | 2.23 | 4.08 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $4217662209 |
| **Number of Holdings** | 494 |
| **Net Advisory Fee** | $20079060 |
| **Portfolio Turnover Rate** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Citigroup, Inc.  | 1.6% |
|  Energy Transfer LP  | 1.6% |
|  Bank of America Corp.  | 1.6% |
|  Goldman Sachs Group, Inc.  | 1.5% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.4% |
|  Oracle Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7096img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

1000010903112571156410946133581309212694136371423714915100001004410165106201156911651111681063310814113421183533.78.68.67.86.85.35.04.50.419.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Strategic Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| PLSHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of December 5, 2025, to March 31, 2026. 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 H | $19 | 0.60% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on December 5, 2025, the Fund underperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited across the credit quality spectrum led by BBB and single B rated credit exposures. By asset class, investment grade corporate bonds, high yield bonds, and floating rate loans were most beneficial to performance. Non-US government (limited weighted exposure in the Fund) was a slight performance drag.

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

• While the Fund increased its duration over the last twelve months but remains shorter duration than the benchmark's duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced floating rate loan exposure while increasing exposure to investment grade bond, high yield bond, and government bond exposure.

**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](ts7107img003.jpg)

Aristotle Strategic Income Fund PAGE 1 TSR-AR-04045F188

------

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/05/2025)** |
| **Class H (without sales charge)**  | -0.08 |
| **Bloomberg US Aggregate Bond Index**  | 0.29 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $4217662209 |
| **Number of Holdings** | 494 |
| **Net Advisory Fee** | $20079060 |
| **Portfolio Turnover Rate** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Citigroup, Inc.  | 1.6% |
|  Energy Transfer LP  | 1.6% |
|  Bank of America Corp.  | 1.6% |
|  Goldman Sachs Group, Inc.  | 1.5% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.4% |
|  Oracle Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7107img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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-04045F188

100009992100001002933.78.68.67.86.85.35.04.50.419.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Strategic Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLSRX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited across the credit quality spectrum led by BBB and single B rated credit exposures. By asset class, investment grade corporate bonds, high yield bonds, and floating rate loans were most beneficial to performance. Non-US government (limited weighted exposure in the Fund) was a slight performance drag.

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

• While the Fund increased its duration over the last twelve months but remains shorter duration than the benchmark's duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced floating rate loan exposure while increasing exposure to investment grade bond, high yield bond, and government 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](ts7098img003.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)**  | 5.85 | 3.31 | 5.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $4217662209 |
| **Number of Holdings** | 494 |
| **Net Advisory Fee** | $20079060 |
| **Portfolio Turnover Rate** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Citigroup, Inc.  | 1.6% |
|  Energy Transfer LP  | 1.6% |
|  Bank of America Corp.  | 1.6% |
|  Goldman Sachs Group, Inc.  | 1.5% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.4% |
|  Oracle Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7098img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000055100857461759626557050370300669586268172773959578159482730450000050220250824353101657845558256455837653166754069456707859173733.78.68.67.86.85.35.04.50.419.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Strategic Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLSFX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, the Fund outperformed its performance benchmark, the Bloomberg US Aggregate Bond Index. The Fund invests principally in income-producing debt instruments.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The intermediate positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• The Fund benefited across the credit quality spectrum led by BBB and single B rated credit exposures. By asset class, investment grade corporate bonds, high yield bonds, and floating rate loans were most beneficial to performance. Non-US government (limited weighted exposure in the Fund) was a slight performance drag.

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

• While the Fund increased its duration over the last twelve months but remains shorter duration than the benchmark's duration. The Fund benefited from an elevated yield environment over the period. On a year-over-year basis, we reduced floating rate loan exposure while increasing exposure to investment grade bond, high yield bond, and government 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](ts7097img003.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)**  | 5.79 | 3.25 | 5.10 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.70 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $4217662209 |
| **Number of Holdings** | 494 |
| **Net Advisory Fee** | $20079060 |
| **Portfolio Turnover Rate** | 70% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.3% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Citigroup, Inc.  | 1.6% |
|  Energy Transfer LP  | 1.6% |
|  Bank of America Corp.  | 1.6% |
|  Goldman Sachs Group, Inc.  | 1.5% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.4% |
|  Oracle Corp.  | 1.4% |
|  Morgan Stanley  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts7097img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

1000011009114721189611379140101387413575147241553916439100001004410165106201156911651111681063310814113421183533.78.68.67.86.85.35.04.50.419.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| PLUAX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to March 31, 2026. 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 | $58 | 0.57% |

---

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

• For the 12-month period ended March 31, 2026, 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.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, single A rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund duration remained very front-end pinned, which benefited from an attractive rate curve. On a year-over-year basis, we increased investment grade corporate bond and government bonds exposures while reducing floating rate loan and high yield bond exposure. We decreased 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](ts7099img003.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)**  | 4.52 | 5.31 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 3.85 |
| **Bloomberg Short Treasury Total Return Index**  | 4.08 | 4.79 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $42447912 |
| **Number of Holdings** | 141 |
| **Net Advisory Fee** | $80450 |
| **Portfolio Turnover Rate** | 108% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 5.6% |
|  JPMorgan Chase & Co.  | 5.0% |
|  Bank of America Corp.  | 4.6% |
|  Palmer Square Loan Funding Ltd.  | 3.5% |
|  Goldman Sachs Group, Inc.  | 2.9% |
|  New York Life Global Funding  | 2.8% |
|  Morgan Stanley  | 2.8% |
|  UBS Group AG  | 2.4% |
|  Neuberger Berman CLO Ltd.  | 2.4% |
|  Elmwood CLO Ltd.  | 2.3% |

---

**Sector Breakdown (%)**

![image](ts7099img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000105581114911653100001021810716111821000010499110321148233.314.514.110.04.74.53.83.01.011.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| PLUHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of December 5, 2025, to March 31, 2026. 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 H | $10 | 0.32% |

---

\* Amount shown reflects the expenses of the Fund from inception date through March 31, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

• Since its inception on December 5, 2025, the Fund slightly underperformed 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.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, single A rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund duration remained very front-end pinned, which benefited from an attractive rate curve. On a year-over-year basis, we increased investment grade corporate bond and government bonds exposures while reducing floating rate loan and high yield bond exposure. We decreased 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.

Aristotle Ultra Short Income Fund PAGE 1 TSR-AR-04045F170

------

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

![image](ts7108img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/05/2025)** |
| **Class H (without sales charge)**  | 1.09 |
| **Bloomberg US Aggregate Bond Index**  | 0.29 |
| **Bloomberg Short Treasury Total Return Index**  | 1.11 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $42447912 |
| **Number of Holdings** | 141 |
| **Net Advisory Fee** | $80450 |
| **Portfolio Turnover Rate** | 108% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 5.6% |
|  JPMorgan Chase & Co.  | 5.0% |
|  Bank of America Corp.  | 4.6% |
|  Palmer Square Loan Funding Ltd.  | 3.5% |
|  Goldman Sachs Group, Inc.  | 2.9% |
|  New York Life Global Funding  | 2.8% |
|  Morgan Stanley  | 2.8% |
|  UBS Group AG  | 2.4% |
|  Neuberger Berman CLO Ltd.  | 2.4% |
|  Elmwood CLO Ltd.  | 2.3% |

---

**Sector Breakdown (%)**

![image](ts7108img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

Aristotle Ultra Short Income Fund PAGE 2 TSR-AR-04045F170

------

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 3 TSR-AR-04045F170

10000101091000010029100001011133.314.514.110.04.74.53.83.01.011.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| PLUIX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, 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.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, single A rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund duration remained very front-end pinned, which benefited from an attractive rate curve. On a year-over-year basis, we increased investment grade corporate bond and government bonds exposures while reducing floating rate loan and high yield bond exposure. We decreased 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](ts7101img003.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)**  | 4.79 | 3.69 | 3.30 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.16 |
| **Bloomberg Short Treasury Total Return Index**  | 4.08 | 3.28 | 2.72 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $42447912 |
| **Number of Holdings** | 141 |
| **Net Advisory Fee** | $80450 |
| **Portfolio Turnover Rate** | 108% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 5.6% |
|  JPMorgan Chase & Co.  | 5.0% |
|  Bank of America Corp.  | 4.6% |
|  Palmer Square Loan Funding Ltd.  | 3.5% |
|  Goldman Sachs Group, Inc.  | 2.9% |
|  New York Life Global Funding  | 2.8% |
|  Morgan Stanley  | 2.8% |
|  UBS Group AG  | 2.4% |
|  Neuberger Berman CLO Ltd.  | 2.4% |
|  Elmwood CLO Ltd.  | 2.3% |

---

**Sector Breakdown (%)**

![image](ts7101img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending Risk was added.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000049094151944651724452911556180559421562270150000052839653214951005448565649390251800354052850000050958151033150968952127754823357605159957833.314.514.110.04.74.53.83.01.011.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Ultra Short Income Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| PLUDX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to March 31, 2026. 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, 2026, 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.

• Over the past 12 months, the U.S. Treasury yield curve transitioned toward a more normalized, upward-sloping shape, reflecting easing monetary policy expectations and an improving growth outlook; yields remained elevated relative to recent history—supporting returns—while corporate spreads also provided a favorable backdrop.

• Exposure to specific credit-sensitive sectors benefited performance for most of the period as credit remained broadly supported. The front-end positioning and historically elevated yield profile helped insulate from the full effect of episodic credit spread widening as compared to longer duration-based offerings.

• By credit quality, single A rated credits were most beneficial to performance followed by AAA rated credits. By asset class, investment grade corporate bonds were most beneficial to performance followed by asset backed securities.

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

• The Fund duration remained very front-end pinned, which benefited from an attractive rate curve. On a year-over-year basis, we increased investment grade corporate bond and government bonds exposures while reducing floating rate loan and high yield bond exposure. We decreased 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](ts7100img003.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)**  | 4.86 | 3.71 | 3.31 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.16 |
| **Bloomberg Short Treasury Total Return Index**  | 4.08 | 3.28 | 2.72 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $42447912 |
| **Number of Holdings** | 141 |
| **Net Advisory Fee** | $80450 |
| **Portfolio Turnover Rate** | 108% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 5.6% |
|  JPMorgan Chase & Co.  | 5.0% |
|  Bank of America Corp.  | 4.6% |
|  Palmer Square Loan Funding Ltd.  | 3.5% |
|  Goldman Sachs Group, Inc.  | 2.9% |
|  New York Life Global Funding  | 2.8% |
|  Morgan Stanley  | 2.8% |
|  UBS Group AG  | 2.4% |
|  Neuberger Berman CLO Ltd.  | 2.4% |
|  Elmwood CLO Ltd.  | 2.3% |

---

**Sector Breakdown (%)**

![image](ts7100img004.jpg)

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

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

In the Fund's Principal Risks, Securities Lending 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

10000981910389103451058411237118861246310000105681064310201971398781036010811100001019210207101941042610965115211199233.314.514.110.04.74.53.83.01.011.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Value Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class A \| ARAQX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.94% |

---

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

• For the 12-month period ended March 31, 2026, 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 security selection while sector allocation contributed.

• Security selection in the information technology and consumer discretionary sectors detracted the most from relative performance. Conversely, security selection in the communication services and industrials sectors added the most value.

• Top contributors Parker Hannifin, TotalEnergies and Corteva benefited from resilient industrial demand, supportive energy markets and stable agricultural fundamentals, respectively, while detractors including Lennar, Adobe and Sony were impacted by elevated interest rates and affordability pressures, moderating software growth expectations and softer consumer demand.

• From a sector allocation standpoint, an underweight position in the industrials and energy sectors detracted from relative performance. An overweight exposure to the information technology and materials sectors added value.

• During the 12-month period, a number of benchmark constituents, particularly within semiconductor and related industries, generated exceptionally strong returns, in some cases far exceeding broader market performance. The top detractor not owned in the portfolio was Micron Technologies, a leading manufacturer of semiconductor memory and storage solutions.

**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](ts7102img003.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)**  | 8.09 | 6.87 |
| **Class A (with sales charge)**  | 3.52 | 4.85 |
| **S&P 500 TR**  | 17.80 | 16.29 |
| **Russell 1000 Value Capped Total Return**  | 15.87 | 14.19 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $481166309 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $2905467 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.7% |
|  Corteva, Inc.  | 3.9% |
|  Alphabet, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 2.8% |
|  Amgen, Inc.  | 2.6% |
|  TotalEnergies SE  | 2.6% |
|  Motorola Solutions, Inc.  | 2.6% |
|  Ameriprise Financial, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7102img004.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, Liquidity Risk and Securities Lending Risk were added and Information Technology Sector Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

9579102681029711129100001102511935140591000010864116441349219.815.213.010.69.46.66.16.01.411.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Value Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| ARIQX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.69% |

---

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

• For the 12-month period ended March 31, 2026, 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 security selection while sector allocation contributed.

• Security selection in the information technology and consumer discretionary sectors detracted the most from relative performance. Conversely, security selection in the communication services and industrials sectors added the most value.

• Top contributors Parker Hannifin, TotalEnergies and Corteva benefited from resilient industrial demand, supportive energy markets and stable agricultural fundamentals, respectively, while detractors including Lennar, Adobe and Sony were impacted by elevated interest rates and affordability pressures, moderating software growth expectations and softer consumer demand.

• From a sector allocation standpoint, an underweight position in the industrials and energy sectors detracted from relative performance. An overweight exposure to the information technology and materials sectors added value.

• During the 12-month period, a number of benchmark constituents, particularly within semiconductor and related industries, generated exceptionally strong returns, in some cases far exceeding broader market performance. The top detractor not owned in the portfolio was Micron Technologies, a leading manufacturer of semiconductor memory and storage solutions.

**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](ts7104img003.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)**  | 8.30 | 7.28 |
| **S&P 500 TR**  | 17.80 | 16.35 |
| **Russell 1000 Value Capped Total Return**  | 15.87 | 14.30 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $481166309 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $2905467 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.7% |
|  Corteva, Inc.  | 3.9% |
|  Alphabet, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 2.8% |
|  Amgen, Inc.  | 2.6% |
|  TotalEnergies SE  | 2.6% |
|  Motorola Solutions, Inc.  | 2.6% |
|  Ameriprise Financial, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7104img004.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, Liquidity Risk and Securities Lending Risk were added and Information Technology Sector Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

50000053808154120758612650000055234459792270437250000054477858389367653119.815.213.010.69.46.66.16.01.411.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Value Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIQQX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | 0.69% |

---

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

• For the 12-month period ended March 31, 2026, 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 security selection while sector allocation contributed.

• Security selection in the information technology and consumer discretionary sectors detracted the most from relative performance. Conversely, security selection in the communication services and industrials sectors added the most value.

• Top contributors Parker Hannifin, TotalEnergies and Corteva benefited from resilient industrial demand, supportive energy markets and stable agricultural fundamentals, respectively, while detractors including Lennar, Adobe and Sony were impacted by elevated interest rates and affordability pressures, moderating software growth expectations and softer consumer demand.

• From a sector allocation standpoint, an underweight position in the industrials and energy sectors detracted from relative performance. An overweight exposure to the information technology and materials sectors added value.

• During the 12-month period, a number of benchmark constituents, particularly within semiconductor and related industries, generated exceptionally strong returns, in some cases far exceeding broader market performance. The top detractor not owned in the portfolio was Micron Technologies, a leading manufacturer of semiconductor memory and storage solutions.

**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](ts7103img003.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)**  | 8.29 | 6.24 | 10.50 |
| **S&P 500 TR**  | 17.80 | 12.06 | 14.08 |
| **Russell 1000 Value Capped Total Return**  | 15.87 | 9.43 | 10.13 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $481166309 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $2905467 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.7% |
|  Corteva, Inc.  | 3.9% |
|  Alphabet, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 2.8% |
|  Amgen, Inc.  | 2.6% |
|  TotalEnergies SE  | 2.6% |
|  Motorola Solutions, Inc.  | 2.6% |
|  Ameriprise Financial, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7103img004.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, Liquidity Risk and Securities Lending Risk were added and Information Technology Sector Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000111791269412959116481922620272192532388424030260211000011014125551374812788199952312321336277122999835339100001099311757124241029116063179381687720298217552520719.815.213.010.69.46.66.16.01.411.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Value Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class R6 \| ARRQX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $64 | 0.61% |

---

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

• For the 12-month period ended March 31, 2026, 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 security selection while sector allocation contributed.

• Security selection in the information technology and consumer discretionary sectors detracted the most from relative performance. Conversely, security selection in the communication services and industrials sectors added the most value.

• Top contributors Parker Hannifin, TotalEnergies and Corteva benefited from resilient industrial demand, supportive energy markets and stable agricultural fundamentals, respectively, while detractors including Lennar, Adobe and Sony were impacted by elevated interest rates and affordability pressures, moderating software growth expectations and softer consumer demand.

• From a sector allocation standpoint, an underweight position in the industrials and energy sectors detracted from relative performance. An overweight exposure to the information technology and materials sectors added value.

• During the 12-month period, a number of benchmark constituents, particularly within semiconductor and related industries, generated exceptionally strong returns, in some cases far exceeding broader market performance. The top detractor not owned in the portfolio was Micron Technologies, a leading manufacturer of semiconductor memory and storage solutions.

**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](ts7105img003.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)**  | 8.39 | 6.97 |
| **S&P 500 TR**  | 17.80 | 15.36 |
| **Russell 1000 Value Capped Total Return**  | 15.87 | 14.50 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $481166309 |
| **Number of Holdings** | 46 |
| **Net Advisory Fee** | $2905467 |
| **Portfolio Turnover Rate** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 4.7% |
|  Corteva, Inc.  | 3.9% |
|  Alphabet, Inc.  | 3.6% |
|  Microsoft Corp.  | 3.2% |
|  Capital One Financial Corp.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 2.8% |
|  Amgen, Inc.  | 2.6% |
|  TotalEnergies SE  | 2.6% |
|  Motorola Solutions, Inc.  | 2.6% |
|  Ameriprise Financial, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7105img004.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, Liquidity Risk and Securities Lending Risk were added and Information Technology Sector Risk was removed.

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000001060341106788611574611000000106925311574851363557100000010802031157764134145019.815.213.010.69.46.66.16.01.411.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle/Saul Global Equity Fund**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I-2 \| AIOOX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171421_202510062108504.jpg) |

---

This annual shareholder report contains important information about the Aristotle/Saul Global Equity Fund for the period of April 1, 2025, to March 31, 2026. 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 | $85 | 0.79% |

---

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

• For the 12-month period ended March 31, 2026, 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 materials sectors detracted the most. On the other hand, security selection in the financials and energy sectors added the most. Exposure to MonotaRO, Lennar and Nemetschek detracted from relative returns. Meanwhile, Cameco, Samsung Electronics and FirstCash Holdings were the top contributors to relative performance for the year.

• Key large benchmark constituents not owned by the Fund benefitted from continued investment in artificial intelligence (AI) infrastructure. NVIDIA, Taiwan Semiconductor Manufacturing and Broadcom generated strong returns during the period, representing a meaningful headwind to relative performance. These companies accounted for a significant portion of index gains as demand for AI-related semiconductors and components remained strong.

• From a sector allocation standpoint, an underweight position in the information technology sector and an overweight position in the healthcare sector detracted from relative performance. An overweight exposure to the energy and materials sectors added value.

• By geography, selection in the U.S. and Japan detracted returns whereas selection in Canada and Asia ex-Japan contributed to returns.

**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](ts7106img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I-2 (without sales charge)**  | 15.61 | 5.77 | 9.17 |
| **MSCI ACWI Net Total Return Index (USD)**  | 20.01 | 9.49 | 11.33 |
| **MSCI THE WORLD INDEX Net (USD)**  | 18.90 | 10.27 | 11.80 |

---

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, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $28725554 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $183834 |
| **Portfolio Turnover Rate** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Samsung Electronics Co. Ltd.  | 3.6% |
|  FirstCash Holdings, Inc.  | 3.5% |
|  TotalEnergies SE  | 3.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.3% |
|  DBS Group Holdings Ltd.  | 3.3% |
|  Alphabet, Inc.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 2.9% |
|  Microsoft Corp.  | 2.9% |
|  Otsuka Holdings Co. Ltd.  | 2.9% |
|  Amgen, Inc.  | 2.5% |

---

**Sector Breakdown (%)** **\*\***

![image](ts7106img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 42.2% |
|  Japan  | 17.3% |
|  Germany  | 5.7% |
|  France  | 4.6% |
|  Canada  | 4.4% |
|  United Kingdom  | 3.7% |
|  Ireland  | 3.6% |
|  South Korea  | 3.6% |
|  Cash  | 1.5% |
|  Other  | 13.4% |

---

\* 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, Securities Lending Risk was added and Information Technology Sector Risk was removed.

Aristotle/Saul Global Equity Fund PAGE 2 TSR-AR-04045F386

------

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

The Fund's Principal Investment Strategies were revised to note that the Fund may lend its portfolio securities to generate additional income.

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

10000115671250212709111581817018363177072113120807240561000011504132121355612030185981995218468227562438329262100001147713036135601215118716206101916323975256623051222.715.214.413.510.47.46.54.61.53.8 ------

&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 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $595300 | $550300 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $91500 | $84500 |
| (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 3/31/2026 | FYE 3/31/2025 |
| 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 3/31/2026 | FYE 3/31/2025 |
| 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** 

**Aristotle Core Equity Fund**

**Aristotle Core Income Fund** 

**Aristotle Floating Rate Income Fund** 

**Aristotle Growth Equity Fund**

**Aristotle High Yield Bond Fund** 

**Aristotle International Equity Fund** 

**Aristotle Pacific EXclusive Fund Series H** 

**Aristotle Pacific EXclusive Fund Series I** 

**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** 

**Aristotle Short Duration Income Fund** 

**Aristotle Small Cap Equity Fund** 

**Aristotle Small/Mid Cap Equity Fund** 

**Aristotle Strategic Income Fund** 

**Aristotle Ultra Short Income Fund** 

**Aristotle Value Equity Fund** 

**Aristotle/Saul Global Equity Fund** 

Core Financial Statements

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#schi_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Equity Fund](#soi2) | [8](#soi2) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Income Fund](#soi3) | [10](#soi3) |
| &nbsp;&nbsp;&nbsp; [Aristotle Floating Rate Income Fund](#soi4) | [21](#soi4) |
| &nbsp;&nbsp;&nbsp; [Aristotle Growth Equity Fund](#soi5) | [27](#soi5) |
| &nbsp;&nbsp;&nbsp; [Aristotle High Yield Bond Fund](#soi6) | [29](#soi6) |
| &nbsp;&nbsp;&nbsp; [Aristotle International Equity Fund](#soi7) | [34](#soi7) |
| &nbsp;&nbsp;&nbsp; [Aristotle Pacific EXclusive Fund Series H](#soi8) | [36](#soi8) |
| &nbsp;&nbsp;&nbsp; [Aristotle Pacific EXclusive Fund Series I](#soi9) | [38](#soi9) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Aggressive Growth Fund](#soi10) | [40](#soi10) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Conservative Fund](#soi11) | [41](#soi11) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Growth Fund](#soi12) | [42](#soi12) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Conservative Fund](#soi13) | [43](#soi13) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Fund](#soi14) | [44](#soi14) |
| &nbsp;&nbsp;&nbsp; [Aristotle Short Duration Income Fund](#soi15) | [45](#soi15) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small Cap Equity Fund](#soi16) | [53](#soi16) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small/Mid Cap Equity Fund](#soi17) | [55](#soi17) |
| &nbsp;&nbsp;&nbsp; [Aristotle Strategic Income Fund](#soi18) | [57](#soi18) |
| &nbsp;&nbsp;&nbsp; [Aristotle Ultra Short Income Fund](#soi19) | [69](#soi19) |
| &nbsp;&nbsp;&nbsp; [Aristotle Value Equity Fund](#soi20) | [73](#soi20) |
| &nbsp;&nbsp;&nbsp; [Aristotle/Saul Global Equity Fund](#soi21) | [75](#soi21) |
| [Statements of Assets and Liabilities](#sal) | [77](#sal) |
| [Statements of Operations](#sop) | [86](#sop) |
| [Statements of Changes in Net Assets](#scna) | [92](#scna) |
| [Financial Highlights](#fihi) | [110](#fihi) |
| [Notes to Financial Statements](#not1) | [180](#not1) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [211](#rep) |
| [Additional Notices](#add) | [213](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 36.6%**<br>|  |  |
| **Communications - 1.7%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036 | $200000 | $199221  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056 | 600000 | 598499  |
| AT&T, Inc., 3.50%, 09/15/2053 | 450000 | 295302  |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, <br>6.58%, 05/30/2049<sup>(a)</sup> | 1500000 | 1543396  |
|  Charter Communications Operating LLC/ Charter Communications Operating Capital, 3.50%, 06/01/2041 | 200000 | 140390  |
| Comcast Corp., 2.89%, 11/01/2051 | 250000 | 144633  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., <br>5.30%, 05/15/2035 | 250000 | 252174  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035 | 400000 | 400635  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 | 500000 | 489833  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 600000 | 460989  |
|  |  | 4525072  |
| **Consumer Discretionary - 0.5%**<br>|  |  |
| Amazon.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 11/20/2035 | 250000 | 245231  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/13/2036 | 550000 | 545200  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/20/2055 | 400000 | 382402  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br>4.54%, 08/01/2026 | 200000 | 199742  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br>5.63%, 09/30/2031<sup>(a)</sup> | 100000 | 101010  |
|  |  | 1473585  |
| **Consumer Staples - 2.0%**<br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 | 750000 | 762372  |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/20/2035 | 850000 | 883204  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/10/2037<sup>(a)</sup> | 750000 | 752816  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 | 200000 | 177853  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 400000 | 440190  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>5.15%, 05/15/2035 | 250000 | 243763  |
| &nbsp;&nbsp;&nbsp; Maple Parent Holdings Corp., <br>5.70%, 03/26/2036<sup>(a)</sup> | 950000 | 944317  |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | 1200000 | 1211861  |
|  |  | 5416376  |
| **Energy - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035<sup>(a)</sup> | 550000 | 549899  |
| Enbridge, Inc., 5.45%, 03/27/2036 | 750000 | 756746  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, <br>5.70%, 04/01/2035 | 1050000 | 1078782  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | $450000 | $446861  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2036 | 600000 | 591643  |
| ONEOK, Inc., 4.95%, 10/15/2032 | 1400000 | 1389222  |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | 700000 | 702561  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>6.50%, 03/30/2034 | 400000 | 432546  |
|  Western Midstream Operating LP, 4.80%, 03/01/2031 | 200000 | 198087  |
|  |  | 6146347  |
| **Financials - 20.7%**<br>|  |  |
| Agree LP, 5.60%, 06/15/2035 | 300000 | 307950  |
| &nbsp;&nbsp;&nbsp; Allianz SE, 6.55% to 04/30/2034 then <br>5 yr. CMT Rate + 2.32%, Perpetual<sup>(a)</sup> | 200000 | 200455  |
|  American International Group, Inc., 5.45%, 05/07/2035 | 1470000 | 1500103  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br>5.75%, 07/01/2030 | 507000 | 523305  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, <br>5.54%, 08/22/2035<sup>(a)</sup> | 675000 | 663086  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>6.63%, 05/19/2055 | 375000 | 361651  |
| Atlas Warehouse Lending Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2030<sup>(a)</sup> | 700000 | 687373  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2033<sup>(a)</sup> | 250000 | 242254  |
|  Banco Mercantil del Norte SA/Grand Cayman, 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 500000 | 517878  |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, <br>4.55%, 11/06/2030 | 400000 | 394442  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036 | 2650000 | 2703357  |
| &nbsp;&nbsp;&nbsp; 5.46% to 05/09/2035 then SOFR + 1.64%, 05/09/2036 | 750000 | 765230  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., <br>5.63% to 03/20/2031 then 5 yr. CMT Rate + 2.03%, Perpetual | 300000 | 294006  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 400000 | 404218  |
|  Banque Federative du Credit Mutuel SA, 5.11%, 01/15/2036<sup>(a)</sup> | 400000 | 391548  |
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico, 7.63% to 02/11/2030 then <br>5 yr. CMT Rate + 3.38%, 02/11/2035<sup>(a)</sup> | 400000 | 414000  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 1000000 | 1034056  |
| &nbsp;&nbsp;&nbsp; 6.88% to 12/15/2033 then 5 yr. CMT Rate + 2.85%, Perpetual<sup>(a)</sup> | 600000 | 580110  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.39% to 05/28/2030 then SOFR + 1.58%, 05/28/2031<sup>(a)</sup> | $750000 | $760432  |
| &nbsp;&nbsp;&nbsp; 6.35% to 01/13/2046 then SOFR + 2.11%, 01/13/2047<sup>(a)</sup> | 250000 | 239431  |
| Brixmor Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2034 | 500000 | 508159  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2035 | 450000 | 462387  |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC, <br>2.60%, 09/15/2031 | 200000 | 175784  |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., <br>5.55%, 06/23/2035 | 150000 | 149881  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., <br>5.40% (SOFR + 1.51%), 01/30/2037 | 650000 | 637201  |
|  Citigroup, Inc., 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036 | 900000 | 892492  |
| &nbsp;&nbsp;&nbsp; Cousins Properties LP, <br>4.88%, 03/01/2033 | 500000 | 481635  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 600000 | 588026  |
| &nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 400000 | 412205  |
| &nbsp;&nbsp;&nbsp; 5.26% to 01/12/2036 then SOFR + 1.43%, 01/12/2037<sup>(a)</sup> | 750000 | 734056  |
| &nbsp;&nbsp;&nbsp; DAE Funding LLC, <br>4.95%, 01/15/2033<sup>(a)</sup> | 1000000 | 950104  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>5.40%, 02/01/2034 | 400000 | 403449  |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., <br>5.75%, 05/20/2035 | 250000 | 256360  |
|  Fidelity National Information Services, Inc., 4.80%, 03/10/2031 | 700000 | 694796  |
| First Industrial LP, 5.25%, 01/15/2031 | 700000 | 707671  |
| Fiserv, Inc., 3.50%, 07/01/2029 | 500000 | 479100  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2033 | 875000 | 854476  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/2035 | 425000 | 409750  |
| GLP Capital LP / GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 | 450000 | 401583  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 500000 | 490571  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 | 850000 | 864536  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 1800000 | 1830455  |
| &nbsp;&nbsp;&nbsp; 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041 | 500000 | 483258  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, <br>5.81%, 02/15/2055<sup>(a)</sup> | 750000 | 713336  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>5.70%, 07/01/2034 | 250000 | 252718  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75% to 09/24/2031 then 5 yr. CMT Rate + 2.91%, Perpetual | $600000 | $593761  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/03/2035 then SOFR + 1.56%, 03/03/2036 | 950000 | 953148  |
| &nbsp;&nbsp;&nbsp; 5.28% to 03/10/2036 then SOFR + 1.55%, 03/10/2037 | 700000 | 687689  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 150000 | 152292  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 600000 | 645323  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 2700000 | 2783361  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 600000 | 607843  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 1.30%), 02/05/2037 | 500000 | 491520  |
| Kilroy Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2035 | 500000 | 482343  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2036 | 250000 | 247904  |
| Kite Realty Group LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2031 | 500000 | 498330  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 | 150000 | 150452  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 | 450000 | 452464  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 300000 | 298955  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 200000 | 203043  |
| &nbsp;&nbsp;&nbsp; 5.85% (5 yr. CMT Rate + 1.82%), 03/15/2056 | 400000 | 392801  |
|  Mitsubishi UFJ Financial Group, Inc., 5.19% to 09/12/2035 then 1 yr. CMT Rate + 0.93%, 09/12/2036 | 400000 | 397322  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 1000000 | 1038520  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 2700000 | 2766482  |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., <br>5.05%, 04/02/2033<sup>(a)</sup> | 1000000 | 1001659  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(a)</sup> | 400000 | 399052  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(a)</sup> | 600000 | 616875  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035<sup>(a)</sup> | 250000 | 256155  |
|  Phillips Edison Grocery Center Operating Partnership I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2033 | 500000 | 488133  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2035 | 350000 | 339692  |
|  Piedmont Operating Partnership LP, 5.63%, 01/15/2033 | 350000 | 340308  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  PNC Financial Services Group, Inc., 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041 | $350000 | $343030  |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., <br>6.05%, 10/15/2036 | 225000 | 239625  |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., <br>4.75%, 04/15/2033 | 300000 | 296019  |
| Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(a)</sup> | 175000 | 176723  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.31% to 11/03/2030 then SOFR + 0.98%, 11/03/2031 | 500000 | 491754  |
| &nbsp;&nbsp;&nbsp; 6.50% to 05/24/2033 then 5 yr. CMT Rate + 2.45%, 05/24/2086 | 600000 | 585127  |
|  Skandinaviska Enskilda Banken AB, 5.38%, 03/05/2029<sup>(a)</sup> | 300000 | 307489  |
|  SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035<sup>(a)</sup> | 300000 | 293099  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 400000 | 393877  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63% to 07/08/2031 then USISSO05 + 3.24%, Perpetual<sup>(a)</sup> | 800000 | 779339  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 550000 | 568346  |
| &nbsp;&nbsp;&nbsp; 4.40% to 09/23/2030 then SOFR + 1.06%, 09/23/2031<sup>(a)</sup> | 400000 | 392798  |
| &nbsp;&nbsp;&nbsp; 5.20% to 08/10/2036 then SOFR + 1.34%, 08/10/2037<sup>(a)</sup> | 200000 | 195430  |
| Ventas Realty LP, 5.00%, 02/15/2036 | 650000 | 635685  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | 100000 | 98344  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 900000 | 862186  |
| Voya Financial, Inc., 5.05%, 03/02/2036 | 750000 | 724886  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035 | 1550000 | 1543832  |
| &nbsp;&nbsp;&nbsp; 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 1250000 | 1279612  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 500000 | 506196  |
|  |  | 55817698  |
| **Health Care - 1.5%**<br>|  |  |
| Amgen, Inc., 4.85%, 02/19/2036 | 750000 | 737184  |
| CVS Health Corp., 5.45%, 09/15/2035 | 850000 | 853611  |
| HCA, Inc., 4.90%, 11/15/2035 | 750000 | 725400  |
| &nbsp;&nbsp;&nbsp; Humana, Inc., 6.63% to 09/15/2031 <br>then 5 yr. CMT Rate + 2.89%, 09/15/2056 | 200000 | 192269  |
|  Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 200000 | 194815  |
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., <br>4.90%, 03/18/2036 | 550000 | 548898  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., <br>4.90%, 02/12/2036 | $150000 | $148993  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br>4.63%, 10/15/2029 | 550000 | 543734  |
|  |  | 3944904  |
| **Industrials - 1.6%**<br>|  |  |
| Boeing Co., 6.53%, 05/01/2034 | 450000 | 490392  |
| Eaton Corp., 4.80%, 03/06/2036 | 600000 | 592607  |
| GE Vernova, Inc., 5.50%, 02/04/2056 | 250000 | 240671  |
| Honeywell Aerospace, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/16/2036<sup>(a)</sup> | 450000 | 446665  |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/16/2056<sup>(a)</sup> | 450000 | 445118  |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc., <br>4.75%, 04/15/2036 | 200000 | 194525  |
| nVent Finance Sarl, 2.75%, 11/15/2031 | 550000 | 489046  |
| Weir Group, Inc., 5.35%, 05/06/2030<sup>(a)</sup> | 700000 | 709737  |
| WSP Global, Inc., 5.71%, 09/18/2036<sup>(a)</sup> | 750000 | 743909  |
|  |  | 4352670  |
| **Materials - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, <br>5.20%, 07/01/2033<sup>(a)</sup> | 700000 | 701152  |
| **Technology - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 600000 | 584738  |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(a)</sup> | 235000 | 230728  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>3.15%, 10/15/2031 | 300000 | 250234  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 | 550000 | 530165  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/2035 | 400000 | 338883  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 | 450000 | 432865  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/2056 | 350000 | 325089  |
| Salesforce, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2036 | 750000 | 747950  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/2056 | 550000 | 552278  |
|  |  | 3992930  |
| **Utilities - 4.6%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 850000 | 855190  |
|  American Electric Power Co., Inc., 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 500000 | 494252  |
| Brooklyn Union Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 03/16/2036<sup>(a)</sup> | 700000 | 693906  |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/18/2054<sup>(a)</sup> | 300000 | 305299  |
|  CenterPoint Energy, Inc., 5.95% to 04/01/2031 then 5 yr. CMT Rate + 2.22%, 04/01/2056 | 250000 | 247859  |
| Duke Energy Corp., 4.95%, 09/15/2035 | 600000 | 585125  |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, <br>4.95%, 03/15/2036 | 200000 | 196967  |
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC, <br>5.05%, 04/15/2036 | 300000 | 295732  |
| Nevada Power Co., 5.90%, 05/01/2053 | 550000 | 545099  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., <br>5.11%, 01/12/2036<sup>(a)</sup> | $600000 | $590250  |
| NiSource, Inc., 5.35%, 04/01/2034 | 500000 | 508948  |
| &nbsp;&nbsp;&nbsp; Northern States Power Co., <br>5.05%, 05/15/2035 | 500000 | 503671  |
|  Oncor Electric Delivery Co. LLC, 5.55%, 06/15/2054 | 800000 | 765351  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., <br>5.20%, 05/01/2036 | 750000 | 731254  |
| PacifiCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 50000 | 47816  |
| &nbsp;&nbsp;&nbsp; 7.13% to 08/15/2031 then 5 yr. CMT Rate + 3.29%, 08/15/2056 | 300000 | 283495  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, <br>5.05%, 06/15/2036 | 450000 | 443731  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>5.13%, 09/18/2035<sup>(a)</sup> | 250000 | 243172  |
| San Diego Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2036 | 550000 | 548788  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2056 | 400000 | 401348  |
| Sempra, 5.25%, 03/15/2036 | 350000 | 345199  |
| Southwestern Electric Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033 | 500000 | 507290  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2036 | 600000 | 590237  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/31/2031<sup>(a)</sup> | 400000 | 393786  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034<sup>(a)</sup> | 1300000 | 1308831  |
|  |  | 12432596  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $99,429,831)** |  | 98803330  |
| **U.S. TREASURY SECURITIES - 24.8%** | **U.S. TREASURY SECURITIES - 24.8%** | **U.S. TREASURY SECURITIES - 24.8%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 4000000 | 3927422  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 15600000 | 15561305  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 50000 | 49820  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 22700000 | 22144914  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2036 | 18500000 | 18212383  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 125000 | 83611  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 250000 | 191504  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 500000 | 277734  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 150000 | 82447  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 500000 | 301494  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 500000 | 346865  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 3225000 | 3076726  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 2250000 | 2193047  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2056 | 500000 | 487734  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $67,433,413)** |  | 66937006  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 18.4%** | **MORTGAGE-BACKED SECURITIES - 18.4%** | **MORTGAGE-BACKED SECURITIES - 18.4%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool RQ0102, 5.00%, 03/01/2056 | $2392696 | $2361508  |
| &nbsp;&nbsp;&nbsp; Pool SD6650, 4.50%, 10/01/2054 | 750679 | 727081  |
| &nbsp;&nbsp;&nbsp; Pool SD8300, 5.50%, 02/01/2053 | 3881329 | 3916470  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 186551 | 188031  |
| &nbsp;&nbsp;&nbsp; Pool SD8496, 6.00%, 01/01/2055 | 880590 | 898126  |
| &nbsp;&nbsp;&nbsp; Pool SD8523, 5.00%, 04/01/2055 | 276303 | 272788  |
| &nbsp;&nbsp;&nbsp; Pool SD8532, 5.00%, 05/01/2055 | 1411777 | 1394105  |
| &nbsp;&nbsp;&nbsp; Pool SL3502, 4.00%, 04/01/2054 | 3344004 | 3164860  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool BW2439, 5.00%, 01/01/2056 | 571858 | 564565  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 591357 | 607319  |
| &nbsp;&nbsp;&nbsp; Pool FA0608, 5.50%, 02/01/2055 | 517611 | 520558  |
| &nbsp;&nbsp;&nbsp; Pool FA0625, 5.00%, 02/01/2055 | 987692 | 976545  |
| &nbsp;&nbsp;&nbsp; Pool FA4331, 4.00%, 08/01/2053 | 3357717 | 3178062  |
| &nbsp;&nbsp;&nbsp; Pool FS6598, 3.50%, 08/01/2052 | 826920 | 760944  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052 | 1739807 | 1649903  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 514681 | 487898  |
| &nbsp;&nbsp;&nbsp; Pool MA5027, 4.00%, 05/01/2053 | 1058207 | 999876  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 320605 | 327794  |
| &nbsp;&nbsp;&nbsp; Pool MA5165, 5.50%, 10/01/2053 | 2921952 | 2945134  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 511414 | 483068  |
| &nbsp;&nbsp;&nbsp; Pool MA5528, 4.00%, 11/01/2054 | 701901 | 662996  |
| &nbsp;&nbsp;&nbsp; Pool MA5529, 4.50%, 11/01/2054 | 1014057 | 979669  |
| &nbsp;&nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | 1340845 | 1324165  |
| &nbsp;&nbsp;&nbsp; Pool MA5583, 4.00%, 01/01/2055 | 1400355 | 1322732  |
| &nbsp;&nbsp;&nbsp; Pool MA5614, 5.50%, 02/01/2055 | 2850459 | 2866382  |
| &nbsp;&nbsp;&nbsp; Pool MA5643, 4.00%, 03/01/2055 | 1045562 | 987604  |
| &nbsp;&nbsp;&nbsp; Pool MA5665, 3.50%, 03/01/2055 | 482053 | 442596  |
| &nbsp;&nbsp;&nbsp; Pool MA5670, 4.00%, 04/01/2055 | 238654 | 225425  |
| &nbsp;&nbsp;&nbsp; Pool MA5699, 5.00%, 05/01/2055 | 1405883 | 1388069  |
| &nbsp;&nbsp;&nbsp; Pool MA5735, 5.50%, 06/01/2055 | 2287203 | 2299980  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 889669 | 894639  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 945357 | 845592  |
| &nbsp;&nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | 985471 | 881034  |
| &nbsp;&nbsp;&nbsp; Pool MA8346, 4.00%, 10/20/2052 | 2756622 | 2612896  |
| &nbsp;&nbsp;&nbsp; Pool MA9848, 4.00%, 08/20/2054 | 1412925 | 1327519  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 258600 | 250294  |
| &nbsp;&nbsp;&nbsp; Pool MB0091, 5.00%, 12/20/2054 | 283965 | 281744  |
| &nbsp;&nbsp;&nbsp; Pool MB0145, 4.50%, 01/20/2055 | 302101 | 292401  |
| &nbsp;&nbsp;&nbsp; Pool MB0147, 5.50%, 01/20/2055 | 270500 | 272734  |
| &nbsp;&nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055 | 320384 | 317767  |
| &nbsp;&nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 340122 | 319027  |
| &nbsp;&nbsp;&nbsp; Pool MB0257, 4.50%, 03/20/2055 | 306393 | 296556  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 190074 | 191628  |
| &nbsp;&nbsp;&nbsp; Pool MB0305, 4.00%, 04/20/2055 | 1225025 | 1149048  |
|  PNW Trust, Series 2026-ARTE, Class A, 5.39% (1 mo. Term SOFR + 1.71%), 04/15/2029<sup>(a)</sup> | 800000 | 799236  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $49,522,045)** |  | 49656368  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** |
| A&D Mortgage LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1A, 4.91%, 02/25/2071<sup>(a)(b)</sup> | $197521 | $195900  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1, 4.81%, 03/25/2071<sup>(a)(c)</sup> | 1492454 | 1477698  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10, Class A1, <br>4.96%, 09/25/2070<sup>(a)(c)</sup> | 457330 | 455300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class A1, <br>4.93%, 10/25/2070<sup>(a)(b)</sup> | 728632 | 725206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(b)</sup> | 120489 | 120805  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, <br>5.86%, 04/25/2070<sup>(a)(b)</sup> | 240843 | 242806  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, <br>5.52%, 04/25/2070<sup>(a)(b)</sup> | 545699 | 547936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.51%, 06/25/2070<sup>(a)(b)</sup> | 360958 | 362429  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br>5.41%, 07/25/2070<sup>(a)(b)</sup> | 400462 | 401544  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1, <br>5.14%, 08/25/2070<sup>(a)(c)</sup> | 505561 | 505178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-2, Class A1, <br>4.69%, 02/25/2071<sup>(a)(c)</sup> | 1979123 | 1960345  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 6.44%, 05/25/2063<sup>(a)(b)</sup> | 53142 | 53153  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.80%, 06/25/2064<sup>(a)(b)</sup> | 136733 | 137533  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class A1, 5.41%, 08/01/2064<sup>(a)(b)</sup> | 562669 | 563905  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.57%, 03/25/2065<sup>(a)(b)</sup> | 227094 | 228227  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.61%, 02/25/2065<sup>(a)(b)</sup> | 149440 | 150273  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.50%, 02/25/2065<sup>(a)(c)</sup> | 362350 | 364001  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.46%, 07/25/2065<sup>(a)(c)</sup> | 302829 | 304022  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1, 4.62%, 11/25/2065<sup>(a)(c)</sup> | 972926 | 962580  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM3, Class A1, 4.99%, 11/25/2065<sup>(a)(c)</sup> | 890356 | 886217  |
| &nbsp;&nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, <br>5.12%, 04/15/2042<sup>(a)(c)</sup> | 100000 | 101461  |
| &nbsp;&nbsp;&nbsp; COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, <br>5.84%, 02/25/2069<sup>(a)(b)</sup> | 611842 | 613742  |
| 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> | 261690 | 263394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.35%, 03/25/2070<sup>(a)(b)</sup> | 87731 | 87915  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Cross Mortgage Trust, Series 2025-H4, Class A1, 5.60%, 06/25/2070<sup>(a)(c)</sup> | $537482 | $540206  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, <br>3.00%, 10/25/2035 | 379473 | 353690  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-159, Class A2, <br>4.50%, 07/25/2033<sup>(c)</sup> | 1000000 | 1001050  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K756, Class A2, <br>4.96%, 05/25/2031 | 1500000 | 1544055  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K764, Class A2, <br>4.12%, 12/25/2032<sup>(c)</sup> | 2235000 | 2195812  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class MA, <br>3.50%, 07/25/2058 | 807547 | 785211  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class MA, <br>2.00%, 03/25/2061 | 204591 | 178830  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class MTU, <br>3.25%, 11/25/2064 | 187151 | 161139  |
| GCAT<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.37%, 11/25/2069<sup>(a)(b)</sup> | 365808 | 366519  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1A, 5.45%, 02/25/2071<sup>(a)(b)</sup> | 3000000 | 3005401  |
|  GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(a)(b)</sup> | 264704 | 266369  |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, <br>5.47%, 01/13/2040<sup>(a)(c)</sup> | 325000 | 332841  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(a)(b)</sup> | 151793 | 152522  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.57%, 09/25/2065<sup>(a)(c)</sup> | 209598 | 210582  |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, <br>Series 2025-RTL2, Class A1, <br>5.61%, 04/25/2040<sup>(a)(c)</sup> | 500000 | 501954  |
| MFRA Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.72%, 12/25/2069<sup>(a)(b)</sup> | 748235 | 751959  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 05/27/2070<sup>(a)(b)</sup> | 523642 | 526399  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, <br>3.91%, 09/09/2032<sup>(a)</sup> | 600000 | 556298  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 04/25/2063<sup>(a)(b)</sup> | 711975 | 715873  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM11, Class A1, 5.88%, 06/25/2064<sup>(a)(b)</sup> | 133599 | 134686  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(a)(c)</sup> | 760528 | 764071  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(b)</sup> | 396969 | 398530  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065<sup>(a)(c)</sup> | 389393 | 390898  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065<sup>(a)(b)</sup> | $121325 | $121277  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065<sup>(a)(c)</sup> | 255924 | 255291  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064<sup>(a)(b)</sup> | 261767 | 263391  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055<sup>(a)(b)</sup> | 174202 | 174707  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.60%, 03/25/2065<sup>(a)(b)</sup> | 212822 | 214039  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.56%, 05/25/2055<sup>(a)(b)</sup> | 219175 | 220334  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1A, 4.85%, 11/25/2065<sup>(a)(b)</sup> | 488338 | 485341  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM4, Class A1, 5.17%, 02/25/2066<sup>(a)(c)</sup> | 1500000 | 1498483  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM5, Class A1A, 0.00%, 01/25/2066<sup>(a)(b)</sup> | 2000000 | 2001189  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-R1, Class A1, <br>4.88%, 01/25/2063<sup>(a)(c)</sup> | 1478951 | 1467553  |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060<sup>(a)(b)</sup> | 202913 | 204202  |
| &nbsp;&nbsp;&nbsp; ROCK Trust 2024-CNTR, <br>Series 2024-CNTR, Class A, <br>5.39%, 11/13/2041<sup>(a)</sup> | 620000 | 630804  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(a)</sup> | 100000 | 89045  |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust, Series 2025-5, Class A, <br>5.32%, 12/25/2055<sup>(a)(c)</sup> | 96199 | 95438  |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, <br>Series 2025-R2, Class A1, <br>5.09%, 07/25/2067<sup>(a)(c)</sup> | 722912 | 721131  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $36,085,577)** |  | 35988690  |
| **ASSET-BACKED SECURITIES - 4.9%** | **ASSET-BACKED SECURITIES - 4.9%** | **ASSET-BACKED SECURITIES - 4.9%** |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-N1, Class D, <br>4.13%, 12/11/2028<sup>(a)</sup> | 115874 | 114939  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, <br>5.82%, 09/10/2030<sup>(a)</sup> | 400000 | 404998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P2, Class XS, <br>0.00%, 06/10/2031<sup>(a)(d)(e)</sup> | 35399620 | 230062  |
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC, Series 2026-1A, Class A2, <br>5.08%, 03/20/2056<sup>(a)</sup> | 650000 | 644044  |
|  CPS Auto Trust, Series 2025-B, Class B, 4.79%, 11/15/2029<sup>(a)</sup> | 500000 | 498169  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 483571 | 485972  |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, Series 2022-3A, Class D, <br>6.76%, 09/15/2028 | 207205 | 209481  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  FHF Trust, Series 2024-2A, Class B, 5.97%, 06/15/2030<sup>(a)</sup> | $300000 | $296413  |
|  Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64%, 07/16/2029<sup>(a)</sup> | 150000 | 150180  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series 2025-2A, Class B, <br>4.97%, 10/15/2029<sup>(a)</sup> | 800000 | 804888  |
| GreenSky LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, <br>5.15%, 10/27/2059<sup>(a)</sup> | 665805 | 671644  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, <br>5.02%, 06/25/2060<sup>(a)</sup> | 100000 | 100845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, <br>4.59%, 12/27/2060<sup>(a)</sup> | 250000 | 248192  |
|  Kinetic ABS Issuer LLC, Series 2026-1A, Class A2, 5.22%, 02/25/2056<sup>(a)</sup> | 200000 | 200606  |
| &nbsp;&nbsp;&nbsp; Landmark Infrastructure Partners LP, Series 2025-1A, Class A, <br>5.52%, 09/15/2055<sup>(a)</sup> | 150000 | 150546  |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp., Series 2022-1A, Class A, <br>4.15%, 11/21/2039<sup>(a)</sup> | 622156 | 616266  |
| &nbsp;&nbsp;&nbsp; Metronet Systems Holdings LLC, Series 2026-1A, Class A2, <br>5.27%, 04/20/2056<sup>(a)</sup> | 500000 | 501469  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, <br>3.39%, 12/15/2059<sup>(a)</sup> | 142191 | 137800  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, <br>1.32%, 08/26/2069<sup>(a)</sup> | 89156 | 79054  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, <br>1.31%, 12/26/2069<sup>(a)</sup> | 110246 | 92393  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069<sup>(a)</sup> | 63874 | 58087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, <br>5.66%, 10/15/2072<sup>(a)</sup> | 709611 | 720398  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br>5.02%, 07/15/2055<sup>(a)</sup> | 651149 | 650016  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.72%, 09/15/2055<sup>(a)</sup> | 86409 | 85578  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, <br>Series 2025-DA, Class A1A, <br>4.65%, 08/20/2054<sup>(a)</sup> | 187468 | 185454  |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2019-1A, Class C, <br>4.19%, 11/14/2028<sup>(a)</sup> | 124000 | 123861  |
| &nbsp;&nbsp;&nbsp; OWN Tactical Equipment I LLC, Series 2025-1M, Class A, <br>5.48%, 09/26/2033<sup>(a)</sup> | 268422 | 268123  |
| &nbsp;&nbsp;&nbsp; Redaptive EAAS Issuer LLC, Series 2025-1A, Class A, <br>5.94%, 03/25/2042<sup>(a)</sup> | 94519 | 95135  |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, Series 2025-1A, Class A, <br>5.38%, 01/20/2037<sup>(a)</sup> | 89183 | 91006  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, <br>1.07%, 01/15/2053<sup>(a)</sup> | 76328 | 69828  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, <br>3.94%, 02/16/2055<sup>(a)</sup> | $572831 | $554253  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A1A, <br>4.99%, 10/16/2056<sup>(a)</sup> | 365843 | 363572  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, <br>5.24%, 03/15/2056<sup>(a)</sup> | 556466 | 559116  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, <br>5.38%, 07/15/2053<sup>(a)</sup> | 371552 | 379626  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A1A, <br>5.13%, 04/15/2054<sup>(a)</sup> | 534745 | 538573  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-A, Class A1A, <br>4.68%, 12/15/2053<sup>(a)</sup> | 450000 | 444258  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, <br>1.14%, 02/15/2047<sup>(a)</sup> | 232530 | 208685  |
| Toyota Auto Loan Extended Note Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 06/25/2036<sup>(a)</sup> | 250000 | 254289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.65%, 05/25/2038<sup>(a)</sup> | 250000 | 252515  |
|  UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, 09/25/2047<sup>(a)</sup> | 86948 | 87018  |
| &nbsp;&nbsp;&nbsp; Veros Automobile Receivables Trust, Series 2026-1, Class B, <br>4.84%, 05/15/2029<sup>(a)</sup> | 200000 | 199072  |
| &nbsp;&nbsp;&nbsp; Vertical Bridge Holdings LLC, Series 2026-1A, Class C2, <br>4.69%, 03/15/2056<sup>(a)</sup> | 450000 | 439846  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $13,309,728)** |  | 13266270  |
| **COLLATERALIZED LOAN OBLIGATIONS - 0.3%** | **COLLATERALIZED LOAN OBLIGATIONS - 0.3%** | **COLLATERALIZED LOAN OBLIGATIONS - 0.3%** |
| &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., Series 2021-1A, Class BR, 5.17% (3 mo. Term <br>SOFR + 1.50%), 04/20/2034<sup>(a)</sup> | 250000 | 249677  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., Series 2022-50A, Class BR2, <br>5.01% (3 mo. Term SOFR + 1.35%), 07/23/2036<sup>(a)</sup> | 500000 | 499856  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $750,000)** |  | 749533  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.3%** <br>**(Cost $266,530,594)** |  | $265401197  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 3.2%<sup>(f)</sup> |  | 8511845  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (3868284)  |
| **TOTAL NET ASSETS - 100.0%** |  | $270044758 |

---

Par amount is in USD unless otherwise indicated.

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, 2026, the value of these securities total $72,103,188 or 26.7% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<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, 2026.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%**<br>|  |  |
| **Communication Services - 11.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 113529 | $32646399  |
| Meta Platforms, Inc. - Class A | 32395 | 18534151  |
| Netflix, Inc.<sup>(a)</sup> | 74216 | 7135869  |
|  |  | 58316419  |
| **Consumer Discretionary - 10.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 104789 | 21824405  |
| General Motors Co. | 107768 | 8028716  |
| Home Depot, Inc. | 22535 | 7411536  |
| Marriott International Inc. - Class A | 26129 | 8546012  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 82071 | 7575974  |
|  |  | 53386643  |
| **Consumer Staples - 5.4%**<br>|  |  |
| Costco Wholesale Corp. | 12785 | 12739357  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 217396 | 13445943  |
| Performance Food Group Co.<sup>(a)</sup> | 19986 | 1712001  |
|  |  | 27897301  |
| **Energy - 3.6%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 221406 | 9396471  |
| Baker Hughes Co. | 156470 | 9552493  |
|  |  | 18948964  |
| **Financials - 12.3%**<br>|  |  |
| Ameriprise Financial, Inc. | 18889 | 8394272  |
| Bank of America Corp. | 137112 | 6684210  |
| Chubb Ltd. | 38680 | 12606972  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 7380 | 1288622  |
| Intercontinental Exchange, Inc. | 62714 | 9863658  |
| JPMorgan Chase & Co. | 41857 | 12312655  |
| Visa, Inc. - Class A | 41062 | 12410579  |
|  |  | 63560968  |
| **Health Care - 11.1%**<br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 472172 | 6553747  |
| Bio-Techne Corp. | 150077 | 7843024  |
| Boston Scientific Corp.<sup>(a)</sup> | 59121 | 3709843  |
| Cigna Group | 13344 | 3559512  |
| Dexcom, Inc.<sup>(a)</sup> | 68114 | 4277559  |
| Eli Lilly & Co. | 7657 | 7042679  |
| Guardant Health, Inc.<sup>(a)</sup> | 106973 | 9881096  |
| Immunome, Inc.<sup>(a)</sup> | 54292 | 1187366  |
| Tempus AI, Inc. - Class A<sup>(a)(b)</sup> | 42559 | 1924518  |
| Thermo Fisher Scientific, Inc. | 13741 | 6754114  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 10347 | 4620349  |
|  |  | 57353807  |
| **Industrials - 8.9%**<br>|  |  |
| AMETEK, Inc. | 52873 | 11333856  |
| API Group Corp.<sup>(a)</sup> | 114287 | 4630909  |
| General Electric Co. | 19430 | 5513651  |
| Honeywell International, Inc. | 21723 | 4910050  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Norfolk Southern Corp. | 31185 | $8950095  |
| Trane Technologies PLC | 25425 | 10595615  |
|  |  | 45934176  |
| **Information Technology - 30.9%<sup>(c)</sup>**<br>|  |  |
| Amphenol Corp. - Class A | 48142 | 6082742  |
| Analog Devices, Inc. | 30951 | 9846751  |
| Apple, Inc. | 97603 | 24770665  |
| Applied Materials, Inc. | 30951 | 10578742  |
| Broadcom, Inc. | 72068 | 22305767  |
| Coherent Corp.<sup>(a)</sup> | 10257 | 2443320  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 14230 | 5555534  |
| Microsoft Corp. | 81024 | 29992654  |
| NVIDIA Corp. | 240996 | 42029703  |
| Oracle Corp. | 18545 | 2728155  |
| Synopsys, Inc.<sup>(a)</sup> | 10509 | 4166608  |
|  |  | 160500641  |
| **Materials - 1.6%**<br>|  |  |
| Avery Dennison Corp. | 47943 | 8278797  |
| **Utilities - 2.8%**<br>|  |  |
| American Water Works Co., Inc. | 37958 | 5165704  |
| Constellation Energy Corp. | 8137 | 2272258  |
| NextEra Energy, Inc. | 74216 | 6893182  |
|  |  | 14331144  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $321,926,962)** |  | 508508860  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.0%** | **REAL ESTATE INVESTMENT TRUSTS - 1.0%** |  |
| **Real Estate - 1.0%**<br>|  |  |
| Prologis, Inc. | 37722 | 4986094  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $4,222,886)** |  | 4986094  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(d)</sup> | 1804599 | 1804599  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,804,599)** |  | 1804599  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $327,954,447)** |  | $515299553  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.1%<sup>(e)</sup> |  | 5534839  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (2382419)  |
| **TOTAL NET ASSETS - 100.0%** |  | $518451973 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $1,884,770.

<sup>(c)</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>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

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, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 43.6%** | **CORPORATE BONDS - 43.6%** | **CORPORATE BONDS - 43.6%** |
| **Communications - 1.7%**<br>|  |  |
| Alphabet, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036<sup>(a)</sup> | $3350000 | $3336949  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056<sup>(a)</sup> | 7350000 | 7331610  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | 2965000 | 1945710  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060 | 4550000 | 3064421  |
|  Beignet Investor LLC, 6.58%, 05/30/2049<sup>(b)</sup> | 10750000 | 11061002  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 4500000 | 3158769  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 2000000 | 1169104  |
| &nbsp;&nbsp;&nbsp; Comcast Corp., <br>2.89%, 11/01/2051 | 3525000 | 2039328  |
|  T-Mobile USA, Inc., 5.05%, 07/15/2033<sup>(a)</sup> | 5000000 | 5036313  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 | 8250000 | 8082240  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 4000000 | 3073259  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055 | 4100000 | 3990870  |
|  |  | 53289575  |
| **Consumer Discretionary - 2.2%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 3.88%, 01/15/2028<sup>(b)</sup> | 9850000 | 9633783  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(b)</sup> | 925000 | 954494  |
| Amazon.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/13/2036 | 7000000 | 6938908  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/20/2055<sup>(a)</sup> | 4500000 | 4302026  |
|  American Airlines 2015-2 Class AA Pass Through Trust, 3.60%, 09/22/2027 | 3999219 | 3953828  |
|  American Airlines 2016-2 Class AA Pass Through Trust, 3.20%, 06/15/2028 | 4583065 | 4469391  |
|  American Airlines 2019-1 Class AA Pass Through Trust, Series AA, 3.15%, 02/15/2032 | 1532292 | 1430152  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)(b)</sup> | 7273860 | 7066317  |
|  British Airways 2019-1 Class AA Pass Through Trust, Series 2019-1, 3.30%, 12/15/2032<sup>(b)</sup> | 4456206 | 4223172  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 | 1725000 | 1722771  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 6100000 | 6022851  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(a)(b)</sup> | 2000000 | 1900220  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Royal Caribbean Cruises Ltd., 5.63%, 09/30/2031<sup>(b)</sup> | $4000000 | $4040414  |
|  United Airlines 2018-1 Class AA Pass Through Trust, Series AA, 3.50%, 03/01/2030 | 3694369 | 3594429  |
|  United Airlines 2019-1 Class AA Pass Through Trust, Series 2019-1, 4.15%, 08/25/2031 | 764168 | 749018  |
| &nbsp;&nbsp;&nbsp; United Airlines 2023-1 Class A Pass Through Trust, <br>5.80%, 01/15/2036 | 7311432 | 7551031  |
|  |  | 68552805  |
| **Consumer Staples - 1.6%**<br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 | 5000000 | 5082480  |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 | 727000 | 750893  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/20/2035 | 6000000 | 6234383  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/10/2037<sup>(b)</sup> | 6200000 | 6223281  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 6.75%, 03/15/2034<sup>(a)</sup> | 7660000 | 8429631  |
|  Keurig Dr Pepper, Inc., 5.15%, 05/15/2035 | 4245000 | 4139103  |
|  Maple Parent Holdings Corp., 5.70%, 03/26/2036<sup>(b)</sup> | 10900000 | 10834797  |
| Mars, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(b)</sup> | 6000000 | 6059304  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(b)</sup> | 2500000 | 2439381  |
|  |  | 50193253  |
| **Energy - 3.2%**<br>|  |  |
|  Colonial Enterprises, Inc., 5.63%, 11/15/2035<sup>(b)</sup> | 5000000 | 4999085  |
|  Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 | 8450000 | 7964468  |
| Enbridge, Inc., 5.45%, 03/27/2036 | 9050000 | 9131400  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. <br>CMT Rate + 5.69%, Perpetual | 1650000 | 1648059  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 | 2250000 | 2291885  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 5700000 | 5811300  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 | 4350000 | 4469238  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2044<sup>(c)</sup> | 4000000 | 3486036  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056<sup>(a)</sup> | 8350000 | 8254926  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 12000000 | 12127855  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2036<sup>(a)</sup> | 5650000 | 5571307  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 1750000 | 1454138  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2053 | 4850000 | 4448727  |
| ONEOK, Inc., 4.95%, 10/15/2032 | 7000000 | 6946110  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Energy - (Continued)** <br>|  |  |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | $9500000 | $9534762  |
|  Targa Resources Corp., 6.50%, 03/30/2034 | 6850000 | 7407345  |
|  Western Midstream Operating LP, 5.50%, 12/15/2035 | 4500000 | 4427916  |
|  |  | 99974557  |
| **Financials - 23.1%**<br>|  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(b)</sup> | 6250000 | 6028707  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056<sup>(a)</sup> | 1750000 | 1753246  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.50%, 10/01/2031<sup>(b)</sup> | 4400000 | 4326069  |
|  Allianz SE, 6.55% to 04/30/2034 then 5 yr. CMT Rate + 2.32%, Perpetual<sup>(a)(b)</sup> | 3400000 | 3407738  |
|  American International Group, Inc., 5.45%, 05/07/2035 | 9920000 | 10123144  |
|  Aspen Insurance Holdings Ltd., 5.75%, 07/01/2030 | 3378000 | 3486636  |
|  Athene Global Funding, 5.54%, 08/22/2035<sup>(a)(b)</sup> | 8025000 | 7883354  |
|  Athene Holding Ltd., 6.63%, 05/19/2055<sup>(a)</sup> | 8150000 | 7859882  |
| Atlas Warehouse Lending Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 01/15/2028<sup>(b)</sup> | 5000000 | 5070673  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(b)</sup> | 5000000 | 5144355  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2030<sup>(b)</sup> | 2000000 | 1963924  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2033<sup>(b)</sup> | 5750000 | 5571853  |
|  Aviation Capital Group LLC, 4.80%, 10/24/2030<sup>(b)</sup> | 4000000 | 3958697  |
|  Avolon Holdings Funding Ltd., 4.95%, 10/15/2032<sup>(b)</sup> | 6000000 | 5846226  |
|  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>(b)</sup> | 1324000 | 1327611  |
| &nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(b)</sup> | 2001000 | 2072546  |
| &nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, Perpetual<sup>(a)(b)</sup> | 9700000 | 9978875  |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.62%, 12/10/2029<sup>(b)</sup> | 4600000 | 4713620  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/06/2030 | 6850000 | 6754822  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/06/2035 | 4300000 | 4193987  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46% to 05/09/2035 then SOFR + 1.64%, 05/09/2036 | $15000000 | $15304605  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 10350000 | 8956041  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 7000000 | 6487356  |
|  Bank of New York Mellon Corp., 5.63% to 03/20/2031 then 5 yr. CMT Rate + 2.03%, Perpetual<sup>(a)</sup> | 4650000 | 4557093  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 10000000 | 10105440  |
|  Banque Federative du Credit Mutuel SA, 5.11%, 01/15/2036<sup>(b)</sup> | 5000000 | 4894351  |
|  BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% to 02/11/2030 then 5 yr. CMT Rate + 3.38%, 02/11/2035<sup>(b)</sup> | 1150000 | 1190250  |
| &nbsp;&nbsp;&nbsp; 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(b)</sup> | 7000000 | 7376543  |
| Block, Inc., 3.50%, 06/01/2031<sup>(a)</sup> | 5000000 | 4550677  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(b)</sup> | 9400000 | 9720123  |
| &nbsp;&nbsp;&nbsp; 6.88% to 12/15/2033 then 5 yr. CMT Rate + 2.85%, Perpetual<sup>(a)(b)</sup> | 6200000 | 5994474  |
| &nbsp;&nbsp;&nbsp; 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)(b)</sup> | 3300000 | 3314039  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.29% to 01/14/2035 then SOFR + 2.04%, 01/14/2036<sup>(b)</sup> | 6500000 | 6807260  |
| &nbsp;&nbsp;&nbsp; 6.03% to 05/28/2035 then SOFR + 1.96%, 05/28/2036<sup>(b)</sup> | 6500000 | 6649850  |
| &nbsp;&nbsp;&nbsp; 6.35% to 01/13/2046 then SOFR + 2.11%, 01/13/2047<sup>(a)(b)</sup> | 8000000 | 7661779  |
| Brixmor Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2034 | 2300000 | 2337530  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2035 | 7500000 | 7706453  |
|  Broadstone Net Lease LLC, 5.00%, 11/01/2032 | 1750000 | 1722136  |
|  Brown & Brown, Inc., 5.55%, 06/23/2035<sup>(a)</sup> | 3125000 | 3122522  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)(b)</sup> | 5150000 | 4294018  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036<sup>(a)</sup> | 3550000 | 3612582  |
| &nbsp;&nbsp;&nbsp; 5.40% (SOFR + 1.51%), 01/30/2037<sup>(a)</sup> | 9250000 | 9067864  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036 | 3400000 | 3472916  |
| &nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036<sup>(a)</sup> | 4650000 | 4611211  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | $3000000 | $2931897  |
|  Cousins Properties LP, 4.88%, 03/01/2033 | 5900000 | 5683292  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(b)</sup> | 7350000 | 7203321  |
| &nbsp;&nbsp;&nbsp; 7.13% to 09/23/2035 then USISSO05 + 3.58%, Perpetual<sup>(a)(b)</sup> | 6400000 | 6463162  |
| &nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(b)</sup> | 4000000 | 4122048  |
| &nbsp;&nbsp;&nbsp; 5.26% to 01/12/2036 then SOFR + 1.43%, 01/12/2037<sup>(b)</sup> | 5750000 | 5627764  |
|  DAE Funding LLC, 4.95%, 01/15/2033<sup>(a)(b)</sup> | 11950000 | 11353748  |
|  Danske Bank AS, 4.42% to 09/12/2030 then 1 yr. CMT Rate + 0.85%, 09/12/2031<sup>(b)</sup> | 3000000 | 2946677  |
|  Extra Space Storage LP, 5.40%, 02/01/2034<sup>(a)</sup> | 3300000 | 3328453  |
|  Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035 | 3325000 | 3409585  |
|  Fidelity National Information Services, Inc., 4.80%, 03/10/2031 | 7100000 | 7047215  |
| Fiserv, Inc., 5.15%, 08/12/2034 | 2500000 | 2429462  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2033 | 6350000 | 6201051  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/15/2035 | 3900000 | 3760062  |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 | 8700000 | 7763945  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 1500000 | 1471714  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 10650000 | 10493716  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2054<sup>(a)</sup> | 3850000 | 3738935  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 | 4000000 | 3594287  |
| &nbsp;&nbsp;&nbsp; 5.85% to 04/25/2034 then SOFR + 1.55%, 04/25/2035 | 4900000 | 5086293  |
| &nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 | 3000000 | 2945522  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 2150000 | 2186377  |
| &nbsp;&nbsp;&nbsp; 4.94% to 10/21/2035 then SOFR + 1.33%, 10/21/2036 | 5000000 | 4843894  |
| &nbsp;&nbsp;&nbsp; 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041 | 10000000 | 9665169  |
|  High Street Funding Trust III, 5.81%, 02/15/2055<sup>(a)(b)</sup> | 8050000 | 7656468  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 3000000 | 2668481  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034<sup>(a)</sup> | 6000000 | 6065228  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75% to 09/24/2031 then 5 yr. CMT Rate + 2.91%, Perpetual<sup>(a)</sup> | $6600000 | $6531366  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual<sup>(a)</sup> | 2100000 | 2095977  |
| &nbsp;&nbsp;&nbsp; 5.28% to 03/10/2036 then SOFR + 1.55%, 03/10/2037<sup>(a)</sup> | 7850000 | 7711942  |
|  Huntington Bancshares, Inc., 5.61% (5 yr. CMT Rate + 1.35%), 01/28/2041 | 4500000 | 4393685  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(b)</sup> | 4550000 | 4619515  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 1250000 | 1283394  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 9900000 | 10647834  |
| &nbsp;&nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 | 10000000 | 10127204  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/24/2035 then SOFR + 1.32%, 01/24/2036 | 12000000 | 12286731  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 12025000 | 12182184  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 1.30%), 02/05/2037 | 8550000 | 8404990  |
| Kilroy Realty LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2035 | 4500000 | 4341086  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2036 | 5300000 | 5255575  |
|  Kite Realty Group LP, 4.95%, 12/15/2031 | 6000000 | 5979957  |
|  Liberty Mutual Group, Inc., 4.30%, 02/01/2061<sup>(b)</sup> | 3650000 | 2285667  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75% to 09/27/2031 then 5 yr. CMT Rate + 3.15%, Perpetual<sup>(a)</sup> | 5900000 | 5870107  |
| &nbsp;&nbsp;&nbsp; 6.63% to 09/27/2035 then 5 yr. CMT Rate + 2.68%, Perpetual<sup>(a)</sup> | 6400000 | 6114139  |
| &nbsp;&nbsp;&nbsp; 6.07% to 06/13/2035 then 1 yr. CMT Rate + 1.60%, 06/13/2036 | 500000 | 508421  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 | 5285000 | 5313939  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 4350000 | 4334853  |
| MetLife, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 2950000 | 2994887  |
| &nbsp;&nbsp;&nbsp; 5.85% (5 yr. CMT Rate + 1.82%), 03/15/2056<sup>(a)</sup> | 5775000 | 5671061  |
|  Mitsubishi UFJ Financial Group, Inc., 5.19% to 09/12/2035 then 1 yr. CMT Rate + 0.93%, 09/12/2036 | 8350000 | 8294096  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 10000000 | 10385205  |
| &nbsp;&nbsp;&nbsp; 5.59% to 01/18/2035 then SOFR + 1.42%, 01/18/2036 | 2000000 | 2039761  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 3900000 | 3996029  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | $14150000 | $12179844  |
| &nbsp;&nbsp;&nbsp; 4.89% to 10/22/2035 then SOFR + 1.31%, 10/22/2036 | 3000000 | 2901280  |
|  Nippon Life Insurance Co., 5.05%, 04/02/2033<sup>(b)</sup> | 5200000 | 5208626  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(b)</sup> | 8800000 | 8779149  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(b)</sup> | 8300000 | 8533435  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035<sup>(a)(b)</sup> | 8300000 | 8504362  |
|  Phillips Edison Grocery Center Operating Partnership I LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2033 | 4000000 | 3905060  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2035 | 6850000 | 6648253  |
|  Piedmont Operating Partnership LP, 5.63%, 01/15/2033 | 7700000 | 7486771  |
|  PNC Financial Services Group, Inc., 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041 | 8150000 | 7987701  |
|  Principal Financial Group, Inc., 6.05%, 10/15/2036 | 1150000 | 1224749  |
|  Realty Income Corp., 4.75%, 04/15/2033 | 3650000 | 3601562  |
|  Rocket Cos., Inc., 6.13%, 08/01/2030<sup>(b)</sup> | 3325000 | 3357741  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | 6550000 | 6251938  |
| &nbsp;&nbsp;&nbsp; 6.50% to 05/24/2033 then 5 yr. CMT Rate + 2.45%, 05/24/2086 | 9800000 | 9557070  |
|  SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035<sup>(b)</sup> | 3800000 | 3712590  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 8400000 | 8271425  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, Perpetual<sup>(a)(b)</sup> | 3500000 | 3470686  |
| &nbsp;&nbsp;&nbsp; 6.63% to 07/08/2031 then USISSO05 + 3.24%, Perpetual<sup>(b)</sup> | 3800000 | 3701861  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(b)</sup> | 9450000 | 9765214  |
| &nbsp;&nbsp;&nbsp; 5.58% to 05/09/2035 then SOFR + 1.76%, 05/09/2036<sup>(b)</sup> | 4250000 | 4312499  |
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, <br>5.00%, 02/15/2036<sup>(a)</sup> | 5600000 | 5476666  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 7000000 | 6952827  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 2400000 | 2366231  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  VICI Properties LP / VICI Note Co., Inc., 4.63%, 12/01/2029<sup>(b)</sup> | $4081000 | $4013407  |
|  Voya Financial, Inc., 5.05%, 03/02/2036<sup>(a)</sup> | 1250000 | 1208144  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 | 9025000 | 9189912  |
| &nbsp;&nbsp;&nbsp; 5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035 | 850000 | 846618  |
| &nbsp;&nbsp;&nbsp; 4.96% (SOFR + 1.10%), 01/23/2037 | 9550000 | 9306618  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 9700000 | 9820193  |
|  |  | 717882881  |
| **Health Care - 1.7%**<br>|  |  |
| Amgen, Inc., 4.85%, 02/19/2036<sup>(a)</sup> | 8350000 | 8207312  |
|  CVS Health Corp., 5.45%, 09/15/2035 | 9175000 | 9213979  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 11/15/2035 | 3850000 | 3723722  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/15/2055 | 2350000 | 2187655  |
|  Humana, Inc., 6.63% to 09/15/2031 then 5 yr. CMT Rate + 2.89%, 09/15/2056 | 2500000 | 2403361  |
|  Novartis Capital Corp., 4.90%, 03/18/2036 | 5850000 | 5838281  |
|  Thermo Fisher Scientific, Inc., 4.90%, 02/12/2036<sup>(a)</sup> | 1600000 | 1589254  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 07/15/2034 | 5000000 | 5044525  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 | 5350000 | 5098151  |
|  Universal Health Services, Inc., 4.63%, 10/15/2029 | 6000000 | 5931645  |
|  VSP Optical Group, Inc., 5.45%, 12/01/2035<sup>(b)</sup> | 4000000 | 3922608  |
|  |  | 53160493  |
| **Industrials - 2.0%**<br>|  |  |
|  BAE Systems PLC, 5.30%, 03/26/2034<sup>(b)</sup> | 3000000 | 3073740  |
| Boeing Co., 6.53%, 05/01/2034 | 5250000 | 5721238  |
| Eaton Corp., 4.80%, 03/06/2036<sup>(a)</sup> | 5400000 | 5333462  |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc., <br>5.50%, 02/04/2056 | 4950000 | 4765283  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(b)</sup> | 925000 | 931469  |
| Honeywell Aerospace, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/16/2036<sup>(b)</sup> | 4600000 | 4565909  |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/16/2056<sup>(b)</sup> | 5400000 | 5341414  |
|  Howmet Aerospace, Inc., 4.75%, 04/15/2036 | 2500000 | 2431561  |
|  nVent Finance Sarl, 2.75%, 11/15/2031 | 4300000 | 3823454  |
|  Quanta Services, Inc., 5.25%, 08/09/2034 | 5200000 | 5233848  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** <br>|  |  |
|  Weir Group, Inc., 5.35%, 05/06/2030<sup>(b)</sup> | $5925000 | $6007416  |
|  Wrangler Holdco Corp., 6.63%, 04/01/2032<sup>(b)</sup> | 4200000 | 4327580  |
|  WSP Global, Inc., 5.71%, 09/18/2036<sup>(b)</sup> | 9300000 | 9224476  |
|  |  | 60780850  |
| **Materials - 0.3%**<br>|  |  |
|  Glencore Funding LLC, 5.20%, 07/01/2033<sup>(b)</sup> | 10100000 | 10116625  |
| **Technology - 1.9%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(b)</sup> | 5000000 | 4872816  |
|  Fair Isaac Corp., 6.00%, 05/15/2033<sup>(a)(b)</sup> | 5960000 | 5851655  |
|  Foundry JV Holdco LLC, 5.88%, 01/25/2034<sup>(b)</sup> | 2500000 | 2533545  |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 | 5050000 | 4890005  |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031 | 6500000 | 5421727  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/2035 | 3450000 | 2922868  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 | 5600000 | 5386762  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/04/2056 | 2000000 | 1857654  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 | 5750000 | 4407624  |
| Salesforce, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2036 | 9200000 | 9174853  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/2056<sup>(a)</sup> | 5100000 | 5121123  |
|  TD SYNNEX Corp., 5.30%, 10/10/2035 | 6250000 | 6058535  |
|  |  | 58499167  |
| **Utilities - 5.9%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 11900000 | 11972665  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/01/2033 | 4700000 | 4858945  |
| &nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 10050000 | 9934475  |
| Brooklyn Union Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 03/16/2036<sup>(b)</sup> | 8000000 | 7930351  |
| &nbsp;&nbsp;&nbsp; 6.42%, 07/18/2054<sup>(b)</sup> | 4150000 | 4223302  |
| CenterPoint Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 9000000 | 9144189  |
| &nbsp;&nbsp;&nbsp; 5.95% to 04/01/2031 then 5 yr. CMT Rate + 2.22%, 04/01/2056 | 3250000 | 3222174  |
|  Duke Energy Indiana LLC, 4.95%, 03/15/2036 | 1750000 | 1723462  |
|  Duke Energy Ohio, Inc., 5.65%, 04/01/2053 | 3000000 | 2919155  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm Funding LLC, <br>2.39%, 07/01/2037 | $5350000 | $4566606  |
|  Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053<sup>(a)</sup> | 3675000 | 3743844  |
|  Entergy Mississippi LLC, 5.05%, 04/15/2036 | 1750000 | 1725102  |
|  Georgia Power Co., 5.25%, 03/15/2034 | 4000000 | 4086367  |
|  KeySpan Gas East Corp., 3.59%, 01/18/2052<sup>(b)</sup> | 2850000 | 1900446  |
|  Nevada Power Co., 5.90%, 05/01/2053 | 2950000 | 2923712  |
|  Niagara Mohawk Power Corp., 5.11%, 01/12/2036<sup>(b)</sup> | 8150000 | 8017568  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 | 5000000 | 5089475  |
| &nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 4850000 | 4990718  |
|  Oncor Electric Delivery Co. LLC, 5.55%, 06/15/2054 | 7500000 | 7175164  |
|  Pacific Gas and Electric Co., 5.20%, 05/01/2036 | 2550000 | 2486263  |
| PacifiCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 | 7000000 | 7097745  |
| &nbsp;&nbsp;&nbsp; 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 5850000 | 5594436  |
| &nbsp;&nbsp;&nbsp; 7.13% to 08/15/2031 then 5 yr. CMT Rate + 3.29%, 08/15/2056 | 3900000 | 3685436  |
|  PG&E Energy Recovery Funding LLC, 2.28%, 01/15/2036 | 2400000 | 1991902  |
|  PG&E Recovery Funding LLC, 5.53%, 06/01/2049 | 12000000 | 11822865  |
|  Piedmont Natural Gas Co., Inc., 5.05%, 05/15/2052<sup>(a)</sup> | 1750000 | 1541799  |
|  Public Service Co. of Colorado, 5.05%, 06/15/2036 | 3750000 | 3697758  |
|  RWE Finance US LLC, 5.13%, 09/18/2035<sup>(b)</sup> | 4000000 | 3890757  |
| San Diego Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2036 | 5200000 | 5188540  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2056 | 4600000 | 4615508  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2036 | 4000000 | 3945130  |
| &nbsp;&nbsp;&nbsp; 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 3000000 | 2920784  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 5850000 | 5833674  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 | 1900000 | 1921540  |
| Southwestern Electric Power Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033<sup>(a)</sup> | 2300000 | 2333536  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2036 | 5800000 | 5705625  |
|  Texas Electric Market Stabilization Funding N LLC, 4.27%, 08/01/2034<sup>(b)</sup> | 1476451 | 1468484  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** <br>|  |  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/31/2031<sup>(b)</sup> | $2400000 | $2362715  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(b)</sup> | 2000000 | 2177676  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034<sup>(b)</sup> | 4000000 | 4027172  |
|  |  | 184457065  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,372,897,174)** |  | 1356907271  |
| **U.S. TREASURY SECURITIES - 18.0%** | **U.S. TREASURY SECURITIES - 18.0%** | **U.S. TREASURY SECURITIES - 18.0%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/31/2031 | 25000000 | 24920899  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 16350000 | 16053337  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 1800000 | 1837617  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 30000000 | 29596875  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 23000000 | 23245723  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 18500000 | 18032080  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 37500000 | 37496338  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 35300000 | 36224557  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 4190000 | 4179607  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 31000000 | 30888594  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 25800000 | 25169109  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2036 | 63500000 | 62512773  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 14500000 | 9138965  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 22000000 | 14715508  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 11500000 | 10409521  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 5000000 | 4941406  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 19500000 | 18654873  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 12000000 | 10890234  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 13000000 | 9958203  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 27000000 | 26131992  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 7550000 | 4923131  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 2000000 | 1411328  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 9000000 | 4273945  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 6500000 | 3179795  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 30000000 | 17091797  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 10500000 | 5771309  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 16500000 | 9949307  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 9500000 | 6590439  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 14000000 | 9955586  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 16000000 | 12833125  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 30600000 | 26844328  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 22900000 | 22272039  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 24800000 | 22219734  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $599,626,748)** |  | 562314074  |
| **MORTGAGE-BACKED SECURITIES - 12.8%** | **MORTGAGE-BACKED SECURITIES - 12.8%** | **MORTGAGE-BACKED SECURITIES - 12.8%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool SD8225, 3.00%, 07/01/2052 | 14613909 | 12872402  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052 | 30006696 | 28456055  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, 5.00%, 01/01/2053 | 2928321 | 2903991  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool SD8324, 5.50%, 05/01/2053 | $4349817 | $4388314  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 2914940 | 2940070  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 11230368 | 11319467  |
| &nbsp;&nbsp;&nbsp; Pool SD8440, 6.50%, 06/01/2054 | 2504689 | 2591201  |
| &nbsp;&nbsp;&nbsp; Pool SD8503, 4.00%, 02/01/2055 | 9219435 | 8708392  |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp; Pool BW2439, 5.00%, 01/01/2056 | 8383935 | 8277021  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 8049949 | 8267243  |
| &nbsp;&nbsp;&nbsp; Pool CB9471, 5.00%, 11/01/2054 | 9568185 | 9623669  |
| &nbsp;&nbsp;&nbsp; Pool FA0608, 5.50%, 02/01/2055 | 8054026 | 8099880  |
| &nbsp;&nbsp;&nbsp; Pool FA0625, 5.00%, 02/01/2055 | 8996447 | 8894916  |
| &nbsp;&nbsp;&nbsp; Pool FA4331, 4.00%, 08/01/2053 | 7011702 | 6636540  |
| &nbsp;&nbsp;&nbsp; Pool FS0902, 3.50%, 07/01/2043 | 5000101 | 4722590  |
| &nbsp;&nbsp;&nbsp; Pool FS3150, 5.00%, 11/01/2052 | 5693780 | 5706228  |
| &nbsp;&nbsp;&nbsp; Pool FS3825, 4.50%, 04/01/2050 | 4305616 | 4234160  |
| &nbsp;&nbsp;&nbsp; Pool FS5365, 3.00%, 02/01/2050 | 4719083 | 4251563  |
| &nbsp;&nbsp;&nbsp; Pool FS6598, 3.50%, 08/01/2052 | 7079264 | 6514440  |
| &nbsp;&nbsp;&nbsp; Pool FS7526, 3.00%, 10/01/2053 | 5375394 | 4731396  |
| &nbsp;&nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052 | 13048553 | 12374274  |
| &nbsp;&nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 10910846 | 10343071  |
| &nbsp;&nbsp;&nbsp; Pool MA5073, 6.00%, 07/01/2053 | 16073329 | 16484153  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, 5.50%, 08/01/2053 | 4421548 | 4458654  |
| &nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/2053 | 15355156 | 15734259  |
| &nbsp;&nbsp;&nbsp; Pool MA5166, 6.00%, 10/01/2053 | 2420407 | 2476342  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 3561794 | 3364379  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, 6.00%, 06/01/2054 | 3799111 | 3878904  |
| &nbsp;&nbsp;&nbsp; Pool MA5480, 5.50%, 09/01/2044 | 19053784 | 19507096  |
| &nbsp;&nbsp;&nbsp; Pool MA5503, 5.50%, 10/01/2044 | 15991412 | 16146957  |
| &nbsp;&nbsp;&nbsp; Pool MA5528, 4.00%, 11/01/2054 | 44631559 | 42157683  |
| &nbsp;&nbsp;&nbsp; Pool MA5540, 5.50%, 11/01/2044 | 3952844 | 4046895  |
| &nbsp;&nbsp;&nbsp; Pool MA5586, 5.50%, 01/01/2055 | 11339709 | 11403054  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 8492795 | 8540238  |
| &nbsp;&nbsp;&nbsp; Pool MA5789, 4.00%, 08/01/2055 | 9490041 | 8963967  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8148, 3.00%, 07/20/2052 | 13481390 | 12066303  |
| &nbsp;&nbsp;&nbsp; Pool MA8346, 4.00%, 10/20/2052 | 15908009 | 15078587  |
| &nbsp;&nbsp;&nbsp; Pool MA8492, 6.00%, 12/20/2052 | 3326832 | 3411488  |
| &nbsp;&nbsp;&nbsp; Pool MA8949, 6.00%, 06/20/2053 | 2618546 | 2678826  |
| &nbsp;&nbsp;&nbsp; Pool MA9242, 6.00%, 10/20/2053 | 5481058 | 5584521  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 15327908 | 14835617  |
|  PNW Trust, Series 2026-ARTE, Class A, 5.39% (1 mo. Term SOFR + 1.71%), 04/15/2029<sup>(b)</sup> | 10950000 | 10939540  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $395,271,445)** |  | 398614346  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 9.0%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 9.0%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 9.0%** |
| A&D Mortgage LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1A, 4.91%, 02/25/2071<sup>(b)(c)</sup> | 5728115 | 5681109  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM2, Class A1, 4.81%, 03/25/2071<sup>(b)(d)</sup> | 13432088 | 13299284  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(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)**  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 5.69%, 01/25/2070<sup>(b)(c)</sup> | $8486877 | $8539035  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 5.64%, 02/25/2070<sup>(b)(c)</sup> | 9101788 | 9151852  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, 5.42%, 03/25/2070<sup>(b)(c)</sup> | 6988347 | 7006704  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, 5.86%, 04/25/2070<sup>(b)(c)</sup> | 7546400 | 7607925  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/2070<sup>(b)(c)</sup> | 7026048 | 7054677  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.80%, 06/25/2064<sup>(b)(c)</sup> | 714739 | 718924  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.60%, 12/25/2064<sup>(b)(c)</sup> | 12023388 | 12084621  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.57%, 03/25/2065<sup>(b)(c)</sup> | 5525955 | 5553524  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.61%, 02/25/2065<sup>(b)(c)</sup> | 5454570 | 5484957  |
|  CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, 5.12%, 04/15/2042<sup>(b)(d)</sup> | 8725000 | 8852488  |
|  COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, 5.84%, 02/25/2069<sup>(b)(c)</sup> | 3378829 | 3389322  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 3.00%, 10/25/2035 | 7779189 | 7250647  |
| &nbsp;&nbsp;&nbsp; Series K-159, Class A2, 4.50%, 07/25/2033<sup>(d)</sup> | 1500000 | 1501574  |
| &nbsp;&nbsp;&nbsp; Series K756, Class A2, 4.96%, 05/25/2031 | 26400000 | 27175368  |
| &nbsp;&nbsp;&nbsp; Series K764, Class A2, 4.12%, 12/25/2032<sup>(d)</sup> | 31940000 | 31379971  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 25499329 | 21955152  |
|  GCAT, Series 2026-NQM2, Class A1A, 5.45%, 02/25/2071<sup>(b)(c)</sup> | 10700000 | 10719263  |
|  GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(b)(c)</sup> | 2722670 | 2739793  |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, 01/13/2040<sup>(b)(d)</sup> | 3500000 | 3584445  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, 5.59%, 02/25/2064<sup>(b)(c)</sup> | 2917437 | 2930265  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(b)(c)</sup> | 3718919 | 3736799  |
|  LHOME Mortgage Trust, Series 2025-RTL1, Class A1, 5.65%, 01/25/2040<sup>(b)(c)</sup> | 3500000 | 3514341  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(b)</sup> | $4880000 | $4524560  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(b)(d)</sup> | 3840666 | 3858556  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(b)(c)</sup> | 3969686 | 3985298  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(b)(d)</sup> | 8048485 | 8014225  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, 11/25/2064<sup>(b)(c)</sup> | 9404428 | 9455187  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064<sup>(b)(c)</sup> | 2293079 | 2307304  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055<sup>(b)(c)</sup> | 9964376 | 9993250  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1A, 4.85%, 11/25/2065<sup>(b)(c)</sup> | 10059758 | 9998026  |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060<sup>(b)(c)</sup> | 7629534 | 7677980  |
|  ROCK Trust 2024-CNTR, Series 2024-CNTR, Class A, 5.39%, 11/13/2041<sup>(b)</sup> | 5156000 | 5245844  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(b)</sup> | 1010000 | 899354  |
|  Velocity Commercial Capital Loan Trust, Series 2025-5, Class A, 5.32%, 12/25/2055<sup>(b)(d)</sup> | 1539183 | 1527003  |
|  Velocity Commercial Capital Loan Trust 2024-1, Series 2025-1, Class A, 6.03%, 02/25/2055<sup>(b)(d)</sup> | 2183131 | 2200675  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $281,017,371)** |  | 280599302  |
| **BANK LOANS - 7.6%**<br>|  |  |
| **Communications - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, Senior Secured First Lien, 8.42% (1 mo. Term SOFR + 4.75%), <br>03/15/2030 | 4750000 | 4689153  |
| **Consumer Discretionary - 1.9%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 5.42% (1 mo. SOFR US + 1.75%), 09/23/2030 | 5846631 | 5840814  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 6.92% (1 mo. SOFR US + 3.25%), 08/20/2032 | 3482500 | 3486853  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 5.92% (1 mo. SOFR US + 2.25%), 02/06/2031 | 7025165 | 6840755  |
|  Chariot Buyer LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 09/08/2032 | 11667227 | 11574473  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 05/30/2031 | $7527505 | $7046045  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 05/04/2028 | 4289169 | 4290799  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 5.67% (1 mo. SOFR US + 2.00%), 05/01/2031 | 2416759 | 2383529  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 01/30/2031 | 5301628 | 5265471  |
|  Whatabrands LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 08/03/2028 | 10954396 | 10949521  |
|  |  | 57678260  |
| **Energy - 0.4%**<br>|  |  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 5.38% (SOFR + 1.75%), 07/30/2032 | 11790750 | 11765872  |
|  Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 5.93% (1 mo. SOFR US + 2.25%), 10/05/2028 | 2133796 | 2139130  |
|  |  | 13905002  |
| **Financials - 1.1%**<br>|  |  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 06/16/2031 | 9057481 | 8849748  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.40% (1 mo. SOFR US + 3.50%), 06/02/2028 | 8758388 | 8397148  |
|  Focus Financial Partners LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 09/15/2031 | 5236842 | 5079449  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 11/01/2028 | 5905774 | 5861481  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 5336591 | 4936347  |
|  |  | 33124173  |
| **Health Care - 0.5%**<br>|  |  |
|  Hopper Merger Sub, Inc., Senior Secured First Lien, 6.67% (1 mo. Term SOFR + 2.25%), 01/14/2033 | 7750000 | 7667191  |
|  Medline Borrower LP, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.42% (1 mo. SOFR US + 1.75%), 10/23/2028 | 748656 | 750622  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.42% (1 mo. SOFR US + 1.75%), 10/23/2030 | $7629034 | $7646886  |
|  |  | 16064699  |
| **Industrials - 2.1%**<br>|  |  |
|  Azuria Water Solutions, Inc., Senior Secured First Lien, 6.68% (1 mo. Term SOFR + 2.75%), 01/27/2033 | 13900000 | 13795750  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 12/26/2030 | 12319024 | 12154749  |
| &nbsp;&nbsp;&nbsp; 7.17% (1 mo. SOFR US + 3.50%), 12/29/2032 | 2666667 | 2630013  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.16% (3 mo. SOFR US + 2.50%), 03/18/2030 | 3844231 | 3846634  |
|  Dycom Industries, Inc., Senior Secured First Lien, 5.42% (1 mo. SOFR US + 1.75%), 01/27/2033 | 3800000 | 3819798  |
|  Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029 | 7637663 | 7646676  |
|  Kaman Corp., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 02/26/2032 | 2989 | 2993  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 6.38% (6 mo. SOFR US + 2.75%), 04/30/2030 | 9352956 | 9383493  |
|  TransDigm, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 02/28/2031 | 13110638 | 13127158  |
|  |  | 66407264  |
| **Materials - 0.2%**<br>|  |  |
|  Proampac PG Borrower LLC, Senior Secured First Lien, 7.78% (1 mo. SOFR US + 4.00%), 03/07/2033 | 5319758 | 5150856  |
|  |  | 5150856  |
| **Technology - 1.3%**<br>|  |  |
|  Central Parent LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 07/06/2029 | 6146649 | 4403090  |
|  Dayforce Bidco LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/04/2033 | 3900000 | 3699579  |
|  Epicor Software Corp., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 3983859 | 3913404  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 4.00%), 06/05/2028 | 6384113 | 5635990  |
|  Proofpoint, Inc., Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 08/31/2028 | 10323664 | 10009670  |
|  RealPage, Inc., Senior Secured First Lien, 7.08% (3 mo. SOFR US + 3.00%), 04/24/2028 | 6221344 | 5974232  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  UKG, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 02/10/2031 | $6328728 | $6056214  |
|  |  | 39692179  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $241,693,837)** |  | 236711586  |
| **ASSET-BACKED SECURITIES - 5.7%** | **ASSET-BACKED SECURITIES - 5.7%** | **ASSET-BACKED SECURITIES - 5.7%** |
|  AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, 08/18/2027 | 812221 | 809183  |
| Consolidated Communications LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 5.08%, 03/20/2056<sup>(b)</sup> | 8250000 | 8174399  |
| &nbsp;&nbsp;&nbsp; Series 2026-1A, Class C, 7.03%, 03/20/2056<sup>(b)</sup> | 3500000 | 3453105  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(b)</sup> | 2089025 | 2099397  |
|  Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64%, 07/16/2029<sup>(b)</sup> | 4775000 | 4780744  |
| GreenSky LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4, 5.22%, 03/25/2060<sup>(b)</sup> | 824441 | 831711  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 5.02%, 06/25/2060<sup>(b)</sup> | 2100000 | 2117734  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 4.59%, 12/27/2060<sup>(b)</sup> | 5550000 | 5509864  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(b)</sup> | 1596591 | 1621535  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, 08/27/2040<sup>(b)</sup> | 706337 | 707758  |
| &nbsp;&nbsp;&nbsp; Kinetic ABS Issuer LLC, <br>Series 2026-1A, Class A2, 5.22%, 02/25/2056<sup>(b)</sup> | 3400000 | 3410304  |
|  Landmark Infrastructure Partners LP, Series 2025-1A, Class A, 5.52%, 09/15/2055<sup>(b)</sup> | 3450000 | 3462549  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 1.74%, 10/20/2037<sup>(b)</sup> | 92755 | 89357  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(b)</sup> | 687995 | 689186  |
|  Metronet Systems Holdings LLC, Series 2026-1A, Class A2, 5.27%, 04/20/2056<sup>(b)</sup> | 6650000 | 6669536  |
|  Mosaic Solar Loans LLC, Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(b)</sup> | 2706334 | 2667863  |
|  MVW Owner Trust, Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(b)</sup> | 1277512 | 1270382  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068<sup>(b)</sup> | $226025 | $222985  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(b)</sup> | 1763312 | 1563514  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.46%, 11/15/2068<sup>(b)</sup> | 296625 | 279190  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(b)</sup> | 1869579 | 1761172  |
| &nbsp;&nbsp;&nbsp; Series 2020-CA, Class A2A, 2.15%, 11/15/2068<sup>(b)</sup> | 270473 | 260026  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(b)</sup> | 6655898 | 6204744  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(b)</sup> | 299102 | 281929  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(b)</sup> | 241396 | 225987  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(b)</sup> | 409661 | 385846  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, 1.31%, 12/26/2069<sup>(b)</sup> | 970167 | 813058  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(b)</sup> | 319372 | 290435  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/2069<sup>(b)</sup> | 1153716 | 1051466  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.23%, 07/15/2070<sup>(b)</sup> | 7169514 | 6506562  |
| &nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, 4.16%, 10/15/2070<sup>(b)</sup> | 10179176 | 9872390  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071<sup>(b)</sup> | 5775681 | 5851356  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(b)</sup> | 8515328 | 8644776  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 5.02%, 07/15/2055<sup>(b)</sup> | 8802725 | 8787404  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.72%, 09/15/2055<sup>(b)</sup> | 1857797 | 1839929  |
|  Nelnet Student Loan Trust, Series 2025-DA, Class A1A, 4.65%, 08/20/2054<sup>(b)</sup> | 3843099 | 3801814  |
|  OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.13%, 05/14/2035<sup>(b)</sup> | 817573 | 817169  |
|  OWN Tactical Equipment I LLC, Series 2025-1M, Class A, 5.48%, 09/26/2033<sup>(b)</sup> | 1073687 | 1072494  |
|  Pagaya AI Debt Selection Trust, Series 2025-1, Class B, 5.63%, 07/15/2032<sup>(b)</sup> | 833869 | 834753  |
|  Pretium Mortgage Credit Partners LLC, Series 2025-RPL1, Class A1, 4.00%, 07/25/2069<sup>(b)(c)</sup> | 4838014 | 4733763  |
|  REDAPTIVE EAAS ISSUER LLC, Series 2025-1A, Class A, 5.94%, 03/25/2042<sup>(b)</sup> | 1559558 | 1569723  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  Service Experts Issuer LLC, Series 2025-1A, Class A, 5.38%, 01/20/2037<sup>(b)</sup> | $1070194 | $1092074  |
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, <br>Series 2004-3A, Class A6B, 4.70% (90 day avg SOFR US + 0.81%), <br>10/25/2064<sup>(b)</sup> | 814209 | 800828  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-B, Class A2A, 2.82%, 10/15/2035<sup>(b)</sup> | 25385 | 25305  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 3.50%, 02/15/2036<sup>(b)</sup> | 391737 | 388927  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, 3.60%, 01/15/2037<sup>(b)</sup> | 122030 | 121264  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 3.63%, 11/15/2035<sup>(b)</sup> | 188428 | 186604  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(b)</sup> | 302911 | 300102  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.23%, 09/15/2037<sup>(b)</sup> | 1557799 | 1510527  |
| &nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 1.29%, 07/15/2053<sup>(b)</sup> | 740824 | 697415  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A2, 4.52% (1 mo. Term SOFR + 0.84%), 01/15/2053<sup>(b)</sup> | 393161 | 387208  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053<sup>(b)</sup> | 1831871 | 1675881  |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A1A, 1.68%, 02/15/2051<sup>(b)</sup> | 1099738 | 1045305  |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, 3.94%, 02/16/2055<sup>(b)</sup> | 6186575 | 5985936  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class A1A, 4.48%, 05/16/2050<sup>(b)</sup> | 1509540 | 1494798  |
| &nbsp;&nbsp;&nbsp; Series 2023-C, Class A1A, 5.67%, 11/15/2052<sup>(b)</sup> | 3335822 | 3401747  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 5.24%, 03/15/2056<sup>(b)</sup> | 5497887 | 5524071  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A1A, 5.50%, 06/17/2052<sup>(b)</sup> | 5801915 | 5890023  |
| &nbsp;&nbsp;&nbsp; Series 2024-F, Class A1A, 5.06%, 03/16/2054<sup>(b)</sup> | 8354385 | 8383624  |
| &nbsp;&nbsp;&nbsp; Series 2026-A, Class A1A, 4.68%, 12/15/2053<sup>(b)</sup> | 6150000 | 6071530  |
| SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 2.37%, 11/16/2048<sup>(b)</sup> | 357358 | 347055  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 2.54%, 05/15/2046<sup>(b)</sup> | 572040 | 550495  |
|  Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038<sup>(b)</sup> | 3550000 | 3585718  |
|  UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, 09/25/2047<sup>(b)</sup> | 2173707 | 2175448  |
|  Veros Automobile Receivables Trust, Series 2026-1, Class B, 4.84%, 05/15/2029<sup>(b)</sup> | 3649000 | 3632060  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Vertical Bridge Holdings LLC, Series 2026-1A, Class C2, 4.69%, 03/15/2056<sup>(b)</sup> | $6350000 | $6206716  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $177,935,848)** |  | 177517753  |
| **COLLATERALIZED LOAN OBLIGATIONS - 1.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 1.1%** | **COLLATERALIZED LOAN OBLIGATIONS - 1.1%** |
| Aimco CDO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BA, Class ARR, 5.17% (3 mo. Term SOFR + 1.50%), 04/16/2037<sup>(b)</sup> | 7000000 | 7000350  |
| &nbsp;&nbsp;&nbsp; Series 2019-10A, Class ARR, 5.08% (3 mo. Term SOFR + 1.41%), 07/22/2037<sup>(b)</sup> | 5000000 | 5005708  |
|  Basswood Park CLO Ltd., Series 2021-1A, Class BR, 5.17% (3 mo. Term SOFR + 1.50%), 04/20/2034<sup>(b)</sup> | 3125000 | 3120969  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-55A, Class C, 5.83% (3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(b)</sup> | 1000000 | 1004323  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class B, 5.33% (3 mo. Term SOFR + 1.66%), 04/18/2031<sup>(b)</sup> | 1600000 | 1598140  |
|  Flatiron CLO Ltd., Series 2024-1A, Class A1R, 4.75% (3 mo. Term SOFR + 1.08%), 07/15/2036<sup>(b)</sup> | 3450000 | 3446610  |
|  Neuberger Berman CLO Ltd., Series 2021-43A, Class BR, 5.12% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(b)</sup> | 4500000 | 4501333  |
|  OCP CLO Ltd., Series 2023-29A, Class BR, 5.22% (3 mo. Term SOFR + 1.55%), 01/20/2036<sup>(b)</sup> | 2750000 | 2744500  |
|  Palmer Square Loan Funding Ltd., Series 2022-4A, Class A2R, 4.97% (3 mo. Term SOFR + 1.30%), 07/24/2031<sup>(b)</sup> | 6000000 | 5990974  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $34,425,000)** |  | 34412907  |
| **U.S. GOVERNMENT AGENCY ISSUES - 0.4%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.4%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.4%** |
|  SBA Office of Investments and Innovation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-10A, Class 1, 5.04%, 03/10/2034 | 8574834 | 8607318  |
| &nbsp;&nbsp;&nbsp; Series 2025-10B, Class 1, 4.53%, 09/10/2035 | 2996915 | 2983275  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $11,571,749)** |  | 11590593 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 4.9%** |
| **Money Market Funds - 4.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GS Financial Square Government Fund - Institutional <br>Class, 3.56%<sup>(e)</sup> | 151861706 | $151861706  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $151,861,706)** |  | 151861706  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%** <br>**(Cost $3,266,300,878)** |  | $3210529538  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.9%<sup>(f)</sup> |  | 91689585  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.0)% |  | (189338758)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3112880365 |

---

Par amount is in USD unless otherwise indicated.

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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $148,053,703.

<sup>(b)</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, 2026, the value of these securities total $820,435,456 or 26.4% of the Fund's net assets.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<sup>(d)</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, 2026.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 87.0%** | **BANK LOANS - 87.0%** | **BANK LOANS - 87.0%** |
| **Communications - 3.5%** | **Communications - 3.5%** | **Communications - 3.5%** |
|  Arches Buyer, Inc., Senior Secured First Lien, 7.12% (1 mo. SOFR US + 3.25%), 12/06/2027 | $29452270 | $29387916  |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, Senior Secured First Lien, 6.70% <br>(3 mo. SOFR US + 3.00%), 12/11/2031 | 19621 | 17801  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, Senior Secured First Lien, 8.42% <br>(1 mo. SOFR US + 4.75%), 03/15/2030 | 20693951 | 20428862  |
|  Zayo Group Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.78% (or 0.00% PIK) <br>(1 mo. SOFR US + 3.00%), 03/11/2030 | 71518235 | 70352130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90% (or 0.00% PIK) <br>(1 mo. SOFR US + 3.00%), 03/11/2030 | 1368219 | 1345910  |
|  |  | 121532619  |
| **Consumer Discretionary - 15.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.25%), 08/20/2032 | 85380176 | 85486901  |
|  Alterra Mountain Co., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 08/17/2028 | 54871164 | 54922742  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 05/31/2030 | 9433831 | 9445624  |
|  Anticimex Global AB, Senior Secured First Lien, 6.53% (SOFR + 2.90%), 11/17/2031 | 38963804 | 39073487  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, Senior Secured First Lien, 5.66% <br>(3 mo. SOFR US + 2.00%), 10/16/2031 | 18385144 | 18401231  |
| &nbsp;&nbsp;&nbsp; Bulldog Purchaser, Inc., Senior Secured First Lien, 6.91% <br>(3 mo. SOFR US + 3.25%), 02/07/2033 | 2325000 | 2324128  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Senior Secured First Lien, 5.92% <br>(1 mo. SOFR US + 2.25%), 02/06/2030 | 996923 | 970754  |
|  Chariot Buyer LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 09/08/2032 | 52613139 | 52194865  |
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., Senior Secured First Lien, 6.17% <br>(3 mo. SOFR US + 2.50%), 11/08/2032 | 4987406 | 4990897  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.25%), 01/29/2029 | $27162968 | $26687616  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., Senior Secured First Lien, 6.42% <br>(3 mo. SOFR US + 2.75%), 02/01/2029 | 9276574 | 9230191  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 05/30/2031 | 42239191 | 39537572  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.25%), 01/23/2032 | 19497298 | 19489986  |
|  Groundworks LLC, Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 03/14/2031 | 11791139 | 11772686  |
|  JELD-WEN, Inc., Senior Secured First Lien, 5.90% (1 mo. SOFR US + 2.00%), 07/28/2028 | 5905274 | 4707832  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 05/04/2028 | 31330482 | 31342388  |
|  MIC Glen LLC, Senior Secured First Lien, 6.92% (1 mo. SOFR US + 3.25%), 07/21/2028 | 9912563 | 9952213  |
|  Pacific Bells LLC, Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 11/10/2028 | 3233750 | 3244535  |
|  PetSmart LLC, Senior Secured First Lien, 7.67% (1 mo. SOFR US + 4.00%), 08/18/2032 | 3250000 | 3216800  |
|  PPV Intermediate Holdings II LLC, Senior Secured First Lien, 9.42% (or 0.00% PIK) (3 mo. SOFR US + 5.75%), 08/31/2029 | 10123106 | 9768797  |
| &nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc., Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.25%), 12/15/2028 | 1541962 | 1444308  |
| &nbsp;&nbsp;&nbsp; Tacala Investment Corp., Senior Secured First Lien, 6.67% <br>(1 mo. SOFR US + 3.00%), 01/31/2031 | 3465000 | 3469019  |
|  TRQ Sales LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 12/30/2032 | 10671358 | 10364609  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 01/30/2031 | 27694070 | 27505197  |
| &nbsp;&nbsp;&nbsp; Weber-Stephen Products LLC, Senior Secured First Lien, 7.41% <br>(3 mo. SOFR US + 3.75%), 10/01/2032 | 35952561 | 35242498  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
|  Whatabrands LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 08/03/2028 | $41464572 | $41446120  |
|  |  | 556232996  |
| **Consumer Staples - 0.5%**<br>|  |  |
|  Pegasus Bidco BV, Senior Secured First Lien, 6.40% (3 mo. Term SOFR + 2.75%), 07/12/2029 | 11150000 | 11136063  |
|  Snacking Investments US LLC, Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 10/29/2032 | 6250000 | 6261062  |
|  |  | 17397125  |
| **Energy - 0.0%<sup>(a)</sup>**<br>|  |  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 5.38% (SOFR + 1.75%), 07/30/2032 | 1250000 | 1247363  |
| **Financials - 23.1%<sup>(b)</sup>**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 11/06/2030 | 54395649 | 52804576  |
|  Acuren Delaware Holdco, Inc., Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 07/30/2031 | 4324648 | 4326162  |
|  Alera Group, Inc., Senior Secured Second Lien, 9.18% (1 mo. SOFR US + 5.50%), 05/31/2033 | 65778384 | 63722810  |
|  Alera Group, Inc., Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 05/28/2032 | 2758063 | 2680795  |
|  Ardonagh Group Finco Pty Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.37% (6 mo. SOFR US + 2.75%), 02/18/2031 | 15835044 | 15488731  |
| &nbsp;&nbsp;&nbsp; 6.45% (3 mo. SOFR US + 2.75%), 02/18/2031 | 766915 | 750143  |
|  Ascensus Holdings, Inc., Senior Secured Second Lien, 8.92% (1 mo. SOFR US + 5.25%), 11/25/2033 | 33500000 | 34002500  |
| &nbsp;&nbsp;&nbsp; Ascensus Holdings, Inc., Senior Secured First Lien, 6.67% <br>(1 mo. SOFR US + 3.00%), 08/02/2028 | 18134047 | 17873370  |
| &nbsp;&nbsp;&nbsp; BCP VI Summit Holdings LP, Senior Secured First Lien, 6.67% <br>(1 mo. SOFR US + 3.00%), 01/30/2032 | 2950000 | 2951844  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 06/16/2031 | 65042384 | 63550637  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  CFC USA 2025 LLC, Senior Secured First Lien, 7.16% (3 mo. SOFR US + 3.50%), 07/01/2032 | $33804178 | $32452011  |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Senior Secured Second Lien, 10.40% <br>(1 mo. SOFR US + 6.50%), 06/04/2029 | 61207579 | 57229392  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.40% (1 mo. SOFR US + 3.50%), 06/02/2028 | 58843215 | 56416227  |
| &nbsp;&nbsp;&nbsp; CRC Insurance Group LLC, Senior Secured Second Lien, 8.45% <br>(3 mo. SOFR US + 4.75%), 05/06/2032 | 124816228 | 124036126  |
|  Deerfield Dakota Holding, LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% (3 mo. SOFR US + 3.00%), 09/13/2032 | 52000000 | 51870000  |
| &nbsp;&nbsp;&nbsp; 6.70% (or 0.00% PIK) (3 mo. SOFR US + 3.00%), 09/13/2032 | 436944 | 435852  |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Senior Secured First Lien, 6.17% <br>(1 mo. SOFR US + 2.50%), 09/15/2031 | 39874811 | 38676373  |
|  Goosehead Insurance Holdings LLC, Senior Secured First Lien, 6.68% (1 mo. SOFR US + 3.00%), 01/08/2032 | 16758253 | 16423088  |
|  Hyperion Refinance Sarl, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.42% (1 mo. SOFR US + 2.75%), 04/18/2030 | 68735862 | 67242907  |
| &nbsp;&nbsp;&nbsp; 6.42% (1 mo. SOFR US + 2.75%), 02/15/2031 | 7979899 | 7748682  |
| &nbsp;&nbsp;&nbsp; IMA Financial Group, Inc., Senior Secured First Lien, 6.67% <br>(1 mo. SOFR US + 3.00%), 11/01/2028 | 31128455 | 30894991  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 69839212 | 64601271  |
|  |  | 806178488  |
| **Health Care - 10.9%**<br>|  |  |
|  Alkermes, Inc., Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 08/12/2031 | 7350000 | 7414349  |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Senior Secured First Lien, 6.67% <br>(1 mo. SOFR US + 3.00%), 08/01/2032 | 3640852 | 3657546  |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Senior Secured First Lien, 7.42% <br>(1 mo. SOFR US + 3.75%), 01/15/2031 | 44019724 | 44171152  |

---

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
|  BioMarin Pharmaceutical, Inc., Senior Secured First Lien, 5.42% (1 mo. Term SOFR + 1.75%), 01/29/2033 | $40850000 | $40799142  |
|  Covetrus, Inc., Senior Secured First Lien, 8.70% (3 mo. SOFR US + 5.00%), 10/15/2029 | 73820127 | 68988230  |
|  Curium Bidco Sarl, Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 08/07/2031 | 29294414 | 29276106  |
|  Cvet Midco 2 LP, Senior Secured First Lien, 8.66% (3 mo. SOFR US + 5.00%), 10/14/2029 | 19250000 | 17989991  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Senior Secured First Lien, 7.90% <br>(3 mo. SOFR US + 4.00%), 10/01/2027 | 97654985 | 95010488  |
| &nbsp;&nbsp;&nbsp; Hopper Merger Sub, Inc., Senior Secured First Lien, 6.67% <br>(1 mo. Term SOFR + 2.25%), 01/14/2033 | 73750000 | 72961981  |
|  |  | 380268985  |
| **Industrials - 18.1%**<br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 09/23/2031 | 9200667 | 9216492  |
| &nbsp;&nbsp;&nbsp; Arcline FM Holdings LLC, Senior Secured First Lien, 6.42% <br>(3 mo. Term SOFR + 2.75%), 06/24/2030 | 1500000 | 1504170  |
| &nbsp;&nbsp;&nbsp; Arcwood Environmental, Inc., Senior Secured First Lien, 6.68% <br>(3 mo. SOFR US + 3.00%), 03/16/2032 | 4200000 | 4210500  |
|  Azuria Water Solutions, Inc., 6.68% (1 mo. Term SOFR + 2.75%), 01/27/2033 | 16150000 | 16028875  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 12/26/2030 | 1615815 | 1594268  |
| &nbsp;&nbsp;&nbsp; 7.17% (1 mo. SOFR US + 3.50%), 12/29/2032 | 45675000 | 45047197  |
|  Brown Group Holding LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 07/01/2031 | 11106739 | 11135877  |
| &nbsp;&nbsp;&nbsp; 6.17% (3 mo. SOFR US + 2.50%), 07/01/2031 | 5515699 | 5531225  |
| &nbsp;&nbsp;&nbsp; 6.17% (3 mo. SOFR US + 2.50%), 07/01/2031 | 3559101 | 3569120  |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., Senior Secured First Lien, 7.20% <br>(3 mo. SOFR US + 3.50%), 02/03/2033 | 15852349 | 15812718  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  DG Investment Intermediate Holdings 2, Inc., Senior Secured Second Lien, 9.17% (1 mo. SOFR US + 5.50%), 07/29/2033 | $11475000 | $11245500  |
|  DG Investment Intermediate Holdings 2, Inc., Senior Secured First Lien, 6.92% (1 mo. SOFR US + 3.25%), 07/12/2032 | 4850313 | 4853344  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 10.22% (3 mo. SOFR US + 6.00%), 05/21/2029 | 16010679 | 16080725  |
|  Engineered Machinery Holdings, Inc., Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 11/26/2032 | 4323977 | 4347759  |
| &nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc., Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 3.25%), 03/07/2033 | 38413764 | 38461782  |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., Senior Secured First Lien, 6.17% <br>(1 mo. SOFR US + 2.50%), 10/23/2028 | 57840265 | 57932215  |
|  Goat Holdco LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 01/27/2032 | 2314770 | 2314770  |
|  Green Infrastructure Partners, Inc., Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.75%), 09/24/2032 | 4125000 | 4125000  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured First Lien, 6.95% <br>(3 mo. SOFR US + 3.25%), 12/22/2028 | 5646777 | 5662080  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured Second Lien, 10.20% <br>(3 mo. SOFR US + 6.50%), 12/24/2029 | 19789641 | 19975268  |
|  Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029 | 42644607 | 42694928  |
|  Jupiter Buyer, Inc., Senior Secured First Lien, 7.70% (3 mo. SOFR US + 4.00%), 11/03/2031 | 3850000 | 3857238  |
|  Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15% (3 mo. SOFR US + 2.50%), 02/26/2032 | 952232 | 953689  |
| &nbsp;&nbsp;&nbsp; 6.15% (3 mo. SOFR US + 2.50%), 02/26/2032 | 909578 | 910969  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 02/26/2032 | 19614798 | 19644809  |
| &nbsp;&nbsp;&nbsp; Karman Holdings, Inc., Senior Secured First Lien, 6.46% <br>(3 mo. SOFR US + 2.75%), 04/01/2032 | 14919365 | 14947413  |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
|  Merlin Buyer, Inc., Senior Secured First Lien, 7.67%, (SOFR + 4.00%), 03/25/2033 | $5700000 | $5714250  |
|  Pinnacle Buyer LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.16% (3 mo. SOFR US + 2.50%), 10/01/2032 | 10875968 | 10901472  |
| &nbsp;&nbsp;&nbsp; 7.22% (1 mo. Term SOFR + 2.50%), 10/01/2032<sup>(c)</sup> | 2096774 | 2101691  |
| &nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., Senior Secured First Lien, 6.42% <br>(1 mo. SOFR US + 2.75%), 10/16/2032 | 4176064 | 4173663  |
|  Radwell Parent LLC, Senior Secured First Lien, 9.20% (3 mo. SOFR US + 5.50%), 04/01/2029 | 9001352 | 8978848  |
|  Signia Aerospace LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.42% (3 mo. SOFR US + 2.75%), 12/11/2031 | 9021 | 9055  |
| &nbsp;&nbsp;&nbsp; 6.45% (3 mo. SOFR US + 2.75%), 12/11/2031 | 123 | 123  |
|  STS Operating, Inc., Senior Secured First Lien, 7.77% (1 mo. SOFR US + 4.00%), 03/25/2031 | 11964020 | 11977719  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38% (6 mo. SOFR US + 2.75%), 04/30/2030 | 56111247 | 56294450  |
| &nbsp;&nbsp;&nbsp; 6.43% (1 mo. Term SOFR + 2.75%), 04/30/2030 | 18850000 | 18901084  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 01/20/2032 | 11375073 | 11387187  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 08/19/2032 | 66293063 | 66366317  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 02/10/2033 | 29000000 | 29047125  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., First Lien, 6.17% <br>(3 mo. Term SOFR + 2.50%), 02/28/2031 | 4322058 | 4327504  |
|  Victory Buyer, LLC, Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 02/14/2033 | 7750000 | 7768600  |
|  VSE Corp., Senior Secured First Lien, 5.69%, (SOFR + 2.00%), 03/17/2033 | 30900000 | 30906489  |
|  |  | 630513508  |
| **Materials - 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., Senior Secured First Lien, 6.17% <br>(1 mo. SOFR US + 2.50%), 12/02/2030 | 997368 | 992661  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Nouryon Finance BV, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (3 mo. SOFR US + 3.25%), 04/03/2028 | $16561220 | $16278355  |
| &nbsp;&nbsp;&nbsp; 7.04% (6 mo. SOFR US + 3.25%), 04/03/2028 | 27547330 | 27065252  |
| &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, Senior Secured First Lien, 7.78% <br>(1 mo. SOFR US + 4.00%), 03/07/2033 | 27218510 | 26354322  |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, Senior Secured First Lien, 6.42% <br>(1 mo. SOFR US + 2.75%), 08/01/2030 | 12601943 | 12440512  |
|  |  | 83131102  |
| **Technology - 12.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Applied Systems, Inc., Senior Secured Second Lien, 8.17% <br>(3 mo. SOFR US + 4.50%), 02/23/2032 | 34625000 | 34300390  |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.42% <br>(3 mo. SOFR US + 2.75%), 11/25/2031 | 23447063 | 22797345  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Senior Secured First Lien, 5.42% <br>(1 mo. Term SOFR + 1.75%), 03/09/2033 | 6850000 | 6856439  |
|  Central Parent LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 07/06/2029 | 12936198 | 9266716  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Senior Secured Second Lien, 8.42% <br>(1 mo. SOFR US + 4.75%), 11/22/2032 | 84347692 | 81026502  |
|  Peraton Corp., Senior Secured First Lien, 7.62% (3 mo. SOFR US + 3.75%), 02/01/2028 | 10420000 | 8917801  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 4.00%), 06/05/2028 | 45214807 | 39916310  |
|  Proofpoint, Inc., Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 08/31/2028 | 127329929 | 123457189  |
|  RealPage, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.08% (3 mo. SOFR US + 3.00%), 04/24/2028 | 32852499 | 31547597  |
| &nbsp;&nbsp;&nbsp; 7.45% (3 mo. SOFR US + 3.75%), 04/24/2028 | 76398868 | 74403330  |
| &nbsp;&nbsp;&nbsp; Skopima Consilio Parent LLC, Senior Secured First Lien, 7.42% <br>(1 mo. SOFR US + 3.75%), 05/17/2028 | 9256649 | 7286695  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  UKG, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 02/10/2031 | $3841 | $3676  |
|  |  | 439779990  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,075,022,479)** |  | 3036282176  |
| **CORPORATE BONDS - 6.5%**<br>|  |  |
| **Consumer Discretionary - 1.0%**<br>|  |  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(d)</sup> | 5475000 | 5649570  |
|  PetSmart LLC / PetSmart Finance Corp., 7.50%, 09/15/2032<sup>(d)</sup> | 19945000 | 20056991  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(d)</sup> | 6695550 | 6849762  |
|  |  | 32556323  |
| **Financials - 4.3%<sup>(b)</sup>**<br>|  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(d)</sup> | 88326000 | 88313016  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(d)</sup> | 47135000 | 46743836  |
|  CoreLogic, Inc., 4.50%, 05/01/2028<sup>(d)</sup> | 13505000 | 12691037  |
|  Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032<sup>(d)</sup> | 3500000 | 3282527  |
|  |  | 151030416  |
| **Industrials - 0.9%**<br>|  |  |
|  Columbus McKinnon Corp., 7.13%, 02/01/2033<sup>(d)</sup> | 6400000 | 6403040  |
|  Goat Holdco LLC, 6.75%, 02/01/2032<sup>(d)</sup> | 25184000 | 25360137  |
|  |  | 31763177  |
| **Technology - 0.3%**<br>|  |  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(d)</sup> | 11125000 | 10894310  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $227,786,936)** |  | 226244226  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 3.0%** | **EXCHANGE TRADED FUNDS - 3.0%** | **EXCHANGE TRADED FUNDS - 3.0%** |
| Invesco Senior Loan ETF<sup>(e)</sup> | 1659072 | 33861660  |
|  iShares iBoxx USD High Yield Corporate Bond ETF<sup>(e)</sup> | 222000 | 17662320  |
|  State Street Blackstone Senior Loan ETF<sup>(e)</sup> | 883453 | 35461803  |
|  State Street SPDR Bloomberg High Yield Bond ETF<sup>(e)</sup> | 185000 | 17708200  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $103,176,577)** |  | 104693983 |

---

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.4%** |
| **Money Market Funds - 0.2%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(f)</sup> | $8557595 | $8557595  |
| **Repurchase Agreements - 2.2%**<br>|  |  |
|  Clear Street LLC, 3.69%, dated 03/31/2026, matures 04/01/2026, maturity value $75,007,688 (collateralized by Various mortgage backed securities: maturing between 12/1/2030-3/15/2061 and coupon rates between 1.90%-7.00%, total value $76,149,167) | 75000000 | 75000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $83,557,595)** |  | 83557595  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $3,489,543,587)** |  | $3450777980  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 7.9%<sup>(g)</sup> |  | 276988201  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.8)% |  | (238095175)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3489671006 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CFC - Cooperative Finance Corporation

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Represents less than 0.05% of 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>(d)</sup> As of March 31, 2026, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. All values are reflected at par.

<sup>(e)</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, 2026, the value of these securities total $226,244,226 or 6.5% of the Fund's net assets.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

<sup>(f)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $82,211,405. 

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE GROWTH EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **Communication Services - 12.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 49221 | $14153991  |
| Meta Platforms, Inc. - Class A | 14511 | 8302178  |
| Netflix, Inc.<sup>(a)</sup> | 33731 | 3243236  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 11735 | 2317662  |
|  |  | 28017067  |
| **Consumer Discretionary - 11.8%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 76571 | 15947442  |
| Home Depot, Inc. | 12622 | 4151250  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 32677 | 3016414  |
| Tesla, Inc.<sup>(a)</sup> | 7863 | 2923070  |
|  |  | 26038176  |
| **Consumer Staples - 3.4%**<br>|  |  |
| Costco Wholesale Corp. | 4034 | 4019598  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 56128 | 3471517  |
|  |  | 7491115  |
| **Energy - 0.5%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 24555 | 1042114  |
| **Financials - 4.6%**<br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 3657 | 638549  |
| S&P Global, Inc. | 4223 | 1796211  |
| Visa, Inc. - Class A | 25663 | 7756385  |
|  |  | 10191145  |
| **Health Care - 9.4%**<br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 215088 | 2985422  |
| Bio-Techne Corp. | 61083 | 3192198  |
| Dexcom, Inc.<sup>(a)</sup> | 18208 | 1143462  |
| Eli Lilly & Co. | 4505 | 4143564  |
| Guardant Health, Inc.<sup>(a)</sup> | 48847 | 4511997  |
| Immunome, Inc.<sup>(a)</sup> | 24121 | 527526  |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 23148 | 345137  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 10816 | 1051856  |
| Tempus AI, Inc. - Class A<sup>(a)(b)</sup> | 18599 | 841047  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 4265 | 1904493  |
|  |  | 20646702  |
| **Industrials - 7.0%**<br>|  |  |
| AMETEK, Inc. | 15813 | 3389675  |
| Comfort Systems USA, Inc. | 1279 | 1763728  |
| Howmet Aerospace, Inc. | 6058 | 1396127  |
| Norfolk Southern Corp. | 8917 | 2559179  |
| Quanta Services, Inc. | 8517 | 4676003  |
| Uber Technologies, Inc.<sup>(a)</sup> | 21145 | 1520960  |
|  |  | 15305672  |
| **Information Technology - 49.1%<sup>(c)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7788 | 1584313  |
| Amphenol Corp. - Class A | 16487 | 2083132  |
| Analog Devices, Inc. | 14442 | 4594578  |
| Apple, Inc. | 80941 | 20542016  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Broadcom, Inc. | 34385 | $10642501  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 7189 | 2806658  |
| HubSpot, Inc.<sup>(a)</sup> | 4149 | 1012771  |
| KLA Corp. | 3597 | 5296259  |
| Microsoft Corp. | 55874 | 20682879  |
| NVIDIA Corp. | 184558 | 32186915  |
| Oracle Corp. | 19191 | 2823188  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 15649 | 1856284  |
| Snowflake, Inc.<sup>(a)</sup> | 10997 | 1658568  |
|  |  | 107770062  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $140,169,759)** |  | 216502053  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** |
| **Real Estate - 0.5%**<br>|  |  |
| Prologis, Inc. | 7501 | 991482  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $907,654)** |  | 991482  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%**<br>|  |  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(d)</sup> | 740430 | 740430  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $740,430)** |  | 740430  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $141,817,843)** |  | $218233965  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.0%<sup>(e)</sup> |  | 2254033  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (994101)  |
| **TOTAL NET ASSETS - 100.0%** |  | $219493897 |

---

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $773,262.

<sup>(c)</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.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE GROWTH EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE HIGH YIELD BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 76.9%** | **CORPORATE BONDS - 76.9%** | **CORPORATE BONDS - 76.9%** |
| **Communications - 6.2%**<br>|  |  |
|  APLD ComputeCo 2 LLC, 6.75%, 03/15/2031<sup>(a)</sup> | $375000 | $372502  |
|  APLD ComputeCo LLC, 9.25%, 12/15/2030<sup>(a)</sup> | 500000 | 515601  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | 265000 | 261521  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(a)</sup> | 240000 | 240890  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 565000 | 536470  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 500000 | 456042  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)(b)</sup> | 200000 | 171285  |
|  Cipher Compute LLC, 7.13%, 11/15/2030<sup>(a)</sup> | 425000 | 440844  |
|  Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 350000 | 368126  |
| EchoStar Corp., 10.75%, 11/30/2029 | 500000 | 540433  |
|  Flash Compute LLC, 7.25%, 12/31/2030<sup>(a)</sup> | 300000 | 302412  |
| Level 3 Financing, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(a)</sup> | 600000 | 611467  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(a)</sup> | 250000 | 256084  |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/2036<sup>(a)</sup> | 125000 | 130545  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 8.63%, 06/15/2032<sup>(a)</sup> | 125000 | 127400  |
| Univision Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> | 475000 | 482387  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 200000 | 201131  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032<sup>(a)</sup> | 125000 | 128920  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 400000 | 418335  |
|  WULF Compute LLC, 7.75%, 10/15/2030<sup>(a)</sup> | 250000 | 264329  |
|  |  | 6826724  |
| **Consumer Discretionary - 17.2%** | **Consumer Discretionary - 17.2%** | **Consumer Discretionary - 17.2%** |
| 1011778 BC ULC / New Red Finance, Inc. | 1011778 BC ULC / New Red Finance, Inc. | 1011778 BC ULC / New Red Finance, Inc. |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(a)</sup> | 315000 | 300918  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(a)</sup> | 175000 | 177928  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> | 400000 | 376180  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(a)</sup> | 575000 | 593334  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.88%, 06/15/2030<sup>(a)</sup> | 1075000 | 1090536  |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033<sup>(a)</sup> | 421620 | 449338  |
|  Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(a)</sup> | 625000 | 646116  |
|  Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(a)</sup> | 562000 | 534838  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2030<sup>(a)</sup> | $300000 | $303850  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(a)</sup> | 150000 | 148374  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029<sup>(a)</sup> | 50000 | 49660  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(a)</sup> | 725000 | 734368  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(a)</sup> | 250000 | 250231  |
|  CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(a)</sup> | 600000 | 563255  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029<sup>(a)</sup> | 425000 | 406433  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030<sup>(a)</sup> | 330000 | 308490  |
| Ford Motor Co., 3.25%, 02/12/2032 | 250000 | 217229  |
|  Garda World Security Corp., 6.50%, 01/15/2031<sup>(a)</sup> | 800000 | 811666  |
|  Grupo Aeromexico SAB de CV, 8.63%, 11/15/2031<sup>(a)</sup> | 125000 | 120312  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> | 600000 | 570066  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032<sup>(a)</sup> | 275000 | 271896  |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031<sup>(a)</sup> | 250000 | 236605  |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)(b)</sup> | 3870000 | 2877016  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(a)</sup> | 750000 | 729124  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(a)</sup> | 1225000 | 1189516  |
|  Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)</sup> | 650000 | 671287  |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(a)(b)</sup> | 1075000 | 1027420  |
|  Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(a)</sup> | 200000 | 192783  |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, <br>8.63%, 01/15/2032<sup>(a)</sup> | 200000 | 200460  |
|  Veritiv Operating Co., 10.50%, 11/30/2030<sup>(a)</sup> | 650000 | 676324  |
| Viking Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> | 90000 | 90211  |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/2031<sup>(a)</sup> | 425000 | 448579  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2033<sup>(a)</sup> | 275000 | 271707  |
| &nbsp;&nbsp;&nbsp; VT Topco, Inc., <br>8.50%, 08/15/2030<sup>(a)(b)</sup> | 325000 | 330710  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., <br>7.63%, 01/30/2032<sup>(a)</sup> | 534275 | 546580  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 435000 | 456226  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> | 100000 | 99061  |
|  |  | 18968627  |

---

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE HIGH YIELD BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Consumer Staples - 4.9%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/2034<sup>(a)</sup> | $950000 | $930616  |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75% <br>(or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 413689 | 441157  |
| Fiesta Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | 165000 | 168117  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)</sup> | 500000 | 510486  |
|  Froneri Lux FinCo SARL, Senior Secured First Lien, 6.00%, 08/01/2032<sup>(a)</sup> | 500000 | 487986  |
|  Industrial F&B Investments III, Inc., 7.75%, 02/11/2033<sup>(a)</sup> | 250000 | 252813  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, <br>6.50%, 03/31/2032<sup>(a)</sup> | 400000 | 400628  |
| Post Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033<sup>(a)</sup> | 575000 | 566977  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2036<sup>(a)</sup> | 200000 | 196065  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(a)</sup> | 250000 | 250587  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029<sup>(a)</sup> | 275000 | 267404  |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 950000 | 942413  |
|  |  | 5415249  |
| **Energy - 10.2%**<br>|  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(a)</sup> | 835000 | 832799  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032<sup>(a)</sup> | 25000 | 25640  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(a)</sup> | 100000 | 98960  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2034<sup>(a)</sup> | 400000 | 394441  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.63%, 09/01/2032<sup>(a)</sup> | 650000 | 663143  |
| &nbsp;&nbsp;&nbsp; Archrock Services LP / Archrock Partners Finance Corp., <br>6.00%, 02/01/2034<sup>(a)</sup> | 225000 | 222932  |
|  Ascent Resources Utica Holdings LLC / ARU Finance Corp., 6.63%, 07/15/2033<sup>(a)</sup> | 225000 | 229012  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031<sup>(a)</sup> | 315000 | 307346  |
|  Crescent Energy Finance LLC, 8.38%, 01/15/2034<sup>(a)</sup> | 850000 | 889329  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(a)</sup> | 675000 | 689630  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 725000 | 736852  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 950000 | 939183  |
|  Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032<sup>(a)</sup> | 400000 | 415024  |
|  Matador Resources Co., 6.00%, 04/15/2034<sup>(a)</sup> | 100000 | 99429  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Patterson-UTI Energy, Inc., 7.15%, 10/01/2033 | $225000 | $242126  |
| SM Energy Co., 6.63%, 04/15/2034<sup>(a)</sup> | 200000 | 199595  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(a)</sup> | 475000 | 485348  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(a)</sup> | 525000 | 522962  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2031<sup>(a)</sup> | 50000 | 49635  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032<sup>(a)</sup> | 500000 | 517642  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(a)</sup> | 25000 | 24742  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(a)</sup> | 250000 | 221663  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 275000 | 274129  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 1235000 | 1326980  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(a)</sup> | 125000 | 140175  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 300000 | 317941  |
| WBI Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2030<sup>(a)</sup> | 250000 | 251659  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2033<sup>(a)</sup> | 150000 | 148958  |
|  |  | 11267275  |
| **Financials - 15.3%**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029<sup>(a)</sup> | 250000 | 235000  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> | 1375000 | 1382327  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/2032<sup>(a)</sup> | 325000 | 313493  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 650000 | 653920  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 1075000 | 1056937  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | 275000 | 272718  |
|  Ardonagh Finco Ltd., 7.75%, 02/15/2031<sup>(a)</sup> | 250000 | 253114  |
|  Ardonagh Group Finance Ltd., 8.88%, 02/15/2032<sup>(a)</sup> | 1350000 | 1324023  |
| Asurion LLC/ Asurion Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 12/31/2032<sup>(a)</sup> | 200000 | 207658  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2034<sup>(a)</sup> | 200000 | 194315  |
|  Banco Mercantil del Norte SA/Grand Cayman, 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, Perpetual<sup>(a)</sup> | 300000 | 286138  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.63% to 06/15/2030 then USISSO05 + 5.78%, Perpetual | 200000 | 218261  |
| &nbsp;&nbsp;&nbsp; 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | 625000 | 631347  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)</sup> | 1150000 | 958859  |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/2034<sup>(a)</sup> | 200000 | 172000  |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(a)</sup> | 375000 | 352398  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE HIGH YIELD BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, <br>8.13%, 02/15/2032<sup>(a)</sup> | $1425000 | $1336457  |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/2032<sup>(a)</sup> | 125000 | 118093  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029<sup>(a)</sup> | 405000 | 394291  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(a)</sup> | 75000 | 70466  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 1300000 | 1319861  |
| Kilroy Realty LP, 5.88%, 10/15/2035 | 900000 | 868217  |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(a)</sup> | 1500000 | 1505796  |
| Rocket Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030<sup>(a)</sup> | 325000 | 328200  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033<sup>(a)</sup> | 350000 | 354198  |
|  Royal Bank of Canada, 6.50% to 05/24/2033 then 5 yr. CMT Rate + 2.45%, 05/24/2086 | 650000 | 633887  |
|  Ryan Specialty LLC, 5.88%, 08/01/2032<sup>(a)</sup> | 400000 | 395668  |
|  Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(a)</sup> | 500000 | 492270  |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%, <br>Perpetual<sup>(a)</sup> | 500000 | 491813  |
|  |  | 16821725  |
| **Health Care - 1.7%**<br>|  |  |
|  Charles River Laboratories International, Inc., 4.00%, 03/15/2031<sup>(a)</sup> | 350000 | 325856  |
| CHS/Community Health Systems, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(a)</sup> | 100000 | 92247  |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/2032<sup>(a)</sup> | 160000 | 171858  |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/2034<sup>(a)</sup> | 150000 | 155868  |
|  Medline Borrower LP, 5.25%, 10/01/2029<sup>(a)</sup> | 400000 | 396719  |
|  Surgery Center Holdings, Inc., 7.25%, 04/15/2032<sup>(a)</sup> | 250000 | 245856  |
| Tenet Healthcare Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 | 75000 | 74377  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 | 125000 | 121285  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 | 265000 | 256829  |
|  |  | 1840895  |
| **Industrials - 10.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL / Aggreko Holdings, Inc., <br>7.00%, 05/21/2030<sup>(a)</sup> | 350000 | 357972  |
|  BWX Technologies, Inc., 4.13%, 04/15/2029<sup>(a)</sup> | 785000 | 755245  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Chart Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030<sup>(a)</sup> | $400000 | $416063  |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031<sup>(a)</sup> | 600000 | 630708  |
|  Columbus McKinnon Corp., 7.13%, 02/01/2033<sup>(a)</sup> | 350000 | 350166  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(a)</sup> | 510000 | 519338  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028<sup>(a)</sup> | 600000 | 620509  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 250000 | 261252  |
|  GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034<sup>(a)</sup> | 425000 | 417370  |
|  GFL Environmental, Inc., 4.38%, 08/15/2029<sup>(a)</sup> | 1200000 | 1168371  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(a)</sup> | 525000 | 528672  |
|  Lsf12 Helix Parent LLC, 7.13%, 02/01/2033<sup>(a)</sup> | 350000 | 337717  |
|  Luna 1.5 Sarl, 12.00% (or 12.75% PIK), 07/01/2032<sup>(a)</sup> | 900000 | 946846  |
|  Oregon Tool Lux LP, 7.88%, 10/15/2029<sup>(a)</sup> | 642447 | 228069  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(a)</sup> | 1000000 | 1021880  |
|  TK Elevator US Newco, Inc., 5.25%, 07/15/2027<sup>(a)</sup> | 90000 | 89830  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> | 325000 | 329352  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 525000 | 535454  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030<sup>(a)</sup> | 175000 | 179426  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 100000 | 102112  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 350000 | 350194  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 675000 | 671934  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | 700000 | 709698  |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2034<sup>(a)</sup> | 100000 | 98479  |
|  |  | 11626657  |
| **Materials - 4.2%**<br>|  |  |
|  ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp., 9.75%, 03/01/2033<sup>(a)</sup> | 275000 | 265009  |
|  Calderys Financing II LLC, 11.75% (or 12.50% PIK), 06/01/2028<sup>(a)</sup> | 743750 | 756119  |
|  Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(a)(b)</sup> | 325000 | 323873  |
|  Iris Holding, Inc., 10.00%, 12/15/2028<sup>(a)(b)</sup> | 295000 | 244761  |
| &nbsp;&nbsp;&nbsp; Magnera Corp., <br>7.25%, 11/15/2031<sup>(a)(b)</sup> | 625000 | 579191  |
|  Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(a)</sup> | 250000 | 233158  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030<sup>(a)</sup> | 85000 | 80475  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031<sup>(a)</sup> | 325000 | 289793  |
|  Olympus Water US Holding Corp., 7.25%, 02/15/2033<sup>(a)</sup> | 525000 | 501368  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE HIGH YIELD BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(a)</sup> | $325000 | $325456  |
|  Standard Industries, Inc., 4.38%, 07/15/2030<sup>(a)</sup> | 145000 | 136760  |
| Trivium Packaging Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)</sup> | 159000 | 166481  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup> | 325000 | 352134  |
|  WR Grace Holdings LLC, 7.00%, 08/01/2033<sup>(a)</sup> | 425000 | 413113  |
|  |  | 4667691  |
| **Technology - 4.2%**<br>|  |  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(a)</sup> | 500000 | 517882  |
|  CACI International, Inc., 6.38%, 06/15/2033<sup>(a)</sup> | 575000 | 585704  |
|  Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029<sup>(a)</sup> | 275000 | 198214  |
| CoreWeave, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)</sup> | 250000 | 243154  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(a)</sup> | 300000 | 285831  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(a)</sup> | 725000 | 709966  |
| OAK-Eagle Acquireco, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2033<sup>(a)</sup> | 75000 | 77756  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2034<sup>(a)</sup> | 250000 | 261887  |
| Oracle Corp., 5.38%, 09/27/2054 | 200000 | 155194  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 1575000 | 1540618  |
|  |  | 4576206  |
| **Utilities - 2.4%**<br>|  |  |
| NRG Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(a)</sup> | 75000 | 74032  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2034<sup>(a)</sup> | 300000 | 302636  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036<sup>(a)</sup> | 475000 | 470964  |
| Talen Energy Supply LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2034<sup>(a)</sup> | 225000 | 222652  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2036<sup>(a)</sup> | 425000 | 428179  |
| TransAlta Corp., 5.88%, 02/01/2034 | 300000 | 298888  |
| &nbsp;&nbsp;&nbsp; Vistra Corp., 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, <br>Perpetual<sup>(a)</sup> | 675000 | 682570  |
|  Vistra Operations Co. LLC, 7.75%, 10/15/2031<sup>(a)</sup> | 100000 | 104796  |
|  |  | 2584717  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $85,614,505)** |  | 84595766  |
| **BANK LOANS - 7.0%**<br>|  |  |
| **Financials - 0.5%**<br>|  |  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 598496 | 553609  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Industrials - 5.2%**<br>|  |  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 10.22% (3 mo. SOFR US + 6.00%), 05/21/2029 | $1000000 | $1004375  |
|  Gloves Buyer, Inc., Senior Secured First Lien, 7.67% (1 mo. SOFR US + 4.00%), 05/24/2032 | 399000 | 398352  |
|  Icebox Holdco III, Inc., Senior Secured Second Lien, 10.20% (3 mo. SOFR US + 6.50%), 12/24/2029 | 500000 | 504690  |
|  Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029 | 487612 | 488188  |
|  Lsf12 Crown US Commercial Bidco LLC, Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 12/02/2031 | 775278 | 777022  |
|  Merlin Buyer, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.67% (1 mo. SOFR US + 4.00%), 12/14/2028 | 497409 | 498548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.67% (SOFR + 4.00%), <br>03/25/2033 | 500000 | 501250  |
| Merlin Buyer, Inc,<br>|  |  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.17% (3 mo. SOFR US + 4.00%), 10/15/2029 | 852585 | 605689  |
|  STS Operating, Inc., Senior Secured First Lien, 7.77% (1 mo. SOFR US + 4.00%), 03/25/2031 | 443462 | 443969  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 6.38% (6 mo. SOFR US + 2.75%), 04/30/2030 | 490087 | 491687  |
|  |  | 5713770  |
| **Materials - 0.4%**<br>|  |  |
|  Iris Holding, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.52% (3 mo. SOFR US + 4.75%), 06/28/2028 | 278600 | 261809  |
| &nbsp;&nbsp;&nbsp; 8.62% (3 mo. SOFR US + 4.75%), 06/28/2028 | 259098 | 243482  |
|  |  | 505291  |
| **Technology - 0.9%**<br>|  |  |
|  Ellucian Holdings, Inc., Senior Secured Second Lien, 8.42% (1 mo. SOFR US + 4.75%), 11/22/2032 | 500000 | 480313  |
|  Epicor Software Corp., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 492500 | 483790  |
|  |  | 964103  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $7,844,346)** |  | 7736773  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE HIGH YIELD BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 4.0%**<br>|  |  |
|  Aimco CDO, Series 2019-10A, Class ERR, 9.32% (3 mo. Term SOFR + 5.65%), 07/22/2037<sup>(a)</sup> | $250000 | $243987  |
|  Benefit Street Partners CLO Ltd., Series 2021-24A, Class ER, 8.27% (3 mo. Term SOFR + 4.60%), 10/20/2034<sup>(a)</sup> | 500000 | 484204  |
|  Clover CLO, Series 2018-1A, Class ERR, 10.07% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 250000 | 220837  |
|  Eaton Vance Management, Series 2020-1A, Class ERR, 9.92% (3 mo. Term SOFR + 6.25%), 10/15/2037<sup>(a)</sup> | 500000 | 447180  |
|  OHA Credit Partners Ltd., Series 2012-7A, Class ER4, 8.16% (3 mo. Term SOFR + 4.50%), 02/20/2038<sup>(a)</sup> | 500000 | 480385  |
|  OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 9.37% (3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(a)</sup> | 1000000 | 990161  |
|  RR Ltd./Cayman Islands, Series 2024-30A, Class D, 9.42% (3 mo. Term SOFR + 5.75%), 07/15/2036<sup>(a)</sup> | 500000 | 488748  |
|  Texas Debt Capital CLO Ltd., Series 2023-2A, Class ER, 9.37% (3 mo. Term SOFR + 5.70%), 10/21/2037<sup>(a)</sup> | 500000 | 500545  |
|  Trimaran CAVU LLC, Series 2021-3A, Class E, 11.30% (3 mo. Term SOFR + 7.63%), 01/18/2035<sup>(a)</sup> | 500000 | 471898  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $4,506,366)** |  | 4327945  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.2%**<br>|  |  |
| **Money Market Funds - 5.2%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 5739115 | 5739115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,739,115)** |  | 5739115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.1%** <br>**(Cost $103,704,332)** |  | $102399599  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 7.3%<sup>(d)</sup> |  | 8065919  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.4)% |  | (469041)  |
| **TOTAL NET ASSETS - 100.0%** |  | $109996477 |

---

Par amount is in USD unless otherwise indicated.

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, 2026, the value of these securities total $82,989,603 or 75.4% of the Fund's net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $5,541,604.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%**<br>|  |  |
| **Australia - 2.3%**<br>|  |  |
| Aristocrat Leisure Ltd. | 419900 | $13346636  |
| **Austria - 4.0%**<br>|  |  |
| Erste Group Bank AG | 215200 | 23247153  |
| **Canada - 9.0%**<br>|  |  |
| Brookfield Corp. | 594400 | 24086211  |
| Cameco Corp. | 258500 | 28111480  |
|  |  | 52197691  |
| **France - 10.5%**<br>|  |  |
|  Cie Generale des Etablissements Michelin SCA | 326600 | 11189011  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 16900 | 9238423  |
| Safran SA | 72100 | 23593347  |
| TotalEnergies SE | 180800 | 16592844  |
|  |  | 60613625  |
| **Germany - 6.2%**<br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27700 | 17493778  |
| Nemetschek SE | 155900 | 11670731  |
| Symrise AG | 77500 | 6617895  |
|  |  | 35782404  |
| **Hong Kong - 4.7%**<br>|  |  |
| AIA Group Ltd. | 933400 | 10371314  |
| Techtronic Industries Co. Ltd. | 1243000 | 16507333  |
|  |  | 26878647  |
| **Ireland - 3.5%**<br>|  |  |
| Accenture PLC - Class A | 53800 | 10668002  |
| Experian PLC | 266900 | 9233213  |
|  |  | 19901215  |
| **Japan - 16.7%**<br>|  |  |
| Daikin Industries Ltd. | 70700 | 8480249  |
| FANUC Corp. | 263400 | 9181319  |
| Fast Retailing Co. Ltd. | 41800 | 16515448  |
| MonotaRO Co. Ltd. | 1002300 | 10864451  |
| Otsuka Holdings Co. Ltd. | 192700 | 13676087  |
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings <br>Corp. | 3180400 | 19401247  |
| Sony Group Corp. | 883400 | 18412473  |
|  |  | 96531274  |
| **Mexico - 2.8%**<br>|  |  |
| Wal-Mart de Mexico SAB de CV | 4883900 | 15924517  |
| **Netherlands - 2.6%**<br>|  |  |
| Akzo Nobel NV | 110700 | 6363658  |
| Heineken NV | 105700 | 8130305  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 34040 | 500079  |
|  |  | 14994042  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Peru - 4.5%**<br>|  |  |
| Credicorp Ltd. | 76700 | $26015106  |
| **Singapore - 3.9%**<br>|  |  |
| DBS Group Holdings Ltd. | 506650 | 22545990  |
| **South Korea - 3.7%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 182800 | 21380542  |
| **Sweden - 2.0%**<br>|  |  |
| Assa Abloy AB - Class B | 326500 | 11802286  |
| **Switzerland - 6.4%**<br>|  |  |
| Alcon AG | 152500 | 11527510  |
| DSM-Firmenich AG | 77300 | 5528837  |
| Roche Holding AG | 50100 | 19994451  |
|  |  | 37050798  |
| **United Kingdom - 12.2%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 188100 | 17055027  |
| Diageo PLC | 418900 | 7790324  |
| GSK PLC | 473100 | 13031684  |
| Haleon PLC | 2884000 | 14272811  |
| Rentokil Initial PLC | 1579700 | 9803442  |
| Unilever PLC | 151601 | 8559369  |
|  |  | 70512657  |
| **United States - 2.6%**<br>|  |  |
| Sunbelt Rentals Holdings, Inc. | 235700 | 15035528  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $407,868,569)** |  | 563760111  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $407,868,569)** |  | $563760111  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.9%<sup>(b)</sup> |  | 10896433  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 2743198  |
| **TOTAL NET ASSETS - 100.0%** |  | $577399742 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

**Sector Classification as of March 31, 2026** 

**(% of Net Assets)**

---

| | | |
|:---|:---|:---|
| Financials | $123759552 | 21.4%  |
| Industrials | 114501168 | 19.9  |
| Consumer Discretionary | 88103238 | 15.1  |
| Health Care | 72502543 | 12.7  |
| Consumer Staples | 57959621 | 10.0  |
| Energy | 44704324 | 7.7  |
| Information Technology | 43719275 | 7.6  |
| Materials | 18510390 | 3.2  |
| Other Assets in Excess of Liabilities | 13639631 | 2.4  |
|  | $577399742 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES H** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 66.3%** | **BANK LOANS - 66.3%** | **BANK LOANS - 66.3%** |
| **Communications - 0.9%**<br>|  |  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 8.42% (1 mo. Term SOFR + 4.75%), 03/15/2030 | $50000 | $49360  |
| **Consumer Discretionary - 13.4%**<br>|  |  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 5.92% (1 mo. Term SOFR + 2.25%), 02/06/2030 | 98782 | 96189  |
|  Chariot Buyer LLC, Senior Secured First Lien, 6.42% (1 mo. Term SOFR + 2.75%), 09/08/2032 | 148611 | 147430  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.42% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 99749 | 93369  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 6.67% (3 mo. Term SOFR + 3.00%), 05/04/2028 | 75000 | 75029  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 5.67% (1 mo. Term SOFR + 2.00%), 05/01/2031 | 148741 | 146696  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.50%), 01/30/2031 | 147280 | 146276  |
|  |  | 704989  |
| **Consumer Staples - 1.0%**<br>|  |  |
|  Primo Brands Corp., Senior Secured First Lien, 5.92% (3 mo. Term SOFR + 2.25%), 03/31/2028 | 49749 | 49856  |
| **Energy - 5.7%**<br>|  |  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 5.37% (1 mo. Term SOFR + 1.75%), 07/30/2032 | 199500 | 199079  |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 5.92% (1 mo. Term SOFR + 2.25%), <br>10/05/2028 | 99498 | 99746  |
|  |  | 298825  |
| **Financials - 20.0%<sup>(a)</sup>**<br>|  |  |
|  AmWINS Group, Inc., Senior Secured First Lien, 5.67% (1 mo. Term SOFR + 2.00%), 01/30/2032 | 99748 | 99200  |
|  Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.42% (1 mo. Term SOFR + 1.75%), 06/24/2030 | 148496 | 148960  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 3.00%), 06/16/2031 | 100000 | 97707  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.29% (1 mo. Term SOFR + 3.50%), 06/02/2028 | 198446 | 190261  |
|  CRC Insurance Group LLC, Senior Secured First Lien, 6.42% (3 mo. Term SOFR + 2.75%), 05/06/2031 | 50000 | 49422  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Focus Financial Partners LLC, Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.50%), 09/15/2031 | $50000 | $48497  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 6.67% (1 mo. Term SOFR + 3.75%), 11/01/2028 | 123997 | 123068  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 100000 | 92500  |
| &nbsp;&nbsp;&nbsp; USI, Inc., Senior Secured First Lien, 5.92% (3 mo. Term SOFR + 2.25%), <br>11/23/2029 | 198992 | 198785  |
|  |  | 1048400  |
| **Health Care - 0.7%**<br>|  |  |
|  Medline Borrower LP, Senior Secured First Lien, 5.42% (1 mo. Term SOFR + 1.75%), 10/23/2028 | 37838 | 37937  |
| **Industrials - 14.7%**<br>|  |  |
|  APi Group DE, Inc., Senior Secured First Lien, 5.42% (1 mo. Term SOFR + 1.75%), 01/03/2029 | 50000 | 50034  |
|  BCPE Empire Holdings, Inc. Second Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. Term SOFR + 3.25%), 12/26/2030 | 41111 | 40563  |
| &nbsp;&nbsp;&nbsp; 7.19% (1 mo. Term SOFR + 3.50%), 12/29/2032 | 8889 | 8767  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.16% (3 mo. Term SOFR + 2.50%), 03/18/2030 | 93360 | 93418  |
|  Indicor LLC, Senior Secured First Lien, 6.17% (3 mo. Term SOFR + 2.50%), 11/23/2029 | 198496 | 198730  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 6.38% (1 mo. Term SOFR + 3.00%), 04/30/2030 | 198504 | 199152  |
|  TransDigm, Inc., Senior Secured First Lien, 6.17% (3 mo. Term SOFR + 2.50%), 02/28/2031 | 178489 | 178714  |
|  |  | 769378  |
| **Materials - 2.8%**<br>|  |  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 5.92% (1 mo. Term SOFR + 2.25%), 04/14/2031 | 148748 | 148705  |
| **Technology - 7.1%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 5.92% (3 mo. Term SOFR + 2.50%), 02/24/2031 | 99749 | 97955  |
|  Epicor Software Corp., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 48745 | 47883  |
|  Polaris Newco LLC, Senior Secured First Lien, 7.93% (3 mo. Term SOFR + 4.00%), 06/05/2028 | 37500 | 33106  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES H** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  Proofpoint, Inc., Senior Secured First Lien, 6.67% (1 mo. Term SOFR + 3.00%), 08/31/2028 | $100000 | $96958  |
|  RealPage, Inc., Senior Secured First Lien, 6.93% (3 mo. Term SOFR + 3.00%), 04/24/2028 | 50000 | 48014  |
| &nbsp;&nbsp;&nbsp; UKG, Inc., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 3.00%), <br>02/10/2031 | 49247 | 47127  |
|  |  | 371043  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,511,862)** |  | 3478493  |
| **CORPORATE BONDS - 29.6%**<br>|  |  |
| **Consumer Discretionary - 6.1%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 3.50%, 02/15/2029<sup>(b)</sup> | 100000 | 95530  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(b)</sup> | 75000 | 77391  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(b)</sup> | 50000 | 50527  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(b)</sup> | 50000 | 47505  |
|  Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032<sup>(b)</sup> | 50000 | 51129  |
|  |  | 322082  |
| **Consumer Staples - 0.9%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.25%, 03/15/2033<sup>(b)</sup> | 50000 | 50375  |
| **Energy - 2.9%**<br>|  |  |
|  Energy Transfer LP, 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 100000 | 98861  |
|  Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(b)</sup> | 50000 | 53724  |
|  |  | 152585  |
| **Financials - 15.8%<sup>(a)</sup>**<br>|  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(b)</sup> | 100000 | 96459  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.50%, 10/01/2031<sup>(b)</sup> | 100000 | 98320  |
|  Banco Mercantil del Norte SA/Grand Cayman, 7.63% to 01/10/2028 then 10 yr. CMT Rate + 5.35%, Perpetual<sup>(b)</sup> | 200000 | 200545  |
| Block, Inc., 5.63%, 08/15/2030<sup>(b)</sup> | 25000 | 24876  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(b)</sup> | 200000 | 166758  |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., <br>5.20%, 11/15/2032 | 25000 | 24282  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>6.85% to 02/10/2030 then 5 yr. CMT <br>Rate + 2.46%, Perpetual | $50000 | $50997  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(b)</sup> | 50000 | 50764  |
| Kilroy Realty LP, 2.65%, 11/15/2033 | 50000 | 39787  |
|  Piedmont Operating Partnership LP, 5.63%, 01/15/2033 | 25000 | 24308  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(b)</sup> | 50000 | 50600  |
|  |  | 827696  |
| **Industrials - 3.4%**<br>|  |  |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(b)</sup> | 75000 | 75524  |
|  Wrangler Holdco Corp., 6.63%, 04/01/2032<sup>(b)</sup> | 100000 | 103038  |
|  |  | 178562  |
| **Technology - 0.5%**<br>|  |  |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(b)</sup> | 25000 | 24546  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,611,389)** |  | 1555846  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.9%** <br>**(Cost $5,123,251)** |  | $5034339  |
| Money Market Deposit Account - 5.6%<sup>(c)</sup> |  | 292266  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (74490)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5252115 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

<sup>(a)</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>(b)</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, 2026, the value of these securities total $1,317,611 or 25.1% of the Fund's net assets.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES I** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 40.1%** | **ASSET-BACKED SECURITIES - 40.1%** | **ASSET-BACKED SECURITIES - 40.1%** |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-N1, Class D, 4.13%, 12/11/2028<sup>(a)</sup> | $47489 | $47106  |
| &nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 09/10/2030<sup>(a)</sup> | 100000 | 101249  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 77371 | 77756  |
|  Foundation Finance Trust, Series 2024-1A, Class A, 5.50%, 12/15/2049<sup>(a)</sup> | 87033 | 88037  |
|  GreenSky LLC, Series 2024-2, Class A4, 5.15%, 10/27/2059<sup>(a)</sup> | 50440 | 50882  |
|  Honda Auto Receivables Owner Trust, Series 2024-1, Class A4, 5.17%, 05/15/2030 | 10000 | 10093  |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust 2022, <br>Series 2022-B, Class A3, 3.74%, 02/16/2027 | 27 | 27  |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust, <br>Series 2024-3A, Class B, 5.03%, 11/15/2030<sup>(a)</sup> | 100000 | 99527  |
|  Marriott Vacations Worldwide Corp., Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(a)</sup> | 51600 | 51689  |
|  Mercedes-Benz Auto Receivables Trust, Series 2025-1, Class A4, 4.92%, 04/15/2031 | 55000 | 56385  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 59241 | 56336  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 66999 | 63152  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 76649 | 69704  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071<sup>(a)</sup> | 90994 | 92186  |
|  OneMain Direct Auto Receivables Trust, Series 2019-1A, Class C, 4.19%, 11/14/2028<sup>(a)</sup> | 100000 | 99888  |
|  Pagaya AI Debt Selection Trust, Series 2024-11, Class A, 5.09%, 07/15/2032<sup>(a)</sup> | 60646 | 60813  |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, <br>Series 2025-1A, Class A, 5.38%, 01/20/2037<sup>(a)</sup> | 89183 | 91006  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2B, 1.59%, 01/15/2053<sup>(a)</sup> | 78632 | 72620  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class A1A, 5.37%, 10/15/2058<sup>(a)</sup> | 52389 | 52797  |
|  Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 09/20/2035<sup>(a)</sup> | 132244 | 132161  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Vertical Bridge Holdings LLC, <br>Series 2026-1A, Class C2, 4.69%, 03/15/2056<sup>(a)</sup> | $50000 | $48872  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,420,797)** |  | 1422286  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 34.7%**<br>|  |  |
|  A&D Mortgage LLC, Series 2025-NQM4, Class A1, 5.23%, 10/25/2070<sup>(a)(b)</sup> | 94974 | 94841  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, 5.86%, 04/25/2070<sup>(a)(b)</sup> | 112393 | 113310  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/2070<sup>(a)(b)</sup> | 135359 | 135911  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 6.19%, 03/25/2064<sup>(a)(b)</sup> | 154419 | 155452  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.33%, 06/25/2065<sup>(a)(b)</sup> | 117378 | 117614  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I, Inc., <br>Series 2014-150E, Class A, 3.91%, 09/09/2032<sup>(a)</sup> | 100000 | 92716  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 5.42%, 05/25/2065<sup>(a)(b)</sup> | 82146 | 82442  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(a)(c)</sup> | 83838 | 83481  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, 11/25/2064<sup>(a)(b)</sup> | 70577 | 70958  |
| &nbsp;&nbsp;&nbsp; ROCK Trust 2024-CNTR, <br>Series 2024-CNTR, Class A, 5.39%, 11/13/2041<sup>(a)</sup> | 100000 | 101742  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(a)</sup> | 100000 | 89045  |
|  Velocity Commercial Capital Loan Trust, Series 2025-5, Class A, 5.32%, 12/25/2055<sup>(a)(c)</sup> | 96199 | 95438  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $1,237,499)** |  | 1232950  |
| **CORPORATE BONDS - 15.9%**<br>|  |  |
| **Communications - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, <br>6.58%, 05/30/2049<sup>(a)</sup> | 30000 | 30868  |
| **Consumer Discretionary - 1.4%**<br>|  |  |
| Amazon.com, Inc., 4.88%, 03/13/2036 | 50000 | 49564  |
| **Consumer Staples - 1.4%**<br>|  |  |
|  Maple Parent Holdings Corp., 5.70%, 03/26/2036<sup>(a)</sup> | 50000 | 49701  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES I** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - 9.3%**<br>|  |  |
|  Bank of America Corp., 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | $100000 | $102591  |
|  JPMorgan Chase & Co., 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 100000 | 102671  |
|  MetLife, Inc., 5.85% (5 yr. CMT Rate + 1.82%), 03/15/2056 | 25000 | 24550  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(a)</sup> | 100000 | 102812  |
|  |  | 332624  |
| **Utilities - 2.9%**<br>|  |  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 50000 | 50801  |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 50000 | 51451  |
|  |  | 102252  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $568,345)** |  | 565009  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 7.0%**<br>|  |  |
|  Elmwood CLO Ltd., Series 2022-2A, Class A1R, 4.82% (3 mo. Term SOFR + 1.15%), 04/22/2035<sup>(a)</sup> | 250000 | 249814  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $250,000)** |  | 249814  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.7%** <br>**(Cost $3,476,641)** |  | $3470059  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.8%<sup>(d)</sup> |  | 63826  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 17759  |
| **TOTAL NET ASSETS - 100.0%** |  | $3551644 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability 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, 2026, the value of these securities total $3,021,926 or 85.1% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<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, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION AGGRESSIVE GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 50.9%** | **AFFILIATED OPEN-END FUNDS - 50.9%** | **AFFILIATED OPEN-END FUNDS - 50.9%** |
| **Affiliated Equity Open-End Funds - 44.0%** | **Affiliated Equity Open-End Funds - 44.0%** | **Affiliated Equity Open-End Funds - 44.0%** |
| &nbsp;&nbsp;&nbsp; Aristotle Core Equity Fund - <br>Class I<sup>(a)</sup> | 3689948 | $57083496  |
|  Aristotle Growth Equity Fund - Class I<sup>(a)</sup> | 2882267 | 38190040  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 1928805 | 24437954  |
|  |  | 119711490  |
| **Affiliated Fixed Income Open-End Funds - 6.9%** | **Affiliated Fixed Income Open-End Funds - 6.9%** | **Affiliated Fixed Income Open-End Funds - 6.9%** |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 295295 | 2577925  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 154936 | 1490483  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 147165 | 1355391  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 891269 | 8092724  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 530788 | 5408726  |
|  |  | 18925249  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $112,984,195)** |  | 138636739  |
| **EXCHANGE TRADED FUNDS - 48.9%** | **EXCHANGE TRADED FUNDS - 48.9%** | **EXCHANGE TRADED FUNDS - 48.9%** |
| **Equity Exchange Traded Funds - 47.4%** | **Equity Exchange Traded Funds - 47.4%** | **Equity Exchange Traded Funds - 47.4%** |
|  iShares Core MSCI Emerging Markets ETF | 138557 | 9664351  |
| iShares Core U.S. REIT ETF | 91951 | 5442580  |
| iShares MSCI EAFE Growth ETF<sup>(b)</sup> | 12355 | 1375976  |
| iShares MSCI EAFE Value ETF | 55950 | 4159882  |
| iShares Russell 1000 Value ETF | 126972 | 27130107  |
| iShares Russell 2000 Growth ETF<sup>(b)</sup> | 51612 | 16196362  |
| iShares Russell 2000 Value ETF<sup>(b)</sup> | 128280 | 24320605  |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Growth <br>ETF | 126670 | 16228960  |
| iShares Russell Mid-Cap Value ETF | 130469 | 19014552  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(b)</sup> | 37807 | 5511883  |
|  |  | 129045258  |
| **Fixed Income Exchange Traded Funds - 1.5%** | **Fixed Income Exchange Traded Funds - 1.5%** | **Fixed Income Exchange Traded Funds - 1.5%** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 28871 | 2711853  |
| iShares TIPS Bond ETF | 12292 | 1356545  |
|  |  | 4068398  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $114,200,601)** |  | 133113656  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.1%**<br>|  |  |
| **Money Market Funds - 12.1%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 32791926 | $32791926  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $32,791,926)** |  | 32791926  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.9%** <br>**(Cost $259,976,722)** |  | $304542321  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(d)</sup> |  | 542893  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.1)% |  | (32966165)  |
| **TOTAL NET ASSETS - 100.0%** |  | $272119049 |

---

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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $33,171,511.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION CONSERVATIVE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 79.0%** | **AFFILIATED OPEN-END FUNDS - 79.0%** | **AFFILIATED OPEN-END FUNDS - 79.0%** |
| **Affiliated Equity Open-End Funds - 10.7%** | **Affiliated Equity Open-End Funds - 10.7%** | **Affiliated Equity Open-End Funds - 10.7%** |
| &nbsp;&nbsp;&nbsp; Aristotle Core Equity Fund - <br>Class I<sup>(a)</sup> | 483373 | $7477779  |
|  Aristotle Growth Equity Fund - Class I<sup>(a)</sup> | 298392 | 3953694  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 93109 | 1179696  |
|  |  | 12611169  |
|  **Affiliated Fixed Income Open-End Funds - 68.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Bond Fund - <br>Class I<sup>(a)(b)</sup> | 4437901 | 38742877  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 1725452 | 16598846  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 255642 | 2354465  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 1355154 | 12304802  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 1037447 | 10571587  |
|  |  | 80572577  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $89,896,783)** |  | 93183746  |
| **EXCHANGE TRADED FUNDS - 20.9%** | **EXCHANGE TRADED FUNDS - 20.9%** | **EXCHANGE TRADED FUNDS - 20.9%** |
| **Equity Exchange Traded Funds - 13.4%** | **Equity Exchange Traded Funds - 13.4%** | **Equity Exchange Traded Funds - 13.4%** |
|  iShares Core MSCI Emerging Markets ETF | 17195 | 1199351  |
| iShares Core U.S. REIT ETF | 9985 | 591012  |
| iShares MSCI EAFE Growth ETF<sup>(c)</sup> | 10733 | 1195334  |
| iShares MSCI EAFE Value ETF | 24302 | 1806854  |
| iShares Russell 1000 Value ETF | 18393 | 3930032  |
| iShares Russell 2000 Growth ETF<sup>(c)</sup> | 3736 | 1172394  |
| iShares Russell 2000 Value ETF | 9286 | 1760533  |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Growth <br>ETF | 13755 | 1762291  |
| iShares Russell Mid-Cap Value ETF | 16191 | 2359677  |
|  |  | 15777478  |
| **Fixed Income Exchange Traded Funds - 7.5%** | **Fixed Income Exchange Traded Funds - 7.5%** | **Fixed Income Exchange Traded Funds - 7.5%** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(c)</sup> | 62701 | 5889505  |
| iShares TIPS Bond ETF | 26695 | 2946060  |
|  |  | 8835565  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $22,723,721)** |  | 24613043  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.3%**<br>|  |  |
| **Money Market Funds - 7.3%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(d)</sup> | 8619250 | $8619250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $8,619,250)** |  | 8619250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.2%** <br>**(Cost $121,239,754)** |  | $126416039  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(e)</sup> |  | 210514  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.4)% |  | (8693659)  |
| **TOTAL NET ASSETS - 100.0%** |  | $117932894 |

---

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.

<sup>(c)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $8,600,340.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION GROWTH FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 57.0%** | **AFFILIATED OPEN-END FUNDS - 57.0%** | **AFFILIATED OPEN-END FUNDS - 57.0%** |
| **Affiliated Equity Open-End Funds - 37.1%** | **Affiliated Equity Open-End Funds - 37.1%** | **Affiliated Equity Open-End Funds - 37.1%** |
| &nbsp;&nbsp;&nbsp; Aristotle Core Equity Fund - <br>Class I<sup>(a)</sup> | 7684829 | $118884298  |
|  Aristotle Growth Equity Fund - Class I<sup>(a)</sup> | 5978350 | 79213137  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 2424408 | 30717252  |
|  |  | 228814687  |
|  **Affiliated Fixed Income Open-End Funds - 19.9%**<br>|  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 5540909 | 48372136  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 2304504 | 22169325  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 332945 | 3066425  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 2016515 | 18309952  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 3002232 | 30592743  |
|  |  | 122510581  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $305,778,972)** |  | 351325268  |
| **EXCHANGE TRADED FUNDS - 42.8%** | **EXCHANGE TRADED FUNDS - 42.8%** | **EXCHANGE TRADED FUNDS - 42.8%** |
| **Equity Exchange Traded Funds - 41.3%** | **Equity Exchange Traded Funds - 41.3%** | **Equity Exchange Traded Funds - 41.3%** |
|  iShares Core MSCI Emerging Markets ETF<sup>(b)</sup> | 269165 | 18774259  |
| iShares Core U.S. REIT ETF | 52099 | 3083740  |
| iShares MSCI EAFE Growth ETF<sup>(b)</sup> | 56002 | 6236943  |
| iShares MSCI EAFE Value ETF | 211343 | 15713352  |
| iShares Russell 1000 Value ETF<sup>(b)</sup> | 326189 | 69696803  |
| iShares Russell 2000 Growth ETF<sup>(b)</sup> | 87731 | 27530865  |
| iShares Russell 2000 Value ETF<sup>(b)</sup> | 209975 | 39809160  |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Growth <br>ETF<sup>(b)</sup> | 239239 | 30651301  |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Value <br>ETF<sup>(b)</sup> | 253455 | 36938532  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(b)</sup> | 42843 | 6246081  |
|  |  | 254681036  |
| **Fixed Income Exchange Traded Funds - 1.5%** | **Fixed Income Exchange Traded Funds - 1.5%** | **Fixed Income Exchange Traded Funds - 1.5%** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 65434 | 6146215  |
| iShares TIPS Bond ETF | 27858 | 3074409  |
|  |  | 9220624  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $230,511,475)** |  | 263901660  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.6%**<br>|  |  |
| **Money Market Funds - 12.6%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 77348875 | $77348875  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $77,348,875)** |  | 77348875  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.4%** <br>**(Cost $613,639,322)** |  | $692575803  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(d)</sup> |  | 1135166  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.6)% |  | (77738521)  |
| **TOTAL NET ASSETS - 100.0%** |  | $615972448 |

---

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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $77,922,353.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE CONSERVATIVE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 76.0%** | **AFFILIATED OPEN-END FUNDS - 76.0%** | **AFFILIATED OPEN-END FUNDS - 76.0%** |
| **Affiliated Equity Open-End Funds - 23.2%** | **Affiliated Equity Open-End Funds - 23.2%** | **Affiliated Equity Open-End Funds - 23.2%** |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 1540267 | $23827923  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 789964 | 10467023  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 563618 | 7141046  |
|  |  | 41435992  |
|  **Affiliated Fixed Income Open-End Funds - 52.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Bond Fund - <br>Class I<sup>(a)(b)</sup> | 5147813 | 44940408  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 1997267 | 19213706  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 290194 | 2672685  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 1660170 | 15074345  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 1221199 | 12444022  |
|  |  | 94345166  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $127,146,809)** |  | 135781158  |
| **EXCHANGE TRADED FUNDS - 23.9%** | **EXCHANGE TRADED FUNDS - 23.9%** | **EXCHANGE TRADED FUNDS - 23.9%** |
| **Equity Exchange Traded Funds - 19.4%** | **Equity Exchange Traded Funds - 19.4%** | **Equity Exchange Traded Funds - 19.4%** |
|  iShares Core MSCI Emerging Markets ETF | 52199 | 3640880  |
| iShares Core U.S. REIT ETF | 15156 | 897084  |
| iShares MSCI EAFE Growth ETF<sup>(c)</sup> | 8145 | 907109  |
| iShares MSCI EAFE Value ETF | 36887 | 2742548  |
| iShares Russell 1000 Value ETF | 57217 | 12225556  |
| iShares Russell 2000 Growth ETF<sup>(c)</sup> | 8507 | 2669582  |
| iShares Russell 2000 Value ETF | 14096 | 2672461  |
| iShares Russell Mid-Cap Growth ETF | 27838 | 3566605  |
| iShares Russell Mid-Cap Value ETF | 30720 | 4477133  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(c)</sup> | 6231 | 908417  |
|  |  | 34707375  |
| **Fixed Income Exchange Traded Funds - 4.5%** | **Fixed Income Exchange Traded Funds - 4.5%** | **Fixed Income Exchange Traded Funds - 4.5%** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(c)</sup> | 57103 | 5363685  |
| iShares TIPS Bond ETF | 24312 | 2683072  |
|  |  | 8046757  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $38,203,137)** |  | 42754132  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.3%**<br>|  |  |
| **Money Market Funds - 6.3%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(d)</sup> | 11181250 | $11181250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $11,181,250)** |  | 11181250  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.2%** <br>**(Cost $176,531,196)** |  | $189716540  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.1%<sup>(e)</sup> |  | 267882  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.3)% |  | (11292887)  |
| **TOTAL NET ASSETS - 100.0%** |  | $178691535 |

---

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.

<sup>(c)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $11,194,249.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(e)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 70.7%** | **AFFILIATED OPEN-END FUNDS - 70.7%** | **AFFILIATED OPEN-END FUNDS - 70.7%** |
| **Affiliated Equity Open-End Funds - 34.9%** | **Affiliated Equity Open-End Funds - 34.9%** | **Affiliated Equity Open-End Funds - 34.9%** |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 7318122 | $113211347  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 6388426 | 84646642  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 2020368 | 25598067  |
|  |  | 223456056  |
|  **Affiliated Fixed Income Open-End Funds - 35.8%**<br>|  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 12457542 | 108754345  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 4965345 | 47766622  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 693629 | 6388325  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 2450574 | 22251212  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 4378032 | 44612148  |
|  |  | 229772652  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $406,005,512)** |  | 453228708  |
| **EXCHANGE TRADED FUNDS - 29.2%** | **EXCHANGE TRADED FUNDS - 29.2%** | **EXCHANGE TRADED FUNDS - 29.2%** |
| **Equity Exchange Traded Funds - 27.2%** | **Equity Exchange Traded Funds - 27.2%** | **Equity Exchange Traded Funds - 27.2%** |
|  iShares Core MSCI Emerging Markets ETF | 233626 | 16295414  |
| iShares Core U.S. REIT ETF | 54265 | 3211945  |
| iShares MSCI EAFE Growth ETF<sup>(b)</sup> | 29165 | 3248106  |
| iShares MSCI EAFE Value ETF | 132076 | 9819851  |
| iShares Russell 1000 Value ETF<sup>(b)</sup> | 274703 | 58695790  |
| iShares Russell 2000 Growth ETF<sup>(b)</sup> | 50765 | 15930565  |
| iShares Russell 2000 Value ETF | 67292 | 12757890  |
| &nbsp;&nbsp;&nbsp; iShares Russell Mid-Cap Growth <br>ETF<sup>(b)</sup> | 199345 | 25540081  |
| iShares Russell Mid-Cap Value ETF | 175991 | 25648928  |
|  Vanguard FTSE All World ex-US Small-Cap ETF<sup>(b)</sup> | 22312 | 3252866  |
|  |  | 174401436  |
| **Fixed Income Exchange Traded Funds - 2.0%** | **Fixed Income Exchange Traded Funds - 2.0%** | **Fixed Income Exchange Traded Funds - 2.0%** |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF<sup>(b)</sup> | 102229 | 9602370  |
| iShares TIPS Bond ETF | 29016 | 3202206  |
|  |  | 12804576  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $166,823,958)** |  | 187206012  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.0%**<br>|  |  |
| **Money Market Funds - 7.0%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 44783345 | $44783345  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $44,783,345)** |  | 44783345  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.9%** <br>**(Cost $617,612,815)** |  | $685218065  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.1%<sup>(d)</sup> |  | 923822  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.0)% |  | (45182378)  |
| **TOTAL NET ASSETS - 100.0%** |  | $640959509 |

---

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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $45,011,488.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 51.8%** | **CORPORATE BONDS - 51.8%** | **CORPORATE BONDS - 51.8%** |
| **Communications - 1.0%**<br>|  |  |
|  Meta Platforms, Inc., 4.20%, 11/15/2030 | $2950000 | $2922056  |
|  NTT Finance Corp., 4.62%, 07/16/2028<sup>(a)</sup> | 3750000 | 3764868  |
|  Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 5.15%, 03/20/2028<sup>(a)</sup> | 3447200 | 3464879  |
|  |  | 10151803  |
| **Consumer Discretionary - 5.0%**<br>|  |  |
|  Air Canada 2017-1 Class AA Pass Through Trust, Series 2017-1, 3.30%, 01/15/2030<sup>(a)(b)</sup> | 1493800 | 1430823  |
|  American Airlines 2015-2 Class AA Pass Through Trust, 3.60%, 09/22/2027 | 4938509 | 4882457  |
|  American Airlines 2016-3 Class A Pass Through Trust, Series 2016-3, 3.25%, 10/15/2028 | 4184069 | 3987469  |
|  American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, 3.00%, 10/15/2028<sup>(b)</sup> | 5399468 | 5237532  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 2115827 | 2055457  |
|  Delta Air Lines 2015-1 Class AA Pass Through Trust, Series 2015-1, 3.63%, 07/30/2027 | 1152583 | 1139295  |
|  Ford Motor Credit Co. LLC, 2.70%, 08/10/2026 | 1775000 | 1762076  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 | 4250000 | 4348991  |
| &nbsp;&nbsp;&nbsp; 4.60%, 01/08/2031 | 2450000 | 2415680  |
|  Hyundai Capital America, 4.88%, 11/01/2027<sup>(a)</sup> | 5600000 | 5625498  |
|  Las Vegas Sands Corp., 5.90%, 06/01/2027 | 3150000 | 3191710  |
| Starbucks Corp., 4.50%, 05/15/2028 | 4000000 | 4008804  |
|  United Airlines 2014-2 Class A Pass Through Trust, Series A, 3.75%, 09/03/2026 | 4596990 | 4586797  |
|  United Airlines 2016-1 Class AA Pass Through Trust, Series AA, 3.10%, 07/07/2028 | 2251734 | 2194662  |
|  Volkswagen Group of America Finance LLC, 4.45%, 09/11/2027<sup>(a)</sup> | 3000000 | 2992332  |
|  |  | 49859583  |
| **Consumer Staples - 0.8%**<br>|  |  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> | 3000000 | 3031013  |
| Maple Parent Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/26/2029<sup>(a)</sup> | 3500000 | 3500222  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/26/2031<sup>(a)</sup> | 1050000 | 1045989  |
|  |  | 7577224  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Energy - 2.2%**<br>|  |  |
| Enbridge, Inc., 4.85%, 03/27/2031 | $4000000 | $4017703  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 | 1500000 | 1559327  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 | 3500000 | 3577265  |
|  Targa Resources Corp., 6.15%, 03/01/2029 | 3550000 | 3699177  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(a)</sup> | 9450000 | 8986892  |
|  |  | 21840364  |
| **Financials - 24.8%<sup>(c)</sup>**<br>|  |  |
|  American Homes 4 Rent LP, 4.25%, 02/15/2028 | 2808000 | 2793991  |
|  Aspen Insurance Holdings Ltd., 5.75%, 07/01/2030 | 5750000 | 5934919  |
|  Athene Global Funding, 5.58%, 01/09/2029<sup>(a)</sup> | 2150000 | 2170543  |
| Atlas Warehouse Lending Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 01/15/2028<sup>(a)</sup> | 4000000 | 4056539  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028<sup>(a)</sup> | 5250000 | 5172296  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37% to 07/15/2027 then 1 yr. CMT Rate + 0.95%, 07/15/2028 | 3400000 | 3437274  |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/06/2030 | 2200000 | 2169432  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 2000000 | 2014053  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 1250000 | 1243958  |
| &nbsp;&nbsp;&nbsp; 4.98% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 6850000 | 6905517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62% (SOFR + 1.11%), <br>05/09/2029 | 3000000 | 3013366  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 | 4725000 | 4815906  |
|  Banque Federative du Credit Mutuel SA, 4.54%, 01/15/2031<sup>(a)</sup> | 3800000 | 3749141  |
|  Barclays PLC, 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 | 2200000 | 2218582  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/14/2028<sup>(a)</sup> | 1000000 | 996025  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029<sup>(a)</sup> | 5150000 | 5169343  |
|  BPCE SA, 4.76% to 01/13/2031 then SOFR + 1.27%, 01/13/2032<sup>(a)</sup> | 3000000 | 2959722  |
|  Capital One Financial Corp., 5.46% (SOFR + 1.56%), 07/26/2030 | 2350000 | 2399178  |
|  Citigroup, Inc., 4.64% to 05/07/2027 then SOFR + 1.14%, 05/07/2028 | 2000000 | 2003528  |
|  Cooperatieve Rabobank UA, 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028<sup>(a)</sup> | 2000000 | 2004457  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029<sup>(a)</sup> | 3250000 | 3286835  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.66% to 01/12/2031 then SOFR + 1.17%, 01/12/2032<sup>(a)</sup> | $3750000 | $3699810  |
| Danske Bank AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028<sup>(a)(b)</sup> | 3000000 | 3028886  |
| &nbsp;&nbsp;&nbsp; 4.42% to 09/12/2030 then 1 yr. CMT Rate + 0.85%, 09/12/2031<sup>(a)</sup> | 4800000 | 4714683  |
| &nbsp;&nbsp;&nbsp; 5.00% to 03/27/2031 then 1 yr. CMT Rate + 0.98%, 03/27/2032<sup>(a)</sup> | 1400000 | 1404145  |
|  Equinix Asia Financing Corp. Pte Ltd., 4.40%, 03/15/2031 | 3100000 | 3035896  |
|  Extra Space Storage LP, 5.70%, 04/01/2028 | 2200000 | 2247538  |
|  Federation des Caisses Desjardins du Quebec, 4.57%, 08/26/2030<sup>(a)</sup> | 3125000 | 3112944  |
|  Fidelity National Information Services, Inc., 4.55%, 03/10/2029 | 5450000 | 5425668  |
|  Global Payments, Inc., 4.50%, 11/15/2028 | 3600000 | 3565961  |
|  GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/2028 | 1000000 | 1015848  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% (SOFR + 1.32%), <br>04/23/2028 | 1700000 | 1708591  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 2000000 | 1973203  |
| &nbsp;&nbsp;&nbsp; 4.15% to 10/21/2028 then SOFR + 0.90%, 10/21/2029 | 3500000 | 3467760  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | 6300000 | 6500806  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 | 1450000 | 1451418  |
| &nbsp;&nbsp;&nbsp; 4.52% to 01/21/2031 then SOFR + 0.96%, 01/21/2032 | 2300000 | 2265620  |
|  Host Hotels & Resorts LP, 4.25%, 12/15/2028 | 771000 | 762053  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | 3550000 | 3638227  |
| &nbsp;&nbsp;&nbsp; 4.40% to 03/10/2029 then SOFR + 0.99%, 03/10/2030 | 3400000 | 3375470  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 | 6750000 | 6785071  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 | 5495000 | 5563154  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 | 2000000 | 1999432  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 | 3550000 | 3550208  |
| &nbsp;&nbsp;&nbsp; 4.92% to 01/24/2028 then SOFR + 0.80%, 01/24/2029 | 2450000 | 2471704  |
| &nbsp;&nbsp;&nbsp; 5.01% to 01/23/2029 then SOFR + 1.31%, 01/23/2030 | 2150000 | 2180386  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.70% to 05/06/2029 then 3 mo. Term SOFR + 1.42%, 05/06/2030 | $4000000 | $3902009  |
|  Kite Realty Group Trust, 4.75%, 09/15/2030 | 4300000 | 4304617  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09% to 11/26/2027 then 1 yr. CMT Rate + 0.85%, 11/26/2028 | 750000 | 757012  |
| &nbsp;&nbsp;&nbsp; 4.82% to 06/13/2028 then 1 yr. CMT Rate + 0.83%, 06/13/2029 | 800000 | 804933  |
| &nbsp;&nbsp;&nbsp; LPL Holdings, Inc., <br>5.70%, 05/20/2027 | 5850000 | 5905407  |
|  Metropolitan Life Global Funding I, 4.35%, 01/12/2031<sup>(a)</sup> | 1400000 | 1385326  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% (SOFR + 1.38%), <br>04/12/2029 | 10000000 | 10092963  |
| &nbsp;&nbsp;&nbsp; 4.13% to 10/18/2028 then SOFR + 0.91%, 10/18/2029 | 5500000 | 5437314  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24% (SOFR + 0.80%), <br>01/09/2030 | 2200000 | 2178260  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 | 3125000 | 3215242  |
| &nbsp;&nbsp;&nbsp; 4.49% to 01/16/2031 then SOFR + 0.95%, 01/16/2032 | 750000 | 737606  |
| Morgan Stanley Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 | 1250000 | 1264440  |
| &nbsp;&nbsp;&nbsp; 5.02% to 01/12/2028 then SOFR + 0.91%, 01/12/2029 | 1500000 | 1516303  |
|  Nippon Life Insurance Co., 4.75%, 04/02/2031<sup>(a)</sup> | 3800000 | 3810915  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. Lp / PTL Finance Corp., <br>4.40%, 07/01/2027<sup>(a)</sup> | 2300000 | 2292968  |
|  Principal Life Global Funding II, 4.45%, 01/13/2031<sup>(a)</sup> | 1850000 | 1826205  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.97% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 4650000 | 4695251  |
| &nbsp;&nbsp;&nbsp; 4.50% to 08/06/2028 then SOFR + 0.89%, 08/06/2029 | 3250000 | 3250726  |
|  Santander UK Group Holdings PLC, 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 | 2000000 | 1981597  |
| 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> | 2400000 | 2452269  |
| &nbsp;&nbsp;&nbsp; 4.21% to 04/10/2029 then SOFR + 0.84%, 04/10/2030<sup>(a)</sup> | 1900000 | 1876276  |
| &nbsp;&nbsp;&nbsp; 3.13% to 08/13/2029 then 3 mo. LIBOR USD + 1.47%, 08/13/2030<sup>(a)(d)</sup> | 1900000 | 1807527  |
| &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 | 4434035  |
|  US Bank NA, 4.73% to 05/15/2027 then SOFR + 0.91%, 05/15/2028 | 2250000 | 2258677  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 04/01/2028 | $6850000 | $6858261  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), <br>04/23/2029 | 6100000 | 6153549  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | 3850000 | 3938870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.18% (SOFR + 0.74%), <br>01/23/2030 | 9000000 | 8921651  |
|  Willis North America, Inc., 4.55%, 03/15/2031 | 2750000 | 2711854  |
|  |  | 248231150  |
| **Health Care - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc., <br>3.88%, 10/15/2029<sup>(a)</sup> | 3075000 | 2989013  |
| Cigna Group, 4.50%, 09/15/2030 | 3300000 | 3289738  |
| HCA, Inc., 4.30%, 11/15/2030 | 4235000 | 4166470  |
| IQVIA, Inc., 5.70%, 05/15/2028 | 3850000 | 3926711  |
|  |  | 14371932  |
| **Industrials - 4.5%**<br>|  |  |
| BAE Systems PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/26/2027<sup>(a)</sup> | 2800000 | 2818946  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/26/2029<sup>(a)</sup> | 2000000 | 2041396  |
| Boeing Co., 6.26%, 05/01/2027 | 1150000 | 1170179  |
| Eaton Corp., 3.95%, 03/06/2029 | 5200000 | 5149422  |
|  Fedex Freight Holding Co., Inc., 4.30%, 03/15/2029<sup>(a)</sup> | 5550000 | 5484766  |
|  Honeywell Aerospace, Inc., 4.00%, 03/16/2029<sup>(a)</sup> | 2950000 | 2923216  |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 3950000 | 4024522  |
|  Molex Electronic Technologies LLC, 4.75%, 04/30/2028<sup>(a)</sup> | 4200000 | 4218515  |
| Nordson Corp., 4.50%, 12/15/2029 | 6375000 | 6362897  |
|  Regal Rexnord Corp., 6.05%, 04/15/2028 | 1153000 | 1183212  |
| &nbsp;&nbsp;&nbsp; Weir Group PLC, <br>2.20%, 05/13/2026<sup>(a)</sup> | 4015000 | 4001439  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 1300000 | 1318083  |
| &nbsp;&nbsp;&nbsp; WSP Global, Inc., <br>5.04%, 09/18/2031<sup>(a)</sup> | 4600000 | 4563533  |
|  |  | 45260126  |
| **Materials - 0.5%**<br>|  |  |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028 | 2000000 | 2013304  |
|  Glencore Funding LLC, 4.90%, 07/01/2031<sup>(a)</sup> | 2800000 | 2799775  |
|  |  | 4813079  |
| **Technology - 5.7%**<br>|  |  |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028<sup>(a)</sup> | 9648000 | 9402585  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Broadcom, Inc., 5.05%, 07/12/2029 | $4800000 | $4900087  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.50%, 03/01/2029<sup>(b)</sup> | 5500000 | 5351484  |
|  Dell International LLC / EMC Corp., 4.15%, 02/15/2029 | 2000000 | 1983774  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/23/2029 | 2500000 | 2498277  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 | 3500000 | 3483497  |
| Jabil, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/01/2029 | 1300000 | 1284530  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/01/2029 | 2000000 | 2040388  |
|  Microchip Technology, Inc., 4.90%, 03/15/2028 | 6000000 | 6038152  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028 | 2350000 | 2339605  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/04/2029 | 2550000 | 2518276  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 | 4650000 | 4482302  |
|  Roper Technologies, Inc., 4.25%, 09/15/2028 | 800000 | 795105  |
| Salesforce, Inc., 4.65%, 03/15/2029 | 6150000 | 6163704  |
|  TD SYNNEX Corp., 4.30%, 01/17/2029 | 3900000 | 3857558  |
|  |  | 57139324  |
| **Utilities - 5.8%**<br>|  |  |
| Ameren Corp., 5.00%, 01/15/2029 | 2000000 | 2031959  |
|  Constellation Energy Generation LLC, 4.40%, 01/15/2031<sup>(b)</sup> | 5100000 | 5035614  |
| DTE Energy Co., 5.10%, 03/01/2029 | 8875000 | 9025704  |
|  ENEL Finance International NV, 4.13%, 09/30/2028<sup>(a)</sup> | 4500000 | 4463861  |
| Evergy, Inc., 4.25%, 03/15/2029 | 950000 | 942993  |
| Exelon Corp., 5.15%, 03/15/2029 | 4650000 | 4740080  |
| &nbsp;&nbsp;&nbsp; Nevada Power Co., <br>2.40%, 05/01/2030 | 1963000 | 1811701  |
| NiSource, Inc., 5.20%, 07/01/2029 | 2700000 | 2754391  |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp., <br>5.45%, 05/15/2029 | 1650000 | 1690871  |
|  Pinnacle West Capital Corp., 4.90%, 05/15/2028 | 4200000 | 4233594  |
|  Public Service Co. of Colorado, 4.15%, 03/13/2029 | 4000000 | 3989296  |
|  Public Service Enterprise Group, Inc., 5.88%, 10/15/2028 | 10000000 | 10325907  |
| &nbsp;&nbsp;&nbsp; Southern Power Co., <br>4.25%, 10/01/2030 | 1850000 | 1826882  |
|  Southwestern Electric Power Co., 4.10%, 09/15/2028 | 2483000 | 2467981  |
|  Virginia Power Fuel Securitization LLC, 5.09%, 05/01/2027 | 961957 | 966734  |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc., <br>4.75%, 03/21/2028 | 1800000 | 1810006  |
|  |  | 58117574  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $515,418,881)** |  | 517362159  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 15.4%** | **ASSET-BACKED SECURITIES - 15.4%** | **ASSET-BACKED SECURITIES - 15.4%** |
|  AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2A, 4.22%, 03/19/2029<sup>(a)</sup> | $1350000 | $1348538  |
|  Amur Equipment Finance Receivables LLC, Series 2025-1A, Class A2, 4.70%, 09/22/2031<sup>(a)</sup> | 621722 | 625612  |
| Carvana Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 09/10/2030<sup>(a)</sup> | 1800000 | 1822490  |
| &nbsp;&nbsp;&nbsp; Series 2024-P2, Class XS, 0.00%, 06/10/2031<sup>(a)(e)(f)</sup> | 157705484 | 1024928  |
| &nbsp;&nbsp;&nbsp; CC Towers Guarantor LLC, Series 4.24100, <br>4.24%, 07/15/2028<sup>(a)</sup> | 1450000 | 1427564  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 1162891 | 1168664  |
|  DailyPay LLC, Series 2025-1A, Class A, 5.63%, 06/26/2028<sup>(a)</sup> | 900000 | 902711  |
| Flagship Credit Auto Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 3.06%, 03/15/2028<sup>(a)</sup> | 1017497 | 1014438  |
| &nbsp;&nbsp;&nbsp; Series 2023-3, Class B, 5.64%, 07/16/2029<sup>(a)</sup> | 3950000 | 3954752  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.48%, 10/16/2028<sup>(a)</sup> | 1530000 | 1533708  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 4.85%, 08/15/2035<sup>(a)</sup> | 2000000 | 2017623  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(g)</sup> | 3300000 | 3347844  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.26%, 11/15/2029 | 3000000 | 3038748  |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 2250000 | 2322268  |
| GreenSky LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.12%, 03/25/2060<sup>(a)</sup> | 166111 | 166534  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 4.93%, 06/25/2060<sup>(a)</sup> | 382403 | 383372  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, 4.34%, 12/27/2060<sup>(a)</sup> | 2468052 | 2463631  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, 2.74%, 02/25/2039<sup>(a)</sup> | 55998 | 55263  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 01/25/2037<sup>(a)</sup> | 428189 | 422837  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.72%, 01/25/2038<sup>(a)</sup> | 944405 | 958222  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, 09/15/2039<sup>(a)</sup> | 521229 | 524641  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 1520563 | 1544319  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, 08/27/2040<sup>(a)</sup> | 1602842 | 1606067  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Lendbuzz Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.99%, 05/15/2029<sup>(a)</sup> | $1673805 | $1682687  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.10%, 10/15/2030<sup>(a)</sup> | 997900 | 996594  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 1.74%, 10/20/2037<sup>(a)</sup> | 92755 | 89357  |
| &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 01/22/2041<sup>(a)</sup> | 303449 | 288334  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.15%, 11/21/2039<sup>(a)</sup> | 250869 | 248494  |
| MVW Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 02/20/2043<sup>(a)</sup> | 2570934 | 2591489  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(a)</sup> | 2492706 | 2478794  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BA, Class A2A, 3.61%, 12/15/2059<sup>(a)</sup> | 4418 | 4416  |
| &nbsp;&nbsp;&nbsp; Series 2018-DA, Class A2A, 4.00%, 12/15/2059<sup>(a)</sup> | 276977 | 274498  |
| &nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059<sup>(a)</sup> | 400539 | 388168  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068<sup>(a)</sup> | 266710 | 263122  |
| &nbsp;&nbsp;&nbsp; Series 2019-FA, Class A2, 2.60%, 08/15/2068<sup>(a)</sup> | 2136644 | 2064441  |
| &nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, 2.40%, 10/15/2068<sup>(a)</sup> | 2346985 | 2275599  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1B, 4.83% (30 day avg SOFR US + 1.16%), 06/25/2069<sup>(a)</sup> | 1132230 | 1143452  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 1763312 | 1563514  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.46%, 11/15/2068<sup>(a)</sup> | 296625 | 279190  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 3169234 | 2985466  |
| &nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 3729624 | 3546714  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 6773395 | 6314276  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 360119 | 339442  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(a)</sup> | 295039 | 276207  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(a)</sup> | 4365559 | 4111766  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 4.38% (30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 815822 | 799247  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1B, 4.33% (30 day avg SOFR US + 0.66%), 02/25/2070<sup>(a)</sup> | 1676865 | 1645589  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 4755232 | 4324386  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/2069<sup>(a)</sup> | $1573751 | $1434275  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, 10/15/2069<sup>(a)</sup> | 11913534 | 10789776  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070<sup>(a)</sup> | 3089608 | 2761063  |
| &nbsp;&nbsp;&nbsp; Series 2021-GA, Class A, 1.58%, 04/15/2070<sup>(a)</sup> | 2333183 | 2093678  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.23%, 07/15/2070<sup>(a)</sup> | 1528510 | 1387171  |
| &nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, 4.16%, 10/15/2070<sup>(a)</sup> | 4646614 | 4506572  |
| &nbsp;&nbsp;&nbsp; Series 2023-A, Class A, 5.51%, 10/15/2071<sup>(a)</sup> | 1793185 | 1816680  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(a)</sup> | 4789872 | 4862687  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 5.02%, 07/15/2055<sup>(a)</sup> | 976724 | 975024  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.72%, 09/15/2055<sup>(a)</sup> | 777682 | 770203  |
| &nbsp;&nbsp;&nbsp; Series 2026-A, Class A, 4.50%, 01/18/2056<sup>(a)</sup> | 4650000 | 4599901  |
|  Navistar Financial Dealer Note Master Trust, Series 2025-1, Class A, 4.18%, 09/25/2030<sup>(a)</sup> | 2300000 | 2295947  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, <br>Series 2021-A, Class APT1, 1.36%, 04/20/2062<sup>(a)</sup> | 1057397 | 1006242  |
|  OWN Tactical Equipment I LLC, Series 2025-1M, Class A, 5.48%, 09/26/2033<sup>(a)</sup> | 626317 | 625621  |
| Pagaya AI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 497083 | 498654  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.16%, 07/15/2032<sup>(a)</sup> | 941980 | 943667  |
|  Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 343974 | 344852  |
|  Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A, 5.04%, 06/27/2033<sup>(a)</sup> | 1183260 | 1184643  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A3, 4.62%, 11/15/2028 | 1207980 | 1209110  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class C, 4.78%, 01/15/2031 | 725000 | 727227  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.74%, 01/16/2029 | 2195890 | 2199857  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.88%, 03/17/2031 | 5000000 | 5013547  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.71%, 06/15/2028 | 780139 | 780642  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 4.63%, 10/16/2028 | 1714833 | 1717339  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 4.49%, 09/15/2031 | $1800000 | $1801226  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A2, 4.28%, 01/15/2029 | 1405547 | 1406131  |
|  Santander Holdings USA, Inc., Series 2024-A, Class B, 5.62%, 06/15/2032<sup>(a)</sup> | 141225 | 142307  |
|  SBNA Auto Receivables Trust 2024-A, Series 2024-A, Class B, 5.29%, 09/17/2029<sup>(a)</sup> | 1000000 | 1008435  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 3.50%, 02/15/2036<sup>(a)</sup> | 74902 | 74365  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, 3.60%, 01/15/2037<sup>(a)</sup> | 236187 | 234704  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 3.63%, 11/15/2035<sup>(a)</sup> | 278308 | 275615  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(a)</sup> | 692216 | 685796  |
| &nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 1.29%, 07/15/2053<sup>(a)</sup> | 821470 | 773336  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053<sup>(a)</sup> | 1416647 | 1296015  |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class A1A, 1.34%, 03/17/2053<sup>(a)</sup> | 1093712 | 1032001  |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A1A, 1.68%, 02/15/2051<sup>(a)</sup> | 1093965 | 1039818  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class APT, 2.85%, 11/16/2054<sup>(a)</sup> | 2162638 | 2008787  |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, 3.94%, 02/16/2055<sup>(a)</sup> | 4697214 | 4544878  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class A1A, 4.48%, 05/16/2050<sup>(a)</sup> | 1204330 | 1192569  |
| &nbsp;&nbsp;&nbsp; Series 2024-F, Class A1A, 5.06%, 03/16/2054<sup>(a)</sup> | 198914 | 199610  |
|  SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 06/25/2034<sup>(a)</sup> | 437327 | 438333  |
| SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 2.37%, 11/16/2048<sup>(a)</sup> | 433833 | 421324  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 2.54%, 05/15/2046<sup>(a)</sup> | 1098051 | 1056695  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class AFX, 1.14%, 02/15/2047<sup>(a)</sup> | 1570210 | 1409192  |
|  UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, 09/25/2047<sup>(a)</sup> | 608638 | 609126  |
|  Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 09/20/2035<sup>(a)</sup> | 1631005 | 1629981  |
|  Veros Automobile Receivables Trust, Series 2026-1, Class A, 4.53%, 08/15/2028<sup>(a)</sup> | 1398406 | 1397271  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $154,914,163)** |  | 153871909  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 10.7%** | **U.S. TREASURY SECURITIES - 10.7%** | **U.S. TREASURY SECURITIES - 10.7%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | $5500000 | $5605918  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 10000000 | 9923438  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 4000000 | 4055938  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 | 52475000 | 52013794  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 15000000 | 14976855  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 21050000 | 20793864  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $107,570,711)** |  | 107369807  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 7.8%**<br>|  |  |
|  Basswood Park CLO Ltd., Series 2021-1A, Class AR, 4.70% (3 mo. Term SOFR + 1.03%), 04/20/2034<sup>(a)</sup> | 4500000 | 4494958  |
|  Benefit Street Partners CLO Ltd., Series 2021-25A, Class A1R, 4.67% (3 mo. Term SOFR + 1.00%), 01/15/2035<sup>(a)</sup> | 3750000 | 3743374  |
|  CarVal CLO, Series 2018-1A, Class AR, 4.90% (3 mo. Term SOFR + 1.23%), 07/16/2031<sup>(a)</sup> | 4658566 | 4660981  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-53A, Class AR, 4.67% (3 mo. Term SOFR + 1.00%), 01/15/2031<sup>(a)</sup> | 2358261 | 2358456  |
| &nbsp;&nbsp;&nbsp; Series 2018-55A, Class A1, 4.95% (3 mo. Term SOFR + 1.28%), 04/15/2031<sup>(a)</sup> | 383834 | 384163  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A1R, 4.82% (3 mo. Term SOFR + 1.15%), 04/22/2035<sup>(a)</sup> | 2000000 | 1998510  |
| &nbsp;&nbsp;&nbsp; Series 2022-3A, Class ARR, 4.79% (3 mo. Term SOFR + 1.11%), 04/20/2037<sup>(a)</sup> | 3000000 | 2992359  |
|  Flatiron CLO Ltd., Series 2024-1A, Class A1R, 4.75% (3 mo. Term SOFR + 1.08%), 07/15/2036<sup>(a)</sup> | 2000000 | 1998035  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-22A, Class ARR, 4.92% (3 mo. Term SOFR + 1.25%), 07/15/2036<sup>(a)</sup> | 2350000 | 2356373  |
| &nbsp;&nbsp;&nbsp; Series 2019-23A, Class AR2, 4.64% (3 mo. Term SOFR + 0.99%), 01/25/2035<sup>(a)</sup> | 10500000 | 10486108  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class BR, 5.42% (3 mo. Term SOFR + 1.75%), 04/15/2035<sup>(a)</sup> | 250000 | 249628  |
| &nbsp;&nbsp;&nbsp; Series 2021-29A, Class AR, 5.02% (3 mo. Term SOFR + 1.35%), 07/15/2037<sup>(a)</sup> | 2000000 | 2001497  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-31A, Class A1R, 4.67% (3 mo. Term SOFR + 1.00%), 07/15/2034<sup>(a)</sup> | $4000000 | $3996181  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-41A, Class AR, 4.72% (3 mo. Term SOFR + 1.05%), 04/15/2034<sup>(a)</sup> | 3000000 | 2997665  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 4.62% (3 mo. Term SOFR + 0.95%), 07/16/2036<sup>(a)</sup> | 2000000 | 1997209  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.12% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 5250000 | 5251555  |
| &nbsp;&nbsp;&nbsp; Series 2022-50A, Class AR2, 4.70% (3 mo. Term SOFR + 1.04%), 07/23/2036<sup>(a)</sup> | 2550000 | 2547134  |
| &nbsp;&nbsp;&nbsp; Series 2022-50A, Class BR2, 5.01% (3 mo. Term SOFR + 1.35%), 07/23/2036<sup>(a)</sup> | 1375000 | 1374603  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2R, 4.81% (3 mo. Term SOFR + 1.15%), 10/15/2032<sup>(a)</sup> | 3000000 | 2991146  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, 4.61% (3 mo. Term SOFR + 0.94%), 07/15/2033<sup>(a)</sup> | 4458453 | 4462270  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, 4.66% (3 mo. Term SOFR + 0.95%), 01/15/2034<sup>(a)</sup> | 4850000 | 4850443  |
| &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 5.11% (3 mo. Term SOFR + 1.40%), 01/15/2034<sup>(a)</sup> | 5598000 | 5593530  |
|  Southwick Park CLO, Series 2019-4A, Class A1RR, 4.67% (3 mo. Term SOFR + 1.00%), 07/20/2032<sup>(a)</sup> | 4504536 | 4504741  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $78,333,317)** |  | 78290919  |
| **BANK LOANS - 6.5%**<br>|  |  |
| **Consumer Discretionary - 0.5%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 6.92% (1 mo. SOFR US + 3.25%), 08/20/2032 | 3482500 | 3486853  |
|  SkyMiles IP Ltd., Senior Secured First Lien, 5.17% (3 mo. SOFR US + 1.50%), 10/20/2028 | 1745625 | 1756719  |
|  |  | 5243572  |
| **Energy - 0.2%**<br>|  |  |
|  Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 5.93% (1 mo. SOFR US + 2.25%), 10/05/2028 | 1984926 | 1989889  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Financials - 1.2%<sup>(c)</sup>**<br>|  |  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.40% (1 mo. SOFR US + 3.50%), 06/02/2028 | $3342500 | $3204638  |
|  Focus Financial Partners LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 09/15/2031 | 3541103 | 3434675  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 11/01/2028 | 2121982 | 2106067  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 3690727 | 3413922  |
|  |  | 12159302  |
| **Health Care - 0.5%**<br>|  |  |
|  Medline Borrower LP, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.42% (1 mo. SOFR US + 1.75%), 10/23/2028 | 870313 | 872598  |
| &nbsp;&nbsp;&nbsp; 5.42% (1 mo. SOFR US + 1.75%), 10/23/2030 | 4452510 | 4462928  |
|  |  | 5335526  |
| **Industrials - 2.4%**<br>|  |  |
|  APi Group DE, Inc., Senior Secured First Lien, 5.42% (1 mo. SOFR US + 1.75%), 01/03/2029 | 1900000 | 1901292  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 12/26/2030 | 4680269 | 4617858  |
| &nbsp;&nbsp;&nbsp; 7.17% (1 mo. SOFR US + 3.50%), 12/29/2032 | 1013333 | 999405  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.16% (3 mo. SOFR US + 2.50%), 03/18/2030 | 3267596 | 3269639  |
|  Dycom Industries, Inc., Senior Secured First Lien, 5.42% (1 mo. SOFR US + 1.75%), 01/27/2033 | 1450000 | 1457554  |
|  Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029 | 3900897 | 3905500  |
|  TransDigm, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 02/28/2031 | 7906671 | 7916633  |
|  |  | 24067881  |
| **Materials - 0.3%**<br>|  |  |
|  Proampac PG Borrower LLC, Senior Secured First Lien, 7.78% (1 mo. SOFR US + 4.00%), 03/07/2033 | 2578150 | 2496293  |
|  |  | 2496293  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Technology - 1.4%**<br>|  |  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 10/09/2029 | $5136502 | $5003800  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 4.00%), 06/05/2028 | 1939086 | 1711855  |
|  RealPage, Inc., Senior Secured First Lien, 7.08% (3 mo. SOFR US + 3.00%), 04/24/2028 | 3141775 | 3016984  |
|  UKG, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 02/10/2031 | 3880647 | 3713546  |
|  |  | 13446185  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $65,809,846)** |  | 64738648  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.3%**<br>|  |  |
|  A&D Mortgage LLC, Series 2025-NQM4, Class A1, 5.23%, 10/25/2070<sup>(a)(g)</sup> | 4843649 | 4836880  |
| Angel Oak Mortgage Trust LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/2070<sup>(a)(g)</sup> | 4602215 | 4620967  |
| &nbsp;&nbsp;&nbsp; Series 2026-2, Class A1, 4.69%, 02/25/2071<sup>(a)(h)</sup> | 5937368 | 5881035  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.50%, 02/25/2065<sup>(a)(h)</sup> | 1177638 | 1183003  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.33%, 06/25/2065<sup>(a)(g)</sup> | 3130080 | 3136376  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1A, 5.46%, 07/25/2065<sup>(a)(g)</sup> | 1297839 | 1303268  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM8, Class A1, 5.08%, 06/25/2065<sup>(a)(g)</sup> | 1608227 | 1604411  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM9, Class A1, 5.04%, 09/25/2065<sup>(a)(g)</sup> | 6893923 | 6872695  |
|  GCAT, Series 2025-NQM1, Class A1, 5.37%, 11/25/2069<sup>(a)(g)</sup> | 2281622 | 2286058  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5MPR, Class A1B, 5.59%, 11/25/2055<sup>(a)(g)</sup> | 226573 | 226473  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.57%, 09/25/2065<sup>(a)(h)</sup> | 1718702 | 1726775  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1A, 4.88%, 05/25/2066<sup>(a)(g)</sup> | 5021617 | 4987587  |
|  LHOME Mortgage Trust, Series 2025-RTL1, Class A1, 5.65%, 01/25/2040<sup>(a)(g)</sup> | 1000000 | 1004097  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 5.95%, 02/25/2063<sup>(a)(g)</sup> | 1285970 | 1282683  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(a)(h)</sup> | 1064739 | 1069699  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(g)</sup> | 2619993 | 2630297  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(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)**  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 5.42%, 05/25/2065<sup>(a)(g)</sup> | $1067899 | $1071747  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065<sup>(a)(g)</sup> | 1132362 | 1131915  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 5.14%, 07/27/2065<sup>(a)(g)</sup> | 1543647 | 1542563  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(a)(h)</sup> | 2892424 | 2880112  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065<sup>(a)(h)</sup> | 1578196 | 1574294  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $52,963,515)** |  | 52852935  |
|  **MORTGAGE-BACKED SECURITIES - 0.3%**<br>|  |  |
|  PNW Trust, Series 2026-ARTE, Class A, 5.39% (1 mo. Term SOFR + 1.71%), 04/15/2029<sup>(a)</sup> | 3450000 | 3446704  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $3,441,375)** |  | 3446704  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%**<br>|  |  |
| **Money Market Funds - 1.4%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(i)</sup> | 13573030 | 13573030  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $13,573,030)** |  | 13573030  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $992,024,838)** |  | $991506111  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.6%<sup>(j)</sup> |  | 25801776  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.8)% |  | (17866335)  |
| **TOTAL NET ASSETS - 100.0%** |  | $999441552 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

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, 2026, the value of these securities total $418,902,631 or 41.9% of the Fund's net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $13,620,219.

<sup>(c)</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>(d)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(e)</sup> Interest only security.

<sup>(f)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(g)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<sup>(h)</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, 2026.

<sup>(i)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(j)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.2%**<br>|  |  |
| **Communication Services - 1.3%**<br>|  |  |
| TKO Group Holdings, Inc. | 7416 | $1495436  |
| **Consumer Discretionary - 7.0%**<br>|  |  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 20077 | 785412  |
| KB Home | 18418 | 953131  |
| LKQ Corp. | 33437 | 982045  |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. - <br>Class A | 36558 | 943928  |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, <br>Inc.<sup>(a)</sup> | 38638 | 1415310  |
| Sonos, Inc.<sup>(a)</sup> | 56465 | 756631  |
| Valvoline, Inc.<sup>(a)</sup> | 37905 | 1276640  |
| Wolverine World Wide, Inc. | 58059 | 947523  |
|  |  | 8060620  |
| **Consumer Staples - 2.7%**<br>|  |  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 5558 | 330423  |
| Herbalife Ltd.<sup>(a)</sup> | 48190 | 709357  |
| Interparfums, Inc. | 10233 | 929566  |
| J & J Snack Foods Corp. | 7120 | 564402  |
| Primo Brands Corp. | 27073 | 509785  |
|  |  | 3043533  |
| **Energy - 4.8%**<br>|  |  |
| Ardmore Shipping Corp. | 115475 | 1760994  |
| International Seaways, Inc. | 12443 | 906846  |
| Northern Oil & Gas, Inc. | 29070 | 849716  |
| Oceaneering International, Inc.<sup>(a)</sup> | 23869 | 846633  |
| Range Resources Corp. | 24359 | 1100540  |
|  |  | 5464729  |
| **Financials - 16.9%**<br>|  |  |
| Atlantic Union Bankshares Corp. | 40313 | 1440787  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 46536 | 1021000  |
| BankUnited, Inc. | 23767 | 1073318  |
| Banner Corp. | 13292 | 806558  |
| Byline Bancorp, Inc. | 56914 | 1796775  |
| Cohen & Steers, Inc. | 13026 | 814776  |
| Columbia Banking System, Inc. | 35495 | 973628  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 24160 | 1676946  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 17583 | 1166984  |
|  First Interstate BancSystem, Inc. - Class A | 29046 | 970136  |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. - <br>Class A | 40689 | 1593381  |
| Old National Bancorp | 35905 | 793500  |
| Perella Weinberg Partners | 84189 | 1528872  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 8550 | 811224  |
|  United Community Banks, Inc. of Georgia | 28630 | 901559  |
| Voya Financial, Inc. | 17147 | 1171483  |
| WesBanco, Inc. | 24343 | 839590  |
|  |  | 19380517  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 12.8%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 37513 | $877429  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 6997 | 1206982  |
| Chemed Corp. | 3641 | 1375351  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 45112 | 424053  |
| Envista Holdings Corp.<sup>(a)</sup> | 22442 | 569353  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 41904 | 1578105  |
| Haemonetics Corp.<sup>(a)</sup> | 23452 | 1321755  |
| HealthEquity, Inc.<sup>(a)</sup> | 27672 | 2312549  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 26076 | 1797419  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 28158 | 602300  |
| Perrigo Co. PLC | 29690 | 318871  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 18606 | 1102778  |
| QuidelOrtho Corp.<sup>(a)</sup> | 28631 | 470407  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 14013 | 724332  |
|  |  | 14681684  |
| **Industrials - 16.5%**<br>|  |  |
| AerCap Holdings NV | 18527 | 2541534  |
| Albany International Corp. - Class A | 18585 | 970323  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 31673 | 826032  |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - <br>Class A<sup>(a)</sup> | 13502 | 1071249  |
| Dycom Industries, Inc.<sup>(a)</sup> | 2209 | 748453  |
| Flowserve Corp. | 7376 | 542210  |
| FTI Consulting, Inc.<sup>(a)</sup> | 4632 | 818799  |
| GXO Logistics, Inc.<sup>(a)</sup> | 19532 | 1012734  |
| Hexcel Corp. | 17326 | 1402193  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 17778 | 2266517  |
| KBR, Inc. | 29958 | 1104252  |
|  Knight-Swift Transportation Holdings, Inc. | 17957 | 1033964  |
| Liquidity Services, Inc.<sup>(a)</sup> | 45601 | 1394023  |
| Mercury Systems, Inc.<sup>(a)</sup> | 26637 | 1942104  |
| Verra Mobility Corp.<sup>(a)</sup> | 44350 | 633761  |
| WillScot Holdings Corp. | 34568 | 600100  |
|  |  | 18908248  |
| **Information Technology - 19.3%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 46583 | 1910369  |
| Advanced Energy Industries, Inc. | 10295 | 3322299  |
| ASGN, Inc.<sup>(a)</sup> | 24319 | 941388  |
| Belden, Inc. | 12803 | 1470169  |
| Benchmark Electronics, Inc. | 22418 | 1256753  |
| Box, Inc. - Class A<sup>(a)</sup> | 48703 | 1151339  |
| Dolby Laboratories, Inc. - Class A | 11571 | 694954  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 7434 | 498152  |
| Itron, Inc.<sup>(a)</sup> | 19977 | 1790539  |
| Knowles Corp.<sup>(a)</sup> | 71466 | 1835247  |
| Littelfuse, Inc. | 6005 | 2037797  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 14001 | 3109202  |
| Novanta, Inc.<sup>(a)</sup> | 11484 | 1356375  |
| Rogers Corp.<sup>(a)</sup> | 6314 | 677682  |
|  |  | 22052265  |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 7.1%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 48086 | $2136461  |
| AptarGroup, Inc. | 8678 | 1093602  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 26851 | 743773  |
| James Hardie Industries PLC<sup>(a)</sup> | 57828 | 1095262  |
| Scotts Miracle-Gro Co. | 25842 | 1571452  |
| Silgan Holdings, Inc. | 39003 | 1513316  |
|  |  | 8153866  |
| **Utilities - 2.8%**<br>|  |  |
| IDACORP, Inc. | 4624 | 661093  |
| ONE Gas, Inc. | 11397 | 981624  |
| Unitil Corp. | 30060 | 1570334  |
|  |  | 3213051  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $76,367,736)** |  | 104453949  |
| **REAL ESTATE INVESTMENT TRUSTS - 6.2%** | **REAL ESTATE INVESTMENT TRUSTS - 6.2%** | **REAL ESTATE INVESTMENT TRUSTS - 6.2%** |
| **Financials - 2.3%**<br>|  |  |
|  HA Sustainable Infrastructure Capital, Inc. | 72946 | 2680765  |
| **Real Estate - 3.9%**<br>|  |  |
| Agree Realty Corp. | 13709 | 1033384  |
| AH Realty Trust, Inc. | 72873 | 400802  |
| Americold Realty Trust, Inc. | 45580 | 522347  |
| Community Healthcare Trust, Inc. | 37108 | 589646  |
| Safehold, Inc. | 16748 | 226600  |
| STAG Industrial, Inc. | 45110 | 1626667  |
|  |  | 4399446  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $7,358,553)** |  | 7080211  |
| **EXCHANGE TRADED FUNDS - 1.1%**<br>|  |  |
| iShares Russell 2000 ETF<sup>(b)</sup> | 2378 | 589744  |
| iShares Russell 2000 Value ETF<br>| 3153 | 597777  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $624,483)** |  | 1187521  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%**<br>|  |  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 489000 | $489000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $489,000)** |  | 489000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $84,839,772)** |  | $113210681  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.6%<sup>(d)</sup> |  | 1823697  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.5)% |  | (527469)  |
| **TOTAL NET ASSETS - 100.0%** |  | $114506909 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $379,180.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.3%**<br>|  |  |
| Communication Services - 1.3%<br>|  |  |
| TKO Group Holdings, Inc. | 1402 | $282713  |
| **Consumer Discretionary - 7.0%**<br>|  |  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 3852 | 150690  |
| KB Home | 3315 | 171551  |
| LKQ Corp. | 6360 | 186793  |
| Matthews International Corp. - Class A | 6428 | 165971  |
| Pool Corp. | 417 | 84372  |
| Service Corp. International/US | 2846 | 234823  |
| Sonos, Inc.<sup>(a)</sup> | 5415 | 72561  |
| Valvoline, Inc.<sup>(a)</sup> | 7211 | 242867  |
| Wolverine World Wide, Inc. | 13900 | 226848  |
|  |  | 1536476  |
| **Consumer Staples - 3.5%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2367 | 232960  |
| Herbalife Ltd.<sup>(a)</sup> | 8172 | 120292  |
| Interparfums, Inc. | 2152 | 195488  |
| J & J Snack Foods Corp. | 1324 | 104954  |
| Primo Brands Corp. | 5733 | 107952  |
|  |  | 761646  |
| **Energy - 5.7%**<br>|  |  |
| Northern Oil & Gas, Inc. | 3416 | 99850  |
| Oceaneering International, Inc.<sup>(a)</sup> | 4528 | 160608  |
| Permian Resources Corp. | 24251 | 517031  |
| Range Resources Corp. | 10594 | 478637  |
|  |  | 1256126  |
| **Financials - 13.4%**<br>|  |  |
| Atlantic Union Bankshares Corp. | 4575 | 163510  |
| Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 8887 | 194981  |
| BankUnited, Inc. | 8938 | 403640  |
| Banner Corp. | 2269 | 137683  |
| Cohen & Steers, Inc. | 2499 | 156312  |
| Columbia Banking System, Inc. | 6213 | 170423  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 2819 | 187097  |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. - <br>Class A | 5483 | 183132  |
| National Bank Holdings Corp. - Class A | 7041 | 275726  |
| Old National Bancorp | 6740 | 148954  |
| Perella Weinberg Partners | 16196 | 294119  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1307 | 124008  |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. of <br>Georgia | 5050 | 159025  |
| Voya Financial, Inc. | 2932 | 200314  |
| WSFS Financial Corp. | 2002 | 131051  |
|  |  | 2929975  |
| **Health Care - 12.2%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 5976 | 139779  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1348 | 232530  |
| Chemed Corp. | 689 | 260263  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Encompass Health Corp. | 3510 | $339522  |
| Envista Holdings Corp.<sup>(a)</sup> | 4278 | 108533  |
| Haemonetics Corp.<sup>(a)</sup> | 4687 | 264159  |
| HealthEquity, Inc.<sup>(a)</sup> | 4684 | 391442  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 4677 | 322386  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 4911 | 105046  |
| Perrigo Co. PLC | 5522 | 59306  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 2316 | 137269  |
| QuidelOrtho Corp.<sup>(a)</sup> | 5502 | 90398  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 2659 | 137444  |
| Teleflex, Inc. | 701 | 83847  |
|  |  | 2671924  |
| **Industrials - 19.2%**<br>|  |  |
| AerCap Holdings NV | 3139 | 430608  |
| Albany International Corp. - Class A | 3246 | 169474  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 5960 | 155437  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 2590 | 205491  |
| Dycom Industries, Inc.<sup>(a)</sup> | 425 | 143998  |
| Flowserve Corp. | 2807 | 206343  |
| FTAI Aviation Ltd. | 1629 | 399105  |
| FTI Consulting, Inc.<sup>(a)</sup> | 1124 | 198689  |
| GXO Logistics, Inc.<sup>(a)</sup> | 3770 | 195474  |
| HEICO Corp. - Class A | 565 | 119266  |
| Hexcel Corp. | 3288 | 266098  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 2811 | 358374  |
| IDEX Corp. | 1124 | 213054  |
| Jacobs Solutions, Inc. | 1531 | 194866  |
| KBR, Inc. | 5745 | 211761  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br>Inc. | 5306 | 305519  |
| Mercury Systems, Inc.<sup>(a)</sup> | 2481 | 180890  |
| Verra Mobility Corp.<sup>(a)</sup> | 8513 | 121651  |
| WillScot Holdings Corp. | 6689 | 116121  |
|  |  | 4192219  |
| **Information Technology - 20.0%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 7722 | 316679  |
| Advanced Energy Industries, Inc. | 1975 | 637352  |
| ASGN, Inc.<sup>(a)</sup> | 4568 | 176827  |
| Belden, Inc. | 2813 | 323017  |
| Box, Inc. - Class A<sup>(a)</sup> | 8441 | 199545  |
| Dolby Laboratories, Inc. - Class A | 2190 | 131532  |
| Gartner, Inc.<sup>(a)</sup> | 508 | 80437  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 1000 | 67010  |
| IPG Photonics Corp.<sup>(a)</sup> | 1100 | 126049  |
| Itron, Inc.<sup>(a)</sup> | 3829 | 343193  |
| Knowles Corp.<sup>(a)</sup> | 11281 | 289696  |
| Littelfuse, Inc. | 1137 | 385841  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 2704 | 600477  |
| Novanta, Inc.<sup>(a)</sup> | 2027 | 239409  |
| Rogers Corp.<sup>(a)</sup> | 1101 | 118170  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 541 | 327311  |
|  |  | 4362545  |

---

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 7.7%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 13157 | $584566  |
| AptarGroup, Inc. | 1975 | 248890  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 5015 | 138915  |
| James Hardie Industries PLC<sup>(a)</sup> | 11131 | 210821  |
| Scotts Miracle-Gro Co. | 4888 | 297239  |
| Silgan Holdings, Inc. | 4993 | 193728  |
|  |  | 1674159  |
| **Utilities - 2.3%**<br>|  |  |
| Essential Utilities, Inc. | 1353 | 54485  |
| IDACORP, Inc. | 1309 | 187148  |
| Pinnacle West Capital Corp. | 1518 | 152939  |
| UGI Corp. | 2893 | 105363  |
|  |  | 499935  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,628,950)** |  | 20167718  |
| **REAL ESTATE INVESTMENT TRUSTS - 5.5%** | **REAL ESTATE INVESTMENT TRUSTS - 5.5%** | **REAL ESTATE INVESTMENT TRUSTS - 5.5%** |
| **Financials - 2.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br>Inc. | 13737 | 504835  |
| **Real Estate - 3.2%**<br>|  |  |
| Agree Realty Corp. | 2554 | 192521  |
| Americold Realty Trust, Inc. | 8527 | 97719  |
| BXP, Inc. | 1233 | 63993  |
| Healthpeak Properties, Inc. | 10240 | 168243  |
| Safehold, Inc. | 1454 | 19673  |
| STAG Industrial, Inc. | 4339 | 156464  |
|  |  | 698613  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,066,421)** |  | 1203448  |
| **CLOSED-END FUNDS - 0.7%**<br>|  |  |
| SLR Investment Corp. | 11101 | 158855  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $163,740)** |  | 158855  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $18,859,111)** |  | $21530021  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.5%<sup>(b)</sup> |  | 326994  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (4324)  |
| **TOTAL NET ASSETS - 100.0%** |  | $21852691 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 69.8%**<br>|  |  |
| **Communications - 4.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, <br>6.75%, 03/15/2031<sup>(a)</sup> | $8750000 | $8691717  |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, <br>9.25%, 12/15/2030<sup>(a)</sup> | 26500000 | 27326853  |
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, <br>6.58%, 05/30/2049<sup>(a)</sup> | 30250000 | 31125146  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 21075000 | 20010800  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)(b)</sup> | 7000000 | 6384592  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 | 10000000 | 9354435  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | 7500000 | 7621251  |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL / Connect US Finco LLC, <br>9.00%, 09/15/2029<sup>(a)(b)</sup> | 8200000 | 8624678  |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., <br>5.45%, 09/01/2034<sup>(a)</sup> | 11700000 | 11234699  |
| EchoStar Corp., 10.75%, 11/30/2029 | 8000000 | 8646926  |
| &nbsp;&nbsp;&nbsp; Flash Compute LLC, <br>7.25%, 12/31/2030<sup>(a)</sup> | 11900000 | 11995688  |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., <br>6.88%, 06/30/2033<sup>(a)</sup> | 7000000 | 7133778  |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 8.63%, 06/15/2032<sup>(a)</sup> | 950000 | 968241  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 13025000 | 13622027  |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, <br>7.75%, 10/15/2030<sup>(a)(b)</sup> | 8000000 | 8458520  |
|  |  | 181199351  |
| **Consumer Discretionary - 6.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br>7.88%, 02/15/2031<sup>(a)</sup> | 8200000 | 8461457  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., <br>6.88%, 06/15/2030<sup>(a)</sup> | 15650000 | 15876174  |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc., <br>4.88%, 03/13/2036 | 10600000 | 10507489  |
|  American Airlines 2016-1 Class A Pass Through Trust, Series 2016-1, 4.10%, 01/15/2028 | 822126 | 808057  |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class A Pass Through Trust, Series A, <br>3.50%, 02/15/2032 | 1315127 | 1215621  |
|  American Airlines 2019-1 Class AA Pass Through Trust, Series AA, 3.15%, 02/15/2032 | 1989551 | 1856931  |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033<sup>(a)</sup> | 11146564 | 11879365  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., <br>7.25%, 08/01/2030<sup>(a)</sup> | $10825000 | $11190733  |
| Caesars Entertainment, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)(b)</sup> | 8000000 | 7698640  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2030<sup>(a)</sup> | 9175000 | 9292761  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(a)</sup> | 3775000 | 3823777  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(a)(b)</sup> | 13925000 | 13937878  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., <br>9.75%, 07/15/2030<sup>(a)(b)</sup> | 10000000 | 9387581  |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., <br>6.10%, 08/19/2032<sup>(b)</sup> | 2175000 | 2194165  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 3138000 | 3311734  |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030 | 5000000 | 5270035  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 1600000 | 1489680  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/06/2033 | 6400000 | 6283813  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., <br>6.50%, 01/15/2031<sup>(a)</sup> | 5750000 | 5833847  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. / JetBlue Loyalty LP, <br>9.88%, 09/20/2031<sup>(a)(b)</sup> | 9200000 | 8707049  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(a)(b)</sup> | 35000000 | 26019528  |
| NCL Corp. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031<sup>(a)(b)</sup> | 14075000 | 13683234  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(a)(b)</sup> | 8825000 | 8569370  |
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., <br>6.13%, 03/15/2028<sup>(a)</sup> | 5000000 | 5045435  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br>8.50%, 06/01/2028<sup>(a)</sup> | 12300000 | 12702825  |
|  PetSmart LLC / PetSmart Finance Corp., 7.50%, 09/15/2032<sup>(a)</sup> | 4025000 | 4047600  |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., <br>7.25%, 05/15/2031<sup>(a)(b)</sup> | 8125000 | 7831811  |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(a)</sup> | 1725000 | 1728965  |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., <br>10.50%, 11/30/2030<sup>(a)(b)</sup> | 16600000 | 17272267  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 8000000 | 8390360  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)(b)</sup> | 9575000 | 9485133  |
|  |  | 253803315  |
| **Consumer Staples - 4.2%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 03/31/2034<sup>(a)</sup> | 9000000 | 8816367  |
|  Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 10696222 | 11406408  |
| Fiesta Purchaser, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | 12550000 | 12787107  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)(b)</sup> | 12825000 | 13093953  |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, Senior Secured First Lien, <br>6.00%, 08/01/2032<sup>(a)</sup> | $8075000 | $7880980  |
|  Industrial F&B Investments III, Inc., 7.75%, 02/11/2033<sup>(a)</sup> | 3075000 | 3109603  |
| &nbsp;&nbsp;&nbsp; J M Smucker Co., <br>6.20%, 11/15/2033<sup>(b)</sup> | 13000000 | 13778637  |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033<sup>(b)</sup> | 8740000 | 9027243  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/20/2035 | 28100000 | 29197695  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/10/2037<sup>(a)</sup> | 2300000 | 2308636  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 6.75%, 03/15/2034 | 2414000 | 2656544  |
| Maple Parent Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/26/2036<sup>(a)</sup> | 18950000 | 18836642  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/26/2056<sup>(a)</sup> | 3650000 | 3617519  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, <br>6.50%, 03/31/2032<sup>(a)</sup> | 15800000 | 15824790  |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., <br>4.25%, 04/15/2031 | 8000000 | 7649210  |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., <br>6.38%, 03/01/2033<sup>(a)</sup> | 4525000 | 4461866  |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 13575000 | 13466593  |
|  |  | 177919793  |
| **Energy - 6.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.63%, 09/01/2032<sup>(a)</sup> | 11575000 | 11809046  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035<sup>(a)</sup> | 11825000 | 11822837  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031<sup>(a)</sup> | 14275000 | 13928155  |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2033<sup>(a)</sup> | 8250000 | 8663968  |
| Enbridge, Inc., 5.45%, 03/27/2036 | 8350000 | 8425104  |
| Enerflex, Inc., 6.88%, 01/15/2031<sup>(a)</sup> | 15200000 | 15529454  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 14500000 | 15085703  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 14000000 | 14273368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, <br>10/01/2054 | 11675000 | 11865863  |
| &nbsp;&nbsp;&nbsp; 6.30%, 01/15/2056 | 9225000 | 9092293  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, <br>02/15/2056 | 16850000 | 16658144  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2032 | 300000 | 299189  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 1100000 | 1092328  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 22750000 | 22992392  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 | $6300000 | $6274572  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/01/2036 | 7550000 | 7444844  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 | 8000000 | 7192586  |
| SM Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.63%, 06/15/2033<sup>(a)</sup> | 6000000 | 6632256  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/15/2034<sup>(a)</sup> | 2550000 | 2544835  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, <br>Perpetual<sup>(a)</sup> | 11025000 | 11265191  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(a)</sup> | 12525000 | 12476382  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2031<sup>(a)</sup> | 600000 | 595615  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032<sup>(a)</sup> | 7125000 | 7376398  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(a)</sup> | 725000 | 717506  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 | 8500000 | 8993286  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034 | 4750000 | 5136480  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 | 8450000 | 8578274  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(a)(b)</sup> | 3560000 | 3156479  |
| Venture Global LNG, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, <br>Perpetual<sup>(a)(b)</sup> | 4250000 | 4236532  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)(b)</sup> | 18225000 | 19582362  |
| Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(a)</sup> | 3925000 | 4401507  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 8225000 | 8716871  |
|  |  | 286859820  |
| **Financials - 30.1%<sup>(c)</sup>**<br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029<sup>(a)(b)</sup> | 8500000 | 7990000  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> | 28475000 | 28626743  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055<sup>(b)</sup> | 5650000 | 5785806  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> | 7000000 | 6998971  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 31450000 | 31639644  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 17350000 | 17058478  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)(b)</sup> | 4250000 | 4214730  |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., <br>7.75%, 02/15/2031<sup>(a)</sup> | 11500000 | 11643256  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., <br>8.88%, 02/15/2032<sup>(a)(b)</sup> | 26775000 | 26259781  |
| Asurion LLC/ Asurion Co.-Issuer, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 12/31/2032<sup>(a)</sup> | 2300000 | 2388062  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2034<sup>(a)</sup> | 5350000 | 5197912  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, <br>5.54%, 08/22/2035<sup>(a)(b)</sup> | 6425000 | 6311595  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>6.63%, 05/19/2055<sup>(b)</sup> | 9350000 | 9017166  |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Atlas Warehouse Lending Co. LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> | $6775000 | $6970601  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2030<sup>(a)</sup> | 3500000 | 3436867  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2033<sup>(a)</sup> | 4250000 | 4118326  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030<sup>(a)</sup> | 5000000 | 5056673  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/10/2030<sup>(a)</sup> | 5500000 | 5464475  |
|  Banco Mercantil del Norte SA/Grand Cayman<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% to 01/10/2028 then 10 yr. CMT Rate + 5.35%, <br>Perpetual<sup>(a)</sup> | 1600000 | 1604363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, <br>Perpetual<sup>(a)</sup> | 2397000 | 2482705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, <br>Perpetual<sup>(a)</sup> | 3900000 | 4012125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, <br>Perpetual<sup>(a)</sup> | 4712000 | 4494282  |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, <br>5.13%, 11/06/2035 | 9000000 | 8778111  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | 14500000 | 14875623  |
| &nbsp;&nbsp;&nbsp; 2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032 | 5000000 | 4536217  |
| &nbsp;&nbsp;&nbsp; 2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 | 1450000 | 1280459  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 | 6000000 | 5432876  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 | 4000000 | 4050135  |
| &nbsp;&nbsp;&nbsp; 5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 | 11000000 | 11522243  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 | 10000000 | 10211211  |
| &nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 | 7500000 | 7632242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, <br>09/21/2036 | 8100000 | 7009076  |
|  Bank of New York Mellon Corp., 5.63% to 03/20/2031 then 5 yr. CMT Rate + 2.03%, Perpetual<sup>(b)</sup> | 1350000 | 1323027  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085<sup>(b)</sup> | 10500000 | 10610712  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual<sup>(b)</sup> | 20700000 | 20910219  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% to 02/11/2030 then 5 yr. CMT Rate + 3.38%, 02/11/2035<sup>(a)</sup> | $5725000 | $5925375  |
| &nbsp;&nbsp;&nbsp; 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 11300000 | 11907848  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 19800000 | 20474301  |
| &nbsp;&nbsp;&nbsp; 6.88% to 12/15/2033 then 5 yr. CMT Rate + 2.85%, Perpetual<sup>(a)(b)</sup> | 1800000 | 1740331  |
| &nbsp;&nbsp;&nbsp; 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)(b)</sup> | 3400000 | 3414465  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.42% to 01/13/2036 then SOFR + 1.57%, 01/13/2037<sup>(a)(b)</sup> | 6350000 | 6193712  |
| &nbsp;&nbsp;&nbsp; 6.35% to 01/13/2046 then SOFR + 2.11%, 01/13/2047<sup>(a)</sup> | 2750000 | 2633736  |
| Brown & Brown, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/23/2032 | 6000000 | 5992561  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/23/2035 | 10000000 | 9992070  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 5000000 | 4518475  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033<sup>(a)(b)</sup> | 28100000 | 23429499  |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/15/2034<sup>(a)(b)</sup> | 1000000 | 860000  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/15/2030 then 5 yr. CMT Rate + 2.73%, Perpetual | 7825000 | 7887609  |
| &nbsp;&nbsp;&nbsp; 6.63% to 02/15/2031 then 5 yr. CMT Rate + 3.00%, Perpetual | 3725000 | 3730328  |
| &nbsp;&nbsp;&nbsp; 6.50% to 05/15/2031 then 5 yr. CMT Rate + 2.75%, Perpetual<sup>(b)</sup> | 9000000 | 8981002  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034 | 14250000 | 14757654  |
| &nbsp;&nbsp;&nbsp; 5.83% to 02/13/2034 then SOFR + 2.06%, 02/13/2035 | 6000000 | 6080729  |
| &nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036 | 3200000 | 3268627  |
| &nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036 | 1150000 | 1140407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, <br>09/19/2039 | 23725000 | 23186419  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 7300000 | 7154319  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/23/2034 then USISSO05 + 3.60%, Perpetual<sup>(a)(b)</sup> | 7650000 | 7536876  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 7.13% to 09/23/2035 then USISSO05 + 3.58%, Perpetual<sup>(a)</sup> | $2400000 | $2423686  |
| &nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 5000000 | 5152560  |
| &nbsp;&nbsp;&nbsp; 5.26% to 01/12/2036 then SOFR + 1.43%, 01/12/2037<sup>(a)(b)</sup> | 7500000 | 7340562  |
| &nbsp;&nbsp;&nbsp; DAE Funding LLC, <br>4.95%, 01/15/2033<sup>(a)</sup> | 8400000 | 7980877  |
|  Fidelity National Information Services, Inc., 4.80%, 03/10/2031 | 3450000 | 3424351  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2030 | 2900000 | 2875057  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033<sup>(b)</sup> | 7000000 | 7068013  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034<sup>(b)</sup> | 27575000 | 26796961  |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc., <br>5.55%, 11/15/2035 | 23175000 | 22343444  |
| GLP Capital LP / GLP Financing II, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 | 16000000 | 16187168  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 | 7925000 | 7518212  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 6200000 | 6083085  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 17100000 | 16849064  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2037 | 4500000 | 4359593  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 5150000 | 5252681  |
| &nbsp;&nbsp;&nbsp; 4.52% to 01/21/2031 then SOFR + 0.96%, 01/21/2032 | 1100000 | 1083557  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 | 10050000 | 9030647  |
| &nbsp;&nbsp;&nbsp; 2.65% to 10/21/2031 then SOFR + 1.26%, 10/21/2032 | 6250000 | 5550547  |
| &nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 | 3400000 | 3338259  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 3250000 | 3304988  |
| &nbsp;&nbsp;&nbsp; 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041 | 35000000 | 33828093  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2029 | 5800000 | 5513825  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 10379000 | 9232056  |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, <br>8.13%, 02/15/2032<sup>(a)</sup> | 19050000 | 17866324  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual<sup>(b)</sup> | 4600000 | 4591187  |
| &nbsp;&nbsp;&nbsp; 2.80% to 05/24/2031 then SOFR + 1.19%, 05/24/2032 | 10000000 | 8996535  |
| &nbsp;&nbsp;&nbsp; 7.00% to 03/24/2036 then 5 yr. CMT Rate + 2.80%, Perpetual<sup>(b)</sup> | 9200000 | 9113514  |
| &nbsp;&nbsp;&nbsp; 5.28% to 03/10/2036 then SOFR + 1.55%, 03/10/2037 | 12200000 | 11985439  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Jane Street Group / JSG Finance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/30/2031<sup>(a)</sup> | $4000000 | $4114264  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033<sup>(a)(b)</sup> | 26850000 | 27260214  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 9100000 | 9343107  |
| &nbsp;&nbsp;&nbsp; 5.35% to 06/01/2033 then SOFR + 1.85%, 06/01/2034 | 12450000 | 12708590  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 13850000 | 14896212  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 14100000 | 14535331  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 2950000 | 2988561  |
| &nbsp;&nbsp;&nbsp; 4.81% to 10/22/2035 then SOFR + 1.19%, 10/22/2036 | 2900000 | 2816862  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 1.30%), 02/05/2037<sup>(b)</sup> | 13850000 | 13615100  |
| Kilroy Realty LP, 5.88%, 10/15/2035 | 17425000 | 16809651  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 | 25349000 | 25169923  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 5848000 | 5827637  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033 | 11500000 | 10343869  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 | 5500000 | 5519139  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 10300000 | 10553616  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 31100000 | 26769834  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 | 550000 | 548964  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(a)</sup> | 4200000 | 4190049  |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, <br>7.13%, 06/01/2031<sup>(a)</sup> | 22600000 | 22687326  |
| PNC Financial Services Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 03/15/2030 then 7 yr. CMT Rate + 2.81%, Perpetual<sup>(b)</sup> | 7250000 | 7318505  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034<sup>(b)</sup> | 11000000 | 12156086  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 7500000 | 7717753  |
| &nbsp;&nbsp;&nbsp; 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041<sup>(b)</sup> | 9775000 | 9580340  |
| Rocket Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030<sup>(a)(b)</sup> | 18200000 | 18379215  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033<sup>(a)</sup> | 3200000 | 3238381  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, <br>11/24/2084 | 11950000 | 11406208  |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 08/24/2030 then 5 yr. CMT Rate + 2.82%, <br>08/24/2085 | $8000000 | $8034400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 05/24/2033 then 5 yr. CMT Rate + 2.45%, <br>05/24/2086 | 9200000 | 8971943  |
|  SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035<sup>(a)</sup> | 5725000 | 5593310  |
| Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/09/2031 | 10000000 | 10241136  |
| &nbsp;&nbsp;&nbsp; 5.25% to 07/08/2035 then SOFR + 1.50%, 07/08/2036 | 8000000 | 8024446  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 4800000 | 4726528  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, Perpetual<sup>(a)</sup> | 2500000 | 2479061  |
| &nbsp;&nbsp;&nbsp; 7.00% to 08/10/2030 then USISSO05 + 3.08%, Perpetual<sup>(a)</sup> | 4825000 | 4782411  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)(b)</sup> | 15350000 | 15862015  |
| &nbsp;&nbsp;&nbsp; 7.13% to 02/10/2035 then USISSO05 + 3.18%, Perpetual<sup>(a)</sup> | 14000000 | 13770750  |
| &nbsp;&nbsp;&nbsp; 7.00% to 07/08/2036 then USISSO05 + 3.32%, Perpetual<sup>(a)</sup> | 4600000 | 4449122  |
| &nbsp;&nbsp;&nbsp; 5.58% to 05/09/2035 then SOFR + 1.76%, 05/09/2036<sup>(a)</sup> | 9300000 | 9436762  |
| &nbsp;&nbsp;&nbsp; 5.20% to 08/10/2036 then SOFR + 1.34%, 08/10/2037<sup>(a)</sup> | 9000000 | 8794340  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034 | 5725000 | 5660864  |
| &nbsp;&nbsp;&nbsp; 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 8000000 | 8353170  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/23/2034 then SOFR + 1.86%, 01/23/2035 | 900000 | 929865  |
| VICI Properties LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 3000000 | 2979783  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 8000000 | 7887436  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 | 7000000 | 6970567  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | 4300000 | 4228780  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 9000000 | 8621858  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 | 7000000 | 6429245  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 18050000 | 18326248  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | $8650000 | $8867840  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 | 8000000 | 8664633  |
| &nbsp;&nbsp;&nbsp; 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 7550000 | 7728854  |
| &nbsp;&nbsp;&nbsp; 4.96% (SOFR + 1.10%), 01/23/2037 | 3900000 | 3800609  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 8300000 | 8402845  |
|  |  | 1268354898  |
| **Health Care - 1.7%**<br>|  |  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 5000000 | 5127495  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 | 16000000 | 14873693  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2033 | 5000000 | 5101796  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 13000000 | 13280300  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, <br>5.25%, 10/01/2029<sup>(a)(b)</sup> | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., <br>7.25%, 04/15/2032<sup>(a)(b)</sup> | 7250000 | 7129819  |
| Universal Health Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 | 5000000 | 4358037  |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 | 24000000 | 22926005  |
|  |  | 72797145  |
| **Industrials - 5.0%**<br>|  |  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | 23975000 | 21471182  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 5000000 | 5448798  |
| &nbsp;&nbsp;&nbsp; 6.86%, 05/01/2054 | 4000000 | 4405902  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., <br>9.50%, 01/01/2031<sup>(a)</sup> | 3500000 | 3679130  |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., <br>7.13%, 02/01/2033<sup>(a)(b)</sup> | 6825000 | 6828242  |
| EquipmentShare.com, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028<sup>(a)(b)</sup> | 12650000 | 13082390  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 6000000 | 6270054  |
| Flowserve Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2030 | 8233000 | 7756990  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/15/2032 | 14819000 | 13086862  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(a)</sup> | 10125000 | 10195814  |
| Honeywell Aerospace, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/16/2036<sup>(a)</sup> | 1350000 | 1339995  |
| &nbsp;&nbsp;&nbsp; 5.73%, 03/16/2056<sup>(a)</sup> | 3000000 | 2967452  |
| &nbsp;&nbsp;&nbsp; Lsf12 Helix Parent LLC, <br>7.13%, 02/01/2033<sup>(a)</sup> | 2900000 | 2798228  |
| &nbsp;&nbsp;&nbsp; Luna 1.5 Sarl, 12.00% (or <br>12.75% PIK), 07/01/2032<sup>(a)</sup> | 13475000 | 14176390  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 3600000 | 3201031  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 | 4650000 | 4774015  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, <br>7.88%, 10/15/2029<sup>(a)</sup> | 6723616 | 2386884  |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.40%, 04/15/2033<sup>(b)</sup> | $19925000 | $21069788  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(a)</sup> | 13350000 | 13642098  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., <br>5.25%, 07/15/2027<sup>(a)(b)</sup> | 3665000 | 3658058  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 33025000 | 32875010  |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2034<sup>(a)(b)</sup> | 1600000 | 1575668  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 8600000 | 8719625  |
| WSP Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.04%, 09/18/2031<sup>(a)</sup> | 3450000 | 3422650  |
| &nbsp;&nbsp;&nbsp; 5.71%, 09/18/2036<sup>(a)</sup> | 3450000 | 3421983  |
|  |  | 212254239  |
| **Materials - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, <br>5.51%, 04/01/2036<sup>(a)</sup> | 9200000 | 9224129  |
| &nbsp;&nbsp;&nbsp; Magnera Corp., <br>7.25%, 11/15/2031<sup>(a)(b)</sup> | 13000000 | 12047165  |
|  Olympus Water US Holding Corp., 7.25%, 02/15/2033<sup>(a)</sup> | 9100000 | 8690375  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., <br>5.00%, 09/01/2034<sup>(b)</sup> | 25000000 | 24467686  |
| Trivium Packaging Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)(b)</sup> | 7052000 | 7383818  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup> | 8375000 | 9074220  |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, <br>7.00%, 08/01/2033<sup>(a)</sup> | 9175000 | 8918375  |
|  |  | 79805768  |
| **Technology - 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., <br>7.25%, 08/01/2032<sup>(a)</sup> | 13056000 | 13522948  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 8250000 | 8040146  |
| CoreWeave, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)(b)</sup> | 12100000 | 11768634  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(a)(b)</sup> | 19300000 | 18388440  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., <br>6.50%, 12/01/2029<sup>(a)(b)</sup> | 22000000 | 21543804  |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, <br>6.10%, 01/25/2036<sup>(a)</sup> | 7275000 | 7502270  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 | 6400000 | 6364028  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 | 5150000 | 4986836  |
| OAK-Eagle Acquireco, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2033<sup>(a)</sup> | 2925000 | 3032477  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2034<sup>(a)</sup> | 2700000 | 2828376  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 | 5000000 | 4436672  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 | 15000000 | 13696060  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035<sup>(b)</sup> | 7450000 | 6991819  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 | 3000000 | 2885765  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 | $8407000 | $6969496  |
| &nbsp;&nbsp;&nbsp; 6.55%, 02/04/2046 | 9250000 | 8635798  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 | 19925000 | 15461188  |
| Salesforce, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 03/15/2036 | 9050000 | 9025263  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/15/2046 | 13775000 | 13878966  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 9793000 | 9579223  |
|  |  | 189538209  |
| **Utilities - 5.3%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032<sup>(b)</sup> | 21876000 | 22009582  |
|  American Electric Power Co., Inc., 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 10100000 | 9983900  |
|  Brooklyn Union Gas Co., 5.46%, 03/16/2036<sup>(a)</sup> | 6650000 | 6592104  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 15000000 | 15240315  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 | 6300000 | 6557421  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2034 | 6350000 | 6493383  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>5.99%, 03/06/2033<sup>(a)</sup> | 8000000 | 8359929  |
| &nbsp;&nbsp;&nbsp; National Grid PLC, <br>5.42%, 01/11/2034 | 7000000 | 7136061  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 | 5000000 | 5123005  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 | 3000000 | 3038344  |
| &nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, 08/15/2055<sup>(b)</sup> | 5000000 | 5096485  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., <br>4.50%, 07/01/2040 | 14500000 | 12380573  |
| PacifiCorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 04/15/2033 | 9200000 | 9232656  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 08/15/2031 then 5 yr. CMT Rate + 3.29%, <br>08/15/2056 | 11300000 | 10678314  |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC, <br>5.75%, 05/15/2035<sup>(a)</sup> | 5000000 | 5081113  |
| San Diego Gas & Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2036 | 1900000 | 1895813  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2056 | 1100000 | 1103708  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/01/2038 | 12000000 | 10134441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, <br>10/01/2054 | 10100000 | 10071814  |
|  Southern California Edison Co., 5.95%, 11/01/2032 | 8000000 | 8416089  |
|  Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 | 5100000 | 5301805  |
| &nbsp;&nbsp;&nbsp; Southern Power Co., <br>4.90%, 10/01/2035 | 2800000 | 2709359  |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, <br>6.25%, 02/01/2034<sup>(a)</sup> | 14454000 | 14303149  |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| Vistra Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, <br>Perpetual<sup>(a)</sup> | $7130000 | $7209963  |
| &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 | 5009910  |
| Vistra Operations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> | 16650000 | 18129153  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/31/2036<sup>(a)</sup> | 5550000 | 5432692  |
|  |  | 222721081  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,953,279,591)** |  | 2945253619  |
| **BANK LOANS - 14.7%**<br>|  |  |
| **Communications - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, Senior Secured First Lien, 8.42% <br>(1 mo. Term SOFR + 4.75%), 03/15/2030 | 9225000 | 9106828  |
| **Consumer Discretionary - 2.6%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 6.92% (1 mo. SOFR US + 3.25%), 08/20/2032 | 12935000 | 12951169  |
|  Anticimex Global AB, Senior Secured First Lien, 6.53% (SOFR + 2.90%), 11/17/2031 | 3236082 | 3245191  |
|  Chariot Buyer LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 09/08/2032 | 16134186 | 16005919  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 05/30/2031 | 20649682 | 19328929  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 6.67% (1 mo. SOFR US + 3.00%), 05/04/2028 | 17569785 | 17576462  |
|  PetSmart LLC, Senior Secured First Lien, 7.67% (1 mo. SOFR US + 4.00%), 08/18/2032 | 13078384 | 13016261  |
|  Tamko Building Products LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.42% (1 mo. SOFR US + 2.75%), 09/20/2030 | 544077 | 542717  |
| &nbsp;&nbsp;&nbsp; 6.42% (3 mo. SOFR US + 2.75%), 09/20/2030 | 572713 | 571281  |
| &nbsp;&nbsp;&nbsp; 6.42% (3 mo. SOFR US + 2.75%), 09/20/2030 | 572713 | 571281  |
| &nbsp;&nbsp;&nbsp; 6.42% (3 mo. SOFR US + 2.75%), 09/20/2030 | 572713 | 571281  |
| &nbsp;&nbsp;&nbsp; 6.45% (3 mo. SOFR US + 2.75%), 09/20/2030 | 1689503 | 1685280  |
| &nbsp;&nbsp;&nbsp; 6.45% (6 mo. SOFR US + 2.75%), 09/20/2030 | 572713 | 571281  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 01/30/2031 | $10836594 | $10762688  |
|  Whatabrands LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 08/03/2028 | 9825625 | 9821253  |
|  |  | 107220993  |
| **Consumer Staples - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 6.43% <br>(1 mo. Term SOFR + 2.75%), 03/31/2031 | 9800000 | 9827538  |
| **Financials - 3.6%<sup>(c)</sup>**<br>|  |  |
| Acrisure LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.67% (1 mo. SOFR US + 3.00%), 11/06/2030 | 13742361 | 13340396  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 06/21/2032 | 4302005 | 4175634  |
|  Alera Group, Inc., Senior Secured Second Lien, 9.18% (1 mo. SOFR US + 5.50%), 05/31/2033 | 9225000 | 8936719  |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners Group LLC, Senior Secured First Lien, 6.17% <br>(1 mo. SOFR US + 2.50%), 06/16/2031 | 32406615 | 31663369  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.40% (1 mo. SOFR US + 3.50%), 06/02/2028 | 28681107 | 27498155  |
|  CoreLogic, Inc., Senior Secured Second Lien, 10.40% (1 mo. SOFR US + 6.50%), 06/04/2029 | 4571429 | 4274309  |
|  CRC Insurance Group LLC, Senior Secured Second Lien, 8.45% (3 mo. SOFR US + 4.75%), 05/06/2032 | 17725000 | 17614219  |
|  Focus Financial Partners LLC, Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 09/15/2031 | 5935088 | 5756708  |
|  Hyperion Refinance Sarl, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.75%), 04/18/2030 | 23017313 | 22499423  |
|  TIH Insurance Holdings LLC, Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.75%), 05/06/2031 | 8022177 | 7929441  |
| &nbsp;&nbsp;&nbsp; Trucordia Insurance Holdings LLC, Senior Secured First Lien, 6.92% <br>(1 mo. Term SOFR + 3.25%), 06/17/2032 | 10324060 | 9549756  |
|  |  | 153238129  |
| **Health Care - 0.5%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien, 7.42% (1 mo. SOFR US + 3.75%), 01/15/2031 | 11117489 | 11155733  |
| &nbsp;&nbsp;&nbsp; Hopper Merger Sub, Inc., Senior Secured First Lien, 6.67% <br>(1 mo. Term SOFR + 2.25%), 01/14/2033 | 11327500 | 11206465  |
|  |  | 22362198  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Industrials - 3.6%**<br>|  |  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (1 mo. SOFR US + 3.25%), 12/26/2030 | $28150645 | $27775256  |
| &nbsp;&nbsp;&nbsp; 7.17% (1 mo. SOFR US + 3.50%), 12/29/2032 | 3280000 | 3234916  |
|  Columbus McKinnon Corp., Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.50%), 02/03/2033 | 6269473 | 6253799  |
|  Cube Industrials Buyer, Inc., Senior Secured First Lien, 6.67% (3 mo. SOFR US + 3.00%), 10/20/2031 | 11979303 | 11999248  |
| &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Senior Secured First Lien, 6.95% <br>(3 mo. SOFR US + 3.25%), 11/26/2032 | 10465097 | 10522655  |
|  Filtration Group Corp., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 10/23/2028 | 15637902 | 15662298  |
|  Indicor LLC, Senior Secured First Lien, 6.20% (3 mo. SOFR US + 2.50%), 11/23/2029 | 13069478 | 13084900  |
| Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15% (3 mo. SOFR US + 2.50%), 02/26/2032 | 847929 | 849226  |
| &nbsp;&nbsp;&nbsp; 6.15% (3 mo. SOFR US + 2.50%), 02/26/2032 | 809947 | 811186  |
| &nbsp;&nbsp;&nbsp; 6.17% (1 mo. SOFR US + 2.50%), 02/26/2032 | 17466287 | 17493012  |
|  Lsf12 Helix Parent LLC, Senior Secured First Lien, 7.17% (1 mo. SOFR US + 3.50%), 02/10/2033 | 6159000 | 6085092  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.17% (3 mo. SOFR US + 4.00%), 10/15/2029 | 11613975 | 8250742  |
|  STS Operating, Inc., Senior Secured First Lien, 7.77% (1 mo. SOFR US + 4.00%), 03/25/2031 | 12550229 | 12564599  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 6.38% (6 mo. SOFR US + 2.75%), 04/30/2030 | 17695096 | 17752871  |
|  |  | 152339800  |
| **Materials - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 6.84% <br>(1 mo. SOFR US + 3.18%), 04/13/2029 | 4904523 | 4691053  |
|  Proampac PG Borrower LLC, Senior Secured First Lien, 7.78% (1 mo. SOFR US + 4.00%), 03/07/2033 | 24680835 | 23897219  |
|  |  | 28588272  |
| **Technology - 3.3%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 5.95% (3 mo. SOFR US + 2.25%), 02/24/2031 | 6100902 | 5991147  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Central Parent LLC, Senior Secured First Lien, 6.95% (3 mo. SOFR US + 3.25%), 07/06/2029 | $10778159 | $7720826  |
|  Dayforce Bidco LLC, Senior Secured First Lien, 6.66% (3 mo. SOFR US + 3.00%), 02/04/2033 | 13950000 | 13233110  |
|  Ellucian Holdings, Inc., Senior Secured Second Lien, 8.42% (1 mo. SOFR US + 4.75%), 11/22/2032 | 10000000 | 9606250  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 6.17% (1 mo. SOFR US + 2.50%), 10/09/2029 | 7985022 | 7778729  |
|  Epicor Software Corp., Senior Secured First Lien, 6.17% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 17248712 | 16943668  |
|  Proofpoint, Inc., Senior Secured First Lien, 6.70% (3 mo. SOFR US + 3.00%), 08/31/2028 | 43513995 | 42190517  |
|  UKG, Inc., Senior Secured First Lien, 6.17% (3 mo. SOFR US + 2.50%), 02/10/2031 | 35579451 | 34047399  |
|  |  | 137511646  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $637,690,556)** |  | 620195404  |
| **COLLATERALIZED LOAN OBLIGATIONS - 5.0%**<br>|  |  |
| Aimco CDO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-AA, Class D1R, 6.52% (3 mo. Term SOFR + 2.85%), 10/17/2037<sup>(a)</sup> | 5000000 | 4946481  |
| &nbsp;&nbsp;&nbsp; Series 2018-AA, Class ER, 8.92% (3 mo. Term SOFR + 5.25%), 10/17/2037<sup>(a)</sup> | 1000000 | 984361  |
|  Apidos CLO, Series 2025-54A, Class D1, 6.32% (3 mo. Term SOFR + 2.65%), 10/20/2038<sup>(a)</sup> | 4000000 | 3982490  |
|  Arini US CLO Ltd., Series 2A, Class D, 6.92% (3 mo. Term SOFR + 3.25%), 03/31/2038<sup>(a)</sup> | 5000000 | 4959032  |
| Atlantic Avenue Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 8.42% <br>(3 mo. Term SOFR + 4.75%), 04/20/2037<sup>(a)</sup> | 4000000 | 4001731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class D, 6.92% <br>(3 mo. Term SOFR + 3.15%), 10/15/2038<sup>(a)</sup> | 12000000 | 11939557  |
| Barrow Hanley Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, 6.77% (3 mo. Term SOFR + 3.10%), 01/20/2038<sup>(a)</sup> | 6000000 | 5961250  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D1RR, 6.72% (3 mo. Term SOFR + 3.05%), 03/31/2038<sup>(a)</sup> | 3500000 | 3493124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 7.82% <br>(3 mo. Term SOFR + 4.15%), 04/20/2037<sup>(a)</sup> | 4000000 | 4003054  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
|  Benefit Street Partners CLO XII LLC, Series 2020-22A, Class ERR, 8.57% (3 mo. Term SOFR + 4.90%), 04/20/2035<sup>(a)</sup> | $1535000 | $1490677  |
|  Boyce Park Clo Ltd., Series 2022-1A, Class D, 6.77% (3 mo. Term SOFR + 3.10%), 04/21/2035<sup>(a)</sup> | 2500000 | 2406359  |
| &nbsp;&nbsp;&nbsp; Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.27% <br>(3 mo. Term SOFR + 3.60%), 04/19/2037<sup>(a)</sup> | 8000000 | 7892198  |
|  CarVal CLO, Series 2018-1A, Class D, 6.82% (3 mo. Term SOFR + 3.15%), 07/16/2031<sup>(a)</sup> | 1755000 | 1753505  |
|  CIFC Funding 2018-IV Ltd., Series 2025-2A, Class D1, 6.17% (3 mo. Term SOFR + 2.50%), 04/15/2038<sup>(a)</sup> | 1000000 | 991828  |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, Series 2018-55A, Class C, 5.83% <br>(3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(a)</sup> | 250000 | 251081  |
|  Eldridge CLO Ltd., Series 2025-1A, Class D1, 6.87% (3 mo. Term SOFR + 2.95%), 10/20/2038<sup>(a)</sup> | 1450000 | 1444325  |
|  Elmwood CLO 39 Ltd., Series 2025-2A, Class D1, 6.17% (3 mo. Term SOFR + 2.50%), 04/17/2038<sup>(a)</sup> | 5000000 | 4987151  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4A, Class ER, 8.37% (3 mo. Term SOFR + 4.70%), 01/20/2038<sup>(a)</sup> | 3000000 | 2898522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8A, Class E, 9.07% <br>(3 mo. Term SOFR + 5.40%), 10/18/2037<sup>(a)</sup> | 2250000 | 2221674  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D1, 6.17% (3 mo. Term SOFR + 2.50%), 04/22/2038<sup>(a)</sup> | 5000000 | 4985178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 8.17% <br>(3 mo. Term SOFR + 4.50%), 04/22/2038<sup>(a)</sup> | 1000000 | 978412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class E1, 8.07% <br>(3 mo. Term SOFR + 4.40%), 04/17/2038<sup>(a)</sup> | 1150000 | 1128996  |
| Flatiron CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, 5.07% (3 mo. Term SOFR + 1.40%), 10/15/2034<sup>(a)</sup> | 7000000 | 6999735  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class DR, 6.07% (3 mo. Term SOFR + 2.40%), 10/15/2034<sup>(a)</sup> | 8000000 | 7737334  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class D1R, 5.94% (3 mo. Term SOFR + 2.35%), 01/15/2039<sup>(a)</sup> | 3750000 | 3630895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 8.82% <br>(3 mo. Term SOFR + 5.15%), 01/15/2038<sup>(a)</sup> | 1000000 | 952713  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Fort Greene Park CLO, Series 2025-2A, Class DR, 6.02% (3 mo. Term SOFR + 2.35%), 04/22/2034<sup>(a)</sup> | $2000000 | $1931021  |
|  Harvest US CLO, Series 2024-3A, Class D1, 6.97% (3 mo. Term SOFR + 3.30%), 01/18/2038<sup>(a)</sup> | 2300000 | 2290541  |
|  ICG US CLO Ltd., Series 2024-1A, Class E, 10.75% (3 mo. Term SOFR + 7.08%), 04/15/2037<sup>(a)</sup> | 1000000 | 983541  |
|  Madison Park Funding Ltd., Series 2021-59A, Class D1AR, 6.97% (3 mo. Term SOFR + 3.30%), 04/18/2037<sup>(a)</sup> | 500000 | 483948  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-17A, Class DR2, 7.17% (3 mo. Term SOFR + 3.50%), 04/20/2037<sup>(a)</sup> | 8000000 | 8008431  |
| &nbsp;&nbsp;&nbsp; Series 2019-23A, Class DR2, 5.90% (3 mo. Term SOFR + 2.25%), 01/25/2035<sup>(a)</sup> | 6000000 | 5818465  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class DR, 6.72% (3 mo. Term SOFR + 3.05%), 04/15/2035<sup>(a)</sup> | 2600000 | 2596403  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class BR2, 5.17% (3 mo. Term SOFR + 1.50%), 01/25/2038<sup>(a)</sup> | 5000000 | 5003018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class E, 8.92% <br>(3 mo. Term SOFR + 5.25%), 01/25/2038<sup>(a)</sup> | 2000000 | 1980268  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-20A, Class D1R3, 6.32% (3 mo. Term SOFR + 2.65%), 04/15/2039<sup>(a)</sup> | 4000000 | 3911806  |
| &nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.07% (3 mo. Term SOFR + 1.40%), 10/20/2036<sup>(a)</sup> | 5000000 | 5001429  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.07% <br>(3 mo. Term SOFR + 1.40%), 07/16/2036<sup>(a)</sup> | 5000000 | 5001483  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class DR, 6.17% (3 mo. Term SOFR + 2.50%), 07/16/2036<sup>(a)</sup> | 2000000 | 1910840  |
| &nbsp;&nbsp;&nbsp; Series 2021-44A, Class DR, 6.32% (3 mo. Term SOFR + 2.65%), 10/16/2035<sup>(a)</sup> | 5000000 | 4921594  |
| &nbsp;&nbsp;&nbsp; Series 2022-50A, Class DR2, 6.16% (3 mo. Term SOFR + 2.50%), 07/23/2036<sup>(a)</sup> | 6300000 | 5794915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58A, Class E, 8.92% <br>(3 mo. Term SOFR + 5.25%), 10/18/2038<sup>(a)</sup> | 1390000 | 1369665  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class D1R, 6.77% <br>(3 mo. Term SOFR + 3.10%), 10/24/2038<sup>(a)</sup> | 750000 | 743856  |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| OHA Credit Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class D1R, 7.27% (3 mo. Term SOFR + 3.60%), 04/20/2037<sup>(a)</sup> | $8000000 | $7982090  |
| &nbsp;&nbsp;&nbsp; Series 2020-6A, Class D1R2, 6.52% (3 mo. Term SOFR + 2.85%), 10/20/2037<sup>(a)</sup> | 2000000 | 1977257  |
| &nbsp;&nbsp;&nbsp; Series 2022-11A, Class D1R, 6.52% (3 mo. Term SOFR + 2.85%), 07/19/2037<sup>(a)</sup> | 2250000 | 2242255  |
| &nbsp;&nbsp;&nbsp; Series 2022-12RA, Class D, 6.42% (3 mo. Term SOFR + 2.75%), 07/20/2037<sup>(a)</sup> | 8000000 | 7915930  |
| OHA Credit Partners Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-7A, Class ER4, 8.16% (3 mo. Term SOFR + 4.50%), 02/20/2038<sup>(a)</sup> | 2850000 | 2738194  |
| &nbsp;&nbsp;&nbsp; Series 2015-12A, Class D1R2, 7.17% (3 mo. Term SOFR + 3.50%), 04/23/2037<sup>(a)</sup> | 1500000 | 1496573  |
| &nbsp;&nbsp;&nbsp; Series 2021-16A, Class ER, 9.17% (3 mo. Term SOFR + 5.50%), 10/18/2037<sup>(a)</sup> | 1905000 | 1873817  |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series 2013-1A, Class D1R3, 6.97% <br>(3 mo. Term SOFR + 3.30%), 04/23/2037<sup>(a)</sup> | 5000000 | 5022698  |
|  Orchard Park Clo Ltd., Series 2024-1A, Class D1, 6.62% (3 mo. Term SOFR + 2.95%), 10/20/2037<sup>(a)</sup> | 2000000 | 1978792  |
|  Palmer Square CLO Ltd., Series 2024-4A, Class E, 8.67% (3 mo. Term SOFR + 5.00%), 01/15/2038<sup>(a)</sup> | 1000000 | 999064  |
|  Palmer Square Loan Funding Ltd., Series 2024-3A, Class CR, 5.51% (3 mo. Term SOFR + 1.85%), 08/08/2032<sup>(a)</sup> | 1500000 | 1501500  |
|  Regatta Funding Ltd., Series 2024-3A, Class D1, 6.67% (3 mo. Term SOFR + 3.00%), 09/06/2037<sup>(a)</sup> | 4000000 | 4002325  |
| &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2024-1A, Class E, 11.15% <br>(3 mo. Term SOFR + 7.48%), 04/20/2037<sup>(a)</sup> | 1310000 | 1286022  |
|  RR Ltd./Cayman Islands, Series 2019-7A, Class C1B, 6.77% (3 mo. Term SOFR + 3.10%), 01/15/2037<sup>(a)</sup> | 2000000 | 2000100  |
|  Sixth Street CLO, Series 2024-27A, Class E, 8.92% (3 mo. Term SOFR + 5.25%), 01/17/2038<sup>(a)</sup> | 1000000 | 984870  |
|  Texas Debt Capital CLO Ltd., Series 2024-2A, Class D1, 6.57% (3 mo. Term SOFR + 2.90%), 01/24/2037<sup>(a)</sup> | 3000000 | 2988397  |
|  Trinitas CLO Ltd., Series 2024-24A, Class D1, 7.77% (3 mo. Term SOFR + 4.10%), 04/25/2037<sup>(a)</sup> | 500000 | 501669  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wellington Management Clo 3 Ltd., Series 2025-4A, Class D1, 6.22% (3 mo. Term SOFR + 2.55%), 04/18/2038<sup>(a)</sup> | $4750000 | $4729724  |
|  Whitebox CLO Ltd., Series 2025-5A, Class E, 8.92% (3 mo. Term SOFR + 5.25%), 07/20/2038<sup>(a)</sup> | 1975000 | 1916246  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $211,903,430)** |  | 208910410  |
| **U.S. TREASURY SECURITIES - 4.3%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/30/2032 | 15000000 | 14682715  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 15000000 | 14435156  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/28/2033 | 13775000 | 13461834  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 5000000 | 4999512  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 25000000 | 24937988  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 25000000 | 24910156  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 18075000 | 17633010  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2036 | 18350000 | 18064715  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 22500000 | 23314746  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2055 | 19250000 | 18395781  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2056 | 7350000 | 7169696  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $182,016,767)** |  | 182005309  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.3%**<br>|  |  |
|  A&D Mortgage LLC, Series 2026-NQM1, Class A1A, 4.91%, 02/25/2071<sup>(a)(d)</sup> | 1777691 | 1763103  |
| 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)(d)</sup> | 2692078 | 2706886  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(d)</sup> | 8032582 | 8053683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.51%, 06/25/2070<sup>(a)(d)</sup> | 2887664 | 2899430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br>5.41%, 07/25/2070<sup>(a)(d)</sup> | 3159199 | 3167738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1, <br>5.14%, 08/25/2070<sup>(a)(e)</sup> | 3447006 | 3444395  |
|  BRAVO Residential Funding Trust, Series 2025-NQM8, Class A1, 5.08%, 06/25/2065<sup>(a)(d)</sup> | 1269653 | 1266640  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., Series K764, Class A2, <br>4.12%, 12/25/2032<sup>(e)</sup> | 6000000 | 5894797  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 13428087 | 11561704  |
| GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(a)(d)</sup> | 4575597 | 4604375  |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.14%, 11/25/2065<sup>(a)(d)</sup> | $4454226 | $4454486  |
|  JP Morgan Mortgage Trust, Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(a)(d)</sup> | 2276889 | 2287836  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I, Inc., Series 2014-150E, Class A, <br>3.91%, 09/09/2032<sup>(a)</sup> | 6200000 | 5748417  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(d)</sup> | 3413930 | 3427356  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065<sup>(a)(e)</sup> | 3115145 | 3127186  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 5.14%, 07/27/2065<sup>(a)(d)</sup> | 1218668 | 1217813  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(a)(e)</sup> | 9389899 | 9349928  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM20, Class A1, 5.02%, 10/25/2065<sup>(a)(e)</sup> | 5059289 | 5044084  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064<sup>(a)(d)</sup> | 2505484 | 2521026  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055<sup>(a)(d)</sup> | 6027402 | 6044868  |
| &nbsp;&nbsp;&nbsp; Series 2026-NQM1, Class A1A, 4.85%, 11/25/2065<sup>(a)(d)</sup> | 2734691 | 2717910  |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2025-HOME1, Class A1A, <br>5.55%, 02/25/2060<sup>(a)(d)</sup> | 7588951 | 7637139  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $99,045,294)** |  | 98940800  |
| **MORTGAGE-BACKED SECURITIES - 1.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RQ0102, <br>5.00%, 03/01/2056 | 15959218 | 15751191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL3502, <br>4.00%, 04/01/2054 | 16449547 | 15568320  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0145, <br>4.50%, 01/20/2055 | 12275860 | 11881697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0256, <br>4.00%, 03/20/2055 | 10446593 | 9798694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0259, <br>5.50%, 03/20/2055 | 7412904 | 7473489  |
|  PNW Trust, Series 2026-ARTE, Class A, 5.39% (1 mo. Term SOFR + 1.71%), 04/15/2029<sup>(a)</sup> | 14250000 | 14236387  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $74,823,282)** |  | 74709778  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 0.5%**<br>|  |  |
| Consolidated Communications LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, <br>5.08%, 03/20/2056<sup>(a)</sup> | $1000000 | $990836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class C, <br>7.03%, 03/20/2056<sup>(a)</sup> | 3500000 | 3453106  |
| &nbsp;&nbsp;&nbsp; Kinetic ABS Issuer LLC, <br>Series 2026-1A, Class C, <br>7.65%, 02/25/2056<sup>(a)</sup> | 3500000 | 3516585  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, <br>Series 2025-1A, Class A, <br>6.12%, 08/22/2050<sup>(a)</sup> | 739569 | 729056  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust, Series 2026-2, Class B, <br>6.03%, 11/15/2033<sup>(a)</sup> | 9175000 | 9175000  |
| &nbsp;&nbsp;&nbsp; Vertical Bridge Holdings LLC, Series 2026-1A, Class C2, <br>4.69%, 03/15/2056<sup>(a)</sup> | 2200000 | 2150358  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $20,079,329)** |  | 20014941  |
|  | **Par/Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.4%**<br>|  |  |
| **Money Market Funds - 4.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; GS Financial Square Government Fund - Institutional <br>Class, 3.56%<sup>(f)</sup> | 195362505 | 195362505  |
| **Repurchase Agreements - 4.8%**<br>|  |  |
|  Clear Street LLC, 3.69%, dated 03/31/2026, matures 04/01/2026, maturity value $200,020,500 (collateralized by Various mortgage backed securities: maturing between 5/1/2053-3/15/2061 and coupon rates between 4.85%-6.50%, total value $203,125,615) | 200000000 | 200000000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $395,362,505)** |  | 395362505  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $4,574,200,754)** |  | $4545392766  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.4%<sup>(g)</sup> |  | 18803232  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.2)% |  | (346533789)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4217662209 |

---

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

Par amount is in USD unless otherwise indicated.

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, 2026, the value of these securities total $1,800,396,720 or 42.7% of the Fund's net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $378,347,329.

<sup>(c)</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>(d)</sup> Step coupon bond. The rate disclosed is as of March 31, 2026.

<sup>(e)</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, 2026.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 63.5%**<br>|  |  |
| **Communications - 3.0%**<br>|  |  |
| NTT Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.16%, 04/03/2026<sup>(a)</sup> | $200000 | $199963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75% (SOFR + 1.08%), <br>07/16/2028<sup>(a)</sup> | 200000 | 201603  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint <br>Spectrum Co. III LLC, <br>5.15%, 03/20/2028<sup>(a)</sup> | 850000 | 854359  |
|  |  | 1255925  |
| **Consumer Discretionary - 10.0%**<br>|  |  |
|  American Airlines 2015-2 Class AA Pass Through Trust, 3.60%, 09/22/2027 | 657766 | 650301  |
|  American Airlines 2016-2 Class AA Pass Through Trust, 3.20%, 06/15/2028 | 555275 | 541503  |
|  American Airlines 2016-3 Class A Pass Through Trust, Series 2016-3, 3.25%, 10/15/2028 | 286580 | 273114  |
|  American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, 3.00%, 10/15/2028 | 229472 | 222589  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 209218 | 203248  |
|  Delta Air Lines 2015-1 Class AA Pass Through Trust, Series 2015-1, 3.63%, 07/30/2027 | 344095 | 340128  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/15/2026<sup>(a)</sup> | 50000 | 49701  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/27/2026<sup>(a)</sup> | 100000 | 99256  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., <br>5.90%, 06/01/2027 | 150000 | 151986  |
| &nbsp;&nbsp;&nbsp; United Airlines 2014-1 Class A Pass Through Trust, Series A, <br>4.00%, 04/11/2026 | 857815 | 857051  |
| &nbsp;&nbsp;&nbsp; United Airlines 2014-2 Class A Pass Through Trust, Series A, <br>3.75%, 09/03/2026 | 638355 | 636939  |
|  Volkswagen Group of America Finance LLC, 4.35%, 06/08/2027<sup>(a)</sup> | 200000 | 199466  |
|  |  | 4225282  |
| **Consumer Staples - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc., <br>4.51% (SOFR + 0.83%), 04/28/2028 | 500000 | 499715  |
| **Energy - 0.7%**<br>|  |  |
| Energy Transfer LP, 5.50%, 06/01/2027 | 300000 | 302843  |
| **Financials - 33.3%<sup>(b)</sup>**<br>|  |  |
| Air Lease Corp., 1.88%, 08/15/2026 | 200000 | 197986  |
| Athene Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.62%, 05/08/2026<sup>(a)</sup> | 100000 | 100087  |
| &nbsp;&nbsp;&nbsp; 1.73%, 10/02/2026<sup>(a)</sup> | 100000 | 98639  |
| &nbsp;&nbsp;&nbsp; 5.58%, 01/09/2029<sup>(a)</sup> | 50000 | 50478  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, <br>6.05%, 01/15/2028<sup>(a)</sup> | $250000 | $253534  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>1.95%, 09/20/2026<sup>(a)</sup> | 100000 | 98826  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>4.38%, 05/01/2026<sup>(a)</sup> | 200000 | 199995  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 | 350000 | 345571  |
| &nbsp;&nbsp;&nbsp; 4.80% (SOFR + 1.12%), 11/06/2030 | 400000 | 400050  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 | 200000 | 198339  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 200000 | 201405  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 250000 | 248792  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 | 300000 | 299828  |
| &nbsp;&nbsp;&nbsp; 4.51% (SOFR + 0.83%), 01/24/2029 | 500000 | 499989  |
| &nbsp;&nbsp;&nbsp; 4.79% (SOFR + 1.11%), 05/09/2029 | 500000 | 503067  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68% (SOFR + 0.91%), <br>06/30/2027<sup>(a)</sup> | 225000 | 223337  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028<sup>(a)</sup> | 450000 | 443165  |
|  Citigroup, Inc., 4.56% (SOFR + 0.87%), 03/04/2029 | 250000 | 250104  |
|  Fidelity National Information Services, Inc., 4.45%, 03/10/2028 | 300000 | 299243  |
|  GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/2028 | 200000 | 203170  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.54% to 09/10/2026 then SOFR + 0.82%, 09/10/2027 | 850000 | 839046  |
| &nbsp;&nbsp;&nbsp; 2.64% to 02/24/2027 then SOFR + 1.11%, 02/24/2028 | 100000 | 98402  |
| &nbsp;&nbsp;&nbsp; 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 | 300000 | 300067  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 | 200000 | 200988  |
| &nbsp;&nbsp;&nbsp; 4.04% to 03/13/2027 then 3 mo. Term SOFR + 1.81%, 03/13/2028 | 200000 | 199105  |
| &nbsp;&nbsp;&nbsp; 4.72% (SOFR + 1.03%), 03/03/2029 | 300000 | 300879  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 | 475000 | 474239  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 | 700000 | 691292  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 | 50000 | 49986  |
| &nbsp;&nbsp;&nbsp; 3.54% to 05/01/2027 then 3 mo. Term SOFR + 1.64%, 05/01/2028 | 200000 | 198187  |
| &nbsp;&nbsp;&nbsp; 4.48% (SOFR + 0.80%), 01/24/2029 | 700000 | 700576  |
| LPL Holdings, Inc., 5.70%, 05/20/2027 | 200000 | 201894  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, <br>1.20%, 07/16/2026<sup>(a)</sup> | $200000 | $198326  |
|  Morgan Stanley, 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 | 1200000 | 1189108  |
| New York Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61% (SOFR + 0.93%), <br>04/02/2026<sup>(a)</sup> | 100000 | 100002  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/02/2026<sup>(a)</sup> | 200000 | 200000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17% (SOFR + 0.48%), <br>06/09/2026<sup>(a)</sup> | 400000 | 400118  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/09/2028<sup>(a)</sup> | 200000 | 202094  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25% (SOFR + 0.57%), <br>02/02/2029<sup>(a)</sup> | 300000 | 299941  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.70%, 06/15/2026<sup>(a)</sup> | 300000 | 298338  |
|  Skandinaviska Enskilda Banken AB, 4.37% (SOFR + 0.68%), 03/12/2029<sup>(a)(c)</sup> | 500000 | 499784  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70% to 08/05/2026 then 1 yr. CMT Rate + 2.05%, 08/05/2027<sup>(a)</sup> | 800000 | 800264  |
| &nbsp;&nbsp;&nbsp; 4.75% to 05/12/2027 then 1 yr. CMT Rate + 1.75%, 05/12/2028<sup>(a)</sup> | 200000 | 200589  |
| VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026<sup>(a)</sup> | 100000 | 99744  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027<sup>(a)</sup> | 200000 | 198527  |
|  Wells Fargo & Co., 3.20% to 06/17/2026 then 3 mo. Term SOFR + 1.43%, 06/17/2027 | 100000 | 99718  |
|  |  | 14156819  |
| **Health Care - 1.6%**<br>|  |  |
|  Novartis Capital Corp., 4.34% (SOFR + 0.65%), 03/16/2029 | 700000 | 701882  |
| **Industrials - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace, Inc., 4.32% <br>(SOFR + 0.63%), 03/16/2029<sup>(a)</sup> | 750000 | 746701  |
| John Deere Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.27% (SOFR + 0.60%), 04/19/2027 | 246000 | 246384  |
| &nbsp;&nbsp;&nbsp; 4.24% (SOFR + 0.55%), 03/09/2029 | 500000 | 498879  |
| Weir Group PLC, 2.20%, 05/13/2026<sup>(a)</sup> | 300000 | 298987  |
|  |  | 1790951  |
| **Materials - 1.2%**<br>|  |  |
| Berry Global, Inc., 1.65%, 01/15/2027 | 200000 | 195861  |
|  Glencore Funding LLC, 4.74% (SOFR + 1.06%), 04/04/2027<sup>(a)</sup> | 300000 | 301200  |
|  |  | 497061  |
| **Technology - 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 300000 | 292369  |
|  Dell International LLC / EMC Corp., 4.90%, 10/01/2026 | 100000 | 100148  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>1.75%, 04/01/2026 | $100000 | $100000  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 3.15%, 05/01/2027 | 100000 | 98618  |
| Oracle Corp., 2.65%, 07/15/2026 | 200000 | 198929  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>3.80%, 12/15/2026 | 250000 | 249044  |
| Salesforce, Inc., 4.50%, 03/15/2028 | 750000 | 750452  |
| TD SYNNEX Corp., 1.75%, 08/09/2026 | 120000 | 118813  |
|  |  | 1908373  |
| **Utilities - 3.8%**<br>|  |  |
|  Consolidated Edison Co. of New York, Inc., 4.20% (SOFR + 0.52%), 11/18/2027 | 278000 | 277847  |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., <br>5.15%, 12/15/2027<sup>(a)</sup> | 100000 | 101001  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>2.74%, 08/15/2026<sup>(a)</sup> | 400000 | 397265  |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., 4.11% <br>(SOFR + 0.43%), 08/09/2027 | 300000 | 299864  |
|  Pinnacle West Capital Corp., 4.51% (SOFR + 0.82%), 06/10/2026 | 288000 | 288218  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>5.05%, 12/30/2026<sup>(a)</sup> | 250000 | 250887  |
|  |  | 1615082  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $26,886,105)** |  | 26953933  |
| **ASSET-BACKED SECURITIES - 14.5%**<br>|  |  |
|  AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2A, 4.22%, 03/19/2029<sup>(a)</sup> | 400000 | 399567  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N4, Class C, <br>1.72%, 09/11/2028 | 67160 | 65599  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, <br>5.09%, 12/15/2028 | 166626 | 167568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, <br>4.32%, 08/15/2027 | 22724 | 22734  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A2A, <br>3.99%, 09/15/2028 | 100000 | 99660  |
| GreenSky LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A4, <br>5.15%, 10/27/2059<sup>(a)</sup> | 122670 | 123745  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A1, <br>4.34%, 12/27/2060<sup>(a)</sup> | 79615 | 79472  |
|  Hilton Grand Vacations, Inc., Series 2020-AA, Class A, 2.74%, 02/25/2039<sup>(a)</sup> | 13999 | 13816  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA, Class A3, 5.24% <br>(1 mo. Term SOFR + 1.56%), 07/16/2040<sup>(a)</sup> | 188374 | 188831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-EA, Class A2, <br>4.00%, 12/15/2059<sup>(a)</sup> | 19994 | 19983  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, <br>3.39%, 12/15/2059<sup>(a)</sup> | $117158 | $113539  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, <br>3.13%, 02/15/2068<sup>(a)</sup> | 116245 | 114639  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FA, Class A2, <br>2.60%, 08/15/2068<sup>(a)</sup> | 709438 | 685464  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, <br>2.40%, 10/15/2068<sup>(a)</sup> | 353332 | 342585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, <br>1.32%, 08/26/2069<sup>(a)</sup> | 59437 | 52703  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, <br>2.46%, 11/15/2068<sup>(a)</sup> | 88988 | 83757  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, <br>2.12%, 01/15/2069<sup>(a)</sup> | 225713 | 212625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, <br>1.69%, 05/15/2069<sup>(a)</sup> | 173407 | 161653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, <br>1.22%, 07/15/2069<sup>(a)</sup> | 59820 | 56386  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, <br>1.17%, 09/16/2069<sup>(a)</sup> | 301745 | 282484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.31%, 01/15/2069<sup>(a)</sup> | 32513 | 30623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 4.38% <br>(30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 66148 | 64804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069<sup>(a)</sup> | 202269 | 183942  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, <br>1.06%, 10/15/2069<sup>(a)</sup> | 413722 | 374697  |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Series 2023-A, Class A3, <br>4.91%, 11/15/2027 | 56454 | 56534  |
|  Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 32759 | 32843  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5, Class A3, <br>6.02%, 09/15/2028 | 23485 | 23497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, <br>4.71%, 06/15/2028 | 109220 | 109290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, <br>4.63%, 10/16/2028 | 210594 | 210901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class A2, <br>4.04%, 03/15/2029 | 500000 | 498710  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, <br>3.44%, 07/15/2036<sup>(a)</sup> | 177279 | 175635  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2A, <br>2.84%, 06/15/2037<sup>(a)</sup> | 68891 | 66600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, <br>2.23%, 09/15/2037<sup>(a)</sup> | 38346 | 37182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 4.62% <br>(1 mo. Term SOFR + 0.94%), 09/15/2037<sup>(a)</sup> | 239661 | 239103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A2, 4.59% <br>(1 mo. Term SOFR + 0.91%), 01/15/2053<sup>(a)</sup> | 194123 | 191875  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A1B, 4.39% <br>(1 mo. Term SOFR + 0.71%), 03/17/2053<sup>(a)</sup> | $109371 | $108431  |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-1, Class A, <br>4.80%, 02/27/2034<sup>(a)</sup> | 112353 | 112585  |
| SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, <br>3.09%, 08/17/2048<sup>(a)</sup> | 70442 | 69243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, <br>2.37%, 11/16/2048<sup>(a)</sup> | 160811 | 156174  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, <br>2.54%, 05/15/2046<sup>(a)</sup> | 119729 | 115220  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2022-C, Class A3, <br>3.76%, 04/15/2027 | 24233 | 24221  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $6,186,870)** |  | 6168920  |
| **COLLATERALIZED LOAN OBLIGATIONS - 14.1%**<br>|  |  |
|  CarVal CLO, Series 2018-1A, Class AR, 4.90% (3 mo. Term SOFR + 1.23%), 07/16/2031<sup>(a)</sup> | 403145 | 403354  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1R, 5.08% <br>(3 mo. Term SOFR + 1.41%), 07/15/2036<sup>(a)</sup> | 300000 | 300206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class AR, 4.76% <br>(3 mo. Term SOFR + 1.09%), 01/23/2035<sup>(a)</sup> | 350000 | 349738  |
|  Dryden Senior Loan Fund, Series 2017-53A, Class AR, 4.67% (3 mo. Term SOFR + 1.00%), 01/15/2031<sup>(a)</sup> | 133386 | 133397  |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., Series 2022-3A, Class ARR, 4.79% (3 mo. Term <br>SOFR + 1.11%), 04/20/2037<sup>(a)</sup> | 1000000 | 997453  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-23A, Class AR2, 4.64% <br>(3 mo. Term SOFR + 0.99%), 01/25/2035<sup>(a)</sup> | 300000 | 299603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-29A, Class AR, 5.02% <br>(3 mo. Term SOFR + 1.35%), 07/15/2037<sup>(a)</sup> | 250000 | 250187  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 4.62% <br>(3 mo. Term SOFR + 0.95%), 07/16/2036<sup>(a)</sup> | 250000 | 249651  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-43A, Class AR, 4.72% <br>(3 mo. Term SOFR + 1.05%), 07/17/2036<sup>(a)</sup> | 1000000 | 998713  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-45A, Class AR, 4.73% <br>(3 mo. Term SOFR + 1.06%), 10/14/2036<sup>(a)</sup> | 325000 | 324586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class AR2, 4.70% <br>(3 mo. Term SOFR + 1.04%), 07/23/2036<sup>(a)</sup> | 150000 | 149831  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1R, 4.49% <br>(3 mo. Term SOFR + 0.82%), 01/15/2033<sup>(a)</sup> | $1500000 | $1500743  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $5,962,405)** |  | 5957462  |
| **BANK LOANS - 0.9%**<br>|  |  |
| **Industrials - 0.5%**<br>|  |  |
|  Asplundh Tree Expert LLC, Senior Secured First Lien, 5.62% (1 mo. SOFR US + 1.75%), 09/07/2027 | 228750 | 229251  |
| **Materials - 0.4%**<br>|  |  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 5.92% (1 mo. SOFR US + 2.25%), 04/14/2031 | 147381 | 147339  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $376,320)** |  | 376590  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 5.6%**<br>|  |  |
| 3.63%, 05/28/2026<sup>(d)</sup> | 2400000 | 2386197  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $2,386,348)** |  | 2386197  |
|  | **Shares** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.5%**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(e)</sup> | 204500 | 204500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $204,500)** |  | 204500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $42,002,548)** |  | $42047602  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.0%<sup>(f)</sup> |  | 408553  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(g)</sup> |  | (8243)  |
| **TOTAL NET ASSETS - 100.0%** |  | $42447912 |

---

Par amount is in USD unless otherwise indicated.

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, 2026, the value of these securities total $20,009,462 or 47.1% 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> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $199,914.

<sup>(d)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%.

<sup>(g)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Schedule of Investments** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.2%**<br>|  |  |
| **Communication Services - 6.1%**<br>|  |  |
| Alphabet, Inc. - Class C | 60900 | $17469774  |
| Verizon Communications, Inc. | 235200 | 11807040  |
|  |  | 29276814  |
| **Consumer Discretionary - 6.0%**<br>|  |  |
| Lennar Corp. - Class A | 101900 | 8848996  |
| Lennar Corp. - Class B | 78 | 6561  |
| Lowe's Cos., Inc. | 37900 | 8955012  |
| Sony Group Corp. - ADR<sup>(a)</sup> | 538700 | 11151090  |
|  |  | 28961659  |
| **Consumer Staples - 5.5%**<br>|  |  |
| Coca-Cola Co. | 142900 | 10867545  |
| McCormick & Co., Inc. | 157500 | 7944300  |
| Procter & Gamble Co. | 54800 | 7915312  |
|  |  | 26727157  |
| **Energy - 5.0%**<br>|  |  |
| Chevron Corp. | 54500 | 11276050  |
| TotalEnergies SE | 138800 | 12628024  |
|  |  | 23904074  |
| **Financials - 19.8%**<br>|  |  |
| American International Group, Inc. | 128600 | 9677150  |
| Ameriprise Financial, Inc. | 27000 | 11998800  |
| Blackstone, Inc. | 64800 | 7451352  |
| Capital One Financial Corp. | 80900 | 14758587  |
| Cullen/Frost Bankers, Inc. | 56800 | 7786144  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR<sup>(a)</sup> | 677600 | 11498872  |
| PNC Financial Services Group, Inc. | 49500 | 10300455  |
| US Bancorp | 222900 | 11593029  |
| Wells Fargo & Co. | 128300 | 10213963  |
|  |  | 95278352  |
| **Health Care - 9.4%**<br>|  |  |
| Alcon AG | 106200 | 8002170  |
| Amgen, Inc. | 35900 | 12631415  |
| Danaher Corp. | 41900 | 7944240  |
| Medtronic PLC | 80000 | 6932000  |
| Merck & Co., Inc. | 80100 | 9635229  |
|  |  | 45145054  |
| **Industrials - 10.6%**<br>|  |  |
| General Dynamics Corp. | 32300 | 11086006  |
| Oshkosh Corp. | 56800 | 8361528  |
| Parker-Hannifin Corp. | 25500 | 22828620  |
| Uber Technologies, Inc.<sup>(b)</sup> | 125400 | 9020022  |
|  |  | 51296176  |
| **Information Technology - 15.2%**<br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 27200 | 6611776  |
| Microchip Technology, Inc. | 135500 | 8754655  |
| Microsoft Corp. | 41400 | 15325038  |
| Motorola Solutions, Inc. | 28500 | 12368145  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| QUALCOMM, Inc. | 74400 | $9581232  |
| Synopsys, Inc.<sup>(b)</sup> | 22700 | 9000096  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 18800 | 11374188  |
|  |  | 73015130  |
| **Materials - 13.0%**<br>|  |  |
| Air Products and Chemicals, Inc. | 32300 | 9382827  |
| Corteva, Inc. | 224700 | 18809637  |
| Ecolab, Inc. | 45000 | 11970900  |
| Martin Marietta Materials, Inc. | 23100 | 13598508  |
| RPM International, Inc. | 86800 | 8627920  |
|  |  | 62389792  |
| **Utilities - 6.6%**<br>|  |  |
| American Water Works Co., Inc. | 72500 | 9866525  |
| Atmos Energy Corp. | 59300 | 10953896  |
| Xcel Energy, Inc. | 135500 | 10764120  |
|  |  | 31584541  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $323,006,825)** |  | 467578749  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%**<br>|  |  |
| **Real Estate - 1.3%**<br>|  |  |
| Equity LifeStyle Properties, Inc. | 105200 | 6566584  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $6,183,111)** |  | 6566584  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 3.8%**<br>|  |  |
| **Money Market Funds - 3.8%**<br>|  |  |
|  GS Financial Square Government Fund - Institutional Class, 3.56%<sup>(c)</sup> | 18106004 | 18106004  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $18,106,004)** |  | 18106004  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $347,295,940)** |  | $492251337  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.4%<sup>(d)</sup> |  | 6572178  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.7)% |  | (17657206)  |
| **TOTAL NET ASSETS - 100.0%** |  | $481166309 |

---

The accompanying notes are an integral part of these financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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.

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $18,443,078.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.2%**<br>|  |  |
| **Austria - 2.4%**<br>|  |  |
| Erste Group Bank AG | 6500 | $702168  |
| **Canada - 4.4%**<br>|  |  |
| Brookfield Corp. | 17300 | 701029  |
| Cameco Corp. | 5236 | 569407  |
|  |  | 1270436  |
| **France - 4.6%**<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton SE | 600 | 327991  |
| TotalEnergies SE | 10800 | 991166  |
|  |  | 1319157  |
| **Germany - 5.7%**<br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1517 | 958053  |
| Nemetschek SE | 5800 | 434190  |
| Symrise AG | 3000 | 256176  |
|  |  | 1648419  |
| **Hong Kong - 1.9%**<br>|  |  |
| AIA Group Ltd. | 47740 | 530455  |
| **Ireland - 3.6%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 3450 | 652222  |
| Medtronic PLC | 4400 | 381260  |
|  |  | 1033482  |
| **Japan - 17.3%**<br>|  |  |
| Daikin Industries Ltd. | 4700 | 563751  |
| FANUC Corp. | 12100 | 421769  |
| ITOCHU Corp. | 25500 | 324373  |
| Mitsubishi UFJ Financial Group, Inc. | 31000 | 524952  |
| MonotaRO Co. Ltd. | 39500 | 428161  |
| Otsuka Holdings Co. Ltd. | 11700 | 830359  |
| Pan Pacific International Holdings Corp. | 78000 | 475820  |
| Sony Group Corp. | 33300 | 694063  |
| Tokyo Century Corp. | 53700 | 695117  |
|  |  | 4958365  |
| **Netherlands - 1.1%**<br>|  |  |
| Heineken NV | 4100 | 315367  |
| **Singapore - 3.3%**<br>|  |  |
| DBS Group Holdings Ltd. | 21220 | 944293  |
| **Sweden - 1.4%**<br>|  |  |
| Assa Abloy AB - Class B | 11430 | 413170  |
| **Switzerland - 2.6%**<br>|  |  |
| Alcon AG | 6400 | 483777  |
| DSM-Firmenich AG | 3600 | 257488  |
|  |  | 741265  |
| **United Kingdom - 3.7%**<br>|  |  |
| GSK PLC | 23239 | 640125  |
| Rentokil Initial PLC | 68700 | 426345  |
|  |  | 1066470  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United States - 42.2%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1300 | $316004  |
| Alphabet, Inc. - Class C | 3090 | 886397  |
| Amgen, Inc. | 2058 | 724107  |
| Capital One Financial Corp. | 2700 | 492561  |
| Chevron Corp. | 2563 | 530285  |
| Coca-Cola Co. | 7900 | 600795  |
| Danaher Corp. | 2200 | 417120  |
| Dolby Laboratories, Inc. - Class A | 5150 | 309309  |
| FirstCash Holdings, Inc. | 5400 | 1015200  |
| General Dynamics Corp. | 1674 | 574550  |
| Lennar Corp. - Class A | 7650 | 664326  |
| Lowe's Cos., Inc. | 2300 | 543444  |
| Martin Marietta Materials, Inc. | 1439 | 847111  |
| Microchip Technology, Inc. | 8000 | 516880  |
| Microsoft Corp. | 2250 | 832882  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 15300 | 286110  |
| Oshkosh Corp. | 4680 | 688943  |
| Procter & Gamble Co. | 2850 | 411654  |
| QUALCOMM, Inc. | 3400 | 437852  |
| RPM International, Inc. | 4900 | 487060  |
| Uber Technologies, Inc.<sup>(a)</sup> | 7300 | 525089  |
|  |  | 12107679  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,708,449)** |  | 27050726  |
| **PREFERRED STOCKS - 3.6%**<br>|  |  |
| **South Korea - 3.6%**<br>|  |  |
| Samsung Electronics Co. Ltd., 0.00% | 12800 | 1033262  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $252,395)** |  | 1033262  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.8%** <br>**(Cost $16,960,844)** |  | $28083988  |
| Money Market Deposit Account - 1.5%<sup>(c)</sup> |  | 427838  |
| Other Assets in Excess of Liabilities - 0.7% |  | 213728  |
| **TOTAL NET ASSETS - 100.0%** |  | $28725554 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

<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 such country or region.

<sup>(c)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

75<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**March 31, 2026(Continued)** 

**Sector Classification as of March 31, 2026** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $6563828 | 22.7%  |
| Industrials | 4366151 | 15.2  |
| Health Care | 4128970 | 14.4  |
| Information Technology | 3880379 | 13.5  |
| Consumer Discretionary | 2991754 | 10.4  |
| Energy | 2090858 | 7.4  |
| Materials | 1847835 | 6.5  |
| Consumer Staples | 1327816 | 4.6  |
| Communication Services | 886397 | 3.1  |
| Other Assets in Excess of Liabilities | 641566 | 2.2  |
|  | $28725554 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle** <br>**Core Equity** <br>**Fund** | **Aristotle** <br>**Core Income** <br>**Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**Growth Equity** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value<sup>(b)</sup> | $265401197 | $515299553 | $3210529538 | $3450777980 | $218233965  |
| Cash - interest bearing deposit account | 8511845 | 5534839 | 91689585 | 276988201 | 2254033  |
| Receivable for investments sold | 3169937 |  | 46000686 | 350563852 | —  |
| Interest receivable | 2370950 | 13375 | 26232228 | 20856621 | 5368  |
| Receivable for fund shares sold | 41544 | 18353 | 3146998 | 2322114 | 1765  |
| Dividends receivable |  | 66547 |  |  | 5713  |
| Security lending income receivable |  |  | 12299 | 229049 | —  |
| Cash |  |  | 226865 | 1450581 | —  |
| Prepaid expenses and other assets |  |  |  | 158333 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 279495473 | 520932667 | 3377838199 | 4103346731 | 220500844  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | 9058184 |  | 101859291 | 516083446 | —  |
| Payable for capital shares redeemed | 260676 | 387472 | 8513641 | 8400061 | 137132  |
| Payable to Adviser | 85373 | 284119 | 1427640 | 2203474 | 127181  |
| Distributions payable | 44587 |  | 1198152 | 3256570 | —  |
| Payable to directors | 1895 | 4090 | 24867 | 28492 | 1711  |
|  Payable for distribution and shareholder servicing fees |  | 414 | 72479 | 134545 | 493  |
| Payable upon return of securities loaned |  | 1804599 | 151861706 | 83557595 | 740430  |
| Payable for expenses and other liabilities |  |  | 58 | 11542 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 9450715 | 2480694 | 264957834 | 613675725 | 1006947  |
| **NET ASSETS** | $270044758 | $518451973 | $3112880365 | $3489671006 | $219493897  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $274059348 | $318870971 | $3241046668 | $3866801055 | $136101179  |
| Total distributable earnings/(accumulated losses) | (4014590) | 199581002 | (128166303) | (377130049) | 83392718  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $270044758 | $518451973 | $3112880365 | $3489671006 | $219493897  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $— | $1929289 | $134672611 | $225450155 | $2269182  |
| Shares issued and outstanding<sup>(a)</sup> |  | 128058 | 14016806 | 24523441 | 267290  |
| Net asset value per share | $— | $15.07 | $9.61 | $9.19 | $8.49  |
|  Max offering price per share (net asset value per share divided by 0.9575, 0.9575, 0.97 and 0.9575) | $— | $15.74 | $10.04 | $9.47 | $8.87  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $— | $— | $51473677 | $100306903 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 5359805 | 10926242 | —  |
| Net asset value per share | $— | $— | $9.60 | $9.18 | $—  |
| **Class H**<br>|  |  |  |  |  |
| Net assets | $10013 | $— | $9978 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 1013 |  | 1016 |  | —  |
| Net asset value per share | $9.89 | $— | $9.82 | $— | $—  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $257302045 | $320453893 | $697931521 | $1462207652 | $216626919  |
| Shares issued and outstanding<sup>(a)</sup> | 29470531 | 20720742 | 72555659 | 158857565 | 16347769  |
| Net asset value per share | $8.73 | $15.47 | $9.62 | $9.20 | $13.25  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle** <br>**Core Equity** <br>**Fund** | **Aristotle** <br>**Core Income** <br>**Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**Growth Equity** <br>**Fund**  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $12732700 | $196068791 | $2228792578 | $1701706296 | $597796  |
| Shares issued and outstanding<sup>(a)</sup> | 1462295 | 7078081 | 231280080 | 184448716 | 45088  |
| Net asset value per share | $8.71 | $27.70 | $9.64 | $9.23 | $13.26  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $266530594 | $327954447 | $3266300878 | $3489543587 | $141817843  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $1884770 | $148053703 | $82211405 | $773262 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Investments in securities include securities purchased with cash proceeds from securities loans.

The accompanying notes are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series H** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series I** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value<sup>(b)</sup> | $102399599 | $563760111 | &nbsp;&nbsp; $5034339 | &nbsp;&nbsp; $3470059 | $165905582  |
| Investments in affiliated securities, at value |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 138636739  |
| Cash - interest bearing deposit account | 8065919 | 10896433 | &nbsp;&nbsp; 292266 | &nbsp;&nbsp; 63826 | 542893  |
| Receivable for fund shares sold | 4701372 | 555266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 4511  |
| Interest receivable | 1750609 | 35941 | &nbsp;&nbsp; 28438 | &nbsp;&nbsp; 17602 | 1300  |
| Receivable for investments sold | 335241 |  | &nbsp;&nbsp; 97225 | &nbsp;&nbsp; — | 51680  |
| Cash | 6260 |  | &nbsp;&nbsp; 260 | &nbsp;&nbsp; — | —  |
| Security lending income receivable | 1438 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Dividends receivable |  | 876478 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Dividend tax reclaims receivable |  | 2154899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Foreign currency, at value |  | 1048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Receivable from Adviser |  |  | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 243 |  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 117260438 | 578280176 | &nbsp;&nbsp; 5452894 | &nbsp;&nbsp; 3551730 | 305142705  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 5739115 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 32791926  |
| Payable for investments purchased | 1360469 |  | &nbsp;&nbsp; 200157 | &nbsp;&nbsp; — | —  |
| Payable for capital shares redeemed | 108254 | 503818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 56191  |
| Payable to Adviser | 50391 | 371698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 106395  |
| Distributions payable | 3235 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 62 | —  |
| Payable for distribution and shareholder servicing fees | 1638 | 403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 66967  |
| Payable to directors | 813 | 4515 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 24 | 2177  |
| Payable for expenses and other liabilities | 46 |  | &nbsp;&nbsp; 579 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7263961 | 880434 | &nbsp;&nbsp; 200779 | &nbsp;&nbsp; 86 | 33023656  |
| **NET ASSETS** | $109996477 | $577399742 | &nbsp;&nbsp; $5252115 | &nbsp;&nbsp; $3551644 | $272119049  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $132133733 | $421347554 | &nbsp;&nbsp; $5357905 | &nbsp;&nbsp; $3556966 | $217101259  |
| Total distributable earnings/(accumulated losses) | (22137256) | 156052188 | &nbsp;&nbsp; (105790) | &nbsp;&nbsp; (5322) | 55017790  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $109996477 | $577399742 | &nbsp;&nbsp; $5252115 | &nbsp;&nbsp; $3551644 | $272119049  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $6268141 | $1850923 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $247832547  |
| Shares issued and outstanding<sup>(a)</sup> | 679543 | 157937 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 17128539  |
| Net asset value per share | $9.22 | $11.72 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $14.47  |
|  Max offering price per share (net asset value per share divided by 0.9575, 0.9575 and 0.945) | $9.62 | $12.24 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $15.31  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $405055 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $15160439  |
| Shares issued and outstanding<sup>(a)</sup> | 43998 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1137816  |
| Net asset value per share | $9.21 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $13.32  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $79714746 | $95589256 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 8776514 | 7544852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Net asset value per share | $9.08 | $12.67 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series H** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series I** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $23608535 | $479959563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $9126063  |
| Shares issued and outstanding<sup>(a)</sup> | 2551689 | 30540638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 620722  |
| Net asset value per share | $9.25 | $15.72 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $14.70  |
| **Total Fund**<br>|  |  |  |  |  |
| Net assets | $— | $— | &nbsp;&nbsp; $5252115 | &nbsp;&nbsp; $3551644 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | &nbsp;&nbsp; 535796 | &nbsp;&nbsp; 355363 | —  |
| Net asset value per share | $— | $— | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $9.99 | $—  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $103704332 | $407868569 | &nbsp;&nbsp; $5123251 | &nbsp;&nbsp; $3476641 | $146992527  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $112984195  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | $1058 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $5541604 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $33171511 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Investments in securities include securities purchased with cash proceeds from securities loans.

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value<sup>(b)</sup> | $33232293 | $341250535 | $53935382 | &nbsp;&nbsp; $231989357 | $991506111  |
| Investments in affiliated securities, at value | 93183746 | 351325268 | 135781158 | &nbsp;&nbsp; 453228708 | —  |
| Cash - interest bearing deposit account | 210514 | 1135166 | 267882 | &nbsp;&nbsp; 923822 | 25801776  |
| Receivable for fund shares sold | 45205 | 54913 | 5855 | &nbsp;&nbsp; 40936 | 685799  |
| Interest receivable | 623 | 2863 | 762 | &nbsp;&nbsp; 2501 | 7470163  |
| Receivable for investments sold |  | 46967 | 435217 | &nbsp;&nbsp; 425379 | 26400871  |
| Dividends receivable |  |  | 13 | &nbsp;&nbsp; 5590 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 126672381 | 693815712 | 190426269 | &nbsp;&nbsp; 686616293 | 1051864720  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 8619250 | 77348875 | 11181250 | &nbsp;&nbsp; 44783345 | 13573030  |
| Payable to Adviser | 45651 | 240247 | 69340 | &nbsp;&nbsp; 250722 | 389503  |
| Payable for investments purchased | 32610 |  |  | &nbsp;&nbsp; — | 35056350  |
|  Payable for distribution and shareholder servicing fees | 28369 | 147348 | 41644 | &nbsp;&nbsp; 151256 | 34940  |
| Payable for capital shares redeemed | 12595 | 101880 | 441072 | &nbsp;&nbsp; 466315 | 3258934  |
| Payable to directors | 936 | 4914 | 1428 | &nbsp;&nbsp; 5146 | 7952  |
| Distributions payable | 76 |  |  | &nbsp;&nbsp; — | 102396  |
| Payable for expenses and other liabilities |  |  |  | &nbsp;&nbsp; — | 63  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8739487 | 77843264 | 11734734 | &nbsp;&nbsp; 45656784 | 52423168  |
| **NET ASSETS** | $117932894 | $615972448 | $178691535 | &nbsp;&nbsp; $640959509 | $999441552  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $118448371 | $508498853 | $167617805 | &nbsp;&nbsp; $547473454 | $1021416272  |
| Total distributable earnings/(accumulated losses) | (515477) | 107473595 | 11073730 | &nbsp;&nbsp; 93486055 | (21974720)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $117932894 | $615972448 | $178691535 | &nbsp;&nbsp; $640959509 | $999441552  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $106773380 | $574886506 | $169867548 | &nbsp;&nbsp; $597481047 | $83347329  |
| Shares issued and outstanding<sup>(a)</sup> | 10390921 | 44808764 | 15395102 | &nbsp;&nbsp; 50026797 | 8168010  |
| Net asset value per share | $10.28 | $12.83 | $11.03 | &nbsp;&nbsp; $11.94 | $10.20  |
|  Max offering price per share (net asset value per share divided by 0.945, 0.945, 0.945, 0.945 and 0.97) | $10.88 | $13.58 | $11.67 | &nbsp;&nbsp; $12.63 | $10.52  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $6271238 | $26145410 | $5661272 | &nbsp;&nbsp; $25020360 | $19560095  |
| Shares issued and outstanding<sup>(a)</sup> | 637978 | 2149875 | 536515 | &nbsp;&nbsp; 2177931 | 1922171  |
| Net asset value per share | $9.83 | $12.16 | $10.55 | &nbsp;&nbsp; $11.49 | $10.18  |
| **Class H**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | &nbsp;&nbsp; $— | $10054  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | &nbsp;&nbsp; — | 1016  |
| Net asset value per share | $— | $— | $— | &nbsp;&nbsp; $— | $9.90  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $— | $— | $— | &nbsp;&nbsp; $— | $364492483  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | &nbsp;&nbsp; — | 35773463  |
| Net asset value per share | $— | $— | $— | &nbsp;&nbsp; $— | $10.19  |

---

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $4888276 | $14940532 | $3162715 | &nbsp;&nbsp; $18458102 | $532031591  |
| Shares issued and outstanding<sup>(a)</sup> | 469839 | 1146083 | 281944 | &nbsp;&nbsp; 1524697 | 52103110  |
| Net asset value per share | $10.40 | $13.04 | $11.22 | &nbsp;&nbsp; $12.11 | $10.21  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $31342971 | $307860350 | $49384387 | &nbsp;&nbsp; $211607303 | $992024838  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $89896783 | $305778972 | $127146809 | &nbsp;&nbsp; $406005512 | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $8600340 | $77922353 | $11194249 | &nbsp;&nbsp; $45011488 | $13620219 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Investments in securities include securities purchased with cash proceeds from securities loans.

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Value Equity** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value<sup>(b)</sup> | $113210681 | &nbsp;&nbsp; $21530021 | $4545392766 | $42047602 | $492251337  |
| Cash - interest bearing deposit account | 1823697 | &nbsp;&nbsp; 326994 | 18803232 | 408553 | 6572178  |
| Dividends receivable | 96128 | &nbsp;&nbsp; 12991 |  |  | 631160  |
| Interest receivable | 6457 | &nbsp;&nbsp; 1556 | 53465180 | 236030 | 17741  |
| Receivable for fund shares sold | 2755 | &nbsp;&nbsp; 9655 | 4718966 | 57399 | 342310  |
| Dividend tax reclaims receivable | 313 | &nbsp;&nbsp; 114 |  |  | 154033  |
| Receivable for investments sold |  | &nbsp;&nbsp; — | 107908550 | 197889 | —  |
| Security lending income receivable |  | &nbsp;&nbsp; — | 29484 |  | —  |
| Cash |  | &nbsp;&nbsp; — | 876565 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 115140031 | &nbsp;&nbsp; 21881331 | 4731194743 | 42947473 | 499968759  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable upon return of securities loaned | 489000 | &nbsp;&nbsp; — | 395362505 | 204500 | 18106004  |
| Payable to Adviser | 87107 | &nbsp;&nbsp; 17281 | 2447159 | 11501 | 286425  |
| Payable for capital shares redeemed | 54445 | &nbsp;&nbsp; 8124 | 10953939 | 79605 | 406072  |
| Payable for distribution and shareholder servicing fees | 1673 | &nbsp;&nbsp; 3061 | 145691 | 107 | 62  |
| Payable to directors | 897 | &nbsp;&nbsp; 174 | 33626 | 355 | 3887  |
| Distributions payable |  | &nbsp;&nbsp; — | 2622880 |  | —  |
| Payable for investments purchased |  | &nbsp;&nbsp; — | 101966661 | 203462 | —  |
| Payable for expenses and other liabilities |  | &nbsp;&nbsp; — | 73 | 31 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 633122 | &nbsp;&nbsp; 28640 | 513532534 | 499561 | 18802450  |
| **NET ASSETS** | $114506909 | &nbsp;&nbsp; $21852691 | $4217662209 | $42447912 | $481166309  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $81034965 | &nbsp;&nbsp; $17438090 | $4351467579 | $42380368 | $317316359  |
| Total distributable earnings/(accumulated losses) | 33471944 | &nbsp;&nbsp; 4414601 | (133805370) | 67544 | 163849950  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $114506909 | &nbsp;&nbsp; $21852691 | $4217662209 | $42447912 | $481166309  |
| **Class A**<br>|  |  |  |  |  |
| Net assets | $5186138 | &nbsp;&nbsp; $10110510 | $198671842 | $756607 | $374705  |
| Shares issued and outstanding<sup>(a)</sup> | 366099 | &nbsp;&nbsp; 1694300 | 19023243 | 74592 | 38591  |
| Net asset value per share | $14.17 | &nbsp;&nbsp; $5.97 | $10.44 | $10.14 | $9.71  |
|  Max offering price per share (net asset value per share divided by 0.9575.0.9575, 0.9575 and 0.9575) | $14.80 | &nbsp;&nbsp; $6.23 | $10.90 | N/A | $10.14  |
| **Class C**<br>|  |  |  |  |  |
| Net assets | $634101 | &nbsp;&nbsp; $998487 | $120532443 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 47666 | &nbsp;&nbsp; 193378 | 11590683 |  | —  |
| Net asset value per share | $13.30 | &nbsp;&nbsp; $5.16 | $10.40 | $— | $—  |
| **Class H**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $— | $9987 | $10111 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; — | 1021 | 1014 | —  |
| Net asset value per share | $— | &nbsp;&nbsp; $— | $9.79 | $9.97 | $—  |
| **Class I**<br>|  |  |  |  |  |
| Net assets | $82070 | &nbsp;&nbsp; $494302 | $641609998 | $3827747 | $451188  |
| Shares issued and outstanding<sup>(a)</sup> | 5513 | &nbsp;&nbsp; 69926 | 61919881 | 383826 | 47525  |
| Net asset value per share | $14.89 | &nbsp;&nbsp; $7.07 | $10.36 | $9.97 | $9.49  |

---

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 ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Value Equity** <br>**Fund**  |
| **Class I-2**<br>|  |  |  |  |  |
| Net assets | $108452516 | &nbsp;&nbsp; $10249392 | $3256837939 | $37853447 | $468375024  |
| Shares issued and outstanding<sup>(a)</sup> | 7276297 | &nbsp;&nbsp; 1661449 | 311738467 | 3798259 | 22723073  |
| Net asset value per share | $14.90 | &nbsp;&nbsp; $6.17 | $10.45 | $9.97 | $20.61  |
| **Class R6**<br>|  |  |  |  |  |
| Net assets | $152084 | &nbsp;&nbsp; $— | $— | $— | $11965392  |
| Shares issued and outstanding<sup>(a)</sup> | 10826 | &nbsp;&nbsp; — |  |  | 580879  |
| Net asset value per share | $14.05 | &nbsp;&nbsp; $— | $— | $— | $20.60  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $84839772 | &nbsp;&nbsp; $18859111 | $4574200754 | $42002548 | $347295940  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $379180 | &nbsp;&nbsp; $— | $378347329 | $199914 | $18443078 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(b)</sup> Investments in securities include securities purchased with cash proceeds from securities loans.

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 ASSETS AND LIABILITIES** 

**March 31, 2026(Continued)** 

---

| | |
|:---|:---|
|  | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| **ASSETS:**<br>|  |
| Investments, at value | $28083988  |
| Cash - interest bearing deposit account | 427838  |
| Dividend tax reclaims receivable | 161117  |
| Dividends receivable | 67089  |
| Receivable for fund shares sold | 1650  |
| Interest receivable | 1223  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 28742905  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser | 17122  |
| Payable to directors | 229  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 17351  |
| **NET ASSETS** | $28725554  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $16138636  |
| Total distributable earnings | 12586918  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $28725554  |
| **Class I-2**<br>|  |
| Net assets | $28725554  |
| Shares issued and outstanding<sup>(a)</sup> | 2556395  |
| Net asset value per share | $11.24  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $16960844 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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 OPERATIONS** 

**For the Year Ended March 31, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle** <br>**Core Equity** <br>**Fund** | **Aristotle** <br>**Core Income** <br>**Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**Growth Equity** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $— | $4140491 | $— | $13067440 | &nbsp;&nbsp; $961608  |
| Interest income | 7386990 | 283789 | 163152132 | 289306724 | &nbsp;&nbsp; 79788  |
| Less: Interest withholding taxes | (1978) |  |  |  | &nbsp;&nbsp; —  |
| Securities lending income | 520 | 52 | 56227 | 581261 | &nbsp;&nbsp; 5  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7385532 | 4424332 | 163208359 | 302955425 | &nbsp;&nbsp; 1041401  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 527914 | 2702987 | 12537616 | 21262845 | &nbsp;&nbsp; 1181201  |
| Supervision and administration fee - Class A |  | 1660 | 262541 | 499058 | &nbsp;&nbsp; 3536  |
| Supervision and administration fee - Class C |  |  | 100522 | 227399 | &nbsp;&nbsp; —  |
| Supervision and administration fee - Class H | 4 |  | 2 |  | &nbsp;&nbsp; —  |
| Supervision and administration fee - Class I | 166624 | 494556 | 378246 | 1935407 | &nbsp;&nbsp; 318327  |
| Supervision and administration fee - Class I-2 | 10102 | 314681 | 3294563 | 3779809 | &nbsp;&nbsp; 283  |
| Trustees' fees | 7132 | 22230 | 127202 | 153081 | &nbsp;&nbsp; 8231  |
| Legal fees | 28 | 109 | 608 | 5629 | &nbsp;&nbsp; 43  |
| Shareholder service costs - Class C |  |  | 125653 | 284249 | &nbsp;&nbsp; —  |
| Distribution expenses - Class A |  | 2766 | 328177 | 623822 | &nbsp;&nbsp; 5894  |
| Distribution expenses - Class C |  |  | 376959 | 852746 | &nbsp;&nbsp; —  |
| Interest expense |  |  |  | 918246 | &nbsp;&nbsp; —  |
| Other expenses and fees |  | 8 | 1884 | 60164 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 711804 | 3538997 | 17533973 | 30602455 | &nbsp;&nbsp; 1517515  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class A |  |  | (5342) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class C |  |  | (2046) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class H | (1) |  |  |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I | (6784) | (14586) | (30987) |  | &nbsp;&nbsp; (8616)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I-2 | (376) | (9284) | (89435) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 704643 | 3515127 | 17406163 | 30602455 | &nbsp;&nbsp; 1508899  |
| **Net investment income/(loss)** | 6680889 | 909205 | 145802196 | 272352970 | &nbsp;&nbsp; (467498)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (343536) | 31268549 | (419942) | (41296381) | &nbsp;&nbsp; 25746380  |
| Net realized gain (loss) | (343536) | 31268549 | (419942) | (41296381) | &nbsp;&nbsp; 25746380  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (34945) | 69048231 | (8652872) | (23918420) | &nbsp;&nbsp; 13588215  |
|  Net change in unrealized appreciation (depreciation) | (34945) | 69048231 | (8652872) | (23918420) | &nbsp;&nbsp; 13588215  |
| **Net realized and unrealized gain (loss)** | (378481) | 101316780 | (9072814) | (65214801) | &nbsp;&nbsp; 39334595  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6302408 | $101225985 | $136729382 | $207138169 | &nbsp;&nbsp; $38867097 |

---

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 OPERATIONS** 

**For the Period Ended March 31, 2026 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series H<sup>(a)</sup>** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series I<sup>(a)</sup>** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income from unaffiliated securities | $23201 | $14178895 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | $2414069  |
| Less: dividend withholding taxes |  | (945497) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Dividend income from affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 1505569  |
| Interest income | 7307541 | 663275 | &nbsp;&nbsp;&nbsp;&nbsp; 242337 | &nbsp;&nbsp;&nbsp; 129897 | 16854  |
| Less: Interest withholding taxes | (974) |  | &nbsp;&nbsp;&nbsp;&nbsp;(550) | &nbsp;&nbsp;&nbsp; — | —  |
| Securities lending income | 2958 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 35306  |
| Other income |  | 378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4843  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7332726 | 13897051 | &nbsp;&nbsp;&nbsp;&nbsp; 241787 | &nbsp;&nbsp;&nbsp; 129897 | 3976641  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 503742 | 3436496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 553358  |
| Supervision and administration fee - Class A | 12555 | 3089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 628159  |
| Supervision and administration fee - Class C | 893 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 40747  |
| Supervision and administration fee - Class I | 39460 | 220816 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Supervision and administration fee - Class I-2 | 22657 | 807044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22790  |
| Distribution expenses - Class A | 15694 | 4290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 628159  |
| Distribution expenses - Class C | 3350 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 122241  |
| Trustees' fees | 3998 | 23159 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 134 | 11287  |
| Shareholder service costs - Class C | 1117 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 40747  |
| Legal fees | 19 | 109 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp; 724 | 55  |
| Tax reclaim service fee |  | 33104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Other expenses and fees | 567 | 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 | &nbsp;&nbsp;&nbsp; — | 500  |
| &nbsp;&nbsp;&nbsp; Total expenses | 604052 | 4528154 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 | &nbsp;&nbsp;&nbsp; 858 | 2048043  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class A | (250) |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class C | (18) |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I | (3152) | (5259) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I-2 | (596) | (19073) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Total Fund |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1301) | &nbsp;&nbsp;&nbsp; (858) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 600036 | 4503822 | &nbsp;&nbsp;&nbsp;&nbsp; 1326 | &nbsp;&nbsp;&nbsp; 0 | 2048043  |
| **Net investment income** | 6732690 | 9393229 | &nbsp;&nbsp;&nbsp;&nbsp; 240461 | &nbsp;&nbsp;&nbsp; 129897 | 1928598  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (601366) | 23736584 | &nbsp;&nbsp;&nbsp;&nbsp; (16106) | &nbsp;&nbsp;&nbsp; 1279 | 4394820  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 3833655  |
| &nbsp;&nbsp;&nbsp; Distributions received from affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 10439614  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (14757) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
| Net realized gain (loss) | (601366) | 23721827 | &nbsp;&nbsp;&nbsp;&nbsp; (16106) | &nbsp;&nbsp;&nbsp; 1279 | 18668089 |

---

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended March 31, 2026 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series H<sup>(a)</sup>** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series I<sup>(a)</sup>** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | $176683 | $43120567 | &nbsp;&nbsp;&nbsp;&nbsp; $(88912) | &nbsp;&nbsp;&nbsp; $(6582) | $16776081  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 7925081  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 103583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | —  |
|  Net change in unrealized appreciation (depreciation) | 176683 | 43224150 | &nbsp;&nbsp;&nbsp;&nbsp; (88912) | &nbsp;&nbsp;&nbsp; (6582) | 24701162  |
| **Net realized and unrealized gain (loss)** | (424683) | 66945977 | &nbsp;&nbsp;&nbsp;&nbsp; (105018) | &nbsp;&nbsp;&nbsp; (5303) | 43369251  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $6308007 | $76339206 | &nbsp;&nbsp;&nbsp;&nbsp; $135443 | &nbsp;&nbsp;&nbsp; $124594 | $45297849 |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

The accompanying notes are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Aristotle** <br>**Short Duration** <br>**Income Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income from affiliated securities | $4167432 | $7007363 | $5050668 | &nbsp;&nbsp; $12345878 | &nbsp;&nbsp; $—  |
| Dividend income from unaffiliated securities | 745044 | 5210738 | 1099701 | &nbsp;&nbsp; 3926397 | &nbsp;&nbsp; —  |
| Interest income | 6945 | 38616 | 9540 | &nbsp;&nbsp; 34223 | &nbsp;&nbsp; 48548202  |
| Securities lending income | 4381 | 67297 | 5756 | &nbsp;&nbsp; 25424 | &nbsp;&nbsp; 2395  |
| Other income | 705 | 3464 | 705 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4924507 | 12327478 | 6166370 | &nbsp;&nbsp; 16332627 | &nbsp;&nbsp; 48550597  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Distribution expenses - Class A | 277641 | 1479252 | 443993 | &nbsp;&nbsp; 1563687 | &nbsp;&nbsp; 219095  |
| Distribution expenses - Class C | 62017 | 231145 | 53044 | &nbsp;&nbsp; 225109 | &nbsp;&nbsp; 164610  |
| Supervision and administration fee - Class A | 277641 | 1479252 | 443993 | &nbsp;&nbsp; 1563687 | &nbsp;&nbsp; 219095  |
| Supervision and administration fee - Class C | 20672 | 77048 | 17681 | &nbsp;&nbsp; 75036 | &nbsp;&nbsp; 54870  |
| Supervision and administration fee - Class H |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5  |
| Supervision and administration fee - Class I |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 505016  |
| Supervision and administration fee - Class I-2 | 12207 | 33543 | 8382 | &nbsp;&nbsp; 50582 | &nbsp;&nbsp; 1273160  |
| Investment advisory fee | 248416 | 1271874 | 376045 | &nbsp;&nbsp; 1351444 | &nbsp;&nbsp; 2501995  |
| Shareholder service costs - Class C | 20672 | 77048 | 17681 | &nbsp;&nbsp; 75036 | &nbsp;&nbsp; 54870  |
| Trustees' fees | 5012 | 25819 | 7618 | &nbsp;&nbsp; 27371 | &nbsp;&nbsp; 40508  |
| Legal fees | 24 | 126 | 36 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 193  |
| Other expenses and fees | 325 | 449 | 368 | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 1155  |
| &nbsp;&nbsp;&nbsp; Total expenses | 924627 | 4675556 | 1368841 | &nbsp;&nbsp; 4932470 | &nbsp;&nbsp; 5034572  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class A |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3574)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class C |  |  |  | &nbsp;&nbsp; — | (900)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (14662)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I-2 |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (21565)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 924627 | 4675556 | 1368841 | &nbsp;&nbsp; 4932470 | &nbsp;&nbsp; 4993871  |
| **Net investment income** | 3999880 | 7651922 | 4797529 | &nbsp;&nbsp; 11400157 | &nbsp;&nbsp; 43556726  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 1290154 | 7538726 | 2113495 | &nbsp;&nbsp; 8582287 | &nbsp;&nbsp; 3013346  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 882300 | 13042403 | 2048918 | &nbsp;&nbsp; 7470676 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Distributions received from affiliated securities | 1007961 | 19610731 | 2852936 | &nbsp;&nbsp; 21812634 | &nbsp;&nbsp; —  |
| Net realized gain (loss) | 3180415 | 40191860 | 7015349 | &nbsp;&nbsp; 37865597 | &nbsp;&nbsp; 3013346  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 1627625 | 31992031 | 4276247 | &nbsp;&nbsp; 20250050 | &nbsp;&nbsp; (4205070)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 700347 | 10907845 | 2375953 | &nbsp;&nbsp; 11040601 | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | 2327972 | 42899876 | 6652200 | &nbsp;&nbsp; 31290651 | &nbsp;&nbsp; (4205070)  |
| **Net realized and unrealized gain (loss)** | 5508387 | 83091736 | 13667549 | &nbsp;&nbsp; 69156248 | &nbsp;&nbsp; (1191724)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9508267 | $90743658 | $18465078 | &nbsp;&nbsp; $80556405 | &nbsp;&nbsp; $42365002 |

---

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Value Equity** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $1655713 | &nbsp;&nbsp; $339762 | $384269 | $— | $10706189  |
| Less: issuance fees | (291) | &nbsp;&nbsp;&nbsp;&nbsp;(48) |  |  | (67512)  |
| Less: dividend withholding taxes | (1103) | &nbsp;&nbsp;&nbsp;&nbsp;(362) |  |  | (141220)  |
| Interest income | 77804 | &nbsp;&nbsp; 12614 | 248927268 | 1532354 | 286222  |
| Less: Interest withholding taxes |  | &nbsp;&nbsp; — | (31111) |  | —  |
| Securities lending income | 264 | &nbsp;&nbsp; — | 97327 |  | 14616  |
| Other income |  | &nbsp;&nbsp; — | 40876 | 125 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1732387 | &nbsp;&nbsp; 351966 | 249418629 | 1532479 | 10798295  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 884558 | &nbsp;&nbsp; 175880 | 20245339 | 81799 | 2927165  |
| Supervision and administration fee - Class A | 10920 | &nbsp;&nbsp; 25606 | 387290 | 516 | 324  |
| Supervision and administration fee - Class C | 1490 | &nbsp;&nbsp; 2699 | 221081 |  | —  |
| Supervision and administration fee - Class H |  | &nbsp;&nbsp; — | 3 | 2 | —  |
| Supervision and administration fee - Class I | 190 | &nbsp;&nbsp; 1104 | 530736 | 3774 | 449  |
| Supervision and administration fee - Class I-2 | 327249 | &nbsp;&nbsp; 37962 | 5964409 | 18613 | 741925  |
| Supervision and administration fee - Class R6 | 293 | &nbsp;&nbsp; — |  |  | 1028  |
| Distribution expenses - Class A | 10920 | &nbsp;&nbsp; 25606 | 509592 | 1841 | 579  |
| Distribution expenses - Class C | 4470 | &nbsp;&nbsp; 8098 | 872688 |  | —  |
| Trustees' fees | 4854 | &nbsp;&nbsp; 928 | 165495 | 1343 | 20157  |
| Shareholder service costs - Class C | 1490 | &nbsp;&nbsp; 2699 | 290896 |  | —  |
| Legal fees | 28 | &nbsp;&nbsp; 4 | 784 | 6 | 98  |
| Other expenses and fees | 28 | &nbsp;&nbsp; 2153 | 1984 | 288 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1246490 | &nbsp;&nbsp; 282739 | 29190297 | 108182 | 3691725  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class A |  | &nbsp;&nbsp; — | (8406) | (31) | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class C |  | &nbsp;&nbsp; — | (4779) |  | —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I | (1) | &nbsp;&nbsp; (20) | (24147) | (237) | (12)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I-2 | (5392) | &nbsp;&nbsp; — | (128947) | (1081) | (21634)  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class R6 | (5) | &nbsp;&nbsp; — |  |  | (52)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1241092 | &nbsp;&nbsp; 282719 | 29024018 | 106833 | 3670027  |
| **Net investment income** | 491295 | &nbsp;&nbsp; 69247 | 220394611 | 1425646 | 7128268  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 16013867 | &nbsp;&nbsp; 3722732 | (340801) | 94639 | 49529259  |
| Net realized gain (loss) | 16013867 | &nbsp;&nbsp; 3722732 | (340801) | 94639 | 49529259  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2009991) | &nbsp;&nbsp; (375150) | (989098) | (54631) | (13925199)  |
|  Net change in unrealized appreciation (depreciation) | (2009991) | &nbsp;&nbsp; (375150) | (989098) | (54631) | (13925199)  |
| **Net realized and unrealized gain (loss)** | 14003876 | &nbsp;&nbsp; 3347582 | (1329899) | 40008 | 35604060  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14495171 | &nbsp;&nbsp; $3416829 | $219064712 | $1465654 | $42732328 |

---

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 OPERATIONS** 

**For the Year Ended March 31, 2026(Continued)** 

---

| | |
|:---|:---|
|  | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | &nbsp;&nbsp; $592933  |
| Non cash dividend income | &nbsp;&nbsp; 42566  |
| Less: dividend withholding taxes | &nbsp;&nbsp; (38181)  |
| Interest income | &nbsp;&nbsp; 22614  |
| Securities lending income | &nbsp;&nbsp; 1043  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 620975  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | &nbsp;&nbsp; 185151  |
| Supervision and administration fee - Class A | &nbsp;&nbsp; 5  |
| Supervision and administration fee - Class I | &nbsp;&nbsp; 5  |
| Supervision and administration fee - Class I-2 | &nbsp;&nbsp; 55536  |
| Tax reclaim service fee | &nbsp;&nbsp; 3899  |
| Trustees' fees | &nbsp;&nbsp; 1189  |
| Interest expense | &nbsp;&nbsp; 285  |
| Distribution expenses - Class A | &nbsp;&nbsp; 7  |
| Legal fees | &nbsp;&nbsp; 6  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 246083  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement – Class I-2 | &nbsp;&nbsp; (1317)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 244766  |
| **Net investment income** | &nbsp;&nbsp; 376209  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 3374857  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 9815  |
| Net realized gain (loss) | &nbsp;&nbsp; 3384672  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 799083  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 6946  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 806029  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 4190701  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $4566910 |

---

The accompanying notes are an integral part of these financial statements.

91<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Core Bond Fund** | **Aristotle Core Bond Fund** | **Aristotle Core Equity Fund**  | **Aristotle Core Equity Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6680889 | $963356 | $909205 | $1064167  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (343536) | (755496) | 31268549 | 13673746  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34945) | 1130233 | 69048231 | 2275091  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6302408 | 1338093 | 101225985 | 17013004  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  |  | (44454) | (15001)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class H | (127) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (6360657) | (563432) | (14508746) | (5721576)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (341719) | (410249) | (8937698) | (4423358)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (6702503) | (973681) | (23490898) | (10159935)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 1399398 | 1000393  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  |  | 44454 | 15002  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (561426) | (15461)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 12000 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 127 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (1998) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 270752233 | 15905128 | 48173390 | 141160142  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 6316070 | 563432 | 14508746 | 5721576  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (46025125) | (8021088) | (89557673) | (73737281)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 14635896 | 558635 | 11850365 | 18960868  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 341719 | 410249 | 8935358 | 4422271  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (14709258) | (1010) | (45726120) | (24452223)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 231321664 | 9415346 | (50933508) | 73075287  |
| **Net increase (decrease) in net assets** | 230921569 | 9779758 | 26801579 | 79928356  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 39123189 | 29343431 | 491650394 | 411722038  |
| &nbsp;&nbsp;&nbsp; End of the year | $270044758 | $39123189 | $518451973 | $491650394  |

---

The accompanying notes are an integral part of these financial statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Core Bond Fund** | **Aristotle Core Bond Fund** | **Aristotle Core Equity Fund**  | **Aristotle Core Equity Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A |  |  | 88780 | 72580  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  |  | 2803 | 1047  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A |  |  | (40133) | (1104)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 1200 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 13 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (200) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 30964793 | 1828448 | 3201473 | 9778426  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 718298 | 65305 | 890554 | 389398  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (5254632) | (928451) | (5728354) | (5305259)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 1665921 | 64971 | 444722 | 757965  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 38903 | 47516 | 306722 | 168520  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (1694581) | (117) | (1627472) | (985348)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 26439715 | 1077672 | (2460905) | 4876225 |

---

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Core Income Fund** | **Aristotle Core Income Fund** | **Aristotle Floating Rate Income Fund**  | **Aristotle Floating Rate Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $145802196 | $139130339 | $272352970 | $332679063  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (419942) | (15614593) | (41296381) | (47604755)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8652872) | 8610573 | (23918420) | (48997666)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 136729382 | 132126319 | 207138169 | 236076642  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (5765125) | (5339586) | (17080174) | (20568730)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (1829090) | (1709540) | (6927360) | (8371337)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class H | (159) |  |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (36080225) | (37448085) | (115663253) | (141444297)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (102660815) | (95903323) | (133924265) | (162237252)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (146335414) | (140400534) | (273595052) | (332621616)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 41991553 | 51095334 | 49661758 | 90831137  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 5420638 | 5076527 | 15994342 | 19109676  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (36647456) | (37026325) | (106013291) | (99513891)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 13577247 | 26663279 | 14363250 | 43388786  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 1726228 | 1605467 | 6670243 | 8123117  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (14726292) | (10041578) | (42845907) | (42398766)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 12000 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 159 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (1998) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 220537875 | 361783140 | 433562668 | 867390088  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 35427799 | 36834211 | 90755967 | 101446506  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (376743932) | (208132747) | (873106873) | (731962279)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 724679251 | 1182871871 | 679917346 | 1161402001  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 90780880 | 84310198 | 123684076 | 148945986  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (745676591) | (649555745) | (1120792980) | (1128088972)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (39642639) | 845483632 | (728149401) | 438673389  |
| **Net increase (decrease) in net assets** | (49248671) | 837209417 | (794606284) | 342128415  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 3162129036 | 2324919619 | 4284277290 | 3942148875  |
| &nbsp;&nbsp;&nbsp; End of the year | $3112880365 | $3162129036 | $3489671006 | $4284277290  |

---

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Core Income Fund** | **Aristotle Core Income Fund** | **Aristotle Floating Rate Income Fund**  | **Aristotle Floating Rate Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 4331694 | 5258680 | 5309557 | 9563524  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 558470 | 526681 | 1709214 | 2015141  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (3771969) | (3824628) | (11347654) | (10483524)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 1393228 | 2744928 | 1534714 | 4573892  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 177943 | 166644 | 713807 | 857712  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (1519144) | (1041735) | (4583986) | (4473602)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 1200 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 16 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (200) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 22704204 | 37358592 | 46254298 | 91208500  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 3645733 | 3818211 | 9687713 | 10685739  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (38924564) | (21524140) | (93373070) | (77039106)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 74367645 | 121902818 | 72332238 | 121904967  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 9322906 | 8721031 | 13173181 | 15646572  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (76621436) | (67154908) | (119806772) | (118698874)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4334274) | 86952172 | (78396760) | 45760941 |

---

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Growth Equity Fund** | **Aristotle Growth Equity Fund** | **Aristotle High Yield Bond Fund**  | **Aristotle High Yield Bond Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(467498) | $(590167) | $6732690 | $6543698  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 25746380 | 38286260 | (601366) | (1457030)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13588215 | (12969071) | 176683 | (231548)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 38867097 | 24727022 | 6308007 | 4855120  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (545963) | (91865) | (395109) | (368106)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  |  | (24552) | (30325)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (40891870) | (24402852) | (5302665) | (5552867)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (46161) | (1543) | (1005674) | (637270)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (41483994) | (24496260) | (6728000) | (6588568)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1004944 | 1656172 | 2872819 | 1134216  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 545963 | 91865 | 383680 | 358118  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (789388) | (97343) | (2984329) | (1365214)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 139646 | 42395  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 24527 | 30286  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (233485) | (253060)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 54935298 | 75389976 | 26544567 | 48880165  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 40891869 | 24402852 | 5302600 | 5552793  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (108742431) | (146016541) | (42817863) | (22657829)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 649644 | 91477 | 16910127 | 10774787  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 46161 | 1543 | 993717 | 637270  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (126585) | (1240) | (9737646) | (6806613)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (11584525) | (44481239) | (2601640) | 36327314  |
| **Net increase (decrease) in net assets** | (14201422) | (44250477) | (3021633) | 34593866  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 233695319 | 277945796 | 113018110 | 78424244  |
| &nbsp;&nbsp;&nbsp; End of the year | $219493897 | $233695319 | $109996477 | $113018110  |

---

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Growth Equity Fund** | **Aristotle Growth Equity Fund** | **Aristotle High Yield Bond Fund**  | **Aristotle High Yield Bond Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 98299 | 167463 | 303850 | 120665  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 58267 | 9242 | 40888 | 38256  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (84897) | (10032) | (315732) | (145806)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C |  |  | 14959 | 4527  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C |  |  | 2620 | 3245  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C |  |  | (24915) | (27101)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 3845989 | 5253516 | 2854115 | 5286934  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 2798896 | 1572349 | 573951 | 601623  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (7305511) | (9600132) | (4668769) | (2446299)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 43636 | 5978 | 1812271 | 1137058  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 3157 | 99 | 105644 | 67940  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (8483) | (81) | (1030749) | (725158)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (550647) | (2601598) | (331867) | 3915884 |

---

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**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 Pacific** <br>**EXclusive** <br>**Fund Series H** | **Aristotle Pacific** <br>**EXclusive** <br>**Fund Series I**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9393229 | $8991996 | &nbsp;&nbsp; $240461 | &nbsp;&nbsp; $129897  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23721827 | 10956709 | &nbsp;&nbsp; (16106) | &nbsp;&nbsp; 1279  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 43224150 | 17377571 | &nbsp;&nbsp; (88912) | &nbsp;&nbsp; (6582)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 76339206 | 37326276 | &nbsp;&nbsp; 135443 | &nbsp;&nbsp; 124594  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (61866) | (28427) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class H |  |  | &nbsp;&nbsp; (241233) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (3386827) | (3337184) | &nbsp;&nbsp; — | &nbsp;&nbsp; (129916)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (13544873) | (5803479) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (16993566) | (9169090) | &nbsp;&nbsp; (241233) | &nbsp;&nbsp; (129916)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 489904 | 1422598 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 61867 | 28426 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (224527) | (71633) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 18585152 | 55460397 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 3386826 | 3337184 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (90327577) | (107011915) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 135298397 | 76149075 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 12862109 | 5420510 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (117267298) | (139595257) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Total Fund |  |  | &nbsp;&nbsp; 5126491 | &nbsp;&nbsp; 3455121  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Total Fund |  |  | &nbsp;&nbsp; 241405 | &nbsp;&nbsp; 129855  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Total Fund |  |  | &nbsp;&nbsp; (9991) | &nbsp;&nbsp; (28010)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (37135147) | (104860615) | &nbsp;&nbsp; 5357905 | &nbsp;&nbsp; 3556966  |
| **Net increase (decrease) in net assets** | 22210493 | (76703429) | &nbsp;&nbsp; 5252115 | &nbsp;&nbsp; 3551644  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 555189249 | 631892678 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $577399742 | $555189249 | &nbsp;&nbsp; $5252115 | &nbsp;&nbsp; $3551644  |

---

The accompanying notes are an integral part of these financial statements.

98<br>

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**[**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 Pacific** <br>**EXclusive** <br>**Fund Series H** | **Aristotle Pacific** <br>**EXclusive** <br>**Fund Series I**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>** | **Period Ended** <br>**March 31, 2026<sup>(a)</sup>**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 41134 | 133422 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 5104 | 2755 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (18767) | (6780) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 1510263 | 4950147 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 258683 | 300377 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (7076149) | (9386980) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 8463938 | 5464862 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 793587 | 394793 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (7347934) | (9788364) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Total Fund |  |  | &nbsp;&nbsp;&nbsp; 512613 | &nbsp;&nbsp;&nbsp; 345245  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Total Fund |  |  | &nbsp;&nbsp;&nbsp; 24180 | &nbsp;&nbsp;&nbsp; 12914  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Total Fund |  |  | &nbsp;&nbsp;&nbsp; (997) | &nbsp;&nbsp;&nbsp; (2796)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3370141) | (7935768) | &nbsp;&nbsp;&nbsp; 535796 | &nbsp;&nbsp;&nbsp; 355363 |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

The accompanying notes are an integral part of these financial statements.

99<br>

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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**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1928598 | $1885986 | $3999880 | $4481542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18668089 | 28054076 | 3180415 | 5532463  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 24701162 | (17193091) | 2327972 | (3421822)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 45297849 | 12746971 | 9508267 | 6592183  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (18893780) | (4976302) | (4106832) | (4674010)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (966781) | (440178) | (172032) | (488913)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (718561) | (206377) | (210358) | (189052)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (20579122) | (5622857) | (4489222) | (5351975)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 15131510 | 11543257 | 5796621 | 5232972  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 18805567 | 4946394 | 4070338 | 4631166  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (34985701) | (38234433) | (19802960) | (23646078)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 1717278 | 2038115 | 884886 | 499470  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 966733 | 439314 | 172043 | 486875  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (8240939) | (8622945) | (6404833) | (6028140)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 1287819 | 1112691 | 2245571 | 1534014  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 717755 | 202173 | 208100 | 186794  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (2529393) | (1657982) | (2250706) | (2103682)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (7129371) | (28233416) | (15080940) | (19206609)  |
| **Net increase (decrease) in net assets** | 17589356 | (21109302) | (10061895) | (17966401)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 254529693 | 275638995 | 127994789 | 145961190  |
| &nbsp;&nbsp;&nbsp; End of the year | $272119049 | $254529693 | $117932894 | $127994789  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1049582 | 858235 | 561032 | 522576  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 1261211 | 362905 | 392133 | 471606  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (2376721) | (2839178) | (1920449) | (2357195)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 127815 | 165830 | 88977 | 52019  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 71021 | 35089 | 17291 | 52072  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (638400) | (698204) | (657098) | (633099)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 84010 | 80926 | 215137 | 150804  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 47296 | 14587 | 19800 | 18792  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (175003) | (121470) | (216772) | (207209)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (549189) | (2141280) | (1499949) | (1929634) |

---

The accompanying notes are an integral part of these financial statements.

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio Optimization** <br>**Growth Fund** | **Aristotle Portfolio Optimization** <br>**Growth Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Conservative Fund**  | **Aristotle Portfolio Optimization** <br>**Moderate Conservative Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7651922 | $7738438 | $4797529 | $5449079  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 40191860 | 62428915 | 7015349 | 11281857  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 42899876 | (38412544) | 6652200 | (6666670)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 90743658 | 31754809 | 18465078 | 10064266  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (54400252) | (15160325) | (5282945) | (6462137)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (2121131) | (1243635) | (79397) | (402686)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (1263082) | (338629) | (105253) | (115715)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (57784465) | (16742589) | (5467595) | (6980538)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 35913711 | 24025676 | 7575161 | 7688324  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 53966663 | 15044255 | 5226124 | 6392042  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (91665516) | (100166586) | (29060485) | (36026538)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 2982168 | 3590010 | 494878 | 740452  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 2108742 | 1236976 | 79344 | 400376  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (22675739) | (20837057) | (5695460) | (6010708)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 6677844 | 3697500 | 1825370 | 1318463  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 1245722 | 335101 | 105125 | 115715  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (5633650) | (6236617) | (1856825) | (3015722)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (17080055) | (79310742) | (21306768) | (28397596)  |
| **Net increase (decrease) in net assets** | 15879138 | (64298522) | (8309285) | (25313868)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 600093310 | 664391832 | 187000820 | 212314688  |
| &nbsp;&nbsp;&nbsp; End of the year | $615972448 | $600093310 | $178691535 | $187000820  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 2764804 | 1939030 | 696395 | 739255  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 4065322 | 1204504 | 466202 | 618186  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (6879285) | (8038905) | (2629865) | (3431366)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 241525 | 308361 | 47088 | 73595  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 169493 | 105454 | 7388 | 40813  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (1890788) | (1786143) | (558573) | (606974)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 493313 | 294805 | 162903 | 124216  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 92178 | 26386 | 9230 | 11021  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (422059) | (495473) | (163411) | (282973)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1365497) | (6441981) | (1962643) | (2714227) |

---

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio Optimization** <br>**Moderate Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Fund** | **Aristotle Short Duration** <br>**Income Fund**  | **Aristotle Short Duration** <br>**Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $11400157 | $13655903 | $43556726 | $42424113  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 37865597 | 54820063 | 3013346 | (584288)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 31290651 | (33305636) | (4205070) | 8628566  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 80556405 | 35170330 | 42365002 | 50468391  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (44224129) | (18352441) | (3579283) | (4301378)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (1346704) | (1378269) | (738901) | (937739)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class H |  |  | (155) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  |  | (16111731) | (14665974)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (1590151) | (570951) | (23206425) | (22946477)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (47160984) | (20301661) | (43636495) | (42851568)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 28452245 | 21302705 | 16015818 | 18814447  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 43915763 | 18200107 | 3400169 | 3939313  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (102679074) | (123072757) | (26422896) | (27323840)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 3229523 | 3371779 | 6092298 | 6471213  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 1342792 | 1370788 | 718522 | 926540  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (24530092) | (21247244) | (9242703) | (11999251)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H |  |  | 12000 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H |  |  | 155 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H |  |  | (2002) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I |  |  | 173361118 | 129366290  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I |  |  | 16109950 | 14664427  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I |  |  | (124974762) | (221804142)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 11410129 | 10342230 | 256701921 | 212351003  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 1558034 | 558756 | 22216067 | 22174871  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (12916518) | (13980247) | (238352027) | (220064071)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (50217198) | (103153883) | 95633628 | (72483200)  |
| **Net increase (decrease) in net assets** | (16821777) | (88285214) | 94362135 | (64866377)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 657781286 | 746066500 | 905079417 | 969945794  |
| &nbsp;&nbsp;&nbsp; End of the year | $640959509 | $657781286 | $999441552 | $905079417  |

---

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio Optimization** <br>**Moderate Fund** | **Aristotle Portfolio Optimization** <br>**Moderate Fund** | **Aristotle Short Duration** <br>**Income Fund**  | **Aristotle Short Duration** <br>**Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 2381901 | 1846384 | 1559036 | 1843717  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 3536603 | 1568974 | 331158 | 386994  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (8366152) | (10587128) | (2572299) | (2677986)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 274220 | 305120 | 595713 | 636571  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 113239 | 124391 | 70175 | 91294  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (2174450) | (1937041) | (901682) | (1181067)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H |  |  | 1200 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H |  |  | 16 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H |  |  | (200) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I |  |  | 16928676 | 12689830  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I |  |  | 1570951 | 1442797  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I |  |  | (12192508) | (21875938)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 911518 | 868528 | 24964920 | 20799695  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 123742 | 47473 | 2162006 | 2177265  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (1044932) | (1177212) | (23162941) | (21577977)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4244311) | (8940511) | 9354221 | (7244805) |

---

The accompanying notes are an integral part of these financial statements.

103<br>

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**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $491295 | $535587 | $69247 | $45812  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16013867 | 5556985 | 3722732 | 4932048  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2009991) | (7102940) | (375150) | (4474437)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 14495171 | (1010368) | 3416829 | 503423  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (258095) | (50067) | (1942558) | (919404)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (32891) | (6618) | (203935) | (130885)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (5019) | (149) | (104764) | (52017)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (8445667) | (2043585) | (2036097) | (2294027)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class R6 | (9380) | (12116) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (8751052) | (2112535) | (4287354) | (3396333)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 1420369 | 1184754 | 723977 | 1455907  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 257727 | 50035 | 1937353 | 917049  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (462979) | (885330) | (1921941) | (4356218)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 108742 | 87161 | 143675 | 146723  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 32892 | 6618 | 203935 | 130653  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (128626) | (457092) | (499376) | (1623171)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 19928 | 44520 | 82038 | 131357  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 5018 | 149 | 104764 | 52017  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I |  |  | (225528) | (247424)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 6258223 | 14646336 | 851940 | 2383512  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 8188757 | 1993870 | 2010134 | 2232085  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (56773415) | (75675356) | (15209348) | (11884990)  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class R6 | 9380 | 12116 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 |  | (1096944) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (41063984) | (60089163) | (11798377) | (10662500)  |
| **Net increase (decrease) in net assets** | (35319865) | (63212066) | (12668902) | (13555410)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 149826774 | 213038840 | 34521593 | 48077003  |
| &nbsp;&nbsp;&nbsp; End of the year | $114506909 | $149826774 | $21852691 | $34521593  |

---

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 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 March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 98461 | 80288 | 112695 | 202659  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 18365 | 3251 | 335172 | 125420  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (32416) | (63048) | (302190) | (612155)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 8178 | 6166 | 24922 | 23494  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 2494 | 448 | 40706 | 20479  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (9707) | (33315) | (90230) | (258382)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 1386 | 3058 | 10447 | 15264  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 340 | 9 | 15315 | 6024  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I |  |  | (30108) | (28908)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 421900 | 960352 | 128003 | 326896  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 554172 | 123509 | 336701 | 296299  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (3789407) | (4808563) | (2200276) | (1635384)  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class R6 | 673 | 792 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 |  | (74040) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2725561) | (3801093) | (1618843) | (1518294) |

---

The accompanying notes are an integral part of these financial statements.

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**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Strategic Income Fund** | **Aristotle Strategic Income Fund** | **Aristotle Ultra Short Income Fund**  | **Aristotle Ultra Short Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $220394611 | $192104369 | $1425646 | $2188822  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (340801) | (15436364) | 94639 | 147512  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (989098) | (10163914) | (54631) | 45443  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 219064712 | 166504091 | 1465654 | 2381777  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (10550690) | (10094895) | (30883) | (26191)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (5206139) | (5239923) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class H | (204) |  | (140) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (33239010) | (27929482) | (248409) | (783954)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (171439612) | (149882433) | (1284702) | (1332269)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (220435655) | (193146733) | (1564134) | (2142414)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 52704802 | 97237549 | 730749 | 477808  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 9292930 | 8758006 | 30060 | 26162  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (64853667) | (56467843) | (686987) | (261909)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 30145941 | 43698132 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 4987306 | 4969848 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (28447762) | (23803047) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 12000 |  | 12000 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 204 |  | 138 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (2000) |  | (1998) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 271474141 | 296793283 | 2048189 | 4760751  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 32902799 | 27716002 | 244826 | 783954  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (209839801) | (126285028) | (15306935) | (4567380)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 1164686276 | 1420558836 | 28350553 | 13653404  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 147788103 | 130675488 | 1281073 | 1329683  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (983760125) | (678638203) | (21866201) | (16611861)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 427091147 | 1145213023 | (5164533) | (409388)  |
| **Net increase (decrease) in net assets** | 425720204 | 1118570381 | (5263013) | (170025)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 3791942005 | 2673371624 | 47710925 | 47880950  |
| &nbsp;&nbsp;&nbsp; End of the year | $4217662209 | $3791942005 | $42447912 | $47710925  |

---

The accompanying notes are an integral part of these financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Strategic Income Fund** | **Aristotle Strategic Income Fund** | **Aristotle Ultra Short Income Fund**  | **Aristotle Ultra Short Income Fund**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 4970716 | 9229283 | 72128 | 47265  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 878666 | 834173 | 2960 | 2591  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (6122688) | (5360882) | (67548) | (25917)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 2853671 | 4164406 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 473582 | 475228 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (2701319) | (2272575) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class H | 1199 |  | 1200 | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class H | 21 |  | 14 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class H | (199) |  | (200) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 25729319 | 28361968 | 204893 | 477587  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 3134439 | 2658143 | 24494 | 78708  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (19919496) | (12098925) | (1534170) | (457936)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 109955559 | 134788865 | 2835653 | 1369987  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 13965502 | 12441623 | 128104 | 133515  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (93112394) | (64447323) | (2190369) | (1668834)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 40106578 | 108773984 | (522841) | (43034) |

---

The accompanying notes are an integral part of these financial statements.

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**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle/Saul Global Equity Fund<sup>(a)</sup>**  | **Aristotle/Saul Global Equity Fund<sup>(a)</sup>**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $7128268 | $9135134 | $376209 | $616314  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 49529259 | 30745416 | 3384672 | 10255776  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (13925199) | (33154832) | 806029 | (11006039)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 42732328 | 6725718 | 4566910 | (133949)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (27119) | (8260) |  | (3053)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (64424) | (1956) |  | (3071)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | (53741336) | (21166499) | (3738521) | (10058163)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class R6 | (1249) | (366) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (53834128) | (21177081) | (3738521) | (10064287)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 206560 | 112794 | 436 | 938  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 27120 | 8260 |  | 3053  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (61780) | (886) | (12178) | (255)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 600218 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 64424 | 579 |  | 3071  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (182368) |  | (11537) | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 76766278 | 104311670 | 632941 | 1335711  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 51911804 | 20602741 | 3679256 | 9832863  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (211993968) | (244553137) | (7461917) | (31577677)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R6 | 12916936 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class R6 | 1249 | 366 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 | (104496) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (69848023) | (119517613) | (3172999) | (20402296)  |
| **Net increase (decrease) in net assets** | (80949823) | (133968976) | (2344610) | (30600532)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 562116132 | 696085108 | 31070164 | 61670696  |
| &nbsp;&nbsp;&nbsp; End of the year | $481166309 | $562116132 | $28725554 | $31070164  |

---

The accompanying notes are an integral part of these financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Value Equity Fund** | **Aristotle Value Equity Fund** | **Aristotle/Saul Global Equity Fund<sup>(a)</sup>**  | **Aristotle/Saul Global Equity Fund<sup>(a)</sup>**  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 20657 | 10370 | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 68  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 2665 | 784 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 262  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (5794) | (86) | &nbsp;&nbsp; (1021) | &nbsp;&nbsp;&nbsp;&nbsp;(19)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 55206 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 6459 | 56 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 263  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (17735) |  | &nbsp;&nbsp;&nbsp;&nbsp;(963) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | 3507147 | 4772272 | &nbsp;&nbsp; 52361 | &nbsp;&nbsp;&nbsp; 97703  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I-2 | 2435837 | 935369 | &nbsp;&nbsp; 317037 | &nbsp;&nbsp;&nbsp; 842857  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | (9690446) | (11177791) | &nbsp;&nbsp; (636806) | &nbsp;&nbsp;&nbsp; (2136010)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R6 | 585372 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class R6 | 59 | 17 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 | (5055) |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3105628) | (5459009) | &nbsp;&nbsp; (269353) | &nbsp;&nbsp;&nbsp; (1194876) |

---

<sup>(a)</sup> Classes A and I of Aristotle/Saul Global Equity Fund ceased operations on June 30, 2025.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE CORE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS H** 

---

| | |
|:---|:---|
|  | **December 5,** <br>**2025<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2026**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.12)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.13)  |
| **Total distributions** | &nbsp;&nbsp; (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.89  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 0.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.48%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.48%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.44%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 142% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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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**ARISTOTLE CORE BOND 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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.71 | $8.59 | $8.59 | $9.17 | $9.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.39 | 0.30 | 0.27 | 0.20 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.01 | 0.12 | (0.00)<sup>(c)</sup> | (0.58) | (0.52)  |
| **Total from investment operations** | 0.40 | 0.42 | 0.27 | (0.38) | (0.42)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.38) | (0.30) | (0.27) | (0.20) | (0.11)  |
| **Total distributions** | (0.38) | (0.30) | (0.27) | (0.20) | (0.11)  |
| **Net asset value, end of year** | $8.73 | $8.71 | $8.59 | $8.59 | $9.17  |
| Total return<sup>(d)</sup> | 4.63% | 4.94% | 3.23% | -4.12% | -4.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $257302 | $26482 | $17838 | $15172 | $14534  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.47% | 0.48% | 0.50% | 0.88% | 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.47%<sup>(e)</sup> | 0.48% | 0.48% | 0.48% | 0.48%  |
|  Ratio of net investment income (loss) to average net assets | 4.43% | 3.45% | 3.22% | 2.30% | 1.06%  |
| Portfolio turnover rate | 142% | 76% | 32% | 42% | 51% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 December 29, 2025, the total limit on annual operation expenses was reduced from 0.48% to 0.44%.

<sup>(f)</sup> For period 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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**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,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.71 | $8.59 | $8.59 | $9.17 | $9.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.38 | 0.30 | 0.27 | 0.20 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> |  | 0.12 | (0.00)<sup>(c)</sup> | (0.58) | (0.52)  |
| **Total from investment operations** | 0.38 | 0.42 | 0.27 | (0.38) | (0.42)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.38) | (0.30) | (0.27) | (0.20) | (0.11)  |
| **Total distributions** | (0.38) | (0.30) | (0.27) | (0.20) | (0.11)  |
| **Net asset value, end of year** | $8.71 | $8.71 | $8.59 | $8.59 | $9.17  |
| Total return | 4.39% | 4.93% | 3.23% | -4.12% | -4.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $12733 | $12641 | $11506 | $11144 | $11626  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.48% | 0.48% | 0.50% | 0.88% | 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.48% | 0.48% | 0.48% | 0.48% | 0.48%  |
|  Ratio of net investment income (loss) to average net assets | 4.36% | 3.46% | 3.21% | 2.30% | 1.06%  |
| Portfolio turnover rate | 142% | 76% | 32% | 42% | 51% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<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> For period 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.

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **October 25,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **October 25,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.33 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | 0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 2.68 | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.39  |
| **Total from investment operations** | 2.67 | 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)  |
| Net realized gains | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.33  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 20.17% | &nbsp;&nbsp; 5.82% | &nbsp;&nbsp;&nbsp; 11.83% | &nbsp;&nbsp;&nbsp; 14.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $1929 | &nbsp;&nbsp; $1002 | &nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp; $47  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.90%<sup>(h)</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.91%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; (0.07)% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; 0.70%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 16% | &nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 18% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

The accompanying notes are an integral part of these financial statements.

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $13.41 | $12.95 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $10.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.03 | 0.03 | 0.01 | 0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.75 | 0.78 | 1.36 | 1.48  |
| **Total from investment operations** | 2.78 | 0.81 | 1.37 | 1.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.04) | (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)  |
| Net realized gains | (0.68) | (0.30) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Total distributions** | (0.72) | (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | $15.47 | $13.41 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $11.58  |
| Total return<sup>(d)(e)</sup> | 20.53% | 6.03% | &nbsp;&nbsp; 11.83% | &nbsp;&nbsp; 14.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | $320454 | $299890 | &nbsp;&nbsp; $226581 | &nbsp;&nbsp; $221283  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.65% | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.65%<sup>(g)</sup> | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.17% | 0.25% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.85%  |
| Portfolio turnover rate<sup>(d)</sup> | 16% | 26% | &nbsp;&nbsp; 3% | &nbsp;&nbsp; 18% |

---

<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 average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

The accompanying notes are an integral part of these financial statements.

114<br>

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**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | $23.98 | $23.10 | &nbsp;&nbsp; $20.64 | $16.89 | $21.87 | $17.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.05 | 0.06 | 0.02 | 0.11 | 0.09 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.91 | 1.38 | 2.44 | 3.80 | (4.93) | 4.28  |
| **Total from investment operations** | 4.96 | 1.44 | 2.46 | 3.91 | (4.84) | 4.35  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.02) | (0.03) | &nbsp;&nbsp; — | (0.16) | (0.08) | (0.06)  |
| Net realized gains | (1.22) | (0.53) | &nbsp;&nbsp; — |  | (0.06) | 0.28  |
| **Total distributions** | (1.24) | (0.56) | &nbsp;&nbsp; — | (0.16) | (0.14) | (0.34)  |
| Redemption fee per share |  |  | &nbsp;&nbsp; — | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup>  |
| **Net asset value, end of year** | $27.70 | $23.98 | &nbsp;&nbsp; $23.10 | $20.64 | $16.89 | $21.87  |
| Total return<sup>(e)(f)</sup> | 20.47% | 6.02% | &nbsp;&nbsp; 11.92% | 23.21% | -22.15% | 24.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of year (in thousands) | $196069 | $190759 | &nbsp;&nbsp; $185090 | $175473 | $167455 | $178513  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(g)</sup> | 0.65% | 0.65% | &nbsp;&nbsp; 0.65% | 0.76% | 0.79% | 0.79%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(g)</sup> | 0.65%<sup>(h)</sup> | 0.65% | &nbsp;&nbsp; 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.17% | 0.23% | &nbsp;&nbsp; 0.32% | 0.62% | 0.51% | 0.33%  |
| Portfolio turnover rate<sup>(e)</sup> | 16% | 26% | &nbsp;&nbsp; 3% | 18% | 18% | 8% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

The accompanying notes are an integral part of these financial statements.

115<br>

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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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.44 | 0.42 | 0.31 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | (0.01) | (0.06) | (0.72) | (0.52)  |
| **Total from investment operations** | 0.41 | 0.43 | 0.36 | (0.41) | (0.32)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.44) | (0.40) | (0.32) | (0.21)  |
| Net realized gains |  |  |  |  | (0.24)  |
| **Total distributions** | (0.43) | (0.44) | (0.40) | (0.32) | (0.45)  |
| **Net asset value, end of year** | $9.61 | $9.63 | $9.64 | $9.68 | $10.41  |
| Total return<sup>(c)</sup> | 4.26% | 4.59% | 3.87% | -3.90% | -3.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $134673 | $124241 | $105474 | $99406 | $127727  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.85% | 0.85% | 0.86% | 0.97% | 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%  |
|  Ratio of net investment income (loss) to average net assets | 4.36% | 4.57% | 4.40% | 3.25% | 1.83%  |
| Portfolio turnover rate | 76% | 73% | 37% | 118% | 82% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> For period 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.

116<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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.35 | 0.37 | 0.35 | 0.24 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.03) | (0.01) | (0.05) | (0.73) | (0.53)  |
| **Total from investment operations** | 0.32 | 0.36 | 0.30 | (0.49) | (0.41)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.35) | (0.37) | (0.34) | (0.24) | (0.12)  |
| Net realized gains |  |  |  |  | (0.24)  |
| **Total distributions** | (0.35) | (0.37) | 9.64 | 9.68 | 10.41  |
| **Net asset value, end of year** | $9.60 | $9.63 | $9.64 | $9.68 | $10.41  |
| Total return<sup>(c)</sup> | 3.37% | 3.83% | 3.19% | -4.63% | -3.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $51474 | $51101 | $33140 | $23038 | $35731  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.60% | 1.60% | 1.61% | 1.72% | 1.72%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.60% | 1.60% | 1.60% | 1.60% | 1.60%  |
|  Ratio of net investment income (loss) to average net assets | 3.61% | 3.83% | 3.66% | 2.50% | 1.08%  |
| Portfolio turnover rate | 76% | 73% | 37% | 118% | 82% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> For period 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.

117<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS H** 

---

| | |
|:---|:---|
|  | **December 5,** <br>**2025<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2026**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.17)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.02)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.16)  |
| **Total distributions** | &nbsp;&nbsp; (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.82  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; -0.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.46%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.71%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 76% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

118<br>

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**[**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,** |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.64 | $9.65 | $9.69 | $10.42 | $11.19  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.46 | 0.48 | 0.45 | 0.34 | 0.24  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.01) | (0.01) | (0.06) | (0.72) | (0.53)  |
| **Total from investment operations** | 0.45 | 0.47 | 0.39 | (0.38) | (0.29)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.47) | (0.48) | (0.43) | (0.35) | (0.24)  |
| Net realized gains |  |  |  |  | (0.24)  |
| **Total distributions** | (0.47) | (0.48) | (0.43) | (0.35) | (0.48)  |
| **Net asset value, end of year** | $9.62 | $9.64 | $9.65 | $9.69 | $10.42  |
| Total return<sup>(d)</sup> | 4.67% | 5.00% | 4.15% | -3.60% | -2.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $697932 | $820917 | $632073 | $116338 | $118420  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.56% | 0.72% | 0.72%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45% | 0.45% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets | 4.76% | 4.98% | 4.73% | 3.55% | 2.13%  |
| Portfolio turnover rate | 76% | 73% | 37% | 118% | 82% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

119<br>

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**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,** |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.66 | $9.67 | $9.70 | $10.43 | $11.21  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.45 | 0.47 | 0.45 | 0.34 | 0.24  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.01) | (0.01) | (0.05) | (0.72) | (0.54)  |
| **Total from investment operations** | 0.44 | 0.46 | 0.40 | (0.38) | (0.30)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.47) | (0.43) | (0.35) | (0.24)  |
| Net realized gains |  |  |  |  | (0.24)  |
| **Total distributions** | (0.46) | (0.47) | (0.43) | (0.35) | (0.48)  |
| **Net asset value, end of year** | $9.64 | $9.66 | $9.67 | $9.70 | $10.43  |
| Total return<sup>(d)</sup> | 4.56% | 4.89% | 4.27% | -3.60% | -2.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $2228793 | $2165870 | $1554233 | $600431 | $625283  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.55% | 0.55% | 0.56% | 0.72% | 0.72%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets | 4.66% | 4.88% | 4.75% | 3.55% | 2.13%  |
| Portfolio turnover rate | 76% | 73% | 37% | 118% | 82% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

120<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.35 | $9.56 | $9.28 | $9.66 | $9.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.64 | 0.73 | 0.83 | 0.59 | 0.35  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.16) | (0.21) | 0.28 | (0.38) | (0.06)  |
| **Total from investment operations** | 0.48 | 0.52 | 1.11 | 0.21 | 0.29  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.64) | (0.73) | (0.83) | (0.59) | (0.35)  |
| **Total distributions** | (0.64) | (0.73) | (0.83) | (0.59) | (0.35)  |
| **Net asset value, end of year** | $9.19 | $9.35 | $9.56 | $9.28 | $9.66  |
| Total return<sup>(c)</sup> | 5.25% | 5.57% | 12.50% | 2.50% | 2.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $225450 | $269790 | $265404 | $265188 | $280827  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | 1.03% | 1.02% | 1.04% | 1.13% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | 1.03% | 1.02% | 1.03% | 0.98% | 1.00%  |
|  Ratio of line of credit commitment expense to average net assets<sup>(d)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding line of credit commitment expense<sup>(d)</sup> | 1.01% | 1.00% | 1.01% | 0.96% | 1.00%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 6.81% | 7.66% | 8.84% | 6.35% | 3.56%  |
| Portfolio turnover rate | 170% | 122% | 130% | 66% | 90% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<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 Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

121<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.34 | $9.55 | $9.27 | $9.64 | $9.71  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.57 | 0.65 | 0.76 | 0.52 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.16) | (0.20) | 0.28 | (0.37) | (0.07)  |
| **Total from investment operations** | 0.41 | 0.45 | 1.04 | 0.15 | 0.21  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.57) | (0.65) | (0.76) | (0.52) | (0.28)  |
| **Total distributions** | (0.57) | (0.65) | (0.76) | (0.52) | (0.28)  |
| **Net asset value, end of year** | $9.18 | $9.34 | $9.55 | $9.27 | $9.64  |
| Total return | 4.47% | 4.78% | 11.67% | 1.75% | 2.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $100307 | $123841 | $117483 | $109877 | $109161  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | 1.78% | 1.77% | 1.79% | 1.88% | 1.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | 1.78% | 1.77% | 1.78% | 1.71% | 1.70%  |
|  Ratio of line of credit commitment expense to average net assets<sup>(d)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding line of credit commitment expense<sup>(d)</sup> | 1.76% | 1.75% | 1.76% | 1.69% | 1.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 6.06% | 6.91% | 8.09% | 5.61% | 2.86%  |
| Portfolio turnover rate | 170% | 122% | 130% | 66% | 90% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<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 Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

122<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.36 | $9.57 | $9.29 | $9.67 | $9.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.67 | 0.76 | 0.86 | 0.62 | 0.38  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.16) | (0.20) | 0.29 | (0.38) | (0.06)  |
| **Total from investment operations** | 0.51 | 0.56 | 1.15 | 0.24 | 0.32  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.67) | (0.77) | (0.87) | (0.62) | (0.38)  |
| **Total distributions** | (0.67) | (0.77) | (0.87) | (0.62) | (0.38)  |
| **Net asset value, end of year** | $9.20 | $9.36 | $9.57 | $9.29 | $9.67  |
| Total return<sup>(d)</sup> | 5.60% | 5.91% | 12.88% | 2.69% | 3.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of year (in thousands) | $1462208 | $1837802 | $1641206 | $1486461 | $1838625  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | 0.70% | 0.69% | 0.71% | 0.88% | 0.88%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> | 0.70% | 0.69% | 0.70% | 0.68% | 0.70%  |
|  Ratio of line of credit commitment expense to average net assets<sup>(e)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding line of credit commitment expense<sup>(c)</sup> | 0.68% | 0.67% | 0.68% | 0.66% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 7.14% | 7.97% | 9.15% | 6.65% | 3.86%  |
| Portfolio turnover rate | 170% | 122% | 130% | 66% | 90% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<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 Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

123<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.38 | $9.59 | $9.31 | $9.69 | $9.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.66 | 0.75 | 0.86 | 0.61 | 0.37  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.14) | (0.20) | 0.28 | (0.37) | (0.06)  |
| **Total from investment operations** | 0.52 | 0.55 | 1.14 | 0.24 | 0.31  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.67) | (0.76) | (0.86) | (0.62) | (0.37)  |
| **Total distributions** | (0.67) | (0.76) | (0.86) | (0.62) | (0.37)  |
| **Net asset value, end of year** | $9.23 | $9.38 | $9.59 | $9.31 | $9.69  |
| Total return<sup>(d)</sup> | 5.64% | 5.83% | 12.76% | 2.66% | 3.25%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of year (in thousands) | $1701706 | $2052844 | $1918057 | $1840333 | $1778969  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(c)</sup> | 0.78% | 0.77% | 0.79% | 0.88% | 0.88%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(c)</sup> | 0.78% | 0.77% | 0.78% | 0.73% | 0.75%  |
|  Ratio of line of credit commitment expense to average net assets<sup>(c)</sup> | 0.02% | 0.02% | 0.02% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding line of credit commitment expense<sup>(c)</sup> | 0.76% | 0.75% | 0.76% | 0.71% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(c)</sup> | 7.05% | 7.90% | 9.07% | 6.60% | 3.81%  |
| Portfolio turnover rate | 170% | 122% | 130% | 66% | 90% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<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 Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

124<br>

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**ARISTOTLE GROWTH EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **November 29,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
|  | **2026** | **2025**  | **November 29,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.01 | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.14  |
| **Total from investment operations** | 1.96 | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.13  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| Net realized gains | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (2.06)  |
| **Total distributions** | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (2.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp; $9.01  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 19.94% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp;&nbsp; 14.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $2269 | &nbsp;&nbsp; $1713 | &nbsp;&nbsp;&nbsp; $261  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp; (0.37)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 84% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

125<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $13.63 | $14.04 | $12.36 | $29.12 | $30.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | (0.03) | (0.03) | (0.01) | 0.01 | (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.12 | 0.91 | 3.76 | (4.62) | 3.07  |
| **Total from investment operations** | 3.09 | 0.88 | 3.75 | (4.61) | 2.97  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income |  |  | (0.01) |  | —  |
| Net realized gains | (3.47) | (1.29) | (2.06) | (12.15) | (4.39)  |
| **Total distributions** | (3.47) | (1.29) | (2.07) | (12.15) | (4.39)  |
| **Net asset value, end of year** | $13.25 | $13.63 | $14.04 | $12.36 | $29.12  |
| Total return<sup>(d)</sup> | 20.31% | 5.15% | 32.55% | -13.10% | 7.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $216627 | $231890 | $277674 | $146168 | $158592  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.71% | 0.86% | 0.77%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.70% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets | (0.21)% | (0.20)% | (0.05)% | 0.03% | (0.30)%  |
| Portfolio turnover rate | 39% | 35% | 84% | 78% | 10% |

---

<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 average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

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**ARISTOTLE GROWTH EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **January 16,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
|  | **2026** | **2025**  | **January 16,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $12.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 3.11 | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **Total from investment operations** | 3.09 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net realized gains | &nbsp;&nbsp; (3.47) | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (3.47) | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $14.04  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 20.30% | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp; 9.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $598 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 39% | &nbsp;&nbsp; 35% | &nbsp;&nbsp; 84% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

127<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.23 | $9.36 | $9.03 | $9.85 | $10.34  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.59 | 0.61 | 0.59 | 0.49 | 0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.02) | (0.14) | 0.32 | (0.81) | (0.50)  |
| **Total from investment operations** | 0.57 | 0.47 | 0.91 | (0.32) | (0.03)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.58) | (0.60) | (0.58) | (0.50) | (0.46)  |
| **Total distributions** | (0.58) | (0.60) | (0.58) | (0.50) | (0.46)  |
| **Net asset value, end of year** | $9.22 | $9.23 | $9.36 | $9.03 | $9.85  |
| Total return<sup>(c)</sup> | 6.28% | 5.14% | 10.45% | -3.09% | -0.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $6268 | $6006 | $5964 | $6141 | $6816  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.95% | 0.95% | 0.97% | 1.16% | 1.12%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
| Ratio of net investment income (loss) to average net assets | 6.31% | 6.47% | 6.47% | 5.37% | 4.53%  |
| Portfolio turnover rate | 72% | 62% | 74% | 35% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

128<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.21 | $9.34 | $9.02 | $9.83 | $10.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.52 | 0.54 | 0.52 | 0.42 | 0.40  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | (0.14) | 0.32 | (0.80) | (0.51)  |
| **Total from investment operations** | 0.51 | 0.40 | 0.84 | (0.38) | (0.11)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.51) | (0.53) | (0.52) | (0.43) | (0.39)  |
| **Total distributions** | (0.51) | (0.53) | (0.52) | (0.43) | (0.39)  |
| **Net asset value, end of year** | $9.21 | $9.21 | $9.34 | $9.02 | $9.83  |
| Total return<sup>(c)</sup> | 5.61% | 4.35% | 9.57% | -3.81% | -1.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $405 | $473 | $660 | $903 | $1291  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.70% | 1.70% | 1.72% | 1.91% | 1.87%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.70% | 1.70% | 1.70% | 1.68% | 1.65%  |
| Ratio of net investment income (loss) to average net assets | 5.57% | 5.72% | 5.69% | 4.64% | 3.83%  |
| Portfolio turnover rate | 72% | 62% | 74% | 35% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

129<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.10 | $9.23 | $8.91 | $9.74 | $10.24  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.62 | 0.64 | 0.61 | 0.50 | 0.49  |
| Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.02) | (0.13) | 0.31 | (0.80) | (0.50)  |
| **Total from investment operations** | 0.60 | 0.51 | 0.92 | (0.30) | (0.01)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.62) | (0.64) | (0.60) | (0.53) | (0.49)  |
| **Total distributions** | (0.62) | (0.64) | (0.60) | (0.53) | (0.49)  |
| **Net asset value, end of year** | $9.08 | $9.10 | $9.23 | $8.91 | $9.74  |
| Total return<sup>(d)</sup> | 6.69% | 5.64% | 10.78% | -2.91% | -0.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $79715 | $91129 | $60689 | $1694 | $86  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.55% | 0.55% | 0.66% | 0.92% | 0.87%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.55% | 0.55% | 0.65% | 0.65% | 0.69%  |
| Ratio of net investment income (loss) to average net assets | 6.73% | 6.89% | 6.78% | 5.67% | 4.79%  |
| Portfolio turnover rate | 72% | 62% | 74% | 35% | 40% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

130<br>

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**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,** |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.26 | $9.38 | $9.05 | $9.87 | $10.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.62 | 0.64 | 0.62 | 0.51 | 0.50  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.02) | (0.13) | 0.31 | (0.81) | (0.50)  |
| **Total from investment operations** | 0.60 | 0.51 | 0.93 | (0.30) | 0.00<sup>(d)</sup>  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.61) | (0.63) | (0.60) | (0.52) | (0.49)  |
| **Total distributions** | (0.61) | (0.63) | (0.60) | (0.52) | (0.49)  |
| **Net asset value, end of year** | $9.25 | $9.26 | $9.38 | $9.05 | $9.87  |
| Total return<sup>(e)</sup> | 6.58% | 5.55% | 10.67% | -2.84% | -0.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $23609 | $15411 | $11112 | $8707 | $6741  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.65% | 0.66% | 0.72% | 0.91% | 0.87%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.65% | 0.65% | 0.70% | 0.70% | 0.70%  |
| Ratio of net investment income (loss) to average net assets | 6.62% | 6.77% | 6.74% | 5.62% | 4.78%  |
| Portfolio turnover rate | 72% | 62% | 74% | 35% | 40% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<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> 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.

131<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 28,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 28,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.15 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; —  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.34 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | 1.49 | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; —  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $11.72 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp; $10.00  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; —%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $1851 | &nbsp;&nbsp; $1390 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $1  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.04%<sup>(g)</sup> | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.04%  |
| Ratio of interest expense to average net assets<sup>(f)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of tax reclaim service fees to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding interest and tax reclaim service fees<sup>(f)</sup> | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.39%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 16% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> If securities litigation service fees and tax reclaim service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<sup>(h)</sup> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

132<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $11.48 | $11.07 | &nbsp;&nbsp; $10.71 | $9.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.23 | 0.17 | 0.02 | 0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.40 | 0.45 | 0.34 | 1.33  |
| **Total from investment operations** | 1.63 | 0.62 | 0.36 | 1.34  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.27) | (0.21) | &nbsp;&nbsp; — | (0.02)  |
| Net realized gains | (0.17) |  | &nbsp;&nbsp; — | —  |
| **Total distributions** | (0.44) | (0.21) | &nbsp;&nbsp; — | (0.02)  |
| **Net asset value, end of period** | $12.67 | $11.48 | &nbsp;&nbsp; $11.07 | $10.71  |
| Total return<sup>(d)(e)</sup> | 14.13% | 5.69% | &nbsp;&nbsp; 3.36% | 14.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $95589 | $147543 | &nbsp;&nbsp; $188136 | $199073  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.79% | 0.79% | &nbsp;&nbsp; 0.78% | 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.79%<sup>(g)</sup> | 0.78% | &nbsp;&nbsp; 0.78% | 0.79%  |
| Ratio of interest expense to average net assets<sup>(f)</sup> | —% | 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —% | —%  |
| &nbsp;&nbsp;&nbsp; Ratio of tax reclaim service fees to average net <br>assets<sup>(f)</sup> | 0.01% | —% | &nbsp;&nbsp; —% | —%  |
|  Ratio of operational expenses to average net assets excluding interest and tax reclaim service fees<sup>(f)</sup> | 0.78% | 0.78% | &nbsp;&nbsp; 0.78% | 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.84% | 1.47% | &nbsp;&nbsp; 0.69% | 0.64%  |
| Portfolio turnover rate<sup>(d)</sup> | 17% | 12% | &nbsp;&nbsp; 3% | 16% |

---

<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 average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> If securities litigation service fees and tax reclaim service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<sup>(h)</sup> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | $14.19 | $13.63 | &nbsp;&nbsp;&nbsp; $13.17 | $11.38 | $14.56 | $12.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.25 | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.17 | 0.15 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.77 | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 1.83 | (3.19) | 1.88  |
| **Total from investment operations** | 2.02 | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 2.00 | (3.04) | 2.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.27) | (0.20) | &nbsp;&nbsp;&nbsp; — | (0.21) | (0.14) | (0.11)  |
| Net realized gains | (0.22) |  | &nbsp;&nbsp;&nbsp; — |  |  | (0.14)  |
| **Total distributions** | (0.49) | (0.20) | &nbsp;&nbsp;&nbsp; — | (0.21) | (0.14) | (0.25)  |
| Redemption fee per share |  |  | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup>  |
| **Net asset value, end of year** | $15.72 | $14.19 | &nbsp;&nbsp;&nbsp; $13.63 | $13.17 | $11.38 | $14.56  |
| Total return<sup>(e)(f)</sup> | 14.15% | 5.65% | &nbsp;&nbsp;&nbsp; 3.49% | 17.73% | -20.91% | 15.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $479960 | $406256 | &nbsp;&nbsp;&nbsp; $443745 | $420596 | $378577 | $391477  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | 0.79% | 0.79% | &nbsp;&nbsp;&nbsp; 0.78% | 0.90% | 0.94% | 0.93%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | 0.79%<sup>(h)</sup> | 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | 0.80% | 0.80% | 0.80%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | —% | 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | —% | —% | —%  |
|  Ratio of tax reclaim service fees to average net assets<sup>(g)</sup> | 0.01% | —% | &nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(i)</sup> | —% | —%  |
| &nbsp;&nbsp;&nbsp; Ratio of operational reclaim service fees to average net assets excluding interest and tax reclaim <br>service fees<sup>(g)</sup> | 0.78% | 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 1.59% | 1.45% | &nbsp;&nbsp;&nbsp; 0.72% | 1.37% | 1.26% | 0.91%  |
| Portfolio turnover rate<sup>(e)</sup> | 17% | 12% | &nbsp;&nbsp;&nbsp; 3% | 16% | 18% | 10% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If securities litigation service fees and tax reclaim service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<sup>(i)</sup> Amount represents less than 0.005%.

<sup>(j)</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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**ARISTOTLE PACIFIC EXCLUSIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERIES H** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.21)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.46)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.46)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.80  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 2.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $5252  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.03%<sup>(h)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 6.04%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If bank loan transacation costs had been excluded, the expense ratio would have been lowered by 0.03%. 

The accompanying notes are an integral part of these financial statements.

135<br>

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**ARISTOTLE PACIFIC EXCLUSIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**SERIES I** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.39)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.99  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 3.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3552  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.03%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.00%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 5.03%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 44% |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $13.18 | $12.86 | $10.95 | $16.37 | $17.62  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.10 | 0.25 | 0.06 | 0.02  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.32 | 0.51 | 1.87 | (1.74) | 0.63  |
| **Total from investment operations** | 2.43 | 0.61 | 2.12 | (1.68) | 0.65  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.21) | (0.29) | (0.06) |  | (0.52)  |
| Net realized gains | (0.93) |  | (0.15) | (3.74) | (1.38)  |
| **Total distributions** | (1.14) | 13.18 | (0.21) | (3.74) | (1.90)  |
| **Net asset value, end of year** | $14.47 | $13.18 | $12.86 | $10.95 | $16.37  |
| Total return<sup>(c)</sup> | 18.27% | 4.66% | 19.48% | -9.53% | 2.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $247833 | $226575 | $241995 | $230188 | $270691  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.66% | 0.65%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 0.74% | 0.75% | 2.20% | 0.46% | 0.12%  |
| Portfolio turnover rate | 33% | 69% | 121% | 29% | 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $12.08 | $11.87 | $10.18 | $15.62 | $16.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.01) | (0.00)<sup>(b)</sup> | 0.16 | (0.04) | (0.11)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 2.12 | 0.47 | 1.71 | (1.66) | 0.60  |
| **Total from investment operations** | 2.11 | 0.47 | 1.87 | (1.70) | 0.49  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.02) | (0.26) | (0.03) |  | (0.41)  |
| Net realized gains | (0.85) |  | (0.15) | (3.74) | (1.38)  |
| **Total distributions** | (0.87) | (0.26) | (0.18) | (3.74) | (1.79)  |
| **Net asset value, end of year** | $13.32 | $12.08 | $11.87 | $10.18 | $15.62  |
| Total return<sup>(d)</sup> | 17.32% | 3.89% | 18.54% | -10.16% | 2.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $15160 | $19049 | $24630 | $26893 | $35333  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.45% | 0.15% | 1.45% | 1.41% | 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.45%<sup>(f)</sup> | 1.45% | 1.45% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | (0.06)% | (0.01)% | 1.51% | (0.29)% | (0.63)%  |
| Portfolio turnover rate | 33% | 69% | 121% | 29% | 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $13.40 | $13.06 | $11.09 | $16.48 | $17.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.15 | 0.14 | 0.30 | 0.09 | 0.07  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 2.37 | 0.50 | 1.88 | (1.74) | 0.62  |
| **Total from investment operations** | 2.52 | 0.64 | 2.18 | (1.65) | 0.69  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.27) | (0.30) | (0.06) |  | (0.55)  |
| Net realized gains | (0.95) |  | (0.15) | (3.74) | (1.38)  |
| **Total distributions** | (1.22) | (0.30) | (0.21) | (3.74) | (1.93)  |
| **Net asset value, end of year** | $14.70 | $13.40 | $13.06 | $11.09 | $16.48  |
| Total return<sup>(d)</sup> | 18.60% | 4.81% | 19.84% | -9.25% | 3.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $9126 | $8906 | $9014 | $9333 | $10940  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.45% | 0.41% | 0.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45% | 0.45% | 0.45% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.98% | 1.02% | 2.52% | 0.71% | 0.37%  |
| Portfolio turnover rate | 33% | 69% | 121% | 29% | 15% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.89 | $9.82 | $9.40 | $10.77 | $11.46  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.34 | 0.33 | 0.34 | 0.27 | 0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.45 | 0.16 | 0.41 | (1.00) | (0.39)  |
| **Total from investment operations** | 0.79 | 0.49 | 0.75 | (0.73) | (0.21)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.40) | (0.42) | (0.33) | (0.02) | (0.28)  |
| Net realized gains |  |  |  | (0.62) | (0.20)  |
| **Total distributions** | (0.40) | (0.42) | (0.33) | (0.64) | (0.48)  |
| **Net asset value, end of year** | $10.28 | $9.89 | $9.82 | $9.40 | $10.77  |
| Total return | 7.92% | 4.98% | 8.01% | -6.71% | -2.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $106773 | $112305 | $124966 | $139384 | $174061  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.71% | 0.68% | 0.67%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70%<sup>(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 3.26% | 3.33% | 3.52% | 2.74% | 1.53%  |
| Portfolio turnover rate | 56% | 53% | 127% | 28% | 20% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

140<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.39 | $9.39 | $9.05 | $10.44 | $11.14  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.24 | 0.25 | 0.26 | 0.19 | 0.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.43 | 0.14 | 0.38 | (0.96) | (0.38)  |
| **Total from investment operations** | 0.67 | 0.39 | 0.64 | (0.77) | (0.29)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.23) | (0.39) | (0.30) |  | (0.21)  |
| Net realized gains |  |  |  | (0.62) | (0.20)  |
| **Total distributions** | (0.23) | (0.39) | (0.30) | (0.62) | (0.41)  |
| **Net asset value, end of year** | $9.83 | $9.39 | $9.39 | $9.05 | $10.44  |
| Total return<sup>(c)</sup> | 7.12% | 4.15% | 7.12% | -7.34% | -2.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $6271 | $11166 | $16138 | $24031 | $37841  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.45% | 1.45% | 1.46% | 1.43% | 1.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.45%<sup>(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 2.50% | 2.58% | 2.79% | 1.99% | 0.78%  |
| Portfolio turnover rate | 56% | 53% | 127% | 28% | 20% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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.

141<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.02 | $9.93 | $9.48 | $10.84 | $11.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.37 | 0.36 | 0.36 | 0.29 | 0.21  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.44 | 0.15 | 0.42 | (1.00) | (0.39)  |
| **Total from investment operations** | 0.81 | 0.51 | 0.78 | (0.71) | (0.18)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.42) | (0.33) | (0.03) | (0.30)  |
| Net realized gains |  |  |  | (0.62) | (0.20)  |
| **Total distributions** | (0.43) | (0.42) | (0.33) | (0.65) | (0.50)  |
| **Net asset value, end of year** | $10.40 | $10.02 | $9.93 | $9.48 | $10.84  |
| Total return<sup>(d)</sup> | 8.05% | 5.20% | 8.33% | -6.50% | -1.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $4888 | $4524 | $4857 | $6871 | $13647  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.46% | 0.43% | 0.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45%<sup>(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets | 3.54% | 3.59% | 3.77% | 2.99% | 1.78%  |
| Portfolio turnover rate | 56% | 53% | 127% | 28% | 20% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

142<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $12.18 | $11.94 | $10.36 | $14.33 | $15.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | 0.15 | 0.29 | 0.11 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.75 | 0.42 | 1.44 | (1.47) | 0.39  |
| **Total from investment operations** | 1.91 | 0.57 | 1.73 | (1.36) | 0.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.31) | (0.33) | (0.11) |  | (0.40)  |
| Net realized gains | (0.95) |  | (0.04) | (2.61) | (1.23)  |
| **Total distributions** | (1.26) | (0.33) | (0.15) | (2.61) | (1.63)  |
| **Net asset value, end of year** | $12.83 | $12.18 | $11.94 | $10.36 | $14.33  |
| Total return<sup>(c)</sup> | 15.52% | 4.74% | 16.81% | -7.93% | 2.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $574887 | $546463 | $594004 | $586164 | $712010  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.64% | 0.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70%<sup>(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 1.24% | 1.24% | 2.64% | 0.97% | 0.46%  |
| Portfolio turnover rate | 41% | 65% | 126% | 30% | 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Growth.

The accompanying notes are an integral part of these financial statements.

143<br>

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**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,** |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.42 | $11.27 | $9.84 | $13.86 | $15.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.06 | 0.20 | 0.03 | (0.04)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.63 | 0.40 | 1.36 | (1.44) | 0.38  |
| **Total from investment operations** | 1.69 | 0.46 | 1.56 | (1.41) | 0.34  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.07) | (0.31) | (0.09) |  | (0.31)  |
| Net realized gains | (0.88) |  | (0.04) | (2.61) | (1.23)  |
| **Total distributions** | (0.95) | (0.31) | (0.13) | (2.61) | (1.54)  |
| **Net asset value, end of year** | $12.16 | $11.42 | $11.27 | $9.84 | $13.86  |
| Total return<sup>(c)</sup> | 14.65% | 3.98% | 15.92% | -9.63% | 1.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $26145 | $41451 | $56368 | $64896 | $89501  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.45% | 1.45% | 1.45% | 1.39% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.45% | 1.45% | 1.45% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.44% | 0.49% | 1.97% | 0.22% | (0.29)%  |
| Portfolio turnover rate | 41% | 65% | 126% | 30% | 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Growth.

The accompanying notes are an integral part of these financial statements.

144<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $12.39 | $12.12 | $10.49 | $14.44 | $15.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.20 | 0.19 | 0.33 | 0.15 | 0.11  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 1.79 | 0.42 | 1.46 | (1.49) | 0.39  |
| **Total from investment operations** | 1.99 | 0.61 | 1.79 | (1.34) | 0.50  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.37) | (0.34) | (0.12) |  | (0.43)  |
| Net realized gains | (0.97) |  | (0.04) | (2.61) | (1.23)  |
| **Total distributions** | (1.34) | (0.34) | (0.16) | (2.61) | (1.66)  |
| **Net asset value, end of year** | $13.04 | $12.39 | $12.12 | $10.49 | $14.44  |
| Total return<sup>(d)</sup> | 15.85% | 4.97% | 17.15% | -8.72% | 2.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $14941 | $12179 | $14019 | $15875 | $19833  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.45% | 0.39% | 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45%<sup>(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets | 1.48% | 1.49% | 2.99% | 1.22% | 0.71%  |
| Portfolio turnover rate | 41% | 65% | 126% | 30% | 19% |

---

<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 average shares outstanding during the years

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

145<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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.32 | $10.20 | $9.47 | $11.62 | $12.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.28 | 0.28 | 0.32 | 0.23 | 0.15  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.77 | 0.22 | 0.67 | (1.14) | (0.20)  |
| **Total from investment operations** | 1.05 | 0.50 | 0.99 | (0.91) | (0.05)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.34) | (0.38) | (0.26) |  | (0.29)  |
| Net realized gains |  |  |  | (1.24) | (0.56)  |
| **Total distributions** | (0.34) | (0.38) | (0.26) | (1.24) | (0.85)  |
| **Net asset value, end of year** | $11.03 | $10.32 | $10.20 | $9.47 | $11.62  |
| Total return<sup>(c)</sup> | 10.13% | 4.89% | 10.58% | -7.59% | -0.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $169868 | $173968 | $193061 | $207516 | $262457  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.67% | 0.65%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70%<sup>(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 2.58% | 2.72% | 3.27% | 2.26% | 1.14%  |
| Portfolio turnover rate | 56% | 55% | 123% | 26% | 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

146<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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.77 | $9.72 | $9.08 | $11.29 | $12.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.19 | 0.20 | 0.23 | 0.15 | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.73 | 0.20 | 0.65 | (1.12) | (0.18)  |
| **Total from investment operations** | 0.92 | 0.40 | 0.88 | (0.97) | (0.13)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.14) | (0.35) | (0.24) |  | (0.22)  |
| Net realized gains |  |  |  | (1.24) | (0.56)  |
| **Total distributions** | (0.14) | (0.35) | (0.24) | (1.24) | (0.78)  |
| **Net asset value, end of year** | $10.55 | $9.77 | $9.72 | $9.08 | $11.29  |
| Total return<sup>(c)</sup> | 9.36% | 4.12% | 9.78% | -8.37% | -1.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $5661 | $10169 | $14906 | $19045 | $31538  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.45% | 1.45% | 1.45% | 1.42% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.45%<sup>(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 1.79% | 1.96% | 2.49% | 1.51% | 0.39%  |
| Portfolio turnover rate | 56% | 55% | 123% | 26% | 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

147<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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.48 | $10.33 | $9.57 | $11.70 | $12.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.32 | 0.31 | 0.35 | 0.26 | 0.18  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.79 | 0.22 | 0.68 | (1.15) | (0.20)  |
| **Total from investment operations** | 1.11 | 0.53 | 1.03 | (0.89) | (0.02)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.37) | (0.38) | (0.27) |  | (0.32)  |
| Net realized gains |  |  |  | (1.24) | (0.56)  |
| **Total distributions** | (0.37) | (0.38) | (0.27) | (1.24) | (0.88)  |
| **Net asset value, end of year** | $11.22 | $10.48 | $10.33 | $9.57 | $11.70  |
| Total return<sup>(d)</sup> | 10.54% | 5.15% | 10.85% | -7.36% | -0.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $3163 | $2864 | $4348 | $4479 | $6710  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.45% | 0.41% | 0.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45%<sup>(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets | 2.83% | 2.93% | 3.54% | 2.51% | 1.39%  |
| Portfolio turnover rate | 56% | 55% | 123% | 26% | 19% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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, Pacific Funds Portfolio Optimization Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

148<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.38 | $11.19 | $9.94 | $13.33 | $14.35  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 | 0.23 | 0.29 | 0.17 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.25 | 0.30 | 1.14 | (1.38) | 0.11  |
| **Total from investment operations** | 1.46 | 0.53 | 1.43 | (1.21) | 0.21  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.44) | (0.34) | (0.18) |  | (0.36)  |
| Net realized gains | (0.46) |  |  | (2.18) | (0.87)  |
| **Total distributions** | (0.90) | (0.34) | (0.18) | (2.18) | (1.23)  |
| **Net asset value, end of year** | $11.94 | $11.38 | $11.19 | $9.94 | $13.33  |
| Total return<sup>(c)</sup> | 12.64% | 4.71% | 14.47% | -8.67% | 0.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $597481 | $597271 | $667295 | $677263 | $845027  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.70% | 0.70% | 0.70% | 0.64% | 0.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.70%<sup>(e)</sup> | 0.70% | 0.70% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 1.71% | 1.94% | 2.80% | 1.52% | 0.68%  |
| Portfolio turnover rate | 47% | 62% | 121% | 32% | 20% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Moderate.

The accompanying notes are an integral part of these financial statements.

149<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.79 | $10.68 | $9.55 | $12.98 | $14.03  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.11 | 0.13 | 0.20 | 0.08 | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.18 | 0.50 | 1.09 | (1.33) | 0.11  |
| **Total from investment operations** | 1.29 | 0.63 | 1.29 | (1.25) | 0.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.16) | (0.32) | (0.16) |  | (0.28)  |
| Net realized gains | (0.43) |  |  | (2.18) | (0.87)  |
| **Total distributions** | (0.59) | (0.32) | (0.16) | (2.18) | (1.15)  |
| **Net asset value, end of year** | $11.49 | $10.79 | $10.68 | $9.55 | $12.98  |
| Total return | 11.80% | 3.93% | 13.54% | -9.24% | 0.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $25020 | $42779 | $58421 | $70433 | $107229  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.45% | 1.45% | 1.45% | 1.39% | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.45%<sup>(e)</sup> | 1.45% | 1.45% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets | 0.93% | 1.19% | 2.00% | 0.77% | (0.07)%  |
| Portfolio turnover rate | 47% | 62% | 121% | 32% | 20% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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 Moderate.

The accompanying notes are an integral part of these financial statements.

150<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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.56 | $11.33 | $10.05 | $13.41 | $14.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.25 | 0.26 | 0.32 | 0.20 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.26 | 0.32 | 1.15 | (1.38) | 0.11  |
| **Total from investment operations** | 1.51 | 0.58 | 1.47 | (1.18) | 0.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.50) | (0.35) | (0.19) |  | (0.39)  |
| Net realized gains | (0.46) |  |  | (2.18) | (0.87)  |
| **Total distributions** | (0.96) | (0.35) | (0.19) | (2.18) | (1.26)  |
| **Net asset value, end of year** | $12.11 | $11.56 | $11.33 | $10.05 | $13.41  |
| Total return<sup>(d)</sup> | 12.94% | 5.07% | 14.68% | -8.39% | 1.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $18458 | $17731 | $20351 | $21881 | $30378  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.45% | 0.45% | 0.45% | 0.39% | 0.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45%<sup>(f)</sup> | 0.45% | 0.45% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets | 1.98% | 2.23% | 3.02% | 1.77% | 0.93%  |
| Portfolio turnover rate | 47% | 62% | 121% | 32% | 20% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<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, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

151<br>

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**[**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.22 | $10.12 | $10.00 | $10.16 | $10.57  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.47 | 0.41 | 0.23 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.02) | 0.11 | 0.12 | (0.16) | (0.31)  |
| **Total from investment operations** | 0.40 | 0.58 | 0.53 | 0.07 | (0.19)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.42) | (0.47) | (0.41) | (0.23) | (0.12)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.42) | (0.47) | (0.41) | (0.23) | (0.22)  |
| **Net asset value, end of year** | $10.20 | $10.22 | $10.12 | $10.00 | $10.16  |
| Total return<sup>(c)</sup> | 3.98% | 5.77% | 5.43% | 0.75% | -1.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $83347 | $90405 | $94101 | $117609 | $174444  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.75% | 0.75% | 0.76% | 0.87% | 0.87%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets | 4.10% | 4.56% | 4.09% | 2.33% | 1.14%  |
| Portfolio turnover rate | 86% | 66% | 76% | 61% | 60% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

152<br>

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**[**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.19 | $10.09 | $9.98 | $10.14 | $10.55  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.34 | 0.39 | 0.33 | 0.16 | 0.04  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | 0.10 | 0.12 | (0.16) | (0.31)  |
| **Total from investment operations** | 0.33 | 0.49 | 0.45 | 0.00<sup>(c)</sup> | (0.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.34) | (0.39) | (0.34) | (0.16) | (0.04)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.34) | (0.39) | (0.34) | (0.16) | (0.14)  |
| **Net asset value, end of year** | $10.18 | $10.19 | $10.09 | $9.98 | $10.14  |
| Total return<sup>(d)</sup> | 3.31% | 4.98% | 4.63% | —% | -2.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $19560 | $21985 | $26358 | $30904 | $39891  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.50% | 1.50% | 1.51% | 1.62% | 1.62%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.50% | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets | 3.35% | 3.82% | 3.34% | 1.58% | 0.39%  |
| Portfolio turnover rate | 86% | 66% | 76% | 61% | 60% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

153<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS H** 

---

| | |
|:---|:---|
|  | **December 5,** <br>**2025<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2026**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.09)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.15)  |
| **Total distributions** | &nbsp;&nbsp; (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.90  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 0.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.40%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.40%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.39%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 86% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

154<br>

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**[**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.20 | $10.11 | $9.98 | $10.14 | $10.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.46 | 0.50 | 0.44 | 0.26 | 0.15  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.01) | 0.10 | 0.13 | (0.16) | (0.32)  |
| **Total from investment operations** | 0.45 | 0.60 | 0.57 | 0.10 | (0.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.51) | (0.44) | (0.26) | (0.15)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.46) | (0.51) | (0.44) | (0.26) | (0.25)  |
| **Net asset value, end of year** | $10.19 | $10.20 | $10.11 | $9.98 | $10.14  |
| Total return<sup>(c)</sup> | 4.47% | 6.06% | 5.84% | 1.06% | -1.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $364492 | $300594 | $376103 | $195023 | $171154  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.39% | 0.39% | 0.46% | 0.62% | 0.62%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.39% | 0.39% | 0.45% | 0.45% | 0.48%  |
|  Ratio of net investment income (loss) to average net assets | 4.46% | 4.91% | 4.43% | 2.63% | 1.40%  |
| Portfolio turnover rate | 86% | 66% | 76% | 61% | 60% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

155<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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.22 | $10.13 | $10.00 | $10.16 | $10.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.45 | 0.49 | 0.43 | 0.26 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | (0.01) | 0.10 | 0.13 | (0.16) | (0.32)  |
| **Total from investment operations** | 0.44 | 0.59 | 0.56 | 0.10 | (0.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.45) | (0.50) | (0.43) | (0.26) | (0.15)  |
| Net realized gains |  |  |  |  | (0.10)  |
| **Total distributions** | (0.45) | (0.50) | (0.43) | (0.26) | (0.25)  |
| **Net asset value, end of year** | $10.21 | $10.22 | $10.13 | $10.00 | $10.16  |
| Total return<sup>(d)</sup> | 4.36% | 5.94% | 5.77% | 1.01% | -1.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $532032 | $492095 | $473384 | $651148 | $622664  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.49% | 0.49% | 0.51% | 0.62% | 0.62%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.49% | 0.49% | 0.50% | 0.50% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets | 4.36% | 4.82% | 4.32% | 2.58% | 1.39%  |
| Portfolio turnover rate | 86% | 66% | 76% | 61% | 60% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

156<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year | $13.69 | $14.30 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; $11.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.02 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 1.36 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.82  |
| **Total from investment operations** | 1.38 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.02) | (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | (0.88) | (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.90) | (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of year** | $14.17 | $13.69 | &nbsp;&nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp; $13.78  |
| Total return<sup>(e)(f)</sup> | 10.13% | -3.20% | &nbsp;&nbsp;&nbsp; 3.77% | &nbsp;&nbsp;&nbsp; 15.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | $5186 | $3857 | &nbsp;&nbsp;&nbsp; $3734 | &nbsp;&nbsp;&nbsp; $3802  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(h)</sup> | 1.15% | 1.16% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(h)</sup> | 1.15%<sup>(i)</sup> | 1.16% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.16%  |
| Ratio of interest expense to average net assets<sup>(h)</sup> | —% | 0.00%<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | 0.14% | 0.03% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.42%  |
| Portfolio turnover rate<sup>(e)</sup> | 25% | 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; 10% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<sup>(j)</sup> Amount represents less than 0.005%.

<sup>(k)</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.

157<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **October 23,** <br>**2023** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **October 23,** <br>**2023** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year | $12.94 | $13.56 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $11.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment loss<sup>(b)</sup> | (0.08) | (0.10) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.26 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.73  |
| **Total from investment operations** | 1.18 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.72  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net realized gains | (0.82) | (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.82) | (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of year** | $13.30 | $12.94 | &nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $13.10  |
| Total return<sup>(d)(e)</sup> | 9.20% | -3.83% | &nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 15.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | $634 | $604 | &nbsp;&nbsp;&nbsp; $996 | &nbsp;&nbsp;&nbsp; $988  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | 1.90% | 1.91% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | 1.90%<sup>(h)</sup> | 1.91% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.91%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | —% | 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | (0.62)% | (0.73)% | &nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp; (0.33)%  |
| Portfolio turnover rate<sup>(d)</sup> | 25% | 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; 10% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<sup>(i)</sup> Amount represents less than 0.005%.

<sup>(j)</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.

158<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **January 16,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
|  | **2026** | **2025**  | **January 16,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of year | $14.37 | $15.00 | &nbsp;&nbsp; $13.88  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.06 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.43 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.11  |
| **Total from investment operations** | 1.49 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;1.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.05) | (0.08) | &nbsp;&nbsp; —  |
| Net realized gains | (0.92) | (0.13) | &nbsp;&nbsp; —  |
| **Total distributions** | (0.97) | (0.21) | &nbsp;&nbsp; —  |
| **Net asset value, end of year** | $14.89 | $14.37 | &nbsp;&nbsp; $15.00  |
| Total return<sup>(d)(e)</sup> | 10.43% | -2.97% | &nbsp;&nbsp; 8.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |
| Net assets, end of year (in thousands) | $82 | $54 | &nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | 0.90% | 0.90% | &nbsp;&nbsp; 0.90%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | 0.90%<sup>(h)</sup> | 0.90% | &nbsp;&nbsp; 0.90%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | —% | 0.00%<sup>(i)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.40% | 0.40% | &nbsp;&nbsp; 0.49%  |
| Portfolio turnover rate<sup>(d)</sup> | 25% | 15% | &nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<sup>(i)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

159<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | $14.39 | $14.99 | &nbsp;&nbsp;&nbsp; $14.44 | $13.67 | $15.99 | $13.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.06 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.06 | 0.00<sup>(c)</sup> | (0.01)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(d)</sup> | 1.41 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.84 | (1.63) | 2.61  |
| **Total from investment operations** | 1.47 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.90 | (1.63) | 2.61  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.04) | (0.06) | &nbsp;&nbsp;&nbsp; — | (0.08) |  | (0.00)<sup>(b)</sup>  |
| Net realized gains | (0.92) | (0.13) | &nbsp;&nbsp;&nbsp; — | (0.05) | (0.69) | (0.51)  |
| **Total distributions** | (0.96) | (0.19) | &nbsp;&nbsp;&nbsp; — | (0.13) | (0.69) | (0.51)  |
| **Net asset value, end of year** | $14.90 | $14.39 | &nbsp;&nbsp;&nbsp; $14.99 | $14.44 | $13.67 | $15.99  |
| Total return<sup>(e)(f)</sup> | 10.32% | -2.89% | &nbsp;&nbsp;&nbsp; 3.81% | 6.65% | -10.26% | 18.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $108453 | $145174 | &nbsp;&nbsp;&nbsp; $207121 | $203865 | $190626 | $215876  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(h)</sup> | 0.90% | 0.91% | &nbsp;&nbsp;&nbsp; 0.90% | 1.00% | 1.01% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(h)</sup> | 0.90%<sup>(i)</sup> | 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | 0.90% | 0.90% | 0.90%  |
| Ratio of interest expense to average net assets<sup>(h)</sup> | —% | 0.00%<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | 0.37% | 0.28% | &nbsp;&nbsp;&nbsp; 0.29% | 0.44% | 0.02% | (0.06)%  |
| Portfolio turnover rate<sup>(e)</sup> | 25% | 15% | &nbsp;&nbsp;&nbsp; 1% | 10% | 19% | 14% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<sup>(j)</sup> Amount represents less than 0.005%.

<sup>(k)</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.

160<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS R6** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(k)</sup>** | **October 23,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of year | $13.57 | $14.11 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp; $11.78  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.06 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.34 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.79  |
| **Total from investment operations** | 1.40 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.81  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.05) | (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| Net realized gains | (0.87) | (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.92) | (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of year** | $14.05 | $13.57 | &nbsp;&nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.59  |
| Total return<sup>(e)(f)</sup> | 10.40% | -2.75% | &nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp;&nbsp; 15.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>**<br>|  |  |  |  |
| Net assets, end of year (in thousands) | $152 | $138 | &nbsp;&nbsp;&nbsp; $1177 | &nbsp;&nbsp;&nbsp; $1235  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(h)</sup> | 0.85% | 0.86% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(h)</sup> | 0.85%<sup>(i)</sup> | 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85%  |
| Ratio of interest expense to average net assets<sup>(h)</sup> | —% | 0.00%<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | 0.44% | 0.30% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Portfolio turnover rate<sup>(e)</sup> | 25% | 15% | &nbsp;&nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; 10% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.00%.

<sup>(j)</sup> Amount represents less than 0.005%.

<sup>(k)</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.

161<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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $6.48 | $7.02 | $9.29 | $15.98 | $17.47  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.01 | (0.00)<sup>(b)</sup> | 0.01 | 0.04 | (0.07)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.81 | 0.05 | 0.83 | (1.91) | (0.34)  |
| **Total from investment operations** | 0.82 | 0.05 | 0.84 | (1.87) | (0.41)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.00)<sup>(b)</sup> | (0.01) | (0.10) |  | —  |
| Net realized gains | (1.33) | (0.58) | (3.01) | (4.82) | (1.08)  |
| **Total distributions** | (1.33) | (0.59) | (3.11) | (4.82) | (1.08)  |
| **Net asset value, end of year** | $5.97 | $6.48 | $7.02 | $9.29 | $15.98  |
| Total return<sup>(d)</sup> | 13.46% | -0.18% | 13.16% | -11.41% | -2.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $10111 | $10034 | $12864 | $13055 | $19675  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.16% | 1.15% | 1.16% | 1.29% | 1.23%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.16%<sup>(f)</sup> | 1.15% | 1.16% | 1.21% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets | 0.16% | (0.02)% | 0.16% | 0.34% | (0.38)%  |
| Portfolio turnover rate | 26% | 17% | 151% | 33% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<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 Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

162<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $5.65 | $6.15 | $8.55 | $15.24 | $16.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.03) | (0.05) | (0.05) | (0.05) | (0.19)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.70 | 0.06 | 0.72 | (1.82) | (0.32)  |
| **Total from investment operations** | 0.67 | 0.01 | 0.67 | (1.87) | (0.51)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income |  |  | (0.06) |  | —  |
| Net realized gains | (1.16) | (0.51) | (3.01) | (4.82) | (1.08)  |
| **Total distributions** | (1.16) | (0.51) | (3.07) | (4.82) | (1.08)  |
| **Net asset value, end of year** | $5.16 | $5.65 | $6.15 | $8.55 | $15.24  |
| Total return<sup>(c)</sup> | 12.42% | -0.82% | 12.14% | -12.01% | -3.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $998 | $1231 | $2660 | $5260 | $9370  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.91% | 1.90% | 1.91% | 2.04% | 1.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.91%<sup>(e)</sup> | 1.90% | 1.91% | 1.96% | 1.95%  |
|  Ratio of net investment income (loss) to average net assets | (0.60)% | (0.82)% | (0.62)% | (0.41)% | (1.13)%  |
| Portfolio turnover rate | 26% | 17% | 151% | 33% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<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.

163<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $7.66 | $8.29 | $10.40 | $17.17 | $17.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.04 | 0.02 | 0.04 | 0.09 | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.96 | 0.07 | 0.98 | (2.04) | (0.43)  |
| **Total from investment operations** | 1.00 | 0.09 | 1.02 | (1.95) | (0.44)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.01) | (0.03) | (0.12) |  | —  |
| Net realized gains | (1.58) | (0.69) | (3.01) | (4.82) | —  |
| **Total distributions** | (1.59) | (0.72) | (3.13) | (4.82) | —  |
| **Net asset value, end of year<sup>(c)</sup>** | $7.07 | $7.66 | $8.29 | $10.40 | $17.17  |
| Total return | 13.73% | 0.16% | 13.48% | -11.11% | -2.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $494 | $569 | $679 | $497 | $1017  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.86% | 0.85% | 0.87% | 1.03% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.86%<sup>(e)</sup> | 0.85% | 0.85% | 0.86% | 0.85%  |
|  Ratio of net investment income (loss) to average net assets | 0.46% | 0.29% | 0.46% | 0.69% | (0.03)%  |
| Portfolio turnover rate | 26% | 17% | 151% | 33% | 34% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<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.

164<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,**  |
|  | **2026** | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $6.68 | $7.23 | $9.46 | $16.12 | $17.57  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.03 | 0.01 | 0.03 | 0.08 | (0.02)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.84 | 0.06 | 0.85 | (1.92) | (0.35)  |
| **Total from investment operations** | 0.87 | 0.07 | 0.88 | (1.84) | (0.37)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.00)<sup>(h)</sup> | (0.02) | (0.10) |  | —  |
| Net realized gains | (1.38) | (0.60) | (3.01) | (4.82) | (1.08)  |
| **Total distributions** | (1.38) | (0.62) | (3.11) | (4.82) | (1.08)  |
| **Net asset value, end of year** | $6.17 | $6.68 | $7.23 | $9.46 | $16.12  |
| Total return<sup>(d)</sup> | 13.71% | 0.07% | 13.39% | -11.15% | -2.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $10249 | $22688 | $31874 | $72294 | $184718  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.91% | 0.90% | 0.91% | 1.04% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.91%<sup>(f)</sup> | 0.90% | 0.91% | 0.96% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets | 0.38% | 0.22% | 0.39% | 0.59% | (0.13)%  |
| Portfolio turnover rate | 26% | 17% | 151% | 33% | 34% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> If securities litigation service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<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 Small/Mid-Cap.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

165<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.42 | $10.48 | $10.20 | $10.96 | $11.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.55 | 0.59 | 0.56 | 0.44 | 0.33  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.02 | (0.06) | 0.26 | (0.72) | (0.47)  |
| **Total from investment operations** | 0.57 | 0.53 | 0.82 | (0.28) | (0.14)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.55) | (0.59) | (0.54) | (0.44) | (0.32)  |
| Net realized gains |  |  |  | (0.04) | (0.10)  |
| **Total distributions** | (0.55) | (0.59) | (0.54) | (0.48) | (0.42)  |
| **Net asset value, end of year** | $10.44 | $10.42 | $10.48 | $10.20 | $10.96  |
| Total return<sup>(c)</sup> | 5.53% | 5.17% | 8.33% | -2.41% | -1.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $198672 | $201110 | $152889 | $101292 | $134612  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.94% | 0.94% | 0.95% | 1.07% | 1.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.94% | 0.94% | 0.94% | 0.94% | 0.94%  |
|  Ratio of net investment income (loss) to average net assets | 5.22% | 5.66% | 5.50% | 0.34% | 2.85%  |
| Portfolio turnover rate | 70% | 45% | 56% | 45% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

166<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.38 | $10.44 | $10.18 | $10.93 | $11.49  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.47 | 0.51 | 0.49 | 0.37 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.02 | (0.06) | 0.24 | (0.72) | (0.47)  |
| **Total from investment operations** | 0.49 | 0.45 | 0.73 | (0.35) | (0.22)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.47) | (0.51) | (0.47) | (0.36) | (0.24)  |
| Net realized gains |  |  |  | (0.04) | (0.10)  |
| **Total distributions** | (0.47) | (0.51) | (0.47) | (0.40) | (0.34)  |
| **Net asset value, end of year** | $10.40 | $10.38 | $10.44 | $10.18 | $10.93  |
| Total return<sup>(c)</sup> | 4.76% | 4.41% | 7.43% | -3.04% | -1.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $120532 | $113811 | $89723 | $63154 | $784979  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.69% | 1.69% | 1.70% | 1.82% | 1.82%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.69% | 1.69% | 1.69% | 1.68% | 1.64%  |
|  Ratio of net investment income (loss) to average net assets | 4.47% | 4.91% | 4.75% | 3.60% | 2.15%  |
| Portfolio turnover rate | 70% | 45% | 56% | 45% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

167<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS H** 

---

| | |
|:---|:---|
|  | **December 5,** <br>**2025<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2026**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.18)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.01)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.20)  |
| **Total distributions** | &nbsp;&nbsp; (0.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.79  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; -0.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.60%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 5.61%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 70% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

168<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,**  |
|  | **2026** | **2025** | **2024<sup>(d)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.35 | $10.40 | $10.14 | $10.89 | $11.45  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.59 | 0.63 | 0.60 | 0.47 | 0.36  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.01 | (0.05) | 0.23 | (0.71) | (0.46)  |
| **Total from investment operations** | 0.60 | 0.58 | 0.83 | (0.24) | (0.10)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.59) | (0.63) | (0.57) | (0.47) | (0.36)  |
| Net realized gains |  |  |  | (0.04) | (0.10)  |
| **Total distributions** | (0.59) | (0.63) | (0.57) | (0.51) | (0.46)  |
| **Net asset value, end of year** | $10.36 | $10.35 | $10.40 | $10.14 | $10.89  |
| Total return<sup>(c)</sup> | 5.85% | 5.68% | 8.49% | -2.03% | -1.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $641610 | $548060 | $354281 | $126525 | $142365  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.59% | 0.59% | 0.65% | 0.82% | 0.82%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.59% | 0.59% | 0.64% | 0.64% | 0.64%  |
|  Ratio of net investment income (loss) to average net assets | 5.57% | 6.01% | 5.84% | 4.64% | 3.15%  |
| Portfolio turnover rate | 70% | 45% | 56% | 45% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.43 | $10.48 | $10.21 | $10.97 | $11.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.58 | 0.62 | 0.59 | 0.47 | 0.36  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.02 | (0.05) | 0.25 | (0.73) | (0.46)  |
| **Total from investment operations** | 0.60 | 11.04 | 0.84 | (0.26) | (0.10)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.58) | (0.62) | (0.57) | (0.46) | (0.35)  |
| Net realized gains |  |  |  | (0.04) | (0.10)  |
| **Total distributions** | (0.58) | (0.62) | (0.57) | (0.50) | (0.45)  |
| **Net asset value, end of year** | $10.45 | $10.43 | $10.48 | $10.21 | $10.97  |
| Total return<sup>(d)</sup> | 5.79% | 5.53% | 8.46% | -2.16% | -0.97%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| Net assets, end of year (in thousands) | $3256838 | $2928961 | $2076479 | $1185434 | $1245830  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | 0.69% | 0.69% | 0.70% | 0.82% | 0.82%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | 0.69% | 0.69% | 0.69% | 0.69% | 0.69%  |
|  Ratio of net investment income (loss) to average net assets | 5.47% | 5.91% | 5.77% | 4.59% | 3.10%  |
| Portfolio turnover rate | 70% | 45% | 56% | 45% | 40% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> 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.

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**ARISTOTLE ULTRA SHORT INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **For the period** <br>**April 17,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
|  | **2026** | **2025**  | **For the period** <br>**April 17,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.43 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.02 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Total from investment operations** | 0.45 | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| Net realized gains | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp;&nbsp;&nbsp; 5.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $757 | &nbsp;&nbsp; $678 | &nbsp;&nbsp;&nbsp;&nbsp; $434  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 4.93% | &nbsp;&nbsp;&nbsp;&nbsp; 5.30%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 108% | &nbsp;&nbsp; 128% | &nbsp;&nbsp;&nbsp;&nbsp; 102% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 represents less than 0.01%. 

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE ULTRA SHORT INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS H** 

---

| | |
|:---|:---|
|  | **December 5,** <br>**2025<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.02)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.11  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.12)  |
| Net realized gains | &nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp; (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.97  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 1.09%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $10  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.32%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.32%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.08%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 108% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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.

172<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.44 | 0.52 | 0.53 | 0.31 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.03 | 0.04 | 0.06 | (0.09) | (0.10)  |
| **Total from investment operations** | 0.47 | 0.56 | 0.59 | 0.22 | (0.04)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.51) | (0.52) | (0.28) | (0.07)  |
| Net realized gains | (0.02) |  |  |  | (0.04)  |
| **Total distributions** | (0.48) | (0.51) | (0.52) | (0.28) | (0.11)  |
| **Net asset value, end of year** | $9.97 | $9.98 | $9.93 | $9.86 | $9.92  |
| Total return<sup>(c)</sup> | 4.79% | 5.77% | 6.18% | 2.30% | -0.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $3828 | $16849 | $15784 | $13231 | $12929  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.33% | 0.33% | 0.35% | 0.73% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
| Ratio of tax expenses to average net assets | —% | 0.00%<sup>(d)</sup> | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding tax expense | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
|  Ratio of net investment income (loss) to average net assets | 4.43% | 5.24% | 5.40% | 3.16% | 0.62%  |
| Portfolio turnover rate | 108% | 128% | 102% | 51% | 75% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

173<br>

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**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,**  |
|  | **2026** | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.43 | 0.52 | 0.53 | 0.31 | 0.06  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 0.05 | 0.04 | 0.07 | (0.09) | (0.10)  |
| **Total from investment operations** | 0.48 | 0.56 | 0.60 | 0.22 | (0.04)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.47) | (0.51) | (0.53) | (0.28) | (0.07)  |
| Net realized gains | (0.02) |  |  |  | (0.04)  |
| **Total distributions** | (0.49) | (0.51) | (0.53) | (0.28) | (0.11)  |
| **Net asset value, end of year** | $9.97 | $9.98 | $9.93 | $9.86 | $9.92  |
| Total return<sup>(d)</sup> | 4.86% | 5.77% | 6.18% | 2.30% | -0.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $37853 | $30184 | $31663 | $50169 | $18598  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.33% | 0.33% | 0.36% | 0.77% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
| Ratio of tax expenses to average net assets | —% | 0.00%<sup>(e)</sup> | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding tax expense | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
|  Ratio of net investment income (loss) to average net assets | 4.35% | 5.23% | 5.31% | 3.16% | 0.62%  |
| Portfolio turnover rate | 108% | 128% | 102% | 51% | 75% |

---

<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 average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

174<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 28,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 28,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.12 | 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<sup>(d)</sup> | 0.73 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total from investment operations** | 0.85 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; (0.02)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $9.98  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 7.41% | &nbsp;&nbsp;&nbsp; -0.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $375 | &nbsp;&nbsp; $215 | &nbsp;&nbsp;&nbsp; $107 | &nbsp;&nbsp;&nbsp; $1  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.13%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

175<br>

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**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 26,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **December 26,** <br>**2023<sup>(a)</sup>** <br>**through** <br>**December 31,** <br>**2023**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.16 | 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<sup>(d)</sup> | 0.70 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | 0.86 | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)  |
| Net realized gains | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $9.75  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 7.49% | &nbsp;&nbsp;&nbsp; 0.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $451 | &nbsp;&nbsp; $36 | &nbsp;&nbsp;&nbsp; $37 | &nbsp;&nbsp;&nbsp; $24  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.70%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | &nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.44%  |
| Portfolio turnover rate | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(i)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | $21.23 | $21.79 | &nbsp;&nbsp;&nbsp; $20.28 | $17.14 | $20.55 | $16.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.30 | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.25 |  | 0.16  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 1.51 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | 3.13 | (3.29) | 4.03  |
| **Total from investment operations** | 1.81 | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | 3.38 | (3.08) | 4.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.38) | (0.33) | &nbsp;&nbsp;&nbsp; — | (0.24) | (0.21) | (0.13)  |
| Net realized gains | (2.05) | (0.38) | &nbsp;&nbsp;&nbsp; — |  | (0.12) | (0.34)  |
| **Total distributions** | (2.43) | (0.71) | &nbsp;&nbsp;&nbsp; — | (0.24) | (0.33) | (0.47)  |
| Redemption fee per share |  |  | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup>  |
| **Net asset value, end of year** | $20.61 | $21.23 | &nbsp;&nbsp;&nbsp; $21.79 | $20.28 | $17.14 | $20.55  |
| Total return<sup>(e)(f)</sup> | 8.29% | 0.61% | &nbsp;&nbsp;&nbsp; 7.45% | 19.70% | -15.04% | 24.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $468375 | $561854 | &nbsp;&nbsp;&nbsp; $695930 | $679164 | $683322 | $947191  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | 0.69% | 0.70% | &nbsp;&nbsp;&nbsp; 0.69% | 0.71% | 0.71% | 0.71%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | 0.69% | 0.69% | &nbsp;&nbsp;&nbsp; 0.69% | 0.69% | 0.69% | 0.69%  |
| Ratio of interest expense to average net assets<sup>(g)</sup> | —% | 0.00%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; —% | —% | —% | —%  |
| Ratio of tax reclaim service fees to average net assets<sup>(g)</sup> | —% | —% | &nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(h)</sup> | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 1.34% | 1.38% | &nbsp;&nbsp;&nbsp; 1.05% | 1.38% | 1.18% | 0.80%  |
| Portfolio turnover rate<sup>€</sup> | 18% | 13% | &nbsp;&nbsp;&nbsp; 4% | 7% | 20% | 14% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Amount represents less than 0.005%.

<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.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS R6** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **January 29,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
|  | **2026** | **2025**  | **January 29,** <br>**2024<sup>(a)</sup>** <br>**through** <br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of year | $21.22 | $21.79 | &nbsp;&nbsp; $20.55  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.33 | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.50 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| **Total from investment operations** | 1.83 | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.40) | (0.36) | &nbsp;&nbsp; —  |
| Net realized gains | (2.05) | (0.38) | &nbsp;&nbsp; —  |
| **Total distributions** | (2.45) | (0.74) | &nbsp;&nbsp; —  |
| **Net asset value, end of year** | $20.60 | $21.22 | &nbsp;&nbsp; $21.79  |
| Total return<sup>(d)(e)</sup> | 8.39% | 0.71% | &nbsp;&nbsp; 6.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of year (in thousands) | $11965 | $11 | &nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.61% | 0.62% | &nbsp;&nbsp; 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.61% | 0.61% | &nbsp;&nbsp; 0.61%  |
| Ratio of interest expense average net assets<sup>(f)</sup> | —% | 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.52% | 1.50% | &nbsp;&nbsp; 1.47%  |
| Portfolio turnover rate<sup>(d)</sup> | 18% | 13% | &nbsp;&nbsp; 4% |

---

<sup>(a)</sup> Inception date of the Fund was January 29, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<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 represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE/SAUL GLOBAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2026** | **2025** | **Period Ended** <br>**March 31,** <br>**2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $11.00 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp;&nbsp; $14.47 | $12.98 | $16.53 | $14.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.15 | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.16 | 0.14 | 0.11  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments<sup>(c)</sup> | 1.59 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | 2.28 | (3.01) | 2.65  |
| **Total from investment operations** | 1.74 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.44 | (2.87) | 2.76  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | (0.18) | (0.16) | (0.11)  |
| Net realized gains | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp; — | (0.77) | (0.52) | (0.30)  |
| **Total distributions** | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp;&nbsp; — | (0.95) | (0.68) | (0.41)  |
| Redemption fee per share | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  |  | 0.00<sup>(d)</sup>  |
| **Net asset value, end of year** | &nbsp;&nbsp; $11.24 | &nbsp;&nbsp; $11.00 | &nbsp;&nbsp;&nbsp; $15.34 | $14.47 | $12.98 | $16.53  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 15.61% | &nbsp;&nbsp; -1.53% | &nbsp;&nbsp;&nbsp; 6.01% | 19.07% | -17.49% | 19.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $28726 | &nbsp;&nbsp; $31049 | &nbsp;&nbsp;&nbsp; $61650 | $58073 | $67499 | $94029  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 0.79% | 1.00% | 0.95% | 0.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.79%<sup>(h)</sup> | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 0.78% | 0.81% | 0.80% | 0.80%  |
| Ratio of interest and expense to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | —% | —% | —%  |
| Ratio of tax reclaim service fees to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —% | 0.01% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding tax reclaim service fees<sup>(g)</sup> | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 0.78% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 0.61% | 1.16% | 1.03% | 0.70%  |
| Portfolio turnover rate | &nbsp;&nbsp; 10% | &nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp; 1% | 10% | 22% | 13% |

---

<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> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> If tax reclaim service fees had been excluded, the expense ratio would have been lowered by 0.01%.

<sup>(i)</sup> Amount represents less than 0.005%.

<sup>(j)</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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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026** 

**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, 2026, the Trust was comprised of the following twenty-one 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

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Core Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Core Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Floating Rate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Growth Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle High Yield Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle International Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Pacific EXclusive Fund Series H

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Pacific EXclusive Fund Series I

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Aggressive

Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Portfolio Optimization Conservative
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;

&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;• Aristotle Short Duration Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Small Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Small/Mid Cap Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Ultra Short Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Value Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle/Saul Global Equity 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, Aristotle Pacific EXclusive Fund Series H and Aristotle Pacific EXclusive Fund Series I, which operate as non-diversified funds 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 Pacific EXclusive Fund Series H, Aristotle Pacific EXclusive Fund Series I, 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 Small/Mid Cap Equity Fund, Aristotle Value Equity Fund and Aristotle/Saul Global 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 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 criteria. The Fund offers Class H, Class I and Class I-2 shares. Class H, 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 (formerly, Aristotle ESG Core Bond Fund) acquired the assets and assumed the liabilities of Pacific Funds ESG Core Bond, a series of Pacific Funds Series Trust. Pacific Funds ESG Core Bond was the accounting and performance track record survivor.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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, the Fund's previous name, acquired the assets and assumed the liabilities of Aristotle Core Equity Fund, a series of Investment Managers Series Trust. Aristotle Core Equity Fund was the accounting and performance track record survivor. The newly reorganized Fund was subsequently renamed Aristotle Core Equity Fund.

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 H, 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 H, Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective April 1, 2026, Class A shares are subject to a maximum 3.00% front-end 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. Pacific Funds Core Income was the accounting and performance track record survivor.

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. Pacific Funds Floating Rate Income was the accounting and performance track record survivor.

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. PF Growth Fund was the accounting and performance track record survivor.

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 April 1, 2026, Class A shares are subject to a maximum 3.00% front-end 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. Pacific Funds High Income was the accounting and performance track record survivor.

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, Aristotle International Equity Fund II, the Fund's previous name, acquired the assets and assumed the liabilities of Aristotle International Equity Fund, a series of Investment Managers Series Trust. Aristotle International Equity Fund was the accounting and performance track record survivor. The newly reorganized Fund was subsequently renamed Aristotle International Equity Fund.

Aristotle Pacific EXclusive Fund Series H's primary investment goal is to seek a high level of current income. The Fund offer a single class of shares, sold at net asset value without a sales charge. The Fund incepted on June 23, 2025.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Aristotle Pacific EXclusive Fund Series I's primary investment goal is to seek total return, consisting of current income and capital appreciation. The Fund offer a single class of shares, sold at net asset value without a sales charge. The Fund incepted on June 23, 2025.

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. Pacific Funds Portfolio Optimization Aggressive-Growth was the accounting and performance track record survivor.

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. Pacific Funds Portfolio Optimization Conservative was the accounting and performance track record survivor.

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 Pacific Funds Portfolio Optimization Growth, a series of Pacific Funds Series Trust. Pacific Funds Portfolio Optimization Growth was the accounting and performance track record survivor.

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. Pacific Funds Portfolio Optimization Moderate-Conservative was the accounting and performance track record survivor.

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. Pacific Funds Portfolio Optimization Moderate was the accounting and performance track record survivor.

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 H, 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 H, Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023,

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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. Pacific Funds Short Duration Income was the accounting and performance track record survivor.

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, and Class R6 shares are sold at net asset value without a sales charge. On April 17, 2023, Aristotle Small Cap Equity Fund II, the Fund's previous name, acquired the assets and assumed the liabilities of Pacific Funds Small-Cap and Pacific Funds Small-Cap Value, both series of Pacific Funds Series Trust. In addition, effective October 23, 2023, Aristotle Small Cap Equity Fund II acquired the assets and assumed the liabilities of Aristotle Small Cap Equity Fund, a series of Investment Managers Series Trust. Aristotle Small Cap Equity Fund was the accounting and performance track record survivor. The newly reorganized Fund was subsequently renamed 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. Pacific Funds Small/Mid-Cap was the accounting and performance track record survivor.

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 H, 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 H, Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective April 1, 2026, Class A shares are subject to a maximum 3.00% front-end 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. Pacific Funds Strategic Income was the accounting and performance track record survivor.

Aristotle Ultra Short Income Fund's primary investment goal is to seek current income consistent with capital preservation. The Fund offers Class A, Class H, Class I and Class I-2 shares. Each class is distinguished by its applicable level of distribution and/or service fees. Class A, Class H, 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. Pacific Funds Ultra Short Income was the accounting and performance track record survivor.

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 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, 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, the Fund's previous name, acquired the assets and assumed the liabilities of Aristotle Value Equity Fund, a series of Investment Managers Series Trust. Aristotle Value Equity Fund was the accounting and performance track record survivor.. The newly reorganized Fund was subsequently renamed Aristotle Value Equity Fund.

Aristotle/Saul Global Equity Fund's primary investment goal is to maximize long-term capital appreciation. The Fund offers only Class I-2 shares. Effective on October 23, 2023, Aristotle/Saul Global Equity Fund II, the Fund's previous name, acquired the assets and assumed the liabilities of Aristotle/Saul Global Equity Fund, a series of Investment Managers Series Trust. Aristotle/Saul Global Equity Fund was the accounting and performance track record survivor. The newly reorganized Fund was subsequently renamed Aristotle/Saul Global Equity Fund.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the chief executive officer, chief financial officer and chief operating officer of AIS, who serves as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

**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.

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** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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 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.** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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.

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| | |
|:---|:---|
| 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 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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

The following is a summary of the inputs used, as of March 31, 2026, in valuing the Funds' assets carried at fair value:

**Aristotle Core Bond Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $98803330 | $— | $98803330  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 66937006 |  | 66937006  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 49656368 |  | 49656368  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations  |  | 35988690 |  | 35988690  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 13266270 |  | 13266270  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 749533 |  | 749533  |
| **Total Investments** | $— | $265401197 | $— | $265401197 |

---

**Aristotle Core Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $508508860 | $— | $— | $508508860  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 4986094 |  |  | 4986094  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 1804599 |  |  | 1804599  |
| **Total Investments** | $515299553 | $— | $— | $515299553 |

---

**Aristotle Core Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $1356907271 | $— | $1356907271  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 562314074 |  | 562314074  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 398614346 |  | 398614346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations  |  | 280599302 |  | 280599302  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 236711586 |  | 236711586  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 177517753 |  | 177517753  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 34412907 |  | 34412907  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues  |  | 11590593 |  | 11590593  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 151861706 |  |  | 151861706  |
| **Total Investments** | $151861706 | $3058667832 | $— | $3210529538 |

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Aristotle Floating Rate Income Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans  | $— | $3036282176 | $— | $3036282176  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 226244226 |  | 226244226  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 104693983 |  |  | 104693983  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 8557595 | 75000000 |  | 83557595  |
| **Total Investments** | $113251578 | $3337526402 | $— | $3450777980 |

---

**Aristotle Growth Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $216502053 | $— | $— | $216502053  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 991482 |  |  | 991482  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 740430 |  |  | 740430  |
| **Total Investments** | $218233965 | $— | $— | $218233965 |

---

**Aristotle High Yield Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $84595766 | $— | $84595766  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 7736773 |  | 7736773  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 4327945 |  | 4327945  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 5739115 |  |  | 5739115  |
| **Total Investments** | $5739115 | $96660484 | $— | $102399599 |

---

**Aristotle International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $122360422 | $441399689 | $— | $563760111  |
| **Total Investments** | $122360422 | $441399689 | $— | $563760111 |

---

**Aristotle Pacific EXclusive Fund Series H** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans  | $— | $3478493 | $— | $3478493  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 1555846 |  | 1555846  |
| **Total Investments** | $— | $5034339 | $— | $5034339 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Aristotle Pacific EXclusive Fund Series I** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  | $— | $1422286 | $— | $1422286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations  |  | 1232950 |  | 1232950  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 565009 |  | 565009  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 249814 |  | 249814  |
| **Total Investments** | $— | $3470059 | $— | $3470059 |

---

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds  | $138636739 | $— | $— | $138636739  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 133113656 |  |  | 133113656  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 32791926 |  |  | 32791926  |
| **Total Investments** | $304542321 | $— | $— | $304542321 |

---

**Aristotle Portfolio Optimization Conservative Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds  | $93183746 | $— | $— | $93183746  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 24613043 |  |  | 24613043  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 8619250 |  |  | 8619250  |
| **Total Investments** | $126416039 | $— | $— | $126416039 |

---

**Aristotle Portfolio Optimization Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds  | $351325268 | $— | $— | $351325268  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 263901660 |  |  | 263901660  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 77348875 |  |  | 77348875  |
| **Total Investments** | $692575803 | $— | $— | $692575803 |

---

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds  | $135781158 | $— | $— | $135781158  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 42754132 |  |  | 42754132  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 11181250 |  |  | 11181250  |
| **Total Investments** | $189716540 | $— | $— | $189716540 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Aristotle Portfolio Optimization Moderate Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds  | $453228708 | $— | $— | $453228708  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 187206012 |  |  | 187206012  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 44783345 |  |  | 44783345  |
| **Total Investments** | $685218065 | $— | $— | $685218065 |

---

**Aristotle Short Duration Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $517362159 | $— | $517362159  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 153871909 |  | 153871909  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 107369807 |  | 107369807  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 78290919 |  | 78290919  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 64738648 |  | 64738648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations  |  | 52852935 |  | 52852935  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 3446704 |  | 3446704  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 13573030 |  |  | 13573030  |
| **Total Investments** | $13573030 | $977933081 | $— | $991506111 |

---

**Aristotle Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $104453949 | $— | $— | $104453949  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 7080211 |  |  | 7080211  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1187521 |  |  | 1187521  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 489000 |  |  | 489000 |
| **Total Investments** | $113210681 | $— | $— | $113210681 |

---

**Aristotle Small/Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $20167718 | $— | $— | $20167718  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 1203448 |  |  | 1203448  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds  | 158855 |  |  | 158855  |
| **Total Investments** | $21530021 | $— | $— | $21530021 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Aristotle Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $2945253619 | $— | $2945253619  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 620195404 |  | 620195404  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 208910410 |  | 208910410  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 182005309 |  | 182005309  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br>Obligations  |  | 98940800 |  | 98940800  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 74709778 |  | 74709778  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 20014941 |  | 20014941  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 195362505 | 200000000 |  | 395362505  |
| **Total Investments** | $195362505 | $4350030261 | $— | $4545392766 |

---

**Aristotle Ultra Short Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $26953933 | $— | $26953933  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 6168920 |  | 6168920  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations  |  | 5957462 |  | 5957462  |
| &nbsp;&nbsp;&nbsp; Bank Loans  |  | 376590 |  | 376590  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 2386197 |  | 2386197  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 204500 |  |  | 204500  |
| **Total Investments** | $204500 | $41843102 | $— | $42047602 |

---

**Aristotle Value Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $467578749 | $— | $— | $467578749  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts  | 6566584 |  |  | 6566584  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending  | 18106004 |  |  | 18106004  |
| **Total Investments** | $492251337 | $— | $— | $492251337 |

---

**Aristotle/Saul Global Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $14411597 | $12639129 | $— | $27050726  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks  |  | 1033262 |  | 1033262  |
| **Total Investments** | $14411597 | $13672391 | $— | $28083988 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**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 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, 2026, are summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Unfunded** <br>**Loan** <br>**Commitments** | **Value** | **Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Aristotle Floating Rate Income Fund | $5495120 | $5488079 | &nbsp;&nbsp;&nbsp;&nbsp; $4638  |
| Aristotle Strategic Income Fund | 1334224 | 1336266 | &nbsp;&nbsp;&nbsp;&nbsp; 2041 |

---

**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, 2026, 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.** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Optimization and Equity Funds - dividends,
 if any, are generally declared and paid annually.

&nbsp;&nbsp;&nbsp;&nbsp;• Core Bond Fund, Core Income Fund, High Yield
 Bond Fund, Short Duration Income Fund and Strategic Income Fund - dividends, if any, are generally declared and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;• Floating Rate Income Fund, Pacific EXclusive
 Fund Series H, Pacific EXclusive Fund Series I and Ultra Short Income Fund - dividends, if any, are generally declared daily
 and paid monthly.

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 period ended March 31, 2026 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Aristotle Core Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| Aristotle Core Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| Aristotle Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| Aristotle Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| Aristotle High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| Aristotle International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Aristotle Pacific EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Pacific EXclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Short Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Aristotle Small/Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Aristotle Strategic Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| Aristotle Ultra Short Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Value Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| Aristotle/Saul Global Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |

---

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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Aristotle Capital Boston, LLC ("Aristotle Boston")** 

Aristotle Boston, located at One Federal Street, 36th Floor, Boston, Massachusetts 02110, acts as sub-adviser to Aristotle Small Cap Equity Fund and Aristotle Small/Mid 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 sub-adviser to Aristotle International Equity Fund, Aristotle Value Equity Fund and Aristotle/Saul Global Equity Fund.

**Aristotle Pacific Capital, LLC ("Aristotle Pacific")** 

Aristotle Pacific, located at 840 Newport Center Drive, Suite 700, Newport Beach, California 92660, acts as sub-adviser to Aristotle Core Bond Fund, Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Pacific EXclusive Fund Series H, Aristotle Pacific EXclusive Fund Series I, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund and Aristotle Ultra Short Income Fund.

**Pacific Life Fund Advisors LLC ("PLFA")** 

PLFA, located at 700 Newport Center Drive, Newport Beach, California 92660, acts as sub-adviser to 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 total advisory fee amounts paid to AIS for the period ending March 31, 2026 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.

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 Fee**  |
| Aristotle Core Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%\*  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Aristotle Core Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration Fee**  |
| Aristotle Core Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| Aristotle Growth Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle High Yield Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle International Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Aristotle Pacific EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Pacific EXclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration Fee**  |
| Aristotle Short Duration Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Aristotle Small Cap Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Strategic Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10% |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&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;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| Aristotle Value Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06%  |
| Aristotle/Saul Global Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% |

---

\* Effective December 29, 2025, the supervision and administration fee for Core Bond Class I was reduced from 0.13% to 0.09%. 

The total supervision and administration fee amounts paid to AIS for the period ending March 31, 2026 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 acquired fund fees and expenses, interest, fees associated with any credit facility, 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 with Rule 12b-1 under the 1940 Act), with the exception of the Aristotle Portfolio Optimization Funds, for which acquired fund fees and expenses are also included within the Total Limit On Annual Operating Expenses specified below, exceed on an annual basis such amounts 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, or in the case of Aristotle Pacific EXclusive Fund

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Series H and Aristotle Pacific EXclusive Fund Series I, to bear other expenses of or make payments to each Fund, so that the Expenses incurred by a Fund in any fiscal year do not exceed the expense limit. Waived expenses through August 1, 2025, are not subject to future recoupment. AIS may recoup waived fees after August 1, 2025, under certain circumstances, for all Funds and share classes, except for Aristotle Small Cap Equity Fund Class I and Class I-2 shares, and for all share classes of Aristotle International Equity Fund, Aristotle Value Equity Fund, Aristotle/Saul Global Equity Fund and Aristotle Core Equity Fund, for which fees waived after August 1, 2026 are recoupable. Expenses paid or reimbursements made by AIS to Aristotle Pacific EXclusive Fund Series H and Aristotle Pacific EXclusive Fund Series I are not recoupable.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Agreement** <br>**Expires** | **Class A** | **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>**  |
| <br>**Fund** | **Agreement** <br>**Expires** | **Class A** | **Class C** | **Class H** | **Class I** | **Class I-2** | **Class R6/**<br>**Total Fund**  |
| Aristotle Core Bond Fund | July 31, 2028 |  |  | 0.48% | 0.44%\* | &nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Core Equity Fund | July 31, 2028 |  |  |  | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Core Income Fund | July 31, 2028 | 0.85% | 1.60% | 0.46% | 0.45% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Floating Rate Income Fund | July 31, 2028 | 1.02% | 1.77% |  | 0.72% | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Growth Equity Fund | July 31, 2028 |  |  |  | 0.70% | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Aristotle High Yield Bond Fund | July 31, 2028 | 0.95% | 1.70% |  | 0.55% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle International Equity Fund | July 31, 2028 |  |  |  | 0.78% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Aristotle Pacific EXclusive Fund <br>Series H | Never |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0.00%  |
| &nbsp;&nbsp;&nbsp; Aristotle Pacific EXclusive Fund <br>Series I | Never |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0.00%  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | July 31, 2028 | 1.26% | 2.01% |  |  | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Conservative Fund | July 31, 2028 | 1.22% | 1.97% |  |  | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Growth Fund | July 31, 2028 | 1.25% | 2.00% |  |  | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | July 31, 2028 | 1.22% | 1.97% |  |  | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; —  |
|  Aristotle Portfolio Optimization Moderate Fund | July 31, 2028 | 1.23% | 1.98% |  |  | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Short Duration Fund | July 31, 2028 | 0.75% | 1.50% | 0.40% | 0.39% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Small Cap Equity Fund | July 31, 2028 | 1.20% | 1.95% |  | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.85%  |
| Aristotle Small/Mid Cap Equity Fund | July 31, 2028 | 1.20% | 1.95% |  | 0.85% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Strategic Income Fund | July 31, 2028 | 0.94% | 1.69% | 0.60% | 0.59% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Ultra Short Income Fund | July 31, 2028 | 0.57% |  | 0.32% | 0.32% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Value Equity Fund | July 31, 2028 |  |  |  | 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.61%  |
| Aristotle/Saul Global Equity Fund | July 31, 2028 |  |  |  |  | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The total limit on annual operating expenses is
 calculated based on each Fund's average daily net assets.

\* Effective December 29, 2025 the total limit on annual operation expenses for Aristotle Core Bond Fund was reduced from 0.48% to 0.44%.

The total expense reimbursement amounts paid by AIS for the period ended March 31, 2026 can be references 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, 2026, to qualify as a RIC and

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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.

On the Statements of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributional** <br>**Earnings (Loss)** | **Capital Stock**  |
| Aristotle Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $467498 | $(467498)  |
| Aristotle Ultra Short Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1356 | (1356)  |
| Aristotle/Saul Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;(340) | 340 |

---

Accumulated capital losses represent net capital loss carryovers as of March 31, 2026 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, 2026 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2026, as applicable:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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, 2026**  |
| <br>**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, 2026**  |
| Aristotle Core Bond Fund | $(115956) | $(2697026) | $(2812982) | $—  |
| Aristotle Core Equity Fund |  |  |  | —  |
| Aristotle Core Income Fund | (14159538) | (57130792) | (71290330) | —  |
| Aristotle Floating Rate Income Fund | (81050099) | (245860901) | (326911000) | —  |
| Aristotle Growth Equity Fund |  |  |  | —  |
| Aristotle High Yield Bond Fund | (4853303) | (15847605) | (20700908) | —  |
| Aristotle International Equity Fund |  |  |  | (7234007)  |
| Aristotle Pacific EXclusive Fund Series H |  |  |  | —  |
| Aristotle Pacific EXclusive Fund Series I | (542) |  | (542) | —  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund |  |  |  | —  |
|  Aristotle Portfolio Optimization Conservative Fund | (466058) | (8862298) | (9328356) | (2772510)  |
|  Aristotle Portfolio Optimization Growth Fund |  |  |  | —  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | (413100) | (5039039) | (5452139) | (7159663)  |
|  Aristotle Portfolio Optimization Moderate Fund |  |  |  | —  |
| Aristotle Short Duration Income Fund | (4432212) | (17019941) | (21452153) | (2983535)  |
| Aristotle Small Cap Equity Fund |  |  |  | —  |
| Aristotle Small/Mid Cap Equity Fund |  |  |  | —  |

---

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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, 2026**  |
| <br>**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, 2026**  |
| Aristotle Strategic Income Fund | $(8093372) | $(96460564) | $(104553936) | $(94274)  |
| Aristotle Ultra Short Income Fund |  |  |  | (32304)  |
| Aristotle Value Equity Fund |  |  |  | —  |
| Aristotle/Saul Global Equity Fund |  |  |  |  |

---

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. Aristotle Pacific EXclusive Fund Series H had post-October losses of $16,882.

At March 31, 2026, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Core** <br>**Income Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**Growth** <br>**Equity Fund**  |
| Cost of Portfolio | $266611621  | $330488650  | $3267533013  | $3500735273  | $142842906  |
| Gross Unrealized Appreciation | 1124416 | 198777371 | 20575477 | 12741560 | 82780494  |
| Gross Unrealized Depreciation | (2334840) | (13966468) | (77578952) | (62898853) | (7389435)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | (1210424) | 184810903 | (57003475) | (49957293) | 75391059  |
| Undistributed Ordinary Income | 53403 | 144660 | 1325654 | 2994814 | —  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term <br>Capital Gains |  | 14625439 |  |  | 8001659  |
| Other Accumulated Gains/(Losses) | (2857569) |  | (72488482) | (330167570) | —  |
| Total Distributable Earnings/(Loss) | (4014590) | 199581002 | (128166303) | (377130049) | 83392718 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series H** | **Aristotle** <br>**Pacific** <br>**EXclusive** <br>**Fund Series I** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund**  |
| Cost of Portfolio | $103842436 | $415366477 | $5123251 | $3476641 | $263138557  |
| Gross Unrealized Appreciation | 1008289 | 183452375 | 6489 | 7075 | 45799938  |
|  Gross Unrealized Appreciation on Foreign Currencies |  | 93223 |  |  | —  |
| Gross Unrealized Depreciation | (2451126) | (35058741) | (95401) | (13657) | (4396174)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | (1442837) | 148486857 | (88912) | (6582) | 41403764  |
| Undistributed Ordinary Income | 9724 | 388540 | 4 | 1802 | 1993096  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term <br>Capital Gains |  | 7176791 |  |  | 11620930  |
| Other Accumulated Gains/(Losses) | (20704143) |  | (16882) | (542) | —  |
| Total Distributable Earnings/(Loss) | (22137256) | 156052188 | (105790) | (5322) | 55017790 |

---

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** <br>**Fund** | **Aristotle** <br>**Short** <br>**Duration** <br>**Income Fund**  |
| Cost of Portfolio | $121603040 | $616492799 | $177988199 | $623134861 | $992066283  |
| Gross Unrealized Appreciation | 5620906 | 82599116 | 13881650 | 70935119 | 5033212  |
| Gross Unrealized Depreciation | (807907) | (6516112) | (2153309) | (8851915) | (5593384)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 4812999 | 76083004 | 11728341 | 62083204 | (560172)  |
| Undistributed Ordinary Income | 3999956 | 5435059 | 4797528 | 7142306 | 140001  |
| &nbsp;&nbsp;&nbsp; Undistributed Long-Term <br>Capital Gains |  | 25955532 |  | 24260545 | —  |
| Other Accumulated Gains/(Losses) | (9328432) |  | (5452139) |  | (21554549)  |
| Total Distributable Earnings/(Loss) | (515477) | 107473595 | 11073730 | 93486055 | (21974720) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund** | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Value Equity** <br>**Fund**  |
| Cost of Portfolio | $88220054 | $19274941 | $4574869381 | $42003193 | $350040590  |
| Gross Unrealized Appreciation | 37395361 | 5368776 | 41980731 | 115548 | 154626776  |
| Gross Unrealized Depreciation | (12404734) | (3113696) | (71457346) | (71139) | (12416029)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 24990627 | 2255080 | (29476615) | 44409 | 142210747  |
| Undistributed Ordinary Income | 110899 | 69226 | 2848061 | 16473 | 914943  |
| Undistributed Long-Term Capital Gains | 8370418 | 2090295 |  | 6662 | 20724260  |
| Other Accumulated Gains/(Losses) |  |  | (107176816) |  | —  |
| Total Distributable Earnings/(Loss) | 33471944 | 4414601 | (133805370) | 67544 | 163849950 |

---

---

| | |
|:---|:---|
| **Fund** | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| Cost of Portfolio | $17148675  |
| Gross Unrealized Appreciation | 11561182  |
| Gross Unrealized Depreciation | 2761  |
|  Gross Unrealized Depreciation on Foreign Currencies | (625869)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 10938074  |
| Undistributed Ordinary Income | 154494  |
| Undistributed Long-Term Capital Gains | 1494350  |
| Other Accumulated Gains/(Losses) | —  |
| Total Distributable Earnings/(Loss) | $12586918 |

---

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

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**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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, 2023.

**TAX CHARACTER OF DISTRIBUTIONS** 

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended March 31, 2026** | **For the Year Ended March 31, 2026** | **For the Year Ended March 31, 2026** | **For the Year Ended March 31, 2025**  | **For the Year Ended March 31, 2025**  | **For the Year Ended March 31, 2025**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total** <br>**Distributions**  |
| Aristotle Core Bond Fund | $6702503 | $— | $6702503 | $973681 | $— | $973681  |
| Aristotle Core Equity Fund | 1056268 | 22434630 | 23490898 | 1092258 | 9067677 | 10159935  |
| Aristotle Core Income Fund | 146335414 |  | 146335414 | 140400534 |  | 140400534  |
|  Aristotle Floating Rate Income Fund | 273595052 |  | 273595052 | 332621616 |  | 332621616  |
| Aristotle Growth Equity Fund |  | 41483994 | 41483994 | 733053 | 23763207 | 24496260  |
| Aristotle High Yield Bond Fund | 6728000 |  | 6728000 | 6588568 |  | 6588568  |
| &nbsp;&nbsp;&nbsp; Aristotle International Equity <br>Fund | 9728606 | 7264960 | 16993566 | 9169090 |  | 9169090  |
|  Aristotle Pacific EXclusive Fund Series H | 241233 |  | 241233 |  |  | —  |
|  Aristotle Pacific EXclusive Fund Series I | 129916 |  | 129916 |  |  | —  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | 7822390 | 12756732 | 20579122 | 5622857 |  | 5622857  |
|  Aristotle Portfolio Optimization Conservative Fund | 4489222 |  | 4489222 | 5351975 |  | 5351975  |
|  Aristotle Portfolio Optimization Growth Fund | 19733320 | 38051145 | 57784465 | 16742589 |  | 16742589  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | 5467595 |  | 5467595 | 6980538 |  | 6980538  |
|  Aristotle Portfolio Optimization Moderate Fund | 25688902 | 21472082 | 47160984 | 20301661 |  | 20301661  |
|  Aristotle Short Duration Income Fund | 43636495 |  | 43636495 | 42851568 |  | 42851568  |
| Aristotle Small Cap Equity Fund | 380396 | 8370656 | 8751052 | 665600 | 1446935 | 2112535  |
|  Aristotle Small/Mid Cap Equity Fund | 174371 | 4112983 | 4287354 | 331867 | 3064466 | 3396333  |
| Aristotle Strategic Income Fund | 220435655 |  | 220435655 | 193146733 |  | 193146733  |
| &nbsp;&nbsp;&nbsp; Aristotle Ultra Short Income <br>Fund | 1556991 | 7143 | 1564134 | 2142414 |  | 2142414  |
| Aristotle Value Equity Fund | 9667802 | 44166326 | 53834128 | 10026648 | 11150433 | 21177081  |
| &nbsp;&nbsp;&nbsp; Aristotle/Saul Global Equity <br>Fund | 607211 | 3131310 | 3738521 | 552132 | 9512155 | 10064287 |

---

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 period ended March 31, 2026, 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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**Notes to Financial Statements** 

**March 31, 2026(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, between 40% and 90% of each Fund's assets 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 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, 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 may buy Underlying Funds managed by AIS or its affiliates, which in turn, invest in various securities, including ETFs. Each Fund 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 | 0-15% | 85-100%  |
| Aristotle Portfolio Optimization Conservative Fund | 70-85% | 15-30%  |
| Aristotle Portfolio Optimization Growth Fund | 15-30% | 70-85%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | 50-70% | 30-50%  |
| Aristotle Portfolio Optimization Moderate Fund | 30-50% | 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, 2026 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.

202<br>

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(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 | $— | $3866935 | $(1265057) | $(5035) | &nbsp;&nbsp; $(18918) | $2577925 | $51405 | $— | 295295  |
|  Aristotle Core Equity Fund - Class I | 58203217 | 8609117 | (18845553) | 471715 | &nbsp;&nbsp; 8645000 | 57083496 | 2568097 |  | 3689948  |
|  Aristotle Core Income Fund - Class I |  | 1542712 | (38188) | (86) | &nbsp;&nbsp; (13955) | 1490483 | 10719 |  | 154936  |
|  Aristotle Floating Rate Income Fund - Class I | 1301955 | 437118 | (359340) | (4421) | &nbsp;&nbsp; (19921) | 1355391 | 98119 |  | 147165  |
|  Aristotle Growth Equity Fund - Class I | 42784362 | 13243456 | (17710319) | 2273925 | &nbsp;&nbsp; (2401384) | 38190040 | 7689771 |  | 2882267  |
|  Aristotle High Yield Bond Fund - Class I | 6408321 | 5995323 | (4178539) | (102454) | &nbsp;&nbsp; (29927) | 8092724 | 434726 |  | 891269  |
|  Aristotle International Equity Fund - Class I | 27847254 | 5319159 | (11714355) | 1205547 | &nbsp;&nbsp; 1780349 | 24437954 | 857246 |  | 1928805  |
|  Aristotle Short Duration Income Fund - Class I |  | 8826708 | (3396283) | (5536) | &nbsp;&nbsp; (16163) | 5408726 | 235100 |  | 530788  |
|  | $136545109 | $47840528 | $(57507634) | $3833655 | &nbsp;&nbsp; $7925081 | $138636739 | $11945183 | $— | 10520473 |

---

**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, 2026 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 | $10418844 | $34051487 | $(5711120) | &nbsp;&nbsp; $(7109) | &nbsp;&nbsp; $(9225) | $38742877 | $1035964 | $— | 4437901  |
|  Aristotle Core Equity Fund - Class I | 7961246 | 1197384 | (2913037) | &nbsp;&nbsp; 86629 | &nbsp;&nbsp; 1145557 | 7477779 | 335869 | $— | 483373  |
|  Aristotle Core Income Fund - Class I | 51156080 | 3282542 | (37866451) | &nbsp;&nbsp; (42165) | &nbsp;&nbsp; 68840 | 16598846 | 1567808 | $— | 1725452  |
|  Aristotle Floating Rate Income Fund - Class I | 4508199 | 438139 | (2549559) | &nbsp;&nbsp; (33410) | &nbsp;&nbsp; (8904) | 2354465 | 216180 | $— | 255642  |
|  Aristotle Growth Equity Fund - Class I | 6052589 | 1778102 | (4181711) | &nbsp;&nbsp; 732672 | &nbsp;&nbsp; (427958) | 3953694 | 676332 | $— | 298392  |
|  Aristotle High Yield Bond Fund - Class I | 8280997 | 7014764 | (2893957) | &nbsp;&nbsp; (21110) | &nbsp;&nbsp; (75892) | 12304802 | 759735 | $— | 1355154  |
|  Aristotle International Equity Fund - Class I |  | 2658401 | (1661503) | &nbsp;&nbsp; 107360 | &nbsp;&nbsp; 75438 | 1179696 | 41439 | $— | 93109  |
|  Aristotle Short Duration Income Fund - Class I | 13502652 | 4476933 | (7399922) | &nbsp;&nbsp; 59433 | &nbsp;&nbsp; (67509) | 10571587 | 542066 | $— | 1037447  |
|  | $101880607 | $54897752 | $(65177260) | &nbsp;&nbsp; $882300 | &nbsp;&nbsp; $700347 | $93183746 | $5175393 | $— | 9686470 |

---

203<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(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, 2026 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 | $— | $54544123 | $(6176379) | $3798 | &nbsp;&nbsp; $594 | $48372136 | $1207953 | $— | 5540909  |
|  Aristotle Core Equity Fund - Class I | 114756082 | 17394833 | (31057709) | 444069 | &nbsp;&nbsp; 17347023 | 118884298 | 5367880 |  | 7684829  |
|  Aristotle Core Income Fund - Class I | 57489314 | 10638258 | (46004442) | (90501) | &nbsp;&nbsp; 136696 | 22169325 | 1827699 |  | 2304504  |
|  Aristotle Floating Rate Income Fund - Class I | 9121231 | 786015 | (6779497) | (93945) | &nbsp;&nbsp; 32621 | 3066425 | 287200 |  | 332945  |
|  Aristotle Growth Equity Fund - Class I | 87604328 | 34419307 | (42662804) | 5239494 | &nbsp;&nbsp; (5387188) | 79213137 | 14143774 |  | 5978350  |
|  Aristotle High Yield Bond Fund - Class I | 24052865 | 5144853 | (10793004) | (276810) | &nbsp;&nbsp; 182048 | 18309952 | 1294150 |  | 2016515  |
|  Aristotle International Equity Fund - Class I | 59363633 | 6123209 | (41250404) | 7804957 | &nbsp;&nbsp; (1324143) | 30717252 | 1077894 |  | 2424408  |
|  Aristotle Short Duration Income Fund - Class I | 3035448 | 37946594 | (10320834) | 11341 | &nbsp;&nbsp; (79806) | 30592743 | 1411544 |  | 3002232  |
|  | $355422901 | $166997192 | $(195045073) | $13042403 | &nbsp;&nbsp; $10907845 | $351325268 | $26618094 | $— | 29284692 |

---

**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, 2026 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.

204<br>

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(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 | $3771733 | $47036960 | $(5891988) | $10352 | &nbsp;&nbsp; $13351 | $44940408 | $1210421 | $— | 5147813  |
|  Aristotle Core Equity Fund - Class I | 17171996 | 9634166 | (5927015) | 78733 | &nbsp;&nbsp; 2870043 | 23827923 | 1072364 |  | 1540267  |
|  Aristotle Core Income Fund - Class I | 63784244 | 5932223 | (50591835) | (76888) | &nbsp;&nbsp; 165962 | 19213706 | 1842696 |  | 1997267  |
|  Aristotle Floating Rate Income Fund - Class I | 5654825 | 493100 | (3430669) | (40047) | &nbsp;&nbsp; (4524) | 2672685 | 234325 |  | 290194  |
|  Aristotle Growth Equity Fund - Class I | 13432833 | 4793482 | (7998065) | 1102742 | &nbsp;&nbsp; (863969) | 10467023 | 1747436 |  | 789964  |
|  Aristotle High Yield Bond Fund - Class I | 13049257 | 5317987 | (3205229) | (30199) | &nbsp;&nbsp; (57471) | 15074345 | 968550 |  | 1660170  |
|  Aristotle International Equity Fund - Class I | 9202502 | 4367825 | (7698262) | 999295 | &nbsp;&nbsp; 269686 | 7141046 | 251124 |  | 563618  |
|  Aristotle Short Duration Income Fund - Class I | 9408744 | 6583301 | (3535828) | 4930 | &nbsp;&nbsp; (17125) | 12444022 | 576688 |  | 1221199  |
|  | $135476134 | $84159044 | $(88278891) | $2048918 | &nbsp;&nbsp; $2375953 | $135781158 | $7903604 | $— | 13210492 |

---

**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, 2026 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 | $— | $123299361 | $(14473276) | $(3428) | &nbsp;&nbsp; $(68312) | $108754345 | $2743067 | $— | 12457542  |
|  Aristotle Core Equity Fund - Class I | 101694777 | 25104208 | (30115381) | 741976 | &nbsp;&nbsp; 15785767 | 113211347 | 5161623 |  | 7318122  |
|  Aristotle Core Income Fund - Class I | 142224176 | 17494422 | (111986832) | (286753) | &nbsp;&nbsp; 321609 | 47766622 | 4247906 |  | 4965345  |
|  Aristotle Floating Rate Income Fund - Class I | 16618455 | 1369349 | (11488842) | (138417) | &nbsp;&nbsp; 27780 | 6388325 | 595245 |  | 693629  |
|  Aristotle Growth Equity Fund - Class I | 81696566 | 41032010 | (35477888) | 1928034 | &nbsp;&nbsp; (4532080) | 84646642 | 16607428 |  | 6388426  |
|  Aristotle High Yield Bond Fund - Class I | 36153422 | 7430910 | (21260680) | (157329) | &nbsp;&nbsp; 84889 | 22251212 | 1623033 |  | 2450574  |
|  Aristotle International Equity Fund - Class I | 45426322 | 2090823 | (26716802) | 5309483 | &nbsp;&nbsp; (511759) | 25598067 | 911355 |  | 2020368  |
|  Aristotle Short Duration Income Fund - Class I | 33178830 | 31662336 | (20238835) | 77110 | &nbsp;&nbsp; (67293) | 44612148 | 2268855 |  | 4378032  |
|  | $456992548 | $249483419 | $(271758536) | $7470676 | &nbsp;&nbsp; $11040601 | $453228708 | $34158512 | $— | 40672038 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**NOTE 10 – INVESTMENT TRANSACTIONS** 

For the period ended March 31, 2026, purchases and sales of investments, excluding U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $228076644 | $58931305  |
| Aristotle Core Equity Fund | $86164722 | $160723826  |
| Aristotle Core Income Fund | $1907626986 | $1744680574  |
| Aristotle Floating Rate Income Fund | $6451495345 | $7141366943  |
| Aristotle Growth Equity Fund | $83022003 | $136457751  |
| Aristotle High Yield Bond Fund | $68905972 | $79631076  |
| Aristotle International Equity Fund | $94546375 | $139589204  |
| Aristotle Pacific EXclusive Funds Series H | $6797792 | $1656477  |
| Aristotle Pacific EXclusive Funds Series I | $4873092 | $1401301  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | $92307664 | $107808980  |
| Aristotle Portfolio Optimization Conservative Fund | $68870342 | $83413997  |
| Aristotle Portfolio Optimization Growth Fund | $260244347 | $308149336  |
| Aristotle Portfolio Optimization Moderate Conservative Fund  | $104990028  | $124096221  |
| Aristotle Portfolio Optimization Moderate Fund | $318208829 | $382460359  |
| Aristotle Short Duration Income Fund | $730451909 | $620972119  |
| Aristotle Small Cap Equity Fund | $33778847 | $77741640  |
| Aristotle Small/Mid Cap Equity Fund | $7014385 | $22515901  |
| Aristotle Strategic Income Fund | $2984444305 | $2568604692  |
| Aristotle Ultra Short Income Fund | $31681822 | $35927950  |
| Aristotle Value Equity Fund | $94019364 | $208809890  |
| Aristotle/Saul Global Equity Fund | $3121574 | $9515886 |

---

For the period ended March 31, 2026, purchases and sales of U.S. Government Securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $218251445 | $160401643  |
| Aristotle Core Income Fund | $445287098 | $650475003  |
| Aristotle Short Duration Income Fund | $194029613 | $220807107  |
| Aristotle Strategic Income Fund | $289381460 | $176712890 |

---

**NOTE 11 – 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, sub-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 million, 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 Fund's portfolio as collateral. Advances under the committed line of credit facility are limited to $250 million. 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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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, 2025 to March 31, 2026, the details of the borrowings were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average** <br>**Daily** <br>**Borrowings** | **Weighted** <br>**Average** <br>**Annualized** <br>**Interest Rate** | **Maximum** <br>**Borrowings**  |
| Aristotle/Saul Global Equity Fund | &nbsp;&nbsp; $4890 | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | $585000 |

---

**NOTE 12 – TRUSTEE COMPENSATION** 

For each fiscal year, each trustee who is not deemed to be an "interested person" of the Trust (as defined in the 1940 Act) (the "Independent Trustees") receives a retainer fee of $157,500. 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 $7,000, respectively. Along with this compensation, the Independent 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.

**NOTE 13 – SECURITIES LENDING** 

Following the terms of a securities lending agreement with Securities Finance Trust Company d/b/a eSecLending (the "Securities Lending Agent" or "SLA"), the Funds may lend securities from their portfolios to brokers, dealers and financial institutions approved as borrowers, in order to increase the return on their portfolios, primarily through the receipt of borrowing fees and earnings on invested collateral. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to 105% of the value of the loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the SLA on behalf of each Fund on the next business day. Loans are marked to market daily and the margin restored in the event the collateralization is below 100% of the value of the securities loaned. During the time securities are on loan, the borrower will pay the applicable Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral. In determining whether or not to lend a security to a particular broker, dealer or financial institution, the Adviser considers all relevant facts and circumstances, including the size, creditworthiness and reputation of the broker, dealer or financial institution. Securities lending involves the risk of a default or insolvency of the borrower. If the borrower fails to return loaned securities, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities, and such collateral insufficiency is not the result of investment losses, the Securities Lending Agent has agreed to pay the amount of the shortfall to the Fund or, at the option of the SLA, to replace the securities. In the event of the bankruptcy of the borrower, the Fund could experience delay in

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

recovering the loaned securities or only recover cash or a security of equivalent value. As of March 31, 2026, the following Funds participated in securities lending and had the following amounts out on loan:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities on** <br>**Loan** | **Collateral** <br>**Value**  |
| Aristotle Core Equity Fund | $1884770 | $1804599  |
| Aristotle Core Income Fund | 148053703 | 151861706  |
| Aristotle Floating Rate Income Fund | 82211405 | 83557595  |
| Aristotle Growth Equity Fund | 773262 | 740430  |
| Aristotle High Yield Bond Fund | 5541604 | 5739115  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | 33171511 | 32791926  |
| Aristotle Portfolio Optimization Conservative Fund | 8600340 | 8619250  |
| Aristotle Portfolio Optimization Growth Fund | 77922353 | 77348875  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | 11194249 | 11181250  |
| Aristotle Portfolio Optimization Moderate Fund | 45011488 | 44783345  |
| Aristotle Short Duration Income Fund | 13620219 | 13573030  |
| Aristotle Small Cap Equity Fund | 379180 | 489000  |
| Aristotle Strategic Income Fund | 378347329 | 395362505  |
| Aristotle Ultra Short Income Fund | 199914 | 204500  |
| Aristotle Value Equity Fund | 18443078 | 18106004 |

---

The Funds receive cash as collateral in return for securities lent as part of the securities lending program. The collateral is invested either in the GS Financial Square Government Fund of which the investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments, or a daily repurchase agreement invested in U.S. government debt or U.S. agency debt with a minimum issuer rating of Standard & Poor's A+ or Moody's A1. The net income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them are reflected in the Funds' Statements of Operations. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the SLA.

Due to the absence of a master netting agreement related to the Funds' participating in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**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.

Subsequent to period end, the Trust announced that a shareholder meeting would be held to elect the members of the Board of Trustees. The outcome of the shareholder vote was not known as of the date these financial statements were issued.

**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, 2026, 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 | Aristotle Portfolio Optimization Moderate Fund | 40.31%  |
| Aristotle Core Equity Fund | Aristotle Portfolio Optimization Growth Fund | 27.65%  |
| Aristotle Core Equity Fund | Aristotle Portfolio Optimization Moderate Fund | 26.35%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Moderate Fund | 38.38%  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Growth Fund | 35.89%  |
| Aristotle International Equity Fund | Charles Schwab & Company L.P. | 27.50%  |
| Aristotle International Equity Fund | National Finance Services LLC | 29.43%  |
| Aristotle Pacific EXclusive Fund Series H | Aristotle Capital Management, LLC | 87.98%  |
| Aristotle Pacific EXclusive Fund Series I | Aristotle Capital Management, LLC | 73.10%  |
| Aristotle Small Cap Equity Fund | National Financial Services LLC | 45.79%  |
| Aristotle Small/Mid Cap Equity Fund | Charles Schwab & Company L.P. | 25.57%  |
| Aristotle Ultra Short Income Fund | Charles Schwab & Company L.P. | 30.81%  |
| Aristotle Ultra Short Income Fund | National Financial Services LLC | 42.22% |

---

**Accounting Standards Update** 

In December 2023, the Financial Accounting Standards Board ("FASB") issued 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including disaggregation of income taxes paid by jurisdiction and enhancements to the rate reconciliation.

The Funds adopted ASU 2023-09 during the current fiscal year. The adoption did not have a material impact on the Fund's financial statements or disclosures.

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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, Aristotle Core Equity Fund, Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle Growth Equity Fund, Aristotle High Yield Bond Fund, Aristotle International Equity Fund, Aristotle Pacific Exclusive Fund Series H, Aristotle Pacific Exclusive Fund Series I, 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, Aristotle Short Duration Income Fund, Aristotle Small Cap Equity Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Strategic Income Fund, Aristotle Ultra Short Income Fund, Aristotle Value Equity Fund and Aristotle/Saul Global Equity Fund (the "Funds"), each a series of Aristotle Funds Series Trust (the "Trust"), including the schedules of investments, as of March 31, 2026, 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, 2026, 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.

---

| | | | |
|:---|:---|:---|:---|
| **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, Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle Growth Equity Fund, Aristotle High Yield Bond 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, Aristotle Short Duration Income Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Strategic Income Fund, and Aristotle Ultra Short Income Fund  | For the year ended March 31, 2026  | For each of the two years in the period ended March 31, 2026  | For each of the three years in the period ended March 31, 2026  |
| Aristotle Core Equity Fund, Aristotle International Equity Fund, Aristotle Small Cap Equity Fund, Aristotle/Saul Global Equity Fund, and Aristotle Value Equity Fund  | For the year ended March 31, 2026  | For each of the two years in the period ended March 31, 2026  | For each of the two years in the period ended March 31, 2026, and for the three months period ended March 31, 2024 and for each of the three years in the period ended December 31, 2023  |
| Aristotle Pacific EXclusive Fund Series H and Aristotle Pacific EXclusive Fund Series I  | For the period June 23, 2025 (commencement of operations) through March 31, 2026  | For the period June 23, 2025 (commencement of operations) through March 31, 2026  | For the period June 23, 2025 (commencement of operations) through March 31, 2026 |

---

With respect to Aristotle Core Bond Fund, Aristotle Core Income Fund, Aristotle Floating Rate Income Fund, Aristotle Growth Equity Fund, Aristotle High Yield Bond 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, Aristotle Short

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**ARISTOTLE FUNDS SERIES TRUST** 

**Report of Independent Registered Public Accounting Firm(Continued)** 

Duration Income Fund, Aristotle Small/Mid Cap Equity Fund, Aristotle Strategic Income Fund, and Aristotle Ultra Short Income Fund, the financial highlights for each of the two 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.

**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, 2026 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 28, 2026

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**Aristotle Funds Series Trust** 

**Additional Notices** 

**March 31, 2026** 

**Other Tax Information (Unaudited)** 

The Funds designated the following percentages of dividends during the year ended March 31, 2026 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** <br>**Corporate** <br>**Shareholders**  | **% of Dividends** <br>**as Qualified** <br>**Income**  |
| Aristotle Core Bond Fund  | 0.00%  | 0.00%  |
| Aristotle Core Equity Fund  | 100.00%  | 100.00%  |
| Aristotle Core Income Fund  | 0.00%  | 0.00%  |
| Aristotle Floating Rate Income Fund  | 0.00%  | 0.00%  |
| Aristotle Growth Equity Fund  | 0.00%  | 0.00%  |
| Aristotle High Yield Bond Fund  | 0.00%  | 0.00%  |
| Aristotle International Equity Fund  | 0.00%  | 100.00%  |
| Aristotle Pacific EXclusive Fund Series H  | 0.00%  | 0.00%  |
| Aristotle Pacific EXclusive Fund Series I  | 0.00%  | 0.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund  | 0.34%  | 35.31%  |
| Aristotle Portfolio Optimization Conservative Fund  | 0.27%  | 7.82%  |
| Aristotle Portfolio Optimization Growth Fund  | 1.66%  | 16.34%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund  | 0.73%  | 2.69%  |
| Aristotle Portfolio Optimization Moderate Fund  | 1.40%  | 9.24%  |
| Aristotle Short Duration Income Fund  | 0.00%  | 0.00%  |
| Aristotle Small Cap Equity Fund  | 100.00%  | 100.00%  |
| Aristotle Small/Mid Cap Equity Fund  | 100.00%  | 100.00%  |
| Aristotle Strategic Income Fund  | 0.00%  | 0.00%  |
| Aristotle Ultra Short Income Fund  | 0.00%  | 0.00%  |
| Aristotle Value Equity Fund  | 100.00%  | 100.00%  |
| Aristotle/Saul Global Equity Fund  | 39.55%  | 90.05% |

---

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** <br>**as Short-Term** <br>**Capital Gain**  |
| Aristotle Core Bond Fund  | 0.00%  |
| Aristotle Core Equity Fund  | 0.00%  |
| Aristotle Core Income Fund  | 0.00%  |
| Aristotle Floating Rate Income Fund  | 0.00%  |
| Aristotle Growth Equity Fund  | 0.00%  |
| Aristotle High Yield Bond Fund  | 0.00%  |
| Aristotle International Equity Fund  | 0.00%  |
| Aristotle Pacific EXclusive Fund Series H  | 0.32%  |
| Aristotle Pacific EXclusive Fund Series I  | 0.00%  |
| Aristotle Portfolio Optimization Aggressive Growth Fund  | 51.13%  |
| Aristotle Portfolio Optimization Conservative Fund  | 0.00%  |
| Aristotle Portfolio Optimization Growth Fund  | 25.86%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund  | 0.00%  |

---

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**Aristotle Funds Series Trust** 

**Additional Notices** 

**March 31, 2026(Continued)** 

---

| | |
|:---|:---|
|  | **% of Dividends** <br>**as Short-Term** <br>**Capital Gain**  |
| Aristotle Portfolio Optimization Moderate Fund  | 9.27%  |
| Aristotle Short Duration Income Fund  | 0.00%  |
| Aristotle Small Cap Equity Fund  | 0.00%  |
| Aristotle Small/Mid Cap Equity Fund  | 95.54%  |
| Aristotle Strategic Income Fund | 0.00%  |
| Aristotle Ultra Short Income Fund | 2.85%  |
| Aristotle Value Equity Fund | 3.25%  |
| Aristotle/Saul Global Equity Fund | 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)

214<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, 2026, 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 Bond Fund • Aristotle Small/Mid Cap Equity Fund

• Aristotle Core Income Fund • Aristotle Value Equity Fund

• Aristotle Floating Rate Income Fund • Aristotle Saul/Global Equity Fund

• Aristotle High Yield Bond Fund • Aristotle Portfolio Optimization Aggressive Growth
 Fund

• Aristotle Short Duration Income Fund • Aristotle Portfolio Optimization Conservative Fund

• Aristotle Strategic Income Fund • Aristotle Portfolio Optimization Growth Fund

• Aristotle Ultra Short Income Fund • Aristotle Portfolio Optimization Moderate Conservative
 Fund

• Aristotle Core Equity Fund • Aristotle Portfolio Optimization Moderate Fund

• Aristotle Growth Equity Fund

• Aristotle International Equity Fund

• Aristotle Small Cap Equity Fund

At a meeting held on December 4, 2025, the Board (which is comprised of four persons, three of whom are "disinterested" trustees as defined under the Investment Company Act of 1940, as amended (the "1940 Act"), and one of whom is an "interested" trustee as defined under the 1940 Act) considered and approved the continuance of the Investment Advisory Agreement between Aristotle Funds Series Trust (the "Trust") and Aristotle Investment Services, LLC (the "Adviser" or "Aristotle") and the separate Subadvisory Agreement between the Adviser and 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" and together the "Sub-Advisers") (together, the "Advisory Agreements"). At this meeting and at prior meetings held on October 14, 2025 and November 17, 2025, the Board received and reviewed substantial information regarding the Funds, the Adviser, the Sub-Advisers and the services provided by the Adviser and each Sub-Adviser to the Funds under the Advisory Agreements. The Independent Trustees also had separate executive sessions with their independent legal counsel at this meeting and at prior meetings held on October 8, 2025 and October 14, 2025. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations.. Below is a summary of the factors considered by the Board and the conclusions that formed the primary basis for the Board's approval of the continuance of the Advisory Agreements:

The nature, extent and quality of the services provided and to be provided by the Adviser and Sub-Adviser under the Advisory Agreements. The Trustees discussed the nature, extent and quality of the Adviser's and each Sub-Adviser's overall services to be provided to the Funds as well as its specific responsibilities in all aspects of the day-to-day management of the Funds. The Board considered the qualifications, experience and responsibilities of the portfolio managers, as well as the responsibilities of other key personnel at the Adviser and each Sub-Adviser that would be involved in the day-to-day activities of the Funds. The Board reviewed the services the Adviser and each Sub-Adviser would provide to the Funds, including services that extended beyond portfolio management and the receipt of any additional fees by the Adviser, each Sub-Adviser or its affiliates. The Board also considered the resources and compliance structure of the Adviser and each Sub-Adviser, including information regarding its compliance program, its chief compliance officer and compliance record, as well as the Adviser's and each Sub-Adviser's cybersecurity program, AI use policy, business continuity plan, and risk management processes. The Board considered the trading capability of the Adviser and each Sub-Adviser. The Board further considered the Board's knowledge of the Adviser's and each Sub-Adviser's operations, and noted that during the course of the prior year they had met with certain personnel of the Adviser and each Sub-Adviser to discuss Fund performance as well as various compliance topics and fund marketing/distribution. The Board then concluded that the Adviser and each Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that, in the Board's view, the nature, overall quality, and extent of the management services continued to be satisfactory.

The Funds' historical performance and the overall performance of the Adviser and each Sub-Adviser. In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the short-term and long-term performance of each Fund on both an absolute basis, and in comparison to its peer funds utilizing Morningstar classifications and appropriate securities market benchmarks, all for periods ended June 30, 2025 as compiled by Broadridge Financial Solutions, Inc., an independent provider of investment company data ("Broadridge"). While the Board considered both short-term and long-term performance, it placed greater emphasis on longer term performance. When reviewing each Fund's performance against its comparative peer group universe, the Board took into account that the investment objective and strategies of each Fund as well as its level of risk tolerance, may differ significantly from funds in its respective peer universe. When reviewing the Funds' performance against broad market benchmarks, the Board took into account the differences in portfolio construction between the Funds and such benchmarks as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks. In assessing periods of relative underperformance or outperformance, the Board took into account that relative performance can be significantly impacted by performance measurement periods and that some periods of underperformance may be transitory in nature while others may reflect more significant underlying issues. The Board recognized the following with respect to each Fund's performance:

<u>Aristotle Core Bond Fund</u>

The Board noted that Aristotle Core Bond Fund's ("Core Bond Fund") performance ranked in the 3rd quintile for the 1-year period and 1st quintile for the 3-year period versus its peer group and ranked in the 3rd quintile for the 1-year period and 1st quintile for the 3-year period versus its peer universe.

<u>Aristotle Core Income Fund</u>

The Board noted that Aristotle Core Income Fund's ("Core Income Fund") performance ranked in the 5th quintile for the 1-year period, 1st quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer group and ranked in the 4th quintile for the 1-year period, 1st quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer universe.

<u>Aristotle Floating Rate Income Fund</u>

The Board noted that Aristotle Floating Rate Income Fund's ("Floating Rate Income Fund") performance ranked in the 3rd quintile for the 1-year period, 1st quintile for the 3-year period, 3rd quintile for the 5-year period and 1st quintile for the 10-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 1st quintile for the 3-year period, 2nd quintile for the 5-year period and 1st quintile for the 10-year period versus its peer universe.

<u>Aristotle High Yield Bond Fund</u>

The Board noted that Aristotle High Yield Bond Fund's ("High Yield Bond Fund") performance ranked in the 3rd quintile for the 1-year period, 3rd quintile for the 3-year period, 2nd quintile for the 5-year period and 2nd quintile for the 10-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 2nd quintile for the 3-year period, 2nd quintile for the 5-year period and 2nd quintile for the 10-year period versus its peer universe.

<u>Aristotle Short Duration Income Fund</u>

The Board noted that Aristotle Short Duration Income Fund's ("Short Duration Income Fund") performance ranked in the 3rd quintile for the 1-year period, 1st quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 1st quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer universe.

<u>Aristotle Strategic Income Fund</u>

The Board noted that Aristotle Strategic Income Fund's ("Strategic Income Fund") performance ranked in the 4th quintile for the 1-year period, 2nd quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer group and ranked in the 4th quintile for the 1-year period, 1st quintile for the 3-year period, 1st quintile for the 5-year period and 1st quintile for the 10-year period versus its peer universe.

<u>Aristotle Ultra Short Income Fund</u>

The Board noted that Aristotle Ultra Short Income Fund's ("Ultra Short Income Fund") performance ranked in the 1st quintile for the 1-year period, 1st quintile for the 3-year period and 1st quintile for the 5-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 2nd quintile for the 3-year period and 1st quintile for the 5-year period versus its peer universe.

<u>Aristotle Core Equity Fund</u>

The Board noted that Aristotle Core Equity Fund's ("Core Equity Fund") performance ranked in the 2nd quintile for the 1-year period, 2nd quintile for the 3-year period and 3rd quintile for the 5-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 2nd quintile for the 3-year period and 4th quintile for the 5-year period versus its peer universe.

<u>Aristotle Growth Equity Fund</u>

The Board noted that Aristotle Growth Equity Fund's ("Growth Equity Fund") performance ranked in the 4th quintile for the 1-year period and 2nd quintile for the period since inception versus its peer group and ranked in the 3rd quintile for the 1-year period and 3rd quintile for the period since inception versus its peer universe.

<u>Aristotle Small Cap Equity Fund</u>

The Board noted that Aristotle Small Cap Equity Fund's ("Small Cap Equity Fund") performance ranked in the 4th quintile for the 1-year period, 4th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer group and ranked in the 5th quintile for the 1-year period, 5th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer universe.

<u>Aristotle Small/Mid Cap Equity Fund</u>

The Board noted that Aristotle Small/Mid Cap Equity Fund's ("Small/Mid Cap Equity Fund") performance ranked in the 4th quintile for the 1-year period, 5th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 4th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer universe.

<u>Aristotle International Equity Fund</u>

The Board noted that Aristotle International Equity Fund's ("International Equity Fund") performance ranked in the 4th quintile for the 1-year period, 4th quintile for the 3-year period, 3rd quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 4th quintile for the 3-year period, 3rd quintile for the 5-year period and 2nd quintile for the 10-year period versus its peer universe.

<u>Aristotle Value Equity Fund</u>

The Board noted that Aristotle Value Equity Fund's ("Value Equity Fund") performance ranked in the 5th quintile for the 1-year period, 5th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer group and ranked in the 5th quintile for the 1-year period, 5th quintile for the 3-year period and 5th quintile for the 5-year period versus its peer universe.

<u>Aristotle/Saul Global Equity Fund</u>

The Board noted that Aristotle/Saul Global Equity Fund's ("Global Equity Fund") performance ranked in the 5th quintile for the 1-year period, 4th quintile for the 3-year period, 4th quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer group and ranked in the 5th quintile for the 1-year period, 5th quintile for the 3-year period, 4th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer universe.

<u>Aristotle Portfolio Optimization Conservative Fund</u>

The Board noted that Aristotle Portfolio Optimization Conservative Fund's ("Conservative Fund") performance ranked in the 3rd quintile for the 1-year period, 3rd quintile for the 3-year period, 3rd quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer group and ranked in the 3rd quintile for the 1-year period, 2nd quintile for the 3-year period, 4th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer universe.

<u>Aristotle Portfolio Optimization Moderate Conservative Fund</u>

The Board noted that Aristotle Portfolio Optimization Moderate Conservative Fund's ("Moderate Conservative Fund") performance ranked in the 2nd quintile for the 1-year period, 2nd quintile for the 3-year period, 2nd quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 3rd quintile for the 3-year period, 4th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer universe.

<u>Aristotle Portfolio Optimization Moderate Fund</u>

The Board noted that Aristotle Portfolio Optimization Moderate Fund's ("Moderate Fund") ranked in the 2nd quintile for the 1-year period, 3rd quintile for the 3-year period, 4th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 3rd quintile for the 3-year period, 5th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer universe.

<u>Aristotle Portfolio Optimization Growth Fund</u>

The Board noted that Aristotle Portfolio Optimization Growth Fund's ("Growth Fund") performance ranked in the 1st quintile for the 1-year period, 4th quintile for the 3-year period, 4th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 4th quintile for the 3-year period, 5th quintile for the 5-year period and 4th quintile for the 10-year period versus its peer universe.

<u>Aristotle Portfolio Optimization Aggressive Growth Fund</u>

The Board noted that Aristotle Portfolio Optimization Aggressive Growth Fund's ("Aggressive Growth Fund") performance ranked in the 1st quintile for the 1-year period, 3rd quintile for the 3-year period, 3rd quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer group and ranked in the 2nd quintile for the 1-year period, 3rd quintile for the 3-year period, 4th quintile for the 5-year period and 3rd quintile for the 10-year period versus its peer universe.

The costs of the services provided by the Adviser and Sub-Adviser and the structure of the Adviser's fees under the Advisory Agreement. In considering the advisory fee and total fees and expenses of each Fund, the Board reviewed comparisons to the Funds as compiled by Broadridge, as well as all expense waivers and reimbursements. The Board also considered that the Adviser stated it did not manage any comparable accounts to any of the Funds. With respect to those Sub-Advisers that have similarly managed separate accounts for other types of clients, when reviewing fees charged to those other similarly managed accounts, the Board took into account the type of account and the differences in the management of that account that might be germane to the difference, if any, in the fees charged to such accounts. The Board recognized the following with respect to each Fund's advisory fee and total expenses:

<u>Aristotle Core Bond Fund</u>

The Board noted that Core Bond Fund ranked in the 5th quintile and 4th quintile versus its advisory fee peer group and peer universe, respectively, and in the 2nd quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Core Income Fund</u>

The Board noted that Core Income Fund ranked in the 5th quintile and 5th quintile versus its advisory fee peer group and peer universe, respectively, and in the 4th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Floating Rate Income Fund</u>

The Board noted that Floating Rate Income Fund ranked in the 3rd quintile and 4th quintile versus its advisory fee peer group and peer universe, respectively, and in the 4th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle High Yield Bond Fund</u>

The Board noted that High Yield Bond Fund ranked in the 5th quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 2nd quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Short Duration Income Fund</u>

The Board noted that Short Duration Income Fund ranked in the 4th quintile and 2nd quintile versus its advisory fee peer group and peer universe, respectively, and in the 5th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Strategic Income Fund</u>

The Board noted that Strategic Income Fund ranked in the 3rd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 4th quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Ultra Short Income Fund</u>

The Board noted that Ultra Short Income Fund ranked in the 5th quintile and 5th quintile versus its advisory fee peer group and peer universe, respectively, and in the 2nd quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Core Equity Fund</u>

The Board noted that Core Equity Fund ranked in the 2nd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 2nd quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that the contractual advisory fee was near the average of the expense peer group, and that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Growth Equity Fund</u>

The Board noted that Growth Equity Fund ranked in the 2nd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 1st quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that the Fund's contractual advisory fee was near the average of the expense peer group, and that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Small Cap Equity Fund</u>

The Board noted that Small Cap Equity Fund ranked in the 1st quintile and 2nd quintile versus its advisory fee peer group and peer universe, respectively, and in the 1st quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that the Fund's contractual advisory fee was on the lower end of the spectrum of the expense peer group, and that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Small/Mid Cap Equity Fund</u>

The Board noted that Small/Mid Cap Equity Fund ranked in the 4th quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 4th quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle International Equity Fund</u>

The Board noted that International Equity Fund ranked in the 2nd quintile and 2nd quintile versus its advisory fee peer group and peer universe, respectively, and in the 2nd quintile and 2nd quintile versus its total expense peer group and peer universe, respectively. The Board concluded the Fund's contractual advisory fee was on the lower end of the spectrum of the expense peer group, and that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Value Equity Fund</u>

The Board noted that Value Equity Fund ranked in the 3rd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 3rd quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that the Fund's contractual advisory fee was near the average of the expense peer group, and that the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle/Saul Global Equity Fund</u>

The Board noted that Global Equity Fund ranked in the 4th quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 1st quintile and 2nd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Portfolio Optimization Conservative Fund</u>

The Board noted that Conservative Fund ranked in the 4th quintile and 4th quintile versus its advisory fee peer group and peer universe, respectively, and in the 5th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Portfolio Optimization Moderate Conservative Fund</u>

The Board noted that Moderate Conservative Fund ranked in the 4th quintile and 5th quintile versus its advisory fee peer group and peer universe, respectively, and in the 5th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Portfolio Optimization Moderate Fund</u>

The Board noted that Moderate Fund ranked in the 4th quintile and 4th quintile versus its advisory fee peer group and peer universe, respectively, and in the 4th quintile and 4th quintile versus its total expense peer group and peer universe, respectively The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Portfolio Optimization Growth Fund</u>

The Board noted that Growth Fund ranked in the 2nd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 3rd quintile and 3rd quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

<u>Aristotle Portfolio Optimization Aggressive Growth Fund</u>

The Board noted Aggressive Growth Fund ranked in the 3rd quintile and 3rd quintile versus its advisory fee peer group and peer universe, respectively, and in the 5th quintile and 4th quintile versus its total expense peer group and peer universe, respectively. The Board concluded that, while the Fund's contractual advisory fee was on the higher end of the spectrum of the expense peer group, the fees paid to the Adviser were fair and reasonable in light of the comparative performance and advisory fee information.

Economies of Scale. The Board also considered potential economies of scale that could be realized by the Adviser and each Sub-Adviser as the assets of the Funds grow. The Board noted that at current asset levels, it did not appear that there were significant economies of scale being realized by the Adviser that should be shared with shareholders and concluded that it would continue to monitor economies of scale in the future as circumstances change and assuming asset levels continued to increase. The Board noted that the Adviser and the Sub-Advisers continue to make significant investments in the firms to enhance information systems, cybersecurity, finance and accounting functions, compliance and operating efficiencies. These economies of scale are shared by the Trust and the other asset management clients of the Adviser and Sub-Advisers.

The profits to be realized by the Adviser and each Sub-Adviser and their affiliates from their relationship with the Funds. The Board reviewed the Adviser's and Sub-Advisers' financial information and took into account both the direct benefits and the indirect benefits to the Adviser and Sub-Advisers from advising the Funds. After review, the Board determined that the profitability to the Adviser and Sub-Advisers with respect to the Advisory Agreements was not excessive, and that the Adviser and Sub-Advisers had maintained adequate financial resources to support the services they provide to the Funds.

The Board noted there was no single factor that was determinative of the Board's decision to approve the continuance of the Advisory Agreements, but rather the Board based its determination on the total combination of information available to the trustees. Based on a consideration of all the factors in their totality, the Board determined that the advisory arrangements with the Adviser and Sub-Adviser, including each Fund's advisory fee, were fair and reasonable. The Board therefore determined that renewal of the Advisory Agreements for an additional year would be in the best interests of the Funds and their shareholders.

**<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.](https://www.sec.gov/Archives/edgar/data/1959372/000113322824005853/afst-html8000_ex99code.htm)

&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-efp24780_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-efp24780_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, Principal Executive Officer |

---

Date <u>5/28/26</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, Principal Executive Officer |

---

Date <u>5/28/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joshua B. Schwab |
|  | Joshua B. Schwab, Principal Financial Officer |

---

Date <u>5/28/26</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: | 5/28/26 | /s/ Richard Schweitzer |
|  |  | Richard Schweitzer |
|  |  | Principal Executive Officer |

---

**<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: | 5/28/26 | /s/ Joshua B. Schwab |
|  |  | Joshua B. Schwab |
|  |  | Principal Financial Officer |

---

## 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> Principal Executive Officer, Aristotle Funds Series Trust<br>| Joshua B. Schwab<br> Principal Financial Officer, Aristotle Funds Series Trust |

---

Dated: <u>5/28/26</u> Dated: <u>5/28/26</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.