# EDGAR Filing Document

**Accession Number:** 0001959372
**File Stem:** 0001133228-25-012888
**Filing Date:** 2025-11
**Character Count:** 1097853
**Document Hash:** 45514f56d41823721405bfbc384e2055
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012888.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001133228-25-012888

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 149

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23850
- **FILM NUMBER:** 251528721

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000244218 | Class I-2    | AIOOX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### 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'? 2025-08-01194904_AristotleESGCoreBondFund_ClassI_TSRSemiAnnual

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 September 30, 2025</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 I \| PLEBX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.48% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149205372 |
| **Number of Holdings** | 264 |
| **Portfolio Turnover Rate** | 85% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 27.0% |
|  Federal National Mortgage Association  | 7.3% |
|  Federal Home Loan Mortgage Corp.  | 4.9% |
|  Ginnie Mae II Pool  | 4.5% |
|  Onslow Bay Mortgage Loan Trust  | 3.0% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Angel Oak Mortgage Trust LLC  | 1.6% |
|  BRAVO Residential Funding Trust  | 1.5% |
|  Goldman Sachs Group, Inc.  | 1.4% |
|  Morgan Stanley  | 1.4% |

---

**Sector Breakdown (%)**

![image](ts5542img003.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.

Aristotle Core Bond Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F683

27.226.922.56.34.12.11.91.90.86.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.48% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $149205372 |
| **Number of Holdings** | 264 |
| **Portfolio Turnover Rate** | 85% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 27.0% |
|  Federal National Mortgage Association  | 7.3% |
|  Federal Home Loan Mortgage Corp.  | 4.9% |
|  Ginnie Mae II Pool  | 4.5% |
|  Onslow Bay Mortgage Loan Trust  | 3.0% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Angel Oak Mortgage Trust LLC  | 1.6% |
|  BRAVO Residential Funding Trust  | 1.5% |
|  Goldman Sachs Group, Inc.  | 1.4% |
|  Morgan Stanley  | 1.4% |

---

**Sector Breakdown (%)**

![image](ts5541img003.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.

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

------

**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-SAR-04045F675

27.226.922.56.34.12.11.91.90.86.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $50 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $561560909 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Microsoft Corp.  | 8.0% |
|  Alphabet, Inc.  | 5.2% |
|  Apple, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  JPMorgan Chase & Co.  | 3.5% |
|  Oracle Corp.  | 3.1% |
|  Costco Wholesale Corp.  | 2.2% |

---

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

![image](ts5567img003.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.

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 1 TSR-SAR-04045F329

34.512.611.410.510.38.53.52.61.84.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $561560909 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Microsoft Corp.  | 8.0% |
|  Alphabet, Inc.  | 5.2% |
|  Apple, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  JPMorgan Chase & Co.  | 3.5% |
|  Oracle Corp.  | 3.1% |
|  Costco Wholesale Corp.  | 2.2% |

---

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

![image](ts5569img003.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.

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 1 TSR-SAR-04045F436

34.512.611.410.510.38.53.52.61.84.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $561560909 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover Rate** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Microsoft Corp.  | 8.0% |
|  Alphabet, Inc.  | 5.2% |
|  Apple, Inc.  | 4.8% |
|  Meta Platforms, Inc.  | 4.5% |
|  Amazon.com, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  JPMorgan Chase & Co.  | 3.5% |
|  Oracle Corp.  | 3.1% |
|  Costco Wholesale Corp.  | 2.2% |

---

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

![image](ts5568img003.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.

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 1 TSR-SAR-04045F311

34.512.611.410.510.38.53.52.61.84.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3169049784 |
| **Number of Holdings** | 465 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 23.2% |
|  Federal National Mortgage Association  | 7.7% |
|  Federal Home Loan Mortgage Corp.  | 3.5% |
|  Navient Student Loan Trust  | 1.7% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Onslow Bay Mortgage Loan Trust  | 1.6% |
|  Angel Oak Mortgage Trust LLC  | 1.4% |
|  SMB Private Education Loan Trust  | 1.3% |
|  Ginnie Mae II Pool  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts5537img003.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.

Aristotle Core Income Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F733

23.622.918.75.65.34.53.93.51.510.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $82 | 1.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3169049784 |
| **Number of Holdings** | 465 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 23.2% |
|  Federal National Mortgage Association  | 7.7% |
|  Federal Home Loan Mortgage Corp.  | 3.5% |
|  Navient Student Loan Trust  | 1.7% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Onslow Bay Mortgage Loan Trust  | 1.6% |
|  Angel Oak Mortgage Trust LLC  | 1.4% |
|  SMB Private Education Loan Trust  | 1.3% |
|  Ginnie Mae II Pool  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts5538img003.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.

Aristotle Core Income Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F725

23.622.918.75.65.34.53.93.51.510.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $23 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3169049784 |
| **Number of Holdings** | 465 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 23.2% |
|  Federal National Mortgage Association  | 7.7% |
|  Federal Home Loan Mortgage Corp.  | 3.5% |
|  Navient Student Loan Trust  | 1.7% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Onslow Bay Mortgage Loan Trust  | 1.6% |
|  Angel Oak Mortgage Trust LLC  | 1.4% |
|  SMB Private Education Loan Trust  | 1.3% |
|  Ginnie Mae II Pool  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts5540img003.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.

Aristotle Core Income Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F717

23.622.918.75.65.34.53.93.51.510.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Core Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $28 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3169049784 |
| **Number of Holdings** | 465 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 23.2% |
|  Federal National Mortgage Association  | 7.7% |
|  Federal Home Loan Mortgage Corp.  | 3.5% |
|  Navient Student Loan Trust  | 1.7% |
|  JPMorgan Chase & Co.  | 1.7% |
|  Onslow Bay Mortgage Loan Trust  | 1.6% |
|  Angel Oak Mortgage Trust LLC  | 1.4% |
|  SMB Private Education Loan Trust  | 1.3% |
|  Ginnie Mae II Pool  | 1.3% |
|  Goldman Sachs Group, Inc.  | 1.1% |

---

**Sector Breakdown (%)**

![image](ts5539img003.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.

Aristotle Core Income Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F691

23.622.918.75.65.34.53.93.51.510.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $53 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3870222991 |
| **Number of Holdings** | 170 |
| **Portfolio Turnover Rate** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Weber-Stephen Products LLC  | 3.6% |
|  CommScope LLC  | 3.5% |
|  TransDigm, Inc.  | 3.4% |
|  CRC Insurance Group LLC  | 2.7% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 2.7% |
|  Allied Universal Holdco LLC  | 2.7% |
|  Proofpoint, Inc.  | 2.6% |
|  CoreLogic, Inc.  | 2.5% |
|  Ellucian Holdings, Inc.  | 2.1% |
|  RealPage, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts5547img003.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 Floating Rate Income Fund PAGE 1 TSR-SAR-04045F626

21.820.820.520.54.93.61.91.46.11.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $91 | 1.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3870222991 |
| **Number of Holdings** | 170 |
| **Portfolio Turnover Rate** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Weber-Stephen Products LLC  | 3.6% |
|  CommScope LLC  | 3.5% |
|  TransDigm, Inc.  | 3.4% |
|  CRC Insurance Group LLC  | 2.7% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 2.7% |
|  Allied Universal Holdco LLC  | 2.7% |
|  Proofpoint, Inc.  | 2.6% |
|  CoreLogic, Inc.  | 2.5% |
|  Ellucian Holdings, Inc.  | 2.1% |
|  RealPage, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts5548img003.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 Floating Rate Income Fund PAGE 1 TSR-SAR-04045F618

21.820.820.520.54.93.61.91.46.11.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3870222991 |
| **Number of Holdings** | 170 |
| **Portfolio Turnover Rate** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Weber-Stephen Products LLC  | 3.6% |
|  CommScope LLC  | 3.5% |
|  TransDigm, Inc.  | 3.4% |
|  CRC Insurance Group LLC  | 2.7% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 2.7% |
|  Allied Universal Holdco LLC  | 2.7% |
|  Proofpoint, Inc.  | 2.6% |
|  CoreLogic, Inc.  | 2.5% |
|  Ellucian Holdings, Inc.  | 2.1% |
|  RealPage, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts5550img003.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 Floating Rate Income Fund PAGE 1 TSR-SAR-04045F592

21.820.820.520.54.93.61.91.46.11.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Floating Rate Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $40 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3870222991 |
| **Number of Holdings** | 170 |
| **Portfolio Turnover Rate** | 84% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Weber-Stephen Products LLC  | 3.6% |
|  CommScope LLC  | 3.5% |
|  TransDigm, Inc.  | 3.4% |
|  CRC Insurance Group LLC  | 2.7% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 2.7% |
|  Allied Universal Holdco LLC  | 2.7% |
|  Proofpoint, Inc.  | 2.6% |
|  CoreLogic, Inc.  | 2.5% |
|  Ellucian Holdings, Inc.  | 2.1% |
|  RealPage, Inc.  | 2.1% |

---

**Sector Breakdown (%)**

![image](ts5549img003.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 Floating Rate Income Fund PAGE 1 TSR-SAR-04045F584

21.820.820.520.54.93.61.91.46.11.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $55 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $217986089 |
| **Number of Holdings** | 40 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.4% |
|  Microsoft Corp.  | 12.1% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.1% |
|  Broadcom, Inc.  | 5.7% |
|  Alphabet, Inc.  | 4.7% |
|  Meta Platforms, Inc.  | 4.4% |
|  Visa, Inc.  | 3.7% |
|  Oracle Corp.  | 3.1% |
|  Home Depot, Inc.  | 2.1% |

---

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

![image](ts5564img003.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.

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 1 TSR-SAR-04045F295

52.712.112.17.05.85.12.31.10.90.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $217986089 |
| **Number of Holdings** | 40 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.4% |
|  Microsoft Corp.  | 12.1% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.1% |
|  Broadcom, Inc.  | 5.7% |
|  Alphabet, Inc.  | 4.7% |
|  Meta Platforms, Inc.  | 4.4% |
|  Visa, Inc.  | 3.7% |
|  Oracle Corp.  | 3.1% |
|  Home Depot, Inc.  | 2.1% |

---

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

![image](ts5566img003.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.

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 1 TSR-SAR-04045F428

52.712.112.17.05.85.12.31.10.90.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Growth Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $40 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $217986089 |
| **Number of Holdings** | 40 |
| **Portfolio Turnover Rate** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 14.4% |
|  Microsoft Corp.  | 12.1% |
|  Apple, Inc.  | 9.4% |
|  Amazon.com, Inc.  | 7.1% |
|  Broadcom, Inc.  | 5.7% |
|  Alphabet, Inc.  | 4.7% |
|  Meta Platforms, Inc.  | 4.4% |
|  Visa, Inc.  | 3.7% |
|  Oracle Corp.  | 3.1% |
|  Home Depot, Inc.  | 2.1% |

---

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

![image](ts5565img003.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.

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 1 TSR-SAR-04045F287

52.712.112.17.05.85.12.31.10.90.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $49 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105112357 |
| **Number of Holdings** | 222 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  TransDigm, Inc.  | 2.4% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.9% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Energy Transfer LP  | 1.6% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Panther Escrow Issuer LLC  | 1.5% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.3% |
|  Jane Street Group / JSG Finance, Inc.  | 1.3% |
|  Enerflex Ltd.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts5551img003.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.

Aristotle High Yield Bond Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F576

16.616.314.511.68.26.25.94.56.99.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $88 | 1.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105112357 |
| **Number of Holdings** | 222 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  TransDigm, Inc.  | 2.4% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.9% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Energy Transfer LP  | 1.6% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Panther Escrow Issuer LLC  | 1.5% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.3% |
|  Jane Street Group / JSG Finance, Inc.  | 1.3% |
|  Enerflex Ltd.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts5552img003.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.

Aristotle High Yield Bond Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F568

16.616.314.511.68.26.25.94.56.99.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $28 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105112357 |
| **Number of Holdings** | 222 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  TransDigm, Inc.  | 2.4% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.9% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Energy Transfer LP  | 1.6% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Panther Escrow Issuer LLC  | 1.5% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.3% |
|  Jane Street Group / JSG Finance, Inc.  | 1.3% |
|  Enerflex Ltd.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts5554img003.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.

Aristotle High Yield Bond Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F550

16.616.314.511.68.26.25.94.56.99.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle High Yield Bond Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $34 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105112357 |
| **Number of Holdings** | 222 |
| **Portfolio Turnover Rate** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MajorDrive Holdings IV LLC  | 2.6% |
|  TransDigm, Inc.  | 2.4% |
|  CCO Holdings LLC / CCO Holdings Capital Corp.  | 1.9% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.8% |
|  Energy Transfer LP  | 1.6% |
|  Venture Global LNG, Inc.  | 1.5% |
|  Panther Escrow Issuer LLC  | 1.5% |
|  Acrisure LLC / Acrisure Finance, Inc.  | 1.3% |
|  Jane Street Group / JSG Finance, Inc.  | 1.3% |
|  Enerflex Ltd.  | 1.2% |

---

**Sector Breakdown (%)**

![image](ts5553img003.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.

Aristotle High Yield Bond Fund PAGE 1 TSR-SAR-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 2 TSR-SAR-04045F543

16.616.314.511.68.26.25.94.56.99.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $55 | 1.04% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $558554901 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brookfield Corp.  | 4.9% |
|  Sony Group Corp.  | 4.6% |
|  Safran SA  | 4.5% |
|  Cameco Corp.  | 3.9% |
|  Pan Pacific International Holdings Corp.  | 3.8% |
|  Erste Group Bank AG  | 3.7% |
|  Credicorp Ltd.  | 3.6% |
|  Nemetschek SE  | 3.6% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.1% |

---

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

![image](ts5570img003.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 19.7% |
|  United Kingdom  | 14.8% |
|  France  | 12.0% |
|  Canada  | 8.7% |
|  Germany  | 7.9% |
|  Switzerland  | 6.1% |
|  Ireland  | 4.7% |
|  Austria  | 3.7% |
|  Peru  | 3.6% |
|  Cash & Other  | 18.8% |

---

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

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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 International Equity Fund PAGE 1 TSR-SAR-04045F378

------

**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 2 TSR-SAR-04045F378

22.220.014.610.810.67.95.83.82.41.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $41 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $558554901 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brookfield Corp.  | 4.9% |
|  Sony Group Corp.  | 4.6% |
|  Safran SA  | 4.5% |
|  Cameco Corp.  | 3.9% |
|  Pan Pacific International Holdings Corp.  | 3.8% |
|  Erste Group Bank AG  | 3.7% |
|  Credicorp Ltd.  | 3.6% |
|  Nemetschek SE  | 3.6% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.1% |

---

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

![image](ts5572img003.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 19.7% |
|  United Kingdom  | 14.8% |
|  France  | 12.0% |
|  Canada  | 8.7% |
|  Germany  | 7.9% |
|  Switzerland  | 6.1% |
|  Ireland  | 4.7% |
|  Austria  | 3.7% |
|  Peru  | 3.6% |
|  Cash & Other  | 18.8% |

---

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

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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 International Equity Fund PAGE 1 TSR-SAR-04045F410

------

**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 2 TSR-SAR-04045F410

22.220.014.610.810.67.95.83.82.41.9 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle International Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $41 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $558554901 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Brookfield Corp.  | 4.9% |
|  Sony Group Corp.  | 4.6% |
|  Safran SA  | 4.5% |
|  Cameco Corp.  | 3.9% |
|  Pan Pacific International Holdings Corp.  | 3.8% |
|  Erste Group Bank AG  | 3.7% |
|  Credicorp Ltd.  | 3.6% |
|  Nemetschek SE  | 3.6% |
|  DBS Group Holdings Ltd.  | 3.5% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.1% |

---

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

![image](ts5571img003.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 19.7% |
|  United Kingdom  | 14.8% |
|  France  | 12.0% |
|  Canada  | 8.7% |
|  Germany  | 7.9% |
|  Switzerland  | 6.1% |
|  Ireland  | 4.7% |
|  Austria  | 3.7% |
|  Peru  | 3.6% |
|  Cash & Other  | 18.8% |

---

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

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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 International Equity Fund PAGE 1 TSR-SAR-04045F360

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**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 2 TSR-SAR-04045F360

22.220.014.610.810.67.95.83.82.41.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Pacific EXclusive Fund Series H**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class H \| APXHX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Pacific EXclusive Fund Series H for the period of June 23, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $0 | 0.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5173929 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover Rate** | 8% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Banco Mercantil del Norte SA/Grand Cayman  | 4.0% |
|  Burford Capital Global Finance LLC  | 3.9% |
|  IMA Financial Group, Inc.  | 3.9% |
|  TK Elevator US Newco, Inc.  | 3.9% |
|  Indicor LLC  | 3.9% |
|  Epicor Software Corp.  | 3.9% |
|  USI, Inc./NY  | 3.9% |
|  Chariot Buyer LLC  | 3.9% |
|  CoreLogic, Inc.  | 3.9% |
|  Avolon TLB Borrower 1 US LLC  | 3.9% |

---

**Sector Breakdown (%)**

![image](ts5593img003.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.

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

------

**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-SAR-04045F246

34.216.516.312.57.85.83.92.04.13.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img171422_i20241004123828.jpg) | **Aristotle Pacific EXclusive Fund Series I**  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Class I \| APXIX  | ![image](img171421_202510062108504.jpg) |
| ![image](img171422_i20241004123828.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Pacific EXclusive Fund Series I for the period of June 23, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $0 | 0.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3312337 |
| **Number of Holdings** | 33 |
| **Portfolio Turnover Rate** | 19% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Navient Student Loan Trust  | 10.2% |
|  BRAVO Residential Funding Trust  | 9.9% |
|  Angel Oak Mortgage Trust LLC  | 8.4% |
|  Elmwood CLO Ltd.  | 7.6% |
|  Dryden Senior Loan Fund  | 7.0% |
|  Santander Consumer USA Holdings, Inc.  | 6.1% |
|  Carvana Auto Receivables Trust  | 5.0% |
|  Upstart Securitization Trust  | 4.5% |
|  SMB Private Education Loan Trust  | 4.2% |
|  Northwestern Mutual Life Insurance Co.  | 3.3% |

---

**Sector Breakdown (%)**

![image](ts5594img003.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.

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

------

**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-SAR-04045F238

46.721.214.69.53.24.20.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $38 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $283989108 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 12.0% |
|  iShares Russell 2000 Value ETF  | 9.9% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |
|  Vanguard FTSE All World ex-US Small-Cap ETF  | 3.0% |
|  iShares Core U.S. REIT ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5585img003.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.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-SAR-04045F840

------

**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 2 TSR-SAR-04045F840

48.944.05.41.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $79 | 1.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $283989108 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 12.0% |
|  iShares Russell 2000 Value ETF  | 9.9% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |
|  Vanguard FTSE All World ex-US Small-Cap ETF  | 3.0% |
|  iShares Core U.S. REIT ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5586img003.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.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-SAR-04045F832

------

**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 2 TSR-SAR-04045F832

48.944.05.41.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Aggressive Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $25 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $283989108 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover Rate** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 21.0% |
|  Aristotle Growth Equity Fund  | 14.0% |
|  iShares Russell 1000 Value ETF  | 12.0% |
|  iShares Russell 2000 Value ETF  | 9.9% |
|  Aristotle International Equity Fund  | 9.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  iShares Russell 2000 Growth ETF  | 4.5% |
|  Vanguard FTSE All World ex-US Small-Cap ETF  | 3.0% |
|  iShares Core U.S. REIT ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5587img003.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.

Aristotle Portfolio Optimization Aggressive Growth Fund PAGE 1 TSR-SAR-04045F824

------

**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 2 TSR-SAR-04045F824

48.944.05.41.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $125130654 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 27.0% |
|  Aristotle Core Bond Fund  | 18.4% |
|  Aristotle High Yield Bond Fund  | 10.0% |
|  Aristotle Short Duration Income Fund  | 9.5% |
|  Aristotle Core Equity Fund  | 6.4% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  iShares Russell 1000 Value ETF  | 4.4% |
|  Aristotle Growth Equity Fund  | 2.9% |
|  Aristotle Floating Rate Income Fund  | 2.5% |
|  iShares TIPS Bond ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5573img003.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.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-SAR-04045F105

------

**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 2 TSR-SAR-04045F105

67.314.910.27.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $75 | 1.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $125130654 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 27.0% |
|  Aristotle Core Bond Fund  | 18.4% |
|  Aristotle High Yield Bond Fund  | 10.0% |
|  Aristotle Short Duration Income Fund  | 9.5% |
|  Aristotle Core Equity Fund  | 6.4% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  iShares Russell 1000 Value ETF  | 4.4% |
|  Aristotle Growth Equity Fund  | 2.9% |
|  Aristotle Floating Rate Income Fund  | 2.5% |
|  iShares TIPS Bond ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5574img003.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.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-SAR-04045F204

------

**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 2 TSR-SAR-04045F204

67.314.910.27.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $23 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $125130654 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 30% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 27.0% |
|  Aristotle Core Bond Fund  | 18.4% |
|  Aristotle High Yield Bond Fund  | 10.0% |
|  Aristotle Short Duration Income Fund  | 9.5% |
|  Aristotle Core Equity Fund  | 6.4% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 5.0% |
|  iShares Russell 1000 Value ETF  | 4.4% |
|  Aristotle Growth Equity Fund  | 2.9% |
|  Aristotle Floating Rate Income Fund  | 2.5% |
|  iShares TIPS Bond ETF  | 2.5% |

---

**Security Type Breakdown (%)**

![image](ts5575img003.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.

Aristotle Portfolio Optimization Conservative Fund PAGE 1 TSR-SAR-04045F303

------

**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 2 TSR-SAR-04045F303

67.314.910.27.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $38 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $655298211 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  iShares Russell 1000 Value ETF  | 13.4% |
|  Aristotle Growth Equity Fund  | 11.4% |
|  Aristotle International Equity Fund  | 7.0% |
|  iShares Russell 2000 Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  Aristotle Core Income Fund  | 6.2% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle Short Duration Income Fund  | 5.5% |
|  Aristotle Core Bond Fund  | 4.2% |

---

**Security Type Breakdown (%)**

![image](ts5582img003.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.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-SAR-04045F873

------

**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 2 TSR-SAR-04045F873

41.337.719.31.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $78 | 1.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $655298211 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  iShares Russell 1000 Value ETF  | 13.4% |
|  Aristotle Growth Equity Fund  | 11.4% |
|  Aristotle International Equity Fund  | 7.0% |
|  iShares Russell 2000 Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  Aristotle Core Income Fund  | 6.2% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle Short Duration Income Fund  | 5.5% |
|  Aristotle Core Bond Fund  | 4.2% |

---

**Security Type Breakdown (%)**

![image](ts5583img003.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.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-SAR-04045F865

------

**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 2 TSR-SAR-04045F865

41.337.719.31.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Growth Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $655298211 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 19.3% |
|  iShares Russell 1000 Value ETF  | 13.4% |
|  Aristotle Growth Equity Fund  | 11.4% |
|  Aristotle International Equity Fund  | 7.0% |
|  iShares Russell 2000 Value ETF  | 7.0% |
|  iShares Russell Mid-Cap Growth ETF  | 6.5% |
|  Aristotle Core Income Fund  | 6.2% |
|  iShares Russell Mid-Cap Value ETF  | 6.0% |
|  Aristotle Short Duration Income Fund  | 5.5% |
|  Aristotle Core Bond Fund  | 4.2% |

---

**Security Type Breakdown (%)**

![image](ts5584img003.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.

Aristotle Portfolio Optimization Growth Fund PAGE 1 TSR-SAR-04045F857

------

**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 2 TSR-SAR-04045F857

41.337.719.31.50.2 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $37 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $190706701 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 20.1% |
|  Aristotle Core Bond Fund  | 14.7% |
|  Aristotle Core Equity Fund  | 13.4% |
|  Aristotle High Yield Bond Fund  | 8.0% |
|  iShares Russell 1000 Value ETF  | 7.9% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  Aristotle Growth Equity Fund  | 4.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.5% |
|  iShares Russell Mid-Cap Growth ETF  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts5576img003.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.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-SAR-04045F402

------

**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 2 TSR-SAR-04045F402

51.322.220.95.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $76 | 1.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $190706701 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 20.1% |
|  Aristotle Core Bond Fund  | 14.7% |
|  Aristotle Core Equity Fund  | 13.4% |
|  Aristotle High Yield Bond Fund  | 8.0% |
|  iShares Russell 1000 Value ETF  | 7.9% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  Aristotle Growth Equity Fund  | 4.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.5% |
|  iShares Russell Mid-Cap Growth ETF  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts5577img003.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.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-SAR-04045F501

------

**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 2 TSR-SAR-04045F501

51.322.220.95.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Conservative Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $190706701 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Income Fund  | 20.1% |
|  Aristotle Core Bond Fund  | 14.7% |
|  Aristotle Core Equity Fund  | 13.4% |
|  Aristotle High Yield Bond Fund  | 8.0% |
|  iShares Russell 1000 Value ETF  | 7.9% |
|  Aristotle Short Duration Income Fund  | 7.0% |
|  Aristotle Growth Equity Fund  | 4.9% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF  | 3.5% |
|  iShares Russell Mid-Cap Growth ETF  | 3.0% |

---

**Security Type Breakdown (%)**

![image](ts5578img003.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.

Aristotle Portfolio Optimization Moderate Conservative Fund PAGE 1 TSR-SAR-04045F600

------

**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 2 TSR-SAR-04045F600

51.322.220.95.50.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $37 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $692497230 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Income Fund  | 13.4% |
|  Aristotle Growth Equity Fund  | 12.7% |
|  iShares Russell 1000 Value ETF  | 11.2% |
|  Aristotle Core Bond Fund  | 8.9% |
|  Aristotle Short Duration Income Fund  | 8.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Value ETF  | 3.5% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts5579img003.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.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-SAR-04045F709

------

**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 2 TSR-SAR-04045F709

34.834.428.22.50.20.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $77 | 1.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $692497230 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Income Fund  | 13.4% |
|  Aristotle Growth Equity Fund  | 12.7% |
|  iShares Russell 1000 Value ETF  | 11.2% |
|  Aristotle Core Bond Fund  | 8.9% |
|  Aristotle Short Duration Income Fund  | 8.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Value ETF  | 3.5% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts5580img003.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.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-SAR-04045F808

------

**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 2 TSR-SAR-04045F808

34.834.428.22.50.20.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Portfolio Optimization Moderate Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $24 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $692497230 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Aristotle Core Equity Fund  | 17.7% |
|  Aristotle Core Income Fund  | 13.4% |
|  Aristotle Growth Equity Fund  | 12.7% |
|  iShares Russell 1000 Value ETF  | 11.2% |
|  Aristotle Core Bond Fund  | 8.9% |
|  Aristotle Short Duration Income Fund  | 8.0% |
|  iShares Russell Mid-Cap Growth ETF  | 4.5% |
|  Aristotle International Equity Fund  | 4.0% |
|  iShares Russell Mid-Cap Value ETF  | 3.5% |
|  Aristotle High Yield Bond Fund  | 3.5% |

---

**Security Type Breakdown (%)**

![image](ts5581img003.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.

Aristotle Portfolio Optimization Moderate Fund PAGE 1 TSR-SAR-04045F881

------

**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 2 TSR-SAR-04045F881

34.834.428.22.50.20.1 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $38 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1001772040 |
| **Number of Holdings** | 304 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 12.2% |
|  Navient Student Loan Trust  | 4.4% |
|  JPMorgan Chase & Co.  | 3.1% |
|  Bank of America Corp.  | 2.2% |
|  Santander Consumer USA Holdings, Inc.  | 1.9% |
|  Wells Fargo & Co.  | 1.7% |
|  BRAVO Residential Funding Trust  | 1.6% |
|  Morgan Stanley  | 1.6% |
|  Onslow Bay Mortgage Loan Trust  | 1.5% |
|  Palmer Square Loan Funding Ltd.  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts5533img003.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.

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

------

**HOUSEHOLDING**

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

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

24.912.912.28.37.87.46.05.82.911.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $76 | 1.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1001772040 |
| **Number of Holdings** | 304 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 12.2% |
|  Navient Student Loan Trust  | 4.4% |
|  JPMorgan Chase & Co.  | 3.1% |
|  Bank of America Corp.  | 2.2% |
|  Santander Consumer USA Holdings, Inc.  | 1.9% |
|  Wells Fargo & Co.  | 1.7% |
|  BRAVO Residential Funding Trust  | 1.6% |
|  Morgan Stanley  | 1.6% |
|  Onslow Bay Mortgage Loan Trust  | 1.5% |
|  Palmer Square Loan Funding Ltd.  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts5534img003.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.

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

------

**HOUSEHOLDING**

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

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

24.912.912.28.37.87.46.05.82.911.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $20 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1001772040 |
| **Number of Holdings** | 304 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 12.2% |
|  Navient Student Loan Trust  | 4.4% |
|  JPMorgan Chase & Co.  | 3.1% |
|  Bank of America Corp.  | 2.2% |
|  Santander Consumer USA Holdings, Inc.  | 1.9% |
|  Wells Fargo & Co.  | 1.7% |
|  BRAVO Residential Funding Trust  | 1.6% |
|  Morgan Stanley  | 1.6% |
|  Onslow Bay Mortgage Loan Trust  | 1.5% |
|  Palmer Square Loan Funding Ltd.  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts5536img003.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.

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

------

**HOUSEHOLDING**

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

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

24.912.912.28.37.87.46.05.82.911.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Short Duration Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $25 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1001772040 |
| **Number of Holdings** | 304 |
| **Portfolio Turnover Rate** | 39% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 12.2% |
|  Navient Student Loan Trust  | 4.4% |
|  JPMorgan Chase & Co.  | 3.1% |
|  Bank of America Corp.  | 2.2% |
|  Santander Consumer USA Holdings, Inc.  | 1.9% |
|  Wells Fargo & Co.  | 1.7% |
|  BRAVO Residential Funding Trust  | 1.6% |
|  Morgan Stanley  | 1.6% |
|  Onslow Bay Mortgage Loan Trust  | 1.5% |
|  Palmer Square Loan Funding Ltd.  | 1.5% |

---

**Sector Breakdown (%)**

![image](ts5535img003.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.

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

------

**HOUSEHOLDING**

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

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

24.912.912.28.37.87.46.05.82.911.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $60 | 1.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141753888 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.8% |
|  ACI Worldwide, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  HealthEquity, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  AerCap Holdings NV  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Knowles Corp.  | 1.9% |
|  Chart Industries, Inc.  | 1.9% |

---

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

![image](ts5563img003.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.

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

Aristotle Small Cap Equity Fund PAGE 1 TSR-SAR-04045F485

------

**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 2 TSR-SAR-04045F485

22.819.316.011.85.85.54.94.11.58.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $98 | 1.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141753888 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.8% |
|  ACI Worldwide, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  HealthEquity, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  AerCap Holdings NV  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Knowles Corp.  | 1.9% |
|  Chart Industries, Inc.  | 1.9% |

---

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

![image](ts5559img003.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.

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

Aristotle Small Cap Equity Fund PAGE 1 TSR-SAR-04045F477

------

**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 2 TSR-SAR-04045F477

22.819.316.011.85.85.54.94.11.58.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $47 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141753888 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.8% |
|  ACI Worldwide, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  HealthEquity, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  AerCap Holdings NV  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Knowles Corp.  | 1.9% |
|  Chart Industries, Inc.  | 1.9% |

---

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

![image](ts5561img003.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.

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

Aristotle Small Cap Equity Fund PAGE 1 TSR-SAR-04045F469

------

**HOUSEHOLDING**

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

Aristotle Small Cap Equity Fund PAGE 2 TSR-SAR-04045F469

22.819.316.011.85.85.54.94.11.58.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141753888 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.8% |
|  ACI Worldwide, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  HealthEquity, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  AerCap Holdings NV  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Knowles Corp.  | 1.9% |
|  Chart Industries, Inc.  | 1.9% |

---

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

![image](ts5560img003.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.

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

Aristotle Small Cap Equity Fund PAGE 1 TSR-SAR-04045F337

------

**HOUSEHOLDING**

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

Aristotle Small Cap Equity Fund PAGE 2 TSR-SAR-04045F337

22.819.316.011.85.85.54.94.11.58.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $141753888 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Huron Consulting Group, Inc.  | 2.8% |
|  ACI Worldwide, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  HealthEquity, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  AerCap Holdings NV  | 2.0% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Knowles Corp.  | 1.9% |
|  Chart Industries, Inc.  | 1.9% |

---

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

![image](ts5562img003.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.

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

Aristotle Small Cap Equity Fund PAGE 1 TSR-SAR-04045F451

------

**HOUSEHOLDING**

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

Aristotle Small Cap Equity Fund PAGE 2 TSR-SAR-04045F451

22.819.316.011.85.85.54.94.11.58.3 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $60 | 1.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28689314 |
| **Number of Holdings** | 103 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.4% |
|  Ciena Corp.  | 2.4% |
|  Huron Consulting Group, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  Encompass Health Corp.  | 2.1% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  ACI Worldwide, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Range Resources Corp.  | 1.9% |

---

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

![image](ts5555img003.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.

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

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-SAR-04045F535

------

**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 2 TSR-SAR-04045F535

22.620.413.212.87.36.85.53.61.36.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $99 | 1.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28689314 |
| **Number of Holdings** | 103 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.4% |
|  Ciena Corp.  | 2.4% |
|  Huron Consulting Group, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  Encompass Health Corp.  | 2.1% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  ACI Worldwide, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Range Resources Corp.  | 1.9% |

---

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

![image](ts5556img003.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.

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

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-SAR-04045F527

------

**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 2 TSR-SAR-04045F527

22.620.413.212.87.36.85.53.61.36.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28689314 |
| **Number of Holdings** | 103 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.4% |
|  Ciena Corp.  | 2.4% |
|  Huron Consulting Group, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  Encompass Health Corp.  | 2.1% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  ACI Worldwide, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Range Resources Corp.  | 1.9% |

---

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

![image](ts5558img003.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.

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

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-SAR-04045F519

------

**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 2 TSR-SAR-04045F519

22.620.413.212.87.36.85.53.61.36.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Small/Mid Cap Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28689314 |
| **Number of Holdings** | 103 |
| **Portfolio Turnover Rate** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alamos Gold, Inc.  | 2.4% |
|  Ciena Corp.  | 2.4% |
|  Huron Consulting Group, Inc.  | 2.3% |
|  Dycom Industries, Inc.  | 2.2% |
|  Encompass Health Corp.  | 2.1% |
|  MACOM Technology Solutions Holdings, Inc.  | 2.1% |
|  HA Sustainable Infrastructure Capital, Inc.  | 2.0% |
|  ACI Worldwide, Inc.  | 2.0% |
|  Advanced Energy Industries, Inc.  | 1.9% |
|  Range Resources Corp.  | 1.9% |

---

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

![image](ts5557img003.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.

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

Aristotle Small/Mid Cap Equity Fund PAGE 1 TSR-SAR-04045F493

------

**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 2 TSR-SAR-04045F493

22.620.413.212.87.36.85.53.61.36.5 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $48 | 0.94% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4051068113 |
| **Number of Holdings** | 489 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.1% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Citigroup, Inc.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Energy Transfer LP  | 1.4% |
|  Wells Fargo & Co.  | 1.4% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.3% |

---

**Sector Breakdown (%)**

![image](ts5543img003.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 Strategic Income Fund PAGE 1 TSR-SAR-04045F667

30.411.610.67.87.15.94.44.11.416.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $87 | 1.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4051068113 |
| **Number of Holdings** | 489 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.1% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Citigroup, Inc.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Energy Transfer LP  | 1.4% |
|  Wells Fargo & Co.  | 1.4% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.3% |

---

**Sector Breakdown (%)**

![image](ts5544img003.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 Strategic Income Fund PAGE 1 TSR-SAR-04045F659

30.411.610.67.87.15.94.44.11.416.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $30 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4051068113 |
| **Number of Holdings** | 489 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.1% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Citigroup, Inc.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Energy Transfer LP  | 1.4% |
|  Wells Fargo & Co.  | 1.4% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.3% |

---

**Sector Breakdown (%)**

![image](ts5546img003.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 Strategic Income Fund PAGE 1 TSR-SAR-04045F642

30.411.610.67.87.15.94.44.11.416.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Strategic Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4051068113 |
| **Number of Holdings** | 489 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 4.1% |
|  Bank of America Corp.  | 1.8% |
|  Goldman Sachs Group, Inc.  | 1.8% |
|  JPMorgan Chase & Co.  | 1.8% |
|  Citigroup, Inc.  | 1.7% |
|  Morgan Stanley  | 1.4% |
|  Energy Transfer LP  | 1.4% |
|  Wells Fargo & Co.  | 1.4% |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer  | 1.3% |
|  GLP Capital LP / GLP Financing II, Inc.  | 1.3% |

---

**Sector Breakdown (%)**

![image](ts5545img003.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 Strategic Income Fund PAGE 1 TSR-SAR-04045F634

30.411.610.67.87.15.94.44.11.416.7 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $29 | 0.57% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28191018 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Navient Student Loan Trust  | 7.6% |
|  American Airlines Group, Inc.  | 6.2% |
|  Neuberger Berman CLO Ltd.  | 4.4% |
|  Bank of America Corp.  | 4.3% |
|  Morgan Stanley  | 4.2% |
|  JPMorgan Chase & Co.  | 3.9% |
|  Santander Consumer USA Holdings, Inc.  | 3.7% |
|  United Airlines, Inc.  | 3.2% |
|  Magnetite CLO Ltd.  | 2.8% |
|  HSBC Holdings PLC  | 2.5% |

---

**Sector Breakdown (%)**

![image](ts5532img003.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 Ultra Short Income Fund PAGE 1 TSR-SAR-04045F816

31.518.015.610.66.04.23.02.74.63.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $16 | 0.32% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28191018 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Navient Student Loan Trust  | 7.6% |
|  American Airlines Group, Inc.  | 6.2% |
|  Neuberger Berman CLO Ltd.  | 4.4% |
|  Bank of America Corp.  | 4.3% |
|  Morgan Stanley  | 4.2% |
|  JPMorgan Chase & Co.  | 3.9% |
|  Santander Consumer USA Holdings, Inc.  | 3.7% |
|  United Airlines, Inc.  | 3.2% |
|  Magnetite CLO Ltd.  | 2.8% |
|  HSBC Holdings PLC  | 2.5% |

---

**Sector Breakdown (%)**

![image](ts5530img003.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 Ultra Short Income Fund PAGE 1 TSR-SAR-04045F790

31.518.015.610.66.04.23.02.74.63.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Ultra Short Income Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $16 | 0.32% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28191018 |
| **Number of Holdings** | 99 |
| **Portfolio Turnover Rate** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Navient Student Loan Trust  | 7.6% |
|  American Airlines Group, Inc.  | 6.2% |
|  Neuberger Berman CLO Ltd.  | 4.4% |
|  Bank of America Corp.  | 4.3% |
|  Morgan Stanley  | 4.2% |
|  JPMorgan Chase & Co.  | 3.9% |
|  Santander Consumer USA Holdings, Inc.  | 3.7% |
|  United Airlines, Inc.  | 3.2% |
|  Magnetite CLO Ltd.  | 2.8% |
|  HSBC Holdings PLC  | 2.5% |

---

**Sector Breakdown (%)**

![image](ts5531img003.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 Ultra Short Income Fund PAGE 1 TSR-SAR-04045F782

31.518.015.610.66.04.23.02.74.63.8 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $49 | 0.94% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $553886396 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 5.0% |
|  Microsoft Corp.  | 4.3% |
|  Capital One Financial Corp.  | 3.5% |
|  Corteva, Inc.  | 3.2% |
|  Sony Group Corp.  | 3.2% |
|  Alphabet, Inc.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.0% |
|  Atmos Energy Corp.  | 2.8% |
|  Ameriprise Financial, Inc.  | 2.7% |
|  Lennar Corp.  | 2.6% |

---

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

![image](ts5589img003.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.

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 Value Equity Fund PAGE 1 TSR-SAR-04045F352

21.215.412.811.28.77.87.05.21.19.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $553886396 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 5.0% |
|  Microsoft Corp.  | 4.3% |
|  Capital One Financial Corp.  | 3.5% |
|  Corteva, Inc.  | 3.2% |
|  Sony Group Corp.  | 3.2% |
|  Alphabet, Inc.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.0% |
|  Atmos Energy Corp.  | 2.8% |
|  Ameriprise Financial, Inc.  | 2.7% |
|  Lennar Corp.  | 2.6% |

---

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

![image](ts5591img003.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.

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 Value Equity Fund PAGE 1 TSR-SAR-04045F279

21.215.412.811.28.77.87.05.21.19.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $36 | 0.69% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $553886396 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 5.0% |
|  Microsoft Corp.  | 4.3% |
|  Capital One Financial Corp.  | 3.5% |
|  Corteva, Inc.  | 3.2% |
|  Sony Group Corp.  | 3.2% |
|  Alphabet, Inc.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.0% |
|  Atmos Energy Corp.  | 2.8% |
|  Ameriprise Financial, Inc.  | 2.7% |
|  Lennar Corp.  | 2.6% |

---

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

![image](ts5590img003.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.

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 Value Equity Fund PAGE 1 TSR-SAR-04045F345

21.215.412.811.28.77.87.05.21.19.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle Value Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $32 | 0.61% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $553886396 |
| **Number of Holdings** | 46 |
| **Portfolio Turnover Rate** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Parker-Hannifin Corp.  | 5.0% |
|  Microsoft Corp.  | 4.3% |
|  Capital One Financial Corp.  | 3.5% |
|  Corteva, Inc.  | 3.2% |
|  Sony Group Corp.  | 3.2% |
|  Alphabet, Inc.  | 3.1% |
|  Martin Marietta Materials, Inc.  | 3.0% |
|  Atmos Energy Corp.  | 2.8% |
|  Ameriprise Financial, Inc.  | 2.7% |
|  Lennar Corp.  | 2.6% |

---

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

![image](ts5592img003.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.

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 Value Equity Fund PAGE 1 TSR-SAR-04045F253

21.215.412.811.28.77.87.05.21.19.6 ------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img171421_202510062108504.jpg) |

---

This semi-annual shareholder report contains important information about the Aristotle/Saul Global Equity Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.aristotlefunds.com/resources/prospectuses-reports. You can also request this information by contacting us at 1-844-274-7885.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $44 | 0.81% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31026411 |
| **Number of Holdings** | 49 |
| **Portfolio Turnover Rate** | 4% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Cameco Corp.  | 4.6% |
|  Microsoft Corp.  | 4.0% |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 3.5% |
|  Martin Marietta Materials, Inc.  | 3.5% |
|  Lennar Corp.  | 3.4% |
|  Sony Group Corp.  | 3.1% |
|  DBS Group Holdings Ltd.  | 3.0% |
|  FirstCash Holdings, Inc.  | 2.8% |
|  Alphabet, Inc.  | 2.6% |
|  Brookfield Corp.  | 2.6% |

---

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

![image](ts5588img003.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 42.2% |
|  Japan  | 16.9% |
|  Canada  | 7.2% |
|  Germany  | 6.9% |
|  France  | 3.4% |
|  Singapore  | 3.0% |
|  United Kingdom  | 3.0% |
|  Ireland  | 2.9% |
|  Switzerland  | 2.7% |
|  Cash & Other  | 11.8% |

---

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

\*\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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/Saul Global Equity Fund PAGE 1 TSR-SAR-04045F386

------

**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 2 TSR-SAR-04045F386

22.115.615.111.910.67.76.84.32.73.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<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

September 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#a_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Bond Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Equity Fund](#soi2) | [7](#soi2) |
| &nbsp;&nbsp;&nbsp; [Aristotle Core Income Fund](#soi3) | [8](#soi3) |
| &nbsp;&nbsp;&nbsp; [Aristotle Floating Rate Income Fund](#soi4) | [18](#soi4) |
| &nbsp;&nbsp;&nbsp; [Aristotle Growth Equity Fund](#soi5) | [23](#soi5) |
| &nbsp;&nbsp;&nbsp; [Aristotle High Yield Bond Fund](#soi6) | [24](#soi6) |
| &nbsp;&nbsp;&nbsp; [Aristotle International Equity Fund](#soi7) | [29](#soi7) |
| &nbsp;&nbsp;&nbsp; [Aristotle Pacific EXclusive Fund Series H](#soi8) | [31](#soi8) |
| &nbsp;&nbsp;&nbsp; [Aristotle Pacific EXclusive Fund Series I](#soi9) | [33](#soi9) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Aggressive Growth Fund](#soi10) | [35](#soi10) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Conservative Fund](#soi11) | [36](#soi11) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Growth Fund](#soi12) | [37](#soi12) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Conservative Fund](#soi13) | [38](#soi13) |
| &nbsp;&nbsp;&nbsp; [Aristotle Portfolio Optimization Moderate Fund](#soi14) | [39](#soi14) |
| &nbsp;&nbsp;&nbsp; [Aristotle Short Duration Income Fund](#soi15) | [40](#soi15) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small Cap Equity Fund](#soi16) | [48](#soi16) |
| &nbsp;&nbsp;&nbsp; [Aristotle Small/Mid Cap Equity Fund](#soi17) | [50](#soi17) |
| &nbsp;&nbsp;&nbsp; [Aristotle Strategic Income Fund](#soi18) | [52](#soi18) |
| &nbsp;&nbsp;&nbsp; [Aristotle Ultra Short Income Fund](#soi19) | [63](#soi19) |
| &nbsp;&nbsp;&nbsp; [Aristotle Value Equity Fund](#soi20) | [66](#soi20) |
| &nbsp;&nbsp;&nbsp; [Aristotle/Saul Global Equity Fund](#soi21) | [67](#soi21) |
| [Statements of Assets and Liabilities](#sal) | [69](#sal) |
| [Statements of Operations](#sop) | [77](#sop) |
| [Statements of Changes in Net Assets](#scna) | [83](#scna) |
| [Financial Highlights](#fihi) | [95](#fihi) |
| [Notes to Financial Statements](#not1) | [160](#not1) |
| [Additional Notices](#add) | [199](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 37.1%** <br>|  |  |
| **Communications - 1.0%** <br>|  |  |
| AT&T, Inc., 3.50%, 09/15/2053 | $450000 | $311506  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 06/01/2041 | 200000 | 146002  |
| &nbsp;&nbsp;&nbsp; Comcast Corp., <br>6.05%, 05/15/2055 | 175000 | 180982  |
| &nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., <br>5.30%, 05/15/2035 | 250000 | 256186  |
| Verizon Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2035 | 100000 | 101729  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 600000 | 474334  |
|  |  | 1470739  |
| **Consumer Discretionary - 0.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br>4.54%, 08/01/2026 | 200000 | 199878  |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., <br>4.70%, 10/07/2030<sup>(a)</sup> | 300000 | 299671  |
| Hyundai Capital America <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 50000 | 50401  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030<sup>(a)</sup> | 150000 | 149351  |
| Lowe's Cos., Inc., 4.45%, 04/01/2062 | 250000 | 199805  |
| Paychex, Inc., 5.60%, 04/15/2035 | 50000 | 52374  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br>5.63%, 09/30/2031<sup>(a)</sup> | 100000 | 102040  |
|  |  | 1053520  |
| **Consumer Staples - 1.9%** <br>|  |  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 | 500000 | 516846  |
|  JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 | 150000 | 134295  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 100000 | 110613  |
| &nbsp;&nbsp;&nbsp; JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, <br>5.95%, 04/20/2035<sup>(a)</sup> | 600000 | 630901  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>5.15%, 05/15/2035 | 500000 | 495534  |
| Mars, Inc., 5.20%, 03/01/2035<sup>(a)</sup> | 1000000 | 1022656  |
|  |  | 2910845  |
| **Energy - 2.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035<sup>(a)</sup> | 550000 | 554554  |
| Energy Transfer LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 150000 | 157289  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 | 650000 | 671540  |
| MPLX LP, 5.00%, 01/15/2033 | 400000 | 399200  |
| ONEOK, Inc., 4.95%, 10/15/2032 | 450000 | 449957  |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | 500000 | 506541  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>6.50%, 03/30/2034 | 400000 | 436107  |
|  |  | 3175188  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Financials - 22.5%** <br>|  |  |
| Agree LP, 5.60%, 06/15/2035 | $200000 | $208729  |
|  Allianz SE, 6.55% to 04/30/2034 then 5 yr. CMT Rate + 2.32%, Perpetual<sup>(a)</sup> | 200000 | 206662  |
|  American International Group, Inc., 5.45%, 05/07/2035 | 420000 | 437792  |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., <br>5.15%, 02/15/2035 | 250000 | 253134  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br>5.75%, 07/01/2030 | 307000 | 321590  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>6.63%, 05/19/2055 | 475000 | 508793  |
|  Atlas Warehouse Lending Co. LP, 6.25%, 01/15/2030<sup>(a)</sup> | 400000 | 411461  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>5.13%, 04/10/2030<sup>(a)</sup> | 50000 | 50814  |
| Avolon Holdings Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030<sup>(a)</sup> | 650000 | 667029  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/10/2030<sup>(a)</sup> | 300000 | 301794  |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA/Grand Cayman, 8.38% to 10/14/2030 <br>then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 500000 | 535019  |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, <br>6.03%, 01/17/2035 | 400000 | 430090  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036 | 1050000 | 1098038  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 350000 | 303944  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 300000 | 280385  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 400000 | 417907  |
|  Barclays PLC, 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 | 250000 | 261039  |
| &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 | 421800  |
|  BNP Paribas SA, 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 400000 | 420101  |
|  BPCE SA, 5.39% to 05/28/2030 then SOFR + 1.58%, 05/28/2031<sup>(a)</sup> | 250000 | 256602  |
| Brixmor Operating Partnership LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/2033 | 200000 | 199656  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2035 | 450000 | 470926  |
| Broadstone Net Lease LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 09/15/2031 | 200000 | 175235  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 300000 | 298340  |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., <br>5.55%, 06/23/2035 | 300000 | 308841  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., <br>6.18% to 01/30/2035 then <br>SOFR + 2.04%, 01/30/2036 | 400000 | 415089  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Citigroup, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then <br>SOFR + 1.46%, 05/07/2031 | $800000 | $815441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 then <br>SOFR + 1.49%, 09/11/2036 | 300000 | 303161  |
|  Cooperatieve Rabobank UA, 1.98% to 12/15/2026 then 1 yr. CMT Rate + 0.73%, 12/15/2027<sup>(a)</sup> | 250000 | 243264  |
| Credit Agricole SA <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then <br>SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 350000 | 347963  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then <br>SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 400000 | 420737  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>5.40%, 02/01/2034 | 300000 | 308907  |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., <br>6.50%, 05/20/2055<sup>(a)</sup> | 250000 | 269091  |
| First Industrial LP, 5.25%, 01/15/2031 | 500000 | 513149  |
| Fiserv, Inc., 3.50%, 07/01/2029 | 250000 | 243031  |
| GLP Capital LP / GLP Financing II, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 | 400000 | 360197  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 500000 | 501198  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 200000 | 198320  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then <br>SOFR + 1.58%, 04/23/2031 | 350000 | 362010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then <br>SOFR + 1.38%, 01/28/2036 | 1500000 | 1566490  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, <br>5.81%, 02/15/2055<sup>(a)</sup> | 750000 | 750690  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>5.70%, 07/01/2034 | 250000 | 256245  |
| HSBC Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% to 03/04/2029 then <br>SOFR + 1.46%, 03/04/2030 | 300000 | 311352  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% to 03/03/2035 then <br>SOFR + 1.56%, 03/03/2036 | 1000000 | 1032339  |
| JPMorgan Chase & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then <br>SOFR + 1.68%, 04/22/2036 | 2000000 | 2109121  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then <br>SOFR + 1.64%, 07/23/2036 | 450000 | 466833  |
| Kilroy Realty LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2035 | 400000 | 405681  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2036 | 250000 | 258807  |
| Kite Realty Group LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2031 | 400000 | 405175  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 | 100000 | 101970  |
| LPL Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 | 400000 | 407290  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 300000 | 307886  |
|  Massachusetts Mutual Life Insurance Co., 5.67%, 12/01/2052<sup>(a)</sup> | 400000 | 399344  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; MetLife, Inc., 6.35% to 03/15/2035 <br>then 5 yr. CMT Rate + 2.08%, 03/15/2055 | $200000 | $212679  |
|  Mitsubishi UFJ Financial Group, Inc., 5.19% to 09/12/2035 then 5 yr. CMT Rate + 0.93%, 09/12/2036 | 400000 | 406625  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then <br>SOFR + 1.58%, 04/19/2035 | 500000 | 533201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then <br>SOFR + 1.76%, 04/17/2036 | 1500000 | 1583303  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(a)</sup> | 400000 | 406214  |
| Northwestern Mutual Life Insurance Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 09/30/2047<sup>(a)</sup> | 400000 | 311026  |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/29/2055<sup>(a)</sup> | 400000 | 430808  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035<sup>(a)</sup> | 200000 | 210059  |
| &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating Partnership I LP, <br>4.95%, 01/15/2035 | 400000 | 394606  |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then <br>SOFR + 2.28%, 10/20/2034 | 500000 | 566654  |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., <br>6.13%, 08/01/2030<sup>(a)</sup> | 175000 | 179735  |
|  Royal Bank of Canada, 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | 200000 | 197570  |
|  Skandinaviska Enskilda Banken AB, 5.38%, 03/05/2029<sup>(a)</sup> | 300000 | 311155  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., 5.25% to 07/08/2035 then <br>SOFR + 1.50%, 07/08/2036 | 500000 | 512712  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 400000 | 401418  |
| UBS Group AG <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 350000 | 378322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40% to 09/23/2030 then <br>SOFR + 1.06%, 09/23/2031<sup>(a)</sup> | 400000 | 398731  |
| VICI Properties LP / VICI Note Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | 100000 | 99053  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 700000 | 676758  |
| Wells Fargo & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21% to 12/03/2034 then <br>SOFR + 1.38%, 12/03/2035 | 150000 | 153322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61% to 04/23/2035 then <br>SOFR + 1.74%, 04/23/2036 | 1250000 | 1312300  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 500000 | 515900  |
|  |  | 33518653  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Health Care - 0.9%** <br>|  |  |
| Amgen, Inc., 3.15%, 02/21/2040 | $100000 | $78753  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., <br>5.45%, 09/15/2035 | 300000 | 305419  |
|  Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 400000 | 397078  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., <br>4.63%, 10/15/2029 | 500000 | 499661  |
|  |  | 1280911  |
| **Industrials - 1.9%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegion US Holding Co., Inc., <br>3.55%, 10/01/2027 | 200000 | 197591  |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, <br>5.30%, 03/26/2034<sup>(a)</sup> | 500000 | 518321  |
| Boeing Co., 6.53%, 05/01/2034 | 350000 | 387191  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC, <br>3.25%, 06/02/2030<sup>(a)</sup> | 200000 | 189938  |
| HEICO Corp., 5.35%, 08/01/2033 | 500000 | 519032  |
| IDEX Corp., 4.95%, 09/01/2029 | 200000 | 204432  |
| &nbsp;&nbsp;&nbsp; nVent Finance Sarl, <br>2.75%, 11/15/2031 | 250000 | 223544  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 400000 | 411613  |
|  Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/2035 | 250000 | 259068  |
|  |  | 2910730  |
| **Materials - 0.2%** <br>|  |  |
|  Amcor Flexibles North America, Inc., 5.50%, 03/17/2035 | 250000 | 257635  |
| **Technology - 1.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 450000 | 441622  |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(a)</sup> | 385000 | 390753  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>4.55%, 10/15/2029 | 250000 | 251425  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>3.15%, 10/15/2031 | 300000 | 272862  |
| MSCI, Inc., 5.25%, 09/01/2035 | 350000 | 353030  |
| Oracle Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 200000 | 205893  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 | 350000 | 352061  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>4.90%, 10/15/2034 | 500000 | 500813  |
|  |  | 2768459  |
| **Utilities - 4.1%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, <br>5.38%, 06/15/2035 | 750000 | 776475  |
| AES Corp., 5.80%, 03/15/2032 | 700000 | 725087  |
|  American Electric Power Co., Inc., 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 500000 | 499498  |
| DTE Electric Co., 5.25%, 05/15/2035 | 250000 | 257442  |
| DTE Energy Co., 5.85%, 06/01/2034 | 150000 | 159467  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Nevada Power Co., <br>5.90%, 05/01/2053 | $500000 | $510165  |
| NiSource, Inc., 5.35%, 04/01/2034 | 500000 | 515143  |
| &nbsp;&nbsp;&nbsp; Northern States Power Co./MN, <br>5.05%, 05/15/2035 | 500000 | 510322  |
|  Oncor Electric Delivery Co. LLC, 5.55%, 06/15/2054 | 400000 | 398706  |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 50000 | 52716  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>5.13%, 09/18/2035<sup>(a)</sup> | 500000 | 493502  |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 | 250000 | 256147  |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., <br>5.55%, 08/15/2054 | 400000 | 397600  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>5.70%, 12/30/2034<sup>(a)</sup> | 500000 | 517841  |
|  |  | 6070111  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $54,184,676)** |  | 55416791  |
| **U.S. TREASURY SECURITIES - 26.9%** <br>|  |  |
| United States Treasury Note/Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 3200000 | 3220812  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/31/2030 | 900000 | 910687  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 1800000 | 1811180  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 200000 | 192141  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 160000 | 159616  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 2625000 | 2585317  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 16835000 | 17499193  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 6180000 | 6237937  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 2200000 | 2218047  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 125000 | 84851  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 250000 | 195674  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 500000 | 285713  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 150000 | 84885  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 500000 | 310254  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 500000 | 356895  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 3885000 | 3820048  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 250000 | 250859  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $40,075,235)** |  | 40224109  |
| **MORTGAGE-BACKED SECURITIES - 16.7%** <br>|  |  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052 | 2117147 | 2003736  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 208558 | 211031  |
| &nbsp;&nbsp;&nbsp; Pool SD8447, 6.00%, 07/01/2054 | 1145022 | 1171471  |
| &nbsp;&nbsp;&nbsp; Pool SD8496, 6.00%, 01/01/2055 | 1158228 | 1184562  |
| &nbsp;&nbsp;&nbsp; Pool SD8507, 6.00%, 02/01/2055 | 906119 | 927083  |
| &nbsp;&nbsp;&nbsp; Pool SD8523, 5.00%, 04/01/2055 | 289678 | 287520  |
| &nbsp;&nbsp;&nbsp; Pool SD8532, 5.00%, 05/01/2055 | 1467083 | 1456150  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 646167 | 664666  |
| &nbsp;&nbsp;&nbsp; Pool FA0625, 5.00%, 02/01/2055 | 1024454 | 1018229  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Pool FS6598, 3.50%, 08/01/2052 | $867908 | $794450  |
| &nbsp;&nbsp;&nbsp; Pool MA5027, 4.00%, 05/01/2053 | 1095153 | 1034344  |
| &nbsp;&nbsp;&nbsp; Pool MA5139, 6.00%, 09/01/2053 | 390619 | 400407  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 523268 | 493615  |
| &nbsp;&nbsp;&nbsp; Pool MA5529, 4.50%, 11/01/2054 | 1051692 | 1020947  |
| &nbsp;&nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | 1418701 | 1408461  |
| &nbsp;&nbsp;&nbsp; Pool MA5643, 4.00%, 03/01/2055 | 1064853 | 1004254  |
| &nbsp;&nbsp;&nbsp; Pool MA5665, 3.50%, 03/01/2055 | 489652 | 447666  |
| &nbsp;&nbsp;&nbsp; Pool MA5670, 4.00%, 04/01/2055 | 243483 | 229627  |
| &nbsp;&nbsp;&nbsp; Pool MA5699, 5.00%, 05/01/2055 | 1471948 | 1460978  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 979471 | 988217  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 989882 | 885144  |
| &nbsp;&nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | 1031462 | 922322  |
| &nbsp;&nbsp;&nbsp; Pool MA9848, 4.00%, 08/20/2054 | 1448730 | 1367897  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 267772 | 259923  |
| &nbsp;&nbsp;&nbsp; Pool MB0091, 5.00%, 12/20/2054 | 300425 | 299336  |
| &nbsp;&nbsp;&nbsp; Pool MB0145, 4.50%, 01/20/2055 | 308701 | 299651  |
| &nbsp;&nbsp;&nbsp; Pool MB0147, 5.50%, 01/20/2055 | 339441 | 342335  |
| &nbsp;&nbsp;&nbsp; Pool MB0204, 5.00%, 02/20/2055 | 343379 | 342035  |
| &nbsp;&nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 344757 | 324379  |
| &nbsp;&nbsp;&nbsp; Pool MB0257, 4.50%, 03/20/2055 | 311030 | 301913  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 245631 | 247724  |
| &nbsp;&nbsp;&nbsp; Pool MB0305, 4.00%, 04/20/2055 | 1239165 | 1165919  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED** <br>**SECURITIES** <br>**(Cost $24,634,038)** |  | 24965992  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 10.5%** <br>|  |  |
| Angel Oak Mortgage Trust LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(b)</sup> | 138921 | 139936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, <br>5.86%, 04/25/2070<sup>(a)(b)</sup> | 275871 | 279490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1, <br>5.52%, 04/25/2070<sup>(a)(b)</sup> | 622671 | 628544  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.51%, 06/25/2070<sup>(a)(c)</sup> | 386965 | 390573  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br>5.41%, 07/25/2070<sup>(a)(b)</sup> | 445889 | 449428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1, <br>5.14%, 08/25/2070<sup>(a)(b)</sup> | 544621 | 546418  |
| BRAVO Residential Funding Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, 6.44%, 05/25/2063<sup>(a)(b)</sup> | 66823 | 67307  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, 5.80%, 06/25/2064<sup>(a)(b)</sup> | 165670 | 167320  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class A1, 5.41%, 08/01/2064<sup>(a)(b)</sup> | 681814 | 685283  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.57%, 03/25/2065<sup>(a)(b)</sup> | 273771 | 276325  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.61%, 02/25/2065<sup>(a)(b)</sup> | 181767 | 183582  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.50%, 02/25/2065<sup>(a)(c)</sup> | $459073 | $463024  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.46%, 07/25/2065<sup>(a)(b)</sup> | 341378 | 344298  |
| &nbsp;&nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, <br>5.66%, 04/15/2042<sup>(a)(c)</sup> | 100000 | 102632  |
| &nbsp;&nbsp;&nbsp; COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, <br>5.84%, 02/25/2069<sup>(a)(b)</sup> | 779445 | 786153  |
| 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> | 314594 | 319487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.35%, 03/25/2070<sup>(a)(b)</sup> | 113204 | 113910  |
|  Cross Mortgage Trust, Series 2025-H4, Class A1, 5.60%, 06/25/2070<sup>(a)(c)</sup> | 618984 | 625079  |
|  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 | 864917 | 840055  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class MA, <br>2.00%, 03/25/2061 | 217243 | 191895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class MTU, <br>3.25%, 11/25/2064 | 192917 | 168037  |
|  GCAT, Series 2025-NQM1, Class A1, 5.37%, 11/25/2069<sup>(a)(b)</sup> | 444141 | 447045  |
|  GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(a)(c)</sup> | 321619 | 324426  |
| JP Morgan Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(a)(b)</sup> | 183852 | 185543  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.57%, 09/25/2065<sup>(a)(c)</sup> | 240919 | 243136  |
|  LHOME Mortgage Trust, Series 2025-RTL2, Class A1, 5.61%, 04/25/2040<sup>(a)(c)</sup> | 500000 | 505147  |
| MFRA Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.72%, 12/25/2069<sup>(a)(b)</sup> | 831874 | 839631  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.68%, 05/27/2070<sup>(a)(b)</sup> | 609856 | 615516  |
| Onslow Bay Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 04/25/2063<sup>(a)(b)</sup> | 874210 | 886276  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM11, Class A1, 5.88%, 06/25/2064<sup>(a)(b)</sup> | 164154 | 165973  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(a)(c)</sup> | 884219 | 892308  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(b)</sup> | 484512 | 489763  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065<sup>(a)(b)</sup> | 480840 | 485282  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065<sup>(a)(b)</sup> | 146129 | 147221  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065<sup>(a)(c)</sup> | $300000 | $300387  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064<sup>(a)(b)</sup> | 318511 | 322013  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055<sup>(a)(b)</sup> | 220124 | 221764  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.60%, 03/25/2065<sup>(a)(b)</sup> | 255822 | 258945  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.56%, 05/25/2055<sup>(a)(b)</sup> | 273275 | 276095  |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060<sup>(a)(b)</sup> | 228973 | 231329  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $15,484,738)** |  | 15606576  |
| **ASSET-BACKED SECURITIES - 6.3%** <br>|  |  |
|  AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 42810 | 42877  |
| &nbsp;&nbsp;&nbsp; Bank of America Auto Trust, Series 2025-1A, Class A4, <br>4.47%, 11/20/2031<sup>(a)</sup> | 450000 | 454260  |
| 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> | 155339 | 154127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, <br>5.82%, 09/10/2030<sup>(a)</sup> | 400000 | 406554  |
|  CPS Auto Trust, Series 2025-B, Class B, 4.79%, 11/15/2029<sup>(a)</sup> | 500000 | 501310  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 86423 | 87701  |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, Series 2022-3A, Class D, <br>6.76%, 09/15/2028 | 300000 | 304893  |
|  FHF Trust, Series 2024-2A, Class B, 5.97%, 06/15/2030<sup>(a)</sup> | 300000 | 306575  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-1, Class A, <br>4.87%, 08/15/2036<sup>(a)(b)</sup> | 200000 | 204701  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, Series 2025-2A, Class B, <br>4.97%, 10/15/2029<sup>(a)</sup> | 800000 | 804620  |
| &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, Series 2023-2, Class A, <br>5.77%, 08/11/2036<sup>(a)</sup> | 100000 | 105005  |
|  GreenSky LLC, Series 2025-2A, Class A3, 5.02%, 06/25/2060<sup>(a)</sup> | 100000 | 100949  |
| &nbsp;&nbsp;&nbsp; Landmark Infrastructure Partners LP, Series 2025-1A, Class A, <br>5.52%, 09/15/2055<sup>(a)</sup> | 150000 | 150737  |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp., Series 2022-1A, Class A, <br>4.15%, 11/21/2039<sup>(a)</sup> | 738182 | 730354  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| 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> | $176665 | $173233  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, <br>1.32%, 08/26/2069<sup>(a)</sup> | 94140 | 83014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, <br>1.31%, 12/26/2069<sup>(a)</sup> | 116377 | 99383  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069<sup>(a)</sup> | 73593 | 67321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, <br>5.66%, 10/15/2072<sup>(a)</sup> | 831438 | 854280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br>5.02%, 07/15/2055<sup>(a)</sup> | 190446 | 192947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.72%, 09/15/2055<sup>(a)</sup> | 100000 | 100368  |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2019-1A, Class C, <br>4.19%, 11/14/2028<sup>(a)</sup> | 124000 | 123513  |
| &nbsp;&nbsp;&nbsp; OWN Tactical Equipment I LLC, Series 2025-1M, Class A, <br>5.48%, 09/26/2033<sup>(a)</sup> | 289650 | 289921  |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, Series 2025-1A, Class A, <br>5.38%, 01/20/2037<sup>(a)</sup> | 96264 | 96717  |
| 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> | 84965 | 77450  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, <br>3.94%, 02/16/2055<sup>(a)</sup> | 635158 | 619837  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, <br>5.24%, 03/15/2056<sup>(a)</sup> | 614936 | 628244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A1A, <br>5.13%, 04/15/2054<sup>(a)</sup> | 576568 | 588716  |
|  SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, 02/15/2047<sup>(a)</sup> | 256423 | 224394  |
| 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 | 256732  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, <br>4.65%, 05/25/2038<sup>(a)</sup> | 250000 | 254991  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 250000 | 257498  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $9,276,271)** |  | 9343222  |
| **COLLATERALIZED LOAN OBLIGATIONS - 1.3%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., Series 2021-1A, Class BR, 5.52% (3 mo. Term <br>SOFR + 1.50%), 04/20/2034<sup>(a)</sup> | 250000 | 249788  |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.40% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 158380 | 158460  |
|  CarVal CLO, Series 2018-1A, Class AR, 5.55% (3 mo. Term SOFR + 1.23%), 07/16/2031<sup>(a)</sup> | 721267 | 722305  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Core Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
|  Magnetite CLO Ltd., Series 2019-22A, Class ARR, 5.57% (3 mo. Term SOFR + 1.25%), 07/15/2036<sup>(a)</sup> | $250000 | $250747  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., Series 2021-43A, Class BR, 5.77% <br>(3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 250000 | 249723  |
|  Palmer Square CLO Ltd., Series 2015-1A, Class A1A5, 5.26% (3 mo. Term SOFR + 1.05%), 05/21/2034<sup>(a)</sup> | 250000 | 250423  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $1,879,427)** |  | 1881446  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $145,534,385)** |  | $147438136  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.8%<sup>(d)</sup> |  | 1173200  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.4% |  | 594036  |
| **TOTAL NET ASSETS - 100.0%** |  | $149205372 |

---

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 September 30, 2025, the value of these securities total $40,160,883 or 26.9% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025 was 3.95%.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.2%** <br>|  |  |
| **Communication Services - 11.4%** <br>|  |  |
| Alphabet, Inc. - Class A | 120993 | $29413398  |
| Meta Platforms, Inc. - Class A | 34526 | 25355204  |
| Netflix, Inc.<sup>(a)</sup> | 7910 | 9483457  |
|  |  | 64252059  |
| **Consumer Discretionary - 10.3%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 111679 | 24521358  |
| General Motors Co. | 114856 | 7002770  |
| Home Depot, Inc. | 24019 | 9732259  |
| Marriott International Inc. - Class A | 27848 | 7252733  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 87470 | 9430141  |
|  |  | 57939261  |
| **Consumer Staples - 3.5%** <br>|  |  |
| Costco Wholesale Corp. | 13625 | 12611709  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 231692 | 7152332  |
|  |  | 19764041  |
| **Energy - 2.3%** <br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 171012 | 5739162  |
| Baker Hughes Co. | 142433 | 6939336  |
|  |  | 12678498  |
| **Financials - 12.6%** <br>|  |  |
| Ameriprise Financial, Inc. | 20130 | 9888862  |
| Bank of America Corp. | 146128 | 7538744  |
| Chubb Ltd. | 41223 | 11635192  |
| Intercontinental Exchange, Inc. | 58256 | 9814971  |
| JPMorgan Chase & Co. | 63048 | 19887231  |
| Visa, Inc. - Class A | 35585 | 12148007  |
|  |  | 70913007  |
| **Health Care - 10.5%** <br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 460228 | 6885011  |
| Bio-Techne Corp. | 159946 | 8897796  |
| Boston Scientific Corp.<sup>(a)</sup> | 63008 | 6151471  |
| Cigna Group | 14375 | 4143594  |
| Dexcom, Inc.<sup>(a)</sup> | 73373 | 4937269  |
| Eli Lilly & Co. | 8160 | 6226080  |
| Guardant Health, Inc.<sup>(a)</sup> | 144859 | 9050790  |
| Thermo Fisher Scientific, Inc. | 17090 | 8288992  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 11147 | 4365611  |
|  |  | 58946614  |
| **Industrials - 8.5%** <br>|  |  |
| AMETEK, Inc. | 56349 | 10593612  |
| Chart Industries, Inc.<sup>(a)</sup> | 22408 | 4484961  |
| General Electric Co. | 20708 | 6229381  |
| Honeywell International, Inc. | 23400 | 4925700  |
| Norfolk Southern Corp. | 33237 | 9984727  |
| Trane Technologies PLC | 27098 | 11434272  |
|  |  | 47652653  |
| **Information Technology - 34.5%<sup>(b)</sup>** <br>|  |  |
| Amphenol Corp. - Class A | 62315 | 7711481  |
| Analog Devices, Inc. | 37200 | 9140040  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Apple, Inc. | 106102 | $27016752  |
| Applied Materials, Inc. | 28367 | 5807860  |
| Broadcom, Inc. | 73980 | 24406742  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 8306 | 4073096  |
| Microsoft Corp. | 86354 | 44727054  |
| NVIDIA Corp. | 256847 | 47922513  |
| Oracle Corp. | 61260 | 17228763  |
| Synopsys, Inc.<sup>(a)</sup> | 11201 | 5526461  |
|  |  | 193560762  |
| **Materials - 1.0%** <br>|  |  |
| Avery Dennison Corp. | 35353 | 5733196  |
| **Utilities - 2.6%** <br>|  |  |
| American Water Works Co., Inc. | 40453 | 5630653  |
| Constellation Energy Corp. | 8679 | 2855999  |
| NextEra Energy, Inc. | 79098 | 5971108  |
|  |  | 14457760  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $327,817,843)** |  | 545897851  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 1.1%** <br>|  |  |
| **Real Estate - 1.1%** <br>|  |  |
| Alexandria Real Estate Equities, Inc. | 27678 | 2306684  |
| Prologis, Inc. | 31007 | 3550922  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $6,548,955)** |  | 5857606  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.3%** <br>**(Cost $334,366,798)** |  | $551755457  |
| Money Market Deposit Account - 1.8%<sup>(c)</sup> |  | 10233065  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (427613)  |
| **TOTAL NET ASSETS - 100.0%** |  | $561560909 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 41.5%**<br>|  |  |
| **Communications - 0.9%**<br>|  |  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 | $2965000 | $2052480  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060 | 4550000 | 3238062  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 | 4500000 | 3285044  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 2000000 | 1247524  |
| &nbsp;&nbsp;&nbsp; Comcast Corp., <br>6.05%, 05/15/2055 | 3525000 | 3645498  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/15/2033 | 3000000 | 3096486  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/15/2033 | 7200000 | 7356824  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc., <br>3.40%, 03/22/2041 | 4000000 | 3162228  |
|  |  | 27084146  |
| **Consumer Discretionary - 2.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., <br>3.88%, 01/15/2028<sup>(a)</sup> | 12000000 | 11729203  |
| American Airlines Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | 4179351 | 4099922  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2028 | 4759487 | 4610168  |
| &nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/11/2034 | 4038735 | 3657429  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.15%, 02/15/2032 | 1593962 | 1486365  |
| &nbsp;&nbsp;&nbsp; Series B, 3.95%, 07/11/2030 | 949000 | 904278  |
| &nbsp;&nbsp;&nbsp; British Airways 2019-1 Class A Pass Through Trust, Series PTT, <br>3.35%, 06/15/2029<sup>(a)</sup> | 8392915 | 8095154  |
| British Airways PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, 3.30%, 12/15/2032<sup>(a)</sup> | 4657098 | 4382145  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 11/15/2032<sup>(a)</sup> | 1771566 | 1717713  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., Senior Secured First Lien, <br>4.50%, 10/20/2025<sup>(a)</sup> | 333363 | 332961  |
| Ford Motor Credit Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 | 1725000 | 1723950  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 2225000 | 2189666  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 6100000 | 6001449  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(a)</sup> | 2000000 | 1924793  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.38%, 12/15/2031 | 3650000 | 3733726  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, <br>4.50%, 09/18/2030<sup>(a)</sup> | 2400000 | 2389619  |
| &nbsp;&nbsp;&nbsp; Paychex, Inc., <br>5.60%, 04/15/2035 | 4400000 | 4608933  |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., <br>6.75%, 04/30/2032<sup>(a)</sup> | 3175000 | 3295320  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., <br>5.63%, 09/30/2031<sup>(a)</sup> | 4000000 | 4081586  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-2 Class A Pass Through Trust, Series A, <br>2.90%, 05/01/2028 | $1051237 | $998962  |
| United Airlines, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/15/2036 | 7490824 | 7766299  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/15/2037 | 1931043 | 1983298  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, 4.15%, 08/25/2031 | 793074 | 771229  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.50%, 03/01/2030 | 9075813 | 8722331  |
|  |  | 91206499  |
| **Consumer Staples - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., <br>5.45%, 01/23/2039 | 5000000 | 5168463  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 | 727000 | 759683  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 7660000 | 8472945  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035<sup>(a)</sup> | 7600000 | 7991418  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>5.15%, 05/15/2035 | 8145000 | 8072255  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035<sup>(a)</sup> | 7100000 | 7260854  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055<sup>(a)</sup> | 4200000 | 4257400  |
|  |  | 41983018  |
| **Energy - 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035<sup>(a)</sup> | 8800000 | 8872870  |
|  Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 | 6100000 | 6017706  |
| Energy Transfer LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/15/2026 then 5 yr. CMT Rate + 5.69%, Perpetual | 1650000 | 1662062  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031<sup>(a)</sup> | 4800000 | 5013814  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/15/2034 | 2250000 | 2309532  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 5700000 | 5852809  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 | 4350000 | 4494150  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2044<sup>(b)</sup> | 4000000 | 3555730  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 6800000 | 6774790  |
|  Gulfstream Natural Gas System LLC, 5.60%, 07/23/2035<sup>(a)</sup> | 3250000 | 3331788  |
| MPLX LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 2650000 | 2644702  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 12000000 | 12236420  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 | 1750000 | 1494175  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2053 | 4850000 | 4582499  |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc., <br>4.95%, 10/15/2032 | 9050000 | 9049136  |
| Petroleos Mexicanos <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 | 7750000 | 7857345  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027 | 3625000 | 3672741 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Energy - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., <br>5.60%, 01/15/2036 | $9500000 | $9624273  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>6.50%, 03/30/2034 | 6850000 | 7468325  |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 5000000 | 4958898  |
|  |  | 111473765  |
| **Financials - 21.9%**<br>|  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(a)</sup> | 3500000 | 3606764  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | 8100000 | 8364133  |
| Agree LP, 5.60%, 06/15/2035 | 4300000 | 4487670  |
|  Allianz SE, 6.55% to 04/30/2034 then 5 yr. CMT Rate + 2.32%, Perpetual<sup>(a)</sup> | 3400000 | 3513254  |
|  American International Group, Inc., 5.45%, 05/07/2035 | 9920000 | 10340240  |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., <br>5.15%, 02/15/2035 | 4200000 | 4252654  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br>5.75%, 07/01/2030 | 3378000 | 3538539  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>6.63%, 05/19/2055 | 11200000 | 11996807  |
|  Atlas Warehouse Lending Co. LP, 6.25%, 01/15/2030<sup>(a)</sup> | 12550000 | 12909589  |
| Aviation Capital Group LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/10/2030<sup>(a)</sup> | 3500000 | 3556947  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030<sup>(a)</sup> | 6800000 | 6796679  |
| Avolon Holdings Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030<sup>(a)</sup> | 5850000 | 6003265  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/10/2030<sup>(a)</sup> | 5700000 | 5734077  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2032<sup>(a)</sup> | 6000000 | 5929718  |
|  Banco Mercantil del Norte SA/Grand Cayman <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% to 01/10/2028 then 10 yr. CMT Rate + 5.35%, Perpetual<sup>(a)</sup> | 1324000 | 1359306  |
| &nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 2001000 | 2141146  |
| &nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, Perpetual<sup>(a)</sup> | 9700000 | 10225740  |
| &nbsp;&nbsp;&nbsp; Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, <br>5.62%, 12/10/2029<sup>(a)</sup> | 6400000 | 6675264  |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, <br>6.03%, 01/17/2035 | 8050000 | 8655570  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.52% to 10/25/2034 then SOFR + 1.74%, 10/25/2035 | 15000000 | 15370478  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | $10350000 | $8988050  |
| &nbsp;&nbsp;&nbsp; 3.85% to 03/08/2032 then 5 yr. CMT Rate + 2.00%, 03/08/2037 | 7000000 | 6542326  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 11500000 | 12014818  |
|  Barclays PLC, 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 | 4600000 | 4803116  |
|  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> | 1150000 | 1212675  |
| &nbsp;&nbsp;&nbsp; 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 7000000 | 7636972  |
| Block, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/2026 | 4000000 | 3950650  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2031 | 5000000 | 4657163  |
| BNP Paribas SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 12000000 | 12603038  |
| &nbsp;&nbsp;&nbsp; 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)</sup> | 3300000 | 3447995  |
| BPCE SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.29% to 01/14/2035 then SOFR + 2.04%, 01/14/2036<sup>(a)</sup> | 6500000 | 6959138  |
| &nbsp;&nbsp;&nbsp; 6.03% to 05/28/2035 then SOFR + 1.96%, 05/28/2036<sup>(a)</sup> | 6500000 | 6849033  |
| Brixmor Operating Partnership LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 02/15/2033 | 2300000 | 2296042  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2035 | 7500000 | 7848771  |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC, <br>5.00%, 11/01/2032 | 4300000 | 4276210  |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., <br>5.55%, 06/23/2035 | 6050000 | 6228301  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 3000000 | 3056550  |
|  Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | 10600000 | 10999854  |
| &nbsp;&nbsp;&nbsp; Citibank NA, <br>5.57%, 04/30/2034 | 5250000 | 5566428  |
| Citigroup, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 | 4850000 | 4943613  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034 | 2225000 | 2368233  |
| &nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036 | 3400000 | 3563427  |
| &nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036 | 4650000 | 4699000  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 3000000 | 3011249 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Credit Agricole SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | $7350000 | $7307225  |
| &nbsp;&nbsp;&nbsp; 7.13% to 09/23/2035 then USISSO05 + 3.58%, Perpetual<sup>(a)</sup> | 6400000 | 6541613  |
| &nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 4000000 | 4207373  |
|  Danske Bank AS, 4.42% to 09/12/2030 then 1 yr. CMT Rate + 0.85%, 09/12/2031<sup>(a)</sup> | 8600000 | 8522138  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>5.40%, 02/01/2034 | 5800000 | 5972192  |
|  Fairfax Financial Holdings Ltd., 6.50%, 05/20/2055<sup>(a)</sup> | 7575000 | 8153460  |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc., <br>5.15%, 08/12/2034 | 11275000 | 11415006  |
| GLP Capital LP / GLP Financing II, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 | 8700000 | 7834280  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 1500000 | 1503592  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 10650000 | 10788067  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2054 | 3850000 | 3881551  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 | 4900000 | 5068141  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 | 7950000 | 7214625  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 | 4075000 | 3638053  |
| &nbsp;&nbsp;&nbsp; 5.85% to 04/25/2034 then SOFR + 1.55%, 04/25/2035 | 4900000 | 5222521  |
| &nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 | 6350000 | 6395290  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 6050000 | 6318176  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust III, <br>5.81%, 02/15/2055<sup>(a)</sup> | 8050000 | 8057409  |
| Host Hotels & Resorts LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 5400000 | 4808316  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 | 6000000 | 6149890  |
| HSBC Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual | 2100000 | 2198076  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/03/2035 then SOFR + 1.56%, 03/03/2036 | 3500000 | 3613186  |
| &nbsp;&nbsp;&nbsp; 5.79% to 05/13/2035 then SOFR + 1.88%, 05/13/2036 | 5000000 | 5277044  |
| JPMorgan Chase & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 5750000 | 5958403  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 4000000 | 4409292  |
| &nbsp;&nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 | 12750000 | 13173778  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 | $12000000 | $12107061  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 4500000 | 4745523  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 12025000 | 12474819  |
| Kilroy Realty LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2035 | 4500000 | 4563914  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2036 | 5300000 | 5486698  |
| Kite Realty Group LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2031 | 10000000 | 10129370  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 | 1700000 | 1733482  |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., <br>4.30%, 02/01/2061<sup>(a)</sup> | 3650000 | 2301814  |
| Lloyds Banking Group PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% to 09/27/2031 then 5 yr. CMT Rate + 3.15%, <br>Perpetual | 5900000 | 6049308  |
| &nbsp;&nbsp;&nbsp; 6.07% to 06/13/2035 then 1 yr. CMT Rate + 1.60%, 06/13/2036 | 500000 | 525106  |
| LPL Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 | 11985000 | 12203438  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 1850000 | 1898630  |
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co., <br>5.67%, 12/01/2052<sup>(a)</sup> | 4700000 | 4692287  |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 | 2950000 | 3137018  |
|  Mitsubishi UFJ Financial Group, Inc., 5.19% to 09/12/2035 then 5 yr. CMT Rate + 0.93%, 09/12/2036 | 8350000 | 8488300  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83% to 04/19/2034 then SOFR + 1.58%, 04/19/2035 | 10000000 | 10664029  |
| &nbsp;&nbsp;&nbsp; 5.59% to 01/18/2035 then SOFR + 1.42%, 01/18/2036 | 4800000 | 5027891  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 3900000 | 4116588  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 14150000 | 12294621  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(a)</sup> | 8800000 | 8936699  |
| Northwestern Mutual Life Insurance Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 09/30/2047<sup>(a)</sup> | 4600000 | 3576798  |
| &nbsp;&nbsp;&nbsp; 6.17%, 05/29/2055<sup>(a)</sup> | 8300000 | 8939257  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035<sup>(a)</sup> | 4300000 | 4516269  |
| &nbsp;&nbsp;&nbsp; Phillips Edison Grocery Center Operating Partnership I LP, <br>4.95%, 01/15/2035 | 9000000 | 8878641  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 3750000 | 4249908  |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., <br>6.13%, 08/01/2030<sup>(a)</sup> | 3325000 | 3414958  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  Royal Bank of Canada, 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | $7850000 | $7754603  |
|  Sumitomo Mitsui Financial Group, Inc., 5.25% to 07/08/2035 then SOFR + 1.50%, 07/08/2036 | 7300000 | 7485593  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 8400000 | 8429778  |
| UBS Group AG <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, Perpetual<sup>(a)</sup> | 3500000 | 3622300  |
| &nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, Perpetual<sup>(a)</sup> | 9450000 | 10214694  |
| &nbsp;&nbsp;&nbsp; 5.58% to 05/09/2035 then SOFR + 1.76%, 05/09/2036<sup>(a)</sup> | 4250000 | 4425845  |
| VICI Properties LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 7000000 | 7106394  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 2400000 | 2424615  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., <br>4.63%, 12/01/2029<sup>(a)</sup> | 8081000 | 8004435  |
| Wells Fargo & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 4450000 | 4625252  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 | 13825000 | 14425532  |
| &nbsp;&nbsp;&nbsp; 5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035 | 850000 | 868824  |
| &nbsp;&nbsp;&nbsp; 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 2100000 | 2204663  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 9700000 | 10008467  |
|  |  | 694362611  |
| **Health Care - 1.4%**<br>|  |  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2035 | 6000000 | 6108382  |
| &nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 | 5900000 | 6076619  |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc., <br>5.20%, 02/15/2035 | 4250000 | 4333386  |
|  Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 9550000 | 9480228  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., <br>5.75%, 07/15/2064 | 5350000 | 5330617  |
| Universal Health Services, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 | 7200000 | 7195125  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/2030 | 3000000 | 2709183  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 | 3325000 | 2893588  |
|  |  | 44127128  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Industrials - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, <br>5.30%, 03/26/2034<sup>(a)</sup> | $7550000 | $7826649  |
| Boeing Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 5250000 | 5807866  |
| &nbsp;&nbsp;&nbsp; 6.86%, 05/01/2054 | 700000 | 799024  |
| &nbsp;&nbsp;&nbsp; HEICO Corp., <br>5.35%, 08/01/2033 | 8400000 | 8719743  |
| nVent Finance Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 4300000 | 3844964  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 | 4350000 | 4544555  |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., <br>5.25%, 08/09/2034 | 5200000 | 5334779  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.40%, 04/15/2033 | 5000000 | 5370115  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 7925000 | 8155081  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br>5.50%, 05/29/2035 | 6750000 | 6994830  |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., <br>6.63%, 04/01/2032<sup>(a)</sup> | 4200000 | 4383137  |
|  |  | 61780743  |
| **Materials - 0.2%**<br>|  |  |
|  Amcor Flexibles North America, Inc., 5.50%, 03/17/2035 | 6250000 | 6440883  |
| **Technology - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 5000000 | 4906913  |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp., <br>6.00%, 05/15/2033<sup>(a)</sup> | 8080000 | 8200741  |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 | 6550000 | 6501477  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>3.15%, 10/15/2031 | 6500000 | 5912009  |
| &nbsp;&nbsp;&nbsp; MSCI, Inc., <br>5.25%, 09/01/2035 | 6550000 | 6606711  |
| Oracle Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 4250000 | 4375215  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 | 5200000 | 5230614  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 | 8500000 | 7790479  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>4.90%, 10/15/2034 | 10500000 | 10517080  |
|  |  | 60041239  |
| **Utilities - 5.6%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 11900000 | 12326472  |
| American Electric Power Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/01/2033 | 4700000 | 4943102  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, <br>03/15/2056 | 10050000 | 10039910  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 11000000 | 11379797  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., <br>5.25%, 05/15/2035 | $4250000 | $4376508  |
| &nbsp;&nbsp;&nbsp; DTE Energy Co., <br>5.85%, 06/01/2034 | 6700000 | 7122839  |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., <br>5.65%, 04/01/2053 | 3000000 | 3028461  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress NC Storm Funding LLC, <br>2.39%, 07/01/2037 | 5350000 | 4581329  |
| Edison International <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 7339000 | 6971957  |
| &nbsp;&nbsp;&nbsp; 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 3675000 | 3761359  |
| &nbsp;&nbsp;&nbsp; Exelon Corp., <br>5.45%, 03/15/2034 | 4000000 | 4154563  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>5.25%, 03/15/2034 | 4000000 | 4128076  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>3.59%, 01/18/2052<sup>(a)</sup> | 2850000 | 1938098  |
| &nbsp;&nbsp;&nbsp; National Grid PLC, <br>5.81%, 06/12/2033 | 3950000 | 4213715  |
| &nbsp;&nbsp;&nbsp; Nevada Power Co., <br>5.90%, 05/01/2053 | 2950000 | 3009972  |
| NiSource, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 | 5000000 | 5151429  |
| &nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 4850000 | 5059200  |
|  Oncor Electric Delivery Co. LLC, 5.55%, 06/15/2054 | 7500000 | 7475746  |
| PacifiCorp <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2031 | 7000000 | 7262447  |
| &nbsp;&nbsp;&nbsp; 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 5850000 | 6167758  |
|  PG&E Energy Recovery Funding LLC, 2.28%, 01/15/2036 | 2400000 | 1956110  |
| &nbsp;&nbsp;&nbsp; PG&E Recovery Funding LLC, <br>5.53%, 06/01/2049 | 12000000 | 11938182  |
|  Piedmont Natural Gas Co., Inc., 5.05%, 05/15/2052 | 1750000 | 1591101  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>5.13%, 09/18/2035<sup>(a)</sup> | 7600000 | 7501238  |
| Sempra <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 5000000 | 4877364  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 5850000 | 5985749  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/01/2029 then 5 yr. CMT Rate + 2.79%, 10/01/2054 | 1900000 | 1971317  |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 | 2300000 | 2356554  |
| &nbsp;&nbsp;&nbsp; Texas Electric Market Stabilization Funding N LLC, <br>4.27%, 08/01/2034<sup>(a)</sup> | 1551003 | 1549118  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Virginia Electric and Power Co., 5.55%, 08/15/2054 | $7550000 | $7504693  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> | 7000000 | 7812700  |
| &nbsp;&nbsp;&nbsp; 5.70%, 12/30/2034<sup>(a)</sup> | 4000000 | 4142728  |
|  |  | 176279592  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,289,981,801)** |  | 1314779624  |
| **U.S. TREASURY SECURITIES - 23.2%** | **U.S. TREASURY SECURITIES - 23.2%** |  |
| United States Treasury Note/Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 15000000 | 15097559  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 18000000 | 18111797  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031 | 9000000 | 8896113  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 20000000 | 20273047  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/31/2032 | 12000000 | 12153750  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 27000000 | 25103672  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 20000000 | 19419531  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 19000000 | 18253359  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 34000000 | 33727070  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 36000000 | 37228359  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 30000000 | 29927930  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 23000000 | 23536816  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 40000000 | 39395312  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 48500000 | 49056992  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 67300000 | 69955195  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 30040000 | 30321625  |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 14500000 | 9240068  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 22000000 | 14933789  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 11500000 | 10636152  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 5000000 | 5054688  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 19500000 | 19077246  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 5000000 | 4964649  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 12000000 | 11141953  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 13000000 | 10175039  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 27000000 | 26756367  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 3500000 | 2471738  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 | 3000000 | 2110430  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 7550000 | 5039625  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 2000000 | 1446172  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 9000000 | 4417207  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 6500000 | 3270186  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 30000000 | 17583398  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 10500000 | 5941934  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 16500000 | 10238379  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 9500000 | 6780996  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 14000000 | 10242695  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 6000000 | 4961719  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 16000000 | 13219063  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 34000000 | 30742110  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 26900000 | 26953590  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 29000000 | 26776289  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $764,507,300)** |  | 734633609  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 12.5%** | **MORTGAGE-BACKED SECURITIES - 12.5%** |  |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool RQ0028, 6.00%, 07/01/2055 | $14198487 | $14514901  |
| &nbsp;&nbsp;&nbsp; Pool SD8225, 3.00%, 07/01/2052 | 15145172 | 13321352  |
| &nbsp;&nbsp;&nbsp; Pool SD8244, 4.00%, 09/01/2052 | 46162105 | 43689305  |
| &nbsp;&nbsp;&nbsp; Pool SD8288, 5.00%, 01/01/2053 | 3067192 | 3058166  |
| &nbsp;&nbsp;&nbsp; Pool SD8324, 5.50%, 05/01/2053 | 4802578 | 4864752  |
| &nbsp;&nbsp;&nbsp; Pool SD8331, 5.50%, 06/01/2053 | 3216077 | 3255169  |
| &nbsp;&nbsp;&nbsp; Pool SD8344, 6.50%, 07/01/2053 | 2495975 | 2587236  |
| &nbsp;&nbsp;&nbsp; Pool SD8367, 5.50%, 10/01/2053 | 12555196 | 12704047  |
| &nbsp;&nbsp;&nbsp; Pool SD8440, 6.50%, 06/01/2054 | 3489163 | 3611544  |
| &nbsp;&nbsp;&nbsp; Pool SD8503, 4.00%, 02/01/2055 | 9427590 | 8893304  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool CB9327, 5.50%, 10/01/2054 | 8796067 | 9047878  |
| &nbsp;&nbsp;&nbsp; Pool CB9471, 5.00%, 11/01/2054 | 10129165 | 10241459  |
| &nbsp;&nbsp;&nbsp; Pool FA0625, 5.00%, 02/01/2055 | 9331299 | 9274599  |
| &nbsp;&nbsp;&nbsp; Pool FS0902, 3.50%, 07/01/2043 | 5240880 | 4962326  |
| &nbsp;&nbsp;&nbsp; Pool FS3150, 5.00%, 11/01/2052 | 6094562 | 6140825  |
| &nbsp;&nbsp;&nbsp; Pool FS3825, 4.50%, 04/01/2050 | 4538687 | 4482895  |
| &nbsp;&nbsp;&nbsp; Pool FS5365, 3.00%, 02/01/2050 | 4939641 | 4455857  |
| &nbsp;&nbsp;&nbsp; Pool FS5749, 6.50%, 09/01/2053 | 16259699 | 16829982  |
| &nbsp;&nbsp;&nbsp; Pool FS6598, 3.50%, 08/01/2052 | 7430163 | 6801290  |
| &nbsp;&nbsp;&nbsp; Pool FS7526, 3.00%, 10/01/2053 | 5554539 | 4890995  |
| &nbsp;&nbsp;&nbsp; Pool MA5073, 6.00%, 07/01/2053 | 19207216 | 19689102  |
| &nbsp;&nbsp;&nbsp; Pool MA5107, 5.50%, 08/01/2053 | 4880327 | 4931070  |
| &nbsp;&nbsp;&nbsp; Pool MA5108, 6.00%, 08/01/2053 | 18331622 | 18786176  |
| &nbsp;&nbsp;&nbsp; Pool MA5140, 6.50%, 09/01/2053 | 3387058 | 3511567  |
| &nbsp;&nbsp;&nbsp; Pool MA5166, 6.00%, 10/01/2053 | 2976133 | 3049563  |
| &nbsp;&nbsp;&nbsp; Pool MA5341, 4.00%, 04/01/2054 | 3644350 | 3437834  |
| &nbsp;&nbsp;&nbsp; Pool MA5389, 6.00%, 06/01/2054 | 4843891 | 4954034  |
| &nbsp;&nbsp;&nbsp; Pool MA5390, 6.50%, 06/01/2054 | 4215285 | 4364287  |
| &nbsp;&nbsp;&nbsp; Pool MA5480, 5.50%, 09/01/2044 | 23626683 | 24280161  |
| &nbsp;&nbsp;&nbsp; Pool MA5503, 5.50%, 10/01/2044 | 19896681 | 20438831  |
| &nbsp;&nbsp;&nbsp; Pool MA5528, 4.00%, 11/01/2054 | 24030009 | 22668209  |
| &nbsp;&nbsp;&nbsp; Pool MA5540, 5.50%, 11/01/2044 | 5081120 | 5213307  |
| &nbsp;&nbsp;&nbsp; Pool MA5586, 5.50%, 01/01/2055 | 12911068 | 13037354  |
| &nbsp;&nbsp;&nbsp; Pool MA5760, 5.50%, 07/01/2055 | 9350042 | 9433532  |
| &nbsp;&nbsp;&nbsp; Pool MA5789, 4.00%, 08/01/2055 | 9740462 | 9186128  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA8148, 3.00%, 07/20/2052 | 14169821 | 12677908  |
| &nbsp;&nbsp;&nbsp; Pool MA8492, 6.00%, 12/20/2052 | 3972654 | 4075628  |
| &nbsp;&nbsp;&nbsp; Pool MA8949, 6.00%, 06/20/2053 | 3156311 | 3232798  |
| &nbsp;&nbsp;&nbsp; Pool MA9242, 6.00%, 10/20/2053 | 6630574 | 6783791  |
| &nbsp;&nbsp;&nbsp; Pool MB0090, 4.50%, 12/20/2054 | 15871568 | 15406356  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $390,299,728)** |  | 396785518  |
| **BANK LOANS - 7.8%**<br>|  |  |
| **Consumer Discretionary - 2.4%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 5.91% (1 mo. SOFR US + 1.75%), 09/23/2030 | 6139495 | 6126694  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 08/20/2032 | $3500000 | $3517115  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 6.41% (1 mo. SOFR US + 2.25%), 02/06/2031 | 7962140 | 7953859  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 09/08/2032 | 11726004 | 11751684  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., Senior Secured First Lien, 5.64%, 10/20/2028 | 6000000 | 6015000  |
|  Flutter Financing BV, Senior Secured First Lien, 5.75% (3 mo. SOFR US + 1.75%), 11/29/2030 | 5378877 | 5370808  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 05/30/2031 | 7565427 | 7529150  |
|  Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.00%), 08/02/2028 | 9438 | 9436  |
|  Peer USA LLC, Senior Secured First Lien, 6.41% (1 mo. Term SOFR + 2.25%), 09/27/2032 | 10000000 | 10021900  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.00%), 05/01/2031 | 2429058 | 2416913  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 01/30/2031 | 5381860 | 5369832  |
|  Whatabrands LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 08/03/2028 | 11009861 | 11030890  |
|  |  | 77113281  |
| **Consumer Staples - 0.3%**<br>|  |  |
|  Froneri US, Inc., Senior Secured First Lien, 6.20% (6 mo. SOFR US + 2.00%), 09/30/2031 | 6982456 | 6940282  |
|  Primo Brands Corp., Senior Secured First Lien, 6.25% (3 mo. SOFR US + 2.25%), 03/31/2028 | 2493719 | 2496113  |
|  |  | 9436395  |
| **Energy - 0.4%**<br>|  |  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 5.91% (SOFR + 1.75%), 07/30/2032 | 11850000 | 11790750  |
|  Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.25%), 10/05/2028 | 2144599 | 2146668  |
|  |  | 13937418  |
| **Financials - 1.0%**<br>|  |  |
|  Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.89% (1 mo. SOFR US + 1.75%), 06/24/2030 | 6925519 | 6935145  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 06/13/2031 | $4938934 | $4949108  |
|  HUB International Ltd., Senior Secured First Lien, 6.58% (3 mo. SOFR US + 2.25%), 06/20/2030 | 8366077 | 8387746  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 11/01/2028 | 10822670 | 10843936  |
|  |  | 31115935  |
| **Health Care - 0.4%**<br>|  |  |
|  Medline Borrower LP, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.16% (1 mo. SOFR US + 2.00%), 10/23/2028 | 8415592 | 8423966  |
| &nbsp;&nbsp;&nbsp; 6.16% (1 mo. SOFR US + 2.00%), 10/23/2030 | 3241875 | 3243658  |
|  |  | 11667624  |
| **Industrials - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., Senior Secured First Lien, 6.79% (3 mo. SOFR <br>US + 2.50%), 03/18/2030 | 4117647 | 4145956  |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.92% (6 mo. SOFR US + 3.75%), 02/15/2029 | 5508548 | 5529948  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 02/15/2029 | 5508548 | 5529949  |
|  Indicor LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 11/23/2029 | 7656950 | 7675633  |
| Kaman Corp., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.54% (6 mo. SOFR US + 2.50%), 02/26/2032 | 1823017 | 1819271  |
| &nbsp;&nbsp;&nbsp; 6.70% (3 mo. SOFR US + 2.50%), 02/26/2032 | 5469052 | 5457813  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 02/26/2032 | 687766 | 686352  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.00%), 04/30/2030 | 4888618 | 4906291  |
|  TransDigm, Inc., Senior Secured First Lien, 6.50% (3 mo. SOFR US + 2.50%), 02/28/2031 | 12609560 | 12617567  |
|  |  | 48368780  |
| **Materials - 0.2%**<br>|  |  |
|  Proampac PG Borrower LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.19% (3 mo. SOFR US + 4.00%), 09/15/2028 | 3230132 | 3246282  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 4108252 | 4128793  |
|  |  | 7375075  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Technology - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR <br>US + 3.25%), 07/06/2029 | $8934812 | $7751351  |
|  CommScope LLC, Senior Secured First Lien, 9.07% (1 mo. Term SOFR + 5.25%), 12/17/2029 | 10850000 | 10996746  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.89% (1 mo. SOFR US + 3.50%), 06/02/2028 | 8804244 | 8820752  |
|  Epicor Software Corp., Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 8715980 | 8736942  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.68% (3 mo. SOFR US + 4.00%), 06/05/2028 | 3898477 | 3765558  |
|  UKG, Inc., Senior Secured First Lien, 6.81% (3 mo. SOFR US + 2.50%), 02/10/2031 | 8866797 | 8867994  |
|  |  | 48939343  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $248,555,225)** |  | 247953851  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.2%** |
| Angel Oak Mortgage Trust LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69%, 01/25/2070<sup>(a)(b)</sup> | 9775756 | 9881843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, <br>5.64%, 02/25/2070<sup>(a)(b)</sup> | 10054622 | 10155975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(b)</sup> | 8057443 | 8116310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, <br>5.86%, 04/25/2070<sup>(a)(b)</sup> | 8643957 | 8757348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.51%, 06/25/2070<sup>(a)(c)</sup> | 7532281 | 7602495  |
| BRAVO Residential Funding Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.80%, 06/25/2064<sup>(a)(b)</sup> | 866001 | 874630  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60%, 12/25/2064<sup>(a)(b)</sup> | 14267617 | 14401651  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.57%, 03/25/2065<sup>(a)(b)</sup> | 6661759 | 6723914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.61%, 02/25/2065<sup>(a)(b)</sup> | 6634505 | 6700744  |
| &nbsp;&nbsp;&nbsp; CHI Commercial Mortgage Trust, Series 2025-SFT, Class A, <br>5.66%, 04/15/2042<sup>(a)(c)</sup> | 8725000 | 8954609  |
| &nbsp;&nbsp;&nbsp; COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, <br>5.84%, 02/25/2069<sup>(a)(b)</sup> | 4304397 | 4341439  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 26284886 | 22895051  |
|  GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(a)(c)</sup> | 3308083 | 3336955  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(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)**  |
| JP Morgan Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM1, Class A1, <br>5.59%, 02/25/2064<sup>(a)(b)</sup> | $3678679 | $3710158  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.59%, 06/25/2065<sup>(a)(b)</sup> | 4504373 | 4545810  |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, Series 2025-RTL1, Class A1, <br>5.65%, 01/25/2040<sup>(a)(b)</sup> | 3500000 | 3527147  |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM5, Class A1, 5.65%, 10/25/2069<sup>(a)(c)</sup> | 7802965 | 7859735  |
| Onslow Bay Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.55%, 12/25/2064<sup>(a)(c)</sup> | 4465308 | 4506158  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, <br>5.45%, 05/25/2065<sup>(a)(b)</sup> | 4845116 | 4897630  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, <br>4.91%, 08/25/2065<sup>(a)(b)</sup> | 9600000 | 9598597  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60%, 11/25/2064<sup>(a)(b)</sup> | 11416672 | 11527994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, <br>5.65%, 12/01/2064<sup>(a)(b)</sup> | 8796366 | 8893071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, <br>5.40%, 02/25/2055<sup>(a)(b)</sup> | 12591072 | 12684886  |
| &nbsp;&nbsp;&nbsp; PRKCM Trust, Series 2025-HOME1, Class A1A, <br>5.55%, 02/25/2060<sup>(a)(b)</sup> | 8609377 | 8697961  |
|  Velocity Commercial Capital Loan Trust 2024-1, Series 2025-1, Class A, 6.03%, 02/25/2055<sup>(a)(c)</sup> | 2472755 | 2506915  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $193,700,271)** |  | 195699026  |
| **ASSET-BACKED SECURITIES - 4.9%** | **ASSET-BACKED SECURITIES - 4.9%** |  |
|  AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, 08/18/2027 | 2852721 | 2823065  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 2333412 | 2367939  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-1, Class A, <br>4.87%, 08/15/2036<sup>(a)(b)</sup> | 9975000 | 10209441  |
|  GM Financial Revolving Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 08/11/2036<sup>(a)</sup> | 3650000 | 3832695  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br>4.98%, 12/11/2036<sup>(a)</sup> | 2000000 | 2052478  |
| GreenSky LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A4, <br>5.22%, 03/25/2060<sup>(a)</sup> | 1297240 | 1314214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, <br>5.02%, 06/25/2060<sup>(a)</sup> | 2100000 | 2119937  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Hilton Grand Vacations, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038<sup>(a)</sup> | $1899240 | $1941868  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040<sup>(a)</sup> | 893282 | 902232  |
| &nbsp;&nbsp;&nbsp; Landmark Infrastructure Partners LP, Series 2025-1A, Class A, <br>5.52%, 09/15/2055<sup>(a)</sup> | 3450000 | 3466946  |
| Marriott Vacations Worldwide Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037<sup>(a)</sup> | 112770 | 107001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040<sup>(a)</sup> | 825902 | 832193  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loans LLC, <br>Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | 2890956 | 2783872  |
|  MVW Owner Trust, Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(a)</sup> | 1566288 | 1566487  |
| Navient Student Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, <br>2.64%, 05/15/2068<sup>(a)</sup> | 304150 | 298952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, <br>1.32%, 08/26/2069<sup>(a)</sup> | 1861874 | 1641836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, <br>2.46%, 11/15/2068<sup>(a)</sup> | 356141 | 343686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, <br>2.12%, 01/15/2069<sup>(a)</sup> | 2197680 | 2098080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-CA, Class A2A, <br>2.15%, 11/15/2068<sup>(a)</sup> | 323950 | 311301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, <br>1.69%, 05/15/2069<sup>(a)</sup> | 7685593 | 7238826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, <br>1.22%, 07/15/2069<sup>(a)</sup> | 358470 | 335594  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, <br>1.17%, 09/16/2069<sup>(a)</sup> | 282321 | 264208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.31%, 01/15/2069<sup>(a)</sup> | 489655 | 462806  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1A, <br>1.31%, 12/26/2069<sup>(a)</sup> | 1024118 | 874574  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069<sup>(a)</sup> | 367966 | 336607  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, <br>0.94%, 07/15/2069<sup>(a)</sup> | 1302111 | 1191337  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A, <br>2.23%, 07/15/2070<sup>(a)</sup> | 7520397 | 6895680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, <br>4.16%, 10/15/2070<sup>(a)</sup> | 11165603 | 10998343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071<sup>(a)</sup> | 6120244 | 6248162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, <br>5.66%, 10/15/2072<sup>(a)</sup> | 9977254 | 10251361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br>5.02%, 07/15/2055<sup>(a)</sup> | 1347403 | 1365097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.72%, 09/15/2055<sup>(a)</sup> | 2150000 | 2157911  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2022-S1, Class A, <br>4.13%, 05/14/2035<sup>(a)</sup> | $1729021 | $1725952  |
| &nbsp;&nbsp;&nbsp; OWN Tactical Equipment I LLC, Series 2025-1M, Class A, <br>5.48%, 09/26/2033<sup>(a)</sup> | 1158600 | 1159685  |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust, Series 2025-1, Class B, <br>5.63%, 07/15/2032<sup>(a)</sup> | 899923 | 904453  |
|  Pretium Mortgage Credit Partners LLC, Series 2025-RPL1, Class A1, 4.00%, 07/25/2069<sup>(a)(b)</sup> | 5068435 | 4921429  |
| &nbsp;&nbsp;&nbsp; Santander Consumer USA Holdings, Inc., Series 2022-4, Class B, <br>4.42%, 11/15/2027 | 86425 | 86398  |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, Series 2025-1A, Class A, <br>5.38%, 01/20/2037<sup>(a)</sup> | 1155162 | 1160606  |
|  SLM Student Loan Trust, Series 2004-3A, Class A6B, 5.15% (90 day avg SOFR US + 0.81%), 10/25/2064<sup>(a)</sup> | 866716 | 868412  |
| SMB Private Education Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B, Class A2A, <br>2.82%, 10/15/2035<sup>(a)</sup> | 248800 | 246412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, <br>3.50%, 02/15/2036<sup>(a)</sup> | 651739 | 644257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, <br>3.60%, 01/15/2037<sup>(a)</sup> | 195179 | 193250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, <br>3.63%, 11/15/2035<sup>(a)</sup> | 283501 | 279541  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, <br>3.44%, 07/15/2036<sup>(a)</sup> | 442801 | 437385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, <br>2.23%, 09/15/2037<sup>(a)</sup> | 1965287 | 1901684  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, <br>1.29%, 07/15/2053<sup>(a)</sup> | 918218 | 870875  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A2, 4.99% (1 mo. Term SOFR + 0.84%), 01/15/2053<sup>(a)</sup> | 437650 | 432665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, <br>1.07%, 01/15/2053<sup>(a)</sup> | 2039158 | 1858799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A1A, <br>1.68%, 02/15/2051<sup>(a)</sup> | 1300301 | 1226678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, <br>3.94%, 02/16/2055<sup>(a)</sup> | 6859705 | 6694239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1A, <br>4.48%, 05/16/2050<sup>(a)</sup> | 1701058 | 1693952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A1A, <br>5.67%, 11/15/2052<sup>(a)</sup> | 3851616 | 3952490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, <br>5.24%, 03/15/2056<sup>(a)</sup> | 6075564 | 6207047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A1A, <br>5.50%, 06/17/2052<sup>(a)</sup> | 6425265 | 6614653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-F, Class A1A, <br>5.06%, 03/16/2054<sup>(a)</sup> | 9232809 | 9350033  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| SoFi Professional Loan Program LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, <br>2.37%, 11/16/2048<sup>(a)</sup> | $440574 | $423447  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, <br>2.54%, 05/15/2046<sup>(a)</sup> | 665861 | 643501  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, <br>4.65%, 05/25/2038<sup>(a)</sup> | 3550000 | 3620868  |
| &nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-7, Class A, <br>4.35%, 08/20/2032<sup>(a)</sup> | 6000000 | 6057064  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $152,430,192)** |  | 153810504  |
| **COLLATERALIZED LOAN OBLIGATIONS - 2.3%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.3%** | **COLLATERALIZED LOAN OBLIGATIONS - 2.3%** |
|  Aimco CDO, Series 2019-10A, Class ARR, 5.74% (3 mo. Term SOFR + 1.41%), 07/22/2037<sup>(a)</sup> | 5000000 | 5022435  |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Series 2018-B, Series 2018-BA, Class ARR, <br>5.82% (3 mo. Term SOFR + 1.50%), 04/16/2037<sup>(a)</sup> | 7000000 | 7032189  |
| Basswood Park CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class AR, 5.05% (3 mo. Term SOFR + 1.03%), 04/20/2034<sup>(a)</sup> | 3000000 | 3002740  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, 5.52% (3 mo. Term SOFR + 1.50%), 04/20/2034<sup>(a)</sup> | 3125000 | 3122344  |
|  Benefit Street Partners CLO Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. Term SOFR + 1.00%), 01/15/2035<sup>(a)</sup> | 1000000 | 1000543  |
| &nbsp;&nbsp;&nbsp; CarVal CLO, Series 2022-1A, Class A1, 5.84% (3 mo. Term <br>SOFR + 1.51%), 04/21/2034<sup>(a)</sup> | 4000000 | 4008284  |
| Dryden Senior Loan Fund <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-55A, Class C, 6.48% (3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(a)</sup> | 1000000 | 1002417  |
| &nbsp;&nbsp;&nbsp; Series 2018-64A, Class B, 5.99% (3 mo. Term SOFR + 1.66%), 04/18/2031<sup>(a)</sup> | 1600000 | 1601920  |
|  Flatiron CLO Ltd., Series 2024-1A, Class A1R, 5.33% (3 mo. Term SOFR + 1.08%), 07/15/2036<sup>(a)</sup> | 3450000 | 3451867  |
|  Magnetite CLO Ltd., Series 2020-27A, Class BR, 6.14% (3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 2300000 | 2304830  |
| Neuberger Berman CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-31A, Class AR2, 5.56% (3 mo. Term SOFR + 1.23%), 01/20/2039<sup>(a)</sup> | 550000 | 551420  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.77% (3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 10000000 | 9988901  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-49A, Class BR, 5.87% (3 mo. Term SOFR + 1.55%), 07/25/2035<sup>(a)</sup> | $3000000 | $2999910  |
|  OCP CLO Ltd., Series 2023-29A, Class BR, 5.88% (3 mo. Term SOFR + 1.55%), 01/20/2036<sup>(a)</sup> | 2750000 | 2752612  |
| Palmer Square Loan Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class A2R, 5.62% (3 mo. Term SOFR + 1.30%), 07/24/2031<sup>(a)</sup> | 6000000 | 6001655  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.77% (3 mo. Term SOFR + 1.45%), 10/15/2032<sup>(a)</sup> | 5950000 | 5950357  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.77% (3 mo. Term SOFR + 1.45%), 01/15/2033<sup>(a)</sup> | 12700000 | 12699873  |
|  TIAA CLO Ltd., Series 2018-1A, Class A2R, 6.08% (3 mo. Term SOFR + 1.75%), 01/20/2032<sup>(a)</sup> | 2000000 | 2001860  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $74,434,723)** |  | 74496157  |
| **U.S. GOVERNMENT AGENCY ISSUES - 0.4%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.4%** |  |
|  SBA Office of Investments and Innovation <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class 1, <br>5.04%, 03/10/2034 | 8950543 | 9096248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10B, Class 1, <br>4.53%, 09/10/2035 | 3000000 | 2997060  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $11,950,543)** |  | 12093308  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $3,125,859,783)** |  | $3130251597  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.5%<sup>(d)</sup> |  | 48006216  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (9208029)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3169049784 |

---

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 September 30, 2025, the value of these securities total $749,904,836 or 23.7% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 91.4%** <br>|  |  |
| **Communications - 3.6%** <br>|  |  |
|  Arches Buyer, Inc., Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 12/06/2027 | $9469350 | $9495248  |
|  MH Sub I LLC, Senior Secured First Lien, 8.25% (3 mo. SOFR US + 4.25%), 05/03/2028 | 16541300 | 15952017  |
|  Speedster Bidco GmbH, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.24% (3 mo. SOFR US + 3.25%), 10/13/2031 | 2204543 | 2212821  |
| &nbsp;&nbsp;&nbsp; 7.55% (3 mo. SOFR US + 3.25%), 10/13/2031 | 5663523 | 5684790  |
| &nbsp;&nbsp;&nbsp; StubHub Holdco Sub LLC, Senior Secured First Lien, 8.91% <br>(1 mo. SOFR US + 4.75%), 03/15/2030 | 37674248 | 37438784  |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Senior Secured First Lien, 7.54% <br>(1 mo. SOFR US + 3.00%), 03/09/2027 | 69950683 | 69147649  |
|  |  | 139931309  |
| **Consumer Discretionary - 19.7%** <br>|  |  |
|  AlixPartners LLP, Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.00%), 08/12/2032 | 8361204 | 8314172  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured First Lien, 7.61% <br>(1 mo. SOFR US + 3.25%), 08/20/2032 | 102800000 | 103302692  |
|  Alterra Mountain Co., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.66% (1 mo. SOFR US + 2.50%), 08/17/2028 | 61401911 | 61580897  |
| &nbsp;&nbsp;&nbsp; 6.66% (1 mo. SOFR US + 2.50%), 05/31/2030 | 18736250 | 18794895  |
| &nbsp;&nbsp;&nbsp; Anticimex Global AB, Senior Secured First Lien, 7.52% <br>(SOFR + 3.40%), 11/16/2028 | 50786154 | 50987981  |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, Senior Secured First Lien, 6.74% <br>(3 mo. SOFR US + 2.50%), 10/16/2031 | 11471250 | 11543003  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 09/08/2032 | 56771597 | 56895927  |
|  Citrin Cooperman Advisors LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00% (3 mo. SOFR US + 3.00%), 04/01/2032 | 4696970 | 4683043  |
| &nbsp;&nbsp;&nbsp; 7.32% (3 mo. Term SOFR + 3.00%), 04/01/2032<sup>(a)</sup> | 303030 | 302132  |
|  Clarios Global LP, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 01/28/2032 | 5750000 | 5760781  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; CNT Holdings I Corp., Senior Secured First Lien, 6.80% <br>(3 mo. Term SOFR + 2.25%), 11/08/2032 | $1750000 | $1750936  |
|  Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.41% (1 mo. SOFR US + 3.25%), 01/29/2029 | 6570026 | 6567989  |
| &nbsp;&nbsp;&nbsp; Golden State Foods LLC, Senior Secured First Lien, 8.23% <br>(1 mo. Term SOFR + 4.00%), 12/04/2031 | 249370 | 250297  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 05/30/2031 | 14102514 | 14034892  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Senior Secured First Lien, 7.41% <br>(1 mo. SOFR US + 3.25%), 01/23/2032 | 16449929 | 16462267  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.00%), 05/04/2028 | 46248793 | 46296891  |
|  MIC Glen LLC, Senior Secured First Lien, 7.41% (1 mo. SOFR US + 3.25%), 07/21/2028 | 14965000 | 15067884  |
|  Motion Finco Sarl, Senior Secured First Lien, 7.50% (3 mo. SOFR US + 3.50%), 11/30/2029 | 5950088 | 5359541  |
|  Peer USA LLC, Senior Secured First Lien, 6.41% (1 mo. Term SOFR + 2.25%), 09/27/2032 | 15500000 | 15533945  |
|  PetSmart LLC, Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.00%), 08/18/2032 | 29887652 | 29476847  |
|  PPV Intermediate Holdings II LLC, Senior Secured First Lien, 9.95% (3 mo. SOFR US + 5.75%), 08/31/2029 | 29749749 | 29749749  |
| &nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc., Senior Secured First Lien, 7.61% <br>(1 mo. Term SOFR + 3.75%), 12/15/2028 | 1500000 | 1421250  |
| &nbsp;&nbsp;&nbsp; Tacala Investment Corp., Senior Secured First Lien, 7.66% <br>(1 mo. SOFR US + 3.50%), 01/31/2031 | 3482412 | 3502001  |
|  TRQ Sales LLC, Senior Secured First Lien, 7.61% (1 mo. Term SOFR + 3.25%), 08/13/2032 | 31856261 | 31916151  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 01/30/2031 | 39380571 | 39292555  |
|  Weber-Stephen Products LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.64% (1 mo. SOFR US + 3.25%), 10/29/2027 | 65714720 | 65221859  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** |
| &nbsp;&nbsp;&nbsp; 8.61% (1 mo. SOFR US + 4.25%), 10/29/2027 | $26856608 | $26903607  |
| &nbsp;&nbsp;&nbsp; 7.94% (1 mo. Term SOFR + 3.75%), 09/17/2032 | 48000000 | 47565120  |
|  Whatabrands LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 08/03/2028 | 44836866 | 44922504  |
|  |  | 763461808  |
| **Consumer Staples - 1.4%** <br>|  |  |
|  Froneri US, Inc., Senior Secured First Lien, 7.59% (1 mo. Term SOFR + 2.50%), 07/16/2032 | 12125000 | 12113906  |
| &nbsp;&nbsp;&nbsp; Lavender US HoldCo 1, Inc., Senior Secured First Lien, 7.41% <br>(1 mo. Term SOFR + 3.25%), 09/27/2032 | 8875000 | 8891641  |
|  Opal US LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR US + 3.25%), 04/23/2032 | 20125000 | 20202984  |
|  Sazerac Co., Inc., Senior Secured First Lien, 6.70% (1 mo. SOFR US + 2.50%), 07/09/2032 | 13625000 | 13723440  |
|  |  | 54931971  |
| **Financials - 19.1%** <br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 11/06/2030 | 45474605 | 45453459  |
|  Acuren Delaware Holdco, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 07/30/2031 | 16635786 | 16694011  |
|  Alera Group, Inc., Senior Secured Second Lien, 9.66% (1 mo. SOFR US + 5.50%), 05/31/2033 | 65578384 | 67617544  |
|  Alliant Holdings Intermediate LLC, Senior Secured First Lien, 6.67% (1 mo. SOFR US + 2.50%), 09/19/2031 | 40398731 | 40331063  |
| &nbsp;&nbsp;&nbsp; Apex Group Treasury LLC, Senior Secured First Lien, 7.75% <br>(3 mo. SOFR US + 3.50%), 02/27/2032 | 62858706 | 61601532  |
|  Ardonagh Group Finco Pty Ltd., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 02/17/2031 | 929321 | 926612  |
| &nbsp;&nbsp;&nbsp; 6.95% (6 mo. SOFR US + 2.75%), 02/18/2031 | 17218622 | 17168430  |
| &nbsp;&nbsp;&nbsp; Ascensus Holdings, Inc., Senior Secured First Lien, 7.16% <br>(1 mo. SOFR US + 3.00%), 08/02/2028 | 51884047 | 51905578  |
|  Asurion LLC, Senior Secured Second Lien, 9.64% (1 mo. SOFR US + 5.25%), 01/22/2029 | 14481444 | 13895162  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 06/13/2031 | $50572330 | $50676509  |
|  CFC USA 2025 LLC, Senior Secured First Lien, 8.04% (3 mo. SOFR US + 3.75%), 07/01/2032 | 29500000 | 28246250  |
| &nbsp;&nbsp;&nbsp; CRC Insurance Group LLC, Senior Secured Second Lien, 8.75% <br>(3 mo. SOFR US + 4.75%), 05/06/2032 | 102986094 | 105062294  |
|  Deerfield Dakota Holding, LLC, Senior Secured First Lien, 7.06% (3 mo. SOFR US + 3.00%), 09/13/2032 | 52000000 | 52260000  |
|  Goosehead Insurance Holdings LLC, Senior Secured First Lien, 7.18% (1 mo. SOFR US + 3.00%), 01/08/2032 | 15592465 | 15728899  |
| &nbsp;&nbsp;&nbsp; Howden Group Holdings Ltd., Senior Secured First Lien, 7.66% <br>(1 mo. SOFR US + 3.50%), 04/18/2030 | 36651447 | 36662809  |
| &nbsp;&nbsp;&nbsp; IMA Financial Group, Inc., Senior Secured First Lien, 7.16% <br>(1 mo. SOFR US + 3.00%), 11/01/2028 | 49600669 | 49698134  |
| &nbsp;&nbsp;&nbsp; Summit Acquisition, Inc., Senior Secured First Lien, 7.83% <br>(3 mo. SOFR US + 3.50%), 10/16/2031 | 17229778 | 17351851  |
|  Trucordia Insurance Holdings LLC, Senior Secured First Lien, 7.57% (1 mo. Term SOFR + 3.25%), 06/17/2032 | 66125000 | 66372969  |
|  |  | 737653106  |
| **Health Care - 4.9%** <br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.17% (1 mo. SOFR US + 4.00%), 09/29/2028 | 8996909 | 9008155  |
| &nbsp;&nbsp;&nbsp; 8.41% (1 mo. SOFR US + 4.25%), 01/15/2031 | 35172653 | 35238602  |
|  Covetrus, Inc., Senior Secured First Lien, 9.00% (3 mo. SOFR US + 5.00%), 10/15/2029 | 9075988 | 8128681  |
|  Curium Bidco Sarl, Senior Secured First Lien, 7.00% (3 mo. SOFR US + 3.00%), 08/07/2031 | 25658561 | 25701282  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Senior Secured First Lien, 8.20% <br>(3 mo. SOFR US + 4.00%), 10/01/2027 | 29721990 | 29305882  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured First Lien, 6.16% <br>(1 mo. SOFR US + 2.00%), 10/23/2030 | 17518821 | 17528457  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Floating Rate Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
|  Precision Medicine Group LLC, Senior Secured First Lien, 7.66% (1 mo. SOFR US + 3.50%), 08/20/2032 | $7125000 | $7105727  |
|  Southern Veterinary Partners LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.50%), 12/04/2031 | 57811962 | 57770048  |
|  |  | 189786834  |
| **Industrials - 20.6%** <br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 09/23/2031 | 12001253 | 12013555  |
| &nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.41% <br>(1 mo. SOFR US + 3.25%), 12/26/2030 | 6891746 | 6887163  |
|  Brown Group Holding LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.66% (1 mo. SOFR US + 2.50%), 07/01/2031 | 13500000 | 13523558  |
| &nbsp;&nbsp;&nbsp; 6.91% (1 mo. SOFR US + 2.75%), 07/01/2031 | 3714175 | 3725057  |
| &nbsp;&nbsp;&nbsp; 6.95% (3 mo. SOFR US + 2.75%), 07/01/2031 | 5027492 | 5042222  |
| &nbsp;&nbsp;&nbsp; 7.06% (3 mo. SOFR US + 2.75%), 07/01/2031 | 7791329 | 7814157  |
| &nbsp;&nbsp;&nbsp; Crosby US Acquisition Corp., Senior Secured First Lien, 7.66% <br>(1 mo. SOFR US + 3.50%), 08/16/2029 | 78596085 | 79013823  |
|  Emrld Borrower LP, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45% (3 mo. SOFR US + 2.25%), 05/31/2030 | 7894955 | 7881375  |
| &nbsp;&nbsp;&nbsp; 6.12% (6 mo. SOFR US + 2.25%), 08/04/2031 | 5039826 | 5023447  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.52% (3 mo. SOFR US + 6.00%), 05/21/2029 | 16010679 | 16090732  |
| &nbsp;&nbsp;&nbsp; 11.02% (3 mo. SOFR US + 6.50%), 05/21/2029 | 10360275 | 10412128  |
|  Engineered Machinery Holdings, Inc., Senior Secured First Lien, 8.02% (3 mo. SOFR US + 3.50%), 05/22/2028 | 4722231 | 4754696  |
| &nbsp;&nbsp;&nbsp; FCG Acquisitions, Inc., Senior Secured First Lien, 7.41% <br>(1 mo. SOFR US + 3.25%), 04/03/2028 | 30798708 | 30904655  |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., Senior Secured First Lien, 6.91% <br>(1 mo. SOFR US + 2.75%), 10/23/2028 | 76308332 | 76745578  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Goat Holdco LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 01/27/2032 | $28507805 | $28574085  |
|  Green Infrastructure Partners, Inc., Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 09/24/2032 | 18750000 | 18791063  |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.92% (6 mo. SOFR US + 3.75%), 02/15/2029 | 11707214 | 11752696  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 02/15/2029 | 11707214 | 11752696  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured Second Lien, 10.76% <br>(1 mo. SOFR US + 6.50%), 12/24/2029 | 25189641 | 25724921  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured First Lien, 7.55% <br>(3 mo. Term SOFR + 3.50%), 12/22/2028 | 6183979 | 6232926  |
|  Indicor LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 11/23/2029 | 51764922 | 51891228  |
|  Kaman Corp., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.54% (6 mo. SOFR US + 2.50%), 02/26/2032 | 4937904 | 4927756  |
| &nbsp;&nbsp;&nbsp; 6.70% (3 mo. SOFR US + 2.50%), 02/26/2032 | 14813713 | 14783271  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 02/26/2032 | 1863167 | 1859338  |
| &nbsp;&nbsp;&nbsp; Kenan Advantage Group, Inc., Senior Secured First Lien, 7.41% <br>(1 mo. SOFR US + 3.25%), 01/25/2029 | 4540211 | 4490541  |
|  LTI Holdings, Inc., Senior Secured First Lien, 8.57% (1 mo. Term SOFR + 4.25%), 07/30/2029 | 17969018 | 18151942  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.71% (3 mo. SOFR US + 4.00%), 10/15/2029 | 4404139 | 3436330  |
|  Owens-Brockway Glass Container, Inc., Senior Secured First Lien, 7.16%, 09/24/2032 | 7500000 | 7495313  |
|  Pinnacle Buyer LLC, Senior Secured First Lien, 7.22% (1 mo. Term SOFR + 2.50%), 09/13/2032 | 20000000 | 20050000  |
| &nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., Senior Secured First Lien, 6.91% <br>(1 mo. SOFR US + 2.75%), 08/31/2028 | 15830747 | 15877765  |
| &nbsp;&nbsp;&nbsp; Project Aurora US Finco, Inc., Senior Secured First Lien, 7.41% <br>(1 mo. Term SOFR + 2.75%), 09/27/2032 | 13250000 | 13291406  |
|  Radwell Parent LLC, Senior Secured First Lien, 9.50% (3 mo. SOFR US + 5.50%), 04/01/2029 | 7188429 | 7188429  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
|  Signia Aerospace LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74% (3 mo. SOFR US + 3.00%), 12/11/2031 | $1807692 | $1816731  |
| &nbsp;&nbsp;&nbsp; 6.91% (1 mo. SOFR US + 2.75%), 12/11/2031 | 21223330 | 21289653  |
| &nbsp;&nbsp;&nbsp; 7.06% (3 mo. SOFR US + 2.75%), 12/11/2031 | 414747 | 416043  |
|  SPX FLOW, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 04/05/2029 | 17511812 | 17613030  |
|  STS Operating, Inc., Senior Secured First Lien, 8.26% (1 mo. SOFR US + 4.00%), 03/25/2031 | 8262975 | 8219966  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% <br>(3 mo. SOFR US + 3.00%), 04/30/2030 | 68524308 | 68772024  |
| TransDigm, Inc., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50% (3 mo. SOFR US + 2.25%), 03/22/2030 | 16120706 | 16123043  |
| &nbsp;&nbsp;&nbsp; 6.50% (3 mo. SOFR US + 2.50%), 02/28/2031 | 15484246 | 15494079  |
| &nbsp;&nbsp;&nbsp; 6.50% (3 mo. SOFR US + 2.50%), 01/20/2032 | 19098672 | 19110896  |
| &nbsp;&nbsp;&nbsp; 6.50% (3 mo. SOFR US + 2.50%), 08/13/2032 | 81085000 | 81089054  |
|  |  | 796048371  |
| **Materials - 1.9%** <br>|  |  |
|  Nouryon Finance BV, Senior Secured First Lien, 7.50% (1 mo. SOFR US + 3.25%), 04/03/2028 | 1994927 | 2000752  |
|  Pregis TopCo LLC, Senior Secured First Lien, 8.16% (1 mo. SOFR US + 4.00%), 02/01/2029 | 14339178 | 14454178  |
|  Proampac PG Borrower LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.19% (3 mo. SOFR US + 4.00%), 09/15/2028 | 7330073 | 7366723  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 9322771 | 9369386  |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., Senior Secured First Lien, 7.75% <br>(3 mo. SOFR US + 3.75%), 09/15/2028 | 11706305 | 11517307  |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, Senior Secured First Lien, 6.92% <br>(1 mo. SOFR US + 2.75%), 08/01/2030 | 29584514 | 29646198  |
|  |  | 74354544  |
| **Technology - 20.2%** <br>|  |  |
|  Applied Systems, Inc., Senior Secured Second Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/23/2032 | 54375000 | 55802344  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., Senior Secured First Lien, 6.91% <br>(1 mo. SOFR US + 2.75%), 02/15/2029 | $9920075 | $9912834  |
| Avalara, Inc., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.92% (3 mo. Term SOFR + 2.75%), 03/29/2032 | 1720893 | 1723518  |
| &nbsp;&nbsp;&nbsp; 7.25% (3 mo. SOFR US + 3.25%), 03/29/2032 | 8279250 | 8291876  |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., Senior Secured First Lien, 7.16% <br>(1 mo. SOFR US + 3.00%), 11/25/2031 | 28213813 | 28296902  |
|  Central Parent LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR US + 3.25%), 07/06/2029 | 17835429 | 15473037  |
|  CommScope LLC, Senior Secured First Lien, 9.07% (1 mo. Term SOFR + 5.25%), 12/17/2029 | 134625000 | 136445803  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.89% (1 mo. SOFR US + 3.50%), 06/02/2028 | 58877728 | 58988123  |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., Senior Secured Second Lien, 10.89% <br>(1 mo. SOFR US + 6.50%), 06/04/2029 | 32297579 | 32257207  |
|  Delta Topco, Inc., Senior Secured Second Lien, 9.52% (3 mo. Term SOFR + 5.25%), 11/29/2030 | 5000000 | 4996875  |
|  Delta Topco, Inc., Senior Secured First Lien, 7.02% (3 mo. Term SOFR + 2.75%), 11/30/2029 | 12250000 | 12132890  |
|  Disco Parent, Inc., Senior Secured First Lien, 7.48% (3 mo. SOFR US + 3.25%), 08/06/2032 | 250000 | 251250  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Senior Secured Second Lien, 8.91% <br>(1 mo. SOFR US + 4.75%), 11/22/2032 | 73666280 | 75569080  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Senior Secured First Lien, 6.91% <br>(1 mo. SOFR US + 2.75%), 10/09/2029 | 6588969 | 6596645  |
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., Senior Secured First Lien, 6.82% <br>(1 mo. Term SOFR + 2.75%), 05/30/2031 | 30260820 | 30333597  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.68% (3 mo. SOFR US + 4.00%), 06/05/2028 | 33505907 | 32363523  |
|  Proofpoint, Inc., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.16% (1 mo. SOFR US + 3.00%), 08/31/2028 | 99104785 | 99617157  |
| &nbsp;&nbsp;&nbsp; 7.32% (1 mo. Term SOFR + 3.00%), 08/31/2028 | 750000 | 753877  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
|  RealPage, Inc., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38% (3 mo. SOFR US + 3.00%), 04/24/2028 | $23761193 | $23729591  |
| &nbsp;&nbsp;&nbsp; 7.75% (3 mo. SOFR US + 3.75%), 04/24/2028 | 57448345 | 57703415  |
|  UKG, Inc., Senior Secured First Lien, 6.81% (3 mo. SOFR US + 2.50%), 02/10/2031 | 76501393 | 76511720  |
|  X Corp., Senior Secured First Lien, 11.11% (3 mo. SOFR US + 6.50%), 10/29/2029 | 15133742 | 14866783  |
|  |  | 782618047  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,518,621,858)** |  | 3538785990  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 4.9%** <br>|  |  |
| Invesco Senior Loan ETF | 2687072 | 56240417  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 300000 | 24357000  |
| &nbsp;&nbsp;&nbsp; SPDR Blackstone Senior <br>Loan ETF | 1403453 | 58355576  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield <br>Bond ETF | 200000 | 19598000  |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Short Term <br>High Yield Bond ETF | 1169350 | 29935360  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $183,071,983)** |  | 188486353  |
|  | **Par** |  |
| **CORPORATE BONDS - 4.0%** <br>|  |  |
| **Consumer Discretionary - 0.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group US Holdings, Inc., <br>7.38%, 02/15/2031<sup>(b)</sup> | $2625000 | 2264304  |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., <br>6.75%, 04/30/2032<sup>(b)</sup> | 3600000 | 3736427  |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/2031<sup>(b)</sup> | 2633000 | 2453154  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., <br>7.63%, 01/30/2032<sup>(b)</sup> | 20343625 | 21450318  |
|  |  | 29904203  |
| **Financials - 2.7%** <br>|  |  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(b)</sup> | 81996000 | 82237396  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(b)</sup> | 21535000 | 22217281  |
|  |  | 104454677  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Industrials - 0.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(b)</sup> | $8270000 | $8484149  |
| **Technology - 0.3%** <br>|  |  |
|  Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029<sup>(b)</sup> | 6985000 | 6040663  |
| &nbsp;&nbsp;&nbsp; CoreLogic, Inc., <br>4.50%, 05/01/2028<sup>(b)</sup> | 4000000 | 3891309  |
|  |  | 9931972  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $150,786,725)** |  | 152775001  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $3,852,480,566)** |  | $3880047344  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 6.1%<sup>(c)</sup> |  | 234674977  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.3)% |  | (244499330)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3870222991 |

---

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

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> As of September 30, 2025, 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>(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 September 30, 2025, the value of these securities total $152,775,001 or 4.0% 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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE GROWTH EQUITY FUND** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%** <br>|  |  |
| **Communication Services - 12.1%** <br>|  |  |
| Alphabet, Inc. - Class A | 42400 | $10307440  |
| Meta Platforms, Inc. - Class A | 13105 | 9624050  |
| Netflix, Inc.<sup>(a)</sup> | 3086 | 3699867  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 10734 | 2773236  |
|  |  | 26404593  |
| **Consumer Discretionary - 12.1%** <br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 70033 | 15377146  |
| Home Depot, Inc. | 11543 | 4677108  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 29888 | 3222225  |
| Tesla, Inc.<sup>(a)</sup> | 7193 | 3198871  |
|  |  | 26475350  |
| **Consumer Staples - 2.3%** <br>|  |  |
| Costco Wholesale Corp. | 3689 | 3414649  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 51335 | 1584711  |
|  |  | 4999360  |
| **Energy - 0.4%** <br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 22851 | 766880  |
| **Financials - 5.1%** <br>|  |  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 3402 | 1148141  |
| S&P Global, Inc. | 3863 | 1880160  |
| Visa, Inc. - Class A | 23473 | 8013213  |
|  |  | 11041514  |
| **Health Care - 7.0%** <br>|  |  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 220041 | 3291813  |
| Bio-Techne Corp. | 55867 | 3107881  |
| Eli Lilly & Co. | 4119 | 3142797  |
| Guardant Health, Inc.<sup>(a)</sup> | 50706 | 3168111  |
| UnitedHealth Group, Inc. | 2943 | 1016218  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3987 | 1561469  |
|  |  | 15288289  |
| **Industrials - 5.8%** <br>|  |  |
| AMETEK, Inc. | 14461 | 2718668  |
| Chart Industries, Inc.<sup>(a)</sup> | 8381 | 1677457  |
| Norfolk Southern Corp. | 8157 | 2450445  |
| Quanta Services, Inc. | 7791 | 3228746  |
| Uber Technologies, Inc.<sup>(a)</sup> | 25929 | 2540264  |
|  |  | 12615580  |
| **Information Technology - 52.7%<sup>(b)</sup>** <br>|  |  |
| Analog Devices, Inc. | 13208 | 3245206  |
| Apple, Inc. | 80471 | 20490331  |
| Broadcom, Inc. | 37909 | 12506558  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 4621 | 2266046  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| HubSpot, Inc.<sup>(a)</sup> | 3772 | $1764542  |
| KLA Corp. | 3807 | 4106230  |
| Microsoft Corp. | 51105 | 26469835  |
| NVIDIA Corp. | 168804 | 31495450  |
| Oracle Corp. | 23679 | 6659482  |
| ServiceNow, Inc.<sup>(a)</sup> | 2372 | 2182904  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 7348 | 1091986  |
| Synopsys, Inc.<sup>(a)</sup> | 5279 | 2604606  |
|  |  | 114883176  |
| **Materials - 1.1%** <br>|  |  |
| Linde PLC | 5207 | 2473325  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $114,974,306)** |  | 214948067  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.6%** <br>|  |  |
| **Real Estate - 0.6%** <br>|  |  |
| Alexandria Real Estate Equities, Inc. | 6173 | 514458  |
| Prologis, Inc. | 6942 | 794998  |
|  |  | 1309456  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,556,246)** |  | 1309456  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $116,530,552)** |  | $216257523  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.9%<sup>(c)</sup> |  | 1910258  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (181692)  |
| **TOTAL NET ASSETS - 100.0%** |  | $217986089 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 82.2%** <br>|  |  |
| **Communications - 6.2%** <br>|  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029<sup>(a)</sup> | $265000 | $263433  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029<sup>(a)</sup> | 240000 | 243495  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 565000 | 542596  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 850000 | 783578  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> | 200000 | 173038  |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL / Connect US <br>Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 500000 | 526327  |
| CSC Holdings LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> | 275000 | 231431  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031<sup>(a)</sup> | 200000 | 129145  |
| EchoStar Corp., 10.75%, 11/30/2029 | 500000 | 550475  |
| Level 3 Financing, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(a)</sup> | 600000 | 612009  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(a)</sup> | 350000 | 356328  |
| Univision Communications, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> | 475000 | 492577  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> | 200000 | 206694  |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, <br>4.75%, 07/15/2031<sup>(a)</sup> | 270000 | 254305  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br>5.05%, 03/15/2042 | 350000 | 279631  |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC / Windstream Escrow Finance Corp., <br>8.25%, 10/01/2031<sup>(a)</sup> | 850000 | 881154  |
|  |  | 6526216  |
| **Consumer Discretionary - 16.6%** <br>|  |  |
| 1011778 BC ULC / New Red Finance, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(a)</sup> | 315000 | 301217  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(a)</sup> | 175000 | 179166  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> | 400000 | 377387  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br>7.88%, 02/15/2031<sup>(a)</sup> | 575000 | 603388  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., <br>6.88%, 06/15/2030<sup>(a)</sup> | 1075000 | 1105836  |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033<sup>(a)</sup> | 300000 | 324349  |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., <br>7.25%, 08/01/2030<sup>(a)</sup> | 625000 | 650252  |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp., <br>4.75%, 06/15/2031<sup>(a)</sup> | 562000 | 542238  |
| Caesars Entertainment, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029<sup>(a)</sup> | 325000 | 310980  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032<sup>(a)</sup> | 300000 | 306184  |
| Carnival Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029<sup>(a)</sup> | 50000 | 50000  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(a)</sup> | 725000 | 743403  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(a)</sup> | 150000 | 152839  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Clarios Global LP / Clarios US Finance Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030<sup>(a)</sup> | $275000 | $284296  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032<sup>(a)</sup> | 75000 | 76709  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., <br>9.75%, 07/15/2030<sup>(a)</sup> | 600000 | 628953  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029<sup>(a)</sup> | 325000 | 309580  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030<sup>(a)</sup> | 230000 | 215995  |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 485000 | 461724  |
| Ford Motor Co., 3.25%, 02/12/2032 | 250000 | 218805  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br>7.35%, 11/04/2027 | 200000 | 208633  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., <br>8.25%, 08/01/2032<sup>(a)</sup> | 350000 | 363126  |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, <br>8.63%, 11/15/2031<sup>(a)</sup> | 325000 | 325374  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 01/15/2032<sup>(a)</sup> | 275000 | 279496  |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(a)</sup> | 300000 | 293250  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(a)</sup> | 3370000 | 2778476  |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., <br>6.50%, 10/01/2033<sup>(a)</sup> | 100000 | 99614  |
| &nbsp;&nbsp;&nbsp; Motion Finco Sarl, <br>8.38%, 02/15/2032<sup>(a)</sup> | 350000 | 302966  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br>8.50%, 06/01/2028<sup>(a)</sup> | 650000 | 689153  |
|  PetSmart LLC / PetSmart Finance Corp., 7.50%, 09/15/2032<sup>(a)</sup> | 275000 | 276096  |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., <br>6.25%, 10/15/2030<sup>(a)</sup> | 350000 | 353340  |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(a)</sup> | 475000 | 467421  |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., <br>7.25%, 05/15/2031<sup>(a)</sup> | 450000 | 450473  |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., <br>10.50%, 11/30/2030<sup>(a)</sup> | 650000 | 698411  |
| Viking Cruises Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> | 90000 | 90514  |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/2031<sup>(a)</sup> | 425000 | 456473  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/2033<sup>(a)</sup> | 275000 | 275537  |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029<sup>(a)</sup> | 50000 | 49992  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., <br>7.63%, 01/30/2032<sup>(a)</sup> | 534275 | 563340  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 435000 | 468569  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> | 100000 | 101617  |
|  |  | 17435172  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Staples - 4.5%** <br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 03/15/2029<sup>(a)</sup> | $750000 | $711810  |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75% <br>(or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 394930 | 419511  |
| Fiesta Purchaser, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | 165000 | 174344  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)</sup> | 500000 | 541046  |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, <br>6.00%, 08/01/2032<sup>(a)</sup> | 500000 | 501205  |
| Opal Bidco SAS, 6.50%, 03/31/2032<sup>(a)</sup> | 300000 | 307688  |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., <br>6.38%, 03/01/2033<sup>(a)</sup> | 575000 | 581790  |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(a)</sup> | 250000 | 250157  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029<sup>(a)</sup> | 275000 | 267133  |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(a)</sup> | 125000 | 125967  |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 850000 | 852309  |
|  |  | 4732960  |
| **Energy - 11.6%** <br>|  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029<sup>(a)</sup> | 835000 | 832553  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032<sup>(a)</sup> | 25000 | 25770  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(a)</sup> | 100000 | 99619  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(a)</sup> | 650000 | 667243  |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU Finance Corp., <br>6.63%, 07/15/2033<sup>(a)</sup> | 225000 | 228937  |
| Civitas Resources, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/01/2030<sup>(a)</sup> | 150000 | 155464  |
| &nbsp;&nbsp;&nbsp; 9.63%, 06/15/2033<sup>(a)</sup> | 200000 | 211401  |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc., <br>5.88%, 01/15/2030<sup>(a)</sup> | 200000 | 192770  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031<sup>(a)</sup> | 315000 | 312278  |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2033<sup>(a)</sup> | 400000 | 434344  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 1257000 | 1284247  |
| Energy Transfer LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 725000 | 753160  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 950000 | 946478  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 | 250000 | 261682  |
|  Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032<sup>(a)</sup> | 300000 | 316638  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Sunoco LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(a)</sup> | $375000 | $381133  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(a)</sup> | 25000 | 24831  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032<sup>(a)</sup> | 500000 | 525110  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(a)</sup> | 25000 | 24799  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>6.75%, 03/15/2034<sup>(a)</sup> | 200000 | 198118  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>4.20%, 02/01/2033 | 1000000 | 950615  |
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., <br>8.50%, 05/15/2031<sup>(a)</sup> | 250000 | 245190  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(a)</sup> | 550000 | 495957  |
| 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> | 350000 | 347123  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 1135000 | 1236410  |
| Venture Global Plaquemines LNG LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(a)</sup> | 125000 | 141167  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 300000 | 318841  |
| Vital Energy, Inc., 7.88%, 04/15/2032<sup>(a)</sup> | 375000 | 364283  |
| WBI Operating LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2030<sup>(a)</sup> | 150000 | 150187  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2033<sup>(a)</sup> | 25000 | 24969  |
|  |  | 12151317  |
| **Financials - 14.5%** <br>|  |  |
| Acrisure LLC / Acrisure Finance, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> | 1075000 | 1120720  |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/2032<sup>(a)</sup> | 225000 | 231863  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 500000 | 509260  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | 1075000 | 1100459  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | 275000 | 283713  |
|  Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033<sup>(a)</sup> | 475000 | 488652  |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., <br>7.75%, 02/15/2031<sup>(a)</sup> | 450000 | 471226  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., <br>8.88%, 02/15/2032<sup>(a)</sup> | 1125000 | 1183595  |
|  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 | 293037  |
| Barclays PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 19.63% to 06/15/2030 then USISSO05 + 5.78%, Perpetual | 200000 | 227414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63% to 09/15/2035 then <br>USISSO05 + 3.69%, Perpetual | 625000 | 662978  |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners Group LLC, <br>5.88%, 04/15/2029<sup>(a)</sup> | 500000 | 498959  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 750000 | 764137  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(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 / <br>Howden UK Refinance 2 PLC / Howden US Refinance LLC, <br>8.13%, 02/15/2032<sup>(a)</sup> | $925000 | $960518  |
|  Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032<sup>(a)</sup> | 125000 | 120552  |
| Iron Mountain, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029<sup>(a)</sup> | 405000 | 399027  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031<sup>(a)</sup> | 75000 | 71662  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 1300000 | 1351239  |
| Kilroy Realty LP, 5.88%, 10/15/2035 | 450000 | 456391  |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., <br>8.00%, 08/01/2033<sup>(a)</sup> | 300000 | 311174  |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, <br>7.13%, 06/01/2031<sup>(a)</sup> | 1500000 | 1561227  |
| Rocket Cos., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030<sup>(a)</sup> | 325000 | 333793  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033<sup>(a)</sup> | 350000 | 361677  |
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, <br>5.88%, 08/01/2032<sup>(a)</sup> | 400000 | 404776  |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., <br>6.75%, 08/15/2032<sup>(a)</sup> | 500000 | 517303  |
| &nbsp;&nbsp;&nbsp; UBS Group AG, 7.13% to <br>02/10/2035 then USISSO05 + 3.18%, Perpetual<sup>(a)</sup> | 500000 | 515001  |
|  |  | 15200353  |
| **Health Care - 3.0%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., <br>10.00%, 04/15/2032<sup>(a)</sup> | 225000 | 230815  |
| Centene Corp., 2.50%, 03/01/2031 | 325000 | 280163  |
|  Charles River Laboratories International, Inc., 4.00%, 03/15/2031<sup>(a)</sup> | 350000 | 326218  |
| CHS/Community Health Systems, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031<sup>(a)</sup> | 180000 | 155783  |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/2032<sup>(a)</sup> | 200000 | 212069  |
| Medline Borrower LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(a)</sup> | 750000 | 723884  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> | 400000 | 396837  |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029<sup>(a)</sup> | 25000 | 25666  |
| Tenet Healthcare Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 | 75000 | 74382  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 | 125000 | 122181  |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 | 615000 | 598629  |
|  |  | 3146627  |
| **Industrials - 11.2%** <br>|  |  |
|  Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030<sup>(a)</sup> | 350000 | 362880  |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc., <br>4.13%, 04/15/2029<sup>(a)</sup> | 1285000 | 1245191  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Chart Industries, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030<sup>(a)</sup> | $400000 | $416794  |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031<sup>(a)</sup> | 600000 | 643354  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., <br>5.75%, 10/15/2033<sup>(a)</sup> | 100000 | 100953  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030<sup>(a)</sup> | 510000 | 524892  |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., <br>9.00%, 05/15/2028<sup>(a)</sup> | 500000 | 529737  |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., <br>4.38%, 08/15/2029<sup>(a)</sup> | 1200000 | 1171787  |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, <br>6.75%, 02/01/2032<sup>(a)</sup> | 525000 | 538595  |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, <br>9.00%, 02/15/2029<sup>(a)</sup> | 300000 | 313932  |
|  Luna 1.5 Sarl, 12.00% (or 12.75% PIK), 07/01/2032<sup>(a)</sup> | 650000 | 675773  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, <br>7.88%, 10/15/2029<sup>(a)</sup> | 642447 | 337285  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.40%, 04/15/2033 | 875000 | 939770  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(a)</sup> | 1000000 | 1028167  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., <br>5.25%, 07/15/2027<sup>(a)</sup> | 435000 | 433795  |
| TransDigm, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> | 325000 | 331600  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029<sup>(a)</sup> | 525000 | 537417  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030<sup>(a)</sup> | 175000 | 181480  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032<sup>(a)</sup> | 100000 | 103080  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> | 350000 | 354187  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 675000 | 684276  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> | 300000 | 310402  |
|  |  | 11765347  |
| **Materials - 7.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Calderys Financing II LLC, 11.75% <br>(or 12.50% PIK), 06/01/2028<sup>(a)</sup> | 700000 | 731555  |
| &nbsp;&nbsp;&nbsp; Herens Holdco Sarl, <br>4.75%, 05/15/2028<sup>(a)</sup> | 375000 | 328856  |
| &nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, <br>6.75%, 08/01/2032<sup>(a)</sup> | 300000 | 295722  |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc., <br>10.00%, 12/15/2028<sup>(a)</sup> | 295000 | 267155  |
| LABL, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 485000 | 376690  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 1075000 | 790570  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 475000 | 447326  |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., <br>8.00%, 10/01/2029<sup>(a)</sup> | 250000 | 247827  |
| Mauser Packaging Solutions Holding Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 75000 | 75829  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(a)</sup> | 240000 | 240752  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Novelis Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030<sup>(a)</sup> | $85000 | $82067  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031<sup>(a)</sup> | 325000 | 296568  |
| Olympus Water US Holding Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031<sup>(a)</sup> | 975000 | 989050  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2033<sup>(a)</sup> | 200000 | 200333  |
| &nbsp;&nbsp;&nbsp; Perenti Finance Pty Ltd., <br>7.50%, 04/26/2029<sup>(a)</sup> | 200000 | 209368  |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(a)</sup> | 1000000 | 1086852  |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., <br>5.63%, 09/30/2033<sup>(a)</sup> | 125000 | 125491  |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., <br>6.50%, 08/15/2032<sup>(a)</sup> | 325000 | 333790  |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc./NY, <br>4.38%, 07/15/2030<sup>(a)</sup> | 145000 | 139117  |
| Trivium Packaging Finance BV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)</sup> | 200000 | 213520  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup> | 325000 | 352068  |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, <br>6.63%, 08/15/2032<sup>(a)</sup> | 325000 | 321557  |
|  |  | 8152063  |
| **Technology - 4.9%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., <br>7.25%, 08/01/2032<sup>(a)</sup> | 500000 | 519580  |
|  Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029<sup>(a)</sup> | 625000 | 540503  |
| &nbsp;&nbsp;&nbsp; CommScope LLC, <br>9.50%, 12/15/2031<sup>(a)</sup> | 485000 | 502327  |
| CoreWeave, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)</sup> | 150000 | 155101  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(a)</sup> | 125000 | 128266  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., <br>6.50%, 12/01/2029<sup>(a)</sup> | 725000 | 738353  |
| Kioxia Holdings Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/2030<sup>(a)</sup> | 200000 | 204227  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/2033<sup>(a)</sup> | 450000 | 463120  |
| Open Text Corp., 6.90%, 12/01/2027<sup>(a)</sup> | 350000 | 364541  |
| &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc., <br>4.13%, 12/01/2031<sup>(a)</sup> | 440000 | 407317  |
| &nbsp;&nbsp;&nbsp; Rackspace Finance LLC, <br>3.50%, 05/15/2028<sup>(a)</sup> | 185500 | 78641  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 1075000 | 1110034  |
|  |  | 5212010  |
| **Utilities - 2.0%** <br>|  |  |
| NRG Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031<sup>(a)</sup> | 450000 | 416412  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(a)</sup> | 75000 | 74970  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2034<sup>(a)</sup> | 300000 | 307715  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036<sup>(a)</sup> | 75000 | 75057  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Vistra Corp., 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, Perpetual<sup>(a)</sup> | $675000 | $690939  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029<sup>(a)</sup> | 425000 | 416413  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031<sup>(a)</sup> | 100000 | 105892  |
|  |  | 2087398  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $85,305,105)** |  | 86409463  |
| **BANK LOANS - 6.4%** <br>|  |  |
| **Industrials - 4.9%** <br>|  |  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.52% (3 mo. SOFR US + 6.00%), 05/21/2029 | 400000 | 402000  |
| &nbsp;&nbsp;&nbsp; 11.02% (3 mo. SOFR US + 6.50%), 05/21/2029 | 478568 | 480963  |
|  Gloves Buyer, Inc., Senior Secured First Lien, 8.16% (1 mo. SOFR US + 4.00%), 05/24/2032 | 400000 | 389500  |
| &nbsp;&nbsp;&nbsp; Icebox Holdco III, Inc., Senior Secured Second Lien, 10.76% (1 mo. SOFR <br>US + 6.50%), 12/24/2029 | 500000 | 510625  |
|  Indicor LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 11/23/2029 | 488843 | 490036  |
|  Lsf12 Crown US Commercial Bidco LLC, Senior Secured First Lien, 7.66% (1 mo. SOFR US + 3.50%), 12/02/2031 | 800000 | 802252  |
|  Merlin Buyer, Inc., Senior Secured First Lien, 8.30% (3 mo. Term SOFR + 4.00%), 12/14/2028 | 500000 | 502500  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, Senior Secured Second Lien, 8.71% (3 mo. SOFR <br>US + 4.00%), 10/15/2029 | 856902 | 668598  |
|  STS Operating, Inc., Senior Secured First Lien, 8.26% (1 mo. SOFR US + 4.00%), 03/25/2031 | 395597 | 393538  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% <br>(3 mo. SOFR US + 3.00%), 04/30/2030 | 492547 | 494327  |
|  |  | 5134339  |
| **Materials - 0.5%** <br>|  |  |
| Iris Holding, Inc., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.16% (3 mo. SOFR US + 4.75%), 06/28/2028 | 278600 | 271151  |
| &nbsp;&nbsp;&nbsp; 9.26% (3 mo. SOFR US + 4.75%), 06/28/2028 | 261884 | 254881  |
|  |  | 526032  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle High Yield Bond Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Technology - 1.0%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., Senior Secured Second Lien, 8.91% (1 mo. SOFR <br>US + 4.75%), 11/22/2032 | $500000 | $512915  |
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., Senior Secured First Lien, 6.82% (1 mo. Term <br>SOFR + 2.75%), 05/30/2031 | 495000 | 496191  |
|  |  | 1009106  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $6,600,606)** |  | 6669477  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 3.8%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Aimco CDO, Series 2019-10A, Class ERR, 9.98% (3 mo. Term <br>SOFR + 5.65%), 07/22/2037<sup>(a)</sup> | 250000 | 253809  |
| &nbsp;&nbsp;&nbsp; Clover CLO, Series 2018-1A, <br>Class ERR, 10.73% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 250000 | 253128  |
| &nbsp;&nbsp;&nbsp; Eaton Vance Management, Series <br>2020-1A, Class ERR, 10.57% <br>(3 mo. Term SOFR + 6.25%), 10/15/2037<sup>(a)</sup> | 500000 | 507548  |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners Ltd., Series <br>2012-7A, Class ER4, 8.70% <br>(3 mo. Term SOFR + 4.50%), 02/20/2038<sup>(a)</sup> | 500000 | 500105  |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series <br>2016-1A, Class ER2, 10.03% <br>(3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(a)</sup> | 1000000 | 1015822  |
| RR Ltd./Cayman Islands <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class DR, 10.57% <br>(3 mo. Term SOFR + 6.25%), 07/15/2037<sup>(a)</sup> | 500000 | 500635  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30A, Class D, 10.07% <br>(3 mo. Term SOFR + 5.75%), 07/15/2036<sup>(a)</sup> | 500000 | 508146  |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU LLC, Series <br>2021-3A, Class E, 11.96% <br>(3 mo. Term SOFR + 7.63%), 01/18/2035<sup>(a)</sup> | 500000 | 501647  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $4,001,608)** |  | 4040840 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 0.2%** <br>|  |  |
| **Industrials - 0.2%** <br>|  |  |
| Chart Industries, Inc.<sup>(b)</sup> | 1083 | $216762  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $132,813)** |  | 216762  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 92.6%** <br>**(Cost $96,040,132)** |  | $97336542  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 6.9%<sup>(c)</sup> |  | 7292445  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 483370  |
| **TOTAL NET ASSETS - 100.0%** |  | $105112357 |

---

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 September 30, 2025, the value of these securities total $82,918,916 or 78.9% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.7%** <br>|  |  |
| **Austria - 3.7%** <br>|  |  |
| Erste Group Bank AG | 212100 | $20718192  |
| **Canada - 8.7%** <br>|  |  |
| Brookfield Corp. | 395300 | 27123085  |
| Cameco Corp. | 257900 | 21644550  |
|  |  | 48767635  |
| **France - 12.0%** <br>|  |  |
| Amundi SA<sup>(a)</sup> | 119600 | 9464092  |
|  Cie Generale des Etablissements Michelin SCA | 322000 | 11545500  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 16500 | 10083064  |
| Safran SA | 71000 | 25015674  |
| TotalEnergies SE | 178100 | 10816687  |
|  |  | 66925017  |
| **Germany - 7.9%** <br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 27200 | 17353073  |
| Nemetschek SE | 153500 | 19968066  |
| Symrise AG | 76400 | 6641216  |
|  |  | 43962355  |
| **Hong Kong - 1.6%** <br>|  |  |
| AIA Group Ltd. | 919200 | 8817620  |
| **Ireland - 4.7%** <br>|  |  |
| Accenture PLC - Class A | 53700 | 13242420  |
| Experian PLC | 262800 | 13155021  |
|  |  | 26397441  |
| **Japan - 19.7%** <br>|  |  |
| Daikin Industries Ltd. | 69600 | 8038462  |
| FANUC Corp. | 259400 | 7475828  |
| Fast Retailing Co. Ltd. | 41100 | 12517456  |
| Kubota Corp. | 440600 | 5550514  |
| MonotaRO Co. Ltd. | 987400 | 14395202  |
| NIDEC CORP | 211000 | 3757437  |
| Otsuka Holdings Co. Ltd. | 189800 | 10086474  |
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings <br>Corp. | 3217000 | 21209555  |
| Sony Financial Group, Inc.<sup>(b)</sup> | 893700 | 991086  |
| Sony Group Corp. | 893700 | 25738028  |
|  |  | 109760042  |
| **Mexico - 2.7%** <br>|  |  |
| Wal-Mart de Mexico SAB de CV | 4833000 | 14931670  |
| **Netherlands - 2.8%** <br>|  |  |
| Akzo Nobel NV | 109000 | 7755093  |
| Heineken NV | 104100 | 8117783  |
|  |  | 15872876  |
| **Peru - 3.6%** <br>|  |  |
| Credicorp Ltd. | 76500 | 20370420  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Singapore - 3.5%** <br>|  |  |
| DBS Group Holdings Ltd. | 498950 | $19784714  |
| **South Korea - 1.9%** <br>|  |  |
| Samsung Electronics Co. Ltd. | 180100 | 10769673  |
| **Sweden - 2.0%** <br>|  |  |
| Assa Abloy AB - Class B | 321900 | 11167206  |
| **Switzerland - 6.1%** <br>|  |  |
| Alcon AG | 150200 | 11181273  |
| DSM-Firmenich AG | 76200 | 6487847  |
| Roche Holding AG | 49400 | 16128459  |
|  |  | 33797579  |
| **United Kingdom - 14.8%** <br>|  |  |
| Ashtead Group PLC | 232100 | 15498305  |
| Coca-Cola Europacific Partners PLC | 187700 | 16969957  |
| Diageo PLC | 412500 | 9849960  |
| GSK PLC | 465900 | 9865638  |
| Haleon PLC | 2839800 | 12695172  |
| Rentokil Initial PLC | 1555500 | 7861703  |
| Unilever PLC | 168000 | 9972504  |
|  |  | 82713239  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $382,612,932)** |  | 534755679  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.7%** <br>**(Cost $382,612,932)** |  | $534755679  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.4%<sup>(c)</sup> |  | 13429527  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.9% |  | 10369695  |
| **TOTAL NET ASSETS - 100.0%** |  | $558554901 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> 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 September 30, 2025, the value of these securities total $9,464,092 or 1.7% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle International Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

**Sector Classification as of September 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $124622282 | 22.2% |
| Industrials  | 111915352 | 20.0  |
| Consumer Discretionary  | 81093603 | 14.6  |
| Health Care  | 59957016 | 10.8  |
| Consumer Staples  | 59841874 | 10.6  |
| Information Technology  | 43980159 | 7.9  |
| Energy  | 32461237 | 5.8  |
| Materials  | 20884156 | 3.8  |
| Other Assets in Excess of Liabilities  | 23799222 | 4.3 |
|  | $558554901 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES H** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 71.8%** <br>|  |  |
| **Consumer Discretionary - 11.5%** <br>|  |  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 6.57% (1 mo. Term SOFR + 3.25%), 02/06/2030 | $99390 | $99364  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.22% (1 mo. Term SOFR + 3.00%), 09/08/2032 | 199483 | 199920  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 6.32% (1 mo. Term SOFR + 2.00%), 05/01/2031 | 149496 | 148749  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.50%), 01/30/2031 | 148057 | 147726  |
|  |  | 595759  |
| **Consumer Staples - 1.0%** <br>|  |  |
|  Primo Brands Corp., Senior Secured First Lien, 6.55% (3 mo. Term SOFR + 2.25%), 03/31/2028 | 50000 | 50048  |
| **Energy - 5.8%** <br>|  |  |
|  Colossus Acquireco LLC, Senior Secured First Lien, 6.10% (1 mo. Term SOFR + 1.75%), 07/30/2032 | 200000 | 199000  |
| &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 6.57% <br>(1 mo. Term SOFR + 2.25%), <br>10/05/2028 | 100000 | 100097  |
|  |  | 299097  |
| **Financials - 18.8%<sup>(a)</sup>** <br>|  |  |
|  Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.89% (1 mo. Term SOFR + 1.75%), 06/24/2030 | 199499 | 199776  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.93% (1 mo. Term SOFR + 3.50%), 06/02/2028 | 199482 | 199856  |
|  HUB International Ltd., Senior Secured First Lien, 6.58% (3 mo. Term SOFR + 2.50%), 06/20/2030 | 170714 | 171156  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 7.32% (1 mo. Term SOFR + 3.75%), 11/01/2028 | 200000 | 200393  |
|  USI, Inc./NY, Senior Secured First Lien, 6.55% (3 mo. Term SOFR + 2.25%), 11/23/2029 | 200000 | 199969  |
|  |  | 971150  |
| **Health Care - 5.8%** <br>|  |  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.13% (1 mo. Term SOFR + 1.75%), 08/02/2027 | 100000 | 100002  |
|  Medline Borrower LP, Senior Secured First Lien, 6.32% (1 mo. Term SOFR + 2.00%), 10/23/2028 | 199497 | 199696  |
|  |  | 299698  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Industrials - 14.5%** <br>|  |  |
|  APi Group DE, Inc., Senior Secured First Lien, 6.07% (1 mo. Term SOFR + 1.75%), 01/03/2029 | $50000 | $50021  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.79% (3 mo. Term SOFR + 2.50%), 03/18/2030 | 100000 | 100687  |
|  Indicor LLC, Senior Secured First Lien, 7.05% (3 mo. Term SOFR + 2.75%), 11/23/2029 | 199499 | 199986  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% (1 mo. Term SOFR + 3.00%), 04/30/2030 | 199500 | 200221  |
|  TransDigm, Inc., Senior Secured First Lien, 6.80% (3 mo. Term SOFR + 2.50%), 02/28/2031 | 199496 | 199623  |
|  |  | 750538  |
| **Materials - 2.9%** <br>|  |  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.57% (1 mo. Term SOFR + 2.25%), 04/14/2031 | 149499 | 149622  |
| **Technology - 11.5%** <br>|  |  |
|  CommScope LLC, Senior Secured First Lien, 9.07% (1 mo. Term SOFR + 5.25%), 12/17/2029 | 100000 | 101352  |
|  Epicor Software Corp., Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 199497 | 199977  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 6.07% (1 mo. Term SOFR + 1.75%), 08/31/2028 | 200000 | 196056  |
| &nbsp;&nbsp;&nbsp; UKG, Inc., Senior Secured First Lien, <br>6.81% (1 mo. Term SOFR + 3.00%), 02/10/2031 | 99496 | 99510  |
|  |  | 596895  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,707,674)** |  | 3712807  |
| **CORPORATE BONDS - 27.2%** <br>|  |  |
| **Consumer Discretionary - 4.8%** <br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 3.50%, 02/15/2029<sup>(b)</sup> | 100000 | 95624  |
| Carnival Corp., 6.13%, 02/15/2033<sup>(b)</sup> | 50000 | 51283  |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029<sup>(b)</sup> | 50000 | 48120  |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., <br>6.75%, 04/30/2032<sup>(b)</sup> | 50000 | 51895  |
|  |  | 246922  |
| **Consumer Staples - 1.0%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, <br>6.25%, 03/15/2033<sup>(b)</sup> | 50000 | 51211  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES H** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - 2.0%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, 6.50% to 02/15/2031 then 5 yr. CMT Rate + <br>2.68%, 02/15/2056 | $50000 | $49815  |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., <br>9.88%, 02/01/2032<sup>(b)</sup> | 50000 | 54467  |
|  |  | 104282  |
| **Financials - 15.4%<sup>(a)</sup>** <br>|  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(b)</sup> | 100000 | 103051  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, <br>6.50%, 10/01/2031<sup>(b)</sup> | 100000 | 102368  |
|  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 | 205333  |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, <br>7.50%, 07/15/2033<sup>(b)</sup> | 200000 | 203770  |
|  Goldman Sachs Group, Inc., 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 50000 | 51998  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(b)</sup> | 25000 | 25985  |
| Rocket Cos., Inc., 6.38%, 08/01/2033<sup>(b)</sup> | 100000 | 103337  |
|  |  | 795842  |
| **Industrials - 2.0%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., <br>6.63%, 04/01/2032<sup>(b)</sup> | 100000 | 104360  |
| **Materials - 1.0%** <br>|  |  |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(b)</sup> | 50000 | 54343  |
| **Technology - 1.0%** <br>|  |  |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(b)</sup> | 50000 | 50747  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $1,393,369)** |  | 1407707  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $5,101,043)** |  | $5120514  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.1%<sup>(c)</sup> |  | 212014  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.1)% |  | (158599)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5173929 |

---

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 September 30, 2025, the value of these securities total $1,305,894 or 25.2% 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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES I** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 46.7%** <br>|  |  |
| Carvana Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-N1, Class D, 4.13%, 12/11/2028<sup>(a)</sup> | $63663 | $63167  |
| &nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 09/10/2030<sup>(a)</sup> | 100000 | 101638  |
| &nbsp;&nbsp;&nbsp; Crockett Partners Equipment Co. II LLC, <br>Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 86423 | 87701  |
|  Honda Auto Receivables Owner Trust, Series 2024-1, Class A4, 5.17%, 05/15/2030 | 10000 | 10108  |
| &nbsp;&nbsp;&nbsp; John Deere Owner Trust 2022, <br>Series 2022-B, Class A3, 3.74%, 02/16/2027 | 9497 | 9484  |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust, <br>Series 2024-3A, Class B, 5.03%, 11/15/2030<sup>(a)</sup> | 100000 | 100054  |
|  Marriott Vacations Worldwide Corp., Series 2023-1A, Class A, 4.93%, 10/20/2040<sup>(a)</sup> | 61943 | 62414  |
| Navient Student Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA, Class A3, 5.71% <br>(1 mo. Term SOFR + 1.56%), 07/16/2040<sup>(a)</sup> | 61621 | 61822  |
| &nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 3.13%, 02/15/2068<sup>(a)</sup> | 55385 | 54476  |
| &nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 70048 | 66451  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 80297 | 75173  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 88312 | 80786  |
|  OneMain Direct Auto Receivables Trust, Series 2019-1A, Class C, 4.19%, 11/14/2028<sup>(a)</sup> | 100000 | 99607  |
|  Pagaya AI Debt Selection Trust, Series 2024-11, Class A, 5.09%, 07/15/2032<sup>(a)</sup> | 86913 | 87261  |
| Santander Consumer USA Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-6, Class B, 5.98%, 04/16/2029 | 50000 | 50759  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class C, 4.78%, 01/15/2031 | 50000 | 50312  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 4.49%, 09/15/2031 | 100000 | 100952  |
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, <br>Series 2025-1A, Class A, 5.38%, 01/20/2037<sup>(a)</sup> | 96264 | 96717  |
| SMB Private Education Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A2B, 1.59%, 01/15/2053<sup>(a)</sup> | 87530 | 80831  |
| &nbsp;&nbsp;&nbsp; Series 2022-D, Class A1A, 5.37%, 10/15/2058<sup>(a)</sup> | 57973 | 58980  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 09/20/2035<sup>(a)</sup> | $150000 | $149895  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,542,062)** |  | 1548588 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 21.2%**<br>|  |  |
| Angel Oak Mortgage Trust LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, 5.86%, 04/25/2070<sup>(a)(b)</sup> | 128740 | 130429  |
| &nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, 5.51%, 06/25/2070<sup>(a)(c)</sup> | 145112 | 146465  |
| BRAVO Residential Funding Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 6.19%, 03/25/2064<sup>(a)(b)</sup> | 184593 | 186951  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.33%, 06/25/2065<sup>(a)(b)</sup> | 141155 | 142042  |
|  Onslow Bay Mortgage Loan Trust, Series 2025-NQM11, Class A1, 5.42%, 05/25/2065<sup>(a)(b)</sup> | 97115 | 97948  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $700,039)** |  | 703835  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 14.6%**<br>|  |  |
|  Dryden Senior Loan Fund, Series 2017-53A, Class AR, 5.30% (3 mo. Term SOFR + 1.00%), 01/15/2031<sup>(a)</sup> | 232188 | 232410  |
|  Elmwood CLO Ltd., Series 2022-2A, Class A1R, 5.41% (3 mo. Term SOFR + 1.15%), 04/22/2035<sup>(a)</sup> | 250000 | 250499  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $482,188)** |  | 482909  |
| **CORPORATE BONDS - 12.7%**<br>|  |  |
| **Financials - 9.5%**<br>|  |  |
|  Bank of America Corp., 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | 100000 | 104161  |
|  JPMorgan Chase & Co., 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 100000 | 103625  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(a)</sup> | 100000 | 107702  |
|  |  | 315488  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PACIFIC EXCLUSIVE FUND SERIES I** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - 3.2%**<br>|  |  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | $50000 | $51726  |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 50000 | 52157  |
|  |  | 103883  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $411,569)** |  | 419371  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.2%** <br>**(Cost $3,135,858)** |  | $3154703  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.2%<sup>(d)</sup> |  | 137991  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 19643  |
| **TOTAL NET ASSETS - 100.0%** |  | $3312337 |

---

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 September 30, 2025, the value of these securities total $2,621,419 or 79.1% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025 was 3.95%.

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 50.4%**  | **EXCHANGE TRADED FUNDS - 50.4%**  |  |
| **Equity Exchange Traded Funds - 48.9%**  | **Equity Exchange Traded Funds - 48.9%**  |  |
|  iShares Core MSCI Emerging Markets ETF | 107339 | $7075787  |
| iShares Core U.S. REIT ETF | 121842 | 7154562  |
| iShares MSCI EAFE Value ETF  | 84067 | 5702265  |
| iShares Russell 1000 Value ETF  | 167386 | 34078116  |
| iShares Russell 2000 Growth ETF | 39746 | 12720310  |
| iShares Russell 2000 Value ETF  | 159498 | 28200841  |
| iShares Russell Mid-Cap Growth ETF | 128717 | 18330588  |
| iShares Russell Mid-Cap Value ETF  | 122186 | 17065719  |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All World ex-US <br>Small-Cap ETF | 59613 | 8497833  |
|  |  | 138826021  |
| **Fixed Income Exchange Traded Funds - 1.5%**  | **Fixed Income Exchange Traded Funds - 1.5%**  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 29538 | 2811722  |
| iShares TIPS Bond ETF | 12676 | 1409825  |
|  |  | 4221547  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $124,730,572)** |  | 143047568  |
| **AFFILIATED OPEN-END FUNDS - 49.4%**  | **AFFILIATED OPEN-END FUNDS - 49.4%**  |  |
| **Affiliated Equity Open-End Funds - 44.0%**  | **Affiliated Equity Open-End Funds - 44.0%**  |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 3634604 | 59571164  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 2252223 | 39841826  |
| &nbsp;&nbsp;&nbsp; Aristotle International Equity Fund - <br>Class I<sup>(a)</sup> | 1984188 | 25476979  |
|  |  | 124889969  |
|  **Affiliated Fixed Income Open-End Funds - 5.4%** <br>|  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 159864 | 1411597  |
| &nbsp;&nbsp;&nbsp; Aristotle Floating Rate Income Fund - <br>Class I<sup>(a)</sup> | 150309 | 1417416  |
| &nbsp;&nbsp;&nbsp; Aristotle High Yield Bond Fund - <br>Class I<sup>(a)</sup> | 753309 | 7043439  |
| &nbsp;&nbsp;&nbsp; Aristotle Short Duration Income Fund - <br>Class I<sup>(a)</sup> | 548932 | 5643021  |
|  |  | 15515473  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $99,846,653)** |  | 140405442  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $224,577,225)** |  | $283453010  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(b)</sup> |  | 708464  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (172366)  |
| **TOTAL NET ASSETS - 100.0%** |  | $283989108 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated security as defined by the Investment
 Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 September 30, 2025 was 3.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Conservative Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 77.5%**  | **AFFILIATED OPEN-END FUNDS - 77.5%**  |  |
| **Affiliated Equity Open-End Funds - 10.2%**  | **Affiliated Equity Open-End Funds - 10.2%**  |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 485114 | $7951022  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 202040 | 3574089  |
| &nbsp;&nbsp;&nbsp; Aristotle International Equity Fund - <br>Class I<sup>(a)</sup> | 96888 | 1244045  |
|  |  | 12769156  |
| &nbsp;&nbsp;&nbsp; **Affiliated Fixed Income Open-End** <br>**Funds - 67.3%**  | &nbsp;&nbsp;&nbsp; **Affiliated Fixed Income Open-End** <br>**Funds - 67.3%**  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 2600957 | 22966452  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)(b)</sup> | 3453720 | 33811915  |
| &nbsp;&nbsp;&nbsp; Aristotle Floating Rate Income Fund - <br>Class I<sup>(a)</sup> | 332723 | 3137580  |
| &nbsp;&nbsp;&nbsp; Aristotle High Yield Bond Fund - <br>Class I<sup>(a)</sup> | 1333445 | 12467708  |
| &nbsp;&nbsp;&nbsp; Aristotle Short Duration Income Fund - <br>Class I<sup>(a)</sup> | 1154213 | 11865314  |
|  |  | 84248969  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $90,873,128)** |  | 97018125  |
| **EXCHANGE TRADED FUNDS - 22.4%**  | **EXCHANGE TRADED FUNDS - 22.4%**  |  |
| **Equity Exchange Traded Funds - 14.9%**  | **Equity Exchange Traded Funds - 14.9%**  |  |
|  iShares Core MSCI Emerging Markets ETF | 19046 | 1255512  |
| iShares Core U.S. REIT ETF | 10809 | 634704  |
| iShares MSCI EAFE Value ETF  | 37291 | 2529449  |
| iShares Russell 1000 Value ETF  | 26792 | 5454583  |
| iShares Russell 2000 Growth ETF | 1959 | 626958  |
| iShares Russell 2000 Value ETF  | 14150 | 2501862  |
| iShares Russell Mid-Cap Growth ETF | 17568 | 2501859  |
| iShares Russell Mid-Cap Value ETF  | 13550 | 1892529  |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All World ex-US <br>Small-Cap ETF | 8814 | 1256436  |
|  |  | 18653892  |
| **Fixed Income Exchange Traded Funds - 7.5%**  | **Fixed Income Exchange Traded Funds - 7.5%**  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 65513 | 6236182  |
| iShares TIPS Bond ETF | 28114 | 3126839  |
|  |  | 9363021  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $25,737,431)** |  | 28016913  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $116,610,559)** |  | $125035038  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.1%<sup>(c)</sup> |  | 172939  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(d)</sup> |  | (77323)  |
| **TOTAL NET ASSETS - 100.0%** |  | $125130654 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated security as defined by the Investment
 Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 September 30, 2025 was 3.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Growth Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 57.0%**  | **AFFILIATED OPEN-END FUNDS - 57.0%**  |  |
| **Affiliated Equity Open-End Funds - 37.7%**  | **Affiliated Equity Open-End Funds - 37.7%**  |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 7723161 | $126582608  |
| &nbsp;&nbsp;&nbsp; Aristotle Growth Equity Fund - <br>Class I<sup>(a)</sup> | 4209824 | 74471788  |
| &nbsp;&nbsp;&nbsp; Aristotle International Equity Fund - <br>Class I<sup>(a)</sup> | 3567082 | 45801335  |
|  |  | 246855731  |
| **Affiliated Fixed Income Open-End Funds - 19.3%**  | **Affiliated Fixed Income Open-End Funds - 19.3%**  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 3131937 | 27655003  |
| &nbsp;&nbsp;&nbsp; Aristotle Core Income Fund - <br>Class I<sup>(a)</sup> | 4152758 | 40655499  |
| &nbsp;&nbsp;&nbsp; Aristotle Floating Rate Income Fund - <br>Class I<sup>(a)</sup> | 346887 | 3271148  |
| &nbsp;&nbsp;&nbsp; Aristotle High Yield Bond Fund - <br>Class I<sup>(a)</sup> | 2085160 | 19496248  |
| &nbsp;&nbsp;&nbsp; Aristotle Short Duration Income Fund - <br>Class I<sup>(a)</sup> | 3483641 | 35811826  |
|  |  | 126889724  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $295,360,932)** |  | 373745455  |
| **EXCHANGE TRADED FUNDS - 42.8%**  | **EXCHANGE TRADED FUNDS - 42.8%**  |  |
| **Equity Exchange Traded Funds - 41.3%**  | **Equity Exchange Traded Funds - 41.3%**  |  |
|  iShares Core MSCI Emerging Markets ETF | 148842 | 9811665  |
| iShares Core U.S. REIT ETF | 112634 | 6613868  |
| iShares MSCI EAFE Value ETF  | 194286 | 13178419  |
| iShares Russell 1000 Value ETF  | 429718 | 87486288  |
| iShares Russell 2000 Growth ETF | 40825 | 13065633  |
| iShares Russell 2000 Value ETF  | 258029 | 45622107  |
| iShares Russell Mid-Cap Growth ETF | 297475 | 42363415  |
| iShares Russell Mid-Cap Value ETF  | 282383 | 39440434  |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All World ex-US <br>Small-Cap ETF | 91847 | 13092790  |
|  |  | 270674619  |
| **Fixed Income Exchange Traded Funds - 1.5%**  | **Fixed Income Exchange Traded Funds - 1.5%**  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 68265 | 6498145  |
| iShares TIPS Bond ETF | 29295 | 3258190  |
|  |  | 9756335  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $247,255,120)** |  | 280430954  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $542,616,052)** |  | $654176409  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(b)</sup> |  | 1516862  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (395060)  |
| **TOTAL NET ASSETS - 100.0%** |  | $655298211 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated security as defined by the Investment
 Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 September 30, 2025 was 3.95%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Conservative Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 73.5%**<br>|  |  |
| **Affiliated Equity Open-End Funds - 22.2%**  | **Affiliated Equity Open-End Funds - 22.2%**  |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 1555357 | $25492295  |
| Aristotle Growth Equity Fund - Class I<sup>(a)</sup> | 524163 | 9272442  |
| &nbsp;&nbsp;&nbsp; Aristotle International Equity Fund - <br>Class I<sup>(a)</sup> | 593555 | 7621246  |
|  |  | 42385983  |
| **Affiliated Fixed Income Open-End Funds - 51.3%** | **Affiliated Fixed Income Open-End Funds - 51.3%** |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 3183778 | 28112763  |
| Aristotle Core Income Fund - Class I<sup>(a)</sup> | 3916398 | 38341537  |
| &nbsp;&nbsp;&nbsp; Aristotle Floating Rate Income Fund - <br>Class I<sup>(a)</sup> | 303805 | 2864879  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 1623582 | 15180488  |
| &nbsp;&nbsp;&nbsp; Aristotle Short Duration Income Fund - <br>Class I<sup>(a)</sup> | 1294276 | 13305155  |
|  |  | 97804822  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS**<br>**(Cost $125,905,201)** |  | 140190805  |
| **EXCHANGE TRADED FUNDS - 26.4%** | **EXCHANGE TRADED FUNDS - 26.4%** |  |
| **Equity Exchange Traded Funds - 20.9%** | **Equity Exchange Traded Funds - 20.9%** |  |
|  iShares Core MSCI Emerging Markets ETF | 43506 | 2867915  |
| iShares Core U.S. REIT ETF | 16461 | 966590  |
| iShares MSCI EAFE Value ETF | 56789 | 3851998  |
| iShares Russell 1000 Value ETF  | 73780 | 15020870  |
| iShares Russell 2000 Growth ETF | 2983 | 954679  |
| iShares Russell 2000 Value ETF  | 21549 | 3810079  |
| iShares Russell Mid-Cap Growth ETF | 40131 | 5715056  |
| iShares Russell Mid-Cap Value ETF  | 27513 | 3842741  |
| &nbsp;&nbsp;&nbsp; Vanguard FTSE All World ex-US <br>Small-Cap ETF | 20135 | 2870244  |
|  |  | 39900172  |
| **Fixed Income Exchange Traded Funds - 5.5%** | **Fixed Income Exchange Traded Funds - 5.5%** |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 69837 | 6647784  |
| iShares TIPS Bond ETF | 34251 | 3809396  |
|  |  | 10457180  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $45,528,617)** |  | 50357352  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $171,433,818)** |  | $190548157  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.1%<sup>(b)</sup> |  | 272546  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (114002)  |
| **TOTAL NET ASSETS - 100.0%** |  | $190706701 |

---

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> 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 September 30, 2025 was 3.95%.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Portfolio Optimization Moderate Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED OPEN-END FUNDS - 69.2%**  | **AFFILIATED OPEN-END FUNDS - 69.2%**  |  |
| **Affiliated Equity Open-End Funds - 34.4%** | **Affiliated Equity Open-End Funds - 34.4%** |  |
| Aristotle Core Equity Fund - Class I<sup>(a)</sup> | 7470013 | $122433519  |
| Aristotle Growth Equity Fund - Class I<sup>(a)</sup> | 4973821 | 87986896  |
|  Aristotle International Equity Fund - Class I<sup>(a)</sup> | 2152172 | 27633888  |
|  |  | 238054303  |
| &nbsp;&nbsp;&nbsp; **Affiliated Fixed Income Open-End** <br>**Funds - 34.8%**  | &nbsp;&nbsp;&nbsp; **Affiliated Fixed Income Open-End** <br>**Funds - 34.8%**  |  |
| Aristotle Core Bond Fund - Class I<sup>(a)</sup> | 7017685 | 61966162  |
| Aristotle Core Income Fund - Class I<sup>(a)</sup> | 9491087 | 92917739  |
|  Aristotle Floating Rate Income Fund - Class I<sup>(a)</sup> | 734110 | 6922661  |
|  Aristotle High Yield Bond Fund - Class I<sup>(a)</sup> | 2575097 | 24077152  |
|  Aristotle Short Duration Income Fund - Class I<sup>(a)</sup> | 5360924 | 55110301  |
|  |  | 240994015  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED OPEN-END FUNDS** <br>**(Cost $397,835,338)** |  | 479048318  |
| **EXCHANGE TRADED FUNDS - 30.7%**  | **EXCHANGE TRADED FUNDS - 30.7%**  |  |
| **Equity Exchange Traded Funds - 28.2%**  | **Equity Exchange Traded Funds - 28.2%**  |  |
|  iShares Core MSCI Emerging Markets ETF | 157626 | 10390706  |
| iShares Core U.S. REIT ETF | 59641 | 3502120  |
| iShares MSCI EAFE Value ETF  | 205752 | 13956158  |
| iShares Russell 1000 Value ETF  | 381337 | 77636400  |
| iShares Russell 2000 Growth ETF | 21617 | 6918305  |
| iShares Russell 2000 Value ETF  | 97591 | 17255065  |
| iShares Russell Mid-Cap Growth ETF | 218098 | 31059336  |
| iShares Russell Mid-Cap Value ETF  | 174444 | 24364593  |
|  Vanguard FTSE All World ex-US Small-Cap ETF | 72950 | 10399022  |
|  |  | 195481705  |
| **Fixed Income Exchange Traded Funds - 2.5%**  | **Fixed Income Exchange Traded Funds - 2.5%**  |  |
|  iShares J.P. Morgan USD Emerging Markets Bond ETF | 108440 | 10322404  |
| iShares TIPS Bond ETF | 62047 | 6900867  |
|  |  | 17223271  |
|  **TOTAL EXCHANGE TRADED FUNDS (Cost $190,155,449)** |  | 212704976  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $587,990,787)** |  | $691753294  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 0.2%<sup>(b)</sup> |  | 1154864  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (410928)  |
| **TOTAL NET ASSETS - 100.0%** |  | $692497230 |

---

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> 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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 53.0%**<br>|  |  |
| **Communications - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., <br>4.62%, 07/16/2028<sup>(a)</sup> | $3750000 | $3787686  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, <br>5.15%, 03/20/2028<sup>(a)</sup> | 4309000 | 4326125  |
|  |  | 8113811  |
| **Consumer Discretionary - 6.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Air Canada, Series 2017-1, <br>3.30%, 01/15/2030<sup>(a)</sup> | 1555880 | 1471905  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | 5160949 | 5062865  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.00%, 10/15/2028 | 5631114 | 5418329  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.25%, 10/15/2028 | 4364612 | 4138462  |
|  British Airways 2019-1 Class A Pass Through Trust, Series PTT, 3.35%, 06/15/2029<sup>(a)</sup> | 2441339 | 2354726  |
|  Delta Air Lines, Inc., Series 2015-1, 3.63%, 07/30/2027 | 1199198 | 1178306  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., Senior Secured First Lien, 4.50%, 10/20/2025<sup>(a)</sup> | 499944 | 499342  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 7270000 | 7256911  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 1775000 | 1746812  |
|  General Motors Financial Co., Inc., 5.55%, 07/15/2029 | 6000000 | 6197840  |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., <br>4.70%, 10/07/2030<sup>(a)</sup> | 1600000 | 1598243  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.05%, 03/30/2028 | 1250000 | 1270646  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 1350000 | 1360837  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 5600000 | 5663815  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., <br>5.90%, 06/01/2027 | 3150000 | 3215169  |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc./MD, <br>5.55%, 10/15/2028 | 4000000 | 4155303  |
| Starbucks Corp., 4.50%, 05/15/2028 | 5700000 | 5757801  |
| &nbsp;&nbsp;&nbsp; United Airlines 2014-2 Class A Pass Through Trust, Series A, <br>3.75%, 09/03/2026 | 4890439 | 4850555  |
| United Airlines, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1B, 3.65%, <br>01/07/2026 | 268229 | 265899  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.10%, 07/07/2028 | 2359455 | 2279225  |
|  Volkswagen Group of America Finance LLC, 4.45%, 09/11/2027<sup>(a)</sup> | 3000000 | 3008313  |
|  |  | 68751304  |
| **Consumer Staples - 1.0%**<br>|  |  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.25%, 01/15/2029<sup>(a)</sup> | 3000000 | 3063392  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>4.35%, 05/15/2028 | $2450000 | $2449687  |
| Mars, Inc., 4.60%, 03/01/2028<sup>(a)</sup> | 4200000 | 4252263  |
|  |  | 9765342  |
| **Energy - 2.7%**<br>|  |  |
| Enbridge, Inc., 4.60%, 06/20/2028 | 1650000 | 1669898  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 3500000 | 3603453  |
| &nbsp;&nbsp;&nbsp; 6.10%, 12/01/2028 | 1500000 | 1579658  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 | 3500000 | 3602729  |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, <br>6.50%, 03/13/2027 | 4000000 | 4052680  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>6.15%, 03/01/2029 | 3550000 | 3741889  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 08/15/2029<sup>(a)</sup> | 9450000 | 9064256  |
|  |  | 27314563  |
| **Financials - 23.6%**<br>|  |  |
| Air Lease Corp., 5.85%, 12/15/2027 | 3000000 | 3090807  |
| American Express Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73% (SOFR + 1.26%), <br>04/25/2029 | 3000000 | 3048346  |
| &nbsp;&nbsp;&nbsp; 4.35% to 07/20/2028 then SOFR + 0.81%, 07/20/2029 | 1200000 | 1207261  |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP, <br>4.25%, 02/15/2028 | 2808000 | 2801818  |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd., <br>5.75%, 07/01/2030 | 5750000 | 6023268  |
|  Atlas Warehouse Lending Co. LP, 6.05%, 01/15/2028<sup>(a)</sup> | 5250000 | 5371534  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>4.75%, 04/14/2027<sup>(a)</sup> | 3100000 | 3115414  |
|  Banco Santander SA, 5.37% to 07/15/2027 then 1 yr. CMT Rate + 0.95%, 07/15/2028 | 3400000 | 3470535  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 8500000 | 8642396  |
| &nbsp;&nbsp;&nbsp; 3.82% to 01/20/2027 then 3 mo. Term SOFR + 1.84%, 01/20/2028 | 1250000 | 1244390  |
| &nbsp;&nbsp;&nbsp; 4.98% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 6850000 | 6977851  |
| &nbsp;&nbsp;&nbsp; 4.62% (SOFR + 1.11%), 05/09/2029 | 4750000 | 4809745  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 | 2200000 | 2239849  |
| &nbsp;&nbsp;&nbsp; 4.48% to 11/11/2028 then SOFR + 1.08%, 11/11/2029 | 2800000 | 2805439  |
| Block, Inc., 2.75%, 06/01/2026 | 750000 | 740747  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/14/2028<sup>(a)</sup> | 1000000 | 1003420  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029<sup>(a)</sup> | 5150000 | 5199352  |
|  Brown & Brown, Inc., 4.70%, 06/23/2028 | 4500000 | 4545390  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, 4.63% to 07/03/2028 then SOFR + 1.14%, <br>07/03/2029<sup>(a)</sup> | $400000 | $402896  |
|  Citigroup, Inc., 4.64% to 05/07/2027 then SOFR + 1.14%, 05/07/2028 | 3850000 | 3877242  |
|  Cooperatieve Rabobank UA, 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028<sup>(a)</sup> | 2000000 | 2017506  |
|  Credit Agricole SA, 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029<sup>(a)</sup> | 3250000 | 3312989  |
| 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)</sup> | 4400000 | 4476433  |
| &nbsp;&nbsp;&nbsp; 4.42% to 09/12/2030 then 1 yr. CMT Rate + 0.85%, 09/12/2031<sup>(a)</sup> | 4800000 | 4756542  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>5.70%, 04/01/2028 | 2200000 | 2272762  |
|  Federation des Caisses Desjardins du Quebec, 4.57%, 08/26/2030<sup>(a)</sup> | 3125000 | 3143478  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94% (SOFR + 1.32%), <br>04/23/2028 | 4200000 | 4250100  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 | 2000000 | 1983202  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | 6300000 | 6592757  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 | 1450000 | 1468884  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + 1.04%, 11/19/2028 | 4000000 | 4074226  |
| &nbsp;&nbsp;&nbsp; 5.55% to 03/04/2029 then SOFR + 1.46%, 03/04/2030 | 3550000 | 3684332  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 | 10000000 | 10200635  |
| &nbsp;&nbsp;&nbsp; 5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 | 6750000 | 6827690  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 | 5495000 | 5616531  |
| &nbsp;&nbsp;&nbsp; 4.32% to 04/26/2027 then SOFR + 1.56%, 04/26/2028 | 2000000 | 2005428  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 | 3550000 | 3581306  |
| &nbsp;&nbsp;&nbsp; 4.92% to 01/24/2028 then SOFR + 0.80%, 01/24/2029 | 2450000 | 2494548  |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust, <br>4.75%, 09/15/2030 | 4300000 | 4313935  |
| 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 | 763451  |
| &nbsp;&nbsp;&nbsp; 4.82% to 06/13/2028 then 1 yr. CMT Rate + 0.83%, 06/13/2029 | 800000 | 811424  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 | $6850000 | $6982691  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031<sup>(a)</sup> | 950000 | 920157  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 | 2500000 | 2505512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% (SOFR + 1.38%), <br>04/12/2029 | 10000000 | 10200941  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/18/2029 then SOFR + 1.26%, 04/18/2030 | 3125000 | 3263949  |
| Morgan Stanley Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 | 4250000 | 4344994  |
| &nbsp;&nbsp;&nbsp; 4.97% to 07/14/2027 then SOFR + 0.93%, 07/14/2028 | 2100000 | 2131452  |
| &nbsp;&nbsp;&nbsp; 5.02% to 01/12/2028 then SOFR + 0.91%, 01/12/2029 | 1500000 | 1527203  |
|  Penske Truck Leasing Co. Lp/ PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/12/2027<sup>(a)</sup> | 3150000 | 3189430  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027<sup>(a)</sup> | 2300000 | 2306527  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030<sup>(a)</sup> | 3000000 | 3095773  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/18/2026 then SOFR + 0.72%, 10/18/2027 | 500000 | 501832  |
| &nbsp;&nbsp;&nbsp; 4.97% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 | 4650000 | 4730684  |
| &nbsp;&nbsp;&nbsp; 4.50% to 08/06/2028 then SOFR + 0.89%, 08/06/2029 | 3250000 | 3276048  |
|  Santander UK Group Holdings PLC, 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 | 2000000 | 1995134  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75% to 05/12/2027 then 1 yr. CMT Rate + 1.75%, 05/12/2028<sup>(a)</sup> | 2000000 | 2017559  |
| &nbsp;&nbsp;&nbsp; 5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 2400000 | 2480095  |
| &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 | 4492164  |
|  US Bank NA, 4.73% to 05/15/2027 then SOFR + 0.91%, 05/15/2028 | 4000000 | 4036014  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 04/01/2028 | 6850000 | 6925126  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90% to 01/24/2027 then SOFR + 0.78%, 01/24/2028 | 2000000 | 2018634  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 | 4250000 | 4349842  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), <br>04/23/2029 | 6100000 | 6217015  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | 3850000 | 3990804  |
|  |  | 236765439  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - 1.3%**<br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | $2600000 | $2661090  |
| Cigna Group, 4.50%, 09/15/2030 | 3300000 | 3310845  |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, <br>5.81%, 05/08/2027 | 2800000 | 2858251  |
| IQVIA, Inc., 5.70%, 05/15/2028 | 3850000 | 3978494  |
|  |  | 12808680  |
| **Industrials - 4.3%**<br>|  |  |
| BAE Systems PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/26/2027<sup>(a)</sup> | 2800000 | 2833773  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/26/2029<sup>(a)</sup> | 2000000 | 2060356  |
| Boeing Co., 6.26%, 05/01/2027 | 1150000 | 1183719  |
| IDEX Corp., 4.95%, 09/01/2029 | 2050000 | 2095428  |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., <br>5.40%, 08/14/2028 | 1700000 | 1758969  |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., <br>5.50%, 09/15/2028 | 5900000 | 6103433  |
|  Molex Electronic Technologies LLC, 4.75%, 04/30/2028<sup>(a)</sup> | 4200000 | 4243067  |
| Nordson Corp., 4.50%, 12/15/2029 | 6375000 | 6413765  |
| Quanta Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/09/2027 | 1240000 | 1254720  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/09/2028 | 3650000 | 3668573  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2026 | 6412000 | 6443901  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 | 1153000 | 1193143  |
| &nbsp;&nbsp;&nbsp; Weir Group PLC, <br>2.20%, 05/13/2026<sup>(a)</sup> | 4015000 | 3951740  |
|  |  | 43204587  |
| **Materials - 0.8%**<br>|  |  |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028 | 3200000 | 3236940  |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co., <br>4.45%, 09/01/2026 | 5075000 | 5083693  |
|  |  | 8320633  |
| **Technology - 5.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 9648000 | 9468379  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 | 2300000 | 2306470  |
| &nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 | 4800000 | 4945490  |
|  CDW LLC / CDW Finance Corp., 5.10%, 03/01/2030 | 5600000 | 5700897  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.65%, 08/02/2026 | 5800000 | 5887425  |
|  Dell International LLC / EMC Corp., 4.15%, 02/15/2029 | 4750000 | 4739689  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 09/15/2027 | 1200000 | 1198157  |
| &nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 | 3500000 | 3519947  |
| Jabil, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2027 | 300000 | 300180  |
| &nbsp;&nbsp;&nbsp; 5.45%, 02/01/2029 | 2000000 | 2064444  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., <br>4.90%, 03/15/2028 | $6000000 | $6089356  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028 | 2350000 | 2353901  |
| Oracle Corp., 4.45%, 09/26/2030 | 4650000 | 4648789  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>4.25%, 09/15/2028 | 5300000 | 5326094  |
|  |  | 58549218  |
| **Utilities - 5.8%**<br>|  |  |
| Ameren Corp., 5.00%, 01/15/2029 | 3850000 | 3937909  |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., <br>4.60%, 05/15/2028 | 2000000 | 2020835  |
| DTE Energy Co., 5.10%, 03/01/2029 | 8875000 | 9097331  |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, <br>4.13%, 09/30/2028<sup>(a)</sup> | 4500000 | 4489051  |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc., <br>4.80%, 08/15/2027 | 3100000 | 3136079  |
| Exelon Corp., 5.15%, 03/15/2029 | 4650000 | 4785286  |
| NiSource, Inc., 5.20%, 07/01/2029 | 2700000 | 2786077  |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp., <br>5.45%, 05/15/2029 | 1650000 | 1714875  |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp., <br>4.90%, 05/15/2028 | 4200000 | 4269029  |
|  Public Service Enterprise Group, Inc., 5.88%, 10/15/2028 | 10000000 | 10483504  |
| &nbsp;&nbsp;&nbsp; Southern Power Co., <br>4.25%, 10/01/2030 | 1850000 | 1839763  |
|  Virginia Power Fuel Securitization LLC, 5.09%, 05/01/2027 | 1337289 | 1344773  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>5.05%, 12/30/2026<sup>(a)</sup> | 5950000 | 5988657  |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc., <br>4.75%, 03/21/2028 | 1800000 | 1822849  |
|  |  | 57716018  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $522,495,883)** |  | 531309595  |
| **ASSET-BACKED SECURITIES - 12.9%** | **ASSET-BACKED SECURITIES - 12.9%** |  |
|  Amur Equipment Finance Receivables LLC, Series 2025-1A, Class A2, 4.70%, 09/22/2031<sup>(a)</sup> | 700000 | 706746  |
|  Bank of America Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027<sup>(a)</sup> | 1236185 | 1237034  |
|  Carvana Auto Receivables Trust, Series 2024-N2, Class C, 5.82%, 09/10/2030<sup>(a)</sup> | 1800000 | 1829493  |
| &nbsp;&nbsp;&nbsp; CC Towers Guarantor LLC, Series 4.24100, 4.24%, <br>07/15/2028<sup>(a)</sup> | 1450000 | 1430522  |
|  Crockett Partners Equipment Co. II LLC, Series 2024-2M, Class A, 5.70%, 12/20/2032<sup>(a)</sup> | 259268 | 263104  |
|  DailyPay LLC, Series 2025-1A, Class A, 5.63%, 06/26/2028<sup>(a)</sup> | 900000 | 907338  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  DT Auto Owner Trust, Series 2021-3A, Class D, 1.31%, 05/17/2027<sup>(a)</sup> | $712206 | $705174  |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, <br>Series 2022-1, Class C, 3.06%, 03/15/2028<sup>(a)</sup> | 2745139 | 2724304  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 4.85%, 08/15/2035<sup>(a)</sup> | 2000000 | 2035171  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 4.87%, 08/15/2036<sup>(a)(b)</sup> | 3300000 | 3377560  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 5.26%, 11/15/2029 | 3000000 | 3052620  |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036<sup>(a)</sup> | 2250000 | 2362620  |
| GreenSkyLLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.12%, 03/25/2060<sup>(a)</sup> | 508409 | 510498  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 4.93%, 06/25/2060<sup>(a)</sup> | 798205 | 800826  |
| Hilton Grand Vacations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, 2.74%, 02/25/2039<sup>(a)</sup> | 68680 | 66844  |
| &nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.30%, 01/25/2037<sup>(a)</sup> | 523700 | 520725  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.72%, 01/25/2038<sup>(a)</sup> | 1201028 | 1218830  |
| &nbsp;&nbsp;&nbsp; Series 2024-1B, Class A, 5.75%, 09/15/2039<sup>(a)</sup> | 680800 | 691951  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 1808800 | 1849398  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.98%, 08/27/2040<sup>(a)</sup> | 2027062 | 2047374  |
| Lendbuzz Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.99%, 05/15/2029<sup>(a)</sup> | 2595794 | 2611394  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.10%, 10/15/2030<sup>(a)</sup> | 1408483 | 1409362  |
| Marriott Vacations Worldwide Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, 1.74%, 10/20/2037<sup>(a)</sup> | 112770 | 107001  |
| &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 01/22/2041<sup>(a)</sup> | 367658 | 351588  |
| &nbsp;&nbsp;&nbsp; Series 2022-1A, Class A, 4.15%, 11/21/2039<sup>(a)</sup> | 297654 | 294497  |
| MVW Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 02/20/2043<sup>(a)</sup> | 3236822 | 3301645  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.43%, 03/20/2042<sup>(a)</sup> | 3056172 | 3056560  |
| NavientStudent Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BA, Class A2A, 3.61%, 12/15/2059<sup>(a)</sup> | 76789 | 76519  |
| &nbsp;&nbsp;&nbsp; Series 2018-DA, Class A2A, 4.00%, 12/15/2059<sup>(a)</sup> | 187644 | 186108  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059<sup>(a)</sup> | $497649 | $487981  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068<sup>(a)</sup> | 358897 | 352763  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1B, 5.52% (30 day avg SOFR US + 1.16%), 06/25/2069<sup>(a)</sup> | 1198534 | 1214546  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, 1.32%, 08/26/2069<sup>(a)</sup> | 1861874 | 1641836  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 2.46%, 11/15/2068<sup>(a)</sup> | 356141 | 343686  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069<sup>(a)</sup> | 3725417 | 3556578  |
| &nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 4254678 | 4036159  |
| &nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, 1.69%, 05/15/2069<sup>(a)</sup> | 7821267 | 7366613  |
| &nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 1.22%, 07/15/2069<sup>(a)</sup> | 431597 | 404055  |
| &nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.17%, 09/16/2069<sup>(a)</sup> | 345059 | 322920  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069<sup>(a)</sup> | 4193160 | 3963232  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 5.07% (30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 861190 | 856245  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1B, 5.02% (30 day avg SOFR US + 0.66%), 02/25/2070<sup>(a)</sup> | 1765458 | 1752046  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 564214 | 516131  |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, 1.06%, 10/15/2069<sup>(a)</sup> | 6018846 | 5491724  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070<sup>(a)</sup> | 1442043 | 1291143  |
| &nbsp;&nbsp;&nbsp; Series 2022-A, Class A, 2.23%, 07/15/2070<sup>(a)</sup> | 1674463 | 1535366  |
| &nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, 4.16%, 10/15/2070<sup>(a)</sup> | 5096901 | 5020549  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.66%, 10/15/2072<sup>(a)</sup> | 1732162 | 1779750  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 5.02%, 07/15/2055<sup>(a)</sup> | 1142674 | 1157680  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 4.72%, 09/15/2055<sup>(a)</sup> | 900000 | 903312  |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, <br>Series 2021-A, Class APT1, 1.36%, 04/20/2062<sup>(a)</sup> | 1258057 | 1180838  |
|  OWN Tactical Equipment I LLC, Series 2025-1M, Class A, 5.48%, 09/26/2033<sup>(a)</sup> | 675850 | 676483  |
| PagayaAI Debt Selection Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032<sup>(a)</sup> | 666480 | 669730  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 5.16%, 07/15/2032<sup>(a)</sup> | 941980 | 949698  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | $593173 | $594527  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.25%, 04/17/2028 | 768934 | 770511  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 5.41%, 07/15/2027 | 50941 | 50975  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A2, 4.88%, 09/15/2027 | 765334 | 765775  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A3, 4.62%, 11/15/2028 | 2000000 | 2004126  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class C, 4.78%, 01/15/2031 | 725000 | 729522  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.74%, 01/16/2029 | 2700000 | 2710427  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.88%, 03/17/2031 | 5000000 | 5033208  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, 4.71%, 06/15/2028 | 2297032 | 2301405  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, 4.63%, 10/16/2028 | 2850000 | 2860568  |
| &nbsp;&nbsp;&nbsp; Series 2025-3, Class B, 4.49%, 09/15/2031 | 1800000 | 1817133  |
|  SBNA Auto Receivables Trust 2024-A, Series 2024-A, Class B, 5.29%, 09/17/2029<sup>(a)</sup> | 1000000 | 1012412  |
| SMB Private Education Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 3.50%, 02/15/2036<sup>(a)</sup> | 124615 | 123185  |
| &nbsp;&nbsp;&nbsp; Series 2018-B, Class A2A, 3.60%, 01/15/2037<sup>(a)</sup> | 377766 | 374031  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 3.63%, 11/15/2035<sup>(a)</sup> | 418731 | 412882  |
| &nbsp;&nbsp;&nbsp; Series 2019-A, Class A2A, 3.44%, 07/15/2036<sup>(a)</sup> | 1011893 | 999518  |
| &nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 1.29%, 07/15/2053<sup>(a)</sup> | 1018176 | 965679  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT2, 1.07%, 01/15/2053<sup>(a)</sup> | 1427411 | 1301159  |
| &nbsp;&nbsp;&nbsp; Series 2021-D, Class A1A, 1.34%, 03/17/2053<sup>(a)</sup> | 1309514 | 1229174  |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class A1A, 1.68%, 02/15/2051<sup>(a)</sup> | 1293476 | 1220238  |
| &nbsp;&nbsp;&nbsp; Series 2022-B, Class A1A, 3.94%, 02/16/2055<sup>(a)</sup> | 5208294 | 5082663  |
|  SoFi Consumer Loan Program Trust, Series 2025-2, Class A, 4.82%, 06/25/2034<sup>(a)</sup> | 757595 | 761036  |
|  SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, 02/15/2047<sup>(a)</sup> | 1731553 | 1515271  |
|  Upstart Securitization Trust, Series 2025-3, Class A2, 4.60%, 09/20/2035<sup>(a)</sup> | 1850000 | 1848709  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 4.83%, 12/22/2031<sup>(a)</sup> | $2750000 | $2814758  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 2350000 | 2420479  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $128,952,618)** |  | 128923241  |
| **U.S. TREASURY SECURITIES - 12.2%** | **U.S. TREASURY SECURITIES - 12.2%** |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 9500000 | 9585166  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 15000000 | 15096680  |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 | 12000000 | 11328281  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 20000000 | 20063672  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/31/2028 | 13000000 | 13003808  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | 8000000 | 8225781  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 7000000 | 7152578  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2029 | 4500000 | 4569346  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 7000000 | 7043203  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 26250000 | 26118750  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $121,642,715)** |  | 122187265  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 8.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., <br>Series 2021-1A, Class AR, 5.05% <br>(3 mo. Term SOFR + 1.03%), 04/20/2034<sup>(a)</sup> | 4500000 | 4504109  |
|  Benefit Street Partners CLO Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. Term SOFR + 1.00%), 01/15/2035<sup>(a)</sup> | 3750000 | 3752036  |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.40% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 2914187 | 2915662  |
|  CarVal CLO, Series 2018-1A, Class AR, 5.55% (3 mo. Term SOFR + 1.23%), 07/16/2031<sup>(a)</sup> | 8334636 | 8346638  |
| Dryden Senior Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-53A, Class AR, 5.30% <br>(3 mo. Term SOFR + 1.00%), 01/15/2031<sup>(a)</sup> | 4105078 | 4109011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-55A, Class A1, 5.60% <br>(3 mo. Term SOFR + 1.28%), 04/15/2031<sup>(a)</sup> | 885242 | 886761  |
|  Elmwood CLO Ltd., Series 2022-2A, Class A1R, 5.41% (3 mo. Term SOFR + 1.15%), 04/22/2035<sup>(a)</sup> | 2000000 | 2003995  |
|  Flatiron CLO Ltd., Series 2024-1A, Class A1R, 5.33% (3 mo. Term SOFR + 1.08%), 07/15/2036<sup>(a)</sup> | 2000000 | 2001082  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-22A, Class ARR, 5.57% (3 mo. Term SOFR + 1.25%), 07/15/2036<sup>(a)</sup> | $2100000 | $2106275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-24A, Class BR, 6.07% <br>(3 mo. Term SOFR + 1.75%), 04/15/2035<sup>(a)</sup> | 250000 | 250573  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.78% <br>(3 mo. Term SOFR + 1.46%), 01/25/2032<sup>(a)</sup> | 3198244 | 3204802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class B, 6.13% <br>(3 mo. Term SOFR + 1.81%), 01/25/2032<sup>(a)</sup> | 1300000 | 1303978  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.14% <br>(3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 2000000 | 2004200  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-37A, Class A, 5.98% <br>(3 mo. Term SOFR + 1.65%), 10/20/2036<sup>(a)</sup> | 2250000 | 2254359  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-41A, Class AR, 5.35% <br>(3 mo. Term SOFR + 1.05%), 04/15/2034<sup>(a)</sup> | 3000000 | 3002504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 5.27% <br>(3 mo. Term SOFR + 0.95%), 07/16/2036<sup>(a)</sup> | 2000000 | 2003000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-43A, Class BR, 5.77% <br>(3 mo. Term SOFR + 1.45%), 07/17/2036<sup>(a)</sup> | 5250000 | 5244173  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49A, Class AR, 5.47% <br>(3 mo. Term SOFR + 1.15%), 07/25/2035<sup>(a)</sup> | 4250000 | 4257861  |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2015-1A, Class A1A5, 5.26% <br>(3 mo. Term SOFR + 1.05%), 05/21/2034<sup>(a)</sup> | 5000000 | 5008470  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1, 5.37% <br>(3 mo. Term SOFR + 1.05%), 10/15/2032<sup>(a)</sup> | 3968455 | 3972701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A1N, 5.32% <br>(3 mo. Term SOFR + 1.00%), 01/15/2033<sup>(a)</sup> | 6332865 | 6339993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A1, 5.23% <br>(3 mo. Term SOFR + 0.94%), 07/15/2033<sup>(a)</sup> | 5000000 | 5000780  |
|  Southwick Park CLO, Series 2019-4A, Class A1RR, 5.33% (3 mo. Term SOFR + 1.00%), 07/20/2032<sup>(a)</sup> | 6000000 | 6008163  |
| TIAA CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1AR, 5.47% (3 mo. Term SOFR + 1.14%), 01/20/2032<sup>(a)</sup> | 969382 | 970352  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2R, 6.08% <br>(3 mo. Term SOFR + 1.75%), 01/20/2032<sup>(a)</sup> | $2000000 | $2001860  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $83,371,698)** |  | 83453338  |
| **BANK LOANS - 8.0%**<br>|  |  |
| **Consumer Discretionary - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured First Lien, 7.61% <br>(1 mo. SOFR US + 3.25%), 08/20/2032 | 3500000 | 3517115  |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., Senior Secured First Lien, 5.64%, 10/20/2028 | 1750000 | 1754375  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.16% <br>(1 mo. SOFR US + 2.00%), <br>08/02/2028 | 5308 | 5307  |
|  |  | 5276797  |
| **Consumer Staples - 0.2%**<br>|  |  |
|  Primo Brands Corp., Senior Secured First Lien, 6.25% (3 mo. SOFR US + 2.25%), 03/31/2028 | 2094724 | 2096734  |
| **Energy - 0.2%**<br>|  |  |
|  Oryx Midstream Services Permian Basin LLC, Senior Secured First Lien, 6.42% (1 mo. SOFR US + 2.25%), 10/05/2028 | 1994975 | 1996901  |
| **Financials - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.89% <br>(1 mo. SOFR US + 1.75%), <br>06/24/2030 | 3113015 | 3117342  |
|  HUB International Ltd., Senior Secured First Lien, 6.58% (3 mo. SOFR US + 2.25%), 06/20/2030 | 5023241 | 5036251  |
|  IMA Financial Group, Inc., Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 11/01/2028 | 4139546 | 4147681  |
|  |  | 12301274  |
| **Health Care - 1.6%**<br>|  |  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.23% (1 mo. SOFR US + 1.75%), 07/30/2027 | 6967433 | 6967607  |
|  Medline Borrower LP, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.16% (1 mo. SOFR US + 2.00%), 10/23/2028 | 4638375 | 4642990  |
| &nbsp;&nbsp;&nbsp; 6.16% (1 mo. SOFR US + 2.00%), 10/23/2030 | 4474940 | 4477402  |
|  |  | 16087999  |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Industrials - 1.7%**<br>|  |  |
|  APi Group DE, Inc., Senior Secured First Lien, 5.91% (1 mo. SOFR US + 1.75%), 01/03/2029 | $1900000 | $1900788  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., Senior Secured First Lien, 6.79% (3 mo. Term <br>SOFR + 2.50%), 03/18/2030 | 3500000 | 3524063  |
|  Indicor LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 11/23/2029 | 3910747 | 3920289  |
|  SPX FLOW, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 04/05/2029 | 800424 | 805051  |
|  TransDigm, Inc., Senior Secured First Lien, 6.50% (3 mo. SOFR US + 2.50%), 02/28/2031 | 6801107 | 6805426  |
|  |  | 16955617  |
| **Materials - 0.5%**<br>|  |  |
|  ProampacPG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.19% (3 mo. SOFR US + 4.00%), 09/15/2028 | 2020289 | 2030391  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 2569510 | 2582357  |
|  |  | 4612748  |
| **Technology - 2.0%**<br>|  |  |
|  CommScope LLC, Senior Secured First Lien, 9.07% (1 mo. Term SOFR + 5.25%), 12/17/2029 | 4000000 | 4054100  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.89% (1 mo. SOFR US + 3.50%), 06/02/2028 | 3360000 | 3366300  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 10/09/2029 | 951864 | 952973  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.68% (3 mo. SOFR US + 4.00%), 06/05/2028 | 1949239 | 1882779  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 5.91% (1 mo. SOFR US + 1.75%), 08/31/2028 | 6162598 | 6041072  |
|  UKG, Inc., Senior Secured First Lien, 6.81% (3 mo. SOFR US + 2.50%), 02/10/2031 | 3900147 | 3900674  |
|  |  | 20197898  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $79,410,285)** |  | 79525968  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 4.8%**<br>|  |  |
|  A&D Mortgage LLC, Series 2025-NQM4, Class A1, 5.23%, 10/25/2070<sup>(a)(b)</sup> | 5100000 | 5110060  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Angel Oak Mortgage Trust LLC, Series 2025-7, Class A1, 5.51%, 06/25/2070<sup>(a)(c)</sup> | $4933808 | $4979800  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 5.50%, 02/25/2065<sup>(a)(c)</sup> | 1491988 | 1504827  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM6, Class A1, 5.33%, 06/25/2065<sup>(a)(b)</sup> | 3764122 | 3787795  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1A, 5.46%, 07/25/2065<sup>(a)(b)</sup> | 1463049 | 1475562  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM8, Class A1, 5.08%, 06/25/2065<sup>(a)(b)</sup> | 1861934 | 1865608  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM9, Class A1, 5.04%, 09/25/2065<sup>(a)(b)</sup> | 7650000 | 7659243  |
|  GCAT, Series 2025-NQM1, Class A1, 5.37%, 11/25/2069<sup>(a)(b)</sup> | 2770207 | 2788318  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5MPR, Class A1B, 5.59%, 11/25/2055<sup>(a)(b)</sup> | 746933 | 749326  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.57%, 09/25/2065<sup>(a)(c)</sup> | 1975533 | 1993719  |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, <br>Series 2025-RTL1, Class A1, 5.65%, 01/25/2040<sup>(a)(b)</sup> | 1000000 | 1007756  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM3, Class A1, 5.95%, 02/25/2063<sup>(a)(b)</sup> | 1402415 | 1406299  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, 5.55%, 12/25/2064<sup>(a)(c)</sup> | 1237907 | 1249232  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(b)</sup> | 3197777 | 3232436  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 5.42%, 05/25/2065<sup>(a)(b)</sup> | 1262490 | 1273318  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065<sup>(a)(b)</sup> | 1363870 | 1374063  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 5.14%, 07/27/2065<sup>(a)(b)</sup> | 1878331 | 1887091  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(a)(b)</sup> | 3200000 | 3199533  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065<sup>(a)(c)</sup> | 1850000 | 1852385  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $48,194,545)** |  | 48396371  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $984,067,744)** |  | 993795778  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.9%<sup>(d)</sup> |  | 29155061  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.1)% |  | (21178799)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1001772040 |

---

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** 

**September 30, 2025 (Unaudited)(Continued)** 

Par amountis 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 September 30, 2025, the value of these securities total $363,463,875 or 36.3% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025 was 3.95%.

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 91.3%** <br>|  |  |
| **Communication Services - 1.5%** <br>|  |  |
| TKO Group Holdings, Inc. | 10477 | $2115935  |
| **Consumer Discretionary - 4.9%**<br>|  |  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 17516 | 732344  |
| KB Home | 24065 | 1531496  |
| Matthews International Corp. - Class A | 44064 | 1069874  |
| Sonos, Inc.<sup>(a)</sup> | 73140 | 1155612  |
| Valvoline, Inc.<sup>(a)</sup> | 42430 | 1523661  |
| Wolverine World Wide, Inc. | 34434 | 944869  |
|  |  | 6957856  |
| **Consumer Staples - 3.9%**<br>|  |  |
| Chefs' Warehouse, Inc.(a) | 6982 | 407260  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 53816 | 1411594  |
| Herbalife Ltd.<sup>(a)</sup> | 63416 | 535231  |
| Interparfums, Inc. | 11508 | 1132157  |
| J & J Snack Foods Corp. | 9302 | 893829  |
| Nu Skin Enterprises, Inc. - Class A | 37469 | 456747  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 33203 | 671033  |
|  |  | 5507851  |
| **Energy - 5.5%**<br>|  |  |
| Ardmore Shipping Corp. | 150873 | 1790862  |
| International Seaways, Inc. | 24696 | 1137992  |
| Northern Oil & Gas, Inc. | 37981 | 941929  |
| Oceaneering International, Inc.<sup>(a)</sup> | 86232 | 2136829  |
| Patterson-UTI Energy, Inc. | 130947 | 678305  |
| Range Resources Corp. | 31014 | 1167367  |
|  |  | 7853284  |
| **Financials - 14.0%**<br>|  |  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 45647 | 1287702  |
| BankUnited, Inc. | 31052 | 1184944  |
| Banner Corp. | 17217 | 1127713  |
| Byline Bancorp, Inc. | 74362 | 2062058  |
| Columbia Banking System, Inc. | 44813 | 1153487  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 25072 | 1638957  |
| eHealth, Inc.<sup>(a)</sup> | 33607 | 144846  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 19560 | 1717564  |
|  First Interstate BancSystem, Inc. - Class A | 37625 | 1199109  |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. - <br>Class A | 53161 | 2054141  |
| Old National Bancorp | 38664 | 848675  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 11075 | 936170  |
|  United Community Banks, Inc. of Georgia | 37085 | 1162615  |
| Veritex Holdings, Inc. | 49952 | 1674890  |
| Voya Financial, Inc. | 22404 | 1675819  |
|  |  | 19868690  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 11.8%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 47377 | $1173054  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 6988 | 1093342  |
| Chemed Corp. | 4482 | 2006771  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 57959 | 823018  |
| Haemonetics Corp.<sup>(a)</sup> | 28151 | 1372080  |
| HealthEquity, Inc.<sup>(a)</sup> | 31308 | 2967059  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 29861 | 2485331  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 37530 | 628627  |
| Perrigo Co. PLC | 37493 | 834969  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 24309 | 1516882  |
| QuidelOrtho Corp.<sup>(a)</sup> | 27479 | 809257  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 21102 | 1008465  |
|  |  | 16718855  |
| **Industrials - 22.8%**<br>|  |  |
| AerCap Holdings NV | 23541 | 2848461  |
| Albany International Corp. - Class A | 24074 | 1283144  |
| Alight, Inc. - Class A | 220697 | 719472  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 41026 | 982573  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 15974 | 1515613  |
| Chart Industries, Inc.<sup>(a)</sup> | 13539 | 2709831  |
| Dycom Industries, Inc.<sup>(a)</sup> | 10459 | 3051518  |
| Flowserve Corp. | 9787 | 520081  |
| FTI Consulting, Inc.<sup>(a)</sup> | 3882 | 627525  |
| GXO Logistics, Inc.<sup>(a)</sup> | 23738 | 1255503  |
| Hexcel Corp. | 18176 | 1139635  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 26693 | 3917732  |
| KBR, Inc. | 32410 | 1532669  |
|  Knight-Swift Transportation Holdings, Inc. | 19075 | 753653  |
| Liquidity Services, Inc.<sup>(a)</sup> | 58069 | 1592833  |
| Mercury Systems, Inc.<sup>(a)</sup> | 34803 | 2693752  |
|  Pursuit Attractions and Hospitality, Inc.<sup>(a)</sup> | 49620 | 1795252  |
| Titan Machinery, Inc.<sup>(a)</sup> | 29381 | 491838  |
| Verra Mobility Corp.<sup>(a)</sup> | 29471 | 727934  |
|  Westinghouse Air Brake Technologies Corp. | 7326 | 1468643  |
| WillScot Holdings Corp. | 34385 | 725867  |
|  |  | 32353529  |
| **Information Technology - 19.3%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 60862 | 3211688  |
| Advanced Energy Industries, Inc. | 16169 | 2750994  |
| ASGN, Inc.<sup>(a)</sup> | 27476 | 1300989  |
| Belden, Inc. | 16169 | 1944646  |
| Benchmark Electronics, Inc. | 29290 | 1129129  |
| Box, Inc. - Class A<sup>(a)</sup> | 63634 | 2053469  |
| Dolby Laboratories, Inc. - Class A | 11989 | 867644  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 8365 | 948675  |
| Itron, Inc.<sup>(a)</sup> | 21120 | 2630707 |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small Cap Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Knowles Corp.<sup>(a)</sup> | 116908 | $2725125  |
| Littelfuse, Inc. | 6037 | 1563643  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 22852 | 2844845  |
| Novanta, Inc.<sup>(a)</sup> | 12337 | 1235551  |
| Rogers Corp.<sup>(a)</sup> | 6796 | 546806  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 51223 | 1558716  |
|  |  | 27312627  |
| **Materials - 5.8%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 68405 | 2384598  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 34781 | 995432  |
| James Hardie Industries PLC<sup>(a)</sup> | 52008 | 999074  |
| Scotts Miracle-Gro Co. | 30941 | 1762090  |
| Silgan Holdings, Inc. | 46620 | 2005126  |
|  |  | 8146320  |
| **Utilities - 1.8%**<br>|  |  |
| ONE Gas, Inc. | 9388 | 759865  |
| Unitil Corp. | 38742 | 1854192  |
|  |  | 2614057  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $94,822,846)** |  | 129449004  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.1%**<br>|  |  |
| **Financials - 2.0%**<br>|  |  |
|  HA Sustainable Infrastructure Capital, Inc. | 92892 | 2851784  |
| **Real Estate - 4.1%**<br>|  |  |
| Agree Realty Corp. | 17757 | 1261458  |
| Americold Realty Trust, Inc. | 57562 | 704559  |
| Armada Hoffler Properties, Inc. | 93627 | 656325  |
| Community Healthcare Trust, Inc. | 48484 | 741805  |
| Safehold, Inc. | 21951 | 340021  |
| STAG Industrial, Inc. | 58938 | 2079922  |
|  |  | 5784090  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $10,035,587)** |  | 8635874  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 1.1%** | **EXCHANGE TRADED FUNDS - 1.1%** | **EXCHANGE TRADED FUNDS - 1.1%** |
| iShares Russell 2000 ETF | 3330 | $805727  |
| iShares Russell 2000 Value ETF  | 4470 | 790341  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $916,115)** |  | 1596068  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $105,774,548)** |  | $139680946  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.5%<sup>(b)</sup> |  | 2095604  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (22662)  |
| **TOTAL NET ASSETS - 100.0%** |  | $141753888 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 September 30, 2025 was 3.95%.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 92.3%** <br>|  |  |
| **Communication Services - 1.5%** <br>|  |  |
| TKO Group Holdings, Inc.  | 2114 | $426943  |
| **Consumer Discretionary - 6.8%**<br>|  |  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 3552 | 148509  |
| KB Home | 4539 | 288862  |
| LKQ Corp.  | 6297 | 192310  |
| Matthews International Corp. - Class A | 8121 | 197178  |
| Pool Corp.  | 582 | 180461  |
| Service Corp. International/US | 2940 | 244667  |
| Sonos, Inc.<sup>(a)</sup> | 7560 | 119448  |
| Valvoline, Inc.<sup>(a)</sup> | 8625 | 309724  |
| Wolverine World Wide, Inc.  | 10118 | 277638  |
|  |  | 1958797  |
| **Consumer Staples - 3.0%**<br>|  |  |
| Herbalife Ltd.<sup>(a)</sup> | 11475 | 96849  |
| Interparfums, Inc.  | 2607 | 256477  |
| J & J Snack Foods Corp.  | 1823 | 175172  |
| Nu Skin Enterprises, Inc. - Class A | 5470 | 66679  |
| Primo Brands Corp.  | 7062 | 156070  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 5567 | 112509  |
|  |  | 863756  |
| **Energy - 5.5%**<br>|  |  |
| Northern Oil & Gas, Inc.  | 4768 | 118246  |
| Oceaneering International, Inc.<sup>(a)</sup> | 15808 | 391722  |
| Patterson-UTI Energy, Inc.  | 15203 | 78751  |
| Permian Resources Corp.  | 33397 | 427482  |
| Range Resources Corp.  | 14590 | 549168  |
|  |  | 1565369  |
| **Financials - 11.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. - <br>Class A<sup>(a)</sup> | 9256 | 261112  |
| BankUnited, Inc.  | 12309 | 469712  |
| Banner Corp.  | 3124 | 204622  |
| Cohen & Steers, Inc.  | 2273 | 149132  |
| Columbia Banking System, Inc.  | 8519 | 219279  |
| eHealth, Inc.<sup>(a)</sup> | 5381 | 23192  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 3244 | 284856  |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. - <br>Class A | 7508 | 239280  |
| National Bank Holdings Corp. - Class A | 9696 | 374653  |
| Old National Bancorp | 7733 | 169739  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1834 | 155028  |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. of <br>Georgia | 6954 | 218008  |
| Voya Financial, Inc.  | 4015 | 300322  |
| WSFS Financial Corp.  | 2810 | 151543  |
|  |  | 3220478  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 12.8%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 8287 | $205186  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1511 | 236411  |
| Chemed Corp.  | 879 | 393563  |
| Encompass Health Corp.  | 4833 | 613888  |
| Haemonetics Corp.<sup>(a)</sup> | 5708 | 278208  |
| HealthEquity, Inc.<sup>(a)</sup> | 5577 | 528532  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 5407 | 450025  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 6814 | 114134  |
| Perrigo Co. PLC | 7654 | 170455  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 3189 | 198994  |
| QuidelOrtho Corp.<sup>(a)</sup> | 5540 | 163153  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 4260 | 203585  |
| Teleflex, Inc. | 978 | 119668  |
|  |  | 3675802  |
| **Industrials - 22.6%**<br>|  |  |
| AerCap Holdings NV | 4286 | 518606  |
| Albany International Corp. - Class A | 4470 | 238251  |
| Alight, Inc. - Class A | 44691 | 145693  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 8161 | 195456  |
| Carlisle Cos., Inc.  | 797 | 262181  |
| Chart Industries, Inc.<sup>(a)</sup> | 2666 | 533600  |
| Dycom Industries, Inc.<sup>(a)</sup> | 2125 | 619990  |
| Flowserve Corp.  | 3844 | 204270  |
| FTAI Aviation Ltd.  | 1978 | 330049  |
| FTI Consulting, Inc.<sup>(a)</sup> | 1274 | 205942  |
| GXO Logistics, Inc.<sup>(a)</sup> | 4734 | 250381  |
| HEICO Corp. - Class A | 774 | 196666  |
| Hexcel Corp.  | 4023 | 252242  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 4408 | 646962  |
| IDEX Corp.  | 1540 | 250650  |
| Jacobs Solutions, Inc.  | 2096 | 314107  |
| KBR, Inc.  | 6572 | 310790  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br>Inc.  | 6331 | 250138  |
| Mercury Systems, Inc.<sup>(a)</sup> | 3416 | 264398  |
| Verra Mobility Corp.<sup>(a)</sup> | 5976 | 147607  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br>Corp.  | 1057 | 211897  |
| WillScot Holdings Corp.  | 6462 | 136413  |
|  |  | 6486289  |
| **Information Technology - 20.4%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 10633 | 561103  |
| Advanced Energy Industries, Inc.  | 3286 | 559080  |
| ASGN, Inc.<sup>(a)</sup> | 5416 | 256448  |
| Belden, Inc.  | 3807 | 457868  |
| Box, Inc. - Class A<sup>(a)</sup> | 11558 | 372977  |
| Ciena Corp.<sup>(a)</sup> | 4748 | 691641  |
| Dolby Laboratories, Inc. - Class A | 2437 | 176366  |
| Gartner, Inc.<sup>(a)</sup> | 699 | 183746  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Small/Mid Cap Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 988 | $112049  |
| IPG Photonics Corp.<sup>(a)</sup> | 1535 | 121557  |
| Itron, Inc.<sup>(a)</sup> | 4282 | 533366  |
| Knowles Corp.<sup>(a)</sup> | 19818 | 461957  |
| Littelfuse, Inc.  | 1223 | 316769  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 4753 | 591701  |
| Rogers Corp.<sup>(a)</sup> | 1290 | 103793  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 625 | 366275  |
|  |  | 5866696  |
| **Materials - 7.3%**<br>|  |  |
| Alamos Gold, Inc. - Class A | 20088 | 700268  |
| AptarGroup, Inc.  | 2708 | 361951  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 6907 | 197679  |
| James Hardie Industries PLC<sup>(a)</sup> | 9981 | 191735  |
| Scotts Miracle-Gro Co.  | 6278 | 357532  |
| Silgan Holdings, Inc.  | 6415 | 275909  |
|  |  | 2085074  |
| **Utilities - 1.2%**<br>|  |  |
| Essential Utilities, Inc.  | 1851 | 73855  |
| NorthWestern Corp.  | 2847 | 166863  |
| Pinnacle West Capital Corp.  | 1005 | 90108  |
|  |  | 330826  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $22,775,059)** |  | 26480030  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 5.6%**<br>|  |  |
| **Financials - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br>Inc.  | 18835 | 578234  |
| **Real Estate - 3.6%**<br>|  |  |
| Agree Realty Corp.  | 3517 | 249848  |
| Americold Realty Trust, Inc.  | 11604 | 142033  |
| BXP, Inc.  | 1722 | 128014  |
| Healthpeak Properties, Inc.  | 14276 | 273385  |
| Safehold, Inc.  | 2021 | 31305  |
| STAG Industrial, Inc.  | 5975 | 210858  |
|  |  | 1035443  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $1,528,446)** |  | 1613677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **CLOSED-END FUNDS - 0.8%**<br>|  |  |
| SLR Investment Corp.  | 15288 | $233754  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $225,718)** |  | 233754  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $24,529,223)** |  | $28327461  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.3%<sup>(b)</sup> |  | 361431  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 422  |
| **TOTAL NET ASSETS - 100.0%** |  | $28689314 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 September 30, 2025 was 3.95%.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 72.8%**<br>|  |  |
| **Communications - 3.0%** <br>|  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | $7500000 | $7455598  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> | 11000000 | 10563817  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031<sup>(a)</sup> | 3000000 | 2765569  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> | 4000000 | 3702467  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 | 10000000 | 9488374  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | 7500000 | 7860146  |
|  Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029<sup>(a)</sup> | 8200000 | 8631769  |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., <br>5.45%, 09/01/2034<sup>(a)</sup> | 11700000 | 11663354  |
| EchoStar Corp., 10.75%, 11/30/2029 | 8000000 | 8807600  |
| Level 3 Financing, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033<sup>(a)</sup> | 7000000 | 7140105  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034<sup>(a)</sup> | 2225000 | 2265226  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>8.75%, 03/15/2032 | 6000000 | 7311565  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 10000000 | 9808769  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 | 5700000 | 5111175  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br>5.05%, 03/15/2042 | 6750000 | 5392879  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(a)</sup> | 13025000 | 13502384  |
|  |  | 121470797  |
| **Consumer Discretionary - 7.2%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030<sup>(a)</sup> | 7000000 | 6604279  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, <br>7.88%, 02/15/2031<sup>(a)</sup> | 8200000 | 8604840  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., <br>6.88%, 06/15/2030<sup>(a)</sup> | 15650000 | 16098920  |
| American Airlines Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 4.10%, 01/15/2028 | 857733 | 835605  |
| &nbsp;&nbsp;&nbsp; Series A, 3.50%, 02/15/2032 | 1368057 | 1254269  |
| &nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/11/2034 | 3166039 | 2867126  |
| &nbsp;&nbsp;&nbsp; Series AA, 3.15%, 02/15/2032 | 2069625 | 1929919  |
|  Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033<sup>(a)</sup> | 7800000 | 8433064  |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., <br>7.25%, 08/01/2030<sup>(a)</sup> | 10825000 | 11262373  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., <br>4.63%, 10/15/2029<sup>(a)</sup> | 8000000 | 7654882  |
| Carnival Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029<sup>(a)</sup> | 1550000 | 1550000  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031<sup>(a)</sup> | 13375000 | 13714498  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032<sup>(a)</sup> | 6350000 | 6470193  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 09/15/2032<sup>(a)</sup> | $3200000 | $3272912  |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., <br>9.75%, 07/15/2030<sup>(a)</sup> | 10000000 | 10482550  |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(a)</sup> | 4675000 | 4450643  |
| Ford Motor Co., 6.10%, 08/19/2032 | 2175000 | 2228797  |
| Ford Motor Credit Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 | 5500000 | 5456978  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 | 4000000 | 3935376  |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 | 4000000 | 4172657  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 | 9500000 | 8804222  |
| &nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 | 3138000 | 3359908  |
| &nbsp;&nbsp;&nbsp; 7.20%, 06/10/2030 | 5000000 | 5347635  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 5400000 | 5038802  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., <br>8.25%, 08/01/2032<sup>(a)</sup> | 10530000 | 10924907  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>5.63%, 04/15/2030 | 5000000 | 5185926  |
|  General Motors Financial Co., Inc., 5.55%, 07/15/2029 | 10000000 | 10329733  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc., <br>7.00%, 11/15/2032<sup>(a)</sup> | 8825000 | 8626437  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(a)</sup> | 31350000 | 25847244  |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., <br>5.88%, 01/15/2031<sup>(a)</sup> | 6525000 | 6529454  |
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., <br>6.13%, 03/15/2028<sup>(a)</sup> | 5000000 | 5112535  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br>8.50%, 06/01/2028<sup>(a)</sup> | 10000000 | 10602360  |
|  PetSmart LLC / PetSmart Finance Corp., 7.50%, 09/15/2032<sup>(a)</sup> | 10250000 | 10290859  |
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., <br>6.25%, 10/15/2030<sup>(a)</sup> | 2150000 | 2170514  |
|  United Airlines, Inc., Series 2019-1, 4.15%, 08/25/2031 | 1903378 | 1850949  |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., <br>10.50%, 11/30/2030<sup>(a)</sup> | 12350000 | 13269803  |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., <br>5.88%, 10/15/2033<sup>(a)</sup> | 5050000 | 5059856  |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., <br>7.63%, 01/30/2032<sup>(a)</sup> | 4450000 | 4692080  |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031<sup>(a)</sup> | 15500000 | 16696146  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> | 9575000 | 9729876  |
|  |  | 290749127  |
| **Consumer Staples - 3.6%**<br>|  |  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 03/15/2029<sup>(a)</sup> | 9000000 | 8541727  |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75% <br>(or 9.50% PIK), 10/01/2029<sup>(a)</sup> | 10211188 | 10846743 |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  |
| Fiesta Purchaser, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031<sup>(a)</sup> | $12550000 | $13260681  |
| &nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032<sup>(a)</sup> | 12825000 | 13877830  |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, Senior Secured First Lien, <br>6.00%, 08/01/2032<sup>(a)</sup> | 9025000 | 9046745  |
| J M Smucker Co., 6.20%, 11/15/2033 | 13000000 | 14126154  |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co., <br>5.50%, 01/15/2036<sup>(a)</sup> | 10000000 | 10218350  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 | 9440000 | 9864375  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 | 2414000 | 2670194  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035<sup>(a)</sup> | 18100000 | 19032193  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, <br>6.50%, 03/31/2032<sup>(a)</sup> | 12800000 | 13128013  |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., <br>4.25%, 04/15/2031 | 8000000 | 7738533  |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(a)</sup> | 13575000 | 13611870  |
|  |  | 145963408  |
| **Energy - 7.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., <br>5.75%, 10/15/2033<sup>(a)</sup> | 3700000 | 3685906  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.63%, 09/01/2032<sup>(a)</sup> | 18200000 | 18682791  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, <br>3.25%, 01/31/2032 | 10925000 | 9956907  |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc., <br>9.63%, 06/15/2033<sup>(a)</sup> | 6000000 | 6342043  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035<sup>(a)</sup> | 11825000 | 11922919  |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2031<sup>(a)</sup> | 14275000 | 14151654  |
| &nbsp;&nbsp;&nbsp; 7.50%, 12/15/2033<sup>(a)</sup> | 8250000 | 8958345  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 15624000 | 15962666  |
| Energy Transfer LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 | 3000000 | 2913851  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 14500000 | 15204646  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/01/2034 | 14000000 | 14375320  |
| &nbsp;&nbsp;&nbsp; 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 11675000 | 12128480  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 11550000 | 11507181  |
|  Gulfstream Natural Gas System LLC, 5.60%, 07/23/2035<sup>(a)</sup> | 1850000 | 1896556  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| MPLX LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 | $2225000 | $2043627  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2032 | 300000 | 301093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 1100000 | 1097801  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 | 22750000 | 23198214  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 | 6300000 | 6316626  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 | 8000000 | 7240089  |
| ONEOK, Inc., 4.95%, 10/15/2032 | 5350000 | 5349489  |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036 | 800000 | 810465  |
| Sunoco LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual<sup>(a)</sup> | 7450000 | 7571845  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031<sup>(a)</sup> | 725000 | 720105  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032<sup>(a)</sup> | 7125000 | 7482825  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034<sup>(a)</sup> | 725000 | 719176  |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., <br>6.75%, 03/15/2034<sup>(a)</sup> | 3225000 | 3194648  |
| Targa Resources Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 | 3500000 | 3723627  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/30/2034 | 4750000 | 5178766  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 | 2000000 | 2048888  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 01/15/2032 | 17952000 | 17031652  |
|  Venture Global Calcasieu Pass LLC, 3.88%, 11/01/2033<sup>(a)</sup> | 3560000 | 3210194  |
| Venture Global LNG, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> | 7500000 | 8269875  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(a)</sup> | 8800000 | 8727660  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032<sup>(a)</sup> | 28575000 | 31128125  |
| Venture Global Plaquemines LNG LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035<sup>(a)</sup> | 3925000 | 4432633  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036<sup>(a)</sup> | 8225000 | 8741546  |
| WBI Operating LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2030<sup>(a)</sup> | 775000 | 775969  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/15/2033<sup>(a)</sup> | 550000 | 549313  |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc., <br>5.30%, 09/30/2035 | 900000 | 913735  |
|  |  | 308467251  |
| **Financials - 28.8%<sup>(b)</sup>** <br>|  |  |
|  Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030<sup>(a)</sup> | 23675000 | 24681898  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/15/2031 | 5050000 | 5225422  |
| &nbsp;&nbsp;&nbsp; 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055 | 5650000 | 5916921  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> | 7000000 | 7020608  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028<sup>(a)</sup> | 25000000 | 25463000  |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031<sup>(a)</sup> | $14775000 | $15124911  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032<sup>(a)</sup> | 4250000 | 4384650  |
| &nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., <br>7.75%, 02/15/2031<sup>(a)</sup> | 13000000 | 13613197  |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., <br>8.88%, 02/15/2032<sup>(a)</sup> | 14450000 | 15202618  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, <br>5.54%, 08/22/2035<sup>(a)</sup> | 1800000 | 1825012  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>6.63%, 05/19/2055 | 7050000 | 7551562  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>4.80%, 10/24/2030<sup>(a)</sup> | 9100000 | 9095556  |
| Avolon Holdings Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029<sup>(a)</sup> | 7000000 | 7275951  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030<sup>(a)</sup> | 5000000 | 5130996  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/10/2030<sup>(a)</sup> | 5500000 | 5532881  |
|  Banco Mercantil del Norte SA/Grand Cayman <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.63% to 01/10/2028 then 10 yr. CMT Rate + 5.35%, Perpetual<sup>(a)</sup> | 1600000 | 1642666  |
| &nbsp;&nbsp;&nbsp; 8.38% to 10/14/2030 then 10 yr. CMT Rate + 7.76%, Perpetual<sup>(a)</sup> | 2397000 | 2564881  |
| &nbsp;&nbsp;&nbsp; 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, Perpetual<sup>(a)</sup> | 3900000 | 4111380  |
| &nbsp;&nbsp;&nbsp; 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, Perpetual<sup>(a)</sup> | 4712000 | 4602636  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual | 14500000 | 15103403  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 | 8500000 | 7879310  |
| &nbsp;&nbsp;&nbsp; 2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032 | 5000000 | 4560857  |
| &nbsp;&nbsp;&nbsp; 2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 | 1450000 | 1321256  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 | 6000000 | 5465616  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 | 4000000 | 4139764  |
| &nbsp;&nbsp;&nbsp; 5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 | 11000000 | 11791755  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 | 10000000 | 10448232  |
| &nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 | 7500000 | 7795138  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 | 6750000 | 5861772  |
|  Bank of Nova Scotia, 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 10500000 | 10970051  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | 11250000 | 11933595  |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $6037012  |
| &nbsp;&nbsp;&nbsp; 8.13% to 01/08/2034 then 5 yr. CMT Rate + 4.21%, 01/08/2039<sup>(a)</sup> | 11300000 | 12328255  |
| BNP Paribas SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09% to 05/09/2030 then SOFR + 1.68%, 05/09/2031<sup>(a)</sup> | 10000000 | 10193156  |
| &nbsp;&nbsp;&nbsp; 5.79% to 01/13/2032 then SOFR + 1.62%, 01/13/2033<sup>(a)</sup> | 19800000 | 20795013  |
| &nbsp;&nbsp;&nbsp; 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual<sup>(a)</sup> | 3400000 | 3552480  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, <br>7.50%, 01/15/2031<sup>(a)</sup> | 12230000 | 12983845  |
| Brown & Brown, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/23/2032 | 6000000 | 6156889  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/23/2035 | 10000000 | 10294712  |
|  Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(a)</sup> | 11100000 | 11309235  |
| Citigroup, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/15/2030 then 5 yr. CMT Rate + 2.73%, Perpetual | 5525000 | 5681396  |
| &nbsp;&nbsp;&nbsp; 3.98% to 03/20/2029 then 3 mo. Term SOFR + 1.60%, 03/20/2030 | 4000000 | 3952441  |
| &nbsp;&nbsp;&nbsp; 2.67% to 01/29/2030 then SOFR + 1.15%, 01/29/2031 | 1000000 | 929763  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 | 9350000 | 9530470  |
| &nbsp;&nbsp;&nbsp; 2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032 | 450000 | 405690  |
| &nbsp;&nbsp;&nbsp; 2.52% to 11/03/2031 then SOFR + 1.18%, 11/03/2032 | 4500000 | 3998792  |
| &nbsp;&nbsp;&nbsp; 6.17% to 05/25/2033 then SOFR + 2.66%, 05/25/2034 | 14250000 | 15167333  |
| &nbsp;&nbsp;&nbsp; 5.83% to 02/13/2034 then SOFR + 2.06%, 02/13/2035 | 6000000 | 6224963  |
| &nbsp;&nbsp;&nbsp; 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036 | 3200000 | 3353814  |
| &nbsp;&nbsp;&nbsp; 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036 | 1150000 | 1162118  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 18000000 | 18067494  |
| Credit Agricole SA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.82% to 09/25/2032 then SOFR + 1.36%, 09/25/2033<sup>(a)</sup> | 7300000 | 7257516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70% to 09/23/2034 then USISSO05 + 3.60%, <br>Perpetual<sup>(a)</sup> | 7650000 | 7690620  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 09/23/2035 then USISSO05 + 3.58%, <br>Perpetual<sup>(a)</sup> | 2400000 | 2453105  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.86% to 01/09/2035 then SOFR + 1.74%, 01/09/2036<sup>(a)</sup> | 5000000 | 5259216  |
| Extra Space Storage LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 10/15/2031 | $7000000 | $6168121  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 | 2100000 | 2162345  |
| Fiserv, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/15/2030 | 2900000 | 2943403  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 | 7000000 | 7352176  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 | 22950000 | 23234979  |
| GLP Capital LP / GLP Financing II, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 | 16000000 | 16305808  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 | 7925000 | 7591935  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 | 6200000 | 6214849  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 | 17100000 | 17321684  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2037 | 4500000 | 4472202  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50% to 05/10/2029 then 5 yr. CMT Rate + 2.81%, Perpetual | 5000000 | 5285275  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 | 4000000 | 3747655  |
| &nbsp;&nbsp;&nbsp; 6.85% to 02/10/2030 then 5 yr. CMT Rate + 2.46%, Perpetual | 5150000 | 5355784  |
| &nbsp;&nbsp;&nbsp; 5.73% to 04/25/2029 then SOFR + 1.27%, 04/25/2030 | 5600000 | 5860228  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 | 10050000 | 9120375  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 | 14000000 | 12498832  |
| &nbsp;&nbsp;&nbsp; 2.65% to 10/21/2031 then SOFR + 1.26%, 10/21/2032 | 6250000 | 5622584  |
| &nbsp;&nbsp;&nbsp; 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 | 650000 | 654636  |
| &nbsp;&nbsp;&nbsp; 5.54% to 01/28/2035 then SOFR + 1.38%, 01/28/2036 | 3250000 | 3394062  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 20000000 | 22417400  |
| Host Hotels & Resorts LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2029 | 10800000 | 10272425  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2030 | 1500000 | 1408933  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/15/2031 | 10379000 | 9241761  |
| HSBC Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.29% to 11/19/2029 then SOFR + 1.29%, 11/19/2030 | 10000000 | 10318085  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual | 4600000 | 4814834  |
| &nbsp;&nbsp;&nbsp; 5.79% to 05/13/2035 then SOFR + 1.88%, 05/13/2036 | 4800000 | 5065963  |
|  Jane Street Group / JSG Finance, Inc., 6.75%, 05/01/2033<sup>(a)</sup> | 22025000 | 22893100  |
| JPMorgan Chase & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50% to 04/01/2030 then 5 yr. CMT Rate + 2.15%, Perpetual | 9100000 | 9429820  |
| &nbsp;&nbsp;&nbsp; 2.96% to 01/25/2032 then SOFR + 1.26%, 01/25/2033 | 14450000 | 13224127  |
| &nbsp;&nbsp;&nbsp; 5.72% to 09/14/2032 then SOFR + 2.58%, 09/14/2033 | 11950000 | 12642872  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.35% to 06/01/2033 then SOFR + 1.85%, 06/01/2034 | $13000000 | $13549695  |
| &nbsp;&nbsp;&nbsp; 6.25% to 10/23/2033 then SOFR + 1.81%, 10/23/2034 | 1900000 | 2094413  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 14100000 | 14869305  |
| &nbsp;&nbsp;&nbsp; 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036 | 7700000 | 7988034  |
| Kilroy Realty LP, 5.88%, 10/15/2035 | 800000 | 811362  |
| LPL Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 | 18375000 | 18736746  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 2050000 | 2103887  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.43% to 01/23/2029 then 3 mo. Term SOFR + 1.89%, 01/23/2030 | 4000000 | 4019762  |
| &nbsp;&nbsp;&nbsp; 2.94% to 01/21/2032 then SOFR + 1.29%, 01/21/2033 | 11500000 | 10458217  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 | 5500000 | 5673492  |
| &nbsp;&nbsp;&nbsp; 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036 | 10300000 | 10872015  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 31100000 | 27022101  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 | 550000 | 558142  |
| Nasdaq, Inc., 5.55%, 02/15/2034 | 11446000 | 12024117  |
|  Nordea Bank Abp, 6.75% to 11/10/2033 then 5 yr. CMT Rate + 2.72%, Perpetual<sup>(a)</sup> | 4200000 | 4265243  |
|  Northwestern Mutual Life Insurance Co., 6.17%, 05/29/2055<sup>(a)</sup> | 7000000 | 7539133  |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, <br>7.13%, 06/01/2031<sup>(a)</sup> | 18825000 | 19593399  |
| PNC Financial Services Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25% to 03/15/2030 then H157 yr. CMT Rate + 2.81%, Perpetual | 7250000 | 7451050  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 11000000 | 12466398  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/22/2034 then SOFR + 1.90%, 01/22/2035 | 7500000 | 7911638  |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., <br>6.13%, 08/01/2030<sup>(a)</sup> | 18200000 | 18692401  |
| Royal Bank of Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15% to 02/04/2030 then SOFR + 1.03%, 02/04/2031 | 3350000 | 3452782  |
| &nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | 11950000 | 11804778  |
| &nbsp;&nbsp;&nbsp; 6.75% to 08/24/2030 then 5 yr. CMT Rate + 2.82%, 08/24/2085 | 8000000 | 8260860  |
| State Street Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70% to 09/15/2029 then 5 yr. CMT Rate + 2.63%, Perpetual | 2500000 | 2615032  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/15/2030 then 5 yr. CMT Rate + 2.14%, Perpetual | 1450000 | 1497621  |
| &nbsp;&nbsp;&nbsp; 5.16% to 05/18/2033 then SOFR + 1.89%, 05/18/2034 | 10900000 | 11296155  |

---

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Sumitomo Mitsui Financial Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.66% to 07/08/2030 then SOFR + 1.19%, 07/08/2031 | $7400000 | $7486813  |
| &nbsp;&nbsp;&nbsp; 5.42%, 07/09/2031 | 10000000 | 10496309  |
| &nbsp;&nbsp;&nbsp; 5.25% to 07/08/2035 then SOFR + 1.50%, 07/08/2036 | 8000000 | 8203390  |
|  Toronto-Dominion Bank, 6.35% to 10/31/2030 then 5 yr. CMT Rate + 2.72%, 10/31/2085 | 4800000 | 4817016  |
| UBS Group AG <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85% to 03/10/2030 then USISSO05 + 3.63%, <br>Perpetual<sup>(a)</sup> | 2500000 | 2587357  |
| &nbsp;&nbsp;&nbsp; 5.43% to 02/08/2029 then 1 yr. CMT Rate + 1.52%, 02/08/2030<sup>(a)</sup> | 5000000 | 5166866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 08/10/2030 then USISSO05 + 3.08%, <br>Perpetual<sup>(a)</sup> | 4200000 | 4316277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62% to 09/13/2029 then 1 yr. SOFR Swap Rate USD + <br>1.34%, 09/13/2030<sup>(a)</sup> | 700000 | 731282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% to 04/12/2031 then USISSO05 + 4.16%, <br>Perpetual<sup>(a)</sup> | 15350000 | 16592122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 02/10/2035 then USISSO05 + 3.18%, <br>Perpetual<sup>(a)</sup> | 14000000 | 14420014  |
| &nbsp;&nbsp;&nbsp; 5.58% to 05/09/2035 then SOFR + 1.76%, 05/09/2036<sup>(a)</sup> | 5750000 | 5987908  |
| US Bancorp <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034 | 13000000 | 13060918  |
| &nbsp;&nbsp;&nbsp; 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 8000000 | 8527351  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/23/2034 then SOFR + 1.86%, 01/23/2035 | 900000 | 947916  |
| VICI Properties LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/15/2031 | 3000000 | 3045597  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 | 8000000 | 8082049  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 | 7000000 | 7172434  |
|  VICI Properties LP / VICI Note Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029<sup>(a)</sup> | 10300000 | 10202410  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030<sup>(a)</sup> | 9000000 | 8701169  |
| Wells Fargo & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88% to 10/30/2029 then 3 mo. Term SOFR + 1.43%, 10/30/2030 | 4000000 | 3788140  |
| &nbsp;&nbsp;&nbsp; 3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 | 7000000 | 6517973  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 18050000 | 18760854  |
| &nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 | 8650000 | 9089021  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 | $8000000 | $8891564  |
| &nbsp;&nbsp;&nbsp; 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036 | 7550000 | 7926290  |
|  Westpac Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 | 8300000 | 8563946  |
|  |  | 1166769840  |
| **Health Care - 2.6%**<br>|  |  |
| Centene Corp., 2.50%, 03/01/2031 | 10000000 | 8620390  |
| Cigna Group, 4.88%, 09/15/2032 | 8700000 | 8790241  |
| HCA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 5000000 | 5211408  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 | 16000000 | 15014675  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2033 | 5000000 | 5196542  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 13000000 | 13500034  |
| Humana, Inc., 5.55%, 05/01/2035 | 7500000 | 7644895  |
| Medline Borrower LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029<sup>(a)</sup> | 7000000 | 6756253  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> | 12000000 | 11905118  |
| Universal Health Services, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 | 5000000 | 4351260  |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 | 19000000 | 18553301  |
|  |  | 105544117  |
| **Industrials - 6.1%**<br>|  |  |
| Boeing Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 | 5000000 | 5448179  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | 23975000 | 21697580  |
| &nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 | 5000000 | 5531301  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2050 | 10000000 | 7393790  |
| &nbsp;&nbsp;&nbsp; 6.86%, 05/01/2054 | 4000000 | 4565853  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc., <br>9.50%, 01/01/2031<sup>(a)</sup> | 8000000 | 8578056  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., <br>5.75%, 10/15/2033<sup>(a)</sup> | 4375000 | 4416676  |
| EquipmentShare.com, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028<sup>(a)</sup> | 10350000 | 10965546  |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032<sup>(a)</sup> | 6000000 | 6485364  |
| Flowserve Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2030 | 8233000 | 7850972  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/15/2032 | 14819000 | 13128876  |
|  Goat Holdco LLC, 6.75%, 02/01/2032<sup>(a)</sup> | 10125000 | 10387184  |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, <br>9.00%, 02/15/2029<sup>(a)</sup> | 10825000 | 11327723  |
|  Luna 1.5 Sarl, 12.00% (or 12.75% PIK), 07/01/2032<sup>(a)</sup> | 10500000 | 10916338  |
| nVent Finance Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 3600000 | 3219039  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 | 4650000 | 4857973  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, <br>7.88%, 10/15/2029<sup>(a)</sup> | 6723616 | 3529898  |

---

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Regal Rexnord Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 | $3000000 | $3104448  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 | 19925000 | 21399908  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(a)</sup> | 13350000 | 13726029  |
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., <br>5.25%, 07/15/2027<sup>(a)</sup> | 17750000 | 17700820  |
| TransDigm, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | 9475000 | 9343184  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033<sup>(a)</sup> | 30000000 | 30412288  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030<sup>(a)</sup> | 10600000 | 10907742  |
|  |  | 246894767  |
| **Materials - 3.4%**<br>|  |  |
| LABL, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028<sup>(a)</sup> | 7475000 | 5805684  |
| &nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031<sup>(a)</sup> | 23450000 | 17245451  |
| Magnera Corp., 7.25%, 11/15/2031<sup>(a)</sup> | 13000000 | 12242620  |
| Mauser Packaging Solutions Holding Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027<sup>(a)</sup> | 5000000 | 5055265  |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/2027<sup>(a)</sup> | 7650000 | 7673967  |
| &nbsp;&nbsp;&nbsp; Northern Star Resources Ltd., <br>6.13%, 04/11/2033<sup>(a)</sup> | 7970000 | 8438542  |
|  Olympus Water US Holding Corp., 7.25%, 02/15/2033<sup>(a)</sup> | 5600000 | 5609333  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>6.88%, 07/15/2033<sup>(a)</sup> | 9000000 | 9781673  |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., Senior Secured First Lien, <br>5.63%, 09/30/2033<sup>(a)</sup> | 4575000 | 4592975  |
| Sonoco Products Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2029 | 3500000 | 3522490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 25000000 | 24743321  |
| &nbsp;&nbsp;&nbsp; South32 Treasury Ltd., <br>4.35%, 04/14/2032<sup>(a)</sup> | 9500000 | 9127504  |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc./NY, <br>4.38%, 07/15/2030<sup>(a)</sup> | 7500000 | 7195722  |
| Trivium Packaging Finance BV <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030<sup>(a)</sup> | 8800000 | 9394871  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031<sup>(a)</sup> | 6575000 | 7122605  |
|  |  | 137552023  |
| **Technology - 4.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., <br>7.25%, 08/01/2032<sup>(a)</sup> | 10406000 | 10813509  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 17500000 | 17174194  |
| Broadcom, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 02/15/2030 | 2500000 | 2513108  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 | 7589000 | 7561788  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 | 10050000 | 10445481  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/15/2035 | 1000000 | 1030987  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| CoreWeave, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)</sup> | $3500000 | $3619014  |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031<sup>(a)</sup> | 5025000 | 5156298  |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., <br>6.50%, 12/01/2029<sup>(a)</sup> | 15200000 | 15479954  |
| Entegris, Inc., 4.75%, 04/15/2029<sup>(a)</sup> | 18875000 | 18733300  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>5.00%, 10/15/2034 | 10650000 | 10571105  |
| HP, Inc., 6.10%, 04/25/2035 | 7000000 | 7433660  |
| Kioxia Holdings Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/24/2030<sup>(a)</sup> | 2200000 | 2246495  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/24/2033<sup>(a)</sup> | 1725000 | 1775292  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/11/2031 | 5000000 | 4489762  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 15000000 | 15201556  |
| &nbsp;&nbsp;&nbsp; Open Text Corp., <br>6.90%, 12/01/2027<sup>(a)</sup> | 6000000 | 6249281  |
| Oracle Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 | 1800000 | 1856351  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 | 5000000 | 4785739  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 | 15000000 | 14654974  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 | 10000000 | 10294622  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/26/2035 | 450000 | 452649  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 | 8407000 | 7489368  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 | 6400000 | 6384745  |
|  |  | 186413232  |
| **Utilities - 5.9%**<br>|  |  |
| AES Corp., 5.80%, 03/15/2032 | 21876000 | 22659992  |
|  American Electric Power Co., Inc., 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | 7300000 | 7292671  |
|  CenterPoint Energy, Inc., 6.70% to 05/15/2030 then 5 yr. CMT Rate + 2.59%, 05/15/2055 | 15000000 | 15517905  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>5.45%, 06/15/2034 | 12650000 | 13166728  |
|  Edison International, 5.00% to 03/15/2027 then 5 yr. CMT Rate + 3.90%, Perpetual | 4000000 | 3799950  |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, <br>4.38%, 09/30/2030<sup>(a)</sup> | 4600000 | 4570256  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>5.25%, 03/15/2034 | 8750000 | 9030167  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>5.99%, 03/06/2033<sup>(a)</sup> | 8000000 | 8478101  |
| &nbsp;&nbsp;&nbsp; National Grid PLC, <br>5.42%, 01/11/2034 | 7000000 | 7271823  |
| NextEra Energy Capital Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 | 10000000 | 10391502  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2034 | 3000000 | 3082195  |
| &nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT Rate + 2.05%, 08/15/2055 | 5000000 | 5196280  |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)**  | **Utilities - (Continued)**  | **Utilities - (Continued)**  |
| NRG Energy, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.73%, 10/15/2030<sup>(a)</sup> | $4000000 | $4001234  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034<sup>(a)</sup> | 3275000 | 3273704  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036<sup>(a)</sup> | 2575000 | 2576979  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., <br>4.50%, 07/01/2040 | 14500000 | 12624804  |
| &nbsp;&nbsp;&nbsp; PacifiCorp, 7.38% to 09/15/2030 <br>then 5 yr. CMT Rate + <br>3.32%, 09/15/2055 | 3250000 | 3426532  |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC, <br>5.75%, 05/15/2035<sup>(a)</sup> | 5000000 | 5235022  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>5.13%, 09/18/2035<sup>(a)</sup> | 4950000 | 4885675  |
| Sempra <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 02/01/2038 | 12000000 | 10267333  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 10100000 | 10334371  |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., <br>5.95%, 11/01/2032 | 8000000 | 8438599  |
|  Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 | 5100000 | 5415497  |
| &nbsp;&nbsp;&nbsp; Southern Power Co., <br>4.90%, 10/01/2035 | 2800000 | 2762937  |
| Vistra Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00% to 10/15/2026 then 5 yr. CMT Rate + 6.93%, Perpetual<sup>(a)</sup> | 7130000 | 7298361  |
| &nbsp;&nbsp;&nbsp; 7.00% to 12/15/2026 then 5 yr. CMT Rate + 5.74%, Perpetual<sup>(a)</sup> | 5000000 | 5080000  |
| Vistra Operations Co. LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/15/2029<sup>(a)</sup> | 13000000 | 12905303  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032<sup>(a)</sup> | 3625000 | 3793950  |
| &nbsp;&nbsp;&nbsp; 6.95%, 10/15/2033<sup>(a)</sup> | 17900000 | 19978190  |
|  XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029<sup>(a)</sup> | 7625000 | 7834222  |
|  |  | 240590283  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,881,656,584)** |  | 2950414845  |
| **BANK LOANS - 14.7%**<br>|  |  |
| **Consumer Discretionary - 3.4%**<br>|  |  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 7.61% (1 mo. SOFR US + 3.25%), 08/20/2032 | 13000000 | 13063570  |
|  Anticimex Global AB, Senior Secured First Lien, 7.52% (SOFR + 3.40%), 11/16/2028 | 4217970 | 4236951  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 09/08/2032 | 16215467 | 16250979  |
|  Grant Thornton Advisors LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 05/30/2031 | 17946676 | 17860621  |
|  Madison Safety & Flow LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 09/26/2031 | 12399876 | 12429636  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.00%), 05/04/2028 | $17658521 | $17676886  |
|  Peer USA LLC, Senior Secured First Lien, 6.41% (1 mo. Term SOFR + 2.25%), 09/27/2032 | 10250000 | 10272448  |
|  PetSmart LLC, Senior Secured First Lien, 8.14% (1 mo. SOFR US + 4.00%), 08/18/2032 | 13078384 | 12898621  |
|  Tamko Building Products LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75% (3 mo. SOFR US + 2.75%), 09/20/2030 | 4276875 | 4294239  |
| &nbsp;&nbsp;&nbsp; 6.79% (3 mo. SOFR US + 2.75%), 09/20/2030 | 2851250 | 2862826  |
| &nbsp;&nbsp;&nbsp; 6.91% (1 mo. SOFR US + 2.75%), 09/20/2030 | 1425625 | 1431413  |
| &nbsp;&nbsp;&nbsp; 6.95% (3 mo. SOFR US + 2.75%), 09/20/2030 | 1411369 | 1417099  |
| &nbsp;&nbsp;&nbsp; 6.95% (6 mo. SOFR US + 2.75%), 09/20/2030 | 1354344 | 1359842  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 01/30/2031 | 11029512 | 11004861  |
|  Whatabrands LLC, Senior Secured First Lien, 6.66% (1 mo. SOFR US + 2.50%), 08/03/2028 | 9875375 | 9894237  |
|  |  | 136954229  |
| **Consumer Staples - 0.2%**<br>|  |  |
|  Froneri US, Inc., Senior Secured First Lien, 7.59% (1 mo. Term SOFR + 2.50%), 07/16/2032 | 6750000 | 6743824  |
| **Energy - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Traverse Midstream Partners LLC, Senior Secured First Lien, 6.81% <br>(3 mo. SOFR US + 2.50%), 02/16/2028 | 6212766 | 6234138  |
| **Financials - 1.6%<sup>(b)</sup>** <br>|  |  |
| Acrisure LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.16% (1 mo. SOFR US + 3.00%), 11/06/2030 | 13811942 | 13805520  |
| &nbsp;&nbsp;&nbsp; 7.41% (1 mo. SOFR US + 3.25%), 06/21/2032 | 4323678 | 4327288  |
|  Broadstreet Partners Group LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 06/13/2031 | 29645980 | 29707050  |
|  CRC Insurance Group LLC, Senior Secured Second Lien, 8.75% (3 mo. SOFR US + 4.75%), 05/06/2032 | 8500000 | 8671360  |
|  TIH Insurance Holdings LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 05/06/2031 | 8022177 | 8034732  |
|  |  | 64545950  |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Health Care - 0.3%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.17% (1 mo. SOFR US + 4.00%), 09/29/2028 | $6860000 | $6868575  |
| &nbsp;&nbsp;&nbsp; 8.41% (1 mo. SOFR US + 4.25%), 01/15/2031 | 4285730 | 4293766  |
|  Medline Borrower LP, Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.00%), 10/23/2030 | 37492 | 37513  |
|  |  | 11199854  |
| **Industrials - 5.5%**<br>|  |  |
|  BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.41% (1 mo. SOFR US + 3.25%), 12/26/2030 | 13117831 | 13109108  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 7.66% (1 mo. SOFR US + 3.50%), 08/16/2029 | 17710751 | 17804883  |
|  Cube A&D Buyer, Inc., Senior Secured First Lien, 7.58% (3 mo. SOFR US + 3.25%), 10/20/2031 | 12039500 | 12107222  |
|  Engineered Machinery Holdings, Inc., Senior Secured First Lien, 8.02% (3 mo. SOFR US + 3.50%), 05/22/2028 | 10547601 | 10620115  |
|  Filtration Group Corp., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 10/23/2028 | 16656230 | 16751670  |
|  Goat Holdco LLC, Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 01/27/2032 | 7213750 | 7230522  |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.92% (6 mo. SOFR US + 3.75%), 02/15/2029 | 14793844 | 14851319  |
| &nbsp;&nbsp;&nbsp; 8.05% (3 mo. SOFR US + 3.75%), 02/15/2029 | 14793844 | 14851319  |
|  Indicor LLC, Senior Secured First Lien, 6.75% (3 mo. SOFR US + 2.75%), 11/23/2029 | 13102482 | 13134452  |
|  Kaman Corp., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.54% (6 mo. SOFR US + 2.50%), 02/26/2032 | 4397629 | 4388592  |
| &nbsp;&nbsp;&nbsp; 6.70% (3 mo. SOFR US + 2.50%), 02/26/2032 | 13192888 | 13165777  |
| &nbsp;&nbsp;&nbsp; 6.83% (3 mo. SOFR US + 2.50%), 02/26/2032 | 1659483 | 1656073  |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Secured First Lien, 6.70% (6 mo. SOFR <br>US + 2.50%), 06/21/2028 | 7700000 | 7715323  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.71% (3 mo. SOFR US + 4.00%), 10/15/2029 | 11672780 | 9107686  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Pinnacle Buyer LLC, Senior Secured First Lien, 7.22% (1 mo. Term SOFR + 2.50%), 09/13/2032 | $7250000 | $7268125  |
|  Pro Mach Group, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 08/31/2028 | 14267594 | 14309969  |
|  STS Operating, Inc., Senior Secured First Lien, 8.26% (1 mo. SOFR US + 4.00%), 03/25/2031 | 18954588 | 18855929  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% (3 mo. SOFR US + 3.00%), 04/30/2030 | 17783905 | 17848193  |
|  TransDigm, Inc., Senior Secured First Lien, 6.50% (3 mo. SOFR US + 2.50%), 08/13/2032 | 9500000 | 9500475  |
|  |  | 224276752  |
| **Materials - 1.0%**<br>|  |  |
|  Charter Next Generation, Inc., Senior Secured First Lien, 6.93% (1 mo. SOFR US + 2.75%), 12/02/2030 | 11875325 | 11923895  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 7.49% <br>(1 mo. SOFR US + 3.18%), 04/13/2029 | 4904523 | 4903443  |
|  Pregis TopCo LLC, Senior Secured First Lien, 8.16% (1 mo. SOFR US + 4.00%), 02/01/2029 | 3360613 | 3387565  |
|  Proampac PG Borrower LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.19% (3 mo. SOFR US + 4.00%), 09/15/2028 | 7471399 | 7508756  |
| &nbsp;&nbsp;&nbsp; 8.32% (3 mo. SOFR US + 4.00%), 09/15/2028 | 9502518 | 9550030  |
|  Solstice Advanced Materials, Inc., Senior Secured First Lien, 5.93% (1 mo. Term SOFR + 1.75%), 09/16/2032 | 5250000 | 5263151  |
|  |  | 42536840  |
| **Technology - 2.5%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 6.45% (3 mo. SOFR US + 2.25%), 02/24/2031 | 6131637 | 6144146  |
|  Central Parent LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR US + 3.25%), 07/06/2029 | 10832870 | 9398002  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.89% (1 mo. SOFR US + 3.50%), 06/02/2028 | 14569129 | 14596446  |
|  Ellucian Holdings, Inc., Senior Secured Second Lien, 8.91% (1 mo. SOFR US + 4.75%), 11/22/2032 | 10000000 | 10258300  |
|  Ellucian Holdings, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.75%), 10/09/2029 | 8025351 | 8034700  |
|  Epicor Software Corp., Senior Secured First Lien, 6.82% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 17336268 | 17377962  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Technology - (Continued)** | **Technology - (Continued)** | **Technology - (Continued)** |
|  UKG, Inc., Senior Secured First Lien, 6.81% (3 mo. SOFR US + 2.50%), 02/10/2031 | $35758242 | $35763069  |
|  |  | 101572625  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $595,773,041)** |  | 594064212  |
| **U.S. TREASURY SECURITIES - 4.1%** | **U.S. TREASURY SECURITIES - 4.1%** | **U.S. TREASURY SECURITIES - 4.1%** |
| United States Treasury Note/Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 12500000 | 11092041  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 30000000 | 30403711  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/30/2032 | 10000000 | 10059961  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/31/2032 | 17500000 | 17724219  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 18000000 | 16735781  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 15000000 | 14564648  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 15000000 | 15172266  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 25000000 | 25234375  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 25000000 | 25205078  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $162,263,229)** |  | 166192080  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** |
|  Aimco CDO, Series 2018-AA, Class D1R, 7.17% (3 mo. Term SOFR + 2.85%), 10/17/2037<sup>(a)</sup> | 5000000 | 5071470  |
|  Atlantic Avenue Ltd., Series 2024-2A, Class D, 9.08% (3 mo. Term SOFR + 4.75%), 04/20/2037<sup>(a)</sup> | 4000000 | 4069148  |
| Barrow Hanley Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class D1R, 7.43% (3 mo. Term SOFR + 3.10%), 01/20/2038<sup>(a)</sup> | 6000000 | 6082033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class DR, 6.98% <br>(3 mo. Term SOFR + 2.65%), 10/20/2035<sup>(a)</sup> | 7650000 | 7650382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 8.48% <br>(3 mo. Term SOFR + 4.15%), 04/20/2037<sup>(a)</sup> | 4000000 | 4092640  |
|  Boyce Park Clo Ltd., Series 2022-1A, Class D, 7.43% (3 mo. Term SOFR + 3.10%), 04/21/2035<sup>(a)</sup> | 2500000 | 2507649  |
| &nbsp;&nbsp;&nbsp; Brookhaven Park CLO Ltd., Series 2024-1A, Class D, 7.93% <br>(3 mo. Term SOFR + 3.60%), 04/19/2037<sup>(a)</sup> | 8000000 | 8067170  |
|  CarVal CLO, Series 2018-1A, Class D, 7.47% (3 mo. Term SOFR + 3.15%), 07/16/2031<sup>(a)</sup> | 1755000 | 1765608  |
|  Cayuga Park CLO, Series 2020-1A, Class DR, 7.68% (3 mo. Term SOFR + 3.36%), 07/17/2034<sup>(a)</sup> | 1750000 | 1757257  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Dryden Senior Loan Fund, Series 2018-55A, Class C, 6.48% (3 mo. Term SOFR + 2.16%), 04/15/2031<sup>(a)</sup> | $250000 | $250604  |
|  Eldridge CLO Ltd., Series 2025-1A, Class D1, 0.00% (3 mo. Term SOFR + 2.95%), 10/20/2038<sup>(a)</sup> | 1450000 | 1455438  |
|  Elmwood CLO 39 Ltd., Series 2025-2A, Class D1, 6.78% (3 mo. Term SOFR + 2.50%), 04/17/2038<sup>(a)</sup> | 5000000 | 5032011  |
|  Elmwood CLO Ltd., Series 2025-1A, Class D1, 6.78% (3 mo. Term SOFR + 2.50%), 04/22/2038<sup>(a)</sup> | 5000000 | 5031048  |
| Flatiron CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class BR, 5.72% (3 mo. Term SOFR + 1.40%), 10/15/2034<sup>(a)</sup> | 7000000 | 7004201  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class DR, 6.72% (3 mo. Term SOFR + 2.40%), 10/15/2034<sup>(a)</sup> | 8000000 | 8020696  |
|  Fort Greene Park CLO, Series 2025-2A, Class DR, 6.68% (3 mo. Term SOFR + 2.35%), 04/22/2034<sup>(a)</sup> | 2000000 | 2005263  |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class DR3, 6.73% (3 mo. Term SOFR + 2.40%), 04/20/2034<sup>(a)</sup> | 4350000 | 4355345  |
|  Harvest US CLO, Series 2024-3A, Class D1, 7.63% (3 mo. Term SOFR + 3.30%), 01/18/2038<sup>(a)</sup> | 2300000 | 2332831  |
| Madison Park Funding Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-35A, Class DR, 7.59% (3 mo. Term SOFR + 3.26%), 04/20/2032<sup>(a)</sup> | 2000000 | 2012504  |
| &nbsp;&nbsp;&nbsp; Series 2021-59A, Class D1AR, 7.63% (3 mo. Term SOFR + 3.30%), 04/18/2037<sup>(a)</sup> | 500000 | 504113  |
| Magnetite CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-17A, Class DR2, 7.83% (3 mo. Term SOFR + 3.50%), 04/20/2037<sup>(a)</sup> | 8000000 | 8091430  |
| &nbsp;&nbsp;&nbsp; Series 2019-24A, Class DR, 7.37% (3 mo. Term SOFR + 3.05%), 04/15/2035<sup>(a)</sup> | 2600000 | 2614400  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class BR2, 5.82% (3 mo. Term SOFR + 1.50%), 01/25/2038<sup>(a)</sup> | 5000000 | 5014649  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class DR, 7.44% (3 mo. Term SOFR + 3.11%), 10/20/2034<sup>(a)</sup> | 1400000 | 1405858  |
| &nbsp;&nbsp;&nbsp; Series 2023-39A, Class D1R, 7.02% (3 mo. Term SOFR + 2.70%), 01/25/2037<sup>(a)</sup> | 1000000 | 1012197  |
| Neuberger Berman CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-20A, Class D1R3, 6.97% (3 mo. Term SOFR + 2.65%), 04/15/2039<sup>(a)</sup> | 4000000 | 4054065  |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.73% (3 mo. Term SOFR + 1.40%), 10/20/2036<sup>(a)</sup> | $5000000 | $5001400  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.72% (3 mo. Term SOFR + 1.40%), 07/16/2036<sup>(a)</sup> | 5000000 | 5001100  |
| &nbsp;&nbsp;&nbsp; Series 2021-44A, Class DR, 6.97% (3 mo. Term SOFR + 2.65%), 10/16/2035<sup>(a)</sup> | 5000000 | 5031155  |
|  Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class D1R, 7.42% (3 mo. Term SOFR + 3.10%), 10/24/2038<sup>(a)</sup> | 750000 | 758356  |
|  OCP CLO Ltd., Series 2019-16A, Class DR, 7.74% (3 mo. Term SOFR + 3.41%), 04/10/2033<sup>(a)</sup> | 1000000 | 1004747  |
|  OHA Credit Funding, Series 2018-1A, Class D1R, 7.93% (3 mo. Term SOFR + 3.60%), 04/20/2037<sup>(a)</sup> | 8000000 | 8130268  |
|  OHA Credit Partners Ltd., Series 2015-12A, Class D1R2, 7.82% (3 mo. Term SOFR + 3.50%), 04/23/2037<sup>(a)</sup> | 1500000 | 1523941  |
|  OHA Loan Funding Ltd., Series 2013-1A, Class D1R3, 7.62% (3 mo. Term SOFR + 3.30%), 04/23/2037<sup>(a)</sup> | 5000000 | 5061931  |
|  RR Ltd./Cayman Islands, Series 2019-7A, Class C1B, 7.42% (3 mo. Term SOFR + 3.10%), 01/15/2037<sup>(a)</sup> | 2000000 | 2005955  |
|  Symphony CLO Ltd., Series 2022-37A, Class DR, 9.23% (3 mo. Term SOFR + 4.90%), 01/20/2037<sup>(a)</sup> | 6750000 | 6788987  |
|  TICP CLO Ltd., Series 2018-12A, Class DR, 7.88% (3 mo. Term SOFR + 3.56%), 07/15/2034<sup>(a)</sup> | 1100000 | 1104695  |
|  Trinitas CLO Ltd., Series 2024-24A, Class D1, 8.42% (3 mo. Term SOFR + 4.10%), 04/25/2037<sup>(a)</sup> | 500000 | 508723  |
|  Wellington Management Clo 3 Ltd., Series 2025-4A, Class D1, 6.83% (3 mo. Term SOFR + 2.55%), 04/18/2038<sup>(a)</sup> | 4750000 | 4782057  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $146,358,297)** |  | 147963325  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.2%** |
| Angel Oak Mortgage Trust LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, <br>5.64%, 02/25/2070<sup>(a)(c)</sup> | 2973902 | 3003880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A1, <br>5.42%, 03/25/2070<sup>(a)(c)</sup> | 9261429 | 9329092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, <br>5.51%, 06/25/2070<sup>(a)(d)</sup> | 3095723 | 3124581  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-8, Class A1, <br>5.41%, 07/25/2070<sup>(a)(c)</sup> | $3517569 | $3545490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1, <br>5.14%, 08/25/2070<sup>(a)(c)</sup> | 3713325 | 3725580  |
|  BRAVO Residential Funding Trust, Series 2025-NQM8, Class A1, 5.08%, 06/25/2065<sup>(a)(c)</sup> | 1469948 | 1472849  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 13841766 | 12056660  |
| GS Mortgage-Backed Securities Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.65%, 06/25/2065<sup>(a)(d)</sup> | 5559416 | 5607938  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.14%, 11/25/2065<sup>(a)(c)</sup> | 5407249 | 5417090  |
|  JP Morgan Mortgage Trust, Series 2025-NQM1, Class A1, 5.59%, 06/25/2065<sup>(a)(c)</sup> | 2757780 | 2783149  |
| Onslow Bay Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 5.45%, 05/25/2065<sup>(a)(c)</sup> | 4166800 | 4211961  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065<sup>(a)(c)</sup> | 3846716 | 3882259  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 5.14%, 07/27/2065<sup>(a)(c)</sup> | 1482893 | 1489809  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065<sup>(a)(c)</sup> | 11200000 | 11198364  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1, 5.65%, 12/01/2064<sup>(a)(c)</sup> | 3048606 | 3082122  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, 5.40%, 02/25/2055<sup>(a)(c)</sup> | 7616278 | 7673025  |
|  PRKCM Trust, Series 2025-HOME1, Class A1A, 5.55%, 02/25/2060<sup>(a)(c)</sup> | 8563583 | 8651695  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $89,567,311)** |  | 90255544  |
| **MORTGAGE-BACKED SECURITIES - 0.9%** | **MORTGAGE-BACKED SECURITIES - 0.9%** | **MORTGAGE-BACKED SECURITIES - 0.9%** |
|  Federal National Mortgage Association, Pool FA1387, 4.00%, 10/01/2053 | 6467472 | 6105006  |
| Ginnie Mae II Pool <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MB0145, 4.50%, 01/20/2055 | 12544029 | 12176309  |
| &nbsp;&nbsp;&nbsp; Pool MB0256, 4.00%, 03/20/2055 | 10588965 | 9963076  |
| &nbsp;&nbsp;&nbsp; Pool MB0259, 5.50%, 03/20/2055 | 9579592 | 9661254  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $37,824,829)** |  | 37905645  |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Strategic Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - 0.0%<sup>(e)</sup>** | **ASSET-BACKED SECURITIES - 0.0%<sup>(e)</sup>** | **ASSET-BACKED SECURITIES - 0.0%<sup>(e)</sup>** |
|  Mosaic Solar Loans LLC, Series 2025-1A, Class A, 6.12%, 08/22/2050<sup>(a)</sup> | $790021 | $760758  |
|  RCO Mortgage LLC, Series 2025-1, Class A1, 5.88%, 01/25/2030<sup>(a)(c)</sup> | 503257 | 507350  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,299,342)** |  | 1268108  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%** <br>**(Cost $3,914,742,633)** |  | $3988063759  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.4%<sup>(f)</sup> |  | 57540919  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 5463435  |
| **TOTAL NET ASSETS - 100.0%** |  | $4051068113 |

---

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 September 30, 2025, the value of these securities total $1,629,243,333 or 40.2% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<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 September 30, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 65.9%**<br>|  |  |
| **Communications - 2.7%**<br>|  |  |
|  NTT Finance Corp., 5.42% (SOFR + 1.08%), 07/16/2028<sup>(a)</sup> | $200000 | $202175  |
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, <br>5.15%, 03/20/2028<sup>(a)</sup> | 550000 | 552186  |
|  |  | 754361  |
| **Consumer Discretionary - 15.6%**<br>|  |  |
| American Airlines Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/22/2027 | 687393 | 674329  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2028 | 576650 | 558559  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.00%, 10/15/2028 | 239316 | 230273  |
| &nbsp;&nbsp;&nbsp; Series 2016-3, 3.25%, 10/15/2028 | 298946 | 283456  |
| &nbsp;&nbsp;&nbsp; British Airways 2019-1 Class A Pass Through Trust, Series PTT, <br>3.35%, 06/15/2029<sup>(a)</sup> | 241405 | 232841  |
|  Delta Air Lines, Inc., Series 2015-1, 3.63%, 07/30/2027 | 358012 | 351774  |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., Senior Secured First Lien, <br>4.50%, 10/20/2025<sup>(a)</sup> | 140125 | 139956  |
|  General Motors Financial Co., Inc., 5.25%, 03/01/2026 | 100000 | 100169  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, <br>6.25%, 11/03/2025<sup>(a)</sup> | 100000 | 100149  |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., <br>5.90%, 06/01/2027 | 150000 | 153103  |
| &nbsp;&nbsp;&nbsp; United Airlines 2014-2 Class A Pass Through Trust, Series A, <br>3.75%, 09/03/2026 | 679104 | 673566  |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc., Series A, <br>4.00%, 04/11/2026 | 910606 | 908214  |
|  |  | 4406389  |
| **Consumer Staples - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc., <br>5.16% (SOFR + 0.83%), 04/28/2028 | 500000 | 503423  |
| **Energy - 0.4%**<br>|  |  |
| MPLX LP, 1.75%, 03/01/2026 | 100000 | 98964  |
| **Financials - 31.5%<sup>(b)</sup>** <br>|  |  |
|  Atlas Warehouse Lending Co. LP, 6.05%, 01/15/2028<sup>(a)</sup> | 350000 | 358102  |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., <br>4.38%, 05/01/2026<sup>(a)</sup> | 200000 | 199908  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.93% to 09/15/2026 then SOFR + 1.34%, 09/15/2027 | 200000 | 203351  |
| &nbsp;&nbsp;&nbsp; 5.16% (SOFR + 0.83%), 01/24/2029 | 500000 | 500610  |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.11%), 05/09/2029 | 500000 | 503771  |
|  BNP Paribas SA, 1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027<sup>(a)</sup> | 700000 | 693691  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Citigroup, Inc., 5.15% (SOFR + 0.87%), 03/04/2029 | $250000 | $250155  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.54% to 09/10/2026 then SOFR + 0.82%, 09/10/2027 | 400000 | 390159  |
| &nbsp;&nbsp;&nbsp; 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 | 300000 | 301951  |
| HSBC Holdings PLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 | 200000 | 202717  |
| &nbsp;&nbsp;&nbsp; 5.32% (SOFR + 1.03%), 03/03/2029 | 500000 | 502075  |
| JPMorgan Chase & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 | 400000 | 394319  |
| &nbsp;&nbsp;&nbsp; 5.13% (SOFR + 0.80%), 01/24/2029 | 700000 | 701093  |
| LPL Holdings, Inc., 5.70%, 05/20/2027 | 200000 | 203874  |
|  MassMutual Global Funding II, 5.32% (SOFR + 0.98%), 07/10/2026<sup>(a)</sup> | 300000 | 301782  |
|  Mitsubishi UFJ Financial Group, Inc., 1.54% to 07/20/2026 then 1 yr. CMT Rate + 0.75%, 07/20/2027 | 200000 | 195750  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 | 200000 | 200441  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 | 1000000 | 978694  |
| New York Life Global Funding <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.93%), 04/02/2026<sup>(a)</sup> | 100000 | 100364  |
| &nbsp;&nbsp;&nbsp; 4.76% (SOFR + 0.48%), 06/09/2026<sup>(a)</sup> | 400000 | 400713  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. Lp / PTL Finance Corp., <br>1.70%, 06/15/2026<sup>(a)</sup> | 300000 | 294512  |
|  Sumitomo Mitsui Trust Bank Ltd., 5.26% (SOFR + 0.99%), 03/13/2030<sup>(a)</sup> | 200000 | 202870  |
|  UBS Group AG, 4.70% to 08/05/2026 then 1 yr. CMT Rate + 2.05%, 08/05/2027<sup>(a)</sup> | 600000 | 602063  |
|  VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027<sup>(a)</sup> | 200000 | 197877  |
|  |  | 8880842  |
| **Industrials - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BAE Systems Holdings, Inc., <br>3.85%, 12/15/2025<sup>(a)</sup> | 300000 | 299694  |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., 4.75% (SOFR + 0.46%), <br>02/27/2026 | 200000 | 200214  |
|  John Deere Capital Corp., 4.86% (SOFR + 0.57%), 03/03/2026 | 100000 | 100153  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.05%, 02/15/2026 | 300000 | 301492  |
| &nbsp;&nbsp;&nbsp; Weir Group PLC, <br>2.20%, 05/13/2026<sup>(a)</sup> | 300000 | 295273  |
|  |  | 1196826  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Materials - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., <br>1.57%, 01/15/2026 | $200000 | $198296  |
| **Technology - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>3.88%, 09/01/2028<sup>(a)</sup> | 300000 | 294415  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.65%, 08/02/2026 | 200000 | 203014  |
|  Dell International LLC / EMC Corp., 4.90%, 10/01/2026 | 100000 | 100582  |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc., <br>3.80%, 12/15/2026 | 250000 | 249176  |
|  |  | 847187  |
| **Utilities - 6.0%**<br>|  |  |
|  American Electric Power Co., Inc., 1.00%, 11/01/2025 | 300000 | 299083  |
|  Consolidated Edison Co. of New York, Inc., 4.82% (SOFR + 0.52%), 11/18/2027 | 200000 | 200380  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>2.74%, 08/15/2026<sup>(a)</sup> | 400000 | 394917  |
|  Pinnacle West Capital Corp., 0.00% (SOFR + 0.82%), 06/10/2026 | 243000 | 243766  |
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., <br>5.35%, 03/01/2026 | 300000 | 301205  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>5.05%, 12/30/2026<sup>(a)</sup> | 250000 | 251624  |
|  |  | 1690975  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $18,458,479)** |  | 18577263  |
| **ASSET-BACKED SECURITIES - 18.0%** | **ASSET-BACKED SECURITIES - 18.0%** |  |
| Ally Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, <br>3.31%, 11/15/2026 | 636 | 635  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, <br>4.76%, 05/17/2027 | 94018 | 94027  |
|  AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 42810 | 42877  |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N4, Class C, <br>1.72%, 09/11/2028 | 91240 | 88356  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-A, Class A3, <br>5.09%, 12/15/2028 | 215000 | 217139  |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc., Series 2020-AA, Class A, <br>2.74%, 02/25/2039<sup>(a)</sup> | 17170 | 16711  |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2025-1, Class A2, <br>4.53%, 08/23/2027 | 286851 | 287397  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Navient Student Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FA, Class A2, <br>2.60%, 08/15/2068<sup>(a)</sup> | $414956 | $400525  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1A, <br>1.32%, 08/26/2069<sup>(a)</sup> | 62760 | 55343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, <br>2.46%, 11/15/2068<sup>(a)</sup> | 106842 | 103106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, <br>2.12%, 01/15/2069<sup>(a)</sup> | 265324 | 253300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EA, Class A, <br>1.69%, 05/15/2069<sup>(a)</sup> | 200234 | 188594  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, <br>1.22%, 07/15/2069<sup>(a)</sup> | 71694 | 67119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, <br>1.17%, 09/16/2069<sup>(a)</sup> | 352901 | 330259  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.31%, 01/15/2069<sup>(a)</sup> | 38862 | 36731  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1B, 5.07% (30 day avg SOFR US + 0.71%), 12/26/2069<sup>(a)</sup> | 69826 | 69425  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069<sup>(a)</sup> | 233045 | 213185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class A, <br>1.06%, 10/15/2069<sup>(a)</sup> | 468028 | 427039  |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Series 2023-A, Class A3, <br>4.91%, 11/15/2027 | 126776 | 127074  |
|  Reach Financial LLC, Series 2025-1A, Class A, 4.96%, 08/16/2032<sup>(a)</sup> | 56493 | 56622  |
| Santander Consumer USA Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5, Class A3, <br>6.02%, 09/15/2028 | 72733 | 72999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, <br>5.25%, 04/17/2028 | 47319 | 47416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, <br>5.41%, 07/15/2027 | 6645 | 6649  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, <br>4.76%, 08/16/2027 | 243889 | 244182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2, <br>4.71%, 06/15/2028 | 321584 | 322197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class A2, <br>4.63%, 10/16/2028 | 350000 | 351298  |
| 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> | 259150 | 255980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2A, <br>2.84%, 06/15/2037<sup>(a)</sup> | 90148 | 87977  |
| &nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 5.09% (1 mo. Term SOFR + 0.94%), 09/15/2037<sup>(a)</sup> | 302352 | 301539  |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-1, Class A, <br>4.80%, 02/27/2034<sup>(a)</sup> | 207219 | 208119  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Ultra Short Income Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| SoFi Professional Loan Program LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2FX, <br>3.34%, 08/25/2047<sup>(a)</sup> | $13097 | $13064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A2FX, <br>3.09%, 08/17/2048<sup>(a)</sup> | 90632 | 88885  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $5,070,896)** |  | 5075769  |
| **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 10.6%** |
|  Buttermilk Park CLO, Series 2018-1A, Class A1R, 5.40% (3 mo. Term SOFR + 1.08%), 10/15/2031<sup>(a)</sup> | 253408 | 253536  |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2021-7A, Class AR, 5.32% (3 mo. Term <br>SOFR + 1.09%), 01/23/2035<sup>(a)</sup> | 350000 | 350180  |
| Magnetite CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-25A, Class A, 5.78% <br>(3 mo. Term SOFR + 1.46%), 01/25/2032<sup>(a)</sup> | 530584 | 531672  |
| &nbsp;&nbsp;&nbsp; Series 2020-27A, Class BR, 6.14% (3 mo. Term SOFR + 1.81%), 10/20/2034<sup>(a)</sup> | 250000 | 250525  |
| Neuberger Berman CLO Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class AR, 5.27% (3 mo. Term SOFR + 0.95%), 07/16/2036<sup>(a)</sup> | 250000 | 250375  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class AR, 5.37% (3 mo. Term SOFR + 1.05%), 07/17/2036<sup>(a)</sup> | 1000000 | 1001257  |
|  Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, 5.32% (3 mo. Term SOFR + 1.00%), 01/15/2033<sup>(a)</sup> | 333309 | 333684  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $2,965,813)** |  | 2971229  |
| **BANK LOANS - 2.0%**<br>|  |  |
| **Consumer Discretionary - 0.0%<sup>(c)</sup>** <br>|  |  |
|  Hilton Grand Vacations Borrower LLC, Senior Secured First Lien, 6.16% (1 mo. SOFR US + 2.00%), 08/02/2028 | 321 | 321  |
| **Health Care - 0.7%**<br>|  |  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.23% (1 mo. SOFR US + 1.75%), 07/30/2027 | 191525 | 191530  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Materials - 1.3%**<br>|  |  |
|  Asplundh Tree Expert LLC, Senior Secured First Lien, 6.11% (1 mo. SOFR US + 1.75%), 09/07/2027 | $230000 | $230233  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.41% (1 mo. SOFR US + 2.25%), 04/14/2031 | 148125 | 148247  |
|  |  | 378480  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $569,271)** |  | 570331  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.5%** <br>**(Cost $27,064,459)** |  | $27194592  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.6%<sup>(d)</sup> |  | 1290939  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.0)% |  | (294513)  |
| **TOTAL NET ASSETS - 100.0%** |  | $28191018 |

---

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 September 30, 2025, the value of these securities total $12,259,864 or 43.5% 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> Represents less than 0.05% of net assets.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Value Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.5%**<br>|  |  |
| **Communication Services - 5.2%**<br>|  |  |
| Alphabet, Inc. - Class C | 71200 | $17340760  |
| Verizon Communications, Inc. | 263400 | 11576430  |
|  |  | 28917190  |
| **Consumer Discretionary - 7.8%**<br>|  |  |
| Lennar Corp. - Class A | 115200 | 14519808  |
| Lennar Corp. - Class B | 78 | 9359  |
| Lowe's Cos., Inc. | 44400 | 11158164  |
| Sony Group Corp. - ADR | 608900 | 17530231  |
|  |  | 43217562  |
| **Consumer Staples - 4.7%**<br>|  |  |
| Coca-Cola Co. | 171700 | 11387144  |
| Constellation Brands, Inc. - Class A | 36000 | 4848120  |
| Procter & Gamble Co. | 63400 | 9741410  |
|  |  | 25976674  |
| **Energy - 3.5%**<br>|  |  |
| Coterra Energy, Inc. | 400800 | 9478920  |
| TotalEnergies SE - ADR | 162700 | 9711563  |
|  |  | 19190483  |
| **Financials - 21.2%**<br>|  |  |
| American International Group, Inc. | 148200 | 11639628  |
| Ameriprise Financial, Inc. | 30400 | 14934000  |
| Blackstone, Inc. | 73100 | 12489135  |
| Capital One Financial Corp. | 91600 | 19472328  |
| Commerce Bancshares, Inc./MO | 44988 | 2688483  |
| Cullen/Frost Bankers, Inc. | 67300 | 8531621  |
|  Mitsubishi UFJ Financial Group, Inc. - ADR | 802600 | 12793444  |
| PNC Financial Services Group, Inc. | 57600 | 11573568  |
| Sony Financial Group, Inc. - ADR<sup>(a)</sup> | 121780 | 675879  |
| US Bancorp | 264600 | 12788118  |
| Wells Fargo & Co. | 116992 | 9806270  |
|  |  | 117392474  |
| **Health Care - 8.7%**<br>|  |  |
| Alcon AG | 124500 | 9276495  |
| Amgen, Inc. | 43600 | 12303920  |
| Danaher Corp. | 49600 | 9833696  |
| Medtronic PLC | 89100 | 8485884  |
| Merck & Co., Inc. | 100100 | 8401393  |
|  |  | 48301388  |
| **Industrials - 11.2%**<br>|  |  |
| General Dynamics Corp. | 36700 | 12514700  |
| Oshkosh Corp. | 66700 | 8650990  |
| Parker-Hannifin Corp. | 36400 | 27596660  |
| Uber Technologies, Inc.<sup>(a)</sup> | 138200 | 13539454  |
|  |  | 62301804  |
| **Information Technology - 15.4%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 30500 | 10758875  |
| Microchip Technology, Inc. | 162700 | 10448594  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Microsoft Corp. | 46300 | $23981085  |
| QUALCOMM, Inc. | 83700 | 13924332  |
| Synopsys, Inc.<sup>(a)</sup> | 26000 | 12828140  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 22500 | 13185900  |
|  |  | 85126926  |
| **Materials - 12.8%**<br>|  |  |
| Air Products and Chemicals, Inc. | 37700 | 10281544  |
| Corteva, Inc. | 262800 | 17773164  |
| Ecolab, Inc. | 51900 | 14213334  |
| Martin Marietta Materials, Inc. | 26400 | 16639392  |
| RPM International, Inc. | 100400 | 11835152  |
|  |  | 70742586  |
| **Utilities - 7.0%**<br>|  |  |
| American Water Works Co., Inc. | 80200 | 11163038  |
| Atmos Energy Corp. | 90100 | 15384575  |
| Xcel Energy, Inc. | 154100 | 12428165  |
|  |  | 38975778  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $356,702,782)** |  | 540142865  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.3%** |
| **Real Estate - 1.3%**<br>|  |  |
| Equity LifeStyle Properties, Inc. | 118500 | 7192950  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $7,045,904)** |  | 7192950  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $363,748,686)** |  | $547335815  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 1.1%<sup>(b)</sup> |  | 6169439  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 381142  |
| **TOTAL NET ASSETS - 100.0%** |  | $553886396 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<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 September 30, 2025 was 3.95%. 

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.4%**<br>|  |  |
| **Austria - 2.2%**<br>|  |  |
| Erste Group Bank AG | 6890 | $673024  |
| **Canada - 7.2%**<br>|  |  |
| Brookfield Corp. | 11750 | 806214  |
| Cameco Corp. | 16850 | 1414155  |
|  |  | 2220369  |
| **France - 3.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 600 | 366657  |
| TotalEnergies SE | 11150 | 677181  |
|  |  | 1043838  |
| **Germany - 6.9%**<br>|  |  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1700 | 1084567  |
| Nemetschek SE | 6150 | 800023  |
| Symrise AG | 3000 | 260781  |
|  |  | 2145371  |
| **Hong Kong - 1.6%**<br>|  |  |
| AIA Group Ltd. | 51740 | 496327  |
| **Ireland - 2.9%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 3550 | 467890  |
| Medtronic PLC | 4550 | 433342  |
|  |  | 901232  |
| **Japan - 16.9%**<br>|  |  |
| Daikin Industries Ltd. | 4700 | 542827  |
| FANUC Corp. | 13100 | 377538  |
| Mitsubishi UFJ Financial Group, Inc. | 32800 | 530975  |
| MonotaRO Co. Ltd. | 46500 | 677919  |
| NIDEC CORP | 10100 | 179858  |
| Otsuka Holdings Co. Ltd. | 12500 | 664283  |
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings <br>Corp. | 78000 | 514251  |
| Sony Financial Group, Inc.<sup>(a)</sup> | 33300 | 36929  |
| Sony Group Corp. | 33300 | 959020  |
| Tokyo Century Corp. | 60700 | 774527  |
|  |  | 5258127  |
| **Netherlands - 1.0%**<br>|  |  |
| Heineken NV | 4100 | 319721  |
| **Singapore - 3.0%**<br>|  |  |
| DBS Group Holdings Ltd. | 23820 | 944527  |
| **Sweden - 1.4%**<br>|  |  |
| Assa Abloy AB - Class B | 12400 | 430175  |
| **Switzerland - 2.7%**<br>|  |  |
| Alcon AG | 6960 | 518120  |
| DSM-Firmenich AG | 3600 | 306513  |
|  |  | 824633  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United Kingdom - 3.0%**<br>|  |  |
| GSK PLC | 22800 | $482800  |
| Rentokil Initial PLC | 87950 | 444511  |
|  |  | 927311  |
| **United States - 42.2%<sup>(b)</sup>** <br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1400 | 493850  |
| Alphabet, Inc. - Class C | 3350 | 815893  |
| Amgen, Inc. | 2350 | 663170  |
| Capital One Financial Corp. | 3000 | 637740  |
| Coca-Cola Co. | 8200 | 543824  |
| Danaher Corp. | 2350 | 465911  |
| Dolby Laboratories, Inc. - Class A | 5950 | 430601  |
| FirstCash Holdings, Inc. | 5500 | 871310  |
| FMC Corp. | 5500 | 184965  |
| General Dynamics Corp. | 1900 | 647900  |
| Lennar Corp. - Class A | 8350 | 1052434  |
| Martin Marietta Materials, Inc. | 1700 | 1071476  |
| Microchip Technology, Inc. | 8900 | 571558  |
| Microsoft Corp. | 2400 | 1243080  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 15300 | 376839  |
| Oshkosh Corp. | 5350 | 693895  |
| Procter & Gamble Co. | 2950 | 453267  |
| QUALCOMM, Inc. | 3600 | 598896  |
| RPM International, Inc. | 4800 | 565824  |
| Uber Technologies, Inc.<sup>(a)</sup> | 7400 | 724978  |
|  |  | 13107411  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,505,326)** |  | 29292066  |
| **PREFERRED STOCKS - 2.3%**<br>|  |  |
| **South Korea - 2.3%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 14800 | 700417  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $260,487)** |  | 700417  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.7%** <br>**(Cost $17,765,813)** |  | $29992483  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.7%<sup>(c)</sup> |  | 835896  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 198032  |
| **TOTAL NET ASSETS - 100.0%** |  | $31026411 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle/Saul Global Equity Fund** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)(Continued)** 

<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 September 30, 2025 was 3.95%. 

**Sector Classification as of September 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Financials | $6856140 | 22.1% |
| Information Technology  | 4838425 | 15.6  |
| Industrials  | 4719601 | 15.1  |
| Health Care  | 3695516 | 11.9  |
| Consumer Discretionary  | 3269201 | 10.6  |
| Materials  | 2389559 | 7.7  |
| Energy  | 2091336 | 6.8  |
| Consumer Staples  | 1316812 | 4.3  |
| Communication Services  | 815893 | 2.6  |
| Other Assets in Excess of Liabilities  | 1033928 | 3.3 |
|  | $31026411 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $147438136 | $551755457 | $3130251597 | $3880047344 | $216257523  |
| Interest receivable | 1293790 | 32134 | 29047947 | 30809541 | 5221  |
| Cash - interest bearing deposit account | 1173200 | 10233065 | 48006216 | 234674977 | 1910258  |
| Receivable for fund shares sold | 2269 | 1527 | 4773854 | 5394720 | 1897  |
| Receivable for investments sold |  |  | 1026955 | 494598209 | —  |
| Dividends receivable |  | 104902 |  |  | 9867  |
| Cash |  |  |  | 503750 | —  |
| Prepaid expenses and other assets |  | 1435 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 149907395 | 562128520 | 3213106569 | 4646028541 | 218184766  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 601335 |  | 31679678 | 756563942 | —  |
| Payable to adviser | 57092 | 298270 | 1366275 | 2295377 | 124225  |
| Payable for capital shares redeemed | 42708 | 263236 | 9729138 | 13567228 | 70991  |
| Payable to directors | 785 | 5402 | 32676 | 45383 | 2758  |
| Distributions payable |  |  | 1178341 | 3056246 | —  |
| Interest payable |  |  |  | 122302 | —  |
|  Payable for distribution and shareholder servicing fees |  | 210 | 67856 | 147556 | 499  |
| Payable for expenses and other liabilities | 103 | 493 | 2821 | 7516 | 204  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 702023 | 567611 | 44056785 | 775805550 | 198677  |
| **NET ASSETS** | $149205372 | $561560909 | $3169049784 | $3870222991 | $217986089  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $150828241 | $332755215 | $3241206675 | $4158966710 | $77818672  |
| Total distributable earnings/(accumulated losses) | (1622869) | 228805694 | (72156891) | (288743719) | 140167417  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $149205372 | $561560909 | $3169049784 | $3870222991 | $217986089  |
| **Class A** <br>|  |  |  |  |  |
| Net assets | $— | $1039544 | $130774173 | $252958739 | $2492170  |
| Shares issued and outstanding<sup>(a)</sup> |  | 65120 | 13374454 | 26872348 | 219601  |
| Net asset value per share | $— | $15.96 | $9.78 | $9.41 | $11.35  |
|  Max offering price per share (Net asset value per share dividend by 0.9575, 0.9575, 0.97 and 0.9575) | $— | $16.67 | $10.21 | $9.70 | $11.85  |
| **Class C** <br>|  |  |  |  |  |
| Net assets | $— | $— | $50016669 | $115767391 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | 5117839 | 12314453 | —  |
| Net asset value per share | $— | $— | $9.77 | $9.40 | $—  |
| **Class I** <br>|  |  |  |  |  |
| Net assets | $142535304 | $342114418 | $762916204 | $1572731079 | $215383894  |
| Shares issued and outstanding<sup>(a)</sup> | 16136113 | 20869814 | 77932002 | 166857400 | 12175500  |
| Net asset value per share | $8.83 | $16.39 | $9.79 | $9.43 | $17.69  |
| **Class I-2** <br>|  |  |  |  |  |
| Net assets | $6670068 | $218406947 | $2225342738 | $1928765782 | $110025  |
| Shares issued and outstanding<sup>(a)</sup> | 757061 | 7451931 | 226919957 | 204159173 | 6219  |
| Net asset value per share | $8.81 | $29.31 | $9.81 | $9.45 | $17.69  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $145534385 | $334366798 | $3125859783 | $3852480566 | $116530552 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(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 | $97336542 | $534755679 | &nbsp;&nbsp; $5120514 | &nbsp;&nbsp; $3154703 | $143047568  |
| Investments in affiliated securities, at value |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 140405442  |
| Cash - interest bearing deposit account | 7292445 | 13429527 | &nbsp;&nbsp; 212014 | &nbsp;&nbsp; 137991 | 708464  |
| Interest receivable | 1836045 | 57659 | &nbsp;&nbsp; 39771 | &nbsp;&nbsp; 19683 | 1539  |
| Receivable for investments sold | 627862 | 9811408 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 130564  |
| Receivable for fund shares sold | 23506 | 235382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 104754  |
| Dividends receivable |  | 1577140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Dividend tax reclaims receivable |  | 2063575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Cash |  |  | &nbsp;&nbsp; 4154 | &nbsp;&nbsp; — | —  |
| Receivable from Adviser |  |  | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 15 | —  |
| Prepaid expenses and other assets | 30971 | 6501 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 107147371 | 561936871 | &nbsp;&nbsp; 5376685 | &nbsp;&nbsp; 3312392 | 284398331  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 1930824 | 2815873 | &nbsp;&nbsp; 202719 | &nbsp;&nbsp; — | —  |
| Payable for capital shares redeemed | 54055 | 197405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 235317  |
| Payable to adviser | 46160 | 361738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 104567  |
| Payable for distribution and shareholder servicing fees | 1711 | 352 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 66243  |
| Payable to directors | 1210 | 6069 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 15 | 2842  |
| Distributions payable | 984 |  | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 38 | 6  |
| Payable for expenses and other liabilities | 70 | 533 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 | 248  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2035014 | 3381970 | &nbsp;&nbsp; 202756 | &nbsp;&nbsp; 55 | 409223  |
| **NET ASSETS** | $105112357 | $558554901 | &nbsp;&nbsp; $5173929 | &nbsp;&nbsp; $3312337 | $283989108  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $124308715 | $396387167 | &nbsp;&nbsp; $5153991 | &nbsp;&nbsp; $3290749 | $209495695  |
| Total distributable earnings/(accumulated losses) | (19196358) | 162167734 | &nbsp;&nbsp; 19938 | &nbsp;&nbsp; 21588 | 74493413  |
| Total net assets | $105112357 | $558554901 | &nbsp;&nbsp; $5173929 | &nbsp;&nbsp; $3312337 | $283989108  |
| **Class A** <br>|  |  |  |  |  |
| Net assets | $6412186 | $1704899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $258299224  |
| Shares issued and outstanding<sup>(a)</sup> | 675792 | 143259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 16622191  |
| Net asset value per share | $9.49 | $11.90 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $15.54  |
|  Max offering price per share (Net asset value per share dividend by 0.9575, 0.9575 and 0.945) | $9.91 | $12.43 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $16.44  |
| **Class C** <br>|  |  |  |  |  |
| Net assets | $472924 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $16452108  |
| Shares issued and outstanding<sup>(a)</sup> | 49937 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1159659  |
| Net asset value per share | $9.47 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $14.19  |
| **Class I** <br>|  |  |  |  |  |
| Net assets | $81435363 | $115038205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 8711320 | 8958110 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Net asset value per share | $9.35 | $12.84 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $—  |

---

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** 

**September 30, 2025 (Unaudited)(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 | $16791884 | $441811797 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $9237776  |
| Shares issued and outstanding<sup>(a)</sup> | 1764183 | 27835797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 583707  |
| Net asset value per share | $9.52 | $15.87 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $15.83  |
| **Aristotle Pacific EXclusive Fund Series H** <br>|  |  |  |  |  |
| Net assets | $— | $— | &nbsp;&nbsp; $5173929 | &nbsp;&nbsp; $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | &nbsp;&nbsp; 515355 | &nbsp;&nbsp; — | —  |
| Net asset value per share | $— | $— | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $— | $—  |
| **Aristotle Pacific EXclusive Fund Series I** <br>|  |  |  |  |  |
| Net assets | $— | $— | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3312337 | $—  |
| Shares issued and outstanding<sup>(a)</sup> |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 328959 | —  |
| Net asset value per share | $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10.07 | $—  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $96040132 | $382612932 | &nbsp;&nbsp; $5101043 | &nbsp;&nbsp; $3135858 | $124730572  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $99846653 |

---

<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 ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(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 | $28016913 | $277602497 | $50357352 | &nbsp;&nbsp; $212704976 | $993795778  |
| Investments in affiliated securities, at value | 97018125 | 376573912 | 140190805 | &nbsp;&nbsp; 479048318 | —  |
| Cash - interest bearing deposit account | 172939 | 1516862 | 272546 | &nbsp;&nbsp; 1154864 | 29155061  |
| Receivable for investments sold | 29160 | 126944 | 118994 | &nbsp;&nbsp; — | 2384932  |
| Receivable for fund shares sold | 8667 | 55037 | 6970 | &nbsp;&nbsp; 229079 | 643588  |
| Interest receivable | 486 | 3569 | 706 | &nbsp;&nbsp; 2859 | 8663067  |
| Dividends receivable |  |  | 574 | &nbsp;&nbsp; 5536 | —  |
| Prepaid expenses and other assets |  |  | 296 | &nbsp;&nbsp; 566 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 125246290 | 655878821 | 190948243 | &nbsp;&nbsp; 693146198 | 1034642426  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable to adviser | 46350 | 107181 | 70581 | &nbsp;&nbsp; 255645 | 371674  |
| Payable for capital shares redeemed | 37827 | 181980 | 125964 | &nbsp;&nbsp; 224513 | 1612833  |
|  Payable for distribution and shareholder servicing fees | 29974 | 284143 | 42799 | &nbsp;&nbsp; 156297 | 36588  |
| Payable to directors | 1356 | 6718 | 2022 | &nbsp;&nbsp; 7206 | 10316  |
| Distributions payable | 12 | 8 |  | &nbsp;&nbsp; 116 | 100277  |
| Payable for investments purchased |  |  |  | &nbsp;&nbsp; 4567 | 30737943  |
| Payable for expenses and other liabilities | 117 | 580 | 176 | &nbsp;&nbsp; 624 | 755  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 115636 | 580610 | 241542 | &nbsp;&nbsp; 648968 | 32870386  |
| **NET ASSETS** | $125130654 | $655298211 | $190706701 | &nbsp;&nbsp; $692497230 | $1001772040  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $121964341 | $492780772 | $175214704 | &nbsp;&nbsp; $551184380 | $1015077331  |
| Total distributable earnings/(accumulated losses) | 3166313 | 162517439 | 15491997 | &nbsp;&nbsp; 141312850 | (13305291)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $125130654 | $655298211 | $190706701 | &nbsp;&nbsp; $692497230 | $1001772040  |
| **Class A** <br>|  |  |  |  |  |
| Net assets | $111539459 | $611321835 | $180328210 | &nbsp;&nbsp; $641514183 | $86224315  |
| Shares issued and outstanding<sup>(a)</sup> | 10516162 | 43584149 | 15934322 | &nbsp;&nbsp; 49922812 | 8378609  |
| Net asset value per share | $10.61 | $14.03 | $11.32 | &nbsp;&nbsp; $12.85 | $10.29  |
|  Max offering price per share (Net asset value per share dividend by 0.945, 0.945, 0.945, 0.945 and 0.97) | $11.22 | $14.84 | $11.98 | &nbsp;&nbsp; $13.60 | $10.61  |
| **Class C** <br>|  |  |  |  |  |
| Net assets | $8480458 | $30774863 | $6869081 | &nbsp;&nbsp; $30411084 | $22480776  |
| Shares issued and outstanding<sup>(a)</sup> | 844870 | 2348842 | 643348 | &nbsp;&nbsp; 2506192 | 2190577  |
| Net asset value per share | $10.04 | $13.10 | $10.68 | &nbsp;&nbsp; $12.13 | $10.26  |
| **Class I** <br>|  |  |  |  |  |
| Net assets | $— | $— | $— | &nbsp;&nbsp; $— | $365945751  |
| Shares issued and outstanding<sup>(a)</sup> |  |  |  | &nbsp;&nbsp; — | 35608783  |
| Net asset value per share | $— | $— | $— | &nbsp;&nbsp; $— | $10.28  |

---

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** 

**September 30, 2025 (Unaudited)(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 | $5110737 | $13201513 | $3509410 | &nbsp;&nbsp; $20571963 | $527121198  |
| Shares issued and outstanding<sup>(a)</sup> | 475212 | 923972 | 304830 | &nbsp;&nbsp; 1574827 | 51183945  |
| Net asset value per share | $10.75 | $14.29 | $11.51 | &nbsp;&nbsp; $13.06 | $10.30  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $25737431 | $247255120 | $45528617 | &nbsp;&nbsp; $190155449 | $984067744  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $90873128 | $295360932 | $125905201 | &nbsp;&nbsp; $397835338 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(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 | $139680946 | &nbsp;&nbsp; $28327461 | $3988063759 | $27194592 | $547335815  |
| Cash - interest bearing deposit account | 2095604 | &nbsp;&nbsp; 361431 | 57540919 | 1290939 | 6169439  |
| Dividends receivable | 95644 | &nbsp;&nbsp; 14608 |  |  | 675007  |
| Interest receivable | 7571 | &nbsp;&nbsp; 989 | 54398518 | 183080 | 25900  |
| Receivable for fund shares sold | 4379 | &nbsp;&nbsp; 10025 | 5433353 | 140125 | 62904  |
| Dividend tax reclaims receivable | 313 | &nbsp;&nbsp; 114 |  |  | 158407  |
| Receivable for investments sold |  | &nbsp;&nbsp; — | 26915286 |  | —  |
| Prepaid expenses and other assets | 1380 | &nbsp;&nbsp; — |  | 132 | 2992  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 141885837 | &nbsp;&nbsp; 28714628 | 4132351835 | 28808868 | 554430464  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable to adviser | 105150 | &nbsp;&nbsp; 21369 | 2227577 | 6953 | 313855  |
| Payable for capital shares redeemed | 23355 | &nbsp;&nbsp; 25 | 10351775 | 12369 | 222797  |
| Payable to directors | 1960 | &nbsp;&nbsp; 448 | 40754 | 465 | 6849  |
|  Payable for distribution and shareholder servicing fees | 1349 | &nbsp;&nbsp; 3062 | 136912 | 198 | 49  |
| Distributions payable |  | &nbsp;&nbsp; — | 2174451 |  | —  |
| Payable for investments purchased |  | &nbsp;&nbsp; — | 66348202 | 597831 | —  |
| Payable for expenses and other liabilities | 135 | &nbsp;&nbsp; 410 | 4051 | 34 | 518  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 131949 | &nbsp;&nbsp; 25314 | 81283722 | 617850 | 544068  |
| **NET ASSETS** | $141753888 | &nbsp;&nbsp; $28689314 | $4051068113 | $28191018 | $553886396  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $105521000 | &nbsp;&nbsp; $21211142 | $4090906202 | $27886767 | $331138602  |
| Total distributable earnings/(accumulated losses) | 36232888 | &nbsp;&nbsp; 7478172 | (39838089) | 304251 | 222747794  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $141753888 | &nbsp;&nbsp; $28689314 | $4051068113 | $28191018 | $553886396  |
| **Class A** <br>|  |  |  |  |  |
| Net assets | $4228293 | &nbsp;&nbsp; $10461090 | $206350247 | $967926 | $239532  |
| Shares issued and outstanding<sup>(a)</sup> | 289967 | &nbsp;&nbsp; 1503563 | 19330271 | 95128 | 21481  |
| Net asset value per share | $14.58 | &nbsp;&nbsp; $6.96 | $10.68 | $10.17 | $11.15  |
|  Max offering price per share (Net asset value per share dividend by 0.9575, 0.9575, 0.9575, 0.9575 and 0.9575) | $15.23 | &nbsp;&nbsp; $7.27 | $11.15 | $10.17 | $11.65  |
| **Class C** <br>|  |  |  |  |  |
| Net assets | $578998 | &nbsp;&nbsp; $1114570 | $116194119 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 42187 | &nbsp;&nbsp; 184530 | 10930675 |  | —  |
| Net asset value per share | $13.72 | &nbsp;&nbsp; $6.04 | $10.63 | $— | $—  |
| **Class I** <br>|  |  |  |  |  |
| Net assets | $79298 | &nbsp;&nbsp; $543679 | $562692775 | $3483559 | $580881  |
| Shares issued and outstanding<sup>(a)</sup> | 5173 | &nbsp;&nbsp; 66033 | 53112929 | 347131 | 53128  |
| Net asset value per share | $15.33 | &nbsp;&nbsp; $8.23 | $10.59 | $10.04 | $10.93  |
| **Class I-2** <br>|  |  |  |  |  |
| Net assets | $136720390 | &nbsp;&nbsp; $16569975 | $3165830972 | $23739533 | $553054307  |
| Shares issued and outstanding<sup>(a)</sup> | 8910648 | &nbsp;&nbsp; 2307452 | 296451087 | 2365518 | 23836314  |
| Net asset value per share | $15.34 | &nbsp;&nbsp; $7.18 | $10.68 | $10.04 | $23.20  |

---

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** 

**September 30, 2025 (Unaudited)(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 R6** <br>|  |  |  |  |  |
| Net assets | $146909 | &nbsp;&nbsp; $— | $— | $— | $11676  |
| Shares issued and outstanding<sup>(a)</sup> | 10153 | &nbsp;&nbsp; — |  |  | 503  |
| Net asset value per share | $14.47 | &nbsp;&nbsp; $— | $— | $— | $23.20  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $105774549 | &nbsp;&nbsp; $24529223 | $3914742633 | $27064459 | $363748686 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

75<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| **ASSETS:** <br>|  |
| Investments, at value | $29992483  |
| Cash - interest bearing deposit account | 835896  |
| Dividend tax reclaims receivable | 163406  |
| Dividends receivable | 92722  |
| Interest receivable | 2099  |
| Receivable for fund shares sold | 967  |
| Prepaid expenses and other assets | 2044  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 31089617  |
| **LIABILITIES:** <br>|  |
| Payable for investments purchased | 42783  |
| Payable to adviser | 20032  |
| Payable to directors | 363  |
| Payable for expenses and other liabilities | 28  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 63206  |
| **NET ASSETS** | $31026411  |
| **Net Assets Consists of:** <br>|  |
| Paid-in capital | $15030462  |
| Total distributable earnings | 15995949  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $31026411  |
| **Class I-2** <br>|  |
| Net assets | $31026411  |
| Shares issued and outstanding<sup>(a)</sup> | 2460002  |
| Net asset value per share | $12.61  |
| **Cost:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $17765813 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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 OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $16 | $2204247 | $— | $6860195 | &nbsp;&nbsp; $514585  |
| Interest income | 3066057 | 194760 | 81543514 | 151313976 | &nbsp;&nbsp; 44294  |
| Less: Interest withholding taxes | (1878) |  | (13523) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3064195 | 2399007 | 81529991 | 158174171 | &nbsp;&nbsp; 558879  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 218654 | 1336434 | 6163216 | 10844514 | &nbsp;&nbsp; 590386  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I <br>(See Note 3) | 77455 | 244667 | 187623 | 995600 | &nbsp;&nbsp; 159387  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I-2 <br>(See Note 3) | 3759 | 155600 | 1614579 | 1905814 | &nbsp;&nbsp; 69  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class C <br>(See Note 3) |  |  | 49141 | 119253 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class A <br>(See Note 3) |  | 663 | 129204 | 259059 | &nbsp;&nbsp; 1558  |
| Trustees' fees | 2439 | 11447 | 65190 | 86109 | &nbsp;&nbsp; 4564  |
| Legal fees | 103 | 493 | 2814 | 6844 | &nbsp;&nbsp; 204  |
| Shareholder service costs - Class C |  |  | 61426 | 149066 | &nbsp;&nbsp; —  |
| Distribution expenses - Class C |  |  | 184278 | 447199 | &nbsp;&nbsp; —  |
| Distribution expenses - Class A |  | 1106 | 161505 | 323824 | &nbsp;&nbsp; 2597  |
| Interest expense |  |  |  | 460548 | &nbsp;&nbsp; —  |
| Other expenses and fees |  |  | 1092 | 26234 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 302410 | 1750410 | 8620068 | 15624064 | &nbsp;&nbsp; 758765  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class A |  | —  | (2852) |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class C | —  |  | (1085) |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I | (2424) | (7285) | (16539) |  | &nbsp;&nbsp; (4720) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I-2 | (118) | (4635) | (47528) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 299868 | 1738490 | 8552064 | 15624064 | &nbsp;&nbsp; 754045  |
| **Net investment income/(loss)** | 2764327 | 660517 | 72977927 | 142550107 | &nbsp;&nbsp; (195166)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1015334) | 7207478 | (5139073) | (20436723) | &nbsp;&nbsp; 17921402  |
| Net realized gain (loss) | (1015334) | 7207478 | (5139073) | (20436723) | &nbsp;&nbsp; 17921402  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2998203 | 99091784 | 51510282 | 42413965 | &nbsp;&nbsp; 36899064  |
|  Net change in unrealized appreciation (depreciation) | 2998203 | 99091784 | 51510282 | 42413965 | &nbsp;&nbsp; 36899064  |
| **Net realized and unrealized gain (loss)** | 1982869 | 106299262 | 46371209 | 21977242 | &nbsp;&nbsp; 54820466  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4747196 | $106959779 | $119349136 | $164527349 | &nbsp;&nbsp; $54625300 |

---

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 OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(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 - unaffiliated | $— | $8963927 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $1061946  |
| Dividend income - affiliated |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 352970  |
| Non cash dividend income |  | 1117125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Less: Dividend withholding taxes |  | (715767) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Interest income | 3661361 | 370836 | &nbsp;&nbsp;&nbsp;&nbsp; 77217 | &nbsp;&nbsp;&nbsp;&nbsp; 43221 | 7610  |
| Less: Interest withholding taxes | (487) |  | &nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Other income |  | 378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 4843  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3660874 | 9736499 | &nbsp;&nbsp;&nbsp;&nbsp; 77041 | &nbsp;&nbsp;&nbsp;&nbsp; 43221 | 1427369  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 249165 | 1729410 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 269110  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I <br>(See Note 3) | 19251 | 125333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I-2 <br>(See Note 3) | 11971 | 392051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 11044  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class A <br>(See Note 3) | 6239 | 1438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 304602  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class C <br>(See Note 3) | 463 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 20741  |
| Distribution expenses - Class A | 7799 | 1998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 304602  |
| Distribution expenses - Class C | 1734 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 62224  |
| Trustees' fees | 2132 | 12375 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | 5740  |
| Shareholder service costs - Class C | 578 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 20741  |
| Legal fees | 93 | 533 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | 248  |
| Income tax expense |  | 4337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Other expenses and fees | 364 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 299789 | 2267475 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 999052  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class A  | (139)  | —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class C  | (10)  | —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class H  | —  | —  | &nbsp;&nbsp;&nbsp;&nbsp;(79)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I  | (1720)  | (3102)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;(48)  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I-2  | (356)  | (9770)  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 297564 | 2254603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 999052  |
| **Net investment income** | 3363310 | 7481896 | &nbsp;&nbsp;&nbsp;&nbsp; 77041 | &nbsp;&nbsp;&nbsp;&nbsp; 43221 | 428317  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (274013) | 18364690 | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; — | 1506506  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 3248179  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 98211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| Net realized gain (loss) | (274013) | 18462901 | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; — | 4754685  |

---

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 September 30, 2025 (Unaudited)(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 | $2777826 | $39371772 | &nbsp;&nbsp;&nbsp;&nbsp; $19471 | &nbsp;&nbsp;&nbsp;&nbsp; $18845 | $16180022  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 22831326  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 144615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
|  Net change in unrealized appreciation (depreciation) | 2777826 | 39516387 | &nbsp;&nbsp;&nbsp;&nbsp; 19471 | &nbsp;&nbsp;&nbsp;&nbsp; 18845 | 39011348  |
| **Net realized and unrealized gain (loss)** | 2503813 | 57979288 | &nbsp;&nbsp;&nbsp;&nbsp; 19939 | &nbsp;&nbsp;&nbsp;&nbsp; 18845 | 43766033  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5867123 | $65461184 | &nbsp;&nbsp;&nbsp;&nbsp; $96980 | &nbsp;&nbsp;&nbsp;&nbsp; $62066 | $44194350 |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

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 OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(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 - unaffiliated | &nbsp;&nbsp; $367521 | $2453755 | $482887 | &nbsp;&nbsp; $1889542 | &nbsp;&nbsp; $—  |
| Dividend income - affiliated  | &nbsp;&nbsp; 2114450  | 2998171  | 2494359  | &nbsp;&nbsp; 5889420  | &nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp; 3450 | 18424 | 4759 | &nbsp;&nbsp; 16852 | &nbsp;&nbsp; 24528732  |
| Other income | &nbsp;&nbsp; 705 | 3464 | 705 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 2486126 | 5473814 | 3002710 | &nbsp;&nbsp; 7796519 | &nbsp;&nbsp; 24528732  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Distribution expenses - Class A | &nbsp;&nbsp; 139372 | 725563 | 221820 | &nbsp;&nbsp; 776355 | &nbsp;&nbsp; 111718  |
| Distribution expenses - Class C | &nbsp;&nbsp; 34429 | 122093 | 29627 | &nbsp;&nbsp; 120663 | &nbsp;&nbsp; 85015  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class A <br>(See Note 3) | &nbsp;&nbsp; 139372 | 725563 | 221820 | &nbsp;&nbsp; 776355 | &nbsp;&nbsp; 111718  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class C <br>(See Note 3) | &nbsp;&nbsp; 11476 | 40698 | 9876 | &nbsp;&nbsp; 40221 | &nbsp;&nbsp; 28338  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I-2 <br>(See Note 3) | &nbsp;&nbsp; 5694 | 15772 | 4065 | &nbsp;&nbsp; 23739 | &nbsp;&nbsp; 626879  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I <br>(See Note 3) | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 251226  |
| Investment advisory fee | &nbsp;&nbsp; 125234 | 625627 | 188608 | &nbsp;&nbsp; 672252 | &nbsp;&nbsp; 1241672  |
| Shareholder service costs - Class C | &nbsp;&nbsp; 11476 | 40698 | 9876 | &nbsp;&nbsp; 40221 | &nbsp;&nbsp; 28338  |
| Trustees' fees | &nbsp;&nbsp; 2710 | 13407 | 4075 | &nbsp;&nbsp; 14439 | &nbsp;&nbsp; 20782  |
| Legal fees | &nbsp;&nbsp; 116 | 580 | 174 | &nbsp;&nbsp; 624 | &nbsp;&nbsp; 899  |
| Other expenses and fees | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 469  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 469879 | 2310001 | 689941 | &nbsp;&nbsp; 2464869 | &nbsp;&nbsp; 2507054  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class A | &nbsp;&nbsp; — | —  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (1948) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class C | &nbsp;&nbsp; —  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(495) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I | &nbsp;&nbsp; —  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (7838) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I-2 | &nbsp;&nbsp; (1) | —  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (11400)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 469878 | 2310001 | 689941 | &nbsp;&nbsp; 2464869 | &nbsp;&nbsp; 2485373  |
| **Net investment income** | &nbsp;&nbsp; 2016248 | 3163813 | 2312769 | &nbsp;&nbsp; 5331650 | &nbsp;&nbsp; 22043359  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; 656929 | 945989 | 810254 | &nbsp;&nbsp; 2417420 | &nbsp;&nbsp; 1312531  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; 451492 | 8369483 | 1711532 | &nbsp;&nbsp; 6025238 | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp; 1108421 | 9315472 | 2521786 | &nbsp;&nbsp; 8442658 | &nbsp;&nbsp; 1312531  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; (307134) | 31777680 | 4553987 | &nbsp;&nbsp; 22417523 | &nbsp;&nbsp; 6041691  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | &nbsp;&nbsp; 5883300 | 43746072 | 8027208 | &nbsp;&nbsp; 45030385 | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5576166 | 75523752 | 12581195 | &nbsp;&nbsp; 67447908 | &nbsp;&nbsp; 6041691  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 6684587 | 84839224 | 15102981 | &nbsp;&nbsp; 75890566 | &nbsp;&nbsp; 7354222  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $8700835 | $88003037 | $17415750 | &nbsp;&nbsp; $81222216 | &nbsp;&nbsp; $29397581 |

---

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 OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(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** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $942775 | &nbsp;&nbsp;&nbsp; $211167 | $— | &nbsp;&nbsp;&nbsp; $— | $5351375  |
| Less: Issuance fees | (208) | &nbsp;&nbsp;&nbsp;&nbsp;(42) |  | &nbsp;&nbsp;&nbsp; — | (37642)  |
| Less: Dividend withholding taxes | (558) | &nbsp;&nbsp;&nbsp;&nbsp;(223) |  | &nbsp;&nbsp;&nbsp; — | (76624)  |
| Interest income | 44436 | &nbsp;&nbsp;&nbsp; 7491 | 121287838 | &nbsp;&nbsp;&nbsp; 813688 | 142241  |
| Less: Interest withholding taxes |  | &nbsp;&nbsp;&nbsp; — | (42551) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 986445 | &nbsp;&nbsp;&nbsp; 218393 | 121245287 | &nbsp;&nbsp;&nbsp; 813688 | 5379350  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 456549 | &nbsp;&nbsp;&nbsp; 98777 | 9740150 | &nbsp;&nbsp;&nbsp; 41218 | 1510715  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I-2 <br>(See Note 3) | 169604 | &nbsp;&nbsp;&nbsp; 23286 | 2867679 | &nbsp;&nbsp;&nbsp; 8644 | 384284  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class A <br>(See Note 3) | 5009 | &nbsp;&nbsp;&nbsp; 12637 | 191660 | &nbsp;&nbsp;&nbsp; 308 | 157  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class C <br>(See Note 3) | 720 | &nbsp;&nbsp;&nbsp; 1367 | 107942 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class R6 <br>(See Note 3) | 141 | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | 3  |
| &nbsp;&nbsp;&nbsp; Supervision and administration fee - Class I <br>(See Note 3) | 87 | &nbsp;&nbsp;&nbsp; 561 | 252936 | &nbsp;&nbsp;&nbsp; 2590 | 97  |
| Distribution expenses - Class A | 5009 | &nbsp;&nbsp;&nbsp; 12637 | 252184 | &nbsp;&nbsp;&nbsp; 1099 | 280  |
| Distribution expenses - Class C | 2160 | &nbsp;&nbsp;&nbsp; 4100 | 426085 | &nbsp;&nbsp;&nbsp; — | —  |
| Trustees' fees | 2926 | &nbsp;&nbsp;&nbsp; 646 | 81848 | &nbsp;&nbsp;&nbsp; 781 | 11570  |
| Shareholder service costs - Class C | 720 | &nbsp;&nbsp;&nbsp; 1366 | 142029 | &nbsp;&nbsp;&nbsp; — | —  |
| Legal fees | 135 | &nbsp;&nbsp;&nbsp; 30 | 3536 | &nbsp;&nbsp;&nbsp; 34 | 517  |
| Other expenses and fees |  | &nbsp;&nbsp;&nbsp; — | 1967 | &nbsp;&nbsp;&nbsp; 90 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 643060 | &nbsp;&nbsp;&nbsp; 155407 | 14068016 | &nbsp;&nbsp;&nbsp; 54764 | 1907623  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class A  | —  | &nbsp;&nbsp;&nbsp; —  | (4420)  | &nbsp;&nbsp;&nbsp;&nbsp;(22)  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class C  | —  | &nbsp;&nbsp;&nbsp; —  | (2489) | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I  | (1)  | &nbsp;&nbsp;&nbsp;&nbsp;(12)  | (12316)  | &nbsp;&nbsp;&nbsp;&nbsp;(182)  | (3) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class I-2  | (2957) | &nbsp;&nbsp;&nbsp; —  | (66159)  | &nbsp;&nbsp;&nbsp;&nbsp;(612)  | (12080) |
| &nbsp;&nbsp;&nbsp; Expense Reimbursement - Class R6  | (3) | &nbsp;&nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 640099 | &nbsp;&nbsp;&nbsp; 155395 | 13982632 | &nbsp;&nbsp;&nbsp; 53948 | 1895540  |
| **Net investment income** | 346346 | &nbsp;&nbsp;&nbsp; 62998 | 107262655 | &nbsp;&nbsp;&nbsp; 759740 | 3483810  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4633221 | &nbsp;&nbsp;&nbsp; 1377870 | (8897458) | &nbsp;&nbsp;&nbsp; 80550 | 19605701  |
| Net realized gain (loss) | 4633221 | &nbsp;&nbsp;&nbsp; 1377870 | (8897458) | &nbsp;&nbsp;&nbsp; 80550 | 19605701  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3525497 | &nbsp;&nbsp;&nbsp; 752178 | 101140016 | &nbsp;&nbsp;&nbsp; 30448 | 24706533  |
|  Net change in unrealized appreciation (depreciation) | 3525497 | &nbsp;&nbsp;&nbsp; 752178 | 101140016 | &nbsp;&nbsp;&nbsp; 30448 | 24706533  |
| **Net realized and unrealized gain (loss)** | 8158718 | &nbsp;&nbsp;&nbsp; 2130048 | 92242558 | &nbsp;&nbsp;&nbsp; 110998 | 44312234  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $8505064 | &nbsp;&nbsp;&nbsp; $2193046 | $199505213 | &nbsp;&nbsp;&nbsp; $870738 | $47796044 |

---

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 OPERATIONS** 

**For the Period Ended September 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
|  | **Aristotle/Saul** <br>**Global** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** <br>|  |
| Dividend income | &nbsp;&nbsp; $461176  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (24715)  |
| Non cash dividend income | &nbsp;&nbsp; (42566)  |
| Interest income | &nbsp;&nbsp; 12580  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 406475  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | &nbsp;&nbsp; 92671  |
| Supervision and administration fee - Class I-2 (See Note 3) | &nbsp;&nbsp; 27792  |
| Supervision and administration fee - Class A (See Note 3) | &nbsp;&nbsp; 5  |
| Supervision and administration fee - Class I (See Note 3) | &nbsp;&nbsp; 5  |
| Income tax expense | &nbsp;&nbsp; 3899  |
| Trustees' fees | &nbsp;&nbsp; 651  |
| Legal fees | &nbsp;&nbsp; 28  |
| Distribution expenses - Class A | &nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 125058  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement - Class I-2 (See Note 3) | &nbsp;&nbsp; (679)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 124379  |
| **Net investment income** | &nbsp;&nbsp; 282096  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 2031103  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 10417  |
| Net realized gain (loss) | &nbsp;&nbsp; 2041520  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 1902609  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 10855  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1913464  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 3954984  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $4237080 |

---

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** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Core Bond Fund** | **Aristotle Core Bond Fund** | **Aristotle Core Equity Fund**  | **Aristotle Core Equity Fund**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $2764327 | &nbsp;&nbsp; $963356 | &nbsp;&nbsp;&nbsp;&nbsp; $660517 | $1064167  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (1015334) | &nbsp;&nbsp; (755496) | &nbsp;&nbsp;&nbsp;&nbsp; 7207478 | 13673746  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 2998203 | &nbsp;&nbsp; 1130233 | &nbsp;&nbsp;&nbsp;&nbsp; 99091784 | 2275091  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 4747196 | &nbsp;&nbsp; 1338093 | &nbsp;&nbsp;&nbsp;&nbsp; 106959779 | 17013004  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (15001)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (2634517) | &nbsp;&nbsp; (563432) | &nbsp;&nbsp;&nbsp;&nbsp; — | (5721576)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (121053) | &nbsp;&nbsp; (410249) | &nbsp;&nbsp;&nbsp;&nbsp; — | (4423358)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (2755570) | &nbsp;&nbsp; (973681) | &nbsp;&nbsp;&nbsp;&nbsp; — | (10159935)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315230 | 1000393  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 15002  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (441737) | (15461)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 136789359 | &nbsp;&nbsp; 15905128 | &nbsp;&nbsp;&nbsp;&nbsp; 23566429 | 141160142  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 2634517 | &nbsp;&nbsp; 563432 | &nbsp;&nbsp;&nbsp;&nbsp; — | 5721576  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (25342030) | &nbsp;&nbsp; (8021088) | &nbsp;&nbsp;&nbsp;&nbsp; (46629529) | (73737281)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 7278774 | &nbsp;&nbsp; 558635 | &nbsp;&nbsp;&nbsp;&nbsp; 8167543 | 18960868  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 121053 | &nbsp;&nbsp; 410249 | &nbsp;&nbsp;&nbsp;&nbsp; — | 4422271  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (13391116) | &nbsp;&nbsp; (1010) | &nbsp;&nbsp;&nbsp;&nbsp; (22027200) | (24452223)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 108090557 | &nbsp;&nbsp; 9415346 | &nbsp;&nbsp;&nbsp;&nbsp; (37049264) | 73075287  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 110082183 | &nbsp;&nbsp; 9779758 | &nbsp;&nbsp;&nbsp;&nbsp; 69910515 | 79928356  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 39123189 | &nbsp;&nbsp; 29343431 | &nbsp;&nbsp;&nbsp;&nbsp; 491650394 | 411722038  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $149205372 | &nbsp;&nbsp; $39123189 | &nbsp;&nbsp;&nbsp;&nbsp; $561560909 | $491650394  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21157 | 72580  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 1047  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32646) | (1104)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 15708930 | &nbsp;&nbsp; 1828448 | &nbsp;&nbsp;&nbsp;&nbsp; 1624894 | 9778426  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 301635 | &nbsp;&nbsp; 65305 | &nbsp;&nbsp;&nbsp;&nbsp; — | 389398  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (2916524) | &nbsp;&nbsp; (928451) | &nbsp;&nbsp;&nbsp;&nbsp; (3112150) | (5305259)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 836431 | &nbsp;&nbsp; 64971 | &nbsp;&nbsp;&nbsp;&nbsp; 318326 | 757965  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 13876 | &nbsp;&nbsp; 47516 | &nbsp;&nbsp;&nbsp;&nbsp; — | 168520  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (1545298) | &nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp; (820504) | (985348)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 12399050 | &nbsp;&nbsp; 1077672 | &nbsp;&nbsp;&nbsp;&nbsp; (2000923) | 4876225 |

---

The accompanying notes are an integral part of these financial statements.

83<br>

------

**[**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** |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $72977927 | $139130339 | &nbsp;&nbsp;&nbsp; $142550107 | $332679063  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (5139073) | (15614593) | &nbsp;&nbsp;&nbsp; (20436723) | (47604755)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 51510282 | 8610573 | &nbsp;&nbsp;&nbsp; 42413965 | (48997666)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 119349136 | 132126319 | &nbsp;&nbsp;&nbsp; 164527349 | 236076642  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp; (2873681) | (5339586) | &nbsp;&nbsp;&nbsp; (9063434) | (20568730)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp; (907429) | (1709540) | &nbsp;&nbsp;&nbsp; (3724486) | (8371337)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp; (18206374) | (37448085) | &nbsp;&nbsp;&nbsp; (60757625) | (141444297)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp; (50958273) | (95903323) | &nbsp;&nbsp;&nbsp; (69052356) | (162237252)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (72945757) | (140400534) | &nbsp;&nbsp;&nbsp; (142597901) | (332621616)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp; 22027340 | 51095334 | &nbsp;&nbsp;&nbsp; 19832218 | 90831137  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp; 2708550 | 5076527 | &nbsp;&nbsp;&nbsp; 8505361 | 19109676  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp; (20248557) | (37026325) | &nbsp;&nbsp;&nbsp; (46791721) | (99513891)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp; 4777186 | 26663279 | &nbsp;&nbsp;&nbsp; 7104225 | 43388786  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp; 852916 | 1605467 | &nbsp;&nbsp;&nbsp; 3596681 | 8123117  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp; (7419305) | (10041578) | &nbsp;&nbsp;&nbsp; (19555232) | (42398766)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp; 111431461 | 361783140 | &nbsp;&nbsp;&nbsp; 204661269 | 867390088  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp; 17859060 | 36834211 | &nbsp;&nbsp;&nbsp; 47282798 | 101446506  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp; (198333287) | (208132747) | &nbsp;&nbsp;&nbsp; (526280310) | (731962279)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp; 346120566 | 1182871871 | &nbsp;&nbsp;&nbsp; 338186292 | 1161402001  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp; 44852489 | 84310198 | &nbsp;&nbsp;&nbsp; 63798355 | 148945986  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp; (364111050) | (649555745) | &nbsp;&nbsp;&nbsp; (536323683) | (1128088972)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (39482631) | 845483632 | &nbsp;&nbsp;&nbsp; (435983747) | 438673389  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 6920748 | 837209417 | &nbsp;&nbsp;&nbsp; (414054299) | 342128415  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 3162129036 | 2324919619 | &nbsp;&nbsp;&nbsp; 4284277290 | 3942148875  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $3169049784 | $3162129036 | &nbsp;&nbsp;&nbsp; $3870222991 | $4284277290  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp; 2290262 | 5258679 | &nbsp;&nbsp;&nbsp; 2114480 | 9563524  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp; 280558 | 526681 | &nbsp;&nbsp;&nbsp; 906304 | 2015141  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp; (2094977) | (3824628) | &nbsp;&nbsp;&nbsp; (5000760) | (10483524)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp; 492995 | 2744927 | &nbsp;&nbsp;&nbsp; 758994 | 4573892  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp; 88411 | 166644 | &nbsp;&nbsp;&nbsp; 383747 | 857712  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp; (771345) | (1041735) | &nbsp;&nbsp;&nbsp; (2089995) | (4473602)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp; 11555620 | 37358592 | &nbsp;&nbsp;&nbsp; 21834191 | 91208500  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp; 1847973 | 3818211 | &nbsp;&nbsp;&nbsp; 5031462 | 10685739  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp; (20601877) | (21524140) | &nbsp;&nbsp;&nbsp; (56296877) | (77039106)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp; 35813834 | 121902818 | &nbsp;&nbsp;&nbsp; 35950468 | 121904967  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp; 4631070 | 8721031 | &nbsp;&nbsp;&nbsp; 6773908 | 15646572  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp; (37735912) | (67154908) | &nbsp;&nbsp;&nbsp; (57315272) | (118698874)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; (4203388) | 86952172 | &nbsp;&nbsp;&nbsp; (46949350) | 45760941 |

---

The accompanying notes are an integral part of these financial statements.

84<br>

------

**[**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**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $(195166) | $(590167) | &nbsp;&nbsp;&nbsp;&nbsp; $3363310 | &nbsp;&nbsp; $6543698  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 17921402 | 38286260 | &nbsp;&nbsp;&nbsp;&nbsp; (274013) | &nbsp;&nbsp; (1457030)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 36899064 | (12969071) | &nbsp;&nbsp;&nbsp;&nbsp; 2777826 | &nbsp;&nbsp; (231548)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 54625300 | 24727022 | &nbsp;&nbsp;&nbsp;&nbsp; 5867123 | &nbsp;&nbsp; 4855120  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (91865) | &nbsp;&nbsp;&nbsp;&nbsp; (200217) | &nbsp;&nbsp; (368106)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (12650) | &nbsp;&nbsp; (30325)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | (24402852) | &nbsp;&nbsp;&nbsp;&nbsp; (2613700) | &nbsp;&nbsp; (5552867)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (1543) | &nbsp;&nbsp;&nbsp;&nbsp; (519651) | &nbsp;&nbsp; (637270)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (24496260) | &nbsp;&nbsp;&nbsp;&nbsp; (3346218) | &nbsp;&nbsp; (6588568)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 291721 | 1656172 | &nbsp;&nbsp;&nbsp;&nbsp; 2316590 | &nbsp;&nbsp; 1134216  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 91865 | &nbsp;&nbsp;&nbsp;&nbsp; 194736 | &nbsp;&nbsp; 358118  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (45717) | (97343) | &nbsp;&nbsp;&nbsp;&nbsp; (2270220) | &nbsp;&nbsp; (1365214)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 79609 | &nbsp;&nbsp; 42395  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 12650 | &nbsp;&nbsp; 30286  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (105018) | &nbsp;&nbsp; (253060)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 12035771 | 75389976 | &nbsp;&nbsp;&nbsp;&nbsp; 17731039 | &nbsp;&nbsp; 48880165  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 24402852 | &nbsp;&nbsp;&nbsp;&nbsp; 2613664 | &nbsp;&nbsp; 5552793  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (82610273) | (146016541) | &nbsp;&nbsp;&nbsp;&nbsp; (31949168) | &nbsp;&nbsp; (22657829)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 34126 | 91477 | &nbsp;&nbsp;&nbsp;&nbsp; 2349554 | &nbsp;&nbsp; 10774787  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 1543 | &nbsp;&nbsp;&nbsp;&nbsp; 519651 | &nbsp;&nbsp; 637270  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (40158) | (1240) | &nbsp;&nbsp;&nbsp;&nbsp; (1919745) | &nbsp;&nbsp; (6806613)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (70334530) | (44481239) | &nbsp;&nbsp;&nbsp;&nbsp; (10426658) | &nbsp;&nbsp; 36327314  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (15709230) | (44250477) | &nbsp;&nbsp;&nbsp;&nbsp; (7905753) | &nbsp;&nbsp; 34593866  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 233695319 | 277945796 | &nbsp;&nbsp;&nbsp;&nbsp; 113018110 | &nbsp;&nbsp; 78424244  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $217986089 | $233695319 | &nbsp;&nbsp;&nbsp;&nbsp; $105112357 | &nbsp;&nbsp; $113018110  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 28769 | 167463 | &nbsp;&nbsp;&nbsp;&nbsp; 244667 | &nbsp;&nbsp; 120665  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 9242 | &nbsp;&nbsp;&nbsp;&nbsp; 20729 | &nbsp;&nbsp; 38256  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (4789) | (10032) | &nbsp;&nbsp;&nbsp;&nbsp; (240141) | &nbsp;&nbsp; (145806)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 8480 | &nbsp;&nbsp; 4527  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 1351 | &nbsp;&nbsp; 3245  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (11227) | &nbsp;&nbsp; (27101)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 762192 | 5253516 | &nbsp;&nbsp;&nbsp;&nbsp; 1904844 | &nbsp;&nbsp; 5286934  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 1572349 | &nbsp;&nbsp;&nbsp;&nbsp; 282713 | &nbsp;&nbsp; 601623  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (5595087) | (9600132) | &nbsp;&nbsp;&nbsp;&nbsp; (3493455) | &nbsp;&nbsp; (2446299)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 2161 | 5978 | &nbsp;&nbsp;&nbsp;&nbsp; 249133 | &nbsp;&nbsp; 1137058  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 99 | &nbsp;&nbsp;&nbsp;&nbsp; 55170 | &nbsp;&nbsp; 67940  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (2720) | (81) | &nbsp;&nbsp;&nbsp;&nbsp; (204643) | &nbsp;&nbsp; (725158)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (4809474) | (2601598) | &nbsp;&nbsp;&nbsp;&nbsp; (1182379) | &nbsp;&nbsp; 3915884 |

---

The accompanying notes are an integral part of these financial statements.

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle Pacific** <br>**EXclusive Fund** <br>**Series H** | **Aristotle Pacific** <br>**EXclusive Fund** <br>**Series I**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $7481896 | $8991996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43221  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 18462901 | 10956709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 39516387 | 17377571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18845  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 65461184 | 37326276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62066  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (28427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | (3337184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (5803479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; From earnings - Aristotle Pacific EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; From earnings - Aristotle Pacific EXclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40478)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (9169090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40478)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 244826 | 1422598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 28426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (99125) | (71633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 14542290 | 55460397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 3337184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (63995517) | (107011915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 41828092 | 76149075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 5420510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (54616098) | (139595257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Aristotle Pacfic EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5083504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment on distributions - Aristotle Pacific Exclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Aristotle Pacific Exclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares sold - Aristotle Pacfic EXclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3267658 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment on distributions - Aristotle Pacific Exclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40440 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Aristotle Pacific Exclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17349)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (62095532) | (104860615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5153991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290749  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 3365652 | (76703429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5173929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312337  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 555189249 | 631892678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $558554901 | $555189249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5173929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3312337  |

---

The accompanying notes are an integral part of these financial statements.

86<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle International** <br>**Equity Fund** | **Aristotle International** <br>**Equity Fund** | **Aristotle Pacific** <br>**EXclusive Fund** <br>**Series H** | **Aristotle Pacific** <br>**EXclusive Fund** <br>**Series I**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**September 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 21344 | 133422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (8551) | (6780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 1194300 | 4950147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 300377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (5088245) | (9386980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 2711567 | 5464862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 394793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (3506817) | (9788364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Aristotle Pacfic EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment on distributions - Aristotle Pacific Exclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Aristotle Pacific Exclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares sold - Aristotle Pacfic EXclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326664 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment on distributions - Aristotle Pacific Exclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Aristotle Pacific Exclusive Fund Series I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1733)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (4676402) | (7935768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328959 |

---

<sup>(a)</sup> Inception date of the Fund was June 23, 2025.

The accompanying notes are an integral part of these financial statements.

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio** <br>**Optimization Aggressive** <br>**Growth Fund** | **Aristotle Portfolio** <br>**Optimization Aggressive** <br>**Growth Fund** | **Aristotle Portfolio** <br>**Optimization** <br>**Conservative Fund** | **Aristotle Portfolio** <br>**Optimization** <br>**Conservative Fund** |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $428317 | $1885986 | &nbsp;&nbsp;&nbsp;&nbsp; $2016248 | $4481542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4754685 | 28054076 | &nbsp;&nbsp;&nbsp;&nbsp; 1108421 | 5532463  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 39011348 | (17193091) | &nbsp;&nbsp;&nbsp;&nbsp; 5576166 | (3421822)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 44194350 | 12746971 | &nbsp;&nbsp;&nbsp;&nbsp; 8700835 | 6592183  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (4976302) | &nbsp;&nbsp;&nbsp;&nbsp; — | (4674010)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | (440178) | &nbsp;&nbsp;&nbsp;&nbsp; — | (488913)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (206377) | &nbsp;&nbsp;&nbsp;&nbsp; — | (189052)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (5622857) | &nbsp;&nbsp;&nbsp;&nbsp; — | (5351975)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 8718341 | 11543257 | &nbsp;&nbsp;&nbsp;&nbsp; 2757989 | 5232972  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 4946394 | &nbsp;&nbsp;&nbsp;&nbsp; — | 4631166  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (17148832) | (38234433) | &nbsp;&nbsp;&nbsp;&nbsp; (11321005) | (23646078)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 758367 | 2038115 | &nbsp;&nbsp;&nbsp;&nbsp; 352818 | 499470  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 439314 | &nbsp;&nbsp;&nbsp;&nbsp; — | 486875  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (5973696) | (8622945) | &nbsp;&nbsp;&nbsp;&nbsp; (3617085) | (6028140)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 414054 | 1112691 | &nbsp;&nbsp;&nbsp;&nbsp; 1386141 | 1534014  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 202173 | &nbsp;&nbsp;&nbsp;&nbsp; — | 186794  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (1503169) | (1657982) | &nbsp;&nbsp;&nbsp;&nbsp; (1123828) | (2103682)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (14734935) | (28233416) | &nbsp;&nbsp;&nbsp;&nbsp; (11564970) | (19206609)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 29459415 | (21109302) | &nbsp;&nbsp;&nbsp;&nbsp; (2864135) | (17966401)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 254529693 | 275638995 | &nbsp;&nbsp;&nbsp;&nbsp; 127994789 | 145961190  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $283989108 | $254529693 | &nbsp;&nbsp;&nbsp;&nbsp; $125130654 | $127994789  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 630786 | 858235 | &nbsp;&nbsp;&nbsp;&nbsp; 274000 | 522576  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 362905 | &nbsp;&nbsp;&nbsp;&nbsp; — | 471606  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (1203062) | (2839178) | &nbsp;&nbsp;&nbsp;&nbsp; (1116043) | (2357195)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 59230 | 165830 | &nbsp;&nbsp;&nbsp;&nbsp; 36064 | 52019  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 35089 | &nbsp;&nbsp;&nbsp;&nbsp; — | 52072  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (476951) | (698204) | &nbsp;&nbsp;&nbsp;&nbsp; (380002) | (633099)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 28064 | 80926 | &nbsp;&nbsp;&nbsp;&nbsp; 134103 | 150804  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 14587 | &nbsp;&nbsp;&nbsp;&nbsp; — | 18792  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (108776) | (121470) | &nbsp;&nbsp;&nbsp;&nbsp; (110564) | (207209)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (1070709) | (2141280) | &nbsp;&nbsp;&nbsp;&nbsp; (1162442) | (1929634) |

---

The accompanying notes are an integral part of these financial statements.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio** <br>**Optimization Growth Fund** | **Aristotle Portfolio** <br>**Optimization Growth Fund** | **Aristotle Portfolio** <br>**Optimization Moderate** <br>**Conservative Fund**  | **Aristotle Portfolio** <br>**Optimization Moderate** <br>**Conservative Fund**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $3163813 | $7738438 | &nbsp;&nbsp;&nbsp;&nbsp; $2312769 | $5449079  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 9315472 | 62428915 | &nbsp;&nbsp;&nbsp;&nbsp; 2521786 | 11281857  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 75523752 | (38412544) | &nbsp;&nbsp;&nbsp;&nbsp; 12581195 | (6666670)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 88003037 | 31754809 | &nbsp;&nbsp;&nbsp;&nbsp; 17415750 | 10064266  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (15160325) | &nbsp;&nbsp;&nbsp;&nbsp; — | (6462137)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | (1243635) | &nbsp;&nbsp;&nbsp;&nbsp; — | (402686)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (338629) | &nbsp;&nbsp;&nbsp;&nbsp; — | (115715)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (16742589) | &nbsp;&nbsp;&nbsp;&nbsp; — | (6980538)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 22634524 | 24025676 | &nbsp;&nbsp;&nbsp;&nbsp; 4340792 | 7688324  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 15044255 | &nbsp;&nbsp;&nbsp;&nbsp; — | 6392042  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (39679459) | (100166586) | &nbsp;&nbsp;&nbsp;&nbsp; (14416494) | (36026538)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1502591 | 3590010 | &nbsp;&nbsp;&nbsp;&nbsp; 323149 | 740452  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 1236976 | &nbsp;&nbsp;&nbsp;&nbsp; — | 400376  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (16482528) | (20837057) | &nbsp;&nbsp;&nbsp;&nbsp; (4291638) | (6010708)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 1439770 | 3697500 | &nbsp;&nbsp;&nbsp;&nbsp; 791946 | 1318463  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 335101 | &nbsp;&nbsp;&nbsp;&nbsp; — | 115715  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (2213034) | (6236617) | &nbsp;&nbsp;&nbsp;&nbsp; (457624) | (3015722)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (32798136) | (79310742) | &nbsp;&nbsp;&nbsp;&nbsp; (13709869) | (28397596)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 55204901 | (64298522) | &nbsp;&nbsp;&nbsp;&nbsp; 3705881 | (25313868)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 600093310 | 664391832 | &nbsp;&nbsp;&nbsp;&nbsp; 187000820 | 212314688  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $655298211 | $600093310 | &nbsp;&nbsp;&nbsp;&nbsp; $190706701 | $187000820  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1782390 | 1939030 | &nbsp;&nbsp;&nbsp;&nbsp; 410985 | 739255  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 1204504 | &nbsp;&nbsp;&nbsp;&nbsp; — | 618186  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (3056164) | (8038905) | &nbsp;&nbsp;&nbsp;&nbsp; (1339033) | (3431366)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 125330 | 308361 | &nbsp;&nbsp;&nbsp;&nbsp; 31192 | 73595  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 105454 | &nbsp;&nbsp;&nbsp;&nbsp; — | 40813  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1406133) | (1786143) | &nbsp;&nbsp;&nbsp;&nbsp; (428456) | (606974)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 110467 | 294805 | &nbsp;&nbsp;&nbsp;&nbsp; 73343 | 124216  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 26386 | &nbsp;&nbsp;&nbsp;&nbsp; — | 11021  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (169146) | (495473) | &nbsp;&nbsp;&nbsp;&nbsp; (41735) | (282973)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (2613256) | (6441981) | &nbsp;&nbsp;&nbsp;&nbsp; (1293704) | (2714227) |

---

The accompanying notes are an integral part of these financial statements.

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FUNDS SERIES TRUST** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aristotle Portfolio** <br>**Optimization Moderate Fund** | **Aristotle Portfolio** <br>**Optimization Moderate Fund** | **Aristotle Short Duration** <br>**Income Fund**  | **Aristotle Short Duration** <br>**Income Fund**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $5331650 | $13655903 | &nbsp;&nbsp;&nbsp; $22043359 | $42424113  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 8442658 | 54820063 | &nbsp;&nbsp;&nbsp; 1312531 | (584288)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 67447908 | (33305636) | &nbsp;&nbsp;&nbsp; 6041691 | 8628566  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 81222216 | 35170330 | &nbsp;&nbsp;&nbsp; 29397581 | 50468391  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (18352441) | &nbsp;&nbsp;&nbsp; (1861525) | (4301378)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | (1378269) | &nbsp;&nbsp;&nbsp; (393412) | (937739)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (8128291) | (14665974)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (570951) | &nbsp;&nbsp;&nbsp; (11616417) | (22946477)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (20301661) | &nbsp;&nbsp;&nbsp; (21999645) | (42851568)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19396624 | 21302705 | &nbsp;&nbsp;&nbsp; 7649731 | 18814447  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 18200107 | &nbsp;&nbsp;&nbsp; 1756557 | 3939313  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (50459503) | (123072757) | &nbsp;&nbsp;&nbsp; (14253287) | (27323840)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1676554 | 3371779 | &nbsp;&nbsp;&nbsp; 3495349 | 6471213  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 1370788 | &nbsp;&nbsp;&nbsp; 383061 | 926540  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (17639123) | (21247244) | &nbsp;&nbsp;&nbsp; (3555450) | (11999251)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 127755411 | 129366290  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 8127308 | 14664427  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (73132635) | (221804142)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 4068037 | 10342230 | &nbsp;&nbsp;&nbsp; 133240422 | 212351003  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 558756 | &nbsp;&nbsp;&nbsp; 11128934 | 22174871  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (3548861) | (13980247) | &nbsp;&nbsp;&nbsp; (113300714) | (220064071)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (46506272) | (103153883) | &nbsp;&nbsp;&nbsp; 89294687 | (72483200)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 34715944 | (88285214) | &nbsp;&nbsp;&nbsp; 96692623 | (64866377)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 657781286 | 746066500 | &nbsp;&nbsp;&nbsp; 905079417 | 969945794  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $692497230 | $657781286 | &nbsp;&nbsp;&nbsp; $1001772040 | $905079417  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1662113 | 1846384 | &nbsp;&nbsp;&nbsp; 746376 | 1843717  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 1568974 | &nbsp;&nbsp;&nbsp; 171294 | 386994  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (4213746) | (10587128) | &nbsp;&nbsp;&nbsp; (1389176) | (2677986)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 144048 | 305120 | &nbsp;&nbsp;&nbsp; 343004 | 636571  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 124391 | &nbsp;&nbsp;&nbsp; 37459 | 91294  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (1602778) | (1937041) | &nbsp;&nbsp;&nbsp; (347851) | (1181067)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 12498220 | 12689830  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 793403 | 1442797  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (7149184) | (21875938)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 333590 | 868528 | &nbsp;&nbsp;&nbsp; 12996806 | 20799695  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 47473 | &nbsp;&nbsp;&nbsp; 1084371 | 2177265  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (293132) | (1177212) | &nbsp;&nbsp;&nbsp; (11036357) | (21577977)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (3969905) | (8940511) | &nbsp;&nbsp;&nbsp; 8748365 | (7244805) |

---

The accompanying notes are an integral part of these financial statements.

90<br>

------

**[**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**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $346346 | $535587 | &nbsp;&nbsp;&nbsp;&nbsp; $62998 | &nbsp;&nbsp; $45812  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4633221 | 5556985 | &nbsp;&nbsp;&nbsp;&nbsp; 1377870 | &nbsp;&nbsp; 4932048  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 3525497 | (7102940) | &nbsp;&nbsp;&nbsp;&nbsp; 752178 | &nbsp;&nbsp; (4474437)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 8505064 | (1010368) | &nbsp;&nbsp;&nbsp;&nbsp; 2193046 | &nbsp;&nbsp; 503423  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (50067) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (919404)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | (6618) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (130885)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | (149) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (52017)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (2043585) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2294027)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | (12116) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (2112535) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3396333)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 324766 | 1184754 | &nbsp;&nbsp;&nbsp;&nbsp; 387619 | &nbsp;&nbsp; 1455907  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 50035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 917049  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (214166) | (885330) | &nbsp;&nbsp;&nbsp;&nbsp; (677736) | &nbsp;&nbsp; (4356218)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 24783 | 87161 | &nbsp;&nbsp;&nbsp;&nbsp; 103568 | &nbsp;&nbsp; 146723  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp;&nbsp; — | 6618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 130653  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp;&nbsp; (83029) | (457092) | &nbsp;&nbsp;&nbsp;&nbsp; (287477) | &nbsp;&nbsp; (1623171)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 19928 | 44520 | &nbsp;&nbsp;&nbsp;&nbsp; 82038 | &nbsp;&nbsp; 131357  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 52017  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (145732) | &nbsp;&nbsp; (247424)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 4390634 | 14646336 | &nbsp;&nbsp;&nbsp;&nbsp; 466509 | &nbsp;&nbsp; 2383512  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 1993870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2232085  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (21040866) | (75675356) | &nbsp;&nbsp;&nbsp;&nbsp; (7954114) | &nbsp;&nbsp; (11884990)  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | 12116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | (1096944) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (16577950) | (60089163) | &nbsp;&nbsp;&nbsp;&nbsp; (8025325) | &nbsp;&nbsp; (10662500)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (8072886) | (63212066) | &nbsp;&nbsp;&nbsp;&nbsp; (5832279) | &nbsp;&nbsp; (13555410)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 149826774 | 213038840 | &nbsp;&nbsp;&nbsp;&nbsp; 34521593 | &nbsp;&nbsp; 48077003  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $141753888 | $149826774 | &nbsp;&nbsp;&nbsp;&nbsp; $28689314 | &nbsp;&nbsp; $34521593  |

---

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(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**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp; 23596 | 80288 | &nbsp;&nbsp;&nbsp;&nbsp; 59217 | &nbsp;&nbsp; 202659  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp; — | 3251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 125420  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp; (15318) | (63048) | &nbsp;&nbsp;&nbsp;&nbsp; (104277) | &nbsp;&nbsp; (612155)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp; 1905 | 6166 | &nbsp;&nbsp;&nbsp;&nbsp; 17526 | &nbsp;&nbsp; 23494  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp; — | 448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 20479  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp; (6419) | (33315) | &nbsp;&nbsp;&nbsp;&nbsp; (50976) | &nbsp;&nbsp; (258382)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp; 1386 | 3058 | &nbsp;&nbsp;&nbsp;&nbsp; 10447 | &nbsp;&nbsp; 15264  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp; — | 9 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6024  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (18686) | &nbsp;&nbsp; (28908)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp; 299675 | 960352 | &nbsp;&nbsp;&nbsp;&nbsp; 68286 | &nbsp;&nbsp; 326896  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp; — | 123509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 296299  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp; (1478658) | (4808563) | &nbsp;&nbsp;&nbsp;&nbsp; (1157855) | &nbsp;&nbsp; (1635384)  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class R6 | &nbsp;&nbsp;&nbsp; — | 792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R6 | &nbsp;&nbsp;&nbsp; — | (74040) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; (1173833) | (3801093) | &nbsp;&nbsp;&nbsp;&nbsp; (1176318) | &nbsp;&nbsp; (1518294) |

---

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 Strategic Income Fund** | **Aristotle Strategic Income Fund** | **Aristotle Ultra Short Income Fund**  | **Aristotle Ultra Short Income Fund**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $107262655 | $192104369 | &nbsp;&nbsp;&nbsp;&nbsp; $759740 | &nbsp;&nbsp; $2188822  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (8897458) | (15436364) | &nbsp;&nbsp;&nbsp;&nbsp; 80550 | &nbsp;&nbsp; 147512  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 101140016 | (10163914) | &nbsp;&nbsp;&nbsp;&nbsp; 30448 | &nbsp;&nbsp; 45443  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 199505213 | 166504091 | &nbsp;&nbsp;&nbsp;&nbsp; 870738 | &nbsp;&nbsp; 2381777  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp; (5290286) | (10094895) | &nbsp;&nbsp;&nbsp;&nbsp; (18434) | &nbsp;&nbsp; (26191)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | &nbsp;&nbsp;&nbsp; (2568564) | (5239923) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp; (15847530) | (27929482) | &nbsp;&nbsp;&nbsp;&nbsp; (163786) | &nbsp;&nbsp; (783954)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp; (83202495) | (149882433) | &nbsp;&nbsp;&nbsp;&nbsp; (548935) | &nbsp;&nbsp; (1332269)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (106908875) | (193146733) | &nbsp;&nbsp;&nbsp;&nbsp; (731155) | &nbsp;&nbsp; (2142414)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp; 26204878 | 97237549 | &nbsp;&nbsp;&nbsp;&nbsp; 417762 | &nbsp;&nbsp; 477808  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp; 4673298 | 8758006 | &nbsp;&nbsp;&nbsp;&nbsp; 18239 | &nbsp;&nbsp; 26162  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp; (30430581) | (56467843) | &nbsp;&nbsp;&nbsp;&nbsp; (152062) | &nbsp;&nbsp; (261909)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp; 11598579 | 43698132 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp; 2463339 | 4969848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp; (14373284) | (23803047) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp; 90188191 | 296793283 | &nbsp;&nbsp;&nbsp;&nbsp; 714130 | &nbsp;&nbsp; 4760751  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp; 15686340 | 27716002 | &nbsp;&nbsp;&nbsp;&nbsp; 160204 | &nbsp;&nbsp; 783954  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp; (104700822) | (126285028) | &nbsp;&nbsp;&nbsp;&nbsp; (14252569) | &nbsp;&nbsp; (4567380)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp; 573327014 | 1420558836 | &nbsp;&nbsp;&nbsp;&nbsp; 10260673 | &nbsp;&nbsp; 13653404  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp; 71982542 | 130675488 | &nbsp;&nbsp;&nbsp;&nbsp; 545348 | &nbsp;&nbsp; 1329683  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp; (480089724) | (678638203) | &nbsp;&nbsp;&nbsp;&nbsp; (17371215) | &nbsp;&nbsp; (16611861)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 166529770 | 1145213023 | &nbsp;&nbsp;&nbsp;&nbsp; (19659490) | &nbsp;&nbsp; (409388)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 259126108 | 1118570381 | &nbsp;&nbsp;&nbsp;&nbsp; (19519907) | &nbsp;&nbsp; (170025)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 3791942005 | 2673371624 | &nbsp;&nbsp;&nbsp;&nbsp; 47710925 | &nbsp;&nbsp; 47880950  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $4051068113 | $3791942005 | &nbsp;&nbsp;&nbsp;&nbsp; $28191018 | &nbsp;&nbsp; $47710925  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp; 2482866 | 9229283 | &nbsp;&nbsp;&nbsp;&nbsp; 41274 | &nbsp;&nbsp; 47265  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp; 443094 | 834173 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 | &nbsp;&nbsp; 2591  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp; (2892237) | (5360882) | &nbsp;&nbsp;&nbsp;&nbsp; (14996) | &nbsp;&nbsp; (25917)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | &nbsp;&nbsp;&nbsp; 1103652 | 4164406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | &nbsp;&nbsp;&nbsp; 234559 | 475228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | &nbsp;&nbsp;&nbsp; (1372284) | (2272575) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp; 8592270 | 28361968 | &nbsp;&nbsp;&nbsp;&nbsp; 71499 | &nbsp;&nbsp; 477587  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp; 1498490 | 2658143 | &nbsp;&nbsp;&nbsp;&nbsp; 16035 | &nbsp;&nbsp; 78708  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp; (9953451) | (12098925) | &nbsp;&nbsp;&nbsp;&nbsp; (1429012) | &nbsp;&nbsp; (457936)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp; 54464207 | 134788865 | &nbsp;&nbsp;&nbsp;&nbsp; 1026715 | &nbsp;&nbsp; 1369987  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp; 6821709 | 12441623 | &nbsp;&nbsp;&nbsp;&nbsp; 54525 | &nbsp;&nbsp; 133515  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp; (45764629) | (64447323) | &nbsp;&nbsp;&nbsp;&nbsp; (1740593) | &nbsp;&nbsp; (1668834)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 15658246 | 108773984 | &nbsp;&nbsp;&nbsp;&nbsp; (1972755) | &nbsp;&nbsp; (43034) |

---

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 Value** <br>**Equity Fund** | **Aristotle Value** <br>**Equity Fund** | **Aristotle/Saul Global** <br>**Equity Fund<sup>(a)</sup>**  | **Aristotle/Saul Global** <br>**Equity Fund<sup>(a)</sup>**  |
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $3483810 | $9135134 | &nbsp;&nbsp;&nbsp;&nbsp; $282096 | &nbsp;&nbsp; $616314  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 19605701 | 30745416 | &nbsp;&nbsp;&nbsp;&nbsp; 2041520 | &nbsp;&nbsp; 10255776  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 24706533 | (33154832) | &nbsp;&nbsp;&nbsp;&nbsp; 1913464 | &nbsp;&nbsp; (11006039)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 47796044 | 6725718 | &nbsp;&nbsp;&nbsp;&nbsp; 4237080 | &nbsp;&nbsp; (133949)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | (8260) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3053)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | (1956) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3071)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | (21166499) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10058163)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | (366) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; — | (21177081) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (10064287)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 31290 | 112794 | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp; 938  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 8260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3053  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (25874) | (886) | &nbsp;&nbsp;&nbsp;&nbsp; (12178) | (255)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 565669 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3071  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (23650) |  | &nbsp;&nbsp;&nbsp;&nbsp; (11537) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 24429581 | 104311670 | &nbsp;&nbsp;&nbsp;&nbsp; 130481 | &nbsp;&nbsp; 1335711  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 20602741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 9832863  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (81002796) | (244553137) | &nbsp;&nbsp;&nbsp;&nbsp; (4388035) | &nbsp;&nbsp; (31577677)  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | 366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; (56025780) | (119517613) | &nbsp;&nbsp;&nbsp;&nbsp; (4280833) | &nbsp;&nbsp; (20402296)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; (8229736) | (133968976) | &nbsp;&nbsp;&nbsp;&nbsp; (43753) | &nbsp;&nbsp; (30600532)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 562116132 | 696085108 | &nbsp;&nbsp;&nbsp;&nbsp; 31070164 | &nbsp;&nbsp; 61670696  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $553886396 | $562116132 | &nbsp;&nbsp;&nbsp;&nbsp; $31026411 | &nbsp;&nbsp; $31070164  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2895 | 10370 | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 68  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | &nbsp;&nbsp;&nbsp;&nbsp; — | 784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 262  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | &nbsp;&nbsp;&nbsp;&nbsp; (2477) | (86) | &nbsp;&nbsp;&nbsp;&nbsp; (1021) | (19)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | &nbsp;&nbsp;&nbsp;&nbsp; 52034 |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | 56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 263  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | &nbsp;&nbsp;&nbsp;&nbsp; (2500) |  | &nbsp;&nbsp;&nbsp;&nbsp;(963) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; 1106962 | 4772272 | &nbsp;&nbsp;&nbsp;&nbsp; 12085 | &nbsp;&nbsp; 97703  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; — | 935369 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 842857  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp; (3741183) | (11177791) | &nbsp;&nbsp;&nbsp;&nbsp; (375886) | &nbsp;&nbsp; (2136010)  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; — | 17 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; (2584269) | (5459009) | &nbsp;&nbsp;&nbsp;&nbsp; (365746) | &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.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

ARISTOTLE CORE BOND FUND

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **For the Period**<br>**December 14, 2020<sup>(a)</sup> -** <br>**March 31, 2021**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022**  | **For the Period**<br>**December 14, 2020<sup>(a)</sup> -** <br>**March 31, 2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp; $8.71 | $8.59 | $8.59 | $9.17 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.30 | 0.27 | 0.20 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.12 | (0.00)<sup>(d)</sup> | (0.58) | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.42 | 0.27 | (0.38) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.19) | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp; (0.19) | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $8.83 | $8.71 | $8.59 | $8.59 | $9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.70  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp; 3.60% | 4.94% | 3.23% | -4.12% | -4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $142535 | $26482 | $17838 | $15172 | $14534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12156  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.48% | 0.48% | 0.50% | 0.88% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 4.43% | 3.45% | 3.22% | 2.30% | 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp; 85% | 76% | 32% | 42% | 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

<sup>(a)</sup> Commencement of operations of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

<sup>(b)</sup> Net investment income per share has been calculated based on 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> 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> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **For the Period**<br>**December 14, 2020<sup>(b)</sup> -** <br>**March 31, 2021**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(</sup><sup>i</sup><sup>)</sup>** | **2023** | **2022**  | **For the Period**<br>**December 14, 2020<sup>(b)</sup> -** <br>**March 31, 2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $8.71 | $8.59 | $8.59 | $9.17 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.30 | 0.27 | 0.20 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.12 | (0.00)<sup>(</sup><sup>e</sup><sup>)</sup> | (0.58) | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.42 | 0.27 | (0.38) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) | (0.30) | (0.27) | (0.20) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.81 | $8.71 | $8.59 | $8.59 | $9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.70  |
| Total return<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.36% | 4.93% | 3.23% | -4.12% | -4.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6670 | $12641 | $11506 | $11144 | $11626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12156  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | 0.48% | 0.50% | 0.88% | 1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
|  Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.27% | 3.45% | 3.21% | 2.30% | 1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85% | 76% | 32% | 42% | 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

<sup>(a)</sup> Advisor Class shares of the Fund's predecessor fund, Pacific Funds ESG Core Bond, were renamed to Class I-2 shares on August 1, 2022.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Amount represents less than $0.005 per share.

<sup>(f)</sup> Not annualized for periods less than one year.

<sup>(g)</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>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds ESG Core Bond.

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024 through**<br>**March 31,**<br>**2024<sup>(h)</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;&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;&nbsp;&nbsp; (0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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> | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.39  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.40  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.96 | &nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $12.67 | &nbsp;&nbsp;&nbsp; $11.33  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22.02% | &nbsp;&nbsp; 5.82% | &nbsp;&nbsp;&nbsp; 11.83% | &nbsp;&nbsp;&nbsp; 14.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1040 | &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;&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;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.91%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; 0.70%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8% | &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> 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.

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(g)</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 | &nbsp;&nbsp; $13.41 | $12.95 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $10.12  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.02 | 0.03 | 0.01 | 0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.96 | 0.78 | 1.36 | 1.48  |
| **Total from investment operations** | 2.98 | 0.81 | 1.37 | 1.50  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — | (0.05) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)  |
| Net realized gains | &nbsp;&nbsp; — | (0.30) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.35) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $16.39 | $13.41 | &nbsp;&nbsp; $12.95 | &nbsp;&nbsp; $11.58  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 22.22% | 6.03% | &nbsp;&nbsp; 11.83% | &nbsp;&nbsp; 14.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $342114 | $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> | &nbsp;&nbsp; 0.65% | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.65% | 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.66%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.25% | 0.25% | &nbsp;&nbsp; 0.31% | &nbsp;&nbsp; 0.85%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 8% | 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> 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.

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(h)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.98 | &nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $20.64 | $16.89 | $21.87 | $17.86 | $14.33  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.11 | 0.09 | 0.07 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | 3.80 | (4.93) | 4.28 | 3.58  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | 3.91 | (4.84) | 4.35 | 3.68  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | (0.16) | (0.08) | (0.06) | (0.07)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — |  | (0.06) | 0.28 | (0.08)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; — | (0.16) | (0.14) | (0.34) | (0.15)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $29.31 | &nbsp;&nbsp; $23.98 | &nbsp;&nbsp;&nbsp; $23.10 | $20.64 | $16.89 | $21.87 | $17.86  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 22.23% | &nbsp;&nbsp; 6.02% | &nbsp;&nbsp;&nbsp; 11.92% | 23.21% | -22.15% | 24.34% | 25.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $218407 | &nbsp;&nbsp; $190759 | &nbsp;&nbsp;&nbsp; $185090 | $175473 | $167455 | $178513 | $90679  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.65% | 0.76% | 0.79% | 0.79% | 0.96%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 0.32% | 0.62% | 0.51% | 0.33% | 0.62%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp; 26% | &nbsp;&nbsp;&nbsp; 3% | 18% | 18% | 8% | 20% |

---

<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 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> 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> 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.

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.63 | $9.64 | $9.68 | $10.41 | $11.18 | $10.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.44 | 0.42 | 0.31 | 0.20 | 0.22  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | (0.01) | (0.06) | (0.72) | (0.52) | 0.66  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 0.43 | 0.36 | (0.41) | (0.32) | 0.88  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.21) | (0.44) | (0.40) | (0.32) | (0.21) | (0.22)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | &nbsp;&nbsp; (0.21) | (0.44) | (0.40) | (0.32) | (0.45) | (0.30)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.78 | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 3.84% | 4.59% | 3.87% | -3.90% | -3.11% | 8.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $130774 | $124241 | $105474 | $99406 | $127727 | $160701  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.85% | 0.85% | 0.86% | 0.97% | 0.97% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 4.44% | 4.57% | 4.40% | 3.25% | 1.83% | 1.95%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 34% | 73% | 37% | 118% | 82% | 102% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

100<br>

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**ARISTOTLE CORE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.63 | $9.64 | $9.68 | $10.41 | $11.18 | $10.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.37 | 0.35 | 0.24 | 0.12 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | (0.01) | (0.05) | (0.73) | (0.53) | 0.66  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.36 | 0.30 | (0.49) | (0.41) | 0.80  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18) | (0.37) | (0.34) | (0.24) | (0.12) | (0.14)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.18) | (0.37) | (0.34) | (0.24) | (0.36) | (0.22)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.77 | $9.63 | $9.64 | $9.68 | $10.41 | $11.18  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 3.35% | 3.83% | 3.19% | -4.63% | -3.84% | 7.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $50017 | $51101 | $33140 | $23038 | $35731 | $53990  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.60% | 1.60% | 1.61% | 1.72% | 1.72% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.69% | 3.83% | 3.66% | 2.50% | 1.08% | 1.20%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 34% | 73% | 37% | 118% | 82% | 102% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Core Income.

The accompanying notes are an integral part of these financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.64 | $9.65 | $9.69 | $10.42 | $11.19 | $10.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.48 | 0.45 | 0.34 | 0.24 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | (0.01) | (0.06) | (0.72) | (0.53) | 0.67  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 0.47 | 0.39 | (0.38) | (0.29) | 0.92  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.23) | (0.48) | (0.43) | (0.35) | (0.24) | (0.26)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | &nbsp;&nbsp; (0.23) | (0.48) | (0.43) | (0.35) | (0.48) | (0.34)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.79 | $9.64 | $9.65 | $9.69 | $10.42 | $11.19  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 4.04% | 5.00% | 4.15% | -3.60% | -2.81% | 8.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $762916 | $820917 | $632073 | $116338 | $118420 | $107857  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.45% | 0.45% | 0.56% | 0.72% | 0.72% | 0.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.45% | 0.45% | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 4.84% | 4.98% | 4.73% | 3.55% | 2.13% | 2.25%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 34% | 73% | 37% | 118% | 82% | 102% |

---

<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 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> 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.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE CORE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $9.66 | $9.67 | $9.70 | $10.43 | $11.21 | $10.62  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.23 | 0.47 | 0.45 | 0.34 | 0.24 | 0.26  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.15 | (0.01) | (0.05) | (0.72) | (0.54) | 0.67  |
| **Total from investment operations** | 0.38 | 0.46 | 0.40 | (0.38) | (0.30) | 0.93  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | (0.23) | (0.47) | (0.43) | (0.35) | (0.24) | (0.26)  |
| Net realized gains |  |  |  |  | (0.24) | (0.08)  |
| **Total distributions** | (0.23) | (0.47) | (0.43) | (0.35) | (0.48) | (0.34)  |
| **Net asset value, end of period** | $9.81 | $9.66 | $9.67 | $9.70 | $10.43 | $11.21  |
| Total return<sup>(d)(e)</sup> | 3.98% | 4.89% | 4.27% | -3.60% | -2.89% | 8.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2225343 | $2165870 | $1554233 | $600431 | $625283 | $801154  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.55% | 0.55% | 0.56% | 0.72% | 0.72% | 0.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 4.74% | 4.88% | 4.75% | 3.55% | 2.13% | 2.25%  |
| Portfolio turnover rate<sup>(d)</sup> | 34% | 73% | 37% | 118% | 82% | 102% |

---

<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 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> 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.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.35 | $9.56 | $9.28 | $9.66 | $9.72 | $8.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 0.73 | 0.83 | 0.59 | 0.35 | 0.34  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | (0.21) | 0.28 | (0.38) | (0.06) | 0.92  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.52 | 1.11 | 0.21 | 0.29 | 1.26  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.33) | (0.73) | (0.83) | (0.59) | (0.35) | (0.34)  |
| **Total distributions** | &nbsp;&nbsp; (0.33) | (0.73) | (0.83) | (0.59) | (0.35) | (0.34)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.41 | $9.35 | $9.56 | $9.28 | $9.66 | $9.72  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 4.23% | 5.57% | 12.50% | 2.50% | 2.87% | 14.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $252959 | $269790 | $265404 | $265188 | $280827 | $170353  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.03% | 1.02% | 1.04% | 1.13% | 1.13% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 1.03% | 1.02% | 1.03% | 0.98% | 1.00% | 1.02%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.02% | 0.02% | 0.02% | 0.02% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp; 1.01% | 1.00% | 1.01% | 0.96% | 1.00% | 1.02%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 6.99% | 7.66% | 8.84% | 6.35% | 3.56% | 3.63%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 84% | 122% | 130% | 66% | 90% | 116% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE FLOATING RATE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.34 | $9.55 | $9.27 | $9.64 | $9.71 | $8.79  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.65 | 0.76 | 0.52 | 0.28 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | (0.20) | 0.28 | (0.37) | (0.07) | 0.92  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | 0.45 | 1.04 | 0.15 | 0.21 | 1.20  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29) | (0.65) | (0.76) | (0.52) | (0.28) | (0.28)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.29) | (0.65) | (0.76) | (0.52) | (0.28) | (0.28)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.40 | $9.34 | $9.55 | $9.27 | $9.64 | $9.71  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 3.84% | 4.78% | 11.67% | 1.75% | 2.15% | 13.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $115767 | $123841 | $117483 | $109877 | $109161 | $87940  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.78% | 1.77% | 1.79% | 1.88% | 1.88% | 1.92%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.78% | 1.77% | 1.78% | 1.71% | 1.70% | 1.72%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.02% | 0.02% | 0.02% | 0.02% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.76% | 1.75% | 1.76% | 1.69% | 1.70% | 1.72%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 6.24% | 6.91% | 8.09% | 5.61% | 2.86% | 2.93%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 84% | 122% | 130% | 66% | 90% | 116% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Floating Rate Income.

The accompanying notes are an integral part of these financial statements.

105<br>

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**ARISTOTLE FLOATING RATE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.36 | $9.57 | $9.29 | $9.67 | $9.73 | $8.81  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.34 | 0.76 | 0.86 | 0.62 | 0.38 | 0.38  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.08 | (0.20) | 0.29 | (0.38) | (0.06) | 0.91  |
| **Total from investment operations** | 0.42 | 0.56 | 1.15 | 0.24 | 0.32 | 1.29  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.35) | (0.77) | (0.87) | (0.62) | (0.38) | (0.37)  |
| **Total distributions** | &nbsp;&nbsp; (0.35) | (0.77) | (0.87) | (0.62) | (0.38) | (0.37)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.43 | $9.36 | $9.57 | $9.29 | $9.67 | $9.73  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 4.51% | 5.91% | 12.88% | 2.69% | 3.29% | 14.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1572731 | $1837802 | $1641206 | $1486461 | $1838625 | $1019062  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.70% | 0.69% | 0.71% | 0.88% | 0.88% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.70% | 0.69% | 0.70% | 0.68% | 0.70% | 0.72%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 0.02% | 0.02% | 0.02% | 0.02% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(g)</sup> | &nbsp;&nbsp; 0.68% | 0.67% | 0.68% | 0.66% | 0.70% | 0.72%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 7.32% | 7.97% | 9.15% | 6.65% | 3.86% | 3.93%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 84% | 122% | 130% | 66% | 90% | 116% |

---

<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 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> 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> 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.

106<br>

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**ARISTOTLE FLOATING RATE INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $9.38 | $9.59 | $9.31 | $9.69 | $9.75 | $8.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.34 | 0.75 | 0.86 | 0.61 | 0.37 | 0.37  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.07 | (0.20) | 0.28 | (0.37) | (0.06) | 0.92  |
| **Total from investment operations** | 0.41 | 0.55 | 1.14 | 0.24 | 0.31 | 1.29  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.34) | (0.76) | (0.86) | (0.62) | (0.37) | (0.37)  |
| **Total distributions** | &nbsp;&nbsp; (0.34) | (0.76) | (0.86) | (0.62) | (0.37) | (0.37)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.45 | $9.38 | $9.59 | $9.31 | $9.69 | $9.75  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 4.47% | 5.83% | 12.76% | 2.66% | 3.25% | 14.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $1928766 | $2052844 | $1918057 | $1840333 | $1778969 | $716233  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.78% | 0.77% | 0.79% | 0.88% | 0.88% | 0.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp; 0.78% | 0.77% | 0.78% | 0.73% | 0.75% | 0.77%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 0.02% | 0.02% | 0.02% | 0.02% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(g)</sup> | &nbsp;&nbsp; 0.76% | 0.75% | 0.76% | 0.71% | 0.75% | 0.77%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 7.24% | 7.90% | 9.07% | 6.60% | 3.81% | 3.88%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 84% | 122% | 130% | 66% | 90% | 116% |

---

<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 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> 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> 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.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE GROWTH EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.14  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.13  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (2.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (2.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp;&nbsp; $9.01  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.57% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp;&nbsp; 14.08%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $2492 | &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;&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;&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;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp; (0.37)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &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.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE GROWTH EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.63 | $14.04 | $12.36 | $29.12 | $30.54 | $27.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | (0.03) | (0.01) | 0.01 | (0.10) | (0.08)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | 0.91 | 3.76 | (4.62) | 3.07 | 13.51  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | 0.88 | 3.75 | (4.61) | 2.97 | 13.43  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — |  | (0.01) |  |  | —  |
| Net realized gains | &nbsp;&nbsp; — | (1.29) | (2.06) | (12.15) | (4.39) | (9.99)  |
| **Total distributions** | &nbsp;&nbsp; — | (1.29) | (2.07) | (12.15) | (4.39) | (9.99)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $17.69 | $13.63 | $14.04 | $12.36 | $29.12 | $30.54  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 29.79% | 5.15% | 32.55% | -13.10% | 7.84% | 50.42%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $215384 | $231890 | $277674 | $146168 | $158592 | $179183  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.71% | 0.86% | 0.77% | 0.78%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.18)% | (0.20)% | (0.05)% | 0.03% | (0.30)% | (0.24)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 9% | 35% | 84% | 78% | 10% | 32% |

---

<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> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, PF Growth Fund.

The accompanying notes are an integral part of these financial statements.

109<br>

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**ARISTOTLE GROWTH EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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;&nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $12.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.29) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $14.04  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.69% | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp; 9.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $110 | &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;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.71%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&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;&nbsp;&nbsp; (0.18)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.15)%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &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.

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**ARISTOTLE HIGH YIELD BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.23 | $9.36 | $9.03 | $9.85 | $10.34 | $8.75  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.61 | 0.59 | 0.49 | 0.47 | 0.51  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.14) | 0.32 | (0.81) | (0.50) | 1.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.47 | 0.91 | (0.32) | (0.03) | 2.10  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | (0.60) | (0.58) | (0.50) | (0.46) | (0.51)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | (0.60) | (0.58) | (0.50) | (0.46) | (0.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.49 | $9.23 | $9.36 | $9.03 | $9.85 | $10.34  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.06% | 5.14% | 10.45% | -3.09% | -0.36% | 24.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6412 | $6006 | $5964 | $6141 | $6816 | $7496  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | 0.95% | 0.97% | 1.16% | 1.12% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.36% | 6.47% | 6.47% | 5.37% | 4.53% | 5.13%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37% | 62% | 74% | 35% | 40% | 66% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds High Income.

The accompanying notes are an integral part of these financial statements.

111<br>

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**ARISTOTLE HIGH YIELD BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.21 | $9.34 | $9.02 | $9.83 | $10.33 | $8.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.54 | 0.52 | 0.42 | 0.40 | 0.44  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.14) | 0.32 | (0.80) | (0.51) | 1.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 0.40 | 0.84 | (0.38) | (0.11) | 2.03  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | (0.53) | (0.52) | (0.43) | (0.39) | (0.44)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) | (0.53) | (0.52) | (0.43) | (0.39) | (0.44)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.47 | $9.21 | $9.34 | $9.02 | $9.83 | $10.33  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.67% | 4.35% | 9.57% | -3.81% | -1.17% | 23.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $473 | $473 | $660 | $903 | $1291 | $1937  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | 1.70% | 1.72% | 1.91% | 1.87% | 1.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.70% | 1.70% | 1.70% | 1.68% | 1.65% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.62% | 5.72% | 5.69% | 4.64% | 3.83% | 4.43%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 37% | 62% | 74% | 35% | 40% | 66% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds High Income.

The accompanying notes are an integral part of these financial statements.

112<br>

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**ARISTOTLE HIGH YIELD BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.10 | $9.23 | $8.91 | $9.74 | $10.24 | $8.66  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.64 | 0.61 | 0.50 | 0.49 | 0.53  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.13) | 0.31 | (0.80) | (0.50) | 1.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | 0.51 | 0.92 | (0.30) | (0.01) | 2.12  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31) | (0.64) | (0.60) | (0.53) | (0.49) | (0.54)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.31) | (0.64) | (0.60) | (0.53) | (0.49) | (0.54)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.35 | $9.10 | $9.23 | $8.91 | $9.74 | $10.24  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 6.24% | 5.64% | 10.78% | -2.91% | -0.20% | 24.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $81435 | $91129 | $60689 | $1694 | $86 | $62  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.56% | 0.55% | 0.66% | 0.92% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.55% | 0.55% | 0.65% | 0.65% | 0.69% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 6.80% | 6.89% | 6.78% | 5.67% | 4.79% | 5.38%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 37% | 62% | 74% | 35% | 40% | 66% |

---

<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 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> 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.

113<br>

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**ARISTOTLE HIGH YIELD BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.26 | $9.38 | $9.05 | $9.87 | $10.36 | $8.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.64 | 0.62 | 0.51 | 0.50 | 0.54  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.13) | 0.31 | (0.81) | (0.50) | 1.60  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.51 | 0.93 | (0.30) | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 2.14  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31) | (0.63) | (0.60) | (0.52) | (0.49) | (0.54)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.31) | (0.63) | (0.60) | (0.52) | (0.49) | (0.54)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.52 | $9.26 | $9.38 | $9.05 | $9.87 | $10.36  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 6.19% | 5.55% | 10.67% | -2.84% | -0.11% | 24.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $16792 | $15411 | $11112 | $8707 | $6741 | $3937  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.66% | 0.65% | 0.72% | 0.91% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | 0.65% | 0.70% | 0.70% | 0.70% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 6.67% | 6.77% | 6.74% | 5.62% | 4.78% | 5.38%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 37% | 62% | 74% | 35% | 40% | 66% |

---

<sup>(a)</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.

<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> 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> Advisor Class shares of Pacific Funds High Income, the Fund's predecessor fund, were renamed to Class I-2 shares on August 1, 2022.

The accompanying notes are an integral part of these financial statements.

114<br>

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**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(h)</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;&nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $10.34 | $10.00 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.01 | &nbsp;&nbsp;&nbsp; —  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.33 | &nbsp;&nbsp;&nbsp; —  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.34 | &nbsp;&nbsp;&nbsp; —  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |  | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |  | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $10.65 | $10.34 | &nbsp;&nbsp;&nbsp; $10.00  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.74% | &nbsp;&nbsp; 5.37% | 3.40% | &nbsp;&nbsp;&nbsp; 0.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1705 | &nbsp;&nbsp; $1390 | $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;&nbsp;&nbsp; 1.04%<sup>(i)</sup> | &nbsp;&nbsp; 1.04% | 1.03% | &nbsp;&nbsp;&nbsp; 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.04% | 1.03% | &nbsp;&nbsp;&nbsp; 1.04%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —% | —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 0.44% | 0.54% | &nbsp;&nbsp;&nbsp; 0.39%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp; 12% | 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> Amount represents less than 0.005%.

<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.

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**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(g)</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 | &nbsp;&nbsp; $11.48 | $11.07 | $10.71 | &nbsp;&nbsp; $9.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.17 | 0.17 | 0.02 | 0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.19 | 0.45 | 0.34 | 1.33  |
| **Total from investment operations** | 1.36 | 0.62 | 0.36 | 1.34  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — | (0.21) |  | &nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.21) |  | &nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.84 | $11.48 | $11.07 | &nbsp;&nbsp; $10.71  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 11.85% | 5.69% | 3.36% | &nbsp;&nbsp; 14.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $115038 | $147543 | $188136 | &nbsp;&nbsp; $199073  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.79% | 0.79% | 0.78% | &nbsp;&nbsp; 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.78% | 0.78% | 0.78% | &nbsp;&nbsp; 0.79%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; —% | 0.00%<sup>(g)</sup> | —% | &nbsp;&nbsp; —%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | —% | —% | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.72% | 1.47% | 0.69% | &nbsp;&nbsp; 0.64%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 4% | 12% | 3% | &nbsp;&nbsp; 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> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

116<br>

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**ARISTOTLE INTERNATIONAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(i)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(i)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $14.19 | &nbsp;&nbsp; $13.63 | $13.17 | $11.38 | $14.56 | $12.80 | $11.66  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.20 | 0.02 | 0.17 | 0.15 | 0.13 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | 0.56 | 0.44 | 1.83 | (3.19) | 1.88 | 1.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | 0.76 | 0.46 | 2.00 | (3.04) | 2.01 | 1.21  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) |  | (0.21) | (0.14) | (0.11) | (0.07)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  |  | (0.14) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) |  | (0.21) | (0.14) | (0.25) | (0.07)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $14.19 | $13.63 | $13.17 | $11.38 | $14.56 | $12.80  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 11.84% | &nbsp;&nbsp; 5.65% | 3.49% | 17.73% | -20.91% | 15.79% | 10.40%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $441812 | &nbsp;&nbsp; $406256 | $443745 | $420596 | $378577 | $391477 | $245021  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average <br>net assets:<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.79%<sup>(i)</sup> | &nbsp;&nbsp; 0.79% | 0.78% | 0.90% | 0.94% | 0.93% | 1.04%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.78%<sup>(i)</sup> | &nbsp;&nbsp; 0.78% | 0.78% | 0.80% | 0.80% | 0.80% | 0.80%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(h)</sup> | —% | —% | —% | —% | —%  |
|  Ratio of tax expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp; —% | —% | 0.00%<sup>(h)</sup> | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2.56% | &nbsp;&nbsp; 1.45% | 0.72% | 1.37% | 1.26% | 0.91% | 0.96%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp; 12% | 3% | 16% | 18% | 10% | 14% |

---

<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 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> 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 PACIFIC EXCLUSIVE FUND SERIES H** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>** <br>(Unaudited) <br>|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.04  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5174  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.71%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8% |

---

<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 PACIFIC EXCLUSIVE FUND SERIES I** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&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;&nbsp;&nbsp;0.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.20  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.07  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3312  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.18%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19% |

---

<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** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $13.18 | $12.86 | $10.95 | $16.37 | $17.62 | $11.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.10 | 0.25 | 0.06 | 0.02 | 0.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | 0.51 | 1.87 | (1.74) | 0.63 | 6.70  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | 0.61 | 2.12 | (1.68) | 0.65 | 6.79  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — | (0.29) | (0.06) |  | (0.52) | (0.21)  |
| Net realized gains | &nbsp;&nbsp; — |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.29) | (0.21) | (3.74) | (1.90) | (0.55)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $15.54 | $13.18 | $12.86 | $10.95 | $16.37 | $17.62  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 17.91% | 4.66% | 19.48% | -9.53% | 2.80% | 60.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $258299 | $226575 | $241995 | $230188 | $270691 | $275818  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.66% | 0.65% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.36% | 0.75% | 2.20% | 0.46% | 0.12% | 0.56%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 19% | 69% | 121% | 29% | 15% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Aggressive-Growth.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE PORTFOLIO OPTIMIZATION AGGRESSIVE GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.08 | $11.87 | $10.18 | $15.62 | $16.92 | $10.97  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.03) | (0.00)<sup>(b)</sup> | 0.16 | (0.04) | (0.11) | (0.03)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | 0.47 | 1.71 | (1.66) | 0.60 | 6.45  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | 0.47 | 1.87 | (1.70) | 0.49 | 6.42  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.26) | (0.03) |  | (0.41) | (0.13)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.26) | (0.18) | (3.74) | (1.79) | (0.47)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.19 | $12.08 | $11.87 | $10.18 | $15.62 | $16.92  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 17.47% | 3.89% | 18.54% | -10.16% | 2.04% | 58.83%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $16452 | $19049 | $24630 | $26893 | $35333 | $43705  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.41% | 1.40% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; (0.43)% | (0.01)% | 1.51% | (0.29)% | (0.63)% | (0.19)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 19% | 69% | 121% | 29% | 15% | 31% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> 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> 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>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $13.40 | $13.06 | $11.09 | $16.48 | $17.72 | $11.44  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.14 | 0.30 | 0.09 | 0.07 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | 0.50 | 1.88 | (1.74) | 0.62 | 6.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | 0.64 | 2.18 | (1.65) | 0.69 | 6.86  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.30) | (0.06) |  | (0.55) | (0.24)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.15) | (3.74) | (1.38) | (0.34)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.30) | (0.21) | (3.74) | (1.93) | (0.58)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.83 | $13.40 | $13.06 | $11.09 | $16.48 | $17.72  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18.13% | 4.81% | 19.84% | -9.25% | 3.02% | 60.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $9238 | $8906 | $9014 | $9333 | $10940 | $14855  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.41% | 0.40% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 1.02% | 2.52% | 0.71% | 0.37% | 0.81%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19% | 69% | 121% | 29% | 15% | 31% |

---

<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 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> 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> 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** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.89 | $9.82 | $9.40 | $10.77 | $11.46 | $9.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.33 | 0.34 | 0.27 | 0.18 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.16 | 0.41 | (1.00) | (0.39) | 1.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.49 | 0.75 | (0.73) | (0.21) | 1.96  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.42) | (0.33) | (0.02) | (0.28) | (0.33)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.42) | (0.33) | (0.64) | (0.48) | (0.33)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.61 | $9.89 | $9.82 | $9.40 | $10.77 | $11.46  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 7.28% | 4.98% | 8.01% | -6.71% | -2.13% | 19.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $111539 | $112305 | $124966 | $139384 | $174061 | $191406  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.71% | 0.68% | 0.67% | 0.67%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3.26% | 3.33% | 3.52% | 2.74% | 1.53% | 1.47%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 30% | 53% | 127% | 28% | 20% | 37% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

123<br>

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**ARISTOTLE PORTFOLIO OPTIMIZATION CONSERVATIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.39 | $9.39 | $9.05 | $10.44 | $11.14 | $9.59  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.25 | 0.26 | 0.19 | 0.09 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.14 | 0.38 | (0.96) | (0.38) | 1.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.39 | 0.64 | (0.77) | (0.29) | 1.82  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.39) | (0.30) |  | (0.21) | (0.27)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.39) | (0.30) | (0.62) | (0.41) | (0.27)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.04 | $9.39 | $9.39 | $9.05 | $10.44 | $11.14  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.92% | 4.15% | 7.12% | -7.34% | -2.85% | 18.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $8480 | $11166 | $16138 | $24031 | $37841 | $46869  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.46% | 1.43% | 1.42% | 1.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | 2.58% | 2.79% | 1.99% | 0.78% | 0.72%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30% | 53% | 127% | 28% | 20% | 37% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

124<br>

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**ARISTOTLE PORTFOLIO OPTIMIZATION CONSERVATIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.02 | $9.93 | $9.48 | $10.84 | $11.52 | $9.88  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.36 | 0.36 | 0.29 | 0.21 | 0.19  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.15 | 0.42 | (1.00) | (0.39) | 1.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | 0.51 | 0.78 | (0.71) | (0.18) | 1.99  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.42) | (0.33) | (0.03) | (0.30) | (0.35)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.62) | (0.20) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.42) | (0.33) | (0.65) | (0.50) | (0.35)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.75 | $10.02 | $9.93 | $9.48 | $10.84 | $11.52  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.29% | 5.20% | 8.33% | -6.50% | -1.84% | 20.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5111 | $4524 | $4857 | $6871 | $13647 | $11299  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.46% | 0.43% | 0.42% | 0.42%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | 3.59% | 3.77% | 2.99% | 1.78% | 1.72%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 30% | 53% | 127% | 28% | 20% | 37% |

---

<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 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> 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> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Conservative.

The accompanying notes are an integral part of these financial statements.

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.18 | $11.94 | $10.36 | $14.33 | $15.50 | $10.59  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.15 | 0.29 | 0.11 | 0.07 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | 0.42 | 1.44 | (1.47) | 0.39 | 5.19  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 0.57 | 1.73 | (1.36) | 0.46 | 5.30  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.33) | (0.11) |  | (0.40) | (0.23)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.33) | (0.15) | (2.61) | (1.63) | (0.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.03 | $12.18 | $11.94 | $10.36 | $14.33 | $15.50  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 15.19% | 4.74% | 16.81% | -8.93% | 2.22% | 50.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $611322 | $546463 | $594004 | $586164 | $712010 | $743213  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.64% | 0.64% | 0.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.05% | 1.24% | 2.64% | 0.97% | 0.46% | 0.80%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 21% | 65% | 126% | 30% | 19% | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $11.42 | $11.27 | $9.84 | $13.86 | $15.06 | $10.33  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.06 | 0.20 | 0.03 | (0.04) | 0.01  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 0.40 | 1.36 | (1.44) | 0.38 | 5.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | 0.46 | 1.56 | (1.41) | 0.34 | 5.04  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.31) | (0.09) |  | (0.31) | (0.15)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.31) | (0.13) | (2.61) | (1.54) | (0.31)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.10 | $11.42 | $11.27 | $9.84 | $13.86 | $15.06  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 14.71% | 3.98% | 15.92% | -9.63% | 1.51% | 48.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $30775 | $41451 | $56368 | $64896 | $89501 | $116482  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.39% | 1.39% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.23% | 0.49% | 1.97% | 0.22% | (0.29)% | 0.05%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21% | 65% | 126% | 30% | 19% | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION GROWTH FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $12.39 | $12.12 | $10.49 | $14.44 | $15.60 | $10.65  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.19 | 0.33 | 0.15 | 0.11 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | 0.42 | 1.46 | (1.49) | 0.39 | 5.23  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | 0.61 | 1.79 | (1.34) | 0.50 | 5.37  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.34) | (0.12) |  | (0.43) | (0.26)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  | (0.04) | (2.61) | (1.23) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.34) | (0.16) | (2.61) | (1.66) | (0.42)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $14.29 | $12.39 | $12.12 | $10.49 | $14.44 | $15.60  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 15.34% | 4.97% | 17.15% | -8.72% | 2.46% | 50.62%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $13202 | $12179 | $14019 | $15875 | $19833 | $20137  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.39% | 0.39% | 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.29% | 1.49% | 2.99% | 1.22% | 0.71% | 1.05%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 21% | 65% | 126% | 30% | 19% | 28% |

---

<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 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> 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> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Growth.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE CONSERVATIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.32 | $10.20 | $9.47 | $11.62 | $12.52 | $9.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.28 | 0.32 | 0.23 | 0.15 | 0.15  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 0.22 | 0.67 | (1.14) | (0.20) | 2.74  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.50 | 0.99 | (0.91) | (0.05) | 2.89  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — | (0.38) | (0.26) |  | (0.29) | (0.32)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.38) | (0.26) | (1.24) | (0.85) | (0.32)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $11.32 | $10.32 | $10.20 | $9.47 | $11.62 | $12.52  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 9.69% | 4.89% | 10.58% | -7.59% | -0.83% | 29.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $180328 | $173968 | $193061 | $207516 | $262457 | $283474  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.67% | 0.65% | 0.66%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.48% | 2.72% | 3.27% | 2.26% | 1.14% | 1.25%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 34% | 55% | 123% | 26% | 19% | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

129<br>

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**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE CONSERVATIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.77 | $9.72 | $9.08 | $11.29 | $12.20 | $9.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.20 | 0.23 | 0.15 | 0.05 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.20 | 0.65 | (1.12) | (0.18) | 2.66  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.40 | 0.88 | (0.97) | (0.13) | 2.72  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.35) | (0.24) |  | (0.22) | (0.24)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.35) | (0.24) | (1.24) | (0.78) | (0.24)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.68 | $9.77 | $9.72 | $9.08 | $11.29 | $12.20  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.31% | 4.12% | 9.78% | -8.37% | -1.54% | 28.06%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6869 | $10169 | $14906 | $19045 | $31538 | $45349  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.42% | 1.41% | 1.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | 1.96% | 2.49% | 1.51% | 0.39% | 0.50%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | 55% | 123% | 26% | 19% | 28% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE CONSERVATIVE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.48 | $10.33 | $9.57 | $11.70 | $12.60 | $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.31 | 0.35 | 0.26 | 0.18 | 0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | 0.22 | 0.68 | (1.15) | (0.20) | 2.76  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 0.53 | 1.03 | (0.89) | (0.02) | 2.94  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.38) | (0.27) |  | (0.32) | (0.34)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (1.24) | (0.56) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.38) | (0.27) | (1.24) | (0.88) | (0.34)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.51 | $10.48 | $10.33 | $9.57 | $11.70 | $12.60  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.83% | 5.15% | 10.85% | -7.36% | -0.64% | 29.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3509 | $2864 | $4348 | $4479 | $6710 | $6126  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.41% | 0.40% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | 2.93% | 3.54% | 2.51% | 1.39% | 1.50%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | 55% | 123% | 26% | 19% | 28% |

---

<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 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> 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> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate Conservative.

The accompanying notes are an integral part of these financial statements.

131<br>

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**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $11.38 | $11.19 | $9.94 | $13.33 | $14.35 | $10.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.23 | 0.29 | 0.17 | 0.10 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 0.30 | 1.14 | (1.38) | 0.11 | 4.06  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | 0.53 | 1.43 | (1.21) | 0.21 | 4.18  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; — | (0.34) | (0.18) |  | (0.36) | (0.32)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.34) | (0.18) | (2.18) | (1.23) | (0.43)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.85 | $11.38 | $11.19 | $9.94 | $13.33 | $14.35  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 12.92% | 4.71% | 14.47% | -8.67% | 0.92% | 39.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $641514 | $597271 | $667295 | $677263 | $845027 | $897486  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.64% | 0.63% | 0.64%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.62% | 1.94% | 2.80% | 1.52% | 0.68% | 0.95%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 25% | 62% | 121% | 32% | 20% | 27% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

132<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.79 | $10.68 | $9.55 | $12.98 | $14.03 | $10.39  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.13 | 0.20 | 0.08 | (0.01) | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | 0.50 | 1.09 | (1.33) | 0.11 | 3.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | 0.63 | 1.29 | (1.25) | 0.10 | 3.99  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.32) | (0.16) |  | (0.28) | (0.24)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.32) | (0.16) | (2.18) | (1.15) | (0.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $12.13 | $10.79 | $10.68 | $9.55 | $12.98 | $14.03  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 12.42% | 3.93% | 13.54% | -9.24% | 0.14% | 38.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $30411 | $42779 | $58421 | $70433 | $107229 | $143244  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.39% | 1.38% | 1.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.45% | 1.45% | 1.45% | 1.35% | 1.35% | 1.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.82% | 1.19% | 2.00% | 0.77% | (0.07)% | 0.20%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 25% | 62% | 121% | 32% | 20% | 27% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

133<br>

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**ARISTOTLE PORTFOLIO OPTIMIZATION MODERATE FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $11.56 | $11.33 | $10.05 | $13.41 | $14.42 | $10.64  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.26 | 0.32 | 0.20 | 0.14 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | 0.32 | 1.15 | (1.38) | 0.11 | 4.07  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 0.58 | 1.47 | (1.18) | 0.25 | 4.23  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.35) | (0.19) |  | (0.39) | (0.34)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (2.18) | (0.87) | (0.11)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.35) | (0.19) | (2.18) | (1.26) | (0.45)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $13.06 | $11.56 | $11.33 | $10.05 | $13.41 | $14.42  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 12.98% | 5.07% | 14.68% | -8.39% | 1.17% | 39.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $20572 | $17731 | $20351 | $21881 | $30378 | $35732  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.39% | 0.38% | 0.39%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.45% | 0.45% | 0.45% | 0.35% | 0.35% | 0.35%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.89% | 2.23% | 3.02% | 1.77% | 0.93% | 1.20%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 25% | 62% | 121% | 32% | 20% | 27% |

---

<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 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> 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> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Portfolio Optimization Moderate.

The accompanying notes are an integral part of these financial statements.

134<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.22 | $10.12 | $10.00 | $10.16 | $10.57 | $10.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.46 | 0.41 | 0.23 | 0.12 | 0.16  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.11 | 0.12 | (0.16) | (0.31) | 0.52  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.57 | 0.53 | 0.07 | (0.19) | 0.68  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22) | (0.47) | (0.41) | (0.23) | (0.12) | (0.16)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.22) | (0.47) | (0.41) | (0.23) | (0.22) | (0.16)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.29 | $10.22 | $10.12 | $10.00 | $10.16 | $10.57  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 2.82% | 5.77% | 5.43% | 0.75% | -1.85% | 6.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $86224 | $90405 | $94101 | $117609 | $174444 | $204761  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 0.75% | 0.76% | 0.87% | 0.87% | 0.88%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.19% | 4.56% | 4.09% | 2.33% | 1.14% | 1.50%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 39% | 66% | 76% | 61% | 60% | 76% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.19 | $10.09 | $9.98 | $10.14 | $10.55 | $10.03  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.39 | 0.33 | 0.16 | 0.04 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.10 | 0.12 | (0.16) | (0.31) | 0.52  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.49 | 0.45 | 0.00<sup>(c)</sup> | (0.27) | 0.60  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18) | (0.39) | (0.34) | (0.16) | (0.04) | (0.08)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.18) | (0.39) | (0.34) | (0.16) | (0.14) | (0.08)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.26 | $10.19 | $10.09 | $9.98 | $10.14 | $10.55  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 2.44% | 4.98% | 4.63% | 0.00% | -2.59% | 6.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $22481 | $21985 | $26358 | $30904 | $39891 | $51385  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.50% | 1.50% | 1.51% | 1.62% | 1.62% | 1.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3.44% | 3.82% | 3.34% | 1.58% | 0.39% | 0.75%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 39% | 66% | 76% | 61% | 60% | 76% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(e)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(e)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.20 | $10.11 | $9.98 | $10.14 | $10.56 | $10.03  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.50 | 0.44 | 0.26 | 0.15 | 0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.10 | 0.13 | (0.16) | (0.32) | 0.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.60 | 0.57 | 0.10 | (0.17) | 0.72  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.23) | (0.51) | (0.44) | (0.26) | (0.15) | (0.19)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.23) | (0.51) | (0.44) | (0.26) | (0.25) | (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.28 | $10.20 | $10.11 | $9.98 | $10.14 | $10.56  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 3.11% | 6.06% | 5.84% | 1.06% | -1.69% | 7.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $365946 | $300594 | $376103 | $195023 | $171154 | $141974  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.39% | 0.39% | 0.46% | 0.62% | 0.62% | 0.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.39% | 0.39% | 0.45% | 0.45% | 0.48% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 4.55% | 4.91% | 4.43% | 2.63% | 1.40% | 1.75%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 39% | 66% | 76% | 61% | 60% | 76% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Short Duration Income.

The accompanying notes are an integral part of these financial statements.

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SHORT DURATION INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.22 | $10.13 | $10.00 | $10.16 | $10.58 | $10.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.49 | 0.43 | 0.26 | 0.15 | 0.18  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.10 | 0.13 | (0.16) | (0.32) | 0.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.59 | 0.56 | 0.10 | (0.17) | 0.72  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.23) | (0.50) | (0.43) | (0.26) | (0.15) | (0.19)  |
| Net realized gains | &nbsp;&nbsp; — |  |  |  | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.23) | (0.50) | (0.43) | (0.26) | (0.25) | (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.30 | $10.22 | $10.13 | $10.00 | $10.16 | $10.58  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp; 3.05% | 5.94% | 5.77% | 1.01% | -1.70% | 7.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $527121 | $492095 | $473384 | $651148 | $622664 | $778271  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.49% | 0.49% | 0.51% | 0.62% | 0.62% | 0.63%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.49% | 0.49% | 0.50% | 0.50% | 0.50% | 0.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 4.45% | 4.82% | 4.32% | 2.58% | 1.39% | 1.75%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 39% | 66% | 76% | 61% | 60% | 76% |

---

<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 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> 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.

138<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</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 | &nbsp;&nbsp;&nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; $11.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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> | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.82  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.83  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp;&nbsp; $14.30 | &nbsp;&nbsp;&nbsp; $13.78  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.50% | &nbsp;&nbsp; -3.20% | &nbsp;&nbsp;&nbsp; 3.77% | &nbsp;&nbsp;&nbsp; 15.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $4228 | &nbsp;&nbsp; $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> | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.16%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.42%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp; 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 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> 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> 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.

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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 | &nbsp;&nbsp;&nbsp;&nbsp; $12.94 | &nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $11.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.73  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.72  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.72 | &nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $13.10  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.03% | &nbsp;&nbsp; -3.83% | &nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 15.11%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $579 | &nbsp;&nbsp; $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> | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.91%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.91%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&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>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp; (0.33)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp; 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 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> 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> 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.

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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;&nbsp;&nbsp; $14.37 | &nbsp;&nbsp; $15.00 | &nbsp;&nbsp; $13.88  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;1.12  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $14.37 | &nbsp;&nbsp; $15.00  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.68% | &nbsp;&nbsp; -2.97% | &nbsp;&nbsp; 8.07%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $79 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(h)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.49%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp; 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 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> 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> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

141<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $14.39 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp;&nbsp; $14.44 | $13.67 | $15.99 | $13.90 | $12.96  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.06 | 0.00<sup>(c)</sup> | (0.01) | 0.01  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.84 | (1.63) | 2.61 | 1.19  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.90 | (1.63) | 2.61 | 1.20  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | (0.08) |  | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup>  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | (0.05) | (0.69) | (0.51) | (0.26)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | (0.13) | (0.69) | (0.51) | (0.26)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(</sup><sup>c</sup><sup>)</sup> | 0.00<sup>(</sup><sup>c</sup><sup>)</sup> | 0.00<sup>(</sup><sup>c</sup><sup>)</sup> | 0.00<sup>(</sup><sup>c</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $14.39 | &nbsp;&nbsp;&nbsp; $14.99 | $14.44 | $13.67 | $15.99 | $13.90  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 6.60% | &nbsp;&nbsp; -2.89% | &nbsp;&nbsp;&nbsp; 3.81% | 6.65% | -10.26% | 18.87% | 9.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $136720 | &nbsp;&nbsp; $145174 | &nbsp;&nbsp;&nbsp; $207121 | $203865 | $190626 | $215876 | $161570  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.90% | 1.00% | 1.01% | 1.00% | 1.13%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.29% | 0.44% | 0.02% | (0.06)% | 0.06%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 1% | 10% | 19% | 14% | 24% |

---

<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 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> 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> 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.

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS R6** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **Period Ended** <br>**March 31,** <br>**2024<sup>(j)</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 | &nbsp;&nbsp;&nbsp;&nbsp; $13.57 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.59 | &nbsp;&nbsp;&nbsp; $11.78  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 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> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.79  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.81  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $14.47 | &nbsp;&nbsp; $13.57 | &nbsp;&nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.59  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.63% | &nbsp;&nbsp; -2.75% | &nbsp;&nbsp;&nbsp; 3.83% | &nbsp;&nbsp;&nbsp; 15.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(g)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $147 | &nbsp;&nbsp; $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> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp; 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 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> Amount represents less than $0.005 per share.

<sup>(e)</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>(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> 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.

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $6.48 | $7.02 | $9.29 | $15.98 | $17.47 | $9.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.00)<sup>(b)</sup> | 0.01 | 0.04 | (0.07) | (0.04)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.05 | 0.83 | (1.91) | (0.34) | 7.99  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.05 | 0.84 | (1.87) | (0.41) | 7.95  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.01) | (0.10) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (0.58) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.59) | (3.11) | (4.82) | (1.08) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $6.96 | $6.48 | $7.02 | $9.29 | $15.98 | $17.47  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 7.41% | -0.18% | 13.16% | -11.41% | -2.82% | 83.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $10461 | $10034 | $12864 | $13055 | $19675 | $22988  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.15% | 1.15% | 1.16% | 1.29% | 1.23% | 1.24%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.15% | 1.15% | 1.16% | 1.21% | 1.20% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.30% | (0.02)% | 0.16% | 0.34% | (0.38)% | (0.33)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 13% | 17% | 151% | 33% | 34% | 64% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> 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> 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.

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $5.65 | $6.15 | $8.55 | $15.24 | $16.83 | $9.24  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | (0.05) | (0.05) | (0.05) | (0.19) | (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 0.06 | 0.72 | (1.82) | (0.32) | 7.73  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.01 | 0.67 | (1.87) | (0.51) | 7.59  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.06) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.51) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.51) | (3.07) | (4.82) | (1.08) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $6.04 | $5.65 | $6.15 | $8.55 | $15.24 | $16.83  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.90% | -0.82% | 12.14% | -12.01% | -3.53% | 82.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1114 | $1231 | $2660 | $5260 | $9370 | $10990  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | 1.90% | 1.91% | 2.04% | 1.98% | 1.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | 1.90% | 1.91% | 1.96% | 1.95% | 1.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.46)% | (0.82)% | (0.62)% | (0.41)% | (1.13)% | (1.08)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13% | 17% | 151% | 33% | 34% | 64% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Small/Mid-Cap.

The accompanying notes are an integral part of these financial statements.

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**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $7.66 | $8.29 | $10.40 | $17.17 | $17.61 | $9.59  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.02 | 0.04 | 0.09 | (0.01) | 0.00<sup>(b)</sup>  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.07 | 0.98 | (2.04) | (0.43) | 8.08  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.09 | 1.02 | (1.95) | (0.44) | 8.08  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.03) | (0.12) |  |  | (0.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.69) | (3.01) | (4.82) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.72) | (3.13) | (4.82) |  | (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.23 | $7.66 | $8.29 | $10.40 | $17.17 | $17.61  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.44% | 0.16% | 13.48% | -11.11% | -2.44% | 84.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $544 | $569 | $679 | $497 | $1017 | $1558  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | 0.85% | 0.87% | 1.03% | 0.98% | 0.99%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | 0.85% | 0.85% | 0.86% | 0.85% | 0.86%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | 0.29% | 0.46% | 0.69% | (0.03)% | 0.01%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13% | 17% | 151% | 33% | 34% | 64% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> 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> 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.

146<br>

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**ARISTOTLE SMALL/MID CAP EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $6.68 | $7.23 | $9.46 | $16.12 | $17.57 | $9.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.01 | 0.03 | 0.08 | (0.02) | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.06 | 0.85 | (1.92) | (0.35) | 8.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 0.07 | 0.88 | (1.84) | (0.37) | 8.04  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.02) | (0.10) |  |  | (0.05)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (0.60) | (3.01) | (4.82) | (1.08) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.62) | (3.11) | (4.82) | (1.08) | (0.05)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $7.18 | $6.68 | $7.23 | $9.46 | $16.12 | $17.57  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 7.49% | 0.07% | 13.39% | -11.15% | -2.52% | 84.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $16570 | $22688 | $31874 | $72294 | $184718 | $312981  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.90% | 0.90% | 0.91% | 1.04% | 0.98% | 1.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.90% | 0.90% | 0.91% | 0.96% | 0.95% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.52% | 0.22% | 0.39% | 0.59% | (0.13)% | (0.08)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 13% | 17% | 151% | 33% | 34% | 64% |

---

<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 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> 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> 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.

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.42 | $10.48 | $10.20 | $10.96 | $11.52 | $9.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.59 | 0.56 | 0.44 | 0.33 | 0.40  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.06) | 0.26 | (0.72) | (0.47) | 1.79  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.53 | 0.82 | (0.28) | (0.14) | 2.19  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.28) | (0.59) | (0.54) | (0.44) | (0.32) | (0.39)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.28) | (0.59) | (0.54) | (0.48) | (0.42) | (0.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.68 | $10.42 | $10.48 | $10.20 | $10.96 | $11.52  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.12% | 5.17% | 8.33% | -2.41% | -1.30% | 22.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $206350 | $201110 | $152889 | $101292 | $134612 | $104659  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.94% | 0.94% | 0.95% | 1.07% | 1.07% | 1.08%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.94% | 0.94% | 0.94% | 0.94% | 0.94% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 5.28% | 5.66% | 5.50% | 4.34% | 2.85% | 3.57%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 32% | 45% | 56% | 45% | 40% | 86% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

148<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $10.38 | $10.44 | $10.18 | $10.93 | $11.49 | $9.69  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.51 | 0.49 | 0.37 | 0.25 | 0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.06) | 0.24 | (0.72) | (0.47) | 1.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | 0.45 | 0.73 | (0.35) | (0.22) | 2.12  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24) | (0.51) | (0.47) | (0.36) | (0.24) | (0.32)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.24) | (0.51) | (0.47) | (0.40) | (0.34) | (0.32)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.63 | $10.38 | $10.44 | $10.18 | $10.93 | $11.49  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 4.75% | 4.41% | 7.43% | -3.04% | -1.99% | 22.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $116194 | $113811 | $89723 | $63154 | $78497 | $72157  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.69% | 1.69% | 1.70% | 1.82% | 1.82% | 1.83%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.69% | 1.69% | 1.69% | 1.68% | 1.64% | 1.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.53% | 4.91% | 4.75% | 3.60% | 2.15% | 2.87%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 32% | 45% | 56% | 45% | 40% | 86% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

149<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(f)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.35 | $10.40 | $10.14 | $10.89 | $11.45 | $9.66  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.63 | 0.60 | 0.47 | 0.36 | 0.42  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | (0.05) | 0.23 | (0.71) | (0.46) | 1.80  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.58 | 0.83 | (0.24) | (0.10) | 2.22  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp; (0.30) | (0.63) | (0.57) | (0.47) | (0.36) | (0.43)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.30) | (0.63) | (0.57) | (0.51) | (0.46) | (0.43)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.59 | $10.35 | $10.40 | $10.14 | $10.89 | $11.45  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp; 5.24% | 5.68% | 8.49% | -2.03% | -1.02% | 23.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $562693 | $548060 | $354281 | $126525 | $142365 | $13842  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.59% | 0.59% | 0.65% | 0.82% | 0.82% | 0.84%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.59% | 0.59% | 0.64% | 0.64% | 0.64% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 5.63% | 6.01% | 5.84% | 4.64% | 3.15% | 3.87%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 32% | 45% | 56% | 45% | 40% | 86% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Strategic Income.

The accompanying notes are an integral part of these financial statements.

150<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE STRATEGIC INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $10.43 | $10.48 | $10.21 | $10.97 | $11.52 | $9.72  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.29 | 0.62 | 0.59 | 0.47 | 0.36 | 0.43  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.25 | (0.05) | 0.25 | (0.73) | (0.46) | 1.79  |
| **Total from investment operations** | 0.54 | 0.57 | 0.84 | (0.26) | (0.10) | 2.22  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | (0.29) | (0.62) | (0.57) | (0.46) | (0.35) | (0.42)  |
| Net realized gains |  |  |  | (0.04) | (0.10) | —  |
| **Total distributions** | (0.29) | (0.62) | (0.57) | (0.50) | (0.45) | (0.42)  |
| **Net asset value, end of period** | $10.68 | $10.43 | $10.48 | $10.21 | $10.97 | $11.52  |
| Total return<sup>(d)(e)</sup> | 5.24% | 5.53% | 8.46% | -2.16% | -0.97% | 23.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3165831 | $2928961 | $2076479 | $1185434 | $1245830 | $832054  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.69% | 0.69% | 0.70% | 0.82% | 0.82% | 0.83%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 5.53% | 5.91% | 5.77% | 4.59% | 3.10% | 3.82%  |
| Portfolio turnover rate<sup>(d)</sup> | 32% | 45% | 56% | 45% | 40% | 86% |

---

<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 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> 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.

151<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE ULTRA SHORT INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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;&nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp;&nbsp;&nbsp; 5.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $968 | &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;&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;&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; —% | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | &nbsp;&nbsp; 4.93% | &nbsp;&nbsp;&nbsp;&nbsp; 5.30%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | &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.

152<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE ULTRA SHORT INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(g)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.98 | $9.93 | $9.86 | $9.92 | $10.07 | $9.65  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.52 | 0.53 | 0.31 | 0.06 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.04 | 0.06 | (0.09) | (0.10) | 0.44  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.56 | 0.59 | 0.22 | (0.04) | 0.56  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.51) | (0.52) | (0.28) | (0.07) | (0.12)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | (0.04) | (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.51) | (0.52) | (0.28) | (0.11) | (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.04 | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| Total return<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.86% | 5.77% | 6.18% | 2.30% | -0.42% | 5.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3484 | $16849 | $15784 | $13231 | $12929 | $12993  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | 0.33% | 0.35% | 0.73% | 0.66% | 0.70%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(f)</sup> | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.58% | 5.24% | 5.40% | 3.16% | 0.62% | 1.16%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | 128% | 102% | 51% | 75% | 96% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Total return includes reinvestment of all dividends and capital gain distributions, if any, and does not include deduction of any applicable sales charges.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Amount represents less than 0.005%.

<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 Ultra Short Income.

The accompanying notes are an integral part of these financial statements.

153<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE ULTRA SHORT INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024<sup>(h)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.98 | $9.93 | $9.86 | $9.92 | $10.07 | $9.65  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.52 | 0.53 | 0.31 | 0.06 | 0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.04 | 0.07 | (0.09) | (0.10) | 0.44  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.56 | 0.60 | 0.22 | (0.04) | 0.56  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22) | (0.51) | (0.53) | (0.28) | (0.07) | (0.12)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.04) | (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.22) | (0.51) | (0.53) | (0.28) | (0.11) | (0.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.04 | $9.98 | $9.93 | $9.86 | $9.92 | $10.07  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 2.86% | 5.77% | 6.18% | 2.30% | -0.42% | 5.81%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $23739 | $30184 | $31663 | $50169 | $18598 | $18449  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.33% | 0.33% | 0.36% | 0.77% | 0.66% | 0.69%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; —% | 0.00%<sup>(g)</sup> | —% | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 4.62% | 5.23% | 5.31% | 3.16% | 0.62% | 1.16%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 35% | 128% | 102% | 51% | 75% | 96% |

---

<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 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 0.005%.

<sup>(h)</sup> For periods prior to April 17, 2023, the financial and return data is of the same share class of the Fund's predecessor fund, Pacific Funds Ultra Short Income.

The accompanying notes are an integral part of these financial statements.

154<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**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;&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> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; (0.02)  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $9.98  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.21% | &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;&nbsp;&nbsp; $240 | &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;&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;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.95%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&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;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.13%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &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.

155<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024 through**<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;&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> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $9.75  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.30% | &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;&nbsp;&nbsp; $581 | &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;&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;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.70%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&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;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.44%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &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.

156<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(j)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(j)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $21.23 | &nbsp;&nbsp; $21.79 | $20.28 | $17.14 | $20.55 | $16.83 | $14.79  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.30 | 0.05 | 0.25 | 0.21 | 0.16 | 0.13  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) <br>on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (0.15) | 1.46 | 3.13 | (3.29) | 4.03 | 2.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | 0.15 | 1.51 | 3.38 | (3.08) | 4.19 | 2.13  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.33) |  | (0.24) | (0.21) | (0.13) | (0.09)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |  |  | (0.12) | (0.34) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.71) |  | (0.24) | (0.33) | (0.47) | (0.09)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $23.20 | &nbsp;&nbsp; $21.23 | $21.79 | $20.28 | $17.14 | $20.55 | $16.83  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 9.28% | &nbsp;&nbsp; 0.61% | 7.45% | 19.70% | -15.04% | 24.90% | 14.38%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $553054 | &nbsp;&nbsp; $561854 | $695930 | $679164 | $683322 | $947191 | $396792  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.70% | 0.69% | 0.71% | 0.71% | 0.71% | 0.79%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.69% | 0.69% | 0.69% | 0.69% | 0.69% | 0.70%<sup>(h)</sup>  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(i)</sup> | —% | —% | —% | —% | —%  |
|  Ratio of tax expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; —% | —% | 0.00%<sup>(i)</sup> | —% | —% | —%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.38% | 1.05% | 1.38% | 1.18% | 0.80% | 0.92%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | 4% | 7% | 20% | 14% | 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 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> 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> Effective March 1, 2020, the Predecessor Fund's adviser had contractually agreed to waive its fees and/or absorb expenses of the Predecessor Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.69% of average daily net assets of the Predecessor Fund. Prior to March 1, 2020, the annual operating expense limitation was 0.78%.

<sup>(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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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE VALUE EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS R6** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 29,**<br>**2024<sup>(a)</sup>** <br>**through**<br>**March 31,** <br>**2024**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $21.79 | &nbsp;&nbsp; $20.55  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.24  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $23.20 | &nbsp;&nbsp; $21.22 | &nbsp;&nbsp; $21.79  |
| Total return<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.33% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 6.03%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $12 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $11  |
| Ratio of expenses to average net assets:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.61%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(g)</sup> | &nbsp;&nbsp; —%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.47%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 4% |

---

<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 0.005%. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**ARISTOTLE/SAUL GLOBAL EQUITY FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I-2<sup>(a)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(i)</sup>** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**March 31,** <br>**2025** | **January 1,**<br>**2024** <br>**through**<br>**March 31,**<br>**2024<sup>(i)</sup>** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $11.00 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $14.47 | $12.98 | $16.53 | $14.18 | $12.79  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.02 | 0.16 | 0.14 | 0.11 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp; (0.26) | 0.85 | 2.28 | (3.01) | 2.65 | 2.01  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; (0.05) | 0.87 | 0.44 | (2.87) | 2.76 | 2.12  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; — | (0.18) | (0.16) | (0.11) | (0.12)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp; — | (0.77) | (0.52) | (0.30) | (0.61)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.29) | &nbsp;&nbsp; — | (0.95) | (0.68) | (0.41) | (0.73)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  |  | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> | 0.00<sup>(</sup><sup>d</sup><sup>)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.61 | &nbsp;&nbsp; $11.00 | &nbsp;&nbsp; $15.34 | $14.47 | $12.98 | $16.53 | $14.18  |
| Total return<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14.64% | &nbsp;&nbsp; -1.53% | &nbsp;&nbsp; 6.01% | 19.07% | -17.49% | 19.54% | 16.68%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $31026 | &nbsp;&nbsp; $31049 | &nbsp;&nbsp; $61650 | $58073 | $67499 | $94029 | $69128  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.79% | 1.00% | 0.95% | 0.95% | 1.07%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | 0.81% | 0.80% | 0.80% | 0.80%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp; —% | —% | —% | —% | —%  |
| Ratio of tax expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.01% | —% | —% | —%  |
|  Ratio of operational expenses to average net assets excluding tax expense<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 0.78% | 0.80% | 0.80% | 0.80% | 0.80%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; 0.61% | 1.16% | 1.03% | 0.70% | 0.90%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 1% | 10% | 22% | 13% | 12% |

---

<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 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> 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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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

Aristotle Funds Series Trust (which may be referred to as "Aristotle Funds" or the "Trust") is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end, management investment company, and is organized as a Delaware statutory trust established pursuant to a Declaration of Trust dated November 29, 2022. Aristotle Investment Services, LLC ("AIS" or the "Adviser") serves as investment adviser to the Trust. As of September 30, 2025, 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 Value Equity Fund, Aristotle/Saul Global Equity Fund, and Aristotle Small/Mid Cap Equity Fund are collectively the "Equity Funds." Aristotle Portfolio Optimization Aggressive Growth Fund, Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Growth Fund, Aristotle Portfolio Optimization Moderate Conservative Fund and Aristotle Portfolio Optimization Moderate Fund are collectively the "Portfolio Optimization Funds."

Aristotle Core 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 I and Class I-2 shares. Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Core Bond Fund (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** 

**September 30, 2025(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 I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge ("CDSC"); and (iii) Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Core Income Fund acquired the assets and assumed the liabilities of Pacific Funds Core Income, a series of Pacific Funds Series Trust. 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 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 offers a single class of shares, sold at net asset value without a sales charge. The Fund incepted on June 23, 2025.

Aristotle Pacific EXclusive Fund Series I's primary investment goal is to seek total return, consisting of current income and capital appreciation. The Fund offers 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** 

**September 30, 2025(Continued)** 

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 I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 3.00% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Short Duration Income Fund acquired the assets and assumed the liabilities of Pacific Funds Short Duration Income, a series of Pacific Funds Series Trust. 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

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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 I and Class I-2 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I and Class I- 2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Strategic Income Fund acquired the assets and assumed the liabilities of Pacific Funds Strategic Income, a series of Pacific Funds Series Trust. 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 I and Class I-2 shares. Each class is distinguished by its applicable level of distribution and/or service fees. Class A, Class I and Class I-2 shares are sold at net asset value without a sales charge. Effective on April 17, 2023, Aristotle Ultra Short Income Fund acquired the assets and assumed the liabilities of Pacific Funds Ultra Short Income, a series of Pacific Funds Series Trust. 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.

**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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**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** 

**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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**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.** 

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** 

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

VOC determines the level in which each investment is characterized. The VOC includes finance, operations, legal, risk and compliance members of AIS, and the Trust's Chief Legal Officer and Chief Compliance Officer. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The VOC reviews the AIS valuation procedures periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund's investments. The VOC also periodically evaluates how the Trust's investments are characterized within the three-tier hierarchy and the appropriateness of third-party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange traded prices, transaction prices, and/or observable vendor prices.

The inputs or methodologies used for characterizing each Fund's investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

The following is a summary of the inputs used, as of September 30, 2025, in valuing the Funds' assets carried at fair value:

**Aristotle Core Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $55416791 | $— | $55416791  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 40224109 |  | 40224109  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 24965992 |  | 24965992  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 15606576 |  | 15606576  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 9343222 |  | 9343222  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1881446 |  | 1881446  |
| **Total Investments** | $— | $147438136 | $— | $147438136 |

---

**Aristotle Core Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $545897851 | $— | $— | $545897851  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 5857606 |  |  | 5857606  |
| **Total Investments** | $551755457 | $— | $— | $551755457 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Aristotle Core Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $1314779624 | $— | $1314779624  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 734633609 |  | 734633609  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 396785518 |  | 396785518  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 247953851 |  | 247953851  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 195699026 |  | 195699026  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 153810504 |  | 153810504  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 74496157 |  | 74496157  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 12093308 |  | 12093308  |
| **Total Investments** | $— | $3130251597 | $— | $3130251597 |

---

**Aristotle Floating Rate Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $3538785990 | $— | $3538785990  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 188486353 |  |  | 188486353  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 152775001 |  | 152775001  |
| **Total Investments** | $188486353 | $3691560991 | $— | $3880047344 |

---

**Aristotle Growth Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $214948067 | $— | $— | $214948067  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1309456 |  |  | 1309456  |
| **Total Investments** | $216257523 | $— | $— | $216257523 |

---

**Aristotle High Yield Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $86409463 | $— | $86409463  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 6669477 |  | 6669477  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 4040840 |  | 4040840  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 216762 |  |  | 216762  |
| **Total Investments** | $216762 | $97119780 | $— | $97336542 |

---

**Aristotle International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $534755679 | $— | $— | $534755679  |
| **Total Investments** | $534755679 | $— | $— | $534755679 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Aristotle Pacific EXclusive Fund Series H** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $3712807 | $— | $3712807  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 1407707 |  | 1407707  |
| **Total Investments** | $— | $5120514 | $— | $5120514 |

---

**Aristotle Pacific EXclusive Fund Series I** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $1548588 | $— | $1548588  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 703835 |  | 703835  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 482909 |  | 482909  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 419371 |  | 419371  |
| **Total Investments** | $— | $3154703 | $— | $3154703 |

---

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $143047568 | $— | $— | $143047568  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | 140405442 |  |  | 140405442  |
| **Total Investments** | $283453010 | $— | $— | $283453010 |

---

**Aristotle Portfolio Optimization Conservative Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $97018125 | $— | $— | $97018125  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 28016913 |  |  | 28016913  |
| **Total Investments** | $125035038 | $— | $— | $125035038 |

---

**Aristotle Portfolio Optimization Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $373745455 | $— | $— | $373745455  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 280430954 |  |  | 280430954  |
| **Total Investments** | $654176409 | $— | $— | $654176409 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Aristotle Portfolio Optimization Moderate Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $479048318 | $— | $— | $479048318  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 212704976 |  |  | 212704976  |
| **Total Investments** | $691753294 | $— | $— | $691753294 |

---

**Aristotle Portfolio Optimization Moderate Conservative Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Open-End Funds | $140190805 | $— | $— | $140190805  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 50357352 |  |  | 50357352  |
| **Total Investments** | $190548157 | $— | $— | $190548157 |

---

**Aristotle Short Duration Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $531309595 | $— | $531309595  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 128923241 |  | 128923241  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 122187265 |  | 122187265  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 83453338 |  | 83453338  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 79525968 |  | 79525968  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 48396371 |  | 48396371  |
| **Total Investments** | $— | $993795778 | $— | $993795778 |

---

**Aristotle Small Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $129449004 | $— | $— | $129449004  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 8635874 |  |  | 8635874  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1596068 |  |  | 1596068  |
| **Total Investments** | $139680946 | $— | $— | $139680946 |

---

**Aristotle Small/Mid Cap Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $26480030 | $— | $— | $26480030  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 1613677 |  |  | 1613677  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 233754 |  |  | 233754  |
| **Total Investments** | $28327461 | $— | $— | $28327461 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Aristotle Strategic Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $2950414845 | $— | $2950414845  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 594064212 |  | 594064212  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 166192080 |  | 166192080  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 147963325 |  | 147963325  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 90255544 |  | 90255544  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 37905645 |  | 37905645  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1268108 |  | 1268108  |
| **Total Investments** | $— | $3988063759 | $— | $3988063759 |

---

**Aristotle Ultra Short Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $18577263 | $— | $18577263  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5075769 |  | 5075769  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2971229 |  | 2971229  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 570331 |  | 570331  |
| **Total Investments** | $— | $27194592 | $— | $27194592 |

---

**Aristotle Value Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $540142865 | $— | $— | $540142865  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 7192950 |  |  | 7192950  |
| **Total Investments** | $547335815 | $— | $— | $547335815 |

---

**Aristotle/Saul Global Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $29292066 | $— | $— | $29292066  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 700417 |  |  | 700417  |
| **Total Investments** | $29992483 | $— | $— | $29992483 |

---

**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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended September 30, 2025, are summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Unfunded** <br>**Loan** <br>**Commitments** | **Value** | **Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Aristotle Core Income Fund | $623448 | $622167 | &nbsp;&nbsp;&nbsp; $(575)  |
| Aristotle Floating Rate Income Fund | 3402453 | 3405166 | &nbsp;&nbsp;&nbsp; 9281  |
| Aristotle Strategic Income Fund | 1500172 | 1497090 | &nbsp;&nbsp;&nbsp; (3083) |

---

**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 September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Distributions to Shareholders. Each Fund intends to distribute substantially all of its net investment income, as described in the schedule below, and distribute realized capital gains, if any, to shareholders at least annually, although distributions could occur more or less frequently if it is advantageous to the specific Fund and to its shareholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Optimization and Equity Funds - dividends,
 if any, are generally declared and paid annually.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**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 September 30, 2025 are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

---

| | |
|:---|:---|
| **Fund** | **Annual Investment** <br>**Advisory Fee Rate**<br>**(as a percentage** <br>**of average daily** <br>**net assets)**  |
| Aristotle Core Bond Fund | &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.

**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

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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 September 30, 2025 can be referenced on the Statements of Operations of the Funds.

AIS in its capacity as the Funds' administrator (the "Administrator"), performs certain administrative services for each of the Funds pursuant to a supervision and administration agreement (as amended and restated from time to time, the "Supervision and Administration Agreement") with the Trust. Pursuant to the Supervision and Administration Agreement, the Administrator provides the Funds with certain supervisory, administrative and shareholder services necessary for Fund operations and is responsible for the supervision of other Fund service providers. The Administrator receives a supervision and administration fee in return for its services. The supervision and administration services provided by the Administrator include, among others, (i) shareholder services, including the preparation of shareholder reports and the maintenance of a shareholder call center; (ii) regulatory compliance, such as report filings with the SEC and state or other regulatory authorities; and (iii) general supervision and coordination of matters relating to the operation of the Funds, including coordination of the services performed by the Funds' advisers, custodian, transfer agent, dividend disbursing agent, recordkeeping agent, legal counsel, independent public accountants and others. The Administrator pays for and furnishes the office space and equipment necessary to carry out the Funds' business and pays the compensation of the Trust's officers and employees. In addition, the Administrator is responsible for arranging the services and bearing the expenses of the Trust's service providers, including, among others, legal, audit, transfer agency, and recordkeeping services. The Administrator is also responsible for the costs of registration of the Trust's shares and the printing of prospectuses and shareholder reports for current shareholders.

The supervision and administration fee for each class of each Fund is paid at the following annual rates (stated as a percentage of the average daily net assets attributable in the aggregate to each class's shares taken separately):

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration** <br>**Fee**  |
| Aristotle Core Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%  |
| Aristotle Core Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle Core Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle Floating Rate Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration** <br>**Fee**  |
| Aristotle Growth Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle High Yield Bond Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| Aristotle International Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| Aristotle Pacific EXclusive Fund Series H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Pacific EXclusive Fund Series I | &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; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Conservative Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Growth Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Portfolio Optimization Moderate Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Short Duration Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24%  |
| Aristotle Small Cap Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Supervision and** <br>**Administration** <br>**Fee**  |
| Aristotle Small/Mid Cap Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Aristotle Strategic Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19%  |
| Aristotle Ultra Short Income Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| Aristotle Value Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%  |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06%  |
| Aristotle/Saul Global Equity Fund<br>|  |
| &nbsp;&nbsp;&nbsp; Class I-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18% |

---

The total supervision and administration fee amounts paid to AIS for the period ending September 30, 2025 can be referenced on the Statements of Operations of the Funds.

AIS has contractually agreed that to the extent that the aggregate expenses (the "Expenses") incurred by a Fund, including but not limited to organizational and offering costs and the fees (but excluding 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 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

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Agreement** <br>**Expires** | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  | **Total Limit on Annual Operating Expenses<sup>†</sup>**  |
| **Fund** | **Agreement** <br>**Expires** | **Class A** | **Class C** | **Class I** | **Class I-2** | **Class R6 /**<br>**Total Fund**  |
| Aristotle Core Bond Fund | July 31, 2028 |  |  | 0.48% | &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% | 0.45% | &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; —  |
| Aristotle Pacific EXclusive Fund Series H | Never |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0.00%  |
| Aristotle Pacific EXclusive Fund 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 Income Fund  | July 31, 2028  | 0.75%  | 1.50%  | 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% | 0.59% | &nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; —  |
| Aristotle Ultra Short Income Fund | July 31, 2028 | 0.57% |  | 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; — |

---

---

| | |
|:---|:---|
| <sup>†</sup><br>| The total limit on annual operating expenses is calculated based on each Fund's average daily net assets.  |

---

The total expense reimbursement amounts paid by AIS for the period ended September 30, 2025 can be referenced on the Statements of Operations of the Funds.

**NOTE 4 – FEDERAL INCOME TAX INFORMATION** 

Each Fund intends to qualify each year as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code (the "Code"). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year ended March 31, 2025, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

between financial reporting and tax reporting be reclassified between various components of net assets. The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

Accumulated capital losses represent net capital loss carryovers as of March 31, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2025 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2025, as applicable:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Unlimited Period of** <br>**Net Capital Loss Carryover** | **Accumulated** <br>**Capital Loss** <br>**Carryover** | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
| **Fund** | **Short Term** | **Long Term**  | **Accumulated** <br>**Capital Loss** <br>**Carryover** | **Capital Loss** <br>**Carryover** <br>**Utilized During** <br>**the Year Ended** <br>**March 31, 2025**  |
| Aristotle Core Bond Fund | $(495717) | $(2022498) | $(2518215) | $—  |
| Aristotle Core Equity Fund |  |  |  | —  |
| Aristotle Core Income Fund | (18607327) | (51861599) | (70468926) | —  |
| Aristotle Floating Rate Income Fund | (51085422) | (241299598) | (292385020) | —  |
| Aristotle Growth Equity Fund |  |  |  | —  |
| Aristotle High Yield Bond Fund | (4367077) | (15729025) | (20096102) | —  |
| Aristotle International Equity Fund | (2435529) | (4798478) | (7234007) | (8995498)  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund |  |  |  | (16833610)  |
|  Aristotle Portfolio Optimization Conservative Fund | (1759004) | (10458855) | (12217859) | (5397285)  |
|  Aristotle Portfolio Optimization Growth Fund |  |  |  | (30089010)  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | (2553239) | (10190833) | (12744072) | (11130914)  |
|  Aristotle Portfolio Optimization Moderate Fund |  |  |  | (39844393)  |
| Aristotle Short Duration Income Fund | (4962106) | (19473582) | (24435688) | —  |
| Aristotle Small Cap Equity Fund |  |  |  | (1323414)  |
| Aristotle Small/Mid Cap Equity Fund |  |  |  | —  |
| Aristotle Strategic Income Fund | (6895829) | (97752381) | (104648210) | —  |
| Aristotle Ultra Short Income Fund | (15930) | (16374) | (32304) | (140070)  |
| Aristotle Value Equity Fund |  |  |  | (3940950)  |
| Aristotle/Saul Global Equity Fund |  |  |  |  |

---

Additionally, at March 31, 2025, the Funds deferred no post-October or late-year losses.

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

At March 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**Core Bond** <br>**Fund** | **Aristotle Core** <br>**Equity Fund** | **Aristotle Core** <br>**Income Fund** | **Aristotle** <br>**Floating Rate** <br>**Income Fund** | **Aristotle** <br>**Growth** <br>**Equity Fund**  |
| Cost of Portfolio | $39844141  | $371726048  | $3154009036  | $4185206475  | $169431264  |
| Gross Unrealized Appreciation | 194164  | 137673974  | 24496372  | 18660880  | 70109427  |
| Gross Unrealized Depreciation | (1292252) | (21623258) | (72771731) | (37929352) | (7937398)  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | (1098088) | 116050716  | (48275359) | (19268472) | 62172029  |
| Undistributed Ordinary Income | 1808  | 291723  | 1390573  | 5628436  | —  |
|  Undistributed Long-Term Capital Gains | —  | 5503476  | —  | —  | 23370088  |
| Other Accumulated Gains/(Losses) | (2518215) | —  | (71675485) | (297033130) | —  |
| Total Distributable Earnings/(Loss) | (3614495) | 121845915  | (118560271) | (310673166) | 85542117 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**High Yield** <br>**Bond Fund** | **Aristotle** <br>**International** <br>**Equity Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Aggressive** <br>**Growth Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Conservative** <br>**Fund** | **Aristotle** <br>**Portfolio** <br>**Optimization** <br>**Growth Fund**  |
| Cost of Portfolio | $109272310 | $438909959 | $237196915 | $125784789 | $565699870  |
| Gross Unrealized Appreciation | 1255034 | 144073506 | 22998889 | 3692423 | 43883902  |
| Gross Unrealized Depreciation | (2877994) | (40861264) | (5855628) | (1615301) | (9913233)  |
|  Gross Unrealized Depreciation on Foreign Currencies |  | (10360) |  |  | —  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | (1622960) | 103201882 | 17143261 | 2077122 | 33970669  |
| Undistributed Ordinary Income | 2640 | 738673 | 4010053 | 4606226 | 12081871  |
|  Undistributed Long-Term Capital Gains |  |  | 9145754 |  | 28461862  |
| Other Accumulated Gains/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses) | (20096943) | (7234007) | (5) | (12217870) | —  |
| Total Distributable Earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss) | (21717263) | 96706548 | 30299063 | (5534522) | 74514402 |

---

178<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** | **Aristotle** <br>**Small Cap** <br>**Equity Fund** | **Aristotle** <br>**Small/Mid Cap** <br>**Equity Fund**  |
| Cost of Portfolio | $181626484 | $626015582 | $888218993 | $118514968 | $31344294  |
| Gross Unrealized Appreciation | 8010301 | 42657480 | 7105503 | 47749668 | 7032278  |
| Gross Unrealized Depreciation | (2789846) | (11309551) | (3419646) | (22026224) | (4366951)  |
|  Gross Unrealized Depreciation on Foreign Currencies |  |  |  |  | —  |
| Net Unrealized Appreciation/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) | 5220455 | 31347929 | 3685857 | 25723444 | 2665327  |
| Undistributed Ordinary Income | 5599864 | 14028350 | 165467 |  | 174350  |
|  Undistributed Long-Term Capital Gains |  | 14714355 |  | 2004381 | 2445449  |
| Other Accumulated Gains/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Losses) | (12744072) |  | (24554551) |  | —  |
| Total Distributable Earnings/<br>&nbsp;&nbsp;&nbsp;&nbsp;(Loss) | (1923753) | 60090634 | (20703227) | 27727825 | 5285126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aristotle** <br>**Strategic** <br>**Income Fund** | **Aristotle** <br>**Ultra Short** <br>**Income Fund** | **Aristotle** <br>**Value Equity** <br>**Fund** | **Aristotle/Saul** <br>**Global Equity** <br>**Fund**  |
| Cost of Portfolio | $3646400379 | $44652058 | $397470335 | $20036598  |
| Gross Unrealized Appreciation | 37779761 | 158160 | 166334160 | 11688659  |
| Gross Unrealized Depreciation | (65812716) | (58684) | (10313073) | (1412910)  |
|  Gross Unrealized Depreciation on Foreign Currencies |  |  |  | (4185)  |
| Net Unrealized Appreciation/(Depreciation) | (28032955) | 99476 | 156021087 | 10271564  |
| Undistributed Ordinary Income | 2418757 | 97496 | 3140601 | 161416  |
| Undistributed Long-Term Capital Gains |  |  | 15790062 | 1325889  |
| Other Accumulated Gains/(Losses) | (106820229) | (32304) |  | —  |
| Total Distributable Earnings/(Loss) | (132434427) | 164668 | 174951750 | 11758869 |

---

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after March 31, 2022.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**TAX CHARACTER OF DISTRIBUTIONS** 

The tax character of income and capital gains distributions to shareholders during the and the fiscal years ended March 31, 2025, March 31, 2024 and December 31, 2023 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**March 31, 2024** | **For the Year Ended** <br>**December 31, 2023**  | **For the Year Ended** <br>**December 31, 2023**  | **For the Year Ended** <br>**December 31, 2023**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions**  |
|  Aristotle Core Equity Fund | $1092258 | $9067677 | $10159935 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | $2089883 | $— | $2089883  |
|  Aristotle International Equity Fund | 9169090 |  | 9169090 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 7188659 |  | 7188659  |
|  Aristotle Small Cap Equity Fund | 665600 | 1446935 | 2112535 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 1098665 | 669428 | 1768093  |
|  Aristotle/Saul Global Equity Fund | 552132 | 9512155 | 10064287 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 706709 | 2936281 | 3642990  |
|  Aristotle Value Equity Fund | 10026648 | 11150433 | 21177081 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 7885115 |  | 7885115 |

---

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2025** | **For the Year Ended** <br>**March 31, 2024**  | **For the Year Ended** <br>**March 31, 2024**  | **For the Year Ended** <br>**March 31, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital** <br>**Gains** | **Total** <br>**Distributions**  |
| Aristotle Core Bond Fund | $973681 | $— | $973681 | $877868 | $— | $877868  |
| Aristotle Core Income Fund | 140400534 |  | 140400534 | 78725495 |  | 78725495  |
| Aristotle Floating Rate Income Fund | 332621616 |  | 332621616 | 329162269 |  | 329162269  |
| Aristotle Growth Equity Fund | 733053 | 23763207 | 24496260 | 161601 | 37839036 | 38000637  |
| Aristotle High Yield Bond Fund | 6588568 |  | 6588568 | 5317141 |  | 5317141  |
|  Aristotle Portfolio Optimization Aggressive Growth Fund | 5622857 |  | 5622857 | 1212212 | 3245439 | 4457651  |
| Aristotle Portfolio Optimization Conservative Fund | 5351975 |  | 5351975 | 4932819 |  | 4932819  |
| Aristotle Portfolio Optimization Growth Fund | 16742589 |  | 16742589 | 6481877 | 2104118 | 8585995  |
|  Aristotle Portfolio Optimization Moderate Conservative Fund | 6980538 |  | 6980538 | 5591090 |  | 5591090  |
| Aristotle Portfolio Optimization Moderate Fund | 20301661 |  | 20301661 | 12160730 |  | 12160730  |
| Aristotle Short Duration Income Fund | 42851568 |  | 42851568 | 44904494 |  | 44904494  |
| Aristotle Small/Mid Cap Equity Fund | 331867 | 3064466 | 3396333 | 708745 | 17363830 | 18072575  |
| Aristotle Strategic Income Fund | 193146733 |  | 193146733 | 108752164 |  | 108752164  |
| Aristotle Ultra Short Income Fund | 2142414 |  | 2142414 | 2881216 |  | 2881216 |

---

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 September 30, 2025, distribution and service fees incurred are disclosed on the Statements of Operations. The Plan provides for the payment of distribution and service fees at the annual rate of up to 0.25% of each Fund's average daily net assets attributable to Class A shares and up to 1.00% of average daily net assets attributable to Class C shares.

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**NOTE 6 – INDEMNIFICATIONS** 

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties of the Trust. In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**NOTE 7 – FUND OF FUNDS** 

Aristotle Portfolio Optimization Conservative Fund, Aristotle Portfolio Optimization Moderate Conservative Fund, Aristotle Portfolio Optimization Moderate Fund, Aristotle Portfolio Optimization Growth Fund and Aristotle Portfolio Optimization Aggressive Growth Fund each operate as a "fund of funds," by investing in a combination of underlying funds, including Funds that are actively managed by an affiliate of AIS and unaffiliated exchange-traded funds ("ETFs") (the "Underlying Funds"). The allocation of the Funds' assets between underlying funds sub-advised by an affiliate of AIS and unaffiliated ETFs will vary over time, although PLFA currently expects to invest, under normal circumstances, 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0-15% | &nbsp;&nbsp;&nbsp;&nbsp; 85-100%  |
| Aristotle Portfolio Optimization Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp; 70-85% | &nbsp;&nbsp;&nbsp;&nbsp; 15-30%  |
| Aristotle Portfolio Optimization Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15-30% | &nbsp;&nbsp;&nbsp;&nbsp; 70-85%  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | &nbsp;&nbsp;&nbsp;&nbsp; 50-70% | &nbsp;&nbsp;&nbsp;&nbsp; 30-50%  |
| Aristotle Portfolio Optimization Moderate Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30-50% | &nbsp;&nbsp;&nbsp;&nbsp; 50-70% |

---

**Aristotle Portfolio Optimization Aggressive Growth Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $— | $1417048 | $(2260) | $(6) | &nbsp;&nbsp; $(3185) | $1411597 | &nbsp;&nbsp; $5299  | $— | 159864  |
|  Aristotle Core Equity Fund - Class I | 58203217 | 1329320 | (12294748) | 324008 | &nbsp;&nbsp; 12009367 | 59571164 | &nbsp;&nbsp; — |  | 3634604  |
|  Aristotle Floating Rate Income Fund - Class I | 1301955 | 271709 | (165513) | (1706) | &nbsp;&nbsp; 10971 | 1417416 | &nbsp;&nbsp; 48785 |  | 150309  |
|  Aristotle Growth Equity Fund - Class I | 42784362 | 235411 | (13523899) | 2120966 | &nbsp;&nbsp; 8224986 | 39841826 | &nbsp;&nbsp; — |  | 2252223  |
|  Aristotle High Yield Bond Fund - Class I | 6408321 | 3664852 | (3135127) | (83639) | &nbsp;&nbsp; 189032 | 7043439 | &nbsp;&nbsp; 186540 |  | 753309  |
|  Aristotle International Equity Fund - Class I | 27847254 | 3362778 | (8994212) | 891969 | &nbsp;&nbsp; 2369190 | 25476979 | &nbsp;&nbsp; — |  | 1984188  |
|  Aristotle Short Duration Income Fund - Class I |  | 8192177 | (2576705) | (3417) | &nbsp;&nbsp; 30966 | 5643021 | &nbsp;&nbsp; 112346 |  | 548932  |
|  | $136545109 | $18473295 | $(40692464) | $3248175 | &nbsp;&nbsp; $22831327 | $140405442 | &nbsp;&nbsp; $352970 | $— | 9483429.0 |

---

**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 September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Bond Fund - Class I | $10418844 | $15340885 | $(3091678) | $(13249) | &nbsp;&nbsp; $311650 | $22966452 | &nbsp;&nbsp; $457566 | $— | 2600957  |
|  Aristotle Core Equity Fund - Class I | 7961246 | 271552 | (1903418) | (9299) | &nbsp;&nbsp; 1630941 | 7951022 | &nbsp;&nbsp; — |  | 485114  |
|  Aristotle Core Income Fund - Class I | 51156080 | 1809219 | (19617052) | (128727) | &nbsp;&nbsp; 592395 | 33811915 | &nbsp;&nbsp; 893869 |  | 3453720  |
|  Aristotle Floating Rate Income Fund - Class I | 4508199 | 284444 | (1670504) | (27199) | &nbsp;&nbsp; 42640 | 3137580 | &nbsp;&nbsp; 122199 |  | 332723  |
|  Aristotle Growth Equity Fund - Class I | 6052589 | 34359 | (3765712) | 697928 | &nbsp;&nbsp; 554925 | 3574089 | &nbsp;&nbsp; — |  | 202040  |
|  Aristotle High Yield Bond Fund - Class I | 8280997 | 5181911 | (1262096) | (10850) | &nbsp;&nbsp; 277746 | 12467708 | &nbsp;&nbsp; 353658 |  | 1333445  |
|  Aristotle International Equity Fund - Class I |  | 2543186 | (1490783) | 93779 | &nbsp;&nbsp; 97863 | 1244045 | &nbsp;&nbsp; — |  | 96888  |
|  Aristotle Short Duration Income Fund - Class I | 13502652 | 3315022 | (5039302) | 36721 | &nbsp;&nbsp; 50221 | 11865314 | &nbsp;&nbsp; 287158 |  | 1154213  |
|  | $101880607 | $28780578 | $(37840545) | $639104 | &nbsp;&nbsp; $3558381 | $97018125 | &nbsp;&nbsp; $2114450 | $— | 9659100 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Aristotle Portfolio Optimization Growth Fund** 

**Transactions with Affiliates** 

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in an Aristotle Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund's Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $— | $29377065 | $(2121984) | $(2985) | &nbsp;&nbsp; $402907 | $27655003 | $485984 | $— | 3131937  |
|  Aristotle Core Equity Fund - Class I | 114756082 | 2820598 | (15385494) | (121494) | &nbsp;&nbsp; 24512916 | 126582608 |  |  | 7723161  |
|  Aristotle Core Income Fund - Class I | 57489314 | 7815146 | (25224376) | (175715) | &nbsp;&nbsp; 751130 | 40655499 | 1010368 |  | 4152758  |
|  Aristotle Floating Rate Income Fund - Class I | 9121231 | 425549 | (6290361) | (87484) | &nbsp;&nbsp; 102213 | 3271148 | 175133 |  | 346887  |
|  Aristotle Growth Equity Fund - Class I | 87604328 | 414698 | (33227793) | 4597477 | &nbsp;&nbsp; 15083078 | 74471788 |  |  | 4209824  |
|  Aristotle High Yield Bond Fund - Class I | 24052865 | 2892611 | (7912692) | (256010) | &nbsp;&nbsp; 719474 | 19496248 | 659019 |  | 2085160  |
|  Aristotle International Equity Fund - Class I | 59363633 | 3856943 | (23798712) | 4412767 | &nbsp;&nbsp; 1966704 | 45801335 |  |  | 3567082  |
|  Aristotle Short Duration Income Fund - Class I | 3035448 | 35407346 | (2841545) | 2927 | &nbsp;&nbsp; 207650 | 35811826 | 667667 |  | 3483641  |
|  | $355422901 | $83009956 | $(116802957) | $8369483 | &nbsp;&nbsp; $43746072 | $373745455 | $2998171 | $— | 28700450 |

---

**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 September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $26403747 | $(2454050) | $(174) | &nbsp;&nbsp; $391507 | $28112763 | $524285 | $— | 3183778  |
|  Aristotle Core Equity Fund - Class I | 17171996 | 6796088 | (2697479) | 35039 | &nbsp;&nbsp; 4186650 | 25492294 |  |  | 1555357  |
|  Aristotle Core Income Fund - Class I | 63784244 | 3937108 | (29973920) | (126671) | &nbsp;&nbsp; 720777 | 38341538 | 1076858 |  | 3916398  |
|  Aristotle Floating Rate Income Fund - Class I | 5654825 | 275998 | (3087047) | (35665) | &nbsp;&nbsp; 56768 | 2864879 | 137029 |  | 303805  |
|  Aristotle Growth Equity Fund - Class I | 13432833 | 20652 | (6899904) | 1014171 | &nbsp;&nbsp; 1704690 | 9272442 |  |  | 524163  |
|  Aristotle High Yield Bond Fund - Class I | 13049257 | 3142062 | (1373065) | (9776) | &nbsp;&nbsp; 372010 | 15180488 | 464284 |  | 1623582  |
|  Aristotle International Equity Fund - Class I | 9202502 | 3739770 | (6651100) | 830192 | &nbsp;&nbsp; 499882 | 7621246 |  |  | 593555  |
|  Aristotle Short Duration Income Fund - Class I | 9408744 | 5638754 | (1841683) | 4416 | &nbsp;&nbsp; 94924 | 13305155 | 291903 |  | 1294276  |
|  | $135476134 | $49954179 | $(54978248) | $1711532 | &nbsp;&nbsp; $8027208 | $140190805 | $2494359 | $— | 12994914 |

---

**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 September 30, 2025 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**Beginning** <br>**of Period** | **Purchases** | **Sales** <br>**Proceeds** | **Net** <br>**Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value,** <br>**End of** <br>**Period** | **Distributions** <br>**Received** | **Interest** <br>**Income** | **Shares,** <br>**End of** <br>**Period**  |
|  Aristotle Core Bond Fund - Class I | $— | $66450636 | $(5348785) | $(7232) | &nbsp;&nbsp; $871543 | $61966162 | $1111927 | $— | 7017685  |
|  Aristotle Core Equity Fund - Class I | 101694777 | 12348871 | (14348390) | (45647) | &nbsp;&nbsp; 22783908 | 122433519 |  |  | 7470013  |
|  Aristotle Core Income Fund - Class I | 142224176 | 12095350 | (62676942) | (433723) | &nbsp;&nbsp; 1708878 | 92917739 | 2384946 |  | 9491087  |
|  Aristotle Floating Rate Income Fund - Class I | 16618455 | 771009 | (10515670) | (124741) | &nbsp;&nbsp; 173608 | 6922661 | 358750 |  | 734110  |
|  Aristotle Growth Equity Fund - Class I | 81696566 | 11330651 | (25106326) | 2018439 | &nbsp;&nbsp; 18047566 | 87986896 |  |  | 4973821  |
|  Aristotle High Yield Bond Fund - Class I | 36153422 | 5244615 | (17931898) | (102033) | &nbsp;&nbsp; 713046 | 24077152 | 841292 |  | 2575097  |
|  Aristotle International Equity Fund - Class I | 45426322 | 93741 | (22930304) | 4696206 | &nbsp;&nbsp; 347923 | 27633888 |  |  | 2152172  |
|  Aristotle Short Duration Income Fund - Class I | 33178830 | 29100286 | (7576698) | 23970 | &nbsp;&nbsp; 383913 | 55110301 | 1192505 |  | 5360924  |
|  | $456992548 | $137435159 | $(166435013) | $6025239 | &nbsp;&nbsp; $45030385 | $479048318 | $5889420 | $— | 39774909 |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**NOTE 8 – RESTRICTED AND ILLIQUID SECURITIES** 

No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. AIS, with the assistance of the Sub-Advisers and/or pricing services, will determine the value of such securities in good faith pursuant to its fair valuation procedures. Illiquid securities present the risks that a Fund may have difficulty valuing these holdings and/or may be unable to sell these holdings at the time or price desired. There are no restrictions on each Fund's ability to invest in restricted securities (that is, securities that are not registered pursuant to the Securities Act of 1933), except to the extent such securities may be considered illiquid. Securities issued pursuant to Rule 144A of the Securities Act of 1933 will be considered liquid if determined to be so under the Funds' liquidity risk management program adopted pursuant to Rule 22e-4 under the 1940 Act.

**NOTE 9 – FOREIGN SECURITIES** 

For purposes of these financial statements, foreign securities are defined as securities issued by companies that are organized outside the United States. Investing in these types of securities make a Fund more susceptible to additional risks. These risks include currency fluctuations, political and economic instability, less government regulation, less publicly available information, limited trading markets, differences in financial reporting standards, fewer protections for passive investors and less stringent regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Adviser's valuation procedures.

**Foreign Currency Translation** 

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and all other assets and liabilities of the Funds denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain (loss) on foreign currencies include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.

The value of the Funds' foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, as a change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies of certain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may in turn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between various currencies.

**NOTE 10 – INVESTMENT TRANSACTIONS** 

For the period ended September 30, 2025, purchases and sales of investments, excluding U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $101881906 | $19598870  |
| Aristotle Core Income Fund | 835188550 | 803613692  |
| Aristotle Floating Rate Income Fund | 3255619488 | 3519499169  |

---

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle High Yield Bond Fund | $35150463 | $48015856  |
| Aristotle Short Duration Income Fund | 384998784 | 284682215  |
| Aristotle Strategic Income Fund | 1331278922 | 1142606739  |
| Aristotle Ultra Short Income Fund | 10430817 | 26212756  |
| Aristotle Core Equity Fund | 41724475 | 84044984  |
| Aristotle Growth Equity Fund | 19952276 | 90118512  |
| Aristotle International Equity Fund | 24697762 | 89751173  |
| Aristotle Small Cap Equity Fund | 17180395 | 28565939  |
| Aristotle Small/Mid Cap Equity Fund | 3892305 | 11430507  |
| Aristotle/Saul Global Equity Fund | 1304188 | 5554961  |
| Aristotle Value Equity Fund | 35589286 | 85996831  |
| Aristotle Portfolio Optimization Aggressive Growth Fund | 50861178 | 65500758  |
| Aristotle Portfolio Optimization Conservative Fund | 37127936 | 46621572  |
| Aristotle Portfolio Optimization Growth Fund | 130247429 | 160565457  |
| Aristotle Portfolio Optimization Moderate Conservative Fund | 63652881 | 75038716  |
| Aristotle Portfolio Optimization Moderate Fund | 170703084 | 212187260  |
| Aristotle Pacific EXclusive Funds Series H | 5652302 | 351263  |
| Aristotle Pacific EXclusive Funds Series I | 3671946 | 538166 |

---

For the period ended September 30, 2025, purchases and sales of U.S. Government Securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aristotle Core Bond Fund | $114426936 | $90020563  |
| Aristotle Core Income Fund | 196030563 | 251824461  |
| Aristotle Short Duration Income Fund | 77470584 | 90137316  |
| Aristotle Strategic Income Fund | 127173535 | 41038379 |

---

**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 $225 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.

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.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

&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 September 30, 2025, the Funds did not borrow against the LoCs. As of September 30, 2025, no Funds had outstanding borrowings.

**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 – SUBSEQUENT EVENTS EVALUATION** 

In preparing these financial statements, the Funds have evaluated events and transactions through the date of issuance for potential recognition or disclosure resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

**NOTE 14 – 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 September 30, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held**  |
| Aristotle Core Bond Fund | Aristotle Portfolio Optimization Moderate Fund | 41.53%  |
| Aristotle Core Equity Fund | Aristotle Portfolio Optimization Growth Fund | 27.21%  |
| Aristotle Core Equity Fund | Aristotle Portfolio Optimization Moderate Fund | 26.31%  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Moderate Fund | 40.09%  |
| Aristotle Growth Equity Fund | Aristotle Portfolio Optimization Growth Fund | 33.95%  |
| Aristotle International Equity Fund | National Finance Services LLC | 26.88%  |
| &nbsp;&nbsp;&nbsp; Aristotle Pacific EXclusive Fund <br>Series H | Aristotle Capital Management | 88.65%  |
| &nbsp;&nbsp;&nbsp; Aristotle Pacific EXclusive Fund <br>Series I | Aristotle Capital Management | 76.98%  |
| Aristotle Small Cap Equity Fund | National Financial Services LLC | 38.17%  |
| Aristotle Small/Mid Cap Equity Fund | Charles Schwab | 27.71%  |
| Aristotle Ultra Short Income Fund | Charles Schwab | 27.88% |

---

**Accounting Standards Update** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the 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.

**Principal Risks** 

The following provides information about the principal risks of the Funds, in alphabetical order, identified in the Funds' prospectus.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Active Management Risk: A portfolio manager's judgments about the potential value or price appreciation of an investment may prove to be incorrect or fail to have the intended results, which could negatively impact a Fund's performance and cause it to underperform relative to other funds with similar investment goals or relative to its benchmark, or not to achieve its investment goal. A portfolio manager's investment strategies are also discretionary and there can be no assurance that their investment strategies will be advantageous for a Fund. From time to time, the activities of a portfolio manager's firm (and/or its affiliates) may be limited because of regulatory restrictions and/or their own internal policies or market, liquidity or other issues which may limit the investment opportunities for a Fund managed by such firm. Investments held for cash management or temporary defensive investing purposes can fluctuate in value and are subject to risk, including market and regulatory, interest rate and credit risks. Uninvested cash will be subject to the credit risk of the depositary institution holding the cash, in which case it is possible that no income would be earned on the cash and yield would go down. If significant assets are used for cash management or defensive investing purposes, investment goals may not be met.** 

**Asset Allocation Fund of Funds Risk: If a Fund is a fund of funds, it will be exposed to the same risks as the Underlying Funds in which it invests in direct proportion to its allocations to those Underlying Funds. Asset allocation decisions, techniques, analyses, or models implemented by the sub-adviser may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment goals. Although the theory behind asset allocation is that diversification among asset classes in general can help reduce volatility over the long term, this theory assumes that asset classes do not move in tandem and that positive returns in one asset class will help offset negative returns in another asset class. You still may lose money if this theory proves incorrect and/or experience price volatility. Because an Underlying Fund's investments can change due to market movements, the Underlying Fund Manager's investment decisions or other factors, the sub-adviser estimates each Underlying Fund's investment exposures to determine a Fund's allocations to the Underlying Fund. As a result, a Fund's actual allocation to an Underlying Fund, as applicable, may deviate from the intended allocation, which could result in the Fund's risk/return target not being met. Performance of and the sub-adviser's assumptions about asset classes and Underlying Funds may diverge from historical performance and assumptions used to develop allocations in light of actual market conditions. There is a risk that you could achieve better returns by investing in an individual fund or funds representing a single broad asset class or asset class category rather than investing in a fund of funds. A Fund's performance is also closely related to its Underlying Funds' performance and ability to meet their investment goals. Fund shareholders also bear indirectly their proportionate share of the expenses of the respective Underlying Fund in which the Fund invests in addition to the Fund's management fee so there is a risk of an additional layer or layers of fees. To the extent that a Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that fund and its investments.** 

**Conflicts of Interest Risk: The investment adviser and sub-adviser are subject to competing interests that have the potential to influence investment decisions for the Fund. With respect to retaining new Manager for Underlying Funds, if an affiliate of the investment adviser has investment advisory capabilities in investment strategies used or to be used by an Underlying Fund, then the investment adviser may be influenced to recommend its affiliate as Manager of that Underlying Fund. With respect to Underlying Funds already managed by an affiliate of the investment adviser, these competing interests may influence the investment adviser with regard to remedial measures that it might recommend in the event such a Fund was underperforming. For example, in the case of an underperforming Underlying Fund managed by an affiliate of the investment adviser, the investment adviser may be influenced to recommend the pursuit of remedial measures other than replacement of its affiliate as a Manager of the Fund and to pursue such remedial measures for a longer period of time than might be the case if the Underlying Fund were managed by an unaffiliated Manager. In addition, the sub-adviser may be influenced by its or the investment adviser's view of the best interests of Underlying Funds, such as a view that an Underling Fund may benefit from additional assets or could be harmed by redemptions. The sub-adviser has adopted a policy under which investment decisions for the Fund must be made in the best interests of the Fund and its shareholders, and the sub-adviser may not take into account the interests of an Underlying Fund and its shareholders when making investment decisions for the Fund.** 

PLFA provides asset allocation advisory services to various mutual funds. Although some of the Funds sub-advised by PLFA may have names or investment goals that resemble other Funds managed by PLFA, they will not have the same allocation percentages, underlying holdings or performance.

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**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Convertible Securities Risk: Convertible securities are generally subject to the risks of stocks when the underlying stock price is high relative to the conversion price (because the conversion feature is more valuable) and to the risks of debt securities when the underlying stock price is low relative to the conversion price (because the conversion feature is less valuable). Convertible securities are also generally subject to *credit risk*, as they tend to be of lower credit quality, and *interest rate risk*, though they generally are not as sensitive to interest rate changes as conventional debt securities. A convertible security's value also tends to increase and decrease with the underlying stock and typically has less potential for gain or loss than the underlying stock.** 

**Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due ("default"). The risk of a default is higher for debt instruments that are non-investment grade and lower for debt instruments that are of higher quality. Defaults may potentially reduce a Fund's income or ability to recover amounts due and may reduce the value of the debt instrument, sometimes dramatically. The credit quality of securities can change rapidly in certain market environments, particularly during volatile markets or periods of economic uncertainty or downturn, and the default of a single holding could cause significant NAV deterioration. A debt security's issuer (or a borrower or counterparty to a repurchase agreement or reverse repurchase agreement) may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk.** 

**Currency Risk: Currencies and securities denominated in foreign currencies may be affected by changes in exchange rates between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may fluctuate in response to interest rate changes, the general economic conditions of a country, the actions of the U.S. and foreign governments, central banks, or supranational entities such as the International Monetary Fund, the imposition or removal of currency controls, other political or regulatory conditions in the U.S. or abroad, speculation, or other factors. A decline in the value of a foreign currency relative to the U.S. dollar reduces the value in U.S. dollars of a Fund's investments denominated in or with exposure to that foreign currency. For Funds that may hold short currency exposure, an appreciation in the value of the currency shorted would incur a loss for the Fund. As a currency control, certain countries aim to fix (or "peg" or "manage") the exchange rates of their currencies against other countries' currencies (the reference currency), rather than allowing them to fluctuate based on market forces. A pegged currency typically has a very narrow band of fluctuation (or a completely fixed rate) against the value of its reference currency and, as a result, may experience sudden and significant decline in value if the reference currency also declines in value. A managed currency establishes minimum exchange rates against its reference currency and, as a result, is not allowed to fall below a certain level against the reference currency but can rise above the reference currency's value. There is no guarantee that these currency controls will remain in place and if these exchange rates were allowed to fluctuate based on market forces (for instance, a currency is "de-pegged" against its reference currency), there can be large losses as a result of exchange rates movements, which may adversely impact a Fund's returns. In addition, the use of foreign exchange contracts (such as forward foreign currency contracts) to reduce foreign currency exposure can eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Foreign currency values can decrease significantly both in the short term and over the long term in response to these and other conditions.** 

**Debt Securities Risk: Debt securities and other debt instruments are subject to many risks, including but not limited to interest rate risk and credit risk, which may affect their value. Many debt securities give the issuer the right to redeem ("call") the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Federal Reserve policy in response to market conditions may adversely affect the value, volatility and liquidity of debt securities.** 

**Emerging Markets Risk: Investments in or exposure to investments in emerging market countries (such as many countries in Latin America, Asia, the Middle East, Eastern Europe and Africa), may be riskier than investments in or exposure to investments in U.S. and other developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, lower credit quality, a higher degree of political and economic** 

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**September 30, 2025(Continued)** 

instability (which can freeze, restrict or suspend transactions in those investments, including cash), the imposition of economic sanctions, less governmental regulation and supervision of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.

**Equity Securities Risk: Stock markets are volatile. Equity securities tend to go up and down in value, sometimes rapidly and unpredictably, in response to many factors, including a company's historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Income from equity securities may be reduced by changes in the dividend policies of issuers and there is no guarantee that issuers will distribute dividends in the future or that dividends will remain at current levels or increase over time. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. An equity security's market value may decline for a number of reasons that relate to particular issuer, such as management performance, financial leverage, reduced demand for the issuer's products or services, or as a result of factors that affect the issuer's industry or market more broadly, such as labor shortages, increased production costs, or competitive conditions within an industry.** 

**ETF Risk: Investing in an ETF will provide a Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their NAVs. If the Fund has to sell shares of an ETF when the shares are trading at a discount, the Fund will receive a price that is less than the ETF's net asset value per share. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for several reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. An investment in an ETF is an investment in another investment company and therefore, the Fund's shareholders will indirectly bear a proportionate share of any fees and expenses of the ETFs in which the Fund invests. A Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.** 

**Financial Sector Risk: Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge. The profitability of financial services companies is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or as a result of increased competition. During a general market downturn, numerous financial services companies may experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or even cease operations. These actions may cause the securities of a financial services company to experience dramatic declines in value. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector.** 

**Floating Rate Loan Risk: Floating rate loans (or bank loans) are usually rated below investment grade and thus are subject to high yield/high risk or "junk" securities risk. The market for floating rate loans is a private interbank resale market and thus may be subject to irregular trading activity, wide bid/ask spreads and delayed settlement periods, which may result in cash proceeds not being immediately available to a Fund. As a result, a Fund that invests in floating rate loans may be subject to greater liquidity risk than a Fund that does not. Funds that invest in floating rate loans take steps to maintain adequate liquidity, such as borrowing cash under a line of credit or other facility through their custodian bank; however, these actions may increase expenses to a Fund (such as borrowing cost) or may not always be adequate, particularly during periods of market stress. An issuer's long-term ability to make payments on below investment grade loans is considered speculative. Investments in floating rate loans are typically in the form of a participation or assignment. Loan participations typically represent direct participation in a loan to a borrower, and generally are offered by financial institutions or lending syndicates. In a loan participation, a Fund may participate in such syndications, or buy part of a loan, becoming a part lender. In a loan participation, a Fund assumes the credit risk associated with the borrower and may assume the credit risk associated with the financial intermediary that syndicated the loan. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy, a Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. In addition, a Fund may not be able to control the exercise of remedies that the lender would have under the loan and likely would not have any rights against the borrower directly.** 

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**September 30, 2025(Continued)** 

In purchasing an assignment, a Fund succeeds to all the rights and obligations under the loan agreement of the assigning bank or other financial intermediary and becomes a lender under the loan agreement with the same rights and obligations as the assigning bank or other financial intermediary. Accordingly, if the loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.

Floating rate loans are also subject to prepayment risk. Borrowers may pay off their loans sooner than expected, particularly when interest rates are falling. A Fund investing in such securities will be required to reinvest this money at lower yields, which can reduce its returns. Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. Prepayment and call risk typically occur when interest rates are declining.

In addition, the floating rate feature of loans means that floating rate loans will not generally experience capital appreciation in a declining interest rate environment. Conversely, when interest rates are rising, the duration of such securities tends to extend, making them more sensitive to changes in interest rates (extension risk), although floating rate debt securities are typically less exposed to this risk than fixed rate debt securities.

Prices of below investment grade loans are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility. The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value.

Floating rate loans generally are subject to restrictions on transfer and may be difficult to sell at a time when the Manager seeks to sell the loan or may only be sold at prices that are less than their fair market value. Fair market value may be difficult to establish for loans. A loan may not be fully collateralized and can decline significantly in value. In addition, access to collateral backing the loan may be limited by bankruptcy or other insolvency laws. Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions.

A loan may also be in the form of a bridge loan, which is designed to provide temporary or "bridge" financing to a borrower, pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. A bridge loan involves a risk that the borrowers may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

A loan may be a senior loan or a junior loan. Senior loans typically provide lenders with a first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to certain limitations of bankruptcy law). However, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of a default or that such collateral could be readily liquidated. In addition, senior loans are subject to the risk that a court could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. Any such actions could negatively affect a Fund's performance. To the extent a Fund invests in junior loans, these loans involve a higher degree of overall risk than senior loans of the same borrower because of their lower place in the borrower's capital structure and possible unsecured status.

A significant portion of the floating rate loans held by a Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. Covenant lite loans generally do not include terms which allow a lender to take action based on a borrower's performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition.

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Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants.

Although the overall size and number of participants in the market for floating rate loans (or bank loans) has grown over the past decade, floating rate loans continue to trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of floating rate loans are generally subject to contractual restrictions that must be satisfied before a floating rate loan can be bought or sold. These restrictions may impede a Fund's ability to buy or sell floating rate loans, negatively impact the transaction price, and impede a Fund's ability to timely vote or otherwise act with respect to floating rate loans. As a result, it may take longer than seven days for transactions in floating rate loans to settle, which make it more difficult for a Fund to raise cash to pay investors when they redeem their shares in the Fund. A Fund may then have to sell its floating rate loans or other investments at an unfavorable time and/or under unfavorable conditions, hold cash, temporarily borrow from banks or other lenders, or take other actions to meet short-term liquidity needs in order to satisfy redemption requests from Fund shareholders and may be adversely impacted. These actions may impact a Fund's performance (in the case of holding cash or selling securities) or increase a Fund's expenses (in the case of borrowing).

It is also unclear whether the U.S. federal securities laws, which afford certain protections against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading markets for securities, would be available to a Fund's investments in a loan. This is because a loan may not be deemed to be a security in certain circumstances. In these instances, the Fund may need to rely on contractual provisions in the loan documents for some protections and also avail itself of common law fraud protections under applicable state law, which could increase the risk and expense to the Fund of investing in loans. In addition, holders of such loans may from time to time receive confidential information about the borrower. In certain circumstances, this confidential information may be considered material non-public information. Because U.S. laws and regulations generally prohibit trading in securities of issuers while in possession of material, non-public information, a Fund that receives confidential information about a borrower for loan investments might be unable to trade securities or other instruments issued by the borrower when it would otherwise be advantageous to do so and, as such, could incur a loss. For this reason, a Fund or its Manager may determine not to receive confidential information about a borrower for loan investments, which may disadvantage the Fund relative to other investors who do receive such information.

**Foreign Investment Risk: Exposure to a foreign market through investments in foreign issuers (companies or other entities) can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions of that market. These factors can make investments in foreign issuers more volatile and less liquid than U.S. investments. Less stringent regulatory, accounting, and disclosure requirements and general supervision for issuers and markets are more common in certain foreign countries. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries, and can be particularly difficult against foreign governments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in, or foreign exchange rates with, another market, country, or region. Foreign securities may include ADRs, EDRs and GDRs. Unsponsored ADRs, EDRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends.** 

Investments in securities of foreign issuers and securities of companies with significant foreign exposure, including securities denominated in foreign currencies, can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions of the relevant foreign market. These factors can cause prices of foreign securities to be more volatile than the prices of securities of U.S. issuers. Special risks associated with investments in foreign markets include less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, less government supervision of exchanges, brokers and issuers, greater risks associated with counterparties and settlement and difficulty in enforcing contractual obligations. Political, social, and economic instability, the imposition of economic sanctions, trade restrictions (including tariffs) and other government restrictions by the U.S. and/or other governments, the imposition of currency or capital controls or the expropriation or nationalization of assets in a particular country can cause dramatic declines in a country's economy and may adversely

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affect the values of a Fund's foreign investments. Trade disputes and the threat of, or actual imposition of, tariffs may adversely impact the price of foreign securities. Less stringent regulatory, accounting, and disclosure requirements and general supervision for issuers and markets are more common in certain foreign countries. Foreign countries may also have different auditing standards than the U.S. Foreign companies are generally subject to different legal standards, and enforcing legal rights can be difficult, costly and slow in certain foreign countries, and can be particularly difficult against foreign governments.

**Geographic Risk Related to Europe: Europe includes both developed and emerging markets. Most Western European countries are members of the European Union (the "EU"), which imposes restrictions on inflation rates, deficits, and debt levels. Both developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro, recessions among European countries and acts of war in the region may have a significant adverse effect on the economies of other European countries, including those of Eastern Europe. In particular, the extent and duration of Russia's invasion of Ukraine, the resulting sanctions on Russia, the subsequent impact on global markets and trade remain unknown but could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.** 

**Growth Companies Risk: Growth companies are those that a portfolio manager believes have the potential for above average or rapid growth but may be subject to greater price volatility than "undervalued" companies, for example. A smaller company with a promising product and/or operating in a dynamic field may have greater potential for rapid earnings growth than a larger one. Additionally, many companies in certain market sectors like health care and technology are faster-growing companies with limited operating histories and greater business risks, and their potential profitability may be dependent on regulatory approval of their products or developments affecting those sectors, which increases the volatility of these companies' securities prices and could have an adverse impact upon the companies' future growth and profitability.** 

**Healthcare Sector Risk: The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services, an increased emphasis on outpatient services, demand for medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company's patent may adversely affect that company's profitability. Healthcare companies are subject to competitive forces that may result in price discounting and may be thinly capitalized and susceptible to product obsolescence.** 

**High Yield/High Risk or "Junk" Securities Risk: High yield/high risk securities are typically issued by companies or governments that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater *liquidity risk* due to fewer market participants (buyers/sellers of these assets) and less capital available to market makers (broker-dealers) as compared to higher rated securities, and subject to a greater risk of default than higher rated securities. High yield/high risk securities (including loans) may be more volatile than investment grade securities. Non-investment grade debt instruments may include securities that are stressed, distressed or in default and are subject to *credit risk.***

**Index Sampling Risk: Because index sampling relies on the securities selected to have economic characteristics similar to securities in the fund's benchmark index, it may not result in the aggregate in investment performance matching that of that fund's benchmark index or of other funds that purchased all or substantially all of the securities in the same index in approximately the same proportions as their weightings in the index.** 

**Industrials Sector Risk: The operations and businesses of companies in the industrials sector are subject to several risks. The industrials sector can be affected by government regulation, world events, commodity prices, exchange rates and economic conditions, and liabilities for environmental damage, product liability claims, and general civil liabilities. Companies in the industrials sector may also be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of industrial sector companies may face obsolescence due to rapid technological developments and frequent new product introduction.** 

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**September 30, 2025(Continued)** 

**Industry Concentration Risk: In order to track the composition of the index for which it seeks corresponding investment results, a passively managed Underlying Fund of the Portfolio Optimization Funds may invest a greater percentage of its assets in a particular industry or group of industries, making that Underlying Fund more susceptible to adverse economic, business, regulatory or other developments affecting that industry or group of industries, which could negatively impact performance.** 

**Information Technology Sector Risk: Information Technology companies face numerous risks, including operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants, government regulation and patent and intellectual property rights and rapid obsolescence of products and services due to information technological innovations or changing consumer preferences. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. In addition, many U.S. technology companies have diverse operations, with products or services in foreign markets, exposing them to foreign investment risk.** 

**Interest Rate Risk: The value of debt instruments may fall when interest rates rise. Debt instruments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt instruments with shorter durations or floating or adjustable (also known as variable) interest rates. Many factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, general economic conditions, and expectations about the foregoing. In addition, as interest rates rise, the value of fixed income investments will generally decrease. The negative impact on debt instruments from interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt instruments may result in those broker-dealers restricting their market making activities for certain debt instruments, which may reduce the liquidity and increase the volatility of such debt instruments. Certain countries have experienced negative interest rates on certain debt securities. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. During periods when interest rates are low or there are negative interest rates, a Fund's yield (and total return) also may be low, and the Fund may experience low or negative returns. A Fund may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. Floating or adjustable-rate instruments (such as most loans) typically have less exposure to interest rate fluctuations and their exposure to interest rate fluctuations will generally be limited to the period of time until the interest rate on the security is reset. There is a risk of lag in the adjustment of interest rates between the periods when these interest rates are reset. An interest rate reset may not completely offset changes in interest rates. Resets that may be tied to an index may not reflect the prevailing interest rate changes. There is a risk of a lag between interest rate and index changes.** 

**Large-Capitalization Companies Risk: Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies but are still subject to *equity securities risk*. Large-capitalization equity security prices may not rise as much as prices of equity securities of small-capitalization companies.** 

**Liquidity Risk: Generally, a security or investment is considered illiquid if it is not reasonably expected to be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the security. Certain holdings may be difficult to purchase, sell and value, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. A Fund may not be able to sell a holding quickly at the price it has valued the holding, may be unable to take advantage of market opportunities or may be forced to sell other more desirable, more liquid securities or sell less liquid or illiquid securities at a loss if needed to raise cash to conduct operations, including to meet redemption requests. Liquid investments may become less liquid or illiquid, and thus more difficult to sell, over time or suddenly and unexpectedly. This may occur, for example, as a result of adverse market or economic conditions (including financial distress, or geopolitical events such as sanctions, trading halts or wars) or investor perceptions,** 

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which may be independent of any adverse changes to the particular issuer. Less liquidity also means that more subjectivity may be used in establishing the value of the securities or other investments. For example, if market quotations are not readily available or reliable for these investments, the securities or other investments will be valued by a method that reflects fair value. Valuations determined in this manner may require subjective inputs about the value of these investments. Some securities (such as loans) may have no active trading market and may be subject to restrictions on resale. The markets in which such securities trade may be subject to irregular trading, wide bid/ask spreads and extended trade settlement periods, which may impair a Fund's ability to sell the holding at the price it has valued the holding causing a decline in the Fund's NAV. Investments in companies in turn-around, distress or other similar situations may be or become less liquid than other investments, particularly when the economy is not robust or during market downturns. Reduced liquidity resulting from these situations may impede a Fund's ability to meet unusually high or unanticipated levels of redemption requests. Each Fund may borrow money to the extent permitted under the 1940 Act to meet redemption requests by Fund shareholders; however, these actions may increase the expenses for a Fund (such as borrowing cost) or may not always be adequate, particularly during periods of market stress.

**Mid-Capitalization Companies Risk: Mid-capitalization companies may be subject to greater price volatility and may be more vulnerable to economic, market and industry changes than larger, more established companies. Mid-capitalization (also known as "medium capitalization") companies may have a shorter history of operations, more limited ability to raise capital, inexperienced management, limited product lines, less capital reserves and liquidity and** 

**more speculative prospects for future growth, sustained earnings or market share than larger companies, and are therefore more sensitive to economic, market and industry changes. It may be difficult to sell a mid-capitalization position at an acceptable time and price because of the potentially less frequent trading of stocks of mid-capitalization companies.** 

**Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related and other asset-backed securities, including CLOs, are subject to certain risks. The value of these securities will be, as applicable, influenced by the factors affecting the housing market or the market for the assets underlying such securities or the issuers of such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, these securities may decline in value, become difficult to value, become more volatile and/or become illiquid.** 

&nbsp;&nbsp;&nbsp;&nbsp;• *Extension Risk* – Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed or other asset-backed securities,
 making them more sensitive to changes in interest rates and making any Fund holding such securities more volatile. This is because when
 interest rates rise, the issuer of a security held by a Fund may make principal payments on that security on a delayed basis. Such delayed
 principal payments decrease the value of the security. In addition, as payments are received later than agreed upon, a Fund may miss or
 postpone the opportunity to reinvest in higher yielding investments.

&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Rate Risk* – When interest rates rise, borrowers with variable interest rate loans may not be able to repay their loans at the
 higher interest rates. This could cause an increase in defaults and decrease the value of certain mortgage-related or other asset-backed
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Subprime Risk or Credit Risk* – Mortgage-related securities may have exposure to subprime loans and subprime mortgages, which are loans
 or mortgages made to borrowers with lower credit ratings. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool
 may adversely affect the value of a mortgage-backed security. The risk of such defaults is generally higher in the case of mortgage pools
 that include subprime mortgages. In addition, holdings in non-investment grade (high yield/high risk) asset-backed securities, including
 mortgage pools with exposure to subprime loans or mortgages, have a greater risk of being or becoming less liquid than other debt securities,
 especially when the economy is not robust, during market downturns, or when credit is tight. Other asset-backed securities, such as CLOs,
 may also be subject to exposure resulting from loans to borrowers with lower credit ratings, who pose a higher level of default risk.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Prepayment Risk* – In addition, adjustable and fixed rate mortgage-related or other asset-backed securities are subject to prepayment
 risk. When interest rates decline, borrowers may pay off their mortgages (or other debt obligations) sooner than expected. This can reduce
 a Fund's returns because it may have to reinvest that money at the lower prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• *Call Risk* – Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such
 as a mortgage-backed security) earlier than expected. This call risk typically occurs when interest rates are declining.

&nbsp;&nbsp;&nbsp;&nbsp;• *U.S. Government Securities Risk* – Mortgage-backed securities may be issued by the U.S. government, which are subject to U.S. government securities
 risk.

&nbsp;&nbsp;&nbsp;&nbsp;• *Issuer Risk* – Mortgage-backed and asset-backed securities offered by non-governmental issuers, such as commercial banks, savings and loan institutions,
 private mortgage insurance companies, mortgage bankers and other secondary market issuers are subject to additional risks. For mortgage-backed
 securities, timely payment of interest and principal of non-governmental issuers is often supported by various forms of private insurance
 or guarantees, including individual loan, title, pool and hazard insurance purchased by the issuer, and there can be no assurance that
 these private insurers can meet their obligations under the policies. Other asset-backed securities, including CLOs, are subject to economic
 risks in addition to structural risks, such as the contractual obligations governing the priority of payments, and risks arising from
 the management of the issuer, including conflicts of interest, departure of personnel or resource constraints, and regulatory or other
 developments that may adversely impact the manager of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• *Stripped Mortgage-Related Securities Risk* – Stripped mortgage-related securities can be particularly sensitive to changes in interest rates. Stripped
 mortgage-related securities are made up of Interest Only ("IO") and Principal Only ("PO") components. IOs present
 a heightened risk of total loss of investment.

**Non-Diversification Risk: A "non-diversified" mutual fund may hold a smaller number of portfolio securities than many other funds. To the extent a non-diversified fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the fund may affect its value more than if it invested in a larger number of issuers. The value of the fund's shares may be more volatile than the values of shares of more diversified funds.** 

**Passive Management Risk: A passively managed (or index) fund generally holds constituent securities of its benchmark index regardless of performance, which could cause the index fund's return to be lower than an actively managed fund (which generally seeks to outperform a benchmark index). Such fund will also perform poorly when the index performs poorly. In addition, an index fund has operating and other expenses while an index does not. As such, an index fund will tend to underperform the index to some degree over time even though it will attempt to track its index as closely as possible.** 

**Preferred Stock Risk: Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company's creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise. Convertible preferred stock allows the holder to convert the preferred shares into a fixed number of common shares, usually after a predetermined date. Like preferred stock, convertible preferred stock generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends but ranks behind bonds, including convertible bonds, in priority upon liquidation.** 

**REIT Investment Risk: Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent the Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of** 

196<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.

In addition to these risks, residential/diversified REITs and commercial equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Code, or to maintain their exemptions from registration under the 1940 Act. The Fund expects that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

**Sector Focus Risk: A Fund may be invested more heavily from time to time (e.g., over 20% of its assets) in a particular sector (which is more broadly defined than an industry classification). If a Fund is invested more heavily in a particular sector, its performance will be more sensitive to risks and developments that affect that sector. Individual sectors may rise and fall more than the broader market. In addition, issuers within a sector may all react in the same way to economic, political, regulatory or other events.** 

**Securities Lending Risk: To the extent a Fund lends its securities, there is a risk that the price of the securities will increase while they are on loan and the collateral received for the loan will not adequately cover their value or additional collateral will not be received from a borrower (if the security is not timely returned). To the extent that a Fund's collateral is invested (subject to reinvestment guidelines approved by the Trust), such investment may decline in value, default or not perform as expected, with the Fund bearing any resulting loss. There is also a risk that the loaned securities will not be returned or that their return will be delayed, as well as a risk of a loss of rights in the collateral or delay in recovery of the collateral should the borrower become insolvent or not meet its contractual obligations. In addition, if a Fund's securities are sold while out on loan, there is a possibility that the sale transaction will not settle in the usual manner, causing additional expenses to that Fund. A Fund retains beneficial ownership and all economic benefits of the securities it has loaned, such as receipt of interest and dividends paid by the securities and any price appreciation but does not have proxy voting rights with respect to loaned securities. There is a risk that securities on loan (if determined to be recalled for voting purposes) will not be recalled in a timely manner to facilitate proxy voting.** 

An Underlying Fund of the Portfolio Optimization Funds may engage in securities lending, which involves the risk that an Underlying Fund may suffer a loss if the borrower fails to return the loaned securities in a timely manner or at all. An Underlying Fund could also lose money due to the decline in the value of the collateral provided or a decline in the value of any investments made with cash collateral.

**Small-Capitalization Companies Risk: Small-capitalization companies may be more susceptible to liquidity risk and price volatility and be more vulnerable to economic, market and industry changes than larger, more established companies. Small-capitalization companies may have fewer financial resources, limited product and market diversification, greater potential for volatility in earnings and business prospects, and greater dependency on a few key managers. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, more limited ability to raise capital, inexperienced management, and more speculative prospects for future growth or sustained earnings or market share than larger companies. In addition, these companies may be more susceptible to the underperformance of a sector in which it belongs and therefore, may be riskier and more susceptible to price changes. It may be difficult or impossible to liquidate a small-capitalization position at an acceptable time and price because of the potentially less frequent trading of stocks of smaller market capitalizations.** 

**Underlying Fund Risk: Because a Fund is available for investment by the Portfolio Optimization Funds and thus may have a significant percentage of its outstanding shares held by a Portfolio Optimization Fund, a change in asset allocation by a Portfolio Optimization Fund could result in large redemptions out of a Fund, causing the sale of securities in a short timeframe and potential increases in expenses to a Fund and its remaining shareholders, both of which could negatively impact performance.** 

197<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is a risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities, or sponsored enterprises if those entities are not able to meet their financial obligations. Some U.S. government securities are supported only by the credit of the issuing agency, which depends entirely on its own resources to repay the debt. Although there are many types of U.S. government securities, such as those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federal Home Loan Banks that may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Pursuant to the authorities of the U.S. Treasury Department and the Federal Housing Finance Administration ("FHFA"), Fannie Mae and Freddie Mac have been in a conservatorship under FHFA since September 2008. Should Fannie Mae and Freddie Mac exit the conservatorship, the effect this will have on the entities' debt and equities, and on securities guaranteed by the entities, is unclear.** 

**Value Companies Risk: Value companies are those that a portfolio manager believes are undervalued and trading for less than their intrinsic values. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market. These companies may be subject to lower price volatility than companies considered to be "growth" companies. In value investing, the principal belief is that the market overreacts to good and bad news, resulting in stock price movements that do not correspond with a company's long-term fundamentals. In that case, the result is an opportunity for value investors to profit by buying when the price is deflated. However, the intrinsic value of a company is subjective, meaning there is no empirically "correct" intrinsic value. A portfolio manager's processes for determining value will vary. There is a risk that a portfolio manager's determination that a stock is undervalued is not correct or is not recognized in the market.** 

**Warrants and Rights Risk: Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and therefore are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Aristotle Funds Series Trust** 

**Additional Notices** 

**September 30, 2025 (Unaudited)** 

**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)

199<br>

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&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 six-month period ended September 30, 2025, the aggregate renumeration 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>**

**Approval of Investment Advisory Agreements (Unaudited)**

At a meeting held on June 12, 2025, the Board (which is comprised of five persons, four 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 amendments to the Investment Advisory Agreement between Aristotle Funds Series Trust (the "Trust") and Aristotle Investment Services, LLC (the "Adviser" or "Aristotle") and the Subadvisory Agreement between the Adviser and Aristotle Pacific Capital, LLC (the "Sub-Adviser") (together, the "Advisory Agreements") for the purpose of adding Aristotle Pacific EXclusive Fund Series H and Aristotle Pacific EXclusive Fund Series I (each, a "Fund" and together, the "Funds") as new series of the Trust. At this meeting, the Board received and reviewed substantial information regarding the Funds, the Adviser, the Sub-Adviser and the services provided by the Adviser and Sub-Adviser to the Funds under the Advisory Agreements. This information, together with other information provided to the Board, 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 basis for the Board's approval of the amendments to the Advisory Agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **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 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 Sub-Adviser that would be involved in the day-to-day activities of the Funds. The Board reviewed the proposed services the Adviser and Sub-Adviser would provide to the Funds, including services that extended beyond portfolio management and the receipt of any additional fees by the Adviser, Sub-Adviser or its affiliates. The Board considered the structure of the Adviser's and Sub-Adviser's compliance procedures and the trading capability of the Adviser and Sub-Adviser. The Board then concluded that the Adviser and Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the proposed Advisory Agreements and that, in the Board's view, the nature, overall quality, and extent of the management services to be provided would be satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **The Funds' historical performance and the overall performance of the Adviser and Sub-Adviser.** As the Funds were newly created, the Board was unable to review the performance of the Funds; however, the Board took note of the performance track record of the Sub-Adviser in managing other series of the Trust, none of which is comparable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **The costs of the services provided by the Adviser and Sub-Adviser and the structure of the Adviser's and Sub-Adviser's fees under the Advisory Agreements.** The Board noted that the proposed advisory fee for the Funds was 0.00%. The Board noted the importance of the fact that there will be no advisory fee for the Funds, such that the shareholders of the Funds will pay no expenses except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, litigation expenses, and non-routine or extraordinary expenses. The Board also noted that the Adviser was responsible for compensating the Trust's other service providers and paying the Fund's other expenses (except as noted above) out of its own fees and resources. The Board noted that the Sub-Adviser would reimburse the Adviser for its out of pocket expenses and overhead attributable to the Funds from revenues the Sub-Adviser will collect from wrap program sponsors that offer separate account strategies that include the Funds as investments. The Board considered collateral or "fall-out" benefits that the Adviser and Sub-Adviser and its affiliates may derive as a result of their relationship with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Economies of Scale.** The Board also considered potential economies of scale that could be realized by the Adviser and Sub-Adviser as the assets of the Funds grow. The Board concluded that since the Funds will not be charged an advisory fee, there were no effective economies of scale to be shared with the Funds, but that this factor will continue to be evaluated by the Board going forward.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **The profits to be realized by the Adviser and Sub-Adviser and their affiliates from their relationship with the Funds.** The Board reviewed the Adviser's and Sub-Adviser's financial information and took into account both the direct benefits and the indirect benefits to the Adviser and Sub-Adviser from advising the Funds. The Board further noted that because the Funds are new, it was difficult to estimate the profitability of the Funds to the Adviser and Sub-Adviser. After such review, the Board determined that the estimated profitability to the Adviser and Sub-Adviser with respect to the Advisory Agreements was not excessive, and that the Adviser and Sub-Adviser had maintained adequate financial resources to support the services they will provide to the Funds.

The Board noted there was no single factor that was determinative of the Board's decision to approve the amendments 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 the amendments to the Advisory Agreements 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.](asa-efp19097_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.](asa-efp19097_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>11/25/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Richard Schweitzer |
|  | Richard Schweitzer, Principal Executive Officer |

---

Date <u>11/25/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joshua B. Schwab |
|  | Joshua B. Schwab, Principal Financial Officer |

---

Date <u>11/25/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Richard Schweitzer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Aristotle Funds Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/25/2025 | /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: | 11/25/2025 | /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 period ended September 30, 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.

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| | |
|:---|:---|
| /s/ Richard Schweitzer | /s/ Joshua B. Schwab |
| Richard Schweitzer | Joshua B. Schwab |
| Principal Executive Officer, Aristotle Funds Series Trust | Principal Financial Officer, Aristotle Funds Series Trust |

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Dated: <u>11/25/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Aristotle Funds Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.