Aristotle Funds Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

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 811-23850

Aristotle Funds Series Trust

(Exact name of registrant as specified in charter)

11100 Santa Monica Blvd., Suite 1700

Los Angeles, CA 90025
(Address of principal executive offices) (Zip code)

Richard Schweitzer

11100 Santa Monica Blvd., Suite 1700

Los Angeles, CA 90025
(Name and address of agent for service)

(844-274-7885)

Registrant's telephone number, including area code

Date of fiscal year end: March 31, 2024

Date of reporting period: April 1, 2023 – September 30, 2023

Item 1. Reports to Stockholders.

(a)

This document must be preceded or accompanied by a free prospectus. Investors should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Funds. Please read the prospectus carefully before you invest or send money.

TABLE OF CONTENTS
Expense Example	A1
Schedules of Investments	A5
Financial Statements
Statements of Assets and Liabilities	B-1
Statements of Operations	B-4
Statements of Changes in Net Assets	B-7
Financial Highlights	B-17
Notes to Financial Statements	C-1
Initial Approval of Advisory and Sub-Advisory Agreements	D-1
Statement Regarding the Trust’s Liquidity Risk Management Program	D-2
Additional Notices	D-3

Aristotle Funds Series Trust
Expense Example
September 30, 2023 (Unaudited)

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include management fees, distribution and/or service fees, and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds.

The Expense Examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period, which for all Funds is from April 1, 2023 to September 30, 2023, except as otherwise noted below.

Actual Return

The actual return sections of the Expense Example table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid during this period.

The example includes, but is not limited to, management fees (consisting of an advisory fee and a supervision and administration fee), distribution and servicing fees, and other expenses borne prior to the conversion, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The example below does not include portfolio trading commissions and related expenses, and other extraordinary expenses as determined under U.S. generally accepted accounting principles. To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example below.

Hypothetical Return (for Comparison Purposes)

The hypothetical return sections of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Expense Example

	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio based on the period April 1, 2023- September 30, 2023			Expenses Paid During Period April 1, 2023- September 30, 2023
Aristotle Core Income Fund
Actual Return^(c)
Class A	$	1,000.00	$	974.80		0.85	%	$	4.20
Class C	$	1,000.00	$	971.20		1.60	%	$	7.88
Class I	$	1,000.00	$	976.30		0.56	%	$	2.77
Class I-2	$	1,000.00	$	976.40		0.55	%	$	2.72
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,020.75		0.85	%	$	4.29
Class C	$	1,000.00	$	1,017.00		1.60	%	$	8.07
Class I	$	1,000.00	$	1,022.20		0.56	%	$	2.83
Class I-2	$	1,000.00	$	1,022.25		0.55	%	$	2.78
Aristotle ESG Core Bond Fund
Actual Return^(c)
Class I	$	1,000.00	$	969.20		0.48	%	$	2.36
Class I-2	$	1,000.00	$	969.20		0.48	%	$	2.36
Hypothetical Return^(b)
Class I	$	1,000.00	$	1,022.60		0.48	%	$	2.43
Class I-2	$	1,000.00	$	1,022.60		0.48	%	$	2.43

Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)

	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio based on the period April 1, 2023- September 30, 2023			Expenses Paid During Period April 1, 2023- September 30, 2023
Aristotle Floating Rate Income Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,064.20		1.02	%	$	5.26
Class C	$	1,000.00	$	1,060.30		1.77	%	$	9.12
Class I	$	1,000.00	$	1,066.10		0.69	%	$	3.56
Class I-2	$	1,000.00	$	1,065.40		0.77	%	$	3.98
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,019.90		1.02	%	$	5.15
Class C	$	1,000.00	$	1,016.15		1.77	%	$	8.92
Class I	$	1,000.00	$	1,021.55		0.69	%	$	3.49
Class I-2	$	1,000.00	$	1,021.15		0.77	%	$	3.89
Aristotle High Yield Bond Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,020.10		0.95	%	$	4.80
Class C	$	1,000.00	$	1,017.20		1.70	%	$	8.57
Class I	$	1,000.00	$	1,021.90		0.71	%	$	3.59
Class I-2	$	1,000.00	$	1,021.30		0.70	%	$	3.54
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,020.25		0.95	%	$	4.80
Class C	$	1,000.00	$	1,016.50		1.70	%	$	8.57
Class I	$	1,000.00	$	1,021.45		0.71	%	$	3.59
Class I-2	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Aristotle Short Duration Income Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,013.70		0.75	%	$	3.78
Class C	$	1,000.00	$	1,009.90		1.50	%	$	7.54
Class I	$	1,000.00	$	1,016.30		0.45	%	$	2.27
Class I-2	$	1,000.00	$	1,014.90		0.50	%	$	2.52
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.25		0.75	%	$	3.79
Class C	$	1,000.00	$	1,017.50		1.50	%	$	7.57
Class I	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Class I-2	$	1,000.00	$	1,022.50		0.50	%	$	2.53
Aristotle Strategic Income Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,005.70		0.94	%	$	4.71
Class C	$	1,000.00	$	1,001.00		1.69	%	$	8.45
Class I	$	1,000.00	$	1,006.30		0.64	%	$	3.21
Class I-2	$	1,000.00	$	1,006.00		0.69	%	$	3.46
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,020.30		0.94	%	$	4.75
Class C	$	1,000.00	$	1,016.55		1.69	%	$	8.52
Class I	$	1,000.00	$	1,021.80		0.64	%	$	3.23
Class I-2	$	1,000.00	$	1,021.55		0.69	%	$	3.49

Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)

	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio based on the period April 1, 2023- September 30, 2023			Expenses Paid During Period April 1, 2023- September 30, 2023
Aristotle Ultra Short Income Fund
Actual Return
Class A^(a)	$	1,000.00	$	1,023.20		0.57	%	$	2.63
Class I^(c)	$	1,000.00	$	1,027.70		0.32	%	$	1.62
Class I-2^(c)	$	1,000.00	$	1,027.70		0.32	%	$	1.62
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,022.40		0.57	%	$	2.63
Class I	$	1,000.00	$	1,023.40		0.32	%	$	1.62
Class I-2	$	1,000.00	$	1,023.40		0.32	%	$	1.62
Aristotle Core Equity Fund II
Actual Return^(a)
Class I	$	1,000.00	$	1,030.00		0.66	%	$	3.06
Hypothetical Return^(b)
Class I	$	1,000.00	$	1,021.99		0.66	%	$	3.04
Aristotle Growth Equity Fund
Actual Return^(c)
Class I	$	1,000.00	$	1,066.30		0.70	%	$	3.62
Hypothetical Return^(b)
Class I	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Aristotle International Equity Fund II
Actual Return^(a)
Class I	$	1,000.00	$	972.00		0.79	%	$	3.55
Hypothetical Return^(b)
Class I	$	1,000.00	$	1,021.40		0.79	%	$	3.64
Aristotle Small Cap Equity Fund II
Actual Return^(c)
Class A	$	1,000.00	$	953.10		1.16	%	$	5.66
Class C	$	1,000.00	$	950.10		1.91	%	$	9.31
Class I-2	$	1,000.00	$	954.20		0.91	%	$	4.45
Class R6	$	1,000.00	$	955.50		0.85	%	$	4.16
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,019.20		1.16	%	$	5.86
Class C	$	1,000.00	$	1,015.45		1.91	%	$	9.62
Class I-2	$	1,000.00	$	1,020.45		0.91	%	$	4.60
Class R6	$	1,000.00	$	1,020.75		0.85	%	$	4.29
Aristotle Small/Mid Cap Equity Fund
Actual Return^(c)
Class A	$	1,000.00	$	976.30		1.16	%	$	5.73
Class C	$	1,000.00	$	971.90		1.91	%	$	9.42
Class I	$	1,000.00	$	977.90		0.85	%	$	4.20
Class I-2	$	1,000.00	$	977.80		0.91	%	$	4.50
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,019.20		1.16	%	$	5.86
Class C	$	1,000.00	$	1,015.45		1.91	%	$	9.62
Class I	$	1,000.00	$	1,020.75		0.85	%	$	4.29
Class I-2	$	1,000.00	$	1,020.45		0.91	%	$	4.60

Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)

	Beginning Account Value April 1, 2023		Ending Account Value September 30, 2023		Annualized Expense Ratio based on the period April 1, 2023- September 30, 2023			Expenses Paid During Period April 1, 2023- September 30, 2023
Aristotle Portfolio Optimization Aggressive-Growth Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,011.90		0.70	%	$	3.52
Class C	$	1,000.00	$	1,007.90		1.45	%	$	7.28
Class I-2	$	1,000.00	$	1,013.50		0.45	%	$	2.27
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class C	$	1,000.00	$	1,017.75		1.45	%	$	7.31
Class I-2	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Aristotle Portfolio Optimization Conservative Fund
Actual Return^(c)
Class A	$	1,000.00	$	993.60		0.70	%	$	3.49
Class C	$	1,000.00	$	988.90		1.45	%	$	7.21
Class I-2	$	1,000.00	$	994.70		0.45	%	$	2.24
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class C	$	1,000.00	$	1,017.75		1.45	%	$	7.31
Class I-2	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Aristotle Portfolio Optimization Growth Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,005.80		0.70	%	$	3.51
Class C	$	1,000.00	$	1,001.00		1.45	%	$	7.25
Class I-2	$	1,000.00	$	1,006.70		0.45	%	$	2.26
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class C	$	1,000.00	$	1,017.75		1.45	%	$	7.31
Class I-2	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Aristotle Portfolio Optimization Moderate-Conservative Fund
Actual Return^(c)
Class A	$	1,000.00	$	994.70		0.70	%	$	3.49
Class C	$	1,000.00	$	992.30		1.45	%	$	7.22
Class I-2	$	1,000.00	$	996.90		0.45	%	$	2.25
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class C	$	1,000.00	$	1,017.75		1.45	%	$	7.31
Class I-2	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Aristotle Portfolio Optimization Moderate Fund
Actual Return^(c)
Class A	$	1,000.00	$	1,004.00		0.70	%	$	3.51
Class C	$	1,000.00	$	1,000.00		1.45	%	$	7.25
Class I-2	$	1,000.00	$	1,005.00		0.45	%	$	2.26
Hypothetical Return^(b)
Class A	$	1,000.00	$	1,021.50		0.70	%	$	3.54
Class C	$	1,000.00	$	1,017.75		1.45	%	$	7.31
Class I-2	$	1,000.00	$	1,022.75		0.45	%	$	2.28

^(a)	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 167/366 to reflect the period from inception to September 30, 2023.

^(b)	5% annualized return before expenses.

^(c)	Expenses (net of waivers, if applicable) are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 to reflect the half-year period.

Aristotle Core Income Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 43.6%

Communications — 2.0%
AT&T, Inc.
3.50%, 09/15/2053	$	4,865,000	$	3,008,506
3.85%, 06/01/2060		4,550,000		2,903,859
Charter Communications Operating LLC / Charter Communications Operating Capital
3.50%, 06/01/2041		4,500,000		2,848,800
3.85%, 04/01/2061		7,600,000		4,252,424
Comcast Corp.
5.35%, 05/15/2053		3,000,000		2,737,836
T-Mobile USA, Inc.
3.38%, 04/15/2029		1,600,000		1,408,727
5.05%, 07/15/2033		7,200,000		6,682,752
5.20%, 01/15/2033		3,000,000		2,833,203
Verizon Communications, Inc.
3.40%, 03/22/2041		7,550,000		5,356,171
Warnermedia Holdings, Inc.
5.05%, 03/15/2042		2,500,000		1,934,859
Total Communications				33,967,137

Consumer Discretionary — 2.9%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028 ^(a)		9,000,000		8,080,832
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 04/20/2029 ^(a)		4,000,000		3,723,501
British Airways 2019-1 Class A Pass Through Trust
Series PTT, 3.35%, 06/15/2029 ^(a)		1,853,346		1,649,862
Delta Air Lines, Inc. / SkyMiles IP Ltd. ^(a)
4.50%, 10/20/2025		3,000,266		2,915,312
4.75%, 10/20/2028		2,000,000		1,901,424
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		2,000,000		1,877,864
2.70%, 08/10/2026		2,225,000		1,987,750
3.38%, 11/13/2025		4,475,000		4,155,780
4.54%, 08/01/2026		1,725,000		1,620,797
Genting New York LLC / GENNY Capital, Inc.
3.30%, 02/15/2026 ^(a)		2,000,000		1,775,440
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc ^(a)
4.88%, 07/01/2031		2,850,000		2,326,274
5.00%, 06/01/2029		2,000,000		1,737,272
Kohl’s Corp.
4.63%, 05/01/2031		3,000,000		2,020,350
Las Vegas Sands Corp.
3.90%, 08/08/2029		1,889,000		1,614,497
Marriott International, Inc.
2.75%, 10/15/2033		6,150,000		4,644,178
Masco Corp.
7.75%, 08/01/2029		2,000,000		2,170,540
Meritage Homes Corp.
3.88%, 04/15/2029 ^(a)		1,500,000		1,291,770
Total Consumer Discretionary				45,493,443

	Par		Value
Consumer Staples — 2.3%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%, 02/01/2046	$	2,050,000	$	1,787,957
Anheuser-Busch InBev Finance, Inc.
4.00%, 01/17/2043		4,000,000		3,171,525
Anheuser-Busch InBev Worldwide, Inc.
5.45%, 01/23/2039		5,000,000		4,836,100
Constellation Brands, Inc.
4.90%, 05/01/2033		3,000,000		2,786,192
General Mills, Inc.
4.95%, 03/29/2033		4,550,000		4,266,438
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL
6.75%, 03/15/2034 ^(a)		3,250,000		3,165,160
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
3.00%, 05/15/2032		3,000,000		2,266,085
5.75%, 04/01/2033		1,000,000		915,813
Keurig Dr Pepper, Inc.
4.50%, 04/15/2052		2,200,000		1,738,532
Kraft Heinz Foods Co.
4.38%, 06/01/2046		6,500,000		5,069,063
Mars, Inc.
4.65%, 04/20/2031 ^(a)		3,000,000		2,855,933
McCormick & Co., Inc.
4.95%, 04/15/2033		4,450,000		4,144,430
Total Consumer Staples				37,003,228

Energy — 2.3%
Cheniere Energy Partners LP
4.50%, 10/01/2029		5,000,000		4,532,966
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
7.38%, 02/01/2031 ^(a)		4,800,000		4,894,104
Enbridge, Inc.
7.38% (5 yr. CMT Rate + 3.71%), 01/15/2083 ^(b)		3,001,000		2,861,359
Energy Transfer LP
5.00%, 05/15/2044		4,000,000		3,132,188
5.75%, 02/15/2033		4,800,000		4,619,296
6.50% (5 yr. CMT Rate + 5.69%), Perpetual ^(b)		1,650,000		1,520,228
Enterprise Products Operating LLC
5.38% (3 mo. Term SOFR + 2.83%), 02/15/2078 ^(b)		763,000		636,324
MPLX LP
4.95%, 03/14/2052		1,750,000		1,371,290
5.20%, 12/01/2047		1,200,000		972,041
5.65%, 03/01/2053		4,850,000		4,174,599
Petroleos Mexicanos
6.35%, 02/12/2048		2,100,000		1,200,213
Sabine Pass Liquefaction LLC
5.90%, 09/15/2037		1,800,000		1,772,868

See Notes to Financial Statements

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.00%, 01/15/2032	$	7,250,000	$	6,108,595
Total Energy				37,796,071

Financials — 15.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.30%, 01/30/2032		4,100,000		3,260,832
5.75%, 06/06/2028		2,000,000		1,955,437
Air Lease Corp.
3.00%, 02/01/2030		6,000,000		4,939,977
4.65% (5 yr. CMT Rate + 4.08%), Perpetual ^(b)		4,300,000		3,797,496
Allianz SE
6.35% (5 yr. CMT Rate + 3.23%), 09/06/2053 ^(a)(b)		1,800,000		1,742,252
Aon Corp. / Aon Global Holdings PLC
5.35%, 02/28/2033		3,500,000		3,358,946
Assured Guaranty US Holdings, Inc.
3.60%, 09/15/2051		2,150,000		1,321,460
Avolon Holdings Funding Ltd.
4.25%, 04/15/2026 ^(a)		1,350,000		1,269,428
Bank of America Corp. ^(b)
2.48% (5 yr. CMT Rate + 1.20%), 09/21/2036		4,700,000		3,423,254
2.69% (SOFR + 1.32%), 04/22/2032		3,700,000		2,909,693
3.85% (5 yr. CMT Rate + 2.00%), 03/08/2037		4,000,000		3,256,446
4.38% (5 yr. CMT Rate + 2.76%), Perpetual		3,000,000		2,521,647
5.20% (SOFR + 1.63%), 04/25/2029		5,000,000		4,818,746
Block, Inc.
2.75%, 06/01/2026		4,000,000		3,601,792
3.50%, 06/01/2031		500,000		393,356
BNP Paribas SA ^(a)(b)
4.63% (5 yr. CMT Rate + 3.34%), Perpetual		3,000,000		2,137,727
8.50% (5 yr. CMT Rate + 4.35%), Perpetual		4,250,000		4,168,496
Broadstone Net Lease LLC
2.60%, 09/15/2031		2,750,000		1,928,586
Citigroup, Inc. ^(b)
2.52% (SOFR + 1.18%), 11/03/2032		4,500,000		3,425,619
4.15% (5 yr. CMT Rate + 3.00%), Perpetual		3,000,000		2,408,643
4.66% (SOFR + 1.89%), 05/24/2028		2,000,000		1,912,159
6.17% (SOFR + 2.66%), 05/25/2034		6,450,000		6,168,197
6.27% (SOFR + 2.34%), 11/17/2033		3,000,000		2,993,195
Fiserv, Inc.
5.60%, 03/02/2033		8,200,000		7,956,091
Global Payments, Inc.
5.30%, 08/15/2029		2,850,000		2,719,887
GLP Capital LP / GLP Financing II, Inc.
3.25%, 01/15/2032		5,200,000		4,041,252
Goldman Sachs Group, Inc. ^(b)
2.62% (SOFR + 1.28%), 04/22/2032		7,950,000		6,213,243
3.10% (SOFR + 1.41%), 02/24/2033		8,600,000		6,880,260
4.48% (SOFR + 1.73%), 08/23/2028		4,000,000		3,787,289
7.50% (5 yr. CMT Rate + 3.16%), Perpetual		2,500,000		2,477,146
Hill City Funding Trust
4.05%, 08/15/2041 ^(a)		2,400,000		1,564,688

	Par		Value
Host Hotels & Resorts LP
2.90%, 12/15/2031	$	5,900,000	$	4,539,573
3.50%, 09/15/2030		1,500,000		1,245,225
HSBC Holdings PLC
4.70% (5 yr. CMT Rate + 3.25%), Perpetual ^(b)		3,150,000		2,373,868
JPMorgan Chase & Co. ^(b)
2.96% (SOFR + 1.26%), 01/25/2033		9,950,000		7,924,462
4.85% (SOFR + 1.99%), 07/25/2028		7,000,000		6,749,439
4.91% (SOFR + 2.08%), 07/25/2033		5,850,000		5,384,748
5.72% (SOFR + 2.58%), 09/14/2033		8,750,000		8,416,554
Liberty Mutual Group, Inc.
4.30%, 02/01/2061 ^(a)		3,650,000		2,164,042
LSEGA Financing PLC
3.20%, 04/06/2041 ^(a)		2,200,000		1,533,582
Massachusetts Mutual Life Insurance Co.
5.67%, 12/01/2052 ^(a)		4,700,000		4,327,074
Metropolitan Life Global Funding I
5.15%, 03/28/2033 ^(a)		1,900,000		1,801,341
Morgan Stanley ^(b)
2.48% (SOFR + 1.36%), 09/16/2036		9,700,000		7,053,099
2.94% (SOFR + 1.29%), 01/21/2033		4,700,000		3,702,908
5.12% (SOFR + 1.73%), 02/01/2029		2,000,000		1,926,762
5.16% (SOFR + 1.59%), 04/20/2029		9,700,000		9,335,981
6.34% (SOFR + 2.56%), 10/18/2033		1,000,000		1,006,230
Nasdaq, Inc.
5.95%, 08/15/2053		4,150,000		3,879,604
Northwestern Mutual Life Insurance Co.
3.63%, 09/30/2059 ^(a)		5,000,000		3,199,452
OneMain Finance Corp.
5.38%, 11/15/2029		1,575,000		1,320,953
6.13%, 03/15/2024		2,586,000		2,580,255
Penske Truck Leasing Co. Lp / PTL Finance Corp.
6.05%, 08/01/2028 ^(a)		2,000,000		1,976,391
PNC Financial Services Group, Inc.
6.25% (H157 Year CMT Rate + 2.81%), Perpetual ^(b)		1,050,000		902,700
Principal Financial Group, Inc.
5.38%, 03/15/2033		3,150,000		3,028,219
Prologis LP
5.13%, 01/15/2034		4,250,000		4,017,289
Prudential Financial, Inc.
6.75% (5 yr. CMT Rate + 2.85%), 03/01/2053 ^(b)		2,600,000		2,519,855
Public Storage Operating Co.
5.10%, 08/01/2033		2,950,000		2,821,818
Royal Bank of Canada
5.20%, 08/01/2028		3,000,000		2,921,309
State Street Corp.
5.16% (SOFR + 1.89%), 05/18/2034 ^(b)		3,650,000		3,397,162
Sumitomo Mitsui Financial Group, Inc.
5.88%, 07/13/2026		5,000,000		4,996,080
Sun Communities Operating LP
5.70%, 01/15/2033		6,750,000		6,391,801

See Notes to Financial Statements

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Teachers Insurance & Annuity Association of America
4.27%, 05/15/2047 ^(a)	$	3,000,000	$	2,292,022
Toronto-Dominion Bank
5.52%, 07/17/2028		7,000,000		6,913,145
US Bancorp
4.84% (SOFR + 1.60%), 02/01/2034 ^(b)		3,000,000		2,643,343
VICI Properties LP / VICI Note Co., Inc. ^(a)
3.50%, 02/15/2025		2,300,000		2,202,720
3.75%, 02/15/2027		2,250,000		2,043,671
4.63%, 12/01/2029		9,500,000		8,438,851
Wells Fargo & Co.
4.40%, 06/14/2046		3,750,000		2,779,552
5.39% (SOFR + 2.02%), 04/24/2034 ^(b)		4,450,000		4,162,035
5.56% (SOFR + 1.99%), 07/25/2034 ^(b)		3,900,000		3,694,976
Total Financials				251,961,331

Health Care — 3.5%
Amgen, Inc.
5.25%, 03/02/2030		7,000,000		6,841,678
5.65%, 03/02/2053		2,350,000		2,201,070
Cigna Group
5.40%, 03/15/2033		7,000,000		6,792,775
Gilead Sciences, Inc.
5.55%, 10/15/2053		3,100,000		2,982,759
HCA, Inc.
5.20%, 06/01/2028		3,000,000		2,900,946
Humana, Inc.
5.50%, 03/15/2053		3,300,000		3,002,358
IQVIA, Inc.
5.70%, 05/15/2028 ^(a)		5,600,000		5,447,624
Merck & Co., Inc.
5.15%, 05/17/2063		3,900,000		3,559,973
Pfizer Investment Enterprises Pte Ltd.
4.75%, 05/19/2033		4,000,000		3,782,714
5.34%, 05/19/2063		1,800,000		1,645,769
UnitedHealth Group, Inc.
4.75%, 05/15/2052		3,750,000		3,199,732
5.05%, 04/15/2053		6,000,000		5,373,024
Universal Health Services, Inc.
2.65%, 10/15/2030		4,450,000		3,471,394
2.65%, 01/15/2032		3,325,000		2,494,790
Viatris, Inc.
3.85%, 06/22/2040		5,350,000		3,487,553
Total Health Care				57,184,159

Industrials — 3.3%
Allegion US Holding Co., Inc.
3.55%, 10/01/2027		3,336,000		3,049,248
Flowserve Corp.
2.80%, 01/15/2032		7,673,000		5,875,856
3.50%, 10/01/2030		1,035,000		863,609
HEICO Corp.
5.35%, 08/01/2033		5,300,000		5,023,493

	Par		Value
Honeywell International, Inc.
4.50%, 01/15/2034	$	7,000,000	$	6,504,405
Ingersoll Rand, Inc.
5.70%, 08/14/2033		7,700,000		7,435,077
nVent Finance Sarl
2.75%, 11/15/2031		4,300,000		3,274,878
5.65%, 05/15/2033		4,350,000		4,051,734
Regal Rexnord Corp.
6.40%, 04/15/2033 ^(a)		3,000,000		2,892,756
Republic Services, Inc.
5.00%, 04/01/2034		4,500,000		4,262,798
Veralto Corp. ^(a)
5.35%, 09/18/2028		850,000		840,805
5.45%, 09/18/2033		2,400,000		2,322,925
Weir Group PLC
2.20%, 05/13/2026 ^(a)		7,950,000		7,147,768
Total Industrials				53,545,352

Materials — 0.9%
Anglo American Capital PLC
2.63%, 09/10/2030 ^(a)		7,550,000		6,037,399
Berry Global, Inc.
4.88%, 07/15/2026 ^(a)		5,000,000		4,791,226
South32 Treasury Ltd.
4.35%, 04/14/2032 ^(a)		5,150,000		4,348,011
Total Materials				15,176,636

Technology — 2.8%
Booz Allen Hamilton, Inc.
5.95%, 08/04/2033		1,450,000		1,416,433
Broadcom, Inc. ^(a)
3.14%, 11/15/2035		7,500,000		5,470,699
3.19%, 11/15/2036		1,474,000		1,058,907
4.93%, 05/15/2037		2,500,000		2,156,091
Concentrix Corp.
6.85%, 08/02/2033		6,300,000		5,825,036
Intel Corp.
5.70%, 02/10/2053		5,800,000		5,443,137
Jabil, Inc.
5.45%, 02/01/2029		5,950,000		5,794,198
Kyndryl Holdings, Inc.
2.05%, 10/15/2026		2,500,000		2,183,331
3.15%, 10/15/2031		6,500,000		4,928,038
Marvell Technology, Inc.
5.95%, 09/15/2033		4,150,000		4,075,567
Oracle Corp.
3.95%, 03/25/2051		7,000,000		4,803,564
Skyworks Solutions, Inc.
3.00%, 06/01/2031		1,300,000		1,017,680
Texas Instruments, Inc.
5.05%, 05/18/2063		2,000,000		1,775,339
Total Technology				45,948,020

Utilities — 8.1%
AES Corp.
5.45%, 06/01/2028		8,000,000		7,728,792

See Notes to Financial Statements

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
American Electric Power Co., Inc.
5.63%, 03/01/2033	$	4,700,000	$	4,553,325
Appalachian Power Co.
4.50%, 08/01/2032		1,050,000		940,681
Arizona Public Service Co.
5.55%, 08/01/2033		4,100,000		3,978,971
Boston Gas Co.
6.12%, 07/20/2053 ^(a)		2,600,000		2,459,253
Brooklyn Union Gas Co.
4.63%, 08/05/2027 ^(a)		3,725,000		3,529,257
CenterPoint Energy Resources Corp.
5.25%, 03/01/2028		7,000,000		6,913,060
Dominion Energy, Inc.
4.35% (5 yr. CMT Rate + 3.20%), Perpetual ^(b)		3,150,000		2,735,497
DPL, Inc.
4.35%, 04/15/2029		1,350,000		1,117,266
Duke Energy Corp.
6.10%, 09/15/2053		5,250,000		5,099,248
Duke Energy Ohio, Inc.
5.65%, 04/01/2053		3,000,000		2,836,478
Duke Energy Progress LLC
5.25%, 03/15/2033		5,600,000		5,432,205
Duke Energy Progress NC Storm Funding LLC
2.39%, 07/01/2037		5,350,000		4,073,675
Edison International
8.13% (5 yr. CMT Rate + 3.86%), 06/15/2053 ^(b)		7,000,000		7,024,514
Eversource Energy
5.13%, 05/15/2033		3,500,000		3,258,178
FirstEnergy Corp.
4.15%, 07/15/2027		3,500,000		3,256,140
Florida Power & Light Co.
4.63%, 05/15/2030		6,650,000		6,349,658
IPALCO Enterprises, Inc.
4.25%, 05/01/2030		2,400,000		2,106,839
KeySpan Gas East Corp.
3.59%, 01/18/2052 ^(a)		2,850,000		1,758,093
National Grid PLC
5.81%, 06/12/2033		3,950,000		3,840,990
Nevada Power Co.
5.90%, 05/01/2053		2,950,000		2,846,064
NextEra Energy Capital Holdings, Inc.
6.05%, 03/01/2025		1,700,000		1,703,179
NextEra Energy Operating Partners LP
4.25%, 07/15/2024 ^(a)		4,925,000		4,824,915
NSTAR Electric Co.
4.55%, 06/01/2052		1,800,000		1,462,930
4.95%, 09/15/2052		2,300,000		1,984,427
PacifiCorp
5.50%, 05/15/2054		4,650,000		3,954,654
PG&E Energy Recovery Funding LLC
2.28%, 01/15/2036		2,400,000		1,752,102
Piedmont Natural Gas Co., Inc.
5.05%, 05/15/2052		1,750,000		1,451,821

	Par		Value
Sempra
4.13% (5 yr. CMT Rate + 2.87%), 04/01/2052 ^(b)	$	5,000,000	$	4,052,793
5.50%, 08/01/2033		5,900,000		5,650,714
Southern Co.
5.70%, 03/15/2034		3,150,000		3,088,342
Southern Co. Gas Capital Corp.
5.75%, 09/15/2033		4,900,000		4,807,091
Southwestern Electric Power Co.
3.25%, 11/01/2051		1,600,000		963,233
5.30%, 04/01/2033		5,000,000		4,725,718
Texas Electric Market Stabilization Funding N LLC
4.27%, 08/01/2034 ^(a)		1,834,522		1,719,491
Virginia Electric and Power Co.
5.00%, 04/01/2033		2,650,000		2,487,485
Vistra Operations Co. LLC
6.95%, 10/15/2033 ^(a)		1,600,000		1,571,184
Wisconsin Power and Light Co.
4.95%, 04/01/2033		5,000,000		4,701,062
Total Utilities				132,739,325
TOTAL CORPORATE BONDS (Cost $793,929,391)				710,814,702

U.S. TREASURY OBLIGATIONS — 18.4%

United States Treasury Note/Bond
0.63%, 05/15/2030		30,000,000		23,223,047
1.13%, 05/15/2040		14,500,000		8,329,004
1.13%, 02/15/2031		25,000,000		19,724,610
1.25%, 05/15/2050		9,000,000		4,248,457
1.38%, 08/15/2050		6,500,000		3,173,828
1.75%, 08/15/2041		22,000,000		13,709,609
1.75%, 11/15/2029		5,000,000		4,253,906
1.88%, 11/15/2051		10,500,000		5,855,801
2.00%, 08/15/2051		30,000,000		17,317,969
2.25%, 08/15/2046		7,550,000		4,789,531
2.25%, 02/15/2052		16,500,000		10,131,065
2.38%, 05/15/2029		17,000,000		15,111,406
2.50%, 03/31/2027		5,000,000		4,645,117
2.50%, 02/15/2046		3,500,000		2,350,059
2.50%, 05/15/2046		3,000,000		2,010,410
2.75%, 11/15/2047		2,000,000		1,395,234
2.75%, 08/15/2032		27,000,000		23,384,530
2.88%, 05/15/2032		10,000,000		8,779,297
2.88%, 05/15/2052		9,500,000		6,737,949
3.00%, 08/15/2052		14,000,000		10,205,234
3.00%, 11/15/2044		2,000,000		1,493,242
3.38%, 05/15/2033		19,000,000		17,233,594
3.50%, 02/15/2033		20,000,000		18,353,125
3.63%, 02/15/2053		12,000,000		9,927,187
3.63%, 03/31/2030		12,000,000		11,320,781
3.63%, 05/15/2053		5,000,000		4,141,016
3.88%, 08/15/2033		20,000,000		18,900,000
4.00%, 02/29/2028		7,000,000		6,819,805

See Notes to Financial Statements

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
4.00%, 11/15/2042	$	11,500,000	$	10,208,945
4.13%, 08/15/2053		13,000,000		11,803,594
TOTAL U.S. TREASURY OBLIGATIONS (Cost $350,453,180)				299,577,352

BANK LOANS — 13.0%^(b)
Communications — 0.3%
SBA Senior Finance II LLC, Senior Secured First Lien
7.19% (1 mo. Term SOFR + 1.75%), 04/11/2025		4,954,864		4,958,828
Total Communications				4,958,828

Consumer Discretionary — 3.6%
Allied Universal Holdco LLC, Senior Secured First Lien
9.18% (1 mo. SOFR US + 3.75%), 05/14/2028		4,301,553		4,161,989
ClubCorp Holdings, Inc., Senior Secured First Lien
8.29% (3 mo. LIBOR US + 2.75%), 09/18/2024		4,732,033		4,668,458
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
8.45% (1 mo. SOFR US + 3.00%), 08/02/2028		7,450,409		7,470,190
Hilton Worldwide Finance LLC, Senior Secured First Lien
7.16% (3 mo. Term SOFR + 1.75%), 06/21/2026		6,500,000		6,505,200
Marriott Ownership Resorts, Inc., Senior Secured First Lien
7.18% (1 mo. SOFR US + 1.75%), 08/31/2025		10,348,272		10,348,271
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien
8.45% (1 mo. SOFR US + 3.00%), 08/25/2028		8,418,579		8,409,823
Spin Holdco, Inc., Senior Secured First Lien
9.66% (3 mo. SOFR US + 4.00%), 03/04/2028		2,443,750		2,121,676
Stars Group Holdings BV, Senior Secured First Lien
7.75% (3 mo. SOFR US + 2.25%), 07/21/2026		3,629,482		3,631,751
7.75% (3 mo. SOFR US + 2.25%), 07/21/2026		3,784,954		3,787,320
United Airlines, Inc., Senior Secured First Lien
9.29% (1 mo. LIBOR US + 3.75%), 04/21/2028		8,510,822		8,537,417
Total Consumer Discretionary				59,642,095

Consumer Staples — 0.6%
Sunshine Luxembourg VII Sarl, Senior Secured First Lien
9.09% (3 mo. SOFR US + 3.75%), 10/02/2026		9,096,371		9,092,596
Total Consumer Staples				9,092,596

Financials — 2.6%
AssuredPartners, Inc., Senior Secured First Lien
8.93% (1 mo. SOFR US + 3.50%), 02/13/2027		8,589,622		8,578,240
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien
7.82% (1 mo. SOFR US + 2.50%), 06/22/2028		6,483,750		6,491,466

	Par		Value
Deerfield Dakota Holding LLC, Senior Secured First Lien
8.99% (3 mo. SOFR US + 3.75%), 04/09/2027	$	3,989,717	$	3,899,131
Delos Aircraft Leasing DAC, Senior Secured First Lien
7.33% (1 mo. Term SOFR + 2.00%), 10/31/2027		6,000,000		6,011,280
GTCR W Merger Sub LLC, Senior Secured First Lien
3.75%, 09/21/2030		2,500,000		2,500,913
HUB International Ltd., Senior Secured First Lien
9.58% (3 mo. SOFR US + 4.25%), 06/20/2030		7,250,000		7,277,948
NFP Corp., Senior Secured First Lien
8.70% (1 mo. SOFR US + 3.25%), 02/13/2027		3,561,469		3,522,988
USI, Inc./NY, Senior Secured First Lien
8.99% (3 mo. SOFR US + 3.75%), 11/22/2029		4,759,199		4,761,507
Total Financials				43,043,473

Health Care — 1.1%
Heartland Dental LLC, Senior Secured First Lien
10.31% (1 mo. SOFR US + 5.00%), 04/30/2028		1,280,249		1,268,548
Pathway Vet Alliance LLC, Senior Secured First Lien
9.20% (1 mo. Term SOFR + 3.75%), 03/31/2027		4,362,708		4,089,428
PetVet Care Centers LLC, Senior Secured First Lien
8.18% (1 mo. SOFR US + 2.75%), 02/14/2025		4,493,391		4,476,541
8.68% (1 mo. SOFR US + 3.25%), 02/14/2025		788,425		785,800
8.93% (1 mo. SOFR US + 3.50%), 02/15/2025		7,552,321		7,528,720
Total Health Care				18,149,037

Industrials — 2.0%
Roper Industrial Products Investment Co., Senior Secured First Lien
9.74% (1 mo. Term SOFR + 4.50%), 11/22/2029		6,982,456		7,006,162
Titan Acquisition Ltd./Canada, Senior Secured First Lien
8.73% (6 mo. LIBOR US + 3.00%), 03/28/2025		7,000,000		6,953,625
TK Elevator US Newco, Inc., Senior Secured First Lien
9.38% (6 mo. Term SOFR + 3.50%), 07/31/2027		5,000,000		4,995,000
TransDigm, Inc., Senior Secured First Lien
8.49% (3 mo. SOFR US + 3.25%), 08/24/2028		12,876,591		12,897,709
Total Industrials				31,852,496

Materials — 0.4%
Proampac PG Borrower LLC, Senior Secured First Lien
9.30% (3 mo. SOFR US + 3.75%), 11/03/2025		4,970,447		4,954,293
9.30% (Prime Rate + 3.75%), 11/03/2025		1,656,817		1,651,432
9.30% (3 mo. SOFR US + 3.75%), 11/03/2025		48,424		48,267
Total Materials				6,653,992

See Notes to Financial Statements

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Technology — 2.4%
Applied Systems, Inc., Senior Secured First Lien
9.74% (3 mo. SOFR US + 4.50%), 09/19/2026	$	2,925,381	$	2,937,639
Central Parent, Inc., Senior Secured First Lien
9.49% (3 mo. SOFR US + 4.50%), 07/06/2029		5,969,925		5,978,432
CoreLogic, Inc., Senior Secured First Lien
8.93% (1 mo. SOFR US + 3.50%), 06/02/2028		4,165,000		3,863,891
Epicor Software Corp., Senior Secured First Lien
8.70% (1 mo. Term SOFR + 3.25%), 07/31/2027		4,987,147		4,986,623
Polaris Newco LLC, Senior Secured First Lien
9.54% (1 mo. SOFR US + 4.00%), 06/04/2028		3,989,848		3,830,254
UKG, Inc., Senior Secured First Lien
8.62% (3 mo. SOFR US + 3.25%), 05/03/2026		13,042,521		13,020,283
Verscend Holding Corp., Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 08/27/2025		4,488,550		4,495,372
Total Technology				39,112,494
TOTAL BANK LOANS (Cost $212,969,702)				212,505,011

ASSET BACKED SECURITIES — 11.6%

Ally Auto Receivables Trust
Series 2022-1, Class A3, 3.31%, 11/15/2026		1,367,000		1,333,265
Series 2023-1, Class A3, 5.46%, 05/15/2028		5,600,000		5,581,577
American Airlines Group, Inc.
Series 2012-2, 4.63%, 06/03/2025		1,529,404		1,467,616
Series 2015-2, 3.60%, 09/22/2027		3,288,002		3,013,454
Series 2016-2, 3.20%, 06/15/2028		4,466,376		4,000,756
Series A, 2.88%, 07/11/2034		3,028,406		2,487,729
Series B, 3.95%, 07/11/2030		1,183,000		1,024,170
AmeriCredit Automobile Receivables Trust
Series 2021-1, Class C, 0.89%, 10/19/2026		2,450,000		2,292,450
Series 2021-3, Class C, 1.41%, 08/18/2027		3,500,000		3,240,762
Series 2023-2, Class A2, 6.19%, 04/19/2027		3,250,000		3,240,813
Bank of America Auto Trust
Series 2023-1A, Class A2, 5.83%, 05/15/2026 ^(a)		1,000,000		999,196
British Airways PLC ^(a)
Series 2013-1, 4.63%, 06/20/2024		705,215		693,226
Series 2019-1, 3.30%, 12/15/2032		5,400,408		4,629,850
Chase Card Funding LLC
Series 2023-A2, Class A, 5.08%, 09/16/2030		5,700,000		5,637,663
Delta Air Lines, Inc.
Series 2015-1, 3.63%, 07/30/2027		1,124,420		1,045,598
Ford Credit Auto Owner Trust
Series 2020-1, Class A, 2.04%, 08/15/2031 ^(a)		2,000,000		1,893,753
Series 2020-B, Class B, 1.19%, 01/15/2026		1,350,000		1,323,892
Series 2020-B, Class C, 2.04%, 12/15/2026		1,000,000		982,646
Series 2021-2, Class A, 1.53%, 05/15/2034 ^(a)		1,050,000		929,603
Series 2022-1, Class A, 3.88%, 11/15/2034 ^(a)		3,250,000		3,107,495
Series 2022-A, Class A3, 1.29%, 06/15/2026		455,566		441,888
Series 2022-D, Class A3, 5.27%, 05/17/2027		2,000,000		1,985,395
Series 2023-2, Class A, 5.28%, 02/15/2036 ^(a)		6,000,000		5,913,325
Series 2023-A, Class A2A, 5.14%, 03/15/2026		2,436,187		2,425,971

	Par		Value
Series 2023-B, Class A2A, 5.57%, 06/15/2026	$	6,300,000	$	6,280,962
Ford Motor Co.
Series 2018-1, Class A, 3.19%, 07/15/2031 ^(a)		4,000,000		3,855,340
General Motors Financial Co., Inc.
Series 2020-2, Class C, 1.48%, 02/18/2026		1,000,000		974,517
Series 2020-3, Class B, 0.76%, 12/18/2025		2,046,694		2,017,191
GM Financial Consumer Automobile Receivables Trust
Series 2022-1, Class A3, 1.26%, 11/16/2026		1,650,776		1,591,651
Series 2022-4, Class A2A, 4.60%, 11/17/2025		169,491		168,558
Series 2023-2, Class A2A, 5.10%, 05/18/2026		1,300,000		1,293,885
GM Financial Revolving Receivables Trust
Series 2023-1, Class A, 5.12%, 04/11/2035 ^(a)		4,100,000		4,035,489
Hilton Grand Vacations, Inc.
Series 2022-1D, Class A, 3.61%, 06/20/2034 ^(a)		453,919		429,037
Mercedes-Benz Auto Receivables Trust
Series 2023-1, Class A3, 4.51%, 11/15/2027		5,000,000		4,898,021
MVW Owner Trust ^(a)
Series 2020-1A, Class A, 1.74%, 10/20/2037		235,531		215,770
Series 2023-1A, Class A, 4.93%, 10/20/2040		1,804,465		1,750,267
Navient Student Loan Trust ^(a)
Series 2019-EA, Class A2A, 2.64%, 05/15/2068		695,056		662,083
Series 2020-2A, Class A1A, 1.32%, 08/26/2069		2,769,890		2,381,295
Series 2020-A, Class A2A, 2.46%, 11/15/2068		625,769		579,318
Series 2020-BA, Class A2, 2.12%, 01/15/2069		3,796,007		3,486,964
Series 2020-CA, Class A2A, 2.15%, 11/15/2068		563,115		535,611
Series 2020-EA, Class A, 1.69%, 05/15/2069		3,643,216		3,258,811
Series 2020-FA, Class A, 1.22%, 07/15/2069		635,712		569,114
Series 2020-GA, Class A, 1.17%, 09/16/2069		495,431		440,960
Series 2020-HA, Class A, 1.31%, 01/15/2069		933,006		854,131
Series 2021-1A, Class A1A, 1.31%, 12/26/2069		1,434,855		1,232,166
Series 2021-A, Class A, 0.84%, 05/15/2069		593,461		510,806
Series 2021-BA, Class A, 0.94%, 07/15/2069		1,427,241		1,236,112
Series 2022-A, Class A, 2.23%, 07/15/2070		10,273,911		8,845,633
Series 2022-BA, Class A, 4.16%, 10/15/2070		10,686,201		9,889,358
Series 2023-A, Class A, 5.51%, 10/15/2071		8,667,590		8,451,570
OneMain Financial Issuance Trust
Series 2022-S1, Class A, 4.13%, 05/14/2035 ^(a)		2,700,000		2,590,418
Santander Consumer USA Holdings, Inc.
Series 2022-4, Class B, 4.42%, 11/15/2027		2,800,000		2,731,848
Series 2023-3, Class B, 5.61%, 07/17/2028		1,250,000		1,244,005
Series 2023-3, Class A3, 5.61%, 10/15/2027		2,050,000		2,039,095
Santander Consumer USA, Inc.
Series 2022-7, Class A2, 5.81%, 01/15/2026		889,472		888,562
Santander Drive Auto Receivables LLC
Series 2021-1, Class C, 0.75%, 02/17/2026		267,230		266,570
SLM Student Loan Trust

See Notes to Financial Statements

A10

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Series 2004-3A, Class A6B, 5.87% (90 day avg SOFR US + 0.81%), 10/25/2064 ^(a)(c)	$	1,251,918	$	1,231,856
SMB Private Education Loan Trust ^(a)
Series 2016-A, Class A2A, 2.70%, 05/15/2031		350,723		344,708
Series 2016-B, Class A2A, 2.43%, 02/17/2032		742,670		722,295
Series 2016-C, Class A2A, 2.34%, 09/15/2034		575,522		559,548
Series 2017-A, Class A2A, 2.88%, 09/15/2034		2,001,049		1,947,685
Series 2017-B, Class A2A, 2.82%, 10/15/2035		1,362,423		1,315,483
Series 2018-A, Class A2A, 3.50%, 02/15/2036		1,988,947		1,921,458
Series 2018-B, Class A2A, 3.60%, 01/15/2037		550,274		531,632
Series 2018-C, Class A2A, 3.63%, 11/15/2035		768,946		742,457
Series 2020-A, Class A2A, 2.23%, 09/15/2037		3,719,536		3,446,235
Series 2020-B, Class A1A, 1.29%, 07/15/2053		1,605,354		1,465,581
Series 2021-A, Class APT2, 1.07%, 01/15/2053		3,013,790		2,531,882
Series 2021-A, Class A2A2, 6.18% (1 mo. Term SOFR + 0.84%), 01/15/2053 ^(c)		646,828		628,453
Series 2021-E, Class A1A, 1.68%, 02/15/2051		2,025,065		1,844,371
Series 2022-C, Class A1A, 4.48%, 05/16/2050		2,497,366		2,410,872
Series 2023-C, Class A1A, 5.67%, 11/15/2052		2,850,000		2,781,907
SMB Private Education Loan Trust 2019-A
Series 2019-A, Class A2A, 3.44%, 07/15/2036 ^(a)		1,120,710		1,081,489
SoFi Professional Loan Program LLC ^(a)
Series 2019-C, Class A2FX, 2.37%, 11/16/2048		829,124		758,647
Series 2020-A, Class A2FX, 2.54%, 05/15/2046		1,207,099		1,102,030
Toyota Auto Loan Extended Note Trust
Series 2023-1A, Class A, 4.93%, 06/25/2036 ^(a)		4,550,000		4,425,952
Toyota Auto Receivables Owner Trust
Series 2021-C, Class A3, 0.43%, 01/15/2026		2,151,291		2,089,502
United Airlines, Inc.
Series 2023-1, Class A, 5.80%, 01/15/2036		5,550,000		5,409,308
Series 2019-1, 4.15%, 08/25/2031		908,698		821,290
Series A, 2.90%, 05/01/2028		1,194,597		1,034,401
Series A, 4.00%, 10/29/2024		1,844,815		1,798,457
Verizon Master Trust
Series 2023-3, Class A, 4.73%, 04/21/2031 ^(a)		6,900,000		6,708,628
TOTAL ASSET BACKED SECURITIES (Cost $197,482,420)				189,553,338

COLLATERALIZED LOAN OBLIGATIONS — 6.2%^(a)(c)

Aimco CDO
Series 2019-10A, Class AR, 6.67% (3 mo. Term SOFR + 1.32%), 07/22/2032		2,550,000		2,539,061
Series 2020-11A, Class AR, 6.70% (3 mo. Term SOFR + 1.39%), 10/17/2034		4,000,000		3,977,893
Buttermilk Park CLO
Series 2018-1A, Class A1, 6.67% (3 mo. Term SOFR + 1.36%), 10/15/2031		1,600,000		1,597,857
Carlyle Group, Inc.
Series 2014-3RA, Class A2, 7.17% (3 mo. Term SOFR + 1.81%), 07/27/2031		2,000,000		1,975,200

	Par		Value
Dryden Senior Loan Fund
Series 2017-49A, Class AR, 6.52% (3 mo. Term SOFR + 1.21%), 07/18/2030	$	1,395,948	$	1,392,879
Series 2017-53A, Class B, 6.97% (3 mo. Term SOFR + 1.66%), 01/15/2031		1,500,000		1,486,650
Series 2018-55A, Class C, 7.47% (3 mo. Term SOFR + 2.16%), 04/15/2031		1,000,000		976,572
Series 2018-58A, Class B, 7.07% (3 mo. Term SOFR + 1.76%), 07/17/2031		2,000,000		1,973,400
Series 2018-58A, Class C, 7.37% (3 mo. Term SOFR + 2.06%), 07/17/2031		2,000,000		1,959,554
Series 2018-64A, Class B, 6.97% (3 mo. Term SOFR + 1.66%), 04/18/2031		1,600,000		1,585,440
Flatiron CLO Ltd.
Series 2019-1A, Class BR, 7.18% (3 mo. Term SOFR + 1.81%), 11/16/2034		1,000,000		993,900
Madison Park Funding Ltd.
Series 2018-28A, Class B, 7.17% (3 mo. Term SOFR + 1.86%), 07/15/2030		2,600,000		2,585,960
Magnetite CLO Ltd.
Series 2014-8A, Class AR2, 6.55% (3 mo. Term SOFR + 1.24%), 04/15/2031		7,254,001		7,237,338
Series 2015-14RA, Class A1, 6.69% (3 mo. Term SOFR + 1.38%), 10/18/2031		3,400,000		3,392,247
Series 2016-18A, Class AR2, 6.51% (3 mo. Term SOFR + 1.14%), 11/15/2028		2,327,991		2,323,622
Series 2019-22A, Class AR, 6.63% (3 mo. Term SOFR + 1.32%), 04/15/2031		3,000,000		2,988,083
Series 2020-25A, Class A, 6.81% (3 mo. Term SOFR + 1.46%), 01/25/2032		1,480,000		1,479,630
Magnetite Xxix Ltd.
Series 2021-29A, Class A, 6.56% (3 mo. Term SOFR + 1.25%), 01/15/2034		3,250,000		3,236,811
Neuberger Berman CLO Ltd.
Series 2014-18A, Class A2R2, 7.30% (3 mo. Term SOFR + 1.96%), 10/21/2030		1,000,000		989,100
Series 2017-25A, Class BR, 6.92% (3 mo. Term SOFR + 1.61%), 10/18/2029		1,500,000		1,482,900
OCP CLO Ltd.
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030		5,418,126		5,401,059
Series 2019-16A, Class AR, 6.54% (3 mo. Term SOFR + 1.26%), 04/10/2033		5,000,000		4,973,804
Palmer Square CLO Ltd.
Series 2015-2A, Class A1R2, 6.69% (3 mo. Term SOFR + 1.36%), 07/20/2030		197,087		196,815
Series 2018-2A, Class A1A, 6.67% (3 mo. Term SOFR + 1.36%), 07/16/2031		2,500,000		2,497,973
Series 2020-3A, Class A1AR, 6.71% (3 mo. Term SOFR + 1.34%), 11/15/2031		3,500,000		3,495,295
Palmer Square Loan Funding Ltd.
Series 2021-1A, Class B, 7.39% (3 mo. Term SOFR + 2.06%), 04/20/2029		750,000		744,466
Series 2021-2A, Class A2, 6.89% (3 mo. Term SOFR + 1.51%), 05/20/2029		6,000,000		5,939,230
Series 2021-3A, Class A2, 6.99% (3 mo. Term SOFR + 1.66%), 07/20/2029		4,500,000		4,496,079

See Notes to Financial Statements

A11

Aristotle Core Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Series 2021-4A, Class A2, 6.97% (3 mo. Term SOFR + 1.66%), 10/15/2029	$	9,700,000	$	9,630,592
Stratus CLO Ltd.
Series 2021-1A, Class B, 6.99% (3 mo. Term SOFR + 1.66%), 12/29/2029		6,000,000		5,973,345
Series 2021-3A, Class A, 6.54% (3 mo. Term SOFR + 1.21%), 12/29/2029		9,646,186		9,589,747
TIAA CLO Ltd.
Series 2018-1A, Class A2, 7.29% (3 mo. Term SOFR + 1.96%), 01/20/2032		2,750,000		2,726,900
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $102,025,997)				101,839,402

MORTGAGE BACKED SECURITIES — 2.8%

Ginnie Mae II Pool
Pool MA8492, 6.00%, 12/20/2052		6,675,041		6,624,222

Federal Home Loan Mortgage Corp.
Pool SB8224, 5.50%, 04/01/2038		3,243,159		3,210,632
Pool SB8229, 4.50%, 05/01/2038		8,326,196		7,985,854
Pool SB8231, 5.50%, 05/01/2038		5,228,356		5,175,998
Pool SD8288, 5.00%, 01/01/2053		3,583,898		3,385,930
Pool SD8324, 5.50%, 05/01/2053		5,765,530		5,576,618
Pool SD8331, 5.50%, 06/01/2053		3,855,988		3,729,644
Pool SD8344, 6.50%, 07/01/2053		3,619,485		3,639,174
Federal National Mortgage Association
Pool MA4992, 5.00%, 04/01/2038		5,413,118		5,279,093
Pool MA5029, 5.50%, 05/01/2038		1,918,225		1,899,017
TOTAL MORTGAGE BACKED SECURITIES (Cost $47,697,608)				46,506,182

TOTAL INVESTMENTS — 95.6% (Cost $1,704,558,298)				1,560,795,987
Other Assets in Excess of Liabilities — 4.4%				70,996,419
TOTAL NET ASSETS — 100.0%			$	1,631,792,406

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2023, the value of these securities total $349,874,297 or 21.4% of the Fund’s net assets.

(b)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(c)

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, 2023.

See Notes to Financial Statements

A12

Aristotle ESG Core Bond Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 58.2%

Communications — 2.1%
Charter Communications Operating LLC / Charter Communications Operating Capital
2.30%, 02/01/2032	$	250,000	$	182,304
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74%, 03/20/2025 ^(a)		112,500		111,338
Verizon Communications, Inc.
2.85%, 09/03/2041		50,000		32,358
3.40%, 03/22/2041		150,000		106,414
Warnermedia Holdings, Inc.
5.05%, 03/15/2042		150,000		116,092
Total Communications				548,506

Consumer Discretionary — 2.5%
Lowe’s Cos., Inc.
4.45%, 04/01/2062		250,000		182,739
Marriott International, Inc.
2.75%, 10/15/2033		100,000		75,515
5.00%, 10/15/2027		250,000		243,762
Meritage Homes Corp.
3.88%, 04/15/2029 ^(a)		200,000		172,236
Total Consumer Discretionary				674,252

Consumer Staples — 3.4%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
4.90%, 02/01/2046		150,000		130,826
Anheuser-Busch InBev Worldwide, Inc.
3.75%, 07/15/2042		500,000		388,448
General Mills, Inc.
4.95%, 03/29/2033		200,000		187,536
Keurig Dr Pepper, Inc.
4.50%, 04/15/2052		250,000		197,560
Total Consumer Staples				904,370

Energy — 1.4%
Enbridge, Inc.
7.38% (5 yr. CMT Rate + 3.71%), 01/15/2083 ^(b)		249,000		237,414
Enterprise Products Operating LLC
5.38% (3 mo. Term SOFR + 2.83%), 02/15/2078 ^(b)		64,000		53,374
Kinder Morgan Energy Partners LP
5.00%, 08/15/2042		100,000		80,957
Total Energy				371,745

Financials — 28.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.30%, 01/30/2032		250,000		198,831
Air Lease Corp.
1.88%, 08/15/2026		450,000		400,056

	Par		Value
Allianz SE
6.35% (5 yr. CMT Rate + 3.23%), 09/06/2053 ^(a)(b)	$	200,000	$	193,584
Aon Corp. / Aon Global Holdings PLC
5.35%, 02/28/2033		250,000		239,925
Bank of America Corp. ^(b)
2.48% (5 yr. CMT Rate + 1.20%), 09/21/2036		350,000		254,923
3.85% (5 yr. CMT Rate + 2.00%), 03/08/2037		300,000		244,233
Broadstone Net Lease LLC
2.60%, 09/15/2031		200,000		140,261
Citigroup, Inc. ^(b)
2.52% (SOFR + 1.18%), 11/03/2032		250,000		190,312
4.15% (5 yr. CMT Rate + 3.00%), Perpetual		250,000		200,720
Cooperatieve Rabobank UA
1.98% (1 Year CMT Rate + 0.73%), 12/15/2027 ^(a)(b)		500,000		438,226
Equinix, Inc.
1.80%, 07/15/2027		250,000		216,053
3.90%, 04/15/2032		250,000		213,828
Fiserv, Inc.
3.50%, 07/01/2029		250,000		223,178
5.60%, 03/02/2033		200,000		194,051
GLP Capital LP / GLP Financing II, Inc.
3.25%, 01/15/2032		100,000		77,716
Goldman Sachs Group, Inc.
3.81% (3 mo. Term SOFR + 1.42%), 04/23/2029 ^(b)		500,000		454,259
Healthpeak OP LLC
1.35%, 02/01/2027		150,000		130,579
JAB Holdings BV
4.50%, 04/08/2052 ^(a)		250,000		175,890
Marsh & McLennan Cos., Inc.
5.40%, 09/15/2033		500,000		487,115
Morgan Stanley
2.94% (SOFR + 1.29%), 01/21/2033 ^(b)		500,000		393,926
Nasdaq, Inc.
5.95%, 08/15/2053		200,000		186,969
Nordea Bank Abp
1.50%, 09/30/2026 ^(a)		350,000		307,551
Prologis LP
5.13%, 01/15/2034		250,000		236,311
Public Storage Operating Co.
5.10%, 08/01/2033		300,000		286,965
State Street Corp.
5.75% (SOFR + 1.35%), 11/04/2026 ^(b)		150,000		149,530
Sumitomo Mitsui Financial Group, Inc.
2.47%, 01/14/2029		500,000		421,640
Sun Communities Operating LP
2.70%, 07/15/2031		150,000		115,592
Truist Bank
2.64% (5 yr. CMT Rate + 1.15%), 09/17/2029 ^(b)		250,000		232,184
Ventas Realty LP
2.65%, 01/15/2025		250,000		238,433

See Notes to Financial Statements

A13

Aristotle ESG Core Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
VICI Properties LP / VICI Note Co., Inc. ^(a)
4.13%, 08/15/2030	$	200,000	$	170,315
4.63%, 12/01/2029		100,000		88,830
Total Financials				7,501,986

Health Care — 4.7%
Amgen, Inc.
3.15%, 02/21/2040		100,000		70,632
4.20%, 03/01/2033		150,000		133,462
Cigna Group
2.38%, 03/15/2031		200,000		159,863
CVS Health Corp.
1.75%, 08/21/2030		300,000		231,007
Gilead Sciences, Inc.
5.55%, 10/15/2053		200,000		192,436
Humana, Inc.
5.50%, 03/15/2053		100,000		90,981
Pfizer Investment Enterprises Pte Ltd.
5.34%, 05/19/2063		100,000		91,432
UnitedHealth Group, Inc.
4.75%, 05/15/2052		250,000		213,316
Zoetis, Inc.
2.00%, 05/15/2030		100,000		80,105
Total Health Care				1,263,234

Industrials — 7.2%
Allegion US Holding Co., Inc.
3.55%, 10/01/2027		200,000		182,809
Amphenol Corp.
4.75%, 03/30/2026		250,000		245,629
Canadian National Railway Co.
3.85%, 08/05/2032		250,000		222,875
Eaton Corp.
4.15%, 03/15/2033		100,000		90,447
Ferguson Finance PLC
3.25%, 06/02/2030 ^(a)		200,000		169,694
Flowserve Corp.
2.80%, 01/15/2032		250,000		191,446
Ingersoll Rand, Inc.
5.70%, 08/14/2033		100,000		96,559
Keysight Technologies, Inc.
3.00%, 10/30/2029		250,000		215,225
nVent Finance Sarl
2.75%, 11/15/2031		250,000		190,400
Veralto Corp.
5.45%, 09/18/2033 ^(a)		100,000		96,789
Weir Group PLC
2.20%, 05/13/2026 ^(a)		250,000		224,772
Total Industrials				1,926,645

Technology — 6.9%
Booz Allen Hamilton, Inc.
3.88%, 09/01/2028 ^(a)		250,000		224,230
Broadcom, Inc.
3.19%, 11/15/2036 ^(a)		12,000		8,621

	Par		Value
Concentrix Corp.
6.60%, 08/02/2028	$	175,000	$	168,978
Dell International LLC / EMC Corp.
4.90%, 10/01/2026		250,000		243,967
Intel Corp.
5.70%, 02/10/2053		350,000		328,464
Marvell Technology, Inc.
5.95%, 09/15/2033		200,000		196,413
Moody’s Corp.
4.25%, 08/08/2032		450,000		408,728
Oracle Corp.
2.30%, 03/25/2028		300,000		260,061
Total Technology				1,839,462

Utilities — 1.8%
Enel Finance International NV
2.65%, 09/10/2024 ^(a)		200,000		193,550
NiSource, Inc.
5.00%, 06/15/2052		150,000		125,363
NSTAR Electric Co.
4.95%, 09/15/2052		200,000		172,559
Total Utilities				491,472
TOTAL CORPORATE BONDS (Cost $17,927,346)				15,521,672

U.S. TREASURY OBLIGATIONS — 19.5%

United States Treasury Note/Bond
0.38%, 11/30/2025		1,500,000		1,359,317
0.88%, 11/15/2030		1,000,000		778,203
1.25%, 05/15/2050		250,000		118,013
1.38%, 08/15/2050		250,000		122,070
1.63%, 11/15/2050		500,000		262,021
1.75%, 08/15/2041		125,000		77,896
1.88%, 02/15/2051		500,000		280,361
1.88%, 11/15/2051		150,000		83,654
2.00%, 08/15/2051		250,000		144,316
2.25%, 02/15/2052		500,000		307,002
2.63%, 05/31/2027		500,000		464,883
2.88%, 05/15/2052		750,000		531,943
3.38%, 05/15/2033		500,000		453,516
4.00%, 11/15/2042		250,000		221,934
TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,362,268)				5,205,129

ASSET BACKED SECURITIES — 10.9%

Ford Credit Auto Owner Trust
Series 2021-2, Class A, 1.53%, 05/15/2034 ^(a)		350,000		309,868
Series 2021-A, Class B, 0.70%, 10/15/2026		450,000		418,734
Series 2022-D, Class A2A, 5.37%, 08/15/2025		253,618		253,116
Series 2023-B, Class A2A, 5.57%, 06/15/2026		350,000		348,942
GM Financial Revolving Receivables Trust
Series 2021-1, Class A, 1.17%, 06/12/2034 ^(a)		150,000		131,647
Navient Student Loan Trust ^(a)
Series 2019-BA, Class A2A, 3.39%, 12/15/2059		350,796		336,349

See Notes to Financial Statements

A14

Aristotle ESG Core Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Series 2020-2A, Class A1A, 1.32%, 08/26/2069	$	140,051	$	120,403
Series 2021-1A, Class A1A, 1.31%, 12/26/2069		163,052		140,019
Series 2021-A, Class A, 0.84%, 05/15/2069		118,692		102,161
Santander Consumer USA, Inc.
Series 2022-6, Class A2, 4.37%, 05/15/2025		29,851		29,825
Series 2023-2, Class A2, 5.87%, 03/16/2026		310,027		309,496
Santander Drive Auto Receivables LLC
Series 2021-1, Class C, 0.75%, 02/17/2026		54,168		54,034
SMB Private Education Loan Trust
Series 2021-A, Class APT2, 1.07%, 01/15/2053 ^(a)		125,575		105,495
Toyota Auto Loan Extended Note Trust
Series 2023-1A, Class A, 4.93%, 06/25/2036 ^(a)		250,000		243,184
TOTAL ASSET BACKED SECURITIES (Cost $3,074,126)				2,903,273

COLLATERALIZED LOAN OBLIGATIONS — 6.0%^(a)(c)

Magnetite CLO Ltd.
Series 2014-8A, Class AR2, 6.55% (3 mo. Term SOFR + 1.24%), 04/15/2031		241,800		241,245
Series 2020-28A, Class AR, 6.72% (3 mo. Term SOFR + 1.39%), 01/20/2035		250,000		248,862
OCP CLO Ltd.
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030		246,278		245,503
Palmer Square CLO Ltd.
Series 2018-2A, Class A1A, 6.67% (3 mo. Term SOFR + 1.36%), 07/16/2031		250,000		249,797

	Par		Value
Palmer Square Loan Funding Ltd.
Series 2021-1A, Class A1, 6.49% (3 mo. Term SOFR + 1.16%), 04/20/2029	$	220,264	$	219,964
Series 2021-3A, Class A1, 6.39% (3 mo. Term SOFR + 1.06%), 07/20/2029		154,198		153,659
Series 2021-4A, Class A2, 6.97% (3 mo. Term SOFR + 1.66%), 10/15/2029		250,000		248,211
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $1,612,170)				1,607,241

MORTGAGE BACKED SECURITIES — 2.4%

Federal Home Loan Mortgage Corp.
Pool SB8079, 2.00%, 12/01/2035		307,997		266,138
Federal National Mortgage Association
Pool MA4123, 2.00%, 09/01/2035		127,934		110,555
Pool MA4206, 2.00%, 12/01/2035		306,278		264,658
TOTAL MORTGAGE BACKED SECURITIES (Cost $771,469)				641,351

TOTAL INVESTMENTS — 97.0% (Cost $29,747,379)				25,878,666
Other Assets in Excess of Liabilities — 3.0%				816,149
TOTAL NET ASSETS — 100.0%			$	26,694,815

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

(b)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(c)

See Notes to Financial Statements

A15

Aristotle Floating Rate Income Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
BANK LOANS — 88.9% ^(a)

Communications — 0.8%
MH Sub I LLC, Senior Secured First Lien
9.20% (1 mo. SOFR US + 3.75%), 09/15/2024	$	1,039,518	$	1,041,405
Pug LLC, Senior Secured First Lien
9.68% (1 mo. SOFR US + 4.25%), 02/13/2027		16,917,183		16,113,617
Virgin Media Bristol T/L Y, Senior Secured First Lien
8.31% (6 mo. SOFR US + 3.25%), 03/31/2031		6,750,000		6,600,555
Xplornet Communications, Inc., Senior Secured Second Lien
12.43% (1 mo. SOFR US + 7.00%), 10/01/2029		10,500,000		5,302,500
Total Communications				29,058,077

Consumer Discretionary — 13.1%
1011778 BC ULC, Senior Secured First Lien
7.57% (1 mo. SOFR US + 2.25%), 09/21/2030		6,661,208		6,643,889
AlixPartners LLP, Senior Secured First Lien
8.20% (1 mo. SOFR US + 2.75%), 02/04/2028		5,984,652		5,987,644
Allied Universal Holdco LLC, Senior Secured First Lien
9.78% (1 mo. SOFR US + 4.75%), 05/14/2028		63,000,000		62,212,499
Alterra Mountain Co., Senior Secured First Lien
8.95% (1 mo. SOFR US + 3.50%), 08/17/2028		4,496,183		4,498,072
Carnival Corp., Senior Secured First Lien
8.32% (1 mo. SOFR US + 3.00%), 08/08/2027		37,250,000		37,218,896
8.70% (1 mo. SOFR US + 3.25%), 10/18/2028		21,936,883		21,863,724
Chariot Buyer LLC, Senior Secured First Lien
8.68% (1 mo. SOFR US + 3.50%), 11/03/2028		23,567,609		23,249,093
ClubCorp Holdings, Inc., Senior Secured First Lien
8.29% (3 mo. LIBOR US + 2.75%), 09/18/2024		59,009,429		58,216,637
CNT Holdings I Corp., Senior Secured Second Lien
11.71% (3 mo. SOFR US + 6.75%), 11/06/2028		30,590,111		30,564,568
CNT Holdings I Corp., Senior Secured First Lien
8.46% (3 mo. SOFR US + 3.50%), 11/08/2027		8,520,988		8,503,478
Fertitta Entertainment LLC/NV, Senior Secured First Lien
9.33% (1 mo. SOFR US + 4.00%), 01/27/2029		2,311,665		2,292,282
Flynn America LP, Senior Secured First Lien
9.95% (1 mo. SOFR US + 4.50%), 07/29/2028		4,780,376		4,541,357
9.95% (1 mo. SOFR US + 4.50%), 07/29/2028		4,780,376		4,541,357
Mavis Tire Express Services Topco Corp., Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 05/04/2028		2,839,716		2,836,166
MIC Glen LLC, Senior Secured Second Lien
12.18% (1 mo. SOFR US + 6.75%), 10/14/2029		6,185,000		5,860,288
PPV Intermediate Holdings II, LLC, Senior Secured First Lien
11.17% (3 mo. SOFR US), 08/31/2029		20,000,000		19,850,000

	Par		Value
Spin Holdco, Inc., Senior Secured First Lien
9.66% (3 mo. SOFR US + 4.00%), 03/04/2028	$	28,597,308	$	24,828,326
SRS Distribution, Inc., Senior Secured First Lien
8.93% (1 mo. SOFR US + 3.50%), 06/04/2028		6,635,995		6,582,111
8.95% (1 mo. SOFR US + 3.50%), 06/04/2028		43,694,533		43,318,978
Sunset Debt Merger Sub, Inc., Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 10/06/2028		26,999,831		23,045,435
Tacala Investment Corp., Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.25%), 02/05/2027		11,222,966		11,198,444
Tacala Investment Corp., Senior Secured Second Lien
13.45% (1 mo. SOFR US + 8.00%), 02/05/2028		3,105,000		3,013,403
Wand NewCo 3, Inc., Senior Secured First Lien
8.18% (1 mo. SOFR US + 2.75%), 02/05/2026		26,779,219		26,766,633
8.18% (1 mo. SOFR US + 2.75%), 02/05/2026		13,112,329		13,106,166
8.18% (1 mo. SOFR US + 2.75%), 02/05/2026		4,675,754		4,673,556
Whatabrands LLC, Senior Secured First Lien
8.70% (1 mo. SOFR US + 3.25%), 08/03/2028		21,456,853		21,403,211
Total Consumer Discretionary				476,816,213

Consumer Staples — 4.0%
8th Avenue Food & Provisions, Inc., Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 10/01/2025		25,384,552		24,496,092
10.20% (1 mo. Term SOFR + 4.75%), 10/01/2025		4,239,191		4,096,118
Naked Juice LLC, Senior Secured First Lien
8.59% (3 mo. SOFR US + 3.25%), 01/24/2029		25,331,589		24,151,263
Sunshine Luxembourg VII Sarl, Senior Secured First Lien
9.09% (3 mo. SOFR US + 3.75%), 10/02/2026		93,109,484		93,070,844
Total Consumer Staples				145,814,317

Energy — 0.6%
Traverse Midstream Partners LLC, Senior Secured First Lien
9.22% (1 mo. Term SOFR + 3.75%), 02/16/2028		21,212,102		21,237,026
Total Energy				21,237,026

Financials — 15.4%
Acrisure LLC, Senior Secured First Lien
8.95% (1 mo. LIBOR US + 3.50%), 02/15/2027		27,075,477		26,751,519
9.20% (1 mo. Term SOFR + 3.75%), 02/15/2027		3,874,194		3,829,002
9.70% (1 mo. LIBOR US + 4.25%), 02/15/2027		67,953,038		67,931,973
Alliant Holdings Intermediate LLC, Senior Secured First Lien
8.93% (1 mo. LIBOR US + 3.50%), 11/06/2027		3,483,461		3,480,378

See Notes to Financial Statements

A16

Aristotle Floating Rate Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Apex Group Treasury LLC, Senior Secured First Lien
9.38% (3 mo. SOFR US + 3.75%), 07/27/2028	$	27,271,486	$	27,083,994
9.99% (3 mo. SOFR US + 5.00%), 07/27/2028		21,679,918		21,734,118
AssuredPartners, Inc., Senior Secured First Lien
8.83% (1 mo. SOFR US + 3.50%), 02/13/2027		18,171,025		18,142,587
8.95% (1 mo. SOFR US + 3.50%), 02/13/2027		19,678,747		19,691,046
9.58% (1 mo. SOFR US + 4.25%), 02/13/2027		29,775,331		29,831,308
BroadStreet Partners, Inc., Senior Secured First Lien
9.33% (1 mo. SOFR US + 4.00%), 01/26/2029		23,376,893		23,408,568
Cushman & Wakefield US Borrower LLC, Senior Secured First Lien
8.20% (1 mo. SOFR US + 2.75%), 08/21/2025		532,120		532,320
Deerfield Dakota Holding LLC, Senior Secured First Lien
8.99% (3 mo. SOFR US + 3.75%), 04/09/2027		25,676,444		25,093,461
Deerfield Dakota Holding LLC, Senior Secured Second Lien
11.91% (3 mo. LIBOR US + 6.75%), 04/14/2028		51,320,838		48,722,720
GIP Pilot Acquisition Partners LP, Senior Secured First Lien
8.33% (1 mo. Term SOFR + 3.00%), 09/18/2030		7,000,000		6,991,250
GTCR W Merger Sub LLC, Senior Secured First Lien
3.75%, 09/21/2030		64,000,000		64,023,361
HUB International Ltd., Senior Secured First Lien
9.58% (3 mo. SOFR US + 4.25%), 06/20/2030		92,686,513		93,043,819
Hyperion Refinance Sarl, Senior Secured First Lien
9.33% (1 mo. SOFR US + 4.00%), 04/18/2030		12,318,112		12,337,390
RSC Acquisition, Inc., Senior Secured First Lien
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		23,765,086		23,794,792
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		5,614,389		5,621,407
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		5,612,869		5,619,885
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		2,105,326		2,107,958
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		1,776,391		1,778,611
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		1,805,293		1,807,550
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		510,652		511,290
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		936,109		937,279
10.89% (3 mo. SOFR US + 5.50%), 11/01/2026		200,952		201,203
USI, Inc., Senior Secured First Lien
8.58% (1 mo. Term SOFR + 3.25%), 09/29/2030		7,750,000		7,740,313
9.42% (1 mo. Term SOFR + 3.25%), 09/29/2030		15,500,000		15,480,625
Total Financials				558,229,727

	Par		Value
Health Care — 12.8%
Bausch + Lomb Corp., Senior Secured First Lien
8.76% (3 mo. SOFR US + 3.25%), 05/10/2027	$	21,450,566	$	20,890,492
9.33%, 09/14/2028		17,500,000		17,303,125
Curium Bidco Sarl, Senior Secured First Lien
9.82% (1 mo. SOFR US + 4.50%), 07/31/2029		10,340,113		10,340,113
9.82% (1 mo. SOFR US + 4.50%), 07/31/2029		6,729,759		6,729,759
9.82% (1 mo. SOFR US + 4.50%), 07/31/2029		2,990,206		2,990,206
Eyecare Partners LLC, Senior Secured First Lien
9.25% (3 mo. SOFR US + 3.75%), 11/15/2028		4,159,587		2,939,455
9.75% (3 mo. SOFR US + 4.50%), 11/15/2028		2,070,215		1,466,405
Gainwell Acquisition Corp., Senior Secured First Lien
9.34% (3 mo. SOFR US + 4.00%), 10/01/2027		28,534,775		27,910,577
Gainwell Acquisition Corp., Senior Secured Second Lien
13.37%, 10/02/2028		14,625,000		14,405,625
Heartland Dental LLC, Senior Secured First Lien
10.31% (1 mo. SOFR US + 5.00%), 04/30/2028		26,560,114		26,317,355
Medline Borrower LP, Senior Secured First Lien
8.70% (1 mo. SOFR US + 3.25%), 10/21/2028		14,991,139		14,968,128
Midwest Veterinary Partners LLC, Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 04/30/2028		24,493,625		24,303,800
Pathway Vet Alliance LLC, Senior Secured First Lien
9.20% (1 mo. Term SOFR + 3.75%), 03/31/2027		60,076,316		56,313,135
PetVet Care Centers LLC, Senior Secured First Lien
8.18% (1 mo. SOFR US + 2.75%), 02/14/2025		20,730,092		20,652,354
8.68% (1 mo. SOFR US + 3.25%), 02/14/2025		12,399,685		12,358,394
8.93% (1 mo. SOFR US + 3.50%), 02/15/2025		77,937,112		77,693,560
PetVet Care Centers LLC, Senior Secured Second Lien
11.68% (1 mo. SOFR US + 6.25%), 02/15/2026		58,233,221		57,811,030
Southern Veterinary Partners LLC, Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 10/05/2027		48,660,109		48,424,351
Southern Veterinary Partners LLC, Senior Secured Second Lien
13.18% (1 mo. Term SOFR + 7.75%), 10/05/2028		2,500,000		2,375,000
Star Parent, Inc., Senior Secured First Lien
9.83%, 09/18/2030		18,125,000		17,748,634
Total Health Care				463,941,498

Industrials — 20.8%
Apple Bidco LLC, Senior Secured First Lien
9.33% (1 mo. SOFR US + 4.00%), 09/23/2028		47,797,235		47,817,071
ASP Blade Holdings, Inc., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 10/15/2028		14,569,571		12,907,766

See Notes to Financial Statements

A17

Aristotle Floating Rate Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
ASP LS Acquisition Corp., Senior Secured First Lien
10.13% (3 mo. SOFR US + 4.50%), 05/07/2028	$	31,928,681	$	29,805,424
BCPE Empire Holdings, Inc., Senior Secured First Lien
10.08% (1 mo. SOFR US + 4.75%), 12/23/2028		33,637,065		33,674,906
Brown Group Holding LLC, Senior Secured First Lien
9.08% (3 mo. SOFR US + 3.75%), 07/02/2029		3,127,138		3,129,093
9.08% (3 mo. SOFR US + 3.75%), 07/02/2029		1,483,904		1,484,831
9.08% (1 mo. SOFR US + 3.75%), 07/02/2029		1,275,063		1,275,860
Crosby US Acquisition Corp., Senior Secured First Lien
10.16% (1 mo. SOFR US + 4.75%), 06/27/2026		15,361,414		15,361,414
10.31% (1 mo. SOFR US + 5.00%), 06/27/2026		36,759,850		36,771,429
Dynasty Acquisition Co., Inc., Senior Secured First Lien
9.32% (1 mo. SOFR US + 4.00%), 08/24/2028		61,313,795		61,262,905
Emerald Debt Merger Sub LLC, Senior Secured First Lien
8.33% (1 mo. SOFR US + 3.00%), 05/31/2030		14,825,590		14,825,664
Filtration Group Corp., Senior Secured First Lien
9.70% (1 mo. SOFR US + 4.25%), 10/24/2028		46,607,520		46,730,564
GFL Environmental, Inc., Senior Secured First Lien
8.47% (1 mo. Term SOFR + 3.00%), 05/31/2027		1,174,436		1,176,386
Icebox Holdco III, Inc., Senior Secured First Lien
9.32% (3 mo. SOFR US + 3.75%), 12/22/2028		5,922,873		5,901,284
Kenan Advantage Group, Inc., Senior Secured First Lien
9.73% (6 mo. SOFR US + 4.00%), 03/24/2026		6,000,000		6,007,500
LTI Holdings, Inc., Senior Secured First Lien
8.95% (1 mo. SOFR US + 3.50%), 09/06/2025		24,984,935		24,391,543
10.20% (1 mo. Term SOFR + 4.50%), 07/24/2026		1,450,000		1,422,204
PECF USS Intermediate Holding III Corp., Senior Secured First Lien
9.68% (3 mo. SOFR US + 4.25%), 12/15/2028		15,409,880		12,426,989
Pro Mach Group, Inc., Senior Secured First Lien
9.45% (1 mo. SOFR US + 4.00%), 08/31/2028		21,398,741		21,444,320
10.43% (1 mo. SOFR US + 5.00%), 08/31/2028		6,533,625		6,574,460
Radwell Parent LLC, Senior Secured First Lien
11.21% (1 mo. Term SOFR + 6.53%), 04/01/2029 ^(d)		5,200,321		5,200,321
11.87% (3 mo. SOFR US + 6.53%), 04/01/2029		38,611,959		38,611,959
Roper Industrial Products Investment Co., Senior Secured First Lien
9.74% (3 mo. SOFR US + 4.50%), 11/22/2029		44,935,786		45,088,343

	Par		Value
Spirit AeroSystems, Inc., Senior Secured First Lien
9.55% (3 mo. SOFR US + 4.50%), 01/15/2027	$	3,500,000	$	3,499,125
SPX FLOW, Inc., Senior Secured First Lien
9.93% (1 mo. SOFR US + 4.50%), 04/05/2029		29,936,112		29,912,312
Standard Aero Ltd., Senior Secured First Lien
9.32% (1 mo. SOFR US + 4.00%), 08/24/2028		26,631,619		26,609,514
Star US Bidco LLC, Senior Secured First Lien
9.68% (1 mo. SOFR US + 4.25%), 03/17/2027		21,418,336		21,401,630
Titan Acquisition Ltd./Canada, Senior Secured First Lien
8.73% (6 mo. LIBOR US + 3.00%), 03/28/2025		81,226,583		80,688,456
TransDigm, Inc., Senior Secured First Lien
8.49% (3 mo. SOFR US + 3.25%), 02/22/2027		58,961,717		59,106,763
8.49% (3 mo. SOFR US + 3.25%), 08/24/2028		53,048,528		53,135,528
United States Infrastructure Corp., Senior Secured Second Lien
11.95% (1 mo. SOFR US + 6.50%), 05/14/2029		2,893,389		2,716,169
Total Industrials				750,361,733

Materials — 4.7%
Charter Next Generation, Inc., Senior Secured First Lien
9.20% (1 mo. SOFR US + 3.75%), 12/01/2027		23,290,266		23,110,698
Herens US Holdco Corp., Senior Secured First Lien
9.27% (3 mo. SOFR US + 4.00%), 07/03/2028		8,097,888		7,212,181
LABL, Inc., Senior Secured First Lien
10.43% (1 mo. SOFR US + 5.00%), 10/29/2028		42,056,436		41,980,313
Nouryon Finance B.V., Senior Secured First Lien
9.35% (3 mo. SOFR US + 4.00%), 04/03/2028		4,738,125		4,688,777
Nouryon USA LLC, Senior Secured First Lien
9.32% (1 mo. Term SOFR + 4.00%), 04/03/2028		10,223,942		10,117,408
Pactiv Evergreen Group Holdings, Inc., Senior Secured First Lien
8.70% (1 mo. SOFR US + 3.25%), 02/05/2026		221,135		221,308
8.70% (1 mo. SOFR US + 3.25%), 02/05/2026		49,457		49,496
8.70% (1 mo. SOFR US + 3.25%), 02/05/2026		179,699		179,839
Pregis TopCo LLC, Senior Secured First Lien
9.08% (1 mo. SOFR US + 4.00%), 08/01/2026		5,638,501		5,636,471
9.20% (1 mo. SOFR US + 4.00%), 08/01/2026		12,289,942		12,266,960
Pretium PKG Holdings, Inc., Senior Secured First Lien
9.53% (3 mo. SOFR US + 4.00%), 10/01/2028		16,534,803		10,257,944
9.53% (1 mo. SOFR US + 4.00%), 10/01/2028		5,306,698		3,292,196
Pretium PKG Holdings, Inc., Senior Secured Second Lien
12.28% (3 mo. SOFR US + 6.75%), 10/01/2029		4,198,983		1,346,677
12.28% (1 mo. SOFR US + 6.75%), 10/01/2029		4,198,983		1,346,677

See Notes to Financial Statements

A18

Aristotle Floating Rate Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Proampac PG Borrower LLC, Senior Secured First Lien
9.30% (3 mo. SOFR US + 3.75%), 11/03/2025	$	37,220,017	$	37,099,052
9.30% (Prime Rate + 3.75%), 11/03/2025		12,406,679		12,366,357
9.30% (3 mo. SOFR US + 3.75%), 11/03/2025		362,612		361,434
Total Materials				171,533,788

Technology — 16.4%
Applied Systems, Inc., Senior Secured Second Lien
11.99% (3 mo. SOFR US + 6.75%), 09/19/2027		58,106,754		58,469,921
Applied Systems, Inc., Senior Secured First Lien
9.74% (3 mo. SOFR US + 4.50%), 09/19/2026		51,523,043		51,738,925
Central Parent, Inc., Senior Secured First Lien
9.49% (3 mo. SOFR US + 4.50%), 07/06/2029		42,846,182		42,907,238
CoreLogic, Inc., Senior Secured First Lien
8.93% (1 mo. SOFR US + 3.50%), 06/02/2028		13,543,966		12,564,805
CoreLogic, Inc., Senior Secured Second Lien
11.95% (1 mo. Term SOFR + 6.50%), 06/04/2029		14,992,823		12,714,214
Dun & Bradstreet Corp., Senior Secured First Lien
8.17% (1 mo. SOFR US + 2.75%), 02/08/2026		11,108,757		11,105,258
Epicor Software Corp., Senior Secured First Lien
9.06% (1 mo. Term SOFR + 3.75%), 07/31/2027		20,500,000		20,551,250
Epicor Software Corp., Senior Secured Second Lien
13.18% (1 mo. SOFR US + 7.75%), 07/31/2028		87,033,991		87,611,898
Peraton Corp., Senior Secured Second Lien
13.23% (3 mo. SOFR US + 7.75%), 02/01/2029		25,363,345		24,898,435
Peraton Corp., Senior Secured First Lien
9.18% (1 mo. SOFR US + 3.75%), 02/01/2028		2,982,948		2,980,472
Polaris Newco LLC, Senior Secured First Lien
9.54% (1 mo. SOFR US + 4.00%), 06/04/2028		39,324,801		37,751,809
RealPage, Inc., Senior Secured Second Lien
11.93% (1 mo. SOFR US + 6.50%), 04/22/2029		80,478,525		80,941,277
Sophia LP, Senior Secured Second Lien
13.43% (1 mo. SOFR US), 10/07/2028		31,011,930		31,089,460
UKG, Inc., Senior Secured First Lien
9.22% (3 mo. SOFR US + 3.75%), 05/03/2026		42,799,012		42,805,860
9.88% (3 mo. SOFR US + 4.50%), 05/04/2026		41,178,688		41,358,844
UKG, Inc., Senior Secured Second Lien
10.03% (3 mo. SOFR US + 5.25%), 05/03/2027		33,931,714		33,964,967
Total Technology				593,454,633

	Par		Value
Utilities — 0.3%
PG&E Corp., Senior Secured First Lien
8.45% (1 mo. SOFR US + 3.00%), 06/23/2025	$	10,648,840	$	10,673,280
Total Utilities				10,673,280
TOTAL BANK LOANS (Cost $3,231,025,821)				3,221,120,292

CORPORATE BONDS — 5.0%

Consumer Discretionary — 1.7%^(b)
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.63%, 07/15/2026		29,327,000		27,828,678
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028		7,750,000		6,444,837
4.63%, 06/01/2028		1,250,000		1,043,506
American Airlines, Inc.
11.75%, 07/15/2025		11,000,000		11,833,941
Caesars Entertainment, Inc.
8.13%, 07/01/2027		7,125,000		7,164,380
Merlin Entertainments Ltd.
5.75%, 06/15/2026		9,533,000		9,133,858
Total Consumer Discretionary				63,449,200

Financials — 2.7%^(b)
Acrisure LLC / Acrisure Finance, Inc.
7.00%, 11/15/2025		22,071,000		21,461,836
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
6.75%, 04/15/2028		9,275,000		8,959,968
AssuredPartners, Inc.
7.00%, 08/15/2025		52,566,000		52,067,338
Ryan Specialty LLC
4.38%, 02/01/2030		15,094,000		13,163,075
Total Financials				95,652,217

Industrials — 0.0%^(c)
TransDigm, Inc.
6.25%, 03/15/2026 ^(b)		1,672,000		1,644,338
Total Industrials				1,644,338

Technology — 0.6%^(b)
Central Parent, Inc. / CDK Global, Inc.
7.25%, 06/15/2029		14,365,000		13,939,974
CoreLogic, Inc.
4.50%, 05/01/2028		11,875,000		9,027,138
Total Technology				22,967,112
TOTAL CORPORATE BONDS (Cost $191,617,523)				183,712,867

See Notes to Financial Statements

A19

Aristotle Floating Rate Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS — 4.1%

Invesco Senior Loan ETF		3,095,464	$	64,973,789
iShares iBoxx High Yield Corporate Bond ETF		201,720		14,870,798
SPDR Blackstone Senior Loan ETF		596,105		24,994,683
SPDR Bloomberg Short Term High Yield Bond ETF		1,836,075		44,910,395
TOTAL EXCHANGE TRADED FUNDS (Cost $150,100,853)				149,749,665

TOTAL INVESTMENTS — 98.0% (Cost $3,572,744,197)				3,554,582,824
Other Assets in Excess of Liabilities — 2.0%				70,604,123
TOTAL NET ASSETS — 100.0%			$	3,625,186,947

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(b)

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

(d)	All or a portion of this bank loan position is unfunded as of September 30, 2023. The interest rate for fully unfunded term loans is to be determined.

See Notes to Financial Statements

A20

Aristotle High Yield Bond Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 82.3%

Communications — 9.2%
Altice France Holding SA
10.50%, 05/15/2027 ^(a)	$	200,000	$	125,013
Altice France SA/France
8.13%, 02/01/2027 ^(a)		200,000		177,614
CCO Holdings LLC / CCO Holdings Capital Corp. ^(a)
4.25%, 02/01/2031		300,000		239,104
4.75%, 03/01/2030		1,825,000		1,534,272
5.38%, 06/01/2029		265,000		238,033
6.38%, 09/01/2029		240,000		224,033
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 ^(a)		425,000		377,811
CSC Holdings LLC
5.25%, 06/01/2024		400,000		381,135
5.75%, 01/15/2030 ^(a)		400,000		224,706
6.50%, 02/01/2029 ^(a)		440,000		365,020
11.25%, 05/15/2028 ^(a)		200,000		199,502
DISH Network Corp.
11.75%, 11/15/2027 ^(a)		975,000		983,718
Frontier Communications Holdings LLC ^(a)
5.00%, 05/01/2028		375,000		320,650
5.88%, 10/15/2027		125,000		113,802
8.63%, 03/15/2031		200,000		188,596
Level 3 Financing, Inc. ^(a)
3.63%, 01/15/2029		195,000		109,470
4.63%, 09/15/2027		630,000		453,995
10.50%, 05/15/2030		82,000		82,614
Lumen Technologies, Inc.
4.00%, 02/15/2027 ^(a)		375,000		247,434
Outfront Media Capital LLC / Outfront Media Capital Corp. ^(a)
4.25%, 01/15/2029		215,000		170,837
5.00%, 08/15/2027		275,000		242,615
Uber Technologies, Inc.
4.50%, 08/15/2029 ^(a)		485,000		434,430
Virgin Media Finance PLC
5.00%, 07/15/2030 ^(a)		550,000		433,045
Total Communications				7,867,449

Consumer Discretionary — 20.3%
1011778 BC ULC / New Red Finance, Inc. ^(a)
3.50%, 02/15/2029		665,000		569,837
4.00%, 10/15/2030		700,000		582,501
Allied Universal Holdco LLC / Allied Universal Finance Corp.
9.75%, 07/15/2027 ^(a)		950,000		851,085
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028 ^(a)		350,000		291,057
American Airlines 2016-1 Class B Pass Through Trust
Series 2016-1, 5.25%, 01/15/2024		75,040		74,522

		Par		Value
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 04/20/2029 ^(a)		$	705,000	$	656,268
Boyd Gaming Corp.
4.75%, 06/15/2031 ^(a)			962,000		819,789
Caesars Entertainment, Inc. ^(a)
4.63%, 10/15/2029			900,000		763,411
8.13%, 07/01/2027	��		325,000		326,796
Carnival Corp.
7.00%, 08/15/2029 ^(a)			425,000		419,482
Cedar Fair LP
5.25%, 07/15/2029			1,040,000		905,092
Churchill Downs, Inc.
6.75%, 05/01/2031 ^(a)			350,000		331,188
Clarios Global LP / Clarios US Finance Co. ^(a)
6.25%, 05/15/2026			245,000		240,002
6.75%, 05/15/2028			275,000		268,775
Empire Resorts, Inc.
7.75%, 11/01/2026 ^(a)			200,000		163,245
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. ^(a)
4.63%, 01/15/2029			425,000		360,653
6.75%, 01/15/2030			255,000		208,155
First Student Bidco, Inc. / First Transit Parent, Inc.
4.00%, 07/31/2029 ^(a)			685,000		580,431
Ford Motor Co.
3.25%, 02/12/2032			1,525,000		1,176,756
6.10%, 08/19/2032			144,000		135,784
Ford Motor Credit Co. LLC
6.80%, 05/12/2028			200,000		199,934
Garda World Security Corp.
7.75%, 02/15/2028 ^(a)			600,000		588,814
Hertz Corp.
5.00%, 12/01/2029 ^(a)			410,000		321,566
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc ^(a)
4.88%, 07/01/2031			670,000		546,878
5.00%, 06/01/2029			265,000		230,189
Jacobs Entertainment, Inc.
6.75%, 02/15/2029 ^(a)			415,000		368,746
Las Vegas Sands Corp.
3.90%, 08/08/2029			750,000		641,013
LGI Homes, Inc.
4.00%, 07/15/2029 ^(a)			575,000		459,324
MajorDrive Holdings IV LLC
6.38%, 06/01/2029 ^(a)			1,145,000		943,575
Marriott Ownership Resorts, Inc.
4.75%, 01/15/2028			590,000		516,996
Royal Caribbean Cruises Ltd. ^(a)
7.25%, 01/15/2030			325,000		322,479
9.25%, 01/15/2029			325,000		343,584
11.63%, 08/15/2027			100,000		108,552
SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/2029 ^(a)			475,000		417,872

See Notes to Financial Statements

A21

Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Six Flags Entertainment Corp.
5.50%, 04/15/2027 ^(a)	$	590,000	$	543,369
STL Holding Co. LLC
7.50%, 02/15/2026 ^(a)		600,000		556,287
Viking Cruises Ltd. ^(a)
6.25%, 05/15/2025		315,000		308,610
9.13%, 07/15/2031		350,000		350,518
Viking Ocean Cruises Ship VII Ltd.
5.63%, 02/15/2029 ^(a)		50,000		45,303
Total Consumer Discretionary				17,538,438

Consumer Staples — 4.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC ^(a)
3.50%, 03/15/2029		50,000		42,674
5.88%, 02/15/2028		825,000		794,940
Chobani LLC / Chobani Finance Corp., Inc.
4.63%, 11/15/2028 ^(a)		600,000		529,821
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.50%, 01/15/2030		250,000		233,604
Performance Food Group, Inc.
4.25%, 08/01/2029 ^(a)		710,000		614,198
Pilgrim’s Pride Corp.
4.25%, 04/15/2031		525,000		438,574
Post Holdings, Inc.
4.63%, 04/15/2030 ^(a)		955,000		818,960
US Foods, Inc. ^(a)
4.63%, 06/01/2030		685,000		595,979
7.25%, 01/15/2032		50,000		50,012
Total Consumer Staples				4,118,762

Energy — 9.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 ^(a)		1,035,000		948,771
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
5.88%, 06/30/2029 ^(a)		400,000		360,154
Callon Petroleum Co.
7.50%, 06/15/2030 ^(a)		625,000		606,782
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.50%, 06/15/2031 ^(a)		565,000		501,439
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
7.38%, 02/01/2031 ^(a)		500,000		509,803
Diamond Foreign Asset Co. / Diamond Finance LLC
8.50%, 10/01/2030 ^(a)		425,000		425,474
DT Midstream, Inc.
4.30%, 04/15/2032 ^(a)		500,000		426,110
Endeavor Energy Resources LP / EER Finance, Inc.
5.75%, 01/30/2028 ^(a)		725,000		700,320
EQM Midstream Partners LP
5.50%, 07/15/2028		150,000		140,931

	Par		Value
6.50%, 07/01/2027 ^(a)	$	210,000	$	205,270
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 02/01/2028		315,000		298,963
8.88%, 04/15/2030		200,000		195,470
Range Resources Corp.
4.75%, 02/15/2030 ^(a)		425,000		377,708
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.00%, 12/31/2030 ^(a)		485,000		428,636
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.00%, 01/15/2032		825,000		695,115
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 09/01/2027		500,000		485,239
Venture Global Calcasieu Pass LLC ^(a)
3.88%, 11/01/2033		350,000		272,129
3.88%, 08/15/2029		125,000		105,320
4.13%, 08/15/2031		125,000		102,704
6.25%, 01/15/2030		25,000		23,872
Venture Global LNG, Inc. ^(a)
8.13%, 06/01/2028		325,000		322,034
8.38%, 06/01/2031		350,000		344,415
Total Energy				8,476,659

Financials — 4.5%
Avolon Holdings Funding Ltd.
2.88%, 02/15/2025 ^(a)		700,000		661,228
GTCR W-2 Merger Sub LLC
7.50%, 01/15/2031 ^(a)		360,000		360,963
Howard Hughes Corp.
5.38%, 08/01/2028 ^(a)		890,000		785,233
Iron Mountain Information Management Services, Inc.
5.00%, 07/15/2032 ^(a)		125,000		102,889
Iron Mountain, Inc. ^(a)
4.50%, 02/15/2031		75,000		61,770
4.88%, 09/15/2029		405,000		355,434
NFP Corp.
8.50%, 10/01/2031 ^(a)		125,000		125,322
OneMain Finance Corp.
3.88%, 09/15/2028		315,000		253,184
5.38%, 11/15/2029		195,000		163,547
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
4.88%, 05/15/2029 ^(a)		475,000		402,399
VICI Properties LP / VICI Note Co., Inc.
4.63%, 12/01/2029 ^(a)		640,000		568,511
Total Financials				3,840,480

Health Care — 5.6%
Avantor Funding, Inc. ^(a)
3.88%, 11/01/2029		50,000		42,789
4.63%, 07/15/2028		460,000		419,871

See Notes to Financial Statements

A22

Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Bausch & Lomb Escrow Corp.
8.38%, 10/01/2028 ^(a)	$	125,000	$	125,528
Bausch Health Cos., Inc. ^(a)
4.88%, 06/01/2028		300,000		171,111
11.00%, 09/30/2028		296,000		201,561
Charles River Laboratories International, Inc. ^(a)
3.75%, 03/15/2029		100,000		85,838
4.00%, 03/15/2031		350,000		296,601
4.25%, 05/01/2028		297,000		266,662
CHS/Community Health Systems, Inc. ^(a)
4.75%, 02/15/2031		180,000		127,638
5.63%, 03/15/2027		550,000		472,450
IQVIA, Inc.
6.50%, 05/15/2030 ^(a)		425,000		416,508
Medline Borrower LP
3.88%, 04/01/2029 ^(a)		750,000		634,734
Option Care Health, Inc.
4.38%, 10/31/2029 ^(a)		485,000		419,489
Star Parent, Inc.
9.00%, 10/01/2030 ^(a)		325,000		328,820
Tenet Healthcare Corp.
4.25%, 06/01/2029		265,000		228,346
4.38%, 01/15/2030		190,000		163,666
4.63%, 06/15/2028		75,000		67,591
6.13%, 10/01/2028		195,000		183,238
6.75%, 05/15/2031 ^(a)		200,000		193,144
Total Health Care				4,845,585

Industrials — 11.4%
BWX Technologies, Inc.
4.13%, 04/15/2029 ^(a)		785,000		689,403
Chart Industries, Inc. ^(a)
7.50%, 01/01/2030		175,000		176,178
9.50%, 01/01/2031		300,000		319,110
Emerald Debt Merger Sub LLC
6.63%, 12/15/2030 ^(a)		300,000		289,177
GFL Environmental, Inc. ^(a)
3.50%, 09/01/2028		540,000		465,375
3.75%, 08/01/2025		300,000		284,675
4.38%, 08/15/2029		170,000		147,879
4.75%, 06/15/2029		350,000		311,562
Husky III Holding Ltd.
13.00% Cash or 13.75% PIK, 02/15/2025 ^(a)		925,000		918,081
Madison IAQ LLC ^(a)
4.13%, 06/30/2028		190,000		164,191
5.88%, 06/30/2029		115,000		92,745
OT Merger Corp.
7.88%, 10/15/2029 ^(a)		765,000		470,845
PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029 ^(a)		350,000		190,365
Regal Rexnord Corp.
6.40%, 04/15/2033 ^(a)		850,000		819,614
Sensata Technologies BV
4.00%, 04/15/2029 ^(a)		150,000		129,306

	Par		Value
Sensata Technologies, Inc. ^(a)
3.75%, 02/15/2031	$	500,000	$	405,175
4.38%, 02/15/2030		550,000		475,506
Spirit AeroSystems, Inc.
9.38%, 11/30/2029 ^(a)		475,000		483,970
SPX FLOW, Inc.
8.75%, 04/01/2030 ^(a)		975,000		902,539
TK Elevator Holdco GmbH
7.63%, 07/15/2028 ^(a)		550,000		501,305
TK Elevator US Newco, Inc.
5.25%, 07/15/2027 ^(a)		285,000		261,534
TransDigm, Inc.
4.88%, 05/01/2029		440,000		387,144
5.50%, 11/15/2027		250,000		234,336
6.25%, 03/15/2026 ^(a)		240,000		236,029
6.75%, 08/15/2028 ^(a)		325,000		320,365
6.88%, 12/15/2030 ^(a)		175,000		171,801
Total Industrials				9,848,210

Materials — 9.7%^(a)
ARD Finance SA
6.50% Cash or 7.25% PIK, 06/30/2027		297,686		225,063
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25%, 08/15/2027		200,000		167,164
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029		225,000		209,423
8.75%, 04/15/2030		225,000		193,306
Herens Holdco Sarl
4.75%, 05/15/2028		400,000		311,095
INEOS Quattro Finance 2 PLC
3.38%, 01/15/2026		525,000		478,790
LABL, Inc.
5.88%, 11/01/2028		585,000		526,264
6.75%, 07/15/2026		125,000		121,290
8.25%, 11/01/2029		170,000		139,081
9.50%, 11/01/2028		25,000		25,656
10.50%, 07/15/2027		250,000		235,334
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/2026		75,000		72,441
9.25%, 04/15/2027		815,000		713,513
Northern Star Resources Ltd.
6.13%, 04/11/2033		275,000		257,118
Novelis Corp.
3.88%, 08/15/2031		275,000		219,976
4.75%, 01/30/2030		485,000		420,393
Owens-Brockway Glass Container, Inc.
7.25%, 05/15/2031		375,000		367,031
Perenti Finance Pty Ltd.
6.50%, 10/07/2025		615,000		602,700
Sealed Air Corp.
6.88%, 07/15/2033		500,000		486,295
Sealed Air Corp./Sealed Air Corp. US
6.13%, 02/01/2028		350,000		339,355

See Notes to Financial Statements

A23

Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
SNF Group SACA
3.38%, 03/15/2030	$	485,000	$	391,949
South32 Treasury Ltd.
4.35%, 04/14/2032		660,000		557,221
Standard Industries, Inc.
3.38%, 01/15/2031		75,000		58,068
4.38%, 07/15/2030		145,000		120,240
4.75%, 01/15/2028		615,000		555,499
TMS International Corp.
6.25%, 04/15/2029		425,000		351,946
Windsor Holdings III LLC
8.50%, 06/15/2030		300,000		296,323
Total Materials				8,442,534

Technology — 4.8%^(a)
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.
8.00%, 06/15/2029		400,000		398,880
Ciena Corp.
4.00%, 01/31/2030		670,000		567,693
CommScope Technologies LLC
6.00%, 06/15/2025		375,000		357,472
CommScope, Inc.
6.00%, 03/01/2026		150,000		140,190
8.25%, 03/01/2027		435,000		284,886
CoreLogic, Inc.
4.50%, 05/01/2028		460,000		349,683
Entegris Escrow Corp.
5.95%, 06/15/2030		490,000		454,939
Entegris, Inc.
4.38%, 04/15/2028		390,000		347,578
MPH Acquisition Holdings LLC
5.75%, 11/01/2028		450,000		338,384
NCR Atleos Escrow Corp.
9.50%, 04/01/2029		200,000		193,647
Open Text Corp.
3.88%, 12/01/2029		170,000		139,930
Open Text Holdings, Inc.
4.13%, 12/01/2031		540,000		431,433
Rackspace Technology Global, Inc.
3.50%, 02/15/2028		265,000		124,128
Total Technology				4,128,843

Utilities — 2.1%^(a)
Calpine Corp.
5.13%, 03/15/2028		740,000		659,772
Vistra Operations Co. LLC
4.38%, 05/01/2029		800,000		688,445
5.00%, 07/31/2027		325,000		299,143
5.50%, 09/01/2026		170,000		162,281
7.75%, 10/15/2031		25,000		24,650
Total Utilities				1,834,291
TOTAL CORPORATE BONDS (Cost $77,666,033)				70,941,251

	Par		Value
BANK LOANS — 8.5%^(b)

Consumer Discretionary — 1.7%
MIC Glen LLC, Senior Secured Second Lien
12.18% (1 mo. Term SOFR + 6.75%), 10/14/2029	$	250,000	$	236,875
Tacala Investment Corp., Senior Secured Second Lien
13.45% (1 mo. Term SOFR + 8.00%), 02/05/2028		250,000		242,625
Tamko Building Products LLC, Senior Secured First Lien
8.83% (1 mo. Term SOFR + 3.50%), 09/20/2030		500,000		498,440
Wand NewCo 3, Inc., Senior Secured First Lien
8.17% (1 mo. Term SOFR + 2.75%), 02/05/2026		52,457		52,433
8.17% (1 mo. Term SOFR + 2.75%), 02/05/2026		147,107		147,038
8.17% (1 mo. Term SOFR + 2.75%), 02/05/2026		300,436		300,294
Total Consumer Discretionary				1,477,705

Consumer Staples — 0.6%
Sunshine Luxembourg VII Sarl, Senior Secured First Lien
9.09% (3 mo. Term SOFR + 3.75%), 10/02/2026		500,000		499,793
Total Consumer Staples				499,793

Health Care — 0.6%
Gainwell Acquisition Corp., Senior Secured First Lien
9.34% (3 mo. Term SOFR + 4.00%), 10/01/2027		497,449		486,567
Total Health Care				486,567

Industrials — 1.1%
PECF USS Intermediate Holding III Corp., Senior Secured First Lien
9.68% (1 mo. Term SOFR + 4.25%), 12/15/2028		250,000		201,608
Roper Industrial Products Investment Co., Senior Secured First Lien
9.74% (1 mo. Term SOFR + 4.50%), 11/22/2029		498,750		500,443
TransDigm, Inc., Senior Secured First Lien
8.49% (1 mo. Term SOFR + 3.25%), 02/22/2027		250,000		250,615
Total Industrials				952,666

Materials — 1.1%
Pactiv Evergreen Group Holdings, Inc., Senior Secured First Lien
8.70% (1 mo. Term SOFR + 3.25%), 02/05/2026		470,060		470,427

See Notes to Financial Statements

A24

Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Pregis TopCo LLC, Senior Secured First Lien
9.08% (1 mo. Term SOFR + 4.00%), 08/01/2026	$	499,331	$	499,151
Total Materials				969,578

Technology — 2.8%
Applied Systems, Inc., Senior Secured First Lien
9.74% (3 mo. Term SOFR + 4.50%), 09/19/2026		498,747		500,836
Dun & Bradstreet Corp., Senior Secured First Lien
8.17% (1 mo. Term SOFR + 2.75%), 02/08/2026		499,033		498,876
Peraton Corp., Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 02/01/2028		495,974		495,562
Polaris Newco LLC, Senior Secured First Lien
9.54% (3 mo. LIBOR US + 4.00%), 06/04/2028		497,468		477,570
UKG, Inc., Senior Secured First Lien
9.22% (3 mo. Term SOFR + 3.75%), 05/03/2026		500,000		500,080
Total Technology				2,472,924

Utilities — 0.6%
PG&E Corp., Senior Secured First Lien
8.45% (1 mo. Term SOFR + 3.00%), 06/23/2025		498,711		499,856
Total Utilities				499,856
TOTAL BANK LOANS (Cost $7,377,213)				7,359,089

COLLATERALIZED LOAN OBLIGATIONS — 5.7%^(a)(c)

Benefit Street Partners CLO Ltd.
Series 2018-16A, Class E, 12.27% (3 mo. Term SOFR + 6.96%), 01/17/2032		250,000		238,645
Series 2018-5BA, Class D, 11.54% (3 mo. Term SOFR + 6.21%), 04/20/2031		250,000		236,547
CarVal CLO
Series 2019-2A, Class E, 12.03% (3 mo. Term SOFR + 6.70%), 07/20/2032		525,000		495,519
CIFC Funding Ltd.
Series 2019-6A, Class E, 12.97% (3 mo. Term SOFR + 7.66%), 01/16/2033		550,000		539,495
Dryden Senior Loan Fund
Series 2018-55A, Class F, 12.77% (3 mo. Term SOFR + 7.46%), 04/15/2031		250,000		168,824
Eaton Vance Management
Series 2020-1A, Class ER, 11.82% (3 mo. Term SOFR + 6.51%), 10/15/2034		500,000		473,184
Magnetite CLO Ltd.
Series 2019-22A, Class ER, 11.92% (3 mo. Term SOFR + 6.61%), 04/15/2031		500,000		482,841
Neuberger Berman CLO Ltd.
Series 2018-30A, Class ER, 11.79% (3 mo. Term SOFR + 6.46%), 01/20/2031		750,000		713,032
Series 2019-31A, Class ER, 12.09% (3 mo. Term SOFR + 6.76%), 04/20/2031		500,000		480,769

	Par		Value
Oak Hill Credit Partners
Series 2012-7A, Class ER3, 11.89% (3 mo. Term SOFR + 6.51%), 02/20/2034	$	250,000	$	248,543
Rad CLO
Series 2018-2A, Class ER, 11.57% (3 mo. Term SOFR + 6.26%), 10/15/2031		400,000		367,384
Series 2018-2A, Class F, 13.02% (3 mo. Term SOFR + 7.71%), 10/15/2031		250,000		191,189
Trimaran CAVU LLC
Series 2021-3A, Class E, 12.94% (3 mo. Term SOFR + 7.63%), 01/18/2035		250,000		238,051
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,148,478)				4,874,023

	Shares
EXCHANGE TRADED FUNDS — 1.4%

iShares iBoxx High Yield Corporate Bond ETF		9,645		711,029
SPDR Bloomberg High Yield Bond ETF		5,668		512,387
TOTAL EXCHANGE TRADED FUNDS (Cost $1,234,505)				1,223,416

	Par
ASSET BACKED SECURITIES — 0.2%

American Airlines Group, Inc.
Series B, 3.95%, 07/11/2030	$	182,000		157,565
TOTAL ASSET BACKED SECURITIES (Cost $148,544)				157,565

	Shares
COMMON STOCKS – 0.0%^(d)

TMT Dummy Equity^(e)		709		4,786
TOTAL COMMON STOCKS (Cost $264,097)				4,786

TOTAL INVESTMENTS — 98.1% (Cost $91,838,870)				84,560,130
Other Assets in Excess of Liabilities — 1.9%				1,682,562
TOTAL NET ASSETS — 100.0%			$	86,242,692

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PIK - Payment In Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

(b)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

See Notes to Financial Statements

A25

Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

(c)

(d)	Represents less than 0.05% of net assets.

(e)	Non-income producing security.

See Notes to Financial Statements

A26

Aristotle Short Duration Income Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 47.7%

Communications — 2.0%
Charter Communications Operating LLC / Charter Communications Operating Capital
3.75%, 02/15/2028	$	4,500,000	$	4,059,773
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC ^(a)
4.74%, 03/20/2025		4,684,500		4,636,114
5.15%, 03/20/2028		1,352,700		1,329,312
T-Mobile USA, Inc.
2.25%, 02/15/2026		1,675,000		1,543,437
2.63%, 04/15/2026		100,000		92,572
Verizon Communications, Inc.
2.10%, 03/22/2028		3,000,000		2,578,030
Warnermedia Holdings, Inc.
3.64%, 03/15/2025		3,550,000		3,424,976
3.76%, 03/15/2027		3,000,000		2,770,957
Total Communications				20,435,171

Consumer Discretionary — 5.0%
British Airways 2019-1 Class A Pass Through Trust
Series PTT, 3.35%, 06/15/2029 ^(a)		2,188,738		1,948,430
Delta Air Lines, Inc. / SkyMiles IP Ltd.
4.50%, 10/20/2025 ^(a)		4,499,499		4,372,094
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		2,500,000		2,347,331
2.70%, 08/10/2026		1,775,000		1,585,733
3.38%, 11/13/2025		4,200,000		3,900,397
General Motors Financial Co., Inc.
5.40%, 04/06/2026		5,600,000		5,485,580
6.00%, 01/09/2028		3,000,000		2,964,785
Genting New York LLC / GENNY Capital, Inc.
3.30%, 02/15/2026 ^(a)		1,800,000		1,597,896
Hyatt Hotels Corp.
5.75%, 01/30/2027		1,450,000		1,441,383
Las Vegas Sands Corp.
3.20%, 08/08/2024		3,000,000		2,904,257
Marriott International, Inc.
4.90%, 04/15/2029		4,400,000		4,197,541
5.55%, 10/15/2028		10,000,000		9,891,296
Mattel, Inc.
3.38%, 04/01/2026 ^(a)		8,000,000		7,406,197
Nordstrom, Inc.
2.30%, 04/08/2024		2,300,000		2,254,299
Total Consumer Discretionary				52,297,219

Consumer Staples — 2.5%^(a)
Bacardi Ltd. / Bacardi-Martini BV
5.25%, 01/15/2029		3,000,000		2,904,373
JDE Peet’s NV
0.80%, 09/24/2024		3,000,000		2,848,249
Mars, Inc.
4.55%, 04/20/2028		15,000,000		14,539,674
Suntory Holdings Ltd.
2.25%, 10/16/2024	$	5,600,000	$	5,387,395
Total Consumer Staples				25,679,691

Energy — 1.3%
Energy Transfer LP
5.55%, 02/15/2028		3,500,000		3,441,349
MPLX LP
4.88%, 12/01/2024		3,020,000		2,978,210
TransCanada PipeLines Ltd.
6.20%, 03/09/2026		5,300,000		5,294,315
Western Midstream Operating LP
6.35%, 01/15/2029		2,250,000		2,256,732
Total Energy				13,970,606

Financials — 23.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.65%, 10/29/2024		4,900,000		4,662,846
1.75%, 01/30/2026		1,250,000		1,128,700
5.75%, 06/06/2028		800,000		782,175
Air Lease Corp.
3.38%, 07/01/2025		1,200,000		1,140,589
5.30%, 02/01/2028		2,000,000		1,933,582
5.85%, 12/15/2027		3,350,000		3,307,260
Avolon Holdings Funding Ltd. ^(a)
2.13%, 02/21/2026		4,550,000		4,078,418
4.25%, 04/15/2026		2,650,000		2,491,840
Bank of America Corp. ^(b)
0.98% (SOFR + 0.69%), 04/22/2025		7,500,000		7,267,720
1.84% (SOFR + 0.67%), 02/04/2025		5,450,000		5,361,209
3.38% (SOFR + 1.33%), 04/02/2026		8,000,000		7,658,632
3.84% (SOFR + 1.11%), 04/25/2025		3,500,000		3,450,967
4.83% (SOFR + 1.75%), 07/22/2026		3,000,000		2,925,704
5.93% (SOFR + 1.34%), 09/15/2027		8,500,000		8,439,545
Block, Inc.
2.75%, 06/01/2026		750,000		675,336
Capital One Financial Corp.
5.47% (SOFR + 2.08%), 02/01/2029 ^(b)		2,100,000		2,000,166
Citigroup, Inc. ^(b)
0.78% (SOFR + 0.69%), 10/30/2024		1,400,000		1,393,497
2.01% (SOFR + 0.69%), 01/25/2026		5,650,000		5,337,110
4.14% (SOFR + 1.37%), 05/24/2025		3,750,000		3,697,603
Extra Space Storage LP
3.50%, 07/01/2026		1,035,000		968,993
3.88%, 12/15/2027		5,820,000		5,338,644
5.70%, 04/01/2028		2,200,000		2,176,285
Fiserv, Inc.
5.45%, 03/02/2028		5,250,000		5,207,938
Global Payments, Inc.
1.50%, 11/15/2024		4,500,000		4,276,158
GLP Capital LP / GLP Financing II, Inc.
3.35%, 09/01/2024		4,425,000		4,302,628
Goldman Sachs Group, Inc.
1.76% (SOFR + 0.73%), 01/24/2025 ^(b)		12,050,000		11,860,353

See Notes to Financial Statements

A27

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
3.27% (3 mo. Term SOFR + 1.46%), 09/29/2025 ^(b)	$	3,000,000	$	2,907,839
3.50%, 04/01/2025		3,246,000		3,126,356
6.01% (SOFR + 0.70%), 01/24/2025 ^(b)		3,000,000		2,990,309
HSBC Holdings PLC ^(b)
0.98% (SOFR + 0.71%), 05/24/2025		2,500,000		2,409,006
1.16% (SOFR + 0.58%), 11/22/2024		4,000,000		3,962,553
4.18% (SOFR + 1.51%), 12/09/2025		1,000,000		973,387
JPMorgan Chase & Co.
0.82% (3 mo. Term SOFR + 0.54%), 06/01/2025 ^(b)		1,500,000		1,444,294
0.97% (3 mo. Term SOFR + 0.58%), 06/23/2025 ^(b)		3,200,000		3,071,913
2.30% (SOFR + 1.16%), 10/15/2025 ^(b)		4,250,000		4,077,584
2.60% (SOFR + 0.92%), 02/24/2026 ^(b)		1,500,000		1,428,529
3.30%, 04/01/2026		1,500,000		1,416,858
4.08% (SOFR + 1.32%), 04/26/2026 ^(b)		4,000,000		3,882,863
MassMutual Global Funding II ^(a)
4.15%, 08/26/2025		3,350,000		3,260,708
5.05%, 12/07/2027		1,800,000		1,771,956
Metropolitan Life Global Funding I
4.05%, 08/25/2025 ^(a)		4,000,000		3,869,931
Mitsubishi UFJ Financial Group, Inc. ^(b)
0.95% (1 Year CMT Rate + 0.55%), 07/19/2025		6,000,000		5,752,355
3.84% (1 Year CMT Rate + 1.13%), 04/17/2026		1,000,000		965,983
4.79% (1 Year CMT Rate + 1.70%), 07/18/2025		5,000,000		4,942,952
Morgan Stanley ^(b)
0.79% (SOFR + 0.53%), 05/30/2025		8,400,000		8,070,254
4.68% (SOFR + 1.67%), 07/17/2026		1,200,000		1,169,275
5.05% (SOFR + 1.30%), 01/28/2027		3,050,000		2,990,547
5.12% (SOFR + 1.73%), 02/01/2029		3,000,000		2,890,143
5.16% (SOFR + 1.59%), 04/20/2029		3,300,000		3,176,158
5.75% (SOFR + 1.17%), 04/17/2025		2,000,000		2,003,833
6.14% (SOFR + 1.77%), 10/16/2026		1,500,000		1,501,834
Nasdaq, Inc.
5.35%, 06/28/2028		3,750,000		3,683,729
New York Life Global Funding ^(a)
4.70%, 04/02/2026		3,000,000		2,940,186
4.85%, 01/09/2028		2,000,000		1,954,807
OneMain Finance Corp.
6.13%, 03/15/2024		2,588,000		2,582,251
Penske Truck Leasing Co. Lp / PTL Finance Corp. ^(a)
2.70%, 11/01/2024		4,750,000		4,574,680
3.45%, 07/01/2024		2,300,000		2,256,554
4.40%, 07/01/2027		2,300,000		2,156,825
5.75%, 05/24/2026		5,250,000		5,175,402
Public Storage Operating Co.
5.13%, 01/15/2029		3,000,000		2,954,365
Reliance Standard Life Global Funding II
2.50%, 10/30/2024 ^(a)		2,000,000		1,914,943
Santander Holdings USA, Inc.
4.26% (SOFR + 1.38%), 06/09/2025 ^(b)	$	500,000	$	488,649
Standard Chartered PLC
0.99% (1 Year CMT Rate + 0.78%), 01/12/2025 ^(a)(b)		3,000,000		2,951,078
Sumitomo Mitsui Financial Group, Inc.
1.40%, 09/17/2026		3,000,000		2,639,575
1.47%, 07/08/2025		2,000,000		1,850,816
2.35%, 01/15/2025		2,500,000		2,387,356
2.45%, 09/27/2024		600,000		579,681
5.46%, 01/13/2026		3,000,000		2,970,878
Truist Financial Corp.
4.26% (SOFR + 1.46%), 07/28/2026 ^(b)		3,500,000		3,370,559
UBS Group AG
4.49% (1 Year CMT Rate + 1.55%), 05/12/2026 ^(a)(b)		3,750,000		3,633,315
VICI Properties LP
4.38%, 05/15/2025		1,350,000		1,306,000
4.75%, 02/15/2028		1,350,000		1,264,045
VICI Properties LP / VICI Note Co., Inc.
3.50%, 02/15/2025 ^(a)		6,050,000		5,794,113
Wells Fargo & Co.
5.57% (SOFR + 1.74%), 07/25/2029 ^(b)		3,850,000		3,757,572
Wells Fargo Bank NA
5.45%, 08/07/2026		7,000,000		6,955,452
Total Financials				246,064,149

Health Care — 2.0%
Amgen, Inc.
5.15%, 03/02/2028		3,000,000		2,951,584
HCA, Inc.
5.20%, 06/01/2028		2,650,000		2,562,503
IQVIA, Inc.
5.70%, 05/15/2028 ^(a)		4,600,000		4,474,834
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/2026		4,000,000		3,908,422
UnitedHealth Group, Inc.
4.25%, 01/15/2029		7,000,000		6,666,660
Total Health Care				20,564,003

Industrials — 2.7%
Element Fleet Management Corp.
1.60%, 04/06/2024 ^(a)		5,300,000		5,174,027
HEICO Corp.
5.25%, 08/01/2028		1,000,000		976,268
L3Harris Technologies, Inc.
5.40%, 01/15/2027		3,750,000		3,719,458
Lennox International, Inc.
5.50%, 09/15/2028		5,150,000		5,056,865
Regal Rexnord Corp.
6.05%, 02/15/2026 ^(a)		5,500,000		5,441,145
Republic Services, Inc.
4.88%, 04/01/2029		2,300,000		2,236,623
TK Elevator US Newco, Inc.
5.25%, 07/15/2027 ^(a)		1,500,000		1,376,495

See Notes to Financial Statements

A28

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Veralto Corp.
5.50%, 09/18/2026 ^(a)	$	3,600,000	$	3,585,016
Total Industrials				27,565,897

Materials — 0.5%
Ball Corp.
6.88%, 03/15/2028		5,000,000		5,035,530
Total Materials				5,035,530

Technology — 3.3%
Arrow Electronics, Inc.
6.13%, 03/01/2026		2,200,000		2,191,909
Booz Allen Hamilton, Inc.
3.88%, 09/01/2028 ^(a)		8,698,000		7,801,409
Concentrix Corp.
6.65%, 08/02/2026		6,500,000		6,463,264
Flex Ltd.
6.00%, 01/15/2028		2,000,000		1,990,928
Infor, Inc.
1.75%, 07/15/2025 ^(a)		2,000,000		1,840,331
Kyndryl Holdings, Inc.
2.05%, 10/15/2026		1,500,000		1,309,998
Marvell Technology, Inc.
5.75%, 02/15/2029		3,100,000		3,072,857
Microchip Technology, Inc.
0.98%, 09/01/2024		1,750,000		1,670,958
Oracle Corp.
4.50%, 05/06/2028		3,250,000		3,099,316
TD SYNNEX Corp.
1.25%, 08/09/2024		4,800,000		4,587,173
Total Technology				34,028,143

Utilities — 4.8%
AES Corp.
3.30%, 07/15/2025 ^(a)		3,650,000		3,461,701
National Grid PLC
5.60%, 06/12/2028		3,100,000		3,068,631
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028		3,200,000		3,099,268
5.75%, 09/01/2025		4,700,000		4,688,336
6.05%, 03/01/2025		3,100,000		3,105,798
NextEra Energy Operating Partners LP
4.25%, 07/15/2024 ^(a)		7,875,000		7,714,965
NiSource, Inc.
5.25%, 03/30/2028		2,950,000		2,893,079
Sempra Energy
3.30%, 04/01/2025		1,600,000		1,538,649
5.40%, 08/01/2026		2,750,000		2,722,255
Southern Co.
5.50%, 03/15/2029		3,750,000		3,728,779
Vistra Operations Co. LLC ^(a)
3.55%, 07/15/2024		4,250,000		4,145,860
4.88%, 05/13/2024		6,000,000		5,938,860
WEC Energy Group, Inc.
4.75%, 01/09/2026	$	3,750,000	$	3,674,661
Total Utilities				49,780,842
TOTAL CORPORATE BONDS (Cost $509,745,312)				495,421,251

ASSET BACKED SECURITIES — 17.2%

Ally Auto Receivables Trust
Series 2022-3, Class A2, 5.29%, 06/16/2025		951,827		949,999
Series 2023-1, Class A2, 5.76%, 11/15/2026		1,500,000		1,497,574
American Airlines Group, Inc.
Series 2013-1, 3.95%, 11/15/2025		411,018		389,152
Series 2013-1, 4.00%, 07/15/2025		624,831		584,872
AmeriCredit Automobile Receivables Trust
Series 2021-1, Class B, 0.68%, 10/19/2026		10,100,000		9,864,642
Series 2021-3, Class B, 1.17%, 08/18/2027		4,700,000		4,439,085
Series 2022-2, Class A2A, 4.20%, 12/18/2025		933,027		927,949
Series 2022-2, Class A3, 4.38%, 04/18/2028		460,000		452,203
Series 2023-1, Class A2A, 5.84%, 10/19/2026		4,776,113		4,760,540
Series 2023-2, Class A2, 6.19%, 04/19/2027		3,000,000		2,991,520
Atrium CDO Corp.
Series 13A, Class A1, 6.79% (3 mo. Term SOFR + 1.44%), 11/21/2030 ^(a)(c)		461,748		460,494
British Airways PLC
Series 2013-1, 4.63%, 06/20/2024 ^(a)		830,021		815,910
Capital One Prime Auto Receivables Trust
Series 2023-1, Class A2, 5.20%, 05/15/2026		4,503,017		4,485,190
Delta Air Lines, Inc.
Series 2019-1, 3.20%, 04/25/2024		5,500,000		5,383,675
Ford Credit Auto Owner Trust
Series 2020-1, Class A, 2.04%, 08/15/2031 ^(a)		2,000,000		1,893,753
Series 2020-B, Class B, 1.19%, 01/15/2026		2,050,000		2,010,355
Series 2020-C, Class B, 0.79%, 08/15/2026		2,650,000		2,479,047
Series 2021-A, Class B, 0.70%, 10/15/2026		8,000,000		7,444,157
Series 2022-C, Class A2A, 4.52%, 04/15/2025		1,824,205		1,818,781
Series 2022-D, Class A2A, 5.37%, 08/15/2025		475,534		474,593
Series 2023-B, Class A2A, 5.57%, 06/15/2026		5,250,000		5,234,135
General Motors Financial Co., Inc.
Series 2020-3, Class B, 0.76%, 12/18/2025		2,004,925		1,976,024
Series 2021-2, Class B, 0.69%, 01/19/2027		2,400,000		2,286,097
GM Financial Consumer Automobile Receivables Trust
Series 2021-1, Class B, 0.75%, 05/17/2027		800,000		751,078
Series 2023-2, Class A2A, 5.10%, 05/18/2026		1,600,000		1,592,474
Hilton Grand Vacations, Inc. ^(a)
Series 2020-AA, Class A, 2.74%, 02/25/2039		136,727		128,843
Series 2022-1D, Class A, 3.61%, 06/20/2034		443,484		419,174
Series 2022-2A, Class A, 4.30%, 01/25/2037		1,149,155		1,101,039
Series 2023-1A, Class A, 5.72%, 01/25/2038		3,000,000		2,984,236
Honda Auto Receivables Owner Trust
Series 2021-3, Class A3, 0.41%, 11/18/2025		209,826		203,810
Series 2022-2, Class A2, 3.81%, 03/18/2025		1,005,204		999,872
Series 2023-2, Class A2, 5.41%, 04/15/2026		5,150,000		5,128,329

See Notes to Financial Statements

A29

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Mercedes-Benz Auto Receivables Trust
Series 2023-1, Class A2, 5.09%, 01/15/2026	$	818,751	$	815,862
MVW Owner Trust ^(a)
Series 2020-1A, Class A, 1.74%, 10/20/2037		235,531		215,770
Series 2021-1WA, Class A, 1.14%, 01/22/2041		824,367		742,870
Series 2022-1A, Class A, 4.15%, 11/21/2039		668,171		639,342
Navient Student Loan Trust ^(a)
Series 2018-BA, Class A2A, 3.61%, 12/15/2059		421,773		411,248
Series 2018-DA, Class A2A, 4.00%, 12/15/2059		396,039		380,466
Series 2019-BA, Class A2A, 3.39%, 12/15/2059		988,158		947,461
Series 2019-EA, Class A2A, 2.64%, 05/15/2068		820,166		781,258
Series 2020-1A, Class A1B, 6.48% (30 day avg SOFR US + 1.16%), 06/25/2069 ^(c)		1,639,581		1,634,148
Series 2020-2A, Class A1A, 1.32%, 08/26/2069		2,769,890		2,381,295
Series 2020-A, Class A2A, 2.46%, 11/15/2068		625,769		579,318
Series 2020-BA, Class A2, 2.12%, 01/15/2069		3,116,823		2,863,074
Series 2020-DA, Class A, 1.69%, 05/15/2069		697,018		630,807
Series 2020-EA, Class A, 1.69%, 05/15/2069		2,518,257		2,252,549
Series 2020-FA, Class A, 1.22%, 07/15/2069		635,712		569,114
Series 2020-GA, Class A, 1.17%, 09/16/2069		605,527		538,951
Series 2020-HA, Class A, 1.31%, 01/15/2069		1,362,485		1,247,302
Series 2021-1A, Class A1B, 6.03% (30 day avg SOFR US + 0.71%), 12/26/2069 ^(c)		1,206,583		1,186,950
Series 2021-2A, Class A1B, 5.98% (30 day avg SOFR US + 0.66%), 02/25/2070 ^(c)		2,435,996		2,384,393
Series 2021-A, Class A, 0.84%, 05/15/2069		672,589		578,914
Series 2021-CA, Class A, 1.06%, 10/15/2069		3,256,985		2,791,578
Series 2021-FA, Class A, 1.11%, 02/18/2070		1,760,330		1,476,585
Series 2022-A, Class A, 2.23%, 07/15/2070		4,976,426		4,284,603
Series 2022-BA, Class A, 4.16%, 10/15/2070		7,155,304		6,621,752
Nelnet Student Loan Trust
Series 2021-A, Class APT1, 1.36%, 04/20/2062 ^(a)		2,178,044		1,959,293
Nissan Auto Receivables Owner Trust
Series 2023-A, Class A2A, 5.34%, 02/17/2026		5,200,000		5,180,443
Santander Consumer USA Holdings, Inc.
Series 2021-4, Class B, 0.88%, 06/15/2026		518,544		515,731
Series 2021-4, Class C, 1.26%, 02/16/2027		5,000,000		4,853,578
Series 2022-3, Class A3, 3.40%, 12/15/2026		2,368,095		2,346,091
Series 2022-3, Class B, 4.13%, 08/16/2027		1,800,000		1,755,671
Series 2023-3, Class A3, 5.61%, 10/15/2027		2,600,000		2,586,170
Series 2023-3, Class A2, 6.08%, 08/17/2026		1,600,000		1,597,166
Santander Consumer USA, Inc.
Series 2022-5, Class A3, 4.11%, 08/17/2026		923,268		917,082
Series 2022-5, Class B, 4.43%, 03/15/2027		2,900,000		2,840,735
Series 2022-6, Class A3, 4.49%, 11/16/2026		2,100,000		2,084,013
Series 2022-6, Class B, 4.72%, 06/15/2027		3,100,000		3,040,082
Series 2022-7, Class A2, 5.81%, 01/15/2026		3,653,506		3,649,766
Series 2023-1, Class A2, 5.36%, 05/15/2026		2,410,894		2,405,024
Series 2023-2, Class A3, 5.21%, 07/15/2027	$	6,500,000	$	6,429,019
Series 2023-2, Class A2, 5.87%, 03/16/2026		3,587,455		3,581,314
Santander Drive Auto Receivables LLC
Series 2021-1, Class C, 0.75%, 02/17/2026		270,841		270,172
Series 2021-2, Class C, 0.90%, 06/15/2026		1,411,880		1,399,903
Series 2021-3, Class C, 0.95%, 09/15/2027		1,421,995		1,403,099
SMB Private Education Loan Trust ^(a)
Series 2016-A, Class A2A, 2.70%, 05/15/2031		1,177,928		1,157,725
Series 2016-B, Class A2A, 2.43%, 02/17/2032		1,200,402		1,167,470
Series 2016-C, Class A2A, 2.34%, 09/15/2034		1,424,553		1,385,014
Series 2017-A, Class A2A, 2.88%, 09/15/2034		973,652		947,686
Series 2018-A, Class A2A, 3.50%, 02/15/2036		380,296		367,392
Series 2018-B, Class A2A, 3.60%, 01/15/2037		1,065,047		1,028,966
Series 2018-C, Class A2A, 3.63%, 11/15/2035		1,135,733		1,096,609
Series 2020-B, Class A1A, 1.29%, 07/15/2053		1,605,354		1,465,581
Series 2021-A, Class APT2, 1.07%, 01/15/2053		2,109,653		1,772,317
SMB Private Education Loan Trust 2019-A
Series 2019-A, Class A2A, 3.44%, 07/15/2036 ^(a)		808,940		780,630
United Airlines, Inc.
Series 2016-1B, 3.65%, 01/07/2026		396,701		369,371
Verizon Master Trust
Series 2023-2, Class A, 4.89%, 04/13/2028		4,900,000		4,847,531
TOTAL ASSET BACKED SECURITIES (Cost $185,917,848)				179,084,856

BANK LOANS — 15.0% ^(b)

Communications — 0.9%
SBA Senior Finance II LLC, Senior Secured First Lien
7.19% (1 mo. Term SOFR + 1.75%), 04/11/2025		9,763,351		9,771,161
Total Communications				9,771,161

Consumer Discretionary — 4.7%
Allied Universal Holdco LLC, Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 05/14/2028		4,434,810		4,290,923
Carnival Corp., Senior Secured First Lien
8.70% (1 mo. Term SOFR + 3.25%), 10/18/2028		615,625		613,572
ClubCorp Holdings, Inc., Senior Secured First Lien
8.29% (3 mo. LIBOR US + 2.75%), 09/18/2024		3,769,579		3,718,935
Hilton Grand Vacations Borrower LLC, Senior Secured First Lien
8.45% (1 mo. Term SOFR + 3.00%), 08/02/2028		3,956,969		3,967,475
Hilton Worldwide Finance LLC, Senior Secured First Lien
7.16% (3 mo. Term SOFR + 1.75%), 06/21/2026		4,000,000		4,003,200

See Notes to Financial Statements

A30

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Marriott Ownership Resorts, Inc. Senior Secured First Lien
7.18% (1 mo. Term SOFR + 1.75%), 08/31/2025	$	8,819,096	$	8,819,096
Mavis Tire Express Services Topco Corp. Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 05/04/2028		2,066,307		2,063,724
Mileage Plus Holdings LLC, Senior Secured First Lien
10.76% (3 mo. LIBOR US + 5.25%), 06/20/2027		1,600,000		1,664,728
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien
8.45% (1 mo. Term SOFR + 3.00%), 08/25/2028		6,399,848		6,393,192
Spin Holdco, Inc., Senior Secured First Lien
9.66% (3 mo. LIBOR US + 4.00%), 03/04/2028		2,443,750		2,121,676
Stars Group Holdings BV, Senior Secured First Lien
7.90% (3 mo. Term SOFR + 2.25%), 07/21/2026		1,640,035		1,641,060
7.90% (3 mo. Term SOFR + 2.25%), 07/21/2026		1,572,669		1,573,652
United Airlines, Inc., Senior Secured First Lien
9.29% (3 mo. LIBOR US + 3.75%), 04/21/2028		7,141,200		7,163,516
Total Consumer Discretionary				48,034,749

Consumer Staples — 0.5%
Sunshine Luxembourg VII Sarl, Senior Secured First Lien
9.09% (3 mo. Term SOFR + 3.75%), 10/02/2026		5,616,759		5,614,428
Total Consumer Staples				5,614,428

Financials — 2.8%
AssuredPartners, Inc., Senior Secured First Lien
8.93% (1 mo. Term SOFR + 3.50%), 02/13/2027		8,995,919		8,983,999
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien
7.82% (1 mo. Term SOFR + 2.50%), 06/22/2028		6,029,412		6,036,587
Deerfield Dakota Holding LLC, Senior Secured First Lien
8.99% (3 mo. Term SOFR + 3.75%), 04/09/2027		1,994,859		1,949,565
Delos Aircraft Leasing DAC, Senior Secured First Lien
7.33% (1 mo. Term SOFR + 2.00%), 10/31/2027		4,500,000		4,508,460
HUB International Ltd., Senior Secured First Lien
9.58% (1 mo. Term SOFR + 4.25%), 06/20/2030		7,250,000		7,277,949
Total Financials				28,756,560

Health Care — 1.2%
Heartland Dental LLC, Senior Secured First Lien
10.31% (1 mo. Term SOFR + 5.00%), 04/30/2028	$	1,576,299	$	1,561,891
Pathway Vet Alliance LLC, Senior Secured First Lien
9.20% (1 mo. Term SOFR + 3.75%), 03/31/2027		2,908,546		2,726,355
PetVet Care Centers LLC, Senior Secured First Lien
8.18% (3 mo. LIBOR US + 2.75%), 02/14/2025		250,000		249,063
8.68% (1 mo. LIBOR US + 3.25%), 02/14/2025		807,874		805,184
8.93% (1 mo. LIBOR US + 3.50%), 02/15/2025		6,891,211		6,869,676
Total Health Care				12,212,169

Industrials — 1.5%
Roper Industrial Products Investment Co., Senior Secured First Lien
9.74% (1 mo. Term SOFR + 4.50%), 11/22/2029		3,980,000		3,993,512
SPX FLOW, Inc., Senior Secured First Lien
9.93% (1 mo. Term SOFR + 4.50%), 04/05/2029		1,000,000		999,205
TransDigm, Inc., Senior Secured First Lien
8.49% (1 mo. Term SOFR + 3.25%), 08/24/2028		10,972,500		10,990,495
Total Industrials				15,983,212

Materials — 0.4%
Proampac PG Borrower LLC, Senior Secured First Lien
11.25% (Prime Rate + 2.75%), 11/03/2025		1,153,348		1,149,599
9.39% (3 mo. Term SOFR + 3.75%), 11/03/2025		34,058		33,948
9.32% (3 mo. Term SOFR + 3.75%), 11/03/2025		3,495,884		3,484,522
Total Materials				4,668,069

Technology — 3.0%
Applied Systems, Inc., Senior Secured First Lien
9.74% (3 mo. Term SOFR + 4.50%), 09/19/2026		1,935,231		1,943,340
CoreLogic, Inc., Senior Secured First Lien
8.93% (1 mo. Term SOFR + 3.50%), 06/02/2028		3,430,000		3,182,028
Epicor Software Corp., Senior Secured First Lien
8.70% (1 mo. Term SOFR + 3.25%), 07/31/2027		3,000,000		2,999,685
Polaris Newco LLC, Senior Secured First Lien
9.54% (3 mo. LIBOR US + 4.00%), 06/04/2028		1,994,924		1,915,127
Sophia LP, Senior Secured First Lien
8.66% (3 mo. LIBOR US + 3.50%), 10/07/2027		1,194,302		1,193,060

See Notes to Financial Statements

A31

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Tempo Acquisition LLC, Senior Secured First Lien
8.32% (1 mo. Term SOFR + 3.00%), 08/31/2028	$	2,703,971	$	2,709,041
UKG, Inc., Senior Secured First Lien
8.62% (3 mo. Term SOFR + 3.25%), 05/03/2026		12,545,052		12,523,663
9.22% (3 mo. Term SOFR + 3.75%), 05/03/2026		1,984,496		1,984,814
Verscend Holding Corp., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 08/27/2025		1,989,822		1,992,846
Total Technology				30,443,604
TOTAL BANK LOANS (Cost $155,874,484)				155,483,952

U.S. TREASURY OBLIGATIONS — 11.6%

United States Treasury Note/Bond
0.50%, 04/30/2027		15,000,000		12,935,156
0.75%, 08/31/2026		6,000,000		5,343,984
0.88%, 09/30/2026		16,500,000		14,725,606
1.25%, 03/31/2028		12,000,000		10,358,906
2.50%, 03/31/2027		15,000,000		13,935,352
2.63%, 05/31/2027		12,300,000		11,436,117
3.25%, 06/30/2027		2,500,000		2,375,684
3.63%, 05/31/2028		13,000,000		12,461,211
4.00%, 02/29/2028		12,000,000		11,691,094
4.00%, 06/30/2028		2,500,000		2,433,545
4.13%, 10/31/2027		19,000,000		18,598,476
4.63%, 09/30/2028		4,000,000		4,003,750
TOTAL U.S. TREASURY OBLIGATIONS (Cost $124,103,874)				120,298,881

COLLATERALIZED LOAN OBLIGATIONS — 7.5%^(a)(c)

Aimco CDO
Series 2019-10A, Class AR, 6.67% (3 mo. Term SOFR + 1.32%), 07/22/2032		2,700,000		2,688,418
Buttermilk Park CLO
Series 2018-1A, Class A1, 6.67% (3 mo. Term SOFR + 1.36%), 10/15/2031		1,850,000		1,847,522
Carlyle Group, Inc.
Series 2014-3RA, Class A1A, 6.67% (3 mo. Term SOFR + 1.31%), 07/27/2031		495,916		494,577
CIFC Funding Ltd.
Series 2015-3A, Class AR, 6.45% (3 mo. Term SOFR + 1.13%), 04/19/2029		1,250,016		1,248,808
Series 2018-1A, Class A, 6.57% (3 mo. Term SOFR + 1.26%), 04/18/2031		500,000		498,916
Dryden Senior Loan Fund
Series 2018-55A, Class A1, 6.59% (3 mo. Term SOFR + 1.28%), 04/15/2031		2,475,613		2,470,593
Series 2018-58A, Class A1, 6.57% (3 mo. Term SOFR + 1.26%), 07/17/2031		3,148,000		3,140,917
Series 2018-61A, Class A1R, 6.56% (3 mo. Term SOFR + 1.25%), 01/17/2032		7,000,000		6,965,806
Series 2018-64A, Class A, 6.54% (3 mo. Term SOFR + 1.23%), 04/18/2031		1,980,611		1,972,590
Magnetite CLO Ltd.
Series 2014-8A, Class AR2, 6.55% (3 mo. Term SOFR + 1.24%), 04/15/2031	$	2,098,824	$	2,094,003
Series 2015-14RA, Class A1, 6.69% (3 mo. Term SOFR + 1.38%), 10/18/2031		3,200,000		3,192,703
Series 2015-15A, Class AR, 6.62% (3 mo. Term SOFR + 1.27%), 07/25/2031		1,500,000		1,496,895
Series 2016-18A, Class AR2, 6.51% (3 mo. Term SOFR + 1.14%), 11/15/2028		2,998,170		2,992,543
Magnetite Xxix Ltd.
Series 2021-29A, Class A, 6.56% (3 mo. Term SOFR + 1.25%), 01/15/2034		3,830,000		3,814,457
Neuberger Berman CLO Ltd.
Series 2017-25A, Class AR, 6.50% (3 mo. Term SOFR + 1.19%), 10/18/2029		2,586,152		2,580,625
Series 2017-26A, Class AR, 6.49% (3 mo. Term SOFR + 1.18%), 10/18/2030		5,406,295		5,383,318
Series 2020-37A, Class AR, 6.56% (3 mo. Term SOFR + 1.23%), 07/20/2031		7,355,000		7,349,648
OCP CLO Ltd.
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030		2,462,785		2,455,027
Palmer Square CLO Ltd.
Series 2018-1A, Class A1, 6.60% (3 mo. Term SOFR + 1.29%), 04/18/2031		330,686		330,471
Series 2018-2A, Class A1A, 6.67% (3 mo. Term SOFR + 1.36%), 07/16/2031		2,250,000		2,248,176
Palmer Square Loan Funding Ltd.
Series 2021-1A, Class A1, 6.49% (3 mo. Term SOFR + 1.16%), 04/20/2029		1,982,372		1,979,679
Series 2021-2A, Class A1, 6.44% (3 mo. Term SOFR + 1.06%), 05/20/2029		5,138,338		5,107,642
Series 2021-3A, Class A2, 6.99% (3 mo. Term SOFR + 1.66%), 07/20/2029		1,000,000		999,129
Series 2021-4A, Class A1, 6.37% (3 mo. Term SOFR + 1.06%), 10/15/2029		5,038,622		5,018,727
Series 2021-4A, Class A2, 6.97% (3 mo. Term SOFR + 1.66%), 10/15/2029		1,250,000		1,241,056
Regatta Funding Ltd.
Series 2018-3A, Class A, 6.80% (3 mo. Term SOFR + 1.45%), 10/25/2031		1,100,000		1,097,567
Stratus CLO Ltd.
Series 2021-1A, Class A, 6.39% (3 mo. Term SOFR + 1.06%), 12/29/2029		556,751		553,724
Series 2021-1A, Class B, 6.99% (3 mo. Term SOFR + 1.66%), 12/29/2029		6,000,000		5,973,344
Series 2021-3A, Class A, 6.54% (3 mo. Term SOFR + 1.21%), 12/29/2029		760,740		756,289
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $78,172,981)				77,993,170

TOTAL INVESTMENTS — 99.0% (Cost $1,053,814,499)				1,028,282,110
Other Assets in Excess of Liabilities — 1.0%				10,865,439
TOTAL NET ASSETS — 100.0%			$	1,039,147,549

Percentages are stated as a percent of net assets.

See Notes to Financial Statements

A32

Aristotle Short Duration Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

(b)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(c)

See Notes to Financial Statements

A33

Aristotle Strategic Income Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 69.4%

Communications — 7.1%
AT&T, Inc.
2.25%, 02/01/2032	$	2,475,000	$	1,863,504
2.75%, 06/01/2031		6,000,000		4,802,940
4.35%, 03/01/2029		5,500,000		5,119,838
5.40%, 02/15/2034		8,000,000		7,490,637
CCO Holdings LLC / CCO Holdings Capital Corp. ^(a)
4.25%, 01/15/2034		8,375,000		6,175,122
4.25%, 02/01/2031		750,000		597,760
6.38%, 09/01/2029		2,500,000		2,333,676
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80%, 04/01/2031		3,450,000		2,692,208
3.75%, 02/15/2028		1,500,000		1,353,258
3.85%, 04/01/2061		5,000,000		2,797,647
4.20%, 03/15/2028		5,750,000		5,279,579
5.05%, 03/30/2029		1,500,000		1,402,619
CSC Holdings LLC
4.63%, 12/01/2030 ^(a)		4,400,000		2,344,884
5.25%, 06/01/2024		7,900,000		7,527,422
5.75%, 01/15/2030 ^(a)		2,300,000		1,292,061
11.25%, 05/15/2028 ^(a)		1,600,000		1,596,019
DISH Network Corp.
11.75%, 11/15/2027 ^(a)		14,350,000		14,478,303
Frontier Communications Holdings LLC ^(a)
5.00%, 05/01/2028		4,250,000		3,634,037
8.63%, 03/15/2031		3,400,000		3,206,126
Rogers Communications, Inc.
3.80%, 03/15/2032		8,000,000		6,651,397
Sirius XM Radio, Inc.
3.88%, 09/01/2031 ^(a)		7,775,000		5,896,607
Sprint Capital Corp.
8.75%, 03/15/2032		6,000,000		6,946,356
T-Mobile USA, Inc.
2.05%, 02/15/2028		3,000,000		2,581,083
2.40%, 03/15/2029		2,000,000		1,684,637
3.38%, 04/15/2029		2,050,000		1,804,932
3.50%, 04/15/2031		1,125,000		952,379
3.88%, 04/15/2030		6,000,000		5,318,094
4.38%, 04/15/2040		3,900,000		3,135,548
5.20%, 01/15/2033		5,700,000		5,383,085
6.00%, 06/15/2054		5,000,000		4,769,349
Verizon Communications, Inc.
2.55%, 03/21/2031		7,719,000		6,150,169
Total Communications				127,261,276

Consumer Discretionary — 6.5%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
9.75%, 07/15/2027 ^(a)		9,600,000		8,600,439
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028 ^(a)		650,000		540,535
American Airlines 2016-1 Class B Pass Through Trust
Series 2016-1, 5.25%, 01/15/2024	$	643,196	$	638,763
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 04/20/2029 ^(a)		5,125,000		4,770,735
Carnival Corp.
7.00%, 08/15/2029 ^(a)		5,475,000		5,403,915
CDI Escrow Issuer, Inc.
5.75%, 04/01/2030 ^(a)		7,650,000		6,921,096
Churchill Downs, Inc.
6.75%, 05/01/2031 ^(a)		2,725,000		2,578,531
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. ^(a)
4.63%, 01/15/2029		4,975,000		4,221,760
6.75%, 01/15/2030		5,000,000		4,081,477
First Student Bidco, Inc. / First Transit Parent, Inc.
4.00%, 07/31/2029 ^(a)		9,675,000		8,198,063
Ford Motor Co.
6.10%, 08/19/2032		2,175,000		2,050,900
Ford Motor Credit Co. LLC
2.90%, 02/10/2029		7,500,000		6,163,622
4.00%, 11/13/2030		400,000		334,454
6.80%, 05/12/2028		4,000,000		3,998,673
General Motors Financial Co., Inc.
2.70%, 08/20/2027		6,500,000		5,706,383
Hertz Corp.
5.00%, 12/01/2029 ^(a)		4,000,000		3,137,226
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc ^(a)
4.88%, 07/01/2031		8,975,000		7,325,723
5.00%, 06/01/2029		1,875,000		1,628,692
Hyatt Hotels Corp.
5.75%, 04/23/2030		5,450,000		5,286,886
MajorDrive Holdings IV LLC
6.38%, 06/01/2029 ^(a)		10,000,000		8,240,834
Marriott International, Inc.
2.85%, 04/15/2031		9,000,000		7,261,348
Masco Corp.
7.75%, 08/01/2029		4,110,000		4,460,460
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.
4.88%, 05/01/2029 ^(a)		4,625,000		3,943,090
STL Holding Co. LLC
7.50%, 02/15/2026 ^(a)		4,020,000		3,727,123
Viking Cruises Ltd.
9.13%, 07/15/2031 ^(a)		7,200,000		7,210,656
Total Consumer Discretionary				116,431,384

Consumer Staples — 2.7%
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 04/15/2038		3,000,000		2,603,422
5.45%, 01/23/2039		6,000,000		5,803,320

See Notes to Financial Statements

A34

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Haleon US Capital LLC
3.38%, 03/24/2029	$	8,000,000	$	7,177,864
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL
6.75%, 03/15/2034 ^(a)		100,000		97,390
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.13%, 02/01/2028		700,000		666,794
5.50%, 01/15/2030		1,750,000		1,635,230
5.75%, 04/01/2033		13,000,000		11,905,574
Kraft Heinz Foods Co.
4.38%, 06/01/2046		4,000,000		3,119,424
Pilgrim’s Pride Corp.
6.25%, 07/01/2033		3,000,000		2,823,118
Sysco Corp.
2.40%, 02/15/2030		4,000,000		3,297,340
2.45%, 12/14/2031		3,000,000	��	2,351,865
US Foods, Inc. ^(a)
4.63%, 06/01/2030		7,800,000		6,786,325
7.25%, 01/15/2032		700,000		700,168
Total Consumer Staples				48,967,834

Energy — 7.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 ^(a)		11,950,000		10,954,417
Callon Petroleum Co.
7.50%, 06/15/2030 ^(a)		8,350,000		8,106,612
Cheniere Energy Partners LP
3.25%, 01/31/2032		10,925,000		8,695,239
Columbia Pipelines Operating Co. LLC
6.50%, 08/15/2043 ^(a)		3,000,000		2,924,901
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.50%, 06/15/2031 ^(a)		9,275,000		8,231,591
Diamond Foreign Asset Co. / Diamond Finance LLC
8.50%, 10/01/2030 ^(a)		5,350,000		5,355,965
Energy Transfer LP
3.75%, 05/15/2030		3,000,000		2,615,012
4.00%, 10/01/2027		1,200,000		1,115,073
5.55%, 02/15/2028		450,000		442,459
5.75%, 02/15/2033		8,000,000		7,698,826
5.80%, 06/15/2038		3,000,000		2,744,316
6.13%, 12/15/2045		4,000,000		3,563,335
Enterprise Products Operating LLC
5.38% (3 mo. Term SOFR + 2.83%), 02/15/2078 ^(b)		727,000		606,301
EQM Midstream Partners LP
4.75%, 01/15/2031 ^(a)		5,625,000		4,848,153
5.50%, 07/15/2028		1,250,000		1,174,422
7.50%, 06/01/2030 ^(a)		50,000		50,268
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 02/01/2028		2,750,000		2,609,992
8.88%, 04/15/2030		4,900,000		4,789,009
MPLX LP
2.65%, 08/15/2030	$	2,225,000	$	1,797,947
4.80%, 02/15/2029		1,350,000		1,281,525
4.95%, 03/14/2052		3,650,000		2,860,119
4.95%, 09/01/2032		300,000		273,388
5.00%, 03/01/2033		150,000		136,784
Range Resources Corp.
4.75%, 02/15/2030 ^(a)		7,075,000		6,287,729
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. ^(a)
6.00%, 12/31/2030		3,100,000		2,739,734
6.00%, 09/01/2031		2,275,000		1,985,452
Targa Resources Corp.
6.13%, 03/15/2033		3,500,000		3,433,863
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
4.00%, 01/15/2032		14,952,000		12,598,032
5.50%, 03/01/2030		4,000,000		3,748,507
Venture Global Calcasieu Pass LLC ^(a)
3.88%, 11/01/2033		6,560,000		5,100,466
4.13%, 08/15/2031		7,400,000		6,080,069
6.25%, 01/15/2030		275,000		262,593
Venture Global LNG, Inc. ^(a)
8.13%, 06/01/2028		6,075,000		6,019,553
8.38%, 06/01/2031		6,575,000		6,470,077
Total Energy				137,601,729

Financials — 20.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.63%, 10/15/2027		1,000,000		938,447
Air Lease Corp.
3.13%, 12/01/2030		3,500,000		2,852,759
4.65% (5 yr. CMT Rate + 4.08%), Perpetual ^(b)		2,750,000		2,428,631
Athene Holding Ltd.
3.50%, 01/15/2031		1,000,000		815,757
6.15%, 04/03/2030		4,925,000		4,871,090
Avolon Holdings Funding Ltd. ^(a)
2.13%, 02/21/2026		6,450,000		5,781,494
2.75%, 02/21/2028		6,500,000		5,513,891
3.25%, 02/15/2027		3,200,000		2,852,647
3.95%, 07/01/2024		3,000,000		2,937,316
Bank of America Corp. ^(b)
1.92% (SOFR + 1.37%), 10/24/2031		1,000,000		754,818
2.09% (SOFR + 1.06%), 06/14/2029		7,300,000		6,113,695
2.48% (5 yr. CMT Rate + 1.20%), 09/21/2036		6,750,000		4,916,376
2.55% (SOFR + 1.05%), 02/04/2028		3,000,000		2,676,328
2.59% (SOFR + 2.15%), 04/29/2031		7,500,000		6,030,608
2.65% (SOFR + 1.22%), 03/11/2032		5,000,000		3,937,578
2.69% (SOFR + 1.32%), 04/22/2032		1,450,000		1,140,285
2.97% (SOFR + 1.33%), 02/04/2033		6,000,000		4,733,593
5.29% (SOFR + 1.91%), 04/25/2034		4,000,000		3,724,277
5.87% (SOFR + 1.84%), 09/15/2034		5,000,000		4,868,517
6.13% (5 yr. CMT Rate + 3.23%), Perpetual		2,400,000		2,305,495

See Notes to Financial Statements

A35

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Citigroup, Inc.
2.52% (SOFR + 1.18%), 11/03/2032 ^(b)	$	4,500,000	$	3,425,619
2.56% (SOFR + 1.17%), 05/01/2032 ^(b)		450,000		348,534
2.67% (SOFR + 1.15%), 01/29/2031 ^(b)		1,000,000		811,498
3.67% (3 mo. Term SOFR + 1.65%), 07/24/2028 ^(b)		4,000,000		3,671,248
3.98% (3 mo. Term SOFR + 1.60%), 03/20/2030 ^(b)		3,000,000		2,695,729
4.08% (3 mo. Term SOFR + 1.45%), 04/23/2029 ^(b)		3,000,000		2,762,498
4.45%, 09/29/2027		5,500,000		5,165,809
6.17% (SOFR + 2.66%), 05/25/2034 ^(b)		14,250,000		13,627,413
Corebridge Financial, Inc.
3.85%, 04/05/2029		5,000,000		4,495,393
Fiserv, Inc.
5.60%, 03/02/2033		7,500,000		7,276,912
Global Payments, Inc.
5.40%, 08/15/2032		5,000,000		4,691,388
5.95%, 08/15/2052		5,000,000		4,490,381
GLP Capital LP / GLP Financing II, Inc.
4.00%, 01/15/2031		5,925,000		4,938,823
5.30%, 01/15/2029		9,000,000		8,352,316
Goldman Sachs Group, Inc.
2.60%, 02/07/2030		4,000,000		3,278,355
2.62% (SOFR + 1.28%), 04/22/2032 ^(b)		10,050,000		7,854,477
3.10% (SOFR + 1.41%), 02/24/2033 ^(b)		10,000,000		8,000,302
3.80%, 03/15/2030		3,000,000		2,648,594
6.75%, 10/01/2037		10,000,000		10,135,319
GTCR W-2 Merger Sub LLC
7.50%, 01/15/2031 ^(a)		6,480,000		6,497,334
Host Hotels & Resorts LP
2.90%, 12/15/2031		7,750,000		5,962,999
3.38%, 12/15/2029		6,800,000		5,718,429
3.50%, 09/15/2030		1,500,000		1,245,225
HSBC Holdings PLC ^(b)
2.21% (SOFR + 1.29%), 08/17/2029		4,500,000		3,711,425
4.70% (5 yr. CMT Rate + 3.25%), Perpetual		3,000,000		2,260,827
Invitation Homes Operating Partnership LP
2.70%, 01/15/2034		9,000,000		6,584,008
Iron Mountain, Inc. ^(a)
4.88%, 09/15/2029		4,175,000		3,664,040
5.25%, 07/15/2030		1,000,000		874,885
JPMorgan Chase & Co. ^(b)
2.07% (SOFR + 1.02%), 06/01/2029		6,000,000		5,058,921
2.52% (SOFR + 2.04%), 04/22/2031		1,950,000		1,581,557
2.58% (3 mo. Term SOFR + 1.25%), 04/22/2032		550,000		434,113
2.95% (SOFR + 1.17%), 02/24/2028		2,300,000		2,087,559
2.96% (SOFR + 1.26%), 01/25/2033		6,950,000		5,535,177
4.01% (3 mo. Term SOFR + 1.38%), 04/23/2029		2,000,000		1,844,211
5.35% (SOFR + 1.85%), 06/01/2034		13,000,000		12,335,201
5.72% (SOFR + 2.58%), 09/14/2033		11,950,000		11,494,608
Morgan Stanley ^(b)
2.48% (SOFR + 1.36%), 09/16/2036		11,550,000		8,398,278
2.94% (SOFR + 1.29%), 01/21/2033	$	11,500,000	$	9,060,308
3.59%, 07/22/2028		11,000,000		10,041,525
5.25% (SOFR + 1.87%), 04/21/2034		5,500,000		5,110,097
5.30% (SOFR + 2.62%), 04/20/2037		550,000		490,388
Nasdaq, Inc.
5.55%, 02/15/2034		9,150,000		8,738,301
6.10%, 06/28/2063		2,000,000		1,861,833
NFP Corp.
8.50%, 10/01/2031 ^(a)		2,150,000		2,155,542
Penske Truck Leasing Co. Lp / PTL Finance Corp. ^(a)
3.35%, 11/01/2029		3,675,000		3,103,106
6.20%, 06/15/2030		5,000,000		4,931,382
PNC Financial Services Group, Inc. ^(b)
4.63% (SOFR + 1.85%), 06/06/2033		6,900,000		5,957,525
6.25% (H157 Year CMT Rate + 2.81%), Perpetual		2,250,000		1,934,358
Principal Financial Group, Inc.
5.38%, 03/15/2033		4,750,000		4,566,362
State Street Corp.
5.16% (SOFR + 1.89%), 05/18/2034 ^(b)		5,900,000		5,491,303
US Bancorp ^(b)
4.65% (SOFR + 1.23%), 02/01/2029		8,000,000		7,489,620
5.84% (SOFR + 2.26%), 06/12/2034		8,000,000		7,551,414
VICI Properties LP
4.75%, 02/15/2028		450,000		421,348
5.13%, 05/15/2032		3,000,000		2,688,415
VICI Properties LP / VICI Note Co., Inc.
4.63%, 12/01/2029 ^(a)		6,300,000		5,596,290
Wells Fargo & Co. ^(b)
2.39% (SOFR + 2.10%), 06/02/2028		4,500,000		3,947,816
3.53% (SOFR + 1.51%), 03/24/2028		5,985,000		5,499,483
4.90% (SOFR + 2.10%), 07/25/2033		7,000,000		6,338,040
5.39% (SOFR + 2.02%), 04/24/2034		12,050,000		11,270,229
5.56% (SOFR + 1.99%), 07/25/2034		1,150,000		1,089,544
Total Financials				369,487,236

Health Care — 5.0%
Amgen, Inc.
4.88%, 03/01/2053		3,000,000		2,497,969
5.15%, 03/02/2028		7,000,000		6,887,030
5.60%, 03/02/2043		4,000,000		3,721,218
5.75%, 03/02/2063		6,000,000		5,540,020
Bausch & Lomb Escrow Corp.
8.38%, 10/01/2028 ^(a)		2,150,000		2,159,073
Cencora, Inc.
2.70%, 03/15/2031		8,000,000		6,517,553
Cigna Group
5.40%, 03/15/2033		10,000,000		9,703,964
CVS Health Corp.
5.30%, 06/01/2033		7,000,000		6,634,647
Gilead Sciences, Inc.
5.55%, 10/15/2053		3,500,000		3,367,631
HCA, Inc.
3.63%, 03/15/2032		13,000,000		10,782,685

See Notes to Financial Statements

A36

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
5.50%, 06/01/2033	$	5,000,000	$	4,732,205
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/2028		1,150,000		1,109,184
4.75%, 05/19/2033		350,000		330,988
5.11%, 05/19/2043		9,000,000		8,270,502
Star Parent, Inc.
9.00%, 10/01/2030 ^(a)		6,525,000		6,601,687
UnitedHealth Group, Inc.
5.30%, 02/15/2030		7,000,000		6,959,393
Viatris, Inc.
2.70%, 06/22/2030		4,450,000		3,481,389
Total Health Care				89,297,138

Industrials — 6.0%
Emerald Debt Merger Sub LLC
6.63%, 12/15/2030 ^(a)		2,925,000		2,819,480
Ferguson Finance PLC
4.65%, 04/20/2032 ^(a)		7,000,000		6,289,655
Flowserve Corp.
2.80%, 01/15/2032		8,819,000		6,753,444
3.50%, 10/01/2030		8,233,000		6,869,655
Husky III Holding Ltd.
13.00% Cash or 13.75% PIK, 02/15/2025 ^(a)		13,800,000		13,696,776
Ingersoll Rand, Inc.
5.70%, 08/14/2033		11,000,000		10,621,539
nVent Finance Sarl
2.75%, 11/15/2031		3,600,000		2,741,758
5.65%, 05/15/2033		4,650,000		4,331,164
OT Merger Corp.
7.88%, 10/15/2029 ^(a)		8,800,000		5,416,261
Regal Rexnord Corp.
6.40%, 04/15/2033 ^(a)		13,950,000		13,451,316
SPX FLOW, Inc.
8.75%, 04/01/2030 ^(a)		11,350,000		10,506,468
TK Elevator US Newco, Inc.
5.25%, 07/15/2027 ^(a)		5,000,000		4,588,317
TransDigm, Inc.
4.63%, 01/15/2029		675,000		590,284
4.88%, 05/01/2029		4,475,000		3,937,429
6.88%, 12/15/2030 ^(a)		3,675,000		3,607,818
Vontier Corp.
2.95%, 04/01/2031		4,500,000		3,475,539
Weir Group PLC
2.20%, 05/13/2026 ^(a)		9,850,000		8,856,041
Total Industrials				108,552,944

Materials — 5.8%
Anglo American Capital PLC ^(a)
2.63%, 09/10/2030		11,450,000		9,156,056
2.88%, 03/17/2031		11,000,000		8,753,442
ARD Finance SA
6.50% Cash or 7.25% PIK, 06/30/2027 ^(a)		1,968,194		1,488,035
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25%, 08/15/2027 ^(a)		3,050,000		2,549,251
Celanese US Holdings LLC
6.17%, 07/15/2027	$	8,000,000	$	7,892,633
Clydesdale Acquisition Holdings, Inc. ^(a)
6.63%, 04/15/2029		3,150,000		2,931,918
8.75%, 04/15/2030		2,150,000		1,847,150
Glencore Funding LLC
2.63%, 09/23/2031 ^(a)		4,000,000		3,091,491
LABL, Inc. ^(a)
5.88%, 11/01/2028		7,475,000		6,724,466
6.75%, 07/15/2026		2,500,000		2,425,805
8.25%, 11/01/2029		1,975,000		1,615,797
9.50%, 11/01/2028		275,000		282,219
Mauser Packaging Solutions Holding Co. ^(a)
7.88%, 08/15/2026		1,000,000		965,881
9.25%, 04/15/2027		6,700,000		5,865,682
Northern Star Resources Ltd.
6.13%, 04/11/2033 ^(a)		4,970,000		4,646,823
Novelis Corp.
3.88%, 08/15/2031 ^(a)		4,679,000		3,742,799
SNF Group SACA
3.38%, 03/15/2030 ^(a)		5,000,000		4,040,714
South32 Treasury Ltd.
4.35%, 04/14/2032 ^(a)		12,500,000		10,553,424
Standard Industries, Inc. ^(a)
3.38%, 01/15/2031		6,673,000		5,166,477
4.38%, 07/15/2030		7,500,000		6,219,330
TMS International Corp.
6.25%, 04/15/2029 ^(a)		9,126,000		7,557,326
Vale Overseas Ltd.
6.13%, 06/12/2033		2,200,000		2,127,459
Windsor Holdings III LLC
8.50%, 06/15/2030 ^(a)		3,250,000		3,210,170
WRKCo, Inc.
3.00%, 06/15/2033		5,175,000		4,055,586
Total Materials				106,909,934

Technology — 5.5%
Broadcom, Inc.
3.14%, 11/15/2035 ^(a)		2,700,000		1,969,452
3.19%, 11/15/2036 ^(a)		6,703,000		4,815,367
3.47%, 04/15/2034 ^(a)		2,000,000		1,571,633
4.15%, 11/15/2030		1,589,000		1,408,090
4.93%, 05/15/2037 ^(a)		10,653,000		9,187,536
CommScope Technologies LLC
6.00%, 06/15/2025 ^(a)		3,950,000		3,765,370
Concentrix Corp.
6.85%, 08/02/2033		10,000,000		9,246,092
Entegris Escrow Corp.
4.75%, 04/15/2029 ^(a)		5,375,000		4,837,034
Marvell Technology, Inc.
5.75%, 02/15/2029		350,000		346,935
5.95%, 09/15/2033		6,000,000		5,892,385
MPH Acquisition Holdings LLC ^(a)
5.50%, 09/01/2028		900,000		765,452
5.75%, 11/01/2028		4,300,000		3,233,450

See Notes to Financial Statements

A37

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
NCR Atleos Escrow Corp.
9.50%, 04/01/2029 ^(a)	$	3,600,000	$	3,485,646
NXP BV / NXP Funding LLC / NXP USA, Inc.
5.00%, 01/15/2033		10,000,000		9,206,786
Open Text Corp. ^(a)
3.88%, 12/01/2029		2,500,000		2,057,796
6.90%, 12/01/2027		3,000,000		3,009,528
Open Text Holdings, Inc.
4.13%, 12/01/2031 ^(a)		7,450,000		5,952,173
Oracle Corp.
2.30%, 03/25/2028		4,000,000		3,467,473
3.95%, 03/25/2051		6,000,000		4,117,341
4.50%, 05/06/2028		100,000		95,364
4.65%, 05/06/2030		3,000,000		2,807,101
6.15%, 11/09/2029		100,000		101,565
6.25%, 11/09/2032		3,000,000		3,038,696
Rackspace Technology Global, Inc.
3.50%, 02/15/2028 ^(a)		2,700,000		1,264,700
TD SYNNEX Corp.
2.65%, 08/09/2031		5,000,000		3,722,191
Teledyne Technologies, Inc.
2.25%, 04/01/2028		3,500,000		3,014,227
2.75%, 04/01/2031		8,500,000		6,868,449
Total Technology				99,247,832

Utilities — 2.4%
Boston Gas Co.
6.12%, 07/20/2053 ^(a)		650,000		614,813
Florida Power & Light Co.
4.80%, 05/15/2033		7,000,000		6,623,465
IPALCO Enterprises, Inc.
4.25%, 05/01/2030		4,000,000		3,511,399
KeySpan Gas East Corp.
5.99%, 03/06/2033 ^(a)		8,000,000		7,732,867
National Grid PLC
5.81%, 06/12/2033		450,000		437,581
NextEra Energy Capital Holdings, Inc.
4.90%, 02/28/2028		4,000,000		3,874,085
5.00%, 02/28/2030		5,000,000		4,781,306
Southern California Edison Co.
5.95%, 11/01/2032		8,000,000		7,987,581
Southern Co. Gas Capital Corp.
5.75%, 09/15/2033		2,100,000		2,060,182
Vistra Operations Co. LLC ^(a)
4.30%, 07/15/2029		6,000,000		5,251,386
7.75%, 10/15/2031		350,000		345,103
Total Utilities				43,219,768
TOTAL CORPORATE BONDS (Cost $1,367,727,680)				1,246,977,075

BANK LOANS — 22.3%^(b)

Communications — 0.4%
Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien
9.13% (3 mo. Term SOFR + 3.50%), 08/21/2026	$	6,495,761	$	6,323,884
8.93% (1 mo. Term SOFR + 3.50%), 10/31/2023		16,916		16,468
Total Communications				6,340,352

Consumer Discretionary — 5.5%
Allied Universal Holdco LLC, Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 05/14/2028		9,800,000		9,482,039
Carnival Corp., Senior Secured First Lien
8.32% (1 mo. Term SOFR + 3.00%), 08/08/2027		4,987,500		4,983,335
ClubCorp Holdings, Inc., Senior Secured First Lien
8.29% (3 mo. LIBOR US + 2.75%), 09/18/2024		4,261,204		4,203,954
Fertitta Entertainment LLC/NV, Senior Secured First Lien
9.33% (1 mo. Term SOFR + 4.00%), 01/27/2029		7,917,260		7,850,874
Great Outdoors Group LLC, Senior Secured First Lien
9.20% (1 mo. Term SOFR + 3.75%), 03/05/2028		3,161,113		3,158,584
LBM Acquisition LLC, Senior Secured First Lien
9.17% (1 mo. Term SOFR + 3.75%), 12/18/2027		6,363,923		6,226,526
Mavis Tire Express Services Topco Corp., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 05/04/2028		7,820,000		7,810,225
MIC Glen LLC, Senior Secured Second Lien
12.18% (1 mo. Term SOFR + 6.75%), 10/14/2029		1,750,000		1,658,125
PetSmart LLC, Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 02/12/2028		6,218,274		6,208,822
SRS Distribution, Inc., Senior Secured First Lien
8.95% (1 mo. Term SOFR + 3.50%), 06/04/2028		25,638,680		25,418,316
Tacala Investment Corp., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.25%), 02/05/2027		3,789,550		3,781,269
Tacala Investment Corp., Senior Secured Second Lien
13.45% (1 mo. Term SOFR + 8.00%), 02/05/2028		1,500,000		1,455,750
Tamko Building Products LLC, Senior Secured First Lien
8.41% (6 mo. Term SOFR + 3.00%), 05/31/2026		9,500,000		9,513,395

See Notes to Financial Statements

A38

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Wand NewCo 3, Inc., Senior Secured First Lien
8.18% (1 mo. Term SOFR + 2.75%), 02/05/2026	$	9,497,356	$	9,492,892
Total Consumer Discretionary				101,244,106

Consumer Staples — 1.1%
Sunshine Luxembourg VII Sarl, Senior Secured First Lien
9.09% (3 mo. Term SOFR + 3.75%), 10/02/2026		18,947,090		18,939,227
Total Consumer Staples				18,939,227

Energy — 0.4%
Traverse Midstream Partners LLC, Senior Secured First Lien
9.22% (1 mo. Term SOFR + 3.75%), 02/16/2028		6,640,081		6,647,883
Total Energy				6,647,883

Financials — 1.0%
Deerfield Dakota Holding LLC, Senior Secured First Lien
8.99% (3 mo. Term SOFR + 3.75%), 04/09/2027		8,800,906		8,601,081
Delos Aircraft Leasing DAC, Senior Secured First Lien
7.33% (1 mo. Term SOFR + 2.00%), 10/31/2027		5,000,000		5,009,400
GTCR W Merger Sub LLC, Senior Secured First Lien
3.75%, 09/21/2030		3,750,000		3,751,369
Total Financials				17,361,850

Health Care — 2.5%
Bausch + Lomb Corp., Senior Secured First Lien
9.33%, 09/14/2028		7,000,000		6,921,250
Heartland Dental LLC, Senior Secured First Lien
10.31% (1 mo. Term SOFR + 5.00%), 04/30/2028		3,195,116		3,165,912
Pathway Vet Alliance LLC, Senior Secured First Lien
9.20% (1 mo. Term SOFR + 3.75%), 03/31/2027		8,784,430		8,234,173
PetVet Care Centers LLC, Senior Secured First Lien
8.18% (3 mo. LIBOR US + 2.75%), 02/14/2025		2,885,514		2,874,694
8.68% (1 mo. LIBOR US + 3.25%), 02/14/2025		2,908,163		2,898,479
8.93% (1 mo. LIBOR US + 3.50%), 02/15/2025		9,918,367		9,887,373
Star Parent, Inc., Senior Secured First Lien
9.83%, 09/18/2030		5,000,000		4,896,175
WCG Intermediate Corp., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 01/08/2027		5,878,788		5,822,763
Total Health Care				44,700,819

Industrials — 2.6%
Dynasty Acquisition Co., Inc., Senior Secured First Lien
9.32% (1 mo. Term SOFR + 4.00%), 08/24/2028	$	4,189,500	$	4,186,023
Engineered Machinery Holdings, Inc., Senior Secured First Lien
9.04% (1 mo. Term SOFR + 3.50%), 05/21/2028		3,748,914		3,734,181
Madison IAQ LLC, Senior Secured First Lien
8.69% (3 mo. LIBOR US + 3.25%), 06/21/2028		7,840,000		7,725,849
PECF USS Intermediate Holding III Corp., Senior Secured First Lien
9.68% (1 mo. Term SOFR + 4.25%), 12/15/2028		4,750,000		3,830,543
Pro Mach Group, Inc., Senior Secured First Lien
9.45% (1 mo. Term SOFR + 4.00%), 08/31/2028		4,433,757		4,443,201
Roper Industrial Products Investment Co., Senior Secured First Lien
9.74% (1 mo. Term SOFR + 4.50%), 11/22/2029		3,233,750		3,244,729
Standard Aero Ltd., Senior Secured First Lien
9.32% (1 mo. Term SOFR + 4.00%), 08/24/2028		1,795,500		1,794,010
TransDigm, Inc., Senior Secured First Lien
8.49% (1 mo. Term SOFR + 3.25%), 02/22/2027		11,750,000		11,778,904
8.49% (1 mo. Term SOFR + 3.25%), 08/24/2028		5,486,216		5,495,213
Total Industrials				46,232,653

Materials — 3.4%
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien
9.61% (1 mo. Term SOFR + 4.18%), 04/13/2029		5,954,774		5,882,334
LABL, Inc., Senior Secured First Lien
10.43% (1 mo. Term SOFR + 5.00%), 10/29/2028		9,603,750		9,586,367
Pactiv Evergreen Group Holdings, Inc., Senior Secured First Lien
8.70% (1 mo. Term SOFR + 3.25%), 02/05/2026		8,931,138		8,938,104
Pregis TopCo LLC, Senior Secured First Lien
9.08% (1 mo. Term SOFR + 4.00%), 08/01/2026		14,833,745		14,828,404
9.20% (1 mo. Term SOFR + 4.00%), 08/01/2026		3,430,000		3,423,586
Proampac PG Borrower LLC, Senior Secured First Lien
9.32% (1 mo. Term SOFR + 3.75%), 11/21/2023		14,312,826		14,266,310
9.39% (1 mo. Term SOFR + 3.75%), 10/16/2023		4,722,028		4,706,682
11.25% (Prime Rate + 2.75%), 09/29/2023		139,441		138,988
Total Materials				61,770,775

See Notes to Financial Statements

A39

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Technology — 4.9%
Applied Systems, Inc., Senior Secured First Lien
9.74% (3 mo. Term SOFR + 4.50%), 09/19/2026	$	18,607,986	$	18,685,953
CoreLogic, Inc., Senior Secured First Lien
8.93% (1 mo. Term SOFR + 3.50%), 06/02/2028		6,790,178		6,299,282
Dun & Bradstreet Corp., Senior Secured First Lien
8.17% (1 mo. Term SOFR + 2.75%), 02/08/2026		14,500,000		14,495,433
Epicor Software Corp., Senior Secured First Lien
9.06% (1 mo. Term SOFR + 3.75%), 07/31/2027		10,000,000		10,025,000
Peraton Corp., Senior Secured First Lien
9.18% (1 mo. Term SOFR + 3.75%), 02/01/2028		7,634,760		7,628,423
Polaris Newco LLC, Senior Secured First Lien
9.54% (3 mo. LIBOR US + 4.00%), 06/04/2028		11,860,000		11,385,600
UKG, Inc., Senior Secured First Lien
8.62% (3 mo. Term SOFR + 3.25%), 05/03/2026		8,778,650		8,763,682
9.22% (3 mo. Term SOFR + 3.75%), 05/03/2026		4,500,000		4,500,720
9.88% (1 mo. Term SOFR + 4.50%), 05/04/2026		5,985,000		6,011,184
Total Technology				87,795,277

Utilities — 0.5%
PG&E Corp., Senior Secured First Lien
8.45% (1 mo. Term SOFR + 3.00%), 06/23/2025		9,475,515		9,497,262
Total Utilities				9,497,262
TOTAL BANK LOANS (Cost $402,788,438)				400,530,204

COLLATERALIZED LOAN OBLIGATIONS — 4.3%^(a)(c)

Boyce Park Clo Ltd.
Series 2022-1A, Class D, 8.43% (3 mo. Term SOFR + 3.10%), 04/21/2035		2,500,000		2,393,599
CarVal CLO
Series 2018-1A, Class D, 8.46% (3 mo. Term SOFR + 3.15%), 07/16/2031		1,505,000		1,471,704
Series 2019-1A, Class DR, 8.79% (3 mo. Term SOFR + 3.46%), 04/20/2032		2,750,000		2,712,308
Cayuga Park CLO
Series 2020-1A, Class DR, 8.67% (3 mo. Term SOFR + 3.36%), 07/17/2034		1,750,000		1,685,754
CIFC Funding Ltd.
Series 2019-1A, Class DR, 8.69% (3 mo. Term SOFR + 3.36%), 04/20/2032		1,275,000		1,234,070
Dryden Senior Loan Fund
Series 2018-55A, Class C, 7.47% (3 mo. Term SOFR + 2.16%), 04/15/2031		250,000		244,143
Series 2018-58A, Class B, 7.07% (3 mo. Term SOFR + 1.76%), 07/17/2031		1,500,000		1,480,050
Series 2018-58A, Class C, 7.37% (3 mo. Term SOFR + 2.06%), 07/17/2031	$	1,500,000	$	1,469,665
Series 2018-61A, Class BR, 6.97% (3 mo. Term SOFR + 1.66%), 01/17/2032		1,500,000		1,475,850
Series 2018-61A, Class CR, 7.32% (3 mo. Term SOFR + 2.01%), 01/17/2032		1,500,000		1,470,781
Series 2018-64A, Class B, 6.97% (3 mo. Term SOFR + 1.66%), 04/18/2031		2,600,000		2,576,340
Flatiron CLO Ltd.
Series 2019-1A, Class DR, 8.63% (3 mo. Term SOFR + 3.26%), 11/16/2034		1,000,000		986,292
Series 2021-2A, Class B, 7.17% (3 mo. Term SOFR + 1.86%), 10/15/2034		7,000,000		6,945,400
Madison Park Funding Ltd.
Series 2018-28A, Class B, 7.17% (3 mo. Term SOFR + 1.86%), 07/15/2030		2,000,000		1,989,200
Series 2018-28A, Class C, 7.42% (3 mo. Term SOFR + 2.11%), 07/15/2030		1,000,000		987,938
Series 2018-29A, Class B, 7.32% (3 mo. Term SOFR + 2.01%), 10/18/2030		2,650,000		2,645,495
Magnetite CLO Ltd.
Series 2014-8A, Class DR2, 8.47% (3 mo. Term SOFR + 3.16%), 04/15/2031		3,000,000		2,942,450
Series 2019-24A, Class DR, 8.36% (3 mo. Term SOFR + 3.05%), 04/15/2035		2,600,000		2,534,511
Series 2021-30A, Class B, 7.21% (3 mo. Term SOFR + 1.86%), 10/25/2034		6,550,000		6,506,770
Neuberger Berman CLO Ltd.
Series 2014-18A, Class CR2, 8.60% (3 mo. Term SOFR + 3.26%), 10/21/2030		3,000,000		2,950,118
Series 2019-35A, Class D, 9.28% (3 mo. Term SOFR + 3.96%), 01/19/2033		1,750,000		1,706,423
Series 2020-38A, Class BR, 7.24% (3 mo. Term SOFR + 1.91%), 10/20/2035		5,000,000		4,974,500
Series 2021-42A, Class D, 8.37% (3 mo. Term SOFR + 3.06%), 07/16/2035		2,250,000		2,202,580
OCP CLO Ltd.
Series 2019-16A, Class DR, 8.69% (3 mo. Term SOFR + 3.41%), 04/10/2033		1,000,000		985,019
Series 2020-18A, Class DR, 8.79% (3 mo. Term SOFR + 3.46%), 07/20/2032		1,000,000		991,486
OHA Credit Funding
Series 2018-1A, Class D, 8.64% (3 mo. Term SOFR + 3.31%), 10/20/2030		1,500,000		1,484,534
Rad CLO
Series 2020-9A, Class D, 9.57% (3 mo. Term SOFR + 4.26%), 01/15/2034		2,000,000		1,972,808
Series 2021-12A, Class B, 7.28% (3 mo. Term SOFR + 1.91%), 10/30/2034		4,000,000		3,922,800
RR Ltd./Cayman Islands
Series 2019-7A, Class C1B, 8.41% (3 mo. Term SOFR + 3.10%), 01/15/2037		2,000,000		1,966,170
Sandstone Peak Ltd.
Series 2021-1A, Class B1, 7.37% (3 mo. Term SOFR + 2.06%), 10/15/2034		9,000,000		8,968,499

See Notes to Financial Statements

A40

Aristotle Strategic Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
TICP CLO Ltd.
Series 2018-12A, Class DR, 8.87% (3 mo. Term SOFR + 3.56%), 07/15/2034	$	1,100,000	$	1,059,227
Series 2019-13A, Class DR, 8.72% (3 mo. Term SOFR + 3.41%), 04/15/2034		1,000,000		970,112
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $77,636,587)				77,906,596

ASSET BACKED SECURITIES — 0.7%

American Airlines Group, Inc.
Series 2016-1, 4.10%, 01/15/2028		1,000,279		898,001
Series A, 2.88%, 07/11/2034		3,570,680		2,933,188
Series A, 3.50%, 02/15/2032		1,579,777		1,280,310
Series AA, 3.15%, 02/15/2032		2,389,919		2,047,864
British Airways PLC
Series 2019-1, 3.30%, 12/15/2032 ^(a)		2,338,759		2,005,053
United Airlines, Inc.
Series A, 5.80%, 01/15/2036		800,000		779,720
Series 2019-1, 4.15%, 08/25/2031		2,180,874		1,971,096
TOTAL ASSET BACKED SECURITIES (Cost $13,239,867)				11,915,232

	Shares		Value
COMMON STOCKS — 0.0%^(d)
TNT DUMMY EQUITY^(e)		4,054	$	27,365
TOTAL COMMON STOCKS (Cost $1,516,777)				27,365

TOTAL INVESTMENTS — 96.7% (Cost $1,862,909,349)				1,737,356,472
Other Assets in Excess of Liabilities — 3.3%				58,979,034
TOTAL NET ASSETS — 100.0%			$	1,796,335,506

Percentages are stated as a percent of net assets.

CDI - CREST Depository Interest

LIBOR - London Interbank Offered Rate

PIK - Payment In Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

(b)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(c)

(d)	Represents less than 0.05% of net assets.

(e)	Non-income producing security.

See Notes to Financial Statements

A41

Aristotle Ultra Short Income Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Par		Value
CORPORATE BONDS — 57.2%

Communications — 2.5%
Charter Communications Operating LLC / Charter Communications Operating Capital
7.28% (3 mo. Term SOFR + 1.91%), 02/01/2024 ^(a)	$	500,000	$	501,728
Discovery Communications LLC
3.90%, 11/15/2024		125,000		121,598
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
4.74%, 03/20/2025 ^(b)		698,250		691,038
Total Communications				1,314,364

Consumer Discretionary — 1.1%
British Airways 2019-1 Class A Pass Through Trust
Series PTT, 3.35%, 06/15/2029 ^(b)		64,375		57,307
Marriott International, Inc.
3.60%, 04/15/2024		500,000		493,918
Total Consumer Discretionary				551,225

Consumer Staples — 2.5%
General Mills, Inc.
3.65%, 02/15/2024		300,000		297,358
Haleon US Capital LLC
3.02%, 03/24/2024		250,000		246,417
JDE Peet’s NV
0.80%, 09/24/2024 ^(b)		500,000		474,709
Suntory Holdings Ltd.
2.25%, 10/16/2024 ^(b)		300,000		288,610
Total Consumer Staples				1,307,094

Energy — 3.9%
Enbridge, Inc.
5.95% (SOFR + 0.63%), 02/16/2024 ^(a)		250,000		250,022
Energy Transfer LP
4.50%, 04/15/2024		300,000		297,483
Energy Transfer LP / Regency Energy Finance Corp.
4.50%, 11/01/2023		500,000		499,256
Enterprise Products Operating LLC
3.90%, 02/15/2024		200,000		198,507
MPLX LP
4.88%, 12/01/2024		300,000		295,849
TransCanada PipeLines Ltd.
6.20%, 03/09/2026		500,000		499,463
Total Energy				2,040,580

Financials — 34.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.15%, 10/29/2023		350,000		348,684
3.15%, 02/15/2024		200,000		197,747
Air Lease Corp.
4.25%, 02/01/2024		200,000		198,630
Athene Global Funding
1.00%, 04/16/2024 ^(b)	$	400,000	$	387,749
Avolon Holdings Funding Ltd.
3.95%, 07/01/2024 ^(b)		150,000		146,866
Bank of America Corp.
3.46% (3 mo. Term SOFR + 1.23%), 03/15/2025 ^(a)		500,000		493,396
4.00%, 01/22/2025		500,000		486,785
6.01% (SOFR + 0.69%), 04/22/2025 ^(a)		500,000		499,572
Bank of Montreal
6.30% (SOFR + 0.95%), 09/25/2025 ^(a)		500,000		500,029
Capital One Financial Corp.
3.90%, 01/29/2024		200,000		198,495
Citigroup, Inc. ^(a)
0.78% (SOFR + 0.69%), 10/30/2024		500,000		497,677
3.35% (3 mo. Term SOFR + 1.16%), 04/24/2025		500,000		491,181
6.84% (SOFR + 1.53%), 03/17/2026		250,000		252,454
DAE Funding LLC
1.55%, 08/01/2024 ^(b)		200,000		191,594
Essex Portfolio LP
3.88%, 05/01/2024		400,000		394,397
GLP Capital LP / GLP Financing II, Inc.
3.35%, 09/01/2024		200,000		194,469
Goldman Sachs Group, Inc.
3.63%, 02/20/2024		400,000		396,270
6.01% (SOFR + 0.70%), 01/24/2025 ^(a)		500,000		498,385
7.27% (3 mo. Term SOFR + 1.86%), 11/29/2023 ^(a)		500,000		500,999
Host Hotels & Resorts LP
3.88%, 04/01/2024		600,000		592,540
JPMorgan Chase & Co. ^(a)
3.85% (SOFR + 0.98%), 06/14/2025		500,000		491,271
4.02% (3 mo. Term SOFR + 1.26%), 12/05/2024		450,000		448,025
6.24% (SOFR + 0.92%), 02/24/2026		850,000		851,388
LeasePlan Corp. NV
2.88%, 10/24/2024 ^(b)		200,000		192,490
Mid-America Apartments LP
4.30%, 10/15/2023		472,000		471,714
Mitsubishi UFJ Financial Group, Inc.
3.41%, 03/07/2024		500,000		494,585
6.69% (SOFR + 1.39%), 09/12/2025 ^(a)		500,000		503,823
Morgan Stanley ^(a)
0.79% (SOFR + 0.51%), 01/22/2025		300,000		294,228
3.62% (SOFR + 1.16%), 04/17/2025		1,000,000		984,388
5.81% (SOFR + 0.47%), 11/10/2023		250,000		250,003
New York Life Global Funding
0.40%, 10/21/2023 ^(b)		650,000		648,115
Penske Truck Leasing Co. Lp / PTL Finance Corp.
2.70%, 11/01/2024 ^(b)		350,000		337,082
Principal Life Global Funding II
0.50%, 01/08/2024 ^(b)		250,000		246,408

See Notes to Financial Statements

A42

Aristotle Ultra Short Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Reliance Standard Life Global Funding II
2.50%, 10/30/2024 ^(b)	$	315,000	$	301,603
Royal Bank of Canada
3.97%, 07/26/2024		652,000		641,558
4.95%, 04/25/2025		500,000		492,867
Sumitomo Mitsui Financial Group, Inc.
0.51%, 01/12/2024		400,000		394,103
2.70%, 07/16/2024		300,000		292,410
Svenska Handelsbanken AB
6.23% (SOFR + 0.91%), 06/10/2025 ^(a)(b)		250,000		250,516
Toronto-Dominion Bank
4.29%, 09/13/2024		250,000		246,051
UBS AG
5.68% (SOFR + 0.36%), 02/09/2024 ^(a)(b)		500,000		500,086
Ventas Realty LP
2.65%, 01/15/2025		150,000		143,060
VICI Properties LP / VICI Note Co., Inc.
5.63%, 05/01/2024 ^(b)		500,000		497,271
Wells Fargo Bank NA
6.12% (SOFR + 0.80%), 08/01/2025 ^(a)		500,000		501,061
Welltower OP LLC
3.63%, 03/15/2024		200,000		197,742
Total Financials				18,139,767

Health Care — 0.9%
Bayer US Finance II LLC
6.68% (3 mo. Term SOFR + 1.27%), 12/15/2023 ^(a)(b)		450,000		450,240
Total Health Care				450,240

Industrials — 3.9%
Allegion US Holding Co., Inc.
3.20%, 10/01/2024		500,000		484,809
Daimler Truck Finance North America LLC
6.26% (SOFR + 1.00%), 04/05/2024 ^(a)(b)		500,000		500,852
Element Fleet Management Corp.
1.60%, 04/06/2024 ^(b)		500,000		488,116
Parker-Hannifin Corp.
3.65%, 06/15/2024		200,000		196,939
Regal Rexnord Corp.
6.05%, 02/15/2026 ^(b)		200,000		197,860
Ryder System, Inc.
3.65%, 03/18/2024		200,000		197,836
Total Industrials				2,066,412

Materials — 0.9%^(b)
Anglo American Capital PLC
3.63%, 09/11/2024		400,000		390,383
Graphic Packaging International LLC
0.82%, 04/15/2024		91,000		88,233
Total Materials				478,616

Technology — 2.8%
Arrow Electronics, Inc.
6.13%, 03/01/2026		200,000		199,264
Broadcom Corp. / Broadcom Cayman Finance Ltd.
3.63%, 01/15/2024	$	200,000	$	198,550
Infor, Inc.
1.75%, 07/15/2025 ^(b)		500,000		460,084
NXP BV / NXP Funding LLC
4.88%, 03/01/2024		200,000		199,020
TD SYNNEX Corp.
1.25%, 08/09/2024		400,000		382,264
Total Technology				1,439,182

Utilities — 4.1%
DTE Energy Co. ^(c)
2.53%, 10/01/2024		200,000		193,021
4.22%, 11/01/2024		150,000		147,258
Emera US Finance LP
0.83%, 06/15/2024		150,000		144,135
Jersey Central Power & Light Co.
4.70%, 04/01/2024 ^(b)		410,000		406,310
NextEra Energy Capital Holdings, Inc.
6.05%, 03/01/2025		450,000		450,842
Southern California Edison Co.
6.15% (SOFR + 0.83%), 04/01/2024 ^(a)		200,000		200,017
Tampa Electric Co.
3.88%, 07/12/2024		150,000		147,610
Tri-State Generation and Transmission Association, Inc.
3.70%, 11/01/2024		200,000		194,083
Vistra Operations Co. LLC
4.88%, 05/13/2024 ^(b)		300,000		296,943
Total Utilities				2,180,219
TOTAL CORPORATE BONDS (Cost $30,046,199)				29,967,699
��
COLLATERALIZED LOAN OBLIGATIONS — 20.2%^(b)

Blackstone, Inc. ^(d)
Series 2018-1A, Class A2, 6.58% (3 mo. Term SOFR + 1.27%), 04/15/2031		250,000		249,291
Series 2018-1A, Class A1, 6.60% (3 mo. Term SOFR + 1.29%), 04/15/2031		250,000		249,302
CIFC Funding Ltd. ^(d)
Series 2015-3A, Class AR, 6.45% (3 mo. Term SOFR + 1.13%), 04/19/2029		291,670		291,388
Series 2018-1A, Class A, 6.57% (3 mo. Term SOFR + 1.26%), 04/18/2031		355,000		354,229
Series 2018-3A, Class A, 6.67% (3 mo. Term SOFR + 1.36%), 07/18/2031		250,000		249,115
Magnetite CLO Ltd. ^(d)
Series 2012-7A, Class A1R2, 6.37% (3 mo. Term SOFR + 1.06%), 01/15/2028		159,433		159,062
Series 2014-8A, Class AR2, 6.55% (3 mo. Term SOFR + 1.24%), 04/15/2031		1,354,080		1,350,970
Series 2015-12A, Class ARR, 6.67% (3 mo. Term SOFR + 1.36%), 10/15/2031		1,700,000		1,695,935
Series 2015-14RA, Class A1, 6.69% (3 mo. Term SOFR + 1.38%), 10/18/2031		500,000		498,860

See Notes to Financial Statements

A43

Aristotle Ultra Short Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
Series 2016-18A, Class AR2, 6.51% (3 mo. Term SOFR + 1.14%), 11/15/2028	$	881,815	$	880,160
Series 2020-25A, Class A, 6.81% (3 mo. Term SOFR + 1.46%), 01/25/2032		250,000		249,938
Magnetite Xxix Ltd.
Series 2021-29A, Class A, 6.56% (3 mo. Term SOFR + 1.25%), 01/15/2034 ^(d)		755,000		751,936
Neuberger Berman CLO Ltd. ^(d)
Series 2017-26A, Class AR, 6.49% (3 mo. Term SOFR + 1.18%), 10/18/2030		438,348		436,485
Series 2020-37A, Class AR, 6.56% (3 mo. Term SOFR + 1.23%), 07/20/2031		300,000		299,782
OCP CLO Ltd.
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030 ^(d)		246,278		245,503
Palmer Square CLO Ltd. ^(d)
Series 2018-1A, Class A1, 6.60% (3 mo. Term SOFR + 1.29%), 04/18/2031		236,204		236,051
Series 2018-2A, Class A1A, 6.67% (3 mo. Term SOFR + 1.36%), 07/16/2031		250,000		249,797
Palmer Square Loan Funding Ltd. ^(d)
Series 2021-1A, Class A1, 6.49% (3 mo. Term SOFR + 1.16%), 04/20/2029		561,672		560,909
Series 2021-2A, Class A1, 6.44% (3 mo. Term SOFR + 1.06%), 05/20/2029		151,128		150,225
Series 2021-3A, Class A1, 6.39% (3 mo. Term SOFR + 1.06%), 07/20/2029		154,198		153,659
Series 2021-4A, Class A1, 6.37% (3 mo. Term SOFR + 1.06%), 10/15/2029		179,951		179,240
Series 2022-1A, Class A1, 6.36% (3 mo. Term SOFR + 1.05%), 04/15/2030		408,489		405,879
Stratus CLO Ltd. ^(d)
Series 2021-1A, Class A, 6.39% (3 mo. Term SOFR + 1.06%), 12/29/2029		185,584		184,575
Series 2021-3A, Class A, 6.54% (3 mo. Term SOFR + 1.21%), 12/29/2029		228,222		226,887
Voya CLO Ltd. ^(d)
Series 2015-1A, Class A1R, 6.47% (3 mo. Term SOFR + 1.16%), 01/18/2029		91,481		91,441
Series 2017-4A, Class A1, 6.70% (3 mo. Term SOFR + 1.39%), 10/15/2030		208,969		208,308
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $10,567,387)				10,608,927

ASSET BACKED SECURITIES — 6.2%

AmeriCredit Automobile Receivables Trust
Series 2022-1, Class A2, 2.05%, 01/20/2026		7,850		7,833
Series 2022-2, Class A2A, 4.20%, 12/18/2025		61,039		60,707
Series 2023-1, Class A2A, 5.84%, 10/19/2026		135,173		134,732
British Airways PLC
Series 2013-1, 4.63%, 06/20/2024 ^(b)		30,293		29,778
Delta Air Lines, Inc.
Series 2019-1, 3.20%, 04/25/2024		600,000		587,310
Ford Credit Auto Owner Trust
Series 2022-B, Class A2A, 3.44%, 02/15/2025		53,254		53,057
General Motors Financial Co., Inc.
Series 2020-3, Class B, 0.76%, 12/18/2025	$	250,616	$	247,003
Hilton Grand Vacations, Inc.
Series 2020-AA, Class A, 2.74%, 02/25/2039 ^(b)		34,182		32,211
Navient Student Loan Trust ^(b)
Series 2020-2A, Class A1A, 1.32%, 08/26/2069		93,367		80,268
Series 2020-EA, Class A, 1.69%, 05/15/2069		82,566		73,854
Series 2020-FA, Class A, 1.22%, 07/15/2069		127,142		113,823
Series 2020-HA, Class A, 1.31%, 01/15/2069		74,048		67,788
Series 2021-1A, Class A1B, 6.03% (30 day avg SOFR US + 0.71%), 12/26/2069 ^(d)		97,831		96,239
Series 2021-A, Class A, 0.84%, 05/15/2069		79,128		68,107
Series 2021-CA, Class A, 1.06%, 10/15/2069		141,608		121,373
Santander Consumer USA Holdings, Inc.
Series 2023-3, Class A2, 6.08%, 08/17/2026		150,000		149,734
Santander Consumer USA, Inc.
Series 2022-6, Class A2, 4.37%, 05/15/2025		26,119		26,097
Series 2022-7, Class A2, 5.81%, 01/15/2026		200,131		199,926
Series 2023-1, Class A2, 5.36%, 05/15/2026		261,422		260,787
SMB Private Education Loan Trust ^(b)
Series 2016-A, Class A2A, 2.70%, 05/15/2031		46,897		46,092
Series 2016-B, Class A2A, 2.43%, 02/17/2032		24,756		24,077
Series 2016-C, Class A2A, 2.34%, 09/15/2034		78,381		76,205
SoFi Professional Loan Program LLC
Series 2018-B, Class A2FX, 3.34%, 08/25/2047 ^(b)		174,296		167,916
United Airlines, Inc.
Series A, 4.00%, 10/29/2024		527,090		513,845
TOTAL ASSET BACKED SECURITIES (Cost $3,328,551)				3,238,762

BANK LOANS — 4.9%^(a)

Communications — 1.5%
Charter Communications Operating LLC, Senior Secured First Lien
7.07% (1 mo. Term SOFR + 1.75%), 02/01/2027		484,887		484,918
SBA Senior Finance II LLC, Senior Secured First Lien
7.19% (1 mo. Term SOFR + 1.75%), 04/11/2025		298,429		298,668
Total Communications				783,586

Consumer Discretionary — 1.7%
Hilton Worldwide Finance LLC, Senior Secured First Lien
7.16% (3 mo. Term SOFR + 1.75%), 06/21/2026		250,000		250,200
Mileage Plus Holdings LLC, Senior Secured First Lien
10.76% (3 mo. LIBOR US + 5.25%), 06/20/2027		416,667		433,523

See Notes to Financial Statements

A44

Aristotle Ultra Short Income Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Par		Value
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien
8.45% (1 mo. Term SOFR + 3.00%), 08/25/2028	$	245,625	$	245,370
Total Consumer Discretionary				929,093

Financials — 0.3%
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien
7.82% (1 mo. Term SOFR + 2.50%), 06/22/2028		138,642		138,807
Total Financials				138,807

Industrials — 0.9%
United Rentals North America, Inc., Senior Secured First Lien
7.08% (1 mo. Term SOFR + 1.75%), 10/31/2025		484,733		486,308
Total Industrials				486,308

Materials — 0.5%
Asplundh Tree Expert LLC, Senior Secured First Lien
7.18% (1 mo. Term SOFR + 1.75%), 09/04/2027		243,125		243,141
Total Materials				243,141
TOTAL BANK LOANS (Cost $2,569,853)				2,580,935

U.S. TREASURY OBLIGATIONS — 3.5%

United States Treasury Note/Bond
0.38%, 08/15/2024		500,000		478,380
0.75%, 12/31/2023		100,000		98,861
2.50%, 05/15/2024	$	1,000,000	$	982,099
3.88%, 04/30/2025		300,000		293,924
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,867,578)				1,853,264

SHORT-TERM INVESTMENTS — 3.4%

United States Treasury Bill, 5.42%, 2/29/2024^(e)		1,800,000		1,760,222
TOTAL SHORT-TERM INVESTMENTS (Cost $1,760,192)				1,760,222

TOTAL INVESTMENTS — 95.4% (Cost $50,139,760)				50,009,809
Other Assets in Excess of Liabilities — 4.6%				2,411,997
TOTAL NET ASSETS — 100.0%			$	52,421,806

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.

(b)

(c)	Step coupon bond. The rate disclosed is as of September 30, 2023.

(d)

(e)	The rate shown is the effective yield.

See Notes to Financial Statements

A45

Aristotle Core Equity Fund II
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.1%

Communication Services — 7.7%^(a)
Alphabet, Inc. — Class A		79,826	$	10,446,030
Meta Platforms, Inc. — Class A		11,148		3,346,741
Netflix, Inc.		4,703		1,775,853
Total Communication Services				15,568,624

Consumer Discretionary — 11.2%
Amazon.com, Inc.^(a)		61,343		7,797,923
Expedia Group, Inc.^(a)		18,552		1,912,155
General Motors Co.		68,301		2,251,884
Home Depot, Inc.		14,283		4,315,751
Marriott International Inc. — Class A		16,561		3,255,230
O’Reilly Automotive, Inc.^(a)		3,468		3,151,926
Total Consumer Discretionary				22,684,869

Consumer Staples — 5.8%
Costco Wholesale Corp.		8,035		4,539,453
Darling Ingredients, Inc.^(a)		76,039		3,969,236
Estee Lauder Cos., Inc. – Class A		6,054		875,106
PepsiCo, Inc.		14,248		2,414,181
Total Consumer Staples				11,797,976

Energy — 2.5%
Antero Resources Corp.^(a)		79,884		2,027,456
Halliburton Co.		76,279		3,089,299
Total Energy				5,116,755

Financials — 11.9%
Ameriprise Financial, Inc.		11,972		3,946,929
Bank of America Corp.		87,209		2,387,782
Chubb Ltd.		22,741		4,734,221
Intercontinental Exchange, Inc.		34,643		3,811,423
JPMorgan Chase & Co.		37,493		5,437,235
Visa, Inc. — Class A		16,629		3,824,836
Total Financials				24,142,426

Health Care — 15.5%
Abbott Laboratories		39,118		3,788,578
Adaptive Biotechnologies Corp.^(a)		273,688		1,491,600
Becton Dickinson & Co.		20,772		5,370,186
Bio-Techne Corp.		46,237		3,147,353
Bristol-Myers Squibb Co.		47,552		2,759,918
Guardant Health, Inc.^(a)		74,436		2,206,283
Teleflex, Inc.		12,268		2,409,558
The Cigna Group		16,777		4,799,396
Thermo Fisher Scientific, Inc.		6,729		3,406,018
Zoetis, Inc.		11,776		2,048,788
Total Health Care				31,427,678

Industrials — 9.2%
AMETEK, Inc.		33,511		4,951,586
Chart Industries, Inc.^(a)		15,713		2,657,383
Honeywell International, Inc.		16,549		3,057,262
Norfolk Southern Corp.		19,765		3,892,321
Spirit AeroSystems Holdings, Inc. — Class A^(a)		50,310		812,003
Trane Technologies PLC		16,115		3,269,895
Total Industrials				18,640,450

Information Technology — 29.2%
Accenture PLC — Class A		13,149		4,038,189
Apple, Inc.		91,924		15,738,308
Applied Materials, Inc.		15,508		2,147,083
Broadcom, Inc.		6,306		5,237,637
Microsoft Corp.		53,230		16,807,373
NVIDIA Corp.		17,624		7,666,264
Oracle Corp.		12,943		1,370,923
ServiceNow, Inc.^(a)		6,398		3,576,226
Synopsys, Inc.^(a)		5,298		2,431,623
Total Information Technology				59,013,626

Materials — 1.9%
Avery Dennison Corp.		21,024		3,840,454
Total Materials				3,840,454

Utilities — 2.2%
American Water Works Co., Inc.		16,491		2,042,081
NextEra Energy, Inc.		42,230		2,419,356
Total Utilities				4,461,437
TOTAL COMMON STOCKS (Cost $189,520,380)				196,694,295

REAL ESTATE INVESTMENT TRUSTS — 1.2%

Alexandria Real Estate Equities, Inc.		10,781		1,079,178
Prologis, Inc.		13,001		1,458,842
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,935,729)				2,538,020

TOTAL INVESTMENTS — 98.3% (Cost $192,456,109)				199,232,315
Other Assets in Excess of Liabilities — 1.7%				3,386,310
TOTAL NET ASSETS — 100.0%			$	202,618,625

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.

See Notes to Financial Statements

A46

Aristotle Growth Equity Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 89.4%

Communication Services — 9.6%^(a)
Alphabet, Inc. — Class A		88,791	$	11,619,189
Meta Platforms, Inc. — Class A		10,724		3,219,452
Netflix, Inc.		5,351		2,020,538
Take-Two Interactive Software, Inc.		32,350		4,541,617
Total Communication Services				21,400,796

Consumer Discretionary — 14.3%
Amazon.com, Inc.^(a)		112,402		14,288,543
Expedia Group, Inc.^(a)		39,877		4,110,122
Home Depot, Inc.		20,162		6,092,151
O’Reilly Automotive, Inc.^(a)		4,616		4,195,298
Tesla, Inc.^(a)		12,606		3,154,273
Total Consumer Discretionary				31,840,387

Consumer Staples — 4.9%
Constellation Brands, Inc. – Class A		6,432		1,616,555
Costco Wholesale Corp.		8,176		4,619,112
Darling Ingredients, Inc.^(a)		71,868		3,751,510
Estee Lauder Cos., Inc. – Class A		6,982		1,009,248
Total Consumer Staples				10,996,425

Financials — 5.4%
S&P Global, Inc.		6,672		2,438,016
Visa, Inc. — Class A		41,087		9,450,420
Total Financials				11,888,436

Health Care — 12.6%
Adaptive Biotechnologies Corp.^(a)		385,095		2,098,768
BioMarin Pharmaceutical, Inc.^(a)		27,630		2,444,702
Bio-Techne Corp.		43,981		2,993,787
Dexcom, Inc.^(a)		37,105		3,461,897
Guardant Health, Inc.^(a)		66,001		1,956,270
IDEXX Laboratories, Inc.^(a)		4,957		2,167,547
Thermo Fisher Scientific, Inc.		6,538		3,309,339
UnitedHealth Group, Inc.		13,197		6,653,795
Vertex Pharmaceuticals, Inc.^(a)		8,448		2,937,708
Total Health Care				28,023,813

Industrials — 7.0%
AMETEK, Inc.		25,321		3,741,432
Chart Industries, Inc.^(a)		14,719		2,489,277
Honeywell International, Inc.		15,315		2,829,293
Norfolk Southern Corp.		14,066		2,770,017
Quanta Services, Inc.		13,618		2,547,519
Uber Technologies, Inc.^(a)		25,882		1,190,313
Total Industrials				15,567,851

Information Technology — 35.6%
Adobe, Inc.^(a)		8,851		4,513,125
Apple, Inc.		64,629		11,065,131
Enphase Energy, Inc.^(a)		3,649		438,427
KLA Corp.		8,341		3,825,683
Microsoft Corp.		84,339		26,630,040
NVIDIA Corp.		33,936		14,761,821
ON Semiconductor Corp.^(a)		29,366		2,729,570
ServiceNow, Inc.^(a)		10,253		5,731,017
Synopsys, Inc.^(a)		14,288		6,557,763
Tenable Holdings, Inc.^(a)		64,274		2,879,475
Total Information Technology				79,132,052
TOTAL COMMON STOCKS (Cost $170,390,485)				198,849,760

EXCHANGE TRADED FUNDS — 9.2%

Invesco QQQ Trust Series 1		28,534		10,222,876
Vanguard Russell 1000 Growth ETF		148,266		10,147,325
TOTAL EXCHANGE TRADED FUNDS (Cost $20,527,587)				20,370,201

REAL ESTATE INVESTMENT TRUSTS — 1.1%

Alexandria Real Estate Equities, Inc.		10,449		1,045,945
Prologis, Inc.		11,858		1,330,586
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,753,767)				2,376,531

TOTAL INVESTMENTS — 99.7% (Cost $193,671,839)				221,596,492
Other Assets in Excess of Liabilities — 0.3%				613,189
TOTAL NET ASSETS — 100.0%			$	222,209,681

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

See Notes to Financial Statements

A47

Aristotle International Equity Fund II
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.6%

Austria — 1.8%
Erste Group Bank AG		101,600	$	3,525,413
Total Austria				3,525,413

Canada — 9.1%
Brookfield Corp.		210,200		6,572,571
Cameco Corp.		165,800		6,578,290
Magna International, Inc.		81,600		4,373,027
Total Canada				17,523,888

France — 16.0%
Amundi SA		57,300		3,231,966
Cie Generale des Etablissements Michelin SCA		154,200		4,739,223
Dassault Systemes SE		154,300		5,757,803
LVMH Moet Hennessy Louis Vuitton SE		7,900		5,983,570
Safran SA		34,000		5,343,088
TotalEnergies SE		85,400		5,625,917
Total France				30,681,567

Germany — 8.2%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen^(a)		20,000		7,804,620
Nemetschek SE		73,600		4,503,852
Symrise AG		36,600		3,494,964
Total Germany				15,803,436

Hong Kong — 1.9%
AIA Group Ltd.		440,700		3,593,267
Total Hong Kong				3,593,267

Ireland — 7.0%
Accenture PLC — Class A		29,900		9,182,589
Experian PLC		126,000		4,136,969
Total Ireland				13,319,558

Japan — 15.5%
FANUC Corp.		124,400		3,240,693
KDDI Corp.		157,700		4,829,985
Kubota Corp.		205,800		3,035,219
NIDEC CORP		49,700		2,305,077
Otsuka Holdings Co. Ltd.		91,000		3,235,298
Pan Pacific International Holdings Corp.		300,300		6,305,818
Sony Group Corp.		83,400		6,830,942
Total Japan				29,783,032

Netherlands — 5.9%
Akzo Nobel NV		52,200		3,779,306
DSM-Firmenich AG		36,800		3,117,602
Heineken NV		49,900		4,403,081
Total Netherlands				11,299,989

Peru — 2.4%
Credicorp Ltd.		36,200		4,632,514
Total Peru				4,632,514

Singapore — 2.8%
DBS Group Holdings Ltd.		217,400		5,349,917
Total Singapore				5,349,917

South Korea — 2.3%
Samsung Electronics Co. Ltd. — GDR^(a)		2,350		2,961,000
Samsung Electronics Co. Ltd.		27,900		1,414,229
Total South Korea				4,375,229

Sweden — 1.8%
Assa Abloy AB — Class B		154,100		3,359,705
Total Sweden				3,359,705

Switzerland — 5.4%
Alcon, Inc.		72,000		5,580,030
Novartis AG^(a)		45,200		4,635,302
Total Switzerland				10,215,332

United Kingdom — 16.5%
Ashtead Group PLC		111,200		6,786,511
Coca-Cola Europacific Partners PLC		88,800		5,548,224
GSK PLC		223,300		4,064,954
Haleon PLC		1,361,400		5,661,703
Rentokil Initial PLC		745,700		5,551,807
Unilever PLC		80,500		3,990,318
Total United Kingdom				31,603,517
TOTAL COMMON STOCKS (Cost $191,919,038)				185,066,364

TOTAL INVESTMENTS — 96.6% (Cost $191,919,038)				185,066,364
Other Assets in Excess of Liabilities — 3.4%				6,585,669
TOTAL NET ASSETS — 100.0%			$	191,652,033

Percentages are stated as a percent of net assets.

GDR - Global Depositary Receipt

PLC - Public Limited Company

(a)	Security considered restricted. The total market value of these securities was $15,400,922 which represented 8.0% of net assets as of September 30, 2023.

See Notes to Financial Statements

A48

Aristotle International Equity Fund II
Summary of Investments
as of September 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Financials	18.1%
Industrials	17.6%
Consumer Discretionary	14.8%
Information Technology	12.4%
Consumer Staples	10.2%
Health Care	9.2%
Energy	6.4%
Materials	5.4%
Communication Services	2.5%
Total Common Stocks	96.6%
Total Investments	96.6%
Other Assets in Excess of Liabilities	3.4%
Total Net Assets	100.0%

See Notes to Financial Statements

A49

Aristotle Small Cap Equity Fund II
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares			Value
COMMON STOCKS — 91.1%

Communication Services — 1.7%
ATN International, Inc.		3,793		$	119,707
TKO Group Holdings, Inc.		2,987			251,087
Total Communication Services					370,794

Consumer Discretionary — 5.1%
1-800-Flowers.com, Inc. — Class A^(a)		15,307			107,149
Carter’s, Inc.		4,078			281,994
Designer Brands, Inc. – Class A		13,805			174,771
KB Home		4,138			191,507
Monro, Inc.		5,256			145,959
Sonos, Inc.^(a)		12,535			161,827
Wolverine World Wide, Inc.		7,299			58,830
Total Consumer Discretionary					1,122,037

Consumer Staples — 3.3%
Chefs’ Warehouse, Inc.^(a)		3,104			65,743
Herbalife Ltd.^(a)		7,896			110,465
J & J Snack Foods Corp.		1,270			207,836
Nu Skin Enterprises, Inc. — Class A		5,648			119,794
TreeHouse Foods, Inc.^(a)		5,368			233,937
Total Consumer Staples					737,775

Energy — 5.9%
Ardmore Shipping Corp.		28,789			374,544
International Seaways, Inc.		3,867			174,015
Oceaneering International, Inc.^(a)		14,637			376,463
Patterson-UTI Energy, Inc.		23,083			319,469
Ring Energy, Inc.^(a)		34,243			66,774
Total Energy					1,311,265

Financials — 11.1%
BankUnited, Inc.		4,994			113,364
Banner Corp.		2,663			112,858
Berkshire Hills Bancorp, Inc.		3,058			61,313
BRP Group, Inc. — Class A^(a)		10,467			243,149
Byline Bancorp, Inc.		12,172			239,910
Customers Bancorp, Inc.^(a)		4,752			163,706
eHealth, Inc.^(a)		5,343			39,538
Euronet Worldwide, Inc.^(a)		2,872			227,979
Flushing Financial Corp.		7,315			96,046
National Bank Holdings Corp. – Class A		9,277			276,085
Pacific Premier Bancorp, Inc.		6,145			133,715
Texas Capital Bancshares, Inc.^(a)		3,601			212,099
United Community Banks, Inc. of Georgia		6,079			154,467
Veritex Holdings, Inc.		8,113			145,628
Voya Financial, Inc.		3,647			242,343
Total Financials					2,462,200

Health Care — 16.0%
Acadia Healthcare Co., Inc.^(a)		7,042			495,122
Avid Bioservices, Inc.^(a)		7,322			69,120
Charles River Laboratories International, Inc.^(a)		1,072			210,091
Chemed Corp.		696			361,711
Coherus Biosciences, Inc.^(a)		16,688			62,413
Cross Country Healthcare, Inc.^(a)		9,283			230,126
Enhabit, Inc.^(a)		3,397			38,216
Haemonetics Corp.^(a)		2,197			196,807
HealthEquity, Inc.^(a)		4,380			319,959
Merit Medical Systems, Inc.^(a)		6,317			435,999
ModivCare, Inc.^(a)		4,381			138,045
Pediatrix Medical Group, Inc.^(a)		6,018			76,489
PetIQ, Inc.^(a)		8,813			173,616
Prestige Consumer Healthcare, Inc.^(a)		5,519			315,632
QuidelOrtho Corp.^(a)		2,832			206,849
Supernus Pharmaceuticals, Inc.^(a)		7,965			219,595
Total Health Care					3,549,790

Industrials — 26.8%
AerCap Holdings NV^(a)		6,597			413,434
Albany International Corp. – Class A		3,850			332,178
ASGN, Inc.^(a)		4,272			348,937
AZEK Co., Inc.^(a)		8,876			263,972
AZZ, Inc.		2,739			124,844
Barnes Group, Inc.		7,324			248,796
Capital Product Partners LP		5,559			77,882
Casella Waste Systems, Inc. – Class A^(a)		3,068			234,088
Columbus McKinnon Corporation of New York		5,820			203,176
Dycom Industries, Inc.^(a)		3,359			298,951
Enviri Corp.^(a)		17,302			124,920
FTI Consulting, Inc.^(a)		848			151,292
GXO Logistics, Inc.^(a)		2,363			138,590
Huron Consulting Group, Inc.^(a)		6,507			677,770
KBR, Inc.		5,297			312,205
Liquidity Services, Inc.^(a)		8,289			146,052
Matthews International Corp. – Class A		7,261			282,526
Mercury Systems, Inc.^(a)		5,644			209,336
SP Plus Corp.^(a)		9,064			327,210
Titan Machinery, Inc.^(a)		4,453			118,361
Viad Corp.^(a)		7,416			194,299
Wabash National Corp.		8,307			175,444
Westinghouse Air Brake Technologies Corp.		2,872			305,207
WillScot Mobile Mini Holdings Corp.^(a)		5,665			235,607
Total Industrials					5,945,077

Information Technology — 15.6%
ACI Worldwide, Inc.^(a)		10,528			237,512
Advanced Energy Industries, Inc.		3,906			402,786
Aspen Technology, Inc.^(a)		976	��		199,358
Belden, Inc.		4,151			400,779
Benchmark Electronics, Inc.		7,261			176,152
Box, Inc. – Class A^(a)		10,375			251,179
Cerence, Inc.^(a)		4,855			98,896
Infinera Corp.^(a)		21,881			91,463
Insight Enterprises, Inc.^(a)		1,247			181,439
Itron, Inc.^(a)		5,991			362,935
Knowles Corp.^(a)		16,324			241,758
MACOM Technology Solutions Holdings, Inc.^(a)		5,884			480,016
Novanta, Inc.^(a)		1,788			256,471

See Notes to Financial Statements

A50

Aristotle Small Cap Equity Fund II
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Shares		Value
Rogers Corp.^(a)		597	$	78,488
Total Information Technology				3,459,232

Materials — 2.8%
Alamos Gold, Inc. – Class A		13,736		155,079
Silgan Holdings, Inc.		5,464		235,553
Summit Materials, Inc. – Class A^(a)		7,604		236,789
Total Materials				627,421

Real Estate — 0.3%
Safehold, Inc.		3,355		59,719
Total Real Estate				59,719

Utilities — 2.5%
ALLETE, Inc.		5,331		281,477
Unitil Corp.		6,392		273,002
Total Utilities				554,479
TOTAL COMMON STOCKS (Cost $20,675,035)				20,199,789

REAL ESTATE INVESTMENT TRUSTS — 4.1%

Armada Hoffler Properties, Inc.		13,655		139,827
Community Healthcare Trust, Inc.		6,461		191,892
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,016		212,339
JBG SMITH Properties		3,848		55,642
STAG Industrial, Inc.		9,053		312,419
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $999,068)				912,119

EXCHANGE TRADED FUNDS — 2.7%

iShares Russell 2000 ETF		1,727		305,230
iShares Russell 2000 Value ETF		2,154		291,975
TOTAL EXCHANGE TRADED FUNDS (Cost $599,436)				597,205

CLOSED END FUNDS — 0.8%

SLR Investment Corp.		11,286		173,692
TOTAL CLOSED END FUNDS (Cost $166,430)				173,692

TOTAL INVESTMENTS — 98.7% (Cost $22,439,969)				21,882,805
Other Assets in Excess of Liabilities — 1.3%				287,041
TOTAL NET ASSETS — 100.0%			$	22,169,846

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

See Notes to Financial Statements

A51

Aristotle Small/Mid Cap Equity Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 95.2%

Communication Services — 1.1%
TKO Group Holdings, Inc.		6,889	$	579,089
Total Communication Services				579,089

Consumer Discretionary — 5.9%
1-800-Flowers.com, Inc. — Class A^(a)		32,001		224,007
Carter’s, Inc.		9,563		661,281
Designer Brands, Inc. – Class A		26,959		341,301
KB Home		9,954		460,671
Monro, Inc.		13,260		368,230
Newell Brands, Inc.		29,226		263,911
Pool Corp.		1,250		445,125
Sonos, Inc.^(a)		16,656		215,029
Wolverine World Wide, Inc.		30,666		247,168
Total Consumer Discretionary				3,226,723

Consumer Staples — 2.9%
Herbalife Ltd.^(a)		20,707		289,691
J & J Snack Foods Corp.		3,203		524,171
Nu Skin Enterprises, Inc. — Class A		11,994		254,393
TreeHouse Foods, Inc.^(a)		11,811		514,723
Total Consumer Staples				1,582,978

Energy — 6.1%
Diamondback Energy, Inc.		5,256		814,049
Oceaneering International, Inc.^(a)		35,119		903,261
Patterson-UTI Energy, Inc.		47,522		657,704
Range Resources Corp.		30,449		986,853
Total Energy				3,361,867

Financials — 11.3%
BankUnited, Inc.		27,851		632,218
Banner Corp.		6,630		280,979
Berkshire Hills Bancorp, Inc.		7,417		148,711
BRP Group, Inc. — Class A^(a)		25,485		592,017
Cohen & Steers, Inc.		10,495		657,931
eHealth, Inc.^(a)		10,694		79,136
Euronet Worldwide, Inc.^(a)		6,178		490,410
Nasdaq, Inc.		13,335		647,947
National Bank Holdings Corp. – Class A		21,746		647,160
Pacific Premier Bancorp, Inc.		15,797		343,743
Texas Capital Bancshares, Inc.^(a)		8,501		500,709
United Community Banks, Inc. of Georgia		15,270		388,011
Voya Financial, Inc.		8,811		585,491
WSFS Financial Corp.		6,386		233,089
Total Financials				6,227,552

Health Care — 16.0%
Acadia Healthcare Co., Inc.^(a)		15,906		1,118,351
Catalent, Inc.^(a)		11,270		513,123
Charles River Laboratories International, Inc.^(a)		3,074		602,443
Chemed Corp.		1,804		937,539
Coherus Biosciences, Inc.^(a)		37,585		140,568
Encompass Health Corp.		10,165		682,681
Enhabit, Inc.^(a)		5,832		65,610
Haemonetics Corp.^(a)		5,065		453,723
HealthEquity, Inc.^(a)		10,589		773,526
Merit Medical Systems, Inc.^(a)		15,212		1,049,932
Pediatrix Medical Group, Inc.^(a)		14,426		183,354
PetIQ, Inc.^(a)		21,708		427,648
Prestige Consumer Healthcare, Inc.^(a)		10,758		615,250
QuidelOrtho Corp.^(a)		4,249		310,347
Supernus Pharmaceuticals, Inc.^(a)		21,554		594,244
Teleflex, Inc.		1,489		292,454
Total Health Care				8,760,793

Industrials — 26.5%
AerCap Holdings NV^(a)		17,084		1,070,654
Albany International Corp. – Class A		9,195		793,345
ASGN, Inc.^(a)		10,485		856,414
AZEK Co., Inc.^(a)		21,553		640,986
AZZ, Inc.		9,263		422,208
Barnes Group, Inc.		17,173		583,367
Carlisle Cos., Inc.		3,212		832,743
Dycom Industries, Inc.^(a)		8,566		762,374
Enviri Corp.^(a)		52,539		379,332
Flowserve Corp.		11,097		441,328
FTI Consulting, Inc.^(a)		6,848		1,221,751
GXO Logistics, Inc.^(a)		5,802		340,287
HEICO Corp. – Class A		3,853		497,885
Huron Consulting Group, Inc.^(a)		13,355		1,391,056
IDEX Corp.		2,583		537,316
Jacobs Solutions, Inc.		4,567		623,396
KBR, Inc.		12,876		758,911
Knight-Swift Transportation Holdings, Inc.		10,619		532,543
Matthews International Corp. – Class A		17,789		692,170
Mercury Systems, Inc.^(a)		6,593		244,534
Westinghouse Air Brake Technologies Corp.		3,247		345,059
WillScot Mobile Mini Holdings Corp.^(a)		13,703		569,908
Total Industrials				14,537,567

Information Technology — 18.2%
ACI Worldwide, Inc.^(a)		24,440		551,366
Advanced Energy Industries, Inc.		9,880		1,018,826
Aspen Technology, Inc.^(a)		2,369		483,892
Belden, Inc.		12,692		1,225,413
Box, Inc. – Class A^(a)		25,317		612,925
Ciena Corp.^(a)		10,342		488,763
Gartner, Inc.^(a)		2,971		1,020,865
Infinera Corp.^(a)		53,028		221,657
IPG Photonics Corp.^(a)		3,475		352,852
Itron, Inc.^(a)		13,206		800,019
Knowles Corp.^(a)		35,396		524,215
MACOM Technology Solutions Holdings, Inc.^(a)		16,392		1,337,258
NCR Corp.^(a)		20,789		560,679
Rogers Corp.^(a)		1,497		196,811
Teledyne Technologies, Inc.^(a)		1,425		582,227
Total Information Technology				9,977,768

See Notes to Financial Statements

A52

Aristotle Small/Mid Cap Equity Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)

	Shares		Value
Materials — 5.2%
Alamos Gold, Inc. – Class A		60,501	$	683,057
AptarGroup, Inc.		6,109		763,869
Silgan Holdings, Inc.		6,879		296,554
Summit Materials, Inc. – Class A^(a)		18,164		565,627
Tronox Holdings PLC		41,417		556,644
Total Materials				2,865,751

Real Estate — 0.1%
Safehold, Inc.		4,257		75,775
Total Real Estate				75,775

Utilities — 1.9%
ALLETE, Inc.		14,172		748,281
NorthWestern Corp.		6,160		296,050
Total Utilities				1,044,331
TOTAL COMMON STOCKS (Cost $51,246,044)				52,240,194

REAL ESTATE INVESTMENT TRUSTS — 2.6%

Boston Properties, Inc.		4,127		245,474
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		24,638		522,326
JBG SMITH Properties		25,323		366,170
STAG Industrial, Inc.		8,970		309,555
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,468,024)				1,443,525

CLOSED END FUNDS — 0.9%

SLR Investment Corp.		32,499		500,160
TOTAL CLOSED END FUNDS (Cost $479,360)				500,160

EXCHANGE TRADED FUNDS — 0.7%

iShares Core S&P Small-Cap ETF		2,807		264,784
iShares Russell 2000 ETF		674		119,123
TOTAL EXCHANGE TRADED FUNDS (Cost $387,633)				383,907

TOTAL INVESTMENTS — 99.4% (Cost $53,581,061)				54,567,786
Other Assets in Excess of Liabilities — 0.6%				328,563
TOTAL NET ASSETS — 100.0%			$	54,896,349

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.

See Notes to Financial Statements

A53

Aristotle Portfolio Optimization Aggressive Growth Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED OPEN-END FUNDS — 53.3%^(a)
Aristotle Core Equity Fund II — Class I^(b)		3,768,360	$	38,814,113
Aristotle Core Income Fund — Class I		985,738		9,127,934
Aristotle Growth Equity Fund — Class I^(b)		2,771,149		36,523,749
Aristotle High Yield Bond Fund — Class I		435,471		3,840,858
Aristotle International Equity Fund II — Class I^(b)		3,440,102		33,437,791
Aristotle Short Duration Income Fund — Class I		1,172,759		11,657,227
TOTAL AFFILIATED OPEN-END FUNDS (Cost $129,175,855)				133,401,672

EXCHANGE TRADED FUNDS — 46.4%

Vanguard Emerging Markets Government Bond ETF		64,568		3,819,843
Vanguard FTSE All World ex-US Small-Cap ETF		35,859		3,808,226
Vanguard FTSE Emerging Markets ETF		226,527		8,882,124
Vanguard International High Dividend Yield ETF		20,890		1,292,882
Vanguard Mid-Cap Growth ETF		65,333		12,724,908
Vanguard Mid-Cap Value ETF		124,783		16,341,582
Vanguard Real Estate ETF		64,373		4,870,461
Vanguard Small-Cap Growth ETF		41,202		8,824,644
Vanguard Small-Cap Value ETF		71,230		11,360,473
Vanguard Total Bond Market ETF		33,231		2,318,859
Vanguard Value ETF		304,102		41,944,789
TOTAL EXCHANGE TRADED FUNDS (Cost $118,627,011)				116,188,791

TOTAL INVESTMENTS — 99.7% (Cost $247,802,866)				249,590,463
Other Assets in Excess of Liabilities — 0.3%				825,163
TOTAL NET ASSETS — 100.0%			$	250,415,626

Percentages are stated as a percent of net assets.

(a)	Affiliated company as defined by the Investment Company Act of 1940. Please refer to the “Transactions in Affiliates” for further disclosures related to these affiliated securities.

(b)	Non-income producing security.

See Notes to Financial Statements

A54

Aristotle Portfolio Optimization Conservative Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED OPEN-END FUNDS — 71.5%^(a)
Aristotle Core Equity Fund II — Class I^(b)		464,454	$	4,783,875
Aristotle Core Income Fund — Class I^(c)		6,228,422		57,675,184
Aristotle Floating Rate Income Fund — Class I		247,006		2,336,679
Aristotle Growth Equity Fund — Class I^(b)		474,799		6,257,853
Aristotle High Yield Bond Fund — Class I		687,919		6,067,450
Aristotle International Equity Fund II — Class I^(b)		452,802		4,401,240
Aristotle Short Duration Income Fund — Class I		2,701,863		26,856,521
TOTAL AFFILIATED OPEN-END FUNDS (Cost $109,918,516)				108,378,802

EXCHANGE TRADED FUNDS — 28.4%

Vanguard Emerging Markets Government Bond ETF		64,505		3,816,116
Vanguard FTSE Emerging Markets ETF		38,795		1,521,152
Vanguard International High Dividend Yield ETF		12,522		774,987
Vanguard Mid-Cap Growth ETF		11,748		2,288,158
Vanguard Mid-Cap Value ETF		11,507		1,506,957
Vanguard Real Estate ETF		9,647		729,892
Vanguard Short-Term Inflation-Protected Securities ETF		150,214		7,102,118
Vanguard Total Bond Market ETF		212,468		14,826,017
Vanguard Value ETF		75,454		10,407,369
TOTAL EXCHANGE TRADED FUNDS (Cost $44,030,170)				42,972,766

TOTAL INVESTMENTS — 99.9% (Cost $153,948,686)				151,351,568
Other Assets in Excess of Liabilities — 0.1%				162,385
TOTAL NET ASSETS — 100.0%			$	151,513,953

Percentages are stated as a percent of net assets.

(a)	Affiliated company as defined by the Investment Company Act of 1940. Please refer to the “Transactions in Affiliates” for further disclosures related to these affiliated securities.

(b)	Non-income producing security.

(c)	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.

See Notes to Financial Statements

A55

Aristotle Portfolio Optimization Growth Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED OPEN-END FUNDS — 59.7%^(a)
Aristotle Core Equity Fund II — Class I^(b)		7,134,941	$	73,489,890
Aristotle Core Income Fund — Class I		6,727,821		62,299,619
Aristotle Growth Equity Fund — Class I^(b)		6,054,724		79,801,266
Aristotle High Yield Bond Fund — Class I		1,426,630		12,582,874
Aristotle International Equity Fund II — Class I^(b)		8,139,770		79,118,568
Aristotle Short Duration Income Fund — Class I		6,083,237		60,467,375
TOTAL AFFILIATED OPEN-END FUNDS (Cost $363,967,772)				367,759,592

EXCHANGE TRADED FUNDS — 40.1%

Vanguard Emerging Markets Government Bond ETF		158,137		9,355,385
Vanguard FTSE All World ex-US Small-Cap ETF		58,549		6,217,904
Vanguard FTSE Emerging Markets ETF		475,538		18,645,845
Vanguard International High Dividend Yield ETF		51,163		3,166,478
Vanguard Mid-Cap Growth ETF		128,007		24,931,923
Vanguard Mid-Cap Value ETF		282,101		36,943,947
Vanguard Real Estate ETF		78,830		5,964,278
Vanguard Short-Term Inflation-Protected Securities ETF		68,195		3,224,260
Vanguard Small-Cap Growth ETF		57,663		12,350,261
Vanguard Small-Cap Value ETF		77,534		12,365,898
Vanguard Total Bond Market ETF		226,073		15,775,374
Vanguard Value ETF		714,544		98,557,053
TOTAL EXCHANGE TRADED FUNDS (Cost $252,755,040)				247,498,606

TOTAL INVESTMENTS — 99.8% (Cost $616,722,812)				615,258,198
Other Assets in Excess of Liabilities — 0.2%				1,470,621
TOTAL NET ASSETS — 100.0%			$	616,728,819

Percentages are stated as a percent of net assets.

(a)	Affiliated company as defined by the Investment Company Act of 1940. Please refer to the “Transactions in Affiliates” for further disclosures related to these affiliated securities.

(b)	Non-income producing security.

See Notes to Financial Statements

A56

Aristotle Portfolio Optimization Moderate Conservative Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED OPEN-END FUNDS — 68.1%^(a)
Aristotle Core Equity Fund II — Class I^(b)		1,228,694	$	12,655,551
Aristotle Core Income Fund — Class I^(c)		7,221,823		66,874,078
Aristotle Floating Rate Income Fund — Class I		343,591		3,250,369
Aristotle Growth Equity Fund — Class I^(b)		965,272		12,722,286
Aristotle High Yield Bond Fund — Class I		1,076,755		9,496,980
Aristotle International Equity Fund II — Class I^(b)		1,575,198		15,310,929
Aristotle Short Duration Income Fund — Class I		2,255,432		22,418,996
TOTAL AFFILIATED OPEN-END FUNDS (Cost $144,692,494)				142,729,189

EXCHANGE TRADED FUNDS — 31.6%

Vanguard Emerging Markets Government Bond ETF		89,151		5,274,173
Vanguard FTSE Emerging Markets ETF		107,236		4,204,724
Vanguard Mid-Cap Growth ETF		21,650		4,216,771
Vanguard Mid-Cap Value ETF		31,808		4,165,576
Vanguard Real Estate ETF		26,665		2,017,474
Vanguard Short-Term Inflation-Protected Securities ETF		161,473		7,634,443
Vanguard Small-Cap Growth ETF		4,876		1,044,342
Vanguard Small-Cap Value ETF		6,557		1,045,776
Vanguard Total Bond Market ETF		244,706		17,075,585
Vanguard Value ETF		142,454		19,648,679
TOTAL EXCHANGE TRADED FUNDS (Cost $67,971,942)				66,327,543

TOTAL INVESTMENTS — 99.7% (Cost $212,664,436)				209,056,732
Other Assets in Excess of Liabilities — 0.3%				562,451
TOTAL NET ASSETS — 100.0%			$	209,619,183

Percentages are stated as a percent of net assets.

(a)	Affiliated company as defined by the Investment Company Act of 1940. Please refer to the “Transactions in Affiliates” for further disclosures related to these affiliated securities.

(b)	Non-income producing security.

(c)	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.

See Notes to Financial Statements

A57

Aristotle Portfolio Optimization Moderate Fund
Schedule of Investments
as of September 30, 2023 (Unaudited)

	Shares		Value
AFFILIATED OPEN-END FUNDS — 68.2%^(a)
Aristotle Core Equity Fund II — Class I^(b)		7,081,003	$	72,934,328
Aristotle Core Income Fund — Class I		14,504,386		134,310,614
Aristotle Floating Rate Income Fund — Class I		391,495		3,703,538
Aristotle Growth Equity Fund — Class I^(b)		6,589,846		86,854,166
Aristotle High Yield Bond Fund — Class I		2,862,883		25,250,630
Aristotle International Equity Fund II — Class I^(b)		6,103,221		59,323,308
Aristotle Short Duration Income Fund — Class I		10,279,880		102,182,009
TOTAL AFFILIATED OPEN-END FUNDS (Cost $480,632,509)				484,558,593

EXCHANGE TRADED FUNDS — 31.5%

Vanguard Emerging Markets Government Bond ETF		241,799		14,304,829
Vanguard FTSE Emerging Markets ETF		363,561		14,255,227
Vanguard Mid-Cap Growth ETF		110,098		21,443,787
Vanguard Mid-Cap Value ETF		161,755		21,183,435
Vanguard Real Estate ETF		90,401		6,839,740
Vanguard Short-Term Inflation-Protected Securities ETF		234,617		11,092,692
Vanguard Small-Cap Growth ETF		33,064		7,081,648
Vanguard Small-Cap Value ETF		44,458		7,090,606
Vanguard Total Bond Market ETF		435,554		30,392,958
Vanguard Value ETF		655,855		90,462,080
TOTAL EXCHANGE TRADED FUNDS (Cost $229,434,716)				224,147,002

TOTAL INVESTMENTS — 99.7% (Cost $710,067,225)				708,705,595
Other Assets in Excess of Liabilities — 0.3%				1,858,234
TOTAL NET ASSETS — 100.0%			$	710,563,829

Percentages are stated as a percent of net assets.

(a)	Affiliated company as defined by the Investment Company Act of 1940. Please refer to the “Transactions in Affiliates” for further disclosures related to these affiliated securities.

(b)	Non-income producing security.

See Notes to Financial Statements

A58

Aristotle Funds Series Trust
Statements of Assets and Liabilities
September 30, 2023 (Unaudited)

	Aristotle Core Income Fund			Aristotle ESG Core Bond Fund			Aristotle Floating Rate Income Fund			Aristotle High Yield Bond Fund			Aristotle Short Duration Income Fund			Aristotle Strategic Income Fund
ASSETS:
Investments, at value	$	1,560,795,987		$	25,878,666		$	3,554,582,824		$	84,560,130		$	1,028,282,110		$	1,737,356,472
Affiliated investments, at value		—			—			—			—			—			—
Cash		116,142,097			593,761			205,557,564			1,497,727			24,373,835			157,742,806
Investments receivable		832,966			—			360,052,760			1,568,623			3,181,099			11,460,845
Fund shares sold		7,929,054			8,133			8,327,469			50			2,188,752			6,014,759
Dividends and interest receivable		16,370,538			216,094			47,963,542			1,429,679			9,179,697			23,332,845
Other assets		—			—			—			21,775			—			—
Total assets		1,702,070,642			26,696,654			4,176,484,159			89,077,984			1,067,205,493			1,935,907,727

LIABILITIES:
Distributions payable		666,126			—			3,727,343			776			67,411			829,578
Investments payable		65,730,400			—			502,393,569			2,668,745			19,951,667			131,403,629
Accrued distribution and shareholder servicing fees		37,617			—			141,823			1,857			43,415			77,623
Payable for capital shares reacquired		3,212,140			2			36,343,319			162,996			7,521,929			6,370,241
Due to Adviser		613,759			1,477			2,049,635			—			331,094			870,586
Trustee fees payable		18,194			360			47,776			918			16,225			20,564
Other liabilities		—			—			6,593,747			—			126,203			—
Total liabilities		70,278,236			1,839			551,297,212			2,835,292			28,057,944			139,572,221
NET ASSETS	$	1,631,792,406		$	26,694,815		$	3,625,186,947		$	86,242,692		$	1,039,147,549		$	1,796,335,506

NET ASSETS CONSISTS OF:
Paid-in capital	$	1,817,179,631		$	31,972,789		$	3,882,829,271		$	109,637,532		$	1,084,888,213		$	1,998,082,048
Total distributable earnings/accumulated deficit		(185,387,225	)		(5,277,974	)		(257,642,324	)		(23,394,840	)		(45,740,664	)		(201,746,542	)
NET ASSETS	$	1,631,792,406		$	26,694,815		$	3,625,186,947		$	86,242,692		$	1,039,147,549		$	1,796,335,506

NET ASSET VALUE PER SHARE:
Class A
Net assets	$	92,727,142					$	262,761,757		$	6,204,571		$	101,124,092		$	114,781,568
Shares of beneficial interest outstanding		10,026,542						27,801,593			694,343			10,162,690			11,473,701
Net asset value per share	$	9.25					$	9.45		$	8.94		$	9.95		$	10.00
Maximum offering price per share	$	9.66					$	9.74		$	9.34		$	10.26		$	10.44
Class C
Net assets		22,786,012						109,372,084			691,256			27,080,287			66,939,641
Shares of beneficial interest outstanding		2,462,548						11,587,907			77,451			2,726,614			6,711,603
Net asset value per share	$	9.25					$	9.44		$	8.93		$	9.93		$	9.97
Maximum offering price per share	$	9.35					$	9.53		$	9.02		$	10.03		$	10.07
Class I
Net assets		484,036,996			15,873,917			1,497,686,019			68,040,011			415,277,748			170,880,984
Shares of beneficial interest outstanding		52,298,903			1,936,466			158,264,791			7,715,443			41,798,261			17,200,615
Net asset value per share	$	9.26		$	8.20		$	9.46		$	8.82		$	9.94		$	9.93
Class I-2
Net assets		1,032,242,256			10,820,898			1,755,367,087			11,306,854			495,665,422			1,443,733,313
Shares of beneficial interest outstanding		111,352,322			1,320,134			185,072,125			1,262,438			49,791,048			144,307,210
Net asset value per share	$	9.27		$	8.20		$	9.48		$	8.96		$	9.95		$	10.00

Cost of investments	$	1,704,558,298		$	29,747,379		$	3,572,744,197		$	91,838,870		$	1,053,814,499		$	1,862,909,349

See Notes to Financial Statements

B-1

Aristotle Funds Series Trust
Statements of Assets and Liabilities (Continued)
September 30, 2023 (Unaudited)

	Aristotle Ultra Short Income Fund			Aristotle Core Equity Fund II		Aristotle Growth Equity Fund		Aristotle International Equity Fund II			Aristotle Small Cap Equity Fund II		Aristotle Small/ Mid Cap Equity Fund
ASSETS:
Investments, at value	$	50,009,809		$	199,232,315	$	221,596,492	$	185,066,364		$	21,882,805	$	54,567,786
Affiliated investments, at value		—			—		—		—			—		—
Cash		1,863,404			3,746,609		1,026,180		6,209,673			309,973		417,123
Investments receivable		97,874			—		—		397,645			—		—
Fund shares sold		—			—		—		—			—		2,617
Dividends and interest receivable		488,528			47,030		34,431		400,753			17,355		27,777
Other assets		30,267			—		—		60			706		—
Total assets		52,489,882			203,025,954		222,657,103		192,074,495			22,210,839		55,015,303

LIABILITIES:
Accrued distribution and shareholder servicing fees		75			292,709		313,400		—			1,541		5,598
Payable for capital shares reacquired		67,155			111,641		130,884		294,937			39,099		87,450
Due to Adviser		—			2,979		3,138		125,224			—		24,524
Trustee fees payable		846			—		—		2,301			353		1,382
Total liabilities		68,076			407,329		447,422		422,462			40,993		118,954
NET ASSETS	$	52,421,806		$	202,618,625	$	222,209,681	$	191,652,033		$	22,169,846	$	54,896,349

NET ASSETS CONSISTS OF:
Paid-in capital	$	52,738,337		$	195,113,850	$	156,527,111	$	197,504,933		$	21,824,913	$	35,721,002
Total distributable earnings/accumulated deficit		(316,531	)		7,504,775		65,682,570		(5,852,900	)		344,933		19,175,347
NET ASSETS	$	52,421,806		$	202,618,625	$	222,209,681	$	191,652,033		$	22,169,846	$	54,896,349

NET ASSET VALUE PER SHARE:
Class A
Net assets	$	369,702									$	3,659,970	$	11,986,171
Shares of beneficial interest outstanding		36,924										295,058		1,320,896
Net asset value per share	$	10.01									$	12.40	$	9.07
Maximum offering price per share	$	10.01									$	12.95	$	9.47
Class C
Net assets												890,905		3,590,438
Shares of beneficial interest outstanding												75,420		431,883
Net asset value per share											$	11.81	$	8.31
Maximum offering price per share											$	11.93	$	8.40
Class I
Net assets		14,968,282			202,618,625		222,209,681		191,652,033					189,356
Shares of beneficial interest outstanding		1,515,346			19,677,452		16,855,791		19,711,094					18,613
Net asset value per share	$	9.88		$	10.30	$	13.18	$	9.72				$	10.17
Class I-2
Net assets		37,083,822										16,507,834		39,130,384
Shares of beneficial interest outstanding		3,754,338										1,298,232		4,231,511
Net asset value per share	$	9.88									$	12.72	$	9.25
Class R6
Net assets												1,111,137
Shares of beneficial interest outstanding												90,862
Net asset value per share											$	12.23

Cost of investments	$	50,139,760		$	192,456,109	$	193,671,839	$	191,919,038		$	22,439,969	$	53,581,061

See Notes to Financial Statements

B-2

Aristotle Funds Series Trust
Statements of Assets and Liabilities (Continued)
September 30, 2023 (Unaudited)

	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
ASSETS:
Investments, at value	$	116,188,791		$	42,972,766		$	247,498,606		$	66,327,543		$	224,147,002
Affiliated investments, at value		133,401,672			108,378,802			367,759,592			142,729,189			484,558,593
Cash		926,944			248,260			2,417,568			663,377			2,240,954
Investments receivable		155,295			294,685			981,699			176,839			100,953
Fund shares sold		22,314			3,690			55,821			6,980			144,125
Dividends and interest receivable		143,609			365,997			61,765			422,570			1,087,377
Other assets		—			—			—			295			570
Total assets		250,838,625			152,264,200			618,775,051			210,326,793			712,279,574

LIABILITIES:
Distributions payable		—			—			—			269			—
Investments payable		94,625			357,589			507,353			401,352			1,013,219
Accrued distribution and shareholder servicing fees		66,309			42,647			163,305			53,034			183,814
Payable for capital shares reacquired		179,276			305,972			1,150,009			186,238			258,273
Due to Adviser		79,281			41,741			216,688			63,622			250,141
Trustee fees payable		3,508			2,298			8,877			3,095			10,298
Total liabilities		422,999			750,247			2,046,232			707,610			1,715,745
NET ASSETS	$	250,415,626		$	151,513,953		$	616,728,819		$	209,619,183		$	710,563,829

NET ASSETS CONSISTS OF:
Paid-in capital	$	266,313,757		$	165,687,831		$	644,212,721		$	231,117,166		$	747,917,425
Total distributable earnings/accumulated deficit		(15,898,131	)		(14,173,878	)		(27,483,902	)		(21,497,983	)		(37,353,596	)
NET ASSETS	$	250,415,626		$	151,513,953		$	616,728,819		$	209,619,183		$	710,563,829

NET ASSET VALUE PER SHARE:
Class A
Net assets	$	218,666,722		$	126,898,377		$	547,595,852		$	189,318,264		$	629,697,580
Shares of beneficial interest outstanding		19,734,314			13,584,743			52,575,306			20,088,835			63,081,854
Net asset value per share	$	11.08		$	9.34		$	10.42		$	9.42		$	9.98
Maximum offering price per share	$	11.72		$	9.88		$	11.03		$	9.97		$	10.56
Class C
Net assets		23,510,430			18,657,149			55,796,161			15,619,232			60,583,205
Shares of beneficial interest outstanding		2,292,034			2,083,582			5,662,335			1,733,527			6,345,861
Net asset value per share	$	10.26		$	8.95		$	9.85		$	9.01		$	9.55
Maximum offering price per share	$	10.36		$	9.05		$	9.95		$	9.10		$	9.64
Class I-2
Net assets		8,238,474			5,958,427			13,336,806			4,681,687			20,283,044
Shares of beneficial interest outstanding		733,223			631,771			1,262,671			490,796			2,007,373
Net asset value per share	$	11.24		$	9.43		$	10.56		$	9.54		$	10.10

Cost of investments	$	118,627,011		$	44,030,170		$	252,755,040		$	67,971,942		$	229,434,716
Cost of investments in affiliates	$	129,175,855		$	109,918,516		$	363,967,772		$	144,692,494		$	480,632,509

See Notes to Financial Statements

B-3

Aristotle Funds Series Trust
Statements of Operations
For the Period Ended September 30, 2023 (Unaudited)

	Aristotle Core Income Fund			Aristotle ESG Core Bond Fund			Aristotle Floating Rate Income Fund			Aristotle High Yield Bond Fund			Aristotle Short Duration Income Fund			Aristotle Strategic Income Fund
INVESTMENT INCOME:
Dividend income - unaffiliated	$	—		$	—		$	2,133,626		$	65,931		$	—		$	—
Less: Dividend withholding taxes		—			—			—			—			—			—
Dividend income - affiliated		—			—			—			—			—			—
Interest income		37,088,829			475,272			173,280,942			2,875,862			24,974,550			50,990,980
Total investment income		37,088,829			475,272			175,414,568			2,941,793			24,974,550			50,990,980

EXPENSES:
Investment advisory fee		3,965,492			63,004			12,642,329			268,196			2,620,944			5,563,647
Distribution expenses		195,155			—			695,016			10,050			232,114			363,347
Interest expense		—			—			263,394			—			—			—
Directors’ or trustees’ fees		43,040			825			110,281			2,437			35,796			48,595
Shareholder service costs		39,538			—			162,508			1,673			49,051			90,932
Other fees and expenses		85,311			4,810			467,051			11,765			90,465			137,951
Total expenses		4,328,536			68,639			14,340,579			294,121			3,028,370			6,204,472
Expenes (waived/reimbursed) recouped		(104,923	)		(4,476	)		(347,626	)		(12,114	)		(86,736	)		(129,221	)
Net expenses		4,223,613			64,163			13,992,953			282,007			2,941,634			6,075,251
Net Investment income (loss)		32,865,216			411,109			161,421,615			2,659,786			22,032,916			44,915,729

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) from:
Investments in securities of unaffiliated issuers		(7,127,122	)		(201,153	)		(49,876,444	)		(897,410	)		(7,470,368	)		(23,135,810	)
Foreign currency transactions		—			—			—			(164	)		—			(1,643	)
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		(64,125,396	)		(1,055,638	)		114,384,271			(64,091	)		2,316,576			(13,073,322	)
Translation of assets and liabilities denominated in foreign currencies		—			—			—			172			—			—
Net realized and unrealized gain (loss) on investments and foreign currency		(71,252,518	)		(1,256,791	)		64,507,827			(961,493	)		(5,153,792	)		(36,210,775	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,387,302	)	$	(845,682	)	$	225,929,442		$	1,698,293		$	16,879,124		$	8,704,954

See Notes to Financial Statements

B-4

Aristotle Funds Series Trust
Statements of Operations (Continued)
For the Period Ended September 30, 2023 (Unaudited)

	Aristotle Ultra Short Income Fund			Aristotle Core Equity Fund II		Aristotle Growth Equity Fund			Aristotle International Equity Fund II			Aristotle Small Cap Equity Fund II			Aristotle Small/ Mid Cap Equity Fund
INVESTMENT INCOME:
Dividend income - unaffiliated	$	—		$	1,101,347	$	716,179		$	2,435,640		$	174,319		$	423,585
Less: Dividend withholding taxes		—			—		(1,418	)		(226,571	)		(150	)		(470	)
Interest income		1,613,998			148,654		66,936			178,046			15,301			32,326
Total investment income		1,613,998			1,250,001		781,697			2,387,115			189,470			455,441

EXPENSES:
Investment advisory fee		93,848			659,795		786,427			645,120			108,830			300,143
Distribution expenses		332			—		—			—			8,103			30,456
Interest expense		—			—		—			—			—			—
Directors’ or trustees’ fees		1,938			6,513		7,187			5,017			770			2,527
Shareholder service costs		—			—		—			—			1,327			6,799
Other fees and expenses		20,859			107		24,430			79			5,043			10,166
Total expenses		116,977			666,415		818,044			650,216			124,073			350,091
Expenes (waived/reimbursed) recouped		(20,827	)		—		(22,005	)		—			(4,318	)		(2,375	)
Net expenses		96,150			666,415		796,039			650,216			119,755			347,716
Net Investment income (loss)		1,517,848			583,586		(14,342	)		1,736,899			69,715			107,725

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) from:
Investments in securities of unaffiliated issuers		(69,106	)		147,983		31,156,691			(526,998	)		3,037,700			11,359,663
Foreign currency transactions		—			—		(2,766	)		(202,712	)		—			—
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		162,031			6,773,206		(16,212,331	)		(404,948	)		(2,451,272	)		(13,264,534	)
Translation of assets and liabilities denominated in foreign currencies		—			—		—			(6,455,141	)		—			—
Net realized and unrealized gain (loss) on investments and foreign currency		92,925			6,921,189		14,941,594			(7,589,799	)		586,428			(1,904,871	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,610,773		$	7,504,775	$	14,927,252		$	(5,852,900	)	$	656,143		$	(1,797,146	)

See Notes to Financial Statements

B-5

Aristotle Funds Series Trust
Statements of Operations (Continued)
For the Period Ended September 30, 2023 (Unaudited)

	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
INVESTMENT INCOME:
Dividend income - unaffiliated	$	1,356,362		$	423,211		$	2,970,623		$	711,408		$	2,609,859
Dividend income - affiliated		3,796,460			3,214,223			11,446,724			4,208,768			13,037,233
Interest income		27,294			10,006			85,339			21,123			99,560
Total investment income		5,180,116			3,647,440			14,502,686			4,941,309			15,746,652

EXPENSES:
Investment advisory fee		568,441			347,390			1,404,934			477,662			1,611,561
Distribution expenses		360,634			233,685			891,295			294,425			1,006,455
Directors’ or trustees’ fees		8,984			5,680			19,123			7,762			25,908
Shareholder service costs		57,538			42,129			140,600			44,497			156,698
Other fees and expenses		25,649			18,143			60,643			22,892			65,288
Total expenses		1,021,246			647,027			2,516,595			847,238			2,865,910
Expenes (waived/reimbursed) recouped		(8,937	)		(7,485	)		(15,407	)		(8,411	)		(16,960	)
Net expenses		1,012,309			639,542			2,501,188			838,827			2,848,950
Net Investment income (loss)		4,167,807			3,007,898			12,001,498			4,102,482			12,897,702

REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) from:
Investments in securities of unaffiliated issuers		(292,100	)		(53,044	)		78,131			(286,381	)		(177,042	)
Investments in securities of affiliated issuers		(20,072,049	)		(8,706,059	)		(37,736,078	)		(12,344,746	)		(30,348,150	)
Distributions received from other investment companies		2,045,527			588,173			3,184,209			838,096			4,708,139
Net change in unrealized appreciation (depreciation) on:
Investments in securities of unaffiliated issuers		(1,983,796	)		(1,036,647	)		(5,249,585	)		(2,704,316	)		(5,139,337	)
Investments in securities of affiliated issuers		19,508,234			5,256,457			32,392,114			9,646,060			21,785,307
Translation of assets and liabilities denominated in foreign currencies		—			—			—			—			—
Net realized and unrealized gain (loss) on investments and foreign currency		(794,184	)		(3,951,120	)		(7,331,209	)		(4,851,287	)		(9,171,083	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,373,623		$	(943,222	)	$	4,670,289		$	(748,805	)	$	3,726,619

See Notes to Financial Statements

B-6

Aristotle Funds Series Trust
Statements of Changes in Net Assets

	Aristotle Core Income Fund						Aristotle ESG Core Bond Fund						Aristotle Floating Rate Income Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	32,865,216		$	27,042,537		$	411,109		$	576,618		$	161,421,615		$	276,515,381
Net realized gain (loss) from investments and foreign currency		(7,127,122	)		(28,622,791	)		(201,153	)		(732,635	)		(49,876,444	)		(72,320,227	)
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(64,125,396	)		(34,169,112	)		(1,055,638	)		(909,106	)		114,384,271			(106,035,238	)
Net increase/(decrease) in net assets from operations		(38,387,302	)		(35,749,366	)		(845,682	)		(1,065,123	)		225,929,442			98,159,916

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A		(1,905,908	)		(3,381,517	)								(11,467,810	)		(17,114,334	)
Class C		(373,550	)		(655,987	)								(4,324,499	)		(6,357,593	)
Class I		(11,531,928	)		(4,870,985	)		(239,764	)		(326,110	)		(68,319,396	)		(127,055,669	)
Class I-2		(18,752,714	)		(18,318,700	)		(168,598	)		(257,276	)		(77,463,930	)		(125,590,941	)
Total distributions to shareholders		(32,564,100	)		(27,227,189	)		(408,362	)		(583,386	)		(161,575,635	)		(276,118,537	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A		15,734,441			22,054,511									42,827,904			109,999,229
Proceeds from shares sold - Class C		4,651,743			2,784,563									14,389,821			37,374,827
Proceeds from shares sold - Class I		570,184,192			86,346,540			1,478,448			1,476,527			356,989,040			1,075,722,236
Proceeds from shares sold - Class I-2		590,558,846			354,130,856			21,006			776,026			485,791,108			1,363,235,603
Reinvestments - Class A		1,796,300			3,145,628									11,004,473			16,824,418
Reinvestments - Class C		348,814			607,961									4,250,644			6,296,516
Reinvestments - Class I		11,291,828			4,638,084			239,764			326,110			48,016,943			93,222,603
Reinvestments - Class I-2		15,768,545			14,543,309			168,597			257,276			72,483,561			119,908,006
Cost of shares redeemed - Class A		(19,937,570	)		(44,789,009	)								(60,952,629	)		(131,320,297	)
Cost of shares redeemed - Class C		(4,212,633	)		(13,623,292	)								(21,070,530	)		(38,386,996	)
Cost of shares redeemed - Class I		(261,933,180	)		(46,053,427	)		(275,825	)		(250,920	)		(450,643,412	)		(1,462,766,430	)
Cost of shares redeemed - Class I-2		(132,179,026	)		(352,193,736	)		—			(779,726	)		(673,856,900	)		(1,341,175,400	)
Net increase (decrease) in net assets from capital transactions		792,072,300			31,591,988			1,631,990			1,805,293			(170,769,977	)		(151,065,685	)
Total decrease in net assets	$	721,120,898		$	(31,384,567	)	$	377,946		$	156,784		$	(106,416,170	)	$	(329,024,306	)

NET ASSETS:
Beginning of the period	$	910,671,508		$	942,056,075		$	26,316,869		$	26,160,085		$	3,731,603,117		$	4,060,627,423
End of the period	$	1,631,792,406		$	910,671,508		$	26,694,815		$	26,316,869		$	3,625,186,947		$	3,731,603,117

See Notes to Financial Statements

B-7

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle Core Income Fund						Aristotle ESG Core Bond Fund						Aristotle Floating Rate Income Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Class A
Shares sold		1,658,046			2,284,671									4,574,247			11,796,832
Shares reinvested		188,579			327,742									1,174,283			1,818,510
Shares redeemed		(2,090,314	)		(4,613,190	)								(6,523,331	)		(14,124,037	)
Net (Decrease)/Increase		(243,689	)		(2,000,777	)								(774,801	)		(508,695	)

Class C
Shares sold		505,090			288,589									1,534,631			4,003,254
Shares reinvested		36,619			63,344									454,143			681,910
Shares redeemed		(457,976	)		(1,404,368	)								(2,257,955	)		(4,150,009	)
Net (Decrease)/Increase		83,733			(1,052,435	)								(269,181	)		535,155

Class I
Shares sold		59,082,539			8,916,564			174,030			173,040			38,172,874			115,281,072
Shares reinvested		1,183,647			482,166			28,354			38,346			5,116,136			10,070,368
Shares redeemed		(27,323,837	)		(4,746,290	)		(32,577	)		(29,708	)		(48,180,786	)		(157,846,776	)
Net Increase		32,942,349			4,652,440			169,807			181,678			(4,891,776	)		(32,495,336	)

Class I-2
Shares sold		62,438,692			36,571,141			2,471			91,322			51,662,229			145,206,834
Shares reinvested		1,654,867			1,511,965			19,931			30,250			7,708,674			12,918,155
Shares redeemed		(14,621,927	)		(36,128,489	)		—			(91,732	)		(71,919,279	)		(144,117,282	)
Net (Decrease)/Increase		49,471,632			1,954,617			22,402			29,840			(12,548,376	)		14,007,707

See Notes to Financial Statements

B-8

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle High Yield Bond Fund						Aristotle Short Duration Income Fund						Aristotle Strategic Income Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,659,786		$	6,178,829		$	22,032,916		$	25,522,881		$	44,915,729		$	64,258,220
Net realized gain (loss) from investments and foreign currency		(897,574	)		(10,804,912	)		(7,470,368	)		(11,698,980	)		(23,137,453	)		(53,802,184	)
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(63,919	)		(2,847,206	)		2,316,576			(4,801,768	)		(13,073,322	)		(53,762,466	)
Net increase/(decrease) in net assets from operations		1,698,293			(7,473,289	)		16,879,124			9,022,133			8,704,954			(43,306,430	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A		(190,492	)		(336,303	)		(2,008,588	)		(3,284,796	)		(2,789,002	)		(5,269,797	)
Class C		(20,429	)		(49,491	)		(428,853	)		(513,979	)		(1,410,941	)		(2,596,783	)
Class I		(2,093,825	)		(5,400,078	)		(8,274,150	)		(5,160,079	)		(4,290,739	)		(6,867,580	)
Class I-2		(323,119	)		(444,647	)		(11,139,988	)		(16,637,874	)		(35,800,437	)		(54,799,615	)
Total distributions to shareholders		(2,627,865	)		(6,230,519	)		(21,851,579	)		(25,596,728	)		(44,291,119	)		(69,533,775	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A		2,027,350			2,799,692			12,416,145			42,654,321			28,572,132			31,619,874
Proceeds from shares sold - Class C		80,734			111,506			2,627,210			6,475,554			13,256,611			12,238,686
Proceeds from shares sold - Class I		79,806,632			15,828,507			302,687,238			107,089,786			62,429,607			79,875,758
Proceeds from shares sold - Class I-2		3,857,562			17,959,279			98,996,062			438,584,258			519,436,666			650,194,438
Reinvestments - Class A		187,592			330,846			1,768,681			2,726,085			2,412,360			4,441,645
Reinvestments - Class C		18,689			46,233			422,578			502,930			1,280,484			2,327,418
Reinvestments - Class I		2,093,793			5,400,017			8,274,339			5,160,079			4,291,168			6,864,000
Reinvestments - Class I-2		323,118			444,647			10,959,172			16,476,429			31,930,669			48,513,057
Cost of shares redeemed - Class A		(2,085,912	)		(3,255,395	)		(30,202,816	)		(99,087,494	)		(15,232,435	)		(59,921,556	)
Cost of shares redeemed - Class C		(305,083	)		(439,935	)		(6,749,986	)		(15,330,965	)		(9,418,791	)		(24,520,697	)
Cost of shares redeemed - Class I		(75,580,406	)		(80,634,054	)		(88,325,212	)		(85,610,817	)		(18,774,666	)		(90,922,853	)
Cost of shares redeemed - Class I-2		(1,430,398	)		(15,819,746	)		(263,437,874	)		(416,534,762	)		(264,667,106	)		(672,769,339	)
Net increase (decrease) in net assets from capital transactions		8,993,671			(57,228,403	)		49,435,537			3,105,404			355,516,699			(12,059,569	)
Total decrease in net assets	$	8,064,099		$	(70,932,211	)	$	44,463,082		$	(13,469,191	)	$	319,930,534		$	(124,899,774	)

NET ASSETS:
Beginning of the period	$	78,178,593		$	149,110,804		$	994,684,467		$	1,008,153,658		$	1,476,404,972		$	1,601,304,746
End of the period	$	86,242,692		$	78,178,593		$	1,039,147,549		$	994,684,467		$	1,796,335,506		$	1,476,404,972

See Notes to Financial Statements

B-9

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle High Yield Bond Fund						Aristotle Short Duration Income Fund						Aristotle Strategic Income Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Class A
Shares sold		223,590			311,720			1,241,942			4,272,840			2,806,541			3,098,699
Shares reinvested		20,753			36,846			177,198			274,161			237,404			438,090
Shares redeemed		(230,174	)		(360,533	)		(3,022,625	)		(9,958,096	)		(1,496,172	)		(5,890,225	)
Net (Decrease)/Increase		14,169			(11,967	)		(1,603,485	)		(5,411,095	)		1,547,773			(2,353,436	)

Class C
Shares sold		8,930			12,438			263,120			651,404			1,307,156			1,201,935
Shares reinvested		2,070			5,155			42,422			50,690			126,392			230,197
Shares redeemed		(33,695	)		(48,705	)		(676,737	)		(1,539,743	)		(927,428	)		(2,405,666	)
Net (Decrease)/Increase		(22,695	)		(31,112	)		(371,195	)		(837,649	)		506,120			(973,534	)

Class I
Shares sold		8,882,693			1,812,088			30,277,402			10,741,734			6,153,382			7,768,110
Shares reinvested		234,650			607,296			830,177			519,688			425,263			681,251
Shares redeemed		(8,398,925	)		(9,203,519	)		(8,848,113	)		(8,597,170	)		(1,858,526	)		(9,036,790	)
Net Increase		718,418			(6,784,135	)		22,259,466			2,664,252			4,720,119			(587,429	)

Class I-2
Shares sold		421,683			1,934,422			9,895,014			43,938,995			50,983,451			63,402,693
Shares reinvested		35,655			49,315			1,097,292			1,656,149			3,142,048			4,785,425
Shares redeemed		(157,319	)		(1,704,390	)		(26,322,318	)		(41,759,878	)		(25,962,733	)		(65,659,710	)
Net (Decrease)/Increase		300,019			279,347			(15,330,012	)		3,835,266			28,162,766			2,528,408

See Notes to Financial Statements

B-10

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle Ultra Short Income Fund						Aristotle Core Equity Fund II			Aristotle Growth Equity Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Inception Period Ended September 30, 2023 (Unaudited)			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,517,848		$	1,419,500		$	583,586		$	(14,342	)	$	25,025
Net realized gain (loss) from investments and foreign currency		(69,106	)		(53,103	)		147,983			31,153,925			33,777,301
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		162,031			(95,820	)		6,773,206			(16,212,331	)		(56,348,853	)
Net increase/(decrease) in net assets from operations		1,610,773			1,270,577			7,504,775			14,927,252			(22,546,527	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A		(6,731	)
Class I		(362,149	)		(374,437	)		—			—			(37,976,618	)
Class I-2		(1,137,629	)		(1,033,556	)
Total distributions to shareholders		(1,506,509	)		(1,407,993	)		—			—			(37,976,618	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A		400,465
Proceeds from shares sold - Class I		1,355,000			—			227,958,467			100,432,437			78,304,215
Proceeds from shares sold - Class I-2		3,444,566			37,547,428
Reinvestments - Class A		6,653
Reinvestments - Class I		361,811			374,437			—			—			37,976,618
Reinvestments - Class I-2		1,129,140			1,033,556
Cost of shares redeemed - Class A		(38,247	)
Cost of shares redeemed - Class I		(8,073	)		—			(32,844,617	)		(39,318,083	)		(68,181,365	)
Cost of shares redeemed - Class I-2		(17,733,778	)		(6,945,859	)
Net increase (decrease) in net assets from capital transactions		(11,082,463	)		32,009,562			195,113,850			61,114,354			48,099,468
Total decrease in net assets	$	(10,978,199	)	$	31,872,146		$	202,618,625		$	76,041,606		$	(12,423,677	)

NET ASSETS:
Beginning of the period	$	63,400,005		$	31,527,859			—		$	146,168,075		$	158,591,752
End of the period	$	52,421,806		$	63,400,005		$	202,618,625		$	222,209,681		$	146,168,075

Class A
Shares sold		40,081
Shares reinvested		665
Shares redeemed		(3,822	)
Net (Decrease)/Increase		36,924

Class I
Shares sold		137,407			—			22,793,142			7,979,187			6,238,602
Shares reinvested		36,656			38,368			—			—			3,273,846
Shares redeemed		(817	)		—			(3,115,690	)		(2,951,705	)		(3,131,075	)
Net Increase		173,246			38,368			19,677,452			5,027,482			6,381,373

Class I-2
Shares sold		349,138			3,814,102
Shares reinvested		114,410			106,238
Shares redeemed		(1,798,562	)		(706,235	)
Net (Decrease)/Increase		(1,335,014	)		3,214,105

See Notes to Financial Statements

B-11

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle International Equity Fund II			Aristotle Small Cap Equity Fund II						Aristotle Small/Mid Cap Equity Fund
	Inception Period Ended September 30, 2023 (Unaudited)			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,736,899		$	69,715		$	31,327		$	107,725		$	690,519
Net realized gain (loss) from investments and foreign currency		(729,710	)		3,037,700			(1,597,503	)		11,359,663			16,889,816
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(6,860,089	)		(2,451,272	)		(1,510,621	)		(13,264,534	)		(42,506,240	)
Net increase/(decrease) in net assets from operations		(5,852,900	)		656,143			(3,076,797	)		(1,797,146	)		(24,925,905	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A					—			—			—			(5,368,144	)
Class C					—			—			—			(2,259,619	)
Class I		—									—			—
Class R6					—			—			—			(245,950	)
Class I-2					—			—			—			(29,206,718	)
Total distributions to shareholders		—			—			—			—			(37,080,431	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A					2,679,859			197,246			1,541,245			4,739,586
Proceeds from shares sold - Class C					561,163			74,346			87,000			276,869
Proceeds from shares sold - Class I		221,574,613									23,996			—
Proceeds from shares sold - Class I-2					15,195,684			1,658,558			2,952,641			10,953,341
Proceeds from shares sold - Class R6					1,766,928			—			—			—
Reinvestments - Class A					—			—			—			5,308,176
Reinvestments - Class C					—			—			—			2,248,976
Reinvestments - Class I		—									—			245,950
Reinvestments - Class I-2					—			—			—			28,791,233
Cost of shares redeemed - Class A					(650,341	)		(187,426	)		(2,288,593	)		(8,937,355	)
Cost of shares redeemed - Class C					(116,298	)		(192,881	)		(1,648,511	)		(3,287,957	)
Cost of shares redeemed - Class I		(24,069,680	)								(324,736	)		(394,591	)
Cost of shares redeemed - Class I-2					(8,398,133	)		(9,191,801	)		(34,755,216	)		(101,613,079	)
Cost of shares redeemed - Class R6					(565,879	)		(387,285	)
Net increase (decrease) in net assets from capital transactions		197,504,933			10,472,983			(8,029,243	)		(34,412,174	)		(61,668,851	)
Total decrease in net assets	$	191,652,033		$	11,129,126		$	(11,106,040	)	$	(36,209,320	)	$	(123,675,187	)

NET ASSETS:
Beginning of the period		—		$	11,040,720		$	22,146,760		$	91,105,669		$	214,780,856
End of the period	$	191,652,033		$	22,169,846		$	11,040,720		$	54,896,349		$	91,105,669

See Notes to Financial Statements

B-12

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle International Equity Fund II			Aristotle Small Cap Equity Fund II						Aristotle Small/Mid Cap Equity Fund
	Inception Period Ended September 30, 2023 (Unaudited)			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Class A
Shares sold					213,859			15,454			165,453			410,750
Shares reinvested					—			—			—			576,976
Shares redeemed					(50,308	)		(15,019	)		(249,079	)		(814,543	)
Net (Decrease)/Increase					163,551			435			(83,626	)		173,183

Class C
Shares sold					40,360			6,017			10,240			23,784
Shares reinvested					—			—			—			265,210
Shares redeemed					(9,668	)		(15,716	)		(193,717	)		(288,625	)
Net (Decrease)/Increase					30,692			(9,699	)		(183,477	)		369

Class I
Shares sold		22,093,528									2,259			—
Shares reinvested		—									—			23,902
Shares redeemed		(2,382,434	)								(31,428	)		(35,340	)
Net Increase		19,711,094									(29,169	)		(11,438	)

Class I-2
Shares sold					1,351,932			127,038			321,549			909,036
Shares reinvested					—			—			—			3,075,986
Shares redeemed					(629,310	)		(722,446	)		(3,733,511	)		(7,797,313	)
Net (Decrease)/Increase					722,622			(595,408	)		(3,411,962	)		(3,812,291	)

Class R6
Shares sold					49,927			—
Shares reinvested					—			—
Shares redeemed					(44,866	)		(31,191	)
Net (Decrease)/Increase					5,061			(31,191	)

See Notes to Financial Statements

B-13

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle Portfolio Optimization Aggressive Growth Fund						Aristotle Portfolio Optimization Conservative Fund						Aristotle Portfolio Optimization Growth Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,167,807		$	1,060,246		$	3,007,898		$	4,913,070		$	12,001,498		$	6,245,544
Net realized gain (loss) from investments and foreign currency		(18,318,622	)		273,133			(8,170,930	)		(7,595,605	)		(34,473,738	)		(1,022,134	)
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		17,524,438			(32,386,334	)		4,219,810			(12,882,219	)		27,142,529			(81,767,519	)
Net increase/(decrease) in net assets from operations		3,373,623			(31,052,955	)		(943,222	)		(15,564,754	)		4,670,289			(76,544,109	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A		—			(59,536,219	)		—			(9,267,521	)		—			(121,650,909	)
Class C		—			(7,828,149	)		—			(1,756,674	)		—			(14,782,406	)
Class I-2		—			(2,585,172	)		—			(438,209	)		—			(3,691,696	)
Total distributions to shareholders		—			(69,949,540	)		—			(11,462,404	)		—			(140,124,011	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A		5,722,121			13,736,643			3,292,671			11,603,488			12,133,167			26,947,384
Proceeds from shares sold - Class C		1,359,504			2,685,136			290,944			2,554,355			2,292,555			6,551,717
Proceeds from shares sold - Class I-2		544,562			1,977,238			491,975			1,955,624			1,292,481			5,051,919
Reinvestments - Class A		—			59,208,465			—			9,141,818			—			120,529,951
Reinvestments - Class C		—			7,825,578			—			1,750,820			—			14,705,190
Reinvestments - Class I-2		—			2,455,493			—			433,772			—			3,668,488
Cost of shares redeemed - Class A		(20,184,262	)		(27,586,234	)		(15,031,117	)		(34,069,288	)		(54,902,362	)		(85,958,248	)
Cost of shares redeemed - Class C		(5,050,226	)		(7,410,394	)		(5,496,443	)		(13,572,969	)		(11,684,819	)		(22,147,134	)
Cost of shares redeemed - Class I-2		(1,763,884	)		(2,438,542	)		(1,376,680	)		(8,033,835	)		(4,007,889	)		(7,087,892	)
Net increase (decrease) in net assets from capital transactions		(19,372,185	)		50,453,383			(17,828,650	)		(28,236,215	)		(54,876,867	)		62,261,375
Total decrease in net assets	$	(15,998,562	)	$	(50,549,112	)	$	(18,771,872	)	$	(55,263,373	)	$	(50,206,578	)	$	(154,407,745	)

NET ASSETS:
Beginning of the period	$	266,414,188		$	316,963,300		$	170,285,825		$	225,549,198		$	666,935,397		$	821,343,142
End of the period	$	250,415,626		$	266,414,188		$	151,513,953		$	170,285,825		$	616,728,819		$	666,935,397

See Notes to Financial Statements

B-14

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle Portfolio Optimization Aggressive Growth Fund						Aristotle Portfolio Optimization Conservative Fund							Aristotle Portfolio Optimization Growth Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Class A
Shares sold		507,090			1,076,073			347,987				1,174,712			1,147,919			2,299,432
Shares reinvested		—			5,580,439			—				985,636			—			11,969,210
Shares redeemed		(1,791,514	)		(2,178,427	)		(1,586,920	)			(3,496,666	)		(5,168,216	)		(7,358,607	)
Net (Decrease)/Increase		(1,284,424	)		4,478,085			(1,238,933	)			(1,336,318	)		(4,020,297	)		6,910,035

Class C
Shares sold		130,131			222,285			31,934				269,496			227,577			570,665
Shares reinvested		—			792,063			—				196,060			—			1,534,989
Shares redeemed		(180,885	)		(634,176	)		(604,586	)			(1,432,785	)		(1,163,342	)		(1,967,097	)
Net (Decrease)/Increase		(50,754	)		380,172			(572,652	)			(967,229	)		(935,765	)		138,557

Class I-2
Shares sold		47,529			148,780			51,354				200,359			120,418			408,839
Shares reinvested		—			228,844			—		��		46,379			—			360,009
Shares redeemed		(155,777	)		(199,880	)		(144,211	)			(781,586	)		(371,063	)		(628,824	)
Net (Decrease)/Increase		(108,248	)		177,744			(92,857	)			(534,848	)		(250,645	)		140,024

See Notes to Financial Statements

B-15

Aristotle Funds Series Trust
Statements of Changes in Net Assets (Continued)

	Aristotle Portfolio Optimization Moderate Conservative Fund						Aristotle Portfolio Optimization Moderate Fund
	Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023			Period Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	4,102,482		$	5,541,485		$	12,897,702		$	11,903,469
Net realized gain (loss) from investments and foreign currency		(11,793,031	)		(11,111,646	)		(25,817,053	)		(24,856,228	)
Unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		6,941,744			(18,208,806	)		16,645,970			(74,482,130	)
Net increase/(decrease) in net assets from operations		(748,805	)		(23,778,967	)		3,726,619			(87,434,889	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders
Class A		—			(25,776,823	)		—			(127,446,015	)
Class C		—			(2,598,112	)		—			(14,551,355	)
Class I-2		—			(537,128	)		—			(4,285,301	)
Total distributions to shareholders		—			(28,912,063	)		—			(146,282,671	)

CAPITAL TRANSACTIONS:
Proceeds from shares sold - Class A		3,384,804			13,065,376			12,713,592			33,148,797
Proceeds from shares sold - Class C		311,365			1,674,262			2,053,201			5,962,233
Proceeds from shares sold - Class I-2		805,764			597,286			1,999,561			5,263,323
Reinvestments - Class A		—			25,550,196			—			126,228,109
Reinvestments - Class C		—			2,594,049			—			14,521,994
Reinvestments - Class I-2		—			525,764			—			4,221,505
Cost of shares redeemed - Class A		(20,944,928	)		(47,161,117	)		(63,708,628	)		(124,994,773	)
Cost of shares redeemed - Class C		(3,641,510	)		(11,539,599	)		(12,065,649	)		(32,647,986	)
Cost of shares redeemed - Class I-2		(587,612	)		(2,280,652	)		(3,731,822	)		(11,042,677	)
Net increase (decrease) in net assets from capital transactions		(20,672,117	)		(16,974,435	)		(62,739,745	)		20,660,525
Total decrease in net assets	$	(21,420,922	)	$	(69,665,465	)	$	(59,013,126	)	$	(213,057,035	)

NET ASSETS:
Beginning of the period	$	231,040,105		$	300,705,570		$	769,576,955		$	982,633,990
End of the period	$	209,619,183		$	231,040,105		$	710,563,829		$	769,576,955

Class A
Shares sold		351,908			1,268,432			1,253,570			2,939,581
Shares reinvested		—			2,750,290			—			12,986,431
Shares redeemed		(2,184,484	)		(4,686,192	)		(6,274,617	)		(11,238,323	)
Net (Decrease)/Increase		(1,832,576	)		(667,470	)		(5,021,047	)		4,687,689

Class C
Shares sold		33,986			168,575			210,052			541,923
Shares reinvested		—			290,487			—			1,553,155
Shares redeemed		(396,885	)		(1,156,664	)		(1,241,934	)		(2,977,630	)
Net (Decrease)/Increase		(362,899	)		(697,602	)		(1,031,882	)		(882,552	)

Class I-2
Shares sold		83,602			60,059			194,582			469,588
Shares reinvested		—			56,051			—			429,888
Shares redeemed		(60,813	)		(221,437	)		(363,587	)		(987,947	)
Net (Decrease)/Increase		22,789			(105,327	)		(169,005	)		(88,471	)

See Notes to Financial Statements

B-16

Aristotle Core Income Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.68		$	10.41		$	11.18		$	10.60		$	10.52		$	10.45

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.20			0.31			0.20			0.22			0.29			0.33
Net realized and unrealized gain (loss) on investments		(0.44	)		(0.72	)		(0.52	)		0.66			0.08			0.07
Total from investment operations		(0.24	)		(0.41	)		(0.32	)		0.88			0.37			0.40

LESS DISTRIBUTIONS FROM:
From net investment income		(0.19	)		(0.32	)		(0.21	)		(0.22	)		(0.29	)		(0.33	)
From net realized gains		—			—			(0.24	)		(0.08	)		—			—
Total distributions		(0.19	)		(0.32	)		(0.45	)		(0.30	)		(0.29	)		(0.33	)

Net asset value, end of period	$	9.25		$	9.68		$	10.41		$	11.18		$	10.60		$	10.52

TOTAL RETURN^(b)(c)		(2.52	)%		(3.90	)%		(3.11	)%		8.29	%		3.51	%		3.99	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	92,727		$	99,406		$	127,727		$	160,701		$	140,650		$	82,136
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.87	%		0.97	%		0.97	%		0.98	%		1.09	%		1.13	%
After expense reimbursement (recapture)^(d)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		4.26	%		3.25	%		1.83	%		1.95	%		2.70	%		3.22	%
Portfolio turnover rate^(b)		16	%		118	%		82	%		102	%		70	%		93	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-17

Aristotle Core Income Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.68		$	10.41		$	11.18		$	10.60		$	10.52		$	10.46

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.17			0.24			0.12			0.14			0.21			0.26
Net realized and unrealized gain (loss) on investments		(0.44	)		(0.73	)		(0.53	)		0.66			0.08			0.06
Total from investment operations		(0.27	)		(0.49	)		(0.41	)		0.80			0.29			0.32

LESS DISTRIBUTIONS FROM:
From net investment income		(0.16	)		(0.24	)		(0.12	)		(0.14	)		(0.21	)		(0.26	)
From net realized gains		—			—			(0.24	)		(0.08	)		—			—
Total distributions		(0.16	)		(0.24	)		(0.36	)		(0.22	)		(0.21	)		(0.26	)

Net asset value, end of period	$	9.25		$	9.68		$	10.41		$	11.18		$	10.60		$	10.52

TOTAL RETURN^(b)(c)		(2.88	)%		(4.63	)%		(3.84	)%		7.48	%		2.73	%		3.11	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	22,786		$	23,038		$	35,731		$	53,990		$	58,397		$	81,309
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.62	%		1.72	%		1.72	%		1.73	%		1.84	%		1.88	%
After expense reimbursement (recapture)^(d)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.52	%		2.50	%		1.08	%		1.20	%		1.95	%		2.47	%
Portfolio turnover rate^(b)		16	%		118	%		82	%		102	%		70	%		93	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-18

Aristotle Core Income Fund
Financial Highlights
Class I^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.69		$	10.42		$	11.19		$	10.61		$	10.53		$	10.46

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.22			0.34			0.24			0.25			0.33			0.36
Net realized and unrealized gain (loss) on investments		(0.45	)		(0.72	)		(0.53	)		0.67			0.07			0.08
Total from investment operations		(0.23	)		(0.38	)		(0.29	)		0.92			0.40			0.44

LESS DISTRIBUTIONS FROM:
From net investment income		(0.20	)		(0.35	)		(0.24	)		(0.26	)		(0.32	)		(0.37	)
From net realized gains		—			—			(0.24	)		(0.08	)		—			—
Total distributions		(0.20	)		(0.35	)		(0.48	)		(0.34	)		(0.32	)		(0.37	)

Net asset value, end of period	$	9.26		$	9.69		$	10.42		$	11.19		$	10.61		$	10.53

TOTAL RETURN^(c)(d)		(2.37	)%		(3.60	)%		(2.81	)%		8.61	%		3.81	%		4.30	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	484,037		$	116,338		$	118,420		$	107,857		$	60,355		$	26,394
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.57	%		0.72	%		0.72	%		0.73	%		0.73	%		0.73	%
After expense reimbursement (recapture)^(e)		0.56	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		4.66	%		3.55	%		2.13	%		2.25	%		3.00	%		3.52	%
Portfolio turnover rate^(c)		16	%		118	%		82	%		102	%		70	%		93	%

(a)	On April 17, 2023 the Fund’s Class P shares were merged into the Class I shares. The Class P name was subsequently discontinued following the merger.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-19

Aristotle Core Income Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.70		$	10.43		$	11.21		$	10.62		$	10.54		$	10.48

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.22			0.34			0.24			0.26			0.33			0.36
Net realized and unrealized gain (loss) on investments		(0.44	)		(0.72	)		(0.54	)		0.67			0.08			0.07
Total from investment operations		(0.22	)		(0.38	)		(0.30	)		0.93			0.41			0.43

LESS DISTRIBUTIONS FROM:
From net investment income		(0.21	)		(0.35	)		(0.24	)		(0.26	)		(0.33	)		(0.37	)
From net realized gains		—			—			(0.24	)		(0.08	)		—			—
Total distributions		(0.21	)		(0.35	)		(0.48	)		(0.34	)		(0.33	)		(0.37	)

Net asset value, end of period	$	9.27		$	9.70		$	10.43		$	11.21		$	10.62		$	10.54

TOTAL RETURN^(c)(d)		(2.36	)%		(3.60	)%		(2.89	)%		8.70	%		3.81	%		4.19	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	1,032,242		$	600,431		$	625,283		$	801,154		$	679,287		$	393,645
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.57	%		0.72	%		0.72	%		0.73	%		0.84	%		0.88	%
After expense reimbursement (recapture)^(e)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		4.61	%		3.55	%		2.13	%		2.25	%		3.00	%		3.52	%
Portfolio turnover rate^(c)		16	%		118	%		82	%		102	%		70	%		93	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-20

Aristotle ESG Core Bond Fund
Financial Highlights
Class I

	Period ended September 30, 2023			Year ended March 31,						For the period December 14, 2020^(a) - March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021
Net asset value, beginning of period	$	8.59		$	9.17		$	9.70		$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.13			0.20			0.10			0.03
Net realized and unrealized gain (loss) on investments		(0.39	)		(0.58	)		(0.52	)		(0.30	)
Total from investment operations		(0.26	)		(0.38	)		(0.42	)		(0.27	)

LESS DISTRIBUTIONS FROM:
From net investment income		(0.13	)		(0.20	)		(0.11	)		(0.03	)
Total distributions		(0.13	)		(0.20	)		(0.11	)		(0.03	)

Net asset value, end of period	$	8.20		$	8.59		$	9.17		$	9.70

TOTAL RETURN^(c)(d)		(3.08	)%		(4.12	)%		(4.37	)%		(2.73	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	15,874		$	15,172		$	14,534		$	12,156
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.51	%		0.88	%		1.01	%		0.97	%
After expense reimbursement (recapture)^(e)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.08	%		2.30	%		1.06	%		0.88	%
Portfolio turnover rate^(c)		14	%		42	%		51	%		26	%

(a)	Commencement of operations.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-21

Aristotle ESG Core Bond Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,						For the period December 14, 2020^(a) - March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021
Net asset value, beginning of period	$	8.59		$	9.17		$	9.70		$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.13			0.20			0.10			0.03
Net realized and unrealized gain (loss) on investments		(0.39	)		(0.58	)		(0.52	)		(0.30	)
Total from investment operations		(0.26	)		(0.38	)		(0.42	)		(0.27	)

LESS DISTRIBUTIONS FROM:
From net investment income		(0.13	)		(0.20	)		(0.11	)		(0.03	)
Total distributions		(0.13	)		(0.20	)		(0.11	)		(0.03	)

Net asset value, end of period	$	8.20		$	8.59		$	9.17		$	9.70

TOTAL RETURN^(c)		(3.08	)%		(4.12	)%		(4.37	)%		(2.73	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	10,821		$	11,444		$	11,626		$	12,156
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.51	%		0.88	%		1.01	%		0.97	%
After expense reimbursement (recapture)		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.07	%		2.30	%		1.06	%		0.88	%
Portfolio turnover rate^(c)		14	%		42	%		51	%		26	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Commencement of operations.

(c)	Net investment income per share has been calculated based on average shares outstanding method.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-22

Aristotle Floating Rate Income Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.28		$	9.66		$	9.72		$	8.80		$	9.88		$	10.12

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.41			0.59			0.35			0.34			0.46			0.49
Net realized and unrealized gain (loss) on investments		0.17			(0.38	)		(0.06	)		0.92			(1.08	)		(0.24	)
Total from investment operations		0.58			0.21			0.29			1.26			(0.62	)		0.25

LESS DISTRIBUTIONS FROM:
From net investment income		(0.41	)		(0.59	)		(0.35	)		(0.34	)		(0.46	)		(0.49	)
Total distributions		(0.41	)		(0.59	)		(0.35	)		(0.34	)		(0.46	)		(0.49	)

Net asset value, end of period	$	9.45		$	9.28		$	9.66		$	9.72		$	8.80		$	9.88

TOTAL RETURN^(b)(c)		6.42	%		2.50	%		2.87	%		14.52	%		(6.69	)%		2.57	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	262,762		$	265,188		$	280,827		$	170,353		$	162,511		$	202,929
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.04	%		1.13	%		1.13	%		1.17	%		1.27	%		1.29	%
After expense reimbursement (recapture)^(d)		1.02	%		0.98	%^(e)		1.00	%		1.02	%		1.02	%		1.01	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		8.85	%		6.35	%		3.56	%		3.63	%		4.64	%		4.92	%
Portfolio turnover rate^(b)		63	%		66	%		90	%		116	%		116	%		122	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

(e)	The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2023 was 0.96%

See Notes to Financial Statements

B-23

Aristotle Floating Rate Income Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.27		$	9.64		$	9.71		$	8.79		$	9.86		$	10.10

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.38			0.52			0.28			0.28			0.39			0.42
Net realized and unrealized gain (loss) on investments		0.17			(0.37	)		(0.07	)		0.92			(1.08	)		(0.24	)
Total from investment operations		0.55			0.15			0.21			1.20			(0.69	)		0.18

LESS DISTRIBUTIONS FROM:
From net investment income		(0.38	)		(0.52	)		(0.28	)		(0.28	)		(0.38	)		(0.42	)
Total distributions		(0.38	)		(0.52	)		(0.28	)		(0.28	)		(0.38	)		(0.42	)

Net asset value, end of period	$	9.44		$	9.27		$	9.64		$	9.71		$	8.79		$	9.86

TOTAL RETURN^(b)(c)		6.03	%		1.75	%		2.15	%		13.74	%		(7.31	)%		1.86	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	109,372		$	109,877		$	109,161		$	87,940		$	102,846		$	197,081
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.79	%		1.88	%		1.88	%		1.92	%		2.03	%		2.04	%
After expense reimbursement (recapture)^(d)		1.77	%		1.71	%^(e)		1.70	%		1.72	%		1.72	%		1.71	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		8.10	%		5.61	%		2.86	%		2.93	%		3.94	%		4.22	%
Portfolio turnover rate^(b)		63	%		66	%		90	%		116	%		116	%		122	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

(e)	The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2023 was 1.69%

See Notes to Financial Statements

B-24

Aristotle Floating Rate Income Fund
Financial Highlights
Class I^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.29		$	9.67		$	9.73		$	8.81		$	9.90		$	10.14

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.43			0.62			0.38			0.38			0.49			0.52
Net realized and unrealized gain (loss) on investments		0.17			(0.38	)		(0.06	)		0.91			(1.09	)		(0.23	)
Total from investment operations		0.60			0.24			0.32			1.29			(0.60	)		0.29

LESS DISTRIBUTIONS FROM:
From net investment income		(0.43	)		(0.62	)		(0.38	)		(0.37	)		(0.49	)		(0.53	)
Total distributions		(0.43	)		(0.62	)		(0.38	)		(0.37	)		(0.49	)		(0.53	)

Net asset value, end of period	$	9.46		$	9.29		$	9.67		$	9.73		$	8.81		$	9.90

TOTAL RETURN^(c)(d)		6.61	%		2.69	%		3.29	%		14.87	%		(6.49	)%		2.88	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	1,497,686		$	1,486,461		$	1,838,625		$	1,019,062		$	415,170		$	497,335
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.72	%		0.88	%		0.88	%		0.91	%		0.91	%		0.90	%
After expense reimbursement (recapture)^(e)		0.69	%		0.68	%^(f)		0.70	%		0.72	%		0.72	%		0.71	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		9.18	%		6.65	%		3.86	%		3.93	%		4.94	%		5.22	%
Portfolio turnover rate^(c)		63	%		66	%		90	%		116	%		116	%		122	%

(a)	On April 17, 2023 the Fund’s Class P shares were merged into the Class I shares. The Class P name was subsequently discontinued following the merger.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

(f)	The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2023 was 0.66%

See Notes to Financial Statements

B-25

Aristotle Floating Rate Income Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.31		$	9.69		$	9.75		$	8.83		$	9.92		$	10.16

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.43			0.61			0.37			0.37			0.48			0.52
Net realized and unrealized gain (loss) on investments		0.17			(0.37	)		(0.06	)		0.92			(1.09	)		(0.24	)
Total from investment operations		0.60			0.24			0.31			1.29			(0.61	)		0.28

LESS DISTRIBUTIONS FROM:
From net investment income		(0.43	)		(0.62	)		(0.37	)		(0.37	)		(0.48	)		(0.52	)
Total distributions		(0.43	)		(0.62	)		(0.37	)		(0.37	)		(0.48	)		(0.52	)

Net asset value, end of period	$	9.48		$	9.31		$	9.69		$	9.75		$	8.83		$	9.92

TOTAL RETURN^(c)(d)		6.54	%		2.66	%		3.25	%		14.78	%		(6.52	)%		2.83	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	1,755,367		$	1,840,333		$	1,778,969		$	716,233		$	506,347		$	830,452
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.79	%		0.88	%		0.88	%		0.91	%		1.03	%		1.04	%
After expense reimbursement (recapture)^(e)		0.77	%		0.73	%^(f)		0.75	%		0.77	%		0.77	%		0.76	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		9.08	%		6.60	%		3.81	%		3.88	%		4.89	%		5.17	%
Portfolio turnover rate^(c)		63	%		66	%		90	%		116	%		116	%		122	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

(f)	The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2023 was 0.71%

See Notes to Financial Statements

B-26

Aristotle High Yield Bond Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.03		$	9.85		$	10.34		$	8.75		$	10.07		$	10.23

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.28			0.49			0.47			0.51			0.52			0.55
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.81	)		(0.50	)		1.59			(1.33	)		(0.16	)
Total from investment operations		0.18			(0.32	)		(0.03	)		2.10			(0.81	)		0.39

LESS DISTRIBUTIONS FROM:
From net investment income		(0.27	)		(0.50	)		(0.46	)		(0.51	)		(0.51	)		(0.55	)
Total distributions		(0.27	)		(0.50	)		(0.46	)		(0.51	)		(0.51	)		(0.55	)

Net asset value, end of period	$	8.94		$	9.03		$	9.85		$	10.34		$	8.75		$	10.07

TOTAL RETURN^(b)(c)		2.01	%		(3.09	)%		(0.36	)%		24.45	%		(8.61	)%		3.97	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	6,205		$	6,141		$	6,816		$	7,496		$	7,227		$	5,174
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.98	%		1.16	%		1.12	%		1.13	%		1.24	%		1.31	%
After expense reimbursement (recapture)^(d)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		6.20	%		5.37	%		4.53	%		5.13	%		5.11	%		5.48	%
Portfolio turnover rate^(b)		31	%		35	%		40	%		66	%		63	%		64	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-27

Aristotle High Yield Bond Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.02		$	9.83		$	10.33		$	8.74		$	10.06		$	10.21

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.25			0.42			0.40			0.44			0.45			0.48
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.80	)		(0.51	)		1.59			(1.33	)		(0.15	)
Total from investment operations		0.15			(0.38	)		(0.11	)		2.03			(0.88	)		0.33

LESS DISTRIBUTIONS FROM:
From net investment income		(0.24	)		(0.43	)		(0.39	)		(0.44	)		(0.44	)		(0.48	)
Total distributions		(0.24	)		(0.43	)		(0.39	)		(0.44	)		(0.44	)		(0.48	)

Net asset value, end of period	$	8.93		$	9.02		$	9.83		$	10.33		$	8.74		$	10.06

TOTAL RETURN^(b)(c)		1.72	%		(3.81	)%		(1.17	)%		23.61	%		(9.28	)%		3.35	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	691		$	903		$	1,291		$	1,937		$	2,007		$	3,726
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.73	%		1.91	%		1.87	%		1.88	%		2.00	%		2.06	%
After expense reimbursement (recapture)^(d)		1.70	%		1.68	%		1.65	%		1.65	%		1.65	%		1.65	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		5.42	%		4.64	%		3.83	%		4.43	%		4.41	%		4.78	%
Portfolio turnover rate^(b)		31	%		35	%		40	%		66	%		63	%		64	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-28

Aristotle High Yield Bond Fund
Financial Highlights
Class I^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.91		$	9.74		$	10.24		$	8.66		$	9.98		$	10.14

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.32			0.50			0.49			0.53			0.54			0.57
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.80	)		(0.50	)		1.59			(1.33	)		(0.16	)
Total from investment operations		0.19			(0.30	)		(0.01	)		2.12			(0.79	)		0.41

LESS DISTRIBUTIONS FROM:
From net investment income		(0.28	)		(0.53	)		(0.49	)		(0.54	)		(0.53	)		(0.57	)
Total distributions		(0.28	)		(0.53	)		(0.49	)		(0.54	)		(0.53	)		(0.57	)

Net asset value, end of period	$	8.82		$	8.91		$	9.74		$	10.24		$	8.66		$	9.98

TOTAL RETURN^(c)(d)		2.19	%		(2.91	)%		(0.20	)%		24.76	%		(8.36	)%		4.27	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	68,040		$	1,694		$	86		$	62		$	54		$	175
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.74	%		0.92	%		0.87	%		0.88	%		0.88	%		0.91	%
After expense reimbursement (recapture)^(e)		0.71	%		0.65	%		0.69	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		7.13	%		5.67	%		4.79	%		5.38	%		5.36	%		5.73	%
Portfolio turnover rate^(c)		31	%		35	%		40	%		66	%		63	%		64	%

(a)	On April 17, 2023 the Fund’s Class P shares were merged into the Class I shares. The Class P name was subsequently discontinued following the merger.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-29

Aristotle High Yield Bond Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.05		$	9.87		$	10.36		$	8.76		$	10.08		$	10.24

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.29			0.51			0.50			0.54			0.54			0.58
Net realized and unrealized gain (loss) on investments		(0.10	)		(0.81	)		(0.50	)		1.60			(1.33	)		(0.17	)
Total from investment operations		0.19			(0.30	)		0.00	^(c)		2.14			(0.79	)		0.41

LESS DISTRIBUTIONS FROM:
From net investment income		(0.28	)		(0.52	)		(0.49	)		(0.54	)		(0.53	)		(0.57	)
Total distributions		(0.28	)		(0.52	)		(0.49	)		(0.54	)		(0.53	)		(0.57	)

Net asset value, end of period	$	8.96		$	9.05		$	9.87		$	10.36		$	8.76		$	10.08

TOTAL RETURN^(d)(e)		2.13	%		(2.84	)%		(0.11	)%		24.86	%		(8.38	)%		4.23	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	11,307		$	8,707		$	6,741		$	3,937		$	3,329		$	3,669
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.72	%		0.91	%		0.87	%		0.88	%		1.00	%		1.06	%
After expense reimbursement (recapture)^(f)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		6.47	%		5.62	%		4.78	%		5.38	%		5.36	%		5.73	%
Portfolio turnover rate^(d)		31	%		35	%		40	%		66	%		63	%		64	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-30

Aristotle Short Duration Income Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.00		$	10.16		$	10.57		$	10.05		$	10.30		$	10.24

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.19			0.23			0.12			0.16			0.24			0.26
Net realized and unrealized gain (loss) on investments		(0.05	)		(0.16	)		(0.31	)		0.52			(0.25	)		0.05
Total from investment operations		0.14			0.07			(0.19	)		0.68			(0.01	)		0.31

LESS DISTRIBUTIONS FROM:
From net investment income		(0.19	)		(0.23	)		(0.12	)		(0.16	)		(0.24	)		(0.25	)
From net realized gains		—			—			(0.10	)		—			—			—
Total distributions		(0.19	)		(0.23	)		(0.22	)		(0.16	)		(0.24	)		(0.25	)

Net asset value, end of period	$	9.95		$	10.00		$	10.16		$	10.57		$	10.05		$	10.30

TOTAL RETURN^(b)(c)		1.37	%		0.75	%		(1.85	)%		6.78	%		(0.13	)%		3.11	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	101,124		$	117,609		$	174,444		$	204,761		$	154,309		$	118,395
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.77	%		0.87	%		0.87	%		0.88	%		0.99	%		1.03	%
After expense reimbursement (recapture)^(e)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.77	%		2.33	%		1.14	%		1.50	%		2.33	%		2.57	%
Portfolio turnover rate^(b)		41	%		61	%		60	%		76	%		56	%		50	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-31

Aristotle Short Duration Income Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.98		$	10.14		$	10.55		$	10.03		$	10.28		$	10.22

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.15			0.16			0.04			0.08			0.16			0.19
Net realized and unrealized gain (loss) on investments		(0.05	)		(0.16	)		(0.31	)		0.52			(0.25	)		0.05
Total from investment operations		0.10			0.00	^(b)		(0.27	)		0.60			(0.09	)		0.24

LESS DISTRIBUTIONS FROM:
From net investment income		(0.15	)		(0.16	)		(0.04	)		(0.08	)		(0.16	)		(0.18	)
From net realized gains		—			—			(0.10	)		—			—			—
Total distributions		(0.15	)		(0.16	)		(0.14	)		(0.08	)		(0.16	)		(0.18	)

Net asset value, end of period	$	9.93		$	9.98		$	10.14		$	10.55		$	10.03		$	10.28

TOTAL RETURN^(c)(d)		0.99	%		0.00	%		(2.59	)%		6.00	%		(0.87	)%		2.35	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	27,080		$	30,904		$	39,891		$	51,385		$	48,816		$	46,167
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		1.52	%		1.62	%		1.62	%		1.63	%		1.74	%		1.78	%
After expense reimbursement (recapture)^(e)		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.02	%		1.58	%		0.39	%		0.75	%		1.58	%		1.82	%
Portfolio turnover rate^(c)		41	%		61	%		60	%		76	%		56	%		50	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Amount is less than $0.005 per share.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-32

Aristotle Short Duration Income Fund
Financial Highlights
Class I

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.98		$	10.14		$	10.56		$	10.03		$	10.29		$	10.22

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.20			0.26			0.15			0.18			0.27			0.29
Net realized and unrealized gain (loss) on investments		(0.04	)		(0.16	)		(0.32	)		0.54			(0.26	)		0.06
Total from investment operations		0.16			0.10			(0.17	)		0.72			0.01			0.35

LESS DISTRIBUTIONS FROM:
From net investment income		(0.20	)		(0.26	)		(0.15	)		(0.19	)		(0.27	)		(0.28	)
From net realized gains		—			—			(0.10	)		—			—			—
Total distributions		(0.20	)		(0.26	)		(0.25	)		(0.19	)		(0.27	)		(0.28	)

Net asset value, end of period	$	9.94		$	9.98		$	10.14		$	10.56		$	10.03		$	10.29

TOTAL RETURN^(b)(c)		1.63	%		1.06	%		(1.69	)%		7.16	%		0.03	%		3.47	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	415,278		$	195,023		$	171,154		$	141,974		$	106,402		$	83,436
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.46	%		0.62	%		0.62	%		0.63	%		0.63	%		0.63	%
After expense reimbursement (recapture)^(d)		0.45	%		0.45	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		4.11	%		2.63	%		1.40	%		1.75	%		2.58	%		2.82	%
Portfolio turnover rate^(b)		41	%		61	%		60	%		76	%		56	%		50	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-33

Aristotle Short Duration Income Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.00		$	10.16		$	10.58		$	10.05		$	10.31		$	10.24

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.20			0.26			0.15			0.18			0.27			0.29
Net realized and unrealized gain (loss) on investments		(0.05	)		(0.16	)		(0.32	)		0.54			(0.26	)		0.06
Total from investment operations		0.15			0.10			(0.17	)		0.72			0.01			0.35

LESS DISTRIBUTIONS FROM:
From net investment income		(0.20	)		(0.26	)		(0.15	)		(0.19	)		(0.27	)		(0.28	)
From net realized gains		—			—			(0.10	)		—			—			—
Total distributions		(0.20	)		(0.26	)		(0.25	)		(0.19	)		(0.27	)		(0.28	)

Net asset value, end of period	$	9.95		$	10.00		$	10.16		$	10.58		$	10.05		$	10.31

TOTAL RETURN^(c)(d)		1.49	%		1.01	%		(1.70	)%		7.14	%		0.02	%		3.46	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	495,665		$	651,148		$	622,664		$	778,271		$	717,804		$	483,476
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.52	%		0.62	%		0.62	%		0.63	%		0.73	%		0.78	%
After expense reimbursement (recapture)^(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		4.01	%		2.58	%		1.39	%		1.75	%		2.58	%		2.82	%
Portfolio turnover rate^(c)		41	%		61	%		60	%		76	%		56	%		50	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-34

Aristotle Strategic Income Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.20		$	10.96		$	11.52		$	9.72		$	10.60		$	10.71

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.27			0.44			0.33			0.40			0.43			0.47
Net realized and unrealized gain (loss) on investments		(0.21	)		(0.72	)		(0.47	)		1.79			(0.88	)		(0.11	)
Total from investment operations		0.06			(0.28	)		(0.14	)		2.19			(0.45	)		0.36

LESS DISTRIBUTIONS FROM:
From net investment income		(0.26	)		(0.44	)		(0.32	)		(0.39	)		(0.43	)		(0.47	)
From net realized gains		—			(0.04	)		(0.10	)		—			—			—
Total distributions		(0.26	)		(0.48	)		(0.42	)		(0.39	)		(0.43	)		(0.47	)

Net asset value, end of period	$	10.00		$	10.20		$	10.96		$	11.52		$	9.72		$	10.60

TOTAL RETURN^(b)(c)		0.57	%		(2.41	)%		(1.30	)%		22.82	%		(4.58	)%		3.43	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	114,782		$	101,292		$	134,612		$	104,659		$	71,510		$	61,503
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.96	%		1.07	%		1.07	%		1.08	%		1.19	%		1.23	%
After expense reimbursement (recapture)^(d)		0.94	%		0.94	%		0.94	%		0.95	%		0.95	%		0.95	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		5.27	%		4.34	%		2.85	%		3.57	%		3.94	%		4.43	%
Portfolio turnover rate^(b)		24	%		45	%		40	%		86	%		98	%		99	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-35

Aristotle Strategic Income Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.18		$	10.93		$	11.49		$	9.69		$	10.58		$	10.69

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.23			0.37			0.25			0.32			0.35			0.39
Net realized and unrealized gain (loss) on investments		(0.22	)		(0.72	)		(0.47	)		1.80			(0.89	)		(0.11	)
Total from investment operations		0.01			(0.35	)		(0.22	)		2.12			(0.54	)		0.28

LESS DISTRIBUTIONS FROM:
From net investment income		(0.22	)		(0.36	)		(0.24	)		(0.32	)		(0.35	)		(0.39	)
From net realized gains		—			(0.04	)		(0.10	)		—			—			—
Total distributions		(0.22	)		(0.40	)		(0.34	)		(0.32	)		(0.35	)		(0.39	)

Net asset value, end of period	$	9.97		$	10.18		$	10.93		$	11.49		$	9.69		$	10.58

TOTAL RETURN^(b)(c)		0.10	%		(3.04	)%		(1.99	)%		22.04	%		(5.35	)%		2.73	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	66,940		$	63,154		$	78,497		$	72,157		$	63,134		$	58,634
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.71	%		1.82	%		1.82	%		1.83	%		1.94	%		1.98	%
After expense reimbursement (recapture)^(d)		1.69	%		1.68	%		1.64	%		1.65	%		1.65	%		1.65	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		4.51	%		3.60	%		2.15	%		2.87	%		3.24	%		3.73	%
Portfolio turnover rate^(b)		24	%		45	%		40	%		86	%		98	%		99	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-36

Aristotle Strategic Income Fund
Financial Highlights
Class I

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.14		$	10.89		$	11.45		$	9.66		$	10.54		$	10.65

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.28			0.47			0.36			0.42			0.46			0.50
Net realized and unrealized gain (loss) on investments		(0.21	)		(0.71	)		(0.46	)		1.80			(0.88	)		(0.11	)
Total from investment operations		0.07			(0.24	)		(0.10	)		2.22			(0.42	)		0.39

LESS DISTRIBUTIONS FROM:
From net investment income		(0.28	)		(0.47	)		(0.36	)		(0.43	)		(0.46	)		(0.50	)
From net realized gains		—			(0.04	)		(0.10	)		—			—			—
Total distributions		(0.28	)		(0.51	)		(0.46	)		(0.43	)		(0.46	)		(0.50	)

Net asset value, end of period	$	9.93		$	10.14		$	10.89		$	11.45		$	9.66		$	10.54

TOTAL RETURN^(b)(c)		0.63	%		(2.03	)%		(1.02	)%		23.23	%		(4.32	)%		3.77	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	170,881		$	126,525		$	142,365		$	13,842		$	16,622		$	5,750
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		0.66	%		0.82	%		0.82	%		0.84	%		0.83	%		0.83	%
After expense reimbursement (recapture)^(d)		0.64	%		0.64	%		0.64	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		5.59	%		4.64	%		3.15	%		3.87	%		4.24	%		4.73	%
Portfolio turnover rate^(b)		24	%		45	%		40	%		86	%		98	%		99	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-37

Aristotle Strategic Income Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.21		$	10.97		$	11.52		$	9.72		$	10.60		$	10.71

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.28			0.47			0.36			0.43			0.45			0.49
Net realized and unrealized gain (loss) on investments		(0.22	)		(0.73	)		(0.46	)		1.79			(0.87	)		(0.11	)
Total from investment operations		0.06			(0.26	)		(0.10	)		2.22			(0.42	)		0.38

LESS DISTRIBUTIONS FROM:
From net investment income		(0.27	)		(0.46	)		(0.35	)		(0.42	)		(0.46	)		(0.49	)
From net realized gains		—			(0.04	)		(0.10	)		—			—			—
Total distributions		(0.27	)		(0.50	)		(0.45	)		(0.42	)		(0.46	)		(0.49	)

Net asset value, end of period	$	10.00		$	10.21		$	10.97		$	11.52		$	9.72		$	10.60

TOTAL RETURN^(c)(d)		0.60	%		(2.16	)%		(0.97	)%		23.12	%		(4.34	)%		3.70	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	1,443,733		$	1,185,434		$	1,245,830		$	832,054		$	491,221		$	456,428
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.71	%		0.82	%		0.82	%		0.83	%		0.94	%		0.98	%
After expense reimbursement (recapture)^(e)		0.69	%		0.69	%		0.69	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		5.53	%		4.59	%		3.10	%		3.82	%		4.19	%		4.68	%
Portfolio turnover rate^(c)		24	%		45	%		40	%		86	%		98	%		99	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-38

Aristotle Ultra Short Income Fund
Financial Highlights
Class A

	For the period April 17, 2023^(a) - September 30, 2023
PER SHARE DATA:	(Unaudited)
Net asset value, beginning of period	$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.23
Net realized and unrealized gain (loss) on investments		—
Total from investment operations		0.23

LESS DISTRIBUTIONS FROM:
From net investment income		(0.22	)
From net realized gains		—
Total distributions		(0.22	)

Net asset value, end of period	$	10.01

TOTAL RETURN^(c)(d)		2.32	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	370
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.57	%
After expense reimbursement (recapture)^(e)		0.57	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		5.08	%
Portfolio turnover rate^(c)		48	%

(a)	Commencement of operations.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-39

Aristotle Ultra Short Income Fund
Financial Highlights
Class I

	Period ended September 30, 2023			Year ended March 31,									For the period June 28, 2019^(b) - March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020
Net asset value, beginning of period	$	9.86		$	9.92		$	10.07		$	9.65		$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.25			0.31			0.06			0.12			0.17
Net realized and unrealized gain (loss) on investments		0.02			(0.09	)		(0.10	)		0.44			(0.35	)
Total from investment operations		0.27			0.22			(0.04	)		0.56			(0.18	)

LESS DISTRIBUTIONS FROM:
From net investment income		(0.25	)		(0.28	)		(0.07	)		(0.12	)		(0.17	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.00	)^(c)
Total distributions		(0.25	)		(0.28	)		(0.11	)		(0.14	)		(0.17	)

Net asset value, end of period	$	9.88		$	9.86		$	9.92		$	10.07		$	9.65

TOTAL RETURN^(d)(e)		2.77	%		2.30	%		(0.42	)%		5.81	%		(1.81	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	14,968		$	13,231		$	12,929		$	12,993		$	12,273
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.38	%		0.73	%		0.66	%		0.70	%		0.87	%
After expense reimbursement (recapture)^(f)		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		5.12	%		3.16	%		0.62	%		1.16	%		2.27	%
Portfolio turnover rate^(d)		48	%		51	%		75	%		96	%		81	%

(a)	Commencement of operations.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-40

Aristotle Ultra Short Income Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,									For the period June 28, 2019^(b) - March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020
Net asset value, beginning of period	$	9.86		$	9.92		$	10.07		$	9.65		$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(c)		0.25			0.31			0.06			0.12			0.17
Net realized and unrealized gain (loss) on investments		0.02			(0.09	)		(0.10	)		0.44			(0.35	)
Total from investment operations		0.27			0.22			(0.04	)		0.56			(0.18	)

LESS DISTRIBUTIONS FROM:
From net investment income		(0.25	)		(0.28	)		(0.07	)		(0.12	)		(0.17	)
From net realized gains		—			—			(0.04	)		(0.02	)		(0.00	)^(d)
Total distributions		(0.25	)		(0.28	)		(0.11	)		(0.14	)		(0.17	)

Net asset value, end of period	$	9.88		$	9.86		$	9.92		$	10.07		$	9.65

TOTAL RETURN^(e)(f)		2.77	%		2.30	%		(0.42	)%		5.81	%		(1.81	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	37,084		$	50,169		$	18,598		$	18,449		$	12,401
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(g)		0.39	%		0.77	%		0.66	%		0.69	%		0.97	%
After expense reimbursement (recapture)^(g)		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		5.05	%		3.16	%		0.62	%		1.16	%		2.27	%
Portfolio turnover rate^(e)		48	%		51	%		75	%		96	%		81	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Commencement of operations.

(c)	Net investment income per share has been calculated based on average shares outstanding method.

(d)	Amount is less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(g)	Annualized for periods less than one year.

See Notes to Financial Statements

B-41

Aristotle Core Equity Fund II
Financial Highlights
Class I

	For the period April 17, 2023^(a) - September 30, 2023
PER SHARE DATA:	(Unaudited)
Net asset value, beginning of period	$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.03
Net realized and unrealized gain (loss) on investments		0.27
Total from investment operations		0.30

Net asset value, end of period	$	10.30

TOTAL RETURN^(c)(d)		3.00	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	202,619
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.66	%
After expense reimbursement (recapture)^(e)		0.66	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		0.57	%
Portfolio turnover rate^(c)		19	%

(a)	Commencement of operations.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-42

Aristotle Growth Equity Fund
Financial Highlights
Class I^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.36		$	29.12		$	30.54		$	27.10		$	27.18		$	25.38

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)		(0.00	)^(c)		0.01			(0.10	)		(0.08	)		(0.02	)		—
Net realized and unrealized gain (loss) on investments		0.82			(4.62	)		3.07			13.51			0.93			3.62
Total from investment operations		0.82			(4.61	)		2.97			13.43			0.91			3.62

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			—			(0.00	)^(c)		(0.01	)
From net realized gains		—			(12.15	)		(4.39	)		(9.99	)		(0.99	)		(1.81	)
Total distributions		—			(12.15	)		(4.39	)		(9.99	)		(0.99	)		(1.82	)

Net asset value, end of period	$	13.18		$	12.36		$	29.12		$	30.54		$	27.10		$	27.18

TOTAL RETURN^(d)(e)		6.63	%		(13.10	)%		7.84	%		50.42	%		3.04	%		14.99	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	220,210		$	146,168		$	158,592		$	179,183		$	163,575		$	186,331
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.72	%		0.86	%		0.77	%		0.78	%		0.77	%		0.77	%
After expense reimbursement (recapture)^(f)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		(0.01	)%		0.03	%		(0.30	)%		(0.24	)%		(0.06	)%		0.01	%
Portfolio turnover rate^(d)		64	%		78	%		10	%		32	%		20	%		28	%

(a)	Class P shares were renamed to Class I shares on April 17, 2023.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount calculated is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-43

Aristotle International Equity Fund II
Financial Highlights
Class I

	For the period April 17, 2023^(a) - September 30, 2023
PER SHARE DATA:	(Unaudited)
Net asset value, beginning of period	$	10.00

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.10
Net realized and unrealized gain (loss) on investments		(0.38	)
Total from investment operations		(0.28	)

Net asset value, end of period	$	9.72

TOTAL RETURN^(c)(d)		(2.80	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	191,652
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.79	%
After expense reimbursement (recapture)^(e)		0.79	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		2.10	%
Portfolio turnover rate^(c)		11	%

(a)	Commencement of operations.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-44

Aristotle Small Cap Equity Fund II ^(a)
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.01		$	14.81		$	16.02		$	8.56		$	12.12		$	12.86

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)		0.03			0.00	^(c)		(0.05	)		(0.05	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.64	)		(1.80	)		(0.43	)		7.51			(3.51	)		(0.06	)
Total from investment operations		(0.61	)		(1.80	)		(0.48	)		7.46			(3.54	)		(0.09	)

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			—			(0.02	)		—
From net realized gains		—			—			(0.73	)		—			—			(0.65	)
Total distributions		—			—			(0.73	)		—			(0.02	)		(0.65	)

Net asset value, end of period	$	12.40		$	13.01		$	14.81		$	16.02		$	8.56		$	12.12

TOTAL RETURN^(d)(e)		(4.69	)%		(12.15	)%		(3.38	)%		87.15	%		(29.27	)%		(0.53	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	3,660		$	1,711		$	1,941		$	2,659		$	3,343		$	4,986
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		1.19	%		1.88	%		1.60	%		1.88	%		1.73	%		1.72	%
After expense reimbursement (recapture)^(f)		1.16	%		1.20	%		1.20	%		1.20	%		1.23	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		0.41	%		0.03	%		(0.34	)%		(0.40	)%		(0.21	)%		(0.21	)%
Portfolio turnover rate^(d)		109	%		34	%		63	%		75	%		42	%		56	%

(a)	On April 17, 2023 the Pacific Funds Small Cap Value Fund merged into Aristotle Small Cap Equity Fund II. See the “Reorganization” note in the Notes to Financials Statements for more information.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-45

Aristotle Small Cap Equity Fund II
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.43		$	14.26		$	15.56		$	8.38		$	11.94		$	12.76

INVESTMENTS OPERATIONS:
Net investment loss^(a)		(0.02	)		(0.09	)		(0.17	)		(0.13	)		(0.11	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(0.60	)		(1.74	)		(0.40	)		7.31			(3.45	)		(0.05	)
Total from investment operations		(0.62	)		(1.83	)		(0.57	)		7.18			(3.56	)		(0.17	)

LESS DISTRIBUTIONS FROM:
From net realized gains		—			—			(0.73	)		—			—			(0.65	)
Total distributions		—			—			(0.73	)		—			—			(0.65	)

Net asset value, end of period	$	11.81		$	12.43		$	14.26		$	15.56		$	8.38		$	11.94

TOTAL RETURN^(b)(c)		(4.99	)%		(12.83	)%		(4.07	)%		85.68	%		(29.82	)%		(1.17	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	891		$	556		$	776		$	789		$	538		$	902
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.95	%		2.62	%		2.35	%		2.65	%		2.48	%		2.47	%
After expense reimbursement (recapture)^(d)		1.91	%		1.95	%		1.95	%		1.95	%		1.98	%		2.05	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		(0.36	)%		(0.72	)%		(1.09	)%		(1.15	)%		(0.96	)%		(0.96	)%
Portfolio turnover rate^(b)		109	%		34	%		63	%		75	%		42	%		56	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-46

Aristotle Small Cap Equity Fund II
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	13.33		$	15.14		$	16.32		$	8.71		$	12.32		$	13.04

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)		0.04			0.04			(0.01	)		(0.02	)		0.00	^(c)		0.01
Net realized and unrealized gain (loss) on investments		(0.65	)		(1.85	)		(0.44	)		7.64			(3.57	)		(0.07	)
Total from investment operations		(0.61	)		(1.81	)		(0.45	)		7.62			(3.57	)		(0.06	)

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			(0.01	)		(0.04	)		(0.01	)
From net realized gains		—			—			(0.73	)		—			—			(0.65	)
Total distributions		—			—			(0.73	)		(0.01	)		(0.04	)		(0.66	)

Net asset value, end of period	$	12.72		$	13.33		$	15.14		$	16.32		$	8.71		$	12.32

TOTAL RETURN^(d)(e)		(4.58	)%		(11.96	)%		(3.13	)%		87.51	%		(29.07	)%		(0.26	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	16,508		$	7,676		$	17,732		$	11,402		$	7,897		$	13,220
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.94	%		1.59	%		1.34	%		1.65	%		1.48	%		1.47	%
After expense reimbursement (recapture)^(f)		0.91	%		0.95	%		0.95	%		0.95	%		0.98	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		0.65	%		0.28	%		(0.09	)%		(0.15	)%		0.04	%		0.04	%
Portfolio turnover rate^(d)		109	%		34	%		63	%		75	%		42	%		56	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-47

Aristotle Small Cap Equity Fund II
Financial Highlights
Class R6

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.80		$	14.52		$	14.98		$	7.97		$	11.29		$	12.00

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)		0.04			0.05			0.00	^(b)		(0.01	)		0.01			0.01
Net realized and unrealized gain (loss) on investments		(0.61	)		(1.77	)		(0.46	)		7.02			(3.28	)		(0.06	)
Total from investment operations		(0.57	)		(1.72	)		(0.46	)		7.01			(3.27	)		(0.05	)

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			—			(0.05	)		(0.01	)
From net realized gains		—			—			—			—			—			(0.65	)
Total distributions		—			—			—			—			(0.05	)		(0.66	)

Net asset value, end of period	$	12.23		$	12.80		$	14.52		$	14.98		$	7.97		$	11.29

TOTAL RETURN^(c)(d)		(4.45	)%		(11.85	)%		(3.07	)%		87.72	%		(29.05	)%		(0.18	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	1,111		$	1,098		$	1,699		$	1,752		$	731		$	658
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		0.93	%		1.62	%		1.35	%		1.64	%		1.37	%		1.32	%
After expense reimbursement (recapture)^(e)		0.85	%		0.85	%		0.85	%		0.86	%		0.93	%		1.00	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		0.65	%		0.38	%		0.01	%		(0.06	)%		0.09	%		0.09	%
Portfolio turnover rate^(c)		109	%		34	%		63	%		75	%		42	%		56	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Amount is less than $0.005 per share.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-48

Aristotle Small/Mid Cap Equity Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.29		$	15.98		$	17.47		$	9.52		$	13.02		$	13.23

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)		0.01			0.04			(0.07	)		(0.04	)		(0.00	)^(b)		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.23	)		(1.91	)		(0.34	)		7.99			(3.47	)		0.16
Total from investment operations		(0.22	)		(1.87	)		(0.41	)		7.95			(3.47	)		0.14

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			—			(0.03	)		—
From net realized gains		—			(4.82	)		(1.08	)		—			—			(0.35	)
Total distributions		—			(4.82	)		(1.08	)		—			(0.03	)		(0.35	)

Net asset value, end of period	$	9.07		$	9.29		$	15.98		$	17.47		$	9.52		$	13.02

TOTAL RETURN^(c)(d)		(2.37	)%		(11.41	)%		(2.82	)%		83.51	%		(26.71	)%		1.19	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	11,986		$	13,055		$	19,675		$	22,988		$	14,379		$	21,872
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)		1.17	%		1.29	%		1.23	%		1.24	%		1.37	%		1.48	%
After expense reimbursement (recapture)^(e)		1.16	%		1.21	%		1.20	%		1.20	%		1.23	%		1.30	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		0.19	%		0.34	%		(0.38	)%		(0.33	)%		(0.03	)%		(0.11	)%
Portfolio turnover rate^(c)		118	%		33	%		34	%		64	%		36	%		33	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Amount is less than $0.005 per share.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-49

Aristotle Small/Mid Cap Equity Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	8.55		$	15.24		$	16.83		$	9.24		$	12.70		$	13.01

INVESTMENTS OPERATIONS:
Net investment loss^(a)		(0.02	)		(0.05	)		(0.19	)		(0.14	)		(0.10	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(0.22	)		(1.82	)		(0.32	)		7.73			(3.36	)		0.15
Total from investment operations		(0.24	)		(1.87	)		(0.51	)		7.59			(3.46	)		0.04

LESS DISTRIBUTIONS FROM:
From net realized gains		—			(4.82	)		(1.08	)		—			—			(0.35	)
Total distributions		—			(4.82	)		(1.08	)		—			—			(0.35	)

Net asset value, end of period	$	8.31		$	8.55		$	15.24		$	16.83		$	9.24		$	12.70

TOTAL RETURN^(b)(c)		(2.81	)%		(12.01	)%		(3.53	)%		82.14	%		(27.24	)%		0.43	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	3,590		$	5,260		$	9,370		$	10,990		$	9,277		$	16,875
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)		1.92	%		2.04	%		1.98	%		1.99	%		2.13	%		2.23	%
After expense reimbursement (recapture)^(d)		1.91	%		1.96	%		1.95	%		1.95	%		1.98	%		2.05	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		(0.57	)%		(0.41	)%		(1.13	)%		(1.08	)%		(0.78	)%		(0.87	)%
Portfolio turnover rate^(b)		118	%		33	%		34	%		64	%		36	%		33	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	Annualized for periods less than one year.

See Notes to Financial Statements

B-50

Aristotle Small/Mid Cap Equity Fund
Financial Highlights
Class I^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.40		$	17.17		$	17.61		$	9.59		$	13.12		$	13.29

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)		0.02			0.09			(0.01	)		0.00	^(c)		0.04			0.02
Net realized and unrealized gain (loss) on investments		(0.25	)		(2.04	)		(0.43	)		8.08			(3.50	)		0.16
Total from investment operations		(0.23	)		(1.95	)		(0.44	)		8.08			(3.46	)		0.18

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			(0.06	)		(0.07	)		(0.00	)^(c)
From net realized gains		—			(4.82	)		—			—			—			(0.35	)
Total distributions		—			(4.82	)		—			(0.06	)		(0.07	)		(0.35	)

Net asset value, end of period	$	10.17		$	10.40		$	17.17		$	17.61		$	9.59		$	13.12

TOTAL RETURN^(d)(e)		(2.21	)%		(11.11	)%		(2.44	)%		84.32	%		(26.57	)%		1.52	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	189		$	497		$	1,017		$	1,558		$	4,802		$	6,422
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.88	%		1.03	%		0.98	%		0.99	%		1.01	%		1.08	%
After expense reimbursement (recapture)^(f)		0.85	%		0.86	%		0.85	%		0.86	%		0.93	%		1.00	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		0.47	%		0.69	%		(0.03	)%		0.01	%		0.27	%		0.19	%
Portfolio turnover rate^(d)		118	%		33	%		34	%		64	%		36	%		33	%

(a)	On April 17, 2023 the Fund’s Class P shares and Class R6 shares were merged into the Class I shares. The Class P and Class R6 names were subsequently discontinued following the merger.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-51

Aristotle Small/Mid Cap Equity Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.46		$	16.12		$	17.57		$	9.58		$	13.11		$	13.28

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)		0.02			0.08			(0.02	)		(0.01	)		0.03			0.02
Net realized and unrealized gain (loss) on investments		(0.23	)		(1.92	)		(0.35	)		8.05			(3.50	)		0.16
Total from investment operations		(0.21	)		(1.84	)		(0.37	)		8.04			(3.47	)		0.18

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			—			(0.05	)		(0.06	)		(0.00	)^(c)
From net realized gains		—			(4.82	)		(1.08	)		—			—			(0.35	)
Total distributions		—			(4.82	)		(1.08	)		(0.05	)		(0.06	)		(0.35	)

Net asset value, end of period	$	9.25		$	9.46		$	16.12		$	17.57		$	9.58		$	13.11

TOTAL RETURN^(d)(e)		(2.22	)%		(11.15	)%		(2.52	)%		84.04	%		(26.61	)%		1.50	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	39,130		$	72,294		$	184,718		$	312,981		$	214,344		$	328,171
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(f)		0.92	%		1.04	%		0.98	%		1.00	%		1.12	%		1.23	%
After expense reimbursement (recapture)^(f)		0.91	%		0.96	%		0.95	%		0.95	%		0.98	%		1.05	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(f)		0.42	%		0.59	%		(0.13	)%		(0.08	)%		0.22	%		0.13	%
Portfolio turnover rate^(d)		118	%		33	%		34	%		64	%		36	%		33	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Amount is less than $0.005 per share.

(d)	Not annualized for periods less than one year.

(e)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-52

Aristotle Portfolio Optimization Aggressive Growth Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.95		$	16.37		$	17.62		$	11.38		$	14.25		$	17.03

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.18			0.06			0.02			0.09			0.19			0.10
Net realized and unrealized gain (loss) on investments		(0.05	)		(1.74	)		0.63			6.70			(1.89	)		0.25
Total from investment operations		0.13			(1.68	)		0.65			6.79			(1.70	)		0.35

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.52	)		(0.21	)		(0.23	)		(0.25	)
From net realized gains		—			(3.74	)		(1.38	)		(0.34	)		(0.94	)		(2.88	)
Total distributions		—			(3.74	)		(1.90	)		(0.55	)		(1.17	)		(3.13	)

Net asset value, end of period	$	11.08		$	10.95		$	16.37		$	17.62		$	11.38		$	14.25

TOTAL RETURN^(b)(c)		1.19	%		(9.53	)%		2.80	%		60.05	%		(13.66	)%		3.39	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	218,667		$	230,188		$	270,691		$	275,818		$	191,505		$	193,470
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		0.70	%		0.66	%		0.65	%		0.66	%		0.67	%		0.68	%
After expense reimbursement (recapture)^(d)(e)		0.70	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.20	%		0.46	%		0.12	%		0.56	%		1.31	%		0.61	%
Portfolio turnover rate^(b)		101	%		29	%		15	%		31	%		19	%		55	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-53

Aristotle Portfolio Optimization Aggressive Growth Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.18		$	15.62		$	16.92		$	10.97		$	13.76		$	16.59

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)		0.13			(0.04	)		(0.11	)		(0.03	)		0.08			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.05	)		(1.66	)		0.60			6.45			(1.82	)		0.24
Total from investment operations		0.08			(1.70	)		0.49			6.42			(1.74	)		0.22

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.41	)		(0.13	)		(0.11	)		(0.17	)
From net realized gains		—			(3.74	)		(1.38	)		(0.34	)		(0.94	)		(2.88	)
Total distributions		—			(3.74	)		(1.79	)		(0.47	)		(1.05	)		(3.05	)

Net asset value, end of period	$	10.26		$	10.18		$	15.62		$	16.92		$	10.97		$	13.76

TOTAL RETURN^(b)(c)		0.79	%		(10.16	)%		2.04	%		58.83	%		(14.25	)%		2.57	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	23,510		$	26,893		$	35,333		$	43,705		$	35,339		$	85,434
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		1.45	%		1.41	%		1.40	%		1.41	%		1.42	%		1.43	%
After expense reimbursement (recapture)^(d)(e)		1.45	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		2.50	%		(0.29	)%		(0.63	)%		(0.19	)%		0.56	%		(0.14	)%
Portfolio turnover rate^(b)		101	%		29	%		15	%		31	%		19	%		55	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-54

Aristotle Portfolio Optimization Aggressive Growth Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.09		$	16.48		$	17.72		$	11.44		$	14.29		$	17.07

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.20			0.09			0.07			0.12			0.23			0.14
Net realized and unrealized gain (loss) on investments		(0.05	)		(1.74	)		0.62			6.74			(1.89	)		0.23
Total from investment operations		0.15			(1.65	)		0.69			6.86			(1.66	)		0.37

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.55	)		(0.24	)		(0.25	)		(0.27	)
From net realized gains		—			(3.74	)		(1.38	)		(0.34	)		(0.94	)		(2.88	)
Total distributions		—			(3.74	)		(1.93	)		(0.58	)		(1.19	)		(3.15	)

Net asset value, end of period	$	11.24		$	11.09		$	16.48		$	17.72		$	11.44		$	14.29

TOTAL RETURN^(c)(d)		1.35	%		(9.25	)%		3.02	%		60.35	%		(13.34	)%		3.57	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	8,238		$	9,333		$	10,940		$	14,855		$	9,606		$	10,860
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)(f)		0.45	%		0.41	%		0.40	%		0.41	%		0.42	%		0.43	%
After expense reimbursement (recapture)^(e)(f)		0.45	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.54	%		0.71	%		0.37	%		0.81	%		1.56	%		0.86	%
Portfolio turnover rate^(c)		101	%		29	%		15	%		31	%		19	%		55	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-55

Aristotle Portfolio Optimization Conservative Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.40		$	10.77		$	11.46		$	9.83		$	10.23		$	11.24

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.18			0.27			0.18			0.16			0.17			0.20
Net realized and unrealized gain (loss) on investments		(0.24	)		(1.00	)		(0.39	)		1.80			(0.35	)		(0.04	)
Total from investment operations		(0.06	)		(0.73	)		(0.21	)		1.96			(0.18	)		0.16

LESS DISTRIBUTIONS FROM:
From net investment income		—			(0.02	)		(0.28	)		(0.33	)		(0.20	)		(0.21	)
From net realized gains		—			(0.62	)		(0.20	)		—			(0.02	)		(0.96	)
Total distributions		—			(0.64	)		(0.48	)		(0.33	)		(0.22	)		(1.17	)

Net asset value, end of period	$	9.34		$	9.40		$	10.77		$	11.46		$	9.83		$	10.23

TOTAL RETURN^(b)(c)		(0.64	)%		(6.71	)%		(2.13	)%		19.96	%		(1.95	)%		1.88	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	126,898		$	139,384		$	174,061		$	191,406		$	159,186		$	121,012
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		0.71	%		0.68	%		0.67	%		0.67	%		0.68	%		0.68	%
After expense reimbursement (recapture)^(d)(e)		0.70	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.79	%		2.74	%		1.53	%		1.47	%		1.60	%		1.83	%
Portfolio turnover rate^(b)		110	%		28	%		20	%		37	%		22	%		30	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-56

Aristotle Portfolio Optimization Conservative Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.05		$	10.44		$	11.14		$	9.59		$	9.97		$	11.00

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.14			0.19			0.09			0.08			0.09			0.11
Net realized and unrealized gain (loss) on investments		(0.24	)		(0.96	)		(0.38	)		1.74			(0.35	)		(0.03	)
Total from investment operations		(0.10	)		(0.77	)		(0.29	)		1.82			(0.26	)		0.08

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.21	)		(0.27	)		(0.10	)		(0.15	)
From net realized gains		—			(0.62	)		(0.20	)		—			(0.02	)		(0.96	)
Total distributions		—			(0.62	)		(0.41	)		(0.27	)		(0.12	)		(1.11	)

Net asset value, end of period	$	8.95		$	9.05		$	10.44		$	11.14		$	9.59		$	9.97

TOTAL RETURN^(b)(c)		(1.11	)%		(7.34	)%		(2.85	)%		18.96	%		(2.72	)%		1.13	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	18,657		$	24,031		$	37,841		$	46,869		$	46,909		$	111,233
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		1.46	%		1.43	%		1.42	%		1.42	%		1.43	%		1.43	%
After expense reimbursement (recapture)^(d)(e)		1.45	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.05	%		1.99	%		0.78	%		0.72	%		0.86	%		1.08	%
Portfolio turnover rate^(b)		110	%		28	%		20	%		37	%		22	%		30	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-57

Aristotle Portfolio Optimization Conservative Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.48		$	10.84		$	11.52		$	9.88		$	10.26		$	11.26

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.19			0.29			0.21			0.19			0.20			0.22
Net realized and unrealized gain (loss) on investments		(0.24	)		(1.00	)		(0.39	)		1.80			(0.35	)		(0.03	)
Total from investment operations		(0.05	)		(0.71	)		(0.18	)		1.99			(0.15	)		0.19

LESS DISTRIBUTIONS FROM:
From net investment income		—			(0.03	)		(0.30	)		(0.35	)		(0.21	)		(0.23	)
From net realized gains		—			(0.62	)		(0.20	)		—			(0.02	)		(0.96	)
Total distributions		—			(0.65	)		(0.50	)		(0.35	)		(0.23	)		(1.19	)

Net asset value, end of period	$	9.43		$	9.48		$	10.84		$	11.52		$	9.88		$	10.26

TOTAL RETURN^(c)(d)		(0.53	)%		(6.50	)%		(1.84	)%		20.17	%		(1.68	)%		2.26	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	5,958		$	6,871		$	13,647		$	11,299		$	6,994		$	6,893
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)(f)		0.46	%		0.43	%		0.42	%		0.42	%		0.43	%		0.43	%
After expense reimbursement (recapture)^(e)(f)		0.45	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		4.02	%		2.99	%		1.78	%		1.72	%		1.85	%		2.08	%
Portfolio turnover rate^(c)		110	%		28	%		20	%		37	%		22	%		30	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-58

Aristotle Portfolio Optimization Growth Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.36		$	14.33		$	15.50		$	10.59		$	12.77		$	15.46

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.20			0.11			0.07			0.11			0.19			0.12
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.47	)		0.39			5.19			(1.45	)		0.13
Total from investment operations		0.06			(1.36	)		0.46			5.30			(1.26	)		0.25

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.40	)		(0.23	)		(0.22	)		(0.21	)
From net realized gains		—			(2.61	)		(1.23	)		(0.16	)		(0.70	)		(2.73	)
Total distributions		—			(2.61	)		(1.63	)		(0.39	)		(0.92	)		(2.94	)

Net asset value, end of period	$	10.42		$	10.36		$	14.33		$	15.50		$	10.59		$	12.77

TOTAL RETURN^(c)(d)		0.58	%		(8.93	)%		2.22	%		50.27	%		(11.24	)%		2.92	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	547,596		$	586,164		$	712,010		$	743,213		$	544,605		$	529,247
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)(f)		0.70	%		0.64	%		0.64	%		0.64	%		0.66	%		0.66	%
After expense reimbursement (recapture)^(e)(f)		0.70	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.71	%		0.97	%		0.46	%		0.80	%		1.45	%		0.84	%
Portfolio turnover rate^(c)		112	%		30	%		19	%		28	%		18	%		53	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-59

Aristotle Portfolio Optimization Growth Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.84		$	13.86		$	15.06		$	10.33		$	12.45		$	15.18

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)		0.15			0.03			(0.04	)		0.01			0.09			0.01
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.44	)		0.38			5.03			(1.41	)		0.13
Total from investment operations		0.01			(1.41	)		0.34			5.04			(1.32	)		0.14

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.31	)		(0.15	)		(0.10	)		(0.14	)
From net realized gains		—			(2.61	)		(1.23	)		(0.16	)		(0.70	)		(2.73	)
Total distributions		—			(2.61	)		(1.54	)		(0.31	)		(0.80	)		(2.87	)

Net asset value, end of period	$	9.85		$	9.84		$	13.86		$	15.06		$	10.33		$	12.45

TOTAL RETURN^(b)(c)		0.10	%		(9.63	)%		1.51	%		48.99	%		(11.81	)%		2.12	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	55,796		$	64,896		$	89,501		$	116,482		$	100,768		$	271,000
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		1.45	%		1.39	%		1.39	%		1.39	%		1.41	%		1.42	%
After expense reimbursement (recapture)^(d)(e)		1.45	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.03	%		0.22	%		(0.29	)%		0.05	%		0.70	%		0.08	%
Portfolio turnover rate^(b)		112	%		30	%		19	%		28	%		18	%		53	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-60

Aristotle Portfolio Optimization Growth Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.49		$	14.44		$	15.60		$	10.65		$	12.82		$	15.51

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.22			0.15			0.11			0.14			0.22			0.16
Net realized and unrealized gain (loss) on investments		(0.15	)		(1.49	)		0.39			5.23			(1.45	)		0.12
Total from investment operations		0.07			(1.34	)		0.50			5.37			(1.23	)		0.28

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.43	)		(0.26	)		(0.24	)		(0.24	)
From net realized gains		—			(2.61	)		(1.23	)		(0.16	)		(0.70	)		(2.73	)
Total distributions		—			(2.61	)		(1.66	)		(0.42	)		(0.94	)		(2.97	)

Net asset value, end of period	$	10.56		$	10.49		$	14.44		$	15.60		$	10.65		$	12.82

TOTAL RETURN^(b)(c)		0.67	%		(8.72	)%		2.46	%		50.62	%		(10.98	)%		3.12	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	13,337		$	15,875		$	19,833		$	20,137		$	14,485		$	19,458
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		0.45	%		0.39	%		0.39	%		0.39	%		0.41	%		0.41	%
After expense reimbursement (recapture)^(d)(e)		0.45	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		4.07	%		1.22	%		0.71	%		1.05	%		1.70	%		1.09	%
Portfolio turnover rate^(b)		112	%		30	%		19	%		28	%		18	%		53	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-61

Aristotle Portfolio Optimization Moderate Conservative Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.47		$	11.62		$	12.52		$	9.95		$	10.70		$	12.58

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.18			0.23			0.15			0.15			0.17			0.18
Net realized and unrealized gain (loss) on investments		(0.23	)		(1.14	)		(0.20	)		2.74			(0.66	)		(0.06	)
Total from investment operations		(0.05	)		(0.91	)		(0.05	)		2.89			(0.49	)		0.12

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.29	)		(0.32	)		(0.22	)		(0.20	)
From net realized gains		—			(1.24	)		(0.56	)		—			(0.04	)		(1.80	)
Total distributions		—			(1.24	)		(0.85	)		(0.32	)		(0.26	)		(2.00	)

Net asset value, end of period	$	9.42		$	9.47		$	11.62		$	12.52		$	9.95		$	10.70

TOTAL RETURN^(b)(c)		(0.53	)%		(7.59	)%		(0.83	)%		29.06	%		(4.94	)%		1.91	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	189,318		$	207,516		$	262,457		$	283,474		$	231,749		$	199,827
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		0.70	%		0.67	%		0.65	%		0.66	%		0.67	%		0.68	%
After expense reimbursement (recapture)^(d)(e)		0.70	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.72	%		2.26	%		1.14	%		1.25	%		1.55	%		1.55	%
Portfolio turnover rate^(b)		107	%		26	%		19	%		28	%		20	%		45	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-62

Aristotle Portfolio Optimization Moderate Conservative Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.08		$	11.29		$	12.20		$	9.72		$	10.44		$	12.34

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.14			0.15			0.05			0.06			0.09			0.09
Net realized and unrealized gain (loss) on investments		(0.21	)		(1.12	)		(0.18	)		2.66			(0.66	)		(0.06	)
Total from investment operations		(0.07	)		(0.97	)		(0.13	)		2.72			(0.57	)		0.03

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.22	)		(0.24	)		(0.11	)		(0.13	)
From net realized gains		—			(1.24	)		(0.56	)		—			(0.04	)		(1.80	)
Total distributions		—			(1.24	)		(0.78	)		(0.24	)		(0.15	)		(1.93	)

Net asset value, end of period	$	9.01		$	9.08		$	11.29		$	12.20		$	9.72		$	10.44

TOTAL RETURN^(b)(c)		(0.77	)%		(8.37	)%		(1.54	)%		28.06	%		(5.63	)%		1.11	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	15,619		$	19,045		$	31,538		$	45,349		$	48,929		$	136,522
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		1.46	%		1.42	%		1.41	%		1.41	%		1.42	%		1.43	%
After expense reimbursement (recapture)^(d)(e)		1.45	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.01	%		1.51	%		0.39	%		0.50	%		0.80	%		0.80	%
Portfolio turnover rate^(b)		107	%		26	%		19	%		28	%		20	%		45	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-63

Aristotle Portfolio Optimization Moderate Conservative Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.57		$	11.70		$	12.60		$	10.00		$	10.75		$	12.62

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.19			0.26			0.18			0.18			0.20			0.21
Net realized and unrealized gain (loss) on investments		(0.22	)		(1.15	)		(0.20	)		2.76			(0.67	)		(0.06	)
Total from investment operations		(0.03	)		(0.89	)		(0.02	)		2.94			(0.47	)		0.15

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.32	)		(0.34	)		(0.24	)		(0.22	)
From net realized gains		—			(1.24	)		(0.56	)		—			(0.04	)		(1.80	)
Total distributions		—			(1.24	)		(0.88	)		(0.34	)		(0.28	)		(2.02	)

Net asset value, end of period	$	9.54		$	9.57		$	11.70		$	12.60		$	10.00		$	10.75

TOTAL RETURN^(c)(d)		(0.31	)%		(7.36	)%		(0.64	)%		29.44	%		(4.67	)%		2.10	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	4,682		$	4,479		$	6,710		$	6,126		$	5,659		$	7,701
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)(f)		0.46	%		0.41	%		0.40	%		0.41	%		0.42	%		0.42	%
After expense reimbursement (recapture)^(e)(f)		0.45	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.91	%		2.51	%		1.39	%		1.50	%		1.80	%		1.80	%
Portfolio turnover rate^(c)		107	%		26	%		19	%		28	%		20	%		45	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-64

Aristotle Portfolio Optimization Moderate Fund
Financial Highlights
Class A

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.94		$	13.33		$	14.35		$	10.60		$	12.01		$	14.26

INVESTMENTS OPERATIONS:
Net investment income^(a)		0.18			0.17			0.10			0.12			0.17			0.16
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.38	)		0.11			4.06			(0.95	)		0.04
Total from investment operations		0.04			(1.21	)		0.21			4.18			(0.78	)		0.20

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.36	)		(0.32	)		(0.19	)		(0.23	)
From net realized gains		—			(2.18	)		(0.87	)		(0.11	)		(0.44	)		(2.22	)
Total distributions		—			(2.18	)		(1.23	)		(0.43	)		(0.63	)		(2.45	)

Net asset value, end of period	$	9.98		$	9.94		$	13.33		$	14.35		$	10.60		$	12.01

TOTAL RETURN^(b)(c)		0.40	%		(8.67	)%		0.92	%		39.61	%		(7.24	)%		2.49	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	629,698		$	677,263		$	845,027		$	897,486		$	714,447		$	652,731
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		0.70	%		0.64	%		0.63	%		0.64	%		0.66	%		0.66	%
After expense reimbursement (recapture)^(d)(e)		0.70	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		3.48	%		1.52	%		0.68	%		0.95	%		1.38	%		1.17	%
Portfolio turnover rate^(b)		107	%		32	%		20	%		27	%		19	%		41	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-65

Aristotle Portfolio Optimization Moderate Fund
Financial Highlights
Class C

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.55		$	12.98		$	14.03		$	10.39		$	11.77		$	14.04

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)		0.14			0.08			(0.01	)		0.03			0.08			0.05
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.33	)		0.11			3.96			(0.94	)		0.06
Total from investment operations		0.00			(1.25	)		0.10			3.99			(0.86	)		0.11

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.28	)		(0.24	)		(0.08	)		(0.16	)
From net realized gains		—			(2.18	)		(0.87	)		(0.11	)		(0.44	)		(2.22	)
Total distributions		—			(2.18	)		(1.15	)		(0.35	)		(0.52	)		(2.38	)

Net asset value, end of period	$	9.55		$	9.55		$	12.98		$	14.03		$	10.39		$	11.77

TOTAL RETURN^(b)(c)		0.00	%		(9.24	)%		0.14	%		38.56	%		(7.97	)%		1.78	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	60,583		$	70,433		$	107,229		$	143,244		$	142,846		$	381,170
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(d)(e)		1.45	%		1.39	%		1.38	%		1.39	%		1.41	%		1.41	%
After expense reimbursement (recapture)^(d)(e)		1.45	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(d)		2.78	%		0.77	%		(0.07	)%		0.20	%		0.63	%		0.42	%
Portfolio turnover rate^(b)		107	%		32	%		20	%		27	%		19	%		41	%

(a)	Net investment income per share has been calculated based on average shares outstanding method.

(b)	Not annualized for periods less than one year.

(c)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(d)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(e)	Annualized for periods less than one year.

See Notes to Financial Statements

B-66

Aristotle Portfolio Optimization Moderate Fund
Financial Highlights
Class I-2^(a)

	Period ended September 30, 2023			Year ended March 31,
PER SHARE DATA:	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	10.05		$	13.41		$	14.42		$	10.64		$	12.05		$	14.29

INVESTMENTS OPERATIONS:
Net investment income^(b)		0.19			0.20			0.14			0.16			0.20			0.19
Net realized and unrealized gain (loss) on investments		(0.14	)		(1.38	)		0.11			4.07			(0.96	)		0.04
Total from investment operations		0.05			(1.18	)		0.25			4.23			(0.76	)		0.23

LESS DISTRIBUTIONS FROM:
From net investment income		—			—			(0.39	)		(0.34	)		(0.21	)		(0.25	)
From net realized gains		—			(2.18	)		(0.87	)		(0.11	)		(0.44	)		(2.22	)
Total distributions		—			(2.18	)		(1.26	)		(0.45	)		(0.65	)		(2.47	)

Net asset value, end of period	$	10.10		$	10.05		$	13.41		$	14.42		$	10.64		$	12.05

TOTAL RETURN^(c)(d)		0.50	%		(8.39	)%		1.17	%		39.99	%		(7.07	)%		2.75	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	20,283		$	21,881		$	30,378		$	35,732		$	21,729		$	26,959
Ratio of expenses to average net assets:
Before expense reimbursement (recapture)^(e)(f)		0.45	%		0.39	%		0.38	%		0.39	%		0.41	%		0.41	%
After expense reimbursement (recapture)^(e)(f)		0.45	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets:
After expense reimbursement (recapture)^(e)		3.74	%		1.77	%		0.93	%		1.20	%		1.63	%		1.42	%
Portfolio turnover rate^(c)		107	%		32	%		20	%		27	%		19	%		41	%

(a)	Advisor Class shares were renamed to Class I-2 shares on August 1, 2022.

(b)	Net investment income per share has been calculated based on average shares outstanding method.

(c)	Not annualized for periods less than one year.

(d)	Total return includes reinvestment of all dividends and capital gain distributions, if any, and do not include deduction of any applicable sales charges.

(e)	The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any. The expense ratios do not include fees and expenses of the Funds in which they invest.

(f)	Annualized for periods less than one year.

See Notes to Financial Statements

B-67

Aristotle Funds Series Trust
Notes to Financial Statements
September 30, 2023 (Unaudited)

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, investment management 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, 2023, the Trust was comprised of the following nineteen separate funds (each individually a “Fund”, and collectively the “Funds”):

● Aristotle Core Income Fund

● Aristotle ESG Core Bond Fund

● Aristotle Floating Rate Income Fund

● Aristotle High Yield Bond Fund

● Aristotle Short Duration Income Fund

● Aristotle Strategic Income Fund

● Aristotle Ultra Short Income Fund

● Aristotle Core Equity Fund II

● Aristotle Growth Equity Fund

● Aristotle International Equity Fund II

● Aristotle Small Cap Equity Fund II

● Aristotle Small/Mid Cap Equity Fund

● Aristotle Value Equity Fund II

● Aristotle/Saul Global Equity Fund II

● 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

All of the Funds are classified and operate as diversified funds as of the date of this shareholder report under 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.

The Aristotle Core Income Fund, Aristotle ESG Core Bond Fund, Aristotle Floating Rate Income Fund, Aristotle High Yield Bond Fund, Aristotle Short Duration Income Fund, Aristotle Strategic Income Fund and Aristotle Ultra Short Income Fund are collectively the “Income Funds”. The Aristotle Core Equity Fund II, Aristotle Growth Equity Fund, Aristotle International Equity Fund II, Aristotle Small Cap Equity Fund II, Aristotle Value Equity Fund II, Aristotle/Saul Global Equity Fund II, and Aristotle Small/Mid Cap Equity Fund are collectively the “Equity Funds”. The 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”.

The Aristotle Core Income Fund’s primary investment objective 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% 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 April 17, 2023, the Core Income Fund acquired the assets and assumed the liabilities of the Pacific Funds Core Income, a series of Pacific Funds Series Trust.

The Aristotle ESG Core Bond Fund’s primary investment objective is to seek total return, consisting of current income and capital appreciation, while giving consideration to certain environmental, social, and governance (“ESG”) 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 April 17, 2023, the ESG Core Bond Fund acquired the assets and assumed the liabilities of the Pacific Funds ESG Core Bond, a series of Pacific Funds Series Trust.

The Aristotle Floating Rate Income Fund’s primary investment objective 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 April 17, 2023, the Floating Rate Income Fund acquired the assets and assumed the liabilities of the Pacific Funds Floating Rate Income, a series of Pacific Funds Series Trust.

The Aristotle High Yield Bond Fund’s primary investment objective is to seek a high level of current income and 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 April 17, 2023, the High Yield Bond Fund acquired the assets and assumed the liabilities of the Pacific Funds High Income, a series of Pacific Funds Series Trust.

C-1

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

The Aristotle Short Duration Income Fund’s primary investment objective is to seek 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 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 April 17, 2023, the Short Duration Income Fund acquired the assets and assumed the liabilities of the Pacific Funds Short Duration Income, a series of Pacific Funds Series Trust.

The Aristotle Strategic Income Fund’s primary investment objective 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 April 17, 2023, the Strategic Income Fund acquired the assets and assumed the liabilities of the Pacific Funds Strategic Income, a series of Pacific Funds Series Trust.

The Aristotle Ultra Short Income Fund’s primary investment objective 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 April 17, 2023, the Ultra Short Income Fund acquired the assets and assumed the liabilities of the Pacific Funds Ultra Short Income, a series of Pacific Funds Series Trust.

The Aristotle Core Equity Fund II’s primary investment objective 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.

The Aristotle Growth Equity Fund’s primary investment objective 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 April 17, 2023, the Growth Equity Fund acquired the assets and assumed the liabilities of the PF Growth Fund, a series of Pacific Funds Series Trust.

The Aristotle International Equity Fund II’s primary investment objective 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.

The Aristotle Small Cap Equity Fund II’s primary investment objective is to seek long-term capital appreciation. The Fund offers Class A, Class C, Class I, Class R6, Class I-2 and Class I-3 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees. (i) Class A shares are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class R6, Class I-2 and Class I-3 shares are sold at net asset value without a sales charge. Effective April 17, 2023, the Small Cap Equity Fund acquired the assets and assumed the liabilities of the Pacific Funds Small-Cap and the Pacific Funds Small-Cap Value, both series of Pacific Funds Series Trust.

The Aristotle Small/Mid Cap Equity Fund’s primary investment objective 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 April 17, 2023, the Small/Mid Cap Equity Fund acquired the assets and assumed the liabilities of the Pacific Funds Small/Mid-Cap, a series of Pacific Funds Series Trust.

The Aristotle Value Equity Fund II’s primary investment objective 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. As of September 30, 2023, this Fund was a shell Fund without any net assets.

The Aristotle Saul/Global Equity Fund II’s primary investment objective 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. As of September 30, 2023, this Fund was a shell Fund without any net assets.

The Aristotle Portfolio Optimization Aggressive Growth Fund’s primary investment objective 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 April 17, 2023, the Portfolio Optimization Aggressive Growth Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Aggressive Growth, a series of Pacific Funds Series Trust.

C-2

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

The Aristotle Portfolio Optimization Conservative Fund’s primary investment objective 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 April 17, 2023, the Portfolio Optimization Conservative Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Conservative, a series of Pacific Funds Series Trust.

The Aristotle Portfolio Optimization Growth Fund’s primary investment objective 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 April 17, 2023, the Portfolio Optimization Growth Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Growth, a series of Pacific Funds Series Trust.

The Aristotle Portfolio Optimization Moderate Conservative Fund’s primary investment objective 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 April 17, 2023, the Portfolio Optimization Moderate Conservative Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Moderate Conservative, a series of Pacific Funds Series Trust.

The Aristotle Portfolio Optimization Moderate Fund’s primary investment objective is to seek moderate 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 April 17, 2023, the Portfolio Optimization Moderate Fund acquired the assets and assumed the liabilities of the Pacific Funds Portfolio Optimization Moderate, a series of Pacific Funds Series Trust.

Note 2 – Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

Valuation Procedures

AIS has been designated by the Board as the “valuation designee” pursuant to 1940 Act Rule 2a-5. The Adviser’s valuation procedures are designed to ensure accurate market valuations and consistent pricing in accordance with the Trust’s Valuation Policy and relevant SEC rules. 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.

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

C-3

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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 procedures 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 fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or a Fund’s sub-adviser. Issuer-specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers, and other market data may be reviewed in the course of making a good faith determination of the fair value of a portfolio holding. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.

Domestic Equity Investments

Domestic equity investments (including exchange-traded funds) are generally valued using the official closing price or last reported sale price from an exchange and does not normally take into account trading, clearances or settlements that take place after the close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

Foreign Equity Investments

Foreign equity investments are generally valued using the official closing price or the last reported sale price from the principal foreign exchanges. The Funds may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. With respect to foreign equity Holdings (traded in a foreign market which closes prior to the NYSE close), the values determined in accordance with the above, may be modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service or other service approved by the 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.

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.

C-4

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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.

Investment Values Determined by the Valuation Oversight Committee

The Adviser’s valuation procedures also 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 provide 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 a 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 Charter. Valuations determined by the VOC or its delegate may require subjective inputs about the value of such investments. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers, and other market data may be reviewed in the course of making a good faith determination of the fair value of a portfolio holding. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Fair Value Measurements and Disclosure

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Utilizing the valuation procedures, the VOC determines the level in which each investment is characterized. The VOC includes finance, operations, legal, risk and compliance members of the Trust’s Adviser, 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 - 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 – 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 valuation procedure 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.

C-5

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

The following is a summary of the inputs used, as of September 30, 2023, in valuing the Funds’ assets carried at fair value:

Aristotle Core Income Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	710,814,702	$	—	$	710,814,702
U.S. Treasury Obligations		—		299,577,352		—		299,577,352
Bank Loans*		—		212,505,011		—		212,505,011
Asset Backed Securities		—		189,553,338		—		189,553,338
Collateralized Loan Obligations		—		101,839,402		—		101,839,402
Mortgage Backed Securities		—		46,506,182		—		46,506,182
Total Investments	$	—	$	1,560,795,987	$	—	$	1,560,795,987

Aristotle ESG Core Bond Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	15,521,672	$	—	$	15,521,672
U.S. Treasury Obligations		—		5,205,129		—		5,205,129
Asset Backed Securities		—		2,903,273		—		2,903,273
Collateralized Loan Obligations		—		1,607,241		—		1,607,241
Mortgage Backed Securities		—		641,351		—		641,351
Total Investments	$	—	$	25,878,666	$	—	$	25,878,666

Aristotle Floating Rate Income Fund

	Level 1		Level 2		Level 3		Total
Investments:
Bank Loans*	$	—	$	3,221,120,292	$	—	$	3,221,120,292
Corporate Bonds*		—		183,712,867		—		183,712,867
Exchange Traded Funds		149,749,665		—		—		149,749,665
Total Investments	$	149,749,665	$	3,404,833,159	$	—	$	3,554,582,824

Aristotle High Yield Bond Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	70,941,251	$	—	$	70,941,251
Bank Loans*		—		7,359,089		—		7,359,089
Collateralized Loan Obligations		—		4,874,023		—		4,874,023
Exchange Traded Funds		1,223,416		—		—		1,223,416
Asset Backed Securities		—		157,565		—		157,565
Common Stocks		4,786		—		—		4,786
Total Investments	$	1,228,202	$	83,331,928	$	—	$	84,560,130

Aristotle Short Duration Income Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	495,421,251	$	—	$	495,421,251
Asset Backed Securities		—		179,084,856		—		179,084,856
Bank Loans*		—		155,483,952		—		155,483,952
U.S. Treasury Obligations		—		120,298,881		—		120,298,881
Collateralized Loan Obligations		—		77,993,170		—		77,993,170
Total Investments	$	—	$	1,028,282,110	$	—	$	1,028,282,110

C-6

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Aristotle Strategic Income Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	1,246,977,075	$	—	$	1,246,977,075
Bank Loans*		—		400,530,204		—		400,530,204
Collateralized Loan Obligations		—		77,906,596		—		77,906,596
Asset Backed Securities		—		11,915,232		—		11,915,232
Common Stocks		27,365		—		—		27,365
Total Investments	$	27,365	$	1,737,329,107	$	—	$	1,737,356,472

Aristotle Ultra Short Income Fund

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds*	$	—	$	29,967,699	$	—	$	29,967,699
Collateralized Loan Obligations		—		10,608,927		—		10,608,927
Asset Backed Securities		—		3,238,762		—		3,238,762
Bank Loans*		—		2,580,935		—		2,580,935
U.S. Treasury Obligations		—		1,853,264		—		1,853,264
U.S. Treasury Bills		—		1,760,222		—		1,760,222
Total Investments	$	—	$	50,009,809	$	—	$	50,009,809

Aristotle Core Equity Fund II

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	196,694,295	$	—	$	—	$	196,694,295
Real Estate Investment Trusts		2,538,020		—		—		2,538,020
Total Investments	$	199,232,315	$	—	$	—	$	199,232,315

Aristotle Growth Equity Fund

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	198,849,760	$	—	$	—	$	198,849,760
Exchange Traded Funds		20,370,201		—		—		20,370,201
Real Estate Investment Trusts		2,376,531		—		—		2,376,531
Total Investments	$	221,596,492	$	—	$	—	$	221,596,492

Aristotle International Equity Fund II

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	185,066,364	$	—	$	—	$	185,066,364
Total Investments	$	185,066,364	$	—	$	—	$	185,066,364

C-7

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Aristotle Small Cap Equity Fund II

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	20,199,789	$	—	$	—	$	20,199,789
Real Estate Investment Trusts		912,119		—		—		912,119
Exchange Traded Funds		597,205		—		—		597,205
Closed End Funds		173,692		—		—		173,692
Total Investments	$	21,882,805	$	—	$	—	$	21,882,805

Aristotle Small/Mid Cap Equity Fund

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks*	$	52,240,194	$	—	$	—	$	52,240,194
Real Estate Investment Trusts		1,443,525		—		—		1,443,525
Closed End Funds		500,160		—		—		500,160
Exchange Traded Funds		383,907		—		—		383,907
Total Investments	$	54,567,786	$	—	$	—	$	54,567,786

Aristotle Portfolio Optimization Aggressive Growth Fund

	Level 1		Level 2		Level 3		Total
Investments:
Affiliated Open-End Funds	$	133,401,672	$	—	$	—	$	133,401,672
Exchange Traded Funds		116,188,791		—		—		116,188,791
Total Investments	$	249,590,463	$	—	$	—	$	249,590,463

Aristotle Portfolio Optimization Conservative Fund

	Level 1		Level 2		Level 3		Total
Investments:
Affiliated Open-End Funds	$	108,378,802	$	—	$	—	$	108,378,802
Exchange Traded Funds		42,972,766		—		—		42,972,766
Total Investments	$	151,351,568	$	—	$	—	$	151,351,568

Aristotle Portfolio Optimization Growth Fund

	Level 1		Level 2		Level 3		Total
Investments:
Affiliated Open-End Funds	$	367,759,592	$	—	$	—	$	367,759,592
Exchange Traded Funds		247,498,606		—		—		247,498,606
Total Investments	$	615,258,198	$	—	$	—	$	615,258,198

Aristotle Portfolio Optimization Moderate Conservative Fund

	Level 1		Level 2		Level 3		Total
Investments:
Affiliated Open-End Funds	$	142,729,189	$	—	$	—	$	142,729,189
Exchange Traded Funds		66,327,543		—		—		66,327,543
Total Investments	$	209,056,732	$	—	$	—	$	209,056,732

C-8

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Aristotle Portfolio Optimization Moderate Fund

	Level 1		Level 2		Level 3		Total
Investments:
Affiliated Open-End Funds	$	484,558,593	$	—	$	—	$	484,558,593
Exchange Traded Funds		224,147,002		—		—		224,147,002
Total Investments	$	708,705,595	$	—	$	—	$	708,705,595

*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.

Bank Loans

Floating rate bank loan notes (“Bank Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Bank Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset under investments at value, and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.

The total unfunded loan commitments that could be extended at the option of the borrowers for the period ended September 30, 2023, are summarized in the following table:

Fund		Unfunded Loan Commitments				Value				Net Unrealized Appreciation (Depreciation)
Aristotle Floating Rate Income Fund		$	5,200,321			$	5,200,321			$	46,344

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, 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. Expenses payable by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

Federal Income Taxes

Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

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.

C-9

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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, 2023, 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 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.

Dividends on net investment income, if any, are generally distributed according to the following schedule, although distributions could occur more or less frequently if it is advantageous to the specific Fund and to its shareholders:

●

Portfolio Optimization Funds and Equity Funds – dividends, if any, are generally declared and paid annually.

●

Income Funds (except Aristotle Floating Rate Income Fund and Aristotle Ultra Short Income Fund) – dividends, if any, are generally declared and paid monthly.

●

Aristotle Floating Rate Income Fund and Aristotle Ultra Short Income Fund – dividends, if any, are generally accrued daily and paid monthly.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with the Adviser. Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Adviser based on each Fund’s average daily net assets. Fees paid to the Adviser for the period ended September 30, 2023 are reported on the Statements of Operations. The annual rates are listed by Fund in the below table:

Fund	Annual Investment Advisory Fee Rate (as a percentage of average daily net assets)
Aristotle Core Income Fund	0.50%
Aristotle ESG Core Bond Fund	0.38%
Aristotle Floating Rate Income Fund	0.62%
Aristotle High Yield Bond Fund	0.60%
Aristotle Short Duration Income Fund	0.40%
Aristotle Strategic Income Fund	0.59%
Aristotle Ultra Short Income Fund	0.25%
Aristotle Core Equity Fund II	0.50%
Aristotle Growth Equity Fund	0.55%
Aristotle International Equity Fund II	0.70%
Aristotle Small Cap Equity Fund II	0.70%
Aristotle Small/Mid Cap Equity Fund	0.70%
Aristotle Value Equity Fund II	0.69%
Aristotle/Saul Global Equity Fund II	0.78%
Aristotle Portfolio Optimization Aggressive Growth Fund	0.20%
Aristotle Portfolio Optimization Conservative Fund	0.20%
Aristotle Portfolio Optimization Growth Fund	0.20%
Aristotle Portfolio Optimization Moderate Conservative Fund	0.20%
Aristotle Portfolio Optimization Moderate Fund	0.20%

The Adviser engages the following sub-advisers to manage the Funds (each a “Sub Adviser” and collectively the “Sub Advisers”). The Adviser pays the Sub Advisers from its advisory fees.

C-10

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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 II and Aristotle Growth Equity Fund.

Aristotle Capital Boston, LLC (“Aristotle Boston”)

Aristotle Boston, located at One Federal Street, 36th Floor, Boston, Massachusetts 02110, acts as sub-adviser to the Aristotle Small/Mid Cap Equity Fund and Aristotle Small Cap Equity Fund II.

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 II, Aristotle/Saul Global Equity Fund II, and Aristotle Value Equity Fund II.

Aristotle Pacific Capital, LLC (“Aristotle Pacific”)

Aristotle Pacific, located at 840 Newport Center Drive, 7th Floor, Newport Beach, California 92660, acts as sub-adviser to Aristotle Ultra Short Income Fund, Aristotle Short Duration Income Fund, Aristotle Core Income Fund, Aristotle ESG Core Bond Fund, Aristotle Strategic Income Fund, Aristotle Floating Rate Income Fund, and Aristotle High Yield Bond Fund.

Pacific Life Fund Advisors LLC (“PLFA”)

PLFA, located at 700 Newport Center Drive, Newport Beach, California 92660, acts as sub-adviser to the Portfolio Optimization Funds.

Aristotle Investment Services, LLC (“AIS”) in its capacity as the Funds’ Administrator (AIS, in its capacity as 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; (i) 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.

C-11

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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 Administration Fee
Aristotle Core Income Fund
Class A	0.10%
Class C	0.10%
Class I	0.05%
Class I-2	0.05%
Aristotle ESG Core Bond Fund
Class I	0.10%
Class I-2	0.10%
Aristotle Floating Rate Income Fund
Class A	0.13%
Class C	0.13%
Class I	0.05%
Class I-2	0.13%
Aristotle High Yield Bond Fund
Class A	0.10%
Class C	0.10%
Class I	0.05%
Class I-2	0.10%
Aristotle Short Duration Income Fund
Class A	0.10%
Class C	0.10%
Class I	0.05%
Class I-2	0.10%
Aristotle Strategic Income Fund
Class A	0.10%
Class C	0.10%
Class I	0.05%
Class I-2	0.10%
Aristotle Ultra Short Income Fund
Class A	0.07%
Class I	0.07%
Class I-2	0.07%
Aristotle Core Equity Fund II
Class A	0.15%
Class I	0.15%
Class I-2	0.15%
Aristotle Growth Equity Fund
Class A	0.15%
Class I	0.15%
Class I-2	0.15%
Aristotle International Equity Fund II
Class A	0.08%
Class I	0.08%
Class I-2	0.08%
Aristotle Small Cap Equity Fund II
Class A	0.20%
Class C	0.20%
Class I	0.20%
Class R6	0.15%
Class I-2	0.20%
Class I-3	0.20%

C-12

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Fund	Supervision and Administration Fee
Aristotle Small/Mid Cap Equity Fund
Class A	0.20%
Class C	0.20%
Class I	0.15%
Class I-2	0.20%
Aristotle Value Equity Fund II
Class A	0.09%
Class I	0.09%
Class I-2	0.09%
Aristotle Saul/Global Equity Fund II
Class A	0.08%
Class I	0.08%
Class I-2	0.08%
Aristotle Portfolio Optimization Aggressive Growth Fund
Class A	0.25%
Class C	0.25%
Class I-2	0.25%
Aristotle Portfolio Optimization Conservative Fund
Class A	0.25%
Class C	0.25%
Class I-2	0.25%
Aristotle Portfolio Optimization Growth Fund
Class A	0.25%
Class C	0.25%
Class I-2	0.25%
Aristotle Portfolio Optimization Moderate Conservative Fund
Class A	0.25%
Class C	0.25%
Class I-2	0.25%
Aristotle Portfolio Optimization Moderate Fund
Class A	0.25%
Class C	0.25%
Class I-2	0.25%

The Adviser has contractually agreed that to the extent that the aggregate expenses (the “Expenses”) incurred by a Fund, including but not limited to organizational and offering costs and the Fees (but excluding interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, other expenditures which are capitalized in accordance with generally accepted accounting principles (other than offering costs), other extraordinary expenses not incurred in the ordinary course of such Fund’s business and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”)), exceed on an annual basis the amount specified below, AIS shall waive its fees under either or both of the Supervision and Administration Agreement and Advisory Agreement in an amount equal to such excess amount so that the Expenses incurred by a Fund in any fiscal year do not exceed the Expense Limit. Waived expenses are not subject to future recoupment.

		Total Limit on Annual Operating Expenses^†
Fund	Agreement Expires	Class A	Class C	Class I	Class R6	Class I-2	Class I-3
Aristotle Core Income Fund	July 31, 2025	0.85%	1.60%	0.55%	—	0.55%	—
Aristotle ESG Core Bond Fund	July 31, 2025	—	—	0.48%	—	0.48%	—
Aristotle Floating Rate Income Fund	July 31, 2025	1.02%	1.77%	0.72%	—	0.77%	—
Aristotle High Yield Bond Fund	July 31, 2025	0.95%	1.70%	0.65%	—	0.70%	—
Aristotle Short Duration Income Fund	July 31, 2025	0.75%	1.50%	0.45%	—	0.50%	—
Aristotle Strategic Income Fund	July 31, 2025	0.94%	1.69%	0.64%	—	0.69%	—
Aristotle Ultra Short Income Fund	July 31, 2025	0.57%	—	0.32%	—	0.32%	—
Aristotle Core Equity Fund II	July 31, 2026	—	—	—	—	0.65%	—

C-13

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

		Total Limit on Annual Operating Expenses^†
Fund	Agreement Expires	Class A	Class C	Class I	Class R6	Class I-2	Class I-3
Aristotle Growth Equity Fund	July 31, 2025	—	—	0.70%	—	—	—
Aristotle International Equity Fund II	July 31, 2026	—	—	—	—	0.78%	—
Aristotle Small Cap Equity Fund II	July 31, 2025	1.20%	1.95%	0.90%*	0.85%	0.90%**	0.90%
Aristotle Small/Mid Cap Equity Fund	July 31, 2025	1.20%	1.95%	0.85%	—	0.95%	—
Aristotle Value Equity Fund II	July 31, 2026	—	—	—	—	0.69%	—
Aristotle Saul/Global Equity Fund II	July 31, 2026	—	—	—	—	0.78%	—
Aristotle Portfolio Optimization Aggressive Growth Fund	July 31, 2025	1.26%	2.01%	—	—	1.01%	—
Aristotle Portfolio Optimization Conservative Fund	July 31, 2025	1.22%	1.97%	—	—	0.97%	—
Aristotle Portfolio Optimization Growth Fund	July 31, 2025	1.25%	2.00%	—	—	1.00%	—
Aristotle Portfolio Optimization Moderate Conservative Fund	July 31, 2025	1.22%	1.97%	—	—	0.97%	—
Aristotle Portfolio Optimization Moderate Fund	July 31, 2025	1.23%	1.98%	—	—	0.98%	—

†	The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.

*	Effective September 1, 2023, the Small Cap Equity Fund II Class I changed expense limits from 0.95% to 0.90%.

**	See subsequent event note on a merger occurring in this class.

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, 2023, 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.

The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2023:

				Distributable Earning				Late-Year Ordinary and Post-October Losses Deferrals
Fund	Accumulated Capital Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Late-Year Ordinary Losses		Short-Term Capital Losses		Long-Term Capital Losses		Total
Aristotle Core Income Fund	$	(34,717,151	)	$	512,535	$	—	$	—	$	—	$	—	$	—
Aristotle ESG Core Bond Fund		(1,211,112	)		258		—		—		—		—		—
Aristotle Floating Rate Income Fund		(181,330,884	)		3,874,345		—		—		—		—		—
Aristotle High Yield Bond Fund		(15,208,905	)		—		—		—		—		—		—
Aristotle Short Duration Income Fund		(12,907,799	)		115,884		—		—		—		—		—
Aristotle Strategic Income Fund		(53,477,083	)		578,091		—		—		—		—		—
Aristotle Ultra Short Income Fund		(128,750	)		17		—		—		—		—		—
Aristotle Growth Equity Fund		—			21,552		6,914,246		—		—		—		—
Aristotle Small Cap Equity Fund II		(2,003,919	)		27,485		—		—		—		—		—
Aristotle Small/Mid Cap Equity Fund		—			617,937		8,321,896		—		—		—		—
Aristotle Portfolio Optimization Aggressive Growth Fund		—			1,212,150		3,245,439		—		—		—		—
Aristotle Portfolio Optimization Conservative Fund		(6,791,043	)		4,932,819		—		—		—		—		—
Aristotle Portfolio Optimization Growth Fund		—			6,481,696		2,104,118		—		—		—		—
Aristotle Portfolio Optimization Moderate Conservative Fund		(8,622,434	)		5,591,090		—		—		—		—		—
Aristotle Portfolio Optimization Moderate Fund		(17,665,139	)		12,160,226		—		—		—		—		—

C-14

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Accumulated capital losses represent net capital loss carryovers as of March 31, 2023 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, 2023 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2023:

	Unlimited Period of Net Capital Loss Carryover						Accumulated Capital Loss			Capital Loss Carryover Utilized During the Year Ended
Fund	Short Term			Long Term			Carryover			March 31, 2023
Aristotle Core Income Fund	$	(16,831,625	)	$	(17,885,526	)	$	(34,717,151	)	$	—
Aristotle ESG Core Bond Fund		(598,549	)		(612,563	)	$	(1,211,112	)	$	—
Aristotle Floating Rate Income Fund		(49,322,834	)		(132,008,050	)	$	(181,330,884	)	$	—
Aristotle High Yield Bond Fund		(4,513,912	)		(10,694,993	)	$	(15,208,905	)	$	—
Aristotle Short Duration Income Fund		(5,236,231	)		(7,671,568	)	$	(12,907,799	)	$	—
Aristotle Strategic Income Fund		(17,197,817	)		(36,279,266	)	$	(53,477,083	)	$	—
Aristotle Ultra Short Income Fund		(107,784	)		(20,966	)	$	(128,750	)	$	—
Aristotle Small Cap Equity Fund II		(2,003,919	)		—		$	(2,003,919	)	$	—
Aristotle Portfolio Optimization Conservative Fund		(2,048,433	)		(4,742,610	)	$	(6,791,043	)	$	—
Aristotle Portfolio Optimization Moderate Conservative Fund		(3,189,997	)		(5,432,437	)	$	(8,622,434	)	$	—
Aristotle Portfolio Optimization Moderate Fund		(17,665,139	)		—		$	(17,665,139	)	$	—

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of March 31, 2023, were as follows:

Fund	Total Cost of Investments on Tax Basis ⁽¹⁾		Gross Unrealized Appreciation on Investments		Gross Unrealized Depreciation on Investments			Net Unrealized Appreciation (Depreciation) on Investments			Net Unrealized Appreciation (Depreciation) on Other ⁽²⁾			Net Unrealized Appreciation (Depreciation)
Aristotle Core Income Fund	$	1,023,748,072	$	3,911,156	$	(83,713,285	)	$	(79,802,129	)	$	—		$	(79,802,129	)
Aristotle ESG Core Bond Fund		28,889,619		71,937		(2,885,012	)	$	(2,813,075	)		—		$	(2,813,075	)
Aristotle Floating Rate Income Fund		3,747,740,081		10,264,337		(151,890,231	)	$	(141,625,894	)		—		$	(141,625,894	)
Aristotle High Yield Bond Fund		85,042,765		416,794		(7,672,175	)	$	(7,255,381	)		(172	)	$	(7,255,553	)
Aristotle Short Duration Income Fund		1,033,597,071		2,152,506		(30,056,784	)	$	(27,904,278	)		—		$	(27,904,278	)
Aristotle Strategic Income Fund		1,577,467,277		4,565,438		(117,135,688	)	$	(112,570,250	)		(1,712	)	$	(112,571,962	)
Aristotle Ultra Short Income Fund		63,910,833		55,041		(347,106	)	$	(292,065	)		1		$	(292,064	)
Aristotle Growth Equity Fund		102,574,831		44,675,399		(850,016	)	$	43,825,383			11		$	43,825,394
Aristotle Small Cap Equity Fund II		9,319,985		2,527,936		(861,616	)	$	1,666,320			—		$	1,666,320
Aristotle Small/Mid Cap Equity Fund		79,290,860		20,979,953		(8,947,294	)	$	12,032,659			—		$	12,032,659
Aristotle Portfolio Optimization Aggressive Growth Fund		290,345,201		8,527,912		(32,252,018	)	$	(23,724,106	)		—		$	(23,724,106	)
Aristotle Portfolio Optimization Conservative Fund		181,782,806		1,813,924		(13,179,676	)	$	(11,365,752	)		—		$	(11,365,752	)
Aristotle Portfolio Optimization Growth Fund		708,282,471		24,364,710		(65,088,450	)	$	(40,723,740	)		—		$	(40,723,740	)
Aristotle Portfolio Optimization Moderate Conservative Fund		248,919,246		2,645,946		(20,355,397	)	$	(17,709,451	)		—		$	(17,709,451	)
Aristotle Portfolio Optimization Moderate Fund		805,698,823		17,305,097		(52,856,927	)	$	(35,551,830	)		—		$	(35,551,830	)

(1)

The difference between the total cost of invesments on tax basis and invesments, at cost, as presented in the Statement of Assets and Liabilities is primarily due to wash sale loss deferrals, investments in passive foreign investment companies, straddle loss deferrals, partnerships, defaulted securities, and differing treatments for sale-buyback financing transactions and U.S. Treasury Inflation Protected Securities.

(2)	Other includes net appreciation or depreciation on derivatives, short sales, and foreign currencies, if any.

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, 2019.

C-15

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

TAX CHARACTER OF DISTRIBUTIONS

The tax character of income and capital gains distributions to shareholders during the fiscal years ended March 31, 2023 and March 31, 2022 were as follows:

	For the Year Ended March 31, 2023						For the Year Ended March 31, 2022
Fund	Ordinary Income		Long-Term Capital Gains		Total Distributions		Ordinary Income		Long-Term Capital Gains		Total Distributions
Aristotle Core Income Fund	$	27,227,189	$	—	$	27,227,189	$	30,847,639	$	16,399,705	$	47,247,344
Aristotle ESG Core Bond Fund		583,386		—		583,386		315,297		—		315,297
Aristotle Floating Rate Income Fund		276,118,537		—		276,118,537		104,455,304		—		104,455,304
Aristotle High Yield Bond Fund		6,230,519		—		6,230,519		7,738,747		—		7,738,747
Aristotle Short Duration Income Fund		25,596,728		—		25,596,728		18,664,157		7,553,957		26,218,114
Aristotle Strategic Income Fund		63,781,346		5,752,429		69,533,775		42,035,248		11,278,290		53,313,538
Aristotle Ultra Short Income Fund		1,407,993		—		1,407,993		299,573		48,968		348,541
Aristotle Growth Equity Fund		—		37,976,618		37,976,618		731,645		21,388,699		22,120,344
Aristotle Small Cap Equity Fund II		—		—		—		—		1,116,905		1,116,905
Aristotle Small/Mid Cap Equity Fund		—		37,080,431		37,080,431		—		20,392,724		20,392,724
Aristotle Portfolio Optimization Aggressive Growth Fund		—		69,949,540		69,949,540		9,554,507		25,218,335		34,772,842
Aristotle Portfolio Optimization Conservative Fund		343,974		11,118,430		11,462,404		5,505,199		4,099,284		9,604,483
Aristotle Portfolio Optimization Growth Fund		—		140,125,011		140,125,011		22,040,493		66,517,270		88,557,763
Aristotle Portfolio Optimization Moderate Conservative Fund		499		28,911,564		28,912,063		7,502,753		14,169,221		21,671,974
Aristotle Portfolio Optimization Moderate Fund		493		146,282,178		146,282,671		25,611,893		62,568,898		88,180,791

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, 2023, 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 1.00% of average daily net assets attributable to Class C shares.

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

The Portfolio Optimization Conservative Fund, Portfolio Optimization Moderate Conservative Fund, Portfolio Optimization Moderate Fund, Portfolio Optimization Growth Fund and 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 the Adviser and unaffiliated ETFs (“Underlying Funds”). The allocation of the Funds’ assets between underlying funds sub-advised by an affiliate of the Adviser and unaffiliated ETFs will vary over time, although the sub-adviser currently expects to invest, under normal circumstances within the asset breakout shown below in Underlying Funds. 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. The Adviser believes that investing in Underlying Funds provides each Fund of Funds with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of securities. By investing in a Fund of Funds, you will indirectly bear fees and expenses of the Underlying Funds

C-16

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

in addition to the Fund’s direct fees and expenses. In order to obtain exposure to certain markets, asset classes or active management styles, each Fund of Funds may buy Underlying Funds managed by the Adviser or its affiliates, which in turn, invest in various securities, including ETFs. The Fund of Funds may also invest directly in securities and other exchange-traded products, such as exchange-traded notes.

	Broad Asset Class Allocations
	Debt	Equity
Aristotle Portfolio Optimization Conservative Fund	70-85%	15-30%
Aristotle Portfolio Optimization Moderate Conservative Fund	50-70%	30-50%
Aristotle Portfolio Optimization Moderate Fund	30-50%	50-70%
Aristotle Portfolio Optimization Growth Fund	15-30%	70-85%
Aristotle Portfolio Optimization Aggressive Growth Fund	0-15%	85-100%

Aristotle Portfolio Optimization Conservative Fund

Transactions with Affiliates

C-17

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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, 2023 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, Beginning of Period		Purchases		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value, End of Period		Distributions Received		Interest Income			Shares, End of Period
Aristotle Core Equity Fund II - Class I*	$	—	$	5,678,347	$	(1,091,745	)	$	57,936		$	139,337		$	4,783,875	$	—	$	—			464,454
Aristotle Core Income Fund - Class I**		12,954,697		73,311,526		(25,765,571	)		(754,620	)		(2,070,848	)		57,675,184		—		1,507,214			6,228,422
Aristotle Floating Rate Income Fund - Class I**		4,330,270		4,479,317		(6,486,338	)		(52,964	)		66,394			2,336,679		161,108		(40	)		247,006
Aristotle Growth Equity Fund - Class I**		4,789,510		2,434,588		(1,391,281	)		(327,773	)		752,809			6,257,853		—		—			474,799
Aristotle High Yield Bond Fund - Class I**		7,722,052		1,204,437		(2,790,835	)		140,907			(209,111	)		6,067,450		—		221,339			687,919
Aristotle International Equity Fund II - Class I*		—		5,145,770		(595,132	)		(2,950	)		(146,448	)		4,401,240		—		—			452,802
Aristotle Short Duration Income Fund - Class I**		—		30,814,997		(3,797,642	)		(5,632	)		(155,202	)		26,856,521		—		556,332			2,701,863
PF Emerging Markets Debt - Class P		4,262,568		—		(4,288,599	)		(190,882	)		216,913			—		—		—			—
PF Emerging Markets - Class P		1,738,909		4,100		(1,773,206	)		29,682			515			—		4,100		—			—
PF Inflation Managed - Class P		7,619,544		—		(7,654,866	)		(3,113	)		38,435			—		—		—			—
PF International Growth - Class P		437,993		—		(447,418	)		25,019			(15,594	)		—		—		—			—
PF International Value - Class P		2,031,157		5,737		(2,086,599	)		118,011			(68,306	)		—		5,737		—			—
PF Large-Cap Value - Class P		8,065,481		598,679		(8,181,605	)		411,085			(893,640	)		—		598,679		—			—
PF Managed Bond - Class P		66,252,605		27,221		(66,282,212	)		(6,755,359	)		6,757,745			—		27,221		—			—
PF Multi-Asset - Class P		18,929,165		385,685		(19,092,906	)		(210,000	)		(11,944	)		—		385,685		—			—
PF Real Estate - Class P		1,784,671		44,744		(1,767,173	)		(406,727	)		344,485			—		44,744		—			—
PF Short Duration Bond - Class P		28,627,493		242,408		(28,661,091	)		(821,095	)		612,285			—		242,408		—			—
PF Small-Cap Value - Class P		870,939		48,916		(860,903	)		42,416			(101,368	)		—		48,916		—			—
	$	170,417,054	$	124,426,472	$	(183,015,122	)	$	(8,706,059	)	$	5,256,457		$	108,378,802	$	1,518,598	$	2,284,845		$	11,257,265

*	The Aristotle Core Equity Fund II Class I and the Aristotle International Equity Fund II Class I reflect activity from the inception date of April 17, 2023 through September 30, 2023.

Effective April 17, 2023, the Pacific Funds Core Income Class P, Pacific Funds Floating Rate Income Class P, Pacific Funds High Income Class P, PF Growth Fund Class P, and the Pacific Funds Short Duration Income Class I converted to the Aristotle Core Income Fund Class I, Aristotle Floating Rate Income Fund Class I, Aristotle High Yield Bond Fund Class I, Aristotle Growth Equity Fund Class I, and the Aristotle Short Duration Income Class I, respectively.

Aristotle Portfolio Optimization Moderate Conservative Fund

Transactions with Affiliates

C-18

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

	Value, Beginning of Period		Purchases		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value, End of Period		Distributions Received		Interest Income		Shares, End of Period
Aristotle Core Equity Fund II - Class I*	$	—	$	14,653,243	$	(2,503,584	)	$	137,221		$	368,671		$	12,655,551	$	—	$	—		1,228,694
Aristotle Core Income Fund - Class I**		14,499,588		84,746,109		(29,005,172	)		(824,868	)		(2,541,578	)		66,874,079		—		1,753,971		7,221,823
Aristotle Floating Rate Income Fund - Class I**		5,816,367		2,581,081		(5,187,248	)		(48,900	)		89,069			3,250,369		199,538		—		343,591
Aristotle Growth Equity Fund - Class I**		7,749,474		7,041,691		(4,292,461	)		(975,081	)		3,198,663			12,722,286		—		—		965,272
Aristotle High Yield Bond Fund - Class I**		10,412,163		606,540		(1,428,918	)		(108,600	)		15,795			9,496,980		—		315,711		1,076,755
Aristotle International Equity Fund II - Class I*		—		17,499,059		(1,684,007	)		(8,398	)		(495,725	)		15,310,929		—		—		1,575,198
Aristotle Short Duration Income Fund - Class I**		—		27,580,687		(5,009,296	)		(18,845	)		(133,550	)		22,418,996		—		472,374		2,255,432
PF Emerging Markets Debt - Class P		5,747,558		—		(5,782,667	)		(330,238	)		365,347			—		—		—		—
PF Emerging Markets - Class P		4,689,335		11,090		(4,782,006	)		112,463			(30,882	)		—		11,090		—		—
PF Inflation Managed - Class P		7,990,966		—		(8,027,966	)		(121,119	)		158,119			—		—		—		—
PF International Growth - Class P		1,889,805		—		(1,930,575	)		(53,783	)		94,553			—		—		—		—
PF International Value - Class P		4,286,594		12,144		(4,403,881	)		642,666			(537,523	)		—		12,144		—		—
PF Large-Cap Value - Class P		11,111,311		827,301		(11,271,486	)		1,235,162			(1,902,288	)		—		827,301		—		—
PF Managed Bond - Class P		74,124,307		30,553		(74,157,088	)		(8,504,844	)		8,507,072			—		30,553		—		—
PF Multi-Asset - Class P		50,808,832		1,036,925		(51,249,117	)		(2,849,597	)		2,252,957			—		1,036,925		—		—
PF Real Estate - Class P		3,609,425		90,770		(3,573,953	)		(131,902	)		5,660			—		90,770		—		—
PF Short Duration Bond - Class P		26,112,623		221,828		(26,143,257	)		(432,625	)		241,431			—		221,828		—		—
PF Small-Cap Growth - Class P		1,187,130		—		(1,193,631	)		54,583			(48,082	)		—		—		—		—
PF Small-Cap Value - Class P		1,174,317		66,163		(1,160,789	)		(118,041	)		38,350			—		66,163		—		—
	$	231,209,795	$	157,005,184	$	(242,787,102	)	$	(12,344,746	)	$	9,646,060		$	142,729,190	$	2,496,312	$	2,542,056		14,666,765

*	The Aristotle Core Equity Fund II Class I and the Aristotle International Equity Fund II Class I reflect activity from the inception date of April 17, 2023 through September 30, 2023.

Aristotle Portfolio Optimization Moderate Fund

Transactions with Affiliates

C-19

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

	Value, Beginning of Period		Purchases		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value, End of Period		Distributions Received		Interest Income		Shares, End of Period
Aristotle Core Equity Fund II - Class I*	$	—	$	82,152,899	$	(11,974,479	)	$	631,606		$	2,124,302		$	72,934,328	$	—	$	—		7,081,003
Aristotle Core Income Fund - Class I**		28,717,154		184,567,729		(72,108,597	)		(2,001,252	)		(4,864,420	)		134,310,614		—		3,510,863		14,504,386
Aristotle Floating Rate Income Fund - Class I**		11,594,443		12,022,699		(19,890,394	)		(97,295	)		74,085			3,703,538		335,934		—		391,495
Aristotle Growth Equity Fund - Class I**		71,501,607		20,906,049		(10,942,824	)		(1,089	)		5,390,423			86,854,166		—		—		6,589,846
Aristotle High Yield Bond Fund - Class I**		26,801,969		5,470,566		(6,811,576	)		(700,802	)		490,473			25,250,630		—		806,684		2,862,883
Aristotle International Equity Fund II - Class I*		—		67,585,380		(6,402,232	)		(16,064	)		(1,843,776	)		59,323,308		—		—		6,103,221
Aristotle Short Duration Income Fund - Class I**		—		113,649,469		(10,839,958	)		(18,085	)		(609,417	)		102,182,009		—		2,022,659		10,279,880
PF Emerging Markets Debt - Class P		11,413,082		—		(11,482,790	)		(529,619	)		599,327			—		—		—		—
PF Emerging Markets - Class P		15,519,324		36,730		(15,826,439	)		1,414,556			(1,144,171	)		—		36,730		—		—
PF Inflation Managed - Class P		11,334,388		—		(11,386,843	)		(828,358	)		880,813			—		—		—		—
PF International Growth - Class P		5,472,496		—		(5,590,629	)		(191,291	)		309,424			—		—		—		—
PF International Value - Class P		17,338,697		49,156		(17,813,375	)		2,237,826			(1,812,304	)		—		49,156		—		—
PF Large-Cap Value - Class P		61,418,565		4,576,145		(62,304,855	)		3,329,110			(7,018,965	)		—		4,576,145		—		—
PF Managed Bond - Class P		148,020,343		61,056		(148,084,541	)		(16,028,581	)		16,031,723			—		61,056		—		—
PF Multi-Asset - Class P		231,986,731		4,736,523		(233,998,405	)		(17,456,273	)		14,731,424			—		4,736,523		—		—
PF Real Estate - Class P		11,945,415		300,613		(11,828,135	)		594,586			(1,012,479	)		—		300,613		—		—
PF Short Duration Bond - Class P		101,452,141		862,454		(101,570,696	)		(1,385,850	)		641,951			—		862,454		—		—
PF Small-Cap Growth - Class P		7,857,717		—		(7,900,968	)		1,662,931			(1,619,680	)		—		—		—		—
PF Small-Cap Value - Class P		7,772,921		438,260		(7,683,549	)		(964,206	)		436,574			—		438,260		—		—
	$	770,146,993	$	497,415,728	$	(774,441,285	)	$	(30,348,150	)	$	21,785,307		$	484,558,593	$	11,396,871	$	6,340,206		47,812,714

*	The Aristotle Core Equity Fund II Class I and the Aristotle International Equity Fund II Class I reflect activity from the inception date of April 17, 2023 through September 30, 2023.

Aristotle Portfolio Optimization Growth Fund

Transactions with Affiliates

C-20

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

	Value, Beginning of Period		Purchases		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value, End of Period		Distributions Received		Interest Income		Shares, End of Period
Aristotle Core Equity Fund II - Class I*	$	—	$	82,533,591	$	(11,773,037	)	$	588,854		$	2,140,482		$	73,489,890	$	—	$	—		7,134,941
Aristotle Core Income Fund - Class I**		13,315,995		88,101,385		(35,930,238	)		(824,344	)		(2,363,179	)		62,299,619		—		1,622,599		6,727,821
Aristotle Floating Rate Income Fund - Class I**		6,665,130		10,230,182		(16,815,248	)		(74,341	)		(5,723	)		—		152,760		4,322		—
Aristotle Growth Equity Fund - Class I**		33,067,190		55,794,580		(14,171,912	)		394,288			4,717,120			79,801,266		—		—		6,054,724
Aristotle High Yield Bond Fund - Class I**		13,164,279		1,475,878		(1,929,649	)		(166,419	)		38,785			12,582,874		—		410,200		1,426,630
Aristotle International Equity Fund II - Class I*		—		91,391,726		(9,829,390	)		(13,497	)		(2,430,271	)		79,118,568		—		—		8,139,770
Aristotle Short Duration Income Fund - Class I**		—		75,240,449		(14,359,397	)		(53,273	)		(360,404	)		60,467,375		—		1,224,879		6,083,237
PF Emerging Markets Debt - Class P		6,540,091		—		(6,580,039	)		(303,577	)		343,525			—		—		—		—
PF Emerging Markets - Class P		23,344,619		55,196		(23,806,247	)		1,434,154			(1,027,722	)		—		55,196		—		—
PF Inflation Managed - Class P		6,494,874		—		(6,524,929	)		(433,315	)		463,370			—		—		—		—
PF International Growth - Class P		4,031,950		—		(4,118,903	)		(713,270	)		800,223			—		—		—		—
PF International Small-Cap - Class P		6,682,683		89,639		(6,764,403	)		818,793			(826,712	)		—		89,639		—		—
PF International Value - Class P		14,226,516		40,294		(14,615,623	)		5,629,466			(5,280,653	)		—		40,294		—		—
PF Large-Cap Value - Class P		29,591,040		2,202,620		(30,017,792	)		4,827,973			(6,603,841	)		—		2,202,620		—		—
PF Managed Bond - Class P		67,488,648		27,810		(67,517,791	)		(5,155,017	)		5,156,350			—		27,810		—		—
PF Multi-Asset - Class P		337,761,631		6,896,653		(340,690,424	)		(48,485,553	)		44,517,693			—		6,896,653		—		—
PF Real Estate - Class P		10,267,646		258,144		(10,166,923	)		5,595,053			(5,953,920	)		—		258,144		—		—
PF Short Duration Bond - Class P		61,364,329		521,135		(61,435,997	)		(626,165	)		176,698			—		521,135		—		—
PF Small-Cap Growth - Class P		13,508,206		—		(13,582,266	)		1,511,430			(1,437,370	)		—		—		—		—
PF Small-Cap Value - Class P		20,043,904		1,129,003		(19,813,252	)		(1,687,318	)		327,663			—		1,129,003		—		—
	$	667,558,731	$	415,988,285	$	(710,443,460	)	$	(37,736,078	)	$	32,392,114		$	367,759,592	$	11,373,254	$	3,262,001		35,567,123

*	The Aristotle Core Equity Fund II Class I and the Aristotle International Equity Fund II Class I reflect activity from the inception date of April 17, 2023 through September 30, 2023.

C-21

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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, 2023 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, Beginning of Period		Purchases		Sales Proceeds			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value, End of Period		Distributions Received		Interest Income			Shares, End of Period
Aristotle Core Equity Fund II - Class I*	$	—	$	42,940,385	$	(5,501,773	)	$	244,541		$	1,130,960		$	38,814,113	$	—	$	—			3,768,360
Aristotle Core Income Fund - Class I**		1,937,451		12,801,504		(5,191,497	)		(90,789	)		(328,735	)		9,127,934		—		232,824			985,738
Aristotle Floating Rate Income Fund - Class I**		1,329,126		2,718,944		(4,028,234	)		(18,428	)		(1,408	)		—		37,157		(2,630	)		—
Aristotle Growth Equity Fund - Class I**		29,090,122		14,255,528		(9,755,604	)		(235,419	)		3,169,122			36,523,749		—		—			2,771,149
Aristotle High Yield Bond Fund - Class I**		2,617,630		2,921,885		(1,678,153	)		(144	)		(20,360	)		3,840,858		—		97,449			435,471
Aristotle International Equity Fund II - Class I*		—		39,952,676		(5,558,917	)		28,751			(984,719	)		33,437,791		—		—			3,440,102
Aristotle Short Duration Income Fund - Class I**		—		13,212,704		(1,483,595	)		(2,399	)		(69,483	)		11,657,227		—		236,203			1,172,759
PF Emerging Markets Debt - Class P		2,600,912		—		(2,616,806	)		(89,064	)		104,958			—		—		—			—
PF Emerging Markets - Class P		10,609,946		24,943		(10,819,118	)		758,106			(573,877	)		—		24,943		—			—
PF International Growth - Class P		6,948,122		—		(7,097,225	)		(1,089,917	)		1,239,020			—		—		—			—
PF International Small-Cap - Class P		3,986,358		53,163		(4,034,761	)		534,949			(539,709	)		—		53,163		—			—
PF International Value - Class P		4,310,449		12,140		(4,427,869	)		2,103,067			(1,997,787	)		—		12,140		—			—
PF Large-Cap Value - Class P		19,924,701		1,474,684		(20,211,374	)		1,033,266			(2,221,277	)		—		1,474,684		—			—
PF Managed Bond - Class P		9,631,621		3,945		(9,635,757	)		(21,249	)		21,440			—		3,945		—			—
PF Multi-Asset - Class P		133,912,215		2,729,107		(135,070,929	)		(23,036,651	)		21,466,258			—		2,729,107		—			—
PF Real Estate - Class P		6,805,298		170,132		(6,738,867	)		2,063,988			(2,300,551	)		—		170,132		—			—
PF Short Duration Bond - Class P		11,559,924		97,588		(11,573,418	)		(158,588	)		74,494			—		97,588		—			—
PF Small-Cap Growth - Class P		9,400,788		—		(9,451,705	)		(652,278	)		703,195			—		—		—			—
PF Small-Cap Value - Class P		11,956,432		669,539		(11,818,873	)		(1,443,791	)		636,693			—		669,539		—			—
	$	266,621,095	$	134,038,867	$	(266,694,475	)	$	(20,072,049	)	$	19,508,234		$	133,401,672	$	5,272,398	$	563,846			12,573,579

*	The Aristotle Core Equity Fund II Class I and the Aristotle International Equity Fund II Class I reflect activity from the inception date of April 17, 2023 through September 30, 2023.

C-22

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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 it’s net assets in illiquid investments that are assets. The Adviser, with the assistance of the sub-advisers and/or pricing services, will determine the value of such securities in good faith pursuant to procedures adopted by the Board of Trustees. 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 guidelines.

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 procedures adopted by the Board.

Foreign Currency

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 foreign currency 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

Investment Transactions

For the period ended September 30, 2023, purchases and sales of investments were as follows:

	Purchases		Sales
Aristotle Core Income Fund	$	995,354,429	$	214,788,660
Aristotle ESG Core Bond Fund	$	6,077,094	$	3,507,139
Aristotle Floating Rate Income Fund	$	2,177,215,552	$	2,164,144,426
Aristotle High Yield Bond Fund	$	36,536,626	$	24,100,661
Aristotle Short Duration Income Fund	$	489,285,719	$	438,875,108
Aristotle Strategic Income Fund	$	771,796,103	$	377,763,769
Aristotle Ultra Short Income Fund	$	22,226,734	$	25,241,638
Aristotle Core Equity Fund II	$	234,398,367	$	42,087,240

C-23

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

	Purchases		Sales
Aristotle Growth Equity Fund	$	202,919,484	$	140,187,745
Aristotle International Equity Fund II	$	212,354,731	$	19,908,696
Aristotle Small Cap Equity Fund II	$	24,647,047	$	29,478,155
Aristotle Small/Mid Cap Equity Fund	$	80,978,936	$	113,994,919
Aristotle Portfolio Optimization Aggressive Growth Fund	$	267,582,138	$	281,772,994
Aristotle Portfolio Optimization Conservative Fund	$	178,253,573	$	192,760,412
Aristotle Portfolio Optimization Growth Fund	$	734,895,666	$	776,680,786
Aristotle Portfolio Optimization Moderate Conservative Fund	$	239,698,997	$	256,162,080
Aristotle Portfolio Optimization Moderate Fund	$	802,205,576	$	849,767,184

Included in these amounts were the following purchases and sales of U.S. Government Securities:

	Purchases		Sales
Aristotle Core Income Fund	$	232,218,069	$	13,750,357
Aristotle ESG Core Bond Fund	$	1,349,969	$	39,264
Aristotle Short Duration Income Fund	$	116,068,866	$	33,761,759
Aristotle Strategic Income Fund	$	54,130,274	$	52,866,171
Aristotle Ultra Short Income Fund	$	2,470,117	$	2,564,118

Note 11 – Reorganization

Merger of Pacific Funds Small-Cap and Pacific Funds Small-Cap Value

Effective April 17, 2023, Pacific Funds Small-Cap (Predecessor Fund) was deemed to be the accounting survivor for financial reporting purposes, and as a result, the financial statements and financial highlights of the Small Cap Equity Fund II reflects the operation of the Predecessor Fund for the periods prior to the reorganization date.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect their historical cost basis as of the date of the reorganization. Immediately prior to the reorganization, the net assets, fair value of investments, and net unrealized appreciation of the Predecessor Fund was as follows:

Net Assets		Fair Value of Investments				Net Unrealized Appreciation
$10,885,137		$	10,891,885			$	1,768,153

At the date of reorganization, fund shares outstanding totaled 833,700 for the Predecessor Fund

In connection with the reorganization, the net assets of the Pacific Funds Small-Cap and Pacific Funds Small-Cap Value (the “Acquired Funds”) were acquired by the Small Cap Equity Fund II (the “Acquiring Fund”) on April 17, 2023. The Acquiring Fund commenced operations on April 17, 2023. The acquisition was accomplished by a tax-free exchange of all shares of the Acquired Funds for shares of the Small Cap Equity Fund II as described in the prior table. For financial reporting purposes, the Predecessor Fund is deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of Pacific Funds Small-Cap Value. The assets received and shares issued by the Acquiring Fund were recorded at fair value; and, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Information with respect to the net assets and other relevant operating data for the Acquired Funds on the merger date are included below:

Acquired Funds
Pacific Funds Small-Cap
Class A
Net Assets	$	1,699,489
Shares Outstanding		131,914
Net asset value	$	12.88
Class C
Net Assets	$	549,842
Shares Outstanding		44,668
Net asset value	$	12.31

C-24

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Acquired Funds
Class I-2
Net Assets	$	7,592,934
Shares Outstanding		574,873
Net asset value	$	13.21
Class R6
Net Assets	$	1,042,872
Shares Outstanding		82,246
Net asset value	$	12.68
Investments at fair value	$	10,891,885
Unrealized appreciation	$	1,768,153
Tax capital loss carryforward	$	(2,003,919	)
Pacific Funds Small-Cap Value
Class A
Net Assets	$	2,601,268
Shares Outstanding		250,833
Net asset value	$	10.37
Class C
Net Assets	$	447,744
Shares Outstanding		44,706
Net asset value	$	10.02
Class I-2
Net Assets	$	13,199,397
Shares Outstanding		1,257,828
Net asset value	$	10.49
Class R6
Net Assets	$	632,876
Shares Outstanding		59,894
Net asset value	$	10.57
Investments at fair value	$	16,975,579
Unrealized appreciation	$	1,535,561
Tax capital loss carryforward	$	(37,379	)

Acquiring Fund
Net assets immediately prior to merger	$	—
Net assets immediately after merger	$	24,035,530
Class A
Fund shares issued in exchange for Acquired Funds		201,910
Exchange rate for shares issued		0.805
Class C
Fund shares issued in exchange for Acquired Funds		36,374
Exchange rate for shares issued		0.814
Class I-2
Fund shares issued in exchange for Acquired Funds		999,346
Exchange rate for shares issued		0.795
Class R6
Fund shares issued in exchange for Acquired Funds		49,911
Exchange rate for shares issued		0.833

Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that had been included in the Acquiring Fund’s statement of operations since April 17, 2023.

C-25

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Assuming the merger had been completed on April 1, 2023, the beginning of the reporting period of the Small Cap Equity Fund II, the Small Cap Equity Fund II’s pro forma results of operations for the period ended September 30, 2023, are as follows:

Net investment gain/loss	$	67,028
Net realized and unrealized gain/loss on investments	$	(951,136	)
Total increase/decrease from operations	$	(884,108	)

Note 12 – Service, Custody, and Line of Credit Agreements

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) and a Custody Agreement with U.S. Bank, N.A. (“USB” or the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Funds have established an uncommitted line of credit (“LoC”) with USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral, for all Funds except the Floating Rate Income Fund, shell funds and funds utilized only for Portfolio Optimization investments. Advances under the uncommitted LoC are limited to the lesser of the facility amount of $400,000,000, 20% of the Borrowing Fund’s market value, or 33 1/3% of the Borrowing Fund’s unencumbered assets. The uncommitted LoC has drawn pricing of the Prime Rate minus 1%.

The Floating Rate Income Fund (the “Fund”) has established a committed LoC with certain leaders that is administered by USB to be used for temporary or emergency purposes, primarily for financing redemption payments, using the securities in the Funds’ portfolios as collateral. Advances under the committed line of credit facility would be limited to $275,000,000. The commited line of credit has drawn pricing of the overnight rate + 120 basis points (“bps”) (10 bp credit spread adjustment) and a commitment fee of 20 basis points.

The aggregate outstanding principal balance of all Loans and other borrowings shall not exceed:

●

The maximum amount permitted to be borrowed by the Borrower under the Borrower’s fundamental policies and operating policies

●

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.

●

20% (or such lower percentage as may be stated in the Borrower’s offering documents) of the Adjusted Total Net Assets of the Borrower.

The Funds did not draw on either LoC during the period ended September 30, 2023.

On November 21, 2023, the Floating Rate Income Fund renewed the committed LoC through November 19, 2024. Advances under the renewed committed LoC would be limited to $225,000,000. The renewed line has a commitment fee of 30 bps.

Note 13 – Directors & Officers Note

Management Information

The business and affairs of the Trust are managed under the direction of the Board under the Trust’s Declaration of the Trust. Trustees who are not deemed to be “interested persons” of the Trust (as defined in the 1940 Act) are referred to as “Independent Trustees.” Certain Trustees and officers are deemed to be “interested persons” of the Trust and thus are referred to as “Interested Persons” because of their positions with the AIS and/or a Manager or their affiliates. The Trustees and officers of the Trust and their principal occupations during the past five years as well as certain additional occupational information are shown below. The address of each Trustee and officer is c/o Aristotle Funds, 11100 Santa Monica Blvd., Suite 1700, Los Angeles, CA 90025. None of the Trustees hold directorships in companies that file periodic reports with the SEC or in other investment companies, other than those listed below.

C-26

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

I. Trustees

The following table sets out the Trustees of the Trust, their principal occupations and the other trusteeships held during the last five years, and certain other information:

Name and Year of Birth	Position(s) with the Trust	Term of Office¹ and Length of Time Served	Principal Occupation(s) and Other Trusteeships Held During Past 5 Years	Number of Funds in Fund Complex Overseen
Independent Trustees
Joseph Chi 1966	Trustee	2022 to Present	Head of Responsible Investment of Dimensional Fund Advisors (2019 to 2021) Vice President and Senior Portfolio Manager, Dimensional Fund Advisors (March 2019 to October 2019) Chair of Investment Committee and Co-Head of Portfolio Management, Dimensional Fund Advisors (2012 to March 2019)	19
Wendy Greuel 1961	Trustee	2022 to Present	Executive in Residence and Strategic Advisor, California State University, Northridge, David Nazarian College of Business and Economics (2016 to Present) Consultant and Vice Chairperson, Discovery Cube Los Angeles, Discovery Cube Los Angeles (2014 to Present) Director, Fisker Inc. (2020 to Present)	19
Warren Henderson 1949	Trustee (Chair)	2022 to Present	President, Mosaic Global Partners (2002 to Present) President, Mosaic Investment Advisors (2002 to Present) Advisory Board Member, Intercontinental Real Estate Corporation (2003 to Present)	19
Dennis R. Sugino 1952	Trustee	2022 to Present	Founder, Kansa Advisory, LLC (2017 to Present)	19
Interested Trustees
Richard Schweitzer 1964	Trustee and President	2022 to Present	Chief Financial Officer and Chief Operating Officer of Aristotle Capital Management LLC (July 2011 to Present)	19

1	A Trustee serves until he or she resigns, retires, or his or her successor has been duly elected and qualified.

II. Trust Officers

The following table sets out the officers of the Trust (other than those listed above), their principal occupations during the last five years, and certain other information:

Name and
Year of Birth

Position(s)
with the Trust

Term of Office and
Length of Time Served¹

Principal Occupation(s) and Other
Trusteeships Held During Past 5 Years

Joanne Chyun
1978

Assistant Treasurer and Vice President

2023 to Present

Senior Vice President of Aristotle Pacific Capital, LLC and Aristotle Investment Services, LLC (April 2023 to present)

Senior Vice President of Pacific Asset Management LLC (March 2018 to April 2023)

Associate Vice President of PAAMCO Prisma (December 2006 to September 2017)

C-27

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Name and Year of Birth	Position(s) with the Trust	Term of Office and Length of Time Served¹	Principal Occupation(s) and Other Trusteeships Held During Past 5 Years
Thomas J. Fuccillo 1968	Vice President, Chief Compliance Officer and Chief Legal Officer	2023 to Present	Managing Director and Chief Legal Officer of Aristotle Investment Services, LLC (January 2023 to present) Senior Attorney, Ropes & Gray LLP (law firm) (May 2022 to December 2022) President, and Chief Executive Officer (April 2016 to February 2021) and Trustee (April 2019 to February 2021) of AllianzGI Funds Complex Managing Director and Head of U.S. Funds of Allianz Global Investors U.S. Holdings LLC (April 2019 to March 2021) Associate General Counsel, Head of U.S. Funds and Retail Legal of Allianz Global Investors U.S. Holdings LLC (2004 to April 2019) Managing Director, Chief Legal Officer and Secretary of Allianz Global Investors Distributors LLC (2013 to April 2019)
Joseph Lallande 1970	Secretary and Vice President	2022 to Present	General Counsel of Aristotle Pacific Capital, LLC and Deputy Chief Legal Officer of Aristotle Investment Services, LLC (April 2023 to present) Assistant Vice President and Assistant General Counsel of Pacific Life Insurance Company (September 2010 to April 2023) Chief Operating Officer and President of Pacific Global ETF Trust (July 2021 to June 2022) Vice President, Assistant Secretary of Pacific Global ETF Trust (December 2018 to July 2021) Legal Counsel and Assistant Secretary of Pacific Global Advisors LLC (June 2018 to December 2021)
Joshua B. Schwab 1981	Treasurer and Vice President	2022 to Present	Chief Financial officer/Chief Operating Officer of Aristotle Pacific Capital, LLC and Chief Financial Officer of Aristotle Investment Services, LLC (April 2023 to Present) Assistant Vice President of Pacific Asset Management LLC (December 2019 to April 2023) Assistant Vice President, Finance of Pacific Select Distributors, LLC (January 2022 to Present) Vice President, Treasurer and Principal Financial Officer of Pacific Global ETF Trust (December 2018 to June 2022) Managing Director of Pacific Global Advisors LLC (June 2018 to December 2021) Assistant Vice President of Pacific Life Fund Advisors LLC d/b/a Pacific Asset Management (August 2015 to December 2019)
Kim M. St. Hilaire 1972	Vice President	2022 to Present	Managing Director of Aristotle Capital Management, LLC (May 2021 to Present) Chief Operating Officer of First Pacific Advisors, LLC (August 2018 to May 2021) Senior Vice President of First Pacific Advisors, LLC (March 2016 to August 2018)

¹	The officers serve at the pleasure of the Trustees or until their successors have been duly elected and qualified.

Additional information about the Trustees is included in each Fund’s Statement of Additional Information which is available, without charge, upon request by calling 844-ARISTTL (844-274-7885) or on the Funds’ website at www.aristotlefunds.com.

C-28

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Note 14 – Trustee Compensation

For each fiscal year, each Independent Trustee receives a retainer fee of $150,000. The Chairperson of the Board receives additional compensation of $20,000. The chairs of the Audit Committee and Nominating and Fund Governance Committee receive additional compensation of $10,000 and $5,000, respectively. Along with this compensation, the Trustees are reimbursed for expenses incurred in connection with attendance at quarterly meetings. The retainer fees and expense reimbursements are allocated proportionally to each Fund within the Trust based on net assets. No compensation is paid by the Trust to any of the Trust’s Officers or the Interested Trustee.

Note 15 – Subsequent Events Evaluation

Phase II Conversion

On June 14, 2023, the Board of Trustees of Investment Managers Series Trust (“ IMST”), upon the recommendation of Aristotle Capital Management, LLC, the current investment adviser to Aristotle Value Equity Fund, Aristotle/Saul Global Equity Fund and Aristotle International Equity Fund; Aristotle Atlantic Partners, LLC, the current investment adviser to Aristotle Core Equity Fund; and Aristotle Capital Boston, LLC, the current investment adviser to Aristotle Small Cap Equity Fund, considered and approved each Plan of Reorganization, subject to shareholder approval.

On October 6, 2023, shareholders of certain series of IMST voted to approve the transfer of all of the assets of the respective Predecessor Fund (listed below) to certain series of the Trust in exchange for shares of the Acquiring Fund (listed below) and the assumption by that Acquiring Fund of all of the liabilities of the corresponding Predecessor Fund. The reorganizations of the series of IMST into series of the Trust were completed on October 23, 2023.

Change of Classification to Non-Diversified for Aristotle Growth Equity Fund

Under the 1940 Act, shareholder approval is required to change a fund’s classification from “diversified” to “non-diversified.” Because Aristotle Portfolio Optimization Funds are Aristotle Growth Equity Fund’s only shareholders, the Board was asked to take two actions via a written consent dated October 4, 2023. First, in its capacity as the Board of the Fund, to approve the classification change. Second, in its capacity as the Board of Aristotle Portfolio Optimization Funds, the only shareholders of the Fund, to approve the classification change, including authorizing an officer of Aristotle Portfolio Optimization Funds to sign a written consent reflecting such approval. All necessary approvals were received, and effective October 23, 2023, Aristotle Growth Equity Fund changed from a “diversified” fund to a “non-diversified” fund.

Name Change

Effective as of the close of business on October 20, 2023, the names of the Aristotle Funds listed in the table below were changed to remove the “II” designation:

Current Fund Name	New Fund Name Effective at Close of Business on October 20, 2023
Aristotle Small Cap Equity Fund II	Aristotle Small Cap Equity Fund
Aristotle International Equity Fund II	Aristotle International Equity Fund
Aristotle Value Equity Fund II	Aristotle Value Equity Fund
Aristotle/Saul Global Equity Fund II	Aristotle/Saul Global Equity Fund
Aristotle Core Equity Fund II	Aristotle Core Equity Fund

Class Merger

Effective as of the close of business on November 3, 2023, Aristotle Small Cap Equity Fund Class I-2 converted into Aristotle Small Cap Equity Fund Class I-3, and the merged class was renamed to Class I-2. Following the conversion and name change, the Class I-2 now reflects the details below:

Fund Name	Ticker	CUSIP
Aristotle Small Cap Equity Fund Class I-2	AIBBX	04045F337

C-29

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Note 16 – 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, 2023, each Fund’s percentage of control ownership positions greater than 25% are as follows:

Fund	Shareholder	Percent of Shares Held
Aristotle ESG Core Bond Fund	Pacific Life Insurance Company	80.92%
Aristotle Ultra Short Income Fund	Pacific Life Insurance Company	51.87%
Aristotle International Equity Fund II	Aristotle Portfolio Optimization Growth Fund	41.34%
Aristotle Growth Equity Fund	Aristotle Portfoio Optimization Moderate Fund	39.05%
Aristotle Core Equity Fund II	Aristotle Portfolio Optimization Growth Fund	36.31%
Aristotle Growth Equity Fund	Aristotle Portfolio Optimization Growth Fund	35.97%
Aristotle Core Equity Fund II	Aristotle Portfoio Optimization Moderate Fund	35.94%
Aristotle Small Cap Equity Fund II	Pacific Life Insurance Company	34.42%
Aristotle International Equity Fund II	Aristotle Portfoio Optimization Moderate Fund	30.92%
Aristotle High Yield Bond Fund	Aristotle Portfoio Optimization Moderate Fund	29.34%
Aristotle Ultra Short Income Fund	Charles Schwab & Co. Inc.	28.79%
Aristotle Small/Mid Cap Equity Fund	National Financial Services LLC	26.54%

Accounting Standards Update

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

Principal Risks

The following provides information about the principal risks of the Funds identified in the annual Prospectus update.

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: As a fund of funds, a Fund is exposed to the same risks as the Underlying Funds in which it invests in direct proportion to its allocations to those Underlying Funds. Although the theory behind asset allocation is that diversification among asset classes in general can help reduce volatility over the long term, this theory assumes that asset classes do not move in tandem and that positive returns in one asset class will help offset negative returns in another asset class. You still may lose money if this theory proves incorrect and/or experience price volatility. Because an Underlying Fund’s investments can change due to market movements, the Underlying Fund Manager’s investment decisions or other factors, the sub-adviser estimates each Underlying Fund’s investment exposures to determine a Fund’s allocations to the Underlying Fund. As a result, a Fund’s actual allocation to an Underlying Fund, as applicable, may deviate from the intended allocation, which could result in the Fund’s risk/return target not being met. Performance of and assumptions about asset classes and Underlying Funds may also diverge from historical performance and assumptions used to develop the 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. Fund shareholders also bear indirectly their proportionate share of the expenses of the respective Underlying Fund in which the Fund invests.

Conflicts of Interest Risk: The 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 Managers for Underlying Funds, if an affiliate of the adviser has investment advisory capabilities in investment strategies used or to be used by an Underlying Fund, then the adviser may be influenced to recommend its affiliate as Manager of that Underlying

C-30

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Fund. With respect to Underlying Funds already managed by an affiliate of the adviser, these competing interests may influence the 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 adviser, the 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 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.

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.

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

C-31

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

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.

ESG Criteria Risk: The sub-adviser’s consideration of ESG Criteria in its investment process could cause a Fund to forgo investment opportunities available to funds not using these criteria and underperform such funds. The sub-adviser’s determination of what constitutes ESG Criteria and its process to evaluate the ESG Criteria may differ from other investment advisers. Further, there can be no assurance that the ESG Criteria utilized by the sub-adviser or any judgment exercised by the sub-adviser will reflect the beliefs or values of any particular investor. An independent third-party ESG data provider’s assessment of the financial materiality of ESG factors could be inaccurate, and the provider could delay ESG data delivery and evaluation (e.g., changing geo-political risks that may impact involvement in one or more excluded activity), which may have an adverse impact on the Fund’s performance or cause the Fund to hold a security that might be ranked low from an environmental, social or governance perspective, or its methodology could be based on a methodology or perspective different from another provider’s. Because the methodologies for providers are different, if one of the third-party ESG data providers were to be replaced, the Fund’s portfolio could look different. Application of the ESG Criteria may also affect the Fund’s exposure to certain sectors or types of investments and may impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. Given that the ESG Criteria is qualitative and subjective by nature, there can be no assurance that the ESG Criteria utilized by the sub-adviser or any judgment exercised by the sub-adviser will reflect the beliefs or values of any particular investor. Given the subjective nature of ESG Criteria, it is also possible that the ESG exclusions and metrics screens may not always be effective in screening out all ESG issues that an issuer might have. In addition, regulations and industry practices related to ESG are evolving rapidly, and the sub-adviser’s practices may change if required to comply with such regulations or adopt such practices.

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. Investments in floating rate loans are typically in the form of a participation or assignment. Loan participations typically represent direct participation in a loan to a borrower, and generally are offered by financial institutions or lending syndicates. In a loan participation, a Fund may participate in such syndications, or buy part of a loan, becoming a part lender. In a loan participation, a Fund assumes the credit risk associated with the borrower and may assume the credit risk associated with the financial intermediary that syndicated the loan. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, a Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. In addition, a Fund may not be able to control the exercise of remedies that the lender would have under the loan and likely would not have any rights against the borrower directly. In purchasing an assignment, a Fund succeeds to all the rights and obligations under the loan agreement of the assigning bank or other financial intermediary and becomes a lender under the loan agreement with the same rights and obligations as the assigning bank or other financial intermediary. Accordingly, if the loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral.

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Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Floating rate loans are also subject to prepayment risk. Borrowers may pay off their loans sooner than expected, particularly when interest rates are falling. A Fund investing in such securities will be required to reinvest this money at lower yields, which can reduce its returns. Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. Prepayment and call risk typically occur when interest rates are declining.

In addition, the floating rate feature of loans means that floating rate loans will not generally experience capital appreciation in a declining interest rate environment. Conversely, when interest rates are rising, the duration of such securities tends to extend, making them more sensitive to changes in interest rates (extension risk), although floating rate debt securities are typically less exposed to this risk than fixed rate debt securities.

Floating rate loans generally are subject to restrictions on transfer and may be difficult to sell at a time when the Manager seeks to sell the loan or may only be sold at prices that are less than their fair market value. Fair market value may be difficult to establish for loans. A loan may not be fully collateralized and can decline significantly in value. In addition, access to collateral backing the loan may be limited by bankruptcy or other insolvency laws. Loans made to finance highly leveraged corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions.

A loan may also be in the form of a bridge loan, which is designed to provide temporary or “bridge” financing to a borrower, pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. A bridge loan involves a risk that the borrowers may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness.

A loan may be a senior loan or a junior loan. Senior loans typically provide lenders with a first right to cash flows or proceeds from the sale of a borrower’s collateral if the borrower becomes insolvent (subject to certain limitations of bankruptcy law). However, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of a default or that such collateral could be readily liquidated. In addition, senior loans are subject to the risk that a court could subordinate such senior loans to presently existing or future indebtedness of the borrower or take other action detrimental to the holders of senior loans including, in certain circumstances, invalidating such senior loans or causing interest previously paid to be refunded to the borrower. Any such actions could negatively affect a Fund’s performance. To the extent a Fund invests in junior loans, these loans involve a higher degree of overall risk than senior loans of the same borrower because of their lower place in the borrower’s capital structure and possible unsecured status.

A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans.

Although the overall size and number of participants in the market for floating rate loans (or bank loans) has grown over the past decade, floating rate loans continue to trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of floating rate loans are generally subject to contractual restrictions that must be satisfied before a floating rate loan can be bought or sold. These restrictions may impede a Fund’s ability to buy or sell floating rate loans, negatively impact the transaction price, and impede a Fund’s ability to timely vote or otherwise act with respect to floating rate loans. As a result, it may take longer than seven days for transactions in floating rate loans to settle, which make it more difficult for a Fund to raise cash to pay investors when they redeem their shares in the Fund. A Fund may then have to sell its floating rate loans or other investments at an unfavorable time and/or under unfavorable conditions, hold cash, temporarily borrow from banks or other lenders, or take other actions to meet short-term liquidity needs in order to satisfy redemption requests from Fund shareholders and may be adversely impacted. These actions may impact a Fund’s performance (in the case of holding cash or selling securities) or increase a Fund’s expenses (in the case of borrowing).

It is also unclear whether the U.S. federal securities laws, which afford certain protections against fraud and misrepresentation in connection with the offering or sale of a security, as well as against manipulation of trading markets for securities, would be available to a Fund’s investments in a loan. This is because a loan may not be deemed to be a security in certain circumstances. In these instances, the Fund may need to rely on contractual provisions in the loan documents for some protections and also avail itself of common law fraud protections under applicable state law, which could increase the risk and expense to the Fund of investing in loans. In addition, holders of such loans may from time to time receive confidential information about the borrower. In certain circumstances, this confidential information may be considered material non-public information. Because U.S. laws and regulations generally prohibit trading in securities of issuers while in possession of material, non-public information, a Fund that receives confidential information about a borrower for loan investments might be unable to trade securities or other instruments issued by the borrower when it would otherwise be advantageous to do so and, as such, could incur a loss. For this reason, a Fund or its Manager may determine not to receive confidential information about a borrower for loan investments, which may disadvantage the Fund relative to other investors who do receive such information.

Foreign Investment Risk: Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions, political developments, and changes in the regulatory environments of foreign markets. 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.

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Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Changes in exchange rates and interest rates, and the imposition of foreign taxes, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of a Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. A Fund’s investments in depository receipts (including ADRs) are subject to these risks, even if denominated in U.S. Dollars, because changes in currency and exchange rates affect the values of the issuers of depository receipts. In addition, the underlying issuers of certain depository receipts, particularly unsponsored or unregistered depository receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Many of the risks with respect to foreign investments are more pronounced for investments in developing or emerging market countries. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries.

Foreign Markets Risk: 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. Political, social, and economic instability, the impact of economic sanctions, 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. 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. Enforcing legal rights can be difficult, costly, and slow in certain foreign countries, and can be particularly difficult against foreign governments. If the United States imposes economic sanctions against a foreign government or issuers, a Fund’s investments in issuers subject to such sanctions may be frozen, prohibiting the Fund from selling or otherwise transacting in these investments, and a Fund may be prohibited from investing in such issuers or may be required to divest its holdings in such issuers, which may result in losses to the Fund. Additional risks of foreign investments include trading, settlement, custodial, and other operational risks, and withholding and other taxes.

These factors can make investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to market, economic, political, regulatory, geopolitical, or other 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. Depositary receipts, including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and similar securities that represent interests in a foreign (non-U.S.) company’s securities that have been deposited with a bank or trust and that trade on a U.S. exchange or over-the-counter are subject to the same risks of investments in emerging market countries described above. In addition, these securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. The underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, may not have any obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.

Among the foreign markets in which a Fund may invest are those countries that are members of the European Union (“EU”). Some of the countries of the EU are currently experiencing financial difficulties and have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions. The failure of such countries to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those countries and other countries within this “Eurozone.” In addition, certain EU countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, to the point where such countries could voluntarily abandon, or be forced out of, the euro. These events could globally impact the market values of securities and currencies, cause redenomination into less valuable local currencies and create more volatile and illiquid markets. The United Kingdom’s departure from the EU, commonly known as “Brexit,” may have significant political and financial consequences for EU markets. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave or be expelled from the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events and other socio-political or geo-political issues that are not currently known could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.

Geographic Focus Risk: If a Fund invests a significant portion of its assets in a single country, limited number of countries, or particular geographic region, then the risk increases that economic, political, social, or other conditions in those countries or that region will have a significant impact on the Fund’s performance. As a result, the Fund’s performance may be more volatile than the performance of more geographically diversified funds.

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

C-34

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

health care and technology are faster-growing companies with limited operating histories and greater business risks, and their potential profitability may be dependent on regulatory approval of their products or developments affecting those sectors, which increases the volatility of these companies’ securities prices and could have an adverse impact upon the companies’ future growth and profitability.

High Yield/High Risk or “Junk” Securities Risk: High yield/high risk securities are typically issued by companies or governments that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk due to fewer market participants (buyers/sellers of these assets) and less capital available to market makers (broker-dealers) as compared to higher rated securities, and subject to a greater risk of default than higher rated securities. High yield/high risk securities (including loans) may be more volatile than investment grade securities. Non-investment grade debt instruments may include securities that are stressed, distressed or in default and are subject to credit risk.

Index Sampling Risk: Because index sampling relies on the securities selected to have economic characteristics similar to securities in the fund’s benchmark index, it may not result in the aggregate in investment performance matching that of that fund’s benchmark index or of other funds that purchased all or substantially all of the securities in the same index in approximately the same proportions as their weightings in the index.

Information Technology Sector Risk: Information Technology companies face several 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 markets 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.

Leverage Risk: A Fund’s investment in forward commitments, futures contracts, options, or swap agreements, including taking short positions using certain derivatives, as a principal investment strategy gives rise to a form of leverage. Leverage is investment exposure that exceeds the initial amount invested. The loss on a leveraged investment may far exceed a Fund’s principal amount invested. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. There is no guarantee that a Fund will use leverage, or when it does, that a Fund’s leveraging strategy will be successful or produce a high return on an investment.

LIBOR Transition Risk: Certain investments in which the Fund invests rely in some manner on the London Interbank Offered Rate (“LIBOR”). LIBOR was intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by ICE Benchmark Administration (“IBA”), the administrator of LIBOR. Previously, the Financial Conduct Authority (“FCA”), which regulates financial markets and financial services firms in the United Kingdom, announced that it would no longer compel the banks to continue to submit the

C-35

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

daily rates for the calculation of LIBOR after 2021. The IBA ceased publication of most LIBOR settings on a representative basis at the end of 2021 and ceased publication of a majority of U.S. dollar LIBOR settings on a representative basis on June 30, 2023. In addition, global regulators previously announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law in the U.S, and regulations implementing the law became effective on February 27, 2023. This law provides a statutory fallback mechanism on a nationwide basis to replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and based on the Secured Overnight Financing Rate (which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities) for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions.

Although the transition process away from LIBOR has become increasingly well-defined, there remains uncertainty regarding the transition to, and nature of, any selected replacement rates, as well as the impact on investments that utilized LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s investments and result in costs incurred in connection with closing out positions that reference LIBOR and entering into new trades referencing alternative rates. The transition process away from LIBOR may result in increased volatility or illiquidity in markets for the Fund’s investments that relied on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR.

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate (“IBOR”) with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

Liquidity Risk: Generally, a security or investment is considered illiquid if it is not reasonably expected to be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the security. Certain holdings may be difficult to purchase, sell and value, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. A Fund may not be able to sell a holding quickly at the price it has valued the holding, may be unable to take advantage of market opportunities or may be forced to sell other more desirable, more liquid securities or sell less liquid or illiquid securities at a loss if needed to raise cash to conduct operations, including to meet redemption requests. Liquid investments may become less liquid or illiquid, and thus more difficult to sell, over time or suddenly and unexpectedly. This may occur, for example, as a result of adverse market or economic conditions (including financial distress, or geopolitical events such as sanctions, trading halts or wars) or investor perceptions, which may be independent of any adverse changes to the particular issuer. Less liquidity also means that more subjectivity may be used in establishing the value of the securities or other investments. For example, if market quotations are not readily available or reliable for these investments, the securities or other investments will be valued by a method that reflects fair value. Valuations determined in this manner may require subjective inputs about the value of these investments. Some securities (such as loans) may have no active trading market and may be subject to restrictions on resale. The markets in which such securities trade may be subject to irregular trading, wide bid/ask spreads and extended trade settlement periods, which may impair a Fund’s ability to sell the holding at the price it has valued the holding causing a decline in the Fund’s NAV. Investments in companies in turn-around, distress or other similar situations may be or become less liquid than other investments, particularly when the economy is not robust or during market downturns. Reduced liquidity resulting from these situations may impede a Fund’s ability to meet unusually high or unanticipated levels of redemption requests. Each Fund may borrow money to the extent permitted 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 are subject to certain risks. The value of these securities will be influenced by the factors affecting the housing market or the market for the assets underlying 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.

C-36

Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Extension Risk – Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed or other asset-backed securities, making them more sensitive to changes in interest rates and making any Fund holding such securities more volatile. This is because when interest rates rise, the issuer of a security held by a Fund may make principal payments on that security on a delayed basis. Such delayed principal payments decrease the value of the security. In addition, as payments are received later than agreed upon, a Fund may miss or postpone the opportunity to reinvest in higher yielding investments.

Interest Rate Risk – When interest rates rise, borrowers with variable interest rate loans may not be able to repay their loans at the higher interest rates. This could cause an increase in defaults and decrease the value of certain mortgage-related or other asset-backed securities.

Subprime Risk – 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 may also be subject to exposure resulting from loans to borrowers with lower credit ratings, who pose a higher level of default risk.

Prepayment Risk – In addition, adjustable and fixed rate mortgage-related or other asset-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages (or other debt obligations) sooner than expected. This can reduce a Fund’s returns because it may have to reinvest that money at the lower prevailing interest rates.

Call Risk – Similarly, debt obligations with call features have the risk that an issuer will exercise the right to pay an obligation (such as a mortgage-backed security) earlier than expected. This call risk typically occurs when interest rates are declining.

U.S. Government Securities Risk – Mortgage-backed securities may be issued by the U.S. government, which are subject to U.S. government securities risk.

Issuer Risk – Mortgage-backed 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. Timely payment of interest and principal of non-governmental issuers is 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.

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.

In addition, for Aristotle ESG Core Bond Fund, current ESG metrics used by the sub-adviser are limited for mortgage-related and asset-backed securities as ESG metrics are available only for the corporate issuer of those securities and not for each underlying individual security. This results in the evaluation of ESG considerations for the corporate issuer of a pool of mortgage-related securities and asset-backed securities at the corporate issuer level but not the underlying securities that constitute the pool.

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.

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Aristotle Funds Series Trust
Notes to Financial Statements (Continued)
September 30, 2023 (Unaudited)

Small-Capitalization Companies Risk: Small-capitalization companies may be more susceptible to liquidity risk and price volatility and be more vulnerable to economic, market and industry changes than larger, more established companies. Small-capitalization companies may have fewer financial resources, limited product and market diversification, greater potential for volatility in earnings and business prospects, and greater dependency on a few key managers. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, more limited ability to raise capital, inexperienced management, and more speculative prospects for future growth or sustained earnings or market share than larger companies. In addition, these companies may be more susceptible to the underperformance of a sector in which it belongs and therefore, may be riskier and more susceptible to price changes. It may be difficult or impossible to liquidate a small-capitalization position at an acceptable time and price because of the potentially less frequent trading of stocks of smaller market capitalizations.

Underlying Fund Risk: Because a Fund is available for investment by the Portfolio Optimization Funds and thus may have a significant percentage of its outstanding shares held by a Portfolio Optimization Fund, a change in asset allocation by a Portfolio Optimization Fund could result in large redemptions out of a Fund, causing the sale of securities in a short timeframe and potential increases in expenses to a Fund and its remaining shareholders, both of which could negatively impact performance.

U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is a risk that the U.S. government will not make timely payments on its debt or provide financial support to U.S. government agencies, instrumentalities, or sponsored enterprises if those entities are not able to meet their financial obligations. Some U.S. government securities are supported only by the credit of the issuing agency, which depends entirely on its own resources to repay the debt. Although there are many types of U.S. government securities, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks that may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Pursuant to the authorities of the U.S. Treasury Department and the Federal Housing Finance Administration (“FHFA”), Fannie Mae and Freddie Mac have been in a conservatorship under FHFA since September 2008. Should Fannie Mae and Freddie Mac exit the conservatorship, the effect this will have on the entities’ debt and equities, and on securities guaranteed by the entities, is unclear.

Value Companies Risk: Value companies are those that a portfolio manager believes are undervalued and trading for less than their intrinsic values. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market. These companies may be subject to lower price volatility than companies considered to be “growth” companies. In value investing, the principal belief is that the market overreacts to good and bad news, resulting in stock price movements that do not correspond with a company’s long-term fundamentals. In that case, the result is an opportunity for value investors to profit by buying when the price is deflated. However, the intrinsic value of a company is subjective, meaning there is no empirically “correct” intrinsic value. A portfolio manager’s processes for determining value will vary. There is a risk that a portfolio manager’s determination that a stock is undervalued is not correct or is not recognized in the market.

Warrants and Rights Risk: Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and therefore are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right.

Tailored Shareholder Reporting

In October 2022, the SEC adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Other Tax Information

Net investment income and realized gains and losses for Federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

C-38

Aristotle Funds Series Trust
Initial Approval of Advisory and Sub-Advisory Agreements
September 30, 2023 (Unaudited)

At the January 17, 2023 meeting (the “Meeting”) of the Board of Trustees (the “Board”) of the Aristotle Funds Series Trust (the “Trust”), the Board, including the Independent Trustees, considered and unanimously approved, on behalf of the funds listed in the table below (the “Funds”), the appointment of Aristotle Investment Services, LLC (“AIS”) as investment adviser to each of the Funds pursuant to an investment advisory agreement and the appointment of the sub-advisers listed in the table below as sub-advisers to the Funds as indicated in the table below, pursuant to the sub-advisory agreements (each, an “Advisory Agreement,” and together, the “Advisory Agreements”).

Funds (each a “Fund,” and collectively, the “Funds”)	Sub-Advisers (the “Sub-Advisers”)
Aristotle Portfolio Optimization Conservative Fund Aristotle Portfolio Optimization Moderate Conservative Fund Aristotle Portfolio Optimization Moderate Fund Aristotle Portfolio Optimization Growth Fund Aristotle Portfolio Optimization Aggressive Growth Fund	Pacific Life Fund Advisors LLC (“PLFA”)
Aristotle Small Cap Equity Fund II Aristotle Small/Mid Cap Equity Fund	Aristotle Capital Boston, LLC (“Aristotle Boston”)
Aristotle Ultra Short Income Fund Aristotle Short Duration Income Fund Aristotle Core Income Fund Aristotle ESG Core Bond Fund Aristotle Strategic Income Fund Aristotle Floating Rate Income Fund Aristotle High Yield Bond Fund	Aristotle Pacific Capital, LLC (“Aristotle Pacific”)
Aristotle Growth Equity Fund Aristotle Core Equity Fund II	Aristotle Atlantic Partners, LLC (“Aristotle Atlantic”)
Aristotle Value Equity Fund II Aristotle International Equity Fund II Aristotle/Saul Global Equity Fund II	Aristotle Capital Management, LLC (“Aristotle Capital”)
Aristotle High Income Fund	Aristotle Credit Partners, LLC (“Aristotle Credit”)

The Board was provided with materials relating to the Funds, AIS and the Sub-Advisers in advance of the Meeting. Prior to the Meeting, the Independent Trustees met to discuss the information provided by AIS and the Sub-Advisers and provided additional follow-up questions to AIS and the Sub-Advisers following the Board’s initial information request, which were responded to by AIS and the Sub-Advisers. The Trustees considered all related materials provided in advance of the Meeting along with presentations made by AIS and the Sub-Advisers during the January 17 Meeting, as well as the Board’s meeting on December 16, 2022.

In making their determinations, the Board took into account information provided to them as to the services to be provided by AIS and the Sub-Advisers under the Advisory Agreements, including information relating to the Sub-Advisers’ investment approach and processes. The Board also considered the experience of the portfolio managers at the Sub-Advisers that are expected to manage the Funds. The Board also considered information concerning the past performance records of the Sub-Advisers in managing investment strategies intended to be employed by each of the Funds.

The Board considered the advisory fees that AIS proposed for the Funds and the sub-advisory fees proposed to be paid by AIS to the Sub-Advisers. The Board considered the unitary fee structure proposed to be utilized by the Funds and considered the effect of a fee waiver on the total expense ratio of each Fund, noting that each of the Funds would have the same or lower total expense ratio as their predecessor funds from the Pacific Funds Series Trust. The Board considered information regarding the category of peer funds to which AIS expects the Funds to be assigned by a third party.

The Board considered whether a Fund may benefit from economies of scale realized by AIS in the event of growth in the Fund’s assets. The Board considered the estimated profitability provided by AIS.

Based on these and other considerations, none of which were individually determinative of the outcome, and after discussion and consideration among the Trustees, and with AIS and Trust counsel, the Board, including all of the Independent Trustees, unanimously approved the Advisory Agreements for a two-year period commencing from the execution of the Advisory Agreements.

D-1

Aristotle Funds Series Trust
Statement Regarding the Trust’s Liquidity Risk Management Program
September 30, 2023 (Unaudited)

Consistent with Rule 22e-4 promulgated under the Investment Company Act of 1940, as amended, the Funds have adopted and implemented a written liquidity risk management program (the “Program”). The Program seeks to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining Funds’ shareholders. The Trust’s Board of Trustees (the “Board”) has appointed the Adviser to administer the Program. The Adviser uses certain market and liquidity classification data provided by a third party in fulfilling its responsibilities as the Program administrator.

At a meeting of the Board held in January 2023 the Adviser presented an overview of the Program, including elements required by Rule 22e-4, the Adviser’s approach to liquidity monitoring and classification of the Funds’ investments effective April 2023.

Since becoming effective, the Program has supported the Funds’ ability to honor redemption requests in a timely manner and the Adviser’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions.

D-2

Aristotle Funds Series Trust
Additional Notices
September 30, 2023 (Unaudited)

Auditor Change Notes

As a result of the reorganization of the Predecessor Funds into the Aristotle Funds Series Trust on April 17, 2023, Deloitte & Touche, LLP was dismissed as the independent registered public accounting firm for the Predecessor Funds, series of Pacific Funds Series Trust. The Board, upon the recommendation of the Trust’s audit committee, selected Tait, Weller & Baker LLP as independent registered public accounting firm for the Aristotle Funds Series Trust effective April 17, 2023. The audited reports by Deloitte & Touche, LLP on the financial statements of the Predecessor Funds as of and for the fiscal years ended March 31, 2023 and 2022, did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the last two fiscal years ended March 31, 2023, and March 31, 2022 there were no (1) disagreements with Deloitte & Touche, LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to their satisfaction, would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events (as defined in Regulation S-K 304(a)(1)(v)). During the last two fiscal years ended March 31, 2023 and March 31, 2022 (i) the Predecessor Funds did not (a) consult with Tait, Weller & Baker LLP as to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the financial statements or (b) receive a written report or oral advice that Tait, Weller & Baker LLP concluded was an important factor considered in reaching a decision as to such accounting, auditing, or financial reporting issue; and (ii) the Predecessor Funds did not consult Tait, Weller & Baker LLP on any matter that was either the subject of a “disagreement” (as that term is defined in Item 304(a)(1) (iv) of Regulation S-K and the related instructions) or a “reportable event” (as that term is defined in Item 304 (a)(1)(v) of Regulation S-K).

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 Form N-Q or Part F of Form N-PORT (beginning with filings after March 31, 2020). The Funds’ Forms N-Q or 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’ Forms N-Q or 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.

D-3

Aristotle Funds Series Trust
Additional Notices (Continued)
September 30, 2023 (Unaudited)

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at 844-ARISTTL (844-274-7885).

Aristotle Funds
c/o U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, Wisconsin 53201
844-ARISTTL (844-274-7885)

D-4

(This Page Intentionally Left Blank.)

Aristotle Funds Series Trust

Adviser
Aristotle Investment Services, LLC
11100 Santa Monica Blvd, Suite 1700
Los Angeles, CA 90025

Sub-Adviser
Aristotle Atlantic Partners, LLC
50 Central Avenue, Suite 750
Sarasota, FL 34236

Sub-Adviser
Aristotle Capital Boston, LLC
One Federal St., 36th Floor
Boston, MA 02110

Sub-Adviser
Aristotle Capital Management, LLC
11100 Santa Monica Boulevard, Suite 1700
Los Angeles, CA 90025

Sub-Adviser
Aristotle Pacific Capital LLC
840 Newport Center Drive, Suite 700
Newport Beach, CA 92660

Sub-Adviser
Pacific Life Fund Advisors LLC
700 Newport Center Drive
Newport Beach, CA 92660

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place, 50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102.

Custodian
U.S. Bank, N.A
1555 North RiverCenter Drive, Suite 300
Milwaukee, Wisconsin 53212

Fund Administrator, Transfer Agent and Fund Accountant
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, Wisconsin 53202

Legal Counsel
Ropes & Gray, LLP
Prudential Tower, 800 Boylston Street
Boston, MA 02199

Distributor
Foreside Financial Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

(b)

Not applicable for this Registrant

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President 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.

(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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(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. Not Applicable for semi-annual reports.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) 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.

(4) Change in the registrant’s independent public accountant. Filed herewith.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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.

Aristotle Funds Series Trust

By:	/s/ Richard Schweitzer
	Richard Schweitzer
	President

Date:	12/11/23

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:	/s/ Richard Schweitzer
	Richard Schweitzer
	President

Date:	12/11/23

By:	/s/ Joshua B. Schwab
	Joshua B. Schwab
	Treasurer

Date:	12/6/23

Aristotle Funds Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)