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 |
Ending |
Annualized |
Expenses Paid |
||||||||||||
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 | ||||||||
A1
Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)
|
Beginning |
Ending |
Annualized |
Expenses Paid |
||||||||||||
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 | ||||||||
A2
Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)
|
Beginning |
Ending |
Annualized |
Expenses Paid |
||||||||||||
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 | ||||||||
A3
Aristotle Funds Series Trust
Expense Example (Continued)
September 30, 2023 (Unaudited)
|
Beginning |
Ending |
Annualized |
Expenses Paid |
||||||||||||
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. |
A4
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 |
A5
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 |
A6
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 |
A7
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 |
A8
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 |
A9
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) |
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 $5,671,993 or 21.2% 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 |
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) |
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 $183,712,867 or 5.1% of the Fund’s net assets. |
|
(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) |
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 $67,615,093 or 78.4% 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. |
See Notes to Financial Statements |
A25
Aristotle High Yield Bond Fund
Schedule of Investments (Continued)
as of September 30, 2023 (Unaudited)
|
(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. |
|
(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) |
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 $281,814,183 or 27.1% 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 |
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) |
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 $559,591,983 or 31.2% 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. |
|
(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) |
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 $20,097,123 or 38.3% of the Fund’s net assets. |
|
(c) |
Step coupon bond. The rate disclosed is as of September 30, 2023. |
|
(d) |
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. |
|
(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 |
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 |
Aristotle |
Aristotle |
Aristotle |
Aristotle Short |
Aristotle |
||||||||||||||||||
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 |
Aristotle |
Aristotle |
Aristotle |
Aristotle Small |
Aristotle Small/ |
|||||||||||||||||||
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 |
Aristotle Portfolio |
Aristotle Portfolio |
Aristotle Portfolio |
Aristotle Portfolio |
||||||||||||||||
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 |
Aristotle |
Aristotle |
Aristotle |
Aristotle Short |
Aristotle |
|||||||||||||||||||
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 |
Aristotle |
Aristotle |
Aristotle |
Aristotle Small |
Aristotle Small/ |
|||||||||||||||||||
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 |
Aristotle Portfolio |
Aristotle Portfolio |
Aristotle Portfolio |
Aristotle Portfolio |
||||||||||||||||
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 |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Aristotle Growth Equity Fund |
||||||||||||||||||
Period Ended |
Year Ended |
Inception Period |
Period Ended |
Year Ended |
||||||||||||||||
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 |
Aristotle Small Cap Equity Fund II |
Aristotle Small/Mid Cap Equity Fund |
||||||||||||||||||
Inception Period |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
||||||||||||||||
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 |
Aristotle Small Cap Equity Fund II |
Aristotle Small/Mid Cap Equity Fund |
||||||||||||||||||
Inception Period |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
||||||||||||||||
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 |
Aristotle Portfolio Optimization |
Aristotle Portfolio Optimization |
||||||||||||||||||||||
Period Ended |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Aristotle Portfolio Optimization |
Aristotle Portfolio Optimization |
||||||||||||||||||||||
Period Ended |
Year Ended |
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||||||||
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 |
Aristotle Portfolio Optimization |
|||||||||||||||
Period Ended |
Year Ended |
Period Ended |
Year Ended |
|||||||||||||
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 |
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 |
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 |
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 |
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 |
Year ended March 31, |
For the period |
||||||||||||||
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 |
Year ended March 31, |
For the period |
||||||||||||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
||||
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 |
Year ended March 31, |
For the period |
||||||||||||||||||
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 |
Year ended March 31, |
For the period |
||||||||||||||||||
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 |
||||
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 |
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 |
||||
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
Value |
Net Unrealized |
|||||||||
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 |
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 |
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 |
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 |
Undistributed |
Undistributed |
Late-Year |
Short-Term |
Long-Term |
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 |
Accumulated |
Capital Loss |
||||||||||||||
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 |
Gross Unrealized |
Gross Unrealized |
Net Unrealized |
Net Unrealized |
Net Unrealized |
||||||||||||||||||
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 |
Total Distributions |
Ordinary Income |
Long-Term |
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
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
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, |
Purchases |
Sales |
Net Realized |
Change in |
Value, |
Distributions |
Interest |
Shares, |
||||||||||||||||||||||||||||
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
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
C-18
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, |
Purchases |
Sales |
Net Realized |
Change in |
Value, |
Distributions |
Interest |
Shares, |
||||||||||||||||||||||||||||
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. |
|
** |
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 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
C-19
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, |
Purchases |
Sales |
Net Realized |
Change in |
Value, |
Distributions |
Interest |
Shares, |
||||||||||||||||||||||||||||
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. |
|
** |
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 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
C-20
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, |
Purchases |
Sales |
Net Realized |
Change in |
Value, |
Distributions |
Interest |
Shares, |
||||||||||||||||||||||||||||
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. |
|
** |
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. |
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, |
Purchases |
Sales |
Net Realized |
Change in |
Value, |
Distributions |
Interest |
Shares, |
||||||||||||||||||||||||||||
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. |
|
** |
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. |
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 |
Position(s) |
Term of Office1 and |
Principal Occupation(s) and Other |
Number of Funds in Fund |
Independent Trustees |
||||
Joseph Chi |
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 |
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 |
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 |
Trustee |
2022 to Present |
Founder, Kansa Advisory, LLC (2017 to Present) |
19 |
Interested Trustees |
||||
Richard Schweitzer |
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 |
Position(s) |
Term of Office and |
Principal Occupation(s) and Other |
Joanne Chyun |
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 |
Position(s) |
Term of Office and |
Principal Occupation(s) and Other |
Thomas J. Fuccillo |
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 |
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 |
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 |
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.
C-32
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.
C-33
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.
C-37
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
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.)
(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
Sub-Adviser |
Sub-Adviser
Sub-Adviser |
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.
1
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. |
2
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 |
3