N-CSRS 1 fp0084201-1_ncsrs.htm

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 811-21719

INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)

235 W. Galena Street

Milwaukee, WI 53212
(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740
(Name and address of agent for service)

(626) 385-5777

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Report to Stockholders.

The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

Aristotle/Saul Global Equity Fund

Class I shares (ARSOX)

Aristotle International Equity Fund

Class I shares (ARSFX)

Aristotle Strategic Credit Fund

Class I shares (ARSSX)

Aristotle Value Equity Fund

Class I shares (ARSQX)

Aristotle Small Cap Equity Fund

Class I shares (ARSBX)

Aristotle Core Equity Fund

Class I shares (ARSLX)

SEMI-ANNUAL REPORT

June 30, 2023

Aristotle Funds

Each a series of Investment Managers Series Trust

Table of Contents

Schedules of Investments.	1
Statements of Assets and Liabilities	29
Statements of Operations	31
Statements of Changes in Net Assets	33
Financial Highlights	39
Notes to Financial Statements	46
Expense Examples	59

This report and the financial statements contained herein are provided for the general information of the shareholders of the Aristotle Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

www.aristotlefunds.com

Aristotle/Saul Global Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 97.3%
		AUSTRIA — 1.1%
	19,700	Erste Group Bank A.G.	$	689,844

		CANADA — 6.2%
	31,600	Brookfield Corp.		1,063,829
	46,800	Cameco Corp.		1,465,679
	21,500	Magna International, Inc.		1,213,460
				3,742,968

		FRANCE — 7.1%
	38,900	Cie Generale des Etablissements Michelin SCA		1,148,662
	1,670	LVMH Moet Hennessy Louis Vuitton S.E.		1,572,687
	27,300	TotalEnergies S.E.		1,565,490
				4,286,839

		GERMANY — 7.7%
	4,400	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		1,649,760
	16,200	Nemetschek S.E.		1,213,409
	1,350	Rational A.G.		976,702
	7,600	Symrise A.G.		796,325
				4,636,196

		HONG KONG — 2.0%
	120,200	AIA Group Ltd.		1,213,351

		IRELAND — 1.6%
	11,400	Medtronic PLC		1,004,340

		JAPAN — 12.6%
	26,500	FANUC Corp.		924,135
	34,200	KDDI Corp.		1,054,714
	62,400	Kubota Corp.		907,707
	87,900	Mitsubishi UFJ Financial Group, Inc.		648,765
	10,900	Nidec Corp.		592,609
	32,300	Otsuka Holdings Co., Ltd.		1,179,897
	38,800	Pan Pacific International Holdings Corp.		691,863
	17,700	Sony Group Corp.		1,590,357
				7,590,047

		KOREA (REPUBLIC OF-SOUTH) — 2.7%
	35,700	Samsung Electronics Co., Ltd.		1,612,074

Aristotle/Saul Global Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		NETHERLANDS — 1.6%
	9,200	Heineken N.V.	$	945,500

		SINGAPORE — 2.1%
	54,346	DBS Group Holdings Ltd.		1,266,225

		SWEDEN — 1.3%
	32,100	Assa Abloy A.B. - Class B		770,848

		SWITZERLAND — 3.7%
	16,100	Alcon, Inc.		1,332,823
	8,700	DSM-Firmenich A.G.*		936,266
				2,269,089

		UNITED KINGDOM — 4.1%
	52,700	GSK PLC		929,512
	195,300	Rentokil Initial PLC		1,525,393
				2,454,905

		UNITED STATES — 43.5%
	3,400	Adobe, Inc.*		1,662,566
	5,600	Amgen, Inc.		1,243,312
	19,200	Coca-Cola Co.		1,156,224
	5,900	Danaher Corp.		1,416,000
	14,900	Dolby Laboratories, Inc. - Class A		1,246,832
	15,200	FirstCash Holdings, Inc.		1,418,616
	12,100	FMC Corp.		1,262,514
	4,800	General Dynamics Corp.		1,032,720
	5,100	Honeywell International, Inc.		1,058,250
	19,900	Lennar Corp. - Class A		2,493,669
	4,100	Martin Marietta Materials, Inc.		1,892,929
	22,800	Microchip Technology, Inc.		2,042,652
	7,900	Microsoft Corp.		2,690,266
	39,400	Norwegian Cruise Line Holdings Ltd.*		857,738
	12,700	Oshkosh Corp.		1,099,693
	7,800	PayPal Holdings, Inc.*		520,494
	6,500	Procter & Gamble Co.		986,310
	9,100	QUALCOMM, Inc.		1,083,264
	12,600	RPM International, Inc.		1,130,598
				26,294,647

		Total Common Stocks
		(Cost $43,056,146)		58,776,873

Aristotle/Saul Global Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 1.5%
	892,133	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%¹	$	892,133
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $892,133)		892,133

		TOTAL INVESTMENTS — 98.8%
		(Cost $43,948,279)		59,669,006

		Other Assets in Excess of Liabilities — 1.2%		710,439
		TOTAL NET ASSETS — 100.0%	$	60,379,445

PLC –

Public Limited Company

Non-income producing security.

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle/Saul Global Equity Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		23.6	%
Industrials		13.7	%
Financials		13.2	%
Consumer Discretionary		12.1	%
Health Care		11.8	%
Materials		8.4	%
Consumer Staples		7.8	%
Energy		5.0	%
Communications		1.7	%
Total Common Stocks		97.3	%
Short-Term Investments		1.5	%
Total Investments		98.8	%
Other Assets in Excess of Liabilities		1.2	%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

Aristotle International Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 96.2%
		AUSTRIA — 1.8%
	202,500	Erste Group Bank A.G.	$	7,091,035

		CANADA — 8.4%
	420,600	Brookfield Corp.		14,159,692
	332,300	Cameco Corp.		10,406,950
	163,600	Magna International, Inc.		9,235,842
				33,802,484

		FRANCE — 16.0%
	114,200	Amundi S.A.¹		6,735,607
	307,300	Cie Generale des Etablissements Michelin SCA		9,074,136
	307,500	Dassault Systemes S.E.		13,631,806
	15,800	LVMH Moet Hennessy Louis Vuitton S.E.		14,879,310
	67,800	Safran S.A.		10,613,911
	170,100	TotalEnergies S.E.		9,754,207
				64,688,977

		GERMANY — 8.3%
	40,000	Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen		14,997,818
	146,600	Nemetschek S.E.		10,980,602
	73,000	Symrise A.G.		7,648,909
				33,627,329

		HONG KONG — 2.2%
	882,800	AIA Group Ltd.		8,911,368

		IRELAND — 6.9%
	59,800	Accenture PLC - Class A		18,453,084
	251,100	Experian PLC		9,624,331
				28,077,415

		JAPAN — 15.4%
	248,700	FANUC Corp.		8,672,916
	315,400	KDDI Corp.		9,726,809
	411,800	Kubota Corp.		5,990,285
	98,700	Nidec Corp.		5,366,101
	182,600	Otsuka Holdings Co., Ltd.		6,670,256
	600,500	Pan Pacific International Holdings Corp.		10,707,831
	166,500	Sony Group Corp.		14,960,134
				62,094,332

Aristotle International Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		KOREA (REPUBLIC OF-SOUTH) — 2.3%
	173,000	Samsung Electronics Co., Ltd.	$	9,479,452

		NETHERLANDS — 4.6%
	104,100	Akzo Nobel N.V.		8,487,944
	99,400	Heineken N.V.		10,215,509
				18,703,453

		PERU — 2.7%
	72,500	Credicorp Ltd.		10,703,900

		SINGAPORE — 2.5%
	434,700	DBS Group Holdings Ltd.		10,128,214

		SWEDEN — 1.8%
	307,200	Assa Abloy A.B. - Class B		7,377,084

		SWITZERLAND — 7.1%
	143,500	Alcon, Inc.		11,879,511
	72,700	DSM-Firmenich A.G.*		7,823,738
	90,100	Novartis A.G.		9,059,323
				28,762,572

		UNITED KINGDOM — 16.2%
	221,700	Ashtead Group PLC		15,328,103
	177,400	Coca-Cola Europacific Partners PLC		11,429,882
	445,100	GSK PLC		7,850,583
	2,713,100	Haleon PLC		11,103,587
	1,486,100	Rentokil Initial PLC		11,607,207
	160,400	Unilever PLC		8,350,812
				65,670,174

		Total Common Stocks
		(Cost $344,399,956)		389,117,789

Aristotle International Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 3.5%
	14,039,836	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%²	$	14,039,836
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $14,039,836)		14,039,836

		TOTAL INVESTMENTS — 99.7%
		(Cost $358,439,792)		403,157,625

		Other Assets in Excess of Liabilities — 0.3%		1,371,425
		TOTAL NET ASSETS — 100.0%	$	404,529,050

PLC –

Public Limited Company

Non-income producing security.

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $6,735,607, which represents 1.7% of total net assets of the Fund.

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle International Equity Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		20.4	%
Financials		18.0	%
Consumer Staples		14.7	%
Industrials		14.7	%
Health Care		8.8	%
Consumer Discretionary		8.2	%
Materials		6.6	%
Energy		2.4	%
Communications		2.4	%
Total Common Stocks		96.2	%
Short-Term Investments		3.5	%
Total Investments		99.7	%
Other Assets in Excess of Liabilities		0.3	%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS — 94.2%
		COMMUNICATIONS — 7.4%
$	70,000	CCO Holdings LLC / CCO Holdings Capital Corp. 4.500%, 5/1/2032¹	$	55,898
	83,000	Discovery Communications LLC 3.625%, 5/15/2030¹		72,820
	108,000	Hughes Satellite Systems Corp. 6.625%, 8/1/2026		100,980
	111,000	Lamar Media Corp. 4.875%, 1/15/2029¹		103,230
	67,000	Sprint Capital Corp. 8.750%, 3/15/2032		80,984
	100,000	Telecom Italia Capital S.A. 6.375%, 11/15/2033²		84,711
	68,000	Verizon Communications, Inc. 2.550%, 3/21/2031¹		56,732
				555,355

		CONSUMER DISCRETIONARY — 25.7%
	76,000	Air Canada 2020-1 Class C Pass-Through Trust 10.500%, 7/15/2026^2,3		81,510
	96,000	Asbury Automotive Group, Inc. 4.750%, 3/1/2030¹		85,322
	55,000	Bath & Body Works, Inc. 6.694%, 1/15/2027		55,287
	121,000	Beazer Homes USA, Inc. 5.875%, 10/15/2027¹		112,833
	85,000	Boyd Gaming Corp. 4.750%, 12/1/2027¹		80,539
	111,000	Carnival Corp. 7.200%, 10/1/2023²		110,861
	82,000	Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op 6.500%, 10/1/2028¹		79,965
	90,000	Cinemark USA, Inc. 5.875%, 3/15/2026^1,3		85,388
	77,000	Dana, Inc. 5.625%, 6/15/2028¹		72,368
	113,000	Goodyear Tire & Rubber Co. 5.000%, 5/31/2026¹		110,462
	122,000	Griffon Corp. 5.750%, 3/1/2028¹		114,074
	78,350	JetBlue 2020-1 Class B Pass-Through Trust 7.750%, 5/15/2030		78,528

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	123,000	Marriott Ownership Resorts, Inc. 4.750%, 1/15/2028¹	$	110,700
	136,000	MGM Resorts International 4.750%, 10/15/2028¹		123,456
	30,000	Newell Brands, Inc. 4.700%, 4/1/2026¹		28,139
	50,000	Penske Automotive Group, Inc. 3.500%, 9/1/2025¹		47,520
	85,000	Sally Holdings LLC / Sally Capital, Inc. 5.625%, 12/1/2025¹		83,831
	110,000	Travel + Leisure Co. 6.000%, 4/1/2027¹		106,777
	101,000	Tri Pointe Homes, Inc. 5.250%, 6/1/2027¹		95,792
	133,617	United Airlines 2019-2 Class B Pass-Through Trust 3.500%, 11/1/2029		120,040
	155,000	United Airlines Holdings, Inc. 4.875%, 1/15/2025		151,786
				1,935,178

		CONSUMER STAPLES — 1.4%
	110,000	Edgewell Personal Care Co. 5.500%, 6/1/2028^1,3		103,972

		ENERGY — 18.6%
	79,000	Buckeye Partners LP 4.125%, 12/1/2027¹		72,027
	55,000	Cheniere Energy Partners LP 4.500%, 10/1/2029¹		50,467
	87,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.750%, 4/1/2025¹		85,478
	75,000	Endeavor Energy Resources LP / EER Finance, Inc. 5.750%, 1/30/2028^1,3		73,364
		Energy Transfer LP
	47,000	6.500% (USD 5 Year Tsy+569 basis points)^1,4,5		42,691
	45,000	6.750% (USD 5 Year Tsy+513 basis points)^1,4,5		40,051
	64,000	Genesis Energy LP / Genesis Energy Finance Corp. 6.250%, 5/15/2026¹		60,605
	25,000	7.750%, 2/1/2028¹		23,779
	85,000	Global Partners LP / GLP Finance Corp. 7.000%, 8/1/2027¹		82,478
	92,000	Hess Corp. 4.300%, 4/1/2027¹		88,202

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		ENERGY (Continued)
$	117,000	HollyFrontier Corp. 2.625%, 10/1/2023	$	116,026
	80,000	Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp. 6.000%, 8/1/2026^1,3		77,373
	40,000	Matador Resources Co. 5.875%, 9/15/2026¹		38,765
	70,000	Murphy Oil Corp. 6.375%, 7/15/2028¹		69,001
	49,000	NuStar Logistics LP 5.750%, 10/1/2025¹		47,773
	60,000	Oceaneering International, Inc. 4.650%, 11/15/2024¹		58,566
	90,000	Patterson-UTI Energy, Inc. 3.950%, 2/1/2028¹		80,616
	82,000	PDC Energy, Inc. 6.125%, 9/15/2024¹		81,959
	106,000	Sunoco LP / Sunoco Finance Corp. 5.875%, 3/15/2028¹		101,935
	44,000	Targa Resources Corp. 4.200%, 2/1/2033¹		38,910
	80,000	Vermilion Energy, Inc. 6.875%, 5/1/2030^1,2,3		73,710
				1,403,776

		FINANCIALS — 25.1%
	149,000	Air Lease Corp. 4.125% (USD 5 Year Tsy+315 basis points)^1,4,5		96,778
	56,000	Ally Financial, Inc. 8.000%, 11/1/2031		58,070
	145,000	Capital One Financial Corp. 4.985% (SOFR Rate+216 basis points), 7/24/2026^1,5		140,518
		Citigroup, Inc.
	70,000	6.250% (3-Month Term SOFR+478 basis points)^1,4,5		68,882
	80,000	7.375% (USD 5 Year Tsy+321 basis points)^1,4,5		79,412
	55,000	Crown Castle Inc. 3.300%, 7/1/2030¹		48,579
	55,000	Fidelity National Information Services, Inc. 5.100%, 7/15/2032¹		53,347
	52,000	Fifth Third Bancorp 6.361% (SOFR Index+219 basis points), 10/27/2028^1,5		51,756
	72,000	GLP Capital LP / GLP Financing II, Inc. 5.375%, 4/15/2026¹		70,481

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		FINANCIALS (Continued)
$	110,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.250%, 5/15/2027¹	$	94,520
	44,000	MetLife, Inc. 10.750%, 8/1/2039¹		56,791
		Morgan Stanley
	55,000	6.296% (SOFR Rate+224 basis points), 10/18/2028^1,5		56,500
	21,000	5.948% (USD 5 Year Tsy+243 basis points), 1/19/2038^1,5		20,718
	103,000	Navient Corp. 5.875%, 10/25/2024		101,224
	129,000	OneMain Finance Corp. 7.125%, 3/15/2026		126,745
	87,000	Pacific Life Global Funding II 1.375%, 4/14/2026³		77,698
	123,000	PNC Financial Services Group, Inc. 8.977% (3-Month USD Libor+368 basis points)^1,4,5		122,877
	65,000	Radian Group, Inc. 6.625%, 3/15/2025¹		64,916
	101,000	RHP Hotel Properties LP / RHP Finance Corp. 4.750%, 10/15/2027¹		94,080
	130,000	Service Properties Trust 4.500%, 3/15/2025¹		122,803
	127,000	Starwood Property Trust, Inc. 4.750%, 3/15/2025¹		120,078
	93,000	Tanger Properties LP 3.125%, 9/1/2026¹		82,440
	84,000	VICI Properties LP / VICI Note Co., Inc. 4.250%, 12/1/2026^1,3		78,589
				1,887,802

		HEALTH CARE — 4.8%
	95,000	Centene Corp. 4.625%, 12/15/2029¹		87,404
		Encompass Health Corp.
	72,000	4.500%, 2/1/2028¹		66,974
	40,000	4.750%, 2/1/2030¹		36,414
	90,000	Tenet Healthcare Corp. 6.125%, 10/1/2028¹		86,643
	91,000	Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/2026²		81,403
				358,838

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Principal Amount			Value
		CORPORATE BONDS (Continued)
		INDUSTRIALS — 3.7%
$	60,000	AECOM 5.125%, 3/15/2027¹	$	58,054
	87,000	Spirit AeroSystems, Inc. 3.850%, 6/15/2026¹		80,804
	107,000	Titan International, Inc. 7.000%, 4/30/2028¹		100,039
	45,000	United Rentals North America, Inc. 4.000%, 7/15/2030¹		39,860
				278,757

		MATERIALS — 3.5%
	71,000	ATI Inc. 5.125%, 10/1/2031¹		63,267
	62,000	Carpenter Technology Corp. 7.625%, 3/15/2030¹		62,700
	70,000	Clearwater Paper Corp. 4.750%, 8/15/2028^1,3		61,615
	80,000	Mercer International, Inc. 5.500%, 1/15/2026¹		74,868
				262,450

		TECHNOLOGY — 0.6%
	45,000	NXP B.V. / NXP Funding LLC / NXP USA, Inc. 4.400%, 6/1/2027^1,2		43,493

		UTILITIES — 3.4%
	75,000	AmeriGas Partners LP / AmeriGas Finance Corp. 5.875%, 8/20/2026¹		70,532
	84,000	Edison International 8.125% (USD 5 Year Tsy+386 basis points), 6/15/2053^1,5		85,718
	105,000	Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875%, 3/1/2027¹		101,448
				257,698

		TOTAL CORPORATE BONDS
		(Cost $7,469,487)		7,087,319

Number of Shares
		PREFERRED STOCKS — 0.9%
		FINANCIALS — 0.9%
	60	Wells Fargo & Co., 7.500%^4,6	69,348
		TOTAL PREFERRED STOCKS
		(Cost $83,610)	69,348

Aristotle Strategic Credit Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 0.7%
	47,424	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%⁷	$	47,424
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $47,424)		47,424

		TOTAL INVESTMENTS — 95.8%
		(Cost $7,600,521)		7,204,091

		Other Assets in Excess of Liabilities — 4.2%		319,202
		TOTAL NET ASSETS — 100.0%	$	7,523,293

–

Limited Partnership

Callable.

Foreign security denominated in U.S. dollars.

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $713,219, which represents 9.5% of total net assets of the Fund.

⁴

Perpetual security. Maturity date is not applicable.

⁵

Variable rate security.

⁶

Convertible security.

⁷

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle Strategic Credit Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Corporate Bonds
Consumer Discretionary		25.7	%
Financials		25.1	%
Energy		18.6	%
Communications		7.4	%
Health Care		4.8	%
Industrials		3.7	%
Materials		3.5	%
Utilities		3.4	%
Consumer Staples		1.4	%
Technology		0.6	%
Total Corporate Bonds		94.2	%
Preferred Stocks
Financials		0.9	%
Short-Term Investments		0.7	%
Total Investments		95.8	%
Other Assets in Excess of Liabilities		4.2	%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

Aristotle Value Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 98.4%
		COMMUNICATIONS — 2.1%
	172,600	Activision Blizzard, Inc.*	$	14,550,180

		CONSUMER DISCRETIONARY — 5.0%
	830,600	Cie Generale des Etablissements Michelin SCA - ADR¹		12,243,044
	174,000	Lennar Corp. - Class A		21,803,940
	78	Lennar Corp. - Class B		8,813
				34,055,797

		CONSUMER STAPLES — 8.6%
	266,200	Coca-Cola Co.		16,030,564
	55,900	Constellation Brands, Inc. - Class A		13,758,667
	102,100	Procter & Gamble Co.		15,492,654
	175,500	Sysco Corp.		13,022,100
				58,303,985

		ENERGY — 4.1%
	625,700	Coterra Energy, Inc.		15,830,210
	122,700	Phillips 66		11,703,126
				27,533,336

		FINANCIALS — 15.1%
	58,900	Ameriprise Financial, Inc.		19,564,224
	146,100	Blackstone, Inc.		13,582,917
	147,700	Capital One Financial Corp.		16,153,949
	111,480	Cincinnati Financial Corp.		10,849,234
	142,500	Commerce Bancshares, Inc.		6,939,750
	106,300	Cullen/Frost Bankers, Inc.		11,430,439
	1,392,500	Mitsubishi UFJ Financial Group, Inc. - ADR¹		10,262,725
	91,600	PNC Financial Services Group, Inc.		11,537,020
	57,963	U.S. Bancorp		1,915,097
				102,235,355

		HEALTH CARE — 11.7%
	185,200	Alcon, Inc.¹		15,206,772
	68,400	Amgen, Inc.		15,186,168
	76,200	Danaher Corp.		18,288,000
	137,500	Medtronic PLC¹		12,113,750
	163,000	Merck & Co., Inc.		18,808,570
				79,603,260

Aristotle Value Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDUSTRIALS — 11.7%
	62,100	General Dynamics Corp.	$	13,360,815
	79,200	Honeywell International, Inc.		16,434,000
	106,500	Oshkosh Corp.		9,221,835
	60,200	Parker-Hannifin Corp.		23,480,408
	148,800	Xylem, Inc.		16,757,856
				79,254,914

		MATERIALS — 11.2%
	423,000	Corteva, Inc.		24,237,900
	80,100	Ecolab, Inc.		14,953,869
	48,600	Martin Marietta Materials, Inc.		22,438,134
	159,100	RPM International, Inc.		14,276,043
				75,905,946

		REAL ESTATE — 3.4%
	104,700	Crown Castle, Inc. - REIT		11,929,518
	161,581	Equity LifeStyle Properties, Inc. - REIT		10,808,153
				22,737,671

		TECHNOLOGY — 20.8%
	46,900	Adobe, Inc.*		22,933,631
	61,100	ANSYS, Inc.*		20,179,497
	74,000	Autodesk, Inc.*		15,141,140
	241,600	Microchip Technology, Inc.		21,644,944
	88,000	Microsoft Corp.		29,967,520
	128,300	QUALCOMM, Inc.		15,272,832
	180,200	Sony Group Corp. - ADR¹		16,225,208
				141,364,772

		UTILITIES — 4.7%
	146,500	Atmos Energy Corp.		17,043,810
	242,900	Xcel Energy, Inc.		15,101,093
				32,144,903

		TOTAL COMMON STOCKS
		(Cost $563,805,921)		667,690,119

Aristotle Value Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		SHORT-TERM INVESTMENTS — 1.5%
	10,227,726	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%²	$	10,227,726
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $10,227,726)		10,227,726

		TOTAL INVESTMENTS — 99.9%
		(Cost $574,033,647)		677,917,845

		Other Assets in Excess of Liabilities — 0.1%		685,106
		TOTAL NET ASSETS — 100.0%	$	678,602,951

ADR	–	American Depository Receipt
PLC	–	Public Limited Company
REIT	–	Real Estate Investment Trusts

Non-income producing security.

Foreign security denominated in U.S. dollars.

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle Value Equity Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		20.8	%
Financials		15.1	%
Health Care		11.7	%
Industrials		11.7	%
Materials		11.2	%
Consumer Staples		8.6	%
Consumer Discretionary		5.0	%
Utilities		4.7	%
Energy		4.1	%
Real Estate		3.4	%
Communications		2.1	%
Total Common Stocks		98.4	%
Short-Term Investments		1.5	%
Total Investments		99.9	%
Other Assets in Excess of Liabilities		0.1	%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

Aristotle Small Cap Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 94.2%
		COMMUNICATIONS — 1.9%
	31,320	ATN International, Inc.	$	1,146,312
	24,732	World Wrestling Entertainment, Inc. - Class A		2,682,680
				3,828,992

		CONSUMER DISCRETIONARY — 5.0%
	118,023	1-800-Flowers.com, Inc. - Class A*		920,579
	33,727	Carter's, Inc.		2,448,580
	113,021	Designer Brands, Inc.		1,141,512
	34,208	KB Home		1,768,896
	60,923	Liquidity Services, Inc.*		1,005,230
	43,450	Monro, Inc.		1,765,373
	59,784	Wolverine World Wide, Inc.		878,227
				9,928,397

		CONSUMER STAPLES — 3.5%
	25,608	Chefs' Warehouse, Inc.*		915,742
	64,308	Herbalife Ltd.^*,1		851,438
	8,889	J & J Snack Foods Corp.		1,407,662
	46,691	Nu Skin Enterprises, Inc. - Class A		1,550,141
	44,380	TreeHouse Foods, Inc.*		2,235,865
				6,960,848

		ENERGY — 2.5%
	256,813	NexTier Oilfield Solutions, Inc.*		2,295,908
	120,995	Oceaneering International, Inc.*		2,262,606
	271,225	Ring Energy, Inc.*		463,795
				5,022,309

		FINANCIALS — 9.2%
	42,042	BankUnited, Inc.		906,005
	20,318	Banner Corp.		887,287
	25,745	Berkshire Hills Bancorp, Inc.		533,694
	83,113	BRP Group, Inc. - Class A*		2,059,540
	102,506	Byline Bancorp, Inc.		1,854,334
	50,869	Customers Bancorp, Inc.*		1,539,296
	35,374	eHealth, Inc.*		284,407
	61,592	Flushing Financial Corp.		756,966
	78,134	National Bank Holdings Corp. - Class A		2,269,011
	51,735	Pacific Premier Bancorp, Inc.		1,069,880
	30,322	Texas Capital Bancshares, Inc.*		1,561,583
	51,196	United Community Banks, Inc.		1,279,388
	68,310	Veritex Holdings, Inc.		1,224,798

Aristotle Small Cap Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
	30,149	Voya Financial, Inc.	$	2,161,985
				18,388,174

		HEALTH CARE — 15.9%
	62,030	Acadia Healthcare Co., Inc.*		4,940,069
	59,415	Avid Bioservices, Inc.*		830,028
	8,873	Charles River Laboratories International, Inc.*		1,865,548
	5,760	Chemed Corp.		3,120,019
	134,281	Coherus Biosciences, Inc.*		573,380
	76,727	Cross Country Healthcare, Inc.*		2,154,494
	26,907	Enhabit, Inc.*		309,430
	18,163	Haemonetics Corp.*		1,546,398
	34,561	HealthEquity, Inc.*		2,182,181
	55,887	Merit Medical Systems, Inc.*		4,674,389
	30,357	ModivCare, Inc.*		1,372,440
	49,017	Pediatrix Medical Group, Inc.*		696,532
	72,957	PetIQ, Inc. - Class A*		1,106,758
	44,573	Prestige Consumer Healthcare, Inc.*		2,648,973
	22,351	QuidelOrtho Corp.*		1,852,004
	65,399	Supernus Pharmaceuticals, Inc.*		1,965,894
				31,838,537

		INDUSTRIALS — 35.6%
	34,229	Advanced Energy Industries, Inc.		3,814,822
	54,367	AerCap Holdings NV*^,1		3,453,392
	31,833	Albany International Corp. - Class A		2,969,382
	237,777	Ardmore Shipping Corp.¹		2,936,546
	35,209	ASGN, Inc.*		2,662,857
	72,770	AZEK Co., Inc.*		2,204,203
	22,399	AZZ, Inc.		973,461
	60,554	Barnes Group, Inc.		2,554,773
	36,419	Belden, Inc.		3,483,477
	41,622	Capital Product Partners LP¹		571,054
	25,367	Casella Waste Systems, Inc. - Class A*		2,294,445
	48,119	Columbus McKinnon Corp.		1,956,037
	40,849	Dycom Industries, Inc.*		4,642,489
	142,239	Enviri Corp.*		1,403,899
	6,980	FTI Consulting, Inc.*		1,327,596
	19,345	GXO Logistics, Inc.*		1,215,253
	56,704	Huron Consulting Group, Inc.*		4,814,737
	31,946	International Seaways, Inc.¹		1,221,615
	49,447	Itron, Inc.*		3,565,129

Aristotle Small Cap Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDUSTRIALS (Continued)
	45,648	KBR, Inc.	$	2,969,859
	60,024	Matthews International Corp. - Class A		2,558,223
	43,562	Mercury Systems, Inc.*		1,506,810
	15,644	Novanta, Inc.*^,1		2,880,060
	74,946	SP Plus Corp.*		2,931,138
	36,681	Titan Machinery, Inc.*		1,082,090
	123,578	U.S. Xpress Enterprises, Inc. - Class A*		758,769
	61,292	Viad Corp.*		1,647,529
	68,657	Wabash National Corp.		1,760,365
	25,014	Westinghouse Air Brake Technologies Corp.		2,743,285
	46,624	WillScot Mobile Mini Holdings Corp.*		2,228,161
				71,131,456

		MATERIALS — 2.9%
	112,379	Alamos Gold, Inc. - Class A¹		1,339,558
	45,167	Silgan Holdings, Inc.		2,117,881
	62,864	Summit Materials, Inc. - Class A*		2,379,402
				5,836,841

		REAL ESTATE — 4.5%
	111,785	Armada Hoffler Properties, Inc. - REIT		1,305,649
	53,414	Community Healthcare Trust, Inc. - REIT		1,763,730
	79,528	Hannon Armstrong Sustainable Infrastructure Capital, Inc. - REIT		1,988,200
	30,534	JBG SMITH Properties - REIT		459,232
	27,473	Safehold, Inc. - REIT		651,934
	78,957	STAG Industrial, Inc. - REIT		2,832,977
				9,001,722

		TECHNOLOGY — 10.6%
	87,028	ACI Worldwide, Inc.*		2,016,439
	7,092	Aspen Technology, Inc.*		1,188,690
	60,008	Benchmark Electronics, Inc.		1,550,007
	85,825	Box, Inc. - Class A*		2,521,538
	159,247	CalAmp Corp.*		168,802
	8,699	Cerence, Inc.*		254,272
	23,747	Euronet Worldwide, Inc.*		2,787,185
	177,554	Infinera Corp.*		857,586
	10,239	Insight Enterprises, Inc.*		1,498,375
	134,938	Knowles Corp.*		2,436,980
	52,536	MACOM Technology Solutions Holdings, Inc.*		3,442,684
	4,220	Rogers Corp.*		683,345

Aristotle Small Cap Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		TECHNOLOGY (Continued)
	103,619	Sonos, Inc.*	$	1,692,098
				21,098,001

		UTILITIES — 2.6%
	44,076	ALLETE, Inc.		2,555,086
	52,852	Unitil Corp.		2,680,125
				5,235,211

		TOTAL COMMON STOCKS
		(Cost $168,338,238)		188,270,488

		EXCHANGE-TRADED FUNDS — 2.6%
	14,548	iShares Russell 2000 ETF		2,724,404
	18,144	iShares Russell 2000 Value ETF		2,554,675
		TOTAL EXCHANGE-TRADED FUNDS
		(Cost $4,969,710)		5,279,079

		SHORT-TERM INVESTMENTS — 3.1%
	6,221,039	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%²		6,221,039
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $6,221,039)		6,221,039

		TOTAL INVESTMENTS — 99.9%
		(Cost $179,528,987)		199,770,606

		Other Assets in Excess of Liabilities — 0.1%		131,895
		TOTAL NET ASSETS — 100.0%	$	199,902,501

LP	–	Limited Partnership
REIT	–	Real Estate Investment Trusts

Non-income producing security.

Foreign security denominated in U.S. dollars.

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle Small Cap Equity Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Industrials		35.6	%
Health Care		15.9	%
Technology		10.6	%
Financials		9.2	%
Consumer Discretionary		5.0	%
Real Estate		4.5	%
Consumer Staples		3.5	%
Materials		2.9	%
Utilities		2.6	%
Energy		2.5	%
Communications		1.9	%
Total Common Stocks		94.2	%
Exchange-Traded Funds		2.6	%
Short-Term Investments		3.1	%
Total Investments		99.9	%
Other Assets in Excess of Liabilities		0.1	%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

Aristotle Core Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 98.2%
		COMMUNICATIONS — 6.2%
	67,792	Alphabet, Inc. - Class A*	$	8,114,702
	11,576	Expedia Group, Inc.*		1,266,299
	3,976	Netflix, Inc.*		1,751,388
				11,132,389

		CONSUMER DISCRETIONARY — 10.9%
	52,095	Amazon.com, Inc.*		6,791,104
	8,611	Dollar General Corp.		1,461,976
	71,845	General Motors Co.		2,770,343
	10,740	Home Depot, Inc.		3,336,274
	14,064	Marriott International, Inc. - Class A		2,583,416
	2,945	O'Reilly Automotive, Inc.*		2,813,358
				19,756,471

		CONSUMER STAPLES — 6.2%
	6,823	Costco Wholesale Corp.		3,673,367
	57,645	Darling Ingredients, Inc.*		3,677,175
	7,766	Estee Lauder Cos., Inc. - Class A		1,525,087
	12,100	PepsiCo, Inc.		2,241,162
				11,116,791

		ENERGY — 2.1%
	67,840	Antero Resources Corp.*		1,562,355
	64,779	Halliburton Co.		2,137,060
				3,699,415

		FINANCIALS — 11.4%
	10,166	Ameriprise Financial, Inc.		3,376,738
	74,061	Bank of America Corp.		2,124,810
	19,312	Chubb Ltd.¹		3,718,719
	29,420	Intercontinental Exchange, Inc.		3,326,814
	31,840	JPMorgan Chase & Co.		4,630,810
	14,122	Visa, Inc. - Class A		3,353,692
				20,531,583

		HEALTH CARE — 16.1%
	33,220	Abbott Laboratories		3,621,644
	232,426	Adaptive Biotechnologies Corp.*		1,559,579
	17,640	Becton, Dickinson and Co.		4,657,136
	39,266	Bio-Techne Corp.		3,205,284
	40,383	Bristol-Myers Squibb Co.		2,582,493

Aristotle Core Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		HEALTH CARE (Continued)
	14,248	Cigna Group	$	3,997,989
	62,860	Guardant Health, Inc.*		2,250,388
	10,419	Teleflex, Inc.		2,521,711
	5,715	Thermo Fisher Scientific, Inc.		2,981,801
	10,001	Zoetis, Inc.		1,722,272
				29,100,297

		INDUSTRIALS — 9.6%
	28,458	AMETEK, Inc.		4,606,781
	13,345	Chart Industries, Inc.*		2,132,397
	14,054	Honeywell International, Inc.		2,916,205
	16,785	Norfolk Southern Corp.		3,806,167
	42,726	Spirit AeroSystems Holdings, Inc. - Class A		1,247,172
	13,685	Trane Technologies PLC		2,617,393
				17,326,115

		MATERIALS — 1.7%
	17,854	Avery Dennison Corp.		3,067,317

		REAL ESTATE — 1.3%
	9,156	Alexandria Real Estate Equities, Inc. - REIT		1,039,114
	11,041	Prologis, Inc.		1,353,958
				2,393,072

		TECHNOLOGY — 30.1%
	11,167	Accenture PLC - Class A		3,445,913
	78,065	Apple, Inc.		15,142,268
	13,170	Applied Materials, Inc.		1,903,592
	5,355	Broadcom, Inc.		4,645,088
	17,679	Microchip Technology, Inc.		1,583,862
	46,526	Microsoft Corp.		15,843,964
	14,968	NVIDIA Corp.		6,331,763
	6,220	ServiceNow, Inc.*		3,495,453
	4,500	Synopsys, Inc.*		1,959,345
				54,351,248

		UTILITIES — 2.6%
	13,927	American Water Works Co., Inc.		1,988,079

Aristotle Core Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2023 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		UTILITIES (Continued)
	35,864	NextEra Energy, Inc.	$	2,661,109
				4,649,188
		TOTAL COMMON STOCKS
		(Cost $141,742,903)		177,123,886
		SHORT-TERM INVESTMENTS — 1.9%
	3,514,899	Goldman Sachs Financial Square Government Fund - Institutional, 4.95%²		3,514,899
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $3,514,899)		3,514,899

		TOTAL INVESTMENTS — 100.1%
		(Cost $145,257,802)		180,638,785

		Liabilities in Excess of Other Assets — (0.1)%		(203,591	)
		TOTAL NET ASSETS — 100.0%	$	180,435,194

PLC	–	Public Limited Company
REIT	–	Real Estate Investment Trusts

Non-income producing security.

Foreign security denominated in U.S. dollars.

The rate is the annualized seven-day yield at period end.

See Accompanying Notes to Financial Statements.

Aristotle Core Equity Fund

SUMMARY OF INVESTMENTS

As of June 30, 2023 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Technology		30.1	%
Health Care		16.1	%
Financials		11.4	%
Consumer Discretionary		10.9	%
Industrials		9.6	%
Communications		6.2	%
Consumer Staples		6.2	%
Utilities		2.6	%
Energy		2.1	%
Materials		1.7	%
Real Estate		1.3	%
Total Common Stocks		98.2	%
Short-Term Investments		1.9	%
Total Investments		100.1	%
Liabilities in Excess of Other Assets		(0.1	)%
Total Net Assets		100.0	%

See Accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

As of June 30, 2023 (Unaudited)

	Aristotle/Saul Global Equity Fund		Aristotle International Equity Fund		Aristotle Strategic Credit Fund
Assets:
Investments, at cost	$	43,948,279	$	358,439,792	$	7,600,521
Foreign currency, at cost		19,586		99,034		-
Investments, at value	$	59,669,006	$	403,157,625	$	7,204,091
Foreign currency, at value		19,659		99,331		-
Cash		-		-		78
Receivables:
Investment securities sold		-		-		223,061
Fund shares sold		536,975		173,683		3,909
Dividends and interest		91,196		551,418		110,079
Reclaims receivable		131,335		960,396		-
Due from Advisor		-		-		21,073
Prepaid expenses		14,006		27,224		10,715
Total assets		60,462,177		404,969,677		7,573,006

Liabilities:
Payables:
Investment securities purchased		-		-		-
Fund shares redeemed		6,976		68,681		-
Advisory fees		22,618		181,693		-
Shareholder servicing fees (Note 7)		-		101,094		-
Fund administration and accounting fees		7,491		33,133		549
Transfer agent fees and expenses		4,898		1,681		2,252
Custody fees		1,284		11,764		4,669
Auditing fees		10,326		10,284		11,395
Trustees' deferred compensation (Note 3)		9,911		11,619		9,163
Chief Compliance Officer fees		222		1,047		513
Trustees' fees and expenses		142		249		10,891
Accrued other expenses		18,864		19,382		10,281
Total liabilities		82,732		440,627		49,713

Net Assets	$	60,379,445	$	404,529,050	$	7,523,293

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	41,887,909	$	383,583,680	$	8,287,030
Total distributable earnings (accumulated deficit)		18,491,536		20,945,370		(763,737	)
Net Assets	$	60,379,445	$	404,529,050	$	7,523,293

Class I:
Shares of beneficial interest issued and outstanding		4,184,740		31,746,755		792,940
Net asset value per share	$	14.43	$	12.74	$	9.49

See Accompanying Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of June 30, 2023 (Unaudited)

	Aristotle Value Equity Fund		Aristotle Small Cap Equity Fund		Aristotle Core Equity Fund
Assets:
Investments, at cost	$	574,033,647	$	179,528,987	$	145,257,802
Foreign currency, at cost		-		-		-
Investments, at value	$	677,917,845	$	199,770,606	$	180,638,785
Foreign currency, at value		-		-		-
Cash		-		-		-
Receivables:
Investment securities sold		528,844		333,325		1,723,450
Fund shares sold		935,329		110,808		7,723
Dividends and interest		923,269		119,071		42,362
Reclaims receivable		98,625		-		-
Due from Advisor		-		-		18,922
Prepaid expenses		7,021		9,878		7,766
Total assets		680,410,933		200,343,688		182,439,008

Liabilities:
Payables:
Investment securities purchased		875,911		192,970		1,715,141
Fund shares redeemed		450,509		53,485		126,932
Advisory fees		310,053		104,006		72,301
Shareholder servicing fees (Note 7)		-		28,119		32,242
Fund administration and accounting fees		45,475		13,260		9,313
Transfer agent fees and expenses		4,963		3,693		2,980
Custody fees		18,452		9,073		9,921
Auditing fees		10,085		10,867		9,706
Trustees' deferred compensation (Note 3)		14,090		10,532		10,221
Chief Compliance Officer fees		453		228		346
Trustees' fees and expenses		580		366		222
Accrued other expenses		77,411		14,588		14,489
Total liabilities		1,807,982		441,187		2,003,814

Net Assets	$	678,602,951	$	199,902,501	$	180,435,194

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)	$	595,619,231	$	185,414,457	$	153,561,252
Total distributable earnings (accumulated deficit)		82,983,720		14,488,044		26,873,942
Net Assets	$	678,602,951	$	199,902,501	$	180,435,194

Class I:
Shares of beneficial interest issued and outstanding		36,589,876		14,351,316		9,283,200
Net asset value per share	$	18.55	$	13.93	$	19.44

See Accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the Six Months/Period Ended June 30, 2023 (Unaudited)

	Aristotle/Saul Global Equity Fund			Aristotle International Equity Fund			Aristotle Strategic Credit Fund
Investment income:
Dividends (net of foreign withholding taxes of $59,084, $608,117 and $0, respectively)	$	755,128		$	5,459,487		$	2,250
Interest		30,720			218,816			222,360
Total investment income		785,848			5,678,303			224,610

Expenses:
Advisory fees		230,079			1,332,597			19,493
Shareholder servicing fees (Note 7)		-			190,371			-
Fund administration and accounting fees		32,005			136,693			33,744
Transfer agent fees and expenses		9,253			14,256			8,113
Custody fees		9,169			46,787			3,707
Registration fees		10,413			22,811			9,917
Auditing fees		10,413			10,413			11,901
Legal fees		6,668			8,131			7,338
Trustees' fees and expenses		5,059			7,799			3,947
Miscellaneous		3,823			8,476			2,845
Chief Compliance Officer fees		3,108			5,108			5,459
Shareholder reporting fees		3,100			9,050			786
Insurance fees		1,193			1,339			1,144
Tax reclaim service fees		-			100			-
Total expenses		324,283			1,793,931			108,394
Advisory fees recovered (waived)		(61,336	)		(270,864	)		(19,493	)
Other expenses absorbed		-			-			(63,186	)
Net expenses		262,947			1,523,067			25,715
Net investment income (loss)		522,901			4,155,236			198,895

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,418,157			(10,299,059	)		(231,581	)
Foreign currency transactions		(3,961	)		(21,416	)		-
Net realized gain (loss)		2,414,196			(10,320,475	)		(231,581	)
Net change in unrealized appreciation/depreciation on:
Investments		3,903,550			48,891,911			293,526
Foreign currency translations		(1,697	)		918			-
Net change in unrealized appreciation/depreciation		3,901,853			48,892,829			293,526
Net realized and unrealized gain (loss)		6,316,049			38,572,354			61,945

Net Increase (Decrease) in Net Assets from Operations	$	6,838,950		$	42,727,590		$	260,840

See Accompanying Notes to Financial Statements.

STATEMENTS OF OPERATIONS - Continued

For the Six Months/Period Ended June 30, 2023 (Unaudited)

	Aristotle Value Equity Fund			Aristotle Small Cap Equity Fund			Aristotle Core Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $113,717, $829 and $0, respectively)	$	6,787,826		$	1,140,186		$	1,001,637
Interest		334,501			154,212			83,859
Total investment income		7,122,327			1,294,398			1,085,496
Expenses:
Advisory fees		1,999,811			742,979			436,357
Shareholder servicing fees (Note 7)		-			108,970			104,726
Fund administration and accounting fees		220,573			65,826			59,015
Transfer agent fees and expenses		23,233			10,925			11,383
Custody fees		37,127			15,962			13,389
Registration fees		38,432			10,909			17,356
Auditing fees		10,413			10,413			9,571
Legal fees		7,301			6,256			6,447
Trustees' fees and expenses		10,609			6,970			6,171
Miscellaneous		34,962			4,699			7,397
Chief Compliance Officer fees		4,104			4,459			3,860
Shareholder reporting fees		16,489			4,786			3,515
Insurance fees		2,829			1,267			1,240
Tax reclaim service fees		-			-			-
Total expenses		2,405,883			994,421			680,427
Advisory fees recovered (waived)		(105,641	)		(102,847	)		(113,163	)
Other expenses absorbed		-			-			-
Net expenses		2,300,242			891,574			567,264
Net investment income (loss)		4,822,085			402,824			518,232

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(12,786,046	)		(181,958	)		(5,972,215	)
Foreign currency transactions		-			-			-
Net realized gain (loss)		(12,786,046	)		(181,958	)		(5,972,215	)
Net change in unrealized appreciation/depreciation on:
Investments		61,104,222			3,126,353			29,693,324
Foreign currency translations		-			-			-
Net change in unrealized appreciation/depreciation		61,104,222			3,126,353			29,693,324
Net realized and unrealized gain (loss)		48,318,176			2,944,395			23,721,109

Net Increase (Decrease) in Net Assets from Operations	$	53,140,261		$	3,347,219		$	24,239,341

See Accompanying Notes to Financial Statements.

Aristotle/Saul Global Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	522,901		$	798,517
Net realized gain (loss) on investments and foreign currency transactions		2,414,196			1,441,808
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		3,901,853			(19,560,846	)
Net increase (decrease) in net assets resulting from operations		6,838,950			(17,320,521	)

Distributions to Shareholders:
Distributions		-			(3,362,473	)
Total distributions to shareholders		-			(3,362,473	)

Capital Transactions:
Class I:
Net proceeds from shares sold		6,249,896			11,950,209
Reinvestment of distributions		-			1,863,337
Cost of shares redeemed		(20,208,722	)		(19,659,867	)
Net increase (decrease) in net assets from capital transactions		(13,958,826	)		(5,846,321	)

Total increase (decrease) in net assets		(7,119,876	)		(26,529,315	)

Net Assets:
Beginning of period		67,499,321			94,028,636
End of period	$	60,379,445		$	67,499,321
Capital Share Transactions:
Class I:
Shares sold		457,468			851,183
Shares reinvested		-			139,367
Shares redeemed		(1,474,412	)		(1,478,728	)
Net increase (decrease) in capital share transactions		(1,016,944	)		(488,178	)

See Accompanying Notes to Financial Statements.

Aristotle International Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	4,155,236		$	4,795,216
Net realized gain (loss) on investments and foreign currency transactions		(10,320,475	)		(16,645,594	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		48,892,829			(78,175,877	)
Net increase (decrease) in net assets resulting from operations		42,727,590			(90,026,255	)

Distributions to Shareholders:
Distributions		-			(4,698,478	)
Total distributions to shareholders		-			(4,698,478	)

Capital Transactions:
Class I:
Net proceeds from shares sold		72,066,955			251,614,897
Reinvestment of distributions		-			3,779,794
Cost of shares redeemed¹		(88,842,301	)		(173,569,655	)
Net increase (decrease) in net assets from capital transactions		(16,775,346	)		81,825,036

Total increase (decrease) in net assets		25,952,244			(12,899,697	)

Net Assets:
Beginning of period		378,576,806			391,476,503
End of period	$	404,529,050		$	378,576,806
Capital Share Transactions:
Class I:
Shares sold		5,889,338			20,923,900
Shares reinvested		-			321,959
Shares redeemed		(7,417,006	)		(14,854,261	)
Net increase (decrease) in capital share transactions		(1,527,668	)		6,391,598

Net of redemption fee proceeds of $8,307 and $19,782, respectively.

See Accompanying Notes to Financial Statements.

Aristotle Strategic Credit Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	198,895		$	297,428
Net realized gain (loss) on investments		(231,581	)		(59,614	)
Net change in unrealized appreciation/depreciation on investments		293,526			(751,389	)
Net increase (decrease) in net assets resulting from operations		260,840			(513,575	)

Distributions to Shareholders:
Distributions		(199,399	)		(298,841	)
Total distributions to shareholders		(199,399	)		(298,841	)

Capital Transactions:
Class I:
Net proceeds from shares sold		173,488			807,903
Reinvestment of distributions		185,605			277,666
Cost of shares redeemed¹		(1,071,474	)		(711,058	)
Net increase (decrease) in net assets from capital transactions		(712,381	)		374,511

Total increase (decrease) in net assets		(650,940	)		(437,905	)

Net Assets:
Beginning of period		8,174,233			8,612,138
End of period	$	7,523,293		$	8,174,233
Capital Share Transactions:
Class I:
Shares sold		18,204			83,647
Shares reinvested		19,524			28,896
Shares redeemed		(112,809	)		(72,926	)
Net increase (decrease) in capital share transactions		(75,081	)		39,617

Net of redemption fee proceeds of $0 and $2,685, respectively.

See Accompanying Notes to Financial Statements.

Aristotle Value Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	4,822,085		$	9,480,447
Net realized gain (loss) on investments		(12,786,046	)		(12,550,443	)
Net change in unrealized appreciation/depreciation on investments		61,104,222			(141,394,895	)
Net increase (decrease) in net assets resulting from operations		53,140,261			(144,464,891	)

Distributions to Shareholders:
Distributions		-			(13,240,849	)
Total distributions to shareholders		-			(13,240,849	)

Capital Transactions:
Class I:
Net proceeds from shares sold		43,740,134			255,906,985
Reinvestment of distributions		-			12,569,401
Cost of shares redeemed¹		(101,599,715	)		(374,638,971	)
Net increase (decrease) in net assets from capital transactions		(57,859,581	)		(106,162,585	)

Total increase (decrease) in net assets		(4,719,320	)		(263,868,325	)

Net Assets:
Beginning of period		683,322,271			947,190,596
End of period	$	678,602,951		$	683,322,271
Capital Share Transactions:
Class I:
Shares sold		2,465,577			13,993,202
Shares reinvested		-			713,765
Shares redeemed		(5,736,159	)		(20,931,424	)
Net increase (decrease) in capital share transactions		(3,270,582	)		(6,224,457	)

Net of redemption fee proceeds of $2,758 and $10,865, respectively.

See Accompanying Notes to Financial Statements.

Aristotle Small Cap Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	402,824		$	33,215
Net realized gain (loss) on investments		(181,958	)		6,750,556
Net change in unrealized appreciation/depreciation on investments		3,126,353			(29,171,704	)
Net increase (decrease) in net assets resulting from operations		3,347,219			(22,387,933	)

Distributions to Shareholders:
Distributions		-			(9,325,231	)
Total distributions to shareholders		-			(9,325,231	)

Capital Transactions:
Class I:
Net proceeds from shares sold		17,903,528			37,935,529
Reinvestment of distributions		-			9,125,198
Cost of shares redeemed¹		(11,974,601	)		(40,597,162	)
Net increase (decrease) in net assets from capital transactions		5,928,927			6,463,565

Total increase (decrease) in net assets		9,276,146			(25,249,599	)

Net Assets:
Beginning of period		190,626,355			215,875,954
End of period	$	199,902,501		$	190,626,355
Capital Share Transactions:
Class I:
Shares sold		1,274,534			2,646,459
Shares reinvested		-			654,136
Shares redeemed		(867,397	)		(2,856,856	)
Net increase (decrease) in capital share transactions		407,137			443,739

Net of redemption fee proceeds of $17 and $7,632, respectively.

See Accompanying Notes to Financial Statements.

Aristotle Core Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Six Months Ended June 30, 2023 (Unaudited)			For the Year Ended December 31, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	518,232		$	878,672
Net realized gain (loss) on investments		(5,972,215	)		(2,927,903	)
Net change in unrealized appreciation/depreciation on investments		29,693,324			(42,159,025	)
Net increase (decrease) in net assets resulting from operations		24,239,341			(44,208,256	)

Distributions to Shareholders:
Distributions		-			(1,401,488	)
Total distributions to shareholders		-			(1,401,488	)

Capital Transactions:
Class I:
Net proceeds from shares sold		14,376,230			60,986,522
Reinvestment of distributions		-			1,353,617
Cost of shares redeemed¹		(25,635,748	)		(27,787,884	)
Net increase (decrease) in net assets from capital transactions		(11,259,518	)		34,552,255

Total increase (decrease) in net assets		12,979,823			(11,057,489	)

Net Assets:
Beginning of period		167,455,371			178,512,860
End of period	$	180,435,194		$	167,455,371
Capital Share Transactions:
Class I:
Shares sold		803,468			3,240,338
Shares reinvested		-			76,692
Shares redeemed		(1,432,957	)		(1,565,121	)
Net increase (decrease) in capital share transactions		(629,489	)		1,751,909

Net of redemption fee proceeds of $34 and $3,727, respectively.

See Accompanying Notes to Financial Statements.

Aristotle/Saul Global Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.98		$	16.53		$	14.18		$	12.79		$	10.76		$	13.29
Income from Investment Operations:
Net investment income (loss) ¹		0.11			0.14			0.11			0.11			0.12			0.13
Net realized and unrealized gain (loss)		1.34			(3.01	)		2.65			2.01			2.83			(1.35	)
Total from investment operations		1.45			(2.87	)		2.76			2.12			2.95			(1.22	)

Less Distributions:
From net investment income		-			(0.16	)		(0.11	)		(0.12	)		(0.17	)		(0.23	)
From net realized gain		-			(0.52	)		(0.30	)		(0.61	)		(0.75	)		(1.08	)
Total distributions		-			(0.68	)		(0.41	)		(0.73	)		(0.92	)		(1.31	)

Redemption fee proceeds¹		-			-	²		-	²		-	²		-			-	²
Net asset value, end of period	$	14.43		$	12.98		$	16.53		$	14.18		$	12.79		$	10.76

Total return³		11.17	%⁴		(17.49	)%		19.54	%		16.68	%		27.55	%		(9.53	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	60,379		$	67,499		$	94,029		$	69,128		$	70,240		$	64,844
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.99	%⁵		0.95	%		0.95	%		1.07	%		1.02	%		1.20	%
After fees waived and expenses absorbed/recovered		0.80	%⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.93	%⁶
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.40	%⁵		0.88	%		0.55	%		0.63	%		0.75	%		0.71	%
After fees waived and expenses absorbed/recovered		1.59	%⁵		1.03	%		0.70	%		0.90	%		0.97	%		0.98	%

Portfolio turnover rate		6	%⁴		22	%		13	%		12	%		22	%		37	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

Total returns would have been lower/higher had expenses not been waived or absorbed/recovered by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴

Not annualized.

⁵

Annualized.

⁶

Effective September 1, 2018, the Fund's advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 0.80% of average daily net assets of the Fund. Prior to September 1, 2018, the annual operating expense limitation was 0.98%.

See Accompanying Notes to Financial Statements.

Aristotle International Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.38		$	14.56		$	12.80		$	11.66		$	9.54		$	10.74
Income from Investment Operations:
Net investment income (loss) ¹		0.13			0.15			0.13			0.10			0.18			0.16
Net realized and unrealized gain (loss)		1.23			(3.19	)		1.88			1.11			2.11			(1.22	)
Total from investment operations		1.36			(3.04	)		2.01			1.21			2.29			(1.06	)

Less Distributions:
From net investment income		-			(0.14	)		(0.11	)		(0.07	)		(0.15	)		(0.14	)
From net realized gain		-			-			(0.14	)		-			(0.02	)		-
From return of capital		-			-			-²			-			-			-
Total distributions		-			(0.14	)		(0.25	)		(0.07	)		(0.17	)		(0.14	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	12.74		$	11.38		$	14.56		$	12.80		$	11.66		$	9.54

Total return³		11.95	%⁴		(20.91	)%		15.79	%		10.40	%		23.98	%		(9.89	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	404,529		$	378,577		$	391,477		$	245,021		$	91,225		$	45,636
Ratio of expenses to average net assets (including tax reclaim service fees):
Before fees waived and expenses absorbed/recovered		0.94	%⁵		0.94	%		0.93	%		1.04	%		1.17	%		1.42	%
After fees waived and expenses absorbed/recovered		0.80	%⁵		0.80	%		0.80	%		0.80	%		0.80	%		0.88	%⁶
Ratio of net investment income (loss) to average net assets (including tax reclaim service fees):
Before fees waived and expenses absorbed/recovered		2.04	%⁵		1.12	%		0.78	%		0.72	%		1.26	%		0.90	%
After fees waived and expenses absorbed/recovered		2.18	%⁵		1.26	%		0.91	%		0.96	%		1.63	%		1.44	%

Portfolio turnover rate		11	%⁴		18	%		10	%		14	%		11	%		17	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

⁴

Not annualized.

⁵

Annualized.

See Accompanying Notes to Financial Statements.

Aristotle International Equity Fund

FINANCIAL HIGHLIGHTS - Continued

Class I

⁶

See Accompanying Notes to Financial Statements.

Aristotle Strategic Credit Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.42		$	10.40		$	10.46		$	10.07		$	9.39		$	9.96
Income from Investment Operations:
Net investment income (loss) ¹		0.23			0.35			0.32			0.32			0.40			0.41
Net realized and unrealized gain (loss)		0.07			(0.97	)		(0.06	)		0.39			0.68			(0.56	)
Total from investment operations		0.30			(0.62	)		0.26			0.71			1.08			(0.15	)

Less Distributions:
From net investment income		(0.23	)		(0.36	)		(0.32	)		(0.32	)		(0.40	)		(0.42	)
From net realized gain		-			-			-			-			-			-
Total distributions		(0.23	)		(0.36	)		(0.32	)		(0.32	)		(0.40	)		(0.42	)

Redemption fee proceeds¹		-			-	²		-			-			-			-
Net asset value, end of period	$	9.49		$	9.42		$	10.40		$	10.46		$	10.07		$	9.39

Total return ³		3.23	%⁴		(6.02	)%		2.56	%		7.26	%		11.71	%		(1.58	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,523		$	8,174		$	8,612		$	8,631		$	5,972		$	4,818
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		2.61	%⁵		2.68	%		2.72	%		3.22	%		3.94	%		4.03	%
After fees waived and expenses absorbed/recovered		0.62	%⁵		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		2.80	%⁵		1.61	%		0.94	%		0.60	%		0.69	%		0.80	%
After fees waived and expenses absorbed/recovered		4.79	%⁵		3.67	%		3.04	%		3.20	%		4.01	%		4.21	%

Portfolio turnover rate		23	%⁴		34	%		104	%		46	%		54	%		89	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

⁴

Not annualized.

⁵

Annualized.

See Accompanying Notes to Financial Statements.

Aristotle Value Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	17.14		$	20.55		$	16.83		$	14.79		$	11.29		$	12.64
Income from Investment Operations:
Net investment income (loss) ¹		0.13			0.21			0.16			0.13			0.13			0.13
Net realized and unrealized gain (loss)		1.28			(3.29	)		4.03			2.00			3.50			(1.33	)
Total from investment operations		1.41			(3.08	)		4.19			2.13			3.63			(1.20	)

Less Distributions:
From net investment income		-			(0.21	)		(0.13	)		(0.09	)		(0.13	)		(0.07	)
From net realized gain		-			(0.12	)		(0.34	)		-			-			(0.08	)
Total distributions		-			(0.33	)		(0.47	)		(0.09	)		(0.13	)		(0.15	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²		-	²
Net asset value, end of period	$	18.55		$	17.14		$	20.55		$	16.83		$	14.79		$	11.29

Total return³		8.23	%⁴		(15.04	)%		24.90	%		14.38	%		32.18	%		(9.53	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	678,603		$	683,322		$	947,191		$	396,792		$	99,537		$	98,731
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.72	%⁵		0.71	%		0.71	%		0.79	%		0.93	%		0.96	%
After fees waived and expenses absorbed/recovered		0.69	%⁵		0.69	%		0.69	%		0.70	%⁶		0.78	%		0.78	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		1.41	%⁵		1.16	%		0.78	%		0.83	%		0.82	%		0.89	%
After fees waived and expenses absorbed/recovered		1.44	%⁵		1.18	%		0.80	%		0.92	%		0.97	%		1.07	%

Portfolio turnover rate		3	%⁴		20	%		14	%		14	%		86	%		18	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

⁴

Not annualized.

⁵

Annualized.

⁶

Effective March 1, 2020, the Fund's advisor had contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 0.69% of average daily net assets of the Fund. Prior to March 1, 2020, the annual operating expense limitation was 0.78%.

See Accompanying Notes to Financial Statements.

Aristotle Small Cap Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	13.67		$	15.99		$	13.90		$	12.96		$	10.74		$	12.83
Income from Investment Operations:
Net investment income (loss) ¹		0.03			-			(0.01	)		0.01			0.01			0.01
Net realized and unrealized gain (loss)		0.23			(1.63	)		2.61			1.19			2.41			(1.56	)
Total from investment operations		0.26			(1.63	)		2.60			1.20			2.42			(1.55	)

Less Distributions:
From net investment income		-			-			-	²		-	²		-	²		(0.01	)
From net realized gain		-			(0.69	)		(0.51	)		(0.26	)		(0.20	)		(0.53	)
Total distributions		-			(0.69	)		(0.51	)		(0.26	)		(0.20	)		(0.54	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²		-
Net asset value, end of period	$	13.93		$	13.67		$	15.99		$	13.90		$	12.96		$	10.74

Total return³		1.90	%⁴		(10.26	)%		18.87	%		9.31	%		22.59	%		(12.29	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	199,903		$	190,626		$	215,876		$	161,570		$	117,255		$	40,902
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		1.00	%⁵		1.01	%		1.00	%		1.13	%		1.16	%		1.44	%
After fees waived and expenses absorbed/recovered		0.90	%⁵		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		0.30	%⁵		(0.09	)%		(0.16	)%		(0.17	)%		(0.21	)%		(0.46	)%
After fees waived and expenses absorbed/recovered		0.40	%⁵		0.02	%		(0.06	)%		0.06	%		0.05	%		0.08	%

Portfolio turnover rate		4	%⁴		19	%		14	%		24	%		59	%		94	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

⁴

Not annualized.

⁵

Annualized.

See Accompanying Notes to Financial Statements.

Aristotle Core Equity Fund

FINANCIAL HIGHLIGHTS

Class I

Per share operating performance.

For a capital share outstanding throughout each period.

	For the Six Months Ended June 30, 2023			For the Year Ended December 31,
	(Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	16.89		$	21.87		$	17.86		$	14.33		$	10.66		$	11.42
Income from Investment Operations:
Net investment income (loss) ¹		0.05			0.09			0.07			0.10			0.09			0.08
Net realized and unrealized gain (loss)		2.50			(4.93	)		4.28			3.58			3.67			(0.72	)
Total from investment operations		2.55			(4.84	)		4.35			3.68			3.76			(0.64	)

Less Distributions:
From net investment income		-			(0.08	)		(0.06	)		(0.07	)		(0.07	)		(0.07	)
From net realized gain		-			(0.06	)		(0.28	)		(0.08	)		(0.02	)		(0.05	)
Total distributions		-			(0.14	)		(0.34	)		(0.15	)		(0.09	)		(0.12	)

Redemption fee proceeds¹		-	²		-	²		-	²		-	²		-	²		-
Net asset value, end of period	$	19.44		$	16.89		$	21.87		$	17.86		$	14.33		$	10.66

Total return³		15.10	%⁴		(22.15	)%		24.34	%		25.69	%		35.24	%		(5.66	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	180,435		$	167,455		$	178,513		$	90,679		$	27,269		$	10,755
Ratio of expenses to average net assets:
Before fees waived and expenses absorbed/recovered		0.78	%⁵		0.79	%		0.79	%		0.96	%		1.47	%		2.59	%
After fees waived and expenses absorbed/recovered		0.65	%⁵		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income (loss) to average net assets:
Before fees waived and expenses absorbed/recovered		0.46	%⁵		0.37	%		0.19	%		0.31	%		(0.15	)%		(1.28	)%
After fees waived and expenses absorbed/recovered		0.59	%⁵		0.51	%		0.33	%		0.62	%		0.67	%		0.66	%

Portfolio turnover rate		10	%⁴		18	%		8	%		20	%		18	%		32	%

Based on average shares outstanding for the period.

Amount represents less than $0.01 per share.

⁴

Not annualized.

⁵

Annualized.

See Accompanying Notes to Financial Statements.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

Note 1 – Organization

Aristotle/Saul Global Equity Fund (the ‘‘Global Equity Fund’’), Aristotle International Equity Fund (the “International Equity Fund”), Aristotle Strategic Credit Fund (the “Strategic Credit Fund”), Aristotle Value Equity Fund (the “Value Equity Fund”), Aristotle Small Cap Equity Fund (the “Small Cap Equity Fund”) and Aristotle Core Equity Fund (the “Core Equity Fund”) (each a “Fund” and collectively the ‘‘Funds’’) are organized as a diversified series of Investment Managers Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

The Global Equity Fund’s primary investment objective is to maximize long-term capital appreciation and income. The Fund commenced investment operations on March 30, 2012.

The International Equity Fund’s primary investment objective is to seek long-term capital appreciation. The Fund commenced investment operations on March 31, 2014.

The Strategic Credit Fund’s primary investment objectives are to seek income and capital appreciation. The Fund commenced investment operations on December 31, 2014.

The Value Equity Fund’s primary investment objective is to maximize long-term capital appreciation. The Fund commenced investment operations on August 31, 2016.

The Small Cap Equity Fund’s primary investment objective is to seek long-term capital appreciation. The Fund commenced investment operations on October 30, 2015.

The Core Equity Fund’s primary investment objective is to seek long-term growth of capital. The Fund commenced investment operations on March 31, 2017.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies”.

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.

(a) Valuation of Investments

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing. Prior to September 8, 2022, securities were valued at fair value as determined in good faith by the Fund’s advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but action may had been taken by any one of the Trustees.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

(b) Exchange Traded Funds (“ETFs”)

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of 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. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities. Each ETF in which each Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk, and risks associated with fixed-income securities.

(c) 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 Statement 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 on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Expenses incurred 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.

(d) Foreign Currency Translation

The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

(e) Federal Income Taxes

The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of their net investment income and any net realized gains to their 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of the six months ended June 30, 2023 and during the open tax years ended December 31, 2020-2022, 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.

(f) Distributions to Shareholders

The Global Equity Fund, International Equity Fund, Value Equity Fund, Small Cap Equity Fund and Core Equity Fund will make distributions of net investment income, if any, at least annually, typically in December. The Strategic Credit Fund will make distributions of net investment income monthly. Each Fund makes distributions of its net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

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.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

(g) Illiquid Securities

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ written LRMP.

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of the Funds, entered into Investment Advisory Agreements (the “Agreements”) with Aristotle Capital Management, LLC, Aristotle Credit Partners, LLC, Aristotle Capital Boston, LLC and Aristotle Atlantic Partners, LLC (the “Advisors”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee to the respective Advisor based on each Fund’s average daily net assets. The annual rates are listed in the table below:

	Investment Advisors	Investment Advisory Fees
Global Equity Fund	Aristotle Capital Management, LLC	0.70%
International Equity Fund	Aristotle Capital Management, LLC	0.70%
Strategic Credit Fund	Aristotle Credit Partners, LLC	0.47%
Value Equity Fund	Aristotle Capital Management, LLC	0.60%
Small Cap Equity Fund	Aristotle Capital Boston, LLC	0.75%
Core Equity Fund	Aristotle Atlantic Partners, LLC	0.50%

The respective Advisor for each Fund has contractually agreed to waive its fees and, if necessary, to absorb other operating expenses in order to limit total annual operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), professional fees related to services for the collection of foreign tax reclaims pertaining to the Global Equity Fund and the International Equity Fund, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation).

The agreements are effective until the dates listed below and may be terminated before those dates only by the Trust’s Board of Trustees. The table below contains the agreement expiration and expense cap by Fund:

	Agreement Expires	Total Limit on Annual Operating Expenses†
Global Equity Fund	April 30, 2024	0.80%
International Equity Fund	April 30, 2024	0.80%
Strategic Credit Fund	April 30, 2024	0.62%
Value Equity Fund	April 30, 2024	0.69%
Small Cap Equity Fund	April 30, 2024	0.90%
Core Equity Fund	April 30, 2024	0.65%

† The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

For the six months ended June 30, 2023, the respective Advisor waived its advisory fees and absorbed other expenses as follows:

	Advisory fees		Other expenses		Total
Global Equity Fund	$	61,336	$	-	$	61,336
International Equity Fund		270,864		-		270,864
Strategic Credit Fund		19,493		63,186		82,679
Value Equity Fund		105,641		-		105,641
Small Cap Equity Fund		102,847		-		102,847
Core Equity Fund		113,163		-		113,163

Each Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement. Each Advisor may recapture all or a portion of these amounts no later than December 31, of the years stated below:

	Global Equity Fund		International Equity Fund		Strategic Credit Fund		Value Equity Fund		Small Cap Equity Fund		Core Equity Fund
2023	$	166,116	$	310,272	$	190,652	$	185,067	$	291,617	$	159,869
2024		125,157		413,988		169,449		145,899		200,374		200,627
2025		119,136		541,736		166,966		152,541		206,121		235,768
2026		61,336		270,864		82,679		105,641		102,847		113,163
Total	$	471,745	$	1,536,860	$	609,746	$	589,148	$	800,959	$	709,427

UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended June 30, 2023 are reported on the Statements of Operations.

IMST Distributors, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds’ co-administrators. For the six months ended June 30, 2023, the Funds’ allocated fees incurred to Trustees who are not affiliated with the Funds’ co-administrators are reported on the Statements of Operations.

The Funds’ Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds’ liability for these amounts is adjusted for market value changes in the invested fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees’ Deferred compensation liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included in the Trustees’ fees and expenses in the Statements of Operations.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Dziura Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated fees incurred for CCO services for the six months ended June 30, 2023, are reported on the Statements of Operations.

Note 4 – Federal Income Taxes

At June 30, 2023, the gross unrealized appreciation (depreciation) on investments owned by the Funds, based on cost for federal income tax purposes were as follows:

	Global Equity Fund			International Equity Fund			Strategic Credit Fund
Cost of investments	$	43,970,746		$	363,271,314		$	7,601,972

Gross unrealized appreciation	$	17,122,056		$	58,087,249		$	13,977
Gross unrealized depreciation		(1,423,796	)		(18,200,938	)		(411,858	)
Net unrealized appreciation (depreciation) on investments	$	15,698,260		$	39,886,311		$	(397,881	)

	Value Equity Fund			Small Cap Equity Fund			Core Equity Fund
Cost of investments	$	577,406,924		$	186,235,302		$	145,565,593

Gross unrealized appreciation	$	131,592,596		$	44,118,634		$	42,775,889
Gross unrealized depreciation		(31,081,675	)		(30,583,330	)		(7,702,697	)
Net unrealized appreciation (depreciation) on investments	$	100,510,921		$	13,535,304		$	35,073,192

Any differences between cost amounts for financial statement and federal income tax purposes are due primarily to timing differences in recognizing certain gains and losses in security transactions.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

As of December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Global Equity Fund			International Equity Fund			Strategic Credit Fund
Undistributed ordinary income	$	12,559		$	25,936		$	1,240
Undistributed long-term capital gains		-			-			--
Tax accumulated earnings		12,559			25,936			1,240

Accumulated capital and other losses		(161,046	)		(12,778,343	)		(127,755	)
Net unrealized appreciation (depreciation) on investments		11,810,986			(9,005,600	)		(691,407	)
Net unrealized depreciation on foreign currency		(2,104	)		(15,541	)		-
Unrealized deferred compensation		(7,809	)		(8,672	)		(7,255	)
Total accumulated earnings (deficit)	$	11,652,586		$	(21,782,220	)	$	(825,177	)

	Value Equity Fund			Small Cap Equity Fund			Core Equity Fund
Undistributed ordinary income	$	980,835		$	99,382		$	80,586
Undistributed long-term capital gains		-			631,149			-
Tax accumulated earnings		980,835			730,531			80,586

Accumulated capital and other losses		(10,533,860	)		-			(2,818,016	)
Net unrealized appreciation on investments		39,406,699			10,418,362			5,379,868
Unrealized deferred compensation		(10,215	)		(8,069	)		(7,837	)
Total accumulated earnings	$	29,843,459		$	11,140,824		$	2,634,601

The tax character of the distributions paid during the fiscal year ended December 31, 2022 and December 31, 2021 were as follows:

	Global Equity Fund				International Equity Fund
Distributions paid from:	2022		2021		2022		2021
Ordinary income	$	786,248	$	615,067	$	4,698,478	$	2,924,031
Net long-term capital gains		2,576,225		1,677,486		-		3,710,893
Return of Capital		-		-		-		26,883
Total distributions paid	$	3,362,473	$	2,292,553	$	4,698,478	$	6,661,807

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

	Strategic Credit Fund				Value Equity Fund
Distributions paid from:	2022		2021		2022		2021
Ordinary income	$	298,841	$	247,330	$	8,597,840	$	10,075,362
Net long-term capital gains		-		-		4,643,009		10,888,325
Return of Capital		-		-		-		-
Total distributions paid	$	298,841	$	247,330	$	13,240,849	$	20,963,687

	Small Cap Equity Fund				Core Equity Fund
Distributions paid from:	2022		2021		2022		2021
Ordinary income	$	-	$	1,580,902	$	803,097	$	1,230,443
Net long-term capital gains		9,325,231		5,221,878		598,391		1,428,890
Return of Capital		-		-		-		-
Total distributions paid	$	9,325,231	$	6,802,780	$	1,401,488	$	2,659,333

As of December 31, 2022, the Global Equity Fund had post-October capital losses of $161,046 which are deferred until January 1, 2023 for tax purposes. Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

At December 31, 2022, the Funds had accumulated capital loss carryforwards as follows:

	Not Subject to Expiration
Fund	Short-Term		Long-Term		Total
Global Equity Fund	$	-	$	-	$	-
International Equity Fund		1,160,354		11,617,989		12,778,343
Strategic Credit Fund		102,584		25,171		127,755
Value Equity Fund		1,982,637		8,551,223		10,533,860
Small Cap Equity Fund		-		-		-
Core Equity Fund		2,107,121		710,895		2,818,016

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Note 5 – Redemption Fee

The Funds may impose a redemption fee of 1.00% of the total redemption amount on all shares redeemed within 30 days of purchase. For the six months ended June 30, 2023 and year ended December 31, 2022, redemption fees were as follows:

	Six Months ended June 30, 2023		Year Ended December 31, 2022
Global Equity Fund	$	-	$	-
International Equity Fund		8,307		19,782
Strategic Credit Fund		-		2,685
Value Equity Fund		2,758		10,865
Small Cap Equity Fund		17		7,632
Core Equity Fund		34		3,727

Note 6 – Investment Transactions

For the six months ended June 30, 2023, purchases and sales of investments, excluding short-term investments, were as follows:

	Purchases		Sales
Global Equity Fund	$	3,799,117	$	16,829,421
International Equity Fund		39,581,057		60,405,215
Strategic Credit Fund		1,851,382		2,702,166
Value Equity Fund		17,130,466		59,669,006
Small Cap Equity Fund		13,871,687		8,361,047
Core Equity Fund		16,624,747		27,902,293

Note 7 – Shareholder Servicing Plan

The Trust, on behalf of the International Equity Fund, the Small Cap Equity Fund and the Core Equity Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the six months ended June 30, 2023, the International Equity Fund, the Small Cap Equity Fund and the Core Equity Fund shareholder servicing fees incurred are disclosed on the Statements of Operations.

Note 8 – Indemnifications

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 9 – Fair Value Measurements and Disclosure

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad Levels as described below:

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of June 30, 2023, in valuing the Funds’ assets carried at fair value:

Global Equity Fund	Level 1		Level 2^*		Level 3^**		Total
Investments
Common Stocks¹	$	58,776,873	$	-	$	-	$	58,776,873
Short-Term Investments		892,133		-		-		892,133
Total Investments	$	59,669,006	$	-	$	-	$	59,669,006

International Equity Fund	Level 1		Level 2^*		Level 3^**		Total
Investments
Common Stocks¹	$	389,117,789	$	-	$	-	$	389,117,789
Short-Term Investments		14,039,836		-		-		14,039,836
Total Investments	$	403,157,625	$	-	$	-	$	403,157,625

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Strategic Credit Fund	Level 1		Level 2		Level 3^**		Total
Investments
Corporate Bonds²	$	-	$	7,087,319	$	-	$	7,087,319
Preferred Stocks¹		69,348		-		-		69,348
Short-Term Investments		47,424		-		-		47,424
Total Investments	$	116,772	$	7,087,319	$	-	$	7,204,091

Value Equity Fund	Level 1		Level 2^*		Level 3^**		Total
Investments
Common Stocks¹	$	667,690,119	$	-	$	-	$	667,690,119
Short-Term Investments		10,227,726		-		-		10,227,726
Total Investments	$	677,917,845	$	-	$	-	$	677,917,845

Small Cap Equity Fund	Level 1		Level 2^*		Level 3^**		Total
Investments
Common Stocks¹	$	188,270,488	$	-	$	-	$	188,270,488
Exchange-Traded Funds		5,279,079		-		-		5,279,079
Short-Term Investments		6,221,039		-		-		6,221,039
Total Investments	$	199,770,606	$	-	$	-	$	199,770,606

Core Equity Fund	Level 1		Level 2^*		Level 3^**		Total
Investments
Common Stocks¹	$	177,123,886	$	-	$	-	$	177,123,866
Short-Term Investments		3,514,899		-		-		3,514,899
Total Investments	$	180,638,785	$	-	$	-	$	180,638,785

All common stocks and preferred stocks held in the Fund are Level 1 securities. For a detailed break-out of common stocks by country classification and major industry classification, please refer to the Schedule of Investments.

All corporate bonds held in the Fund are Level 2 securities. For a detailed break-out of corporate bonds by major industry classification, please refer to the Schedule of Investments.

The Fund did not hold any Level 2 securities at period end.

The Fund did not hold any Level 3 securities at period end.

Note 10 – Unfunded Commitments

The Strategic Credit Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statements of Assets and Liabilities.

As of June 30, 2023, the Strategic Credit Fund had no unfunded loan commitments outstanding.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Note 11 – Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Following Russia’s large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as “Chinese Military-Industrial Complex Companies.” The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Funds may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds’ investments is not reasonably estimable at this time. Management is actively monitoring these events.

Note 12 – New Accounting Pronouncement

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted procedures in accordance with Rule 18f-4.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds have adopted procedures in accordance with Rule 2a-5.

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.

Aristotle Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2023 (Unaudited)

Note 13 – Plan of Reorganization

At a meeting held on June 13-14, 2023, the Board of Trustees of the Trust has approved an Agreement and Plan of Reorganization for each of the Aristotle/Saul Global Equity Fund, Aristotle International Equity Fund, Aristotle Value Equity Fund, Aristotle Small Cap Equity Fund and Aristotle Core Equity Fund (each, an “Acquired Fund”), each a series of the Trust, providing for the reorganization of each Acquired Fund into a corresponding series (each, an “Acquiring Fund”) of Aristotle Funds Series Trust, as noted in the table below. The reorganization of each Acquired Fund is subject to approval by shareholders. Aristotle Strategic Credit Fund will not be included in the reorganizations described above, and instead will be liquidated on or about August 31, 2023.

Acquired Fund		Acquiring Fund
Aristotle/Saul Global Equity Fund	>	Aristotle/Saul Global Equity Fund II
Aristotle International Equity Fund	>	Aristotle International Equity Fund II
Aristotle Value Equity Fund	>	Aristotle Value Equity Fund II
Aristotle Small Cap Equity Fund	>	Aristotle Small Cap Equity Fund II
Aristotle Core Equity Fund	>	Aristotle Core Equity Fund II

Note 14 – Events Subsequent to the Fiscal Period End

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Aristotle Funds

EXPENSE EXAMPLES

For the Six Months Ended June 30, 2023 (Unaudited)

Expense Examples

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023.

Actual Expenses

The information in the row titled “Actual Performance” of the table below provides actual account values and actual expenses. You may use the information in these columns, 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 appropriate row under the column titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the row titled “Hypothetical (5% annual return before expenses)” of the table below provides hypothetical account values and hypothetical expenses based on the 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 Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (load) or contingent deferred sales charges. Therefore, the information in the row titled “Hypothetical (5% annual return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Global Equity Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,111.70	$ 4.19
Hypothetical (5% annual return before expenses)	1,000.00	1,020.83	4.01

Expenses are equal to the Fund’s annualized expense ratio of 0.80%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

Aristotle Funds

EXPENSE EXAMPLES - Continued

For the Six Months Ended June 30, 2023 (Unaudited)

International Equity Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,119.50	$ 4.20
Hypothetical (5% annual return before expenses)	1,000.00	1,020.83	4.01

Strategic Credit Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,032.30	$ 3.13
Hypothetical (5% annual return before expenses)	1,000.00	1,021.72	3.11

Expenses are equal to the Fund’s annualized expense ratio of 0.62%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). The expense ratios reflect an expense waiver and other expenses absorbed. Assumes all dividends and distributions were reinvested.

Value Equity Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,082.30	$ 3.56
Hypothetical (5% annual return before expenses)	1,000.00	1,021.37	3.46

Expenses are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

Small Cap Equity Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,019.00	$ 4.50
Hypothetical (5% annual return before expenses)	1,000.00	1,020.33	4.51

Expenses are equal to the Fund’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

Aristotle Funds

EXPENSE EXAMPLES - Continued

For the Six Months Ended June 30, 2023 (Unaudited)

Core Equity Fund	Beginning Account Value	Ending Account Value	Expenses Paid During Period*
	1/1/23	6/30/23	1/1/23 – 6/30/23
Actual Performance	$ 1,000.00	$ 1,151.00	$ 3.47
Hypothetical (5% annual return before expenses)	1,000.00	1,021.57	3.26

Expenses are equal to the Fund’s annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

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Aristotle Funds

Each a series of Investment Managers Series Trust

Investment Advisors

Aristotle Capital Management, LLC

11100 Santa Monica Boulevard, Suite 1700

Los Angeles, California 90025

Aristotle Credit Partners, LLC

840 Newport Center Drive, Suite 600

Newport Beach, California 92660

Aristotle Capital Boston, LLC

One Federal Street, 36^th Floor

Boston, Massachusetts 02110

Aristotle Atlantic Partners, LLC

50 Central Avenue, Suite 750

Sarasota, Florida 34236

Custodian

UMB Bank, n.a.

928 Grand Boulevard, 5^th Floor

Kansas City, Missouri 64106

Fund Co-Administrator

Mutual Fund Administration, LLC

2220 East Route 66, Suite 226

Glendora, California 91740

Fund Co-Administrator, Transfer Agent and Fund Accountant

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

Distributor

IMST Distributors, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.acaglobal.com

FUND INFORMATION

	TICKER	CUSIP
Aristotle/Saul Global Equity Fund – Class I	ARSOX	461 418 287
Aristotle International Equity Fund – Class I	ARSFX	461 41P 297
Aristotle Strategic Credit Fund – Class I	ARSSX	461 41Q 824
Aristotle Value Equity Fund – Class I	ARSQX	461 41Q 634
Aristotle Small Cap Equity Fund – Class I	ARSBX	461 41Q 626
Aristotle Core Equity Fund – Class I	ARSLX	461 41Q 360

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 are available without charge, upon request, by calling the Funds at (888) 661-6691 or on the U.S. Securities and Exchange Commission’s (“SEC”) 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 (888) 661-6691, or by accessing the Funds’ Form N-PX on the SEC’s website at www.sec.gov.

Fund Portfolio Holdings

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds’ Form N-PORT on the SEC’s website at www.sec.gov.

Prior to their use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, notice of annual and semi-annual reports availability 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 (888) 661-6691.

Aristotle Funds

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: (888) 661-6691

Item 1. Report to Stockholders (Continued).

(a)

Not Applicable

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.

(a)

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

(b)

Not applicable.

Item 6. Schedule of Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer 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 has materially affected, or is 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 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.

(2) Certifications 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. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Investment Managers Series Trust

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President/Chief Executive Officer

Date	9/8/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Maureen Quill
	Maureen Quill, President/Chief Executive Officer

Date	9/8/2023

By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer/Chief Financial Officer

Date	9/8/2023