Aristotle Funds Series Trust NPORT-P Aristotle Portfolio Optimization Moderate Fund (Dec 2023 report)

Aristotle Funds Series Trust

NOTES TO SCHEDULE OF INVESTMENTS

As of December 31, 2023 (Unaudited)

Fair Value Measurements and Disclosure

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Utilizing the valuation procedures, the VOC determines the level in which each investment is characterized. The VOC includes finance, operations, legal, risk and compliance members of the Trust’s Adviser, and the Trust’s Chief Legal Officer and Chief Compliance Officer. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The VOC reviews the valuation procedure periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third-party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange traded prices, transaction prices, and/or observable vendor prices.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are modified to reflect the estimates of a change in value from the time of the closing valuation in the foreign market until the time of the NYSE close, in accordance with information provided by a foreign fair value service are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy.

The following is a summary of the inputs used, as of December 31, 2023, in valuing the Funds’ assets carried at fair value:

Aristotle Core Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	385,767,029	$	-	$	-	$	385,767,029
		Real Estate Investment Trusts		7,817,889		-		-		7,817,889
		Total Investments	$	393,584,918	$	-	$	-	$	393,584,918
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Core Income Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	825,485,658	$	-	$	825,485,658
		U.S. Treasury Obligations		-		448,421,478		-		448,421,478
		Bank Loans*		-		216,935,441		-		216,935,441
		Asset-Backed Securities		-		187,962,759		-		187,962,759
		Collateralized Loan Obligations		-		101,301,081		-		101,301,081
		Mortgage Backed Securities		-		62,397,988		-		62,397,988
		Total Investments	$	-	$	1,842,504,405	$	-	$	1,842,504,405
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle ESG Core Bond Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	16,083,506	$	-	$	16,083,506
		U.S. Treasury Obligations		-		6,623,829		-		6,623,829
		Asset-Backed Securities		-		2,693,110		-		2,693,110
		Collateralized Loan Obligations		-		1,507,308		-		1,507,308
		Mortgage Backed Securities		-		650,212		-		650,212
		Total Investments	$	-	$	27,557,965	$	-	$	27,557,965
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Floating Rate Income Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Bank Loans*	$	-	$	3,275,992,560	$	-	$	3,275,992,560
		Exchange Traded Funds		197,248,877		-		-		197,248,877
		Corporate Bonds*		-		159,541,334		-		159,541,334
		Total Investments	$	197,248,877	$	3,435,533,894	$	-	$	3,632,782,771
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Growth Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	264,295,794	$	-	$	-	$	264,295,794
		Real Estate Investment Trusts		3,132,587		-		-		3,132,587
		Total Investments	$	267,428,381	$	-	$	-	$	267,428,381
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle High Yield Bond Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	66,176,469	$	-	$	66,176,469
		Collateralized Loan Obligations		-		5,032,348		-		5,032,348
		Bank Loans*		-		4,406,485		-		4,406,485
		Exchange Traded Funds		284,950		-		-		284,950
		Asset-Backed Securities		-		160,169		-		160,169
		Common Stocks		-		1,196		-		1,196
		Total Investments	$	284,950	$	75,776,667	$	-	$	76,061,617
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle International Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	603,605,021	$	-	$	-	$	603,605,021
		Total Investments	$	603,605,021	$	-	$	-	$	603,605,021
	*	For a detailed break-out of these securities by country classification, please refer to the Schedule of Investments.
Aristotle Portfolio Optimization Aggressive Growth Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Affiliated Open-End Funds	$	140,703,535	$	-	$	-	$	140,703,535
		Exchange Traded Funds		125,420,406		-		-		125,420,406
		Total Investments	$	266,123,941	$	-	$	-	$	266,123,941
Aristotle Portfolio Optimization Conservative Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Affiliated Open-End Funds	$	106,908,766	$	-	$	-	$	106,908,766
		Exchange Traded Funds		43,359,520		-		-		43,359,520
		Total Investments	$	150,268,286	$	-	$	-	$	150,268,286
Aristotle Portfolio Optimization Growth Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Affiliated Open-End Funds	$	388,640,343	$	-	$	-	$	388,640,343
		Exchange Traded Funds		262,108,647		-		-		262,108,647
		Total Investments	$	650,748,990	$	-	$	-	$	650,748,990
Aristotle Portfolio Optimization Moderate Conservative Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Affiliated Open-End Funds	$	145,033,400	$	-	$	-	$	145,033,400
		Exchange Traded Funds		69,651,702		-		-		69,651,702
		Total Investments	$	214,685,102	$	-	$	-	$	214,685,102
Aristotle Portfolio Optimization Moderate Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Affiliated Open-End Funds	$	502,016,765	$	-	$	-	$	502,016,765
		Exchange Traded Funds		235,199,432		-		-		235,199,432
		Total Investments	$	737,216,197	$	-	$	-	$	737,216,197
Aristotle Short Duration Income Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	455,892,859	$	-	$	455,892,859
		Asset-Backed Securities		-		167,985,693		-		167,985,693
		Bank Loans*		-		151,099,232		-		151,099,232
		U.S. Treasury Obligations		-		129,831,160		-		129,831,160
		Collateralized Loan Obligations		-		78,974,635		-		78,974,635
		Total Investments	$	-	$	983,783,579	$	-	$	983,783,579
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Small Cap Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	189,668,143	$	-	$	-	$	189,668,143
		Real Estate Investment Trusts		9,076,946		-		-		9,076,946
		Exchange Traded Funds		5,688,735		-		-		5,688,735
		Total Investments	$	204,433,824	$	-	$	-	$	204,433,824
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Small/Mid Cap Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	44,234,861	$	-	$	-	$	44,234,861
		Real Estate Investment Trusts		1,412,341		-		-		1,412,341
		Exchange Traded Funds		403,175		-		-		403,175
		Closed End Funds		390,224		-		-		390,224
		Total Investments	$	46,440,601	$	-	$	-	$	46,440,601
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Strategic Income Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	1,473,118,570	$	-	$	1,473,118,570
		Bank Loans*		-		461,509,194		-		461,509,194
		Collateralized Loan Obligations		-		131,459,776		-		131,459,776
		U.S. Treasury Obligations		-		35,634,766		-		35,634,766
		Asset-Backed Securities		-		12,176,284		-		12,176,284
		Common Stocks		-		6,841		-		6,841
		Total Investments	$	-	$	2,113,905,431	$	-	$	2,113,905,431
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle/Saul Global Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	55,646,429	$	-	$	-	$	55,646,429
		Preferred Stocks		1,581,808		-		-		1,581,808
		Total Investments	$	57,228,237	$	-	$	-	$	57,228,237
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Value Equity Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Common Stocks*	$	642,647,365	$	-	$	-	$	642,647,365
		Real Estate Investment Trusts		22,806,978		-		-		22,806,978
		Total Investments	$	665,454,343	$	-	$	-	$	665,454,343
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.
Aristotle Ultra Short Income Fund
			Level 1		Level 2		Level 3		Total
		Investments
		Corporate Bonds*	$	-	$	27,130,695	$	-	$	27,130,695
		Collateralized Loan Obligations		-		11,733,669		-		11,733,669
		Asset-Backed Securities		-		4,375,512		-		4,375,512
		Bank Loans*		-		3,720,568		-		3,720,568
		U.S. Treasury Obligations		-		2,180,019		-		2,180,019
		Total Investments	$	-	$	49,140,463	$	-	$	49,140,463
	*	For a detailed break-out of these securities by major sector classification, please refer to the Schedule of Investments.