ACI Worldwide Inc

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.

Aristotle Small/Mid Cap Equity Fund
Schedule of Investments
as of December 31, 2023 (Unaudited)

COMMON STOCKS - 93.5%	Shares		Value
Communication Services - 0.9%
TKO Group Holdings, Inc.		5,419	$	442,082

Consumer Discretionary - 6.6%
1-800-Flowers.com, Inc. - Class A^(a)		26,824		289,163
Carter's, Inc.		7,472		559,577
Designer Brands, Inc. - Class A		21,923		194,019
KB Home		7,825		488,750
LKQ Corp.		5,015		239,667
Monro, Inc.		10,251		300,764
Newell Brands, Inc.		22,181		192,531
Pool Corp.		1,010		402,697
Sonos, Inc.^(a)		13,905		238,332
Wolverine World Wide, Inc.		25,589		227,486
				3,132,986

Consumer Staples - 2.7%
Herbalife Ltd.^(a)		16,823		256,719
J & J Snack Foods Corp.		2,555		427,043
Nu Skin Enterprises, Inc. - Class A		10,061		195,385
TreeHouse Foods, Inc.^(a)		9,454		391,868
				1,271,015

Energy - 5.1%
Diamondback Energy, Inc.		4,088		633,967
Northern Oil and Gas, Inc.		6,421		238,026
Oceaneering International, Inc.^(a)		27,340		581,795
Patterson-UTI Energy, Inc.		21,173		228,668
Range Resources Corp.		23,349		710,745
				2,393,201

Financials - 12.6%
BankUnited, Inc.		21,139		685,539
Banner Corp.		5,356		286,867
Berkshire Hills Bancorp, Inc.		5,856		145,404
BRP Group, Inc. - Class A^(a)		23,161		556,327
Cohen & Steers, Inc.		7,966		603,265
eHealth, Inc.^(a)		9,303		81,122
Euronet Worldwide, Inc.^(a)		5,094		516,990
Nasdaq, Inc.		10,535		612,505
National Bank Holdings Corp. - Class A		16,823		625,648
Pacific Premier Bancorp, Inc.		12,068		351,299
Texas Capital Bancshares, Inc.^(a)		6,500		420,095
United Community Banks, Inc. of Georgia		11,773		344,478
Voya Financial, Inc.		6,901		503,497
WSFS Financial Corp.		4,925		226,205
				5,959,241

Health Care - 15.1%
Acadia Healthcare Co., Inc.^(a)		12,185		947,505
Catalent, Inc.^(a)		9,716		436,540
Charles River Laboratories International, Inc.^(a)		2,398		566,887
Chemed Corp.		1,383		808,709
Encompass Health Corp.		8,026		535,495
Enhabit, Inc.^(a)		571		5,910
Haemonetics Corp.^(a)		4,039		345,375
HealthEquity, Inc.^(a)		8,180		542,334
Merit Medical Systems, Inc.^(a)		11,668		886,301
Pediatrix Medical Group, Inc.^(a)		11,336		105,425
PetIQ, Inc.^(a)		18,106		357,594
Prestige Consumer Healthcare, Inc.^(a)		8,371		512,473
QuidelOrtho Corp.^(a)		3,527		259,940
Supernus Pharmaceuticals, Inc.^(a)		17,081		494,324
Teleflex, Inc.		1,309		326,386
				7,131,198

Industrials - 26.0%
AerCap Holdings NV^(a)		12,967		963,707
Albany International Corp. - Class A		7,062		693,630
ASGN, Inc.^(a)		8,055		774,649
AZEK Co., Inc.^(a)		16,726		639,770
AZZ, Inc.		7,204		418,480
Barnes Group, Inc.		13,826		451,142
Carlisle Cos., Inc.		2,472		772,327
Dycom Industries, Inc.^(a)		6,665		767,075
Enviri Corp.^(a)		41,547		373,923
Flowserve Corp.		8,752		360,757
FTI Consulting, Inc.^(a)		4,993		994,355
GXO Logistics, Inc.^(a)		4,723		288,859
HEICO Corp. - Class A		3,079		438,573
Huron Consulting Group, Inc.^(a)		8,831		907,826
IDEX Corp.		2,049		444,858
Jacobs Solutions, Inc.		3,557		461,699
KBR, Inc.		9,952		551,440
Knight-Swift Transportation Holdings, Inc.		8,363		482,127
Matthews International Corp. - Class A		14,010		513,467
Mercury Systems, Inc.^(a)		5,756		210,497
Westinghouse Air Brake Technologies Corp.		2,630		333,747
WillScot Mobile Mini Holdings Corp.^(a)		10,588		471,166
				12,314,074

Information Technology - 17.0%
ACI Worldwide, Inc.^(a)		19,178		586,847
Advanced Energy Industries, Inc.		7,498		816,682
Aspen Technology, Inc.^(a)		1,873		412,341
Belden, Inc.		9,055		699,499
Box, Inc. - Class A^(a)		19,937		510,587
Ciena Corp.^(a)		8,498		382,495
Gartner, Inc.^(a)		2,101		947,782
Infinera Corp.^(a)		43,062		204,545
IPG Photonics Corp.^(a)		2,823		306,408
Itron, Inc.^(a)		10,146		766,124
Knowles Corp.^(a)		27,358		489,982
MACOM Technology Solutions Holdings, Inc.^(a)		10,329		960,080
NCR Voyix Corp.^(a)		16,381		277,003
Rogers Corp.^(a)		1,391		183,709
Teledyne Technologies, Inc.^(a)		1,115		497,613
				8,041,697

Materials - 5.3%
Alamos Gold, Inc. - Class A		46,702		629,076
AptarGroup, Inc.		4,832		597,332
Silgan Holdings, Inc.		5,655		255,889
Summit Materials, Inc. - Class A^(a)		15,038		578,361
Tronox Holdings PLC		33,166		469,631
				2,530,289

Real Estate - 0.2%
Safehold, Inc.		3,894		91,120

Utilities - 2.0%
ALLETE, Inc.		10,944		669,335
NorthWestern Corp.		5,082		258,623
				927,958
TOTAL COMMON STOCKS (Cost $39,483,634)				44,234,861

REAL ESTATE INVESTMENT TRUSTS - 3.0%	Shares		Value
Boston Properties, Inc.		3,168		222,299
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		21,274		586,737
JBG SMITH Properties		19,429		330,487
STAG Industrial, Inc.		6,949		272,818
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,151,611)				1,412,341

EXCHANGE TRADED FUNDS - 0.9%	Shares		Value
iShares Core S&P Small-Cap ETF		2,434		263,481
iShares Russell 2000 ETF		696		139,694
TOTAL EXCHANGE TRADED FUNDS (Cost $356,126)				403,175

CLOSED END FUNDS - 0.8%	Shares		Value
SLR Investment Corp.		25,963		390,224
TOTAL CLOSED END FUNDS (Cost $382,954)				390,224

TOTAL INVESTMENTS - 98.2% (Cost $41,374,325)			$	46,440,601
Other Assets in Excess of Liabilities - 1.8%				856,716
TOTAL NET ASSETS - 100.0%			$	47,297,317

Percentages are stated as a percent of net assets.