NPORT-EX 3 topic820notes.htm NOTES
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.