Aristotle Core Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Aristotle Core Income Fund held 480 positions with $3.12B in net assets. Its ten largest holdings made up 17.6% of the fund. The PLIAX share class costs 0.85% a year. Over the 12 months to May 2026, PLIAX returned 5.3%, with dividends reinvested. In 2026 Q2 it added 67 new positions and exited 74.
Aristotle Core Income Fund (the Fund) seeks a high level of current income;
The fund invests principally in income-producing debt instruments, holding at least 60% in investment-grade securities rated BBB-/Baa3 or higher, along with up to 35% in high-yield debt and floating rate senior loans; day-to-day decisions are made by a sub-adviser that applies fundamental credit analysis to select issuers with sustainable competitive positions and ability to service debt. The sub-adviser may also invest in unrated securities it determines to be of comparable quality to investment grade. Because individual investment selection depends on the sub-adviser's credit analysis and relative value judgments, portfolio composition will differ from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Goldman Sachs Trust | 4.00% | $124.71M | — |
US TREASURY N/B 4.13% · due 2036-02-15 | 2.65% | $82.60M | — |
Clear Street LLC | 2.40% | $75.00M | — |
US BANK MMDA - USBGFS 9 | 1.79% | $55.74M | — |
Fannie Mae 4.00% · due 2054-11-01 | 1.32% | $41.22M | — |
US TREASURY N/B 4.25% · due 2035-08-15 | 1.24% | $38.51M | — |
US TREASURY N/B 4.25% · due 2034-11-15 | 1.19% | $37.14M | — |
US TREASURY N/B 4.63% · due 2035-02-15 | 1.15% | $35.86M | — |
FHLMC Multifamily Structured P 4.12% floating · due 2032-12-25 | 1.00% | $31.14M | — |
US TREASURY N/B 4.00% · due 2034-02-15 | 0.88% | $27.56M | — |
The 200 largest of 480 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 60.70% |
| Securitized | 30.16% |
| Cash & short-term | 8.19% |
| Loans | 7.17% |
| Stocks | 0.33% |
These positions come to 106.55% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- Securitized
- 28.3%
- Other
- 21.6%
- Government
- 17.8%
- Financials
- 8.1%
- 10 other sectors
- 24.2%
- Securitized
- 28.3%
- Other
- 21.6%
- Government
- 17.8%
- Financials
- 8.1%
- International
- 6.0%
- Cash
- 5.4%
- Utilities
- 4.4%
- Information Technology
- 2.1%
- Communication Services
- 1.7%
- Industrials
- 1.3%
- Real Estate
- 1.2%
- Energy
- 0.8%
- Health Care
- 0.7%
- Consumer Discretionary
- 0.6%
How it has done
PLIAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.12%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.85% | +5.30% | +14.67% | — | -4.26% | |
| 1.60% | +4.51% | +12.12% | — | -4.53% | |
| 0.45% | +5.74% | +16.06% | — | -4.29% | |
| 0.55% | +5.63% | +15.82% | — | -4.17% | |
| 0.46% | — | — | — | — |
Fees & fund details
Aristotle Core Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.45% – 1.60%· PLIAX 0.85%
- Portfolio turnover
- 73.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
67 new· the largest 7
74 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 68.5% |
| Floating rate | 31.5% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 3.1% |
| 3-5y | 8.4% |
| 5-10y | 37.4% |
| 10y+ | 51.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.74 yr |
| High yield | +0.44 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.28 yr | 5% |
| 5 yr | 1.16 yr | 19% |
| 10 yr | 2.62 yr | 44% |
| 30 yr | 1.91 yr | 32% |
| 3 mo | 0.30 yr | 5% |
| 1 yr | 0.29 yr | 5% |
| 5 yr | 1.17 yr | 19% |
| 10 yr | 2.57 yr | 42% |
| 30 yr | 1.84 yr | 30% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.06 | +0.25 | $17.2k | $77.8k |
| 1 yr | +0.28 | +0.23 | +0.06 | $70.5k | $20.0k |
| 5 yr | +1.16 | +1.08 | +0.09 | $337.5k | $27.9k |
| 10 yr | +2.62 | +2.53 | +0.03 | $790.0k | $10.2k |
| 30 yr | +1.91 | +1.84 | +0.00 | $573.8k | $70 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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