Aristotle Core Income believes credit offers the most attractive combination of risk and reward, thus investors will find here ample doses of corporate credit risk, and, to a lesser degree, of structured credit risk, but will get a reduced stake in Treasuries and no meaningful exposure to government mortgage-backed securities. While a pronounced inclination toward corporate credit limits its breadth, the dedication of a seasoned and skilled team, coupled with a process that astutely merges security selection, particularly in corporate credit, with a touch of macro insight, has led us to upgrade the fund’s People and Process Pillar ratings.