CPLS

CPLS seeks to maximize total return through an actively managed, diversified portfolio of bonds. The fund invests in USD-denominated corporate bonds, mortgage- and asset-backed securities, and debt obligations issued by US government-sponsored entities as well as federal agencies and instrumentalities that are not backed by the full faith and credit of the US Government. To construct the portfolio, the fund adviser employs a dynamic multifactor approach that considers six broad proprietary categories: value, momentum, size, quality, carry, and volatility. The investment process also takes into account a bond's credit quality and interest rate sensitivity. The fund may invest in bonds of any maturity or duration, up to 15% of its net assets in debt securities rated below investment grade, and without limit in USD-denominated foreign fixed income securities. The fund may also hold derivatives, such as options, futures contracts, forwards, or swaps for hedging and non-hedging purposes.