Mutual Fund

High Yield Bond Series

Investment Objective

To provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by corporate and government entities.

Investment Strategy

Under normal circumstances, the Series will invest at least 80% of its assets in bonds that are rated below investment-grade (junk bonds) and those securities, principally exchange-traded funds, that are designed to track the performance of non-investment grade securities.

May be Appropriate for Investors

  • Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a bond component

Daily Price

$9.36

Daily $ Change

$0.01

Daily % Change

0.11%

as of 11/30/2023

Ticker

MHYWX

CUSIP

56382R357

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
N-Port Part F Reports

Performance

As of 10/31/2023

YTD

5.16%

1 Year

7.22%

3 Year

4.95%

5 Year

5.37%

10 Year

4.93%

Inception
(03/01/2019)

6.55%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Inception performance is based on the High Yield Bond Series Class S inception of 09/14/2009. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.57%
Net 0.11%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 10/31/2023

BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.79%
TUTOR PERINI CORP 6.87500 05/01/2025 2.69%
SLM CORP 3.12500 11/02/2026 2.65%
SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 2.22%
ATP TOW / AND TELECOM 4.05000 04/27/2026 2.14%
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 2.07%
IHS HOLDING LTD 6.25000 11/29/2028 2.07%
VENTURE GLOBAL LNG INC 8.12500 06/01/2028 2.06%
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 2.03%
NAVIENT CORP 5.62500 08/01/2033 2.02%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 10/31/2023

Cash
3.34%
Corporate
92.17%
Mortgage
4.49%

Credit Quality Distribution

As of 10/31/2023

AAA
3.34%
BBB
8.97%
BB
40.37%
B
29.10%
CCC
10.07%
D
0.00%
NR
8.15%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
ADT SEC CORP 4.12500 08/01/2029 US 4,320,000 $3,703,506.97
AFFINITY GAMING 6.87500 12/15/2027 US 7,500,000 $6,115,805.03
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,815,051.63 $1,809,322.66
ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 GB 6,575,000 $6,453,308.45
AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 US 2,837,380 $2,413,894.62
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 7,106,000 $6,132,295.73
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 10,010,000 $8,542,568.23
BAUSCH & LOMB ESCROW COR 8.37500 10/01/2028 CA 4,495,000 $4,457,001.83
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 7,000,000 $3,478,779.50
BGC GROUP INC 4.37500 12/15/2025 US 2,225,000 $2,053,490.79
BGC GROUP INC 8.00000 05/25/2028 US 6,750,000 $6,572,427.68
BORR IHC LTD 10.00000 11/15/2028 MUL 6,515,000 $6,499,111.74
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 12,333,169 $11,176,819.83
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 6,880,000 $6,206,450.96
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 8,500,000 $6,580,036.75
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 6,560,000 $6,627,720.72
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 7,750,000 $6,029,791.17
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 5,500,000 $3,912,858.35
COINBASE GLOBAL INC 3.37500 10/01/2028 US 5,850,000 $4,306,005.05
CSC HOLDINGS LLC 5.25000 06/01/2024 US 4,500,000 $4,216,247.87
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 6,500,000 $5,773,694.68
DRAX FINCO PLC 6.62500 11/01/2025 GB 5,239,000 $5,055,121.79
DREYFUS GVT CSH MANAGEMENT US 13,808,212.06 $13,808,212.06
ELCORADO GOLD CORP 6.25000 09/01/2029 CA 7,494,000 $6,429,361.44
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 7,575,000 $6,660,937.70
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 US 8,250,000 $8,286,871.64
FULL HOUSE RESORTS INC 8.25000 02/15/2028 US 6,648,000 $5,603,811.34
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 US 9,858,000 $8,128,152.86
GUARA NORTE SARL 5.19800 06/15/2034 LU 7,361,464.5 $6,224,671.30
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 5,943,000 $5,641,976.17
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 7,496,000 $6,129,808.20
IHS HOLDING LTD 6.25000 11/29/2028 KY 11,250,000 $8,271,755.21
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $4,884,598.20
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 6,610,000 $6,523,299.67
IRON MOUNTAIN INC 5.25000 07/15/2030 US 5,000,000 $4,329,876.65
LD HOLDINGS GROUP 6.12500 04/01/2028 US 6,750,000 $3,754,202.04
LIFEPOINT HEALTH INC 9.87500 08/15/2030 US 4,725,000 $4,267,885.59
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 6,950,000 $3,618,268.20
MINERAL RESOURCES LTD 9.25000 10/01/2028 AU 6,610,000 $6,602,034.42
MINERVA LUXEMBOURG SA 4.37500 03/18/2031 LU 8,136,000 $6,288,671.73
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 4,000,000 $3,930,623.28
NAVIENT CORP 5.62500 08/01/2033 US 11,821,000 $8,082,627.07
NGL ENERGY OP/FIN 7.50000 02/01/2026 US 4,280,000 $4,169,714.46
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 6,620,000 $6,565,408.70
NRG ENERGY INC 3.37500 02/15/2029 US 7,837,000 $6,374,176.85
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 7,000,000 $7,055,032.25
OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 US 6,853,000 $5,400,989.58
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,774,994.30
OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 US 6,730,000 $6,138,697.02
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 US 4,497,058.32 $4,496,385.69
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,102,890.62
PING PETROLEUM UK 12.00000 07/29/2024 GB 1,700,000 $1,548,133.58
PRA GROUP INC 8.37500 02/01/2028 US 7,000,000 $5,707,572.50
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 3,530,000 $3,660,741.46
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 7,600,000 $6,453,268.98
SLM CORP 3.12500 11/02/2026 US 12,114,000 $10,583,621.54
STAPLES INC 10.75000 04/15/2027 US 6,015,000 $3,311,787.90
SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 US 9,250,000 $8,889,128.92
SYNCHRONOSS TECH US 50,995 $869,464.75
TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 US 6,185,000 $6,299,954.60
TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 7,200,000 $6,342,598.08
TERRAFORM POWER OPERATIN 4.75000 01/15/2030 US 2,650,000 $2,254,626.17
TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 NL 6,250,000 $6,193,106.69
TTM TECHNOLOGIES INC 4.00000 03/01/2029 US 4,500,000 $3,696,546.92
TUTOR PERINI CORP 6.87500 05/01/2025 US 12,456,000 $10,764,194.82
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,728,539.86 $3,443,083.34
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,648,602.89 $5,002,022.57
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 4,994,000 $4,210,882.87
VENTURE GLOBAL LNG INC 8.12500 06/01/2028 US 8,500,000 $8,237,802.46
VISTA OUTDOOR INC 4.50000 03/15/2029 US 5,373,000 $5,001,293.01
VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 MUL 7,000,000 $5,453,509.95
VISTRA OPERATIONS CO LLC 7.75000 10/15/2031 US 6,620,000 $6,413,624.74
VMED 02 UK FINAN 4.75000 07/15/2031 GB 7,300,000 $5,868,420.07

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

Daily Price

$9.36

Daily $ Change

$0.01

Daily % Change

0.11%

as of 11/30/2023

Ticker

MHYWX

CUSIP

56382R357

Inception Date

03/01/2019

This fund is only available to discretionary investment accounts and other accounts managed by the Advisor.

Important Documents

Summary Prospectus
Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Applications & Forms
N-Port Part F Reports

Investment Objective

To provide a high level of long-term total return by investing principally in non-investment grade fixed income securities that are issued by corporate and government entities.

Investment Strategy

Under normal circumstances, the Series will invest at least 80% of its assets in bonds that are rated below investment-grade (junk bonds) and those securities, principally exchange-traded funds, that are designed to track the performance of non-investment grade securities.

May be Appropriate for Investors

  • Seeking a long-term investment and who are willing to accept the risk of interest rate fluctuations
  • Seeking to diversify a portfolio by adding a bond component

Performance

As of 10/31/2023

YTD

5.16%

1 Year

7.22%

3 Year

4.95%

5 Year

5.37%

10 Year

4.93%

Inception
(03/01/2019)

6.55%

Performance data quoted represents past performance and does not guarantee future results. Performance for periods greater than one year is annualized. The investment return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than that quoted.

Inception performance is based on the High Yield Bond Series Class S inception of 09/14/2009. For periods through 03/01/2019 (the inception date of the Class W shares), performance for the Class W shares is based on the historical performance of the Class S shares. Because the Class W shares invest in the same portfolio of securities as the Class S shares, performance will be different only to the extent that the Class S shares have a higher expense ratio.

Expense Ratio

Gross 0.57%
Net 0.11%*

*Reflects the Advisor's contractual agreement to waive its management fee and limit and reimburse certain other expenses. These contractual waivers may not be amended or terminated without the prior approval of the Fund's Board of Directors. The Class W shares are only available to discretionary investment accounts and other accounts managed by the Advisor. These clients pay a management fee to the Advisor that is separate from the fund's expenses.

Top Ten Investments

As of 10/31/2023

BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 2.79%
TUTOR PERINI CORP 6.87500 05/01/2025 2.69%
SLM CORP 3.12500 11/02/2026 2.65%
SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 2.22%
ATP TOW / AND TELECOM 4.05000 04/27/2026 2.14%
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 2.07%
IHS HOLDING LTD 6.25000 11/29/2028 2.07%
VENTURE GLOBAL LNG INC 8.12500 06/01/2028 2.06%
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 2.03%
NAVIENT CORP 5.62500 08/01/2033 2.02%

Top Ten Investments list is unaudited and excludes cash

Sector Allocation

As of 10/31/2023

Cash
3.34%
Corporate
92.17%
Mortgage
4.49%

Credit Quality Distribution

As of 10/31/2023

AAA
3.34%
BBB
8.97%
BB
40.37%
B
29.10%
CCC
10.07%
D
0.00%
NR
8.15%

Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Not Rated (NR) is used to classify securities for which a rating is not available. Credit quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Services (Moody’s) or Standard & Poor’s. When ratings from Moody’s are not available, ratings from Standard & Poor’s are used.

Security Description Country Ticker Shares/Par Market Value (USD)
ADT SEC CORP 4.12500 08/01/2029 US 4,320,000 $3,703,506.97
AFFINITY GAMING 6.87500 12/15/2027 US 7,500,000 $6,115,805.03
ALASKA AIR 2020-1 CL B 8.00000 08/15/2025 US 1,815,051.63 $1,809,322.66
ALLWYN ENTERTAINMENT FIN 7.87500 04/30/2029 GB 6,575,000 $6,453,308.45
AMER AIRLINES 21-1B PTT 3.95000 07/11/2030 US 2,837,380 $2,413,894.62
ATLANTICA SUSTAIN INFRA 4.12500 06/15/2028 GB 7,106,000 $6,132,295.73
ATP TOW / AND TELECOM 4.05000 04/27/2026 MUL 10,010,000 $8,542,568.23
BAUSCH & LOMB ESCROW COR 8.37500 10/01/2028 CA 4,495,000 $4,457,001.83
BAUSCH HEALTH COS INC 4.87500 06/01/2028 CA 7,000,000 $3,478,779.50
BGC GROUP INC 4.37500 12/15/2025 US 2,225,000 $2,053,490.79
BGC GROUP INC 8.00000 05/25/2028 US 6,750,000 $6,572,427.68
BORR IHC LTD 10.00000 11/15/2028 MUL 6,515,000 $6,499,111.74
BROOGE PETROLEUM AND GAS 8.50000 09/24/2025 AE 12,333,169 $11,176,819.83
BURFORD CAPITAL GLBL FIN 6.87500 04/15/2030 US 6,880,000 $6,206,450.96
C&S GROUP ENTERPRISES LL 5.00000 12/15/2028 US 8,500,000 $6,580,036.75
CALDERYS FINANCING LLC 11.25000 06/01/2028 US 6,560,000 $6,627,720.72
CCO HLDGS LLC/CAP CORP 4.25000 02/01/2031 US 7,750,000 $6,029,791.17
CHS/COMMUNITY HEALTH SYS 5.25000 05/15/2030 US 5,500,000 $3,912,858.35
COINBASE GLOBAL INC 3.37500 10/01/2028 US 5,850,000 $4,306,005.05
CSC HOLDINGS LLC 5.25000 06/01/2024 US 4,500,000 $4,216,247.87
DRAWBRIDGE SPEC OPPOR FU 3.87500 02/15/2026 US 6,500,000 $5,773,694.68
DRAX FINCO PLC 6.62500 11/01/2025 GB 5,239,000 $5,055,121.79
DREYFUS GVT CSH MANAGEMENT US 13,808,212.06 $13,808,212.06
ELCORADO GOLD CORP 6.25000 09/01/2029 CA 7,494,000 $6,429,361.44
ENDEAVOR MINING PLC 5.00000 10/14/2026 GB 7,575,000 $6,660,937.70
FORD MOTOR CREDIT CO LLC 7.35000 03/06/2030 US 8,250,000 $8,286,871.64
FULL HOUSE RESORTS INC 8.25000 02/15/2028 US 6,648,000 $5,603,811.34
GLOBAL INFRASTRUCTURE SO 7.50000 04/15/2032 US 9,858,000 $8,128,152.86
GUARA NORTE SARL 5.19800 06/15/2034 LU 7,361,464.5 $6,224,671.30
IEA ENERGY SERVICES LLC 6.62500 08/15/2029 US 5,943,000 $5,641,976.17
IHEARTCOMMUNICATIONS INC 6.37500 05/01/2026 US 7,496,000 $6,129,808.20
IHS HOLDING LTD 6.25000 11/29/2028 KY 11,250,000 $8,271,755.21
IIP OPERATING PARTNER 5.50000 05/25/2026 US 5,455,000 $4,884,598.20
INFRABUILD AUSTRALIA PTY 12.00000 10/01/2024 AU 6,610,000 $6,523,299.67
IRON MOUNTAIN INC 5.25000 07/15/2030 US 5,000,000 $4,329,876.65
LD HOLDINGS GROUP 6.12500 04/01/2028 US 6,750,000 $3,754,202.04
LIFEPOINT HEALTH INC 9.87500 08/15/2030 US 4,725,000 $4,267,885.59
LOGAN MERGER SUB INC 5.50000 09/01/2027 US 6,950,000 $3,618,268.20
MINERAL RESOURCES LTD 9.25000 10/01/2028 AU 6,610,000 $6,602,034.42
MINERVA LUXEMBOURG SA 4.37500 03/18/2031 LU 8,136,000 $6,288,671.73
MRT MID PART/MRT MID FIN 11.50000 02/15/2028 US 4,000,000 $3,930,623.28
NAVIENT CORP 5.62500 08/01/2033 US 11,821,000 $8,082,627.07
NGL ENERGY OP/FIN 7.50000 02/01/2026 US 4,280,000 $4,169,714.46
NORTHWEST ACQ/DOMINION 7.12500 11/01/2022 CA 6,535,000 $653.50
NRG 7.467 07/31/28 CORP 7.46700 07/31/2028 US 6,620,000 $6,565,408.70
NRG ENERGY INC 3.37500 02/15/2029 US 7,837,000 $6,374,176.85
ODFJELL DRILLING LTD 9.25000 05/31/2028 BM 7,000,000 $7,055,032.25
OPEN TEXT HOLDINGS INC 4.12500 12/01/2031 US 6,853,000 $5,400,989.58
OXFIN 2023-1A A2 6.71600 02/15/2031 US 3,850,000 $3,774,994.30
OXFORD FIN LLC/CO-ISS II 6.37500 02/01/2027 US 6,730,000 $6,138,697.02
PCG 2023 1 NOTE MTG 11.32444 07/25/2029 US 4,497,058.32 $4,496,385.69
PELORUS FUND REIT 7.00000 09/30/2026 US 4,355,000 $4,102,890.62
PING PETROLEUM UK 12.00000 07/29/2024 GB 1,700,000 $1,548,133.58
PRA GROUP INC 8.37500 02/01/2028 US 7,000,000 $5,707,572.50
PUFFIN FINANCE SARL 15.00000 09/11/2025 LU 3,530,000 $3,660,741.46
SIRIUS XM RADIO INC 4.00000 07/15/2028 US 7,600,000 $6,453,268.98
SLM CORP 3.12500 11/02/2026 US 12,114,000 $10,583,621.54
STAPLES INC 10.75000 04/15/2027 US 6,015,000 $3,311,787.90
SUMMIT MID HLDS LLC/ FI 9.00000 10/15/2026 US 9,250,000 $8,889,128.92
SYNCHRONOSS TECH US 50,995 $869,464.75
TALEN ENERGY SUPPLY LLC 8.62500 06/01/2030 US 6,185,000 $6,299,954.60
TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 7,200,000 $6,342,598.08
TERRAFORM POWER OPERATIN 4.75000 01/15/2030 US 2,650,000 $2,254,626.17
TEVA PHARMACEUTICALS NE 8.12500 09/15/2031 NL 6,250,000 $6,193,106.69
TTM TECHNOLOGIES INC 4.00000 03/01/2029 US 4,500,000 $3,696,546.92
TUTOR PERINI CORP 6.87500 05/01/2025 US 12,456,000 $10,764,194.82
UNITED AIR 2018-1 B PTT 4.60000 03/01/2026 US 3,728,539.86 $3,443,083.34
UNITED AIR 2019-2 B PTT 3.50000 05/01/2028 US 5,648,602.89 $5,002,022.57
UNITED WHOLESALE MTGE LL 5.50000 04/15/2029 US 4,994,000 $4,210,882.87
VENTURE GLOBAL LNG INC 8.12500 06/01/2028 US 8,500,000 $8,237,802.46
VISTA OUTDOOR INC 4.50000 03/15/2029 US 5,373,000 $5,001,293.01
VISTAJET MALTA/VM HOLDS 9.50000 06/01/2028 MUL 7,000,000 $5,453,509.95
VISTRA OPERATIONS CO LLC 7.75000 10/15/2031 US 6,620,000 $6,413,624.74
VMED 02 UK FINAN 4.75000 07/15/2031 GB 7,300,000 $5,868,420.07

Investments will change over time.

Distributions

  • High Yield Bond Series Class W Distribution History
  • 2023 Distribution Calendar
  • 2023 Distributions
  • Tax Letter

A Word About Risk

All investments involve risks, including possible loss of principal. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise. Investments in higher-yielding, lower-rated securities involve additional risks, including a higher risk of default and loss of principal. Investments in derivatives can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses.

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