BDCS

Information on the Cliffwater Direct Lending Index (CDLI) is provided on an "as is" and "as available" basis without any warranty of any kind. Past performance of an index is not indicative of future returns. The performance of the CDLI has not been reviewed by an independent accounting firm. Index returns do not reflect payment of any sales charges or fees. Any information presented prior to the launch date (9/30/15) is back-tested. Unless otherwise indicated, the back-tested calculations are based on the same methodology that was in effect when the indices were officially launched. Back-tested performance is not actual performance, but is hypothetical. Prospective application of the methodology used to construct an index may not result in performance commensurate with any back-tested returns. Back-tested data reflect the application of an index methodology and selection of index constituents in hindsight. No hypothetical record can completely account for the impact of financial risk..

Also known as: Cliffwater, Cliffwater LLC