ICE BofA US High Yield Constrained Index - The Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market but caps issuer exposure at 2%.
Morningstar® LSTA® US Leveraged Loan Index - The Index, formerly the S&P/LSTA Leveraged Loan Index, is a market value-weighted index that is designed to deliver comprehensive, precise coverage of the US leveraged loan market.
Blended Benchmark - The Benchmark consists of the following two indexes: 50% ICE BofA U.S. High Yield Constrained Index / 50% S&P/LSTA Leveraged Loan Index. The Blended Benchmark returns are calculated by using the monthly return of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50-50 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above.