<< /Pg 24 0 R >> /S /P /S /Artifact /Pg 24 0 R /K 1426 /S /P >> << /S /Artifact /Pg 16 0 R /Pg 18 0 R endobj /Lang (EN-US) /K 1347 /P 4717 0 R /K 1398 endobj endobj endobj /Pg 25 0 R /Pg 24 0 R /P 6496 0 R /Pg 25 0 R << 479 0 obj /S /Artifact << >> 1740 0 R null 1741 0 R null null null 1742 0 R null null null 362 0 obj /S /Artifact endobj endobj /S /Artifact /Pg 25 0 R /K 817 7 [null null 538 0 R null null null 561 0 R null null null /Pg 18 0 R >> endobj 1474 0 obj >> /K 1450 endobj >> << /Lang (EN-US) << >> << /S /Artifact /S /P /S /P /Lang (EN-US) << << /Pg 25 0 R endobj /K 1301 << /S /P /Pg 24 0 R 4194 0 obj /K 689 >> /K 639 /Pg 22 0 R /P 5309 0 R /Pg 22 0 R /S /P >> << /P 4769 0 R >> endobj /P 5920 0 R 3743 0 obj endobj >> /Pg 23 0 R /Pg 22 0 R /Pg 25 0 R /P 5592 0 R /Pg 23 0 R << 4216 0 obj /K 78 /S /P 983 0 R null 984 0 R null null null 985 0 R null null null 1055 0 obj /S /P << /S /Artifact /Lang (EN-US) /K 94 2883 0 obj /K 1184 >> /P 5282 0 R >> /Lang (EN-US) /K 1482 /Pg 23 0 R << /K 1499 /P 6216 0 R /Pg 18 0 R endobj 3657 0 obj << 3039 0 obj /S /P /K 1524 /Pg 24 0 R 3312 0 obj /S /P /Lang (EN-US) /S /Artifact /Pg 25 0 R 3939 0 obj 67 0 R 67 0 R 67 0 R 67 0 R 71 0 R 71 0 R 78 0 R 78 0 R 78 0 R 78 0 R /Pg 23 0 R /S /Artifact /Pg 23 0 R << /K 1409 /P 5276 0 R 1499 0 obj >> >> /Pg 23 0 R /Pg 24 0 R /S /Artifact endobj /Lang (EN-US) endobj << >> << /K 41 << >> >> 726 0 obj >> endobj /S /P endobj endobj /P 5495 0 R /K 1504 /Pg 22 0 R /P 4742 0 R 730 0 obj << /S /P endobj /Pg 22 0 R 399 0 obj /S /Artifact /S /Artifact /S /P /K 1105 << endobj /K 509 /StructTreeRoot 5 0 R /K 1493 endobj << /Pg 22 0 R >> null 694 0 R null 695 0 R null 696 0 R null 697 0 R null 698 0 R /K 1149 /Lang (EN-US) /P 5819 0 R << << 2335 0 obj /P 6067 0 R /Pg 24 0 R /K 1238 >> endobj /Pg 24 0 R /P 4869 0 R endobj 477 0 obj /P 4833 0 R endobj 2443 0 obj /K 803 /Pg 25 0 R 2933 0 obj /Lang (EN-US) << << /Lang (EN-US) /Pg 23 0 R 2870 0 obj /P 4764 0 R /Pg 22 0 R /K [189 4746 0 R] /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) << /K 265 /Lang (EN-US) /P 10 0 R /P 5872 0 R endobj 10 [null 305 0 R null 616 0 R null null 617 0 R null null 618 0 R /Lang (EN-US) null 721 0 R null 722 0 R 723 0 R null 724 0 R null 725 0 R null /Pg 13 0 R << /K 1330 /Pg 18 0 R endobj /Pg 24 0 R endobj endobj /Lang (EN-US) 171 0 obj /S /Artifact 2185 0 obj /Pg 22 0 R >> /Lang (EN-US) 787 0 obj endobj /S /P endobj /Pg 23 0 R /Parent 9 0 R /S /P << /Pg 16 0 R endobj /K 179 /P 4735 0 R >> /Pg 22 0 R /Pg 25 0 R /Pg 22 0 R /Pg 25 0 R /S /P endobj /P 6327 0 R /Lang (EN-US) << 1122 0 obj /Lang (EN-US) << /Pg 24 0 R >> /Pg 24 0 R >> /S /Artifact /P 10 0 R >> /K 1186 904 0 obj >> << endobj >> null 427 0 R null null 100 0 R 101 0 R 102 0 R null 428 0 R null /S /P 2637 0 R null 2638 0 R null 2639 0 R null 2640 0 R null 2641 0 R 2642 0 R null null 1975 0 R null null null 1976 0 R null 1977 0 R null /K 804 /S /Artifact /S /Artifact /S /P /S /P 3061 0 obj endobj /K 929 /P 6094 0 R /S /P 2523 0 obj /S /P >> endobj 998 0 obj 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/Lang (EN-US) >> >> << << endobj null 606 0 R 607 0 R null null 608 0 R null 609 0 R 610 0 R null /Pg 24 0 R /K 81 /Pg 15 0 R >> /Pg 24 0 R /K 1297 << /K 24 /S /Artifact endobj /S /P << /Pg 16 0 R /P 10 0 R << << 3569 0 obj 1938 0 obj << /Pg 23 0 R /S /P >> >> >> /S /P endobj /Lang (EN-US) /Pg 22 0 R /K 1169 2165 0 obj /Lang (EN-US) endobj /P 5904 0 R /Pg 23 0 R 3984 0 obj /K 1033 /Lang (EN-US) endobj /Pg 23 0 R /Lang (EN-US) 4228 0 obj null 792 0 R null 793 0 R null 794 0 R 795 0 R null 796 0 R null << endobj /K 305 >> 2898 0 obj << /Pg 24 0 R 1650 0 R null 1651 0 R null 1652 0 R 1653 0 R null 1654 0 R null 1655 0 R endobj /S /Artifact >> /S /Artifact endobj /S /P >> /P 5717 0 R /S /Artifact /Pg 23 0 R << 3093 0 obj /K 1388 /S /Artifact << 2102 0 obj /S /Artifact endobj /S /Artifact 2517 0 obj << /Lang (EN-US) /S /Artifact 2055 0 obj /Pg 23 0 R 943 0 obj 1539 0 obj /K 1230 >> << /P 6035 0 R /K 534 /P 5746 0 R endobj >> /Lang (EN-US) /P 5556 0 R 3428 0 obj >> 1039 0 obj 814 0 obj /Pg 23 0 R /Pg 23 0 R >> << 475 0 obj 1144 0 obj /P 10 0 R endobj /S /Artifact /S /Artifact /S /P >> /K 705 /K 1475 >> endobj /S /P /P 6687 0 R Get the latest insights and knowledge delivered to your inbox. /Lang (EN-US) /Pg 25 0 R /Pg 23 0 R >> /K 16 /K 797 /Lang (EN-US) /Lang (EN-US) /K 1169 >> >> /S /Artifact endobj /K 515 /S /Artifact /K 63 /S /P /P 6290 0 R /K 606 << /S /P /P 6564 0 R /K 512 448 0 R null null 449 0 R null null 450 0 R null null null 1180 0 obj /P 4768 0 R /Pg 23 0 R /Pg 25 0 R /Lang (EN-US) /Pg 23 0 R >> /Pg 24 0 R /Lang (EN-US) >> >> /S /Artifact /P 4968 0 R >> /S /Artifact 1485 0 obj << >> endobj 290 0 obj /P 6091 0 R /Pg 24 0 R /S /Artifact /S /P /Pg 19 0 R 2390 0 obj 3279 0 obj /K 122 2603 0 obj /Lang (EN-US) /Lang (EN-US) endobj /K 1367 << /Pg 24 0 R /Pg 25 0 R << /S /P 3634 0 obj >> << << /P 5807 0 R /K 48 /S /P endobj /P 33 0 R << /Lang (EN-US) 1913 0 obj >> >> /K 1431 << >> 2794 0 obj /Lang (EN-US) endobj >> >> 614 0 obj endobj 1478 0 obj endobj /Pg 22 0 R /K 1192 /K 514 >> /K 559 << /K 953 /K 1470 /P 5322 0 R /Lang (EN-US) /S /Link >> /Lang (EN-US) /Pg 24 0 R 34 0 obj /Pg 25 0 R >> << 1344 0 obj /Lang (EN-US) /K 1204 >> << << endobj endobj endobj /Pg 24 0 R /S /P >> << << 4038 0 obj << /K 1115 >> >> /K 1058 >> /S /P /Pg 24 0 R /K 1221 /S /P 4040 0 obj 2540 0 obj 2573 0 obj The Cliffwater Direct Lending Index (the "CDLI") seeks to measure the unlevered, gross of fees performance of U.S. middle mar ket corporate loans, as represented by the underlying assets of Business Development Companies ("BDCs"), including both exchange - traded and unlisted BDCs, subject to certain eligibility requirements. /Pg 25 0 R << /K 1309 /Lang (EN-US) << /K 1160 << /K 1510 /P 4858 0 R endobj 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R 3639 0 obj /StructParents 7 /Lang (EN-US) >> /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) << /K 441 >> /P 6360 0 R /K 1491 3392 0 obj /P 4404 0 R /S /Artifact /Pg 25 0 R >> >> endobj /Pg 22 0 R /Pg 22 0 R /P 5349 0 R /K 306 endobj << /Pg 23 0 R /Pg 24 0 R << /K 5 /K [4462 0 R 4463 0 R 4464 0 R 4465 0 R 4466 0 R 4467 0 R 4468 0 R 4469 0 R 4470 0 R 4471 0 R /Pg 18 0 R << << null 1943 0 R null 1944 0 R null 1945 0 R 1946 0 R null 1947 0 R null /Lang (EN-US) << << << /S /Artifact endobj /P 5063 0 R endobj >> >> 1727 0 obj /P 6343 0 R /K 1171 /Pg 23 0 R /P 6303 0 R /S /P endobj /Lang (EN-US) /Lang (EN-US) /S /P >> >> /Lang (EN-US) << 307 0 obj /K 1381 << >> /P 6373 0 R 2863 0 obj /P 4639 0 R << endobj /S /Artifact /K 1483 /Pg 25 0 R /S /Artifact << /S /P /S /Artifact /S /Artifact >> endobj >> /Pg 24 0 R endobj /K 1413 endobj /S /Artifact /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R << /Pg 25 0 R >> /S /P /S /P /K 1524 >> /P 5426 0 R endobj /Pg 13 0 R /K 813 endobj >> /Lang (EN-US) /Pg 24 0 R /S /P /Lang (EN-US) >> /P 6751 0 R /P 10 0 R /K 1397 >> endobj /K 792 << /K 1324 1882 0 obj 1573 0 obj endobj /Pg 25 0 R /S /Artifact /Lang (EN-US) >> /Lang (EN-US) << 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R /T () endobj /K 21 >> /K 842 << /Pg 22 0 R /Lang (EN-US) /K 923 >> /P 5590 0 R << /Lang (EN-US) << << >> << null null null null null 424 0 R null null null null 3258 0 obj >> endobj /K 1385 2191 0 obj << >> >> /S /P << >> /S /Artifact endobj 613 0 obj 1013 0 R null 1014 0 R null 1015 0 R 1016 0 R null 1017 0 R null 1018 0 R /S /P /Lang (EN-US) /P 5770 0 R << endobj endobj /Lang (EN-US) << /S /P /P 10 0 R /K 233 2133 0 obj 3844 0 obj /S /P /Lang (EN-US) /P 4741 0 R /Pg 25 0 R 2496 0 obj /K 4 >> /Pg 25 0 R << /S /Artifact 2843 0 obj /P 4646 0 R endobj 2775 0 obj /K 1294 /P 6427 0 R /Pg 24 0 R 3687 0 obj /P 5262 0 R >> /Pg 24 0 R /S /Artifact << endobj 2677 0 obj /K 1108 337 0 obj /Pg 25 0 R 2407 0 obj endobj /K 1371 /S /P 2456 0 obj 3949 0 obj endobj /Contents 4382 0 R >> /P 5996 0 R << << /S /P 688 0 obj >> /S /P 3266 0 obj /Pg 22 0 R /Pg 22 0 R endobj << 3488 0 R null 3489 0 R null 3490 0 R null 3491 0 R null 3492 0 R null endobj /K 1457 /K 938 /Lang (EN-US) >> endobj << /Pg 24 0 R >> /S /Artifact /S /P << 124 0 obj /P 6160 0 R /Lang (EN-US) /S /Artifact /K 927 endobj 2734 0 obj endobj /S /P >> /K 1361 endobj >> /Lang (EN-US) /K 972 endobj /Lang (EN-US) << /K 1039 << /Pg 22 0 R >> /Pg 25 0 R /S /P 3942 0 obj /Lang (EN-US) /P 5780 0 R 4200 0 obj /Pg 21 0 R << << endobj << endobj endobj << /Pg 23 0 R 3749 0 obj /S /P 1205 0 obj endobj /Lang (EN-US) /Lang (EN-US) /Pg 23 0 R /K 487 /K 1329 /S /P /K 63 /S /Artifact >> 3346 0 obj /P 10 0 R endobj << /P 10 0 R 373 0 obj >> >> /K 890 /S /Artifact /Pg 25 0 R endobj 509 0 obj endobj /Metadata 3 0 R /S /P endobj /P 6664 0 R /S /Artifact /P 5068 0 R endobj /Pg 24 0 R << /Lang (EN-US) << 3161 0 obj endobj << /P 5377 0 R /Lang (EN-US) As of December 31, 2021. << /Lang (EN-US) /K 1205 /Pg 23 0 R endobj >> /S /Artifact /Lang (EN-US) >> /Lang (EN-US) /Pg 23 0 R /Pg 25 0 R << /P 4987 0 R /Lang (EN-US) 805 0 R null 806 0 R 807 0 R null 808 0 R null 809 0 R null 810 0 R >> endobj /P 5396 0 R >> endobj /S /P endobj << endobj /K 278 /P 6395 0 R /S /P /K 543 1610 0 obj << /Pg 24 0 R /S /P /Pg 24 0 R /Lang (EN-US) >> /S /Artifact /Lang (EN-US) /K 716 4094 0 obj 2107 0 obj /K 979 /S /Artifact /Pg 25 0 R << /S /P endobj 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null /S /P /Pg 18 0 R /S /P 1278 0 R 1279 0 R 1280 0 R 1281 0 R 1282 0 R 1283 0 R 1284 0 R 1285 0 R 1286 0 R 1287 0 R /S /Artifact /S /Artifact /S /Artifact /Pg 18 0 R endobj /Pg 23 0 R /S /Artifact /Pg 25 0 R /Pg 25 0 R 59 0 obj /K 14 /K 1040 /Lang (EN-US) >> >> /S /Artifact << /K 251 4018 0 obj 1145 0 obj endobj endobj /P 6433 0 R /S /P /P 74 0 R /Lang (EN-US) 1892 0 obj /Lang (EN-US) 4061 0 obj 1703 0 obj /Lang (EN-US) /S /P endobj >> >> /Pg 22 0 R /S /P /Pg 22 0 R 4598 0 R 4599 0 R 4600 0 R 4601 0 R 4602 0 R 4603 0 R 4604 0 R 4605 0 R 4606 0 R 4607 0 R << /Pg 23 0 R << /S /P 1315 0 obj /Lang (EN-US) null null null 2011 0 R null null null 2012 0 R null 2013 0 R 3670 0 obj /Pg 24 0 R << 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>> null 93 0 R null null 420 0 R null 421 0 R null 95 0 R 97 0 R endobj /StructParents 11 /K 1276 /S /Artifact /Lang (EN-US) /P 10 0 R 762 0 obj 4293 0 obj 1498 0 obj >> /S /Artifact >> /K 1204 << /Pg 18 0 R /Lang (EN-US) /K 1110 << >> PRIVATE DEBT - Yield, Safety and the Emergence of Alternative Lending: Opportuni - 36.01. >> << /S /P /Lang (EN-US) /P 6537 0 R << /K 1146 endobj /S /Artifact 1746 0 obj endobj /K 545 /K 1462 /P 10 0 R << /S /P << endobj 1792 0 R null null 1793 0 R null null null 1794 0 R null null endobj >> 1292 0 obj /K 107 /K 3 /S /P << 2367 0 obj /P 5536 0 R /P 4721 0 R 4079 0 obj >> /K 314 endobj 1373 0 obj 333 0 obj /Pg 24 0 R /P 5494 0 R << /S /P /Rotate 0 /P 10 0 R /S /Artifact << >> /Lang (EN-US) /K 767 /K 383 << 1455 0 obj /Pg 25 0 R endobj /Lang (EN-US) >> endobj << /K 843 endobj null 2807 0 R null null null 2808 0 R null null null 2809 0 R 1267 0 obj >> endobj /S /Artifact /Pg 23 0 R 2412 0 obj /Lang (EN-US) << /S /Artifact /Pg 25 0 R endobj /S /Artifact /S 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endobj /Lang (EN-US) Survey of Corporate Pension Disclosures for Fiscal Years Ending 2003 /Pg 22 0 R /S /P /K 1376 << << endobj << /S /P 1075 0 obj >> /K 1540 >> /P 10 0 R >> /S /Artifact 1593 0 obj >> 1910 0 obj endobj >> 2748 0 obj /Pg 23 0 R 856 0 obj 752 0 R null null null 753 0 R null 754 0 R null 755 0 R null << /K 63 2449 0 obj /K 376 /Lang (EN-US) << /P 5559 0 R endobj >> >> /Lang (EN-US) /Lang (EN-US) >> /K 1329 << >> endobj /P 5423 0 R /K 1427 1118 0 R 1119 0 R 1120 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1127 0 R endobj /S /Artifact << /K 1217 /K 425 /P 5350 0 R >> /K [4546 0 R 4547 0 R 4548 0 R 4549 0 R 4550 0 R 4551 0 R 4552 0 R 4553 0 R 4554 0 R 4555 0 R 214 0 obj /Pg 22 0 R Cliffwater is an alternative investment adviser and fund manager. endobj /K 1528 /P 5050 0 R /K 1137 >> /P 6273 0 R /Pg 25 0 R endobj /Pg 23 0 R /S /P 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R endobj 2715 0 obj << >> >> >> >> << /P 5732 0 R /K 1410 endobj /Pg 22 0 R >> << /K 585 endobj endobj 911 0 obj >> >> >> /Pg 22 0 R /K 824 /K 1296 /S /P /K 1285 /Pg 24 0 R /Pg 23 0 R /P 5455 0 R /S /P >> /Pg 22 0 R Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /P 6467 0 R /Pg 22 0 R 1467 0 obj /Lang (EN-US) /S /P >> /P 6005 0 R /K 1254 /Pg 13 0 R /S /Artifact >> 3711 0 obj /P 6098 0 R 2686 0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R /Pg 23 0 R >> 1636 0 obj endobj /Pg 22 0 R /P 6073 0 R /K 1177 >> endobj >> /S /Artifact /P 6606 0 R /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) endobj 1990 0 obj /K 54 << >> endobj 2946 0 obj 1273 0 obj /K 1533 /S /P /Pg 22 0 R /Lang /S /Artifact 2415 0 obj >> 3567 0 obj /Lang (EN-US) << 1742 0 obj /K 1219 >> endobj endobj /Pg 24 0 R /P 5441 0 R /P 5011 0 R /K 1203 endobj endobj 2156 0 obj /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] >> 2331 0 obj /S /Artifact >> endobj << /Lang (EN-US) << >> 3060 0 obj endobj /Lang (EN-US) << endobj /S /P 1989 0 obj >> /Pg 22 0 R /Pg 22 0 R << << >> /Lang (EN-US) << endobj /S /Artifact /P 5300 0 R >> . 492 0 obj /K 240 /K 316 endobj << /Lang (EN-US) /K 379 /K 1359 /K 133 2611 0 R null null null 2612 0 R null 2613 0 R null 2614 0 R null /P 6425 0 R /S /Artifact /Lang (EN-US) << >> /K 1163 1310 0 obj /Lang (EN-US) << endobj >> 1781 0 obj << 4012 0 obj endobj /S /Artifact << /P 5867 0 R endobj 3983 0 obj 4128 0 obj /Pg 17 0 R /Pg 23 0 R 3110 0 obj /S /P << >> /S /Artifact /Pg 23 0 R /P 4937 0 R << /Lang (EN-US) << /Pg 23 0 R endobj << endobj /Lang (EN-US) /Pg 23 0 R /Pg 18 0 R /Pg 25 0 R << << >> V4$)Nj2#(Q)b{+M~j$SB?B4dfnX. >> >> >> /K 217 endobj /Pg 24 0 R 3225 0 obj /S /Artifact /Pg 24 0 R endobj >> /Lang (EN-US) /P 5412 0 R >> 3140 0 obj endobj /K 102 << << 386 0 obj 345 0 obj /Pg 22 0 R 4053 0 obj /S /Artifact 3909 0 obj << /Lang (EN-US) endobj /Pg 25 0 R /Pg 25 0 R endobj 40 0 obj endobj /S /Artifact /Pg 22 0 R /P 6033 0 R /P 5606 0 R endobj /P 4816 0 R /K 361 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