/S /Artifact /S /Artifact 3708 0 obj /Pg 13 0 R endobj /A 4679 0 R /K 1120 endobj 942 0 R null 943 0 R 944 0 R null 945 0 R null 946 0 R null 947 0 R 1647 0 obj /S /Artifact /K 108 1921 0 obj >> /Pg 25 0 R /K 1298 /S /Artifact >> /Lang (EN-US) /K 1115 4125 0 obj /S /Artifact /K 1224 >> >> /S /P 809 0 obj /Pg 25 0 R /K 961 endobj /S /P /K 963 /Lang (EN-US) /S /Artifact /Pg 23 0 R << /S /Artifact endobj /S /P /K 1480 1221 0 obj /Pg 22 0 R 4292 0 obj null null null 1891 0 R null null null 1892 0 R null 1893 0 R << endobj /Subtype /Link /S /P 850 0 obj /K 13 << /K 1238 /Pg 22 0 R /K 1332 /K 1273 /S /P 1717 0 obj /Pg 24 0 R /S /P /K 1319 >> /K 331 >> /Pg 24 0 R /S /Artifact 3980 0 obj 4130 0 obj /Pg 23 0 R << endobj /Pg 24 0 R /S /P /P 5942 0 R 3264 0 R 3265 0 R 3266 0 R 3267 0 R 3268 0 R 3269 0 R 3270 0 R 3271 0 R 3272 0 R 3273 0 R /Pg 25 0 R << 818 0 obj /Pg 24 0 R /P 10 0 R /K 1083 >> endobj 73 0 obj << /Lang (EN-US) /Lang (EN-US) /K 23 >> << /Pg 19 0 R /S /P null 3510 0 R null 3511 0 R 3512 0 R null 3513 0 R null 3514 0 R null endobj /Pg 22 0 R endobj /Lang (EN-US) /S /Artifact 4110 0 obj 3017 0 R 3018 0 R 3019 0 R 3020 0 R 3021 0 R 3022 0 R 3023 0 R 3024 0 R 3025 0 R 3026 0 R << /K [4411 0 R 4412 0 R 4413 0 R 4414 0 R 4415 0 R 4416 0 R 4417 0 R 4418 0 R 4419 0 R 4420 0 R /K 985 /K 49 /Pg 22 0 R 1703 0 obj /K 399 /Pg 22 0 R >> /Lang (EN-US) 2019 0 R null 2020 0 R null 2021 0 R null 2022 0 R null null null /S /Artifact 1686 0 obj /Pg 25 0 R 3885 0 obj /Lang (EN-US) << << << /Pg 24 0 R /K 78 /P 5183 0 R 719 0 obj /S /P /Pg 24 0 R /S /P /S /P 2713 0 obj << /Lang (EN-US) /P 4719 0 R /K 1548 /K 104 3920 0 obj 746 0 obj /Lang (EN-US) /Pg 25 0 R >> >> /P 10 0 R /S /Artifact /P 4755 0 R >> /Pg 24 0 R << << << endobj >> << 333 0 obj /Pg 21 0 R /P 5812 0 R << << /Rotate 0 /S /Artifact /S /Artifact << /Lang (EN-US) /S /P 3237 0 obj endobj /Pg 19 0 R >> /Pg 23 0 R >> >> /K 822 << /S /Artifact /P 95 0 R 2792 0 obj /Pg 22 0 R endobj 3118 0 obj 1986 0 obj /S /P 2360 0 obj endobj /S /Figure << endobj << endobj /S /Artifact /S /Artifact >> /S /Artifact /K 291 1869 0 obj endobj >> /S /P /K 1280 << endobj /P 5430 0 R << << >> /P 5565 0 R endobj << 3334 0 obj endobj /Pg 18 0 R 3772 0 R null 3773 0 R null null null 3774 0 R null null null /K 1358 endobj /P 5251 0 R /S /P /S /Artifact /S /Artifact /K 550 /S /Artifact << endobj /Lang (EN-US) 3987 0 R 3988 0 R 3989 0 R 3990 0 R 3991 0 R 3992 0 R 3993 0 R 3994 0 R 3995 0 R 3996 0 R /K 1159 >> /S /P /P 4698 0 R /S /Artifact /P 10 0 R 878 0 obj /Pg 22 0 R /S /Artifact /S /Artifact << /Pg 25 0 R /Lang (EN-US) endobj /Lang (EN-US) endobj endobj << /Pg 22 0 R >> /Pg 25 0 R /P 5249 0 R /S /Artifact >> /Pg 22 0 R /Pg 22 0 R /Lang (EN-US) /S /Artifact 4274 0 obj >> /Pg 25 0 R /Lang (EN-US) /Pg 25 0 R endobj /Lang (EN-US) 4214 0 obj endobj endobj << << /Pg 20 0 R /Lang (EN-US) /K 1374 /K 1282 /S /P >> /S /P /P 6304 0 R /P 5721 0 R /Pg 23 0 R /Lang (EN-US) << /K 324 /S /Artifact /Pg 24 0 R 982 0 obj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 517 endobj 482 0 R null 483 0 R 484 0 R 485 0 R null 486 0 R null 487 0 R 488 0 R >> endobj endobj << /P 4810 0 R /K 1374 >> 2387 0 obj /P 5673 0 R endobj endobj >> endobj /P 5468 0 R /P 6266 0 R /Lang (EN-US) 1948 0 obj endobj >> << /K 1193 << >> << /K 1346 /K 1310 /S /Artifact /K 1407 /Pg 24 0 R 1779 0 obj endobj /Pg 23 0 R 1057 0 obj /Pg 25 0 R 1392 0 obj endobj /S /P /P 5267 0 R >> /K 1109 /Pg 22 0 R /Pg 22 0 R /Pg 25 0 R Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. >> /P 6629 0 R 2416 0 obj /S /Artifact endobj /S /P >> endobj endobj << /Contents 4382 0 R >> 2853 0 obj /Pg 22 0 R /P 5315 0 R endobj << /S /P >> /S /P >> /Lang (EN-US) /Pg 21 0 R /S /P /Pg 24 0 R /Pg 15 0 R /K 1347 << /S /P endobj /Pg 22 0 R /S /Artifact /S /P /Pg 22 0 R 959 0 obj 1911 0 obj /Pg 22 0 R /Pg 21 0 R /S /Artifact /Lang (EN-US) /Pg 18 0 R /K 1258 << /K 1514 /K 431 /A 4408 0 R << 800 0 obj /S /P /S /Artifact /S /Artifact endobj 1526 0 obj /P 6097 0 R endobj >> << /S /P /Pg 25 0 R /S /Artifact /Pg 23 0 R >> /S /P >> /P 5068 0 R << null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R << /Pg 25 0 R 711 0 obj endobj /Pg 20 0 R >> /P 6272 0 R endobj endobj 3384 0 R 3385 0 R 3386 0 R 3387 0 R 3388 0 R 3389 0 R 3390 0 R 3391 0 R 3392 0 R 3393 0 R 1034 0 obj >> /K [4504 0 R 4505 0 R 4506 0 R 4507 0 R 4508 0 R 4509 0 R 4510 0 R 4511 0 R 4512 0 R 4513 0 R endobj >> /K 1083 /Pg 23 0 R 1007 0 obj /Lang (EN-US) endobj /K 15 << /S /P /K 205 >> /S /P /P 5197 0 R endobj /S /Artifact 3159 0 obj /Pg 25 0 R /S /P >> endobj endobj /Pg 23 0 R /Pg 26 0 R >> 2804 0 obj >> << /Pg 23 0 R /Lang (EN-US) 1551 0 R null 1552 0 R null 1553 0 R null 1554 0 R null 1555 0 R 1556 0 R /K 1420 /S /Artifact /S /P >> /Lang (EN-US) /K 342 >> >> >> >> endobj /Pg 23 0 R << endobj /Lang (EN-US) endobj >> /P 6031 0 R >> 3990 0 obj /S /P << /K 1487 /P 10 0 R 1404 0 obj /S /P /K 949 << /Lang (EN-US) << /P 5441 0 R << /Pg 24 0 R >> >> /K 755 >> /Pg 22 0 R << /Pg 22 0 R /S /P /K 81 /K 9 /P 5850 0 R >> 3923 0 obj /Lang (EN-US) /K 1517 2163 0 obj 3015 0 obj endobj endobj /Pg 25 0 R << 2041 0 obj >> endobj /Pg 18 0 R /S /P /Pg 25 0 R /K 412 >> 77 0 R 79 0 R 80 0 R null null null null 419 0 R 73 0 R 51 0 R /Pg 22 0 R endobj /S /P endobj /S /Artifact /K 72 /Pg 23 0 R /S /P /K 112 1742 0 obj /S /Artifact /S /P >> /Pg 24 0 R /K 1496 /K 1370 /P 5309 0 R null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R /Pg 23 0 R /S /P /K 122 /K 1349 endobj 4232 0 obj /S /P /S /Artifact >> endobj /Pg 25 0 R /K 1302 >> 469 0 obj << endobj /K 1202 /Pg 23 0 R /Pg 22 0 R << << /K 457 /Lang (EN-US) /S /Artifact /P 4772 0 R endobj endobj >> /Pg 23 0 R /Pg 24 0 R 2439 0 obj endobj << << /Lang (EN-US) /Lang (EN-US) endobj << endobj << /S /Artifact /P 5840 0 R << >> /Pg 23 0 R endobj /S /P >> /K 694 /K 166 /P 5387 0 R << Steve Nesbitt, Cliffwater's chief executive, told PDI he recommends his institutional clients invest about 5-10 percent of their portfolios in direct lending strategies. 3238 0 obj /Pg 24 0 R /S /P endobj /Pg 24 0 R endobj >> /Pg 22 0 R /K 1144 /P 6552 0 R /K 1388 /S /P << >> >> /Pg 22 0 R /K 624 endobj /Pg 18 0 R /Pg 24 0 R << /K 43 /S /Artifact /K 601 /Pg 18 0 R << 1745 0 obj /P 6274 0 R << /S /Artifact /K 1164 /P 6349 0 R 1103 0 obj 1693 0 obj /K 41 << /S /P /P 6118 0 R /Lang (EN-US) /S /P /S /P /P 10 0 R /K 1062 /S /P /P 5588 0 R 3740 0 obj /K 809 /K 734 3752 0 obj /S /Artifact 2104 0 obj /P 6260 0 R null 841 0 R null 842 0 R 843 0 R null 844 0 R null 845 0 R null /S /Artifact null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null endobj >> endobj /Lang (EN-US) >> /P 5403 0 R 3284 0 obj /Lang (EN-US) /S /P 1485 0 obj /S /Artifact /K 1073 3755 0 obj /K 975 /Pg 24 0 R << /Pg 23 0 R >> << /Lang (EN-US) /Pg 24 0 R endobj endobj /Lang (EN-US) endobj /Lang (EN-US) /P 90 0 R /Lang (EN-US) /Lang (EN-US) >> 1805 0 obj /S /Artifact /S /P endobj << << /Pg 25 0 R >> /Pg 22 0 R /Pg 23 0 R /P 5933 0 R 329 0 obj /Pg 25 0 R /S /P /Pg 25 0 R << /K 1175 /K 492 /Pg 24 0 R << >> /P 5182 0 R 1578 0 obj endobj >> << /Lang (EN-US) << /Pg 24 0 R /P 4960 0 R endobj 1832 0 obj /S /Artifact /P 6129 0 R /Lang (EN-US) << null 443 0 R 140 0 R 444 0 R 143 0 R 445 0 R 145 0 R 446 0 R 152 0 R 148 0 R /S /Artifact 2595 0 obj /K 608 /Lang (EN-US) /K 854 1210 0 obj /S /P /K 1234 2531 0 obj /Pg 22 0 R >> endobj 2813 0 obj /S /Artifact /Pg 17 0 R /K 1202 3877 0 obj endobj endobj 2390 0 obj /P 5752 0 R /S /P 1469 0 obj 2805 0 obj /Pg 22 0 R endobj /S /P /P 10 0 R endobj /K 1339 /S /P /Pg 23 0 R endobj /K 87 /Lang (EN-US) /S /Artifact >> endobj /Lang (EN-US) /P 5427 0 R << /Pg 22 0 R << /S /Artifact /S /P endobj 1697 0 obj /Pg 22 0 R /Pg 25 0 R endobj 558 0 obj /Pg 22 0 R 1477 0 obj /K 105 endobj /P 6051 0 R >> /K 1345 648 0 obj >> endobj /Lang (EN-US) endobj /Pg 25 0 R endobj /K 1303 /Pg 23 0 R endobj << /K 13 /S /P /Pg 20 0 R As of 03/01/2023 EDT. >> << /S /P >> /K [7 438 0 R 40] /Pg 23 0 R >> endobj /S /Artifact /Pg 22 0 R >> 4132 0 obj endobj 2088 0 obj >> endobj /S /Artifact /S /P /P 4975 0 R /K 923 >> /P 5320 0 R /K 102 25 0 obj 2023. /S /Artifact /Lang (EN-US) << /S /P /Pg 23 0 R /Lang (EN-US) endobj /Pg 23 0 R /Pg 19 0 R /Lang (EN-US) endobj 860 0 obj /S /Artifact /S /Artifact /P 10 0 R 1331 0 obj /Lang (EN-US) /P 5985 0 R 4 The way many of the style indices are constructed is to split the core index into two parts. endobj /K 136 /P 4405 0 R 720 0 obj endobj 1060 0 obj endobj /K 1256 3612 0 obj /H /I /K 1087 /K 15 /Lang (EN-US) /Pg 24 0 R 847 0 obj /S /P /K 1408 endobj /K 1308 >> /Pg 23 0 R >> 4026 0 obj /Pg 23 0 R /Pg 23 0 R 2307 0 obj /S /Artifact << endobj 2208 0 obj 1587 0 obj /S /Artifact << /K 27 /S /Artifact /P 5839 0 R /Pg 24 0 R >> /P 6340 0 R /Pg 17 0 R /Lang (EN-US) /Lang (EN-US) >> << endobj /S /P endobj /S /P /P 5563 0 R >> endobj << /P 10 0 R >> /K 140 /Lang (EN-US) << /Pg 25 0 R /Pg 24 0 R /Lang (EN-US) /K 464 >> endobj /K 429 /S /P 3204 0 R 3205 0 R 3206 0 R 3207 0 R 3208 0 R 3209 0 R 3210 0 R 3211 0 R 3212 0 R 3213 0 R /P 5866 0 R 332 0 obj /S /Artifact /Pg 23 0 R /K 1163 /Pg 25 0 R endobj 4033 0 obj /P 6481 0 R /K 172 >> endobj 2885 0 obj /P 5654 0 R /Pg 17 0 R /S /P >> /Lang (EN-US) << >> 3300 0 obj endobj /Pg 23 0 R /P 4946 0 R /K 1087 endobj 2106 0 obj 1 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. >> 1860 0 obj 1601 0 R null 1602 0 R null 1603 0 R null 1604 0 R 1605 0 R null 1606 0 R >> endobj /K 1457 << endobj << 3731 0 obj /Pg 24 0 R /Pg 25 0 R /P 6709 0 R /K 1444 4024 0 obj /P 5726 0 R /K 1297 /S /P 1147 0 obj /S /Artifact << endobj >> /S /Artifact /K 1434 endobj << /K 1235 1926 0 R null null null 1927 0 R null null null 1928 0 R null 3713 0 obj >> /P 5725 0 R /P 10 0 R /P 4641 0 R endobj endobj endobj << /Lang (EN-US) 241 0 obj /Pg 23 0 R >> << /K 1274 /Pg 24 0 R /Lang (EN-US) /P 10 0 R /Lang (EN-US) /S /Artifact /K 1130 << >> /K 701 /Pg 22 0 R /Pg 25 0 R /S /Artifact /Lang (EN-US) 3253 0 obj /S /Artifact << /P 5473 0 R 1731 0 obj >> /P 4761 0 R /K 3 endobj /Pg 23 0 R /Pg 22 0 R /P 10 0 R << >> /K 1251 3826 0 obj /Lang (EN-US) 4094 0 obj /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) >> /K 513 >> 4058 0 obj >> /A 4407 0 R >> << /P 5340 0 R 3816 0 obj >> /P 5888 0 R /S /Artifact >> /Pg 22 0 R /P 5015 0 R /S /Artifact endobj >> << endobj /Lang (EN-US) 3307 0 obj /Pg 22 0 R >> /P 5766 0 R /S /Artifact 4073 0 obj /S /Figure /P 6686 0 R endobj /Pg 16 0 R endobj /S /P >> /Pg 23 0 R 246 0 obj /P 10 0 R << endobj 2323 0 R 2324 0 R 2325 0 R 2326 0 R 2327 0 R 2328 0 R 2329 0 R 2330 0 R 2331 0 R 2332 0 R /K 1025 >> endobj 1972 0 obj /S /Artifact /Pg 24 0 R 339 0 obj << /K 992 /Pg 25 0 R USA & International; Australia; Canada; France; /K 876 endobj /S /P /S /P /S /Artifact 1100 0 obj 1216 0 obj /P 4827 0 R /K 1517 /K 972 >> /S /Artifact /P 5158 0 R << 2342 0 obj 39 0 obj /Pg 23 0 R << 4023 0 obj /K 570 << /K 299 /Pg 24 0 R /Pg 23 0 R >> /P 5344 0 R >> /S /Artifact /P 4969 0 R /Lang (EN-US) 217 0 R 218 0 R 219 0 R 220 0 R 221 0 R 222 0 R 223 0 R 224 0 R 225 0 R 226 0 R 1963 0 obj << /Pg 25 0 R /Pg 24 0 R /K 159 >> 1161 0 obj /S /P /S /Artifact /P 5999 0 R << /Pg 24 0 R << endobj 3704 0 R null 3705 0 R null 3706 0 R null 3707 0 R null 3708 0 R 3709 0 R /P 5485 0 R >> endobj /S /Artifact /K 767 << endobj /Pg 25 0 R 3364 0 R 3365 0 R 3366 0 R 3367 0 R 3368 0 R 3369 0 R 3370 0 R 3371 0 R 3372 0 R 3373 0 R /P 10 0 R /Lang (EN-US) /P 6083 0 R /S /Artifact << /K 1198 /S /Artifact << << << endobj /K 104 /S /Artifact /S /P endobj /S /P 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R 353 0 obj endobj /Pg 18 0 R /S /Artifact << endobj 2098 0 obj endobj /K 1366 /K 1233 /S /P /K 1414 << >> /K 148 /Pg 13 0 R >> /Lang (EN-US) >> /Pg 17 0 R /Lang (EN-US) << /Pg 22 0 R endobj /Lang (EN-US) 3638 0 R null 3639 0 R null 3640 0 R null 3641 0 R null 3642 0 R null >> /P 4739 0 R /Lang (EN-US) endobj /P 10 0 R endobj endobj endobj endobj endobj /P 4928 0 R /K 921 endobj /S /Artifact /Pg 22 0 R /K 1366 /Rect [69.75 410.1940002441 207.7660064697 422.1940002441] /Pg 22 0 R endobj << endobj /S /P << endobj /S /P /P 5165 0 R endobj /Pg 23 0 R 1954 0 obj /Pg 26 0 R /Lang (EN-US) 3181 0 obj endobj /Pg 25 0 R >> /S /P >> 1184 0 obj /K 7 /S /Artifact >> >> /K 1463 /S /P endobj 2216 0 R 2217 0 R 2218 0 R 2219 0 R 2220 0 R 2221 0 R 2222 0 R 2223 0 R 2224 0 R 2225 0 R /P 5394 0 R >> >> 4230 0 obj /P 73 0 R >> >> endobj /K 290 /Pg 23 0 R /P 10 0 R /K 1102 >> >> << /S /P endobj /Lang (EN-US) << /S /P endobj /S /Artifact endobj endobj /Lang (EN-US) /K 522 /Pg 25 0 R endobj << 2021 0 obj 2479 0 obj 1 355 0 R 2 [46 0 R 47 0 R 48 0 R 49 0 R 50 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R /K 603 << /S /P endobj /P 4693 0 R 3663 0 obj /Pg 24 0 R >> >> /S /Artifact 3749 0 obj /Pg 22 0 R /Pg 23 0 R /P 6127 0 R 109 0 obj /K 1406 3449 0 obj /P 10 0 R >> /K 30 >> 3967 0 R 3968 0 R 3969 0 R 3970 0 R 3971 0 R 3972 0 R 3973 0 R 3974 0 R 3975 0 R 3976 0 R << << endobj /P 5235 0 R /K [58 59 60 61] /P 6683 0 R >> /Type /Page /S /Artifact endobj /S /Artifact /Pg 23 0 R << 1967 0 obj >> /S /Artifact endobj 2903 0 obj >> /S /Artifact /S /P 1367 0 obj << << 4077 0 R 4078 0 R 4079 0 R 4080 0 R 4081 0 R 4082 0 R 4083 0 R 4084 0 R 4085 0 R 4086 0 R /K 986 /K [390 0 R 391 0 R 392 0 R 389 0 R 393 0 R 394 0 R 395 0 R 396 0 R 397 0 R 398 0 R << /S /P /P 5269 0 R >> /Pg 24 0 R /Pg 22 0 R /K 1356 /Lang (EN-US) endobj 3087 0 R 3088 0 R 3089 0 R 3090 0 R 3091 0 R 3092 0 R 3093 0 R 3094 0 R 3095 0 R 3096 0 R /Pg 24 0 R << /P 6356 0 R endobj 3813 0 obj << endobj 2988 0 obj /P 10 0 R /Pg 24 0 R 2375 0 obj endobj 2716 0 obj endobj /K 219 /K 1305 << endobj /Pg 24 0 R /S /P << endobj 3376 0 obj /Pg 22 0 R /K 1159 /Pg 22 0 R << /K 1402 endobj 3286 0 obj /K 1132 /P 6482 0 R 3707 0 obj 491 0 obj endobj endobj /P 4857 0 R endobj /Pg 25 0 R endobj 380 0 R 381 0 R 382 0 R null 383 0 R null 384 0 R null 385 0 R 44 0 R /Pg 25 0 R << >> /K 1201 /K 1104 endobj endobj << 3728 0 obj /K 1156 /S /P /S /Artifact << /K [56 57 58 59 60] /Pg 24 0 R /K [4440 0 R 4441 0 R 4442 0 R 4443 0 R 4444 0 R 4445 0 R 4446 0 R 4447 0 R] /S /Artifact 1327 0 R 1328 0 R 1329 0 R 1330 0 R 1331 0 R 1331 0 R 1332 0 R 1333 0 R 1334 0 R 1335 0 R >> endobj 874 0 obj /S /Artifact /K [135 4664 0 R] >> 2697 0 obj /Lang (EN-US) /Pg 23 0 R >> /S /P 2034 0 obj /S /P /S /P /Lang (EN-US) /K 1418 /Pg 24 0 R /K 1270 79 0 obj 2213 0 obj 1609 0 obj endobj << << /S /Artifact endobj << 2176 0 R 2177 0 R 2178 0 R 2179 0 R 2180 0 R 2181 0 R 2182 0 R 2183 0 R 2184 0 R 2185 0 R endobj << /K 47 /S /Artifact /K 1384 /P 10 0 R >> /Pg 25 0 R /S /Artifact /S /P /Pg 22 0 R << >> /S /P /Pg 25 0 R >> 3157 0 R 3158 0 R 3159 0 R 3160 0 R 3161 0 R 3162 0 R 3163 0 R 3164 0 R 3165 0 R 3166 0 R 155 0 obj /S /Artifact /Pg 22 0 R endobj 2393 0 obj /K 354 null null null 2576 0 R null 2577 0 R null 2578 0 R null 2579 0 R /S /Artifact /P 5231 0 R >> endobj /Lang (EN-US) /S /P 1570 0 obj 2094 0 obj 3819 0 obj /Pg 24 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R 284 0 R 285 0 R 286 0 R << >> /Lang (EN-US) 2777 0 obj 697 0 obj >> >> << << /K 68 >> 3656 0 obj endobj endobj /K 209 502 0 obj 4224 0 R 4225 0 R 4226 0 R 4227 0 R 4228 0 R 4229 0 R 4230 0 R 4231 0 R 4232 0 R 4233 0 R /S /Artifact << /Pg 23 0 R /K 965 /S /Artifact /P 6436 0 R /P 6619 0 R 1228 0 obj endobj 3303 0 obj endobj endobj /Lang (EN-US) /K 1517 3009 0 obj /Lang (EN-US) 2125 0 obj /P 4788 0 R /Pg 24 0 R << << 2373 0 obj endobj >> >> /S /P /K 507 868 0 obj endobj << /K [1111 1112] 4075 0 obj /Pg 25 0 R << /S /Artifact << endobj /Lang (EN-US) /S /P >> >> 2934 0 obj endobj /S /Artifact /Pg 13 0 R << 3073 0 obj /P 5978 0 R /Pg 25 0 R /Pg 22 0 R endobj endobj << endobj << 3774 0 obj /Pg 25 0 R /Pg 22 0 R /S /P /K 338 << /Pg 20 0 R /S /P /K 1538 << endobj 4057 0 R 4058 0 R 4059 0 R 4060 0 R 4061 0 R 4062 0 R 4063 0 R 4064 0 R 4065 0 R 4066 0 R endobj endobj /Lang (EN-US) /K 1452 >> /Pg 25 0 R >> /S /Artifact /Pg 25 0 R null null null 2856 0 R null null null 2857 0 R null 2858 0 R << /K 9 >> /S /P >> /S /P >> /K 1457 >> /P 10 0 R /K 1290 1867 0 obj /A 4460 0 R >> Why Direct Lending? A Compelling History - ORCIC /Pg 25 0 R /Lang (EN-US) >> /K 911 >> endobj << /P 5443 0 R /S /P /K 1420 >> /Pg 22 0 R 1080 0 obj /Lang (EN-US) /K 1179 /K 1442 << /S /P endobj /Pg 23 0 R 2616 0 obj << /Lang (EN-US) /P 4950 0 R /Lang (EN-US) /S /Artifact << /Pg 22 0 R >> >> >> << /Pg 25 0 R /Pg 22 0 R 157 0 obj /K 48 >> /P 6342 0 R >> /Pg 21 0 R 3546 0 obj 311 0 obj << /Pg 25 0 R /K 310 endobj 1083 0 obj /S /P << /Lang (EN-US) endobj /S /Artifact 2273 0 R 2274 0 R 2275 0 R 2276 0 R 2277 0 R 2278 0 R 2279 0 R 2280 0 R 2281 0 R 2282 0 R endobj /K 26 << /Pg 24 0 R endobj 2955 0 obj >> endobj << /S /P /S /Artifact /K 1 /Lang (EN-US) << /P 5010 0 R endobj endobj << /Lang (EN-US) /K 632 endobj << /S /P >> /S /Artifact /Pg 24 0 R /K 236 /P 5057 0 R 727 0 obj /P 5266 0 R << << /Lang (EN-US) >> << /Pg 22 0 R endobj endobj /Lang (EN-US) CDLI Quote - Cliffwater Direct Lending Index - Total Return /Lang (EN-US) >> /K 158 >> /P 5177 0 R >> The CDLI. /Pg 23 0 R /Lang (EN-US) 1377 0 obj endobj endobj endobj << >> /S /Artifact /K 1108 1806 0 obj endobj /K 19 >> /Pg 25 0 R /K 1468 1185 0 obj /Pg 25 0 R /P 5500 0 R >> /K 1375 endobj /S /P << 4304 0 R 4305 0 R 4306 0 R 4307 0 R 4308 0 R 4309 0 R 4310 0 R 4311 0 R 4312 0 R 4313 0 R 68 0 obj >> /S /P /Pg 25 0 R /S /P /Pg 23 0 R endobj >> 1119 0 obj 261 0 R null null null 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R /Lang (EN-US) << /K 210 endobj endobj endobj >> endobj /S /Artifact /P 6173 0 R /K 1083 << endobj endobj endobj /S /P /K 1345 endobj /P 5997 0 R /Lang (EN-US) /S /P /Pg 23 0 R /Pg 24 0 R /S /Artifact << /P 6090 0 R /P 10 0 R /Pg 24 0 R /K 1300 /K 1121 << 729 0 obj /S /P >> /K 252 << /S /P 70 0 obj /K 769 << >> endobj endobj << /K 1201 /Lang (EN-US) /S /Link 2943 0 obj /Pg 24 0 R /P 4991 0 R 233 0 obj /K 280 /K 1277 /K 1550 >> endobj 3628 0 obj /Pg 25 0 R /K 1301 >> /Lang (EN-US) >> /Pg 22 0 R >> >> endobj >> 1828 0 obj /K 1354 << /K 994 >> >> /S /Artifact /Lang (EN-US) 2023 0 R null null null 2024 0 R null 2025 0 R null 2026 0 R null << /S /Artifact << /K 1462 /K 1449 /K 634 << /Pg 25 0 R /S /P /P 10 0 R 1537 0 obj >> /Pg 23 0 R << >> >> endobj /S /P endobj >> << /S /P /S /Artifact /Lang (EN-US) >> /P 5803 0 R /K 1235 /P 5159 0 R << /Lang (EN-US) /K 34 /P 6285 0 R 1405 0 R 1406 0 R 1407 0 R 1408 0 R 1409 0 R 1410 0 R 1411 0 R 1412 0 R 1413 0 R 1414 0 R /S /Artifact 283 0 obj >> 1189 0 obj /S /P /S /P null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R endobj >> /P 5490 0 R /K 1524 2363 0 obj << Index. << >> >> endobj /Lang (EN-US) endobj << /K 1396 526 0 obj 2145 0 obj /Tabs /S >> << >> /Lang (EN-US) >> /S /Artifact /S /P /Lang (EN-US) /K 843 endobj endobj 1076 0 R null 1077 0 R null 1078 0 R null 1079 0 R null 1080 0 R null 3089 0 obj /K 1317 endobj /P 10 0 R /Pg 23 0 R >> /Pg 22 0 R endobj << /Lang (EN-US) /S /P endobj /K 206 >> /P 5291 0 R /Lang (EN-US) << endobj >> /K 1392 /P 5817 0 R /Lang (EN-US) endobj >> 3889 0 obj /Pg 22 0 R /Lang (EN-US) /S /P >> /Pg 25 0 R >> endobj endobj << /P 5104 0 R endobj /Lang (EN-US) /Pg 25 0 R endobj << endobj endobj 926 0 obj /Pg 23 0 R 1336 0 obj /K 1422 >> << /S /P /Lang (EN-US) endobj /Pg 22 0 R endobj << 142 0 obj /K 1448 /Pg 25 0 R /K 101 /S /Artifact /K 107 /S /P >> << endobj 1705 0 obj >> /S /Artifact /Pg 23 0 R /K 10 /Pg 23 0 R /S /P /Lang (EN-US) 3583 0 obj << << /Lang (EN-US) 3309 0 obj endobj << 1004 0 obj >> 2374 0 obj /K 1195 /Pg 24 0 R endobj /P 6100 0 R /K 1343 /K 1183 /K 1281 /S /Artifact /P 6150 0 R /S /P /Lang (EN-US) /Lang (EN-US) endobj >> 3 [81 0 R 82 0 R 83 0 R 84 0 R 85 0 R 86 0 R 87 0 R 88 0 R 89 0 R 91 0 R /P 4729 0 R /K 1139 /P 10 0 R >> 3072 0 obj /P 192 0 R << >> >> >> 741 0 obj << 1593 0 R null 1594 0 R null 1595 0 R null 1596 0 R null 1597 0 R null 36 0 obj /K 924 /K 1176 << null 1800 0 R 1801 0 R null 1802 0 R null 1803 0 R null 1804 0 R null 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null endobj endobj /P 5232 0 R /Lang (EN-US) 2698 0 obj /K 1153 endobj /Lang (EN-US) << endobj /Pg 24 0 R endobj >> /P 5566 0 R /Lang (EN-US) endobj /P 6137 0 R /Lang (EN-US) 1769 0 obj /P 5418 0 R /Pg 24 0 R /S /P /S /P << 2005 0 obj 1426 0 obj >> /S /P 3323 0 obj << /Pg 23 0 R /K 1507 >> << << /P 5204 0 R >> 1406 0 obj /S /Artifact endobj >> /K 176 /Pg 24 0 R << /K 1056 << /K 547 << 1751 0 obj /K 1333 /K 88 /S /P >> 1596 0 obj << /P 4868 0 R >> /Lang (EN-US) /Pg 19 0 R /Pg 25 0 R /P 5245 0 R 2568 0 obj << /Pg 25 0 R /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) /S /P /P 5833 0 R << /S /P /Lang (EN-US) /Pg 24 0 R >> null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R /S /P /K 1305 >> /Lang (EN-US) 2544 0 R null 2545 0 R 2546 0 R null 2547 0 R null 2548 0 R null 2549 0 R endobj >> 2333 0 R 2334 0 R 2335 0 R 2336 0 R 2337 0 R 2338 0 R 2339 0 R 2340 0 R 2341 0 R 2342 0 R /Pg 22 0 R << /Pg 22 0 R 2676 0 obj >> << /S /Artifact /K 598 endobj 1823 0 obj /StructParents 8 2771 0 R null null null 2772 0 R null null null 2773 0 R null /K 1361 >> /Lang (EN-US) << /K 1161 >> endobj << 2132 0 obj /Lang (EN-US) /Pg 15 0 R endobj 3910 0 obj << >> /Lang (EN-US) >> /Lang (EN-US) /Pg 25 0 R /S /P /S /Artifact /Lang (EN-US) /Pg 23 0 R >> endobj >> << endobj /P 6159 0 R endobj /P 10 0 R >> endobj 3437 0 obj >> /Lang (EN-US) /S /Artifact /K 11 >> >> << /Pg 24 0 R /P 5828 0 R /K 604 /P 5543 0 R /K 1065 >> /S /P << /P 6421 0 R /S /Artifact 1712 0 obj /K 1122 /Lang (EN-US) /K 869 << /Pg 24 0 R /Pg 24 0 R endobj >> /Pg 23 0 R /Pg 24 0 R /P 6575 0 R << /Pg 24 0 R /Pg 24 0 R /Lang (EN-US) /K 92 647 0 obj /K 532 /K 1236 /K [9 446 0 R 48] /Lang (EN-US) /Pg 22 0 R 2549 0 obj /K 1203 >> /P 5047 0 R /Pg 22 0 R 4199 0 obj endobj /S /Artifact endobj /Pg 22 0 R /Pg 24 0 R /S /P /S /Artifact endobj << endobj /Pg 19 0 R /S /Artifact /K 1218 >> /K 1496 endobj /Pg 25 0 R /P 4789 0 R /K 944 << /S /Artifact >> >> 247 0 R 248 0 R 249 0 R 250 0 R 251 0 R 252 0 R 253 0 R 254 0 R 255 0 R 256 0 R /Pg 25 0 R /S /P endobj endobj << >> endobj /Pg 18 0 R << 3894 0 obj /Lang (EN-US) 4524 0 R] 1858 0 obj 271 0 obj endobj /P 5674 0 R /Pg 22 0 R endobj /Pg 25 0 R /S /Artifact /S /P /Pg 25 0 R 255 0 obj endobj << << >> >> /S /P 3745 0 obj 2480 0 obj 3577 0 obj 3603 0 obj >> /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /K 1173 1130 0 obj /S /Artifact << /Pg 24 0 R /Pg 25 0 R 1028 0 obj /Lang (EN-US) /K 1015 null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R << /Pg 24 0 R 2656 0 obj /K 6 /Pg 24 0 R /S /P /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /Pg 22 0 R /Lang (EN-US) /P 5442 0 R endobj /S /P /S /P >> /K 1525 /Pg 24 0 R /Pg 25 0 R /S /Artifact >> /S /Artifact /Pg 24 0 R /S /P << << null null 1975 0 R null null null 1976 0 R null 1977 0 R null << << >> 4068 0 obj /K 1525 /Pg 22 0 R endobj /S /Artifact << << /Pg 25 0 R << 202 0 obj endobj endobj /S /Artifact endobj << 3430 0 obj >> << << >> >> /Pg 22 0 R << /S /Artifact /K 1176 /S /P 3974 0 obj >> /P 5991 0 R /K 1196 /Pg 23 0 R 2560 0 obj >> 4141 0 obj >> /K 82 >> >> /K 1037 /K 1168 >> /Pg 22 0 R >> >> >> /Pg 25 0 R /Pg 22 0 R /Pg 22 0 R /S /P Consistent floating-rate income with low volatility - Cliffwater launched CCLFX as an opportunity to track the Cliffwater Direct Lending Index (CDLI) /Lang (EN-US) >> /K 1031 /S /P 1624 0 obj null 1607 0 R null 1608 0 R null 1609 0 R null null null 1610 0 R >> 503 0 obj /S /Artifact /K 1458 endobj /K 1351 /Pg 23 0 R >> << 2541 0 obj >> /P 10 0 R << endobj >> >> >> >> endobj endobj /Pg 23 0 R /P 5491 0 R endobj /K 1285 /K 85 /Lang (EN-US) endobj /K 1307 endobj endobj endobj 1090 0 obj >> >> /Lang (EN-US) /K 326 << /S /P >> 3137 0 obj /Pg 25 0 R << /S /Artifact /Pg 23 0 R << >> /Pg 19 0 R /Pg 22 0 R >> 4086 0 obj endobj >> /Pg 23 0 R /Pg 26 0 R /P 6645 0 R /Lang (EN-US) /Pg 23 0 R /K 1010 /Pg 19 0 R /S /Artifact endobj /S /Artifact /K 803 >> /Lang (EN-US) << /S /P /K 935 >> /Pg 23 0 R >> /Lang (EN-US) 2651 0 obj 133 0 obj /P 5587 0 R /S /P 2026 0 obj /Pg 25 0 R /Pg 15 0 R >> /Lang (EN-US) endobj endobj /S /P /Lang (EN-US) 2680 0 obj /K 1535 /K 1231 << /S /P >> endobj >> /Pg 22 0 R 1272 0 obj >> 500 0 obj /Pg 23 0 R /Lang (EN-US) /S /P 586 0 obj endobj << /Pg 24 0 R /Pg 23 0 R /S /Artifact /K 1194 >> >> /Pg 25 0 R /S /P /S /Artifact >> << /Pg 22 0 R >> << /Pg 24 0 R /S /P /S /Artifact endobj /K 1333 /Pg 25 0 R /Pg 22 0 R /Lang (EN-US) /K 559 << >> >> /Lang (EN-US) /Pg 22 0 R >> >> /S /P 2064 0 obj /S /Artifact 4099 0 obj endobj /S /Artifact /Pg 23 0 R 2705 0 obj /P 6403 0 R << 716 0 obj 2733 0 obj /Pg 13 0 R /S /P >> /S /Artifact /S /Artifact /P 6060 0 R /Pg 23 0 R /K 1517 /Lang (EN-US) >> endobj /K 806 /S /Artifact /P 5912 0 R 1128 0 R 1129 0 R 1130 0 R 1131 0 R 1132 0 R 1133 0 R 1134 0 R 1135 0 R 1136 0 R 1137 0 R /S /P << /K [193 4750 0 R] /S /Artifact >> /P 6388 0 R << /Pg 22 0 R /Pg 22 0 R /K 111 endobj << /K 1125 endobj << /S /P /S /P << /Pg 22 0 R /S /P /K 674 >> /Pg 25 0 R /Pg 25 0 R /S /P null 1637 0 R null 1638 0 R null 1639 0 R null 1640 0 R 1641 0 R null /Pg 22 0 R 1280 0 obj << >> << /Pg 25 0 R null 713 0 R null 714 0 R null 715 0 R null null null 716 0 R >> >> >> << << /K 455 >> << >> /Pg 22 0 R /Pg 14 0 R /S /Artifact /S /P /S /P /Lang (EN-US) 3601 0 obj /K 1496 /Pg 25 0 R 3250 0 obj ICE, Bank of America for US High Yield represented by the ICE BofA High Yield. /K 105 1964 0 obj /S /Artifact /Pg 23 0 R >> /S /Artifact /K 81 << /S /Artifact 3676 0 obj endobj /Pg 23 0 R /Pg 16 0 R /P 5831 0 R 829 0 obj /Lang (EN-US) 707 0 obj << /S /P /S /Artifact >> /Pg 22 0 R /Pg 22 0 R >> 2305 0 obj endobj /S /P 531 0 obj /Pg 22 0 R /K 387 2264 0 R 2265 0 R 2265 0 R 2266 0 R 2267 0 R 2268 0 R 2269 0 R 2270 0 R 2271 0 R 2272 0 R
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