cliffwater direct lending index cliffwater direct lending index

<< /K 850 /P 6540 0 R /P 5444 0 R << >> /K 23 3561 0 obj 2132 0 obj endobj 1221 0 obj endobj /K 0 endobj >> endobj 4134 0 obj /S /Artifact /Lang (EN-US) 3372 0 obj /Pg 25 0 R /Pg 22 0 R << /K 86 /P 4718 0 R 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 /S /P /K 218 /K 1433 /P 6285 0 R /Pg 25 0 R /P 6478 0 R >> endobj << 3604 0 obj >> << /S /P 4306 0 obj >> 924 0 obj /Pg 22 0 R /P 6732 0 R endobj /Pg 22 0 R /K 626 /S /P >> 2642 0 obj << /K 581 2046 0 R 2047 0 R 2048 0 R 2049 0 R 2050 0 R 2051 0 R 2052 0 R 2053 0 R 2054 0 R 2055 0 R /S /Artifact << /P 5964 0 R endobj /S /P /S /Artifact /P 5707 0 R /K 1525 >> endobj /S /Figure 2137 0 obj endobj /Pg 22 0 R /P 5978 0 R /P 6219 0 R /K 1060 /MediaBox [0 0 612 792] /Pg 25 0 R /P 5804 0 R >> >> /Pg 25 0 R /K 61 /S /P 232 0 R 232 0 R 232 0 R 614 0 R 615 0 R 250 0 R 250 0 R 250 0 R 250 0 R 250 0 R /S /Artifact /Pg 25 0 R /Pg 25 0 R /Pg 22 0 R << /Pg 24 0 R endobj /Lang (EN-US) 4150 0 obj /P 10 0 R /K 8 << /Lang (EN-US) /P 10 0 R >> /Pg 24 0 R /S /P /Lang (EN-US) /S /Artifact /S /P /P 5953 0 R endobj /Pg 24 0 R >> << << /S /P /Pg 24 0 R >> >> endobj /P 4818 0 R /K 199 /S /P /P 5406 0 R /P 5279 0 R 104 0 obj /Type /Catalog endobj >> /S /Artifact >> /S /P /K 90 << /S /P >> /H /I endobj endobj /K 199 1237 0 obj /Pg 19 0 R << /S /P /S /P /Lang (EN-US) 3677 0 obj >> /Pg 25 0 R 1295 0 obj /Pg 23 0 R /Lang (EN-US) /P 5837 0 R << /Pg 24 0 R /K 1478 /S /Artifact /Pg 23 0 R >> /K 109 3355 0 obj 1591 0 obj /P 10 0 R /S /P 2497 0 obj >> << /K 89 /P 10 0 R /P 6317 0 R /S /Artifact 230 0 obj endobj 2206 0 obj << null 3789 0 R null 3790 0 R null 3791 0 R null 3792 0 R 3793 0 R null /S /P 2095 0 obj /S /P /Lang (EN-US) >> << 732 0 obj >> /S /P /K 1496 /Pg 20 0 R /Lang (EN-US) 507 0 R 508 0 R null 509 0 R 510 0 R null 511 0 R null 512 0 R null >> /Pg 24 0 R >> /Pg 23 0 R /Pg 23 0 R >> /Lang (EN-US) /Pg 24 0 R 88 0 obj 3203 0 obj /K 1358 /Pg 25 0 R endobj << 3522 0 obj /Pg 24 0 R /S /P >> /P 5727 0 R /K 1522 >> /K 257 /K 1140 /Pg 22 0 R /S /Artifact /K 1107 /S /P endobj 3599 0 obj /Contents 4369 0 R >> /Lang (EN-US) /P 5137 0 R endobj endobj /Pg 23 0 R << /S /Artifact /S /P /S /Artifact /S /Figure /Lang (EN-US) /Lang (EN-US) /S /P 4231 0 obj << /P 6294 0 R /P 4666 0 R << /K 1530 /Lang (EN-US) endobj /Pg 23 0 R endobj /S /P endobj /S /P . 2218 0 obj /Pg 23 0 R endobj /Pg 23 0 R << /S /P 2403 0 obj /K 821 /S /P /K 992 /K 1195 /S /P /K 1285 /S /P null null 3727 0 R null 3728 0 R null 3729 0 R null 3730 0 R null /P 6594 0 R /S /P << << << endobj endobj /S /P >> >> /S /Artifact << /S /Artifact endobj /K 106 /P 6368 0 R /S /Artifact 3136 0 obj >> /S /Artifact endobj /Pg 23 0 R /Pg 23 0 R 2862 0 obj << 3767 0 obj /K [41 42 43 44] >> /Lang (EN-US) /Pg 25 0 R << /S /P /P 5640 0 R /Pg 25 0 R /S /P /S /Artifact /P 5580 0 R /S /P >> << /Pg 23 0 R null 3691 0 R null 3692 0 R null 3693 0 R null 3694 0 R null 3695 0 R /P 5059 0 R endobj endobj /Pg 23 0 R /A 4397 0 R /Lang (EN-US) /K 1521 /K 1346 /Pg 24 0 R endobj /S /P /P 6499 0 R /P 4796 0 R /K 906 /Border [0 0 0] >> /Lang (EN-US) /P 5874 0 R /Pg 25 0 R endobj /S /P /Pg 24 0 R >> /K 196 >> /Pg 22 0 R /Lang (EN-US) /S /Artifact /Lang (EN-US) << << /S /P /Lang (EN-US) 4075 0 obj /P 6544 0 R endobj /K 603 << /Lang (EN-US) 745 0 obj /P 10 0 R endobj 885 0 R null 886 0 R null 887 0 R null 888 0 R null null null /K 830 /S /P /Subtype /Link 3374 0 obj 1039 0 obj /K 1302 /Pg 25 0 R 348 0 obj << /Lang (EN-US) 646 0 obj 4234 0 obj >> /K 1533 << endobj /S /P 116 0 obj /Pg 25 0 R >> /K [560 0 R 539 0 R] endobj /Pg 24 0 R endobj << /Pg 24 0 R endobj >> /Pg 23 0 R 759 0 obj endobj /Lang (EN-US) /K 48 << << << /K 1352 /S /P 1550 0 obj /P 6442 0 R << /Pg 22 0 R /Pg 23 0 R endobj 2135 0 obj /Pg 23 0 R 4064 0 obj /K 5 /K 1363 << endobj /Lang (EN-US) 4086 0 obj 4264 0 R 4265 0 R 4266 0 R 4267 0 R 4268 0 R 4269 0 R 4270 0 R 4271 0 R 4272 0 R 4273 0 R /S /P /Pg 23 0 R /K 1291 /S /P /P 6391 0 R 1012 0 obj /K 1383 /S /Artifact endobj 3337 0 obj >> /Pg 24 0 R /Pg 23 0 R null 860 0 R 307 0 R null 309 0 R null 861 0 R null null 862 0 R << endobj /P 6394 0 R << >> null 2807 0 R null null null 2808 0 R null null null 2809 0 R /P 6148 0 R >> /K 1500 >> /Pg 25 0 R >> /P 5124 0 R /Author (Bloomberg) >> endobj /K 1317 137 0 R 138 0 R 139 0 R 140 0 R 141 0 R 142 0 R 143 0 R 144 0 R 145 0 R 146 0 R /K 1428 /Pg 22 0 R /K 1546 1574 0 obj /P 4910 0 R << /Pg 15 0 R /Lang (EN-US) endobj /P 4920 0 R 342 0 obj endobj /Lang (EN-US) /K 532 endobj /S /Artifact << /K 8 /S /P << /Pg 23 0 R endobj 2459 0 obj /P 5952 0 R /P 4926 0 R endobj >> 405 0 obj /S /P << /K 1386 << Cliffwater produces in-depth research on the BDC space and found that, in calendar-year 2022, BDCs were down 8.6 percent, while the aggregate bond index was down 13.4 percent and stocks were down 18.0 percent. endobj /P 6055 0 R /Lang (EN-US) 76 0 obj /K 999 << /K 221 /S /P 2342 0 obj endobj endobj 1318 0 R 1319 0 R 1320 0 R 1321 0 R 1322 0 R 1323 0 R 1324 0 R 1325 0 R 308 0 R 1326 0 R /S /P /S /P null 3808 0 R null 3809 0 R null null null 3810 0 R null null /K 1290 /Pg 25 0 R /Lang (EN-US) /K 108 /P 5998 0 R 2986 0 obj 1657 0 obj >> /Pg 19 0 R 2303 0 obj /S /P 3960 0 obj /S /P /Lang (EN-US) 127 0 R 128 0 R 129 0 R 130 0 R 131 0 R 132 0 R 133 0 R 134 0 R 135 0 R 136 0 R /P 5710 0 R >> << endobj /K 352 endobj >> /S /P /Pg 25 0 R /Pg 24 0 R /Pg 21 0 R /Pg 17 0 R /S /P /Lang (EN-US) endobj /Pg 25 0 R /Pg 24 0 R 4027 0 R 4028 0 R 4029 0 R 4030 0 R 4031 0 R 4032 0 R 4033 0 R 4034 0 R 4035 0 R 4036 0 R 1240 0 obj /S /Figure /K 1239 << endobj << /Pg 24 0 R endobj /S /Artifact /Lang (EN-US) /K 76 >> endobj /Pg 24 0 R << 2176 0 obj 28 0 obj >> >> endobj /Lang (EN-US) 1256 0 obj /P 5930 0 R /Pg 25 0 R << endobj /K 1233 /S /Artifact << 2347 0 obj /Lang (EN-US) /S /Artifact /S /P >> endobj << 3850 0 obj >> /S /P >> endobj << 32 0 obj /P 6450 0 R /Pg 23 0 R >> /P 10 0 R /Pg 23 0 R endobj 2623 0 obj /K 1395 << /P 10 0 R 1099 0 obj /K 1216 << /S /P /Pg 22 0 R /P 6534 0 R endobj >> endobj endobj >> >> /S /P /P 10 0 R >> /K 664 << 3958 0 obj >> /S /P /S /P 2257 0 obj /K 1291 /K 1546 274 0 obj /S /P /K 610 >> /Lang (EN-US) /S /Artifact endobj >> << /Pg 22 0 R /K 1182 /K 1412 << << >> /S /P /P 33 0 R /P 10 0 R << Index. >> endobj endobj /P 6683 0 R 2103 0 obj >> endobj /P 10 0 R >> /Lang (EN-US) /S /Artifact /S /Artifact endobj /K 796 1759 0 obj endobj << /S /P endobj >> << << 3053 0 obj >> 4069 0 obj endobj 1994 0 obj /K 1134 /K 917 /P 6004 0 R << /S /P /K 1013 /Pg 23 0 R endobj /K 599 >> endobj /Lang (EN-US) /Lang (EN-US) 3725 0 obj endobj /Contents 4386 0 R >> 766 0 obj /Pg 22 0 R /P 6104 0 R /S /Artifact /Pg 22 0 R >> >> endobj << >> << << /Pg 18 0 R /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) >> endobj 2017 0 obj /Pg 25 0 R 175 0 obj << 1920 0 obj /P 10 0 R /S /P /Lang (EN-US) << << << << /S /Artifact 3394 0 R 3395 0 R 3396 0 R 3397 0 R 3398 0 R 3399 0 R 3400 0 R 3401 0 R 3402 0 R 3403 0 R /Lang (EN-US) /K 466 294 0 obj /K 1154 >> /K 133 /Lang (EN-US) endobj 4078 0 obj /Pg 22 0 R /K 211 /Lang (EN-US) /Pg 24 0 R /S /P /Pg 25 0 R endobj /Lang (EN-US) /S /Artifact /K 1257 /Lang (EN-US) >> endobj /S /Artifact /S /P >> /Pg 25 0 R >> 3173 0 obj /S /Artifact << /Pg 19 0 R << endobj /K 1091 endobj << << >> endobj endobj endobj 4077 0 obj /S /P >> >> 2402 0 obj 1004 0 obj >> /Pg 25 0 R 1388 0 obj /S /Artifact << endobj /Pg 25 0 R /S /P << /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /K 1362 << /Lang (EN-US) << << 1982 0 obj endobj /S /P /Pg 22 0 R << << /Lang (EN-US) /S /Artifact /K 1516 /S /Artifact >> << /P 5893 0 R /Pg 24 0 R /P 5073 0 R >> endobj endobj >> >> /S /P 232 0 obj >> /Lang (EN-US) << endobj 771 0 obj << 6 [173 0 R 174 0 R 175 0 R 176 0 R 177 0 R 178 0 R null 447 0 R null null /Lang (EN-US) >> /K 449 /Pg 23 0 R /Lang (EN-US) << << /Lang (EN-US) /S /Artifact /K 1545 /S /Artifact >> /S /P endobj /Pg 25 0 R endobj << endobj /S /P /K 1139 /S /Artifact /K 608 << /Pg 24 0 R << 3467 0 obj >> endobj >> /K 536 null 3860 0 R null 3861 0 R null 3862 0 R null 3863 0 R null 3864 0 R /S /P /Pg 25 0 R >> /S /Artifact /K 1306 /P 33 0 R endobj 3383 0 obj /K 775 endobj /K 1228 endobj /Pg 25 0 R /Lang (EN-US) >> /P 5612 0 R 1077 0 obj /Pg 25 0 R /S /Artifact /S /P /P 5870 0 R /K 73 /S /Artifact /S /Artifact /K 1302 /K 21 1562 0 obj << >> endobj /Pg 23 0 R 2774 0 obj /Pg 23 0 R /P 5806 0 R /Pg 24 0 R endobj /S /P null 664 0 R null 665 0 R null 666 0 R null 667 0 R null null /S /P /Pg 22 0 R The index is currently comprised of over 5000 direct loans valued at about $75 billion. >> 577 0 obj << >> >> 1332 0 obj endobj /P 6430 0 R >> /S /Artifact /Pg 23 0 R >> /Pg 23 0 R /P 5396 0 R >> /Lang (EN-US) << /S /P /Pg 25 0 R /K 1046 endobj /K 250 1336 0 R 1336 0 R 1337 0 R 1338 0 R 1339 0 R 1340 0 R 1341 0 R 1342 0 R 1343 0 R 1344 0 R /P 5861 0 R /Lang (EN-US) >> /Lang (EN-US) /Pg 25 0 R /Pg 22 0 R /K 1202 /P 5262 0 R 1089 0 obj /S /Artifact << /Lang (EN-US) /S /Artifact /S /Artifact endobj >> << /P 4804 0 R endobj /S /P null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null << /K 224 108 0 obj /Lang (EN-US) >> /Pg 22 0 R endobj << 2388 0 obj 1769 0 obj /Pg 25 0 R >> /Pg 25 0 R /Lang (EN-US) /K 1347 /Pg 22 0 R /Lang (EN-US) 2127 0 obj >> endobj endobj /Pg 18 0 R 4279 0 obj 475 0 obj /P 10 0 R endobj << /S /P /Pg 25 0 R << 2194 0 obj /P 10 0 R /MediaBox [0 0 612 792] /Lang (EN-US) /Lang (EN-US) /P 6485 0 R /S /Artifact >> /K 1378 1527 0 obj /P 5966 0 R /K 966 /K 16 /S /Artifact /S /Artifact /Pg 23 0 R >> << << /S /Artifact /K 520 3321 0 obj >> /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) 1796 0 obj << /S /P /Pg 23 0 R /Pg 24 0 R << >> >> /S /Link /K 1141 /S /Artifact /S /P /S /P /S /P /P 10 0 R /Pg 25 0 R /S /Artifact /Lang (EN-US) >> 948 0 obj /S /Artifact /K 1363 /P 6324 0 R /Pg 22 0 R /P 6543 0 R >> /P 4924 0 R /Pg 25 0 R endobj /K 562 >> >> << /P 6695 0 R /Pg 24 0 R He is a portfolio manager responsible for US Direct Lending funds, BlackRock Credit Strategies Fund, and middle-market CLOs in the US. 2631 0 obj 1118 0 obj >> /K 1076 /K 347 /S /P endobj /S /P /K 1277 << endobj /Pg 18 0 R endobj >> << >> 2442 0 obj /P 5496 0 R The CDLI seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), Including both exchange-traded and unlisted BDCs . /S /Artifact /S /P 3004 0 obj /Lang (EN-US) 3976 0 obj << >> >> << /Pg 18 0 R /S /Artifact 2166 0 R 2167 0 R 2168 0 R 2169 0 R 2170 0 R 2171 0 R 2172 0 R 2173 0 R 2174 0 R 2175 0 R << >> << /P 5168 0 R >> >> /S /P /S /Artifact /Pg 18 0 R << /K 38 /K [191 4748 0 R] << 1345 0 R 1346 0 R 1347 0 R 1348 0 R 1349 0 R 1350 0 R 1351 0 R 1352 0 R 1353 0 R 1354 0 R /Lang (EN-US) 411 0 obj << /Pg 24 0 R /K 1237 /A 4396 0 R /Pg 22 0 R >> << 3418 0 obj /K 462 /S /Artifact endobj /Lang (EN-US) endobj /P 6322 0 R >> << /Lang (EN-US) endobj << << 4194 0 obj 2242 0 obj /Pg 22 0 R /K 1222 /Lang (EN-US) >> endobj endobj /Lang (EN-US) /S /Artifact /Lang (EN-US) << /Pg 13 0 R /Lang (EN-US) /K 1040 endobj >> << /K 1 2079 0 obj /S /Artifact /P 6336 0 R << << /S /P << endobj << 330 0 obj /S /P << /Lang (EN-US) /Pg 23 0 R endobj /K 1515 << 3022 0 obj /Lang (EN-US) /S /LBody /S /Artifact /Pg 23 0 R /S /P /K 620 endobj 4016 0 obj /F 4 << >> /P 6141 0 R >> << /S /Artifact /Lang (EN-US) /Pg 24 0 R >> /S /Artifact /Pg 23 0 R << /S /Artifact /K 1407 /P 5399 0 R 682 0 obj >> /P 5945 0 R /S /P /S /Artifact /K 1496 << << /Pg 22 0 R 362 0 obj >> /K 463 /S /Artifact 2798 0 obj << /S /P endobj 980 0 obj /Contents 4364 0 R /S /Artifact /S /Artifact >> /Lang (EN-US) /S /P /K 1262 /Pg 22 0 R endobj 3777 0 obj >> 2907 0 obj /P 5218 0 R /K 1417 674 0 obj /Pg 22 0 R endobj /S /P /P 5064 0 R << endobj /P 5155 0 R 3072 0 obj >> /Lang (EN-US) << /S /P /Pg 23 0 R << endobj /S /P /S /P endobj endobj /K 323 endobj >> /Pg 22 0 R /K 909 << >> /P 5000 0 R /S /Artifact >> >> 2130 0 obj >> 2936 0 obj /Pg 25 0 R /Pg 24 0 R /Pg 23 0 R /S /Artifact >> >> /S /P /P 6305 0 R /Lang (EN-US) /S /Artifact /Pg 22 0 R /Pg 22 0 R /K 356 /Lang (EN-US) << >> << endobj /K 743 /K 0 /Lang (EN-US) << << endobj 3107 0 obj /S /Artifact /Pg 23 0 R /P 5943 0 R /S /Artifact >> /S /P 2107 0 obj 2550 0 obj /S /P /Pg 23 0 R 3806 0 obj >> /Pg 24 0 R /S /P /K 1332 /S /Artifact >> >> /S /P /S /P /K 169 /Pg 23 0 R endobj >> /Pg 25 0 R 3914 0 obj /S /Artifact /Lang (EN-US) /S /Artifact /K 489 /S /P /S /Artifact /Lang (EN-US) /K 767 /Pg 16 0 R >> /Pg 23 0 R /S /Artifact endobj /S /P >> >> << 886 0 obj /Pg 23 0 R >> /S /P endobj << << 1494 0 obj << /Pg 22 0 R endobj /S /P /Lang (EN-US) /P 6551 0 R /Pg 25 0 R /P 5477 0 R /Pg 23 0 R >> /S /P 3671 0 obj /P 5699 0 R /K 1338 << /Lang (EN-US) 2962 0 obj 1629 0 obj /Lang (EN-US) 3421 0 R null null null 3422 0 R null 3423 0 R null 3424 0 R null /Pg 22 0 R null null 3470 0 R null 3471 0 R null 3472 0 R null 3473 0 R null /K 50 /S /P /Lang (EN-US) endobj null 3737 0 R null null null 3738 0 R null null null 3739 0 R /Lang /S /P endobj endobj /K [9 410 0 R 132] /K 823 << /S /P endobj << /S /Artifact /Lang (EN-US) /K 317 >> /Pg 23 0 R << /Lang (EN-US) endobj /Lang (EN-US) 1823 0 obj endobj * "Direct Lending" is proxied by the Cliffwater Direct Lending Index - Senior (CDLI-S) which uses Current Yield as of June 30, 2021 in place of Yield to Worst. /S /LBody endobj endobj endobj >> << /P 6530 0 R >> >> /K 7 /K 1229 /P 4700 0 R /Lang (EN-US) endobj endobj 4117 0 obj >> >> endobj 4266 0 obj 1885 0 R 1886 0 R null 1887 0 R null 1888 0 R null 1889 0 R null 1890 0 R /Pg 24 0 R << endobj /S /P /Pg 22 0 R /Pg 22 0 R /K 144 /Pg 24 0 R /K 1505 /Pg 20 0 R >> << /S /P /Lang (EN-US) /P 6743 0 R 2197 0 obj /Lang (EN-US) /S /P /Pg 19 0 R /S /P << /Pg 15 0 R Direct Lending) /P 33 0 R >> 846 0 obj endobj << /Pg 22 0 R /Lang (EN-US) /S /P /S /Artifact >> 3692 0 obj /S /P /Lang (EN-US) >> endobj 1162 0 obj endobj >> /S /Artifact /S /P /K 1350 << >> 4095 0 obj endobj endobj << /S /Artifact /P 5379 0 R /K 21 endobj endobj endobj >> /K 1524 << /K 1089 /Pg 22 0 R /S /P << << /S /P The Cliffwater Direct Lending Index Our analysis relies heavily upon the Cliffwater Direct Lending Index, or CDLI, an asset-weighted index of over 6,000 direct loans totaling $87 billion in assets.1 The CDLI is a first-of-its-kind index used by well-known investment firms to help understand asset class << endobj >> /S /P >> >> /Pg 13 0 R 2634 0 obj /K 1270 /K 640 endobj /S /Artifact endobj /S /Artifact /P 10 0 R endobj /S /Artifact << /P 6745 0 R /P 6662 0 R << endobj /S /Artifact endobj /Resources 4356 0 R /S /P /P 5742 0 R << /S /Artifact /K 61 << endobj /Lang (EN-US) << /P 4865 0 R /P 10 0 R /S /P 1375 0 obj /Pg 20 0 R /S /Artifact << << endobj /P 10 0 R << << << >> /P 6042 0 R endobj /Pg 16 0 R >> /S /P 1266 0 obj /S /Artifact 4056 0 obj 3668 0 obj << << /P 6706 0 R >> /K 898 /Pg 23 0 R endobj /Tabs /S 451 0 obj /K 1501 /Lang (EN-US) >> /Pg 23 0 R 273 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R 280 0 R 281 0 R 282 0 R 283 0 R endobj endobj >> endobj endobj /S /P >> /Pg 23 0 R /Pg 24 0 R >> endobj >> 3444 0 R null null null 3445 0 R null null null 3446 0 R null << null null null 837 0 R null 838 0 R null 839 0 R null 840 0 R /Pg 25 0 R endobj endobj << /K 458 /S /P /Pg 13 0 R /K 724 /P 6691 0 R endobj /Pg 23 0 R /P 5761 0 R /P 6746 0 R 4043 0 obj /S /P /S /P >> /K 797 /S /P /S /P /S /P >> 2956 0 obj /S /P >> 838 0 obj null 3573 0 R null 3574 0 R null 3575 0 R null 3576 0 R null null /K 28 /K 1482 2013 0 obj /K 1288 endobj /S /Artifact endobj /S /P /S /P /P 5530 0 R endobj /Pg 25 0 R /Lang (EN-US) /K 28 endobj /K 1453 endobj /Pg 17 0 R /K 74 endobj /K 1422 3206 0 obj 3277 0 obj 2694 0 obj >> >> /Pg 25 0 R >> /K 1544 /P 5281 0 R /K 1404 endobj << >> /S /P /P 4885 0 R endobj /S /P >> 3969 0 obj /K 1398 << 542 0 obj /K 1204 /S /Artifact endobj /S /P >> /Pg 24 0 R /S /P /K 12 endobj /Pg 24 0 R /S /P /Lang (EN-US) /Pg 18 0 R null 2780 0 R null 2781 0 R null 2782 0 R null 2783 0 R null null 1910 0 obj >> << /S /P 654 0 obj 1921 0 obj /K 28 >> /K [66 4674 0 R] /S /P /S /Artifact /K 75 >> >> /Pg 25 0 R /S /Artifact /S /Artifact >> 3188 0 obj /S /P /Lang (EN-US) /S /P << /K 1246 endobj >> /Pg 25 0 R >> /Pg 22 0 R /K 82 << 1767 0 obj >> /Pg 18 0 R 2428 0 obj /Pg 22 0 R /K 1475 << endobj /K 1477 1567 0 obj endobj /K 666 endobj /Pg 25 0 R endobj /Pg 23 0 R 359 0 R 360 0 R 361 0 R 362 0 R 363 0 R null null 364 0 R null 365 0 R /K 670 /K 821 << 3192 0 obj endobj 4304 0 obj 3368 0 obj endobj endobj /S /Artifact >> << /S /P 3462 0 obj /S /Artifact /S /P /S /P endobj << >> >> /P 10 0 R /K 84 << null 1842 0 R null null null 1843 0 R null null null 1844 0 R /Lang (EN-US) /Pg 25 0 R /S /P 776 0 obj /K 352 /K 1132 3096 0 obj null 3718 0 R null 3719 0 R null 3720 0 R 3721 0 R null 3722 0 R null << 268 0 obj /Lang (EN-US) >> 2440 0 obj /Pg 24 0 R /S /P /P 5582 0 R /Pg 23 0 R endobj /P 5665 0 R << /K 832 /P 6182 0 R /K 1176 /S /Artifact >> endobj /S /P >> null 1068 0 R null null null 1069 0 R null null null 1070 0 R << /Pg 25 0 R /K 1148 3820 0 obj endobj >> 215 0 obj /K 27 3354 0 R 3355 0 R 3356 0 R 3357 0 R 3358 0 R 3359 0 R 3360 0 R 3361 0 R 3362 0 R 3363 0 R 3498 0 obj /Pg 24 0 R /Pg 23 0 R /P 4793 0 R /Lang (EN-US) >> /K 62 << endobj null 2523 0 R null 2524 0 R null 2525 0 R null 2526 0 R null null /K 724 /Pg 24 0 R >> >> >> /Pg 22 0 R 546 0 obj >> /P 5207 0 R /Pg 24 0 R /S /Artifact endobj >> >> /Pg 25 0 R /S /P endobj << /Lang (EN-US) >> /S /Artifact /Pg 25 0 R >> /P 6432 0 R endobj >> /Lang (EN-US) << >> endobj /Pg 24 0 R /Pg 18 0 R 561 0 obj << /P 6454 0 R /P 5778 0 R /Lang (EN-US) << /P 5242 0 R endobj /Tabs /S /Pg 22 0 R endobj << 4116 0 R 4117 0 R 4118 0 R 4119 0 R 4120 0 R 4120 0 R 4121 0 R 4122 0 R 4123 0 R 4124 0 R << /S /P /S /LBody /S /P /K 49 endobj endobj /S /P /S /P /Lang (EN-US) /S /Artifact << << /S /P >> << /MediaBox [0 0 612 792] /Lang (EN-US) /Lang (EN-US) endobj endobj << 3662 0 obj << /StructParents 6 << /Lang (EN-US) /Lang (EN-US) /K 103 /K 222 /S /Artifact /K 1277 /K 1121 /Pg 22 0 R << /S /P << /Pg 20 0 R endobj << /Lang (EN-US) /P 6069 0 R 1546 0 obj endobj endobj << /K 1479 /Pg 24 0 R /S /P /Pg 16 0 R /P 10 0 R endobj /P 4715 0 R /Pg 23 0 R /P 10 0 R /S /P >> 474 0 obj endobj endobj >> /K 116 3837 0 obj 938 0 obj /Pg 24 0 R endobj /P 4777 0 R << >> 1269 0 obj /S /P /Document#20Type (5) 559 0 obj /P 4912 0 R << /K 28 endobj << /Pg 24 0 R /Lang (EN-US) endobj >> 2217 0 obj /P 5899 0 R /K 1197 endobj /S /P /Pg 22 0 R /S /Artifact /Pg 25 0 R /K 1276 /P 10 0 R /Lang (EN-US) /K 1493 /Pg 23 0 R endobj /K 167 1280 0 obj /Pg 24 0 R 900 0 obj >> >> 2720 0 obj 4088 0 obj >> /Lang (EN-US) 3392 0 obj << << /K 1264 /Lang (EN-US) >> 4067 0 R 4068 0 R 4069 0 R 4070 0 R 4071 0 R 4072 0 R 4073 0 R 4074 0 R 4075 0 R 4076 0 R endobj endobj /P 6738 0 R << << 1970 0 obj /P 5254 0 R 3132 0 obj << << /Pg 24 0 R /K 310 endobj /K 1520 /Pg 22 0 R /P 4792 0 R 2239 0 obj 4068 0 obj /K 765 /Pg 25 0 R >> /Lang (EN-US) /Pg 24 0 R /S /Artifact /Lang (EN-US) /K 256 endobj >> 4038 0 obj /Lang (EN-US) << 949 0 obj 1176 0 obj /K 133 endobj /P 6655 0 R << 720 0 obj /S /P /Pg 24 0 R /S /P /Lang (EN-US) << >> /K 453 endobj 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null >> /K 18 << endobj /Lang (EN-US) /Pg 25 0 R /Pg 24 0 R /Pg 25 0 R /P 5404 0 R /Pg 25 0 R /K 1239 endobj /P 4762 0 R Source: Morningstar, Cliffwater Direct Lending Index, as of December 31, 2021. /K 1275 /K 923 /Pg 24 0 R /P 10 0 R /Pg 25 0 R /Pg 23 0 R /K 1358 /K 1268 /Pg 22 0 R /K 64 >> endobj endobj << /K 1512 endobj >> /P 6061 0 R endobj endobj /S /P >> << /K 1272 380 0 obj /P 10 0 R << >> endobj >> >> << /Lang (EN-US) endobj /P 6308 0 R /S /P >> /P 6127 0 R << endobj 2747 0 obj endobj /Lang (EN-US) endobj /K 707 /Lang (EN-US) 535 0 obj << << /Pg 23 0 R /S /P >> << /S /Artifact endobj >> /K 1504 >> << /Lang (EN-US) /P 6198 0 R /P 6556 0 R /P 6641 0 R 1498 0 obj endobj endobj /Pg 22 0 R /P 5387 0 R /Pg 14 0 R << /Pg 22 0 R /Lang (EN-US) endobj /K 1213 << >> endobj 1463 0 obj /K 1246 endobj /S /P 713 0 obj endobj >> 3288 0 obj >> /Pg 24 0 R endobj /K 466 >> /P 5245 0 R /K 408 endobj /Lang (EN-US) >> /Pg 22 0 R /K 963 /K 621 1440 0 obj 1312 0 obj /P 6396 0 R /K 531 /Pg 25 0 R >> 1426 0 obj << /Company (Hewlett-Packard Company) << >> >> /S /P /S /P >> 2781 0 obj 3657 0 obj /K 728 /S /Artifact /Lang (EN-US) /K 1384 /K 786 >> /Lang (EN-US) /T () /K 1164 /P 6194 0 R /K 911 /K 1220 << endobj endobj endobj >> /P 5516 0 R /Pg 18 0 R /Lang (EN-US) /S /P /Pg 25 0 R /Lang (EN-US) /P 4710 0 R /S /P /S /Artifact << >> >> endobj 44 0 obj /Pg 22 0 R /K 57 >> << /S /P /S /P 3162 0 obj /P 5912 0 R >> >> /A 4687 0 R >> endobj >> endobj /S /P /Pg 25 0 R /Pg 23 0 R /K 278 /Pg 25 0 R 373 0 R 374 0 R 375 0 R null null 376 0 R null 377 0 R 378 0 R 379 0 R >> /S /P 3525 0 obj >> /K 1133 /K 360 /Pg 22 0 R /Pg 24 0 R /P 10 0 R /S /P /Pg 21 0 R >> /Pg 22 0 R /K 856 /S /Artifact << >> >> /K 1522 /K 1363 endobj 711 0 obj /S /P /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /K 1327 << /Pg 22 0 R /Pg 23 0 R /S /Artifact 1915 0 obj /K 824 << /P 6142 0 R endobj << /S /P /S /P << >> >> endobj /S /P /S /Artifact /S /P /P 10 0 R endobj /P 184 0 R 1770 0 obj endobj /Pg 18 0 R 2531 0 obj /Lang (EN-US) << /K 163 1534 0 obj 3491 0 obj /Pg 25 0 R >> >> /Lang (EN-US) /S /P /K 12 /S /Artifact endobj /Pg 24 0 R /P 5929 0 R /P 5614 0 R endobj /Pg 25 0 R 2199 0 obj >> /S /Artifact >> /Pg 24 0 R 1611 0 obj >> /K 82 << endobj << /K 678 endobj /K [45 46 47 48 49] /Lang (EN-US) /Pg 21 0 R /Lang (EN-US) /S /Artifact /Pg 25 0 R 897 0 obj /Lang (EN-US) >> >> /Pg 17 0 R endobj << 4218 0 obj /Pg 22 0 R /Pg 24 0 R /S /P /Pg 22 0 R /Pg 22 0 R << /Lang (EN-US) /Pg 24 0 R << << 3746 0 obj << /Pg 22 0 R /K 16 /Pg 23 0 R 1986 0 obj << /Pg 22 0 R >> /P 4752 0 R 1473 0 obj 1446 0 obj >> endobj /S /P /K 1268 /S /P null 2501 0 R null 2502 0 R null null null 2503 0 R null null endobj >> 1310 0 obj 245 0 obj /S /P 112 0 obj >> /K 517 /K 794 >> 2838 0 obj /Lang (EN-US) 3291 0 obj << /Lang (EN-US) /K 871 << << endobj >> 3852 0 obj /K 399 4179 0 obj /K 1407 /Pg 23 0 R endobj /S /P 571 0 obj << /K 1063 /S /Artifact /S /P >> /K 429 << /Pg 23 0 R endobj >> >> /S /Artifact endobj /Pg 22 0 R /Pg 26 0 R 4189 0 obj << endobj /Pg 23 0 R /Pg 25 0 R >> endobj 1158 0 obj << /P 4992 0 R endobj /Pg 17 0 R /Lang (EN-US) endobj /Pg 23 0 R 47 0 R 48 0 R 49 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R 55 0 R 56 0 R 3122 0 obj 449 0 obj 1592 0 obj /Tabs /S >> /K 1106 /Lang (EN-US) << << 2414 0 obj /Pg 18 0 R 819 0 obj /Pg 24 0 R endobj >> endobj >> 343 0 obj 3842 0 obj /K 705 << /P 5868 0 R /K 1251 705 0 obj /S /Artifact /Pg 23 0 R /P 5116 0 R /S /Artifact 3042 0 obj 4308 0 obj /K 437 /K 544 /Pg 24 0 R >> /S /P /P 5244 0 R endobj /Pg 25 0 R /S /Artifact endobj >> /Pg 22 0 R /S /Artifact /P 4751 0 R /Pg 25 0 R /S /Artifact /Pg 25 0 R /K 1052 endobj 2874 0 obj << 1102 0 obj >> null 2904 0 R null null null 2905 0 R null 2906 0 R null 2907 0 R 978 0 obj 661 0 obj << << /Lang (EN-US) /Lang (EN-US) << >> endobj /S /P /S /P >> 1760 0 obj /Pg 22 0 R >> /Lang (EN-US) /Pg 25 0 R << endobj 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R /Lang (EN-US) /Lang (EN-US) 2743 0 obj /P 5753 0 R 3408 0 obj endobj >> >> 2494 0 obj /Pg 25 0 R << /P 4404 0 R /K 902 endobj /Pg 22 0 R >> 3486 0 obj >> endobj /P 6405 0 R >> /Lang (EN-US) null 3649 0 R 329 0 R null 331 0 R null 3650 0 R null null 3651 0 R /Lang (EN-US) /P 5239 0 R endobj 1213 0 obj 2692 0 obj 753 0 obj endobj /Pg 25 0 R /S /P /Lang (EN-US) 3658 0 obj /P 6164 0 R << >> /K 7 endobj /Lang (EN-US) /S /Artifact endobj /K 1211 /Pg 23 0 R /S /P /P 6251 0 R /S /Artifact << /Lang (EN-US) >> >> null 1823 0 R null 1824 0 R null 1825 0 R 1826 0 R null 1827 0 R null /S /Artifact 3654 0 R null 3655 0 R null 3656 0 R null 3657 0 R null 3658 0 R null /S /P /S /Artifact /S /Artifact /Pg 22 0 R /S /P << 3534 0 obj endobj 4293 0 obj /Pg 23 0 R /P 5417 0 R endobj >> /S /Artifact /K 488 << /S /Artifact /P 6136 0 R /S /P << >> /S /P /S /Artifact << /Lang (EN-US) /P 4919 0 R /S /Artifact /P 6401 0 R >> /Pg 22 0 R /S /Artifact /K 6 /Pg 25 0 R /S /P /Pg 24 0 R /K 1350 /Pg 22 0 R /S /P /S /Artifact /S /Artifact 4054 0 obj /K 1233 >> /S /Artifact endobj 3397 0 obj Infra: Bloomberg mnemonic Infra300 Index; Private Credit: Cliffwater Direct Lending Index; Real Estate: . 616 0 obj << /K 1167 /S /P /S /P << /S /Artifact /S /P 942 0 obj /Lang (EN-US) endobj /StructParents 10 >> /S /P << /S /Artifact /P 6546 0 R endobj endobj << 3311 0 obj << endobj /S /P << 2108 0 obj /S /Artifact /K 62 endobj << << >> 3012 0 obj endobj /K 1171 /K 1210 /P 5757 0 R /K 410 154 0 obj endobj endobj endobj /K 853 << >> /K 279 /Lang (EN-US) << >> 3453 0 obj << >> 1825 0 obj /Pg 24 0 R 1872 0 obj /Pg 25 0 R >> endobj << >> 1124 0 obj >> /K 1286 /Pg 23 0 R endobj >> << 2613 0 obj << << 4049 0 obj /K 1451 /Lang (EN-US) The CDLI. 673 0 obj >> 140 0 obj >> 1356 0 obj /S /P << 3703 0 obj >> 3519 0 obj endobj /K 787 << /Pg 25 0 R 2727 0 obj /Pg 24 0 R /K 70 << /K 358 /K 1221 /S /P /Pg 24 0 R /K 484 /P 5157 0 R >> /Pg 25 0 R << 779 0 obj /S /P /S /P >> /K 332 endobj endobj /Lang (EN-US) /K 112 << >> /Pg 23 0 R /A 4745 0 R >> /S /P >> 929 0 obj /Pg 22 0 R /P 10 0 R /P 4776 0 R /S /Artifact << /Lang (EN-US) /Pg 23 0 R << /Lang (EN-US) endobj /Pg 24 0 R 4252 0 obj << endobj endobj >> /K 1229 /K 1383 << /S /Artifact << /S /P << /Lang (EN-US) /Lang (EN-US) >> << >> 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 3375 0 obj /S /Artifact 4203 0 obj endobj 3721 0 obj >> 1770 0 R null 1771 0 R null 1772 0 R 1773 0 R null 1774 0 R null 1775 0 R >> 2927 0 obj /Pg 25 0 R /S /P 1382 0 obj 1482 0 obj /Lang (EN-US) endobj /S /P /Pg 24 0 R 526 0 R null 527 0 R 528 0 R null 529 0 R 530 0 R null 531 0 R null