cliffwater direct lending index

null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R /S /Artifact /Pg 22 0 R >> << /Kids [8 0 R 9 0 R] /Pg 24 0 R /Pg 23 0 R 4168 0 obj /K 907 2353 0 obj /K 196 << << /K 54 /S /Artifact endobj /K 587 3254 0 R 3255 0 R 3256 0 R 3257 0 R 3258 0 R 3259 0 R 3260 0 R 3261 0 R 3262 0 R 3263 0 R /K 1404 /Pg 25 0 R endobj /Lang (EN-US) endobj >> /S /Artifact /P 6540 0 R /K 397 /K 314 1687 0 obj /Lang (EN-US) endobj /P 6195 0 R >> >> /P 6535 0 R 2089 0 obj /P 6072 0 R /S /P >> /P 5869 0 R << endobj 3953 0 obj /Lang (EN-US) 4065 0 obj /K 32 /Lang (EN-US) 2338 0 obj >> 2422 0 obj 3150 0 obj >> endobj /K 1527 /Pg 17 0 R /S /Artifact << << /Pg 22 0 R /Lang (EN-US) endobj /Pg 23 0 R endobj << >> endobj /S /P >> /S /P >> /K 1400 /P 6627 0 R endobj /K 1372 << /Pg 13 0 R /P 6281 0 R /S /P /P 6634 0 R >> << << endobj 320 0 obj << /Pg 20 0 R 2776 0 obj /S /Artifact /Pg 25 0 R 2524 0 obj >> >> endobj >> /S /Artifact 838 0 obj /Lang (EN-US) 3907 0 obj >> /K 26 /S /P /P 10 0 R >> 2640 0 obj << /Pg 25 0 R /P 4965 0 R /K 695 3075 0 obj endobj /S /Artifact /P 10 0 R << /Pg 24 0 R << /K 538 /Pg 25 0 R 2558 0 obj /K 3 3877 0 obj /Pg 23 0 R endobj /P 40 0 R /S /Artifact /K 1509 << /Pg 23 0 R /Pg 24 0 R << /Pg 22 0 R >> /Pg 24 0 R /P 10 0 R /S /P 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null /Pg 22 0 R /K 1445 /K 322 endobj endobj /Pg 25 0 R >> << /Pg 25 0 R /P 5484 0 R /P 5010 0 R endobj /S /Artifact /K 101 /Lang (EN-US) << << /Pg 23 0 R /Pg 22 0 R 1529 0 obj << /S /Artifact >> 2494 0 obj /Pg 23 0 R >> /K 1248 3650 0 obj Morningstar computes standard deviation using trailing quarterly total returns for 15 years. /K 1019 /Pg 22 0 R /S /Artifact endobj /S /P >> /K 484 /P 6250 0 R << 1705 0 obj <> /Pg 23 0 R >> >> << >> /A 4448 0 R endobj << /Pg 25 0 R 487 0 obj /P 6085 0 R << endobj >> 232 0 obj /K 1486 491 0 obj /Pg 23 0 R << endobj /S /Artifact /S /P 1223 0 obj >> 3552 0 obj >> << endobj /Pg 13 0 R /Subtype /Link /Lang (EN-US) << /Lang (EN-US) /S /P /Lang (EN-US) /K 53 endobj endobj /Pg 22 0 R /S /Artifact (CsYUtV 2YPE~c"31w+DVMa\wrU? eeKl'60\ /K 1403 /S /Artifact /S /P endobj /Pg 24 0 R >> >> endobj /Pg 24 0 R >> << /Pg 18 0 R /S /Artifact /S /P /S /P 107 0 obj /Pg 23 0 R /Pg 16 0 R /S /P /P 5718 0 R endobj endobj endobj 3689 0 obj 2310 0 obj /K 199 endobj /K 288 << endobj 3066 0 obj /P 5052 0 R /P 6396 0 R /K 1406 << /S /Artifact 2115 0 obj << /Pg 23 0 R /S /Artifact /K 1443 << << /S /Artifact >> /S /Artifact /K 359 1548 0 obj >> >> >> << /Pg 22 0 R >> >> 2661 0 obj /K 226 /Lang (EN-US) >> /P 6751 0 R /Lang (EN-US) /P 5169 0 R The Cliffwater Direct Lending index, which represents $260 billion in private credit assets, unlevered, returned 6.6% for the 12 months ended Sept. 30, compared to 14.25% for the prior 12-month . 723 0 obj 1679 0 obj 1975 0 obj >> << /S /P /S /Artifact << << /Pg 24 0 R /P 5365 0 R 200 0 obj /S /Artifact /Lang (EN-US) >> /Pg 24 0 R 3826 0 obj /Lang (EN-US) /S /Artifact << endobj 3868 0 obj /S /Artifact /K 1110 endobj << >> 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 1138 0 obj /S /P /Pg 23 0 R /A 4394 0 R /S /Artifact /P 5320 0 R 3617 0 obj /Lang (EN-US) /K 44 endobj >> /Pg 25 0 R /Pg 25 0 R /K 1101 3064 0 obj /Pg 23 0 R >> /P 6115 0 R 123 0 obj 3228 0 obj /K 114 621 0 obj /P 6580 0 R >> /Pg 18 0 R >> 1331 0 obj endobj << 1627 0 obj >> /Lang (EN-US) 671 0 obj << endobj 630 0 obj /P 4792 0 R 332 0 obj Cliffwater Corporate Lending Fund CCLFX provides all investors access to a private debt portfolio with the attractive pricing and quality of institutional caliber in corporate lending. endobj /P 10 0 R >> /Pg 25 0 R /S /P << << 1868 0 obj null null null 2011 0 R null null null 2012 0 R null 2013 0 R /Pg 22 0 R << 851 0 obj /S /P <> >> /K 279 << << >> /Pg 22 0 R endobj endobj /K 3 /P 4785 0 R endobj /S /Artifact endobj /P 6053 0 R /S /P endobj /P 10 0 R << endobj /K 830 /P 5585 0 R endobj >> /S /P /S /P /S /Artifact >> 923 0 obj null 978 0 R null 979 0 R 980 0 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2698 0 R null 2699 0 R << /Pg 22 0 R 565 0 obj /P 5343 0 R endobj /P 5983 0 R << endobj /P 10 0 R /Pg 25 0 R << endobj 550 0 obj /Pg 24 0 R /S /Artifact /Lang (EN-US) /S /P << 1669 0 obj /K 1305 << << 813 0 obj >> 168 0 obj /Pg 24 0 R 1940 0 obj 706 0 obj 3117 0 obj /S /P /K 1442 2369 0 obj >> /Lang (EN-US) /Pg 25 0 R /S /Artifact /S /Artifact /S /P 463 0 R 464 0 R 465 0 R null 466 0 R null 467 0 R null 468 0 R 469 0 R /Border [0 0 0] << /S /P endobj /K 1262 << null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /P 5503 0 R 2083 0 obj << /Pg 24 0 R << /S /Artifact /Pg 23 0 R >> << /Pg 22 0 R 1365 0 obj 1338 0 obj /Lang (EN-US) /Pg 24 0 R endobj /S /Artifact /S /P /Lang (EN-US) << >> << 1570 0 obj /S /P /Pg 23 0 R /K 1283 endobj /Lang (EN-US) /Lang (EN-US) endobj /S /Artifact /K 1189 /Pg 25 0 R /Lang (EN-US) /K 955 << /S /P /Pg 24 0 R 1699 0 obj 1761 0 obj /S /Artifact 2283 0 R 2284 0 R 2285 0 R 2286 0 R 2287 0 R 2288 0 R 2289 0 R 2290 0 R 2291 0 R 2292 0 R /K 170 >> /S /Artifact << /Lang (EN-US) /P 4821 0 R endobj << << /S /P /K 138 /S /P /S /Link /S /P endobj /P 10 0 R /Lang (EN-US) endobj /Lang (EN-US) receive by clicking each checkbox Cliffwater Research Cliffwater Webcast Invitation Cliffwater Daily Capital Markets Cliffwater Daily BDC Analysis save preferences Indices You can't define an asset class or take it seriously without an index. endobj >> 3626 0 obj /K 395 >> << 1060 0 obj 1078 0 obj /A 4439 0 R endobj /K 1166 /Lang (EN-US) /Pg 25 0 R << 1527 0 obj endobj /Pg 23 0 R /Pg 24 0 R /P 6006 0 R /P 6721 0 R >> /Pg 22 0 R endobj /S /P << /Pg 18 0 R >> 1393 0 obj /Lang (EN-US) endobj /P 5823 0 R /Lang (EN-US) /P 6154 0 R /K 344 /K 412 /P 5948 0 R >> /Pg 25 0 R >> /S /P /K 799 573 0 obj /K 1477 /K 858 /Lang (EN-US) << /P 5151 0 R /K 1329 /K 1240 endobj 1987 0 obj null 395 0 R null 396 0 R null 397 0 R null 398 0 R null 399 0 R /K 430 /Pg 22 0 R /K 961 null 3453 0 R null 3454 0 R null 3455 0 R null 3456 0 R null null << >> << << >> >> /S /P /P 6519 0 R >> >> null 713 0 R null 714 0 R null 715 0 R null null null 716 0 R >> /Pg 16 0 R << << /S /P /Pg 22 0 R >> << /K 405 >> >> /K 283 /Pg 24 0 R /K 140 /S /P << /Pg 24 0 R << << /K 576 /S /P /P 4743 0 R 4039 0 obj /K 886 /Pg 22 0 R endobj /S /Artifact << /S /Artifact /P 6192 0 R >> /K 1410 /Lang (EN-US) /Pg 18 0 R /Lang (EN-US) /S /P >> << /S /P endobj >> /K 1517 /P 10 0 R /P 5806 0 R /P 5332 0 R /Lang (EN-US) 3705 0 obj << endobj << endobj 39 0 obj >> << endobj 1917 0 obj /Pg 24 0 R >> /P 5434 0 R << /K 94 /P 5129 0 R /Lang (EN-US) 1170 0 obj /P 10 0 R >> endobj /S /P /K 1280 /P 6275 0 R /P 6413 0 R endobj /K 341 >> /S /Artifact 3209 0 obj >> /S /P /S /P endobj 3129 0 obj /K 1441 /P 5219 0 R << /Pg 25 0 R /S /Artifact /Pg 25 0 R /Lang (EN-US) endobj /Lang (EN-US) endobj /K 1310 3523 0 R 3524 0 R null 3525 0 R null 3526 0 R null 3527 0 R null 3528 0 R /S /P /Lang (EN-US) >> >> >> /Pg 23 0 R /Pg 24 0 R /Lang (EN-US) >> /S /P /P 5206 0 R << 2753 0 obj >> /S /P /Pg 23 0 R /Pg 22 0 R 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/P 5569 0 R /S /P << /K 374 Cliffwater Direct Lending Index Performance Annual Total Returns Since Inception Annual Income Returns Since Inception As of 12/31/21. >> /Pg 23 0 R /P 4927 0 R /K 1518 /Pg 22 0 R /P 6445 0 R /Pg 25 0 R 2747 0 obj /S /P /S /P /S /Artifact /S /Artifact /K 634 /K 457 endobj >> 3354 0 obj >> << 3180 0 obj endobj >> /Pg 25 0 R 180 0 obj /K 442 /S /P /S /P /P 5495 0 R 1056 0 obj /Lang (EN-US) /P 10 0 R 2476 0 obj >> /K 1291 << /Pg 23 0 R /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) endobj /K 424 null null 1081 0 R null null null 1082 0 R null 1083 0 R null 2788 0 obj 610 0 obj >> >> 1159 0 obj 1983 0 obj endobj /Lang (EN-US) 2805 0 obj /Lang (EN-US) /MediaBox [0 0 612 792] /Lang (EN-US) endobj 3995 0 obj 1505 0 R 1506 0 R 1507 0 R 1508 0 R 1509 0 R 1510 0 R 1511 0 R 1512 0 R 1513 0 R 1514 0 R /Lang (EN-US) /K 1486 >> /S /Artifact endobj 3243 0 obj << >> 207 0 obj <> >> /K 1359 4103 0 obj /S /LBody <> /S /Artifact /Pg 18 0 R endobj >> /P 6679 0 R /Pg 22 0 R << >> >> >> /S /P /S /P /P 4802 0 R /S /Artifact << endobj /S /P /Pg 24 0 R >> /Pg 16 0 R << 3568 0 obj >> /P 5874 0 R 3723 0 obj >> 3058 0 obj >> /K 1075 << >> /Pg 22 0 R 604 0 obj >> /S /P /Pg 24 0 R << /Pg 22 0 R /Lang (EN-US) /P 10 0 R >> >> /Lang (EN-US) /Pg 23 0 R /S /Artifact >> endobj /K 1257 /Pg 24 0 R /Lang (EN-US) << /Pg 23 0 R null 3789 0 R null 3790 0 R null 3791 0 R null 3792 0 R 3793 0 R null /Pg 16 0 R << /Pg 22 0 R 1084 0 R null 1085 0 R null 1086 0 R null 1087 0 R 1088 0 R null 1089 0 R /K 965 >> /Pg 24 0 R /K 1144 endobj endobj endobj 3527 0 obj /P 5629 0 R >> /Pg 23 0 R endobj << /Pg 22 0 R /K 56 <> /Lang (EN-US) /Pg 24 0 R endobj << endobj 956 0 obj 556 0 obj 778 0 R null 779 0 R null 780 0 R null 781 0 R null 782 0 R 783 0 R endobj >> /Lang (EN-US) /K 1250 /S /Artifact << /S /P /Lang (EN-US) /S /Artifact << /K 815 /S /Footnote /K 72 >> /Pg 25 0 R << 786 0 obj >> /Pg 24 0 R /K 176 2065 0 obj << >> 2293 0 R 2294 0 R 2295 0 R 2296 0 R 2297 0 R 2298 0 R 2299 0 R 2300 0 R 2301 0 R 2302 0 R >> /S /Artifact /Pg 19 0 R 29 0 obj >> /P 6161 0 R << >> >> /S /P /S /P << /K 1394 /Lang (EN-US) /K 689 << /Pg 23 0 R <> <> /P 4809 0 R 438 0 obj /S /P /S /P << >> 4243 0 obj /K 1331 /P 10 0 R /P 5212 0 R << endobj >> /K 49 endobj << >> /K 82 /P 5577 0 R >> 1297 0 obj 424 0 obj /Lang (EN-US) 22 /Pg 25 0 R /K 1539 4265 0 obj /K 1455 << /Lang (EN-US) /P 5961 0 R /Lang (EN-US) 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 5777 0 R endobj /K 1184 /Lang (EN-US) /K 1368 /Pg 22 0 R /Pg 20 0 R endobj >> /Pg 25 0 R /Pg 23 0 R endobj 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 endobj << /Pg 22 0 R /Pg 25 0 R /P 5501 0 R /Pg 22 0 R >> 3562 0 obj << << /Pg 24 0 R /P 4712 0 R /Lang (EN-US) 2423 0 R 2424 0 R 2425 0 R 2426 0 R 2427 0 R 2428 0 R 2429 0 R 2430 0 R 2431 0 R 2432 0 R 1767 0 obj endobj 3704 0 obj >> endobj 3033 0 obj /S /P >> 2074 0 obj /S /Artifact /S /P As of December 31, 2021. /Pg 20 0 R /Pg 23 0 R /Pg 25 0 R /K 616 434 0 obj 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 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R 353 0 R 354 0 R] /K 921 /K 1512 >> /S /P 2023. /P 4773 0 R /S /Artifact << /S /P endobj /Pg 24 0 R 1531 0 obj endobj endobj /K 1476 In its 2021 third quarter report, Cliffwater reported that since inception in September 2004, the Cliffwater Direct Lending Index (CDLI) had provided a net return (after realized and unrealized losses of 1.3%) of 9.5% per annum, 8.3 percentage points above the return on one-month Treasury bills - higher than the annualized equity premium has been over the long term and with far . /K 210 3504 0 obj /Pg 22 0 R /S /P /Lang (IT-IT) << /Lang (EN-US) << /S /P endobj endobj /Lang (EN-US) /K 251 /Lang (EN-US) >> /Pg 23 0 R >> /P 5480 0 R /K 109 /Lang (EN-US) >> >> 3115 0 obj >> /K 1351 << /Lang (EN-US) /K 18 /Pg 25 0 R /K 331 /S /P /Pg 23 0 R << /S /P /Lang (EN-US) /Pg 22 0 R 2457 0 obj 2620 0 obj << /S /P endobj >> << >> As base rates (LIBOR/SOFR) have risen to over 4% today, both existing loans and new originations offer enhanced return potential. 351 0 obj /P 4646 0 R /K 153 /S /P /S /P >> << /K 206 /P 6017 0 R /Pg 24 0 R /S /Artifact /K 176 /P 6568 0 R /K 1478 >> /Lang (EN-US) /S /Artifact >> >> endobj /Lang (EN-US) /Pg 22 0 R /Tabs /S /P 6566 0 R /Pg 25 0 R >> /Pg 23 0 R endobj 4084 0 obj endobj 4004 0 obj << /Pg 22 0 R /S /P 1545 0 obj << /K 1110 /P 6086 0 R << /K 1066 /P 5666 0 R /K 1389 /K 192 << /K 1363 << << endobj /K 13 << << /MediaBox [0 0 612 792] /P 6012 0 R endobj /P 6371 0 R /Lang (EN-US) endobj /Pg 22 0 R >> /K 135 /Lang (EN-US) /S /Artifact /S /P /S /Artifact endobj /S /Artifact /Pg 25 0 R /S /P >> 4315 0 obj >> /Pg 23 0 R /K 163 /Pg 25 0 R /S /Artifact >> 3009 0 obj /K 104 3314 0 R 3315 0 R 3316 0 R 3317 0 R 3318 0 R 3319 0 R 3320 0 R 3321 0 R 3322 0 R 3323 0 R endobj endobj 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R /S /Artifact >> >> >> >> 4233 0 obj /K 385 /Lang (EN-US) endobj endobj endobj /K 244 /S /Artifact /K 1086 << endobj 3771 0 obj /Pg 22 0 R /Lang (EN-US) 4268 0 obj << 1333 0 obj /K 127 endobj endobj /K 845 /S /Artifact /Pg 24 0 R >> /Lang (EN-US) endobj /K 1353 endobj /P 5632 0 R << /K 1217 3534 0 obj /Pg 23 0 R /T () endobj << 2 Demand for capital from << << 2472 0 obj /Lang (EN-US) 416 0 obj /K 30 << /K 489 endobj endobj /Lang (EN-US) /Pg 18 0 R /Lang (EN-US) /S /Artifact endobj /Pg 24 0 R >> /S /P /Lang (EN-US) >> 632 0 R null null null 633 0 R null 634 0 R null 635 0 R null endobj /K 3 /Pg 22 0 R /Pg 23 0 R endobj /Lang (EN-US) >> << /Pg 23 0 R 4314 0 obj /Pg 22 0 R 885 0 R null 886 0 R null 887 0 R null 888 0 R null null null /S /Artifact /P 6637 0 R endobj >> /K 1378 3347 0 obj 1889 0 obj >> endobj /K 1374 /K 986 /S /P /Pg 22 0 R 3218 0 obj /K 86 /P 5664 0 R 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R endobj << >> 305 0 obj /Pg 24 0 R /S /P >> endobj /P 193 0 R /S /Artifact >> >> /S /Artifact >> /P 141 0 R /Pg 25 0 R 2349 0 obj /K 1427 3496 0 R null 3497 0 R null 3498 0 R null 3499 0 R 3500 0 R null 3501 0 R 4297 0 obj /P 4895 0 R << endobj << 3278 0 obj /S /P /S /P >> /K 24 2382 0 obj << >> 1199 0 obj /K [180 542 0 R 194 4744 0 R] << /K 1345 As of 03/01/2023 EDT. >> <> endobj >> << /K 1437 3505 0 obj /Pg 24 0 R /Pg 24 0 R /S /Artifact >> /Lang (EN-US) << << /K 1119 /P 4803 0 R << /K 1490 /S /Artifact endobj << /Lang (EN-US) /K 1516 /P 4756 0 R >> endobj >> 1 0 obj /Lang (EN-US) /P 6525 0 R /P 5622 0 R 3396 0 obj endobj /K 903 /A 4663 0 R >> >> endobj endobj /P 5407 0 R /K 1115 /Pg 22 0 R 3882 0 obj 578 0 obj /Lang (EN-US) endobj << << endobj endobj /S /Artifact /P 6577 0 R /S /Artifact endobj /Lang (EN-US) << >> /P 10 0 R 2313 0 R 2314 0 R 2315 0 R 2316 0 R 2317 0 R 2318 0 R 2319 0 R 2320 0 R 2321 0 R 2322 0 R /Pg 24 0 R << endobj endobj <> >> /S /P 1966 0 obj >> /S /P /S /Artifact 1080 0 obj 1513 0 obj << /S /P >> 3761 0 obj /Pg 25 0 R /Pg 25 0 R /S /P /Pg 22 0 R >> /Pg 24 0 R /S /P null 3622 0 R null 3623 0 R null 3624 0 R null null null 3625 0 R /K 1125 CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. /K 1447 /Lang (EN-US) /Pg 22 0 R null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R endobj /Lang (EN-US) 2587 0 obj /S /P 4323 0 obj /Pg 19 0 R /Lang (EN-US) /S /P /P 5216 0 R /K 1478 null 2621 0 R null 2622 0 R null null null 2623 0 R null null 2545 0 obj 1985 0 obj >> 2842 0 R null 2843 0 R null null null 2844 0 R null null null >> /K 884 /S /Artifact 3783 0 obj endobj /Fund#20Manager (22) /S /P /Lang (EN-US) /Pg 22 0 R endobj endobj /S /Artifact /Pg 25 0 R << /Lang (EN-US) /Lang (EN-US) /K 1171 /K 1302 >> /K 3 /K 1369 /P 6659 0 R /K 46 endobj /S /P null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R >> /K 277 /Lang (EN-US) << 4283 0 obj /K 643 >> /P 5466 0 R 3192 0 obj << << 4061 0 obj << endobj 2048 0 obj << 1607 0 obj /Pg 19 0 R /S /P /K 478 /S /P /K 1515 1107 0 obj /S /P << >> >> /P 10 0 R >> << /Lang (EN-US) << /Pg 22 0 R /Pg 23 0 R /S /Artifact endobj << /Pg 25 0 R 1556 0 obj /Pg 22 0 R /P 5410 0 R /S /Artifact /K 129 /S /Artifact endobj /S /P /Pg 20 0 R >> >> /K 91 /Pg 23 0 R /K 1515 >> endobj /K 79 endobj 4195 0 obj endobj /K 931 /S /P endobj /P 6153 0 R /Pg 19 0 R 4120 0 obj << << >> >> /S /P /Lang (EN-US) /K 765 /P 33 0 R /K 1109 /S /Artifact 1937 0 obj /K 169 /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 3367 0 obj /K 15 570 0 obj endobj /Lang (EN-US) /K 20 endobj << << >> /K 379 /S /P /S /P endobj /Pg 24 0 R /P 10 0 R endobj /Pg 22 0 R 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 << 1119 0 obj /S /P /Lang (EN-US) /K 505 >> >> << endobj >> 792 0 obj 3663 0 obj /Lang (EN-US) >> /K 953 endobj endobj /Lang (EN-US) /K 395 >> endobj endobj /K 9 404 0 obj /S /Artifact endobj >> /S /P endobj /K 543 2922 0 obj >> 2194 0 obj endobj endobj endobj 984 0 obj >> >> endobj 2461 0 obj /K 1136 << /K 333 /K 760 /P 5756 0 R 3352 0 obj /Lang (EN-US) /S /Artifact /K 601 /P 5057 0 R /S /P /S /P endobj << /S /P /K 1138 /Pg 23 0 R /S /Artifact >> /Pg 22 0 R /K 2 /S /P << /K 19 /K 436 endobj /Pg 18 0 R /Pg 13 0 R /K 1353 >> /K 1480 /S /Artifact /P 5161 0 R /Pg 24 0 R 1120 0 obj /Pg 22 0 R /Lang (EN-US) 4260 0 obj /S /P /S /P /S /P /S /P endobj /Lang (EN-US) /S /P endobj /Lang (EN-US) endobj 1395 0 obj /K 1486 endobj >> << /Lang (EN-US) << >> >> /Pg 26 0 R << << >> << /Lang (EN-US) endobj 643 0 obj /P 5267 0 R /K 1517 /K 206 985 0 obj /S /P /S /P >> /Pg 23 0 R /Pg 18 0 R >> /S /P >> endobj >> /K 156 /P 5699 0 R 2519 0 obj /P 6719 0 R 3173 0 obj >> 4104 0 obj /K 117 1117 0 obj /K 1258 endobj >> /K 1043 /Lang (EN-US) /K 1383 /Lang (EN-US) << 3889 0 obj << >> /K 720 /Pg 23 0 R >> >> << >> >> /K 1148 /Lang (EN-US) 3810 0 obj /Pg 22 0 R 1614 0 obj 1896 0 obj /Pg 22 0 R << /K 751 << >> /Lang (EN-US) 843 0 obj endobj 1666 0 obj 4017 0 obj /Lang (EN-US) >> >> >> /S /P >> /Pg 22 0 R 2046 0 obj /K 317 endobj /K 1248 endobj 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 . /Pg 14 0 R /S /P 576 0 obj << >> 2157 0 obj endobj /P 6658 0 R /P 6276 0 R /S /P /Pg 24 0 R >> >> /Pg 15 0 R << 1650 0 obj /K [193 4750 0 R] /K 1457 endobj >> /P 4783 0 R << /K 1491 << endobj 1432 0 obj 2173 0 obj /Pg 25 0 R /Pg 22 0 R /S /P endobj /P 10 0 R endobj >> 2166 0 obj /Pg 23 0 R >> /K 830 /K 1228 >> /P 6026 0 R >> >> << /S /Artifact 3808 0 obj /K 86 endobj 4107 0 obj << /Pg 23 0 R /K 1546 3915 0 obj /K 1399 /S /P /Pg 22 0 R >> 4262 0 obj /S /Artifact /S /Artifact /Pg 22 0 R << /S /Artifact /Pg 14 0 R endobj 3263 0 obj /P 4795 0 R << << /K 70 endobj << /S /P << /Pg 24 0 R endobj /K 1389 endobj 3196 0 obj endobj /BS 6767 0 R /K 235 /K 606 /Lang (EN-US) >> 3532 0 obj /S /P /Pg 23 0 R >> << 3012 0 obj /Pg 23 0 R >> << /Lang (EN-US) /Pg 22 0 R /K 1094 /Pg 15 0 R /Lang (EN-US) /Lang (EN-US) /K 99 /Pg 16 0 R 3954 0 obj 651 0 obj endobj /Lang (EN-US) >> endobj endobj /Pg 21 0 R << /S /P /S /Artifact >> endobj /K 1271 /Lang (EN-US) endobj /P 10 0 R /Pg 25 0 R /Pg 23 0 R /K 630 endobj /P 5391 0 R >> /K 1176 /K 158 >> >> >> /Pg 25 0 R >> /K 1288 >> /Pg 23 0 R endobj /Pg 23 0 R endobj /K 62 /P 4727 0 R << >> /Lang (EN-US) 575 0 obj /P 6689 0 R 4022 0 obj endobj endobj /P 6722 0 R >> /K 1147 << << >> /Lang (EN-US) /Pg 22 0 R >> endobj 2235 0 obj /Lang (EN-US) /Lang (EN-US) /Pg 15 0 R 583 0 obj /S /P << /Lang (EN-US) >> /S /P /P 4770 0 R endobj >> /S /P /Pg 22 0 R /K 113 /Pg 24 0 R /Pg 24 0 R /S /P 1515 0 obj /Pg 25 0 R /Pg 22 0 R 1876 0 obj /S /Artifact /Lang (EN-US) /S /P << << /K 551 /Pg 26 0 R << endobj /S /P /K 534 3727 0 obj /Pg 25 0 R /P 5820 0 R /S /P /Pg 16 0 R /Lang (EN-US) <> endobj /Pg 25 0 R 826 0 obj 1646 0 R null null null 1647 0 R null 1648 0 R null 1649 0 R null >> 1265 0 obj /K [1118 1119] 734 0 obj 3038 0 obj >> 1472 0 obj /K 108 /P 6508 0 R >> /S /P /S /P /S /Artifact /K 1142 /K 1293 endobj endobj << <> /P 5870 0 R /S /Artifact 1406 0 obj /Pg 23 0 R endobj /Lang (EN-US) /Pg 25 0 R endobj 668 0 obj /K 667 /Lang (EN-US) << << >> endobj 1067 0 obj /K 235 >> /Pg 23 0 R >> << << >> >> 2041 0 obj /P 10 0 R /P 5175 0 R /P 5128 0 R 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 /P 5623 0 R /Lang (EN-US) /P 6515 0 R << /Pg 21 0 R /K 148 << <> /Lang (EN-US) endobj /Pg 25 0 R /K 571 There can be no assurance that historical trends will continue during the life of any fund. 2589 0 obj /K 78 745 0 obj endobj /K 1263 4278 0 obj 2152 0 obj >> /Pg 22 0 R >> >> /Pg 24 0 R >> /K 493 /Lang (EN-US) endobj << >> /Pg 23 0 R endobj /K 4 /P 6731 0 R /P 5045 0 R /Lang (EN-US) <> /K 1348 /K 32 << << /S /P /K 1446 /Lang (EN-US) endobj << /K 628 3664 0 obj /S /Artifact endobj /K 102 endobj /S /Artifact /Lang (EN-US) /S /P << 920 0 obj 4185 0 obj 1046 0 obj null 2629 0 R 2630 0 R null 2631 0 R null 2632 0 R null 2633 0 R null endobj << /S /P /S /P >> /K 993 /P 5476 0 R 526 0 R null 527 0 R 528 0 R null 529 0 R 530 0 R null 531 0 R null 3273 0 obj /P 6001 0 R /S /P 3289 0 obj /K 341 4037 0 obj >> >> endobj /K 441 endobj /Pg 14 0 R /S /P << << 2678 0 obj << /Lang (EN-US) /Pg 22 0 R

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