endobj << /S /P 2625 0 obj /Lang (EN-US) endobj endobj /K 824 << /Pg 25 0 R /P 6529 0 R /Pg 23 0 R /P 5163 0 R << /S /P >> endobj >> >> /Pg 25 0 R /K 352 << /Pg 25 0 R /Lang (EN-US) /P 4829 0 R /K 1278 endobj endobj >> 1015 0 obj endobj endobj 657 0 obj /Pg 25 0 R /Lang (EN-US) /K 40 endobj /S /Artifact 2490 0 obj endobj << /Pg 15 0 R /P 5311 0 R 3551 0 obj 1861 0 obj 1597 0 obj 2795 0 obj >> << << << /Lang (EN-US) /Pg 24 0 R /Pg 22 0 R >> /Pg 24 0 R endobj /Pg 24 0 R /Pg 25 0 R /P 5585 0 R endobj /Pg 25 0 R /P 6180 0 R /Pg 25 0 R /K 885 /Pg 24 0 R /K 1273 >> /P 5729 0 R endobj /P 89 0 R /Pg 23 0 R /Pg 24 0 R 252 0 obj 3704 0 obj endobj /Lang (EN-US) /P 5227 0 R 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 << endobj << endobj /Pg 25 0 R /P 6324 0 R /S /P /Pg 24 0 R /Pg 22 0 R /Pg 23 0 R /S /Artifact endobj /S /Artifact /K 1324 >> 1345 0 obj /Pg 24 0 R << /S /P /K 851 /P 6286 0 R /S /Artifact /K 1322 >> 1840 0 obj 2385 0 obj /Lang (EN-US) << /K 1182 << << /S /P /K 998 /K 4 /Pg 23 0 R << << << /K 1519 >> /K 1275 /P 5135 0 R /S /Artifact /Pg 22 0 R /S /P /S /Artifact /K 1435 >> /Pg 22 0 R /S /Artifact /S /Artifact /Lang (EN-US) /P 6087 0 R /S /P /K 1079 endobj /P 5676 0 R endobj endobj /S /Artifact /Pg 18 0 R /Pg 23 0 R /S /P /Lang (EN-US) << << /S /Artifact /K 19 /S /P << /S /Artifact >> /S /Artifact << /Pg 25 0 R /P 5194 0 R 4103 0 obj endobj /Pg 23 0 R /S /Artifact /K 1307 1796 0 obj /P 6468 0 R /S /Artifact /S /Artifact << >> /Lang (EN-US) 3712 0 obj << /Lang (EN-US) 2582 0 obj 1397 0 obj << 4135 0 obj /S /P /Pg 22 0 R /S /P 348 0 obj 1378 0 obj << /K 1398 >> 3967 0 obj << /K 824 /Lang (EN-US) /K 1165 /S /P endobj endobj >> >> /Pg 22 0 R /Pg 23 0 R << /K 840 3698 0 obj /Lang (EN-US) endobj /MediaBox [0 0 612 792] 1166 0 obj 416 0 obj 3620 0 obj /K 1322 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 1105 0 obj /S /P /Lang (EN-US) /K 1109 >> /S /P /Pg 24 0 R /P 5393 0 R /P 5428 0 R << 841 0 obj /Pg 22 0 R endobj >> endobj /Pg 24 0 R /StructParent 1 /Pg 22 0 R >> 2240 0 obj /P 10 0 R /K 944 << /S /Artifact 3147 0 R 3148 0 R 3149 0 R 3150 0 R 3151 0 R 3152 0 R 3153 0 R 3154 0 R 3155 0 R 3156 0 R << /Pg 22 0 R << >> /P 6075 0 R /S /Artifact /S /P /K 449 /K 196 /P 5229 0 R /K 1172 /S /P /Pg 25 0 R /K 1104 /Pg 24 0 R /S /P 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R /S /Artifact 1570 0 obj << << << 2788 0 obj /S /P endobj /Pg 25 0 R /Pg 22 0 R >> endobj endobj /S /P /S /P /Pg 14 0 R 3444 0 R null null null 3445 0 R null null null 3446 0 R null /Pg 23 0 R endobj /K 986 /S /P /S /P >> endobj /Pg 25 0 R null null null 2833 0 R null 2834 0 R null 2835 0 R null 2836 0 R /Pg 22 0 R /K 21 >> /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) >> /P 6426 0 R /S /Artifact /S /Artifact << 1823 0 obj /S /P 2470 0 obj /S /Artifact /Lang (EN-US) /P 5788 0 R endobj /Pg 25 0 R /Lang (EN-US) endobj 2579 0 obj << endobj << << endobj << /S /Artifact /P 5022 0 R /S /Artifact /P 5667 0 R >> /S /P As of 03/01/2023 EDT. /Pg 24 0 R /Pg 18 0 R endobj /S /P /Lang (EN-US) /Lang (EN-US) The Cliffwater BDC Index (CWBDC) measures the performance of lending-oriented, exchange-traded Business Development Companies, subject to certain eligibility criteria regarding portfolio composition, market capitalization, and dividend history. Indices - Cliffwater LLC /K 1422 /K 516 /Pg 24 0 R /K 1244 endobj endobj /Lang (EN-US) /Lang (EN-US) 374 0 obj /S /P /P 4646 0 R 3410 0 obj 782 0 obj endobj /Pg 22 0 R 3998 0 obj 2913 0 R null 2914 0 R null 2915 0 R null null null 2916 0 R null >> /Pg 22 0 R 2387 0 obj /Pg 25 0 R /S /P << >> /Pg 22 0 R << << 862 0 obj endobj /Pg 25 0 R /S /Artifact /S /Artifact 1485 0 obj /Lang (EN-US) << /Lang (EN-US) /Pg 22 0 R 3375 0 obj >> 2068 0 obj >> << /K 82 << endobj >> /Pg 24 0 R /S /P >> /K 398 /P 4782 0 R >> 595 0 obj << /Lang (EN-US) /P 4922 0 R /Lang (EN-US) /Pg 22 0 R /K 1543 null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null endobj /P 5860 0 R >> /K 886 /K 428 /K 603 /Pg 22 0 R /S /P /P 5196 0 R 408 0 obj /S /P /Lang (EN-US) /S /P endobj >> /Lang (EN-US) /S /Artifact /S /P 2329 0 obj >> /S /Artifact >> /P 5181 0 R /P 5611 0 R /S /Artifact /Lang (EN-US) endobj /Pg 22 0 R >> 3870 0 obj << 3903 0 obj /Pg 23 0 R << /K 1105 /S /P /S /P /S /P >> endobj << /K 1478 << /K 721 >> >> /Lang (EN-US) >> 3567 0 obj 836 0 obj /K 1456 /T () endobj 2935 0 R null 2936 0 R null 2937 0 R null 2938 0 R null 2939 0 R null 2938 0 obj /Pg 24 0 R /K 89 /Pg 25 0 R endobj << /K 1196 /S /Artifact /Lang (EN-US) 1038 0 obj /Lang (EN-US) /K 680 endobj endobj /K 1386 /S /Artifact >> There can be no assurance that historical trends will continue during the life of any fund. /S /Artifact endobj endobj 1515 0 obj << endobj /P 5286 0 R 2739 0 obj 1314 0 obj 2855 0 obj 2049 0 obj endobj /K 26 /Lang (EN-US) /K 1382 << /S /P 3447 0 obj /P 4755 0 R /S /P /P 5535 0 R 3448 0 obj endobj endobj /Lang (EN-US) /Pg 25 0 R /K 476 /Pg 24 0 R endobj /Pg 24 0 R 2849 0 obj /Pg 24 0 R /Lang (EN-US) << /S /P 3909 0 obj 4214 0 obj 3300 0 obj /K 991 << >> /K 1463 >> /Pg 22 0 R 2434 0 obj /P 10 0 R /S /Artifact /A 4683 0 R 2831 0 obj >> /Pg 25 0 R endobj endobj >> /Lang (EN-US) << /Pg 14 0 R << 2671 0 obj /Lang (EN-US) << 433 0 obj /K 632 1652 0 obj /S /P /P 5803 0 R 3354 0 obj endobj 208 0 obj /Lang (EN-US) /K 1211 endobj /Pg 22 0 R >> >> null 3502 0 R null 3503 0 R null 3504 0 R null null null 3505 0 R /K 1293 null 2531 0 R null 2532 0 R null 2533 0 R 2534 0 R null 2535 0 R null /Pg 23 0 R endobj /K 1462 /Pg 23 0 R 3649 0 obj /K 1451 /Pg 24 0 R /Pg 25 0 R /Pg 25 0 R >> /Pg 25 0 R /S /Artifact /K 418 0 R /S /P << << endobj << /K 18 /K 349 endobj >> 61 0 obj << >> /Pg 22 0 R /Lang (EN-US) endobj /S /P /Pg 22 0 R /S /Artifact /Pg 22 0 R /S /Figure >> /P 5373 0 R /Lang (EN-US) << /S /Artifact null 3532 0 R null 3533 0 R null 3534 0 R null 3535 0 R 3536 0 R null /K 1510 /Pg 13 0 R << << 1662 0 obj /StructTreeRoot 5 0 R endobj 57 0 R 58 0 R 59 0 R 60 0 R 61 0 R 62 0 R 63 0 R 64 0 R 65 0 R 66 0 R << /S /Artifact << << /Lang (EN-US) /S /Artifact /S /P /S /Artifact endobj /Lang (EN-US) >> >> /Pg 22 0 R /S /P /Pg 24 0 R 4334 0 obj /S /P >> << /P 6204 0 R endobj /Pg 25 0 R /K 464 >> >> endobj /Lang (EN-US) endobj >> >> endobj << /K 1305 /P 5696 0 R /K 10 /S /Artifact /K 318 /K 951 /Pg 24 0 R endobj << /S /P /S /Link << /Pg 25 0 R 2793 0 obj >> endobj 824 0 obj /P 6373 0 R /P 38 0 R 2389 0 obj /Pg 22 0 R 1414 0 obj /K 1325 /Lang (EN-US) /P 4893 0 R /Pg 25 0 R endobj >> 1620 0 R null 1621 0 R null null null 1622 0 R null null null >> << 3990 0 obj endobj << /S /Artifact << /Pg 22 0 R /S /P /S /P >> << /S /Artifact endobj 1500 0 obj >> >> /Pg 23 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] >> >> 2172 0 obj /P 6750 0 R >> 3631 0 obj /S /Artifact endobj /K 1481 /P 6557 0 R << 1953 0 obj /K 790 /Tabs /S /P 4638 0 R 1128 0 obj endobj /S /P >> /Pg 26 0 R /Pg 23 0 R /Pg 22 0 R /P 6157 0 R /Lang (EN-US) /K 1474 << /S /P /Lang (EN-US) /K 77 << >> /K 1 /S /P >> /P 10 0 R endobj /K 206 << << endobj /P 6719 0 R 3807 0 obj /Pg 23 0 R /S /P >> /K 267 /A 4457 0 R 3332 0 obj /S /Artifact /S /P 4260 0 obj /P 6214 0 R null 762 0 R null 763 0 R null null null 764 0 R null null /S /Artifact << << /S /Artifact /K 659 /Lang (EN-US) 878 0 obj 2182 0 obj 1122 0 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>> /Lang (EN-US) /Lang (EN-US) /P 5092 0 R /S /Artifact >> 1308 0 R 1309 0 R 1310 0 R 1311 0 R 1312 0 R 1313 0 R 1314 0 R 1315 0 R 1316 0 R 1317 0 R /K 211 291 0 obj /S /P 3401 0 obj endobj /Chart /Figure /Lang (EN-US) /K 1187 << << 1227 0 obj /Pg 22 0 R endobj /Pg 25 0 R /K 1444 /S /Artifact /S /P endobj /P 6524 0 R >> 2874 0 obj << 2979 0 obj /Lang (EN-US) /Pg 24 0 R endobj /Pg 24 0 R << >> /P 10 0 R << 2027 0 R null 2028 0 R null 2029 0 R 2030 0 R null 2031 0 R null 2032 0 R /Lang (EN-US) 65 0 R 66 0 R 68 0 R 69 0 R 70 0 R null 72 0 R 73 0 R 75 0 R 76 0 R 2706 0 obj /K 1203 >> /S /Table /K 75 /K 334 >> >> << >> 1400 0 obj endobj /Pg 25 0 R << /P 4945 0 R << /Pg 25 0 R /S /P << 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /S /P /P 33 0 R endobj /K 705 /P 4869 0 R 2413 0 obj >> >> endobj /Pg 22 0 R /K 1173 << /Pg 25 0 R /K 1404 1215 0 obj /P 5902 0 R /Pg 23 0 R << /P 5975 0 R /S /P << << 3963 0 obj /Lang (EN-US) /P 5070 0 R /Pg 22 0 R /Lang (EN-US) endobj /Lang (EN-US) /K 1294 3488 0 obj /Pg 24 0 R 871 0 obj << 3438 0 obj 1850 0 R null 1851 0 R null 1852 0 R null 1853 0 R null 1854 0 R null >> >> /K 179 /Lang (EN-US) /S /P /S /P >> endobj endobj /K 542 endobj /S /P /Lang (EN-US) << /Lang (EN-US) >> /K 532 1968 0 obj /P 5271 0 R >> >> null 3714 0 R null null null 3715 0 R null 3716 0 R null 3717 0 R >> endobj >> 1034 0 obj endobj /Pg 22 0 R /P 5060 0 R /K 1315 >> /S /P /Lang (EN-US) 521 0 obj << >> >> 1793 0 obj 1985 0 obj /Lang (EN-US) << 4012 0 obj /Pg 25 0 R /S /P 2379 0 obj /K 1418 >> /S /P /Resources 4373 0 R /Pg 23 0 R << /Pg 24 0 R /S /Artifact /S /Artifact /Pg 22 0 R /P 6705 0 R /P 10 0 R /S /P /K 115 endobj endobj /S /Artifact endobj << /K 894 >> << /Pg 24 0 R >> /K 397 endobj 2096 0 obj << >> /Pg 23 0 R 2688 0 obj /Pg 23 0 R /K 979 << /S /Artifact endobj /Lang (EN-US) 2227 0 obj << /S /Artifact /K 1238 /K 1329 /P 6704 0 R /P 6693 0 R >> /K 882 /S /P 436 0 obj Opportunities in Corporate Direct Lending", 2019. /Pg 25 0 R 1804 0 obj >> /Lang (EN-US) /P 10 0 R /K 1145 /K 1169 /P 5919 0 R /Lang (EN-US) endobj >> /K 1467 /Lang (EN-US) 3898 0 obj endobj /Pg 25 0 R /Pg 24 0 R /P 4952 0 R /Type /Page << /P 4729 0 R endobj /K 1427 << >> << endobj endobj /S /Artifact 1163 0 obj /Pg 24 0 R /P 6579 0 R >> /P 10 0 R endobj >> /Pg 25 0 R /Pg 25 0 R /S /P /Lang (EN-US) /P 5222 0 R /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) /K 1403 390 0 obj << >> >> /Pg 20 0 R /P 5278 0 R /S /P 3616 0 obj endobj /Pg 24 0 R << /K 1357 /K 850 endobj >> endobj /Lang (EN-US) >> /Pg 16 0 R >> /S /Artifact /S /P /P 10 0 R endobj 1920 0 obj 2964 0 obj << /S /Artifact 1147 0 obj /P 6210 0 R >> endobj >> /K 518 /Pg 22 0 R 860 0 obj >> /Pg 22 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact 3717 0 obj >> /Lang (EN-US) 611 0 obj /P 6561 0 R /S /Artifact /K 1114 >> /P 10 0 R endobj 2307 0 obj /S /Artifact >> << /P 5570 0 R << /K 359 3774 0 obj 2026 0 obj /Pg 23 0 R 769 0 obj << /S /P 1926 0 obj 1769 0 obj /K 1407 >> endobj /K 959 /Lang (EN-US) /P 6226 0 R 1707 0 obj /S /P >> /K [54 55] /S /P Loan Note: Private debt's growing muscle; Cliffwater issues return >> 1474 0 obj >> 992 0 obj /S /Artifact >> >> 3766 0 obj >> /K 929 >> << /K 813 endobj << /S /Artifact /S /P /Lang (EN-US) << >> << >> endobj >> /StructParents 12 1366 0 obj /Type /Annot /S /P /Pg 22 0 R endobj /S /P >> /K 12 /Pg 25 0 R /K 158 << << /Pg 22 0 R /Pg 22 0 R endobj endobj << 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 /K 1126 /P 5986 0 R endobj >> null 1845 0 R null 1846 0 R null 1847 0 R null 1848 0 R null 1849 0 R /K 118 /K 507 /Pg 22 0 R << /K 1432 endobj /S /Artifact /K 560 << /Pg 24 0 R /Pg 22 0 R null null 1975 0 R null null null 1976 0 R null 1977 0 R null >> >> << /S /P >> >> /Pg 25 0 R /K 1508 /S /Artifact >> >> 2790 0 obj /S /P /K 607 /Pg 22 0 R /K 3 >> << /Pg 22 0 R endobj << /Pg 25 0 R 1628 0 R 1629 0 R null 1630 0 R null 1631 0 R null 1632 0 R null 1633 0 R /S /P endobj << /S /Artifact << 2247 0 obj endobj /Pg 22 0 R endobj /S /Artifact 3187 0 obj /S /P /K 1046 983 0 obj /S /Artifact /P 5540 0 R << >> /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R << << >> /Pg 21 0 R /Pg 24 0 R 507 0 obj /K 81 /P 6097 0 R 3385 0 obj /K 43 /S /P /S /P /K 1399 endobj /K 1389 /P 5836 0 R /S /P >> >> /Pg 24 0 R /S /P >> /Pg 22 0 R << /Lang (EN-US) endobj endobj /Pg 23 0 R >> /S /P << >> << /Lang (EN-US) << /S /P /Pg 23 0 R /S /Artifact >> /Lang (EN-US) /K 82 endobj /S /P /Pg 22 0 R >> /Lang (EN-US) /P 4694 0 R endobj /K 1221 2157 0 obj /P 5511 0 R /K 1285 /Pg 25 0 R /Pg 23 0 R /Lang (EN-US) 1809 0 R null 1810 0 R null 1811 0 R null 1812 0 R null 1813 0 R 1814 0 R << /Pg 22 0 R /K 1395 << 77 0 R 79 0 R 80 0 R null null null null 419 0 R 73 0 R 51 0 R >> >> endobj >> << /K 1248 /K 1116 1321 0 obj /Pg 24 0 R endobj Seeking income throughout the cycle with direct lending. /Pg 23 0 R /Lang (EN-US) /Pg 21 0 R << 2177 0 obj /K 787 1782 0 obj /P 6067 0 R /Lang (EN-US) << >> /Pg 24 0 R /P 5640 0 R /K 208 sees both positives and negatives to banking constraints. /K 905 endobj /Lang (EN-US) 2056 0 R 2057 0 R 2058 0 R 2059 0 R 2060 0 R 2061 0 R 2062 0 R 2063 0 R 2064 0 R 2065 0 R /P 5989 0 R /Lang (EN-US) /Lang (EN-US) /K 1173 endobj /S /P >> endobj /Pg 23 0 R /K 89 << /Pg 22 0 R 4137 0 obj 2973 0 obj /Pg 25 0 R endobj /Pg 23 0 R /S /Artifact 1901 0 obj endobj /P 5021 0 R >> /Lang (EN-US) 2029 0 obj endobj << >> 4217 0 obj endobj 4308 0 obj /Pg 25 0 R /K 993 1304 0 obj /S /Artifact endobj << /K 1 endobj >> endobj >> /K 1330 << 4059 0 obj /Lang (EN-US) endobj endobj endobj << << 2383 0 obj >> /K 1201 /S /P 3345 0 obj endobj /Pg 25 0 R << >> << 2512 0 obj /K 813 endobj /P 6730 0 R >> endobj /S /Artifact /Pg 23 0 R endobj /Pg 25 0 R /Lang (EN-US) << /S /P /Lang (EN-US) /S /Artifact endobj /S /Artifact /Pg 24 0 R /Pg 22 0 R 827 0 obj /K 1123 /P 6445 0 R endobj /Pg 23 0 R /Lang (EN-US) << /K 1188 /S /Artifact /Pg 24 0 R /K 1491 148 0 R 148 0 R 148 0 R 148 0 R 159 0 R 159 0 R 159 0 R 159 0 R 172 0 R 172 0 R /Pg 24 0 R /K 0 << /S 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