/S /P << 1288 0 R 1289 0 R 1290 0 R 1291 0 R 1292 0 R 1293 0 R 1294 0 R 1295 0 R 1296 0 R 1297 0 R /S /Artifact endobj /K 109 2877 0 obj /Pg 23 0 R endobj << /K 71 2230 0 obj /S /P 1983 0 obj 3629 0 obj 1391 0 obj /S /Artifact /S /Link /Pg 24 0 R endobj 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. >> /K 13 /K 1344 36 << >> >> endobj /S /P /K 1200 /S /Artifact /K 570 endobj /S /Artifact /K 1210 /K 723 4111 0 obj /S /P /Lang (EN-US) /Pg 25 0 R /P 4955 0 R /K 1518 >> /P 96 0 R 3 0 obj 1242 0 obj /K 691 3789 0 obj >> /Pg 23 0 R /S /P /S /Link /Pg 23 0 R 3370 0 obj /Lang (EN-US) /S /P /S /P /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) 2291 0 obj 466 0 obj 4331 0 obj /S /P endobj >> /K 1503 endobj /Pg 25 0 R >> << /Pg 18 0 R << /Pg 20 0 R >> << /K 1514 /Pg 13 0 R << /Pg 24 0 R /Pg 25 0 R /Pg 25 0 R 128 0 obj endobj /S /Artifact 48 0 obj endobj /S /Artifact /K 1 /S /P /K 815 endobj 3515 0 obj /S /P null 2900 0 R null 2901 0 R null 2902 0 R null 2903 0 R null null endobj 166 0 obj >> endobj >> >> /P 6387 0 R /Pg 22 0 R /K 850 >> null 743 0 R null 744 0 R null 745 0 R null 746 0 R 747 0 R null /Pg 23 0 R 3003 0 obj /Lang (EN-US) << /Lang (EN-US) /S /P /S /P << endobj /P 10 0 R 1624 0 obj /P 6355 0 R /S /Link /S /Artifact 3559 0 obj /Pg 23 0 R 1638 0 obj /K 877 /S /Artifact endobj /P 5247 0 R 258 0 obj /S /P /S /P << /P 10 0 R << /Pg 22 0 R >> /P 5817 0 R >> endobj /Pg 22 0 R /Pg 20 0 R 2482 0 obj >> << << 4031 0 obj /S /Artifact << endobj /S /P << << endobj 1757 0 obj /S /P endobj /Lang (EN-US) null 2692 0 R null 2693 0 R null 2694 0 R null null null 2695 0 R /Pg 24 0 R /S /P /P 6329 0 R /Lang (EN-US) /K 378 /S /Artifact << /S /P >> << /K 34 4305 0 obj endobj endobj endobj << /K 42 /P 5273 0 R >> endobj >> >> endobj << /K 27 << /K 10 0 R >> /S /Artifact /Pg 25 0 R << /S /P 440 0 obj << /S /P endobj /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /S /Artifact /Lang (EN-US) /Pg 22 0 R 3399 0 obj 1473 0 obj /Lang (EN-US) endobj /S /P endobj >> /P 10 0 R /K 1199 2714 0 obj /K 1169 1779 0 obj 2949 0 obj >> /Lang (EN-US) 3236 0 obj endobj 1068 0 obj f325a0f1-a9d5-4034-846d-c1ef2129f6d0 /Pg 23 0 R << endobj << endobj endobj >> 4134 0 obj << endobj /S /Artifact >> /Lang (EN-US) /Pg 22 0 R /P 6507 0 R << /S /Artifact endobj /Pg 25 0 R /Lang (EN-US) /S /P /K 1282 << /Pg 22 0 R /K 593 endobj /Lang (EN-US) /P 5149 0 R 3720 0 obj /K 1331 /P 5447 0 R /K 1461 endobj << /Resources 4377 0 R /S /P << << /Pg 25 0 R endobj /Lang (EN-US) 973 0 obj /P 5626 0 R /Pg 23 0 R /K 1546 << /Pg 13 0 R >> /Pg 25 0 R /K 1298 /K [171 541 0 R 192] /S /Artifact /S /P /S /Artifact << /Pg 22 0 R /P 4956 0 R /Lang (EN-US) /S /P /P 10 0 R /Pg 24 0 R endobj !A4( Ezn&Z] | << /Pg 16 0 R /P 5481 0 R /K 11 << 296 0 obj 295 0 obj /P 6137 0 R >> 2692 0 obj /P 5879 0 R null 784 0 R null 785 0 R null 786 0 R null 787 0 R null null << /K 343 /S /P /P 5936 0 R /Pg 18 0 R /P 6195 0 R 1239 0 obj endobj /S /Artifact >> /K 1193 /K 1485 /S /Artifact 3210 0 obj endobj << 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 << /Pg 25 0 R /K 9 /S /Artifact 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R << << endobj 1596 0 obj /Pg 22 0 R /Lang (EN-US) /K 1358 /Pg 22 0 R << /Pg 22 0 R /S /P /P 10 0 R /S /Artifact /S /P /Lang (EN-US) << /S /P 2234 0 obj 92 0 obj /Pg 22 0 R endobj << << /Lang (EN-US) /S /Artifact 1887 0 obj endobj 2139 0 obj /S /Artifact << /S /P << endobj /Pg 25 0 R /S /Artifact endobj << >> /Lang (EN-US) << /S /Artifact /Pg 25 0 R /Pg 22 0 R /Pg 25 0 R 1087 0 obj 2072 0 obj endobj /K 923 /Pg 24 0 R /P 4649 0 R /P 4921 0 R /S /P >> << >> /P 5137 0 R 1356 0 obj >> /Pg 22 0 R >> /S /Artifact 735 0 obj << /Lang (EN-US) /P 4650 0 R << /Pg 25 0 R /K [1111 1112] /P 4772 0 R << >> /S /P /Pg 22 0 R << /S /P endobj >> /Pg 23 0 R /Pg 25 0 R 3745 0 R null 3746 0 R null 3747 0 R null 3748 0 R null 3749 0 R null /Pg 22 0 R /S /Artifact /K 50 /S /P /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) 530 0 obj endobj << >> /Pg 25 0 R /Pg 23 0 R /K 511 /Pg 22 0 R 932 0 obj << /S /Artifact >> /K 175 /Pg 22 0 R endobj endobj /K 1291 << null null null 2833 0 R null 2834 0 R null 2835 0 R null 2836 0 R >> >> endobj /Pg 23 0 R >> /Pg 22 0 R << endobj Because direct lending uses rates that "float," cash coupons have been increasing as interest rates have . endobj >> /P 6252 0 R /S /P endobj << /Pg 25 0 R 3492 0 obj /P 5840 0 R << /Pg 25 0 R /K 1221 >> 3283 0 obj /K 4 /Pg 25 0 R /Lang (EN-US) /Pg 16 0 R 2476 0 obj /Pg 23 0 R endobj /S /Artifact endobj endobj endobj /S /P 4289 0 obj /S /P /P 6563 0 R /S /P endobj /P 10 0 R /Lang (EN-US) /S /P /S /Artifact /S /Artifact << /P 4655 0 R endobj endobj /K 349 endobj /Pg 15 0 R 2484 0 obj 2303 0 obj << 2229 0 obj null 3431 0 R null 3432 0 R null null null 3433 0 R null null /Pg 23 0 R /S /P >> /K 696 /Lang (EN-US) /K 688 605 0 obj /K 1284 /K 1234 << /P 184 0 R 2168 0 obj 1813 0 obj /K 1184 /P 6120 0 R /Lang (EN-US) 1637 0 obj endobj /Pg 25 0 R << /Lang (EN-US) /K 1387 /Pg 24 0 R /P 6426 0 R /K 1290 /S /P /S /P endobj /Pg 14 0 R /S /P << /P 6499 0 R >> /Pg 23 0 R >> 2708 0 R null 2709 0 R null 2710 0 R null 2711 0 R null 2712 0 R null /Lang (EN-US) 1846 0 obj /S /P /K 1142 /S /P << endobj << << >> << 1028 0 obj /Pg 25 0 R /S /P << endobj 239 0 obj /Lang (EN-US) << /K 1285 << /S /Artifact /Pg 18 0 R /S /P /S /P << << /Pg 24 0 R /K 1421 /K 925 >> /Rect [449.6000061035 546.3229980469 451.7309875488 554.9949951172] /K 195 /S /P << >> /Lang (EN-US) >> << /Lang (EN-US) /K 1524 810 0 obj 467 0 obj >> /K 988 /S /P /Pg 19 0 R endobj << /Pg 24 0 R /Pg 22 0 R /Pg 24 0 R /Lang (EN-US) endobj /Lang (EN-US) /Pg 23 0 R << /Lang (EN-US) << 132 0 obj /S /P /Pg 23 0 R endobj /S /Artifact /K 300 /P 6676 0 R /K 1313 /P 5973 0 R /S /Artifact 2272 0 obj << 1152 0 obj /P 5361 0 R << /Pg 23 0 R /S /P /K 6 /Pg 23 0 R 2847 0 obj >> >> >> 3228 0 obj >> /S /P /P 6719 0 R /P 5282 0 R << endobj /K 977 << << /K 1067 >> /Pg 18 0 R 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null /K 1175 >> /K 898 /S /Artifact 3176 0 obj /S /Artifact endobj /K 160 /S /Artifact << /Pg 25 0 R << << /Lang (EN-US) /S /Artifact endobj /S /Artifact /P 10 0 R >> endobj /P 74 0 R /K 1382 << << /Pg 13 0 R /Pg 22 0 R 1831 0 obj /K 765 1963 0 obj << >> /Lang (EN-US) /K 1432 /S /P << /S /Artifact >> /S /Artifact /Pg 24 0 R /K 1453 /K 186 Website. /P 4867 0 R /S /P /K 1530 /K 1290 4124 0 obj << >> /S /P /K 999 /K 1031 endobj << /Pg 25 0 R /S /Artifact /K 299 /Lang (EN-US) /S /P /Pg 25 0 R /Lang (EN-US) /S /Artifact /S /P /K 1518 << /K 18 << endobj endobj 3878 0 obj >> 3054 0 obj /S /P << /Lang (EN-US) /K 1527 endobj << /K 736 /Lang (EN-US) endobj /S /P >> << /S /Artifact >> >> << /P 4759 0 R 3554 0 obj 500 0 obj << >> 2807 0 obj /S /P /Pg 24 0 R >> /Pg 22 0 R /K 300 << << /Pg 22 0 R 1378 0 obj /S /P /S /P /Pg 24 0 R null 1686 0 R null 1687 0 R null 1688 0 R 1689 0 R null 1690 0 R null /S /Artifact >> 1534 0 obj /P 10 0 R /S /P /Pg 25 0 R << /K 1304 2252 0 obj << /Lang (EN-US) /S /P endobj /S /Artifact endobj /K 1124 << /P 6183 0 R endobj endobj << /Pg 24 0 R 366 0 obj >> << 4046 0 obj /K 716 >> /S /Artifact null 691 0 R null null null 692 0 R null null null 693 0 R /K 206 >> >> endobj /S /Artifact 3806 0 obj /S /Artifact /S /P 2090 0 obj 3289 0 obj /Pg 25 0 R null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R >> /S /P 2294 0 obj /Pg 23 0 R /Lang (EN-US) 1107 0 obj /S /Artifact /K 1479 /Pg 24 0 R /K 1548 /Pg 24 0 R /Lang (EN-US) >> endobj 1709 0 obj /Pg 24 0 R 15 410 0 R 16 411 0 R 17 412 0 R 18 419 0 R 19 431 0 R >> 1717 0 obj 1351 0 obj /S /P /Pg 25 0 R /K 489 /Pg 24 0 R /S /P 58 0 obj >> endobj 2738 0 obj endobj /K 10 /Pg 22 0 R >> /S /P 1428 0 obj /K 1226 /K 265 endobj /Pg 25 0 R /Pg 22 0 R endobj /Pg 25 0 R << /Lang (EN-US) /Pg 25 0 R endobj << /K 328 endobj << << << /K 1446 /Lang (EN-US) >> /K 1361 endobj /Pg 25 0 R 1708 0 obj /K 509 /S /P endobj /P 5541 0 R /K 1526 << 645 0 obj /P 5611 0 R /Lang (EN-US) /K 1373 >> endobj null null null 1754 0 R null null null 1755 0 R null 1756 0 R /Pg 22 0 R /Pg 18 0 R /Pg 25 0 R /S /Artifact /K 1469 >> /P 5969 0 R << /Pg 22 0 R /Lang (EN-US) 1485 0 obj /K 1320 >> >> /K 1537 endobj /S /Artifact endobj /S /Artifact /K 1259 << << endobj /Lang (EN-US) endobj /Lang (EN-US) << /Pg 25 0 R 619 0 obj endobj >> >> /K 17 endobj >> /Pg 24 0 R << /Pg 24 0 R /P 5600 0 R endobj endobj endobj /Lang (EN-US) /S /P endobj << /Pg 25 0 R endobj /Pg 24 0 R endobj /K 736 2777 0 obj 3754 0 obj endobj 2686 0 R null 2687 0 R null 2688 0 R null 2689 0 R 2690 0 R null 2691 0 R << /S /Artifact /S /Artifact /S /P endobj 3053 0 obj /K 556 /Lang (EN-US) /Lang (EN-US) << /Pg 25 0 R /Pg 22 0 R /K 395 2206 0 R 2207 0 R 2208 0 R 2209 0 R 2210 0 R 2211 0 R 2212 0 R 2213 0 R 2214 0 R 2215 0 R /S /P 1545 0 obj /Pg 25 0 R >> /Lang (EN-US) << << /Lang (IT-IT) /K 1210 << null 3600 0 R null null null 3601 0 R null null null 3602 0 R >> /Pg 24 0 R endobj /S /P /S /P 1699 0 R null 1700 0 R 1701 0 R null 1702 0 R null 1703 0 R null 1704 0 R endobj /S /P /S /Artifact >> << << /K 99 << /S /P >> /K 425 /Pg 22 0 R >> /Pg 22 0 R endobj 4070 0 obj 3148 0 obj /Pg 24 0 R /S /Artifact 1402 0 obj /P 4963 0 R /Pg 20 0 R /Pg 25 0 R /Pg 25 0 R /Pg 22 0 R << endobj 962 0 obj /K 1285 /S /P /P 5064 0 R /K 1360 2379 0 obj >> endobj /S /Artifact 2941 0 obj /S /P endobj /K 1052 /K 1215 endobj /Pg 23 0 R /P 10 0 R /S /Figure >> endobj endobj /P 10 0 R /S /P /S /Artifact 3571 0 obj /Lang (EN-US) 1964 0 obj endobj 3415 0 obj /S /P >> /Pg 22 0 R /S /Artifact >> /K 271 << /K 1456 >> << /S /Artifact /S /P /K 1052 /S /P /P 6078 0 R /Pg 22 0 R >> 544 0 obj /S /Artifact /S /P /Pg 18 0 R endobj >> /Pg 24 0 R /K 1464 << /Lang (EN-US) /S /P /Pg 22 0 R /S /Artifact /K 1375 << endobj << /K 1108 >> << /Lang (EN-US) endobj 3676 0 obj << endobj /S /Artifact /S /P /Lang (EN-US) /P 4950 0 R /K 1346 << /StructParent 17 endobj 411 0 obj /S /P /S /Artifact endobj endobj /Lang (EN-US) /Pg 22 0 R 2817 0 obj << << << << 4103 0 obj << /Lang (EN-US) endobj >> 192 0 obj null 1815 0 R null 1816 0 R null 1817 0 R null 1818 0 R null null 2556 0 obj /Lang (EN-US) << << >> /S /P /P 6435 0 R << endobj /Pg 23 0 R /S /Artifact >> << 1096 0 obj endobj >> /K 1277 << 3652 0 obj >> /K 1158 /S /P /K 1493 /P 6531 0 R /Lang (EN-US) /K 1460 << << 1124 0 obj endobj /Pg 24 0 R >> << >> << << 1312 0 obj << /Pg 25 0 R /S /P >> << /S /Artifact << >> /Lang (EN-US) /P 6003 0 R << /Pg 13 0 R 1252 0 obj 2410 0 obj >> /S /P /S /P /K 689 /S /P << << /Pg 22 0 R endobj >> /Pg 18 0 R /S /P << endobj 3333 0 obj >> << 2113 0 obj endobj /P 5067 0 R /S /P 1371 0 obj 3266 0 obj /P 10 0 R endobj /Pg 23 0 R /P 6207 0 R /K 1350 endobj /Pg 23 0 R endobj >> /Lang (EN-US) 826 0 obj /P 4858 0 R /Pg 23 0 R << /S /Artifact << /Lang (EN-US) /Pg 22 0 R << /P 10 0 R 1061 0 obj /Lang (EN-US) /P 5798 0 R /S /Artifact 3268 0 obj 1959 0 obj /S /Artifact /Lang (EN-US) /S /Artifact endobj /K 154 975 0 obj /P 10 0 R /Pg 25 0 R >> << endobj /Lang (EN-US) 3835 0 obj >> /K 204 /S /Artifact /S /P /Pg 24 0 R 1427 0 obj /S /Artifact 2604 0 obj /K 803 2355 0 obj /S /P 2464 0 obj /Producer (Adobe PDF Library 22.1.149) /Lang (EN-US) /Pg 23 0 R endobj >> /Lang (EN-US) << /P 4840 0 R 2115 0 obj >> endobj << << << 3865 0 obj /K 109 /P 5837 0 R 2316 0 obj endobj /Pg 23 0 R /Pg 23 0 R /S /Artifact >> endobj /S /Artifact /S /Artifact endobj endobj endobj 44 0 obj /Pg 15 0 R endobj /P 4632 0 R >> /Pg 22 0 R /K [159 540 0 R 190] 3788 0 obj /Pg 26 0 R /Pg 18 0 R /P 6353 0 R >> /S /P /Lang (EN-US) << /K 383 endobj /Pg 24 0 R << endobj null 2957 0 R null 2958 0 R 2959 0 R null 2960 0 R null 2961 0 R null /S /P /Pg 25 0 R >> >> /S /Artifact 3848 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /K 640 endobj 1949 0 obj 845 0 obj << 1338 0 obj >> /Lang (EN-US) >> 3195 0 obj 4322 0 obj >> >> 2515 0 obj endobj /Pg 24 0 R 1809 0 R null 1810 0 R null 1811 0 R null 1812 0 R null 1813 0 R 1814 0 R /K 832 << endobj endobj 2697 0 obj /Lang (EN-US) 661 0 obj /S /P /S /Artifact /Lang (EN-US) >> /S /P 1287 0 obj /K 1178 /S /P endobj /Lang (EN-US) >> endobj Menu. << /S /P /Pg 19 0 R endobj /S /P 345 0 obj endobj >> /Pg 22 0 R 142 0 obj 636 0 obj endobj 1472 0 obj /Pg 23 0 R /S /Artifact endobj 1974 0 obj >> /Pg 25 0 R 1590 0 obj >> endobj >> endobj 1480 0 obj << endobj /K 55 /K 145 /S /Artifact 3314 0 obj /P 6021 0 R endobj /Lang (EN-US) 688 0 obj >> /K 1014 endobj << >> /Pg 25 0 R >> /Lang (EN-US) << /Pg 18 0 R endobj 3523 0 R 3524 0 R null 3525 0 R null 3526 0 R null 3527 0 R null 3528 0 R 1972 0 obj /Pg 22 0 R /Lang (EN-US) /P 5468 0 R endobj /P 5048 0 R /S /Artifact /P 4716 0 R endobj 3459 0 obj /Lang (EN-US) /K 514 endobj endobj /S /P /K 967 endobj /Pg 24 0 R >> << /Pg 24 0 R << /S /Artifact /Pg 24 0 R 193 0 obj /S /Artifact /K 207 1835 0 obj >> /Pg 25 0 R /P 6190 0 R /Pg 25 0 R 23 0 obj /Pg 24 0 R /Lang (EN-US) /S /LBody /Pg 24 0 R /Pg 22 0 R /P 6015 0 R /P 5054 0 R 1272 0 obj /Pg 22 0 R /S /P >> /K 659 << endobj /K 26 2142 0 obj 4328 0 obj >> /P 5088 0 R /S /P /Pg 24 0 R /Pg 23 0 R 2755 0 obj /K 1543 /K 763 /P 6735 0 R /S /P /P 5007 0 R 1248 0 R 1249 0 R 1250 0 R 1251 0 R 1252 0 R 1253 0 R 1254 0 R 1255 0 R 1256 0 R 1257 0 R /Pg 22 0 R /P 4962 0 R /P 10 0 R endobj >> /S /P /K 1321 /P 6466 0 R /K 701 /Pg 25 0 R /S /P /Pg 24 0 R endobj >> /K 1343 endobj >> >> /P 10 0 R >> 3904 0 obj /K 1332 /S /Artifact 2335 0 obj << endobj endobj /Pg 24 0 R /K 345 /K 32 /S /Artifact << 431 0 obj /S /P /Lang (EN-US) /Pg 24 0 R /P 5779 0 R 2314 0 obj /Pg 24 0 R >> endobj /K 77 /S /Artifact /K 351 /P 6171 0 R /Lang (EN-US) /S /P /Pg 24 0 R 107 0 R 108 0 R 109 0 R 110 0 R 111 0 R 112 0 R 113 0 R 114 0 R 115 0 R 116 0 R /K 1089 >> /P 5208 0 R >> /K 1307 1116 0 obj endobj /S /P endobj 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R 123 0 R 124 0 R 125 0 R 126 0 R /Pg 25 0 R /K 7 /S /P << The CDLI assists investors to better understand asset class characteristics and to benchmark manager performance. >> >> /P 4803 0 R /S /P /Pg 22 0 R endobj /K 1401 << /Pg 24 0 R /Pg 23 0 R /S /P << endobj >> /S /P endobj endobj endobj 3073 0 obj 3574 0 obj >> /K 179 /S /Artifact >> 103 0 obj 3787 0 obj endobj /Pg 23 0 R << /Pg 23 0 R /K 967 >> /K 1353 /Lang (EN-US) /Lang (EN-US) << /Pg 25 0 R << << << /Lang (EN-US) /Pg 22 0 R /S /Artifact /Annots [4360 0 R 4361 0 R 4362 0 R 4363 0 R] >> /Pg 22 0 R 3413 0 obj endobj /P 5535 0 R endobj /Lang (EN-US) /S /Artifact /Lang (EN-US) 2075 0 obj /K 1254 << /K 1411 /K 295 /P 5222 0 R null 1708 0 R null 1709 0 R null 1710 0 R null 1711 0 R null 1712 0 R /K 1324 /S /P /K [27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R 676 0 obj /Lang (EN-US) >> >> << << /S /Artifact << << /Pg 24 0 R << /S /P /K 126 /P 5290 0 R << /P 5374 0 R /K 1435 >> << 870 0 obj >> endobj 4054 0 obj /S /Artifact /Lang (EN-US) << 183 0 obj /Lang (EN-US) >> /Pg 20 0 R /P 5622 0 R /P 10 0 R >> 3585 0 obj /P 5480 0 R /Pg 25 0 R /K 1297 /K 1354 /K 459 4047 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 endobj /S /P /S /P 1856 0 obj 827 0 obj /K 949 /K 998 /Pg 13 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 3843 0 obj >> /K 1128 In 2015 Cliffwater introduced the Cliffwater Direct Lending Index ("CDLI") that tracks the performance of the actual loans in all applicable BDCs from 2004. /K 1296 >> /S /P 452 0 obj /S /P 3757 0 obj >> /Pg 25 0 R << 3245 0 obj /Pg 17 0 R /K 476 << endobj /S /Artifact << /Pg 23 0 R /Lang (EN-US) /Lang (EN-US) >> /Pg 25 0 R >> /Lang (EN-US) /S /Artifact 745 0 obj << /Pg 20 0 R /Pg 23 0 R /S /Artifact << /K 1049 << /Pg 22 0 R /P 6246 0 R /Lang (EN-US) 1370 0 obj endobj /K 722 /Lang (EN-US) >> << /Pg 23 0 R /K 1153 /S /Artifact 2989 0 obj /Pg 23 0 R << >> /P 4920 0 R 3917 0 obj /K 987 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 /K 391 3076 0 obj /P 5722 0 R /K 98 >> >> /Pg 23 0 R endobj << >> << /K 863 endobj endobj /Pg 24 0 R endobj 3648 0 obj endobj endobj endobj /Pg 22 0 R /K 432 /P 6301 0 R /Lang (EN-US) /Pg 24 0 R /K 989 /K 1169 /Pg 23 0 R >> >> << null 568 0 R null null null null null null null null /S /Artifact >> << << /S /Artifact 569 0 obj 260 0 obj /S /Artifact 2359 0 obj endobj >> >> /Lang (EN-US) << 3062 0 obj endobj /K 1137 /P 5082 0 R /K 1498 << << >> /S /Artifact /Pg 23 0 R /P 5930 0 R 3501 0 obj /K 937 >> >> /K 403 /K 911 << >> /K 1185 /K 1170 3213 0 obj endobj /P 5458 0 R /S /Artifact /K 364 >> 4056 0 obj /K 200 << /K 1126 endobj /S /Artifact endobj << << /S /P endobj /Pg 22 0 R /S /Artifact /K 620 /Lang (EN-US) >> 1235 0 obj /S /Artifact /P 5127 0 R << >> /K 104 /K 1106 << 585 0 obj 3154 0 obj 167 0 obj /Lang (EN-US) /Pg 22 0 R /P 6667 0 R >> /Pg 25 0 R /Pg 22 0 R >> << /S /Artifact >> /Lang (EN-US) /K 1089 /Pg 25 0 R endobj 3113 0 obj >> 343 0 obj >> endobj 353 0 R 354 0 R] >> << << /P 6390 0 R /Lang (EN-US) /Lang (EN-US) /P 6342 0 R >> /K 1205 /P 4764 0 R /Pg 25 0 R >> /P 4961 0 R 1208 0 obj /P 4773 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 >> /P 146 0 R 3988 0 obj 3124 0 obj << /Lang (EN-US) /K 917 << /Lang (EN-US) /Pg 21 0 R /Pg 18 0 R null 3834 0 R null null null 3835 0 R null 3836 0 R null 3837 0 R >> endobj /A 4679 0 R >> /S /P /S /P /K 1324 << /Pg 23 0 R /K 1263 /P 6337 0 R /Pg 25 0 R /S /P 426 0 obj /S /P >> << /K 1534 /S /Artifact endobj /Lang (EN-US) >> /Lang (EN-US) /K 131 /Pg 23 0 R endobj /P 5299 0 R /K 1522 /Pg 24 0 R /Pg 22 0 R /S /P /K 1312 << /K 797 << /K 401 /Pg 24 0 R 3874 0 obj /Lang (EN-US) /K 904 /K 1467 3929 0 obj endobj /Pg 25 0 R endobj >> endobj /K 1275 endobj 1432 0 obj /S /P 4234 0 R 4235 0 R 4236 0 R 4237 0 R 4238 0 R 4239 0 R 4240 0 R 4241 0 R 4242 0 R 4243 0 R << /S /Artifact 102 0 obj /K 372 >> /P 5527 0 R 3658 0 obj endobj /K 333 << /S /P 3150 0 obj endobj We are not afraid to talk about it. /Pg 24 0 R << >> 2025 0 obj /Lang (EN-US) 2382 0 obj /Lang (EN-US) 1280 0 obj 859 0 obj /Pg 24 0 R /Lang (EN-US) << /Lang (EN-US) /K 29 /K 1071 endobj CLIFFWATER and the CLIFFWATER LLC logo are trademarks of Cliffwater LLC. >> endobj /P 4937 0 R /Lang (EN-US) endobj /Pg 23 0 R /Pg 23 0 R endobj 2546 0 obj >> /K [1334 1335] 2473 0 obj 2998 0 obj /K 222 /Pg 25 0 R 2381 0 obj /S /Artifact /K 1163 /Pg 22 0 R >> /S /P /K 181 >> endobj >> 137 0 obj << >> 2339 0 obj << /K 355 /Count 9 << endobj endobj endobj 1223 0 obj /K 1202 >> 3261 0 obj endobj endobj /S /P << /Pg 25 0 R /Pg 25 0 R /Pg 15 0 R /Pg 23 0 R /K 4 /Lang (EN-US) >> /S /P 1182 0 obj /Lang (EN-US) /S /Artifact >> 436 0 R 436 0 R] >> << /S /Artifact /Pg 22 0 R /Pg 25 0 R << null 3622 0 R null 3623 0 R null 3624 0 R null null null 3625 0 R /Pg 20 0 R /Lang (EN-US) 3999 0 obj /S /Artifact endobj /K 747 486 0 obj << endobj /Pg 25 0 R /S /Artifact 3577 0 obj /P 10 0 R null 2788 0 R null 2789 0 R null 2790 0 R 2791 0 R null 2792 0 R null /Lang (EN-US) 281 0 obj << /Lang (EN-US) >> /P 6720 0 R << /K 88 endobj 4297 0 obj endobj /S /Artifact /K 536 endobj /Pg 24 0 R >> /K 1168 << /Lang (EN-US) >> /S /Artifact /P 6010 0 R >> endobj << /S /P /S /Artifact /S /P /Lang (EN-US) endobj >> << 2388 0 obj << 1594 0 obj /K 238 >> /Pg 25 0 R 1123 0 obj /S /P /Pg 25 0 R /S /P >> >> /Pg 25 0 R /Lang (EN-US) /Lang (EN-US) 753 0 obj /K 457 /Pg 25 0 R /K 1343 1383 0 obj /Pg 25 0 R /K 73 >> 3840 0 obj 1945 0 obj >> /S /Artifact /S /P endobj /S /Artifact endobj /S /P endobj /Pg 25 0 R << /P 6371 0 R endobj /S /Artifact /Pg 22 0 R /P 5163 0 R /Pg 24 0 R /Lang (EN-US) /Pg 22 0 R /Pg 22 0 R >> /K 1288 /S /Artifact /Pg 25 0 R /Pg 22 0 R << /K 1374 /P 33 0 R /K 10 /K 495 >> /Pg 17 0 R 2385 0 obj /Pg 13 0 R /K 1071 null 2643 0 R null 2644 0 R null 2645 0 R null 2646 0 R null null /P 6389 0 R endobj /S /P endobj /Pg 22 0 R 1730 0 obj /Lang (EN-US) /S /P >> /S /Artifact /S /P /S /P endobj endobj endobj /S /Artifact >> /Pg 23 0 R endobj /K 315 /P 10 0 R /P 10 0 R /Pg 24 0 R /S /Artifact >> 4005 0 obj << 706 0 obj /K 1318 /K 701 1573 0 obj 1161 0 obj << /Lang (EN-US) /P 4906 0 R /S /P << /K 81 /Pg 23 0 R /P 6024 0 R /S /Artifact /K 1484 endobj /P 6033 0 R /K 464 3249 0 obj << /Pg 24 0 R /K 176 >> /K 291 << /K 1397 endobj >> /K 1473 /Lang (EN-US) >> /K 479 << 2453 0 obj << /K 1207 >> >> /Pg 22 0 R /K 1395 >> >> /K 1512 /Lang (EN-US) /P 6263 0 R 2932 0 obj /P 4720 0 R >> 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 /K 1162 /K 851 /Lang (EN-US) >> /Pg 25 0 R << 4221 0 obj 3971 0 obj null null null 619 0 R null null null 620 0 R null 621 0 R /S /Artifact >> /P 10 0 R 3852 0 obj >> /Lang (EN-US) << endobj >> >> << >> >> /S /P /P 5353 0 R /S /Artifact /S /Artifact /S /P /K 343 /K 1359 /S /Artifact /Lang (EN-US) /K 1410 >> /P 4998 0 R << << << /P 5201 0 R /Lang (EN-US) /P 5271 0 R 501 0 R null 502 0 R null 503 0 R 504 0 R 505 0 R null 506 0 R null << 1358 0 obj /S /Artifact << 2404 0 obj /P 4791 0 R >> /P 10 0 R << /K 1412 1686 0 obj endobj >> >> /K 1305 endobj 1715 0 obj endobj << 1102 0 obj 1157 0 obj >> >> 758 0 obj << /A 4675 0 R /Pg 23 0 R /K 1248 /S /P /S /P /S /P endobj 3865 0 R null 3866 0 R null 3867 0 R null 3868 0 R null 3869 0 R null /K 1362 /S /Artifact /S /P /K 1509 /K 482 << << /S /Artifact >> >> << << /K 932 /Pg 17 0 R /S /P /K 885 /S /Artifact 2033 0 obj /K 1316 /Pg 24 0 R /K 905 /K 434 /S /Artifact >> endobj << /Lang (EN-US) endobj /S /Artifact >> /K 46 /K 712 /Pg 23 0 R null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null endobj /K 382 2659 0 obj endobj /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /P 6236 0 R >> << /P 4754 0 R /S /P /Pg 23 0 R null null 2797 0 R null 2798 0 R null 2799 0 R null 2800 0 R null 1099 0 obj 3968 0 obj 815 0 obj /P 5665 0 R /Pg 25 0 R 4044 0 obj 915 0 R null 916 0 R null 917 0 R null 918 0 R null 919 0 R 920 0 R /S /Artifact /S /P /Pg 25 0 R endobj /S /P /Pg 22 0 R endobj endobj 57 0 obj 3198 0 obj /S /P /K 1184 << 1867 0 obj /Pg 19 0 R /S /P /S /P /S /Artifact 3428 0 obj << /K 1349 << /A 4439 0 R /K 1386 /P 4991 0 R << /Lang (EN-US) endobj >> >> >> << /S /P /A 4609 0 R << >> /P 6324 0 R /S /Artifact /Pg 22 0 R /S /Artifact /Pg 22 0 R /S /LBody /S /P /S /Artifact 3260 0 obj /Pg 22 0 R /K 1066 << /Pg 15 0 R Not surprisingly, some managers have produced better outcomes than others, and by wide margins. /S /Artifact /S /Artifact /P 5418 0 R endobj /P 5816 0 R /K 357 13 0 obj endobj >> 65 0 obj endobj /Lang (EN-US) /K 908 /S /P << >> /Lang (EN-US) << /Pg 25 0 R /S /Artifact /Lang (EN-US) /S /P 1117 0 obj << /Pg 23 0 R /K 1328 endobj << << /S /Artifact 20 0 obj /Pg 24 0 R /P 5134 0 R << endobj /P 10 0 R >> 3047 0 obj /P 6368 0 R 3127 0 R 3128 0 R 3129 0 R 3130 0 R 3131 0 R 3132 0 R 3133 0 R 3134 0 R 3135 0 R 3136 0 R endobj /Pg 22 0 R << << << /S /Artifact << /K 1524 /S /P endobj /K 1212 /Lang (EN-US) /K 732 /Pg 24 0 R /S /P >> /S /Artifact >> /Pg 25 0 R << /Pg 14 0 R >> /S /P << /K 1241 /Lang (EN-US) /S /Artifact /Lang (EN-US) << /Lang (EN-US) /S /P /Pg 24 0 R endobj 2330 0 obj 4325 0 obj >> /S /Artifact /S /Artifact /Pg 22 0 R /S /P << /P 5318 0 R << /K 196 >> << >> >> /K 617 /Pg 23 0 R /S /P /Lang (EN-US) /K 1120 null 1962 0 R null null null 1963 0 R null null null 1964 0 R /Pg 25 0 R /S /P /K 1276 /K 1516 << /Lang (EN-US) << << 3588 0 obj << 4061 0 obj >> << /Pg 25 0 R /Lang (EN-US) 3668 0 obj endobj /K 1408 3535 0 obj /Lang (EN-US) 2971 0 obj 2952 0 obj /S /Artifact endobj >> << 4102 0 obj >> >> >> endobj /Pg 25 0 R 941 0 obj /Pg 23 0 R /S /P << << endobj /S /P endobj >> /Lang (EN-US) endobj /Pg 24 0 R /P 10 0 R /Pg 25 0 R /Pg 25 0 R >> 1460 0 obj << endobj /P 4999 0 R /K 630 /Pg 23 0 R << 72 0 obj /S /P 3488 0 obj /Pg 23 0 R >> /Pg 23 0 R It is often said policy takes around 6-12 months to take effect. /Pg 23 0 R /S /P << >> /S /P /Pg 25 0 R /K 44 << << /P 6601 0 R /K 381 /S /P /Pg 25 0 R /K 1272 >> endobj 3007 0 R 3008 0 R 3009 0 R 3010 0 R 3011 0 R 3012 0 R 3013 0 R 3014 0 R 3015 0 R 3016 0 R /K 932 >> null null null 2856 0 R null null null 2857 0 R null 2858 0 R endobj endobj /P 5211 0 R << /P 4916 0 R endobj >> /Pg 23 0 R /Lang (EN-US) >> endobj /K 1452 /S /P /S /P /S /P /Pg 24 0 R >> >> /Pg 22 0 R /Pg 22 0 R 2117 0 obj << endobj /Pg 14 0 R /Pg 22 0 R 3682 0 R null 3683 0 R null 3684 0 R 3685 0 R null 3686 0 R null 3687 0 R 3383 0 obj /Pg 17 0 R /K 412 /P 6702 0 R >> 988 0 obj /P 5056 0 R endobj /Pg 20 0 R << 3067 0 obj /P 6343 0 R /Pg 22 0 R /K 1486 /Pg 22 0 R /K 1269 /K 846 /K 1367 >> 3673 0 obj /InlineShape /Figure >> /P 5946 0 R /K 522 1795 0 obj /P 6758 0 R /Lang (EN-US) 2299 0 obj endobj /Pg 18 0 R endobj null null null 1634 0 R null null null 1635 0 R null 1636 0 R /Pg 22 0 R endobj << /K 1123 /K 1144 /Lang (EN-US) /K 1135 /S /Link >> >> endobj /S /P >> >> << /K 143 4049 0 obj /S /Artifact >> >> /S /Artifact /K 1059 << /K 1455 1412 0 obj >> << /K 1013 /Lang (EN-US) /S /Artifact 1118 0 obj 2776 0 obj /Pg 24 0 R >> 3744 0 obj /Type /Page 112 0 obj << /P 33 0 R /Pg 23 0 R << >> 993 0 obj >> /K 386 3704 0 obj >> << /K 1458 /K 711 endobj /Lang (EN-US) >> /P 5642 0 R /K 979 endobj /S /Artifact endobj >> << /S /Artifact /K 1502 << /K 1293 /Pg 25 0 R /K 1144 << /Pg 22 0 R /Lang (EN-US) /K 944 /P 185 0 R /Lang (EN-US) /K 1438 /P 4400 0 R /S /Artifact /P 6721 0 R /Lang (EN-US) >> >> /S /P << >> 1752 0 obj 3221 0 obj /Pg 23 0 R 177 0 obj 3011 0 obj endobj /K 1228 /Pg 22 0 R /S /Artifact endobj /Pg 23 0 R 309 0 obj /Lang (EN-US) /P 10 0 R /Lang (EN-US) /P 6523 0 R /Pg 18 0 R << /Pg 25 0 R /S /P /Lang (EN-US) << >> << /K 1225 endobj << /Lang (EN-US) 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R /P 6144 0 R /Pg 25 0 R /K 1229 434 0 obj >> /Pg 24 0 R << /P 6424 0 R endobj /S /P null 1090 0 R null 1091 0 R null 1092 0 R null null null 1093 0 R /K 55 /S /P 2616 0 obj /S /P /Lang (EN-US) /P 6211 0 R 37 0 obj << >> The unsmoothed volatility adjustment for the CDLI is 4.5%, which is roughly less than that of the blended public credit index (shown in Exhibit C). /K 1454 << 2598 0 obj 1646 0 obj /P 6142 0 R >> /S /P /P 4728 0 R /S /P /Pg 25 0 R /Pg 25 0 R >> 3087 0 obj << /Pg 24 0 R << >> /Pg 24 0 R << endobj >> 386 0 obj /Lang (EN-US) >> /S /Artifact >> << 4238 0 obj /Pg 24 0 R /K 1228 endobj >> << >> 4421 0 R 4422 0 R 4423 0 R 4424 0 R 4425 0 R 4426 0 R 4427 0 R 4428 0 R] 3503 0 obj << /S /P /K 152 /S /P /Lang (EN-US) /P 5433 0 R >> endobj /Lang (EN-US) /S /Artifact 4126 0 obj /S /Artifact /Lang (EN-US) /S /P << endobj >> /S /P /Pg 23 0 R >> 675 0 obj 1292 0 obj endobj 2657 0 obj /K 1157 /P 5717 0 R << << << /P 143 0 R /Pg 22 0 R << << endobj /S /P << /Pg 24 0 R /Pg 25 0 R << >> << endobj /P 4890 0 R /S /Artifact << /S /P /Pg 24 0 R << << /K 278 2530 0 obj /Pg 23 0 R /Pg 24 0 R /Pg 22 0 R endobj endobj /Lang (EN-US) >> 2146 0 obj << /K 185 3303 0 obj /S /Artifact /K 18 >> /Lang (EN-US) 613 0 obj >> /Lang (EN-US) << << /Pg 22 0 R /Lang (EN-US) >> /Pg 15 0 R << /Pg 18 0 R >> /Pg 22 0 R 34 0 obj /P 5934 0 R endobj /K 1465 << null 3457 0 R null null null 3458 0 R null 3459 0 R null 3460 0 R /S /Artifact 126 0 obj /S /P /Lang (EN-US) /P 10 0 R >> /S /Artifact 2760 0 obj /Pg 25 0 R >> >> /Lang (EN-US) /P 5034 0 R 2195 0 obj /Lang (EN-US) /K 451 /S /Artifact /K 608 << >> /S /Artifact << /K 662 /S /Artifact /S /Artifact /Pg 18 0 R /S /P /Pg 24 0 R << /S /P /K 165 3463 0 obj << >> 1798 0 obj /P 5202 0 R endobj endobj << /S /P /Pg 25 0 R /S /P >> >> /Pg 18 0 R endobj >> << /S /P 953 0 obj >> /K 246 /Pg 22 0 R /P 5860 0 R 3065 0 obj 964 0 obj /K 1470 << /Lang (EN-US) >> << << >> 472 0 obj >> endobj /S /Artifact /P 5278 0 R /P 5998 0 R /Pg 19 0 R >> << /S /Artifact /Pg 25 0 R /P 5216 0 R /S /Artifact /Pg 25 0 R >> /P 5284 0 R 1678 0 obj /P 5913 0 R << >> /K 1447 /Pg 25 0 R /K 1191 >> /S /P /S /P null null null 1891 0 R null null null 1892 0 R null 1893 0 R /S /Artifact << << endobj /P 5938 0 R /P 4992 0 R /Lang (EN-US) /Pg 22 0 R /S /P /K 1511 /P 6241 0 R /P 4793 0 R /S /Artifact /Pg 25 0 R /S /P 3690 0 obj /Pg 22 0 R << /S /P /P 5483 0 R /Lang (EN-US) /Pg 23 0 R 2542 0 obj 1084 0 obj endobj /K 1319 /K 121 /S /P /P 4856 0 R /K 1238 /Pg 25 0 R /Pg 25 0 R /P 426 0 R /P 5889 0 R /Pg 24 0 R /K 1011 /S /Artifact /S /Artifact /K 1264 /S /P /Pg 14 0 R /S /Artifact >> << >> /K 33 /Pg 22 0 R /S /Artifact /K 13 << >> << /Pg 22 0 R 1394 0 obj /Lang (EN-US) endobj /Lang (EN-US) 2153 0 obj endobj << endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /Pg 25 0 R HW]o[7}M^(-v-4*!,*kB8%gfnsyo9yr{'>n#>I`E2IQy0fL?o8Yr|o=={+'KF,/+/4~,$Ze\GOsGt&eC!Zh Z%{nw/!+Fn endobj << endobj /S /P >> >> 1895 0 obj endobj /K 662 >> /S /Artifact /K 1212 3540 0 obj /P 4981 0 R endobj >> /Lang (EN-US) 3613 0 obj /S /Table endobj endobj endobj >> 1405 0 obj << /S /P endobj /K 1363 >> /S /P /S /P 1981 0 obj /P 10 0 R /Filter /FlateDecode /K 881 /K 1278 << << /Lang (EN-US) /P 5656 0 R /Lang (EN-US) endobj /K 1359 /Pg 24 0 R /K 1491 /Lang (EN-US) /S /P /S /Artifact /Pg 23 0 R 1261 0 obj 1385 0 obj /Pg 23 0 R /P 5924 0 R >> /Pg 22 0 R /Pg 25 0 R /Pg 24 0 R /K 1456 2675 0 obj << 2896 0 obj << 4200 0 obj /Pg 23 0 R /K 267 endobj /S /P << >> /P 6339 0 R /S /P << /K 163 /S /P /Pg 25 0 R << /Pg 22 0 R 1238 0 R 1239 0 R 1240 0 R 1241 0 R 1242 0 R 1243 0 R 1244 0 R 1245 0 R 1246 0 R 1247 0 R 3310 0 obj /P 6482 0 R /K 140