/K 713 /S /Artifact /P 5908 0 R >> /Pg 24 0 R /Pg 23 0 R 3027 0 obj /K 620 /K 2 /S /Artifact /S /Artifact /Lang (EN-US) << 1173 0 obj << 3259 0 obj endobj /K 612 >> >> /K 869 /Lang (EN-US) << endobj /Pg 24 0 R << /S /P >> /P 6563 0 R endobj >> endobj /Pg 24 0 R /Parent 9 0 R 897 0 obj << << /Lang (EN-US) endobj >> /Lang (EN-US) /S /P >> >> << >> >> /Pg 22 0 R endobj << /Pg 24 0 R /K 1219 >> /Artifact /P /S /Artifact /S /Artifact << /S /Link /K 1261 << /Pg 22 0 R /Lang (EN-US) >> /K 23 /K 1235 805 0 obj /Pg 24 0 R /S /P /K 1119 /S /P /S /Artifact /P 5260 0 R /T () /K 657 >> /K 39 00:00. /Pg 24 0 R /K 106 2767 0 obj endobj >> endobj << 3794 0 obj endobj >> /Pg 24 0 R >> >> /P 10 0 R /Pg 22 0 R /Lang (EN-US) 1839 0 obj >> >> /S /P << 4319 0 obj << /Pg 25 0 R /Pg 25 0 R endobj null 3834 0 R null null null 3835 0 R null 3836 0 R null 3837 0 R /Pg 21 0 R /K 29 << /K 884 /K 1252 /K 949 /K 77 /K 1363 << << /Pg 17 0 R >> /Pg 13 0 R << endobj /S /P /K 557 endobj << /S /P /S /Artifact /Pg 23 0 R /P 6356 0 R >> /K 1543 /K 1452 << << /K 1357 null 650 0 R 651 0 R null 652 0 R null 653 0 R null 654 0 R null >> /K 1385 /S /P << /P 4737 0 R endobj /Lang (EN-US) It takes the /K 126 /S /P /K 342 << 607 0 obj /Parent 9 0 R /K 1272 endobj /P 4739 0 R /S /Artifact /K 1256 endobj 2752 0 obj endobj << >> /Pg 13 0 R >> /S /Artifact /P 5545 0 R /A 4457 0 R /Lang (EN-US) /P 4967 0 R /Pg 22 0 R 172 0 R 172 0 R] >> endobj /Pg 14 0 R /Lang (EN-US) /S /Artifact endobj >> /Lang (EN-US) /S /P 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 /Pg 25 0 R /Lang (EN-US) endobj << << /P 5496 0 R >> 1951 0 obj /S /Artifact endobj >> << 2116 0 obj << >> << /Lang (EN-US) endobj endobj /Pg 22 0 R /Pg 24 0 R /Pg 22 0 R endobj << /K 733 >> /P 4707 0 R >> /K 221 endobj 817 0 obj << 114 0 obj /Pg 22 0 R >> /S /Artifact endobj 2836 0 obj /K 169 << 1614 0 obj << /K 1526 /Pg 13 0 R /P 6407 0 R 4184 0 R 4185 0 R 4186 0 R 4187 0 R 4188 0 R 4189 0 R 4190 0 R 4191 0 R 4192 0 R 4193 0 R endobj >> >> /K 1125 /Pg 13 0 R /Lang (EN-US) /K 999 1524 0 obj /Pg 24 0 R 4213 0 obj /S /Artifact >> /P 5084 0 R 320 0 obj >> 1226 0 obj endobj /K 1053 Index data stretches back to September of 2004. endobj /K 643 /Pg 21 0 R 4126 0 obj /Pg 24 0 R /Pg 21 0 R endobj /P 6284 0 R /Lang (EN-US) /Pg 22 0 R /S /Artifact /Lang (EN-US) /K 399 endobj << >> /Pg 22 0 R /P 5157 0 R << /K 1236 /Pg 22 0 R >> /K 293 << /Pg 22 0 R 2356 0 obj 4159 0 obj /P 4875 0 R /P 10 0 R /Pg 24 0 R 567 0 obj 628 0 obj /K 1162 >> null null null 717 0 R null 718 0 R null 719 0 R null 720 0 R null 3480 0 R null null null 3481 0 R null null null 3482 0 R endobj 2157 0 obj /K 1406 3891 0 obj 4064 0 obj >> /K 918 /P 6374 0 R /S /P /S /P 2008 0 obj 96 0 obj << << endobj /P 10 0 R >> >> /S /P /K 1279 endobj >> /K 1359 2329 0 obj >> /P 5512 0 R /K 1012 /Lang (EN-US) /P 4767 0 R 1860 0 obj >> endobj /Lang (EN-US) 3275 0 obj /K 1262 null 1071 0 R null 1072 0 R null 1073 0 R null 1074 0 R null 1075 0 R 4209 0 obj /K 1150 /Lang (EN-US) endobj /Lang (EN-US) endobj >> endobj endobj endobj 712 0 obj /Pg 25 0 R /S /P >> endobj >> >> 3802 0 obj 55 0 obj endobj /K 520 endobj /Pg 22 0 R /Lang (EN-US) >> >> /Pg 25 0 R /K 1232 /K 34 /S /Artifact /K 1134 /S /P /K [428 0 R 429 0 R 430 0 R] /P 6085 0 R endobj /Lang (EN-US) /Pg 25 0 R /S /P >> /S /P /Pg 24 0 R 1503 0 obj /S /Artifact >> 1066 0 obj 1333 0 obj /K 1280 /S /P /K 349 endobj 797 0 R null 798 0 R null 799 0 R null null null 800 0 R null << /Pg 24 0 R /Pg 20 0 R /Pg 24 0 R /P 6391 0 R 4 The way many of the style indices are constructed is to split the core index into two parts. /K 1063 532 0 obj >> /S /P 930 0 obj << 1767 0 obj /S /Artifact /S /P /Pg 24 0 R endobj /S /P >> /K 264 /S /Artifact << 4324 0 obj /P 192 0 R /Pg 23 0 R << /S /P /S /P << << << /Pg 25 0 R /S /Artifact /Pg 24 0 R /K 1192 /Pg 25 0 R /P 5452 0 R 3960 0 obj >> /K 1175 /Lang (EN-US) >> 2058 0 obj /Lang (EN-US) /Lang (EN-US) 1894 0 obj 3760 0 obj << /S /P /Lang (EN-US) << >> endobj /Pg 24 0 R /Lang (EN-US) /Pg 23 0 R /Pg 24 0 R /P 10 0 R /Pg 14 0 R << << 1909 0 obj /S /P 1278 0 obj /Pg 23 0 R /K 1106 2323 0 obj /Pg 22 0 R >> /K 543 endobj >> /K 1393 /P 4874 0 R >> << endobj endobj /K 128 208 0 obj /S /P /S /P endobj 3704 0 obj endobj endobj /S /P /Lang (EN-US) endobj endobj /S /P << << /S /Artifact /Pg 25 0 R 1591 0 obj >> >> /K 1521 << 2086 0 obj endobj /P 4706 0 R >> /Pg 24 0 R >> /P 5217 0 R >> endobj 675 0 obj /Lang (EN-US) 3939 0 obj /Pg 25 0 R /K 8 /S /P >> /K 4 949 0 obj << << /Pg 25 0 R /S /Artifact 3190 0 obj << 1467 0 obj >> >> endobj 2403 0 obj 1464 0 obj /Lang (EN-US) /K 1263 /P 5457 0 R /Pg 23 0 R endobj /K 1075 << << 3072 0 obj /K 262 /S /P /Pg 24 0 R endobj As base rates (LIBOR/SOFR) have risen to over 4% today, both existing loans and new originations offer enhanced return potential. /K 129 /Lang (EN-US) endobj /Pg 22 0 R /Lang (EN-US) >> << /P 5475 0 R 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null 3970 0 obj << /P 6412 0 R /S /P /Lang (EN-US) /S /P << << >> /P 6660 0 R 2099 0 obj << 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 >> /Lang (EN-US) 3080 0 obj /K 76 >> 2133 0 obj >> /K 816 endobj /S /P /K 436 endobj /S /P << 177 0 obj >> endobj >> >> << >> /S /P << >> endobj /K 1478 1463 0 obj << /S /P /Lang (EN-US) /K 1537 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /Lang (EN-US) << endobj << >> >> >> << 2474 0 obj /S /P << /K 117 /S /P >> >> /K 104 >> << /Pg 23 0 R /Lang (EN-US) << Ask us about our performance. /K 1457 /K 986 /S /Artifact /P 6054 0 R /Pg 23 0 R >> >> /P 6354 0 R /Pg 24 0 R /Pg 25 0 R /K 1332 1408 0 obj << /S /Artifact 4029 0 obj /Lang (EN-US) >> endobj /K 983 /S /Artifact 1306 0 obj 859 0 obj endobj 2760 0 obj >> /Pg 23 0 R /P 5027 0 R /K 1454 /S /Artifact << /P 4919 0 R >> All of the monthly standard deviations are then annualized and the volatility is expressed as a percentage. /S /Artifact << /K 272 /Lang (EN-US) >> 4090 0 obj /K 1284 /P 6644 0 R /K 985 /Lang (EN-US) /Lang (EN-US) 137 0 obj /Lang (EN-US) 22 Opportunities in Corporate Direct Lending", 2019. endobj endobj 4002 0 obj << /S /P >> /K 104 << /P 5869 0 R /P 6187 0 R >> /Lang (EN-US) /Lang (EN-US) endobj endobj >> /P 10 0 R /Lang (EN-US) /Pg 25 0 R endobj >> endobj /K 1427 /P 5112 0 R /S /Figure /S /P /Pg 25 0 R /S /P /Pg 22 0 R >> 3299 0 obj /K 8 /Lang (EN-US) /K 681 /P 4705 0 R /K 1308 /K 790 << /Lang (EN-US) /K 634 4038 0 obj << << << /Pg 22 0 R /Pg 23 0 R /S /P /S /P /Pg 22 0 R /Pg 25 0 R /Pg 24 0 R << /Lang (EN-US) /Pg 23 0 R /K 11 null 2647 0 R null null null 2648 0 R null 2649 0 R null 2650 0 R /S /P /P 96 0 R /K 886 /P 5604 0 R >> endobj endobj >> << endobj endobj null 611 0 R null 612 0 R 613 0 R null 246 0 R 247 0 R 248 0 R 249 0 R << /S /Artifact /S /P /S /Artifact 3705 0 obj >> /S /Artifact << /Pg 26 0 R /P 5132 0 R /Lang (EN-US) /Pg 23 0 R /Pg 23 0 R /Lang (EN-US) << 4493 0 R 4494 0 R 4495 0 R 4496 0 R 4497 0 R 4498 0 R 4499 0 R 4500 0 R 4501 0 R 4502 0 R /S /P /Pg 22 0 R >> endobj endobj endobj /S /P /Pg 23 0 R 2097 0 obj /Lang (EN-US) /Pg 18 0 R /Pg 23 0 R /S /Artifact endobj 1303 0 obj /Pg 22 0 R /P 4928 0 R endobj /CropBox [0 0 612 792] endobj /K 32 endobj 1208 0 obj /S /Artifact /K 1093 /K 1381 << 3172 0 obj /Pg 22 0 R /Lang (EN-US) /P 6742 0 R << /Lang (EN-US) /K 1208 1794 0 obj 1601 0 obj >> /Lang (EN-US) << /Lang (EN-US) /K 1382 >> /S /P /Pg 24 0 R << >> /K 1103 /Pg 24 0 R endobj /S /Artifact /P 5453 0 R << endobj /K 545 endobj /Pg 23 0 R >> /Lang (EN-US) /Pg 24 0 R >> null 1962 0 R null null null 1963 0 R null null null 1964 0 R 3546 0 obj 2348 0 obj /K 643 /K 208 << /Lang (EN-US) 4139 0 obj endobj endobj /Pg 25 0 R /Lang (EN-US) 2288 0 obj << << /Pg 24 0 R endobj << /S /Artifact 4120 0 obj << /S /P << << Access to this resource is limited to existing Cliffwater clients and qualified prospects for our Funds, By clicking "Login", I accept Terms of Use, If you are an RIA, institutional investors, or other prospect for Funds, please contact us to gain access, By clicking "Accept", I accept Terms of Use, For more information to login, call (310) 448-5000 or email info@cliffwater.com, {{CDLI.indexValue}}Index Value ({{CDLI.indexDate}}), {{CDLI.assetFairValue}}BAssets (Fair Value), {{CDLI_S.indexValue}}Index Value ({{CDLI_S.indexDate}}), {{CDLI_S.assetFairValue}}BAssets (Fair Value), {{CDLI_V.indexValue}}Index Value ({{CDLI_V.indexDate}}), {{CDLI_V.assetFairValue}}BAssets (Fair Value), {{CWBDC.indexValue}} Index Value ({{CWBDC.indexDate}}), {{CWBDC.numberofCompanies}}Number of Companies, {{CWBDC.marketCapitalization}}BMarket Capitalization, {{CWBDC.navPremium}}%NAV Premium/Discount. /Pg 24 0 R /Lang (EN-US) /K 1013 endobj << /K 55 /Pg 24 0 R endobj << /Pg 24 0 R /Lang (EN-US) null 2735 0 R null 2736 0 R null null null 2737 0 R null 2738 0 R >> /Lang (EN-US) /S /Artifact >> endobj << /Lang (EN-US) << /Pg 25 0 R /S /Artifact >> /S /Artifact /S /Artifact endobj >> endobj << endobj 4119 0 obj /P 10 0 R endobj /Lang (EN-US) << /S /Artifact >> << /S /Artifact /S /Artifact << /Lang (EN-US) endobj >> /S /Artifact >> << /K 1286 /Pg 25 0 R application/pdf 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 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R /P 6174 0 R << /Pg 22 0 R endobj endobj /Pg 22 0 R >> /Lang (EN-US) 2540 0 obj /P 4754 0 R /K 1096 /P 6571 0 R /Lang (EN-US) 4260 0 obj >> /S /P /K 105 >> /K 1512 /Lang (EN-US) endobj /P 5805 0 R /K 511 /S /P /K 1270 << 293 0 obj /K 1430 /K 1453 /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /S /Artifact /Pg 23 0 R >> >> endobj 561 0 obj 4070 0 obj 3473 0 obj >> /Pg 25 0 R /Pg 23 0 R endobj 1090 0 obj << 4137 0 obj /K 580 /S /P << /Lang (EN-US) /S /P /Lang (EN-US) << /Pg 25 0 R endobj /P 5920 0 R >> endobj /Resources 4379 0 R /Lang (EN-US) << 330 0 obj endobj 1267 0 obj 3416 0 obj << >> >> >> >> /S /P << /Lang (EN-US) >> endobj << /Pg 23 0 R 2389 0 obj 3095 0 obj << 998 0 obj /Pg 23 0 R /Pg 15 0 R /P 10 0 R endobj /K 1289 endobj >> /Lang (EN-US) /Superscript /Span << /Pg 24 0 R 448 0 obj >> 1956 0 R null 1957 0 R 1958 0 R null 1959 0 R null 1960 0 R null 1961 0 R >> /K 1244 << /S /Artifact /Lang (EN-US) /S /P /S /Artifact << null 565 0 R null null null 566 0 R null null null 567 0 R endobj endobj >> 2196 0 obj /S /P /K 1500 /Pg 23 0 R /Lang (EN-US) << << 2528 0 obj /K 798 << /K 256 /K 1134 /P 10 0 R << /P 6022 0 R /S /P /S /P /Lang (EN-US) >> /K 1431 << /P 37 0 R /S /P endobj >> /S /P 1347 0 obj /S /Artifact endobj >> /S /Artifact >> 2888 0 obj >> /K 125 /P 10 0 R /Pg 23 0 R /Lang (EN-US) 3996 0 obj << << /Lang (EN-US) /P 5651 0 R endobj /K 94 /Pg 24 0 R /P 4720 0 R /Tabs /S /Lang (EN-US) /P 5630 0 R /Lang (EN-US) 923 0 obj << /Pg 24 0 R /K 1190 << << 3488 0 obj /Pg 23 0 R /Pg 22 0 R /K 717 /Pg 24 0 R << << 3668 0 obj endobj Distribution Yield presented is based on the fund-level composite of all the share classes. /P 5519 0 R endobj /Fund#20Manager (22) 3412 0 obj endobj /K 293 >> 2982 0 obj << << /P 4641 0 R /Pg 22 0 R /S /Artifact endobj null null 3470 0 R null 3471 0 R null 3472 0 R null 3473 0 R null /Lang (EN-US) 3796 0 obj 284 0 R 285 0 R 286 0 R 287 0 R 288 0 R 290 0 R 291 0 R 292 0 R 293 0 R 294 0 R /S /LBody /K 405 /K 1512 << /S /Artifact 2706 0 obj >> /P 4981 0 R >> /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /Pg 22 0 R >> /S /P /Lang (EN-US) /K 1127 << >> endobj >> << >> /S /P endobj endobj << /S /P >> /P 5702 0 R 343 0 R 344 0 R 345 0 R 346 0 R 347 0 R 348 0 R 349 0 R 350 0 R 351 0 R 352 0 R /Pg 25 0 R /K 1392 << /S /Artifact << endobj << endobj endobj endobj /P 5064 0 R 3056 0 obj endobj /K 716 /K 693 /A 4394 0 R >> /P 5793 0 R 688 0 obj 4057 0 obj << >> /S /P endobj 4294 0 R 4295 0 R 4296 0 R 4297 0 R 4298 0 R 4299 0 R 4300 0 R 4301 0 R 4302 0 R 4303 0 R << /K [49 50 51 52 53] endobj 2171 0 obj /Pg 23 0 R 2167 0 obj >> >> /Pg 22 0 R /K 352 1775 0 obj << /Pg 23 0 R >> 4030 0 obj endobj 3987 0 obj /K 536 << /S /Artifact /Lang (EN-US) /S /Artifact << 2831 0 obj /S /P << >> /P 10 0 R /Lang (EN-US) /Pg 25 0 R >> >> >> >> /K 1058 /Lang (EN-US) /S /P /Lang (EN-US) >> 2585 0 R null 2586 0 R null null null 2587 0 R null null null endobj /K 959 /Pg 16 0 R endobj 1308 0 obj 189 0 obj /K 69 endobj /K 1124 /K 1522 /Pg 22 0 R >> /K 1500 /Lang (EN-US) /P 10 0 R /Lang (EN-US) /K 1237 612 0 obj /Pg 22 0 R >> /P 5961 0 R << /K 1359 /S /P << << /S /Artifact endobj 2610 0 obj 1770 0 R null 1771 0 R null 1772 0 R 1773 0 R null 1774 0 R null 1775 0 R /S /Artifact /S /P /Pg 23 0 R << /K 509 3794 0 R null 3795 0 R null 3796 0 R null 3797 0 R null null null endobj /K 877 1431 0 obj >> /K 75 << /K 944 467 0 obj >> << << endobj /S /P << endobj /K 736 /Pg 25 0 R /Pg 23 0 R << /P 6238 0 R /Pg 22 0 R /Pg 22 0 R /K 143 /Pg 18 0 R /S /P /Pg 25 0 R /S /P 1239 0 obj 3309 0 obj /S /Artifact 1102 0 obj /P 5947 0 R
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