/P 5922 0 R /K 1530 /P 4880 0 R << << endobj /K 81 << 3236 0 obj 456 0 obj endobj /P 10 0 R endobj >> endobj /S /P /P 4777 0 R 1691 0 R null 1692 0 R null 1693 0 R null null null 1694 0 R null endobj << /Lang (EN-US) >> /S /P 593 0 obj << 1459 0 obj /P 6460 0 R endobj << 4190 0 obj >> 687 0 obj << /Pg 22 0 R 3187 0 obj endobj 3732 0 obj << >> << /S /P /S /Artifact endobj /Pg 15 0 R 380 0 R 381 0 R 382 0 R null 383 0 R null 384 0 R null 385 0 R 44 0 R 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 /K 1248 /P 10 0 R null 1045 0 R null null null 1046 0 R null 1047 0 R null 1048 0 R endobj /S /Artifact << endobj /S /P endobj 1978 0 obj >> /P 5364 0 R << >> << endobj << 1417 0 obj /P 6103 0 R << /S /P /K 818 >> /Pg 25 0 R /Pg 22 0 R >> 3666 0 obj << 2366 0 obj endobj endobj 3294 0 obj null 1562 0 R null null null 1563 0 R null 1564 0 R null 1565 0 R endobj /K 1435 /Lang (EN-US) >> endobj /MediaBox [0 0 612 792] /Pg 25 0 R 3538 0 obj endobj 1425 0 R 1426 0 R 1427 0 R 1428 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1433 0 R 1434 0 R >> /Pg 25 0 R /K 235 /S /Artifact >> /S /Artifact /Pg 24 0 R /Pg 23 0 R /Pg 23 0 R /Pg 23 0 R /S /P << 143 0 obj /S /P endobj 2876 0 obj >> 988 0 obj /S /Artifact /K 1482 endobj << /Pg 23 0 R /K 1384 /K 1357 endobj /Pg 24 0 R /K 1460 /K 54 1504 0 obj << /S /Artifact endobj >> endobj << /Pg 24 0 R /Lang (EN-US) << 823 0 obj >> /P 5943 0 R 4313 0 obj /K 1391 /K 1423 endobj /Pg 23 0 R /S /Artifact >> /Pg 24 0 R >> >> 2360 0 obj /S /Artifact 4282 0 obj >> /Pg 22 0 R >> /K 560 endobj << 3635 0 R null 3636 0 R null null null 3637 0 R null null null << /P 5560 0 R >> 743 0 obj endobj >> /K 1539 /S /P >> /Pg 25 0 R /Pg 24 0 R 261 0 R null null null 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R 232 0 R >> endobj endobj >> /Pg 23 0 R /Pg 22 0 R << << /Lang (EN-US) /Pg 25 0 R /S /P /S /P /K 987 /Pg 25 0 R 1355 0 obj >> endobj /K 605 << 3061 0 obj << >> endobj 676 0 obj /Pg 24 0 R /K 67 >> 3539 0 obj << >> >> endobj /Pg 25 0 R >> >> /Pg 24 0 R /K 1134 /Pg 22 0 R /K 422 >> >> << /P 6688 0 R /Pg 22 0 R << endobj << 2406 0 obj /Pg 24 0 R >> /Pg 22 0 R 3470 0 obj << /K 51 /S /P >> >> /Lang (EN-US) >> << 1961 0 obj /P 4433 0 R << << /Pg 24 0 R >> << /K 1326 << /P 6310 0 R >> /K 403 /Pg 25 0 R 3943 0 obj >> /Lang (EN-US) endobj 584 0 obj 3348 0 obj 2148 0 obj /S /Artifact /K 1403 /K 1236 endobj endobj /K 965 >> /P 10 0 R << 57 0 R 58 0 R 59 0 R 61 0 R 62 0 R null 418 0 R null 63 0 R 64 0 R /Lang (EN-US) << << /P 6549 0 R 767 0 obj /P 5696 0 R endobj >> 901 0 obj /K 718 /Pg 25 0 R /K 1472 1380 0 obj /K 1283 endobj << /Pg 22 0 R 3802 0 obj /P 4849 0 R << /K 62 /K 1218 /Pg 23 0 R /Lang (EN-US) /P 6441 0 R endobj 1718 0 obj 3079 0 obj << /P 10 0 R /K 283 /S /LBody /P 4912 0 R 605 0 obj 3648 0 obj 3657 0 obj /K 1464 /Pg 22 0 R << >> >> /K 802 /K 1455 /P 6337 0 R /K 1527 << << /P 10 0 R endobj endobj 4324 0 R 4325 0 R 4326 0 R 4327 0 R 4328 0 R 4329 0 R 4330 0 R 4331 0 R 4332 0 R 4333 0 R /K 1130 >> /P 6271 0 R >> endobj 2173 0 obj >> /S /P /P 5130 0 R endobj 297 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R 304 0 R 305 0 R 306 0 R endobj >> 1509 0 obj /Lang (EN-US) /Pg 24 0 R << 2022 0 obj >> endobj << /K 734 >> 3026 0 obj /Pg 25 0 R null null null 2856 0 R null null null 2857 0 R null 2858 0 R /S /Artifact /S /Artifact 1516 0 obj /K 1107 /Pg 22 0 R /K 1200 endobj >> 393 0 obj endobj /K 763 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 /K 1021 2923 0 obj /S /P 3713 0 obj << << endobj 840 0 obj null 3718 0 R null 3719 0 R null 3720 0 R 3721 0 R null 3722 0 R null /Pg 25 0 R /K 121 << /P 5121 0 R /S /P /P 4652 0 R >> /Lang (EN-US) 334 0 obj /K 1213 2226 0 obj endobj << 82 0 obj 3073 0 obj /Pg 24 0 R endobj /K 74 /Pg 22 0 R /Pg 24 0 R 4291 0 obj endobj >> << /S /Artifact /Pg 24 0 R 4035 0 obj << 1842 0 obj /K 1545 null 2550 0 R null null null 2551 0 R null null null 2552 0 R /Pg 25 0 R 1672 0 obj /Lang (EN-US) endobj << /Pg 24 0 R >> /Pg 23 0 R /K 73 /S /P /K 1471 /Lang (EN-US) << 3107 0 obj /Lang (EN-US) /Lang (EN-US) endobj << 2719 0 obj /S /P /Pg 13 0 R << /Pg 22 0 R /Pg 20 0 R /Lang (EN-US) 3213 0 obj 4270 0 obj << << << endobj /K 29 656 0 obj 2534 0 obj >> endobj << >> 136 0 obj >> << /S /Artifact /P 6334 0 R 934 0 R null 935 0 R null 936 0 R null null null 937 0 R null /S /Artifact /Lang (EN-US) /Pg 22 0 R 212 0 obj /K 1207 /Pg 23 0 R << /S /Artifact /K 1534 /K 135 /K 1052 /P 6404 0 R endobj endobj /P 5984 0 R >> endobj >> /S /P /Pg 24 0 R >> endobj /S /P >> << /Pg 18 0 R /S /P /S /P 2798 0 obj /S /P /Pg 23 0 R >> /Lang (EN-US) /K 850 914 0 obj << 1277 0 obj >> /K 1135 << endobj /Lang (EN-US) endobj /Pg 23 0 R /K 1415 >> /K 1067 << /Pg 24 0 R /P 6092 0 R << 1014 0 obj /Pg 23 0 R 786 0 obj 4556 0 R 4557 0 R 4558 0 R 4559 0 R 4560 0 R 4561 0 R 4562 0 R 4563 0 R 4564 0 R 4565 0 R 1981 0 obj << 386 0 obj /S /P >> 2476 0 obj /S /Artifact >> endobj /S /Artifact /K 480 endobj << /K 873 /Pg 24 0 R >> /S /P /Lang (EN-US) /K 1219 /P 4743 0 R endobj /S /P /Pg 20 0 R /Pg 23 0 R << endobj << /S /P << >> 2836 0 obj /S /P /S /Artifact /Pg 18 0 R /P 5948 0 R /S /Table /Pg 23 0 R /Pg 24 0 R /S /P >> << >> 1638 0 obj endobj << >> << endobj << /Pg 23 0 R << endobj endobj 3471 0 obj 2043 0 obj endobj 2902 0 obj /Lang (EN-US) >> >> << 1763 0 obj << /Lang (EN-US) << /S /P /K 1210 /P 6709 0 R << << /P 5199 0 R /Pg 24 0 R /Lang (EN-US) endobj The Index measures the unlevered, gross of fee performance of U.S. middle market corporate loans. /K 1096 /S /P /K 1126 /S /P /Pg 22 0 R << >> /Pg 18 0 R << /S /P /S /Artifact /S /P /K 329 /Lang (EN-US) endobj endobj /Pg 25 0 R Website. /Pg 22 0 R /K 34 677 0 R null 678 0 R null 679 0 R null null null 680 0 R null >> /S /Artifact 633 0 obj /S /P /Pg 22 0 R << endobj 1408 0 obj endobj /K 1160 << /Pg 24 0 R /P 4976 0 R 2610 0 obj endobj /K 250 endobj /Lang (EN-US) 128 0 obj endobj /K 1388 << /Pg 25 0 R /Pg 24 0 R /Pg 19 0 R /S /Sect /K 205 /Lang (EN-US) endobj /Lang (EN-US) << /K 266 << endobj /K 1153 /K 814 >> /P 4803 0 R << /P 5310 0 R << /P 10 0 R endobj endobj null 3669 0 R null 3670 0 R null 3671 0 R null 3672 0 R 3673 0 R null /S /Artifact 3112 0 obj >> << null 1615 0 R null 1616 0 R 1617 0 R null 1618 0 R null 1619 0 R null 2163 0 obj << << /K 1498 /S /P << << /S /Artifact 116 0 obj >> endobj /S /P /K 1532 /Pg 23 0 R /Lang (EN-US) 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 endobj /Pg 23 0 R 1699 0 obj /K 1413 /S /P 1743 0 R null 1744 0 R null 1745 0 R null 1746 0 R null 1747 0 R null endobj /Pg 25 0 R << endobj /Pg 23 0 R /Lang (EN-US) << >> /Pg 19 0 R /P 6476 0 R /P 10 0 R 3614 0 obj endobj endobj endobj /S /Artifact << 878 0 obj /Lang (EN-US) 1697 0 obj << << /K 1546 /Pg 22 0 R >> 1252 0 obj /K 510 null null null 1868 0 R null 1869 0 R null 1870 0 R null 1871 0 R << /Pg 24 0 R << /P 6747 0 R null null null 3506 0 R null 3507 0 R null 3508 0 R null 3509 0 R 464 0 obj endobj << /Pg 22 0 R endobj /S /Artifact /S /Artifact /Lang (EN-US) >> 572 0 obj /P 5388 0 R << << /P 6484 0 R << << >> endobj << /K 10 >> /S /Artifact << >> 1164 0 obj >> >> 3033 0 obj /S /P 3097 0 obj 3653 0 obj endobj << /Pg 23 0 R /K 1472 /Lang (EN-US) /S /P >> >> /S /Artifact /S /P endobj /P 33 0 R 119 0 obj endobj /Pg 25 0 R /S /P 3985 0 obj /Lang (EN-US) << endobj /P 6214 0 R 1605 0 obj /Pg 25 0 R /S /P /P 6391 0 R /Group 4370 0 R /K 1381 /P 4792 0 R 845 0 obj /K 1374 3105 0 obj /P 4714 0 R endobj 536 0 obj /P 10 0 R /Pg 24 0 R 3453 0 obj /K 963 601 0 R null null 602 0 R null 603 0 R 604 0 R null null 605 0 R /K 824 /K 826 << /K 1240 2023 0 R null null null 2024 0 R null 2025 0 R null 2026 0 R null /P 6339 0 R 294 0 obj null null null 974 0 R null 975 0 R null 976 0 R null 977 0 R >> /P 6680 0 R >> << 1652 0 obj /Pg 24 0 R /Lang (EN-US) /S /P /S /Artifact null null null 1634 0 R null null null 1635 0 R null 1636 0 R /Lang (EN-US) 1184 0 obj /K 175 << /K 603 << /K 59 /Pg 18 0 R endobj /K 620 /Pg 25 0 R /K 6 /K 771 /Lang (EN-US) /K 13 << /Lang (EN-US) /S /Artifact /Pg 24 0 R << >> /S /P 111 0 R 107 0 R 107 0 R 107 0 R 107 0 R 107 0 R 133 0 R 133 0 R 133 0 R 133 0 R /S /P /Lang (EN-US) >> /S /Artifact null 2930 0 R null 2931 0 R null 2932 0 R null 2933 0 R null 2934 0 R /Lang (EN-US) 2481 0 obj /K 1206 null 811 0 R null null null 812 0 R null null null 813 0 R << /P 6268 0 R endobj 1495 0 obj /S /P /Pg 24 0 R 807 0 obj 3051 0 obj /S /P endobj << /S /P /Pg 23 0 R /Pg 23 0 R << /P 5923 0 R /K 1313 /S /P /Lang (EN-US) << /S /Artifact /Pg 24 0 R /K 909 /P 5080 0 R /S /P 3708 0 obj /S /Artifact /F 4 endobj /K 1548 /S /P /S /P /Lang (EN-US) /S /Figure endobj /P 33 0 R null 2014 0 R null 2015 0 R null 2016 0 R null 2017 0 R 2018 0 R null >> /P 6463 0 R /Pg 18 0 R endobj /Lang (EN-US) /Pg 24 0 R /S /Artifact /P 4776 0 R << << /Lang (EN-US) /K 1281 endobj endobj 2862 0 obj >> /Lang (EN-US) endobj /P 6566 0 R >> /Lang (EN-US) /Pg 25 0 R endobj endobj /P 10 0 R << << /S /Artifact >> 2393 0 R 2394 0 R 2395 0 R 2396 0 R 2397 0 R 2398 0 R 2399 0 R 2400 0 R 2401 0 R 2402 0 R /S /P >> << /Lang (EN-US) << /S /Artifact >> /S /P /Lang (EN-US) << >> /S /P << >> /K 684 2779 0 obj In fact, in comparison with high-yield and traded loans, the Cliffwater Direct Lending Index (CDLI) has delivered an average yield pickup of 391 basis points (bps) and 547 bps, respectively, since 2005. /K 91 endobj << << 1258 0 obj /Pg 25 0 R /Pg 22 0 R /K 1356 /Pg 16 0 R 1003 0 obj /K 305 /Pg 24 0 R 953 0 obj << << /S /P /Pg 25 0 R 3335 0 obj endobj 1975 0 obj /Lang (EN-US) /K 1449 << /S /P /K 1293 /S /Artifact >> /Lang (EN-US) 620 0 obj 2680 0 obj /P 6098 0 R /S /P >> /Pg 22 0 R 3827 0 obj /Lang (EN-US) >> << /Lang (EN-US) /K 217 2031 0 obj >> << 1731 0 obj /S /Artifact endobj >> /Pg 24 0 R /Pg 15 0 R /S /Artifact /S /Artifact 1063 0 obj /Pg 22 0 R endobj >> /Pg 25 0 R >> /Pg 22 0 R /P 6556 0 R /P 6158 0 R /S /P << /Pg 24 0 R /Pg 25 0 R /P 5708 0 R /K 334 /K 127 1550 0 obj /Lang (EN-US) /Lang (EN-US) /P 5361 0 R endobj >> 3416 0 R null 3417 0 R null 3418 0 R null 3419 0 R null 3420 0 R null 1108 0 obj /K 1271 /Lang (EN-US) /Lang (EN-US) endobj endobj 3748 0 obj endobj endobj /S /P >> 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 endobj endobj << /P 5248 0 R endobj /Pg 25 0 R /K 761 << << /K 152 << /Pg 22 0 R /S /P /P 5582 0 R >> /Lang (EN-US) >> /S /P 3200 0 obj >> >> /P 10 0 R >> /S /P >> /K 1014 /K 12 endobj /S /P /Pg 25 0 R << /P 6440 0 R /K 414 << /S /P endobj 3756 0 obj endobj << /P 6383 0 R 3787 0 obj 2489 0 obj /S /P << /K 1344 endobj null null 3613 0 R null null null 3614 0 R null 3615 0 R null << 2996 0 obj 2731 0 obj /S /P /Pg 24 0 R endobj /S /Artifact >> 3907 0 obj << << >> << /Lang (EN-US) endobj << /K 1536 << /K 1177 /K 1450 >> /S /Artifact /K 1168 endobj /Lang (EN-US) endobj /K 1190 >> endobj >> endobj 4318 0 obj >> /P 10 0 R 4238 0 obj 916 0 obj /S /P /P 5455 0 R 2701 0 obj >> endobj << 2128 0 obj /K 1315 1991 0 obj 590 0 obj /Lang (EN-US) Cliffwater Direct Lending Fund (the " Fund ") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust. << /K 1162 /Pg 22 0 R >> 1708 0 obj >> /S /Artifact << /K 740 >> /P 5070 0 R /S /Artifact /P 6474 0 R 3689 0 obj /K 662 /K 1133 >> /Rotate 0 << << endobj /S /P /K 1190 /K 170 3160 0 obj /Pg 23 0 R /K 1137 /Pg 22 0 R /Lang (EN-US) 558 0 R 559 0 R 560 0 R 560 0 R 560 0 R] /K 1513 1538 0 obj /K 94 /K [1118 1119] /P 5508 0 R /K 644 << 2470 0 obj null 1815 0 R null 1816 0 R null 1817 0 R null 1818 0 R null null /S /Artifact /K 1459 /Lang (EN-US) << /Pg 25 0 R /Pg 25 0 R /P 6100 0 R endobj /K 1361 3570 0 obj /P 5256 0 R 114 0 obj >> >> /Pg 25 0 R /Pg 22 0 R endobj /K [80 81] endobj 947 0 obj /Pg 23 0 R null 3630 0 R null 3631 0 R 3632 0 R null 3633 0 R null 3634 0 R null /P 5822 0 R /Pg 22 0 R >> null null null 1094 0 R null 1095 0 R null 1096 0 R null 1097 0 R << /ModDate (D:20220524030506-06'00') >> endobj /S /Artifact /Lang (EN-US) 3083 0 obj /Pg 24 0 R /Lang (EN-US) >> /K 1417 endobj endobj /Lang (EN-US) >> /S /Artifact >> >> /K 67 /K 686 /K 1198 << >> << endobj /S /P << /S /Artifact >> << 1074 0 obj >> /K 1512 /Pg 18 0 R >> >> /K 1279 /Pg 23 0 R /Pg 23 0 R /K 1179 /Pg 22 0 R << /K 1154 << /Lang (EN-US) /S /P /K 48 /Tabs /S /Lang (EN-US) /Pg 24 0 R /K 1423 246 0 obj /S /Artifact /P 6193 0 R /S /P /Lang (EN-US) /P 5962 0 R /Pg 25 0 R >> << >> endobj endobj << /Lang (EN-US) /K 1373 /K 1008 << 4503 0 R] << 619 0 obj << endobj /Pg 22 0 R endobj << << << 1475 0 R 1476 0 R 1477 0 R 1478 0 R 1479 0 R 1480 0 R 1481 0 R 1482 0 R 1483 0 R 1484 0 R << << << 2845 0 obj /S /P << endobj endobj /S /P null 1027 0 R 1028 0 R null 1029 0 R null 1030 0 R null 1031 0 R null endobj /Pg 25 0 R endobj << /P 6634 0 R null 3714 0 R null null null 3715 0 R null 3716 0 R null 3717 0 R /Lang (EN-US) /S /Artifact >> /Pg 23 0 R /P 6077 0 R 151 0 obj << /S /P /S /P /K 1521 >> >> /S /P /Pg 23 0 R endobj /P 6235 0 R << /K 400 /K 149 /P 10 0 R /K 1316 /S /Artifact /Lang (EN-US) /S /P /S /P /S /P /S /Artifact /S /Artifact /S /P /Lang (EN-US) /Lang (EN-US) >> /K 1442 3340 0 obj /S /Artifact /K 1387 /K 109 /K 567 << /P 5276 0 R /K 1389 << >> null 1557 0 R null 1558 0 R null 1559 0 R null 1560 0 R null 1561 0 R endobj endobj /K 172 >> endobj 4608 0 R] /K 1202 /Pg 24 0 R endobj /S /Artifact >> 4057 0 R 4058 0 R 4059 0 R 4060 0 R 4061 0 R 4062 0 R 4063 0 R 4064 0 R 4065 0 R 4066 0 R /Lang (EN-US) /K 1146 << /Lang (EN-US) >> /Pg 19 0 R /Lang (EN-US) >> >> endobj /P 5261 0 R /K 1106 << /S /P /S /P /K 1106 << /Pg 24 0 R 14 [333 0 R 334 0 R 335 0 R 336 0 R 337 0 R 338 0 R 339 0 R 340 0 R 341 0 R 342 0 R /K 437 /K 1089 /S /P /P 5359 0 R endobj endobj >> /Lang (EN-US) /K 1107 /Pg 22 0 R >> << /Lang (EN-US) /P 5554 0 R /K 583 /Pg 25 0 R /P 10 0 R endobj /Pg 25 0 R /K 44 /K 878 /Lang (EN-US) 4105 0 obj /K 653 /Pg 24 0 R << >> /K 1338 /P 6595 0 R /S /Artifact /S /Artifact /S /Artifact /Pg 23 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 /Pg 19 0 R /S /P /S /P >> << 2662 0 obj endobj << endobj /S /Artifact /Pg 25 0 R 109 0 obj /S /P /S /Artifact endobj /S /Artifact /Lang (EN-US) /K 869 >> /Pg 25 0 R endobj << >> << /K 1435 /S /P 3393 0 obj /S /P /Pg 22 0 R 1736 0 obj /Pg 18 0 R /S /P endobj 1752 0 obj /Pg 25 0 R /P 5445 0 R >> 654 0 obj /Lang (EN-US) << /Pg 22 0 R << /S /Artifact /K 419 1120 0 obj endobj endobj << 480 0 obj /Pg 24 0 R /Pg 16 0 R 3494 0 obj << >> << >> << << >> /K 1249 3742 0 obj /K 1115 endobj /Pg 23 0 R /K 1 /S /P >> /Pg 22 0 R /S /P /S /Artifact >> 2526 0 obj /Lang (EN-US) /K 1212 /Lang (EN-US) << << /S /P /Pg 16 0 R << 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 1423 0 obj /K 35 /K 1282 << /Lang (EN-US) /Pg 22 0 R /K 1338 1969 0 obj << /K 325 /Pg 25 0 R /Lang (EN-US) /K 115 /S /Artifact 288 0 obj /Lang (EN-US) /K 1094 >> << /P 4821 0 R /S /Artifact /S /P /Pg 24 0 R >> /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj /K 157 endobj /Pg 23 0 R >> endobj << /S /P Distribution Yield presented is based on the fund-level composite of all the share classes. /S /P >> /Pg 25 0 R << /Pg 22 0 R /K 1471 null null null 837 0 R null 838 0 R null 839 0 R null 840 0 R /S /Artifact << /K 1448 /S /Artifact /K 1175 << /S /P /Pg 22 0 R /S /Artifact /Pg 25 0 R /S /P << << /Lang (EN-US) >> /Pg 22 0 R /K 1379 /S /P /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 219 /S /Artifact 102 0 obj >> null 788 0 R null null null 789 0 R null 790 0 R null 791 0 R /Lang (EN-US) /S /P /S /P /K 109 endobj endobj /Lang (EN-US) /K 1241 /Pg 23 0 R /S /Artifact 4329 0 obj /K 900 >> /S /Figure /S /P /K 1346 >> >> endobj /Lang (EN-US) /K 849 /S /P /Pg 25 0 R /P 10 0 R /Lang (EN-US) >> /Pg 25 0 R /Pg 25 0 R endobj << /P 5583 0 R endobj /S /P >> >> << /Pg 24 0 R /P 5970 0 R /Pg 24 0 R << 3230 0 obj /P 6529 0 R /K 274 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R endobj /Lang (EN-US) endobj 739 0 obj /K 495 /P 5496 0 R 4021 0 obj /Lang (EN-US) endobj /Pg 25 0 R /S /P 3540 0 obj endobj >> << /P 5472 0 R /K 828 /P 33 0 R /P 5242 0 R 462 0 obj /Lang (EN-US) /Pg 20 0 R /K 1067 /Lang (EN-US) /K 1187 >> /S /P /Lang (EN-US) /S /P 295 0 R 296 0 R 298 0 R 299 0 R 300 0 R 301 0 R 302 0 R 303 0 R null null /S /P /P 5890 0 R /Pg 26 0 R /Pg 25 0 R /P 5122 0 R 4324 0 obj endobj null null null null null 593 0 R null 594 0 R 595 0 R null /K 1243 endobj << /K 1322 /S /Artifact 36 endobj endobj /Lang (EN-US) 327 0 obj /K 882 /Pg 24 0 R /S /Artifact /Pg 22 0 R /Pg 23 0 R >> 2444 0 obj null 3581 0 R null 3582 0 R null 3583 0 R 3584 0 R null 3585 0 R null >> /Lang (EN-US) /K 1025 >> /P 4918 0 R endobj /K 1371 << /P 5139 0 R /S /P /Lang (EN-US) /S /P /Pg 23 0 R 3066 0 obj /P 4917 0 R /Pg 24 0 R /P 5630 0 R endobj >> << >> >> /K 194 /Pg 24 0 R >> /A 4687 0 R /P 6021 0 R >> >> /Pg 23 0 R /Pg 22 0 R /Pg 25 0 R /K 103 << endobj 1015 0 obj /P 96 0 R << << /Pg 18 0 R /Pg 24 0 R << /P 5937 0 R /Pg 23 0 R >> endobj endobj /Lang (EN-US) endobj << /K 214 endobj << /P 10 0 R >> << /Pg 24 0 R 1403 0 obj >> /Lang (EN-US) >> /K 952 /Lang (EN-US) /K 1522 /P 10 0 R /P 6719 0 R /Lang (EN-US) /P 4868 0 R endobj endobj >> /K 196 /K 509 >> 1846 0 obj << /S /P << /S /P /Pg 25 0 R << /Pg 18 0 R /P 5332 0 R /S /Artifact 2913 0 obj >> 4234 0 obj << /Lang (EN-US) /P 4953 0 R /K 932 /Lang (EN-US) 3975 0 obj 2639 0 obj /P 5653 0 R endobj endobj >> 3007 0 obj << 2948 0 obj 2602 0 obj endobj /K 468 >> endobj endobj /Pg 20 0 R /K 298 << >> << endobj /S /P << /Lang (EN-US) << >> /S /P /S /Artifact /S /Artifact /P 33 0 R /Pg 24 0 R /K 868 >> /S /P << 2191 0 obj << << /S /Artifact /S /Artifact endobj /S /P /K 70 /S /P /S /P endobj endobj 1151 0 obj 2147 0 obj /P 6324 0 R /S /P >> /P 4401 0 R >> << endobj /Pg 24 0 R >> /Lang (EN-US) /Lang (EN-US) << /P 6636 0 R << endobj /K 1354 << /Lang (EN-US) /P 4895 0 R << /K 1415 >> 3687 0 obj /K 1528 /K 1265 /K 30 2930 0 obj /P 5751 0 R /S /P 3700 0 obj /Lang (EN-US) /K 682 /P 5606 0 R 3949 0 obj /Lang (EN-US) /S /Artifact /S /P /S /Artifact /P 5180 0 R >> /Lang (EN-US) 196 0 obj endobj /K 170 << /S /P The Cliffwater Direct Lending Index captures the collective (asset weighted) work product of the direct loan managers represented in the Index, but it is not investable. 2408 0 obj /K [68 4676 0 R] 1255 0 obj >> /S /P /Pg 22 0 R >> endobj /S /P endobj /K 270 endobj >> 4064 0 obj /K 36 endobj /S /Artifact << /S /Artifact /K 1125 /S /P /S /P /P 5672 0 R /S /P 3738 0 obj << << /P 6575 0 R endobj /S /Artifact /S /Artifact << /Pg 25 0 R >> >> /S /Artifact endobj 2243 0 obj /Pg 23 0 R /P 6207 0 R /S /P 3981 0 obj 2995 0 obj /K 1085 /K 1392 endobj << 4031 0 obj << endobj /P 5997 0 R endobj /S /P << << endobj 1331 0 obj /S /P /Lang (EN-US) endobj /Pg 24 0 R /K 277 /K 97 endobj /S /Artifact /K 1515 /K 972 /K 153 >> endobj /Lang (EN-US) /P 4810 0 R 2363 0 R 2364 0 R 2365 0 R 2366 0 R 2367 0 R 2368 0 R 2369 0 R 2370 0 R 2371 0 R 2372 0 R >> /K 1079 3109 0 obj /S /Artifact /Pg 25 0 R /K 8 /Lang (EN-US) /K 464 /K 1183 >> 3043 0 obj 724 0 obj 2310 0 obj endobj null null 2917 0 R null 2918 0 R null 2919 0 R null 2920 0 R null /K 1231 /S /P << /S /P endobj endobj /S /P >> /K 136 /K 406 << << endobj 3977 0 obj 2403 0 obj >> >> endobj endobj >> << 4094 0 obj << /Lang (EN-US) endobj /Pg 22 0 R 4307 0 obj << << 198 0 obj endobj << /P 6486 0 R /K 1108 << /S /P /S /Artifact /A 6766 0 R << /P 4843 0 R << /K 632 /Pg 22 0 R << << /K 1263 /Pg 16 0 R << endobj 71 0 obj 783 0 obj /Lang (EN-US) 498 0 obj /K 1529 endobj /K 1177 << /Pg 13 0 R /K 1428 4 By 2020, the total U.S. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. /K 778 >> endobj /Lang (EN-US) /S /Artifact endobj endobj >> /Border [0 0 0] >> /S /Artifact /Pg 22 0 R 1305 0 obj endobj >> << /K 580 >> 3111 0 obj endobj 1444 0 obj << /P 5719 0 R << /Pg 23 0 R /P 10 0 R /K 936 /S /Artifact << /Pg 22 0 R << /Lang (EN-US) endobj << >> 4281 0 obj /P 10 0 R /K 152 /P 4398 0 R << /K 899 /S /Artifact >> /K 28 /Pg 25 0 R /Lang (EN-US) << /S /P endobj >> /Pg 24 0 R >> 1165 0 obj << /P 5370 0 R /Pg 24 0 R >> /K 210 3071 0 obj null null null 1731 0 R null 1732 0 R null 1733 0 R null 1734 0 R /Pg 24 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact /Lang (EN-US) endobj /Lang (EN-US) >> << >> >> /Lang (EN-US) 3594 0 obj /Pg 22 0 R << /S /P /K 859 /Lang (EN-US) /K 1203 << /P 5699 0 R 1904 0 obj 758 0 obj /Pg 23 0 R /Pg 24 0 R /S /P endobj >> /Lang (EN-US) 2390 0 obj 2405 0 obj /Pg 23 0 R << endobj endobj << /P 6610 0 R /Lang (EN-US) /S /P endobj /K 1482 endobj /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) >> /K 1276 /Lang (EN-US) 3442 0 obj >> 1416 0 obj /Pg 24 0 R /S /Artifact 2379 0 obj endobj /Pg 25 0 R >> /K 176 >> /P 5178 0 R /Pg 26 0 R 2983 0 obj /P 6086 0 R /Lang (EN-US) endobj << /Pg 24 0 R /S /P << /Lang (EN-US) /P 5632 0 R /S /P /Lang (EN-US) /P 6713 0 R /S /Artifact endobj << /P 5090 0 R << /S /P << /S /Artifact >> /K 1321 /Lang (EN-US) /K 1406 /S /P /P 538 0 R /Lang (EN-US) /K 776 << /Pg 20 0 R /Lang (EN-US) /P 4980 0 R /K 30 >> << /K 407 1146 0 obj /P 10 0 R /S /LBody /Parent 9 0 R 995 0 obj >> /K 647 /S /Artifact >> /K 1043 /S /P /Lang (EN-US) >> >> 2857 0 obj >> 373 0 obj /T () >> endobj /Lang (EN-US) 761 0 obj /K 1421 /Pg 23 0 R 4240 0 obj endobj << /K 1094 /P 10 0 R << /K 1184 /Pg 23 0 R /Pg 24 0 R >> /S /Artifact /P 5383 0 R /Lang (EN-US) >> /K 589 /K 651 << 1950 0 obj /S /P /Pg 24 0 R 275 0 obj >> << >> /S /Artifact /P 5245 0 R null 970 0 R null 971 0 R null 972 0 R null null null 973 0 R /Pg 22 0 R 3444 0 obj << /Lang (EN-US) << /K 1541 4 [103 0 R 104 0 R 105 0 R 106 0 R 108 0 R 109 0 R 110 0 R 111 0 R 113 0 R 114 0 R >> >> /P 10 0 R 893 0 obj /Lang (EN-US) 3899 0 R 3900 0 R 3900 0 R 3901 0 R 3902 0 R 3903 0 R 3904 0 R 3905 0 R 3905 0 R 3906 0 R endobj endobj /S /P /Pg 23 0 R 1185 0 obj << /P 10 0 R endobj /P 5963 0 R >> /Pg 23 0 R /Pg 22 0 R >> /K 283 >> 1947 0 obj << << /S /P /Pg 23 0 R /P 6197 0 R /S /Artifact >> /Pg 16 0 R /K 549 /Lang (EN-US) >> /Pg 25 0 R /Pg 23 0 R endobj endobj << 3137 0 R 3138 0 R 3139 0 R 3140 0 R 3141 0 R 3142 0 R 3143 0 R 3144 0 R 3145 0 R 3146 0 R /S /P /S /Artifact >> /K 60 endobj 1340 0 obj /Lang (EN-US) 1351 0 obj /Pg 23 0 R /S /P << /K 1002 /K 1121 >> endobj /K 1139 null 1585 0 R null null null 1586 0 R null null null 1587 0 R /S /P 494 0 obj /P 6107 0 R << << /S /P /K 349 /Pg 23 0 R /Pg 22 0 R /K 1188 /Pg 20 0 R endobj /Pg 22 0 R /K 152 3775 0 obj >> /Pg 25 0 R /P 4820 0 R /Pg 18 0 R endobj 396 0 obj 4229 0 obj << 479 0 obj endobj /K 714 << /P 5159 0 R /Lang (EN-US) << This index captures both mark-to-market volatility (based on quarterly loan valuation changes) as well /Pg 25 0 R << /S /P endobj /K 1521 << /S /Artifact /S /Artifact /S /Artifact 933 0 obj << endobj /S /Artifact >> 3097 0 R 3098 0 R 3099 0 R 3100 0 R 3101 0 R 3102 0 R 3103 0 R 3104 0 R 3105 0 R 3106 0 R /P 6259 0 R /P 6673 0 R /Pg 14 0 R 1785 0 obj /Pg 25 0 R endobj endobj 317 0 obj /K 1319 endobj endobj endobj endobj << /P 6349 0 R >> 70 0 obj /S /P /S /Artifact /K 1066 934 0 obj /S /P >> 4013 0 obj >> /Lang (EN-US) 3052 0 obj >> /S /P /Pg 25 0 R null 765 0 R null 766 0 R null 767 0 R null 768 0 R null 769 0 R << >> >> /S /P /S /Artifact >> endobj /Pg 25 0 R endobj /P 6362 0 R /K 76 /K 435 endobj /S /Artifact /Pg 24 0 R /Pg 23 0 R