<< /K 1402 /S /P /Pg 25 0 R endobj >> /S /P endobj /K 1400 2000 0 R null 2001 0 R null 2002 0 R null 2003 0 R null 2004 0 R null endobj /S /Artifact /Lang (EN-US) >> /K 1532 /S /P /Lang (EN-US) 513 0 obj /K 1002 /K 1529 /P 5535 0 R /K 1475 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 /Pg 22 0 R << << /K 1064 /S /P endobj 3699 0 obj 2972 0 obj 2801 0 obj 2937 0 obj /S /P /S /Artifact /Lang (EN-US) /S /Artifact /S /Artifact endobj /S /Artifact >> /S /Artifact /Lang (EN-US) /Pg 23 0 R >> /K 1428 /K 1489 /Type /Annot 1799 0 obj << 819 0 R null 820 0 R null 821 0 R null 822 0 R null 823 0 R null endobj /Pg 22 0 R /K 1315 endobj /Pg 24 0 R /S /P >> /S /Artifact /S /Artifact 1351 0 obj >> 3798 0 obj 2876 0 obj >> /S /P >> endobj /Pg 25 0 R /S /Artifact /Lang (EN-US) /S /P /Pg 25 0 R endobj endobj >> /P 5320 0 R /S /P 2721 0 obj endobj /K 1026 >> /Type /Pages /Pg 24 0 R /S /Artifact /Pg 22 0 R << endobj << /Lang (EN-US) /S /P /S /P >> /S /P /Pg 23 0 R /P 5629 0 R null 3483 0 R null 3484 0 R null 3485 0 R null 3486 0 R null 3487 0 R /Lang (EN-US) << >> /K 4 /P 5771 0 R 1639 0 obj /S /P 1225 0 obj << >> /P 5169 0 R /S /P /K 1199 /P 5297 0 R << 520 0 R null 521 0 R null 522 0 R 523 0 R null 524 0 R 525 0 R null /S /Artifact /Pg 23 0 R /S /P >> /Pg 25 0 R /Pg 25 0 R /Pg 23 0 R /K 1048 707 0 obj /S /Artifact 3183 0 obj /Lang (EN-US) /Pg 25 0 R /P 4961 0 R /P 5941 0 R >> /Pg 18 0 R /K 661 /Pg 24 0 R << /Pg 23 0 R /Lang (EN-US) 1469 0 obj /S /P << /Pg 22 0 R null 3710 0 R null 3711 0 R null 3712 0 R null 3713 0 R null null /P 6143 0 R >> /S /Artifact /S /Artifact >> << >> << /Pg 22 0 R 2722 0 obj << /K 1190 /Lang (EN-US) /P 6128 0 R /K 331 /K 162 /S /Artifact >> /K 1408 /Pg 25 0 R /Pg 25 0 R /K 424 >> endobj endobj /Pg 23 0 R /P 5330 0 R /S /P endobj << << >> /P 5172 0 R Cliffwater is an alternative investment adviser and fund manager. /Producer (Adobe PDF Library 22.1.149) /S /P endobj 2005 0 R 2006 0 R null 2007 0 R null 2008 0 R null 2009 0 R null 2010 0 R endobj /Pg 24 0 R << /P 5954 0 R 99 0 obj /K [560 0 R 539 0 R] /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R 4156 0 obj << /P 4869 0 R /S /Artifact << /Pg 20 0 R /S /P /K 857 /S /Artifact /S /Artifact 4209 0 obj /K 1316 /Pg 23 0 R /K 4 << /Lang (EN-US) >> /S /P /K 859 772 0 obj /Lang (EN-US) << /Lang /Pg 24 0 R /P 10 0 R /S /Artifact /K 1320 /K 1528 /S /Artifact /Pg 25 0 R /Pg 22 0 R endobj << >> 1967 0 obj /S /P >> >> /Lang (EN-US) /Lang (EN-US) /K 7 << /Lang (EN-US) >> << /Pg 15 0 R /K 1276 endobj << endobj >> /Pg 22 0 R /Lang (EN-US) << /S /P /Pg 25 0 R << << /K 831 131 0 obj /Lang (EN-US) /Pg 22 0 R /S /P << >> /K 152 /S /Artifact null null 824 0 R null null null 825 0 R null 826 0 R null 2565 0 obj >> /Lang (EN-US) endobj /K 707 >> /Pg 22 0 R /P 4827 0 R /P 10 0 R /Lang (EN-US) /K 47 /Pg 22 0 R /Pg 24 0 R /Pg 25 0 R /S /P 3784 0 obj /Pg 13 0 R << /S /Artifact /P 5344 0 R /S /P endobj << 415 0 obj /Pg 16 0 R /S /P /Lang (EN-US) endobj 507 0 obj /Pg 25 0 R 1344 0 obj endobj /K 90 /Pg 23 0 R /S /P /Pg 23 0 R /S /P /S /P /S /Artifact /S /Artifact /K 1108 /K 1337 /K 8 /T () /Pg 22 0 R /K 1397 /Lang (EN-US) >> /P 5430 0 R >> /K 690 2692 0 obj << Editor, Real Assets Adviser magazine; producer and host of the podcast Novelist Spotlight, availabe on all major podcast platforms 3d /S /Artifact 176 0 obj /S /P << endobj /K 61 /K 219 /P 6471 0 R /Lang (EN-US) << endobj /P 6050 0 R /Pg 22 0 R /K 208 endobj /K 1294 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 /S /Footnote /Pg 22 0 R /Pg 25 0 R 2107 0 obj /S /P /Lang (EN-US) /Lang (EN-US) /K 252 /S /Artifact /Pg 25 0 R /S /P /Pg 22 0 R 2884 0 obj /K 1308 /S /P 2166 0 obj 154 0 obj /S /P /P 6003 0 R endobj /Pg 22 0 R /K 211 /S /P >> /K 264 /K 122 endobj << endobj /P 6378 0 R << 4103 0 obj /K 742 << /P 5570 0 R /Pg 25 0 R 3674 0 obj 2600 0 obj >> /S /P 3500 0 obj /K 869 endobj 1450 0 obj /S /P /Pg 24 0 R /P 4719 0 R << /S /Artifact >> /Lang (EN-US) /K 898 >> << >> << /S /P /K 1245 << endobj << /K 1379 /S /LBody << /P 4913 0 R >> CS HY Index, Barclays US IG, Moody's, Cliffwater, Refinitiv LPC as of December 2022. /Pg 25 0 R >> /K 169 /K 418 0 R /Lang (EN-US) 2774 0 R null 2775 0 R null 2776 0 R null 2777 0 R null 2778 0 R 2779 0 R /S /Footnote /Lang (EN-US) /S /Artifact /K 95 << << 241 0 obj /K [80 81] /Lang (EN-US) /S /P endobj endobj /Pg 13 0 R /K 383 /S /P /Lang (EN-US) /K 160 << << /P 5273 0 R 2345 0 obj endobj /K 668 /Lang (EN-US) /K 205 >> >> /K 1269 /K 107 endobj << /S /Artifact endobj Index Methodology Comparison3 3 Except for the Russell family of indices, most benchmarks and value managers use multiple value metrics, of which price-to-book is the most common. /K 1106 endobj /Lang (EN-US) /P 4828 0 R /BS 6767 0 R /Pg 22 0 R /Pg 23 0 R /Pg 22 0 R endobj endobj endobj /P 6399 0 R >> /Pg 24 0 R << 107 0 obj /Pg 23 0 R >> /P 5229 0 R endobj endobj 1539 0 obj /Pg 22 0 R /K 601 >> /K 424 /K 1133 /S /P >> endobj 2891 0 R null null null 2892 0 R null 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<< << 4472 0 R 4473 0 R 4474 0 R 4475 0 R 4476 0 R 4477 0 R 4478 0 R 4479 0 R 4480 0 R 4481 0 R /K 605 1638 0 obj 2347 0 obj >> 834 0 obj /K 830 << << << endobj /S /P /K 65 1957 0 obj /P 4917 0 R endobj >> >> << << << /S /P endobj /Pg 25 0 R >> /Lang (EN-US) /Pg 24 0 R /P 4876 0 R 3528 0 obj 636 0 obj /K 1535 /K 1189 /Lang (EN-US) /Pg 24 0 R /S /Table /K 1212 endobj >> /K 514 2697 0 obj endobj << >> /K 102 >> /K 1049 endobj /K 513 157 0 R 158 0 R 159 0 R 160 0 R 161 0 R 162 0 R 163 0 R 164 0 R 165 0 R 166 0 R 562 0 R null null null 563 0 R null null 202 0 R 203 0 R 204 0 R 3155 0 obj << /S /P /S /Artifact 766 0 obj /Pg 22 0 R /K 641 << endobj /P 4916 0 R /K [8 431 0 R 72] << /K 656 >> endobj 2276 0 obj /Lang (EN-US) 3060 0 obj endobj >> /Lang (EN-US) << /Lang (EN-US) endobj 3049 0 obj 2585 0 R null 2586 0 R null null null 2587 0 R null null null Seeking income throughout the cycle with direct lending. /Pg 20 0 R << endobj << endobj 3526 0 obj >> 1990 0 obj endobj 252 0 obj /Pg 22 0 R 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