>> endobj << /S /P 146 0 obj /P 10 0 R /S /P endobj 1876 0 obj >> 3246 0 obj /Pg 23 0 R >> /Pg 25 0 R >> endobj >> >> << 246 0 obj >> >> /K 69 /Lang (EN-US) /K 1474 4188 0 obj /S /P 854 0 R 855 0 R null 856 0 R null 857 0 R null 858 0 R null 859 0 R endobj >> >> /Pg 23 0 R >> /S /Artifact endobj >> /Lang (EN-US) /Pg 25 0 R << 2019 0 obj /K 433 595 0 obj << >> /P 4843 0 R /P 6105 0 R /K [39 4680 0 R] Private Debt - Cliffwater Direct Lending Index, 3rd Quarter 2022 Download Access Webcasts Latest Asset Allocation Report Jan 16, 2023 2023 Asset Allocation Report Download View Asset Allocation Research Latest CDLI Index Report Dec 06, 2022 Q3 Report on U.S. /K 1255 << /Lang (EN-US) /P 5419 0 R /P 4832 0 R 2616 0 obj endobj 1903 0 R null null null 1904 0 R null 1905 0 R null 1906 0 R null /Pg 19 0 R endobj /Lang (EN-US) /K 681 /S /Artifact /Lang (EN-US) /S /P << /S /Artifact >> /S /P /K 48 /K [1111 1112] << << << /Pg 16 0 R /S /P /K 1207 /K 1094 /S /Artifact /S /P /K 130 /S /P 2641 0 obj /K 766 /K 400 /S /Artifact /P 10 0 R endobj /K 1512 606 0 obj /K 1470 /Pg 25 0 R /S /Artifact /K 189 /Pg 23 0 R 3051 0 obj /S /Artifact >> >> 2841 0 obj << /Pg 22 0 R << 2748 0 obj /K 1343 endobj << /S /Artifact 3357 0 obj /S /P /K 983 /Resources 4350 0 R /K 830 >> /K 1328 /S /Artifact >> /Pg 24 0 R 1071 0 obj /S /P /K 871 /K 1510 >> >> 466 0 obj 1672 0 obj /P 5425 0 R endobj /S /Artifact >> /K 1389 /Resources 4356 0 R 2992 0 obj endobj << /K 1232 >> 3142 0 obj /S /P /S /Artifact /K 4 /Lang (EN-US) /K 1238 /K 662 >> /K 848 /K 854 >> /S /Artifact endobj /Pg 23 0 R /S /P /Pg 22 0 R /K 264 endobj /K 574 endobj /K 462 /Pg 23 0 R << /Lang (EN-US) /Lang (EN-US) /Lang (EN-US) /K 1015 /Pg 23 0 R << 3967 0 obj 821 0 obj /Lang (EN-US) 2926 0 obj /P 6494 0 R /Pg 23 0 R << << /Lang (EN-US) /Lang (EN-US) 1065 0 obj /Lang (EN-US) /P 5345 0 R >> >> /Pg 23 0 R << >> << /P 5318 0 R endobj << /S /Artifact >> << /Pg 25 0 R /Pg 19 0 R /S /P /Pg 24 0 R /S /P >> >> /S /Artifact /Pg 24 0 R /Pg 24 0 R /K 1307 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R 2119 0 R 2120 0 R 2121 0 R 2122 0 R 2123 0 R 2124 0 R 2125 0 R >> endobj /S /P endobj 939 0 obj << >> >> /Pg 25 0 R /K 921 << 556 0 obj 860 0 obj >> 2752 0 obj /P 4430 0 R >> /Pg 25 0 R /Pg 22 0 R /K 125 /S /P /Pg 23 0 R >> << 738 0 obj >> endobj << << /P 10 0 R /K 431 /S /Artifact 1687 0 obj /Pg 23 0 R /K 115 /S /P /K 152 endobj 642 0 obj endobj endobj /Pg 25 0 R /K 349 >> /Pg 22 0 R << /P 5806 0 R /S /P /S /Artifact /K 1187 >> /K 134 644 0 obj /Pg 25 0 R /K 1062 1342 0 obj << /S /P endobj /P 5014 0 R /P 10 0 R endobj /S /P /Pg 24 0 R << endobj >> /K 450 >> /Pg 19 0 R 1547 0 obj /K 109 /S /P endobj 3231 0 obj /S /Artifact >> /K 1321 441 0 obj << << 2833 0 obj 2944 0 obj /P 6465 0 R >> /Pg 23 0 R /Pg 23 0 R >> /Pg 23 0 R /Pg 22 0 R /Pg 22 0 R 4116 0 R 4117 0 R 4118 0 R 4119 0 R 4120 0 R 4120 0 R 4121 0 R 4122 0 R 4123 0 R 4124 0 R /Pg 25 0 R /K 850 << /Lang (EN-US) endobj /P 6656 0 R /K 955 /K 1127 /Lang (EN-US) << endobj /P 6401 0 R 1224 0 obj /Lang (EN-US) << /Pg 17 0 R endobj << /K 1262 endobj << 2488 0 obj /P 4735 0 R /Pg 23 0 R >> 2826 0 obj /Pg 24 0 R >> /S /Artifact 3274 0 R 3275 0 R 3276 0 R 3277 0 R 3278 0 R 3279 0 R 3280 0 R 3281 0 R 3282 0 R 3283 0 R >> << /Pg 23 0 R >> /Pg 22 0 R /K 1475 /Lang (EN-US) 2000 0 obj << /K 829 << /P 6732 0 R >> /Pg 23 0 R /Pg 23 0 R << /S /P endobj /S /Artifact /S /P >> << /S /P 2893 0 obj >> >> /Pg 23 0 R endobj 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. endobj /P 5774 0 R /S /Artifact /Lang (EN-US) 2238 0 obj /S /P 1744 0 obj /P 6062 0 R endobj /S /Artifact /P 5084 0 R endobj << /P 5837 0 R /Pg 25 0 R >> endobj /S /P << /Lang (EN-US) /Pg 22 0 R << 3262 0 obj 256 0 obj /Lang (EN-US) 1043 0 obj << /P 6330 0 R 1935 0 obj 3210 0 obj >> >> << endobj 2429 0 obj /Pg 25 0 R 803 0 obj << /Pg 25 0 R /S /Artifact /Metadata 3 0 R /P 5201 0 R /Pg 22 0 R 3855 0 obj endobj endobj /K [43 4684 0 R] endobj null null 824 0 R null null null 825 0 R null 826 0 R null /P 4848 0 R r bcErZ%+GXiC 5=:e5}cK << >> endobj 562 0 obj endobj /K 13 /K 1517 /S /P /S /P /K 1550 865 0 R null 866 0 R null 867 0 R null 868 0 R null 869 0 R null << /Pg 22 0 R endobj /Pg 21 0 R /S /P /K 629 << /S /P >> 2637 0 obj >> /K 686 /S /Artifact /S /Artifact 1973 0 obj endobj >> /P 4729 0 R endobj /Pg 23 0 R /S /P << /P 5572 0 R /Pg 22 0 R /Pg 13 0 R endobj << /K 163 << endobj /Pg 22 0 R /Lang (EN-US) /Pg 23 0 R /S /Artifact /Pg 23 0 R >> << /Lang (EN-US) /K 612 endobj /K 199 /K 877 >> /K 632 << /K 137 >> >> /S /P endobj /K 1492 << 3736 0 obj 3222 0 obj endobj /K 1246 /K 280 /K 1153 << >> >> << /Lang (EN-US) >> /S /P /Pg 22 0 R << /S /Artifact 2958 0 obj /S /P << /K 1035 2224 0 obj /K 1158 /K 1180 1258 0 obj /K 86 << 350 0 obj << /Pg 22 0 R /S /Artifact endobj /Pg 18 0 R 2671 0 obj /K 387 endobj 2640 0 obj endobj >> << << 1598 0 obj << /P 5086 0 R 2505 0 obj >> /P 5752 0 R /P 5076 0 R << /Pg 19 0 R endobj /Pg 23 0 R /S /Artifact /Pg 23 0 R /K 1039 /K 1299 endobj /Lang (EN-US) /Pg 23 0 R /P 10 0 R >> /S /P /Pg 25 0 R /Lang (EN-US) << /S /P 3338 0 obj /P 4930 0 R /Lang (EN-US) /S /P /S /P /Lang (EN-US) /K 66 << 1714 0 obj /S /P endobj endobj << /K 637 /Lang (EN-US) >> /S /Artifact >> /Lang (EN-US) /Pg 23 0 R << /Lang (EN-US) endobj 2869 0 obj >> >> /K 711 /S /P >> /Lang (EN-US) 1548 0 obj 5 This growth has been due in part to the declining presence of banks in middle-market lending - a trend that began in the /K 1253 3461 0 obj /Lang (EN-US) /S /P /S /P /K 1463 << /P 5842 0 R 1560 0 obj /Pg 23 0 R /P 4837 0 R /S /Artifact /K 929 << 3631 0 obj /A 4397 0 R 4204 0 R 4205 0 R 4206 0 R 4207 0 R 4208 0 R 4209 0 R 4210 0 R 4211 0 R 4212 0 R 4213 0 R << endobj /Lang (EN-US) endobj /Pg 23 0 R /S /P 4259 0 obj /Lang (EN-US) /S /P << 226 0 obj /Pg 23 0 R /Pg 22 0 R << 1770 0 R null 1771 0 R null 1772 0 R 1773 0 R null 1774 0 R null 1775 0 R /Lang (EN-US) /Pg 25 0 R /K 132 >> >> /K 192 /P 4641 0 R >> << << << 1586 0 obj >> /Pg 23 0 R 4244 0 R 4245 0 R 4246 0 R 4247 0 R 4248 0 R 4249 0 R 4250 0 R 4251 0 R 4252 0 R 4253 0 R 601 0 obj endobj /P 10 0 R /K 1389 /Lang (EN-US) /K 26 /K 1513 /S /Artifact 1614 0 obj endobj << 3733 0 obj endobj >> 2361 0 obj >> endobj /K 805 /Pg 15 0 R /K 545 /Lang (EN-US) << endobj endobj >> /Pg 18 0 R /K 1067 /P 5443 0 R /StructParents 7 /Lang (EN-US) endobj /P 6599 0 R endobj /P 5237 0 R /S /P 2848 0 obj endobj /S /P /S /P << 669 0 obj 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 >> /P 5747 0 R /P 4431 0 R endobj 2107 0 obj /P 4961 0 R /P 5263 0 R >> >> /Pg 18 0 R /K 981 << >> >> /K 6 << /S /Artifact /K 891 Alex Condrell, managing director at Cliffwater discusses the firm's direct lending index and corporate lending fund and how investments in middle-market corporate credit should stand up to the challenges of rising inflation and interest rates, providing something close to historic return levels of 9 percent for the asset class without . /Lang (EN-US) /P 5108 0 R endobj << << /Lang (EN-US) /Pg 16 0 R /Lang (EN-US) /Lang (EN-US) /S /Artifact >> /P 5902 0 R endobj /Pg 14 0 R /Pg 15 0 R /Pg 25 0 R endobj /Lang (EN-US) /Pg 23 0 R /K 90 >> /Lang (EN-US) 1465 0 obj /K 601 endobj endobj << /Pg 23 0 R /Pg 24 0 R /K 1266 /S /P /Lang (EN-US) /K 1262 /Lang (EN-US) endobj 4286 0 obj /K 51 >> /P 10 0 R /Pg 20 0 R endobj 2131 0 obj 3984 0 obj endobj /K 648 endobj /Pg 16 0 R endobj << /K 1300 /Pg 23 0 R endobj /S /P /Lang (EN-US) /P 5294 0 R /K 48 /Lang (EN-US) /S /P endobj endobj /K 193 /S /P /K 176 >> /K 1300 /S /Artifact << 507 0 obj 1178 0 R 1179 0 R 1180 0 R 1181 0 R 1182 0 R 1183 0 R 1184 0 R 1185 0 R 1186 0 R 1187 0 R /K 1102 endobj 4294 0 obj /Lang (EN-US) /Pg 25 0 R >> endobj /Lang (EN-US) /K 1190 << /K 1302 /Pg 25 0 R endobj >> /P 10 0 R /Pg 22 0 R /Pg 18 0 R /Lang (EN-US) /S /Artifact /S /P >> /Lang (EN-US) /S /P /Lang (EN-US) 868 0 obj >> >> /K 16 /K 1500 /P 6131 0 R /P 10 0 R endobj /Lang 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/K 1339 endobj << 3982 0 obj /Pg 25 0 R /Pg 17 0 R endobj /S /P 281 0 obj /K 887 /K 1292 >> /Pg 24 0 R /K 260 /S /P /S /Artifact /Pg 22 0 R >> /Pg 22 0 R endobj << /S /Table /P 5315 0 R << null 833 0 R null 834 0 R null 835 0 R null null null 836 0 R /S /P /P 6530 0 R >> >> /K 25 /S /P 567 0 obj 3858 0 obj /K 1272 >> endobj << endobj /S /P << /S /P << endobj 1888 0 obj /S /P 497 0 obj /S /Artifact >> /P 5191 0 R 2545 0 obj endobj >> /K 543 682 0 obj /Pg 24 0 R endobj /P 6048 0 R << /P 6416 0 R 3947 0 R 3948 0 R 3949 0 R 3950 0 R 3951 0 R 3952 0 R 3953 0 R 3954 0 R 3955 0 R 3956 0 R /K 1183 endobj 3245 0 obj /Lang (EN-US) /K 1352 /K 847 /K 1174 3244 0 obj >> /K 1358 endobj 1113 0 obj /Pg 22 0 R /K 1268 /Pg 23 0 R /P 6221 0 R endobj In high inflation periods, for example, PE has generated returns in excess of about 6% above public stocks. /S /P /Pg 25 0 R /P 10 0 R >> << /P 5616 0 R /K 1434 endobj >> 773 0 obj >> /Pg 24 0 R >> endobj /Pg 22 0 R /Pg 25 0 R /S /Artifact /K 853 /P 6673 0 R 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endobj endobj endobj /Pg 24 0 R /P 4918 0 R /S /P 1329 0 obj /Pg 24 0 R /K 397 416 0 obj >> /Pg 24 0 R /Pg 24 0 R /S /P /K 135 2345 0 obj /Pg 22 0 R /Pg 25 0 R /K 1429 /Lang (EN-US) /Pg 23 0 R >> << 920 0 obj /Lang (EN-US) 1118 0 obj /K 1147 /Pg 25 0 R /P 10 0 R /K 79 >> 4154 0 R 4155 0 R 4156 0 R 4157 0 R 4158 0 R 4159 0 R 4160 0 R 4161 0 R 4162 0 R 4163 0 R /K 1108 /K 658 /S /P /K 1436 >> >> << /Pg 23 0 R << 1356 0 obj << /Lang (EN-US) endobj >> /Pg 22 0 R 4421 0 R 4422 0 R 4423 0 R 4424 0 R 4425 0 R 4426 0 R 4427 0 R 4428 0 R] /Lang (EN-US) /Pg 22 0 R >> << endobj 25 0 obj /P 5611 0 R /Pg 22 0 R >> >> >> /P 6235 0 R /Lang (EN-US) /K 797 /K 1150 /Lang (EN-US) << /K [39 40 41 42 43 44] 997 0 obj >> << >> /K 1113 /Pg 19 0 R endobj /P 5209 0 R /Pg 24 0 R /Lang (EN-US) >> /S /P 2019 0 R null 2020 0 R null 2021 0 R null 2022 0 R null null null /Pg 24 0 R /Pg 17 0 R << >> 2799 0 obj endobj /Pg 25 0 R /K 1114 >> /Pg 24 0 R /K 160 /Pg 19 0 R /K [1117 1118] << /P 4689 0 R /P 5702 0 R /Lang (EN-US) endobj >> 4111 0 obj /P 4692 0 R endobj 1974 0 obj << 471 0 obj /S /Artifact /K 688 >> << /S /Artifact /S /P >> endobj 405 0 obj endobj /Lang (EN-US) /Lang (EN-US) 1526 0 obj /Pg 24 0 R /Lang (EN-US) /S /Artifact /Pg 22 0 R endobj /S /P << /S /P /K 369 << /Pg 14 0 R 804 0 obj /S /P /K 1448 endobj >> /Lang (EN-US) /S /Figure /K 29 /S /P /Lang (EN-US) >> /Company (Hewlett-Packard Company) Evaluating the Historical Performance of Cliffwater Direct Lending Index Data (CDLI) Cliffwater, LLC - which provides a range of services in the alternative asset space - created a direct lending index. << >> /Pg 23 0 R /Pg 22 0 R /P 6435 0 R >> endobj << /P 6218 0 R << /Pg 23 0 R endobj << /S /Artifact /Pg 22 0 R endobj >> null 925 0 R null null null 926 0 R null 927 0 R null 928 0 R /S /P /S /P endobj 3841 0 obj /S /P endobj /P 4876 0 R /S /Artifact /Lang (EN-US) 4289 0 obj /Lang (EN-US) /S /Artifact << /S /Artifact /K 967 /Lang (EN-US) << /P 5216 0 R >> >> 3862 0 obj >> /S /Artifact >> /Pg 25 0 R 4209 0 obj /Pg 23 0 R endobj >> /Pg 22 0 R endobj /Lang (EN-US) /K 1377 /Lang (EN-US) /Pg 23 0 R /P 5874 0 R >> /Pg 23 0 R /Pg 22 0 R 2519 0 obj /S /P /Lang (EN-US) << /S /P /K 1502 >> >> << So we built one. >> /S /P endobj /K 1524 endobj /S /Artifact endobj 2912 0 obj /K 331 /S /P /Pg 23 0 R /Lang (EN-US) /S /Artifact 918 0 obj 3350 0 obj 2618 0 obj endobj /Pg 20 0 R >> /S /P /Lang (EN-US) /P 4640 0 R 3256 0 obj 2645 0 obj null 2651 0 R null 2652 0 R null 2653 0 R 2654 0 R null 2655 0 R null 3341 0 obj 4025 0 obj 4146 0 obj << /K 1279 /Pg 22 0 R endobj /P 6522 0 R /K 1461 endobj endobj << << << /K 1105 endobj << /K 1372 /S /P /Pg 25 0 R << >> /S /Artifact << /Lang (EN-US) endobj 3317 0 obj /K 1375 /Pg 24 0 R /Pg 25 0 R endobj /Pg 25 0 R 1368 0 obj endobj >> << endobj /P 6167 0 R >> /S /P /S /P /Lang (EN-US) endobj /Pg 23 0 R << endobj 1173 0 obj /Lang (EN-US) endobj endobj /Pg 24 0 R /Lang (EN-US) endobj >> /S /P /K 139 /P 4726 0 R << /P 4693 0 R 621 0 obj /K 241 >> >> << >> 1047 0 obj endobj /K 217 /Pg 25 0 R endobj /P 5781 0 R /K 1201 /K 1205 4233 0 obj endobj 505 0 obj << /Pg 23 0 R << << << /S /P /Pg 23 0 R endobj 3334 0 obj endobj << endobj /S /P /Lang (EN-US) /Lang (EN-US) /K 750 /P 4808 0 R /Pg 24 0 R /Pg 25 0 R /Pg 24 0 R /P 5463 0 R /Pg 24 0 R endobj /K 722 << >> endobj endobj << /K 1417 /S /Artifact endobj /S /P /K 460 >> /K 487 << >> /Pg 24 0 R /Pg 23 0 R << /K 31 /Lang (EN-US) /K 1161 >> /Lang (EN-US) << /K 968 /Pg 25 0 R /K 111 /K 1098 /S /Artifact >> /S /P /Lang (EN-US) endobj /S /Artifact /S /Artifact /Pg 25 0 R 3997 0 R 3998 0 R 3999 0 R 4000 0 R 4001 0 R 4002 0 R 4003 0 R 4004 0 R 4005 0 R 4006 0 R /Pg 23 0 R /Pg 25 0 R /S /Artifact /K 158 /Pg 24 0 R /S /P /K 47 endobj << /S /Artifact /Lang (EN-US) endobj >> /Pg 22 0 R >> endobj 23 0 obj /Kids [8 0 R 9 0 R] >> << endobj << /K 1022 3584 0 obj /Lang (EN-US) /Pg 24 0 R /S /P /S /Artifact << << >> /K 20 /S /Artifact /Lang (EN-US) /S /Artifact 3446 0 obj /K 810 /Lang (EN-US) << endobj /S /P 2624 0 obj >> /S /P /S /Artifact /Pg 22 0 R /Lang (EN-US) << << /K 1202 endobj /Lang (EN-US) << >> /Pg 13 0 R /Pg 24 0 R /P 6632 0 R /K 1159 >> /Pg 24 0 R >> >> /Pg 23 0 R /Lang (EN-US) 986 0 R null 987 0 R null 988 0 R null 989 0 R null 990 0 R null /Lang (EN-US) /Pg 24 0 R /Lang (EN-US) << /K 905 /P 5963 0 R /Pg 21 0 R /K 1284 << >> endobj /S /P >> /K 878 /K 1328 /S /P null 645 0 R null 646 0 R null 647 0 R null 648 0 R null 649 0 R >> /Lang (EN-US) /K 894 4189 0 obj 1730 0 obj endobj /S /P 4200 0 obj /P 6581 0 R endobj >> /K 7 /K 376 /Lang (EN-US) >> CS HY Index, Barclays US IG, Moody's, Cliffwater, Refinitiv LPC as of December 2022. >> << /S /Artifact /K 961 >> /S /P << 2954 0 obj /Pg 22 0 R 4016 0 obj 3798 0 obj 1907 0 R null 1908 0 R null 1909 0 R 1910 0 R null 1911 0 R null 1912 0 R 3302 0 obj /Pg 22 0 R /K 464 endobj /Pg 23 0 R >> /P 5759 0 R /Lang (EN-US) /S /P /K 880 /Count 5 << /Lang (EN-US) /Pg 25 0 R /Lang (EN-US) /K 418 >> >> based upon the market price or level of an index, or the market price or value of a security, currency, commodity, or financial instrument. /Pg 23 0 R /S /Artifact endobj >> /P 4433 0 R /K 1452 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. 2423 0 obj >> << /K 857 1634 0 obj << >> /S /Link /Pg 25 0 R 320 0 obj endobj 4162 0 obj >> /P 4883 0 R >> /Lang (EN-US) /A 4679 0 R /P 5243 0 R /Pg 25 0 R endobj 620 0 obj /Pg 22 0 R /S /Artifact endobj << >> 2190 0 obj /Lang (EN-US) /Pg 23 0 R /S /Artifact endobj /S /Artifact endobj /S /Artifact /K 664 2183 0 obj /K 1180 /P 5811 0 R endobj /Pg 25 0 R << << /K 1499 << /K 1042 /Pg 22 0 R 613 0 obj /Lang (EN-US) endobj 2669 0 obj endobj /P 5137 0 R /S /Artifact << /Pg 22 0 R /K 406 /K 1188 /A 4669 0 R 1502 0 obj /P 5536 0 R >> >> 115 0 R 116 0 R 117 0 R 118 0 R 119 0 R 120 0 R 121 0 R 122 0 R null 437 0 R /Pg 23 0 R >> /K 1464 /S /Artifact 2462 0 obj << /S /P >> endobj /Lang (EN-US) << >> /K 238 endobj /K 1323 >> 3943 0 obj /Lang (EN-US) /K 844 /S /P endobj >> >> << endobj 627 0 R null 628 0 R null 629 0 R null 630 0 R null 631 0 R null /S /P /K 1013 1734 0 obj /S /Artifact 1451 0 obj /Resources 4371 0 R /Pg 22 0 R << << 1525 0 R 1526 0 R 1527 0 R 1528 0 R 1529 0 R 1530 0 R 1531 0 R 1532 0 R 1533 0 R 1534 0 R << 1536 0 obj >> /Lang (EN-US) /Lang (EN-US) /Pg 24 0 R /Pg 24 0 R 2268 0 obj endobj /K 40 >> >> /K 1437 /Lang (EN-US) /S /P << endobj /S /P 2442 0 obj /Pg 22 0 R /Pg 22 0 R /P 6085 0 R 1585 0 obj /S /P 2862 0 obj endobj 2691 0 obj 2246 0 R 2247 0 R 2248 0 R 2249 0 R 2250 0 R 2251 0 R 2252 0 R 2253 0 R 2254 0 R 316 0 R /K 169 2554 0 obj /Lang (EN-US) >> /Lang (EN-US) endobj /S /P /K 298 157 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 << endobj /MediaBox [0 0 612 792] << >> /K 6 /Pg 25 0 R endobj /S /P /P 6346 0 R >> endobj /K 1035 >> endobj /Pg 18 0 R >> /Pg 23 0 R 1260 0 obj /P 10 0 R /S /Artifact endobj >> /P 6359 0 R 2938 0 obj endobj /Lang (EN-US) 365 0 obj /Pg 24 0 R 2630 0 obj /Pg 15 0 R /K 1153 endobj 169 0 obj /S /P 378 0 obj /Lang (EN-US) >> << >> /P 6440 0 R /Pg 23 0 R /K 29 >> >> /S /Artifact /S /Artifact /Lang (EN-US) << /K 1479 2832 0 obj /S /Artifact /Lang (EN-US) /Border [0 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0 R endobj /K 348 >> << << 236 0 obj /Pg 23 0 R << << /S /Artifact >> /K 3 << endobj /Pg 20 0 R << >> 1776 0 obj endobj /Pg 24 0 R /Pg 23 0 R >> 1692 0 obj 2532 0 obj << /Pg 24 0 R /P 6184 0 R 131 0 obj << /P 6420 0 R 3364 0 obj /P 5845 0 R /K 1512 endobj /Lang (EN-US) endobj /Lang (EN-US) /K 1337 /K 6 448 0 R null null 449 0 R null null 450 0 R null null null /P 6621 0 R /K 1526 54 0 obj >> 3494 0 obj << /K 1318 /Pg 23 0 R /S /Artifact /K 1177 /P 10 0 R << endobj 1179 0 obj /MediaBox [0 0 612 792] 2577 0 obj 3304 0 R 3305 0 R 3306 0 R 3307 0 R 3308 0 R 3309 0 R 3310 0 R 3311 0 R 3312 0 R 3313 0 R endobj /K 9 /K 21 /S /P >> endobj endobj << /Lang (EN-US) 1852 0 obj /P 6564 0 R 2355 0 obj 1431 0 obj /K 1532 3298 0 obj /Pg 24 0 R /Pg 23 0 R >> >> /Pg 23 0 R endobj /S /P 3005 0 obj /S /Artifact /K 303 2293 0 obj /S /L /Lang (EN-US) >> /S /P /Lang (EN-US) 1175 0 obj >> endobj << >> /P 6023 0 R /Pg 22 0 R /P 5630 0 R endobj /Pg 25 0 R null 2881 0 R null 2882 0 R null 2883 0 R null 2884 0 R null 2885 0 R >> >> << /Pg 25 0 R /Lang (EN-US) << /Lang (EN-US) /Lang (EN-US) << /K 593 /P 4802 0 R >> /K 1410 endobj /S /P /K 1140 >> /K [4435 0 R 4436 0 R 4437 0 R 4438 0 R] /Pg 23 0 R /S /P >> 1170 0 obj /Contents 4355 0 R /K 54 >> /Pg 24 0 R endobj /Lang (EN-US) /Pg 24 0 R << >> 4482 0 R] /S /P /S /P endobj /Pg 25 0 R /Pg 25 0 R /Lang (EN-US) 846 0 obj /S /Artifact /Pg 23 0 R >> endobj /P 6293 0 R /K 873 /S /Artifact << /K 1358 /Pg 18 0 R /S /Artifact endobj 360 0 obj 1337 0 obj /K 1170 endobj /S /P /Lang (EN-US) /S /P endobj << << 154 0 obj >> << /K 1142 /K 761 /Lang (EN-US) >> /Lang (EN-US) /P 5712 0 R << /S /P /Lang (EN-US) /Pg 22 0 R << 1650 0 obj /P 5104 0 R 4030 0 obj << /S /P /P 4898 0 R /Pg 20 0 R 1948 0 R null 1949 0 R null 1950 0 R null null null 1951 0 R null << >> >> /Pg 23 0 R /P 6034 0 R << /S /P /P 10 0 R << /Lang (EN-US)
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