# EDGAR Filing Document

**Accession Number:** 0001735964
**File Stem:** 0001213900-25-118573
**Filing Date:** 2025-12
**Character Count:** 954770
**Document Hash:** 26e4233fa155bf69b64a2747cad2a22e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-118573.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001213900-25-118573

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater Corporate Lending Fund
- **CENTRAL INDEX KEY:** 0001735964

**ORGANIZATION NAME:**
- **EIN:** 824960854
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23333
- **FILM NUMBER:** 251552061

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cliffwater Direct Lending Fund
- **DATE OF NAME CHANGE:** 20180329

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

----------------------------------------------------------------

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number 811-23333
----------------------------------------------------------------

#### Cliffwater Corporate Lending Fund (Exact name of registrant as specified in charter)
----------------------------------------------------------------

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

Registrant's telephone number, including area code: (414) 299-2030

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

----------------------------------------------------------------

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

------

#### Item 1. &nbsp;&nbsp;&nbsp;&nbsp; Report to Shareholders
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </u>   <u> The semi-annual report of the registrant for the period ended September 30, 2025 transmitted to shareholders pursuant to Rule 30e-1 promulgated under the Investment Company Act of 1940, as amended (the "1940 Act"), is as follows: </u>

------

#### CLIFFWATER CORPORATE LENDING FUND

------

**Semi**-Annual **Report**

For the Period Ended September 30, 2025

(Unaudited)

------

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  **Table of Contents**<br> For the Period Ended September 30, 2025 |

---

---

| | |
|:---|:---|
|  [Letter to Shareholders](#T73) | 2 |
|  [Consolidated Schedule of Investments](#T74) | 4-117 |
|  [Consolidated Schedule of Swap Contracts](#T75) | 118-119 |
|  [Consolidated Schedule of Forward Foreign Currency Exchange Contracts](#T76) | 120 |
|  [Consolidated Statement of Assets and Liabilities](#T77) | 123 |
|  [Consolidated Statement of Operations](#T78) | 124 |
|  [Consolidated Statements of Changes in Net Assets](#T79) | 125 |
|  [Consolidated Statement of Cash Flows](#T80) | 126-127 |
|  [Consolidated Financial Highlights](#T81) | 128-129 |
|  [Notes to Consolidated Financial Statements](#T85) | 130-200 |
|  [Other Information](#T82) | 201 |
|  [Privacy Notice](#T84) | 202-203 |

---

*This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Fund's risks, objectives, fees and expenses, experience of its management and other information.*

www.cliffwaterfunds.com

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Letter to Shareholders<br> September 30, 2025 (Unaudited) |

---

To our shareholders:

We recently completed six years of operation and want to thank you for the continued trust you have placed in us. The Fund's performance has been consistently strong relative to our objective.

The Cliffwater Corporate Lending Fund (the "Fund") produced a net annualized return of 9.59% from its June 5, 2019, inception through September 30, 2025. This compares to a 5.84% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measured 1.75% for the same period compared to 6.36% for the Morningstar LSTA US Leveraged Loan Index.

The Fund experienced strong investor inflows over the trailing year, with net assets growing from $22.8 billion on September 30, 2024, to $31.5 billion on September 30, 2025. This asset growth has been supported by significant investment in personnel and technology to grow our platform, and the onboarding of additional strategic lending partners to access high-quality senior corporate loans. Factors materially affecting the Fund's performance during the most recently completed six months include a high current cash yield, and few realized losses.

We remain confident in the Fund's continued performance despite the uncertain economic environment. We believe that, during the past year, the Fund's 10% average distribution rate remained attractive, and we believe that the floating rate nature of our loans helped mitigate risk in an uncertain interest rate environment.

We again sincerely thank you for your support.

Regards,

Stephen L. Nesbitt

Chief Investment Officer

Cliffwater LLC

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Letter to Shareholders<br> September 30, 2025 (Unaudited) (Continued) |

---

**<u>Important Disclosures</u>**

**The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.**

***Shares are an illiquid investment.***

**We do not intend to list the Fund's shares ("Shares") on any securities exchange, and we do not expect a secondary market in the Shares to develop.**

**You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform.**

**Although we are required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.**

**You should consider that you may not have access to the money you invest for an indefinite period of time.**

**An investment in the Shares is not suitable for you if you have a foreseeable need to access the money you invest.**

**Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.**

Cybersecurity risks have significantly increased in recent years, and the Fund could suffer such losses in the future. One of the fundamental risks associated with the Fund's investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans — 85.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services — 10.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AArete Investment, LLC | Delayed Draw | 1.00% |  |  | 6/5/2031 | USD | 6657459 | $(81050) | $(83218)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AArete Investment, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 6/5/2031 | USD | 7747354 | 7654454 | 7650512<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AArete Investment, LLC | Revolver | 0.50% |  |  | 6/5/2031 | USD | 2965116 | (35111) | (37064)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Legal Holdings, LLC | Delayed Draw | 1.00% |  |  | 8/13/2032 | USD | 2249197 | (22346) | (22492)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Legal Holdings, LLC | First Lien Term Loan | 8.65% | SOFR | 450 | 8/13/2032 | USD | 7534807 | 7460163 | 7459460<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Legal Holdings, LLC | Revolver | 0.50% |  |  | 8/13/2032 | USD | 1398184 | (13807) | (13982)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | Delayed Draw | 9.48% | SOFR | 525 | 11/15/2031 | USD | 6847827 | 1031577 | 1035056<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 11/15/2031 | USD | 40038043 | 39673939 | 39683750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | Revolver | 9.57% | SOFR | 525 | 11/15/2031 | USD | 4565217 | 503423 | 503081<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldinger Company | Delayed Draw | 9.50% | SOFR | 525 | 8/6/2028 | USD | 58445 | 24272 | 24256<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU Intermediate Holdings, LLC | First Lien Term Loan | 10.25% | SOFR | 625 | 5/23/2029 | USD | 22106250 | 21725786 | 22058828<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU Intermediate Holdings, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 5/23/2029 | USD | 2444062 | 2407322 | 2428060<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Power Group, LLC | Delayed Draw | 1.00% |  |  | 5/16/2030 | USD | 4626060 | (22851) | (23130)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Power Group, LLC | First Lien Term Loan | 8.93% | SOFR | 500 | 5/16/2030 | USD | 14602930 | 14459674 | 14456901<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Power Group, LLC | Revolver | 0.50% |  |  | 5/16/2030 | USD | 771010 | (7519) | (7710)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC (fka Claims Automation Intermediate 2, LLC) | Delayed Draw | 8.64% | SOFR | 450 | 12/16/2027 | USD | 50000000 | 3317515 | 3750000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Company, LLC | Delayed Draw | 9.05% | SOFR | 475 | 6/15/2028 | USD | 838498 | 448948 | 455939<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | Delayed Draw | 9.41% | SOFR | 525 | 1/27/2032 | USD | 12502155 | 9833693 | 9775141<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 1/27/2032 | USD | 27348463 | 27316599 | 27190598<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | Revolver | 9.41% | SOFR | 525 | 1/27/2032 | USD | 6251078 | 3813658 | 3793953<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amplify Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/17/2032 | USD | 40000000 | 39800000 | 39800000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | First Lien Term Loan | 8.64% | SOFR | 475 | 12/11/2029 | USD | 9106608 | 9046602 | 9088895<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | Revolver | 0.50% |  |  | 12/11/2029 | USD | 1236807 | (7899) | (2406)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | Delayed Draw | 9.25% | SOFR | 525 | 5/23/2030 | USD | 7606828 | 630315 | 590645<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 5/23/2030 | USD | 25817893 | 25498935 | 25340868<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | Revolver | 9.24% | SOFR | 525 | 5/23/2030 | USD | 3807107 | 2734515 | 2708846<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Delayed Draw | 9.25% | SOFR | 525 | 4/8/2031 | USD | 4080336 | 2244634 | 2269704<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Delayed Draw | 1.00% |  |  | 4/8/2031 | USD | 4080336 | (41208) | (15285)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 4/8/2031 | USD | 80827265 | 80029367 | 80524478<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Revolver | 11.75% | PRIME | 425 | 4/8/2031 | USD | 6300145 | 949989 | 984422<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Revolver | 11.50% | PRIME | 425 | 4/8/2031 | USD | 1860526 | 369180 | 383741<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Carver Buyer, Inc. | First Lien Term Loan | 9.60% | SOFR | 550 | 8/2/2029 | USD | 29475000 | 29049239 | 28397247<br><sup>1,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | Delayed Draw | 8.81% | SOFR | 475 | 10/6/2029 | USD | 619661 | $225034 | $222387<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | Delayed Draw | 1.00% |  |  | 10/6/2029 | USD | 128771 | (638) | (644)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | First Lien Term Loan | 8.85% | SOFR | 475 | 10/6/2029 | USD | 6451534 | 6378474 | 6419276<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | Revolver | 0.50% |  |  | 10/6/2029 | USD | 130587 | (3918) | (653)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Holdings LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 11/18/2027 | USD | 2238610 | 2222326 | 2230225<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Holdings LLC | Revolver | 9.15% | SOFR | 500 | 11/18/2027 | USD | 1014320 | 409028 | 412071<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow, Inc. | Delayed Draw | 1.00% |  |  | 9/30/2030 | USD | 7683000 | (115183) | (115245)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow, Inc. | First Lien Term Loan | 10.75% | SOFR | 675 | 9/30/2030 | USD | 15656000 | 15421255 | 15421160<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow, Inc. | Revolver | 0.50% |  |  | 9/30/2030 | USD | 1913000 | (28680) | (28695)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 9/24/2030 | USD | 2463445 | 116246 | 49051<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 9/24/2030 | USD | 2451449 | 2424831 | 2359080<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | Revolver | 0.50% |  |  | 9/24/2030 | USD | 739130 | (7697) | (28232)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomic Midco 2 Limited | Delayed Draw | 1.00% |  |  | 9/8/2032 | GBP | 7500000 | 4560820 | 4485767<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomic Midco 2 Limited | First Lien Term Loan | 8.97% | SONIA | 500 | 9/8/2032 | GBP | 12500000 | 16746482 | 16621840<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atomic Midco 2 Limited | Revolver | 0.50% |  |  | 9/8/2032 | GBP | 2500000 | 1508153 | 1483152<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxey Bidco Limited | First Lien Term Loan | 10.42% | SOFR | 600 | 6/29/2027 | USD | 14812500 | 14652301 | 14812500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp. | Revolver | 11.50% | PRIME | 500 | 12/5/2029 | USD | 2141536 | 728643 | 761043<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp. | First Lien Term Loan | 9.16% | SOFR | 500 | 12/5/2031 | USD | 18103373 | 17770599 | 18068161<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Delayed Draw | 8.66% | SOFR | 475 | 12/23/2030 | USD | 39997541 | 22799144 | 22616318<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | First Lien Term Loan | 8.66% | SOFR | 475 | 12/23/2030 | USD | 52526786 | 51911818 | 52030447<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Revolver | 8.66% | SOFR | 475 | 12/23/2030 | USD | 14245821 | 6138690 | 6084568<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | Delayed Draw | 10.09% | SOFR | 625 | 12/17/2027 | USD | 6165670 | 5103368 | 5196058<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | First Lien Term Loan | 10.09% | SOFR | 625 | 12/17/2027 | USD | 1517056 | 1491427 | 1517056<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | First Lien Term Loan | 10.40% | SOFR | 625 | 12/17/2027 | USD | 6209398 | 6109629 | 6209398<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | Revolver | 0.50% |  |  | 12/17/2027 | USD | 1071429 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | Revolver | 9.75% | SOFR | 575 | 12/17/2027 | USD | 134668 | 67405 | 68920<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BC Group Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 12/21/2026 | USD | 1056618 | 1046385 | 1046052<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BC Group Holdings, Inc. | Delayed Draw | 1.00% |  |  | 12/21/2027 | USD | 1297024 | (12659) | (12970)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BC Group Holdings, Inc. | First Lien Term Loan | 9.20% | SOFR | 500 | 12/21/2027 | USD | 165322 | 163703 | 163669<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BC Group Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 12/21/2027 | USD | 2986039 | 2957465 | 2956178<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benecon Midco II LLC | First Lien Term Loan | 8.90% | SOFR | 450 | 1/23/2031 | USD | 74250000 | 73335337 | 74747475<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benecon Midco II LLC | Revolver | 0.50% |  |  | 1/23/2031 | USD | 6500000 | (74004) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 7/10/2031 | USD | 1521000 | 1241588 | 1258920<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 7/10/2031 | USD | 4876152 | 4822863 | 4876153<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | Revolver | 9.00% | SOFR | 500 | 7/10/2031 | USD | 377000 | 7551 | 11461<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | Revolver | 0.50% |  |  | 7/10/2031 | USD | 208000 | $(2181) | $—<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 1/24/2031 | USD | 1310926 | (15469) | (15304)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 1/24/2031 | USD | 915354 | 904904 | 904668<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | Revolver | 0.50% |  |  | 1/24/2031 | USD | 272282 | (3021) | (3179)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bobtail Acquisitionco, LLC | Delayed Draw | 1.00% |  |  | 9/2/2031 | USD | 1688448 | (16775) | (16884)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bobtail Acquisitionco, LLC | First Lien Term Loan | 8.92% | SOFR | 475 | 9/2/2031 | USD | 2532671 | 2507593 | 2507344<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bobtail Acquisitionco, LLC | Revolver | 8.77% | SOFR | 475 | 9/2/2031 | USD | 714903 | 14391 | 14298<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | Delayed Draw | 1.00% |  |  | 2/19/2031 | USD | 6213592 | (59033) | (52649)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 2/19/2031 | USD | 29126214 | 28857470 | 28879420<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | Revolver | 0.50% |  |  | 2/19/2031 | USD | 4660194 | (41896) | (39487)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Storage & Warehouse LLC | Delayed Draw | 9.91% | SOFR | 575 | 12/31/2030 | USD | 559084 | 273916 | 273880<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Storage & Warehouse LLC | Delayed Draw | 1.00% |  |  | 12/31/2030 | USD | 1956795 | (564) | (247)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Storage & Warehouse LLC | First Lien Term Loan | 9.91% | SOFR | 575 | 12/31/2030 | USD | 2484121 | 2484121 | 2484121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI Parent, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 2/14/2028 | USD | 17189824 | 16998982 | 17189824<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI Parent, LLC | First Lien Term Loan | 8.69% | SOFR | 450 | 2/14/2028 | USD | 1324182 | 1313355 | 1324182<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chronicle Parent LLC | Delayed Draw | 9.33% | SOFR | 500 | 4/15/2031 | USD | 18888889 | 1367386 | 1447439<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chronicle Parent LLC | First Lien Term Loan | 8.90% | SOFR | 500 | 4/15/2031 | USD | 59814815 | 59250785 | 59493557<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chronicle Parent LLC | Revolver | 0.50% |  |  | 4/15/2031 | USD | 6296297 | (58206) | (33816)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group, L.P. | Revolver | 0.50% |  |  | 12/1/2028 | USD | 2576014 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group, L.P. | First Lien Term Loan | 8.66% | SOFR | 450 | 12/1/2029 | USD | 65473042 | 65470085 | 65473042<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circana Group, L.P. | Revolver | 11.00% | PRIME | 350 | 12/1/2029 | USD | 977325 | 7372 | 13962<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | Delayed Draw | 8.75% | SOFR | 475 | 10/11/2031 | USD | 26468817 | 11480038 | 11644081<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 10/11/2031 | USD | 8508088 | 8431615 | 8482175<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | Revolver | 0.50% |  |  | 10/11/2031 | USD | 3176471 | (27436) | (9675)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | Delayed Draw | 8.77% | SOFR | 475 | 3/7/2031 | USD | 1694915 | 746578 | 746696<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | Delayed Draw | 1.00% |  |  | 3/7/2031 | USD | 3389830 | (32346) | (32032)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 3/7/2031 | USD | 11027858 | 10925454 | 10923652<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | Revolver | 8.75% | SOFR | 475 | 3/7/2031 | USD | 1694916 | 154108 | 153476<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Delayed Draw | 9.07% | SOFR | 475 | 11/1/2031 | USD | 2700000 | 1267323 | 1278000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/1/2031 | USD | 6750000 | 6658250 | 6682500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Revolver | 9.05% | SOFR | 475 | 11/1/2031 | USD | 1125000 | 300092 | 303750<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Delayed Draw | 9.20% | SOFR | 500 | 11/3/2031 | USD | 3825000 | 3616879 | 3615750<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Delayed Draw | 1.00% |  |  | 11/3/2031 | USD | 1800000 | $(17678) | $(18000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coolsys, Inc. | Delayed Draw | 9.15% | SOFR | 500 | 8/11/2028 | USD | 2824074 | 2782834 | 2568370<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coolsys, Inc. | First Lien Term Loan | 9.15% | SOFR | 500 | 8/11/2028 | USD | 101583333 | 100122939 | 92385537<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC | Delayed Draw | 1.00% |  |  | 9/30/2029 | USD | 7518797 | (86157) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC | Revolver | 0.50% |  |  | 9/30/2029 | USD | 4511278 | (239962) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counsel Press Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 10/23/2029 | USD | 7215240 | 7143155 | 7143088<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | Delayed Draw | 1.00% |  |  | 8/27/2031 | USD | 26253656 | (260742) | (116736)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | First Lien Term Loan | 8.91% | SOFR | 500 | 8/27/2031 | USD | 99988547 | 99068657 | 99543949<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | Revolver | 8.91% | SOFR | 500 | 8/27/2031 | USD | 17502437 | 4951495 | 5029088<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | Delayed Draw | 8.95% | SOFR | 475 | 11/26/2030 | USD | 1905581 | 735731 | 734693<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 11/26/2030 | USD | 1905581 | 1880062 | 1878042<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | Revolver | 0.50% |  |  | 11/26/2030 | USD | 285837 | (3693) | (4131)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | Delayed Draw | 1.00% |  |  | 2/10/2032 | USD | 7278184 | (43189) | (72782)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 2/10/2032 | USD | 23290189 | 23127602 | 23057287<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | Revolver | 8.75% | SOFR | 475 | 2/10/2032 | USD | 2426062 | 220411 | 218346<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | Delayed Draw | 9.16% | SOFR | 500 | 10/31/2031 | USD | 183450 | 4763 | 7338<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 10/31/2031 | USD | 559544 | 551945 | 559544<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | Revolver | 0.50% |  |  | 10/31/2031 | USD | 95904 | (1266) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | Delayed Draw | 9.42% | SOFR | 525 | 9/15/2028 | USD | 26798387 | 26497595 | 26598789<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 9/15/2028 | USD | 17084878 | 16901397 | 16957627<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | Delayed Draw | 9.57% | SOFR | 525 | 1/29/2032 | USD | 15000000 | 6974111 | 7076778<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Intermediate Holdings, Inc. | First Lien Term Loan | 9.67% | SOFR | 550 | 8/26/2032 | USD | 87830687 | 86776825 | 86952380<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 8/26/2032 | USD | 8891863 | (107651) | (88919)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigiCert, Inc. | First Lien Term Loan | 10.56% | SOFR | 640 | 7/30/2030 | USD | 59582991 | 58711808 | 58794362<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigiCert, Inc. | First Lien Term Loan | 9.91% | SOFR | 575 | 7/30/2030 | USD | 5137218 | 5062139 | 5060160<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DigiCert, Inc. | Revolver | 0.50% |  |  | 7/30/2030 | USD | 4969145 | (72031) | (74537)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | Delayed Draw | 8.99% | SOFR | 500 | 9/9/2028 | USD | 3419026 | 3282859 | 3284458<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | First Lien Term Loan | 8.99% | SOFR | 500 | 9/9/2028 | USD | 4524998 | 4476940 | 4476354<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | Revolver | 8.99% | SOFR | 500 | 9/9/2028 | USD | 1145569 | 217702 | 216570<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divisions Holding Corporation | First Lien Term Loan | 8.50% | SOFR | 450 | 4/17/2032 | USD | 1275825 | 1263668 | 1263483<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divisions Holding Corporation | Revolver | 0.50% |  |  | 4/17/2032 | USD | 90148 | (844) | (872)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMT Solutions Global Corporation | First Lien Term Loan | 12.42% | SOFR | 800 | 8/30/2027 | USD | 28122353 | 27660478 | 27926263<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTI Holdco, Inc. | Revolver | 0.50% |  |  | 4/26/2027 | USD | 874917 |  | (3890)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco GmbH | Delayed Draw | 1.00% |  |  | 2/28/2032 | EUR | 6948571 | $(107767) | $568844<br><sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco GmbH | First Lien Term Loan | 7.25% | EURIBOR | 525 | 2/28/2032 | EUR | 17371429 | 18413707 | 20099056<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | Delayed Draw | 8.78% | SOFR | 450 | 3/12/2032 | USD | 822332 | 361645 | 364014<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | First Lien Term Loan | 8.56% | SOFR | 450 | 3/12/2032 | USD | 1244481 | 1232744 | 1238667<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | Revolver | 0.50% |  |  | 3/12/2032 | USD | 263312 | (2430) | (1230)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embark Intermediate Holdings, <br>LLC | Delayed Draw | 1.00% |  |  | 9/2/2032 | USD | 5803612 | (57716) | (58036)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embark Intermediate Holdings, <br>LLC | First Lien Term Loan | 8.67% | SOFR | 450 | 9/2/2032 | USD | 4159605 | 4118346 | 4118009<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embark Intermediate Holdings, <br>LLC | Revolver | 0.50% |  |  | 9/2/2032 | USD | 1524390 | (15073) | (15244)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explorer Investor, Inc. | First Lien Term Loan | 10.29% | SOFR | 600 | 6/28/2029 | USD | 29162780 | 28107169 | 26509124<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | Delayed Draw | 8.81% | SOFR | 450 | 1/31/2032 | USD | 10579098 | 1589340 | 1586865<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | First Lien Term Loan | 9.31%, 2.75% PIK | SOFR | 500 | 1/31/2032 | USD | 18993189 | 18905655 | 18898224<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 3173729 | (14433) | (15869)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortna AR, LLC | Revolver | 8.96% | SOFR | 475 | 6/1/2029 | USD | 4735846 | 3530369 | 3551881<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortna AR, LLC | Revolver | 0.50% |  |  | 6/1/2029 | USD | 2367921 | (10780) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FR Vision Holdings, Inc. | Revolver | 9.33% | SOFR | 500 | 1/22/2030 | USD | 352951 | 37215 | 42354<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FR Vision Holdings, Inc. | First Lien Term Loan | 9.33% | SOFR | 500 | 1/21/2031 | USD | 2767482 | 2721806 | 2767482<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G702 Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 7/2/2031 | USD | 969316 | 955222 | 955110<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G702 Buyer, Inc. | Revolver | 0.50% |  |  | 7/2/2031 | USD | 179170 | (2579) | (2626)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Parent, Inc. | Revolver | 9.75% | SOFR | 575 | 5/3/2029 | USD | 5431621 | 4422891 | 4403086<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Parent, Inc. | First Lien Term Loan | 9.75% | SOFR | 575 | 5/3/2030 | USD | 34306499 | 34306499 | 34181416<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GarageCo Intermediate II, LLC | Delayed Draw | 1.00% |  |  | 8/2/2032 | USD | 13084274 | (129297) | (130843)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GarageCo Intermediate II, LLC | First Lien Term Loan | 8.55% | SOFR | 425 | 8/2/2032 | USD | 6009858 | 5950775 | 5949759<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GarageCo Intermediate II, LLC | Revolver | 0.50% |  |  | 8/2/2032 | USD | 3925282 | (38343) | (39253)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerson Lehrman Group, Inc. | First Lien Term Loan | 9.15% | SOFR | 500 | 12/13/2027 | USD | 63347304 | 62588810 | 63347304<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | Revolver | 0.50% |  |  | 7/1/2030 | USD | 2564103 | (24379) | (25641)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | Delayed Draw | 8.75% | SOFR | 475 | 7/1/2032 | USD | 4102564 | 115480 | 114743<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grid Alliance Partners, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 7/1/2032 | USD | 13333333 | 13203372 | 13200000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | Revolver | 0.50% |  |  | 1/31/2030 | USD | 1199012 | (13404) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | Delayed Draw | 9.28% | SOFR | 500 | 1/31/2031 | USD | 475684 | 473380 | 475684<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | First Lien Term Loan | 9.81% | SOFR | 550 | 1/31/2031 | USD | 2874367 | 2860934 | 2903110<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 1/31/2031 | USD | 895871 | $900041 | $895871<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | Delayed Draw | 9.31% | SOFR | 500 | 6/30/2031 | USD | 2113248 | 1037503 | 1052514<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 6/30/2031 | USD | 11834194 | 11730843 | 11811176<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | Revolver | 0.50% |  |  | 6/30/2031 | USD | 1711863 | (14213) | (3330)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 10.07% PIK | SOFR | 575 | 8/18/2028 | USD | 21515977 | 21318126 | 21474126<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 10.57% | SOFR | 625 | 8/18/2028 | USD | 10000000 | 9898480 | 9955535<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | Revolver | 10.06% | SOFR | 575 | 8/18/2028 | USD | 1777142 | 533333 | 529876<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | Revolver | 11.50% | PRIME | 400 | 9/22/2027 | USD | 1106000 | 48700 | 55752<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 9/22/2028 | USD | 58687148 | 58378818 | 58385090<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | Revolver | 11.50% | PRIME | 400 | 9/22/2028 | USD | 6466214 | 2161904 | 2160263<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | Revolver | 0.50% |  |  | 9/22/2028 | USD | 722543 |  | (3719)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | Delayed Draw | 1.00% |  |  | 12/17/2030 | USD | 3279857 | (42930) | (31400)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | First Lien Term Loan | 9.55% | SOFR | 525 | 12/17/2030 | USD | 13621390 | 13437282 | 13490985<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | Revolver | 11.75% | PRIME | 425 | 12/17/2030 | USD | 3030303 | 1384605 | 1395232<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer LLC | Delayed Draw | 9.25% | SOFR | 525 | 10/2/2030 | USD | 1024057 | 697308 | 702838<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | Delayed Draw | 9.29% | SOFR | 500 | 12/15/2027 | USD | 3377774 | 3334155 | 3377774<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 12/15/2027 | USD | 6362108 | 6279678 | 6362108<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC | Delayed Draw | 10.07% | SOFR | 575 | 12/30/2029 | USD | 1722793 | 548613 | 577394<br><sup>1,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC | First Lien Term Loan | 9.91% | SOFR | 575 | 12/30/2029 | USD | 9814717 | 9640177 | 9783352<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Delayed Draw | 8.81% | SOFR | 450 | 8/1/2029 | USD | 9014837 | 5490793 | 5510097<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 8/1/2029 | USD | 20040323 | (195355) | (212390)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | First Lien Term Loan | 8.81% | SOFR | 450 | 8/1/2029 | USD | 11796169 | 11641279 | 11671152<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Revolver | 0.50% |  |  | 8/1/2029 | USD | 4683999 | (7089) | (41704)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | Delayed Draw | 1.00% |  |  | 3/10/2032 | USD | 9177132 | (88238) | (91771)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 3/10/2032 | USD | 11325852 | 11219084 | 11212593<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | Revolver | 8.75% | SOFR | 475 | 3/10/2032 | USD | 4222973 | 647260 | 644004<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAV Gear Holdings, Inc. | First Lien Term Loan | 10.10%, 3.44% PIK | SOFR | 594 | 7/31/2029 | USD | 17774448 | 17603823 | 17597896<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAV Gear Holdings, Inc. | Revolver | 0.50% |  |  | 7/31/2029 | USD | 607118 | (58331) | (60712)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lereta, LLC | First Lien Term Loan | 9.68% | SOFR | 525 | 7/30/2028 | USD | 17806250 | 17628188 | 17739546<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | Delayed Draw | 8.90% | SOFR | 475 | 12/20/2031 | USD | 8653846 | 3128488 | 3192290<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/20/2031 | USD | 17884615 | 17678262 | 17805092<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | Revolver | 0.50% |  |  | 12/20/2031 | USD | 3461538 | (38747) | (15392)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | Revolver | 0.50% |  |  | 4/28/2028 | USD | 663115 | $(3159) | $—<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | Delayed Draw | 8.75% | SOFR | 475 | 4/28/2032 | USD | 9388188 | 329395 | 397661<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | Delayed Draw | 1.00% |  |  | 4/28/2032 | USD | 5971148 | (38291) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 4/28/2032 | USD | 48557791 | 48247982 | 48557791<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | Revolver | 0.50% |  |  | 4/28/2032 | USD | 2214895 | (15113) | (1557)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Voltage Holdings Inc. | Revolver | 0.50% |  |  | 4/28/2032 | CAD | 8022264 | (54119) | (6082)<sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynx Franchising, LLC | First Lien Term Loan | 10.67% | SOFR | 625 | 12/23/2026 | USD | 9757741 | 9705013 | 9704591<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | Delayed Draw | 8.92% | SOFR | 475 | 8/16/2027 | USD | 35044470 | 34451749 | 34743509<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | First Lien Term Loan | 8.92% | SOFR | 475 | 8/16/2027 | USD | 14768996 | 13779061 | 14642160<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | Revolver | 8.90% | SOFR | 475 | 8/16/2027 | USD | 4077060 | 500317 | 478459<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | Delayed Draw | 8.92% | SOFR | 475 | 6/6/2031 | USD | 10018865 | 7960710 | 7965919<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marina Acquisition, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 7/1/2030 | USD | 10210806 | 10081450 | 10088780<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marina Acquisition, Inc. | Revolver | 11.50% | PRIME | 400 | 7/1/2030 | USD | 1458687 | 565835 | 566042<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | Delayed Draw | 8.41% | SOFR | 450 | 11/5/2030 | USD | 10831458 | 10756224 | 10777301<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | Delayed Draw | 1.00% |  |  | 11/5/2030 | USD | 11450000 | (56321) | (57250)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 11/5/2030 | USD | 11608333 | 11556836 | 11550292<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | Revolver | 0.50% |  |  | 11/5/2030 | USD | 3333333 | (14641) | (16667)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKissock Investment Holdings, <br>LLC | First Lien Term Loan | 9.33% | SOFR | 500 | 3/10/2029 | USD | 24625000 | 24186339 | 24508031<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStar Logistics LLC | Revolver | 8.79% | SOFR | 450 | 12/31/2029 | USD | 1000 | 678 | 687<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStar Logistics LLC | First Lien Term Loan | 12.50% | SOFR | 850 | 12/31/2030 | USD | 8954005 | 8872038 | 8954005<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miraclon Corporation | First Lien Term Loan | 7.53% | EURIBOR | 550 | 11/26/2031 | EUR | 50000000 | 51875813 | 58408854<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miraclon Corporation | Revolver | 0.50% |  |  | 11/26/2031 | EUR | 6382979 | (383254) | 797803<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Buyer, Inc. | Delayed Draw | 1.00% |  |  | 6/2/2032 | USD | 2716859 | (26628) | (12080)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Buyer, Inc. | First Lien Term Loan | 8.88% | SOFR | 475 | 6/2/2032 | USD | 6520462 | 6457132 | 6491469<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Buyer, Inc. | Revolver | 0.50% |  |  | 6/2/2032 | USD | 1222587 | (11741) | (5436)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCG GROUP A.B. Nordic Climate | Delayed Draw | 1.00% |  |  | 9/24/2032 | EUR | 12806250 | (374487) | (359990)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | Delayed Draw | 1.00% |  |  | 3/24/2031 | USD | 761946 | (9125) | (3560)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 3/24/2031 | USD | 2963193 | 2928587 | 2949349<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | Revolver | 7.92% | SOFR | 375 | 3/24/2031 | USD | 1001 | 579 | 579<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordahl Midco 4 S.A.R.L | Delayed Draw | 9.15% | NOWA | 440 | 4/14/2032 | NOK | 217864231 | 4091541 | 5130607<br><sup>1,3,4,6,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordahl Midco 4 S.A.R.L | Delayed Draw | 6.79% | EURIBOR | 475 | 4/14/2032 | EUR | 3781331 | $4270956 | $4438502<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordahl Midco 4 S.A.R.L | First Lien Term Loan | 9.38% | NOWA | 475 | 4/14/2032 | NOK | 339059674 | 32301338 | 33665974<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordahl Midco 4 S.A.R.L | First Lien Term Loan | 6.90% | EURIBOR | 475 | 4/14/2032 | EUR | 29170448 | 32521468 | 34067095<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Stack Buyer, LLC | Delayed Draw | 8.95% | SOFR | 475 | 7/16/2031 | USD | 774602 | 663917 | 661845<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Stack Buyer, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 7/16/2031 | USD | 1019080 | 1015413 | 1014465<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Stack Buyer, LLC | Revolver | 1.00% |  |  | 7/16/2031 | USD | 92700 | (442) | (420)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Stack Buyer, LLC | Revolver | 11.25% | PRIME | 375 | 7/16/2031 | USD | 18268 | 18182 | 18186<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Stack Buyer, LLC | Revolver | 8.95% | SOFR | 475 | 7/16/2031 | USD | 143819 | 109636 | 109262<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onyx-Fire Protection Services, Inc. | Delayed Draw | 6.95% | CORRA | 450 | 7/31/2031 | CAD | 1934805 | 217135 | 200319<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onyx-Fire Protection Services, Inc. | First Lien Term Loan | 6.95% | CORRA | 450 | 7/31/2031 | CAD | 16839080 | 12197703 | 12045847<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onyx-Fire Protection Services, Inc. | Revolver | 6.95% | CORRA | 450 | 7/31/2031 | CAD | 3761622 | 174076 | 139250<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opus Regulatory Buyer, Inc. | Delayed Draw | 1.00% |  |  | 9/19/2031 | USD | 3600000 | (35805) | (36000)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opus Regulatory Buyer, Inc. | First Lien Term Loan | 8.52% | SOFR | 450 | 9/19/2031 | USD | 4200000 | 4158173 | 4158000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opus Regulatory Buyer, Inc. | Revolver | 0.50% |  |  | 9/19/2031 | USD | 1200000 | (11935) | (12000)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Delayed Draw | 9.57% | SOFR | 525 | 6/30/2029 | USD | 21549868 | 15436570 | 15830319<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Delayed Draw | 1.00% |  |  | 6/30/2029 | USD | 23157895 | (27138) | (80395)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 6/30/2029 | USD | 31163289 | 30519603 | 31055104<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Revolver | 9.25% | SOFR | 525 | 6/30/2029 | USD | 4342105 | 1149577 | 1142821<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P20 Parent, Inc. | First Lien Term Loan | 11.50% | SOFR | 750 | 7/12/2028 | USD | 34037500 | 33657398 | 33651163<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Revolver | 0.50% |  |  | 12/30/2027 | USD | 375000 | (3802) | (3750)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Delayed Draw | 1.00% |  |  | 12/30/2028 | USD | 4167688 | (40658) | (41677)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 12/30/2028 | USD | 4735428 | 4641911 | 4688074<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Revolver | 0.50% |  |  | 8/18/2031 | USD | 514763 | (5047) | (5148)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Delayed Draw | 1.00% |  |  | 8/18/2032 | USD | 850214 | (8430) | (8502)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | Delayed Draw | 1.00% |  |  | 8/29/2032 | USD | 14372763 | (142892) | (143728)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | First Lien Term Loan | 9.25%, 2.88% PIK | SOFR | 525 | 8/29/2032 | USD | 41321672 | 40912144 | 40908455<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pave America Holding, LLC | Revolver | 8.75% | SOFR | 475 | 8/29/2032 | USD | 10867929 | 5109084 | 5107927<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | Delayed Draw | 10.14% | SOFR | 600 | 10/30/2030 | USD | 3179551 | 2682064 | 2711794<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | First Lien Term Loan | 10.16% | SOFR | 600 | 10/30/2030 | USD | 12924712 | 12718393 | 12834913<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Finance, Inc. | Second Lien Term Loan | 11.65% | SOFR | 750 | 8/14/2028 | USD | 5688017 | 5563903 | 5688017<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propio LS, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 5/12/2030 | USD | 36818412 | 36467778 | 36450227<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propio LS, LLC | Revolver | 0.50% |  |  | 5/12/2030 | USD | 1099718 | (10254) | (10998)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | Delayed Draw | 1.00% |  |  | 5/22/2032 | USD | 12478469 | $(121647) | $(124785)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | First Lien Term Loan | 8.70% | SOFR | 450 | 5/22/2032 | USD | 27555024 | 27289565 | 27279474<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RailPros Parent, LLC | Revolver | 0.50% |  |  | 5/22/2032 | USD | 6239640 | (59266) | (62396)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/26/2027 | USD | 111873 | 111873 | 111873<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | Revolver | 9.23% | SOFR | 475 | 8/26/2027 | USD | 19069 | 12395 | 12395<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | Delayed Draw | 9.00% | SOFR | 500 | 8/26/2029 | USD | 305520 | 302639 | 305520<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | Delayed Draw | 1.00% |  |  | 8/26/2029 | USD | 305520 | (2883) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/26/2029 | USD | 366624 | 363298 | 366624<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risepoint, LLC | First Lien Term Loan | 9.91% | SOFR | 575 | 4/10/2030 | USD | 10000000 | 9814503 | 9800000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | Delayed Draw | 11.01%, 4.75% PIK | SOFR | 675 | 8/12/2026 | USD | 4668549 | 4668549 | 1937119<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | First Lien Term Loan | 11.01%, 4.75% PIK | SOFR | 675 | 8/12/2026 | USD | 20024972 | 19914195 | 8308954<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | First Lien Term Loan | 11.01%, 4.75% PIK | SOFR | 675 | 8/12/2029 | USD | 8705077 | 8669395 | 3611994<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruppert Landscape, LLC | Delayed Draw | 1.00% |  |  | 12/1/2029 | USD | 129190 | (1237) | (517)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruppert Landscape, LLC | First Lien Term Loan | 9.28% | SOFR | 500 | 12/1/2029 | USD | 339125 | 335968 | 337768<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruppert Landscape, LLC | Revolver | 9.23% | SOFR | 500 | 12/1/2029 | USD | 32298 | 8586 | 8752<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. | Delayed Draw | 9.17% | SOFR | 500 | 12/27/2026 | USD | 5339855 | 5250831 | 5286456<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. | First Lien Term Loan | 9.17% | SOFR | 500 | 12/27/2026 | USD | 27000300 | 26847092 | 26730297<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schellman Operations, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 9/30/2027 | USD | 9425013 | 9332873 | 9330763<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | Revolver | 0.50% |  |  | 12/18/2030 | USD | 1090909 | (7184) | (2122)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | Delayed Draw | 8.95% | SOFR | 475 | 12/18/2031 | USD | 3636363 | 2268910 | 2287473<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | First Lien Term Loan | 8.76% | SOFR | 475 | 12/18/2031 | USD | 11636364 | 11555853 | 11613730<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Bidco Limited | Delayed Draw | 1.00% |  |  | 11/28/2030 | GBP | 2461152 | 1103624 | 1369413<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Bidco Limited | First Lien Term Loan | 8.67% | SONIA | 445 | 11/28/2030 | GBP | 14442038 | 17897788 | 19413154<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Exterminating Intermediate II, LLC | Delayed Draw | 8.57% | SOFR | 425 | 6/9/2032 | USD | 5190311 | 634419 | 633218<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Exterminating Intermediate II, LLC | First Lien Term Loan | 8.25% | SOFR | 425 | 6/9/2032 | USD | 4442423 | 4399439 | 4397998<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Select Exterminating Intermediate II, LLC | Revolver | 0.50% |  |  | 6/9/2032 | USD | 2352941 | (22500) | (23529)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senske Acquisition, Inc. | Delayed Draw | 9.16% | SOFR | 500 | 6/13/2031 | USD | 56385 | 24776 | 24772<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shermco Intermediate Holdings, <br>Inc. | Delayed Draw | 8.87% | SOFR | 500 | 12/5/2026 | USD | 133610 | 133610 | 133610<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shermco Intermediate Holdings, <br>Inc. | Revolver | 8.87% | SOFR | 500 | 12/5/2026 | USD | 64951 | $30198 | $30852<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shermco Intermediate Holdings, <br>Inc. | Delayed Draw | 8.87% | SOFR | 500 | 6/16/2027 | USD | 685628 | 285148 | 292878<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shout! Factory, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 6/30/2031 | USD | 1694340 | 1669815 | 1669278<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shout! Factory, LLC | Revolver | 9.57% | SOFR | 525 | 6/30/2031 | USD | 209251 | 85919 | 85836<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slavic401k, Inc. | Delayed Draw | 1.00% |  |  | 5/2/2030 | USD | 3937008 | (47627) | (49213)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slavic401k, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 5/2/2030 | USD | 2171358 | 2145985 | 2144216<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slavic401k, Inc. | Revolver | 0.50% |  |  | 5/2/2030 | USD | 551181 | (6330) | (6890)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | Delayed Draw | 9.88% | SOFR | 550 | 3/20/2028 | USD | 225481 | 202002 | 204483<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | First Lien Term Loan | 9.96% | SOFR | 550 | 3/20/2028 | USD | 2776647 | 2748097 | 2762634<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | Revolver | 9.97% | SOFR | 550 | 3/20/2028 | USD | 225695 | 97123 | 98166<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stats Intermediate Holdings, LLC | First Lien Term Loan | 9.72% | SOFR | 525 | 7/10/2026 | USD | 3699162 | 3596810 | 3685290<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talon Buyer Inc. | Delayed Draw | 1.00% |  |  | 7/15/2032 | USD | 1449533 | (17855) | (18119)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talon Buyer Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 7/15/2032 | USD | 1884393 | 1861332 | 1860838<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talon Buyer Inc. | Revolver | 0.50% |  |  | 7/15/2032 | USD | 527321 | (6396) | (6592)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Delayed Draw | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 9986129 | 9461425 | 9728667<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | First Lien Term Loan | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 1481014 | 1455830 | 1466687<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | First Lien Term Loan | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 2578776 | 2527549 | 2529403<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Revolver | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 2171429 | 1909295 | 1893280<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | Delayed Draw | 1.00% |  |  | 9/17/2031 | USD | 6691585 | (62264) | (56536)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | First Lien Term Loan | 8.52% | SOFR | 450 | 9/17/2031 | USD | 21792712 | 21597923 | 21608591<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | Revolver | 0.50% |  |  | 9/17/2031 | USD | 3345792 | (28749) | (28268)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | Delayed Draw | 9.16% | SOFR | 500 | 6/20/2030 | USD | 2736229 | 2393147 | 2397559<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 6/20/2030 | USD | 1138316 | 380433 | 380198<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 6/20/2030 | USD | 9088570 | 9012307 | 9025423<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | Revolver | 0.50% |  |  | 6/20/2030 | USD | 1592565 | (12607) | (11065)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Delayed Draw | 8.75% | SOFR | 475 | 8/12/2029 | USD | 5364144 | 5264374 | 5364144<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Delayed Draw | 1.00% |  |  | 8/12/2029 | USD | 6125644 | (81816) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/12/2029 | USD | 21695890 | 21406527 | 21695890<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Revolver | 0.50% |  |  | 8/12/2029 | USD | 5562822 | (34691) | —<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trak Purchaser, Inc. | First Lien Term Loan | 9.81% | SOFR | 550 | 6/20/2031 | USD | 18694123 | $18423150 | $18437300<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trak Purchaser, Inc. | Revolver | 9.49% | SOFR | 550 | 6/20/2031 | USD | 1305877 | 1287341 | 1287937<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 8.65% | SOFR | 475 | 5/27/2029 | USD | 38219356 | 30103785 | 30390069<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | First Lien Term Loan | 8.65% | SOFR | 475 | 5/27/2029 | USD | 73297596 | 71948144 | 72604987<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Revolver | 9.80% | SOFR | 550 | 5/27/2029 | USD | 2364574 | 297468 | 308622<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Revolver | 0.50% |  |  | 5/27/2029 | USD | 396012 | (5530) | (3742)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Delayed Draw | 9.00% | SOFR | 500 | 1/27/2031 | USD | 560722 | 553018 | 552493<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Delayed Draw | 1.00% |  |  | 1/27/2031 | USD | 1405317 | (19922) | (20623)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 1/27/2031 | USD | 1205552 | 1189019 | 1187860<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Revolver | 0.50% |  |  | 1/27/2031 | USD | 409338 | (5459) | (6007)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Delayed Draw | 9.70% | SOFR | 550 | 9/10/2031 | USD | 6672035 | 3046293 | 2979640<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | First Lien Term Loan | 9.95%, 2.88% PIK | SOFR | 575 | 9/10/2031 | USD | 57256076 | 56702650 | 56710366<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | First Lien Term Loan | 9.70% | SOFR | 550 | 9/10/2031 | USD | 106378205 | 105574408 | 105364310<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Revolver | 9.45% | SOFR | 525 | 9/10/2031 | USD | 11533768 | 5906670 | 5895295<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Revolver | 9.45% | SOFR | 550 | 9/10/2031 | USD | 2879836 | 2448388 | 2440985<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | Delayed Draw | 9.16% | SOFR | 500 | 12/31/2029 | USD | 43832349 | 26855123 | 27708443<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 12/31/2029 | USD | 32303842 | 31593422 | 32303842<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | Revolver | 0.50% |  |  | 12/31/2029 | USD | 5317497 | (69156) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valcourt Holdings II, LLC | Delayed Draw | 9.39% | SOFR | 500 | 11/21/2029 | USD | 13411260 | 10031796 | 10243465<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valcourt Holdings II, LLC | First Lien Term Loan | 9.39% | SOFR | 500 | 11/21/2029 | USD | 40328610 | 39716272 | 40328610<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valet Waste Holdings, Inc. | First Lien Term Loan | 10.16% | SOFR | 600 | 5/1/2029 | USD | 2354390 | 2335988 | 2354390<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valet Waste Holdings, Inc. | Revolver | 10.16% | SOFR | 600 | 5/1/2029 | USD | 107147 | 73936 | 74744<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valicor PPC Intermediate I LLC | Revolver | 9.32% | SOFR | 500 | 1/24/2028 | USD | 653364 | 649765 | 651263<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valicor PPC Intermediate I LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 7/24/2028 | USD | 4346737 | 4329454 | 4339935<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Revolver | 9.25% | SOFR | 525 | 5/6/2030 | USD | 4385966 | 2054412 | 2096732<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Delayed Draw | 9.42% | SOFR | 525 | 5/6/2031 | USD | 26315789 | 3101546 | 3417761<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Delayed Draw | 9.25% | SOFR | 525 | 5/6/2031 | USD | 22265220 | 21465877 | 21708725<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Delayed Draw | 1.00% |  |  | 5/6/2031 | USD | 7017544 | (84888) | (13650)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 5/6/2031 | USD | 36935387 | 36463096 | 36863545<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.83% | SOFR | 625 | 7/26/2027 | USD | 2772698 | 2734860 | 2725352<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.82% | SOFR | 625 | 7/26/2027 | USD | 1857865 | 1830329 | 1826140<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.51% | SOFR | 625 | 7/26/2027 | USD | 34472132 | 34061007 | 33883483<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. | Delayed Draw | 8.96% | SOFR | 475 | 9/27/2031 | USD | 37240859 | $25839544 | $26028132<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 9/27/2031 | USD | 86036180 | 85265941 | 85688055<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Higher Learning LLC | First Lien Term Loan | 8.77% | SOFR | 475 | 9/16/2031 | USD | 3141837 | 3110579 | 3110419<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Higher Learning LLC | First Lien Term Loan | 7.52% | SOFR | 350 | 9/16/2031 | USD | 1000 | 990 | 990<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Higher Learning LLC | Revolver | 7.52% | SOFR | 350 | 9/16/2031 | USD | 1001 | 166 | 166<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Delayed Draw | 9.70% | SOFR | 550 | 6/29/2027 | USD | 9921630 | 9838469 | 9921630<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Delayed Draw | 9.42% | SOFR | 525 | 6/29/2027 | USD | 4988496 | 4937346 | 4988496<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | First Lien Term Loan | 9.70% | SOFR | 550 | 6/29/2027 | USD | 10460492 | 10396746 | 10460492<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 6/29/2027 | USD | 13773886 | 13676403 | 13773886<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Revolver | 0.50% |  |  | 6/29/2027 | USD | 146 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.A. Kendall and Company LLC | Delayed Draw | 10.36% | SOFR | 575 | 4/22/2030 | USD | 441347 | 437185 | 437394<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.A. Kendall and Company LLC | Delayed Draw | 10.04% | SOFR | 575 | 4/22/2030 | USD | 10840108 | 1989503 | 1995044<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.A. Kendall and Company LLC | First Lien Term Loan | 10.38% | SOFR | 575 | 4/22/2030 | USD | 7230114 | 7160888 | 7165353<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W.A. Kendall and Company LLC | Revolver | 10.50% | SOFR | 588 | 4/22/2030 | USD | 1488430 | 646771 | 647532<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | Revolver | 0.50% |  |  | 7/2/2030 | USD | 6308069 | (52749) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | Delayed Draw | 9.05% | SOFR | 500 | 7/2/2031 | USD | 11807325 | 11697584 | 11807325<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | First Lien Term Loan | 8.87% | SOFR | 500 | 7/2/2031 | USD | 45900660 | 45489766 | 45900660<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | Delayed Draw | 8.99% | SOFR | 475 | 10/1/2031 | USD | 4214600 | 409209 | 448433<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | First Lien Term Loan | 9.19% | SOFR | 500 | 10/1/2031 | USD | 10115040 | 10023800 | 10115040<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | Revolver | 11.50% | PRIME | 400 | 10/1/2031 | USD | 2023008 | 757831 | 775486<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Delayed Draw | 8.74% | SOFR | 475 | 11/2/2026 | USD | 42239186 | 40920706 | 41482107<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | First Lien Term Loan | 8.74% | SOFR | 475 | 11/2/2026 | USD | 794135 | 786982 | 790604<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Revolver | 8.75% | SOFR | 475 | 11/2/2026 | USD | 330890 | 34610 | 36029<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Delayed Draw | 8.74% | SOFR | 475 | 11/26/2030 | USD | 35714286 | 20871043 | 21038341<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | First Lien Term Loan | 8.74% | SOFR | 475 | 11/26/2030 | USD | 15844418 | 15702848 | 15773966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Revolver | 8.75% | SOFR | 475 | 11/26/2030 | USD | 7142857 | 747798 | 777763<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | First Lien Term Loan | 9.04% | SOFR | 475 | 12/23/2030 | USD | 2676642 | 2649940 | 2649875<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Revolver | 9.05% | SOFR | 475 | 12/23/2030 | USD | 530437 | 54827 | 54812<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | Delayed Draw | 8.75% | SOFR | 475 | 7/24/2031 | USD | 5664361 | 2877441 | 2888593<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | Delayed Draw | 1.00% |  |  | 7/24/2031 | USD | 2394171 | (22057) | (16634)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | First Lien Term Loan | 8.75% | SOFR | 475 | 7/24/2031 | USD | 30007751 | 29740989 | 29799261<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | Revolver | 11.25% | PRIME | 375 | 7/24/2031 | USD | 1256410 | 240784 | 242553<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | Revolver | 0.50% |  |  | 7/24/2031 | USD | 1346154 | (11690) | (9353)<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **3340617707** | **3344730920** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 3.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236904 B.C. Ltd. | First Lien Term Loan | 9.97% | SOFR | 593 | 3/4/2027 | USD | 2832080 | $2800728 | $2691972<br><sup>1,3,4,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080 Media, Inc. | Delayed Draw | 1.00% |  |  | 3/14/2029 | USD | 2811028 | (26601) | (19320)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Communication Services | First Lien Term Loan | 10.46%, 5.00% PIK | SOFR | 600 | 9/30/2026 | USD | 26612864 | 26552552 | 26399966<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARC Media Holdings Limited | First Lien Term Loan | 11.71% | SOFR | 725 | 10/31/2027 | USD | 2217450 | 2172344 | 2181791<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurelia Netherlands Midco 2 B.V. | First Lien Term Loan | 6.78% | EURIBOR | 475 | 5/1/2031 | EUR | 150000000 | 165295283 | 174639705<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurelia Netherlands Midco 2 B.V. | First Lien Term Loan | 6.78% | EURIBOR | 475 | 5/29/2031 | EUR | 17013236 | 19033935 | 19817249<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bidco Limited | Delayed Draw | 9.26% | SONIA | 500 | 5/21/2032 | GBP | 5325247 | 3933334 | 3859850<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bidco Limited | First Lien Term Loan | 7.04% | EURIBOR | 500 | 5/21/2032 | EUR | 7205659 | 8262154 | 8386683<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bidco Limited | First Lien Term Loan | 9.21% | SONIA | 500 | 5/21/2032 | GBP | 10916786 | 14706763 | 14554911<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Bidco Limited | First Lien Term Loan | 9.26% | SOFR | 500 | 5/21/2032 | USD | 2119569 | 2099022 | 2101366<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSign, LLC | First Lien Term Loan | 9.76% | SOFR | 550 | 10/14/2027 | USD | 4849246 | 4794572 | 4849246<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 5/13/2032 | USD | 63088932 | 62482458 | 62540284<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Buyer, Inc. | Revolver | 0.50% |  |  | 5/13/2032 | USD | 3240252 | (30666) | (28453)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Searchlight, L.P. | Delayed Draw | 1.00% |  |  | 7/16/2030 | USD | 3093750 | (45439) | (46406)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Searchlight, L.P. | First Lien Term Loan | 10.48% | SOFR | 625 | 7/16/2030 | USD | 5156250 | 5081348 | 5078906<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | Delayed Draw | 10.17% | SOFR | 600 | 5/6/2026 | USD | 296211 | 292471 | 290745<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | First Lien Term Loan | 10.17% | SOFR | 600 | 5/6/2026 | USD | 2583045 | 2583007 | 2535376<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | Incremental Term Loan | 10.17% | SOFR | 600 | 5/6/2026 | USD | 805825 | 805813 | 790954<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cosmos Midco Limited | First Lien Term Loan | 8.75% | SONIA | 478 | 9/25/2027 | GBP | 1772638 | 2390523 | 2383860<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Group LLC | Delayed Draw | 1.00% |  |  | 7/1/2028 | USD | 2944739 | (35237) | (36809)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Group LLC | First Lien Term Loan | 8.90% | SOFR | 475 | 7/1/2028 | USD | 4468915 | 4417226 | 4413053<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doxim, Inc. | First Lien Term Loan | 10.65% | SOFR | 650 | 11/30/2027 | USD | 3296916 | 3264231 | 3263947<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doxim, Inc. | Revolver | 10.65% | SOFR | 650 | 11/30/2027 | USD | 256250 | 29878 | 29854<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | Second Lien Term Loan | 10.76% | SOFR | 650 | 11/4/2029 | USD | 5000000 | 4925000 | 5000000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | Delayed Draw | 8.98% | SOFR | 500 | 7/2/2031 | USD | 5544667 | 2143420 | 2166889<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | First Lien Term Loan | 8.98% | SOFR | 500 | 7/2/2031 | USD | 36538611 | 36450311 | 36538611<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | Revolver | 0.50% |  |  | 7/2/2031 | USD | 2222222 | (8370) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FuseFX, LLC | First Lien Term Loan | 10.46%, <br>5.00% PIK | SOFR | 600 | 9/30/2026 | USD | 13218079 | 13184352 | 13115787<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Fiber Finco, LLC | Revolver | 0.50% |  |  | 5/2/2030 | USD | 366973 | (27050) | (29358)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Fiber Finco, LLC | Delayed Draw | 9.63% | SOFR | 550 | 5/2/2031 | USD | 3882783 | 556328 | 563685<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Fiber Finco, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 5/2/2031 | USD | 4117216 | 4094648 | 4093469<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Media Holdings, LLC | Delayed Draw | 1.00% |  |  | 4/17/2031 | USD | 2125000 | (30684) | (22132)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Media Holdings, LLC | First Lien Term Loan | 8.99% | SOFR | 500 | 4/17/2031 | USD | 9891875 | $9751946 | $9788850<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Media Holdings, LLC | Revolver | 8.99% | SOFR | 500 | 4/17/2031 | USD | 708333 | 60993 | 63456<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Music Rights | First Lien Term Loan | 8.50% | SOFR | 475 | 12/20/2031 | USD | 107340980 | 105630244 | 107340980<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Music Rights | Revolver | 0.50% |  |  | 12/20/2031 | USD | 10763497 | (174937) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOGO Intermediate Holdings LLC | First Lien Term Loan | 10.16% | SOFR | 600 | 4/30/2028 | USD | 2074437 | 2041531 | 2069250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HALO Buyer, Inc. | First Lien Term Loan | 10.16% | SOFR | 600 | 8/7/2029 | USD | 44323983 | 43537840 | 43993068<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HALO Buyer, Inc. | Revolver | 10.16% | SOFR | 600 | 8/7/2029 | USD | 6663270 | 1698722 | 1760358<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HH Global Finance Limited | First Lien Term Loan | 10.46% | SOFR | 618 | 2/25/2027 | USD | 15000000 | 14887500 | 15000000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Purchaser Corporation | First Lien Term Loan | 10.50% | SOFR | 650 | 11/16/2028 | USD | 13924646 | 13924646 | 13924646<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Purchaser Corporation | Revolver | 9.91% | SOFR | 550 | 11/16/2028 | USD | 512821 | 512821 | 512820<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Charlie Acquisition Company | Delayed Draw | 1.00% |  |  | 12/30/2026 | USD | 872757 | (7481) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Charlie Acquisition Company | Delayed Draw | 9.26% | SOFR | 500 | 12/30/2026 | USD | 9932911 | 9149568 | 9252260<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Charlie Acquisition Company | First Lien Term Loan | 9.26% | SOFR | 500 | 12/30/2026 | USD | 9800251 | 9695392 | 9800251<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Charlie Acquisition Company | Revolver | 0.50% |  |  | 12/30/2026 | USD | 2016130 | (2520) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klick, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 3/31/2028 | USD | 317818 | 315464 | 317818<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC | Delayed Draw | 9.41% | SOFR | 525 | 3/31/2031 | USD | 6524008 | 1577727 | 1591615<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC | Delayed Draw | 1.00% |  |  | 3/31/2031 | USD | 6779661 | (48779) | (81021)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 3/31/2031 | USD | 33261680 | 33000415 | 32977707 <br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC | Revolver | 9.41% | SOFR | 525 | 3/31/2031 | USD | 1739735 | 1696935 | 1698171<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Last Dance Intermediate II, LLC | Revolver | 0.50% |  |  | 3/31/2031 | USD | 1694915 | (19446) | (20255)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 4/16/2027 | USD | 15581962 | 15378215 | 15516631<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Holdings, Inc. | Revolver | 0.50% |  |  | 4/16/2027 | USD | 1271186 | (1589) | (5330)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | Delayed Draw | 1.00% |  |  | 6/30/2027 | USD | 7211539 | (53014) | (219670)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | Delayed Draw | 9.91% | SOFR | 550 | 6/30/2027 | USD | 9342740 | 9047281 | 9013813<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | First Lien Term Loan | 9.66% | SOFR | 525 | 6/30/2027 | USD | 7615385 | 7556822 | 7383413<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | First Lien Term Loan | 9.91% | SOFR | 550 | 6/30/2027 | USD | 14769231 | 14658110 | 14378456<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omni Fiber, LLC | Delayed Draw | 9.21% | SOFR | 525 | 7/3/2029 | USD | 34999999 | 33493146 | 30697985<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omni Fiber, LLC | First Lien Term Loan | 9.21% | SOFR | 525 | 7/3/2029 | USD | 15000000 | 14871560 | 14870563<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneCare Media, LLC | First Lien Term Loan | 8.76% | SOFR | 450 | 9/29/2026 | USD | 8448885 | 8415549 | 3641469<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneCare Media, LLC | Revolver | 0.50% |  |  | 9/29/2026 | USD | 400000 |  | (227600)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permaconn TopCo Pty, Ltd. | First Lien Term Loan | 8.36% | BBSY | 475 | 7/20/2029 | AUD | 2800000 | 1933740 | 1840764<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Chemistry Intermediate III, <br>Inc. | Delayed Draw | 8.50% | SOFR | 450 | 4/12/2032 | USD | 9410873 | 3577770 | 3576132<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Chemistry Intermediate III, <br>Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 4/12/2032 | USD | 21174466 | 21073541 | 21068594<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Chemistry Intermediate III, <br>Inc. | Revolver | 0.50% |  |  | 4/12/2032 | USD | 4705438 | $(22031) | $(23527)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | Revolver | 0.50% |  |  | 8/31/2028 | USD | 362986 |  | 3630<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | Revolver | 9.95% | SOFR | 575 | 8/31/2028 | USD | 1497326 | 1438340 | 1464915<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | First Lien Term Loan | 9.95% | SOFR | 575 | 8/31/2030 | USD | 18363556 | 17944648 | 18547191<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | First Lien Term Loan | 9.95% | SOFR | 575 | 9/3/2030 | USD | 3601265 | 3601265 | 3601265<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scripps SPV, LLC | Revolver | 10.58% | SOFR | 625 | 3/31/2028 | USD | 2706480 | 1215665 | 1239568<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | First Lien Term Loan | 11.00% | SOFR | 700 | 6/21/2029 | USD | 22223517 | 21753464 | 21433159<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | Revolver | 11.03% | SOFR | 700 | 6/21/2029 | USD | 2118644 | 1292373 | 1277095<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swoop Intermediate III, Inc. | Delayed Draw | 1.00% |  |  | 4/12/2032 | USD | 22753547 | (110132) | (41981)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swoop Intermediate III, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 4/12/2032 | USD | 32234191 | 32080510 | 32174717<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swoop Intermediate III, Inc. | Revolver | 0.50% |  |  | 4/12/2032 | USD | 7584516 | (35515) | (13994)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA TT Buyer, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 4/1/2029 | USD | 24013562 | 23807271 | 23713391<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinuiti Inc. | Delayed Draw | 9.35% | SOFR | 525 | 12/10/2026 | USD | 5039562 | 4987934 | 4815459<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinuiti Inc. | First Lien Term Loan | 9.35% | SOFR | 525 | 12/10/2026 | USD | 3498773 | 3460605 | 3343187<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | Revolver | 0.50% |  |  | 2/19/2026 | USD | 3693049 | (64628) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | First Lien Term Loan | 10.15% | SOFR | 600 | 2/19/2027 | USD | 21712500 | 21332531 | 21712500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | Delayed Draw | 10.15% | SOFR | 600 | 2/19/2030 | USD | 4497942 | 3786117 | 3826901<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | First Lien Term Loan | 10.15% | SOFR | 600 | 2/19/2030 | USD | 4412708 | 4373591 | 4412708<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | Delayed Draw | 9.50% | SOFR | 550 | 3/21/2030 | USD | 12000000 | 11845497 | 11905599<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 3/21/2030 | USD | 12000000 | 11849110 | 11905600<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | Revolver | 0.50% |  |  | 3/21/2030 | USD | 3000000 | (33735) | (23600)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | Delayed Draw | 9.54% | SOFR | 550 | 3/21/2031 | USD | 16000000 | 606534 | 634133<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wire 3 LLC | Delayed Draw | 1.00% |  |  | 7/2/2031 | USD | 15957447 | (312784) | (319149)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wire 3 LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 7/2/2031 | USD | 7978723 | 7823819 | 7819149<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wire 3 LLC | Revolver | 1.00% |  |  | 7/2/2031 | USD | 1063830 | (20432) | (21277)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zephyr Buyer, L.P. | First Lien Term Loan | 9.25% | SOFR | 525 | 1/31/2031 | USD | 41954007 | 41558092 | 41683105<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zephyr Buyer, L.P. | Revolver | 0.50% |  |  | 1/31/2031 | USD | 3000000 | (27767) | (19371)<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **983457708** | **988681248** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary — 6.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959 Holdings, LLC | First Lien Term Loan | 10.78% | SOFR | 650 | 7/5/2030 | USD | 20500000 | 20302094 | 20309203<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | First Lien Term Loan | 8.24% | CORRA | 550 | 12/31/2030 | CAD | 6261512 | 4234972 | 4388057<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 9.50% | SOFR | 525 | 12/31/2030 | USD | 336381 | 327994 | 328073<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 9.43% | SOFR | 525 | 12/31/2030 | USD | 264174 | 257765 | 257649<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 9.41% | SOFR | 525 | 12/31/2030 | USD | 206056 | 201043 | 200966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 9.39% | SOFR | 525 | 12/31/2030 | USD | 290591 | 283361 | 283414<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 8.41% | SOFR | 425 | 12/31/2030 | USD | 158504 | $154743 | $154589<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 8.23% | CORRA | 525 | 12/31/2030 | CAD | 472790 | 197537 | 201635<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Equity, LLC | Delayed Draw | 8.66% | SOFR | 450 | 12/22/2028 | USD | 3174582 | 3077121 | 3174582<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Equity, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 12/22/2028 | USD | 9085227 | 8918062 | 9085227<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Equity, LLC | Revolver | 0.50% |  |  | 12/22/2028 | USD | 1515151 | (45455) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Technologies, Inc. | First Lien Term Loan | 9.89% | SOFR | 575 | 8/22/2031 | USD | 101293750 | 97543557 | 97495234<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABC Technologies, Inc. | First Lien Term Loan | 7.81% | EURIBOR | 575 | 8/22/2031 | EUR | 56210000 | 62848131 | 63515056<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Consumer Discretionary | First Lien Term Loan | 10.51% | SOFR | 625 | 4/22/2026 | USD | 27001321 | 26871807 | 26955080<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Consumer Discretionary | First Lien Term Loan | 10.00% | SOFR | 600 | 12/14/2027 | USD | 16661706 | 16507015 | 16579759<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Day AcquisitionCo, LLC | First Lien Term Loan | 10.66% | SOFR | 650 | 4/30/2030 | USD | 27049180 | 26533518 | 26498761<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Day AcquisitionCo, LLC | Revolver | 0.50% |  |  | 4/30/2030 | USD | 2950820 | (55123) | (60046)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptive Environmental, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 10/1/2030 | USD | 5063158 | 5064859 | 5098600<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptive Environmental, LLC | Revolver | 0.50% |  |  | 10/1/2030 | USD | 522738 | (168) | 3659<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archimède SAS | First Lien Term Loan | 9.00% | EURIBOR | 700 | 10/17/2027 | EUR | 8500000 | 9009895 | 9375370<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archimède SAS | Delayed Draw | 9.00% | EURIBOR | 700 | 10/27/2027 | EUR | 1500000 | 1804888 | 1654477<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archimède SAS | First Lien Term Loan | 9.00% | EURIBOR | 700 | 10/27/2027 | EUR | 7800000 | 8271605 | 8603281<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auveco Holdings, Inc. | First Lien Term Loan | 9.60% | SOFR | 525 | 5/5/2028 | USD | 8934210 | 8844868 | 8934210<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auveco Holdings, Inc. | Revolver | 9.60% | SOFR | 525 | 5/5/2028 | USD | 1315789 | 161550 | 164474<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 4/30/2030 | USD | 69650000 | 69341316 | 69477876<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beckett Collectibles Holdings, LLC | First Lien Term Loan | 12.57% | SOFR | 850 | 12/13/2029 | USD | 697594 | 679106 | 680303<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BoxCo ApS | First Lien Term Loan | 7.77% | EURIBOR | 575 | 9/8/2032 | EUR | 9455205 | 10865166 | 10822758<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPI Intermediate Holdings, Inc. | First Lien Term Loan | 12.01% | SOFR | 775 | 12/11/2025 | USD | 9706429 | 9664676 | 9459321<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPI Intermediate Holdings, Inc. | Revolver | 12.01% | SOFR | 775 | 12/11/2025 | USD | 1440000 | 237750 | 203340<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Finco Limited | Delayed Draw | 8.97% | SONIA | 500 | 4/7/2032 | GBP | 986842 | 1328987 | 1321213<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Finco Limited | First Lien Term Loan | 8.97% | SONIA | 500 | 4/7/2032 | GBP | 14013158 | 18919259 | 18827452<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEC Entertainment, Inc. | First Lien Term Loan | 10.00% | SOFR | 600 | 9/26/2030 | USD | 23624426 | 23061706 | 23060540<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circauto Bidco AB | Delayed Draw | 1.00% |  |  | 5/29/2031 | SEK | 157356412 | (312289) | 1678343<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circauto Bidco AB | Delayed Draw | 8.00% | STIBOR | 600 | 6/14/2031 | SEK | 322580645 | 23695160 | 27044752<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClubCorp Holdings, Inc. | Revolver | 0.50% |  |  | 7/10/2031 | USD | 2573762 | (37185) | (38606)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClubCorp Holdings, Inc. | Delayed Draw | 1.00% |  |  | 7/9/2032 | USD | 1696440 | (25051) | (25446)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClubCorp Holdings, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 7/9/2032 | USD | 26012068 | 25630707 | 25621887<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | Delayed Draw | 9.04% | SOFR | 475 | 1/29/2030 | USD | 444160 | 401225 | 400794<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | Delayed Draw | 1.00% |  |  | 1/29/2030 | USD | 3522581 | (33446) | (35226)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | First Lien Term Loan | 9.06% | SOFR | 475 | 1/29/2030 | USD | 761347 | 754352 | 753734<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | First Lien Term Loan | 9.04% | SOFR | 475 | 1/29/2030 | USD | 140903 | $139609 | $139494<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | Revolver | 8.95% | SOFR | 475 | 1/29/2030 | USD | 124902 | 16720 | 16594<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | Delayed Draw | 9.24% | SOFR | 525 | 7/16/2027 | USD | 30679102 | 30159046 | 30426040<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | First Lien Term Loan | 9.44% | SOFR | 525 | 7/16/2027 | USD | 13939181 | 13789989 | 13824203<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | First Lien Term Loan | 9.19% | SOFR | 525 | 7/16/2027 | USD | 4335945 | 4301489 | 4300180<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | Revolver | 11.75% | PRIME | 425 | 7/16/2027 | USD | 507500 | 248692 | 249513<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | Revolver | 0.50% |  |  | 7/16/2027 | USD | 1049167 |  | (8759)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crunch Holdings LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 9/26/2031 | USD | 1462500 | 1455447 | 1457263<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crunch Holdings LLC | Revolver | 0.50% |  |  | 9/26/2031 | USD | 198043 | (943) | (709)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curriculum Associates, LLC | Delayed Draw | 1.00% |  |  | 5/7/2032 | USD | 23846096 | (195463) | (118994)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curriculum Associates, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 5/7/2032 | USD | 55106323 | 54656447 | 54737546<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Midco 2 LLC | Delayed Draw | 9.41% | SOFR | 525 | 12/22/2027 | USD | 9943610 | 7332688 | 7549007<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Midco 2 LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 12/22/2027 | USD | 6301161 | 6207464 | 6257225<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DRS Holdings III, Inc. | First Lien Term Loan | 9.41% | SOFR | 525 | 11/1/2028 | USD | 1522667 | 1515958 | 1522667<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DRS Holdings III, Inc. | Revolver | 0.50% |  |  | 11/1/2028 | USD | 11426 | (49) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Holdings, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 6/30/2027 | USD | 384126 | 378963 | 378318<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Holdings, Inc. | First Lien Term Loan | 12.25%, 4.13% PIK | SOFR | 825 | 3/8/2029 | USD | 2563810 | 2517731 | 2526023<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | Revolver | 9.19% | SOFR | 500 | 6/17/2030 | USD | 1301115 | 457972 | 461896<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | Delayed Draw | 1.00% |  |  | 6/17/2031 | USD | 2081784 | (19024) | (10409)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | First Lien Term Loan | 9.32% | SOFR | 500 | 6/17/2031 | USD | 10617100 | 10524874 | 10564015<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excel Fitness Holdings, Inc. | Delayed Draw | 9.50% | SOFR | 550 | 4/29/2029 | USD | 13213513 | 10334533 | 10600089<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excel Fitness Holdings, Inc. | First Lien Term Loan | 9.50% | SOFR | 550 | 4/29/2029 | USD | 19800000 | 19455468 | 19800000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | Delayed Draw | 10.76% | SOFR | 675 | 3/28/2029 | USD | 939926 | 800310 | 773600<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | Delayed Draw | 1.00% |  |  | 3/28/2029 | USD | 5312683 | (112531) | (225617)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | First Lien Term Loan | 10.76% | SOFR | 675 | 3/28/2029 | USD | 13565380 | 13314981 | 12989291<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness and Lifestyle Group Bidco Pty Ltd | Delayed Draw | 10.88%, 7.25% PIK | BBSY | 725 | 6/30/2026 | AUD | 245945 | 159216 | 161349<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness and Lifestyle Group Bidco Pty Ltd | First Lien Term Loan | 10.88%, 7.25% PIK | BBSY | 725 | 6/30/2026 | AUD | 5557493 | 3597872 | 3645931<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness International, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 2/12/2029 | USD | 24687500 | 23958017 | 24878828<br><sup>1,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway Casinos & Entertainment, Ltd. | First Lien Term Loan | 10.28% | SOFR | 625 | 12/18/2030 | USD | 7962000 | 7889540 | 7882380<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 9/22/2026 | USD | 1095435 | $1068641 | $1092696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/22/2026 | USD | 20996393 | 20627659 | 20943902<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Revolver | 0.50% |  |  | 9/22/2026 | USD | 854815 | (2137) | (2137)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 9/22/2028 | USD | 14307230 | 12920171 | 12969181<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/22/2028 | USD | 27143068 | 27076996 | 27075211<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Revolver | 0.50% |  |  | 9/22/2028 | USD | 1059583 | (2089) | (2649)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gator Plastic Intermediate Holdings, LLC | First Lien Term Loan | 11.14% | SOFR | 700 | 10/14/2027 | USD | 21118318 | 20763990 | 20795358<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gator Plastic Intermediate Holdings, LLC | Revolver | 11.22% | SOFR | 700 | 10/14/2027 | USD | 3748862 | 2209902 | 2214707<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Circle Holdings, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 9/19/2030 | USD | 10696445 | 10616629 | 10616222<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | Delayed Draw | 8.68% | ARR CSA | 475 | 11/1/2031 | USD | 2088498 | 1720530 | 1718412<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/1/2031 | USD | 1251022 | 1236881 | 1235384<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | Revolver | 8.75% | SOFR | 475 | 11/1/2031 | USD | 313539 | 130355 | 129858<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Purchaser, Inc. | Second Lien Term Loan | 12.66% | SOFR | 850 | 4/7/2030 | USD | 17000000 | 16777351 | 16798520<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGC Holdings, LLC | Delayed Draw | 8.66% | SOFR | 450 | 6/20/2029 | USD | 1501458 | 75476 | 80821<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGC Holdings, LLC | First Lien Term Loan | 8.64% | SOFR | 450 | 6/20/2029 | USD | 2978909 | 2957849 | 2959032<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGC Holdings, LLC | Revolver | 0.50% |  |  | 6/20/2029 | USD | 407045 | (2841) | (2716)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | Delayed Draw | 8.60% | SOFR | 450 | 12/31/2027 | USD | 4757325 | 1695454 | 1754539<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | Delayed Draw | 1.00% |  |  | 12/31/2027 | USD | 1775693 | (16025) | (7896)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | First Lien Term Loan | 8.60% | SOFR | 450 | 12/31/2027 | USD | 5121764 | 4962461 | 5098990<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | Revolver | 0.50% |  |  | 12/31/2027 | USD | 1066677 |  | (4743)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Publishing Company | Second Lien Term Loan | 12.26% | SOFR | 800 | 4/7/2028 | USD | 39200000 | 38264574 | 39083520<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP TLE Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 7/1/2032 | USD | 32786885 | 32467309 | 32474392<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP TLE Buyer, Inc. | Revolver | 0.50% |  |  | 7/1/2032 | USD | 7213115 | (69609) | (68749)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Consumer Discretionary | First Lien Term Loan | 11.71% | SOFR | 725 | 7/26/2027 | USD | 13907532 | 13824371 | 13646747<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | Revolver | 9.41% | SOFR | 525 | 6/2/2028 | USD | 311429 | 65019 | 65018<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | Delayed Draw | 9.56% | SOFR | 525 | 6/2/2029 | USD | 249388 | 247378 | 249388<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | First Lien Term Loan | 9.45% | SOFR | 525 | 6/2/2029 | USD | 2114600 | 2088357 | 2114600<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HY Cite Enterprises LLC | First Lien Term Loan | 12.46% | SOFR | 800 | 11/12/2026 | USD | 9017200 | 7843501 | 9017200<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFH Franchisee Holdings LLC | Delayed Draw | 1.00% |  |  | 12/20/2029 | USD | 626715 | (8684) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFH Franchisee Holdings LLC | First Lien Term Loan | 9.71% | SOFR | 575 | 12/20/2029 | USD | 2761705 | 2725367 | 2761705<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFH Franchisee Holdings LLC | Revolver | 8.21% | SOFR | 400 | 12/20/2029 | USD | 1000 | $654 | $667<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinity Home Services Holdco, Inc. | Delayed Draw | 9.50% | SOFR | 550 | 12/28/2028 | USD | 3741650 | 1103936 | 1136536<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingenio, LLC | First Lien Term Loan | 12.15%, <br>6.00% PIK | SOFR | 800 | 8/3/2026 | USD | 15106147 | 14958278 | 14207678<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovetive Petcare, LLC | Delayed Draw | 9.48% | SOFR | 500 | 6/30/2028 | USD | 1901154 | 1594102 | 1625662<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovetive Petcare, LLC | Delayed Draw | 9.24% | SOFR | 500 | 6/30/2028 | USD | 3441774 | 3412537 | 3407356<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovetive Petcare, LLC | Delayed Draw | 1.00% |  |  | 6/30/2028 | USD | 1441659 | (14100) | (14417)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Entertainment <br>JJCo 3 Ltd | First Lien Term Loan | 8.97% | SONIA | 475 | 4/17/2032 | GBP | 11610750 | 15637674 | 15731348<br><sup>1,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internova Travel Group, LLC | Delayed Draw | 11.76%, <br>3.50% PIK | SOFR | 750 | 3/27/2028 | USD | 3815839 | 3738538 | 3747165<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | Delayed Draw | 9.25% | SOFR | 525 | 9/9/2026 | USD | 2425405 | 2406012 | 2409766<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 9/9/2026 | USD | 603678 | 597630 | 599786<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | Delayed Draw | 9.25% | SOFR | 525 | 9/9/2027 | USD | 2345338 | 1230723 | 1232598<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBP Investments LLC | Delayed Draw | 10.46%, <br>0.50% PIK | SOFR | 600 | 5/26/2027 | USD | 24062805 | 23694489 | 23113144<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBP Investments LLC | Delayed Draw | 10.46%, 0.50% PIK | SOFR | 600 | 5/26/2027 | USD | 2200274 | 2200275 | 2113439<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnitWell Borrower LLC | First Lien Term Loan | 12.21% | SOFR | 775 | 7/28/2027 | USD | 22876559 | 22549539 | 22501503<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Buyer, LLC | Delayed Draw | 1.00% |  |  | 7/25/2032 | USD | 3880544 | (38294) | (38805)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Buyer, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 7/25/2032 | USD | 7340144 | 7268129 | 7266743<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kodiak Buyer, LLC | Revolver | 0.50% |  |  | 7/25/2032 | USD | 3104435 | (30242) | (31044)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasko Operation Holdings, LLC | First Lien Term Loan | 10.94% | SOFR | 665 | 6/4/2030 | USD | 2854858 | 2854858 | 2854858<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | Revolver | 9.16% | SOFR | 500 | 8/22/2030 | USD | 8059280 | 3709742 | 3747565<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | Delayed Draw | 9.19% | SOFR | 500 | 8/22/2031 | USD | 4029640 | 2460593 | 2498377<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | First Lien Term Loan | 9.71%, <br>2.75% PIK | SOFR | 550 | 8/22/2031 | USD | 48628555 | 48628555 | 48628555<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | First Lien Term Loan | 9.71% | SOFR | 550 | 8/22/2031 | USD | 13318617 | 13248305 | 13318617<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leonard Group, Inc. | First Lien Term Loan | 11.01% | SOFR | 675 | 2/26/2026 | USD | 11340488 | 11229244 | 11223194<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHS Borrower, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 9/4/2031 | USD | 93452673 | 92063606 | 92050883<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LHS Borrower, LLC | Revolver | 9.41% | SOFR | 525 | 9/4/2031 | USD | 7961668 | (41456) | (42925)<sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumos Holdings US Acquisition Co. | First Lien Term Loan | 9.82% | SOFR | 550 | 8/5/2030 | USD | 27149993 | 26752385 | 26742743<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | Revolver | 10.00% | SOFR | 600 | 11/15/2029 | USD | 2272726 | 1209047 | 1217160<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | Delayed Draw | 10.32% | SOFR | 600 | 11/15/2030 | USD | 4501135 | 4427830 | 4458603<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 11/15/2030 | USD | 17909091 | 17621500 | 17739863<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margaritaville Enterprises LLC | Delayed Draw | 8.76% | SOFR | 475 | 6/17/2027 | USD | 2085167 | 2061438 | 2085167<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margaritaville Enterprises LLC | Revolver | 0.50% |  |  | 6/17/2027 | USD | 312500 | (4687) | —<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momentum Textiles, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 3/28/2029 | USD | 10118767 | $10027448 | $10118767<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momentum Textiles, LLC | Revolver | 0.50% |  |  | 3/28/2029 | USD | 1033149 | (9121) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monahan Products LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 8/27/2027 | USD | 3734717 | 3713121 | 3690084<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountainside Fitness Acquisitions, LLC | Delayed Draw | 1.00% |  |  | 10/9/2029 | USD | 2373000 | (14361) | (12926)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountainside Fitness Acquisitions, LLC | First Lien Term Loan | 9.14% | SOFR | 500 | 10/9/2029 | USD | 4736130 | 4706225 | 4710332<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountainside Fitness Acquisitions, LLC | Revolver | 0.50% |  |  | 10/9/2029 | USD | 950000 | (5749) | (5175)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | Revolver | 0.50% |  |  | 5/29/2029 | CAD | 2812500 | (30714) | (46351)<sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | Delayed Draw | 1.00% |  |  | 5/29/2030 | CAD | 5000000 | (57855) | (78158)<sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | First Lien Term Loan | 7.52% | CDOR | 475 | 5/29/2030 | CAD | 40940625 | 29354790 | 29213319<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | Revolver | 0.50% |  |  | 5/29/2030 | CAD | 937500 | (10938) | (12268)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NKD Group GmbH | First Lien Term Loan | 9.50% | EURIBOR | 750 | 3/23/2026 | EUR | 4294872 | 4470578 | 5042113<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Revolver | 7.95% | CDOR | 550 | 5/26/2026 | CAD | 1330000 | 277672 | 172676<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Delayed Draw | 9.50% | SOFR | 550 | 5/26/2028 | USD | 236374 | 230511 | 236374<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Delayed Draw | 7.96% | CDOR | 550 | 5/26/2028 | CAD | 1904934 | 1476258 | 1368782<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | First Lien Term Loan | 9.50% | SOFR | 550 | 5/26/2028 | USD | 2026500 | 2006235 | 2026500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | First Lien Term Loan | 7.96% | CDOR | 550 | 5/26/2028 | CAD | 9654031 | 7592867 | 6936862<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwinds holdings, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 5/1/2029 | USD | 1522065 | 74865 | 89449<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwinds holdings, Inc. | Revolver | 0.50% |  |  | 5/1/2029 | USD | 187921 | (1727) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil Changer Holding Corporation | Delayed Draw | 11.14% | SOFR | 675 | 2/8/2027 | USD | 18931592 | 18739918 | 18931592<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil Changer Holding Corporation | Delayed Draw | 11.04% | SOFR | 675 | 2/8/2027 | USD | 3009500 | 2703938 | 2728330<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Acquireco LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 9/4/2032 | USD | 11363636 | 11288448 | 11287879<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Acquireco LLC | Revolver | 8.66% | SOFR | 450 | 9/4/2032 | USD | 1136364 | 151088 | 150974<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penney Holdings, LLC | First Lien Term Loan | 10.88% | SOFR | 675 | 9/19/2030 | USD | 30000000 | 29701711 | 29700000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PestCo, LLC | Delayed Draw | 1.00% |  |  | 8/6/2030 | USD | 1171138 | (5681) | (5856)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PestCo, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 8/6/2030 | USD | 5340388 | 5314325 | 5313686<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PestCo, LLC | Revolver | 0.50% |  |  | 8/6/2030 | USD | 477250 | (2315) | (2386)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pet Resort Hospitality Group Inc. | Delayed Draw | 1.00% |  |  | 1/11/2030 | USD | 2221235 | (21139) | (22212)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pet Resort Hospitality Group Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 1/11/2030 | USD | 2202799 | 2181685 | 2180771<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Delayed Draw | 9.65% | SOFR | 550 | 11/16/2027 | USD | 2797402 | 2782558 | 2797402<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Delayed Draw | 9.64% | SOFR | 550 | 11/16/2027 | USD | 1225000 | 487706 | 497656<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | First Lien Term Loan | 9.65% | SOFR | 550 | 11/16/2027 | USD | 26650376 | 26369737 | 26650376<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Revolver | 9.65% | SOFR | 550 | 11/16/2027 | USD | 2406511 | 1203261 | 1203256<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiere Buyer, LLC | Revolver | 0.50% |  |  | 5/1/2030 | USD | 156525 | (2146) | —<br><sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiere Buyer, LLC | Delayed Draw | 8.83% | SOFR | 450 | 5/1/2031 | USD | 138146 | $136188 | $138146<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiere Buyer, LLC | Delayed Draw | 1.00% |  |  | 5/1/2031 | USD | 294982 | (4268) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Delayed Draw | 9.17% | SOFR | 500 | 1/30/2027 | USD | 2867221 | 2238152 | 2245187<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Delayed Draw | 9.17% | SOFR | 500 | 7/16/2027 | USD | 5516716 | 5440303 | 5486666<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 7/16/2027 | USD | 2081908 | 2067866 | 2070568<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Revolver | 0.50% |  |  | 7/16/2027 | USD | 1477132 | (10683) | (8046)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quick Quack Car Wash Holdings, <br>LLC | Delayed Draw | 8.91% | SOFR | 475 | 6/10/2031 | USD | 67191181 | 14130872 | 14639146<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quick Quack Car Wash Holdings, <br>LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 6/10/2031 | USD | 17941269 | 17707344 | 17941269<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quick Quack Car Wash Holdings, <br>LLC | Revolver | 0.50% |  |  | 6/10/2031 | USD | 2333333 | (28896) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Race Winning Brands, Inc. | First Lien Term Loan | 9.76%, <br>1.75% PIK | SOFR | 550 | 11/16/2027 | USD | 25805140 | 25504506 | 23689386<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Race Winning Brands, Inc. | Revolver | 9.76%, <br>1.75% PIK | SOFR | 550 | 11/16/2027 | USD | 3128550 | 2391571 | 2142875<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rawlings Sports Goods Company, Inc. | Revolver | 8.18% | SOFR | 375 | 11/26/2029 | USD | 1000 | 116 | 129<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rawlings Sports Goods Company, Inc. | First Lien Term Loan | 8.90% | SOFR | 475 | 11/26/2030 | USD | 635663 | 629992 | 635663<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 8.91% | SONIA | 475 | 11/2/2027 | GBP | 8910000 | 11223007 | 11982249<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 8.90% | SOFR | 475 | 11/2/2027 | USD | 1468445 | 1453760 | 1468445<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 6.75% | EURIBOR | 475 | 11/2/2027 | EUR | 18243243 | 19631659 | 21417285<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | Revolver | 0.50% |  |  | 11/2/2027 | EUR | 6756756 | (56921) | 603163<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 8.90% | SOFR | 475 | 6/4/2029 | USD | 15148671 | 14997184 | 15148671<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | Revolver | 0.50% |  |  | 6/4/2029 | USD | 2601896 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regent Holding Company, LLC | First Lien Term Loan | 12.01% | SOFR | 775 | 2/26/2026 | USD | 10960029 | 10859961 | 10549413<br><sup>1,3,4,10,11,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regent Holding Company, LLC | Revolver | 12.01% | SOFR | 775 | 2/26/2026 | USD | 1917293 | 902461 | 830425<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Assessments, LLC | First Lien Term Loan | 9.12% | SOFR | 525 | 3/19/2031 | USD | 41085000 | 40396505 | 40498505<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Assessments, LLC | Revolver | 9.25% | SOFR | 525 | 3/19/2031 | USD | 6000000 | 2304867 | 2314349<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saguaro Buyer, LLC | Delayed Draw | 8.66% | SOFR | 450 | 7/3/2032 | USD | 30627871 | 770883 | 775056<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saguaro Buyer, LLC | Delayed Draw | 1.00% |  |  | 7/3/2032 | USD | 21745789 |  | 6712<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saguaro Buyer, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 7/3/2032 | USD | 39969372 | 39579669 | 39581893<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saguaro Buyer, LLC | Revolver | 8.66% | SOFR | 450 | 7/3/2032 | USD | 7656967 | 538551 | 538328<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDC Holdco LLC | First Lien Term Loan | 8.54% | SOFR | 438 | 7/28/2032 | USD | 13409900 | 13278234 | 13275801<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDC Holdco LLC | Revolver | 0.50% |  |  | 7/28/2032 | USD | 1590100 | (15507) | (15901)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shock Doctor Intermediate LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 11/20/2029 | USD | 10419583 | $10274744 | $10399316<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shock Doctor Intermediate LLC | Revolver | 0.50% |  |  | 11/20/2029 | USD | 2099664 | (29206) | (4084)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Air & Heat Holdings, LLC | First Lien Term Loan | 9.70% | SOFR | 525 | 10/1/2027 | USD | 34846097 | 10257746 | 11344759<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spanx, LLC | Revolver | 9.33% | SOFR | 525 | 11/18/2027 | USD | 12096621 | 3225766 | 3092897<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spanx, LLC | First Lien Term Loan | 9.76% | SOFR | 550 | 11/18/2028 | USD | 60435975 | 59787142 | 59645839<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedstar Holding, LLC | Delayed Draw | 10.13% | SOFR | 600 | 1/22/2027 | USD | 306466 | 297272 | 302797<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedstar Holding, LLC | First Lien Term Loan | 10.13% | SOFR | 600 | 1/22/2027 | USD | 9123574 | 9014469 | 9014344<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedstar Holding, LLC | Delayed Draw | 10.13% | SOFR | 600 | 7/22/2027 | USD | 2064825 | 1000741 | 1005105<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Splash Car Wash, Inc. | Revolver | 0.50% |  |  | 3/17/2031 | USD | 1744186 | (12060) | (3393)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Splash Car Wash, Inc. | Delayed Draw | 9.33% | SOFR | 500 | 3/17/2032 | USD | 3488372 | 1509677 | 1528098<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Splash Car Wash, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 3/17/2032 | USD | 8895349 | 8831893 | 8878047<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | Delayed Draw | 10.05% | SOFR | 575 | 7/25/2028 | USD | 3394435 | 3394435 | 3439920<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | Delayed Draw | 1.00% |  |  | 7/25/2028 | USD | 52519716 | (391691) | (393898)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 7/25/2028 | USD | 14618920 | 14618920 | 14814813<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | Revolver | 10.05% | SOFR | 575 | 7/25/2028 | USD | 617973 | 370784 | 370784<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | Revolver | 9.56% | SOFR | 525 | 8/20/2029 | USD | 3761471 | 864631 | 864070<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | Delayed Draw | 9.48% | SOFR | 525 | 8/20/2030 | USD | 1205838 | 255453 | 254304<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 8/20/2030 | USD | 21923336 | 21640969 | 21661337<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | First Lien Term Loan | 9.22% | SONIA | 525 | 8/20/2030 | GBP | 10044874 | 12980847 | 13313212<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanton Carpet Corp. | Revolver | 0.50% |  |  | 10/1/2026 | USD | 1189468 |  | (20166)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanton Carpet Corp. | First Lien Term Loan | 9.15% | SOFR | 500 | 10/1/2027 | USD | 8917812 | 8827971 | 8766624<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | Revolver | 0.50% |  |  | 12/30/2026 | USD | 2000000 | (84890) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | Delayed Draw | 9.00% | SOFR | 500 | 1/2/2029 | USD | 3998000 | 1044602 | 1098000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | Delayed Draw | 9.00% | SOFR | 500 | 5/31/2026 | USD | 24365054 | 17050924 | 17167201<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | Revolver | 11.50% | PRIME | 400 | 5/31/2030 | USD | 5706522 | 240752 | 267885<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | Delayed Draw | 1.00% |  |  | 5/31/2031 | USD | 24456522 | (118365) | (61214)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 5/31/2031 | USD | 44500679 | 44117920 | 44382508<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | Revolver | 0.50% |  |  | 9/5/2027 | USD | 243455 | (842) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | Delayed Draw | 8.66% | SOFR | 450 | 9/5/2028 | USD | 6120318 | 1588315 | 1647424<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | First Lien Term Loan | 8.66% | SOFR | 450 | 9/5/2028 | USD | 2606442 | 2595620 | 2606442<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Acquisition Corporation | Revolver | 13.50% | PRIME | 650 | 11/21/2028 | USD | 4618975 | 614912 | 642098<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Acquisition Corporation | First Lien Term Loan | 11.16% | SOFR | 700 | 11/21/2029 | USD | 22163012 | 21458668 | 21731834<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | Delayed Draw | 8.95% | SOFR | 475 | 3/3/2031 | USD | 1231858 | 614805 | 614286<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | Delayed Draw | 8.62% | SOFR | 475 | 3/3/2031 | USD | 7462687 | 2154711 | 2152985<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | First Lien Term Loan | 8.88% | SOFR | 475 | 3/3/2031 | USD | 117684 | $116047 | $115919<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | Revolver | 8.95% | SOFR | 475 | 3/3/2031 | USD | 61889 | 28608 | 28523<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TickPick Intermediate Holdings, <br>LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 7/2/2030 | USD | 8449000 | 8307038 | 8533490<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TickPick Intermediate Holdings, <br>LLC | Revolver | 0.50% |  |  | 7/2/2030 | USD | 344253 | (5482) | 3443<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Home Improvement, LLC | Delayed Draw | 1.00% |  |  | 5/31/2030 | USD | 1011628 | (18645) | (7838)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Home Improvement, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 5/31/2030 | USD | 5394884 | 5325751 | 5353083<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Home Improvement, LLC | Revolver | 0.50% |  |  | 5/31/2030 | USD | 843024 | (10277) | (6532)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treehouse Junior Limited | First Lien Term Loan | 9.28% | SOFR | 500 | 3/25/2028 | USD | 7754716 | 7703902 | 7754716<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | Revolver | 10.16% | SOFR | 550 | 9/4/2030 | USD | 1801885 | 347275 | 352365<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | Revolver | 0.50% |  |  | 9/4/2030 | USD | 403846 | (3680) | (1796)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | Delayed Draw | 9.66% | SOFR | 550 | 9/4/2031 | USD | 5169231 | 981417 | 1010861<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 9/4/2031 | USD | 20676923 | 20473052 | 20584984<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Delayed Draw | 10.00% | SOFR | 600 | 8/31/2028 | USD | 5799694 | 1083736 | 1082259<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Delayed Draw | 10.00% | SOFR | 600 | 11/8/2030 | USD | 19028789 | 15420802 | 15650586<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 11/8/2030 | USD | 7760537 | 7604920 | 7726031<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Revolver | 10.00% | SOFR | 600 | 11/8/2030 | USD | 2034884 | 1477451 | 1506764<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | Revolver | 10.03% | SOFR | 575 | 12/19/2026 | USD | 10833333 | 2061052 | 2276599<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheels Bidco, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 11/1/2031 | USD | 25000000 | 24659513 | 24763768<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WIN Holdings III Corp | First Lien Term Loan | 9.25% | SOFR | 500 | 7/16/2028 | USD | 14399357 | 14257298 | 14255363<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | Delayed Draw | 8.95% | SOFR | 475 | 4/15/2032 | USD | 14508133 | 95657 | 139234<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 4/15/2032 | USD | 60439501 | 60150526 | 60327988<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | Revolver | 0.50% |  |  | 4/15/2032 | USD | 4573800 | (21488) | (8439)<sup>1,2,3,5</sup> |
|  |  |  |  |  |  |  |  | **2065960453**  | **2082352383**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples — 1.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badia Spices, LLC | First Lien Term Loan | 8.63% | SOFR | 450 | 11/1/2030 | USD | 1498139 | 1475007 | 1473156<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badia Spices, LLC | Revolver | 0.50% |  |  | 11/1/2030 | USD | 89070 | (1326) | (1485)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxters North America Holdings, <br>Inc. | First Lien Term Loan | 11.07% | SOFR | 688 | 5/31/2028 | USD | 21574981 | 21248374 | 21198417<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE North Star US Holdco 2, Inc. | First Lien Term Loan | 10.25% | PRIME | 300 | 6/10/2028 | USD | 13496721 | 13395495 | 13513727<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blazing Star Parent | First Lien Term Loan | 11.20% | SOFR | 700 | 8/28/2030 | USD | 4500000 | 4389016 | 4387500<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.P. Converters, Inc. | First Lien Term Loan | 11.80% | ARR CSA | 750 | 12/13/2025 | USD | 3243689 | 3232366 | 3243689<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordevigo Interim Lux Bidco <br>S.A.R.L | First Lien Term Loan | 11.52% | SOFR | 725 | 4/11/2032 | USD | 5206000 | 5055106 | 5077264<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordevigo Interim Lux Bidco S.A.R.L | First Lien Term Loan | 9.36% | EURIBOR | 725 | 4/11/2032 | EUR | 4750000 | $5226430 | $5438530<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dalton Bidco Limited | Delayed Draw | 9.61% | SONIA | 550 | 6/30/2030 | GBP | 967430 | 889947 | 890827<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dalton Bidco Limited | Delayed Draw | 7.52% | EURIBOR | 550 | 6/30/2030 | EUR | 3195703 | 3664460 | 3695431<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dalton Bidco Limited | First Lien Term Loan | 9.47% | SONIA | 550 | 6/30/2030 | GBP | 13716889 | 18159689 | 18169897<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dalton Bidco Limited | First Lien Term Loan | 7.57% | EURIBOR | 550 | 6/30/2030 | EUR | 7522165 | 8634683 | 8698441<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demakes Borrower, LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 12/12/2029 | USD | 4036530 | 3959356 | 4036530<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Family Foods, Inc. | First Lien Term Loan | 8.79% | SOFR | 500 | 8/12/2030 | USD | 34561798 | 34266567 | 34644746<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Family Foods, Inc. | Revolver | 8.79% | SOFR | 500 | 8/12/2030 | USD | 4044944 | 57279 | 89888<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOJO Industries Holdings, Inc. | First Lien Term Loan | 12.91% | SOFR | 875 | 10/26/2028 | USD | 24076766 | 23589033 | 24413841<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Kitchens Food Company, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 5/31/2029 | USD | 11271186 | 10576978 | 10544571<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Kitchens Food Company, Inc. | Revolver | 0.50% |  |  | 5/31/2029 | USD | 2118644 | (129147) | (136582)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBH Buyer, LLC | Delayed Draw | 1.00% |  |  | 9/29/2031 | USD | 302789 | (3785) | (3785)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBH Buyer, LLC | First Lien Term Loan | 9.24% | SOFR | 525 | 9/29/2031 | USD | 2927142 | 2890553 | 2890553<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBH Buyer, LLC | Revolver | 7.49% | SOFR | 350 | 9/29/2031 | USD | 3000 | 2212 | 2214<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hometown Food Company | First Lien Term Loan | 8.75% | SOFR | 450 | 6/3/2030 | USD | 7801811 | 7727575 | 7723793<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Delayed Draw | 9.40% | SOFR | 525 | 5/14/2027 | USD | 1018385 | 1006819 | 1018385<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.59% | SOFR | 525 | 5/14/2027 | USD | 7413291 | 7320625 | 7413291<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.71% | SOFR | 525 | 5/14/2027 | USD | 1119194 | 1087686 | 1089136<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.63% | SOFR | 525 | 5/14/2027 | USD | 559597 | 507955 | 509074<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 5/14/2029 | USD | 32900863 | 32754931 | 32900863<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.40% | SOFR | 525 | 5/14/2029 | USD | 1313451 | 1308075 | 1313451<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.59% | SOFR | 525 | 5/14/2029 | USD | 3616600 | 3064328 | 3035257<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNPC Holdco, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 10/22/2029 | USD | 5239446 | 5103111 | 5239446<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Perimeter Buyer, Inc. | First Lien Term Loan | 10.96% | SOFR | 650 | 10/31/2028 | USD | 7405 | 7397 | 7405<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVF Holdings, Inc. | Delayed Draw | 1.00% |  |  | 2/24/2032 | USD | 2608696 | (128392) | (130435)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVF Holdings, Inc. | First Lien Term Loan | 9.83% | SOFR | 550 | 2/24/2032 | USD | 17391304 | 16542087 | 16521739<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nellson Nutraceutical, LLC | Delayed Draw | 1.00% |  |  | 4/17/2031 | USD | 585058 | (8492) | (3831)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nellson Nutraceutical, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 4/17/2031 | USD | 9711971 | 9573308 | 9648380<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nellson Nutraceutical, LLC | Revolver | 9.75% | SOFR | 575 | 4/17/2031 | USD | 1521152 | 420871 | 432343<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nyx Holdco, Inc. | First Lien Term Loan | 10.35% | SOFR | 635 | 11/30/2027 | USD | 10664493 | 10604338 | 10664493<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PH Beauty Holdings III, Inc. | First Lien Term Loan | 9.27% | SOFR | 500 | 9/28/2027 | USD | 3184592 | 3159418 | 3169713<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus Bidco, LLC | Delayed Draw | 1.00% |  |  | 8/26/2032 | USD | 4850207 | (48169) | (48502)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus Bidco, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 8/26/2032 | USD | 16975723 | 16807633 | 16805966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plus Bidco, LLC | Revolver | 8.95% | SOFR | 475 | 8/26/2032 | USD | 2078660 | 395213 | 394946<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purfoods, LLC | Delayed Draw | 9.00% | SOFR | 500 | 8/12/2027 | USD | 2932031 | $2902711 | $2932031<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purfoods, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 8/12/2027 | USD | 4331250 | 4287937 | 4331250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 1818182 | (23870) | (26276)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 12/23/2030 | USD | 6952273 | 6858023 | 6851798<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | Revolver | 9.25% | SOFR | 525 | 12/23/2030 | USD | 1212121 | 317412 | 315816<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Holdings Interco, LLC | Revolver | 9.48% | SOFR | 500 | 5/4/2028 | USD | 1385080 | 1269657 | 1266963<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sara Lee Frozen Bakery, LLC | First Lien Term Loan | 9.14% | SOFR | 475 | 7/30/2027 | USD | 1312240 | 1301964 | 1306405<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silk Holdings III Corp. | First Lien Term Loan | 8.83% | SOFR | 450 | 5/1/2029 | USD | 1222665 | 1222665 | 1222665<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeastern Grocers LLC | First Lien Term Loan | 11.50% | SOFR | 750 | 2/16/2026 | USD | 7500000 | 7222956 | 7200000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeastern Grocers LLC | First Lien Term Loan | 11.50% | SOFR | 750 | 9/19/2030 | USD | 12500000 | 12126782 | 12125000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | Delayed Draw | 1.00% |  |  | 2/19/2032 | USD | 180749 | (2163) | (844)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 2/19/2032 | USD | 1607578 | 1588730 | 1600067<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | Revolver | 0.50% |  |  | 2/19/2032 | USD | 324342 | (3707) | (3786)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summer Fridays, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 5/16/2031 | USD | 32407407 | 32020906 | 32050616<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summer Fridays, LLC | Revolver | 0.50% |  |  | 5/16/2031 | USD | 2592593 | (30421) | (28543)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SW Ingredients Holdings, LLC | Delayed Draw | 1.00% |  |  | 5/2/2030 | USD | 594070 | (8553) | (2680)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SW Ingredients Holdings, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 5/2/2030 | USD | 4811971 | 4744449 | 4751713<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Buyer, Inc. | First Lien Term Loan | 9.39% | SOFR | 525 | 3/11/2029 | USD | 12805702 | 12677645 | 12524537<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Buyer, Inc. | Revolver | 9.56% | SOFR | 525 | 3/11/2029 | USD | 1228070 | 598684 | 571720<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPSI Receivables LLC | Revolver | 9.05% | SOFR | 475 | 1/24/2029 | USD | 7673888 | 7373326 | 7408922<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tropical Bidco, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 12/10/2030 | USD | 16459091 | 16237623 | 16354205<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tropical Bidco, LLC | Revolver | 0.50% |  |  | 12/10/2030 | USD | 2727273 | (35524) | (17380)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viva 5 Group, LLC | First Lien Term Loan | 10.66% | SOFR | 650 | 5/21/2030 | USD | 24248112 | 23731992 | 23702530<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viva 5 Group, LLC | Revolver | 10.66% | SOFR | 650 | 5/21/2030 | USD | 3031014 | 466854 | 462228<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vivos Holdings, LLC | First Lien Term Loan | 10.12% | SOFR | 600 | 8/13/2030 | USD | 25000000 | 24754899 | 24750000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vybond Buyer, LLC | Delayed Draw | 1.00% |  |  | 2/3/2032 | USD | 5257009 | (75264) | (82933)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vybond Buyer, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 2/3/2032 | USD | 20800234 | 20509299 | 20472096<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vybond Buyer, LLC | Revolver | 0.50% |  |  | 2/3/2032 | USD | 3942757 | (53687) | (62200)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC | First Lien Term Loan | 13.79%, 3.00% PIK | SOFR | 950 | 3/18/2030 | USD | 29021500 | 27717280 | 27674133<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC | Revolver | 13.79%, 3.00% PIK | SOFR | 950 | 3/18/2030 | USD | 4987584 | 4612949 | 4625306<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waternill Express, LLC | Delayed Draw | 1.00% |  |  | 4/30/2031 | USD | 291120 | (3515) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waternill Express, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 4/30/2031 | USD | 435949 | 430790 | 435949<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waternill Express, LLC | Revolver | 8.95% | SOFR | 475 | 4/30/2031 | USD | 41733 | 7192 | 7679<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | Delayed Draw | 9.82% | SOFR | 550 | 12/1/2027 | USD | 445726 | $439969 | $445726<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 12/1/2027 | USD | 7603135 | 7531929 | 7502105<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | Revolver | 0.50% |  |  | 12/1/2027 | USD | 133718 | (1492) | (554)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woof Holdings, Inc. | Second Lien Term Loan | 11.63% | SOFR | 725 | 12/21/2028 | USD | 8000000 | 7915753 | 2833126<br><sup>1,4,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP Bullet Buyer, LLC | Revolver | 9.56% | SOFR | 525 | 12/7/2029 | USD | 2976528 | 1163114 | 1204120<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP Bullet Buyer, LLC | First Lien Term Loan | 9.32% | SOFR | 525 | 12/7/2030 | USD | 29854191 | 29312892 | 29645212<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZB Holdco LLC | Delayed Draw | 9.90% | SOFR | 575 | 2/9/2028 | USD | 1657057 | 395025 | 414265<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZB Holdco LLC | First Lien Term Loan | 10.10% | SOFR | 575 | 2/9/2028 | USD | 497117 | 491586 | 497117<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZB Holdco LLC | Revolver | 10.20% | SOFR | 575 | 2/9/2028 | USD | 267279 | 157428 | 160367<br><sup>1,3,4,5,6</sup> |
|  |  |  |  |  |  |  |  | **539936835** | **537392754** |
| &nbsp;&nbsp;&nbsp; **Energy – 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, Inc. | Delayed Draw | 9.77% | SOFR | 550 | 12/8/2029 | USD | 268924 | 73514 | 76804<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, Inc. | First Lien Term Loan | 9.53% | SOFR | 550 | 12/8/2029 | USD | 1766640 | 1751038 | 1753477<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, Inc. | Revolver | 9.55% | SOFR | 550 | 12/8/2029 | USD | 250000 | 235315 | 235637<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricket Valley Energy Center | First Lien Term Loan | 9.16% | SOFR | 500 | 6/26/2030 | USD | 13832007 | 13500333 | 13488289<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Holdco, LLC | Revolver | 0.50% |  |  | 7/13/2029 | USD | 2611724 |  | (24679)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Gulf Holdings LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 5/28/2030 | USD | 24802326 | 24778828 | 24777524<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Gulf Holdings LLC | Revolver | 0.50% |  |  | 5/28/2030 | USD | 4883720 | (4552) | (4884)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HydroSource Logistics, LLC | First Lien Term Loan | 12.76% | SOFR | 850 | 4/16/2035 | USD | 23648737 | 22955083 | 22939275<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | Revolver | 9.03% | SOFR | 475 | 11/22/2027 | USD | 2579122 | 758565 | 757936<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | Delayed Draw | 9.03% | SOFR | 475 | 11/22/2028 | USD | 8602087 | 3061017 | 3084453<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | First Lien Term Loan | 9.03% | SOFR | 475 | 11/22/2028 | USD | 42033258 | 42062467 | 41980940<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Delayed Draw | 9.56% | SOFR | 525 | 2/8/2031 | USD | 11335611 | 2014976 | 2209425<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 2/8/2031 | USD | 25457276 | 25031501 | 25457276<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Revolver | 0.50% |  |  | 2/8/2031 | USD | 3401559 | (53578) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritum Energy Holdings, LP | First Lien Term Loan | 10.26% | SOFR | 600 | 12/6/2028 | USD | 1536000 | 1513497 | 1512960<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritum Energy Holdings, LP | First Lien Term Loan | 10.15% | SOFR | 600 | 12/6/2028 | USD | 5299370 | 5211215 | 5219879<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding Inc. | Delayed Draw | 8.65% | SOFR | 450 | 6/4/2032 | USD | 7666666 | 3298727 | 3296667<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding Inc. | First Lien Term Loan | 8.65% | SOFR | 450 | 6/4/2032 | USD | 20496575 | 20298821 | 20291609<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NDT Global Holding Inc. | Revolver | 0.50% |  |  | 6/4/2032 | USD | 3833333 | (36481) | (38333)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Group Receivables, LLC | Revolver | 9.72% | SOFR | 550 | 10/31/2028 | USD | 3213591 | 3213591 | 3213591<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Group Receivables, LLC | Revolver | 9.63% | SOFR | 550 | 10/31/2028 | USD | 5713051 | 357066 | 357066<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **170020943** | **170584912** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials — 11.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | Delayed Draw | 7.27% | CORRA | 450 | 9/9/2028 | CAD | 4997050 | $2741092 | $2669681<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | Delayed Draw | 1.00% |  |  | 9/9/2028 | CAD | 6368876 | (45675) | (58030)<sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | First Lien Term Loan | 7.27% | CDOR | 450 | 9/9/2028 | CAD | 11270000 | 8340385 | 8017030<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | Revolver | 0.50% |  |  | 9/9/2028 | CAD | 2000000 | (29940) | (74286)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. | Delayed Draw | 8.51% | CORRA | 550 | 4/2/2031 | CAD | 1128903 | 35397 | 52797<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. | First Lien Term Loan | 8.31% | CORRA | 550 | 4/2/2031 | CAD | 4752142 | 3292538 | 3364520<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. | Revolver | 8.51% | CORRA | 550 | 4/2/2031 | CAD | 453141 | 35428 | 42208<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&J Holdco, LLC | Delayed Draw | 9.25% | SOFR | 525 | 6/13/2031 | USD | 6268637 | 2977805 | 2985395<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&J Holdco, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 6/13/2031 | USD | 5247492 | 5184320 | 5190150<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&J Holdco, LLC | Revolver | 0.50% |  |  | 6/13/2031 | USD | 1233871 | (14666) | (13483)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | First Lien Term Loan | 9.76% | SOFR | 525 | 8/11/2029 | USD | 16641553 | 16399471 | 16281163<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Delayed Draw | 9.76% | SOFR | 525 | 3/15/2030 | USD | 10483221 | 4428316 | 4278083<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | First Lien Term Loan | 9.76% | SOFR | 525 | 3/15/2030 | USD | 40734819 | 40330672 | 39852664<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | First Lien Term Loan | 9.48% | SOFR | 525 | 3/15/2030 | USD | 8594099 | 8465749 | 8407985<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Revolver | 9.76% | SOFR | 525 | 3/15/2030 | USD | 5625000 | 4998354 | 4884435<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Revolver | 9.48% | SOFR | 525 | 3/15/2030 | USD | 397727 | 334418 | 389115<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | Delayed Draw | 9.23% | SOFR | 500 | 9/6/2029 | USD | 3177000 | 196895 | 236228<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | Delayed Draw | 1.00% |  |  | 9/6/2029 | USD | 3177000 | (37724) | (1411)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | First Lien Term Loan | 9.13% | SOFR | 500 | 9/6/2029 | USD | 3177000 | 3137559 | 3175589<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | Revolver | 0.50% |  |  | 9/6/2029 | USD | 635000 | (7520) | (282)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIS Holdco, LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 5/21/2029 | USD | 31760000 | 31263758 | 31468650<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIS Holdco, LLC | Revolver | 0.50% |  |  | 5/21/2029 | USD | 3000000 | (43929) | (27520)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | Delayed Draw | 9.00% | SOFR | 500 | 10/28/2026 | USD | 33501732 | 32702270 | 32835059<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 10/28/2026 | USD | 12090417 | 11979672 | 12029965<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | Delayed Draw | 9.00% | SOFR | 500 | 5/28/2027 | USD | 47630773 | 7344215 | 7334221<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | Revolver | 0.50% |  |  | 5/28/2027 | USD | 3104146 | (14372) | (15521)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allworth Financial Group, L.P. | Delayed Draw | 8.91% | SOFR | 475 | 12/23/2027 | USD | 59967661 | 47142140 | 48093021<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allworth Financial Group, L.P. | Revolver | 0.50% |  |  | 12/23/2027 | USD | 944061 | (6698) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amba Buyer, Inc. | Delayed Draw | 9.35% | SOFR | 525 | 7/30/2027 | USD | 14200136 | 4636752 | 4682602<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amba Buyer, Inc. | First Lien Term Loan | 9.35% | SOFR | 525 | 7/30/2027 | USD | 12438136 | 12314247 | 12375363<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Revolver | 9.17% | SOFR | 500 | 8/31/2028 | USD | 3704896 | 929274 | 917660<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Revolver | 1.00% |  |  | 8/31/2028 | USD | 1219209 | (4546) | (4933)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Revolver | 0.50% |  |  | 8/31/2028 | USD | 671807 | (2802) | (2718)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Delayed Draw | 9.17% | SOFR | 500 | 8/31/2029 | USD | 9062896 | $6763321 | $8346027<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Delayed Draw | 1.00% |  |  | 8/31/2029 | USD | 1632082 | (7668) | (6604)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | First Lien Term Loan | 9.17% | SOFR | 500 | 8/31/2029 | USD | 63536621 | 64235494 | 63279534<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Delayed Draw | 8.75% | SOFR | 475 | 8/1/2031 | USD | 53530702 | 14630882 | 14797973<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/1/2031 | USD | 18995614 | 18820709 | 18872957<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Revolver | 9.07% | SOFR | 475 | 8/1/2031 | USD | 1233553 | 778727 | 781509<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Revolver | 9.07% | SOFR | 475 | 8/1/2031 | USD | 740131 | 427767 | 429432<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apus Bidco Limited | First Lien Term Loan | 9.25% | SONIA | 528 | 2/9/2028 | GBP | 10791367 | 14636675 | 14512328<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sage Buyer, LLC | First Lien Term Loan | 10.12% | SOFR | 600 | 1/25/2027 | USD | 24235696 | 24021578 | 23097342<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | Revolver | 9.25% | SOFR | 525 | 7/24/2030 | USD | 2274642 | 709302 | 727885<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 7/24/2031 | USD | 12265780 | 6453267 | 6564890<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 7/24/2031 | USD | 23109454 | 22905294 | 23109454<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | Delayed Draw | 9.00% | SOFR | 500 | 4/11/2029 | USD | 937135 | 35086 | 40042<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | Delayed Draw | 8.99% | SOFR | 500 | 4/11/2029 | USD | 7814656 | 7667870 | 7780690<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | First Lien Term Loan | 8.99% | SOFR | 500 | 4/11/2029 | USD | 15456362 | 15173723 | 15389182<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | Revolver | 9.23% | SOFR | 500 | 4/11/2029 | USD | 2155173 | 491521 | 513047<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arden Insurance Services LLC | First Lien Term Loan | 9.00% | SOFR | 525 | 11/27/2030 | USD | 3292683 | 3248497 | 3265193<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arden Insurance Services LLC | Revolver | 9.55% | SOFR | 525 | 11/27/2030 | USD | 457317 | 85506 | 87737<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Partner Services LLC | Delayed Draw | 8.54% | SOFR | 450 | 8/9/2031 | USD | 81806958 | 38722890 | 38679254<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Partner Services LLC | First Lien Term Loan | 8.54% | SOFR | 450 | 8/9/2031 | USD | 16248316 | 16105620 | 16085833<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Partner Services LLC | Revolver | 0.50% |  |  | 8/9/2031 | USD | 8361392 | (69864) | (83614)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babylon Buyer, Inc. | First Lien Term Loan | 9.64% | SOFR | 550 | 3/8/2030 | USD | 9280520 | 9169567 | 9172398<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babylon Buyer, Inc. | Revolver | 9.64% | SOFR | 550 | 3/8/2030 | USD | 379377 | 126857 | 126903<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | Revolver | 0.50% |  |  | 6/3/2030 | USD | 637324 | (7481) | (5925)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | Delayed Draw | 8.91% | SOFR | 475 | 6/3/2031 | USD | 276409 | 272713 | 273832<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | First Lien Term Loan | 8.91% | SOFR | 475 | 6/3/2031 | USD | 5749015 | 5674625 | 5765197<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCTO Bluebill Buyer, Inc. | First Lien Term Loan | 8.81% | SOFR | 450 | 7/30/2032 | USD | 27777778 | 27504727 | 27500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCTO Bluebill Buyer, Inc. | Revolver | 0.50% |  |  | 7/30/2032 | USD | 3472222 | (33904) | (34722)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | Revolver | 0.50% |  |  | 12/29/2027 | USD | 639000 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | Delayed Draw | 8.91% | SOFR | 475 | 12/29/2028 | USD | 13125367 | 5119518 | 5193313<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 12/29/2028 | USD | 8489035 | 8401887 | 8489035<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellwether Buyer LLC | Delayed Draw | 1.00% |  |  | 4/15/2032 | USD | 43573596 | (202874) | (158730)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellwether Buyer LLC | First Lien Term Loan | 8.64% | SOFR | 450 | 4/15/2032 | USD | 69411304 | 69095441 | 69158452<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellwether Buyer LLC | Revolver | 8.66% | SOFR | 450 | 4/15/2032 | USD | 18267464 | $3731413 | $3747308<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | Delayed Draw | 10.58% | SOFR | 650 | 6/21/2029 | USD | 1261031 | 1207112 | 1273641<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | Delayed Draw | 1.00% |  |  | 6/21/2029 | USD | 1020408 | (16590) | 10204<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | First Lien Term Loan | 10.66% | SOFR | 650 | 6/21/2029 | USD | 9236655 | 9089615 | 9329022<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | Revolver | 10.81% | SOFR | 650 | 6/21/2029 | USD | 632267 | 337209 | 337209<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bishop Street Underwriters LLC | Delayed Draw | 1.00% |  |  | 7/31/2031 | USD | 1568000 | (15463) | (15680)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bishop Street Underwriters LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 7/31/2031 | USD | 2353000 | 2329947 | 2329470<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captive Resources Midco, LLC | Revolver | 0.50% |  |  | 7/1/2028 | USD | 79053 |  | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captive Resources Midco, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 7/1/2029 | USD | 1026657 | 1026657 | 1026657<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | Delayed Draw | 8.25% | SOFR | 425 | 11/18/2031 | USD | 7633298 | 1543509 | 1600222<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | First Lien Term Loan | 8.25% | SOFR | 425 | 11/18/2031 | USD | 15018840 | 14881527 | 14989627<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | Revolver | 0.50% |  |  | 11/18/2031 | USD | 3491358 | (30531) | (6791)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | Revolver | 12.25% | PRIME | 425 | 6/29/2027 | USD | 699301 | 699301 | 692308<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | Delayed Draw | 9.41% | SOFR | 525 | 6/29/2028 | USD | 11612344 | 11068896 | 11094254<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | First Lien Term Loan | 9.41% | SOFR | 525 | 6/29/2028 | USD | 18347739 | 18072523 | 18164262<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Revolver | 9.45% | SOFR | 525 | 7/28/2028 | USD | 2201034 | 2026218 | 2020825<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Revolver | 9.32% | SOFR | 525 | 7/28/2028 | USD | 443192 | 197002 | 192570<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Delayed Draw | 9.45% | SOFR | 525 | 7/28/2029 | USD | 71201570 | 60245569 | 60537571<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Delayed Draw | 9.25% | SOFR | 525 | 7/28/2029 | USD | 39608362 | 2602397 | 2407261<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | First Lien Term Loan | 9.45% | SOFR | 525 | 7/28/2029 | USD | 19191326 | 18827434 | 18999413<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Revolver | 9.41% | SOFR | 525 | 7/28/2029 | USD | 1389231 | 587916 | 584422<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFC Bidco 2022 Limited | Second Lien Term Loan | 9.74% | SOFR | 575 | 7/1/2033 | USD | 13000000 | 12807837 | 12805000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 11/2/2027 | USD | 13452555 | 13318029 | 13373894<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | Revolver | 0.50% |  |  | 11/2/2027 | USD | 1751825 | (17518) | (10068)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Bekaert Advisory LLC | Delayed Draw | 9.41% | SOFR | 525 | 6/30/2028 | USD | 4500891 | 4430091 | 4467818<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Bekaert Advisory LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 6/30/2028 | USD | 3473203 | 3427981 | 3447682<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Bekaert Advisory LLC | Revolver | 9.41% | SOFR | 525 | 6/30/2028 | USD | 2373418 | 859177 | 841737<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearCapital Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/2/2032 | USD | 1806270 | (22258) | (22578)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearCapital Holdings, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 7/2/2032 | USD | 3793166 | 3746719 | 3745752<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ClearCapital Holdings, LLC | Revolver | 9.00% | SOFR | 500 | 7/2/2032 | USD | 722508 | 117654 | 117407<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convera International Financial S.À R.L | First Lien Term Loan | 10.15% | SOFR | 600 | 3/1/2028 | USD | 1803144 | $1779008 | $1803144<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Connection, LLC | First Lien Term Loan | 9.65% | SOFR | 550 | 7/30/2026 | USD | 8215605 | 8074976 | 8215605<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Connection, LLC | Revolver | 0.50% |  |  | 7/30/2026 | USD | 600000 | (12678) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CUB Financing Intermediate LLC | Delayed Draw | 8.75% | SOFR | 475 | 6/28/2030 | USD | 2532272 | 1019893 | 1042700<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CUB Financing Intermediate LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 6/28/2030 | USD | 5470081 | 5423988 | 5470081<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CX Institutional, LLC | Delayed Draw | 9.91% | SOFR | 575 | 6/18/2029 | USD | 1698000 | 1095524 | 1132000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CX Institutional, LLC | First Lien Term Loan | 9.91% | SOFR | 575 | 6/18/2029 | USD | 3268980 | 3204090 | 3268980<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding, LLC | First Lien Term Loan | 7.06% | SOFR | 300 | 9/12/2032 | USD | 210285560 | 208194584 | 208182704<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding, LLC | Revolver | 0.50% |  |  | 9/12/2032 | USD | 19711146 | (195664) | (197111)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Delayed Draw | 9.31% | SOFR | 500 | 10/31/2030 | USD | 5000000 | 1198150 | 1246667<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Delayed Draw | 9.22% | SOFR | 500 | 10/31/2030 | USD | 3000000 | 480000 | 480000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Delayed Draw | 1.00% |  |  | 10/31/2030 | USD | 3000000 | (25871) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 10/31/2030 | USD | 15437259 | 15344934 | 15437259<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Revolver | 11.50% | PRIME | 400 | 10/31/2030 | USD | 1500000 | 1489931 | 1500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Revolver | 9.22% | SOFR | 500 | 10/31/2030 | USD | 210689 | 65682 | 67420<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Early Stage Solutions, LLC | Delayed Draw | 1.00% |  |  | 8/15/2031 | USD | 3369210 | (50017) | (50538)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Early Stage Solutions, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 8/15/2031 | USD | 8568239 | 8441742 | 8439716<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Early Stage Solutions, LLC | Revolver | 8.91% | SOFR | 475 | 8/15/2031 | USD | 2336448 | 809508 | 808843<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecapital Finance Corp. | First Lien Term Loan | 12.88% | SOFR | 850 | 12/31/2028 | USD | 345130 | 343319 | 345130<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecapital Finance Corp. | First Lien Term Loan | 11.42% | SOFR | 725 | 9/29/2029 | USD | 9121 | 9007 | 9007<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 6/1/2026 | USD | 9886937 | 9680824 | 9842975<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 6/1/2026 | USD | 2418750 | 2411715 | 2407995<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 6/1/2028 | USD | 15823943 | 2874186 | 2942374<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 6/1/2028 | USD | 9154961 | 9081267 | 9114253<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Revolver | 10.75% | PRIME | 350 | 6/1/2028 | USD | 1465744 | 61883 | 66770<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elliott Davis Advisory, LLC | Delayed Draw | 1.00% |  |  | 7/8/2031 | USD | 452982 | (4445) | (4530)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elliott Davis Advisory, LLC | First Lien Term Loan | 8.87% | SOFR | 475 | 7/8/2031 | USD | 2899087 | 2870924 | 2870096<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elliott Davis Advisory, LLC | Revolver | 8.80% | SOFR | 475 | 7/8/2031 | USD | 659156 | 229064 | 228822<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Revolver | 0.50% |  |  | 3/12/2030 | USD | 3676331 | (55014) | (36763)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Delayed Draw | 8.74% | SOFR | 475 | 3/12/2031 | USD | 6527692 | $6413000 | $6462416<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Delayed Draw | 1.00% |  |  | 3/12/2031 | USD | 11715913 | (114695) | (117159)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | First Lien Term Loan | 8.74% | SOFR | 475 | 3/12/2031 | USD | 65877902 | 64915621 | 65219122<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endeavor Bidco LLC | First Lien Term Loan | 8.25% | SOFR | 425 | 8/21/2029 | USD | 480779 | 476158 | 475971<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | Delayed Draw | 9.00% | SOFR | 500 | 9/4/2026 | USD | 12556800 | 12181223 | 12556800<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 9/4/2026 | USD | 5332500 | 5227211 | 5332500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | Delayed Draw | 9.00% | SOFR | 500 | 9/4/2029 | USD | 18823034 | 7639559 | 7811559<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | Delayed Draw | 9.00% | SOFR | 500 | 6/18/2030 | USD | 6500000 | 6432302 | 6500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Buyer LLC | First Lien Term Loan | 9.47% | SOFR | 525 | 9/9/2031 | USD | 7711490 | 7596671 | 7595818<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Buyer LLC | Revolver | 0.50% |  |  | 9/9/2031 | USD | 1038510 | (15423) | (15578)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forza Insurance Holdings, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 2/27/2030 | USD | 4893520 | 4826933 | 4846181<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 8.75% | SOFR | 475 | 10/29/2028 | USD | 5021818 | 4858609 | 5072036<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 10/29/2028 | USD | 16637782 | 16291881 | 16804160<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Revolver | 0.50% |  |  | 10/29/2028 | USD | 359993 | (3929) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Revolver | 0.50% |  |  | 10/29/2029 | USD | 11666645 | (53615) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.25% | SOFR | 525 | 10/29/2030 | USD | 1443983 | 1443982 | 1458422<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 8.75% | SOFR | 475 | 10/29/2030 | USD | 116911649 | 49739922 | 50584903<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 1.00% |  |  | 10/29/2030 | USD | 2886550 | (17997) | 20518<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 10/29/2030 | USD | 33583457 | 33556108 | 33919291<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraizer & Deeter Advisory, LLC | Revolver | 0.50% |  |  | 5/2/2031 | USD | 220780 | (2078) | (938)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraizer & Deeter Advisory, LLC | Delayed Draw | 8.82% | SOFR | 450 | 5/2/2032 | USD | 883121 | 237945 | 242788<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fraizer & Deeter Advisory, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 5/2/2032 | USD | 1251088 | 1239042 | 1245775<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC | Delayed Draw | 8.50% | SOFR | 450 | 9/30/2028 | USD | 70087 | 11036 | 11557<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 9/30/2028 | USD | 6781042 | 6781042 | 6797995<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower LLC | Revolver | 8.50% | SOFR | 450 | 9/30/2028 | USD | 62624 | 51608 | 51708<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Delayed Draw | 8.50% | SOFR | 450 | 9/30/2028 | USD | 78424118 | 14243824 | 15061681<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 9/30/2028 | USD | 46086930 | 45517165 | 46202145<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.82% | SOFR | 450 | 9/30/2028 | USD | 293856 | 219106 | 219841<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.50% | SOFR | 450 | 9/30/2028 | USD | 10987367 | 4308090 | 4389313<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.49% | SOFR | 450 | 9/30/2028 | USD | 268184 | 193022 | 193693<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | Delayed Draw | 1.00% |  |  | 3/1/2031 | CAD | 7500000 | (73942) | (92709)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | First Lien Term Loan | 7.55% | CDOR | 500 | 3/1/2031 | CAD | 14925000 | 10869890 | 10822958<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | Revolver | 8.02% | CDOR | 525 | 3/1/2031 | CAD | 2250000 | 533625 | 510452<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grit Buyer, Inc. | Revolver | 8.82% | SOFR | 450 | 7/16/2031 | USD | 292207 | 3801 | 3652<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grit Buyer, Inc. | Delayed Draw | 8.52% | SOFR | 450 | 7/16/2032 | USD | 1194481 | 65959 | 65696<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grit Buyer, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 7/16/2032 | USD | 2388962 | 2353884 | 2353128<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidehouse, Inc. | First Lien Term Loan | 9.91% | SOFR | 575 | 12/16/2030 | USD | 23275515 | $23048387 | $23275515<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidehouse, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 12/16/2030 | USD | 63810745 | 63524072 | 63810745<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | Delayed Draw | 8.91% | SOFR | 475 | 11/15/2031 | USD | 13360425 | 13299515 | 13305028<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 11/15/2031 | USD | 9035122 | 8994137 | 8997659<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | Revolver | 8.91% | SOFR | 475 | 11/15/2031 | USD | 3643840 | 2012450 | 2029578<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heights Buyer, LLC | Delayed Draw | 1.00% |  |  | 8/25/2028 | USD | 248810 | (2406) | (2488)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heights Buyer, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 8/25/2028 | USD | 183659 | 181926 | 181823<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helibron Midco B.V. | First Lien Term Loan | 7.08% | EURIBOR | 500 | 9/18/2026 | EUR | 14732374 | 16130010 | 17028317<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HG Genesis 9 Sumoco Limited | First Lien Term Loan | 8.26% PIK | EURIBOR | 625 | 3/16/2029 | EUR | 30151609 | 31173951 | 35397522<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | First Lien Term Loan | 8.67% | SOFR | 450 | 11/25/2026 | USD | 9610514 | 9511440 | 9567781<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 11/25/2028 | USD | 21366581 | 12085858 | 12152757<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | Delayed Draw | 8.67% | SOFR | 450 | 11/25/2028 | USD | 61282124 | 61078914 | 61009634<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | First Lien Term Loan | 8.67% | SOFR | 450 | 11/25/2028 | USD | 85510946 | 85155581 | 85130723<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Street Buyer, Inc. | Delayed Draw | 8.50% | SOFR | 450 | 4/16/2028 | USD | 29023579 | 2698315 | 2689958<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V Feeder, L.P. | First Lien Term Loan | 7.31% | SOFR | 300 | 5/14/2031 | USD | 185778035 | 95714676 | 95714676<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEQ Capital, LLC | Delayed Draw | 8.37% | SOFR | 450 | 8/12/2031 | USD | 1808926 | 1808926 | 1808926<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEQ Capital, LLC | First Lien Term Loan | 8.37% | SOFR | 450 | 8/12/2031 | USD | 7862963 | 7862963 | 7862963<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEQ MIDCO III, LLC | Delayed Draw | 8.34% | SOFR | 450 | 12/22/2028 | USD | 11409477 | 8038972 | 8142218<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iM Global Partner | First Lien Term Loan | 7.55% | EURIBOR | 575 | 4/7/2028 | EUR | 3700000 | 3758765 | 4307044<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | Delayed Draw | 1.00% |  |  | 9/30/2028 | USD | 2404220 | (21125) | (10690)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 9/30/2028 | USD | 4399366 | 4364489 | 4379804<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | Revolver | 0.50% |  |  | 9/30/2028 | USD | 1023922 | (7759) | (4553)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inszone Mid, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/8/2028 | USD | 11676471 | 11514799 | 11676471<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | Delayed Draw | 9.20% | SOFR | 500 | 8/27/2027 | USD | 50697117 | 35146510 | 35795021<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/27/2027 | USD | 4617558 | 4553607 | 4637790<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | Revolver | 0.50% |  |  | 8/27/2027 | USD | 5650370 | (71238) | 24757<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | Delayed Draw | 9.20% | SOFR | 500 | 8/27/2028 | USD | 3001402 | 1069229 | 1111225<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/27/2028 | USD | 26634830 | 26590912 | 26751534<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, LLC | Revolver | 0.50% |  |  | 8/27/2028 | USD | 3857356 | $(1935) | $16901<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | Delayed Draw | 9.65% | SOFR | 565 | 6/1/2028 | USD | 3467863 | 1466728 | 1489964<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | First Lien Term Loan | 9.65% | SOFR | 565 | 6/1/2028 | USD | 50280600  | 50248720  | 50280600 <br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | Revolver | 9.95% | SOFR | 565 | 6/1/2028 | USD | 191562 | 191363 | 191562<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | Revolver | 9.20% | SOFR | 500 | 6/1/2028 | USD | 1005702 | (1039) | —<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Delayed Draw | 13.50% PIK | SOFR | 950 | 3/30/2026 | USD | 6800000 | 6641333 | 6800000<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Second Lien Term Loan | 13.50% PIK | SOFR | 950 | 3/30/2026 | USD | 12600000 | 12542848 | 12600000<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Risk Partners, LLC | Delayed Draw | 8.66% | SOFR | 450 | 4/23/2031 | USD | 1116742 | 198318 | 202716<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Risk Partners, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 4/23/2031 | USD | 1116743 | 1106196 | 1105940<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Risk Partners, LLC | Revolver | 0.50% |  |  | 4/23/2031 | USD | 242143 | (2247) | (2342)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kline Hill Partners LP | Delayed Draw | 1.00% |  |  | 6/30/2032 | USD | 2450000 | (24066) | (23151)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kline Hill Partners LP | First Lien Term Loan | 8.50% | SOFR | 450 | 6/30/2032 | USD | 2254000 | 2232042 | 2232701<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kline Hill Partners LP | Revolver | 0.50% |  |  | 6/30/2032 | USD | 980000 | (9454) | (9260)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc. | Delayed Draw | 1.00% |  |  | 8/29/2032 | USD | 15076555 | (149874) | (150766)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 8/29/2032 | USD | 66464493 | 65805895 | 65799848<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koala Investment Holdings, Inc. | Revolver | 0.50% |  |  | 8/29/2032 | USD | 6508645 | (64331) | (65086)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 12.59% | SOFR | 850 | 12/26/2027 | USD | 40151990 | 39512108 | 40092868<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 9.00% | SOFR | 500 | 7/6/2029 | USD | 8009785 | 4298428 | 4419325<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 7/6/2029 | USD | 22830464 | 22223387 | 22602159<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Revolver | 9.82% | SOFR | 575 | 7/6/2029 | USD | 2760532 | 1638573 | 1707586<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 9.00% | SOFR | 500 | 9/20/2030 | USD | 11027566 | 2189638 | 2178994<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 9/20/2030 | USD | 1723373 | 1723371 | 1706138<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 1.00% |  |  | 7/31/2031 | USD | 13842830 | (137183) | (138428)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Revolver | 8.99% | SOFR | 500 | 7/31/2031 | USD | 2714721 | 322366 | 321888<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 2/28/2030 | USD | 3200000 | (150944) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. | First Lien Term Loan | 10.45%, 5.25% PIK | SOFR | 625 | 2/28/2030 | USD | 14664136 | 14664136 | 14664136<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. | Revolver | 0.50% |  |  | 2/28/2030 | USD | 2300000 | (101977) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Delayed Draw | 8.95% | SOFR | 475 | 6/15/2027 | USD | 13293638 | 13001441 | 13255809<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Delayed Draw | 8.95% | SOFR | 475 | 1/15/2029 | USD | 10447029 | 10298044 | 10417300<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Revolver | 8.75% | SOFR | 475 | 6/15/2029 | USD | 700000 | 687969 | 698008<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | Delayed Draw | 8.75% | SOFR | 475 | 8/29/2031 | USD | 21128571 | 10882588 | 11075201<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | Delayed Draw | 1.00% |  |  | 8/29/2031 | USD | 21141717 | (206427) | —<br><sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/29/2031 | USD | 13857143 | $13734461 | $13857143<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | Revolver | 8.75% | SOFR | 475 | 8/29/2031 | USD | 9717228  | 5303569  | 5388392 <br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mclarens Midco, Inc. | Delayed Draw | 9.19% | SOFR | 475 | 12/19/2025 | USD | 1015341 | 697775 | 708643<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mclarens Midco, Inc. | Revolver | 9.19% | SOFR | 475 | 12/19/2025 | USD | 3485026 | 3462524 | 3485026<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Financial Group, LLC | Delayed Draw | 1.00% |  |  | 8/27/2032 | USD | 2665505 | (26474) | (26655)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Financial Group, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 8/27/2032 | USD | 5588154 | 5532799 | 5532272<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Financial Group, LLC | Revolver | 0.50% |  |  | 8/27/2032 | USD | 746341 | (7364) | (7463)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | Revolver | 8.09% | SOFR | 425 | 9/1/2029 | USD | 11902469 | 595123 | 595123<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | Delayed Draw | 1.00% |  |  | 9/1/2030 | USD | 5790526 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | First Lien Term Loan | 8.02% | SOFR | 425 | 9/1/2030 | USD | 83383577 | 83383577 | 83383577<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRH Trowe Beteiligungsgesellschaft mbH | Revolver | 0.50% |  |  | 11/15/2031 | EUR | 3125000 | (32887) | 142663<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRH Trowe Beteiligungsgesellschaft mbH | Delayed Draw | 6.97% | EURIBOR | 500 | 5/15/2032 | EUR | 11718750 | 1352348 | 2013735<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRH Trowe Beteiligungsgesellschaft mbH | First Lien Term Loan | 7.11% | EURIBOR | 500 | 5/15/2032 | EUR | 35156250 | 38943698 | 40925231<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MWH Intermediate II, LLC | Revolver | 0.50% |  |  | 8/29/2031 | USD | 896552 | (6633) | (6724)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MWH Intermediate II, LLC | Delayed Draw | 8.66% | SOFR | 450 | 8/29/2032 | USD | 4482759 | 540372 | 540173<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MWH Intermediate II, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 8/29/2032 | USD | 7620690 | 7564051 | 7563534<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nxgen Buyer LLC | Revolver | 0.50% |  |  | 10/31/2027 | USD | 54382  | (433) | (498)<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nxgen Buyer LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 4/30/2028 | USD | 2479460  | 2458210  | 2456775 <br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nxgen Buyer LLC | First Lien Term Loan | 8.88% | SOFR | 475 | 4/30/2028 | USD | 177118 | 176233 | 176233<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Delayed Draw | 9.84% | SOFR | 575 | 11/1/2029 | USD | 4312640 | 4207270 | 4276164<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Delayed Draw | 9.35% | SOFR | 500 | 11/1/2029 | USD | 744355 | 197996 | 197743<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Delayed Draw | 9.13% | SOFR | 500 | 11/1/2029 | USD | 2550548 | 533783 | 533064<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | First Lien Term Loan | 9.84% | SOFR | 575 | 11/1/2029 | USD | 8805699 | 8672957 | 8805699<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Revolver | 9.88% | SOFR | 575 | 11/1/2029 | USD | 1295337 | 482963 | 500863<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODEON BIDCO | Delayed Draw | 7.50% | EURIBOR | 550 | 9/22/2029 | EUR | 37335937 | 19784572 | 19784572<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacioli UK Midco Limited | First Lien Term Loan | 9.05% | SONIA | 500 | 4/15/2032 | GBP | 5799893 | 7549906 | 7699085<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 6/1/2029 | USD | 1852989 | (53594) | (18530)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | Delayed Draw | 1.00% |  |  | 6/1/2030 | USD | 16837473 | (156632) | (168374)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 6/1/2030 | USD | 98290777 | 97285726 | 97307867<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | Revolver | 0.50% |  |  | 5/15/2028 | USD | 3581421 | $(17316) | $(24883)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | Delayed Draw | 9.26% | SOFR | 500 | 5/15/2029 | USD | 4734959 | 4557398 | 4702061<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | First Lien Term Loan | 9.26% | SOFR | 500 | 5/15/2029 | USD | 40790768 | 39823065 | 40507359<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | Delayed Draw | 9.15% | SOFR | 500 | 10/14/2028 | USD | 74201508 | 69432953 | 69718741<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | First Lien Term Loan | 9.15% | SOFR | 500 | 10/14/2028 | USD | 27053221 | 26571074 | 26917954<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | Revolver | 0.50% |  |  | 10/14/2028 | USD | 2660377 |  | (13302)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People Corporation | Delayed Draw | 8.02% | CORRA | 500 | 2/18/2028 | CAD | 6521772 | 890284 | 1079906<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | Revolver | 9.75% | SOFR | 575 | 11/15/2029 | USD | 1669870 | 1046235 | 1050603<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | Delayed Draw | 9.75% | SOFR | 575 | 11/15/2030 | USD | 4166665 | 1925218 | 1948958<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 11/15/2030 | USD | 10729362 | 10557187 | 10608654<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | Delayed Draw | 8.67% | SOFR | 450 | 10/17/2029 | USD | 5471264 | 5307486 | 5446411<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 10/17/2029 | USD | 14241964 | 13959080 | 14177271<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | First Lien Term Loan | 8.67% | SOFR | 450 | 10/17/2029 | USD | 6351443 | 6195261 | 6322592<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | Revolver | 8.82% | SOFR | 450 | 10/17/2029 | USD | 1923077 | 217033 | 265990<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMA Parent Holdings LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 1/31/2031 | USD | 3124655 | 3093687 | 3093408<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PMA Parent Holdings LLC | Revolver | 0.50% |  |  | 1/31/2031 | USD | 427679 | (4228) | (4277)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium Group B1 | First Lien Term Loan | 7.75% | EURIBOR | 575 | 12/5/2030 | EUR | 21125461 | 22309301 | 24850566<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium Group B2 | Delayed Draw | 1.00% |  |  | 12/5/2030 | EUR | 3874539 | (100281) | 374934<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Accelerate Parent, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 2/24/2031 | USD | 24762565 | 24552832 | 24762565<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Accelerate Parent, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 9/19/2031 | USD | 43312500 | 42953301 | 43312500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Accelerate Parent, LLC | Revolver | 0.50% |  |  | 9/19/2031 | USD | 6250000 | (48384) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | Revolver | 9.66% | SOFR | 550 | 12/24/2025 | USD | 1059000 | 955831 | 950154<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | Delayed Draw | 9.66% | SOFR | 550 | 12/24/2029 | USD | 2682800 | 1586548 | 1601646<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 12/24/2029 | USD | 3903373 | 3843328 | 3866489<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&T Acquisitions, LLC | Revolver | 0.50% |  |  | 8/31/2029 | USD | 2308228 | (69247) | (48601)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&T Acquisitions, LLC | Delayed Draw | 9.46% | SOFR | 525 | 8/31/2030 | USD | 5770569 | 667463 | 647906<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&T Acquisitions, LLC | First Lien Term Loan | 9.45% | SOFR | 525 | 8/31/2030 | USD | 15272773 | 14912073 | 14951194<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Fund II CEI 1 Borrower LLC | Delayed Draw | 1.00% |  |  | 9/28/2029 | USD | 25000000 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFS Opco LLC | Delayed Draw | 8.75% | SOFR | 475 | 4/4/2031 | USD | 3676690 | 3651380 | 3676690<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFS Opco LLC | Delayed Draw | 1.00% |  |  | 4/4/2031 | USD | 2294205 | (11176) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Management Group, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 12/5/2030 | USD | 4083495 | 4046997 | 4083495<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Management Group, LLC | Revolver | 0.50% |  |  | 12/5/2030 | USD | 158565 | (1372) | —<br><sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investments US Institutional Holdco, Inc. | First Lien Term Loan | 9.31%, <br>1.50% PIK | SOFR | 500 | 5/31/2027 | USD | 10446396 | $10182719 | $10056536<br><sup>1,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWA Wealth Partners, LLC | Delayed Draw | 8.88% | SOFR | 475 | 11/15/2030 | USD | 1796467 | 198703 | 215330<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWA Wealth Partners, LLC | First Lien Term Loan | 8.94% | SOFR | 475 | 11/15/2030 | USD | 2222396 | 2202653 | 2222396<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWA Wealth Partners, LLC | Revolver | 8.75% | SOFR | 475 | 11/15/2030 | USD | 529926 | 18174 | 22711<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SageSure Holdings, LLC | Delayed Draw | 9.27% | SOFR | 511 | 1/28/2030 | USD | 4426229 | 2909802 | 2950819<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SageSure Holdings, LLC | First Lien Term Loan | 9.03% | SOFR | 475 | 1/28/2030 | USD | 4562336 | 4522047 | 4562336<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | First Lien Term Loan | 8.71% | SOFR | 475 | 1/27/2027 | USD | 1058511 | 1039904 | 1065708<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | First Lien Term Loan | 8.71% | SOFR | 475 | 4/3/2030 | USD | 54891440 | 54362964 | 55264702<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | Revolver | 0.50% |  |  | 4/3/2030 | USD | 3643725 | (27497) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby 2021 Holdings Corp. | Delayed Draw | 9.41% | SOFR | 525 | 6/29/2028 | USD | 55479548 | 136668 | 99637<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | Delayed Draw | 8.02% | CDOR | 525 | 4/24/2028 | CAD | 13405477 | 4862054 | 4668260<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | First Lien Term Loan | 8.02% | CDOR | 525 | 4/24/2028 | CAD | 12947836 | 9336305 | 9145883<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | Revolver | 0.50% |  |  | 4/24/2028 | CAD | 294464 | (2444) | (6923)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | Delayed Draw | 7.23% | EURIBOR | 500 | 3/20/2032 | EUR | 618406 | 658743 | 712805<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | Delayed Draw | 1.00% |  |  | 3/20/2032 | USD | 1495447 | (27700) | (27177)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | First Lien Term Loan | 9.37% | SOFR | 525 | 3/20/2032 | USD | 6388889 | 6267920 | 6272784<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | First Lien Term Loan | 7.23% | EURIBOR | 525 | 3/20/2032 | EUR | 6085699 | 6480761 | 7014680<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 12/31/2031 | USD | 9476533 | 2729620 | 2777133<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 12/31/2031 | USD | 35537004 | 35207839 | 35378989<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 0.50% |  |  | 12/31/2031 | USD | 4738267 | (42667) | (21069)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SitusAMC Holdings Corporation | First Lien Term Loan | 9.50% | SOFR | 550 | 5/14/2031 | USD | 19987802 | 19913671 | 19910111<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slaine Holdings LLC | Delayed Draw | 1.00% |  |  | 5/23/2030 | USD | 240895 | (4649) | (4740)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slaine Holdings LLC | First Lien Term Loan | 10.91% | SOFR | 675 | 5/23/2030 | USD | 602238 | 590830 | 590388<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slaine Holdings LLC | Revolver | 0.50% |  |  | 5/23/2030 | USD | 435147 | (8096) | (8562)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steward Partners Global Advisory, LLC | Delayed Draw | 8.92% | SOFR | 475 | 10/14/2028 | USD | 23796778 | 1319540 | 1308822<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steward Partners Global Advisory, LLC | Revolver | 8.91% | SOFR | 475 | 10/14/2028 | USD | 2986853 | 211761 | 209080<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Credit Fund C-1 SPV 2, LLC | Revolver | 4.46% |  |  | 6/23/2026 | USD | 50000000 | 46628909 | 46628909<br><sup>1,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | Delayed Draw | 1.00% |  |  | 7/1/2032 | USD | 23357764 | (229737) | (233578)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 7/1/2032 | USD | 70073290 | 69389428 | 69372558<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | Revolver | 0.50% |  |  | 7/1/2032 | USD | 8771924 | (84795) | (87719)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Themis Bidco | Delayed Draw | 1.00% |  |  | 8/21/2032 | EUR | 2160675 | $(24177) | $(15843)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Themis Bidco | First Lien Term Loan | 7.28% | EURIBOR | 525 | 8/21/2032 | EUR | 9182869 | 10641648 | 10676633<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | Delayed Draw | 8.91% | SOFR | 475 | 10/31/2031 | USD | 12813730 | 1964757 | 1971097<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 10/31/2031 | USD | 57398934 | 56879157 | 56891015<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | Revolver | 8.91% | SOFR | 475 | 10/31/2031 | USD | 6407159 | 764109 | 763482<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turbo Buyer, Inc. | Delayed Draw | 10.15% | SOFR | 600 | 12/2/2025 | USD | 5734277 | 5595765 | 5545262<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turbo Buyer, Inc. | First Lien Term Loan | 10.15% | SOFR | 600 | 12/2/2025 | USD | 4077702 | 4073207 | 3943291<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | Revolver | 11.25% | PRIME | 350 | 10/17/2030 | USD | 1903420 | 776260 | 773581<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | Revolver | 8.53% | SOFR | 450 | 10/17/2030 | USD | 1031766 | 176986 | 175401<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 6/30/2031 | USD | 341911 | 338580 | 338492<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 10/17/2031 | USD | 26546095 | 1757602 | 1752467<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | Delayed Draw | 8.64% | SOFR | 450 | 10/17/2031 | USD | 12293086 | 12179617 | 12170155<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 10/17/2031 | USD | 2125000 | 2104383 | 2103750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors, Inc. | First Lien Term Loan | 8.64% | SOFR | 450 | 10/17/2031 | USD | 16007635 | 15862274 | 15847560<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniVista Intermediate HoldCo, <br>LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 1/10/2030 | USD | 9329061 | 9171005 | 9119157<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniVista Intermediate HoldCo, <br>LLC | First Lien Term Loan | 8.01% | SOFR | 385 | 1/10/2030 | USD | 4885383 | 4809996 | 4799889<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Insurance Services LLC | First Lien Term Loan | 9.40% | SOFR | 525 | 12/1/2027 | USD | 21790323 | 21572419 | 21790323<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Insurance Services LLC | Revolver | 9.51% | SOFR | 525 | 12/1/2027 | USD | 2419355 | 483871 | 483871<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waverly Advisors, LLC | Delayed Draw | 9.45% | SOFR | 500 | 3/1/2028 | USD | 5226840 | 2437131 | 2486294<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waverly Advisors, LLC | Revolver | 10.20% | SOFR | 575 | 3/1/2028 | USD | 509436 | 97322 | 101887<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/2/2027 | USD | 16425491 | 16275547 | 16425491<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2027 | USD | 3277828 | (71778) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/2/2028 | USD | 132165292 | 110144136 | 110765091<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 8.79% | SOFR | 450 | 10/2/2028 | USD | 6412976 | 6412976 | 6412976<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 8.65% | SOFR | 450 | 10/2/2028 | USD | 9345164 | 9345164 | 9345164<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 1.00% |  |  | 10/2/2028 | USD | 13155310 | (64819) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 10/2/2028 | USD | 256293 | 256293 | 256293<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2028 | USD | 4399694 | (8671) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/2/2029 | USD | 3122842 | 3122835 | 3122842<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 10/2/2029 | USD | 15820956 | 15820925 | 15820956<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2029 | USD | 906041 | $— | $—<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Associates Holdings, LLC | Delayed Draw | 9.00% | SOFR | 500 | 4/3/2030 | USD | 11599377 | 5098391 | 5101223<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Associates Holdings, LLC | Revolver | 0.50% |  |  | 4/3/2030 | USD | 722913 | (3188) | (3214)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Delayed Draw | 9.00% | SOFR | 500 | 4/3/2028 | USD | 24513300 | 24166405 | 24404302<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 4/3/2028 | USD | 39715814 | 36124362 | 39539217<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Delayed Draw | 9.00% | SOFR | 500 | 4/3/2030 | USD | 1264363 | 264112 | 264446<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 4/3/2030 | USD | 73102231 | 72143738 | 72777183<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Revolver | 0.50% |  |  | 4/3/2030 | USD | 92265 | (409) | (410)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worldwide Insurance Network, <br>LLC | Delayed Draw | 9.00% | SOFR | 500 | 5/28/2030 | USD | 1990837 | 851864 | 825084<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worldwide Insurance Network, <br>LLC | Delayed Draw | 1.00% |  |  | 5/28/2030 | USD | 2669014 | (30704) | (35903)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worldwide Insurance Network, <br>LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 5/28/2030 | USD | 2493153 | 2493153 | 2459616<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactus, LLC | Revolver | 0.50% |  |  | 5/6/2030 | USD | 3468750 | (27226) | (17376)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactus, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 5/6/2032 | USD | 42781250 | 42431314 | 42566947<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **3579197111** | **3612958124** |
| &nbsp;&nbsp;&nbsp; **Health Care — 16.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | Delayed Draw | 7.54% | CDOR | 500 | 8/10/2029 | CAD | 9656050 | 5903149 | 5720029<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | First Lien Term Loan | 7.54% | CDOR | 500 | 8/10/2029 | CAD | 39261019 | 29661501 | 28105154<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Delayed Draw | 9.26% | SOFR | 525 | 12/22/2027 | USD | 32146236 | 31717263 | 32003298<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | First Lien Term Loan | 9.26% | SOFR | 525 | 12/22/2027 | USD | 3974282 | 3934539 | 3956610<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Revolver | 0.50% |  |  | 12/22/2027 | USD | 423729 | (4237) | (1884)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Delayed Draw | 9.13% | SOFR | 500 | 3/31/2031 | USD | 11600000 | 981444 | 892636<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Delayed Draw | 9.10% | SOFR | 510 | 3/31/2031 | USD | 3712871 | 296146 | 285710<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition <br>Corporation | Delayed Draw | 9.34% | SOFR | 525 | 7/2/2031 | USD | 4143111 | 1448042 | 1459883<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition <br>Corporation | First Lien Term Loan | 9.41% | SOFR | 525 | 7/2/2031 | USD | 2711459 | 2699197 | 2691123<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition <br>Corporation | First Lien Term Loan | 9.34% | SOFR | 525 | 7/2/2031 | USD | 88951409 | 88232534 | 88284275<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition <br>Corporation | Revolver | 0.50% |  |  | 7/2/2031 | USD | 5847513 | (47539) | (43857)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition <br>Corporation | First Lien Term Loan | 9.41% | SOFR | 525 | 10/31/2031 | USD | 6669018 | $6618635 | $6619000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC | Delayed Draw | 1.00% |  |  | 12/17/2029 | USD | 2464647 | (32281) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 12/17/2029 | USD | 1750276 | 1723128 | 1750276<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 12/17/2029 | USD | 18657174 | 18038414 | 18657174<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC | Revolver | 0.50% |  |  | 12/17/2029 | USD | 1735776 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | Delayed Draw | 10.26%, 3.25% PIK | SOFR | 600 | 8/2/2028 | USD | 6780071 | 6704534 | 6640025<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | First Lien Term Loan | 10.26%, 3.25% PIK | SOFR | 600 | 8/2/2028 | USD | 12213830 | 12115454 | 11961548<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | Delayed Draw | 10.52% | SOFR | 625 | 5/7/2027 | USD | 2328369 | 2210030 | 2328369<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | First Lien Term Loan | 10.48% | SOFR | 625 | 5/7/2027 | USD | 10663140 | 10590475 | 10660537<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | Delayed Draw | 9.49% | SOFR | 525 | 11/8/2029 | USD | 10470275 | 727559 | 722449<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | First Lien Term Loan | 9.73% | SOFR | 550 | 11/8/2029 | USD | 28357500 | 27717356 | 27932137<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | Revolver | 11.50% | PRIME | 425 | 11/8/2029 | USD | 7500000 | 7338542 | 7387500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | First Lien Term Loan | 9.41% | SOFR | 550 | 7/11/2031 | USD | 6827318 | 6727639 | 6724908<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affinity Hospice Intermediate Holdings, LLC | First Lien Term Loan | 9.15% | SOFR | 475 | 12/17/2027 | USD | 10899890 | 10811009 | 10790891<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affinity Hospice Intermediate Holdings, LLC | Delayed Draw | 1.00% |  |  | 12/17/2029 | USD | 1207641 | (11966) | (12076)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.51% PIK | SOFR | 625 | 3/5/2026 | USD | 7367607 | 7356441 | 435115<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.28% | SOFR | 600 | 6/10/2026 | USD | 9627080 | 9564337 | 9535630<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 12.76%, 2.25% PIK | SOFR | 850 | 7/1/2026 | USD | 30695241 | 30611084 | 29216627<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 11.01% | SOFR | 675 | 9/22/2026 | USD | 24187500 | 24099762 | 12897498<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.57% | SOFR | 600 | 9/25/2026 | USD | 19303306 | 18955283 | 19230919<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 9.25% | SOFR | 525 | 10/29/2026 | USD | 19421557 | 19008600 | 19211618<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.03% | SOFR | 575 | 12/14/2026 | USD | 19250000 | 19139664 | 19184684<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 11.82% PIK | SOFR | 725 | 12/31/2026 | USD | 7656232 | 7505099 | 5634422<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 13.26%, 2.50% PIK | SOFR | 900 | 12/31/2026 | USD | 14619446 | 14532668 | 7422516<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 11.82% PIK | SOFR | 725 | 12/31/2026 | USD | 12205979 | 12137468 | 9075412<br><sup>1,3,4,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 12.57%, 8.00% PIK | SOFR | 800 | 2/23/2027 | USD | 16325889 | $16179952 | $15616233<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 9.75% | SOFR | 575 | 7/29/2027 | USD | 49700000 | 48741197 | 49522031<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 9.78% | SOFR | 550 | 8/20/2027 | USD | 10911387 | 10742208 | 10840946<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHR Intermediate, Inc. | Delayed Draw | 9.75% | SOFR | 575 | 7/29/2027 | USD | 10296825 | 10219599 | 10259953<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHR Intermediate, Inc. | Delayed Draw | 1.00% |  |  | 7/29/2027 | USD | 1173680 | (4886) | (4203)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHR Intermediate, Inc. | First Lien Term Loan | 9.75% | SOFR | 575 | 7/29/2027 | USD | 23765939 | 23637430 | 23680836<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Delayed Draw | 11.24% | SOFR | 700 | 12/21/2028 | USD | 1642999 | 1585593 | 1658443<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | First Lien Term Loan | 11.35% | SOFR | 700 | 12/21/2028 | USD | 22323875 | 21830052 | 22533719<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Revolver | 0.50% |  |  | 12/21/2028 | USD | 3052838 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC | Delayed Draw | 9.33% | SOFR | 525 | 10/31/2030 | USD | 8994201 | 8862937 | 8994201<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 10/31/2030 | USD | 49044137 | 48288822 | 49044137<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Renal Associates Holdings, Inc. | First Lien Term Loan | 10.65% | SOFR | 625 | 1/25/2027 | USD | 11520000 | 11396292 | 11274422<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2031 | USD | 2714194 | (40521) | (40713)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | Delayed Draw | 9.56% | SOFR | 525 | 7/31/2026 | USD | 5005782 | 3493110 | 3466304<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 7/31/2029 | USD | 10663468 | 10533456 | 10450198<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | Revolver | 9.56% | SOFR | 525 | 7/31/2029 | USD | 1713272 | 1174415 | 1165024<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Borrower, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 9/4/2032 | USD | 65867207 | 65213496 | 65208535<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Borrower, LLC | Revolver | 0.50% |  |  | 9/4/2032 | USD | 11147436 | (110307) | (111474)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attigo Health LLC | First Lien Term Loan | 9.42% | SOFR | 525 | 6/27/2030 | USD | 6162000 | 6073316 | 6075334<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attigo Health LLC | Revolver | 0.50% |  |  | 6/27/2030 | USD | 685000 | (9740) | (9634)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWC-MH Acquisition LLC | First Lien Term Loan | 11.38% PIK | SOFR | 700 | 10/31/2025 | USD | 9356513 | 9207532 | 8673487<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurity Pharmaceuticals, Inc. | First Lien Term Loan | 11.24% | SOFR | 700 | 3/14/2030 | USD | 5859269 | 5751713 | 5758660<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | Delayed Draw | 9.56% | SOFR | 525 | 9/29/2030 | USD | 10036933 | 8939681 | 9054464<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | Delayed Draw | 1.00% |  |  | 9/29/2030 | USD | 6564940 | (60953) | (29191)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 9/29/2030 | USD | 12470415 | 12174789 | 12414965<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 9/29/2030 | USD | 10068231 | 9835673 | 10023463<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo LLC | First Lien Term Loan | 7.28% | EURIBOR | 525 | 9/29/2030 | EUR | 6264261 | 6476550 | 7321445<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Receivables Funding LP | Revolver | 10.93% | SOFR | 665 | 1/28/2028 | USD | 12000000 | 5765714 | 6000000<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayou Intermediate II, LLC | Delayed Draw | 1.00% |  |  | 9/30/2032 | USD | 7736842 | $(77368) | $(77368)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayou Intermediate II, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 9/30/2032 | USD | 2349640 | 2326144 | 2326144<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayou Intermediate II, LLC | First Lien Term Loan | 8.99% | SOFR | 500 | 9/30/2032 | USD | 26018781 | 25758594 | 25758594<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayou Intermediate II, LLC | Revolver | 0.50% |  |  | 9/30/2032 | USD | 3725640 | (37256) | (37256)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biocare Medical LLC | First Lien Term Loan | 9.01% | SOFR | 475 | 12/9/2027 | USD | 21444444 | 21230000 | 21444444<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biocare Medical LLC | Revolver | 0.50% |  |  | 12/9/2027 | USD | 2777778 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blazing Star Shields Direct Parent, LLC | First Lien Term Loan | 10.20% | SOFR | 600 | 8/28/2030 | USD | 55635721 | 54538452 | 54637822<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blazing Star Shields Direct Parent, LLC | Revolver | 0.50% |  |  | 8/28/2030 | USD | 5365306 | (105668) | (97378)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | Delayed Draw | 9.16% | SOFR | 500 | 1/21/2031 | USD | 6258366 | 6201562 | 6133198<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | Delayed Draw | 1.00% |  |  | 1/21/2031 | USD | 8268008 | (163353) | (165360)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 1/21/2031 | USD | 36929032 | 36516305 | 36190451<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | Revolver | 0.50% |  |  | 1/21/2031 | USD | 4134004 | (36099) | (82680)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 9.45% | SOFR | 525 | 12/22/2031 | USD | 3352131 | 2650553 | 2666800<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 1.00% |  |  | 12/22/2031 | USD | 9000000 | (87129) | (40018)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 12/22/2031 | USD | 7061824 | 6996652 | 7030423<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | Revolver | 0.50% |  |  | 12/22/2031 | USD | 1340853 | (12006) | (5962)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightStar Group Holdings, Inc. | First Lien Term Loan | 9.05% | SOFR | 500 | 2/28/2032 | USD | 3561905 | 3528386 | 3545264<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightStar Group Holdings, Inc. | Revolver | 9.00% | SOFR | 500 | 2/28/2032 | USD | 410614 | 39341 | 39142<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | Revolver | 1.00% |  |  | 8/28/2031 | USD | 5000000 | (68485) | (63109)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | Delayed Draw | 1.00% |  |  | 2/28/2032 | USD | 9375000 | (134949) | (118329)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | First Lien Term Loan | 9.41% | SOFR | 525 | 2/28/2032 | USD | 38000000 | 37520398 | 37520375<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | Delayed Draw | 1.00% |  |  | 3/6/2032 | USD | 2025120 | (16712) | (4509)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | First Lien Term Loan | 8.66% | SOFR | 450 | 3/6/2032 | USD | 13568265 | 13476161 | 13460363<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | Revolver | 8.66% | SOFR | 450 | 3/6/2032 | USD | 1411912 | 104364 | 105098<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiology Management Holdings, LLC | First Lien Term Loan | 9.90% | SOFR | 575 | 1/31/2029 | USD | 1790274 | $1758455 | $1757056<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Purchaser, LLC | First Lien Term Loan | 8.92% | SOFR | 475 | 12/9/2030 | USD | 6767097 | 6691198 | 6686226<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Purchaser, LLC | Revolver | 9.36% | SOFR | 500 | 12/9/2030 | USD | 822580 | 59826 | 58817<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Parent, Inc. | First Lien Term Loan | 9.13% | SOFR | 500 | 12/7/2027 | USD | 4386026 | 4336625 | 4367841<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Parent, Inc. | Revolver | 9.13% | SOFR | 500 | 12/7/2027 | USD | 251889 | 198784 | 200467<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | Delayed Draw | 9.16% | SOFR | 500 | 8/7/2031 | USD | 8716455 | 7517305 | 7503240<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 8/7/2031 | USD | 18160335 | (264053) | (272405)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 8/7/2031 | USD | 40524949 | 39982003 | 39917075<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | Revolver | 9.16% | SOFR | 500 | 8/7/2031 | USD | 2432512 | 196844 | 191240<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Color Intermediate, LLC | First Lien Term Loan | 8.85% | SOFR | 475 | 10/4/2029 | USD | 40082625 | 39554919 | 40090642<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Medical Acquisition Corp. | Revolver | 8.62% | SOFR | 450 | 12/15/2027 | USD | 3683963 | 3072173 | 3094529<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Medical Acquisition Corp. | First Lien Term Loan | 8.97% | SOFR | 450 | 12/15/2028 | USD | 25316469 | 25018838 | 25316469<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ComPsych Investment Corp. | Delayed Draw | 1.00% |  |  | 7/22/2031 | USD | 22000000 | (100771) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ComPsych Investment Corp. | First Lien Term Loan | 9.08% | SOFR | 475 | 7/22/2031 | USD | 61820741 | 61550448 | 61820740<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluent Health, LLC | First Lien Term Loan | 11.66% | SOFR | 750 | 11/30/2028 | USD | 16757282 | 15979315 | 16397377<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connect America.com, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 10/11/2029 | USD | 19749378 | 18740609 | 18702279<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 4/2/2031 | USD | 29508102 | 17808499 | 17997169<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 4/2/2031 | USD | 43764823 | 43209666 | 43583360<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Revolver | 9.58% | SOFR | 525 | 4/2/2031 | USD | 6449044 | (6934) | 43324<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Revolver | 0.50% |  |  | 4/2/2031 | USD | 4648434 | (21002) | (19274)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORA Health Holdings Corp. | Delayed Draw | 10.10% | ARR CSA | 575 | 6/15/2027 | USD | 226607 | 198286 | 219365<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORA Health Holdings Corp. | First Lien Term Loan | 10.10% | ARR CSA | 575 | 6/15/2027 | USD | 13499406 | 13366267 | 13067941<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORA Health Holdings Corp. | Revolver | 10.10% | ARR CSA | 575 | 6/15/2027 | USD | 769231 | 634605 | 610029<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPC/Cirtec Holdings, Inc. | Revolver | 9.13% | SOFR | 500 | 10/31/2028 | USD | 1138677 | 117304 | 110160<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPC/Cirtec Holdings, Inc. | First Lien Term Loan | 9.16% | ARR | 500 | 1/30/2029 | USD | 8764664 | 8513078 | 8703768<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPF Dental, LLC | Delayed Draw | 13.51%, 4.25% PIK | SOFR | 925 | 12/31/2025 | USD | 13587128 | 13181994 | 13540308<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPF Dental, LLC | First Lien Term Loan | 13.71%, 4.25% PIK | SOFR | 925 | 12/31/2025 | USD | 5716695 | 5701985 | 5696996<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | Delayed Draw | 7.59% | EURIBOR | 550 | 11/27/2031 | EUR | 208455 | 230201 | 244723<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | Delayed Draw | 1.00% |  |  | 11/27/2031 | USD | 82406 | (1552) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | First Lien Term Loan | 9.77% | SOFR | 625 | 11/27/2031 | USD | 232425 | 228168 | 232425<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | First Lien Term Loan | 7.60% | EURIBOR | 550 | 11/27/2031 | EUR | 631416 | $655046 | $741273<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | Delayed Draw | 1.00% |  |  | 6/2/2032 | USD | 235010 | (4593) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | First Lien Term Loan | 9.14% | SOFR | 500 | 12/18/2031 | USD | 163706069 | 161224206 | 163706069<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | Revolver | 0.50% |  |  | 12/18/2031 | USD | 23248856 | (341758) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossroads Holding, LLC | First Lien Term Loan | 9.22% | SOFR | 500 | 12/23/2027 | USD | 14004442 | 13903111 | 13661926<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | Revolver | 10.41% | SOFR | 625 | 1/29/2029 | USD | 10833333 | 5364835 | 5568333<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 6/28/2030 | USD | 5882852 | 1218102 | 1260442<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 6/28/2030 | USD | 22158744 | 21971785 | 22120077<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | Revolver | 0.50% |  |  | 6/28/2030 | USD | 2353141 | (18845) | (3871)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datix Bidco Limited | First Lien Term Loan | 9.54% | SOFR | 525 | 4/25/2031 | USD | 999529 | 992544 | 992162<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holding, LLC | Delayed Draw | 10.41% | SOFR | 641 | 4/3/2028 | USD | 3836068 | 3781745 | 3836068<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holding, LLC | First Lien Term Loan | 10.41% | SOFR | 641 | 4/3/2028 | USD | 15372562 | 15237653 | 15372562<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | Revolver | 9.85% | SOFR | 575 | 8/26/2027 | USD | 1111111 | 1110542 | 1082380<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | Delayed Draw | 9.85% | SOFR | 575 | 8/26/2028 | USD | 1425926 | 1365324 | 1389054<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | First Lien Term Loan | 9.85% | SOFR | 575 | 8/26/2028 | USD | 13546296 | 12655649 | 13196011<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delorean Purchaser, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 12/16/2031 | USD | 22870281 | 22554015 | 22711381<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delorean Purchaser, Inc. | Revolver | 0.50% |  |  | 12/16/2031 | USD | 3430542 | (46077) | (23835)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance, LLC | First Lien Term Loan | 10.41% | SOFR | 641 | 4/3/2028 | USD | 2099 | 2077 | 2099<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentive Capital, LLC | Delayed Draw | 12.75% | SOFR | 875 | 5/3/2030 | USD | 5705213 | 2998450 | 3090399<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | First Lien Term Loan | 10.01% | SOFR | 575 | 6/1/2028 | USD | 713510 | 704448 | 708516<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | First Lien Term Loan | 9.96% | SOFR | 575 | 6/1/2028 | USD | 16818548 | 16646358 | 16700818<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | Revolver | 0.50% |  |  | 6/1/2028 | USD | 1612903 |  | (11290)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSH Merger Sub, Inc. | First Lien Term Loan | 9.63% | SOFR | 550 | 3/15/2027 | USD | 3828889 | 3809555 | 3807914<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBS Parent Holdings Inc. | Delayed Draw | 1.00% |  |  | 7/1/2032 | USD | 3052798 | (29993) | (30528)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBS Parent Holdings Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 7/1/2032 | USD | 6860026 | 6793143 | 6791426<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBS Parent Holdings Inc. | Revolver | 0.50% |  |  | 7/1/2032 | USD | 1134418 | (10947) | (11344)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emmes Blocker, Inc. | Delayed Draw | 10.11%, 3.25% PIK | SOFR | 600 | 7/7/2028 | USD | 16581946 | 16251910 | 16466736<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emmes Blocker, Inc. | First Lien Term Loan | 10.11%, 3.25% PIK | SOFR | 600 | 7/7/2028 | USD | 8161817 | 8073507 | 8105110<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Intermediate HoldCo, LLC | Delayed Draw | 1.00% |  |  | 7/9/2031 | USD | 2319588 | (28460) | (28995)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Intermediate HoldCo, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 7/9/2031 | USD | 9062769 | 8952722 | 8949484<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Intermediate HoldCo, LLC | Revolver | 0.50% |  |  | 7/9/2031 | USD | 1546392 | (18634) | (19330)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENT MSO LLC | Delayed Draw | 9.35% | SOFR | 525 | 12/31/2025 | USD | 11371321 | $10194122 | $10463267<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENT MSO LLC | Revolver | 10.90% | SOFR | 650 | 12/31/2025 | USD | 958116 | 714133 | 715190<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPFS Buyer, Inc. | Delayed Draw | 1.00% |  |  | 7/31/2031 | USD | 3433018 | (17648) | (17165)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPFS Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 7/31/2031 | USD | 20140373 | 20037665 | 20039670<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPFS Buyer, Inc. | Revolver | 0.50% |  |  | 7/31/2031 | USD | 2288678 | (11624) | (11443)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERC TOPCO Holdings, Inc. | First Lien Term Loan | 11.06% | SOFR | 650 | 3/31/2030 | USD | 5827928 | 5827928 | 5827928<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERC TOPCO Holdings, Inc. | Revolver | 9.76% | SOFR | 550 | 3/31/2030 | USD | 1289316 | 927697 | 982336<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | Revolver | 0.50% |  |  | 10/17/2031 | USD | 692471 | (6216) | (6699)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 1/17/2032 | USD | 2175229 | 1159698 | 1159134<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 1/17/2032 | USD | 6132298 | 6075456 | 6072976<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health LLC | Delayed Draw | 9.71% | SOFR | 525 | 12/6/2029 | USD | 5961685 | 5744061 | 5961685<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health LLC | Revolver | 8.44% | SOFR | 400 | 12/6/2029 | USD | 1000 | 612 | 620<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | First Lien Term Loan | 9.75% | SOFR | 550 | 11/3/2029 | USD | 9348873 | 9156067 | 9334186<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | Revolver | 0.50% |  |  | 11/3/2029 | USD | 1032787 | (19537) | (1622)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&M Buyer LLC | Delayed Draw | 1.00% |  |  | 3/18/2032 | USD | 7164179 | (69216) | (31855)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&M Buyer LLC | First Lien Term Loan | 8.50% | SOFR | 475 | 3/18/2032 | USD | 21492537 | 21288184 | 21396971<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F&M Buyer LLC | Revolver | 0.50% |  |  | 3/18/2032 | USD | 3134328 | (29258) | (13937)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FC Compassus, LLC | Delayed Draw | 9.91%, 1.50% PIK | SOFR | 575 | 11/26/2030 | USD | 439465 | 43194 | 48937<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FC Compassus, LLC | First Lien Term Loan | 9.91%, 1.50% PIK | SOFR | 575 | 11/26/2030 | USD | 4059764 | 4005823 | 4024532<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 10/11/2030 | USD | 1796282 | 771085 | 768525<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 10/11/2030 | USD | 3226720 | 3184391 | 3178319<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | Revolver | 0.50% |  |  | 10/11/2030 | USD | 539135 | (6801) | (8087)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financière N SAS | Delayed Draw | 9.00% | SOFR | 500 | 5/7/2032 | USD | 75571428 | 74846200 | 75025383<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financière N SAS | Delayed Draw | 7.00% | EURIBOR | 500 | 5/7/2032 | EUR | 34821429 | 8410232 | 10011702<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan | 11.00% | SOFR | 675 | 12/15/2028 | USD | 4900000 | 4900000 | 4229312<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan | 8.29% | SOFR | 400 | 12/17/2029 | USD | 11500000 | 11500000 | 9829777<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Life Sciences, LLC | First Lien Term Loan | 10.41%, 3.75% PIK | SOFR | 600 | 9/17/2027 | USD | 18259495 | 18032408 | 15337976<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Life Sciences, LLC | Revolver | 10.41%, 3.75% PIK | SOFR | 600 | 9/17/2027 | USD | 2460947 | 2454860 | 2067196<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Consumer Brands, <br>LLC | First Lien Term Loan | 9.47% | SOFR | 500 | 2/12/2029 | USD | 3340437 | 3309060 | 3340437<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Consumer Brands, <br>LLC | Revolver | 0.50% |  |  | 2/12/2029 | USD | 385309 | (3510) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Pak, LLC | First Lien Term Loan | 10.75% | SOFR | 660 | 3/21/2030 | USD | 5654465 | 5598134 | 5597920<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FYI Optical Acquisitions, Inc. & FYI USA Inc. | Delayed Draw | 8.82% | CDOR | 575 | 3/4/2027 | CAD | 36758217 | $28142541 | $26412458<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHX Ultimate Parent Corporation | First Lien Term Loan | 8.75% | SOFR | 475 | 12/27/2031 | USD | 76554986 | 75847829 | 76554986<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHX Ultimate Parent Corporation | Revolver | 0.50% |  |  | 12/27/2031 | USD | 6981599 | (62648) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldeneye Parent, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 3/31/2032 | USD | 81258698 | 80872039 | 80852403<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldeneye Parent, LLC | Revolver | 0.50% |  |  | 3/31/2032 | USD | 11778997 | (54922) | (58895)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSV Holding, LLC | First Lien Term Loan | 9.75%, 3.13% PIK | SOFR | 575 | 10/18/2030 | USD | 82614625 | 81890540 | 82040629<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSV Holding, LLC | Revolver | 0.50% |  |  | 10/18/2030 | USD | 1602036 | (13645) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gula Buyer Inc. | First Lien Term Loan | 9.22% | SOFR | 500 | 10/25/2031 | USD | 23043968 | 22783034 | 22249799<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headlands Buyer, Inc. | Delayed Draw | 1.00% |  |  | 9/29/2032 | USD | 2527897 | (25259) | (25279)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headlands Buyer, Inc. | First Lien Term Loan | 8.74% | SOFR | 475 | 9/29/2032 | USD | 6235476 | 6173156 | 6173121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headlands Buyer, Inc. | Revolver | 0.50% |  |  | 9/29/2032 | USD | 1236628 | (12357) | (12366)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Plan One, Inc. | Delayed Draw | 1.00% |  |  | 8/18/2031 | USD | 1788964 | (17700) | (17890)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Plan One, Inc. | First Lien Term Loan | 8.94% | SOFR | 475 | 8/18/2031 | USD | 11238933 | 11128311 | 11126544<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Plan One, Inc. | Revolver | 0.50% |  |  | 8/19/2035 | USD | 4672897 | (46149) | (46729)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthMark Holdings GP, LLC | Delayed Draw | 1.00% |  |  | 7/25/2032 | USD | 10727971 | (106039) | (107279)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthMark Holdings GP, LLC | First Lien Term Loan | 8.70% | SOFR | 450 | 7/25/2032 | USD | 51494254 | 50987838 | 50979311<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthMark Holdings GP, LLC | Revolver | 0.50% |  |  | 7/25/2032 | USD | 6481478 | (63331) | (64815)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthspan Buyer, LLC | Delayed Draw | 1.00% |  |  | 10/16/2030 | USD | 12500000 | (61028) | (56609)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthspan Buyer, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 10/16/2030 | USD | 37812500 | 37641189 | 37641259<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Delayed Draw | 9.25% | SOFR | 525 | 1/5/2029 | USD | 20788428 | 9825810 | 10006010<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | First Lien Term Loan | 9.25% | SOFR | 525 | 1/5/2029 | USD | 12870230 | 12602545 | 12725321<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Revolver | 0.50% |  |  | 1/5/2029 | USD | 2209080 | (7205) | (24872)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HemaSource, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 8/31/2029 | USD | 20625000 | 20211889 | 20165521<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HemaSource, Inc. | Revolver | 0.50% |  |  | 8/31/2029 | USD | 4125000 |  | (91896)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Topco LLC | Delayed Draw | 1.00% |  |  | 6/3/2032 | USD | 3124621 | (45090) | (31247)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Topco LLC | First Lien Term Loan | 9.41%, 2.25% PIK | SOFR | 525 | 6/3/2032 | USD | 6956888 | 6798648 | 6863450<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Himalaya Topco LLC | Revolver | 0.50% |  |  | 6/3/2032 | USD | 1179039 | (22505) | (11790)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Health Care | Delayed Draw | 21.25% | PRIME |  | 10/27/2025 | USD | 233685 | 233364 | 15774<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | Delayed Draw | 1.00% |  |  | 11/12/2030 | USD | 3849350 | (35890) | (36374)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 11/12/2030 | USD | 15872679 | 15730892 | 15722694<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | Revolver | 8.66% | SOFR | 450 | 11/12/2030 | USD | 1443505 | 35640 | 34477<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygie31 Holding | Delayed Draw | 7.13% | EURIBOR | 513 | 9/28/2029 | EUR | 7110000 | 8335287 | 8347030<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygie31 Holding | First Lien Term Loan | 7.13% | EURIBOR | 513 | 9/28/2029 | EUR | 14560000 | 17069168 | 17093214<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMO Investor Holdings, Inc. | First Lien Term Loan | 9.04% | SOFR | 500 | 5/11/2029 | USD | 263552 | 263552 | 263552<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Delayed Draw | 9.24% | SOFR | 500 | 11/21/2031 | USD | 711334 | 31231 | 48371<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Purchaser, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 11/21/2031 | USD | 3106398 | 3063948 | 3137462<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Revolver | 9.08% | SOFR | 500 | 4/21/2028 | USD | 3530702 | $1795729 | $1736195<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.81% | SOFR | 550 | 4/21/2029 | USD | 49685000 | 47087609 | 49685000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.40% | SOFR | 500 | 4/21/2029 | USD | 29999300 | 1355345 | 1345749<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.08% | SOFR | 500 | 4/21/2029 | USD | 7478851 | 7404811 | 7370767<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | First Lien Term Loan | 9.08% | SOFR | 500 | 4/21/2029 | USD | 22782237 | 22554414 | 22452987<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.81% | SOFR | 550 | 9/20/2031 | USD | 14953875 | 14770959 | 14783788<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | Delayed Draw | 9.23% | SOFR | 500 | 2/13/2032 | USD | 1570437 | 1555557 | 1563454<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | First Lien Term Loan | 9.23% | SOFR | 500 | 2/13/2032 | USD | 4536818 | 4494154 | 4516645<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | Revolver | 9.23% | SOFR | 500 | 2/13/2032 | USD | 1046958 | 339313 | 344330<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 11/22/2031 | USD | 3717708 | 3683137 | 3701178<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | Revolver | 0.50% |  |  | 11/22/2031 | USD | 250000 | (2199) | (1112)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 11/24/2031 | USD | 20000000 | 19817031 | 19911070<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | Revolver | 0.50% |  |  | 11/24/2031 | USD | 2500000 | (22114) | (11116)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kona Buyer, LLC | Delayed Draw | 1.00% |  |  | 7/23/2031 | USD | 4370327 | (21387) | (18083)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 7/30/2029 | USD | 5824755 | 5709617 | 5766508<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | Revolver | 0.50% |  |  | 7/30/2029 | USD | 800881 |  | (8009)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 12/12/2029 | USD | 30529021 | (179256) | (305290)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 12/12/2029 | USD | 22823026 | 22385255 | 22594795<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | Revolver | 0.50% |  |  | 12/12/2029 | USD | 6729725 | (61606) | (67298)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 10.16% | SOFR | 585 | 6/10/2027 | USD | 27051091 | 22844587 | 22704819<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 9.72% | SONIA | 575 | 6/10/2027 | GBP | 7299930 | 8515882 | 9626024<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 7.66% | EURIBOR | 575 | 6/10/2027 | EUR | 5855973 | 6099451 | 6741073<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | First Lien Term Loan | 10.05% | SOFR | 585 | 6/10/2027 | USD | 2804587 | 2774135 | 2750024<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Revolver | 10.16% | SOFR | 585 | 6/10/2027 | USD | 1806360 | 1794619 | 1771218<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limpio Bidco GMBH | First Lien Term Loan | 7.22% | EURIBOR | 520 | 10/31/2030 | EUR | 11596834 | 11956222 | 13833968<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | Delayed Draw | 8.82% | SOFR | 450 | 11/22/2031 | USD | 1055013 | 838455 | 848230<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 11/22/2031 | USD | 923136 | 914733 | 923136<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | Revolver | 0.50% |  |  | 11/22/2031 | USD | 274865 | (2418) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 9.66% | SOFR | 550 | 1/29/2027 | USD | 4182801 | 3923332 | 3954884<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 1/29/2027 | USD | 11963915 | 11860030 | 11943310<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.66% | SOFR | 550 | 1/29/2027 | USD | 836896 | 825727 | 835453<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 9.66% | SOFR | 550 | 2/13/2031 | USD | 26989786 | 12289323 | 12592237<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 1.00% |  |  | 2/13/2031 | USD | 2510685 | $2 | $(4324)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 2/13/2031 | USD | 28689478 | 28418323 | 28640065<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.66% | SOFR | 550 | 2/13/2031 | USD | 3398073 | 2532586 | 2549656<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedMark Services, Inc. | Delayed Draw | 9.26% | SOFR | 500 | 6/11/2027 | USD | 5340338 | 5328291 | 5181835<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedMark Services, Inc. | First Lien Term Loan | 9.26% | SOFR | 500 | 6/11/2027 | USD | 8257500 | 8174707 | 8012415<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedX Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/21/2032 | USD | 30229545 | (298149) | (151148)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedX Holdings, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 7/21/2032 | USD | 59679545 | 59094486 | 59082750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedX Holdings, LLC | Revolver | 0.50% |  |  | 7/21/2032 | USD | 13090909 | (127326) | (130909)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merative LP | Delayed Draw | 1.00% |  |  | 9/30/2032 | USD | 16000000 | (79970) | (80000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merative LP | First Lien Term Loan | 8.75% | SOFR | 475 | 9/30/2032 | USD | 140000000 | 139300193 | 139300000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merative LP | Revolver | 0.50% |  |  | 9/30/2032 | USD | 14000000 | (69973) | (70000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millstone Medical Outsourcing, <br>LLC | First Lien Term Loan | 8.82% | SOFR | 475 | 12/15/2027 | USD | 8610818 | 8563588 | 8610818<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millstone Medical Outsourcing, <br>LLC | Revolver | 0.50% |  |  | 12/15/2027 | USD | 2012579 | (10554) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | Delayed Draw | 9.56% | SOFR | 525 | 12/23/2030 | USD | 3205637 | 3175845 | 3173580<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 2408261 | (23061) | (24083)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | First Lien Term Loan | 9.25% | SOFR | 525 | 12/23/2030 | USD | 5711375 | 5659783 | 5654262<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | Revolver | 9.25% | SOFR | 525 | 12/23/2030 | USD | 1424727 | 343632 | 341935<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MN Acquisition, Inc. | First Lien Term Loan | 10.30%, 3.75% PIK | SOFR | 600 | 8/25/2028 | USD | 19577871 | 19360084 | 10963608<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MN Acquisition, Inc. | Revolver | 10.30%, 3.75% PIK | SOFR | 600 | 8/25/2028 | USD | 2520428 | 2103274 | 994286<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modernizing Medicine, Inc. | First Lien Term Loan | 8.75%, 2.75% PIK | SOFR | 475 | 4/30/2032 | USD | 41587558 | 41168591 | 41162778<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modernizing Medicine, Inc. | Revolver | 0.50% |  |  | 4/30/2032 | USD | 3808680 | (35857) | (36844)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLT Debt Merger Sub, LP | First Lien Term Loan | 8.66% | SOFR | 450 | 8/14/2032 | USD | 13655326 | 13520600 | 13518773<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLT Debt Merger Sub, LP | Revolver | 0.50% |  |  | 8/14/2032 | USD | 2336449 | (22938) | (23364)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mPulse Mobile, Inc. | Delayed Draw | 1.00% |  |  | 8/26/2032 | USD | 2115385 | (21011) | (21154)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mPulse Mobile, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 8/26/2032 | USD | 22211538 | 21991607 | 21989423<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mPulse Mobile, Inc. | Revolver | 0.50% |  |  | 8/26/2032 | USD | 3173077 | (31297) | (31731)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Corporation | Delayed Draw | 1.00% |  |  | 6/9/2032 | USD | 1471514 | (21710) | (22073)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Corporation | First Lien Term Loan | 8.62% | SOFR | 450 | 6/9/2032 | USD | 16922416 | 16674669 | 16668580<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Corporation | Revolver | 0.50% |  |  | 6/9/2032 | USD | 1471514 | (21341) | (22073)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Parent Corporaton | Delayed Draw | 1.00% |  |  | 6/9/2032 | USD | 3313448 | (48636) | (49702)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Parent Corporaton | First Lien Term Loan | 8.62% | SOFR | 450 | 6/9/2032 | USD | 32525737 | 32053255 | 32037851<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRO Parent Corporaton | Revolver | 0.50% |  |  | 6/9/2032 | USD | 3650815 | (52382) | (54762)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Delayed Draw | 12.26% | SOFR | 810 | 12/1/2025 | USD | 620690 | 229885 | 229885<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Delayed Draw | 16.15%, 14.45% PIK | SOFR | 1000 | 4/3/2026 | USD | 1114168 | $1098018 | $710638<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Delayed Draw | 14.15% | SOFR | 800 | 4/3/2026 | USD | 3051588 | 2980960 | 1946364<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | First Lien Term Loan | 14.15% | SOFR | 800 | 4/3/2026 | USD | 7084907 | 7065907 | 4518896<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Revolver | 13.15% | SOFR | 700 | 4/3/2026 | USD | 919540 | 910345 | 577306<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Health Acquisition Corp | First Lien Term Loan | 8.91% | SOFR | 475 | 7/4/2031 | USD | 26824590  | 26587074  | 26556343 <br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Health Acquisition Corp | Revolver | 0.50% |  |  | 7/4/2031 | USD | 3531390 | (29447) | (35314)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | Delayed Draw | 1.00% |  |  | 8/23/2031 | USD | 13787768 | (114711) | 137878<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | First Lien Term Loan | 9.11%, 2.45% PIK | SOFR | 495 | 8/23/2031 | USD | 82713336 | 81996838 | 83540470<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | First Lien Term Loan | 9.11%, 2.45% PIK | SOFR | 495 | 8/23/2031 | USD | 16032606 | 16032606 | 16192932<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | Revolver | 0.50% |  |  | 8/23/2031 | USD | 14063739 | (114288) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next HoldCo, LLC | Revolver | 0.50% |  |  | 11/9/2029 | USD | 7114625 | (73549) | (71146)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next HoldCo, LLC | Delayed Draw | 1.00% |  |  | 11/9/2030 | USD | 18956199 | (246473) | (189562)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next HoldCo, LLC | First Lien Term Loan | 9.48% | SOFR | 525 | 11/9/2030 | USD | 132702795 | 131284356 | 131375767<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NS and Associates LLC | First Lien Term Loan | 9.50% | SOFR | 525 | 8/6/2030 | USD | 17985445 | 17721953 | 17715663<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NS and Associates LLC | Revolver | 11.50% | PRIME | 425 | 8/6/2030 | USD | 3851289 | 3127901 | 3125963<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OB Hospitalist Group | First Lien Term Loan | 9.51% | SOFR | 525 | 9/27/2027 | USD | 50501585 | 49981154 | 50501585<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OB Hospitalist Group | Revolver | 0.50% |  |  | 9/27/2027 | USD | 2862595 | (4747) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | Delayed Draw | 9.47% | ARR CSA | 525 | 10/19/2027 | USD | 1271940 | 1262365 | 1240832<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | First Lien Term Loan | 9.47% | ARR CSA | 525 | 10/19/2027 | USD | 10320482 | 10217277 | 10068068<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | Revolver | 8.54% | SOFR | 425 | 10/19/2027 | USD | 1928571 | 277546 | 231403<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | Delayed Draw | 8.75% | SOFR | 475 | 11/16/2028 | USD | 25178906 | 22680474 | 22539155<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | Delayed Draw | 1.00% |  |  | 11/16/2028 | USD | 2359857 | (22073) | (40008)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/16/2028 | USD | 12055833 | 11935275 | 11851446<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | Revolver | 0.50% |  |  | 11/16/2028 | USD | 1423077 |  | (24126)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ons Mso, LLC | Delayed Draw | 10.06% | SOFR | 575 | 7/8/2026 | USD | 6506483 | 6169078 | 6177263<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ons Mso, LLC | Revolver | 13.75% | PRIME | 850 | 7/8/2026 | USD | 5527184 | 5413246 | 5374844<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ons Mso, LLC | Revolver | 12.75% | PRIME | 525 | 7/8/2026 | USD | 701756 | 259678 | 291741<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onsite Holdings, LLC | Revolver | 10.66% | SOFR | 625 | 12/28/2025 | USD | 1226901 | 1221621 | 1226901<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onsite Holdings, LLC | First Lien Term Loan | 10.85% | SOFR | 675 | 12/28/2027 | USD | 1840351 | 1812931 | 1840351<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | Revolver | 9.06% | SOFR | 500 | 6/12/2031 | USD | 2271111 | 789440 | 788400<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | Revolver | 7.00% | EURIBOR | 500 | 6/12/2031 | EUR | 194667 | 108235 | 109640<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | Revolver | 6.89% | EURIBOR | 500 | 6/12/2031 | EUR | 129778 | 149345 | 150834<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | Revolver | 0.50% |  |  | 6/12/2031 | USD | 593753 | (5643) | (5938)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | Delayed Draw | 1.00% |  |  | 6/12/2032 | USD | 4866667 | (47649) | (48667)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | First Lien Term Loan | 9.06% | SOFR | 500 | 6/12/2032 | USD | 13778889 | $13645346 | $13641100<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opale Luxco SARL | First Lien Term Loan | 7.11% | EURIBOR | 500 | 6/12/2032 | EUR | 6457167 | 7353903 | 7504807<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OpCo Borrower, LLC | First Lien Term Loan | 10.23% | SOFR | 625 | 4/26/2029 | USD | 1565758 | 1551164 | 1552215<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OpCo Borrower, LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 4/26/2029 | USD | 12281250 | 12215437 | 12175022<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Vision Holdco Limited | Delayed Draw | 8.97% | SONIA | 500 | 10/11/2031 | GBP | 24999999 | 29257328 | 30379367<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Org USME Buyer, LLC | First Lien Term Loan | 10.21% | SOFR | 575 | 11/24/2026 | USD | 12436029 | 12318682 | 12349625<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Org USME Buyer, LLC | Revolver | 0.50% |  |  | 11/24/2026 | USD | 936232 |  | (6505)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 10.39% | SOFR | 625 | 10/12/2027 | USD | 13474098 | 13204617 | 13277545<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 1.00% |  |  | 10/12/2027 | USD | 3013116 | (40180) | (43954)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | First Lien Term Loan | 10.39% | SOFR | 625 | 10/12/2027 | USD | 9150649 | 9058002 | 9017164<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, <br>Inc. | Delayed Draw | 1.00% |  |  | 1/22/2032 | USD | 65977961 | (835046) | (879667)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, <br>Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 1/22/2032 | USD | 145486686 | 145308819 | 144912970<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, <br>Inc. | Revolver | 0.50% |  |  | 1/22/2032 | USD | 15067340 | (29253) | (37668)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAI Financing Merger Sub LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 2/13/2032 | USD | 12375000 | 12201494 | 12129022<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAI Financing Merger Sub LLC | Revolver | 0.50% |  |  | 2/13/2032 | USD | 2625000 | (35893) | (52177)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paradigm Living Concepts, LLC | Delayed Draw | 1.00% |  |  | 5/6/2031 | USD | 3157895 | (30538) | (29840)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paradigm Living Concepts, LLC | First Lien Term Loan | 8.25% | SOFR | 425 | 5/6/2031 | USD | 5263158 | 5213195 | 5213425<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paradigm Living Concepts, LLC | Revolver | 0.50% |  |  | 5/6/2031 | USD | 1578947 | (14750) | (14920)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkview Health Services, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 6/23/2030 | USD | 7203676 | 7153576 | 7113630<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkview Health Services, LLC | Revolver | 0.50% |  |  | 6/23/2030 | USD | 2688121 | (30741) | (33602)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Acquisition Topco S.à r.l. | Delayed Draw | 9.06% | SOFR | 475 | 1/29/2028 | USD | 2710414 | 2049337 | 2048898<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Acquisition Topco S.à r.l. | First Lien Term Loan | 9.06% | SOFR | 475 | 1/29/2028 | USD | 444944 | 443049 | 444944<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Home Respiratory Services LLC | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 4800000 | (22495) | (21343)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Home Respiratory Services LLC | First Lien Term Loan | 9.25% | SOFR | 500 | 12/23/2030 | USD | 24472000 | 24361187 | 24363186<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Home Respiratory Services LLC | Revolver | 9.25% | SOFR | 500 | 12/23/2030 | USD | 2666667 | 948261 | 948142<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer U.S., LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 3/13/2029 | USD | 4937499 | 4866637 | 4944905<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetVet Care Centers, LLC | Revolver | 0.50% |  |  | 11/15/2029 | USD | 5188750 | (58008) | (282653)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetVet Care Centers, LLC | Delayed Draw | 1.00% |  |  | 11/15/2030 | USD | 5188750 | (82866) | (282653)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetVet Care Centers, LLC | First Lien Term Loan | 10.16% | SOFR | 600 | 11/15/2030 | USD | 39183711 | 38549737 | 37049205<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Purchaser, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 9/19/2031 | USD | 24691309 | 24469487 | 24491623<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Purchaser, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/19/2031 | USD | 44392926 | $43965703 | $44033906<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Purchaser, Inc. | Revolver | 0.50% |  |  | 9/19/2031 | USD | 8241568 | (75543) | (66652)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaLink Buyer, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 7/14/2031 | USD | 12970588 | 12844314 | 12840882<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaLink Buyer, LLC | Revolver | 8.95% | SOFR | 475 | 7/14/2031 | USD | 2779412 | 717485 | 716575<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmalogic Holdings Corp. | Delayed Draw | 1.00% |  |  | 6/21/2030 | USD | 8838384 | (92544) | (17191)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmalogic Holdings Corp. | First Lien Term Loan | 9.16% | SOFR | 500 | 6/21/2030 | USD | 25899999 | 25737821 | 25655263<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phynet Dermatology LLC | Delayed Draw | 1.00% |  |  | 10/20/2029 | USD | 11133125 | (182205) | (272290)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phynet Dermatology LLC | First Lien Term Loan | 10.83% | SOFR | 650 | 10/20/2029 | USD | 16806161 | 16639769 | 16395123<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phynet Dermatology LLC | Revolver | 10.70% | SOFR | 650 | 10/20/2029 | USD | 765128 | 700941 | 721037<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | Revolver | 8.05% | SOFR | 400 | 12/8/2026 | USD | 1082474 | 291595 | 280878<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | Delayed Draw | 10.30% | SOFR | 625 | 12/8/2028 | USD | 1298652 | 1295319 | 1172685<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | First Lien Term Loan | 10.17% | SOFR | 625 | 12/8/2028 | USD | 11174866 | 11042940 | 10090927<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Delayed Draw | 9.95% | SOFR | 575 | 1/4/2027 | USD | 902492 | 880041 | 880310<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | First Lien Term Loan | 9.95% | SOFR | 575 | 1/4/2027 | USD | 15315082 | 15100711 | 14938660<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Revolver | 11.75% | PRIME | 450 | 1/4/2027 | USD | 592182 | 352232 | 340754<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Revolver | 0.50% |  |  | 1/4/2027 | USD | 789576 |  | (19406)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 9.95% | SOFR | 575 | 8/31/2029 | USD | 60000000 | 59547196 | 60000000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | First Lien Term Loan | 9.95% | SOFR | 575 | 8/31/2029 | USD | 74617861 | 74097032 | 74617861<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Revolver | 0.50% |  |  | 8/31/2029 | USD | 2538076 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 9.95% | SOFR | 575 | 8/31/2030 | USD | 644016 | 488133 | 644016<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 9.95% | SOFR | 575 | 8/20/2031 | USD | 4245811 | 1632950 | 1671525<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Revolver | 0.50% |  |  | 5/5/2028 | USD | 415544 | (990) | 1039<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Delayed Draw | 9.34% | SOFR | 525 | 5/8/2028 | USD | 2429361 | 620426 | 638222<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | First Lien Term Loan | 9.34% | SOFR | 525 | 5/8/2028 | USD | 235182 | 234618 | 235770<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Delayed Draw | 9.34% | SOFR | 525 | 7/8/2028 | USD | 1121954 | 977700 | 983200<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Delayed Draw | 9.34% | SOFR | 525 | 8/5/2028 | USD | 7983076 | $6763770 | $6813319<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | First Lien Term Loan | 9.34% | SOFR | 525 | 8/5/2028 | USD | 2742473 | 2736304 | 2749329<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Revolver | 9.34% | SOFR | 525 | 8/5/2028 | USD | 2717635 | 368215 | 383911<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Revolver | 0.50% |  |  | 8/5/2028 | USD | 339519 | (2156) | 849<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Imaging, LLC | Delayed Draw | 10.26% | SOFR | 600 | 3/31/2026 | USD | 4689315 | 4689345 | 4140622<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Imaging, LLC | First Lien Term Loan | 10.26% | SOFR | 600 | 3/31/2026 | USD | 26186000 | 26146289 | 23122000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premise Health Holding Corp. | Revolver | 9.63% | SOFR | 550 | 3/1/2030 | USD | 2037609 | 248839 | 271681<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premise Health Holding Corp. | First Lien Term Loan | 9.55% | SOFR | 525 | 3/3/2031 | USD | 17489887 | 17270180 | 17489887<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alliance Buyer, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/27/2031 | USD | 11399005 | 11230038 | 11228020<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Alliance Buyer, LLC | Revolver | 0.50% |  |  | 8/27/2031 | USD | 2188102 | (32312) | (32822)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Neptune BidCo GmBH | Delayed Draw | 1.00% |  |  | 4/10/2032 | EUR | 15495868 | (263804) | 428400<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Neptune BidCo GmBH | First Lien Term Loan | 8.62% | EURIBOR | 650 | 4/10/2032 | EUR | 55785124 | 61579492 | 64855287<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 13.01% | SOFR | 900 | 12/21/2029 | USD | 1981707 | 1959327 | 1962537<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 9.44% | SOFR | 543 | 12/21/2029 | USD | 6143293 | 6072003 | 6083865<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | First Lien Term Loan | 9.76% | SOFR | 560 | 3/9/2028 | USD | 13674840 | 13760652 | 13674840<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTSH Intermediate Holdings, LLC | First Lien Term Loan | 9.65% | SOFR | 550 | 12/17/2027 | USD | 4433333 | 4380295 | 4433333<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Buyer, LLC | Revolver | 10.75% | PRIME | 325 | 3/28/2032 | USD | 2906905 | 706311 | 721072<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Buyer, LLC | First Lien Term Loan | 8.25% | SOFR | 425 | 3/29/2032 | USD | 41046452 | 40754430 | 40966613<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Buyer, LLC | Revolver | 0.50% |  |  | 3/29/2032 | USD | 3718546 | (25880) | (7233)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | First Lien Term Loan | 9.70% | SOFR | 550 | 2/1/2027 | USD | 13597106 | 13524475 | 13539368<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | Revolver | 9.70% | SOFR | 550 | 2/1/2027 | USD | 2045455 | 1358179 | 1351722<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | Delayed Draw | 9.70% | SOFR | 550 | 6/30/2028 | USD | 2068227 | 1154 | 11899<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | First Lien Term Loan | 9.70% | SOFR | 550 | 6/30/2028 | USD | 689409 | 683170 | 686481<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBP Global Holdings Limited | First Lien Term Loan | 9.50% | SOFR | 525 | 11/4/2030 | USD | 5233814 | 5001140 | 5058056<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP MQ Acquisition, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/30/2030 | USD | 19251607 | 19061274 | 19059091<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Nats Purchaser, LLC | Delayed Draw | 1.00% |  |  | 3/19/2032 | USD | 9603545 | (92448) | (96035)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Nats Purchaser, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 3/19/2032 | USD | 48017724 | 47563613 | 47537547<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Nats Purchaser, LLC | Revolver | 0.50% |  |  | 3/19/2032 | USD | 7378731 | $(68283) | $(73787)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REP Behavioral Health, LLC | Delayed Draw | 1.00% |  |  | 12/31/2030 | USD | 3076923 | (43306) | (44468)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REP Behavioral Health, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 12/31/2030 | USD | 7033654 | 6938091 | 6932003<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REP Behavioral Health, LLC | Revolver | 8.91% | SOFR | 475 | 12/31/2030 | USD | 1538462 | 469487 | 467510<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | Delayed Draw | 10.00% | SOFR | 600 | 1/3/2028 | USD | 1339026 | 1328406 | 1326073<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | Delayed Draw | 1.00% |  |  | 1/3/2028 | USD | 242236 | (2757) | (2343)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 1/3/2028 | USD | 3227860 | 3201672 | 3196634<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | Revolver | 10.00% | SOFR | 600 | 1/3/2028 | USD | 279026 | 165307 | 164716<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC Topco, Inc. | First Lien Term Loan | 8.62% | SOFR | 500 | 8/30/2031 | USD | 21198864 | 20916919 | 21097702<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC Topco, Inc. | Revolver | 0.50% |  |  | 8/30/2031 | USD | 3030303 | (38582) | (14461)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTI Surgical, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/25/2032 | USD | 12500000 | 12375208 | 12375000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTI Surgical, Inc. | Revolver | 0.50% |  |  | 9/25/2032 | USD | 2500000 | (24942) | (25000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCP ENT & Allergy Services, LLC | First Lien Term Loan | 10.28% | SOFR | 600 | 3/25/2027 | USD | 347032 | 345876 | 345731<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Delayed Draw | 10.05% | SOFR | 585 | 7/1/2028 | USD | 3147736 | 3108835 | 3147736<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Delayed Draw | 9.84% | SOFR | 585 | 7/1/2028 | USD | 2629516 | 1043545 | 1078001<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Delayed Draw | 1.00% |  |  | 7/1/2028 | USD | 2103750 | (27986) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Revolver | 9.79% | SOFR | 585 | 7/1/2028 | USD | 525938 | 125369 | 131484<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | Revolver | 0.50% |  |  | 12/23/2027 | USD | 2208481 |  | (26393)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | Delayed Draw | 10.13% | SOFR | 590 | 12/23/2028 | USD | 4989987 | 4868529 | 4967800<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | First Lien Term Loan | 10.13% | SOFR | 590 | 12/23/2028 | USD | 22127482 | 21900830 | 22029093<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleo Holdings, Inc. | Delayed Draw | 1.00% |  |  | 1/31/2032 | USD | 1055493 | (7684) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleo Holdings, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 1/31/2032 | USD | 7652327 | 7616561 | 7652327<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleo Holdings, Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 1055493 | (4808) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Mammography Buyer, Inc. | Revolver | 0.50% |  |  | 5/29/2030 | USD | 4365672 | (61116) | (65485)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Mammography Buyer, Inc. | Delayed Draw | 1.00% |  |  | 5/29/2032 | USD | 5058678 | (73099) | (75880)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solis Mammography Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 5/29/2032 | USD | 35073499 | 34565283 | 34547397<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Space Intermediate III, Inc. | First Lien Term Loan | 10.16%, 3.00% PIK | SOFR | 625 | 11/8/2029 | USD | 65228508 | 64929357 | 65228508<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized Dental Holdings II, LLC | Delayed Draw | 8.91% | SOFR | 475 | 11/1/2027 | USD | 2316021 | 1450541 | 1485241<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | Delayed Draw | 1.00% |  |  | 12/18/2029 | USD | 270601 | (2690) | (2706)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 12/18/2029 | USD | 1214094 | $1202072 | $1201953<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | Revolver | 8.00% | SOFR | 375 | 12/18/2029 | USD | 3269 | 3236 | 3236<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SpecialtyCare, Inc. | Revolver | 0.50% |  |  | 12/18/2029 | USD | 37590 | (371) | (376)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 9.13% | SOFR | 500 | 1/31/2032 | USD | 56709814 | 55784939 | 56002140<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 6.00% | TONA | 525 | 1/31/2032 | JPY | 1111363505 | 7161030 | 7421273<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 9.13% | SOFR | 500 | 1/31/2032 | USD | 38003140 | 37471956 | 37528904<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 7.68% | CORRA | 500 | 1/31/2032 | CAD | 16526664 | 11369355 | 11726974<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 6.00% | TONA | 525 | 1/31/2032 | JPY | 656066261 | 4237230 | 4380967<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 20575587 | (309168) | (256760)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSCP Pegasus Midco Limited | First Lien Term Loan | 10.09% | SONIA | 600 | 11/16/2027 | GBP | 1797628 | 2416733 | 2417466<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSCP Pegasus Midco Limited | First Lien Term Loan | 10.09% | SONIA | 600 | 6/16/2028 | GBP | 3613000 | 4948228 | 4858795<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stark International Lux | Revolver | 0.50% |  |  | 5/13/2032 | EUR | 3557082 | (50811) | (20092)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stark International Lux | Delayed Draw | 9.20% | SOFR | 500 | 8/13/2032 | USD | 19032987 | 18798648 | 18795075<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stark International Lux | Delayed Draw | 7.03% | EURIBOR | 500 | 8/13/2032 | EUR | 6349237 | 7305477 | 7360732<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STCH Intermediate Inc. | First Lien Term Loan | 9.51% | SOFR | 525 | 10/30/2026 | USD | 4936350 | 4908414 | 4936350<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STCH Intermediate Inc. | Revolver | 9.66% | SOFR | 525 | 10/30/2026 | USD | 419401 | 53648 | 55920<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureScripts LLC | First Lien Term Loan | 8.30% | SOFR | 400 | 11/3/2031 | USD | 7105245 | 7105245 | 7160666<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureScripts LLC | Revolver | 0.50% |  |  | 11/3/2031 | USD | 1644755 | (11382) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synergy Acquisition LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 1/17/2032 | USD | 6123275 | 6062278 | 6062043<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | Revolver | 8.95% | SOFR | 475 | 11/22/2030 | USD | 1877346 | 100038 | 97450<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 11/22/2031 | USD | 3379224 | 1704907 | 1702753<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | First Lien Term Loan | 8.95% | SOFR | 475 | 11/22/2031 | USD | 12328535 | 12216203 | 12205250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEAM Services Group, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 12/20/2027 | USD | 7722418 | 7578747 | 7715546<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. | First Lien Term Loan | 12.25%, 3.25% PIK | SOFR | 825 | 2/4/2030 | USD | 5992756 | 5778146 | 5943925<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. | Revolver | 7.75% | SOFR | 375 | 2/4/2030 | USD | 1000 | 982 | 1000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 4/4/2029 | USD | 4541114 | 4502175 | 4541114<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 4/4/2029 | USD | 6846242 | 6719015 | 6846242<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | Revolver | 0.50% |  |  | 4/4/2029 | USD | 531828 | (15955) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TheKey, LLC | Delayed Draw | 10.41%, 1.00% PIK | SOFR | 600 | 3/30/2027 | USD | 1474491 | 1254818 | 1375728<br><sup>1,3,4,5,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | Delayed Draw | 8.73% | SOFR | 475 | 10/17/2030 | USD | 1925550 | $75963 | $78626<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | Delayed Draw | 1.00% |  |  | 10/17/2030 | USD | 2953632 | (41015) | (36920)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 10/17/2030 | USD | 11032320 | 10886005 | 10894416<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | Revolver | 8.73% | SOFR | 475 | 10/17/2030 | USD | 2602168 | 226977 | 227691<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | Delayed Draw | 1.00% |  |  | 12/19/2029 | USD | 10597713 | (182355) | (81054)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 12/19/2029 | USD | 34891269 | 34351020 | 34624411<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | Revolver | 9.32% | SOFR | 500 | 12/19/2029 | USD | 5021658 | (63367) | (29689)<sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | Revolver | 0.50% |  |  | 12/19/2029 | USD | 2608696 | (37396) | (19952)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tivity Health, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 6/28/2029 | USD | 68693625 | 68182970 | 68693625<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top RX, LLC | First Lien Term Loan | 9.28% | SOFR | 525 | 12/18/2029 | USD | 11360660 | 11161660 | 11162374<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top RX, LLC | Revolver | 9.45% | SOFR | 525 | 12/18/2029 | USD | 1332587 | 210623 | 209944<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPC Holdco, LLC | Second Lien Term Loan | 12.40%, 2.50% PIK | SOFR | 800 | 3/29/2028 | USD | 5054394 | 5007013 | 4959101<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | Delayed Draw | 10.14% | SOFR | 615 | 11/25/2025 | USD | 2685357 | 2665568 | 2685357<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | First Lien Term Loan | 10.14% | SOFR | 615 | 11/25/2025 | USD | 4475615 | 4412783 | 4475615<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | Revolver | 10.14% | SOFR | 615 | 11/25/2025 | USD | 591133 | 386885 | 394089<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TurningPoint Healthcare Solutions, LLC | Revolver | 9.01% | SOFR | 475 | 7/14/2027 | USD | 1816523 | 1812332 | 1812332<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Urology Partners, LLC | Delayed Draw | 1.00% |  |  | 4/8/2032 | USD | 330351 | (3993) | (3857)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Urology Partners, LLC | First Lien Term Loan | 8.50% | SOFR | 475 | 4/8/2032 | USD | 1376465 | 1360106 | 1360396<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Urology Partners, LLC | Revolver | 0.50% |  |  | 4/8/2032 | USD | 169833 | (1980) | (1983)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UEW Acquisition, LLC | First Lien Term Loan | 9.73% | SOFR | 550 | 8/13/2030 | USD | 7368421 | 7260136 | 7257895<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UEW Acquisition, LLC | Revolver | 0.50% |  |  | 8/13/2030 | USD | 631579 | (9226) | (9474)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 10.04% | SOFR | 575 | 3/30/2029 | USD | 2229155 | 126807 | 158248<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 9.73% | SOFR | 575 | 3/30/2029 | USD | 3177851 | 185762 | 226044<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 1.00% |  |  | 3/30/2029 | USD | 14325000 | (122002) | (63696)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 3/30/2029 | USD | 20115408 | 19674956 | 20025966<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Revolver | 10.07% | SOFR | 575 | 3/30/2029 | USD | 3001286 | 1219057 | 1237395<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Revolver | 0.50% |  |  | 3/30/2029 | USD | 4615500 | (27819) | (20523)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Musculoskeletal Partners Acquisition Holdings, LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 7/15/2028 | USD | 8048276 | 7968195 | 7891698<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Musculoskeletal Partners Acquisition Holdings, LLC | Revolver | 10.07% | SOFR | 575 | 7/15/2028 | USD | 1724138 | $1252226 | $1230825<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | Delayed Draw | 10.82% | SOFR | 650 | 3/7/2029 | USD | 4588500 | 4510155 | 4537531<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | First Lien Term Loan | 10.57% | SOFR | 650 | 3/7/2029 | USD | 7278000 | 7155404 | 7197156<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | Revolver | 10.63% | SOFR | 650 | 3/7/2029 | USD | 625000 | 427387 | 428593<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | Revolver | 10.49% | SOFR | 650 | 3/7/2029 | USD | 259000 | 218650 | 219559<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Technology Holdings, LLC | First Lien Term Loan | 8.50% | SOFR | 475 | 3/12/2032 | USD | 17614700 | 17531383 | 17526626<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Technology Holdings, LLC | Revolver | 0.50% |  |  | 3/12/2032 | USD | 2348627 | (10886) | (11743)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, Inc. | Delayed Draw | 9.66% | SOFR | 550 | 6/15/2026 | USD | 14418257 | 14248171 | 14320966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 6/15/2026 | USD | 4922320 | 4875373 | 4889105<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, Inc. | Revolver | 0.50% |  |  | 6/15/2026 | USD | 1190476 | (23810) | (8033)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, Inc. | Delayed Draw | 9.66% | SOFR | 550 | 6/15/2027 | USD | 3224527 | 3039664 | 3202446<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 6/15/2027 | USD | 6370000 | 6265900 | 6326379<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | Revolver | 0.50% |  |  | 9/8/2031 | USD | 1647698 | (16432) | (16477)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | Delayed Draw | 1.00% |  |  | 9/8/2032 | USD | 3048241 | (30412) | (30482)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | First Lien Term Loan | 9.13% | SOFR | 500 | 9/8/2032 | USD | 9886186 | 9787488 | 9787324<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | Delayed Draw | 11.23%, 6.23% PIK |  | 700 | 3/18/2027 | USD | 4449207 | 4238715 | 3928032<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | First Lien Term Loan | 11.23%, 6.23% PIK |  | 700 | 3/18/2027 | USD | 37884289 | 37884289 | 34967698<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcare LLC | First Lien Term Loan | 8.36% | SOFR | 450 | 6/17/2032 | USD | 1492647 | 1478166 | 1479583<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vaxcare LLC | Revolver | 0.50% |  |  | 6/17/2032 | USD | 250000 | (2399) | (2188)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont AUS PTY LTD | Delayed Draw | 9.38% | BBSY | 575 | 3/23/2028 | AUD | 10321841 | 7016516 | 6829777<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont AUS PTY LTD | First Lien Term Loan | 9.38% | BBSY | 575 | 3/23/2028 | AUD | 10536202 | 7703697 | 6971615<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetEvolve Holdings, LLC | Delayed Draw | 9.66% | SOFR | 550 | 10/12/2028 | USD | 42587220 | 27343517 | 27711745<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetEvolve Holdings, LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 10/12/2028 | USD | 16714267 | 16409751 | 16547125<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetEvolve Holdings, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 10/12/2028 | USD | 3060444 | 3031597 | 3029840<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc. | Delayed Draw | 10.60% | SOFR | 650 | 10/29/2032 | USD | 158144 | 89857 | 85592<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc. | Second Lien Term Loan | 10.66% | SOFR | 650 | 10/29/2032 | USD | 1549810 | 1499513 | 1458728<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Care Buyer, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 7/30/2031 | USD | 36316128 | $35996606 | $36220054<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Care Buyer, LLC | Revolver | 0.50% |  |  | 7/30/2031 | USD | 4780260 | (40187) | (12646)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPP Intermediate Holdings, LLC | Delayed Draw | 9.41% | SOFR | 525 | 12/1/2027 | USD | 4698160 | 877369 | 885695<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIII Primary Care Investors III, L.P | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2029 | USD | 4100000 | 4021657 | 4029714<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIII Primary Care Investors III, L.P | First Lien Term Loan | 10.25% | SOFR | 625 | 12/31/2029 | USD | 2000000 | 1960100 | 1960000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIV Primary Care Investors III, L.P. | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2032 | USD | 3800000 | 3725706 | 3732863<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIV Primary Care Investors III, L.P. | First Lien Term Loan | 10.25% | SOFR | 625 | 12/31/2032 | USD | 2800000 | 2744069 | 2744000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Web PT, Inc. | First Lien Term Loan | 10.55% | SOFR | 625 | 1/18/2028 | USD | 8977500 | 8878748 | 8960038<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Web PT, Inc. | Revolver | 10.55% | SOFR | 625 | 1/18/2028 | USD | 1312500 | 816964 | 814411<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Veterinary Partners, LLC | Delayed Draw | 9.25% | SOFR | 525 | 10/29/2027 | USD | 12502265 | 12372770 | 12367121<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Veterinary Partners, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 10/29/2027 | USD | 4146123 | 4102053 | 4101305<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildcats Purchaser LLC | Delayed Draw | 9.00% | SOFR | 500 | 5/8/2031 | USD | 10111743 | 577152 | 573000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildcats Purchaser LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 5/8/2031 | USD | 10755148 | 10627336 | 10620708<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildcats Purchaser LLC | Revolver | 0.50% |  |  | 5/8/2031 | USD | 3869048 | (45227) | (48363)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisdom Purchaser, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 7/24/2032 | USD | 18125000 | 18125000 | 18125000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisdom Purchaser, LLC | Revolver | 0.50% |  |  | 7/24/2032 | USD | 1875000 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | Delayed Draw | 10.95% | SOFR | 695 | 3/5/2029 | USD | 8333333 | 8000000 | 8246251<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | First Lien Term Loan | 10.95% | SOFR | 695 | 3/5/2029 | USD | 16666667 | 16178510 | 16492503<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xifin, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 7/31/2031 | USD | 4026597 | 3987166 | 3986331<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xifin, Inc. | Revolver | 0.50% |  |  | 7/31/2031 | USD | 1148106 | (11165) | (11481)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | First Lien Term Loan | 10.18% | SOFR | 575 | 6/30/2028 | USD | 1761188 | 1748075 | 1740141<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | First Lien Term Loan | 9.85% | SOFR | 575 | 6/30/2028 | USD | 12454054 | 12298378 | 12305220<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | Revolver | 9.84% | SOFR | 575 | 6/30/2028 | USD | 2027027 | 2022119 | 2002803<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **5210052819** | **5180448847** |
| &nbsp;&nbsp;&nbsp; **Industrials — 9.9%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accel International Holdings, Inc. | First Lien Term Loan | 8.81% | SOFR | 450 | 4/24/2032 | USD | 32466216 | 32311173 | 32303885<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accel International Holdings, Inc. | Revolver | 0.50% |  |  | 4/24/2032 | USD | 7721299 | (36240) | (38607)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | Delayed Draw | 8.55% | SOFR | 450 | 1/2/2031 | USD | 5923076 | 414209 | 392248<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | First Lien Term Loan | 8.63% | SOFR | 450 | 1/2/2031 | USD | 15794872 | 15580275 | 15514097<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | Revolver | 8.55% | SOFR | 450 | 1/2/2031 | USD | 3948718 | $1475169 | $1456644<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurate Finance Sub, LLC | Delayed Draw | 1.00% |  |  | 9/2/2032 | USD | 1575000 | (15662) | (15750)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurate Finance Sub, LLC | First Lien Term Loan | 9.03% | SOFR | 475 | 9/2/2032 | USD | 2887500 | 2858859 | 2858625<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurate Finance Sub, LLC | Revolver | 0.50% |  |  | 9/2/2032 | USD | 787500 | (7787) | (7875)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurus Aerospace Corporation | First Lien Term Loan | 10.23% | SOFR | 575 | 4/5/2028 | USD | 1940000 | 1922520 | 1878965<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurus Aerospace Corporation | First Lien Term Loan | 10.22% | SOFR | 575 | 4/5/2028 | USD | 7760046 | 7690172 | 7515903<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACP Oak Buyer, Inc. | Delayed Draw | 1.00% |  |  | 6/12/2031 | USD | 7042254 | (34346) | (25218)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACP Oak Buyer, Inc. | First Lien Term Loan | 9.17% | SOFR | 500 | 6/12/2031 | USD | 14788732 | 14717570 | 14735776<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACP Oak Buyer, Inc. | Revolver | 0.50% |  |  | 6/12/2031 | USD | 3169014 | (15057) | (11348)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeriTek Global Holdings LLC | First Lien Term Loan | 10.70% | SOFR | 650 | 8/27/2030 | USD | 3343656 | 3294205 | 3293501<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AeriTek Global Holdings LLC | Revolver | 10.70% | SOFR | 650 | 8/27/2030 | USD | 361009 | 117106 | 117014<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aero Operating LLC | Incremental Term Loan | 10.50%, <br>2.00% PIK | PRIME | 700 | 2/7/2026 | USD | 14900677 | 14849589 | 14610787<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | Delayed Draw | 9.20% | SOFR | 500 | 11/7/2029 | USD | 2295512 | 2266885 | 2294492<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | Delayed Draw | 1.00% |  |  | 11/7/2029 | USD | 10067114 | (133812) | (4472)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | First Lien Term Loan | 9.20% | SOFR | 500 | 11/7/2029 | USD | 11253775 | 11116351 | 11248776<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | Revolver | 0.50% |  |  | 11/7/2029 | USD | 1258389 | (14200) | (433)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albion Fortress Intermediate Holdings LLC | First Lien Term Loan | 7.65% | EURIBOR | 575 | 7/31/2031 | EUR | 20000000 | 22251841 | 22878838<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 9.20% | SOFR | 500 | 10/24/2029 | USD | 2826556 | 2474196 | 2511944<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 8.31% | SOFR | 400 | 10/24/2029 | USD | 391439 | 323457 | 329873<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 0.50% |  |  | 10/24/2029 | USD | 1511233 |  | (5056)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 9.20% | SOFR | 500 | 10/24/2030 | USD | 23937728 | 23445833 | 23828787<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 10/24/2030 | USD | 56828581 | 55378303 | 56583470<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 9.31% | SOFR | 500 | 4/29/2032 | USD | 25080607 | 13985740 | 14126665<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 4/29/2032 | USD | 7204999 | 7137173 | 7176567<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcfield Acquisition Corp. | First Lien Term Loan | 9.31% | SOFR | 500 | 10/28/2031 | USD | 2257949 | 2252845 | 2263490<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | First Lien Term Loan | 9.45% | SOFR | 525 | 10/29/2027 | USD | 28819683 | 28681871 | 28714698<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | Delayed Draw | 1.00% |  |  | 10/29/2030 | USD | 421496 | (4095) | (3646)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | Revolver | 9.41% | SOFR | 525 | 10/29/2030 | USD | 2400000 | 588670 | 591257<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | Revolver | 0.50% |  |  | 10/29/2030 | USD | 1011591 | (4769) | (3685)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Holdco Company | First Lien Term Loan | 9.40%, <br>2.75% PIK | SOFR | 525 | 8/31/2028 | USD | 5037807 | 4988809 | 3734083<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Holdco Company | First Lien Term Loan | 7.78%, <br>2.75% PIK | EURIBOR | 575 | 8/31/2028 | EUR | 15593755 | 15473535 | 13316671<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | Delayed Draw | 10.01% | SOFR | 575 | 4/4/2030 | USD | 5391850 | 705138 | 776426<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | Delayed Draw | 9.88% | SOFR | 575 | 4/4/2030 | USD | 6237827 | $6134726 | $6262778<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | First Lien Term Loan | 10.01% | SOFR | 575 | 4/4/2030 | USD | 10753179 | 10578927 | 10696486<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | First Lien Term Loan | 9.88% | SOFR | 575 | 4/4/2030 | USD | 7028276 | 6904110 | 6991221<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | Revolver | 0.50% |  |  | 4/4/2030 | USD | 2181818 | (32768) | (11503)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | Revolver | 9.50% | SOFR | 550 | 12/19/2029 | USD | 5526420 | 3788839 | 3868494<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | Delayed Draw | 9.50% | SOFR | 550 | 12/19/2030 | USD | 6767520 | 3871637 | 3986756<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | First Lien Term Loan | 9.50% | SOFR | 550 | 12/19/2030 | USD | 36923644 | 36322297 | 36923644<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | Delayed Draw | 9.40% | SOFR | 525 | 9/17/2026 | USD | 1165647 | 204624 | 213202<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | First Lien Term Loan | 9.40% | SOFR | 525 | 9/17/2026 | USD | 1012789 | 1004765 | 1007475<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | Revolver | 9.40% | SOFR | 525 | 9/17/2026 | USD | 192017 | 89557 | 90201<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 12/10/2028 | USD | 13327397 | 13187699 | 11723966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 5/17/2030 | USD | 2899216 | 1605754 | 1643402<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 5/17/2030 | USD | 8243928 | 8142362 | 8150375<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. | Revolver | 0.50% |  |  | 5/17/2030 | USD | 1265823 | (14712) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | Delayed Draw | 9.31% | SOFR | 500 | 10/31/2029 | USD | 2926730 | 2158479 | 2197430<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 10/31/2029 | USD | 29575745 | 29154450 | 29518216<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | Revolver | 0.50% |  |  | 10/31/2029 | USD | 2028774 | (29022) | (3946)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Engineering Services Holdco Limited | First Lien Term Loan | 11.98%, 3.28% PIK | SONIA | 728 | 12/2/2027 | GBP | 413420 | 554362 | 521791<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Engineering Services Holdco Limited | Revolver | 11.49%, 3.28% PIK | SONIA | 728 | 12/2/2027 | GBP | 992208 | 1330470 | 1252298<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | Delayed Draw | 8.75% | SOFR | 475 | 9/30/2030 | USD | 4495875 | 3159747 | 3191886<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 9/30/2030 | USD | 22331250 | 22039149 | 22187267<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | Revolver | 0.50% |  |  | 9/30/2030 | USD | 3000000 | (37540) | (19343)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carbon TopCo, Inc. | Revolver | 0.50% |  |  | 5/1/2030 | USD | 2739726 | (45829) | (44361)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carbon TopCo, Inc. | First Lien Term Loan | 10.11% | SOFR | 600 | 11/1/2030 | USD | 19215173 | 18873999 | 18870098<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chambertin Capital Limited | First Lien Term Loan | 11.14% | SONIA | 675 | 6/20/2030 | GBP | 14857298 | 20096439 | 19980228<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinelease, LLC | Revolver | 11.63% | SOFR | 750 | 8/7/2030 | USD | 10736524 | 7724647 | 7719540<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climate Pros, LLC | Delayed Draw | 10.16% | SOFR | 600 | 1/24/2026 | USD | 49650078 | 32885721 | 33150077<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Holdco, LLC | Delayed Draw | 1.00% |  |  | 10/31/2030 | USD | 836619 | (7743) | (8366)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Holdco, LLC | Delayed Draw | 1.00% |  |  | 11/20/2030 | USD | 1662444 | $(16309) | $(16624)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Holdco, LLC | Revolver | 8.52% | SOFR | 450 | 11/20/2030 | USD | 208106 | 5802 | 5723<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings Inc. | First Lien Term Loan | 8.94% | SOFR | 500 | 1/9/2030 | USD | 479420 | 477120 | 477023<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | Revolver | 0.50% |  |  | 1/9/2028 | USD | 2343750 | (70312) | (11719)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | First Lien Term Loan | 9.19% | SOFR | 500 | 1/9/2030 | USD | 22146484 | 21684941 | 22035752<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company, LLC | Delayed Draw | 10.78%, 4.75% PIK | SOFR | 675 | 9/17/2026 | USD | 840342 | 832718 | 605046<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company, LLC | First Lien Term Loan | 10.78%, 4.75% PIK | SOFR | 675 | 9/17/2026 | USD | 5342167 | 5331755 | 3846360<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concert Bidco Limited | First Lien Term Loan | 10.79% | SONIA | 678 | 11/30/2027 | GBP | 4528275 | 5540193 | 5990551<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | Delayed Draw | 8.50% | SOFR | 450 | 5/10/2031 | USD | 18405633 | 6669631 | 6813380<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 5/10/2031 | USD | 13957130 | 13887470 | 13957130<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | Revolver | 8.50% | SOFR | 450 | 5/10/2031 | USD | 5239436 | 4160442 | 4191549<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Acquisition Holdings, Inc. | Delayed Draw | 11.15% PIK | SOFR | 700 | 1/20/2027 | USD | 2771894 | 2719372 | 1527314<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Acquisition Holdings, Inc. | First Lien Term Loan | 11.15% PIK | SOFR | 700 | 1/20/2027 | USD | 7524206 | 7454504 | 4145837<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Delayed Draw | 9.95% | SOFR | 575 | 12/14/2028 | USD | 272991 | 270572 | 275721<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 9.95% | SOFR | 575 | 12/14/2028 | GBP | 2657757 | 3448487 | 3609918<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 9.95% | SOFR | 575 | 12/14/2028 | USD | 15784277 | 15875248 | 15942121<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Delayed Draw | 9.95% | SOFR | 575 | 3/8/2029 | USD | 537624 | 533444 | 543000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Revolver | 9.95% | SOFR | 575 | 3/8/2029 | USD | 1967865 | 1967865 | 1967865<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Damotech Parent LLC | Delayed Draw | 1.00% |  |  | 9/24/2031 | USD | 4659847 | (46525) | (46598)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Damotech Parent LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 9/24/2031 | USD | 4079748 | 4039049 | 4038951<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispatch Acquisition Holdings, LLC | First Lien Term Loan | 8.40% | SOFR | 425 | 3/25/2028 | USD | 21120000 | 21009618 | 20688835<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispatch Acquisition Holdings, LLC | First Lien Term Loan | 8.40% | SOFR | 425 | 3/25/2028 | USD | 2518851 | 2474221 | 2467945<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diverzify Intermediate LLC | Delayed Draw | 1.00% |  |  | 5/11/2027 | USD | 17142857 | (180255) | (599691)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diverzify Intermediate LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 5/11/2027 | USD | 32610714 | 32241723 | 31469927<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Delayed Draw | 1.00% |  |  | 11/15/2031 | USD | 12706045 | (119451) | (56497)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | First Lien Term Loan | 8.91% | SOFR | 475 | 11/15/2031 | USD | 70877536 | 70231858 | 70562381<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Revolver | 11.50% | PRIME | 400 | 11/15/2031 | USD | 2837622 | 807134 | 819754<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Revolver | 11.00% | PRIME | 375 | 11/15/2031 | USD | 9868421 | 374001 | 416647<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 8.75% | SOFR | 475 | 7/21/2027 | USD | 1889005 | 1846503 | 1886276<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 7/21/2027 | USD | 16598966 | 16357860 | 16574984<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 11.50% | PRIME | 375 | 7/21/2027 | USD | 2877190 | 229976 | 227874<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 8.75% | SOFR | 475 | 7/21/2029 | USD | 2277762 | 2234922 | 2274472<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 1.00% |  |  | 7/21/2029 | USD | 984420 | $(9349) | $(1422)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 7/21/2029 | USD | 18273117 | 18085221 | 18246716<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 11.50% | PRIME | 375 | 7/21/2029 | USD | 2395868 | 309966 | 327764<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 1.00% |  |  | 11/20/2032 | USD | 372319 | (3528) | (538)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/20/2032 | USD | 3108048 | 3079302 | 3103557<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 11.50% | PRIME | 375 | 11/20/2032 | USD | 35355 | 34239 | 34511<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 0.50% |  |  | 11/20/2032 | USD | 214645 | (1915) | (310)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Echo Global Logistics, Inc. | Second Lien Term Loan | 11.51% | SOFR | 725 | 11/23/2029 | USD | 8000000 | 7888000 | 7336153<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIS Legacy Holdco, LLC | Revolver | 0.50% |  |  | 11/5/2030 | USD | 250000 | (2183) | (1850)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIS Legacy Holdco, LLC | Delayed Draw | 8.82% | SOFR | 450 | 11/5/2031 | USD | 852274 | 405352 | 406817<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIS Legacy Holdco, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 11/5/2031 | USD | 1780824 | 1764696 | 1767614<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Bidco, Inc. | Delayed Draw | 1.00% |  |  | 6/14/2032 | USD | 3334915 | (8337) | (8337)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Bidco, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 6/14/2032 | USD | 13479540 | 13546546 | 13546938<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elk Bidco, Inc. | Revolver | 0.50% |  |  | 6/14/2032 | USD | 3001423 | (7446) | (7504)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EShipping LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 11/5/2027 | USD | 2992701 | 2966958 | 2992701<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excelitas Technologies Corp. | Delayed Draw | 1.00% |  |  | 8/12/2029 | USD | 1945304 | (25436) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | Delayed Draw | 8.75% | SOFR | 475 | 11/4/2031 | USD | 787352 | 296220 | 297687<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/4/2031 | USD | 2095636 | 2076646 | 2080098<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire Flow Intermediate Corporation | First Lien Term Loan | 9.31% | SOFR | 500 | 7/10/2031 | USD | 30000000 | 29723344 | 30027000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Delayed Draw | 8.91% | SOFR | 475 | 8/15/2030 | USD | 3207472 | 2002807 | 1998892<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Delayed Draw | 8.83% | SOFR | 475 | 8/15/2030 | USD | 2702292 | 2632034 | 2675269<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Delayed Draw | 1.00% |  |  | 8/15/2030 | USD | 8363404 | (72031) | (83634)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 8/15/2030 | USD | 6402101 | 6270736 | 6338080<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Revolver | 0.50% |  |  | 8/15/2030 | USD | 1026252 | (26683) | (10263)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | First Lien Term Loan | 8.99% | SOFR | 500 | 3/31/2028 | USD | 1243903 | 1218640 | 1227047<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Revolver | 9.33% | SOFR | 500 | 3/31/2028 | USD | 420949 | 140255 | 134467<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Delayed Draw | 8.99% | SOFR | 500 | 3/31/2029 | USD | 1515042 | 344506 | 342957<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Revolver | 9.01% | SOFR | 500 | 3/31/2029 | USD | 806286 | 131211 | 129168<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Intermediate II, LLC | Delayed Draw | 1.00% |  |  | 8/29/2031 | USD | 4945946 | (24730) | (24730)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Intermediate II, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 8/29/2031 | USD | 22256757 | 22091545 | 22089831<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Intermediate II, LLC | Revolver | 8.50% | SOFR | 450 | 8/29/2031 | USD | 3297297 | 16822 | 16486<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | Revolver | 9.73% | SOFR | 525 | 12/17/2027 | USD | 2000000 | 1935004 | 1749987<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | Delayed Draw | 9.52% | SOFR | 525 | 12/17/2028 | USD | 4875000 | 4777500 | 4326531<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | First Lien Term Loan | 9.51% | SOFR | 525 | 12/17/2028 | USD | 22425000 | 22177990 | 19902040<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | Revolver | 9.60% | SOFR | 550 | 10/15/2027 | USD | 2787568 | 649903 | 696892<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | Delayed Draw | 9.60% | SOFR | 550 | 10/15/2028 | USD | 9621316 | $4607695 | $4744649<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | First Lien Term Loan | 9.60% | SOFR | 550 | 10/15/2028 | USD | 20618261 | 20339402 | 20618261<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Delayed Draw | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2031 | USD | 4354780 | 4334017 | 4333006<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | First Lien Term Loan | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2031 | USD | 14944405 | 14944405 | 14869683<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Revolver | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2031 | USD | 2531715 | 2181612 | 2186768<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Delayed Draw | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2032 | USD | 1126593 | 1041980 | 1047153<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | First Lien Term Loan | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2032 | USD | 928206 | 914884 | 918888<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Revolver | 8.91%, <br>2.00% PIK | SOFR | 475 | 3/4/2032 | USD | 228880 | 70866 | 71811<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Delayed Draw | 11.25% | PRIME | 750 | 10/15/2031 | USD | 26280125 | 12746056 | 13205763<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | First Lien Term Loan | 8.85% | SOFR | 475 | 10/15/2031 | USD | 64768483 | 64556121 | 65578089<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Revolver | 8.95% | SOFR | 475 | 10/15/2031 | USD | 9855096 | 3219138 | 3285032<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES, LLC | Delayed Draw | 1.00% |  |  | 9/9/2031 | USD | 6382979 | (79395) | (79787)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES, LLC | First Lien Term Loan | 9.33% | SOFR | 525 | 9/9/2031 | USD | 39361702 | 38873301 | 38869681<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES, LLC | Revolver | 0.50% |  |  | 9/9/2031 | USD | 4255319 | (52663) | (53191)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.91% | SOFR | 550 | 8/10/2027 | USD | 1258807 | 272914 | 236013<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.66% | SOFR | 550 | 8/10/2027 | USD | 4965610 | 4893257 | 4756719<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.91% | SOFR | 550 | 8/10/2027 | USD | 10872046 | 10749736 | 10414687<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 8/10/2027 | USD | 1382021 | 1367052 | 1323883<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Revolver | 9.68% | SOFR | 550 | 8/10/2027 | USD | 2522321 | 210202 | 104086<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.91% | SOFR | 550 | 4/29/2030 | USD | 4203869 | 919437 | 790044<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 4/29/2030 | USD | 4598717 | 4556386 | 4405261<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | Delayed Draw | 8.50% | SOFR | 450 | 1/2/2032 | USD | 4455447 | 522161 | 524485<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 1/2/2032 | USD | 23168316 | 22954733 | 22960983<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | Revolver | 8.50% | SOFR | 450 | 1/2/2032 | USD | 2376239 | 1226108 | 1226261<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | Revolver | 0.50% |  |  | 4/28/2029 | USD | 733945 | (25345) | (19786)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | Delayed Draw | 10.75% | SOFR | 675 | 4/28/2030 | USD | 2728175 | 2255390 | 2262969<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | First Lien Term Loan | 10.75% | SOFR | 675 | 4/28/2030 | USD | 6383486 | 6240712 | 6211394<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Tool Company, LLC | Delayed Draw | 1.00% |  |  | 8/6/2032 | USD | 249317 | (1240) | (1247)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Tool Company, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 8/6/2032 | USD | 2189456 | 2178598 | 2178508<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Tool Company, LLC | First Lien Term Loan | 6.91% | EURIBOR | 500 | 8/6/2032 | EUR | 1363941 | 1583954 | 1593240<br><sup>1,3,4,5,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvey Tool Company, LLC | Revolver | 0.50% |  |  | 8/6/2032 | USD | 253807 | $(1255) | $(1269)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | Delayed Draw | 9.25% | SOFR | 525 | 12/12/2029 | USD | 4616470 | 3928859 | 4013200<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 12/12/2029 | USD | 22694516 | 22289016 | 22694516<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | Revolver | 9.43% | SOFR | 525 | 12/12/2029 | USD | 5430793 | 4397996 | 4489455<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Acquisition Holdings, Inc. | First Lien Term Loan | 11.26% | ARR CSA | 700 | 3/31/2030 | USD | 17972293 | 17637225 | 17972293<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heniff Holdco, LLC | First Lien Term Loan | 10.30% | SOFR | 610 | 12/3/2026 | USD | 4512510 | 4512510 | 4512510<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heniff Holdco, LLC | Revolver | 10.30% | SOFR | 610 | 12/3/2026 | USD | 1941840 | 1731474 | 1731474<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | Delayed Draw | 9.25% | SOFR | 525 | 12/19/2029 | USD | 3297402 | 1330104 | 1353750<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 12/19/2029 | USD | 9490748 | 9344701 | 9401067<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | Revolver | 9.25% | SOFR | 525 | 12/19/2029 | USD | 1508774 | 370664 | 378025<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | Delayed Draw | 1.00% |  |  | 3/29/2032 | USD | 4402144 | (26227) | (2396)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 3/29/2032 | USD | 23331364 | 23316469 | 23318664<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | Revolver | 8.50% | SOFR | 450 | 3/29/2032 | USD | 5608696 | 1751527 | 1791730<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP RSS Buyer, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 12/11/2029 | USD | 7195952 | 7084624 | 7145955<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP RSS Buyer, Inc. | Delayed Draw | 8.92% | SOFR | 475 | 12/11/2029 | USD | 32103340 | (130491) | (139114)<sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP RSS Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 12/11/2029 | USD | 8388603 | 8259955 | 8330320<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydraulic Technologies USA LLC | Revolver | 9.50% | SOFR | 550 | 6/3/2030 | USD | 3148500 | 1398146 | 1402808<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydraulic Technologies USA LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 6/3/2031 | USD | 19971230 | 19624877 | 19682605<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Images Acquisition | First Lien Term Loan | 9.91% | SOFR | 575 | 7/30/2026 | USD | 14040472 | 13909022 | 13896223<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideal Components Acquisition, LLC | Delayed Draw | 1.00% |  |  | 6/30/2032 | USD | 8931298 | (87757) | (89313)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideal Components Acquisition, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 6/30/2032 | USD | 48625954 | 48152006 | 48139695<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideal Components Acquisition, LLC | Revolver | 0.50% |  |  | 6/30/2032 | USD | 7442748 | (71796) | (74427)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infogain Corporation | First Lien Term Loan | 10.01% | SOFR | 575 | 7/30/2028 | USD | 19400000 | 19183662 | 19400000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISC CG Buyer, LLC | Delayed Draw | 1.00% |  |  | 8/29/2031 | USD | 8543305 | (84859) | (85433)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISC CG Buyer, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 8/29/2031 | USD | 7646544 | 7570925 | 7570079<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISC CG Buyer, LLC | Revolver | 8.95% | SOFR | 475 | 8/29/2031 | USD | 1775701 | 9119 | 8878<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 9.58% | SOFR | 525 | 2/16/2029 | USD | 20000000 | 19697216 | 19851037<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 7.31% | EURIBOR | 525 | 2/16/2029 | EUR | 2750000 | 2991293 | 3204411<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 9.58% | SOFR | 525 | 2/21/2029 | USD | 3073604 | 3022505 | 3050711<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 7.31% | EURIBOR | 525 | 2/21/2029 | EUR | 534451 | 644507 | 622764<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jet Equipment & Tools Ltd. | First Lien Term Loan | 7.70% | CORRA | 525 | 12/28/2028 | CAD | 3184000 | 2306969 | 2287849<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 2/20/2031 | USD | 2135448 | 562244 | 561723<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | First Lien Term Loan | 8.95% | SOFR | 475 | 2/20/2031 | USD | 4938224 | $4869877 | $4866857<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | Revolver | 0.50% |  |  | 2/20/2031 | USD | 667328 | (9008) | (9644)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSG II, INC | Delayed Draw | 1.00% |  |  | 9/30/2032 | USD | 5036284 | (25181) | (25181)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSG II, INC | First Lien Term Loan | 8.66% | SOFR | 450 | 9/30/2032 | USD | 18188181 | 18097240 | 18097240<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSG II, INC | Revolver | 8.66% | SOFR | 450 | 9/30/2032 | USD | 2163226 | 162242 | 162242<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keel Platform, LLC | Delayed Draw | 8.75% | SOFR | 475 | 1/19/2031 | USD | 3421767 | 774149 | 815279<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keel Platform, LLC | Delayed Draw | 1.00% |  |  | 1/19/2031 | USD | 4219068 |  | (4517)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keel Platform, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 1/19/2031 | USD | 16768800 | 16635265 | 16750844<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenco PPC Buyer, LLC | First Lien Term Loan | 8.95% | SOFR | 475 | 11/15/2029 | USD | 16148325 | 16002897 | 16076522<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenco PPC Buyer, LLC | Revolver | 11.25% | PRIME | 375 | 11/15/2029 | USD | 1076557 | 749401 | 754183<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | Revolver | 11.25% | PRIME | 400 | 9/18/2028 | USD | 1475410 | 398361 | 398361<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | Delayed Draw | 9.31% | SOFR | 500 | 9/18/2030 | USD | 2213115 | 1147131 | 1180328<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 9/18/2030 | USD | 11113525 | 10982259 | 11113525<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | Delayed Draw | 9.80% | SOFR | 550 | 10/19/2028 | USD | 59879091 | 4550918 | 5081835<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | Delayed Draw | 9.53% | SOFR | 550 | 10/19/2028 | USD | 2443809 | 2400446 | 2215323<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | First Lien Term Loan | 9.91% | SOFR | 550 | 10/19/2028 | USD | 21324619 | 21063997 | 19330853<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | Revolver | 9.31% | SOFR | 500 | 5/4/2029 | USD | 934761 | 415968 | 420642<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | Delayed Draw | 9.31% | SOFR | 500 | 5/4/2030 | USD | 6166502 | 3150766 | 3230725<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 5/4/2030 | USD | 8659618 | 8497778 | 8659618<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Revolver | 0.50% |  |  | 2/1/2029 | USD | 1810345 | (63362) | (4526)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Delayed Draw | 8.81% | SOFR | 450 | 2/1/2030 | USD | 3013771 | 2987600 | 3006237<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Delayed Draw | 8.67% | SOFR | 450 | 2/1/2030 | USD | 23114031 | 13046359 | 13213301<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | First Lien Term Loan | 8.46% | SOFR | 450 | 2/1/2030 | USD | 16739571 | 16441955 | 16697722<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Revolver | 0.50% |  |  | 8/12/2031 | USD | 3842081 | (26732) | (27341)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonestar Midco I LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 3/17/2031 | USD | 21153846 | 20950132 | 20969137<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lonestar Midco I LLC | Revolver | 8.75% | SOFR | 472 | 3/17/2031 | USD | 3846154 | 732601 | 735647<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAG DS Corp. | First Lien Term Loan | 9.60% | SOFR | 550 | 4/1/2027 | USD | 8108104 | 7984895 | 8100233<br><sup>1,3,4,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, <br>LLC | Revolver | 0.50% |  |  | 12/5/2029 | USD | 3030303 | (53354) | (17113)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, <br>LLC | Delayed Draw | 1.00% |  |  | 12/5/2030 | USD | 3636364 | (79526) | (20535)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, <br>LLC | First Lien Term Loan | 10.00% | SOFR | 600 | 12/5/2030 | USD | 18556278 | 18189033 | 18451488<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandrake BidCo, Inc. | First Lien Term Loan | 8.81% | SOFR | 450 | 8/20/2031 | USD | 4254440 | 4216922 | 4251587<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandrake BidCo, Inc. | Revolver | 0.50% |  |  | 8/20/2031 | USD | 724000 | $(5896) | $(1065)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | Delayed Draw | 11.13% | ARR CSA | 700 | 6/23/2028 | USD | 6879130 | 6805421 | 6057002<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | First Lien Term Loan | 11.13% | ARR CSA | 700 | 6/23/2028 | USD | 21365530 | 21151875 | 18812126<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MDC Interior Acquisition, Inc. | First Lien Term Loan | 9.23% | SOFR | 500 | 4/26/2030 | USD | 209413 | 207346 | 207318<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | Delayed Draw | 9.16% | SOFR | 500 | 6/29/2029 | USD | 2068982 | 2006913 | 2068982<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 6/29/2029 | USD | 14711257 | 14372563 | 14711257<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | Revolver | 9.16% | SOFR | 500 | 6/29/2029 | USD | 2287317 | 519845 | 519845<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modigent, LLC | Delayed Draw | 9.00% | SOFR | 500 | 8/23/2028 | USD | 479405 | 478372 | 479405<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modigent, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 8/23/2028 | USD | 691141 | 689650 | 691141<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Landscape Holdings, <br>LLC | Delayed Draw | 9.00% | SOFR | 500 | 3/31/2028 | USD | 3225625 | 3185290 | 3225625<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Landscape Holdings, <br>LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 3/31/2028 | USD | 4146228 | 4085636 | 4146228<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Engineering Group LLC | Delayed Draw | 9.25% | SOFR | 525 | 12/20/2028 | USD | 17980920 | 6800696 | 6992458<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises <br>LLC | Delayed Draw | 10.17% | SOFR | 600 | 6/1/2028 | USD | 8136737 | 7995223 | 8019145<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises <br>LLC | Delayed Draw | 1.00% |  |  | 6/1/2028 | USD | 2785793 | (36446) | (40260)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises <br>LLC | First Lien Term Loan | 10.17% | SOFR | 600 | 6/1/2028 | USD | 33924680 | 33387555 | 33434400<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises <br>LLC | Revolver | 10.17% | SOFR | 600 | 6/1/2028 | USD | 1410566 | 1128453 | 1108067<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | Delayed Draw | 1.00% |  |  | 3/10/2031 | USD | 1040005 | (14897) | (4859)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 3/10/2031 | USD | 3190019 | 3145490 | 3175115<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | Revolver | 0.50% |  |  | 3/10/2031 | USD | 742003 | (10119) | (10889)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, L.P. | Delayed Draw | 10.05% | SOFR | 575 | 11/30/2027 | USD | 5560339 | 563674 | 547583<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, L.P. | First Lien Term Loan | 10.08% | SOFR | 575 | 11/30/2027 | USD | 9851426 | 9792640 | 9727781<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, L.P. | Revolver | 12.25% | PRIME | 475 | 11/30/2027 | USD | 2078125 | 1695880 | 1608174<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North American Rail Solutions, <br>LLC | Delayed Draw | 1.00% |  |  | 8/29/2031 | CAD | 2422665 | (22871) | (26727)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North American Rail Solutions, <br>LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/29/2031 | USD | 24452171 | 24156124 | 24152810<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North American Rail Solutions, <br>LLC | First Lien Term Loan | 7.20% | CORRA | 475 | 8/29/2031 | CAD | 7042483 | 5108431 | 5060346<br><sup>1,3,4,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North American Rail Solutions, <br>LLC | Revolver | 8.75% | SOFR | 475 | 8/29/2031 | USD | 2267639 | $1268368 | $1268032<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North American Rail Solutions, <br>LLC | Revolver | 7.30% | CORRA | 475 | 8/29/2031 | CAD | 1264035 | 189463 | 180833<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | Delayed Draw | 8.65% | SOFR | 465 | 12/23/2030 | USD | 4411765 | 4332518 | 4364574<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | First Lien Term Loan | 8.65% | SOFR | 465 | 12/23/2030 | USD | 19029412 | 18816854 | 18936631<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | Revolver | 0.50% |  |  | 12/23/2030 | USD | 2941176 | (32113) | (13078)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | First Lien Term Loan | 8.75% | SOFR | 475 | 12/21/2029 | USD | 39806027 | 39255141 | 39606997<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | Revolver | 11.00% | PRIME | 725 | 12/21/2029 | USD | 1525117 | 475749 | 489734<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | Revolver | 0.50% |  |  | 12/21/2029 | USD | 1900739 | (26995) | (9504)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | Delayed Draw | 8.75% | SOFR | 475 | 12/21/2029 | USD | 6899683 | 6790301 | 6865185<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panda Acquisition LLC | First Lien Term Loan | 12.47% | SOFR | 850 | 10/18/2028 | USD | 15512953 | 13535031 | 14275070<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | Delayed Draw | 1.00% |  |  | 12/2/2031 | USD | 1079157 | (10162) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 12/2/2031 | USD | 4171279 | 4133146 | 4171279<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | Revolver | 8.91% | SOFR | 475 | 12/2/2031 | USD | 764932 | 31482 | 38247<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Delayed Draw | 10.60% | SOFR | 625 | 4/22/2027 | USD | 3031602 | 2955816 | 3031602<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Delayed Draw | 10.40% | SOFR | 625 | 4/22/2027 | USD | 3010937 | 2976310 | 3010937<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | First Lien Term Loan | 10.40% | SOFR | 625 | 4/22/2027 | USD | 6000000 | 5940000 | 6000000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Revolver | 10.44% | SOFR | 625 | 4/22/2027 | USD | 1458333 | 1125082 | 1125000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pele Buyer LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 6/18/2026 | USD | 6475519 | 6475430 | 6291228<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playpower, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 8/28/2030 | USD | 21554293 | 21275985 | 21342864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playpower, Inc. | Revolver | 0.50% |  |  | 8/28/2030 | USD | 3282828 | (40496) | (32202)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PlayPower, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 2/25/2031 | USD | 3015114 | 2987230 | 2985538<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding Company | Delayed Draw | 10.10% | SOFR | 600 | 6/23/2027 | USD | 3478102 | 3457993 | 3219034<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding Company | First Lien Term Loan | 10.10% | SOFR | 600 | 6/23/2027 | USD | 10182450 | 10115479 | 9424006<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Acquisition LLC | First Lien Term Loan | 10.08% | SOFR | 575 | 1/22/2030 | USD | 21180037 | 20199748 | 20268525<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 12/2/2030 | USD | 58616083 | 58026887 | 58498850<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | Revolver | 11.00% | PRIME | 375 | 12/2/2030 | USD | 10106360 | 1197328 | 1299542<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pregis TopCo LLC | Second Lien Term Loan | 12.01% | SOFR | 775 | 8/1/2029 | USD | 5000000 | 4962911 | 5000000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Insights Acquisition, Inc. | Delayed Draw | 10.48% | SOFR | 625 | 7/18/2029 | USD | 1620679 | 779952 | 717514<br><sup>1,3,4,5,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Insights Acquisition, Inc. | First Lien Term Loan | 10.45% | SOFR | 625 | 7/18/2029 | USD | 9168587 | $9003096 | $8642531<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Insights Acquisition, Inc. | Revolver | 10.48% | SOFR | 625 | 7/18/2029 | USD | 1620679 | 1574490 | 1480529<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, <br>LLC | Delayed Draw | 8.75% | SOFR | 475 | 4/9/2030 | USD | 3737391 | 551779 | 595131<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, <br>LLC | First Lien Term Loan | 9.00%, <br>1.75% PIK | SOFR | 500 | 4/9/2030 | USD | 52934815 | 52526650 | 53196720<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | Delayed Draw | 8.74% | SOFR | 475 | 1/24/2031 | USD | 1405482 | 123971 | 124140<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 1/24/2031 | USD | 1962755 | 1940348 | 1939841<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | Revolver | 8.89% | SOFR | 475 | 1/24/2031 | USD | 438630 | 112090 | 111847<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | Delayed Draw | 10.56% | SOFR | 625 | 12/29/2028 | USD | 1231116 | 1230718 | 1236040<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | First Lien Term Loan | 10.56% | SOFR | 625 | 12/29/2028 | USD | 13433333 | 13179820 | 13487067<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | Revolver | 10.55% | SOFR | 625 | 12/29/2028 | USD | 2714932 | 2405823 | 2427602<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Delayed Draw | 9.50% | SOFR | 550 | 1/4/2029 | USD | 516638 | 6358 | 11573<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 1/4/2029 | USD | 1687462 | 1687462 | 1691511<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Delayed Draw | 9.50% | SOFR | 550 | 4/1/2029 | USD | 16457361 | 178912 | 368291<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Delayed Draw | 1.00% |  |  | 4/1/2029 | USD | 1217233 |  | 2921<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 4/1/2029 | USD | 68319205 | 67942946 | 68483171<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Revolver | 9.50% | SOFR | 550 | 4/1/2029 | USD | 2921300 | 779013 | 786024<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Industrials | First Lien Term Loan | 9.65% | SOFR | 550 | 12/1/2025 | USD | 779048 | 770654 | 779048<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Industrials | Revolver | 0.50% |  |  | 12/1/2025 | USD | 285714 | (950) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corporation | Delayed Draw | 10.00% | SOFR | 600 | 3/4/2030 | USD | 21451074 | 16292246 | 16461640<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Services WIS Corporation | Delayed Draw | 1.00% |  |  | 8/29/2030 | USD | 4055355 | (80445) | (81107)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Services WIS Corporation | First Lien Term Loan | 11.20% | SOFR | 700 | 8/29/2030 | USD | 17157270 | 16818621 | 16814125<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFI Buyer, Inc. | Delayed Draw | 1.00% |  |  | 8/5/2030 | USD | 1755862 | (17467) | (17559)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFI Buyer, Inc. | First Lien Term Loan | 8.70% | SOFR | 450 | 8/5/2030 | USD | 2341149 | 2317932 | 2317737<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFI Buyer, Inc. | Revolver | 0.50% |  |  | 8/5/2030 | USD | 405158 | (4009) | (4052)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH Buyer, Inc. | First Lien Term Loan | 10.92% | SOFR | 650 | 1/17/2031 | USD | 3300625 | 3240131 | 3234613<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RJW Group Holdings, Inc. | Delayed Draw | 9.20% | SOFR | 500 | 11/26/2031 | USD | 1217391 | 1023279 | 1031304<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RJW Group Holdings, Inc. | Delayed Draw | 1.00% |  |  | 11/26/2031 | USD | 4637681 | (46296) | (46377)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RJW Group Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 11/26/2031 | USD | 43884057 | 43346253 | 43445217<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | Delayed Draw | 8.92% | SOFR | 475 | 12/27/2031 | USD | 473638 | 113248 | 113050<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 12/27/2031 | USD | 1843720 | 1826738 | 1825563<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | Revolver | 8.75% | SOFR | 475 | 12/27/2031 | USD | 242536 | 95803 | 95596<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM Intermediate Holdings, Inc. | Delayed Draw | 10.82% | SOFR | 625 | 9/11/2028 | USD | 2661272 | 1311468 | 1366629<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM Intermediate Holdings, Inc. | First Lien Term Loan | 10.82% | SOFR | 625 | 9/11/2028 | USD | 9649554 | 9473861 | 9746049<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Products Holdings, LLC | First Lien Term Loan | 8.95% | SOFR | 500 | 12/15/2026 | USD | 9672259 | $9572099 | $9561508<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Delayed Draw | 9.16% | SOFR | 500 | 3/27/2028 | USD | 8830182 | 6161667 | 6238540<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Delayed Draw | 1.00% |  |  | 3/27/2028 | USD | 3762264 | (31872) | (35551)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | First Lien Term Loan | 9.16% | SOFR | 500 | 3/27/2028 | USD | 15822209 | 15554092 | 15672701<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Revolver | 0.50% |  |  | 3/27/2028 | USD | 2442805 | (6954) | (23083)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, <br>LLC | First Lien Term Loan | 14.20% | SOFR | 1000 | 11/17/2029 | USD | 1772094 | 1752502 | 1772094<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, <br>LLC | First Lien Term Loan | 11.20% | SOFR | 700 | 5/28/2030 | USD | 4807807 | 4807807 | 4807807<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Electric Manufacturing Corporation | First Lien Term Loan | 10.01% | SOFR | 575 | 12/31/2027 | USD | 1749351 | 1731107 | 1749351<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Electric Manufacturing Corporation | Revolver | 10.01% | SOFR | 575 | 12/31/2027 | USD | 61859 | 38447 | 39068<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | Revolver | 9.78% | SOFR | 550 | 8/5/2027 | USD | 640244 | 406810 | 397685<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | Revolver | 9.67% | SOFR | 550 | 8/5/2027 | USD | 642787 | 172221 | 163060<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | Delayed Draw | 9.88% | SOFR | 550 | 8/5/2028 | USD | 733371 | 722384 | 728275<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | First Lien Term Loan | 9.89% | SOFR | 550 | 8/5/2028 | USD | 9871756 | 9723821 | 9803168<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 8.74% | SOFR | 450 | 7/1/2030 | USD | 97018 | 95930 | 96818<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 6.75% | EURIBOR | 475 | 7/1/2030 | EUR | 602348 | 134493 | 154484<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | 8.50% | SOFR | 450 | 7/1/2031 | USD | 2311421 | 540354 | 567564<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | 1.00% |  |  | 7/1/2031 | EUR | 563509 | (7102) | 11368<br><sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 7/1/2031 | USD | 8147464 | 8036919 | 8130801<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | First Lien Term Loan | 6.50% | EURIBOR | 450 | 7/1/2031 | EUR | 2666314 | 2898170 | 3123809<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 8.50% | SOFR | 450 | 7/1/2031 | USD | 931677 | 618498 | 628529<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 6.50% | EURIBOR | 450 | 7/1/2031 | EUR | 1160426 | 151811 | 279595<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Elevator Systems | First Lien Term Loan | 10.03% | SOFR | 575 | 12/2/2027 | USD | 9336741 | 9255597 | 8716026<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Industries International, Inc. | Delayed Draw | 12.16% | SOFR | 800 | 6/4/2026 | USD | 1284641 | 1284641 | 1252525<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Industries International, Inc. | First Lien Term Loan | 11.66% | SOFR | 750 | 8/14/2030 | USD | 9355189 | 9169808 | 9121309<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Revolver | 9.25% | SOFR | 525 | 12/28/2028 | USD | 1342375 | $395507 | $395708<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 12/28/2029 | USD | 1873750 | 865000 | 873750<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 12/28/2029 | USD | 8918437 | 8733021 | 8918437<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 7.70% | CORRA | 525 | 12/28/2029 | CAD | 419296 | 304948 | 289785<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Delayed Draw | 9.24% | SOFR | 500 | 2/2/2030 | USD | 3087095 | 2310236 | 2301581<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Delayed Draw | 9.00% | SOFR | 500 | 2/2/2030 | USD | 17304985 | 15491089 | 15526780<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | First Lien Term Loan | 9.24% | SOFR | 500 | 2/2/2030 | USD | 57502461 | 56617346 | 56815269<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Revolver | 9.24% | SOFR | 500 | 2/2/2030 | USD | 10920322 | 1206722 | 1234535<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 5/31/2031 | USD | 7804824 | 7698996 | 7765800<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 5/31/2031 | USD | 8426301 | 8315620 | 8384169<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Revolver | 0.50% |  |  | 5/31/2031 | USD | 4687500 | (58316) | (23438)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Delayed Draw | 1.00% |  |  | 6/2/2031 | USD | 74957856 | (373391) | (374790)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 6/2/2031 | USD | 13245283 | 13179276 | 13179057<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | First Lien Term Loan | 8.89% | SOFR | 475 | 6/2/2031 | USD | 11116021 | 11060625 | 11060441<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV-Areo Holdings, LLC | Delayed Draw | 1.00% |  |  | 11/1/2026 | USD | 13432836 | (67164) | (9009)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV-Areo Holdings, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 11/1/2030 | USD | 60797575 | 60527980 | 60756799<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tank Holding Corp. | First Lien Term Loan | 10.01% | SOFR | 575 | 3/31/2028 | USD | 61322997 | 60723943 | 58318170<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tank Holding Corp. | Revolver | 0.50% |  |  | 3/31/2028 | USD | 1780415 |  | (20386)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team, Inc. | Delayed Draw | 1.00% |  |  | 3/12/2030 | USD | 373999 | (3755) | (2964)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team, Inc. | First Lien Term Loan | 10.73% | SOFR | 650 | 3/12/2030 | USD | 1302451 | 1275584 | 1277114<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TecoStar Holdings, Inc. | First Lien Term Loan | 12.33% | SOFR | 800 | 7/7/2029 | USD | 6344864 | 6238300 | 6191691<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TecoStar Holdings, Inc. | First Lien Term Loan | 11.93% | SOFR | 800 | 7/7/2029 | USD | 15302096 | 15045035 | 14932682<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tex-Tech Industries, Inc. | Delayed Draw | 9.17% | SOFR | 500 | 1/10/2031 | USD | 502598 | 146054 | 145018<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tex-Tech Industries, Inc. | First Lien Term Loan | 9.14% | SOFR | 500 | 1/10/2031 | USD | 2256037 | 2235529 | 2230174<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, <br>LLC | Delayed Draw | 8.85% | SOFR | 475 | 10/17/2030 | USD | 1116879 | 288765 | 291664<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, <br>LLC | First Lien Term Loan | 8.85% | SOFR | 475 | 10/17/2030 | USD | 1482745 | 1459958 | 1462938<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, <br>LLC | Revolver | 0.50% |  |  | 10/17/2030 | USD | 558824 | (8249) | (7465)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The NORDAM Group, LLC | First Lien Term Loan | 10.01% | SOFR | 575 | 5/16/2031 | USD | 12750000 | $12506489 | $12513859<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Delayed Draw | 9.03% | SOFR | 475 | 8/31/2028 | USD | 5452703 | 5386624 | 5414819<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Delayed Draw | 8.88% | SOFR | 475 | 8/31/2028 | USD | 3809466 | 3752386 | 3782999<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.02% | SOFR | 475 | 8/31/2028 | USD | 807710 | 797985 | 802098<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.01% | SOFR | 475 | 8/31/2028 | USD | 11471761 | 11298376 | 11392056<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 8.93% | SOFR | 500 | 8/31/2028 | USD | 7866888 | 7782836 | 7812230<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Revolver | 9.01% | SOFR | 475 | 8/31/2028 | USD | 2726352 | 647694 | 656747<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Revolver | 8.90% | SOFR | 475 | 8/31/2028 | USD | 1304348 | 1209210 | 1200147<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | First Lien Term Loan | 8.41% | EURIBOR | 650 | 12/1/2027 | EUR | 11819631 | 13419797 | 11241955<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | First Lien Term Loan | 10.76% | SOFR | 650 | 12/1/2027 | USD | 18351926 | 18351926 | 15149753<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | Revolver | 10.76% | SOFR | 650 | 12/1/2027 | USD | 3130742 | 2958253 | 2412630<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Voltage Acquisition <br>Corp. | First Lien Term Loan | 8.94% | SOFR | 500 | 12/15/2028 | USD | 23355769 | 23355769 | 23355769<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Voltage Acquisition <br>Corp. | First Lien Term Loan | 8.94% | SOFR | 500 | 1/7/2029 | USD | 14887500 | 14570515 | 14849220<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan BW Borrower L.P. | Delayed Draw | 1.00% |  |  | 7/24/2032 | USD | 4156127 | (41006) | (41561)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan BW Borrower L.P. | First Lien Term Loan | 9.45%, <br>2.88% PIK | SOFR | 525 | 7/24/2032 | USD | 49066321 | 48585003 | 48575658<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan BW Borrower L.P. | Revolver | 0.50% |  |  | 7/24/2032 | USD | 7675631 | (74743) | (76756)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Totnatech, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 10/8/2030 | USD | 46695513 | 46082953 | 46033598<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPC Engineering Holdings, Inc. | First Lien Term Loan | 9.76% | SOFR | 550 | 2/16/2027 | USD | 56386 | 55946 | 56135<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPC Wire & Cable Corp. | First Lien Term Loan | 9.76% | SOFR | 550 | 2/16/2027 | USD | 653373 | 646204 | 650468<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 1.00% |  |  | 2/13/2030 | USD | 1920000 | (22440) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 8.89% | SOFR | 475 | 2/13/2030 | USD | 52114188 | 51399942 | 52114188<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 8.89% | SOFR | 475 | 2/13/2030 | USD | 8761480 | 1056944 | 1173194<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 8.89% | SOFR | 475 | 2/13/2031 | USD | 3428148 | 2132280 | 2194015<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 8.89% | SOFR | 475 | 2/13/2031 | USD | 31631094 | 31032940 | 31631094<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 1.00% |  |  | 2/13/2031 | USD | 2366857 | (23198) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 0.50% |  |  | 2/13/2031 | USD | 2683542 | 857 | (603)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 9.91% | SOFR | 575 | 2/13/2032 | USD | 30878934 | $11835739 | $11986019<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 1.00% |  |  | 2/13/2032 | USD | 17130010 | (173021) | (43927)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 9.89% | SOFR | 575 | 2/13/2032 | USD | 18617986 | 18775436 | 18617986<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 8.89% | SOFR | 475 | 2/13/2032 | USD | 27838570 | 27761339 | 27826578<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Delayed Draw | 8.31% | SOFR | 425 | 8/6/2031 | USD | 1198000 | 268503 | 279533<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Delayed Draw | 8.29% | SOFR | 425 | 8/6/2031 | USD | 1395348 | 1019111 | 1032010<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Delayed Draw | 1.00% |  |  | 8/6/2031 | USD | 1513777 | (12728) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | First Lien Term Loan | 8.81% | SOFR | 450 | 8/6/2031 | USD | 3406880 | 3376888 | 3406880<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Revolver | 0.50% |  |  | 8/6/2031 | USD | 2834016 | (23849) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | First Lien Term Loan | 9.45% | SOFR | 525 | 4/3/2026 | USD | 22547581 | 22215910 | 22268565<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | Revolver | 0.50% |  |  | 4/3/2026 | USD | 2319369 | (11597) | (28701)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 5/1/2034 | USD | 1084758 | 1077033 | 1071335<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw | 9.57% | SOFR | 525 | 6/21/2031 | USD | 18089688 | 4116020 | 4115405<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTAC Group | First Lien Term Loan | 8.15% | EURIBOR | 625 | 9/29/2027 | EUR | 1323003 | 1604268 | 1516752<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valence Surface Technologies | Delayed Draw | 11.13% | SOFR | 700 | 6/13/2031 | USD | 452681 | 442946 | 442496<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valence Surface Technologies | Delayed Draw | 1.00% |  |  | 6/13/2031 | USD | 679022 | (14816) | (15278)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valence Surface Technologies | First Lien Term Loan | 12.15%, 6.50% PIK | SOFR | 825 | 6/13/2031 | USD | 3867059 | 3785443 | 3780050<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Delayed Draw | 8.91% | SOFR | 475 | 7/24/2031 | USD | 5538461 | 2959049 | 2984605<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Delayed Draw | 8.89% | SOFR | 475 | 7/24/2031 | USD | 19427605 | 10374657 | 10469278<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | First Lien Term Loan | 8.91% | SOFR | 475 | 7/24/2031 | USD | 58282803 | 57756860 | 58023651<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Revolver | 0.50% |  |  | 7/24/2031 | USD | 8822021 | (75626) | (39226)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | Delayed Draw | 1.00% |  |  | 7/19/2032 | USD | 7633588 | (75424) | (76336)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | First Lien Term Loan | 9.08% | SOFR | 475 | 7/19/2032 | USD | 37277353 | 36910977 | 36904580<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRS Buyer, Inc. | Revolver | 0.50% |  |  | 7/19/2032 | USD | 5089059 | (49671) | (50891)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | Delayed Draw | 8.85% | SOFR | 475 | 3/31/2027 | USD | 5922224 | 2089878 | 2113065<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | First Lien Term Loan | 8.85% | SOFR | 475 | 3/31/2027 | USD | 6847096 | 6787536 | 6799523<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | First Lien Term Loan | 7.52% | CORRA | 475 | 3/31/2027 | CAD | 6386124 | 4695239 | 4556840<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Werner FinCo, Inc. | First Lien Term Loan | 9.52% | SOFR | 550 | 6/16/2031 | USD | 7023061 | 6921565 | 6919996<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | Delayed Draw | 1.00% |  |  | 5/20/2032 | USD | 5325502 | (20959) | (19971)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 5/20/2032 | USD | 21587778 | 21640968 | 21641748<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 5/20/2032 | USD | 1325940 | 1316368 | 1329255<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Star Aviation Acquisition, LLC | Revolver | 8.66% | SOFR | 450 | 5/20/2032 | USD | 3550335 | $725875 | $725964<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeppelin US Buyer Inc. | Delayed Draw | 1.00% |  |  | 8/2/2032 | USD | 310152 | (3065) | (3102)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeppelin US Buyer Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 8/2/2032 | USD | 1013164 | 1003200 | 1003032<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeppelin US Buyer Inc. | Revolver | 8.91% | SOFR | 475 | 8/2/2032 | USD | 159811 | 55513 | 55478<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | Revolver | 0.50% |  |  | 2/28/2030 | USD | 2181276 | (23429) | (3589)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | Delayed Draw | 9.50% | SOFR | 550 | 2/28/2031 | USD | 2908367 | 1433167 | 1449399<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 2/28/2031 | USD | 9947193 | 9902497 | 9930830<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone Climate Services, Inc. | Delayed Draw | 10.15% | SOFR | 600 | 3/9/2028 | USD | 5322651 | 1818417 | 1851685<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone Climate Services, Inc. | Revolver | 10.15% | SOFR | 600 | 3/9/2028 | USD | 1064532 | 999388 | 995920<br><sup>1,3,4,5,6</sup> |
|  |  |  |  |  |  |  |  | **3113308672** | **3103004465**  |
| &nbsp;&nbsp;&nbsp; **Materials — 1.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcrete LLC | Delayed Draw | 1.00% |  |  | 6/10/2030 | USD | 2799000 | (47493) | (45174)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcrete LLC | First Lien Term Loan | 10.75% | SOFR | 675 | 6/10/2030 | USD | 5477000 | 5385543 | 5388604<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcrete LLC | Revolver | 10.75% | SOFR | 675 | 6/10/2030 | USD | 974000 | 166565 | 166906<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Acquisition Corp. | First Lien Term Loan | 10.32% | SOFR | 600 | 11/30/2026 | USD | 54216666 | 53920890 | 28463750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Acquisition Corp. | Revolver | 10.32% | SOFR | 600 | 11/30/2026 | USD | 475868 | 379980 | 153943<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | Delayed Draw | 1.00% |  |  | 3/1/2032 | USD | 5274098 | (50734) | (49836)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 3/1/2032 | USD | 20583631 | 20389553 | 20389131<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | Revolver | 0.50% |  |  | 3/1/2032 | USD | 3735819 | (34480) | (35301)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Adhesives Holdings, LLC | Revolver | 0.50% |  |  | 4/11/2031 | USD | 702006 | (6480) | (6791)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Adhesives Holdings, LLC | Delayed Draw | 1.00% |  |  | 4/12/2032 | USD | 1350983 | (13070) | (13069)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AP Adhesives Holdings, LLC | First Lien Term Loan | 8.80% | SOFR | 475 | 4/12/2032 | USD | 4052950 | 4014376 | 4013743<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Plastics, LLC | Delayed Draw | 1.00% |  |  | 8/12/2030 | USD | 1046139 | (10031) | (4338)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurora Plastics, LLC | First Lien Term Loan | 8.98% | SOFR | 475 | 8/12/2030 | USD | 4449584 | 4407919 | 4431135<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulab Holdings, Inc. | Delayed Draw | 1.00% |  |  | 7/1/2032 | USD | 5214878 | (51394) | (52149)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulab Holdings, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 7/1/2032 | USD | 22535723 | 22315100 | 22310366<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulab Holdings, Inc. | First Lien Term Loan | 6.66% | EURIBOR | 475 | 7/1/2032 | EUR | 3653518 | 4231438 | 4246282<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bulab Holdings, Inc. | Revolver | 0.50% |  |  | 7/1/2032 | USD | 5189339 | (50365) | (51893)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capripack Debtco PLC | First Lien Term Loan | 7.75%, 2.50% PIK | EURIBOR | 575 | 11/23/2029 | EUR | 46443160 | 54434083 | 54540380<br><sup>1,3,4,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | Revolver | 0.50% |  |  | 10/2/2029 | USD | 2439024 | (48781) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 10/2/2030 | USD | 17309878 | 17030894 | 17309878<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cold Chain Technologies, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 7/2/2026 | USD | 5735895 | 5690892 | 5727608<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Delayed Draw | 9.00% | SOFR | 500 | 6/13/2031 | USD | 8657443 | 5350496 | 5338223<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Delayed Draw | 1.00% |  |  | 6/13/2031 | USD | 375940 |  | (3552)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | First Lien Term Loan | 9.00% | SOFR | 500 | 6/13/2031 | USD | 47769936 | 47422459 | 47318544<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Materials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Revolver | 1.00% |  |  | 6/13/2031 | USD | 1957756 | $(13714) | $(18499)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Revolver | 0.50% |  |  | 6/13/2031 | USD | 375940 | (2395) | (3552)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | Delayed Draw | 1.00% |  |  | 1/10/2029 | USD | 755279 | (6808) | (3358)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | First Lien Term Loan | 8.71% | SOFR | 475 | 1/10/2029 | USD | 4568554 | 4509120 | 4548240<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | Revolver | 8.71% | SOFR | 475 | 1/10/2029 | USD | 786749 | 407377 | 413479<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 11/15/2030 | USD | 3337500 | 3293012 | 3210226<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Holdings, Inc. | Revolver | 0.50% |  |  | 11/15/2030 | USD | 666667 | (8565) | (25423)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Delayed Draw | 9.56% | SOFR | 525 | 5/23/2028 | USD | 4912500 | 4814250 | 4912500<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 5/23/2028 | USD | 24500000 | 2881974 | 3103333<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 5/23/2028 | USD | 25082812 | 24802116 | 25082812<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Revolver | 0.50% |  |  | 5/23/2028 | USD | 2000000 |  | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | Delayed Draw | 1.00% |  |  | 12/17/2030 | USD | 5117846 | (59882) | (61162)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 12/17/2030 | USD | 18841347 | 18629483 | 18616180<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | Revolver | 0.50% |  |  | 12/17/2030 | USD | 1279461 | (13927) | (15290)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubricant Engineers Holding Corp. | Delayed Draw | 9.42% | SOFR | 525 | 9/1/2029 | USD | 1067774 | 644020 | 649263<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubricant Engineers Holding Corp. | First Lien Term Loan | 9.42% | SOFR | 525 | 9/1/2029 | USD | 1681743 | 1666282 | 1674265<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lubricant Engineers Holding Corp. | Revolver | 0.50% |  |  | 9/1/2029 | USD | 266943 | (2407) | (1187)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | Delayed Draw | 1.00% |  |  | 3/26/2031 | USD | 9911323 | (135118) | 481478<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | First Lien Term Loan | 9.66% | SOFR | 550 | 3/26/2031 | USD | 8977856 | 8864335 | 8910090<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | First Lien Term Loan | 7.41% | EURIBOR | 550 | 3/26/2031 | EUR | 16440250 | 17618795 | 19154914<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | Revolver | 9.66% | SOFR | 550 | 3/26/2031 | USD | 2612500 | 1614325 | 1626155<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | Revolver | 7.63% | EURIBOR | 550 | 3/26/2031 | EUR | 1196002 | 473620 | 577032<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Star Metals Inc. | First Lien Term Loan | 10.25% | SOFR | 625 | 3/14/2030 | USD | 29021500 | 27678249 | 27693530<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oliver Packaging, LLC | First Lien Term Loan | 10.15%, 1.00% PIK | SOFR | 600 | 7/6/2028 | USD | 8998016 | 8909894 | 8702150<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oliver Packaging, LLC | Revolver | 10.15%, 1.00% PIK | SOFR | 600 | 7/6/2028 | USD | 1269841 | 374781 | 335866<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Buyer, Inc. | Revolver | 8.51% | SOFR | 435 | 6/30/2026 | USD | 2352941 | 823533 | 823529<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Buyer, Inc. | First Lien Term Loan | 8.51% | SOFR | 435 | 6/30/2028 | USD | 25567856 | 25320902 | 25567856<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimum Group | First Lien Term Loan | 7.65% | EURIBOR | 575 | 6/16/2028 | EUR | 12701000 | 13680400 | 14471500<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PaperWorks Industries, Inc. | First Lien Term Loan | 10.25% | SOFR | 625 | 6/30/2029 | USD | 10750000 | 10616133 | 10642500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | Delayed Draw | 1.00% |  |  | 11/22/2029 | USD | 842866 | (37451) | (39782)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | First Lien Term Loan | 10.67% | SOFR | 650 | 11/22/2029 | USD | 13384717 | 12782302 | 12752972<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | Revolver | 13.00% | PRIME | 550 | 11/22/2029 | USD | 1685734 | 725665 | 721158<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaskolite PPC Intermediate II LLC | Revolver | 11.09% | SOFR | 700 | 2/7/2030 | USD | 1355789 | 151051 | 158923<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaskolite PPC Intermediate II LLC | First Lien Term Loan | 11.09% | SOFR | 700 | 5/9/2030 | USD | 17999437 | 17532164 | 17639448<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Materials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Concepts Parent, Inc. | Delayed Draw | 1.00% |  |  | 8/2/2032 | USD | 565083 | $(5585) | $(5651)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Concepts Parent, Inc. | First Lien Term Loan | 8.95% | SOFR | 475 | 8/2/2032 | USD | 1662545 | 1646204 | 1645919<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Concepts Parent, Inc. | Revolver | 0.50% |  |  | 8/2/2032 | USD | 305905 | (2987) | (3059)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reagent Chemical Research, Inc. | Revolver | 0.50% |  |  | 4/30/2030 | USD | 583000 | (8968) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reagent Chemical Research, Inc. | First Lien Term Loan | 9.41% | SOFR | 525 | 4/30/2031 | USD | 3593590 | 3532373 | 3593590<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rohrer Corporation | First Lien Term Loan | 9.11% | SOFR | 500 | 3/15/2027 | USD | 11697085 | 11646159 | 11697085<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SePro Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/26/2030 | USD | 5416667 | (48969) | (91831)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SePro Holdings, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 7/26/2030 | USD | 37632292 | 37312482 | 36994295<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterilex LLC | Delayed Draw | 1.00% |  |  | 9/19/2030 | USD | 159070 | (1982) | (1988)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterilex LLC | First Lien Term Loan | 7.77% | SOFR | 375 | 9/19/2030 | USD | 646284 | 638248 | 638205<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sterilex LLC | Revolver | 7.77% | SOFR | 375 | 9/19/2030 | USD | 1000 | 488 | 488<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STS Holding, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 11/12/2030 | USD | 24097222 | 23883040 | 23977409<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | Delayed Draw | 11.26% | SOFR | 700 | 6/16/2028 | USD | 4419727 | 4265285 | 4508121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | First Lien Term Loan | 11.26% | SOFR | 700 | 6/16/2028 | USD | 10571590 | 10377090 | 10783022<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangent Technologies Acquisition, LLC | First Lien Term Loan | 9.09% | SOFR | 475 | 11/30/2027 | USD | 177098 | 175646 | 176312<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangent Technologies Acquisition, LLC | Second Lien Term Loan | 13.01% | SOFR | 875 | 5/30/2028 | USD | 2500000 | 2500000 | 2500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Delayed Draw | 10.15% | SOFR | 600 | 12/31/2026 | USD | 5096966 | 5033221 | 5096966<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | First Lien Term Loan | 10.15% | SOFR | 600 | 12/31/2026 | USD | 18943215 | 18706158 | 18943215<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Revolver | 10.15% | SOFR | 600 | 12/31/2026 | USD | 1000000 | 333333 | 333333<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Revolver | 0.50% |  |  | 12/31/2026 | USD | 1555556 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V Global Holdings LLC | Revolver | 10.01% | SOFR | 575 | 12/22/2025 | USD | 13733272 | 12554165 | 12034791<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vantage Specialty Chemicals, Inc. | Revolver | 10.41% | SOFR | 625 | 2/28/2029 | USD | 398010 | 47513 | 47263<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vantage Specialty Chemicals, Inc. | First Lien Term Loan | 10.25% | SOFR | 625 | 8/29/2029 | USD | 4601990 | 4488976 | 4486940<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W S Connelly Co, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 5/24/2030 | USD | 1086315 | 428490 | 444022<br><sup>1,3,4,5,6</sup> |
|  |  |  |  |  |  |  |  | **590861256** | **569635983** |
| &nbsp;&nbsp;&nbsp; **Real Estate — 1.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 11.08% | SOFR | 650 | 7/2/2028 | USD | 6322647 | 2396608 | 2336686<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 11.00% | SOFR | 650 | 7/2/2028 | USD | 20161290 | 1967949 | 1814517<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 1.00% |  |  | 7/2/2028 | USD | 1693549 |  | (16936)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | First Lien Term Loan | 11.08% | SOFR | 650 | 7/2/2028 | USD | 52666150 | 52633467 | 52139489<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | First Lien Term Loan | 11.00% | SOFR | 650 | 7/2/2028 | USD | 15129709 | 15093272 | 14978412<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Revolver | 11.09% | SOFR | 650 | 7/2/2028 | USD | 5072584 | 2020820 | 1972774<br><sup>1,3,4,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Real Estate (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 11/3/2029 | USD | 9850000 | $9653898 | $9807069<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower LLC | Revolver | 9.73% | SOFR | 550 | 11/3/2029 | USD | 1250000 | 207981 | 219551<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chirisa Volo LLC | Delayed Draw | 10.39% | SOFR | 625 | 12/4/2027 | USD | 40390000 | 39032642 | 38910013<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, Inc. | Delayed Draw | 1.00% |  |  | 9/26/2030 | USD | 2078814 | (23850) | (90890)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/26/2030 | USD | 6478292 | 6407825 | 6195047<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, Inc. | Revolver | 0.50% |  |  | 9/26/2030 | USD | 1247288 | (13003) | (54534)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | Revolver | 0.50% |  |  | 12/1/2027 | USD | 3095975 | (31998) | (3315)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | Delayed Draw | 1.00% |  |  | 12/1/2028 | USD | 16904025 | (126753) | (18101)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | First Lien Term Loan | 9.01% | SOFR | 475 | 12/1/2028 | USD | 20083687 | 19832123 | 20062181<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | Revolver | 0.50% |  |  | 12/1/2028 | USD | 4237288 | (10593) | (4537)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolis Technologies, Inc. | First Lien Term Loan | 10.26% | SOFR | 600 | 5/16/2031 | USD | 28969602 | 28720723 | 28824754<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Delayed Draw | 8.75% | SOFR | 475 | 2/10/2027 | USD | 42641337 | 42631373 | 42641337<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 2/10/2027 | USD | 79999512 | 79759545 | 79999512<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Revolver | 8.91% | SOFR | 475 | 2/10/2027 | USD | 1090900 | 824614 | 828905<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Revolver | 8.75% | SOFR | 475 | 2/10/2027 | USD | 12909889 | 1039444 | 1097597<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Revolver | 0.50% |  |  | 2/10/2027 | USD | 3961710 | (366) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 2/10/2028 | USD | 9015366 | 9015366 | 9015366<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Revolver | 8.75% | SOFR | 475 | 2/10/2028 | USD | 909100 | 50506 | 50506<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odevo AB | Delayed Draw | 1.00% |  |  | 12/31/2030 | EUR | 1676210 | (19518) | (17601)<sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Property Company | First Lien Term Loan | 9.41% | SOFR | 525 | 2/2/2029 | USD | 19600000 | 19350223 | 19600000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | Delayed Draw | 8.50% | SOFR | 450 | 9/15/2028 | USD | 3545471 | 3489602 | 3510017<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 9/15/2028 | USD | 37855013 | 37591655 | 37476463<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | Revolver | 0.50% |  |  | 9/15/2028 | USD | 6862449 | (64782) | (68625)<sup>1,2,3,5</sup> |
|  |  |  |  |  |  |  |  | **371428773** | **371205657**  |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology — 21.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3Si Security Systems, Inc. | First Lien Term Loan | 10.09% | SOFR | 600 | 12/16/2026 | USD | 9536816 | $9456519 | $9470556<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abracon Group Holding, LLC | First Lien Term Loan | 10.97%, 4.60% PIK | SOFR | 660 | 7/6/2028 | USD | 40163229 | 39718348 | 31043355<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abracon Group Holding, LLC | Revolver | 10.97%, 4.60% PIK | SOFR | 660 | 7/6/2028 | USD | 2686431 | 2634507 | 2076422<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abracon Group Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/6/2028 | USD | 2857068 |  | (648755)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 9.27% | SOFR | 500 | 12/31/2030 | USD | 1971015 | 1948537 | 1947459<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 9.00% | SOFR | 500 | 12/31/2030 | USD | 1971015 | 1287934 | 1287170<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 12/31/2030 | USD | 2956521 | (35373) | (35331)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 12/31/2030 | USD | 6389783 | 6317464 | 6313421<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Revolver | 0.50% |  |  | 12/31/2030 | USD | 985507 | (10802) | (11777)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquia, Inc. | First Lien Term Loan | 10.09% | SOFR | 600 | 10/31/2025 | USD | 5205828 | 5096273 | 5205828<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquia, Inc. | Revolver | 10.11% | SOFR | 600 | 10/31/2025 | USD | 302938 | 302872 | 302938<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumatica Holdings, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 7/28/2032 | USD | 60000000 | 59410586 | 59400000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acumatica Holdings, Inc. | Revolver | 0.50% |  |  | 7/28/2032 | USD | 13330000 | (130007) | (133300)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | Delayed Draw | 1.00% |  |  | 5/8/2030 | USD | 5874422 | (104216) | (14687)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | First Lien Term Loan | 10.75%, 3.38% PIK | SOFR | 675 | 5/8/2030 | USD | 26195580 | 25769119 | 26130091<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | Revolver | 0.50% |  |  | 5/8/2030 | USD | 3705803 | (57237) | (9265)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | Revolver | 0.50% |  |  | 11/25/2031 | USD | 722989 | (13211) | (6994)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | Delayed Draw | 9.50% | SOFR | 550 | 2/25/2032 | USD | 1907145 | 270178 | 284405<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | First Lien Term Loan | 9.75%, 3.00% PIK | SOFR | 575 | 2/25/2032 | USD | 6436355 | 6268100 | 6325650<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | Second Lien Term Loan | 11.50%, 3.50% PIK | SOFR | 750 | 12/3/2031 | USD | 14046339 | 13894870 | 12929821<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | First Lien Term Loan | 11.50%, 3.50% PIK | SOFR | 750 | 12/3/2037 | USD | 10338594 | 10231127 | 10240902<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Technology | First Lien Term Loan | 10.85%, 4.75% PIK | SOFR | 650 | 10/5/2027 | USD | 24873206 | 24604188 | 24469496<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIDC Intermediate Co2, LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 7/22/2027 | USD | 53625000 | 53256999 | 54161250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alegeus Technologies Holdings Corporation | First Lien Term Loan | 10.81% | SOFR | 650 | 11/5/2029 | USD | 52690286 | 51520795 | 51373029<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMI Buyer, Inc. | First Lien Term Loan | 8.90% | SOFR | 500 | 10/17/2031 | USD | 9556419 | 9426921 | 9413073<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMI Buyer, Inc. | Revolver | 0.50% |  |  | 10/17/2031 | USD | 1393508 | (18175) | (20903)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaplan, Inc. | First Lien Term Loan | 8.70% | SOFR | 450 | 6/21/2029 | USD | 24812812 | 24688748 | 24812812<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANS Midco 3 Limited | First Lien Term Loan | 11.34% | SONIA | 737 | 9/8/2027 | GBP | 12578528 | 17055493 | 16129648<br><sup>1,3,4,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Delayed Draw | 9.00% | SOFR | 500 | 3/9/2027 | USD | 6351928 | $4112007 | $4086906<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 3/9/2027 | USD | 21936302 | 21811579 | 21833816<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Revolver | 9.00% | SOFR | 500 | 3/9/2027 | USD | 980000 | 210000 | 205421<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Delayed Draw | 1.00% |  |  | 3/9/2028 | USD | 4850000 | (16096) | (22659)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 3/9/2028 | USD | 2173131 | 2173100 | 2171457<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apryse Software Corp. | First Lien Term Loan | 8.78% | SOFR | 475 | 6/26/2032 | USD | 143137755 | 141744932 | 141706378<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apryse Software Corp. | Revolver | 0.50% |  |  | 6/26/2032 | USD | 11862245 | (114207) | (118622)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Delayed Draw | 9.08% | SOFR | 475 | 1/30/2031 | USD | 74246507 | 54055609 | 54441359<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | First Lien Term Loan | 9.08% | SOFR | 475 | 1/30/2031 | USD | 97832219  | 97120522  | 97832219 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Revolver | 11.25% | PRIME | 375 | 1/30/2031 | USD | 9617228 | 894083 | 960285<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Revolver | 0.50% |  |  | 1/30/2031 | USD | 268052 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcoro Holdings Corp. | First Lien Term Loan | 9.50% | SOFR | 550 | 3/28/2030 | USD | 9928119 | 9767087 | 9597885<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcoro Holdings Corp. | Revolver | 0.50% |  |  | 3/28/2030 | USD | 1956522 | (29768) | (65079)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | Delayed Draw | 8.69% | SOFR | 475 | 11/27/2030 | USD | 2967777 | 627331 | 583107<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/27/2030 | USD | 5032986 | 4943176 | 4864569<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | Revolver | 8.97% | SOFR | 475 | 11/27/2030 | USD | 178080 | 175003 | 172121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | Revolver | 8.74% | SOFR | 475 | 11/27/2030 | USD | 712320 | 165798 | 154244<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | Delayed Draw | 10.71% | SOFR | 625 | 5/25/2028 | USD | 4608696 | 4516522 | 4608696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | First Lien Term Loan | 10.71% | SOFR | 625 | 5/25/2028 | USD | 30724638 | 30398648 | 30724638<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG III, LLC | Delayed Draw | 10.81% | SOFR | 650 | 10/31/2029 | USD | 1333333 | 1304776 | 1320684<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG III, LLC | First Lien Term Loan | 10.81% | SOFR | 650 | 10/31/2029 | USD | 3166667 | 3106841 | 3090750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG III, LLC | Revolver | 0.50% |  |  | 10/31/2029 | USD | 500000 | (8578) | (10737)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATP Intermediate, Inc. | First Lien Term Loan | 12.15% | SOFR | 800 | 6/16/2028 | USD | 14223271 | 14184111 | 13673831<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | Delayed Draw | 1.00% |  |  | 7/12/2031 | USD | 1500000 | (13765) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 7/12/2031 | USD | 3150000 | 3122443 | 3150000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | Revolver | 0.50% |  |  | 7/12/2031 | USD | 600000 | (5007) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | Delayed Draw | 10.16% | SOFR | 600 | 3/26/2031 | USD | 3118000 | 3077835 | 3086820<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | First Lien Term Loan | 10.16% | SOFR | 600 | 3/26/2031 | USD | 1372000 | 1354474 | 1358280<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | Revolver | 0.50% |  |  | 3/26/2031 | USD | 499000 | (5955) | (4990)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, <br>Inc. | Delayed Draw | 10.16% | SOFR | 600 | 3/19/2031 | USD | 7778219 | 7679037 | 7700437<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, <br>Inc. | First Lien Term Loan | 10.16% | SOFR | 600 | 3/19/2031 | USD | 3422416 | 3379225 | 3388192<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, <br>Inc. | Revolver | 0.50% |  |  | 3/19/2031 | USD | 1244515 | (14656) | (12445)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Revolver | 8.75% | SOFR | 475 | 7/9/2030 | USD | 2777778 | $(33225) | $(27778)<sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Delayed Draw | 1.00% |  |  | 7/9/2031 | USD | 6944444 | (95459) | (69444)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 7/9/2031 | USD | 15163194 | 14964651 | 15011563<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Delayed Draw | 1.00% |  |  | 6/30/2032 | USD | 1991879 | (19226) | (19919)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 6/30/2032 | USD | 25559122 | 25310002 | 25303531<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Revolver | 0.50% |  |  | 6/30/2032 | USD | 2523392 | (24342) | (25234)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | Delayed Draw | 9.41% | SOFR | 525 | 12/19/2030 | USD | 2321163 | 2299834 | 2321163<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 12/19/2030 | USD | 4327300 | 4288092 | 4327300<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | Revolver | 0.50% |  |  | 12/19/2030 | USD | 463532 | (4055) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | Delayed Draw | 9.41% | SOFR | 525 | 1/2/2031 | USD | 1873334 | 829372 | 847324<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter Planning Systems, LLC | Delayed Draw | 1.00% |  |  | 5/20/2031 | USD | 457909 | (6220) | (4579)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter Planning Systems, LLC | First Lien Term Loan | 10.56%, 3.38% PIK | SOFR | 625 | 5/20/2031 | USD | 2592849 | 2560625 | 2566921<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter Planning Systems, LLC | Revolver | 0.50% |  |  | 5/20/2031 | USD | 451112 | (5474) | (4511)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Technology | First Lien Term Loan | 9.51% | SOFR | 525 | 10/1/2027 | USD | 24125000 | 23927117 | 24125000<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Technology | Revolver | 9.51% | SOFR | 525 | 10/1/2027 | USD | 2666667 | 866732 | 866667<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Plus Technologies, Inc. | Revolver | 8.49% | SOFR | 450 | 7/1/2027 | USD | 6700000 | 4355000 | 4355000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Plus Technologies, Inc. | First Lien Term Loan | 9.75% | SOFR | 575 | 7/1/2029 | USD | 48750000 | 46175849 | 48750000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bigtime Software, Inc. | First Lien Term Loan | 10.57% | SOFR | 625 | 6/30/2028 | USD | 23317241 | 23027654 | 23317241<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bigtime Software, Inc. | Revolver | 0.50% |  |  | 6/30/2028 | USD | 2327586 | (46552) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks (USA) Inc. | First Lien Term Loan | 9.06% | SOFR | 500 | 8/8/2028 | USD | 5313595 | 5250580 | 5250094<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | First Lien Term Loan | 10.31% | SOFR | 625 | 9/12/2029 | USD | 49903846 | 49183143 | 49779087<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | Revolver | 0.50% |  |  | 9/12/2029 | USD | 4208758 | (86216) | (10521)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | First Lien Term Loan | 9.50% | SOFR | 550 | 7/17/2029 | USD | 41200000 | 40547140 | 40451131<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | Revolver | 0.50% |  |  | 7/17/2029 | USD | 3700000 | (67386) | (67253)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Delayed Draw | 1.00% |  |  | 3/5/2032 | USD | 10925628 | (51133) | (122039)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 3/5/2032 | USD | 101062054 | 100674906 | 99933190<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Revolver | 9.00% | SOFR | 500 | 3/5/2032 | USD | 10925628 | 2017387 | 1950821<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bottomline Technologies, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 5/13/2028 | USD | 9848194 | 9724962 | 9848194<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bottomline Technologies, Inc. | Revolver | 0.50% |  |  | 5/13/2028 | USD | 2079150 |  | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bottomline Technologies, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 5/13/2029 | USD | 23443607 | 23359681 | 23443607<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 8/2/2027 | USD | 7725288 | 7581747 | 7725288<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Delayed Draw | 1.00% |  |  | 8/2/2027 | USD | 865733 | (22052) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 8/2/2027 | USD | 10448500 | 10369486 | 10448500<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Revolver | 0.50% |  |  | 8/2/2027 | USD | 1800000 | $— | $—<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Delayed Draw | 8.91% | SOFR | 475 | 8/2/2029 | USD | 5150192 | 5150192 | 5150192<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Delayed Draw | 1.00% |  |  | 8/2/2029 | USD | 9875392 | (48934) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | First Lien Term Loan | 8.91% | SOFR | 475 | 8/2/2029 | USD | 6965667 | 6965667 | 6965667<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Revolver | 0.50% |  |  | 8/2/2029 | USD | 3175078 | (9699) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP-FL Holdings, Inc. | Delayed Draw | 1.00% |  |  | 12/9/2030 | USD | 3540230 | (41344) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP-FL Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 12/9/2030 | USD | 7925690 | 7836824 | 7840222<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP-FL Holdings, Inc. | Revolver | 8.92% | SOFR | 475 | 12/9/2030 | USD | 1327587 | 118368 | 132759<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Delayed Draw | 6.90% | EURIBOR | 500 | 9/30/2026 | EUR | 35000000 | 38039960 | 41089458<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | First Lien Term Loan | 6.90% | EURIBOR | 500 | 9/30/2026 | EUR | 28927500 | 31327679 | 33960437<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Delayed Draw | 9.16% | SOFR | 500 | 10/1/2029 | USD | 37894737 | 34836222 | 34989474<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | First Lien Term Loan | 8.97% | SONIA | 500 | 10/1/2029 | GBP | 25000000 | 31258824 | 33473242<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Revolver | 9.16% | SOFR | 500 | 10/1/2029 | USD | 2105263 | 272855 | 280702<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BusinesSolver.com, Inc. | Delayed Draw | 9.60% | SOFR | 550 | 12/1/2027 | USD | 2451635 | 1477072 | 1493106<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BusinesSolver.com, Inc. | First Lien Term Loan | 9.60% | SOFR | 550 | 12/1/2027 | USD | 12141916 | 12046256 | 12141916<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By Light Professional IT Services LLC | First Lien Term Loan | 9.66% | SOFR | 550 | 7/15/2031 | USD | 29494564 | 29232987 | 29124775<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By Light Professional IT Services LLC | Revolver | 0.50% |  |  | 7/15/2031 | USD | 2234436 | (19638) | (33600)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 7/1/2031 | USD | 4613619 | 874874 | 905294<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 7/1/2031 | USD | 22050893 | 21858929 | 21995766<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | Revolver | 0.50% |  |  | 7/1/2031 | USD | 2299234 | (18962) | (5748)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEB Acquisitionco, LLC | First Lien Term Loan | 9.77% | SOFR | 550 | 12/21/2027 | USD | 4912500 | 4860103 | 4652209<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centegix Intermediate II, LLC | Delayed Draw | 1.00% |  |  | 8/19/2032 | USD | 3000000 | (29758) | (30000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centegix Intermediate II, LLC | First Lien Term Loan | 9.69% | SOFR | 550 | 8/19/2032 | USD | 10200000 | 10099153 | 10098000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centegix Intermediate II, LLC | Revolver | 0.50% |  |  | 8/19/2032 | USD | 1800000 | (17706) | (18000)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certinia Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 11/18/2031 | USD | 1442812 | 1429653 | 1457240<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Newco, Inc. | First Lien Term Loan | 10.14% | SOFR | 625 | 12/10/2029 | USD | 10382273 | 10291542 | 10278450<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Newco, Inc. | Revolver | 10.14% | SOFR | 625 | 12/10/2029 | USD | 810798 | 561901 | 559451<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Intermediate, LLC | Delayed Draw | 9.06% | SOFR | 475 | 10/30/2028 | USD | 64711642  | 45002349  | 45789869 <br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Intermediate, LLC | Revolver | 9.06% | SOFR | 475 | 10/30/2028 | USD | 2250000 | 625000 | 614474<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleo Communications Holding, <br>LLC | First Lien Term Loan | 9.76% | SOFR | 550 | 6/7/2027 | USD | 12699250 | 12572257 | 12699250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleo Communications Holding, <br>LLC | Revolver | 0.50% |  |  | 6/7/2027 | USD | 2140000 | (21400) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | Delayed Draw | 8.50% | SOFR | 450 | 12/27/2031 | USD | 3560861 | 820857 | 838774<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 12/27/2031 | USD | 8189980 | 8114161 | 8153563<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | Revolver | 0.50% |  |  | 12/27/2031 | USD | 1424344 | (12826) | (6333)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | Delayed Draw | 1.00% |  |  | 4/11/2032 | USD | 9744083 | (97440) | (45151)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | First Lien Term Loan | 9.05% | SOFR | 475 | 4/11/2032 | USD | 67721374 | 67075848 | 67407422<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | First Lien Term Loan | 6.75% | EURIBOR | 475 | 4/11/2032 | EUR | 43848371 | 49438807 | 51238663<br><sup>1,3,4,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | Revolver | 0.50% |  |  | 4/11/2032 | USD | 14616124 | $(136809) | $(67760)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Buyer, LLC | Revolver | 0.50% |  |  | 10/10/2029 | USD | 3000000 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Buyer, LLC | First Lien Term Loan | 10.06% | SOFR | 600 | 10/10/2030 | USD | 25921875 | 25408971 | 26181094<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corel Corporation | First Lien Term Loan | 9.30% | SOFR | 500 | 7/2/2026 | USD | 3932553 | 3822650 | 3767877<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II, LLC | Delayed Draw | 10.00% | SOFR | 600 | 4/16/2030 | USD | 10000001 | 6492731 | 6778120<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/27/2029 | USD | 4018297 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 2/27/2029 | USD | 24030560 | 23531371 | 24030560<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Revolver | 0.50% |  |  | 2/27/2029 | USD | 3076772 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 2/27/2030 | USD | 20524322 | 20524322 | 20524322<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | First Lien Term Loan | 10.91% | SOFR | 675 | 11/8/2030 | USD | 51724937 | 50680610 | 51236175<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2030 | USD | 5222499 | (95961) | (49349)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyara AcquisitionCo, LLC | First Lien Term Loan | 10.25%, 2.25% PIK | SOFR | 625 | 6/28/2029 | USD | 3023362 | 3000232 | 3023362<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | Delayed Draw | 1.00% |  |  | 1/3/2031 | USD | 12409561 | (62024) | (85507)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | First Lien Term Loan | 8.59% | SOFR | 450 | 1/3/2031 | USD | 55759175 | 55503612 | 55374969<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataLink, LLC | First Lien Term Loan | 13.71% | SOFR | 725 | 11/20/2026 | USD | 5961996 | 5857580 | 851559<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataLink, LLC | Revolver | 0.50% |  |  | 11/20/2026 | USD | 846774 |  | (725828)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCert Buyer, Inc. | Second Lien Term Loan | 11.16% | SOFR | 700 | 2/24/2029 | USD | 12500000 | 12468769 | 11058885<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco Ltd. | Delayed Draw | 1.00% |  |  | 9/5/2031 | GBP | 2782931 | 1707735 | 1679352<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco Ltd. | First Lien Term Loan | 8.97% | SONIA | 500 | 9/5/2031 | GBP | 12372356 | 16723145 | 15399115<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Acquisition, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 9/24/2032 | USD | 25053422 | 357892 | 357590<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Acquisition, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 9/24/2032 | USD | 95186717 | 94711713 | 94710783<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Acquisition, Inc. | Revolver | 8.66% | SOFR | 450 | 9/24/2032 | USD | 16702281 | 2611395 | 2611171<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicert, Inc. | First Lien Term Loan | 9.91% | SOFR | 575 | 7/10/2030 | USD | 6331418 | 6237238 | 6236447<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Delayed Draw | 9.20% | SOFR | 500 | 8/4/2030 | USD | 869216 | 853600 | 863960<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Delayed Draw | 1.00% |  |  | 8/4/2030 | USD | 4158222 | (24212) | (25146)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | First Lien Term Loan | 9.20% | SOFR | 500 | 8/4/2030 | USD | 22367644 | 22190865 | 22232378<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Revolver | 9.20% | SOFR | 500 | 8/4/2030 | USD | 2104917 | 228753 | 228297<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Buyer, L.P. | Delayed Draw | 1.00% |  |  | 2/6/2032 | USD | 30182927 | (288021) | (526804)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Buyer, L.P. | First Lien Term Loan | 9.25% | SOFR | 500 | 2/6/2032 | USD | 52317073 | 51828432 | 51403946<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Buyer, L.P. | Revolver | 0.50% |  |  | 2/6/2032 | USD | 7500000 | (68153) | (130903)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLRdmv LLC | Delayed Draw | 1.00% |  |  | 5/8/2032 | USD | 941176 | (9154) | (9412)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLRdmv LLC | First Lien Term Loan | 9.47% | SOFR | 525 | 5/8/2032 | USD | 7058824 | 6991011 | 6988235<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DLRdmv LLC | Revolver | 0.50% |  |  | 5/8/2032 | USD | 941176 | (8889) | (9412)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DriveCentric Holdings, LLC | Delayed Draw | 1.00% |  |  | 8/15/2031 | USD | 17912273 | (176310) | (179123)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DriveCentric Holdings, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 8/15/2031 | USD | 17912273 | 17737433 | 17733150<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Intermediate Holdco | Delayed Draw | 9.16% | SOFR | 500 | 2/24/2028 | USD | 8489450 | 2654942 | 2709621<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Revolver | 0.50% |  |  | 12/30/2030 | USD | 465517 | (4389) | (4655)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Delayed Draw | 9.16% | SOFR | 500 | 12/30/2031 | USD | 3103448 | (8077) | (8844)<sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Delayed Draw | 1.00% |  |  | 12/30/2031 | USD | 2726133 | (25925) | (23636)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | First Lien Term Loan | 9.16% | SOFR | 500 | 12/30/2031 | USD | 8700042 | 8619059 | 8623374<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Revolver | 0.50% |  |  | 12/30/2031 | USD | 1090453 | $(9823) | $(9454)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durare Bidco, LLC | Delayed Draw | 1.00% |  |  | 8/9/2032 | USD | 1893939 | (18741) | (18939)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durare Bidco, LLC | First Lien Term Loan | 8.99% | SOFR | 475 | 8/9/2032 | USD | 7196970 | 7126077 | 7125000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durare Bidco, LLC | Revolver | 0.50% |  |  | 8/9/2032 | USD | 909091 | (8901) | (9091)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagan Parent, Inc. | Delayed Draw | 1.00% |  |  | 9/8/2032 | USD | 4323870 | (21569) | (21619)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagan Parent, Inc. | First Lien Term Loan | 8.63% | SOFR | 450 | 9/8/2032 | USD | 17295481 | 17209149 | 17209003<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagan Parent, Inc. | Revolver | 0.50% |  |  | 9/8/2032 | USD | 2306064 | (11503) | (11530)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 6.85% | EURIBOR | 475 | 6/12/2028 | EUR | 22056275 | 25460484 | 25460484<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | Delayed Draw | 10.27% | SONIA | 630 | 12/19/2030 | GBP | 16121461 | 19930645 | 21373181<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 9.15% | NIBOR | 475 | 12/19/2030 | NOK | 130136830 | 11351687 | 12856468<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 8.92% | SOFR | 475 | 12/19/2030 | USD | 25320696 | 24982534 | 24963484<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 6.79% | EURIBOR | 470 | 12/19/2030 | EUR | 41519532 | 42800382 | 48052830<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | Delayed Draw | 1.00% |  |  | 9/6/2031 | USD | 10375688 | (96706) | (25373)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | First Lien Term Loan | 8.55% | SOFR | 450 | 9/6/2031 | USD | 61216556 | 60672834 | 61066858<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | Revolver | 1.00% |  |  | 9/6/2031 | USD | 84759 | (702) | (207)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | Revolver | 0.50% |  |  | 9/6/2031 | USD | 4189944 | (35622) | (10246)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edmunds GovTech, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 2/26/2031 | USD | 10706072 | 1445425 | 1741703<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edmunds GovTech, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 2/26/2031 | USD | 9216071 | 9063220 | 9308232<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | First Lien Term Loan | 10.83% | SOFR | 650 | 1/22/2031 | USD | 53330776 | 52351811 | 52281390<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | Revolver | 0.50% |  |  | 1/22/2031 | USD | 5508560 | (97725) | (108392)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emburse, Inc. | Delayed Draw | 1.00% |  |  | 5/28/2032 | USD | 7072368 | (26970) | (17681)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emburse, Inc. | First Lien Term Loan | 8.25% | SOFR | 425 | 5/28/2032 | USD | 39605263 | 39455797 | 39506250<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emburse, Inc. | Revolver | 0.50% |  |  | 5/28/2032 | USD | 7072368 | (26391) | (17681)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | Delayed Draw | 1.00% |  |  | 11/26/2031 | USD | 4976959 | (46971) | (9681)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 11/26/2031 | USD | 12442396 | 12328260 | 12418195<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | Revolver | 0.50% |  |  | 11/26/2031 | USD | 1866359 | (16600) | (3630)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Delayed Draw | 1.00% |  |  | 12/22/2029 | USD | 35652 | (458) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 12/22/2029 | USD | 2755760 | 2724035 | 2755760<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Revolver | 9.66% | SOFR | 550 | 12/22/2029 | USD | 204728 | 102369 | 104542<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Delayed Draw | 9.66% | SOFR | 550 | 12/31/2029 | USD | 2739456 | 1621378 | 1663332<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 12/31/2029 | USD | 81809207 | 80712994 | 81809207<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Revolver | 9.66% | SOFR | 550 | 12/31/2029 | USD | 6137599 | 3939429 | 4015814<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | Revolver | 0.50% |  |  | 9/11/2027 | USD | 2142857 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | Delayed Draw | 8.65% | SOFR | 450 | 3/11/2028 | USD | 7917254 | 5347677 | 5426183<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | First Lien Term Loan | 8.65% | SOFR | 450 | 3/11/2028 | USD | 15372976 | 15221165 | 15372975<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | Delayed Draw | 1.00% |  |  | 3/25/2032 | USD | 2830865 | (41078) | (42463)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | First Lien Term Loan | 9.75% | SOFR | 575 | 3/25/2032 | USD | 10252639 | 10106367 | 10098850<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | Revolver | 0.50% |  |  | 3/25/2032 | USD | 1258162 | (17646) | (18872)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | Delayed Draw | 10.54%, 3.50% PIK | SOFR | 650 | 12/13/2030 | USD | 840710 | 270286 | 278019<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | First Lien Term Loan | 10.54%, 3.50% PIK | SOFR | 650 | 12/13/2030 | USD | 3680078 | 3582052 | 3614392<br><sup>1,3,4,5,6,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | Revolver | 0.50% |  |  | 12/13/2030 | USD | 268370 | $(2332) | $—<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exterro LLC | Delayed Draw | 1.00% |  |  | 6/1/2027 | USD | 6057692 | (15475) | (15144)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exterro LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 6/1/2027 | USD | 18942308 | 18819896 | 18816026<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 6/30/2030 | USD | 13650000 | 13584412 | 13588184<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | Revolver | 0.50% |  |  | 6/30/2030 | USD | 2500000 | (11883) | (11322)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | Delayed Draw | 1.00% |  |  | 12/15/2030 | USD | 17380000 | (227285) | (78708)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/15/2030 | USD | 30199751 | 29831578 | 30062986<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | First Lien Term Loan | 11.29% | SOFR | 725 | 9/13/2029 | USD | 29689576 | 29238589 | 29986471<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | First Lien Term Loan | 11.29% | SOFR | 725 | 9/13/2029 | USD | 5998945 | 5998945 | 6058935<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | Revolver | 11.29% | SOFR | 725 | 9/13/2029 | USD | 1820183 | 689702 | 690807<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | Revolver | 0.50% |  |  | 9/13/2029 | USD | 6864661 | (137293) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FL Hawk Intermediate Holdings, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 2/22/2030 | USD | 4893517 | 4851488 | 4893517<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software LLC | First Lien Term Loan | 8.96% | SOFR | 475 | 8/15/2032 | USD | 124920829 | 124612265 | 124608527<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software LLC | First Lien Term Loan | 6.63% | EURIBOR | 475 | 8/15/2032 | EUR | 39682058 | 46187709 | 46469656<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flexera Software LLC | Revolver | 0.50% |  |  | 8/15/2032 | USD | 9677111 | (24710) | (24193)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Enterprises LLC | Delayed Draw | 1.00% |  |  | 3/21/2031 | USD | 4833284 | (44620) | (21491)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Enterprises LLC | First Lien Term Loan | 8.65% | SOFR | 450 | 3/21/2031 | USD | 25045199 | 24809910 | 24933835<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Enterprises LLC | Revolver | 8.65% | SOFR | 450 | 3/21/2031 | USD | 2229738 | 380745 | 391438<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQ Buyer, Inc. | Delayed Draw | 1.00% |  |  | 9/30/2032 | USD | 7274709 | (72719) | (72747)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQ Buyer, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 9/30/2032 | USD | 21162791 | 20951222 | 20951163<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQ Buyer, Inc. | Revolver | 0.50% |  |  | 9/30/2032 | USD | 3645833 | (36444) | (36458)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer LLC | Revolver | 0.50% |  |  | 8/31/2027 | USD | 1610390 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 8/31/2028 | USD | 24025618 | 23787653 | 24025618<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer, LLC | Revolver | 8.66% | SOFR | 450 | 8/30/2030 | USD | 1293239 | 367073 | 369497<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 8/29/2031 | USD | 13918440 | 13991630 | 13918440<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | Delayed Draw | 1.00% |  |  | 8/8/2031 | USD | 24348638 | (225561) | (243487)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | First Lien Term Loan | 9.48%  | SOFR | 525 | 8/8/2031 | USD | 73045916 | 72358323 | 72315458<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | Revolver | 0.50% |  |  | 8/8/2031 | USD | 8543296 | (83382) | (85433)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainsight, Inc. | First Lien Term Loan | 9.85% PIK | SOFR | 550 | 7/30/2027 | USD | 27155061 | 27019854 | 26884868<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainsight, Inc. | Revolver | 0.50% |  |  | 7/30/2027 | USD | 2816332 |  | (28023)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainsight, Inc. | First Lien Term Loan | 9.85% | SOFR | 550 | 4/1/2031 | USD | 4748625 | 4726405 | 4701376<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHP-VGS Purchaser LLC | Delayed Draw | 1.00% |  |  | 4/30/2032 | USD | 846845 | (8224) | (8192)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHP-VGS Purchaser LLC | First Lien Term Loan | 9.06% | SOFR | 475 | 4/30/2032 | USD | 1812249 | 1794902 | 1794718<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHP-VGS Purchaser LLC | Revolver | 0.50% |  |  | 4/30/2032 | USD | 261058 | (2458) | (2525)<sup>1,2,3,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon, Inc. | First Lien Term Loan | 10.22% | SOFR | 575 | 3/9/2029 | USD | 11432 | $11258 | $11432<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | Delayed Draw | 9.65% | SOFR | 550 | 8/4/2027 | USD | 1209195 | 1204227 | 1193292<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | First Lien Term Loan | 9.65% | SOFR | 550 | 8/4/2027 | USD | 6327134 | 6263863 | 6243924<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | Revolver | 9.65% | SOFR | 550 | 8/4/2027 | USD | 671545 | 156694 | 147862<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovCIO Buyer Company | First Lien Term Loan | 9.42% | SOFR | 525 | 7/9/2031 | USD | 25395753 | 25019136 | 25014817<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 10.06%, 2.25% PIK | SOFR | 575 | 1/17/2030 | USD | 9104715 | 6514210 | 6502860<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 10.06%, 2.25% PIK | SOFR | 575 | 1/17/2031 | USD | 21236753 | 19679190 | 20042497<br><sup>1,3,4,5,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 1.00% |  |  | 1/17/2031 | USD | 617578 | (3087) | 5990<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | First Lien Term Loan | 10.06%, 2.25% PIK | SOFR | 575 | 1/17/2031 | USD | 98858509 | 98087881 | 99817436<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Revolver | 11.75% | PRIME | 750 | 1/17/2031 | USD | 666609 | 206072 | 210648<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Revolver | 10.50% | PRIME | 525 | 1/17/2031 | USD | 13076176 | 1773987 | 1873482<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 5/25/2026 | USD | 8039260 | 8011479 | 8079456<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Revolver | 0.50% |  |  | 5/30/2026 | USD | 690589 |  | (1726)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 12/2/2026 | USD | 1384003 | 300525 | 302543<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Revolver | 9.25% | SOFR | 525 | 12/2/2026 | USD | 1050000 | 650707 | 651181<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 5/25/2028 | USD | 228905 | 84747 | 84739<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Delayed Draw | 1.00% |  |  | 5/25/2028 | USD | 817626 | (2044) | (2044)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | First Lien Term Loan | 9.25% | SOFR | 525 | 5/25/2028 | USD | 42631315 | 42532857 | 42844471<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Revolver | 0.50% |  |  | 5/25/2028 | USD | 160984 | (384) | (402)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 5/28/2028 | USD | 5899687 | 182036 | 194938<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guava Buyer LLC | Revolver | 9.71% | SOFR | 550 | 8/12/2030 | USD | 4777070 | 1945030 | 1942675<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guava Buyer LLC | Delayed Draw | 9.67% | SOFR | 550 | 8/12/2032 | USD | 4777070 | 2007391 | 2006370<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guava Buyer LLC | First Lien Term Loan | 9.73% | SOFR | 550 | 8/12/2032 | USD | 40445860 | 39647621 | 39636943<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heavy Construction Systems Specialist, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 11/16/2028 | USD | 29500000 | 29256908 | 29647500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help Systems Holdings, Inc. | First Lien Term Loan | 8.16% | SOFR | 375 | 11/19/2026 | USD | 9504713 | 9433506 | 9011086<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help Systems Holdings, Inc. | Second Lien Term Loan | 11.16% | SOFR | 675 | 11/19/2027 | USD | 10000000 | 10000019 | 7201242<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Logic, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 1/10/2029 | USD | 8411160 | 8338780 | 8373760<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Logic, LLC | Revolver | 0.50% |  |  | 1/10/2029 | USD | 700930 | (5848) | (3117)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | Delayed Draw | 9.71%, 2.93% PIK | SOFR | 555 | 6/14/2031 | USD | 1843943 | 1828092 | 1825504<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | First Lien Term Loan | 9.71%, 2.93% PIK | SOFR | 555 | 6/14/2031 | USD | 14617262 | 14490358 | 14471089<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | Revolver | 0.50% |  |  | 6/14/2031 | USD | 1415094 | (11575) | (14151)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Software, Inc. | Revolver | 0.50% |  |  | 9/19/2029 | USD | 2262444 | (33936) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Software, Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 9/19/2030 | USD | 47021494 | 46316171 | 47139047<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyphen Solutions, LLC | Delayed Draw | 1.00% |  |  | 8/6/2032 | USD | 4361186 | $(21611) | $(21806)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyphen Solutions, LLC | First Lien Term Loan | 8.66% | SOFR | 450 | 8/6/2032 | USD | 23550404 | 23434193 | 23432653<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyphen Solutions, LLC | Revolver | 1.00% |  |  | 8/6/2032 | USD | 2616712 | (12854) | (13083)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 1/26/2030 | USD | 7667756 | 7536968 | 7591078<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | Revolver | 0.50% |  |  | 1/26/2030 | USD | 753958 | (10916) | (7540)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Acquisitionco, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 11/16/2027 | USD | 6981511 | 6911696 | 6981511<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Acquisitionco, Inc. | Revolver | 0.50% |  |  | 11/16/2027 | USD | 1157556 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco LLC | First Lien Term Loan | 10.45% | SOFR | 625 | 3/2/2028 | USD | 16560302 | 16282464 | 16443586<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | Delayed Draw | 1.00% |  |  | 1/10/2032 | USD | 4344984 | (19055) | (8451)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | First Lien Term Loan | 8.66% | SOFR | 450 | 1/10/2032 | USD | 15641944 | 15592431 | 15611519<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | Revolver | 0.50% |  |  | 1/10/2032 | USD | 2715615 | (11383) | (5282)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTEL 471, Inc. | Delayed Draw | 1.00% |  |  | 9/27/2028 | USD | 9687500 | (122412) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTEL 471, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 9/27/2028 | USD | 5812500 | 5748790 | 5812500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invicti Intermediate 2, LLC | Revolver | 0.50% |  |  | 11/16/2027 | USD | 1090909 | (21818) | (13037)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | Revolver | 9.25% | SOFR | 525 | 5/2/2028 | USD | 577540 | 279144 | 274161<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | Delayed Draw | 9.75%, <br>3.13% PIK | SOFR | 575 | 5/2/2029 | USD | 13257576 | 13133500 | 13143175<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | Delayed Draw | 1.00% |  |  | 5/2/2029 | USD | 5504991 | (40755) | (47503)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | First Lien Term Loan | 9.75%, <br>3.13% PIK | SOFR | 575 | 5/2/2029 | USD | 7233299 | 7158956 | 7170882<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanti Software, Inc. | Second Lien Term Loan | 11.81% | SOFR | 725 | 12/1/2028 | USD | 7070000 | 6923060 | 4090011<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanti Software, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 6/1/2029 | USD | 958815 | 914175 | 988179<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | Delayed Draw | 1.00% |  |  | 2/24/2031 | USD | 3475000 | (33053) | (32836)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 2/24/2031 | USD | 7470000 | 7400898 | 7399414<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | Revolver | 0.50% |  |  | 2/24/2031 | USD | 765000 | (6894) | (7229)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jams Buyer LLC | Revolver | 0.50% |  |  | 6/2/2031 | USD | 319668 | (4536) | (4691)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jams Buyer LLC | Delayed Draw | 1.00% |  |  | 6/2/2032 | USD | 572052 | (8385) | (8395)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jams Buyer LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 6/2/2032 | USD | 1830568 | 1804003 | 1803704<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jigsaw Bidco AS | First Lien Term Loan | 11.99%, <br>0.45% PIK | NIBOR | 680 | 12/31/2026 | NOK | 15746482 | 1700049 | 1514145<br><sup>1,3,4,5,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kairos Bidco Limited | Delayed Draw | 9.06% | SOFR | 475 | 7/21/2032 | USD | 12500000 | 12377431 | 12375000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kairos Bidco Limited | Revolver | 9.08% | SOFR | 475 | 7/21/2032 | USD | 1500000 | 135399 | 135000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Khoros, LLC | First Lien Term Loan | 10.00% |  |  | 5/23/2030 | USD | 1889437 | 1889437 | 1889437<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPA Parent Holdings, Inc. | Delayed Draw | 1.00% |  |  | 3/12/2032 | USD | 2540025 | (24522) | (11294)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPA Parent Holdings, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 3/12/2032 | USD | 17780172 | 17611530 | 17701113<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPA Parent Holdings, Inc. | Revolver | 0.50% |  |  | 3/12/2032 | USD | 1778017 | (16537) | (7906)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kpler Finance SA | Revolver | 9.62% | SOFR | 550 | 7/18/2029 | USD | 7777778 | 4565983 | 4554262<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kpler Finance SA | Delayed Draw | 1.00% |  |  | 1/18/2031 | USD | 5555556 | (78526) | (80289)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kpler Finance SA | First Lien Term Loan | 9.62% | SOFR | 550 | 1/18/2031 | USD | 38888888 | $38338370 | $38326864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LabVantage Solutions, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 12/23/2030 | USD | 5839980 | 5760769 | 5814013<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LabVantage Solutions, Inc. | Revolver | 0.50% |  |  | 12/23/2030 | USD | 454000 | (5981) | (2019)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 2/7/2028 | USD | 1450350 | 1445445 | 1442450<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | First Lien Term Loan | 8.48% | SOFR | 450 | 2/7/2028 | USD | 14795287 | 14540446 | 14714696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | Revolver | 0.50% |  |  | 2/7/2028 | USD | 1176470 |  | (6408)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 6/23/2032 | USD | 5925926 | 1868607 | 1874387<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 6/23/2032 | USD | 31111111 | 30657052 | 30684973<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Revolver | 0.50% |  |  | 6/23/2032 | USD | 2962963 | (42750) | (40585)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch LLC | Delayed Draw | 9.21% | SOFR | 500 | 5/24/2029 | USD | 1462650 | 1442095 | 1462000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch, LLC | First Lien Term Loan | 9.77% | SOFR | 550 | 5/24/2029 | USD | 2910600 | 2870878 | 2909307<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch, LLC | Revolver | 0.50% |  |  | 5/24/2029 | USD | 735000 | (9435) | (327)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 5/29/2026 | USD | 10431874 | 10336709 | 10411583<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | Delayed Draw | 9.16% | SOFR | 500 | 5/1/2028 | USD | 11520964 | 10563814 | 10570246<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | Delayed Draw | 1.00% |  |  | 5/1/2028 | USD | 4598006 |  | (8943)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | First Lien Term Loan | 9.16% | SOFR | 500 | 5/1/2028 | USD | 16630564 | 16494178 | 16598216<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | Revolver | 11.50% | PRIME | 400 | 5/1/2028 | USD | 341800 | 49648 | 50117<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogRhythm, Inc. | First Lien Term Loan | 11.66% | SOFR | 750 | 7/2/2029 | USD | 16769254 | 16362285 | 16266176<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogRhythm, Inc. | Revolver | 0.50% |  |  | 7/2/2029 | USD | 1676925 | (38016) | (50308)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | Revolver | 0.50% |  |  | 5/18/2031 | GBP | 8602151 | 5027836 | 5157067<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | Delayed Draw | 1.00% |  |  | 11/18/2031 | USD | 13824490 | (62149) | 45621<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | First Lien Term Loan | 9.45% | SOFR | 525 | 11/18/2031 | USD | 93315306 | 92450700 | 93196715<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lytx, Inc. | First Lien Term Loan | 9.26% | SOFR | 500 | 2/28/2028 | USD | 37500000 | 37034627 | 37500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Intermediate Holdings, Inc. | Second Lien Term Loan | 10.73%, <br>6.50% PIK | SOFR | 650 | 7/30/2029 | USD | 21175423 | 21040423 | 20346047<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | Revolver | 0.50% |  |  | 9/14/2028 | USD | 6744017 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | Delayed Draw | 1.00% |  |  | 9/14/2029 | USD | 8616244 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | First Lien Term Loan | 9.31% | SOFR | 500 | 9/14/2029 | USD | 56236091 | 55420351 | 56236091<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marlin DTC-LS Midco 2, LLC | First Lien Term Loan | 10.76% | SOFR | 650 | 7/1/2026 | USD | 20569901 | 20505557 | 20569901<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | Revolver | 0.50% |  |  | 5/31/2029 | USD | 3061224 | (71429) | (21122)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 5/31/2030 | USD | 28538265 | 27971146 | 28413565<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | Revolver | 0.50% |  |  | 11/27/2030 | EUR | 98166 | (1258) | 12173<br><sup>1,2,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | Delayed Draw | 7.28% | EURIBOR | 525 | 11/27/2031 | EUR | 151999 | 1849 | 22940<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | First Lien Term Loan | 9.45% | SOFR | 525 | 11/27/2031 | USD | 360559 | 355615 | 360559<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | First Lien Term Loan | 7.28% | EURIBOR | 525 | 11/27/2031 | EUR | 481352 | 498573 | 565100<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Impact Holdings, LLC | Revolver | 9.57% | SOFR | 525 | 4/10/2028 | USD | 2700000 | 1635442 | 1645327<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Impact Holdings, LLC | Delayed Draw | 9.16% | SOFR | 525 | 4/10/2029 | USD | 6240433 | 1245588 | 1274384<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Impact Holdings, LLC | First Lien Term Loan | 9.17% | SOFR | 525 | 4/10/2029 | USD | 6642918 | 6583081 | 6611423<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Revolver | 9.57% | SOFR | 525 | 4/10/2028 | USD | 3103448 | $1228079 | $1228882<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 9.17% | SOFR | 525 | 4/10/2029 | USD | 13144514 | 12874591 | 13082193<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 9.16% | SOFR | 525 | 4/10/2029 | USD | 1386925 | 1379973 | 1380350<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | First Lien Term Loan | 9.17% | SOFR | 525 | 4/10/2029 | USD | 38617722 | 37735940 | 38434629<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | First Lien Term Loan | 10.46% | SOFR | 600 | 9/30/2027 | USD | 7003041 | 6597159 | 6989420<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | Revolver | 0.50% |  |  | 9/30/2027 | USD | 1428571 | (3571) | (2779)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | Delayed Draw | 9.66% | SOFR | 550 | 2/28/2031 | USD | 3448275 | 847416 | 893103<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 2/28/2031 | USD | 41275862 | 40757068 | 41275862<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | Revolver | 0.50% |  |  | 2/28/2031 | USD | 5172414 | (60694) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moonlight Parent, Inc. | Delayed Draw | 1.00% |  |  | 9/9/2032 | USD | 3066038 | (30528) | (30660)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moonlight Parent, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 9/9/2032 | USD | 11344340 | 11231590 | 11230896<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moonlight Parent, Inc. | Revolver | 0.50% |  |  | 9/9/2032 | USD | 1839623 | (18240) | (18396)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Software Corporation | Revolver | 0.50% |  |  | 1/6/2031 | USD | 1243544 | (8215) | (3912)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Software Corporation | First Lien Term Loan | 8.50% | SOFR | 475 | 1/6/2032 | USD | 18785344 | 18776196 | 18726249<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Software Corporation | Revolver | 0.50% |  |  | 1/6/2032 | USD | 2109612 | (9982) | (6636)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Delayed Draw | 1.00% |  |  | 6/27/2031 | USD | 14630411 | (118458) | 38039<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 6/27/2031 | USD | 64556554 | 64064973 | 64724402<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Revolver | 0.50% |  |  | 6/27/2031 | USD | 7802883 | (60259) | 20288<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MyComplianceoffice, Inc. | First Lien Term Loan | 11.76% | SOFR | 750 | 12/29/2026 | USD | 8638298 | 8574384 | 8624780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navex TopCo, Inc. | First Lien Term Loan | 9.41% | SOFR | 525 | 11/8/2030 | USD | 40002136 | 39361191 | 39924328<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 8.95% | SOFR | 475 | 6/22/2027 | USD | 7755982 | 405709 | 464592<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | First Lien Term Loan | 8.95% | SOFR | 475 | 6/22/2027 | USD | 4375710 | 4347682 | 4370150<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 8.95% | SOFR | 475 | 6/9/2029 | USD | 8635897 | 164899 | 280226<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | First Lien Term Loan | 8.95% | SOFR | 475 | 6/9/2029 | USD | 49800678 | 49414518 | 49737388<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | Revolver | 0.50% |  |  | 6/9/2029 | USD | 2870000 |  | (3647)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | First Lien Term Loan | 10.46% | SOFR | 625 | 6/30/2030 | USD | 3716974 | 3716974 | 3716974<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | Revolver | 10.40% | SOFR | 625 | 6/30/2030 | USD | 376426 | 376426 | 376426<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMN Holdings III Corp. | First Lien Term Loan | 8.88% | SOFR | 475 | 7/31/2031 | USD | 641399 | 635048 | 634985<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NMN Holdings III Corp. | First Lien Term Loan | 7.76% | CORRA | 500 | 7/31/2031 | CAD | 1651592 | 1180512 | 1174877<br><sup>1,3,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | Delayed Draw | 8.50% | SOFR | 450 | 5/3/2029 | USD | 1822839 | 1776621 | 1822839<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 5/3/2029 | USD | 19900840 | 19632759 | 19900840<br><sup>1,3,4,5</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | Revolver | 8.50% | SOFR | 450 | 5/3/2029 | USD | 2198398 | $2155483 | $2155483<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Delayed Draw | 9.41% | SOFR | 525 | 4/22/2031 | USD | 15248247 | 15123150 | 15267305<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Delayed Draw | 1.00% |  |  | 4/22/2031 | USD | 7395112 | (33201) | 9244<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 4/22/2031 | USD | 81432655 | 80778141 | 81534444<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Revolver | 0.50% |  |  | 4/22/2031 | USD | 9572424 | (75209) | 11965<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OLO Parent, Inc. | First Lien Term Loan | 8.56% | SOFR | 450 | 9/13/2032 | USD | 20970395 | 20865720 | 20865543<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OLO Parent, Inc. | Revolver | 0.50% |  |  | 9/13/2032 | USD | 1997180 | (9962) | (9986)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Systems Intermediate Holdings, Inc. | Delayed Draw | 1.00% |  |  | 1/15/2031 | USD | 7500000 | (88276) | (70302)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Systems Intermediate Holdings, Inc. | First Lien Term Loan | 9.00% | SOFR | 500 | 1/15/2031 | USD | 12750000 | 12604911 | 12630487<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Systems Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 1/15/2031 | USD | 2250000 | (24849) | (21090)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; oneZero Financial Systems, LLC | Delayed Draw | 9.31% | SOFR | 500 | 10/7/2031 | USD | 4876971 | 1597391 | 1603103<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; oneZero Financial Systems, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 10/7/2031 | USD | 27836538 | 27586483 | 27609711<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; oneZero Financial Systems, LLC | Revolver | 0.50% |  |  | 10/7/2031 | USD | 3485577 | (30052) | (28402)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | Delayed Draw | 1.00% |  |  | 1/27/2032 | USD | 23049789 | (219726) | (230498)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 1/27/2032 | USD | 52246190 | 51759582 | 51723727<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | Revolver | 0.50% |  |  | 1/27/2032 | USD | 7683263 | (69644) | (76832)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 9/24/2032 | USD | 3287037 | 3270635 | 3270602<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 9.47% | SONIA | 550 | 10/30/2031 | GBP | 4136830 | 5316084 | 5563246<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 9.16% | SOFR | 500 | 10/30/2031 | USD | 32053954 | 31764012 | 32053954<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 7.15% | EURIBOR | 525 | 10/30/2031 | EUR | 10366546 | 11156794 | 12170164<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | Revolver | 0.50% |  |  | 10/30/2031 | USD | 4701528 | (40966) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | Delayed Draw | 9.32% | SOFR | 500 | 12/28/2029 | USD | 27394996 | 258224 | 250128<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | Delayed Draw | 9.31% | SOFR | 500 | 12/28/2029 | USD | 36799125 | 36199507 | 36431136<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 12/28/2029 | USD | 48155747 | 47427373 | 47674189<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | Revolver | 9.31% | SOFR | 500 | 12/28/2029 | USD | 11200000 | 4059417 | 4088000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Lakeside Intermediate Holdings, LLC | First Lien Term Loan | 12.88%, <br>0.75% PIK | SOFR | 848 | 7/31/2026 | USD | 7270052 | 7207698 | 7270052<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | Revolver | 9.41% | SOFR | 525 | 3/25/2030 | USD | 4598781 | 2789927 | 2789927<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | Delayed Draw | 9.48% | SOFR | 525 | 3/25/2031 | USD | 6115819 | 3127834 | 3181797<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 3/25/2031 | USD | 38876816 | 38550327 | 38876816<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | Delayed Draw | 9.75% | SOFR | 575 | 4/25/2028 | USD | 3190790 | 3190790 | 3190789<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | First Lien Term Loan | 9.75% | SOFR | 575 | 4/25/2028 | USD | 11742105 | 11622290 | 11742105<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | Revolver | 0.50% |  |  | 4/25/2028 | USD | 1315789 | $— | $—<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC | First Lien Term Loan | 9.52% | SOFR | 550 | 3/15/2032 | USD | 2663114 | 2637933 | 2650672<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC | Revolver | 0.50% |  |  | 3/15/2032 | USD | 528451 | (4880) | (2469)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCS Software, Inc. | First Lien Term Loan | 10.15%, 0.50% PIK | SOFR | 600 | 1/1/2026 | USD | 5118659 | 5040940 | 5089975<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCS Software, Inc. | Revolver | 0.50% |  |  | 1/1/2026 | USD | 363714 | (1546) | (2038)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | Delayed Draw | 9.81% | SOFR | 550 | 2/1/2031 | USD | 8293568 | 8222915 | 8277437<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | First Lien Term Loan | 9.81% | SOFR | 550 | 2/1/2031 | USD | 46462873 | 46122500 | 46372498<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | Revolver | 9.81% | SOFR | 550 | 2/1/2031 | USD | 4112908 | 1613210 | 1637163<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | Delayed Draw | 8.73% | SOFR | 450 | 8/27/2027 | USD | 11921850 | 2755781 | 2904040<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | Delayed Draw | 8.50% | SOFR | 450 | 8/27/2027 | USD | 7136471 | 6948931 | 7136471<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | First Lien Term Loan | 8.50% | SOFR | 450 | 8/27/2027 | USD | 10417647 | 10347153 | 10417647<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | Revolver | 0.50% |  |  | 8/27/2027 | USD | 8343653 | (30882) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | First Lien Term Loan | 8.69% | SOFR | 450 | 10/12/2029 | USD | 18020335 | 17644742 | 18020335<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | Delayed Draw | 1.00% |  |  | 9/29/2030 | USD | 1230006 |  | (9225)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | First Lien Term Loan | 11.75%, <br>6.00% PIK | SOFR | 775 | 9/29/2030 | USD | 43868840 | 43212519 | 43539823<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | Revolver | 0.50% |  |  | 9/29/2030 | USD | 5283134 | (105663) | (39624)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix 1 Buyer Corporation | Revolver | 0.50% |  |  | 11/20/2029 | USD | 5051639 | (70245) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix 1 Buyer Corporation | First Lien Term Loan | 9.08% | SOFR | 475 | 11/20/2030 | USD | 21492134 | 21174535 | 21492134<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | Revolver | 0.50% |  |  | 10/17/2028 | USD | 216898 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 10/17/2029 | USD | 2120155 | 2120155 | 2141357<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon IntermediateCo, Inc. | Revolver | 0.50% |  |  | 6/16/2031 | USD | 295990 | (2818) | (1383)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon IntermediateCo, Inc. | Delayed Draw | 1.00% |  |  | 6/16/2032 | USD | 577089 | (5654) | (2696)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon IntermediateCo, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 6/16/2032 | USD | 2596901 | 2571710 | 2584768<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | Delayed Draw | 8.66% | SOFR | 450 | 11/8/2031 | USD | 9977517 | 5965934 | 5964069<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | First Lien Term Loan | 8.70% | SOFR | 450 | 11/8/2031 | USD | 12339207 | 12297237 | 12222610<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2031 | USD | 3500000 | (30603) | (33072)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | Delayed Draw | 10.50% | SOFR | 650 | 9/24/2028 | USD | 1000000 | 987500 | 1000000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | First Lien Term Loan | 10.50% | SOFR | 650 | 9/24/2028 | USD | 8500000 | 8399982 | 8500000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | Revolver | 10.50% | SOFR | 650 | 9/24/2028 | USD | 1000000 | 600000 | 600000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | First Lien Term Loan | 9.66% | SOFR | 525 | 7/20/2029 | USD | 72810393 | 69665073 | 65878115<br><sup>1,4,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Pathfinder Borrower, LLC | First Lien Term Loan | 9.33% | SOFR | 500 | 1/22/2032 | USD | 85000000 | 84202011 | 84150000<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Pathfinder Borrower, LLC | Revolver | 0.50% |  |  | 1/22/2032 | USD | 6666667 | $(60174) | $(66667)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 11/7/2031 | USD | 14397361 | 14331674 | 14369357<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | Revolver | 0.50% |  |  | 11/7/2031 | USD | 8438049 | (36842) | (16413)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | Delayed Draw | 1.00% |  |  | 6/3/2032 | USD | 32841717 | (164209) | (63880)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | First Lien Term Loan | 8.50% | SOFR | 450 | 6/3/2032 | USD | 117943806 | 117397461 | 117714395<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | Revolver | 0.50% |  |  | 6/3/2032 | USD | 8738784 | (41685) | (16998)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | Delayed Draw | 9.06% | SOFR | 475 | 12/15/2027 | USD | 436404 | 431603 | 436404<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 12/15/2027 | USD | 2182018 | 2158015 | 2182018<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | Revolver | 0.50% |  |  | 12/15/2027 | USD | 201754 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QSR Acquisition Co. | Delayed Draw | 1.00% |  |  | 6/25/2032 | USD | 10170000 | (74842) | (65642)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QSR Acquisition Co. | First Lien Term Loan | 8.25% | SOFR | 425 | 6/25/2032 | USD | 45760000 | 45426243 | 45464642<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QSR Acquisition Co. | Revolver | 0.50% |  |  | 6/25/2032 | USD | 4070000 | (29376) | (26270)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Software US Holdings Inc. | First Lien Term Loan | 11.95% | SOFR | 775 | 2/1/2030 | USD | 17197625 | 7292002 | 7137014<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | Delayed Draw | 10.27%, <br>3.50% PIK | SOFR | 625 | 7/19/2028 | USD | 5310012 | 5220780 | 4781669<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | First Lien Term Loan | 10.27%, <br>3.50% PIK | SOFR | 625 | 7/19/2028 | USD | 21996354 | 21674824 | 19807732<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | Revolver | 10.06% | SOFR | 575 | 7/19/2028 | USD | 3182180 | 1096278 | 779636<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Buyer, Inc. | Revolver | 0.50% |  |  | 11/18/2027 | USD | 1923077 |  | (3741)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Buyer, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 11/18/2028 | USD | 24235577 | 23997808 | 24188436<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Technology | First Lien Term Loan | 11.01% | SOFR | 675 | 2/28/2026 | USD | 2058807 | 2040818 | 2058807<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Delayed Draw | 9.26% | SOFR | 525 | 6/15/2029 | USD | 107304174 | 61474674 | 61829840<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | First Lien Term Loan | 9.26% | SOFR | 525 | 6/15/2029 | USD | 91853915 | 90813060 | 90935377<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Delayed Draw | 1.00% |  |  | 6/16/2032 | USD | 1039738 | (10184) | (10058)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 6/16/2032 | USD | 3292504 | 3260552 | 3260653<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Revolver | 0.50% |  |  | 6/16/2032 | USD | 447283 | (4290) | (4327)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revalize, Inc. | Delayed Draw | 8.90% | SOFR | 475 | 4/15/2027 | USD | 20305784 | 20160718 | 20097166<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revalize, Inc. | Delayed Draw | 8.89% | SOFR | 475 | 4/15/2027 | USD | 4491428 | 4433291 | 4445283<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revalize, Inc. | Revolver | 9.90% | SOFR | 575 | 4/15/2027 | USD | 681000 | 442650 | 435654<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Revolver | 8.37% | SOFR | 450 | 3/30/2031 | USD | 1968504 | 506186 | 517819<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Revolver | 8.37% | SOFR | 450 | 3/31/2031 | USD | 3350645 | 861169 | 881395<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Delayed Draw | 1.00% |  |  | 9/30/2031 | USD | 15957447 | (223007) | (110871)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | First Lien Term Loan | 8.37% | SOFR | 450 | 9/30/2031 | USD | 44200965 | 43605126 | 43893863<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | Delayed Draw | 8.62% | SOFR | 475 | 12/7/2028 | USD | 50722707 | 49660736 | 50722707<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | Delayed Draw | 1.00% |  |  | 12/7/2028 | USD | 40000000 | (585813) | —<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | First Lien Term Loan | 8.62% | SOFR | 475 | 12/7/2028 | USD | 57114597 | $56219948 | $57114597<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | Revolver | 8.62% | SOFR | 475 | 12/7/2028 | USD | 5140200 | 403878 | 471185<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | Delayed Draw | 1.00% |  |  | 12/17/2031 | USD | 12222444 | (115452) | (122224)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 12/17/2031 | USD | 49072366 | 48621439 | 48581642<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | Revolver | 0.50% |  |  | 12/17/2031 | USD | 6148121 | (54682) | (61481)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | Delayed Draw | 8.75% | SOFR | 475 | 11/12/2031 | USD | 9574468 | 9484817 | 9478723<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | Delayed Draw | 1.00% |  |  | 11/12/2031 | USD | 18455643 | (184148) | (184556)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 11/12/2031 | USD | 54620033 | 54106966 | 54073832<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | Revolver | 0.50% |  |  | 11/12/2031 | USD | 7260760 | (66610) | (72607)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings | First Lien Term Loan | 8.91% | SOFR | 475 | 9/1/2027 | USD | 16718805 | 16590307 | 16718805<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings | Revolver | 12.75% | PRIME | 425 | 9/1/2027 | USD | 677966 | 271244 | 271186<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapphire Software Buyer, Inc. | First Lien Term Loan | 8.87% | SOFR | 500 | 9/30/2031 | USD | 9265317 | 9183384 | 9172664<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapphire Software Buyer, Inc. | Revolver | 0.50% |  |  | 9/30/2031 | USD | 1112230 | (9560) | (11122)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | Delayed Draw | 1.00% |  |  | 11/10/2028 | USD | 2539149 | (34927) | (11290)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | First Lien Term Loan | 10.00% | SOFR | 600 | 11/10/2028 | USD | 6982660 | 6892490 | 6951612<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | Revolver | 10.16% | SOFR | 600 | 11/10/2028 | USD | 1142617 | 259909 | 269148<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securonix, Inc. | First Lien Term Loan | 11.69%, <br>3.75% PIK | SOFR | 775 | 4/1/2028 | USD | 13076796 | 12898013 | 10868545<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securonix, Inc. | Revolver | 11.29% | SOFR | 700 | 4/1/2028 | USD | 3470548 | (235577) | (586064)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seismic Software, Inc. | Delayed Draw | 9.16% | SOFR | 475 | 10/16/2028 | USD | 26057458 | 16892568 | 18063737<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seismic Software, Inc. | Revolver | 0.50% |  |  | 10/16/2028 | USD | 272390 | (5448) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensei Holdco, LLC | Delayed Draw | 1.00% |  |  | 5/30/2031 | USD | 2602000 | (25303) | (22453)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensei Holdco, LLC | First Lien Term Loan | 9.50% | SOFR | 550 | 5/30/2031 | USD | 8672000 | 8588823 | 8597169<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensei Holdco, LLC | Revolver | 0.50% |  |  | 5/30/2031 | USD | 867000 | (8193) | (7481)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serengeti Bidco LLC | Delayed Draw | 1.00% |  |  | 8/29/2032 | USD | 8571429 | (106976) | (107143)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serengeti Bidco LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 8/29/2032 | USD | 18571429 | 18341352 | 18339286<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serengeti Bidco LLC | Revolver | 0.50% |  |  | 8/29/2032 | USD | 2857143 | (35300) | (35714)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | Delayed Draw | 9.16%, <br>2.25% PIK | SOFR | 500 | 10/1/2031 | USD | 13395594 | 2134472 | 2208371<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | First Lien Term Loan | 9.16%, <br>2.25% PIK | SOFR | 500 | 10/1/2031 | USD | 64594433 | 64027123 | 64352291<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | Revolver | 0.50% |  |  | 10/1/2031 | USD | 8031496 | (69928) | (29835)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SimpliSafe, Inc. | Delayed Draw | 10.41% | SOFR | 625 | 5/2/2028 | USD | 4388148 | 4342112 | 4388148<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SimpliSafe, Inc. | First Lien Term Loan | 10.41% | SOFR | 625 | 5/2/2028 | USD | 27158914 | $26877243 | $27158914<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco Limited | Delayed Draw | 1.00% |  |  | 8/16/2030 | GBP | 4207589 | 2074449 | 2405756<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco Limited | First Lien Term Loan | 9.22% | SONIA | 566 | 8/16/2030 | GBP | 7573661 | 9619537 | 10211309<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline BidCo | Delayed Draw | 7.25% |  | 525 | 5/14/2032 | EUR | 8017241 | 8782143 | 9238563<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline BidCo | Delayed Draw | 1.00% |  |  | 5/14/2032 | EUR | 1282759 | (27845) | 45720<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | Delayed Draw | 8.89% | SOFR | 475 | 10/24/2030 | USD | 5283019 | 5236175 | 5237327<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | Delayed Draw | 8.34% | BBSW | 475 | 10/24/2030 | AUD | 26521758 | 17199921 | 17397192<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | First Lien Term Loan | 8.34% | BBSY | 475 | 10/24/2030 | AUD | 22398486 | 14960920 | 14692493<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | Revolver | 0.50% |  |  | 10/24/2030 | USD | 2264151 | (19164) | (19582)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Delayed Draw | 1.00% |  |  | 10/17/2027 | USD | 993095 | (9274) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Delayed Draw | 1.00% |  |  | 10/17/2031 | USD | 413790 |  | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 10/17/2031 | USD | 6934287 | 6871872 | 6934287<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Revolver | 0.50% |  |  | 10/17/2031 | USD | 927593 | (8033) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spark Purchaser, Inc. | Revolver | 0.50% |  |  | 4/1/2030 | USD | 1351351 | (20322) | (9389)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spark Purchaser, Inc. | First Lien Term Loan | 9.50% | SOFR | 550 | 4/1/2031 | USD | 8648649 | 8502829 | 8593751<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS MSP Holdings, Inc. | Delayed Draw | 1.00% |  |  | 8/20/2030 | USD | 7350427 | (85559) | (87842)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS MSP Holdings, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 8/20/2030 | USD | 14149573 | 13982238 | 13980476<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stack Sports Buyer, LLC | Delayed Draw | 1.00% |  |  | 3/31/2031 | USD | 732616 | (10537) | (3375)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stack Sports Buyer, LLC | First Lien Term Loan | 9.25% | SOFR | 525 | 3/31/2031 | USD | 3296773 | 3250378 | 3254862<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stamps.com, Inc. | First Lien Term Loan | 10.14% | SOFR | 575 | 10/5/2028 | USD | 9700000 | 9559471 | 9292917<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SumUp Holdings MidCo S.A.R.L. | Delayed Draw | 8.52% | EURIBOR | 650 | 4/25/2031 | EUR | 88695000 | 76260237 | 84951331<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | Delayed Draw | 8.50% | SOFR | 450 | 8/29/2031 | USD | 4353954 | 2761749 | 2781499<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | First Lien Term Loan | 8.50% | SOFR | 450 | 8/29/2031 | USD | 10544844 | 10498183 | 10544843<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | Revolver | 0.50% |  |  | 8/29/2031 | USD | 1934236 | (8199) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndigo LLC | First Lien Term Loan | 9.17% | SOFR | 500 | 9/2/2032 | USD | 8815166 | 8727713 | 8727014<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syndigo LLC | Revolver | 0.50% |  |  | 9/2/2032 | USD | 1184834 | (11716) | (11848)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd | First Lien Term Loan | 9.27% | SOFR | 500 | 10/29/2028 | USD | 32914064 | 32592175 | 32914065<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | Delayed Draw | 9.25% | SOFR | 500 | 3/13/2028 | USD | 22857376 | 12325774 | 12479264<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | First Lien Term Loan | 9.15% | SOFR | 500 | 3/13/2028 | USD | 28403763 | 28125124 | 28304669<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | Revolver | 0.50% |  |  | 3/13/2028 | USD | 5728124 | (10828) | (11614)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | First Lien Term Loan | 9.15% | SOFR | 500 | 6/10/2030 | USD | 1773764 | 1760023 | 1770168<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 1.00% |  |  | 10/17/2031 | EUR | 3833032 | (60865) | 368107<br><sup>1,2,3,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | Delayed Draw | 8.75% | SOFR | 475 | 1/31/2032 | USD | 20476273 | $8508311 | $8497653<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 1/31/2032 | USD | 58869286 | 58321231 | 58280593<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | Revolver | 8.75% | SOFR | 475 | 1/31/2032 | USD | 7678603 | 749396 | 742265<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Delayed Draw | 1.00% |  |  | 8/30/2029 | USD | 1695721 | (15465) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | First Lien Term Loan | 9.00% | SOFR | 500 | 8/30/2029 | USD | 388040 | 384728 | 388040<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Revolver | 7.75% | SOFR | 375 | 8/30/2029 | USD | 565 | 560 | 565<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Revolver | 0.50% |  |  | 8/30/2029 | USD | 435 | (4) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchase, Inc. | Revolver | 10.25% | PRIME | 550 | 6/30/2027 | USD | 1959811 | 1566457 | 1587447<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchase, Inc. | Delayed Draw | 9.40% | SOFR | 525 | 6/30/2028 | USD | 2951235 | 2346332 | 2365213<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchaser, Inc. | First Lien Term Loan | 9.40% | SOFR | 525 | 6/30/2028 | USD | 1239519 | 1229651 | 1237108<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | First Lien Term Loan | 11.20%, <br>3.38% PIK | SOFR | 675 | 2/16/2028 | USD | 13125000 | 12926471 | 12928125<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Revolver | 0.50% |  |  | 2/16/2028 | USD | 1875000 | (42188) | (28125)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | First Lien Term Loan | 11.11%, <br>3.38% PIK | SOFR | 675 | 8/16/2029 | USD | 3000000 | 2956120 | 2955000<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Delayed Draw | 11.20%, <br>3.38% PIK | SOFR | 675 | 10/31/2030 | USD | 1643907 | 1438456 | 1413796<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Delayed Draw | 11.20%, <br>3.38% PIK | SOFR | 675 | 11/19/2030 | USD | 30000 | 18073 | 17622<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | First Lien Term Loan | 11.20%, <br>3.38% PIK | SOFR | 675 | 11/19/2030 | USD | 750000 | 740343 | 738750<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togetherwork Holdings, LLC | Delayed Draw | 9.41% | SOFR | 525 | 5/19/2031 | USD | 5995500 | 851271 | 950659<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togetherwork Holdings, LLC | First Lien Term Loan | 9.41% | SOFR | 525 | 5/19/2031 | USD | 25805000 | 25706085 | 26063050<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tracer Jersey Bidco LTD | Delayed Draw | 1.00% |  |  | 5/19/2032 | USD | 5568012 | (41760) | (41760)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tracer Jersey Bidco LTD | First Lien Term Loan | 8.88% | SOFR | 500 | 5/19/2032 | USD | 8352018 | 8310479 | 8310258<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trackforce Acquireco, Inc. | First Lien Term Loan | 9.25% | SOFR | 550 | 6/23/2028 | USD | 18053004 | 17853034 | 17978150<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trackforce Acquireco, Inc. | Revolver | 10.60% | SOFR | 600 | 6/23/2028 | USD | 1113074 | 1113074 | 1108459<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Technologies LLC | Delayed Draw | 1.00% |  |  | 8/20/2031 | USD | 170793 | (1703) | (1708)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transit Technologies LLC | First Lien Term Loan | 8.77% | SOFR | 475 | 8/20/2031 | USD | 761496 | 753913 | 753881<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tribute Technology Holdings, LLC | Revolver | 10.66% | SOFR | 650 | 10/30/2026 | USD | 4882979 | 3299731 | 3118974<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | Delayed Draw | 1.00% |  |  | 2/11/2032 | USD | 8219054 | (78510) | (17927)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | First Lien Term Loan | 10.48%, <br>4.88% PIK | SOFR | 625 | 2/11/2032 | USD | 42114336 | 41728672 | 41791984<br><sup>1,3,4,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | Revolver | 0.50% |  |  | 2/11/2032 | USD | 4716981 | $(42954) | $(36105)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident Maritime Systems, Inc. | First Lien Term Loan | 11.85% | SOFR | 775 | 2/26/2027 | USD | 16679817 | 16482279 | 14578160<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident Maritime Systems, Inc. | Revolver | 11.88% | SOFR | 775 | 2/26/2027 | USD | 1667928 | 1663761 | 1457769<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimech Acquisition Corp | First Lien Term Loan | 8.75% | SOFR | 475 | 3/10/2028 | USD | 935180 | 927214 | 931022<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimech Acquisition Corp | Revolver | 11.75% | PRIME | 375 | 3/10/2028 | USD | 576116 | 132864 | 135705<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 7/25/2029 | USD | 44698621 | 43744387 | 44038185<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | Revolver | 9.66% | SOFR | 550 | 7/25/2029 | USD | 3499534 | 894881 | 948160<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | Delayed Draw | 9.20% | SOFR | 500 | 12/8/2031 | USD | 7100578 | 7023954 | 7114779<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | First Lien Term Loan | 9.20% | SOFR | 500 | 12/8/2031 | USD | 1854219 | 1834704 | 1857926<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | Revolver | 0.50% |  |  | 12/8/2031 | USD | 3500000 | (33933) | 7000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | Delayed Draw | 9.93% | SOFR | 550 | 9/3/2029 | USD | 1629000 | 1625735 | 1607088<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | First Lien Term Loan | 9.77% | SOFR | 550 | 9/3/2029 | USD | 5289000 | 5277988 | 5217855<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | Revolver | 9.93% | SOFR | 550 | 9/3/2029 | USD | 813000 | 608150 | 598814<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | Delayed Draw | 9.00% | SOFR | 500 | 8/23/2031 | USD | 4375000 | 1302967 | 1312729<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | First Lien Term Loan | 9.04% | SOFR | 500 | 8/23/2031 | USD | 11375000 | 11274381 | 11295968<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | Revolver | 8.91% | SOFR | 500 | 8/23/2031 | USD | 1750000 | 422609 | 425341<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; User Zoom Technologies, Inc. | First Lien Term Loan | 11.63% | SOFR | 750 | 4/5/2029 | USD | 47396774 | 46816836 | 47396774<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Bidco, Inc. | Delayed Draw | 1.00% |  |  | 1/30/2032 | USD | 4576249 | (40158) | (45763)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Bidco, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 1/30/2032 | USD | 10982750 | 10897707 | 10872921<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Bidco, Inc. | Revolver | 8.75% | SOFR | 475 | 1/30/2032 | USD | 1380879 | 417737 | 416022<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehlo Purchaser, LLC | Delayed Draw | 9.16% | SOFR | 500 | 5/24/2028 | USD | 20000000 | 12026182 | 11981818<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | Delayed Draw | 9.00% | SOFR | 475 | 8/15/2031 | USD | 7889800 | 1656928 | 1697867<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 8/15/2031 | USD | 26193804 | 26041370 | 26142856<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | Revolver | 0.50% |  |  | 8/15/2031 | USD | 2162967 | (14825) | (4207)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | Delayed Draw | 1.00% |  |  | 11/21/2031 | USD | 3628976 | (20458) | 8660<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | First Lien Term Loan | 8.75% | SOFR | 475 | 11/21/2031 | USD | 17651373 | 17620461 | 17741395<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | First Lien Term Loan | 8.72% | SONIA | 475 | 11/21/2031 | GBP | 6763713 | 8490806 | 9142292<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | Revolver | 0.50% |  |  | 11/21/2031 | USD | 1880137 | (13739) | —<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallet Bidco Limited | Delayed Draw | 7.36% | EURIBOR | 525 | 12/1/2030 | EUR | 66660000 | 64339522 | 66401292<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitney Merger Sub, LLC | First Lien Term Loan | 8.75% | SOFR | 475 | 7/3/2032 | USD | 43750000 | 43323325 | 43325869<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitney Merger Sub, LLC | Revolver | 0.50% |  |  | 7/3/2032 | USD | 6250000 | (60362) | (60590)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilson Electronics Holdings, LLC | First Lien Term Loan | 10.87% | SOFR | 671 | 5/17/2027 | USD | 22309807 | $22051851 | $22309807<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WorkWave Intermediate II, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 9/30/2032 | USD | 20763133 | 20555502 | 20555502<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WorkWave Intermediate II, LLC | Revolver | 9.75% | SOFR | 575 | 9/30/2032 | USD | 2348283 | 123285 | 123285<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | First Lien Term Loan | 10.55% | SOFR | 625 | 2/3/2031 | USD | 31524544 | 31150019 | 31366921<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes Energy, LLC | Delayed Draw | 1.00% |  |  | 4/21/2028 | USD | 78075 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes Energy, LLC | First Lien Term Loan | 8.92% | SOFR | 475 | 4/21/2028 | USD | 1282454 | 1282454 | 1282454<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zocdoc, Inc. | Delayed Draw | 9.25% | SOFR | 525 | 7/31/2030 | USD | 1238158 | 127534 | 127531<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zocdoc, Inc. | First Lien Term Loan | 7.71% | SOFR | 350 | 7/31/2030 | USD | 1000 | 995 | 995<br><sup>1,3,4,5</sup> |
|  |  |  |  |  |  |  |  | **6725088042** | **6757973497** |
| &nbsp;&nbsp;&nbsp; **Utilities — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDPO, LLC | Delayed Draw | 8.91% | SOFR | 475 | 12/8/2027 | USD | 713333 | 309650 | 312867<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDPO, LLC | Revolver | 8.91% | SOFR | 475 | 12/8/2028 | USD | 973718 | 79676 | 79520<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDPO, LLC | Delayed Draw | 1.00% |  |  | 12/10/2029 | USD | 2434295 | (24196) | (24343)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDPO, LLC | First Lien Term Loan | 8.92% | SOFR | 475 | 12/10/2029 | USD | 6937742 | 6869060 | 6868364<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | Delayed Draw | 9.20% | SOFR | 500 | 3/26/2027 | USD | 1125638 | 1110363 | 1119506<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | First Lien Term Loan | 9.20% | SOFR | 500 | 3/26/2027 | USD | 5266250 | 5194788 | 5237565<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition LLC | Delayed Draw | 9.45%, <br>2.75% PIK | SOFR | 525 | 7/31/2031 | USD | 8433110 | 3993981 | 3990807<br><sup>1,3,4,6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition LLC | First Lien Term Loan | 9.45%, <br>2.75% PIK | SOFR | 525 | 7/31/2031 | USD | 26009127 | 25787552 | 25763360<br><sup>1,3,4,9</sup> |
|  |  |  |  |  |  |  |  | **43320874** | **43347646** |
|  **Total Senior Secured Loans** |  |  |  |  |  |  |  | **26733251193** | **26762316436** |
|  **Private Investment Vehicles — 38.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships — 3.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Twinbrook Origination Fund I, L.P. |  |  |  |  |  | USD | N/A | 23872182 | 26074331<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Senior Loan Parallel Feeder Fund II (Cayman) LP |  |  |  |  |  | USD | N/A | 104906352 | 102955132<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Senior Loan Parallel Feeder Fund III (Cayman) LP |  |  |  |  |  | USD | N/A | 37500000 | 37861463<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Finance LP |  |  |  |  |  | USD | N/A | 53841899 | 64868938<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Priority Loan Co-Invest LP |  |  |  |  |  | USD | N/A | 44802482 | 46402091<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Specialty Healthcare Fund (L), L.P. |  |  |  |  |  | USD | N/A |  | 2375078<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP (Feeder) SPC III-A1 LP |  |  |  |  |  | USD | N/A | 7333118 | 7628956<br><sup>1,13,14</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | $9728856 | $14587653<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Technology Senior Direct Lending Fund LP |  |  |  |  |  | USD | N/A | 131622671 | 134175631<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl MC Debt Opportunities <br>LP |  |  |  |  |  | USD | N/A | 21355352 | 22907371<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canal Road Private Credit Fund, <br>LP |  |  |  |  |  | USD | N/A | 17311551 | 17688667<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Mezzanine Partners VIIC, L.P. |  |  |  |  |  | USD | N/A | 3990549 | 4591165<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Direct Lending Fund, L.P., Series SL-A |  |  |  |  |  | USD | N/A |  | (228744)<sup>1,13,14,20</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayfin Tactical Solutions Fund (US Parellel) LP |  |  |  |  |  | USD | N/A | 13774958 | 15008370<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mezzanine Partners 2019, <br>L.P. |  |  |  |  |  | USD | N/A | 6701045 | 7913347<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Mezzanine Partners 2019, LP |  |  |  |  |  | USD | N/A | 21010810 | 25498622<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Strategic Investment Partners V, LP |  |  |  |  |  | USD | N/A | 48930971 | 55947909<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V Feeder, L.P. |  |  |  |  |  | USD | N/A | 56060706 | 60327509<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Institutional Middle Market Fund LP |  |  |  |  |  | USD | N/A | 225000000 | 242022685<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Direct Lending Fund L.P. |  |  |  |  |  | USD | N/A | 17500000 | 19864717<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Wall Tactical Credit Delaware Feeder Fund LP |  |  |  |  |  | USD | N/A | 26576271 | 27439131<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXT Capital Senior Loan Fund VII, LP |  |  |  |  |  | USD | N/A | 12595770 | 12502487<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Co-Investment Partners B, LLC |  |  |  |  |  | USD | N/A | 1949774 | 1661597<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime U.S. Feeder LP |  |  |  |  |  | USD | N/A | 7893561 | 8058971<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Asset-Based Credit Fund II LP |  |  |  |  |  | USD | N/A | 20002593 | 20812077<br><sup>1,13,14</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

------

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Credit Fund II, L.P. |  |  |  |  |  | USD | N/A | $43264199 | $38206720<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Partners Credit Offshore Fund II, L.P. |  |  |  |  |  | USD | N/A | 7124962 | 3797992<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Rescue Financing Fund II, <br>L.P. |  |  |  |  |  | USD | N/A | 11454018 | 11260154<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoma Bravo Credit Fund III Feeder, LP |  |  |  |  |  | USD | N/A | 40679939 | 45798816<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Rivers LLC |  |  |  |  |  | USD | N/A | 5044983 | 1209823<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Capital Direct Lending Fund, L.P. |  |  |  |  |  | USD | N/A | 43750000 | 41464484<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritas Capital Credit Opportunities Onshore Fund III (Levered), <br>L.P. |  |  |  |  |  | USD | N/A | 10842411 | 7076332<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Credit Origination Fund, L.P. |  |  |  |  |  | USD | N/A | 1000000 | 1058596<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waccamaw River LLC |  |  |  |  |  | USD | N/A | 9012204 | 2664231<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Street Loan Partners V, SLP |  |  |  |  |  | USD | N/A | 18208176 | 18380002<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **1104642363** | **1149862304** |
| &nbsp;&nbsp;&nbsp; **Joint Ventures — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FBLC Senior Loan Fund LLC |  |  |  |  |  | USD | N/A | **78562000** | **81882764**<br><sup>1,13,14,18</sup> |
| &nbsp;&nbsp;&nbsp; **Non-Listed Business Development Companies — 8.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26North BDC, Inc. |  |  |  |  |  | USD | 1194288 | 30000000 | 30300862<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGTB BDC Holdings, L.P. |  |  |  |  |  | USD | 4950891 | 125000000 | 126516751<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Income Fund |  |  |  |  |  | USD | 3820631 | 100000000 | 105012755<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Capital Investment Corporation |  |  |  |  |  | USD | 4312845 | 95000000 | 97263990<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Private Credit Corporation |  |  |  |  |  | USD | 44235355 | 900000000 | 921068604<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. |  |  |  |  |  | USD | 16163843 | 150000000 | 152271152<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Solutions, Inc. |  |  |  |  |  | USD | 2483855 | 50000000 | 47292307<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC 4, Inc. |  |  |  |  |  | USD | 13333333 | 200000000 | 203953721<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Direct Lending Corporation |  |  |  |  |  | USD | 3336386 | 50000000 | 50924608<br><sup>1,13,14</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Non-Listed Business Development Companies (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund |  |  |  |  |  | USD | 7977662 | $200000000 | $200879845<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR FS Income Trust |  |  |  |  |  | USD | 2091712 | 59500000 | 62307785<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR FS Income Trust Select |  |  |  |  |  | USD | 992566 | 25000000 | 25435727<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Guardian IV BDC, L.L.C. |  |  |  |  |  | USD | 3600000 | 36000000 | 37139851<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Private Credit Fund |  |  |  |  |  | USD | 1999499 | 49987471 | 49078079<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Enhanced Income Corp. |  |  |  |  |  | USD | 2856397 | 40600000 | 34337445<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Lending Partners |  |  |  |  |  | USD | 943125 | 24982212 | 28828725<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private Credit BDC Feeder <br>LP |  |  |  |  |  | USD | N/A | 30415527 | 31050376<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Corporation |  |  |  |  |  | USD | 3859978 | 75500000 | 78895558<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Income Fund |  |  |  |  |  | USD | 1218627 | 30475516 | 30520480<br><sup>1,13,14</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price OHA Select Private Credit Feeder Fund LLC |  |  |  |  |  | USD | 3606267 | 100000000 | 97666016<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Direct Lending VIII LLC |  |  |  |  |  | USD | 1000000 | 69760319 | 64869014<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Capital Corporation |  |  |  |  |  | USD | 1925963 | 19296490 | 18243461<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit Strategic Lending <br>Corp. |  |  |  |  |  | USD | 2693917 | 53269873 | 53216258<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **2514787408** | **2547073370** |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Fund Obligations — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 LP | Delayed Draw | 10.39% | SOFR | 600 | 12/15/2034 | USD | 19319452 | 19319452 | 19725161<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 LP | Delayed Draw | 1.00% |  |  | 12/15/2034 | USD | 12871409 |  | 270299<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **19319452** | **19995460** |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations — 24.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Pacific Funding LP |  |  |  |  | 5/31/2031 | USD | 1 | 186635417 | 206234803<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  |  |  |  | 6/15/2034 | USD | 1 | 96880000 | 109470357<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  | 7.03% | SOFR | 275 | 2/17/2032 | USD | 32551200 | 32551200 | 32551200<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  | 7.53% | SOFR | 325 | 2/17/2032 | USD | 44121750 | 44121750 | 44018000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Senior Direct Lending Fund (U) III Rated Notes Feeder LLC |  |  |  |  | 3/29/2036 | USD | 1 | 9380017 | 11111456<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 1 LLC — CLASS A |  | 6.68% | SOFR | 235 | 1/31/2036 | USD | 124687500 | 124687500 | 124687500<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 1 LLC — CLASS B |  | 7.58% | SOFR | 325 | 1/31/2036 | USD | 17812500 | $17812500 | $17812500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 1 LLC — CLASS C |  | 8.43% | SOFR | 410 | 1/31/2036 | USD | 19593750 | 19593750 | 19593750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 1 LLC — CLASS D |  | 10.73% | SOFR | 640 | 1/31/2036 | USD | 17218750 | 17218750 | 17218750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 1 LLC — CLASS E |  | 12.93% | SOFR | 860 | 1/31/2036 | USD | 19593750 | 19593750 | 19593750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 2 LLC — CLASS A |  | 6.68% | SOFR | 235 | 1/31/2036 | USD | 120317500 | 120317500 | 120317500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 2 LLC — CLASS B |  | 7.58% | SOFR | 325 | 1/31/2036 | USD | 16625000 | 16625000 | 16625000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 2 LLC — CLASS C |  | 8.43% | SOFR | 410 | 1/31/2036 | USD | 18810000 | 18810000 | 18810000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 2 LLC — CLASS D |  | 10.73% | SOFR | 640 | 1/31/2036 | USD | 16853000 | 16853000 | 16853000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 2 LLC — CLASS E |  | 12.92% | SOFR | 859 | 1/31/2036 | USD | 19760000 | 19760000 | 19760000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 3 LLC — CLASS A |  | 6.68% | SOFR | 235 | 1/31/2036 | USD | 119153750 | 119153750 | 119153750<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 3 LLC — CLASS B |  | 7.58% | SOFR | 325 | 1/31/2036 | USD | 18482250 | 18482250 | 18482250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 3 LLC — CLASS C |  | 8.43% | SOFR | 410 | 1/31/2036 | USD | 19760000 | 19760000 | 19760000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 3 LLC — CLASS D |  | 10.73% | SOFR | 640 | 1/31/2036 | USD | 16007500 | 16007500 | 16007500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 3 LLC — CLASS E |  | 12.93% | SOFR | 860 | 1/31/2036 | USD | 18620000 | 18620000 | 18620000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 4 LLC — CLASS A |  | 6.68% | SOFR | 235 | 1/31/2036 | USD | 119700000 | 119700000 | 119700000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 4 LLC — CLASS B |  | 7.58% | SOFR | 325 | 1/31/2036 | USD | 18382500 | 18382500 | 18382500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 4 LLC — CLASS C |  | 8.43% | SOFR | 410 | 1/31/2036 | USD | 19760000 | 19760000 | 19760000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 4 LLC — CLASS D |  | 10.73% | SOFR | 640 | 1/31/2036 | USD | 16482500 | 16482500 | 16482500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP SUMMA 4 LLC — CLASS E |  | 12.93% | SOFR | 860 | 1/31/2036 | USD | 19095000 | 19095000 | 19095000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Summar Holdco 1 LP |  |  |  |  |  | USD | N/A | 191360627 | 191926372<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock MT. Lassen Senior Loan XII |  |  |  |  | 12/28/2032 | USD | N/A | 476200809 | 511593048<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Shasta Senior Loan Fund VII, LLC |  |  |  |  | 1/22/2033 | USD | N/A | 645119996 | 611788852<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLFK, LLC, Series 2025-1 |  |  |  |  | 7/31/2037 | USD | 1 | 87760000 | 88514575<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline Structured Note Issuer I LLC |  |  |  |  | 7/20/2036 | USD | 1 | 121319898 | 122445333<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPG Loan Funding, LLC |  |  |  |  | 4/29/2030 | USD | 1 | 492960391 | 518681957<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC |  |  |  |  | 4/10/2038 | USD | 1 | 31461087 | 33651798<br><sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC — Class C |  | 11.55% | SOFR | 750 | 4/10/2038 | USD | 50000000 | $30279323 | $30279323<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC — Class D |  | 12.69% | SOFR | 864 | 4/10/2038 | USD | 50000000 | 29529323 | 29529323<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KCLF Note Issuer I SPV, LLC |  |  |  |  | 1/15/3033 | USD | 1 | 264025000 | 273611919<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIMM CLO I LLC |  |  |  |  | 10/15/2036 | USD | 1 | 54387000 | 51589286<br><sup>1,10,11,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Avenue CLO I Holdco LLC — Series 1 |  |  |  |  | 7/15/2035 | USD | 1 | 85393600 | 87246159<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXT Capital Structured Note I LLC |  |  |  |  | 1/26/2031 | USD | N/A | 178886292 | 192962633<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC |  |  |  |  | 5/15/2034 | USD | 1 | 137984137 | 158992504<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC — Class B |  | 9.21% | SOFR | 500 | 5/15/2034 | USD | 50000000 | 50000000 | 50000000<br><sup>1,4,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC — Class C |  | 12.96% | SOFR | 875 | 5/15/2034 | USD | 58000000 | 58000000 | 58000000<br><sup>1,4,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Credit Fund C-1 Holdco, LLC — Series 1 |  |  |  |  |  | USD | N/A | 784100317 | 795518792<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Senior Loan Fund LLC |  |  |  |  | 5/3/2034 | USD | N/A | 467597208 | 487236696<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Loan Funding, LLC |  |  |  |  | 10/20/2033 | USD | N/A | 1324185795 | 1418295454<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Cove Funding LLC |  |  |  |  | 6/4/2040 | USD | 1 | 485904071 | 505395492<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TB Funding I Ltd. — CLASS B |  | 8.28% | SOFR | 400 | 4/30/2032 | USD | 73396630 | 73396630 | 73396630<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TB Funding Ltd. |  |  |  |  | 4/30/2032 | USD | 1 | 70737075 | 75090268<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Structured Note Issuer I, LLC |  |  |  |  | 10/19/2033 | USD | N/A | 137277228 | 147425297<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **7424149441**  | **7693272777** |
| &nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26North Direct Lending Management |  |  |  |  |  | USD | 7 | 6667 | 1271513<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A1 |  |  |  |  |  | USD | 2 | 1377453 | 4610182<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A2 |  |  |  |  |  | USD | 4 | 364501 | 1303200<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL III Advisor LLC |  |  |  |  |  | USD | N/A | 25000 | 149288<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHA Private Credit Advisors, LLC |  |  |  |  |  | USD | N/A | 50000 | 1322587<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime Management Ltd. — Class B |  |  |  |  |  | USD | 75 | 75 | 75<br><sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Equity (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime Special Limited Partnership |  |  |  |  |  | USD | 1 | $75 | $75<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private BDC Advisor, LLC |  |  |  |  |  | USD | N/A |  | 1889437<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Income Advisor LLC |  |  |  |  |  | USD | N/A | 62500 | 1033280<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit BDC Management, <br>L.P. |  |  |  |  |  | USD | 200 | 20000 | 1449470<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **1906271** | **13029107** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common and Preferred Equity — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Co-Invest LP |  |  |  |  |  | USD | N/A | 27040075 | 35889438<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP Mezz 2019 Co-Invest, LP |  |  |  |  |  | USD | N/A | 76146599 | 107338744<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP SIP V Co-Investment Fund, LP |  |  |  |  |  | USD | N/A | 14503288 | 21193626<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **117689962** | **164421808** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common Equity — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |  |  |  |  |  | USD | N/A | 7544955 | 10271951<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLC Fund 0225-CI LP |  |  |  |  |  | USD | N/A | 120000 | 119945<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Co-Invest, LP |  |  |  |  |  | USD | N/A | 22500000 | 34079236<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marilyn Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 69065006 | 89916153<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THL Fund IX Investor Plymouth II LP |  |  |  |  |  | USD | N/A | 1591030 | 2144248<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Healthcare Partners VetEvolve Co-Invest A, LP |  |  |  |  |  | USD | N/A | 3010526 | 3533148<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **103831517** | **140064681** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Preferred Equity — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Alera Aggregator, L.P. |  |  |  |  |  | USD | N/A | 9740016 | 14023986<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Sierra II, L.P. |  |  |  |  |  | USD | N/A | 15654924 | 17420857<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilly HP SCF Investor, LP |  |  |  |  |  | USD | 1 | 2011799 | 2539642<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mint Co-Invest Fund, L.P. |  |  |  |  |  | USD | N/A | 19845369 | 31758332<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 23232361 | 33896371<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Capital Solutions Co-Invest (Wolverine) LP |  |  |  |  |  | USD | N/A | 8275406 | 11880196<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **78759875** | **111519384** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Senior Secured Loans — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17Capital Co-Invest (B) SCSp |  |  |  |  |  | EUR | N/A | $25161702 | $26799933<br><sup>1,7,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricorn Co-Invest, L.P. |  |  |  |  |  | EUR | N/A | 37733024 | 44770203<br><sup>1,7,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caryle EDL Dance Aggregator, L.P. |  |  |  |  |  | EUR | 1 | 25031073 | 29596518<br><sup>1,7,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chiron Co-Invest, L.P. |  |  |  |  |  | USD | 1 | 50000000 | 50693151<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CW Credit Opportunity 2 LP |  |  |  |  |  | USD | N/A | 75068217 | 83442619<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piccadilly Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 2240432 | 605902<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxima Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 9658246 | 9627786<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **224892694** | **245536112** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Subordinated Debt — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luther Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 24008414 | 21434982<br><sup>1,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milano Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 3998073 | 3923043<br><sup>1,13,14</sup> |
|  |  |  |  |  |  |  |  | **28006487** | **25358025** |
|  **Total Private Investment Vehicles** |  |  |  |  |  |  |  | **11696547470** | **12192015792** |
|  **Subordinated Debt — 1.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Keystone Holdings, LP | Delayed Draw | 15.00% | PRIME | 750 | 3/18/2029 | USD | 104924 | 8418 | 8103<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Keystone Holdings, LP | First Lien Term Loan | 14.75% | PRIME | 750 | 3/18/2029 | USD | 281310 | 268759 | 268013<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **277177** | **276116** |
| &nbsp;&nbsp;&nbsp; **Financials — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. | Delayed Draw | 1.00% |  |  | 4/2/2035 | CAD | 67858 | (1163) | (128)<sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. | First Lien Term Loan | 14.00% |  |  | 4/2/2035 | CAD | 231642 | 153555 | 156722<br><sup>1,3,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. Holdco Note | First Lien Term Loan | 12.20% | SOFR | 800 | 2/28/2030 | USD | 4923189 | 4923189 | 4923189<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ODEON PIKCO | Delayed Draw | 10.75% | EURIBOR | 875 | 3/29/2030 | EUR | 6914062 | 7981192 | 7981192<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTR Midco, LLC |  | 12.00% |  |  | 5/13/2026 | USD | 5500000 | 5500000 | 5500000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | First Lien Term Loan | 10.33% | EURIBOR | 825 | 3/20/2033 | EUR | 5000000 | 5322824 | 5763249<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA KHP Aggregator, L.P |  | 12.50% |  |  | 12/30/2032 | USD | 2450000 | 2419375 | 2420721<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Themis Topco | First Lien Term Loan | 9.53% | EURIBOR | 750 | 8/21/2032 | EUR | 1620505 | 1868986 | 1875049<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 15.00% PIK |  |  | 5/26/2033 | USD | 22846642 | 22368156 | 22864920<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 13.00% |  |  | 5/26/2033 | USD | 14000000 | 13868928 | 14011200<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **64405042** | **65496114** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Subordinated Debt (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hygie31 Holding | First Lien Term Loan | 10.62% | EURIBOR | 850 | 9/28/2030 | EUR | 3330000 | $3903869 | $3909368<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAW Midco, Inc. | First Lien Term Loan | 11.50% PIK |  |  | 12/22/2031 | USD | 1460578 | 1444173 | 1377048<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 13.25% |  |  | 8/31/2030 | USD | 2592315 | 2548636 | 2502975<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | First Lien Term Loan | 13.75% PIK |  |  | 8/31/2030 | USD | 27916418 | 27447730 | 27632811<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **35344408** | **35422202** |
| &nbsp;&nbsp;&nbsp; **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 14.25% PIK |  |  | 10/24/2028 | USD | 16917764 | 16696005 | 16532773<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 14.25% PIK |  |  | 10/24/2029 | USD | 8186778 | 8134476 | 8000474<br><sup>1,3,4,9</sup> |
|  |  |  |  |  |  |  |  | **24830481** | **24533247** |
| &nbsp;&nbsp;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company | First Lien Term Loan | 11.75% |  |  | 9/17/2026 | USD | 3500000 | **3500000** | **3500000**<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp; **Technology — 1.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve — Class B |  | 9.00% PIK |  |  | 1/2/2029 | USD | 410952 | 364926 | 350042<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve — Class C |  | 9.00% PIK |  |  | 1/2/2029 | USD | 420320 | 373245 | 358022<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | First Lien Term Loan | 9.71% | EURIBOR | 750 | 4/11/2033 | EUR | 7308062 | 8201028 | 8496647<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | Delayed Draw | 1.00% |  |  | 4/11/2033 | USD | 4872041 | (73081) | (47078)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consilio Midco Limited | First Lien Term Loan | 11.64% | SOFR | 750 | 4/11/2033 | USD | 10718491 | 10566707 | 10614918<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 9.78% | SOFR | 560 | 2/10/2031 | USD | 32500000 | 6913142 | 6850000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 7.71% | EURIBOR | 560 | 2/10/2031 | EUR | 8506558 | 9001713 | 9786836<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 1.00% |  |  | 2/10/2031 | USD | 25000000 | (488415) | (500000)<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II | Delayed Draw | 13.75% PIK |  |  | 4/5/2031 | USD | 9097406 | 8990052 | 9033520<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II | Delayed Draw | 13.50% | PRIME | 625 | 4/5/2031 | USD | 5000000 | 4880691 | 4927624<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II | First Lien Term Loan | 13.75% PIK |  |  | 4/5/2031 | USD | 18277780 | 18071632 | 18149426<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II, LLC | First Lien Term Loan | 12.75% |  |  | 4/5/2031 | USD | 20741818 | 20328237 | 20319869<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II, LLC | Delayed Draw | 13.75% |  |  | 9/19/2032 | USD | 4058182 | 3977222 | 3975626<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Holdco, L.P. | First Lien Term Loan | 13.00% PIK |  |  | 8/8/2032 | USD | 40000000 | 39407994 | 39600000<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings | Delayed Draw | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 4290580 | 4500120 | 5037074<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings | First Lien Term Loan | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 39909420 | 41858488 | 46853041<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | First Lien Term Loan | 10.24% | EURIBOR | 800 | 10/17/2031 | EUR | 10727273 | 11408970 | 12249738<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | First Lien Term Loan | 7.03% | EURIBOR | 500 | 10/17/2031 | EUR | 51204255 | 54765525 | 59447336<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 7.03% | EURIBOR | 500 | 10/17/2031 | EUR | 22458596 | 17025216 | 19591820<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 0.50% |  |  | 10/17/2031 | EUR | 7643826 | (78274) | 699905<br><sup>1,2,3,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Subordinated Debt (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology — 1.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 7.01% | EURIBOR | 500 | 10/17/2031 | EUR | 3089455 | $3286019 | $3599530<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VDC Powerup PTE LTD | First Lien Term Loan | 9.91% | SOFR | 575 | 5/20/2028 | USD | 12072467 | 11880984 | 11831017<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VDC Powerup PTE LTD | First Lien Term Loan | 9.91% | SOFR | 575 | 5/20/2028 | USD | 54594200 | 53726402 | 53502316<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **328888543** | **344727229** |
| &nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Associations, Inc.** | First Lien Term Loan | 10.99% | SOFR | 676 | 5/3/2030 | USD | 7951499 | 7951499 | 7951499<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Associations, Inc.** | First Lien Term Loan | 10.76% | SOFR | 676 | 5/3/2030 | USD | 10241584 | 10204372 | 10241584<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **18155871** | **18193083** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Subordinated Debt** |  |  |  |  |  |  |  | **475401522** | **492147991** |
|  **Common Stocks — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Holdings, LLC — Class A-1 |  |  |  |  |  | USD | 1 | 1000 | 1006<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CARDS Partnership Holdings, L.P. — Class A |  |  |  |  |  | USD | 258921 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Parent Holdings, L.P. — Series A |  | 8.00% PIK |  |  |  | USD | 100 | 1000 | 1008<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEDS Equity Investors, LP — Class A |  |  |  |  |  | USD | 271 | 35812 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxwell Ultimate Holdings, L.P. — Class A |  |  |  |  |  | USD | 839 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opus Regulatory Group Holdings, L.P. — Class A-2 |  |  |  |  |  | USD | 1382 | 1381960 | 1381960<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCP Accelerate Hold LP |  |  |  |  |  | USD | 110000 | 110000 | 110000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Labs Holdings, LP — Class A |  |  |  |  |  | USD | 10 | 10220 | 13899<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talon Holdings SCSp — Class A |  |  |  |  |  | USD | 50000 | 50000 | 50000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Ultimate Holdings, LP — Class A |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Tiger Newco, LLC — Class A |  |  |  |  |  | USD | 63640 | 7637369 | 7637370<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **9228361** | **9196243** |
| &nbsp;&nbsp;&nbsp; **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datum Holdings, LLC |  |  |  |  |  | USD | 1313 | 131250 | 134572<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duggal Equity, LP — Class A |  |  |  |  |  | USD | 105 | 105000 | 111698<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Holdings Topco L.P. — Class A |  |  |  |  |  | USD | 3466 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Xenith Holdings PTE. Limited — A2 |  |  |  |  |  | USD | 2571 | 2571 | 2571<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **238821** | **248841** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Common Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Blocker Aggregator, LP — Class A |  |  |  |  |  | USD | 1500 | $1500000 | $5456072<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Investor, LP — Class A |  |  |  |  |  | USD | 200800 | 100400 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAP-KSI Investor, LP — Class A |  |  |  |  |  | USD | 212000 | 212000 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Parts Holdings, LLC — Class A |  |  |  |  |  | USD | 9 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Head Rush Co-Investment Holdings LLC — Class C |  |  |  |  |  | USD | 111500 | 111500 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Investors, LLC — Class A |  |  |  |  |  | USD | 542 | 54009 | 27618<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasko Operation Holdings, LLC |  |  |  |  |  | USD | 1427 | 310533 | 460168<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next Horizon Capital TireCo SPV, LP |  |  |  |  |  | USD | 1 | 1000 | 999<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saguaro Group Holdings, L.P |  |  |  |  |  | USD | 10000 | 10000000 | 10000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Equity Holdings, LLC |  |  |  |  |  | USD | 231600 | 231600 | 263776<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Industries International, Inc. |  |  |  |  |  | USD | 137989 | 12419 | 12419<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **12533461** | **16221052** |
| &nbsp;&nbsp;&nbsp; **Consumer Staples — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Keystone Holdings, LP |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP MSI Co-Invest, LP |  |  |  |  |  | USD | 1 | 669 | 1082<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Parent, LP |  |  |  |  |  | USD | 666666 | 666667 | 1000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBC Aggregator LP |  |  |  |  |  | USD | 1 | 875 | 975<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **669211** | **1003057** |
| &nbsp;&nbsp;&nbsp; **Financials — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15484880 Canada, Inc. — Class A2 Series 2 |  |  |  |  |  | CAD | 1000 | 699 | 719<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACC Ultimate Holdings, L.P. — Class A |  |  |  |  |  | USD | 450000 | 4500000 | 3663900<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp |  |  |  |  |  | USD | 5923955 | 101299630 | 81869058<br><sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Secured Lending, Inc. |  |  |  |  |  | USD | 207319 | 3495518 | 2591487<br><sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWC Fund I Co-Invest (MFA) LP. |  | 8.00% PIK |  |  |  | USD | 1 | 1003 | 1012<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forbright, Inc. |  |  |  |  |  | USD | 280309 | 3611111 | 11013674<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrum Grit Co-Invest LP |  |  |  |  |  | USD | 1 | 602 | 602<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Intermediate I, Inc. — Class A-1 |  |  |  |  |  | USD | 2938 |  | 2177148<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poinsett Merger Sub, LLC — Class A-1 |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rio Grande Credit Partners LLC |  |  |  |  |  | USD | 5 |  | —<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **112909563** | **101318600** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Common Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Holdings, LP — Class B |  |  |  |  |  | USD | 4470 | $4470 | $203660<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCPE Hyperlink Holdings, LP |  |  |  |  |  | USD | 100 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brave Topco Holdings, LP |  |  |  |  |  | USD | 1000000 | 1000000 | 1000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Equity Holdings, LLC |  |  |  |  |  | USD | 666667 | 666667 | 1000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. |  |  |  |  |  | USD | 1 | 1000 | 1299<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECC NPC Holdco, LP |  |  |  |  |  | USD | 600 | 600000 | 600000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holdco US L.P. — Class A-3 |  |  |  |  |  | USD | 3958334 | 3992815 | 5779168<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERC TOPCO Holdings, Inc. |  |  |  |  |  | USD | 2914 | 3712390 | 4060609<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Parent, L.P. — Class A-2 |  |  |  |  |  | USD | 105719 | 105719 | 98320<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Atlantic (USU) Blocker Collection Holdco, L.P. |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEC Topco, LP — Class A |  |  |  |  |  | USD | 206 | 206400 | 89235<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Medical Holdings, LLC — Class B |  |  |  |  |  | USD | 115800 |  | 30636<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New SD Holding Company, L.P. |  |  |  |  |  | USD | 2692 | 1884344 | 1754324<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCP Release Aggregator, LP |  |  |  |  |  | USD | 510 | 510000 | 510000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmalink Holdco, LLC — Class A |  |  |  |  |  | USD | 588462 | 588462 | 588461<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDB Holdco, LLC — Class A |  |  |  |  |  | USD | 34545390 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VHP Advocate Aggregator LP |  |  |  |  |  | USD | 225500 | 41827 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wildcats Topco LLC |  |  |  |  |  | USD | 146484 | 146484 | 146484<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **13462578** | **15864196** |
| &nbsp;&nbsp;&nbsp; **Industrials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Equity, L.P. — Class A |  |  |  |  |  | USD | 81 | 81600 | 9635<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Holdings, Inc. |  |  |  |  |  | USD | 13 | 12675 | 15080<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Group Holdings L.P. — Class A |  |  |  |  |  | USD | 12345 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Parent Holdings, Inc. |  |  |  |  |  | USD |  |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elastomers Platform Hodlings, LP |  | 10.00% PIK |  |  |  | USD | 29580 | 23382 | 46600<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCI Highland Holdings, LLC — Class A |  |  |  |  |  | USD | 5047 | 11355 | 11356<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISC CG Buyer, LLC — Class A |  |  |  |  |  | USD | 450 | 450000 | 450000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jaguar CG Parent, LP — Class A |  |  |  |  |  | USD | 338 | 337845 | 363829<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L2 Cognesense Parent Holdings, LP — Class A |  | 8.00% PIK |  |  |  | USD | 124 | 66125 | 1333<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lehman Pipe Holdings LLC — Class A |  | 8.00% PIK |  |  |  | USD | 102 | 102200 | 2305<br><sup>1,3,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Common Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Industrials (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MS Precision Parent, LP — Class A-1 |  |  |  |  |  | USD | 1000 | $1000 | $1015<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MY Parent Holdings, LLC |  |  |  |  |  | USD | 2076 | 207600 | 301582<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence Equity Partners IX-C L.P. |  |  |  |  |  | USD | 800 | 800 | 800<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Griffin Topco, LLC — Class A |  |  |  |  |  | USD | 2267 | 9952634 | 5742084<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reno Opco Holding, LLC — Class A |  |  |  |  |  | USD | 13 | 26017 | 47935<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Aggregator 1 Limited |  |  |  |  |  | GBP | 285 | 355 | 935225<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVG-ESS Holdings, LLC |  |  |  |  |  | USD | 200 | 100000 | 316128<br><sup>1,3,16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Anchors Investor, LP — Class A |  |  |  |  |  | USD | 112236 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSC Safety Holdings LLC |  |  |  |  |  | USD | 750 | 75000 | 75000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WG Topco, LLC — Class B |  |  |  |  |  | USD | 57200 | 33616 | 68958<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **11482204** | **8388865** |
| &nbsp;&nbsp;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buckman PPC Co-Invest LP |  | 14.00% PIK |  |  |  | USD | 1 | 1004 | 997<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Parent, LLC |  | 10.00% PIK |  |  |  | USD | 197 | 196974 | 306792<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Parent Holdings, LP — Class A |  | 8.00% PIK |  |  |  | USD | 279 | 571190 | 883076<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **769168** | **1190865** |
| &nbsp;&nbsp;&nbsp; **Technology — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Holdings, LLC — Class A-1 |  |  |  |  |  | USD | 846 | 867257 | 1249739<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve Cayman Topco LP — Class A |  |  |  |  |  | USD | 394737 | 967870 | 315526<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP-FL LP — Class A-1 |  |  |  |  |  | USD | 2000 | 2000000 | 3000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genius Holdco LLC |  |  |  |  |  | USD | 1716 | 171600 | 105050<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Khoros, LLC |  |  |  |  |  | USD | 20154 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Ultimate Holdings, LP — Class B |  |  |  |  |  | USD | 238 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Ocean Holdings, L.P. — Class A & C |  |  |  |  |  | USD | 400000 | 2000000 | 2496756<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **6006727** | **7167071** |
|  **Total Common Stocks** |  |  |  |  |  |  |  | **167300094** | **160598790** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Preferred Stocks — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSC Top Shelf Blocker, LLC — Series A |  | 8.00% PIK |  |  |  | USD | 190400 | $190400 | $190400<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CARDS Partnership Holdings, L.P. |  | 10.00% PIK |  |  |  | USD | 258920 | 258920 | 183596<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maxwell Ultimate Holdings, L.P. — Class A |  | 10.00% PIK |  |  |  | USD | 6227 | 622667 | 623178<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **1071987** | **997174** |
| &nbsp;&nbsp;&nbsp; **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eir PFIQ Holdings, LP |  | 12.00% PIK |  |  |  | USD | 123600 | 123600 | 123600<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Holdings Topco L.P. — Class B |  | 5.00% PIK |  |  |  | USD | 1538 | 1419487 | 1419487<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Xenith Holdings PTE. Limited — A2 |  |  |  |  |  | USD | 1256528614 | 12565286 | 12565286<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **14108373** | **14108373** |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Investor, LP |  | 8.50% PIK |  |  |  | USD | 200800 | 100400 | 109537<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HD Parts Holdings, LLC — Class A |  | 10.00% PIK |  |  |  | USD | 9 | 8985 | 8984<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Head Rush Co-Investment Holdings LLC — Class A |  | 8.00% PIK |  |  |  | USD | 111500 | 111946 | 106973<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LH Equity Investors, L.P. — Class A |  | 14.00% PIK |  |  |  | USD | 1 | 963 | 962<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **222294** | **226456** |
| &nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression Preferred Equity (JR Preferred Shares) |  |  |  |  |  | USD | 231877 | **765526** | **790790**<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp; **Financials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CP-ACP LLC |  | 13.75% PIK |  |  |  | USD | 4164 | 4049490 | 4164000<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Topco, <br>Inc. — Series A |  | 13.25% PIK |  |  |  | USD | 15000 | 14625000 | 15000000<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Intermediate I, Inc. |  | 8.00% PIK |  |  |  | USD | 3143 | 3142632 | 3142632<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **21817122** | **22306632** |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate RCM Ultimate Holdings, L.P. |  | 8.00% PIK |  |  |  | USD | 225500 | 225500 | 219032<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFC Parent Holdings, LLC |  |  |  |  |  | USD | 179700 | 179700 | 80149<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Holdings, LP |  | 8.00% PIK |  |  |  | USD | 443 | 442530 | 442530<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Plastic Surgery Partners Holdings, LLC — Class A |  | 10.00% PIK |  |  |  | USD | 94900 | 94900 | 15089<br><sup>1,3,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Preferred Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC PLC Blocker, LLC — Class A-1 |  | 8.00% PIK |  |  |  | USD | 270270 | $270270 | $270270<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMSS Holdings, LLC — Class A |  | 12.50% PIK |  |  |  | USD | 11772 | 11612 | 11772<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Intermediate, LLC |  | 13.00% PIK |  |  |  | USD | 17500 | 16975000 | 17500000<br><sup>1,3,9,17</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ModMed Software Midco Holdings, Inc. — Series A |  | 13.00% PIK |  |  |  | USD | 50 | 48750 | 49950<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Medical Holdings, LLC — Class A |  | 8.00% PIK |  |  |  | USD | 115800 | 115800 | 115800<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nThrive, Inc., (Series A-2 Preferred) |  | 11.00% PIK |  |  |  | USD | 15000 | 14550000 | 14115000<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDB Holdco, LLC |  | 6.00% PIK |  |  |  | USD | 16761329 | 4891627 | —<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **37805689** | **32819592** |
| &nbsp;&nbsp;&nbsp; **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFC Acquisitions, Inc. — Series H-2 |  | 8.00% PIK |  |  |  | USD | 7 | 12826 | 12826<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Holdings, Inc. — Class A |  | 8.00% PIK |  |  |  | USD | 25 | 38025 | 38025<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSG Acquisition, LLC — Senior Preferred |  | 12.25% PIK |  |  |  | USD | 11250000 | 10968750 | 11250000<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHCP Silver Surfer Holdings Corp. — Series B |  | 14.00% PIK |  |  |  | USD | 7500 | 7275000 | 7446000<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Aggregator 1 Limited |  | 11.00% PIK |  |  |  | GBP | 984176 | 1227003 | 1323529<br><sup>1,3,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TVG-ESS Holdings, LLC |  | 8.00% PIK |  |  |  | USD | 200 | 100000 | 99178<br><sup>1,3,9,16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPBW Blocker LLC |  | 15.00% PIK |  |  |  | USD | 10 | 1000 | 1029<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Anchors Investor, LP |  | 8.50% PIK |  |  |  | USD | 112236 | 112235 | 112236<br><sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **19734839** | **20282823** |
| &nbsp;&nbsp;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaskolite PPC Blocker LLC |  | 15.00% PIK |  |  |  | USD | 64 | **1000** | **1000**<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp; **Technology — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Intermediate, Inc. — Series A |  | 14.00% PIK |  |  |  | USD | 2 | 1950 | 2040<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Topco, Inc. |  | 12.50% PIK |  |  |  | USD | 1299 | 12729051 | 12852444<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPSTrackIt Intermediate Holdings, LLC — Class Z |  | 15.00% PIK |  |  |  | USD | 2316 | 231600 | 231600<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Security Holdings XX, LLC |  | 10.00% PIK |  |  |  | USD | 114400 | 114400 | 114400<br><sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. — 2023-1 |  | 16.30% PIK |  |  |  | USD | 10000 | 9700000 | 10000000<br><sup>1,3,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Preferred Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. — 2022-1 |  | 16.32% PIK |  |  |  | USD | 15000 | $14550000 | $15000000<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JAMS Holdings LP |  | 8.00% PIK |  |  |  | USD | 1000 | 1000 | 994<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Holdings, Inc. — Series A |  | 10.50% PIK |  |  |  | USD | 6500 | 6305000 | 6497886<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NE SPV Holdco, LLC |  |  |  |  |  | USD | 7106 | 2994539 | 2994539<br> <sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Ultimate Holdings, LP — Class A |  | 9.00% PIK |  |  |  | USD | 1 | 1000 | 967<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSK Holdings, Inc. — Series B |  | 15.71% PIK |  |  |  | USD | 11000 | 10780000 | 11000000<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSK Holdings, Inc. — Series C |  | 13.75% PIK |  |  |  | USD | 3928 | 3850000 | 3928572<br> <sup>1,3,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SecureITize Solutions Parent LP — Class A |  | 8.00% PIK |  |  |  | USD | 197 | 83281 | 83280<br> <sup>1,3,9</sup> |
|  |  |  |  |  |  |  |  | **61341821** | **62706722** |
|  **Total Preferred Stocks** |  |  |  |  |  |  |  | **156868651** | **154239562** |
|  **Collateralized Loan Obligations — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XII Ltd. |  | 12.54% | SOFR | 825 | 7/29/2037 | USD | 16080000 | 16080000 | 16075631<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 12.91% | SOFR | 860 | 10/30/2035 | USD | 5000000 | 4900000 | 5005568<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 10.71% | SOFR | 640 | 10/30/2035 | USD | 8100000 | 8100000 | 8118483<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; ABPCI Private Funding I LLC |  | 11.70% | SOFR | 750 | 7/16/2036 | USD | 8750000 | 8750000 | 8743827<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; BlackRock Elbert CLO V LLC |  | 26.00% |  |  | 6/15/2034 | USD | 39500000 | 40329968 | 14063318<br> <sup>1,3,10,15</sup> |
| &nbsp;&nbsp;&nbsp; BlackRock Elbert CLO V LLC |  | 12.74% | SOFR | 870 | 6/15/2034 | USD | 13000000 | 12666289 | 12953812<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; Deerpath Capital CLO 2023-2, Ltd. |  | 10.92% | SOFR | 660 | 1/15/2036 | USD | 11000000 | 11000000 | 11098599<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; Freedom Funding Center LLC |  | 12.00% |  |  | 10/1/2032 | USD | 10000000 | 10000000 | 10000000<br> <sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd. |  | 10.23% | SOFR | 600 | 11/9/2036 | USD | 13950000 | 13950000 | 13992452<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; Monroe Capital MML CLO IX Ltd. |  | 13.29% | SOFR | 896 | 10/22/2031 | USD | 10000000 | 9787268 | 10041915<br> <sup>1,3,4,10,11</sup> |
| &nbsp;&nbsp;&nbsp; Monroe Capital MML CLO VIII, Ltd. |  | 23.00% |  |  | 11/22/2033 | USD | 15000000 | 16202035 | 6429500<br> <sup>\*,1,3,10,11,15</sup> |
|  **Total Collateralized Loan <br>Obligations** |  |  |  |  |  |  |  | **151765560** | **116523105** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Warrants — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $1.00 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 1/17/2031 |  |  |  |  |  | USD | 1 | \*\* | $**—** | $**311368**<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWC-MH Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 4/28/2033 |  |  |  |  |  | USD | 1 | \*\* |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $2.00 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/8/2029 |  |  |  |  |  | USD | 219298 |  | 352127 | 1392198<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  |  | **352127** | **1392198** |
| &nbsp;&nbsp;&nbsp; **Industrials — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cinelease HoldCo, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 7/30/2035 |  |  |  |  |  | USD | 99412 |  | **—** | **—**<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp; **Technology — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Measuabl, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $18.00 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 4/20/2032 |  |  |  |  |  | USD | 1 | \*\* | **—** | **—**<br><sup>1,3</sup> |
|  **Total Warrants** |  |  |  |  |  |  |  |  | **352127** | **1703566** |
|  **Short-Term Investments — 2.3%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, 4.27% |  | 4.09% |  |  |  | USD | 720454244 |  | **720454244** | **720454244**<br><sup>1,19</sup> |
|  **Total Short-Term Investments — 2.3%** |  |  |  |  |  |  |  |  | **720454244** | **720454244** |
|  **Total Investments — 128.9%** |  |  |  |  |  |  |  |  | $**40101940861** | $**40599999486** |
| &nbsp;&nbsp;&nbsp; Senior Notes (net of deferred offering costs of $27,088,961) — (19.3)% |  |  |  |  |  |  |  |  |  | (6093192507) |
| &nbsp;&nbsp;&nbsp; Liabilities Less Other Assets — (9.6)% |  |  |  |  |  |  |  |  |  | (3018063390) |
|  **Net Assets — 100.0%** |  |  |  |  |  |  |  |  |  | $**31488743589** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

AUD – Australian Dollars

CAD – Canadian Dollars

EUR – Euro

GBP – Pound Sterling

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

USD – United States Dollar

ARR CSA – Alternate Reference Rate Credit Spread Adjustment

BASE – Base rate as defined in the credit agreement

BBSW – Bank Bill Swap Rate

BBSY – Bank Bill Swap Bid Rate

CDOR – Canadian Dollar Offered Rate

CORRA – Canadian Overnight Repo Rate Average

EFFR – Effective Federal Funds Rate

EURIBOR – Euro Interbank Offered Rate

NIBOR – Norwegian Interbank Offered Rate

NOWA – Norwegian Overnight Weighted Average

PRIME – Prime Lending Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

STIBOR – Stockholm Interbank Offered Rate

TONA – Tokyo Overnight Average Rate

BDC – Business Development Company

CLO – Collateralized Loan Obligation

COP – Certificate of Participation

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

RB – Revenue Bonds

 \* Subordinated note position. Rate shown is the effective yield as of period end.

 \*\* Shares represent underlying security.

 <sup>1</sup> As of September 30, 2025 all or a portion of the security has been pledged as collateral for senior secured notes and revolving credit facility. The value of the securities totaled $40,599,999,486 as of September 30, 2025. See Note 2, subsection Senior Notes of the Notes to Consolidated Financial Statements for additional information.

 <sup>2</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment. See Note 2 for additional information.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

 <sup>3</sup> Value was determined using significant unobservable inputs.

 <sup>4</sup> Floating rate security. Rate shown is the rate effective as of period end.

 <sup>5</sup> All or a portion of the security was made through a participation. Please see Note 2 for a description of loan participations.

 <sup>6</sup> A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion. See Note 2 for additional information.

 <sup>7</sup> Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

 <sup>8</sup> All or a portion of this security is segregated as collateral for secured borrowings made with Macquarie US Trading LLC. Total collateral had a fair value of $581,239,965 as of September 30, 2025. See Note 2 for additional information.

 <sup>9</sup> Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any.

 <sup>10</sup> Callable.

 <sup>11</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $153,675,710, which represents 0.5% of total net assets of the Fund.

 <sup>12</sup> Step rate security.

 <sup>13</sup> Investment valued using net asset value per share as practical expedient. See Note 13 for respective investment strategies, unfunded commitments, and redemptive restrictions.

 <sup>14</sup> These securities are restricted, the total value of these securities is $11,128,646,482, which represents 35.3% of total net assets of the Fund.

 <sup>15</sup> Variable rate security. Rate shown is the rate in effect as of period end.

 <sup>16</sup> Vistria ESS Holdings, LLC holds Series A Preferred Units and Class A Common Units in TVG ESS Holdings, LLC which is the parent company holdings company for S4T Holdings Corp.

 <sup>17</sup> Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

 <sup>18</sup> Affiliated company.

 <sup>19</sup> The rate is the annualized seven-day yield at period end.

 <sup>20</sup> The negative valuation is due to the fund investing in a line of credit prior to drawing capital from its investors.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

 **Additional information on restricted securities is as follows:**<br>

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  17Capital Co-Invest (B) SCSp | 9/23/2021 | $25161702 |
|  26North BDC, Inc. | 10/11/2023 | 30000000 |
|  ABPCI Pacific Funding LP | 6/9/2022 | 186635417 |
|  AG Twinbrook Origination Fund I, L.P. | 4/14/2023 | 23872182 |
|  AGTB BDC Holdings, L.P. | 5/10/2022 | 125000000 |
|  Antares Loan Funding I Ltd. | 2/17/2023 | 96880000 |
|  Antares Senior Loan Parallel Feeder Fund II (Cayman) LP | 8/3/2022 | 104906352 |
|  Antares Senior Loan Parallel Feeder Fund III (Cayman) LP | 1/6/2025 | 37500000 |
|  Ares Commercial Finance LP | 3/31/2021 | 53841899 |
|  Ares Priority Loan Co-Invest LP | 1/25/2023 | 44802482 |
|  Ares Senior Direct Lending Fund (U) III Rated Notes Feeder LLC | 8/30/2024 | 9380017 |
|  Ares Specialty Healthcare Fund (L), L.P. | 12/2/2024 |  |
|  Ares Strategic Income Fund | 12/5/2022 | 100000000 |
|  ASP (Feeder) SPC III-A1 LP | 1/7/2025 | 7333118 |
|  ASP Summar Holdco 1 LP | 5/23/2025 | 191360627 |
|  Banner Ridge DSCO Fund II (Offshore), LP | 10/11/2022 | 9728856 |
|  Barings Capital Investment Corporation | 1/25/2021 | 95000000 |
|  Barings Private Credit Corporation | 5/10/2021 | 900000000 |
|  BlackRock MT. Lassen Senior Loan XII | 1/23/2024 | 476200809 |
|  BlackRock Shasta Senior Loan Fund VII, LLC | 2/10/2021 | 645119996 |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | 9/20/2023 | 7544955 |
|  Blackstone Technology Senior Direct Lending Fund LP | 5/16/2024 | 131622671 |
|  Blue Owl Credit Income Corp. | 7/29/2021 | 150000000 |
|  Blue Owl MC Debt Opportunities LP | 5/24/2024 | 21355352 |
|  Boost Co-Invest LP | 1/25/2024 | 27040075 |
|  Canal Road Private Credit Fund, LP | 4/15/2025 | 17311551 |
|  Capricorn Co-Invest, L.P. | 12/18/2023 | 37733024 |
|  Carlyle Credit Solutions, Inc. | 10/25/2022 | 50000000 |
|  Caryle EDL Dance Aggregator, L.P. | 10/24/2024 | 25031073 |
|  CCOF Alera Aggregator, L.P. | 4/25/2023 | 9740016 |
|  CCOF Sierra II, L.P. | 8/2/2022 | 15654924 |
|  Chilly HP SCF Investor, LP | 2/9/2022 | 2011799 |
|  Chiron Co-Invest, L.P. | 8/18/2025 | 50000000 |
|  CLFK, LLC, Series 2025-1 | 5/22/2025 | 87760000 |
|  Crescent Mezzanine Partners VIIC, L.P. | 3/31/2021 | 3990549 |
|  Crestline Structured Note Issuer I LLC | 8/26/2024 | 121319898 |
|  CW Credit Opportunity 2 LP | 6/27/2024 | 75068217 |
|  FBLC Senior Loan Fund LLC | 4/1/2020 | 78562000 |
|  Golub Capital BDC 4, Inc. | 4/21/2022 | 200000000 |
|  Golub Capital Direct Lending Corporation | 7/13/2021 | 50000000 |
|  Golub Capital Direct Lending Fund, L.P., Series SL-A | 4/1/2025 |  |
|  Golub Capital Private Credit Fund | 12/22/2023 | 200000000 |
|  GPG Loan Funding, LLC | 4/29/2024 | 492960391 |
|  Hayfin Tactical Solutions Fund (US Parellel) LP | 11/7/2024 | 13774958 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  HPS KP Mezz 2019 Co-Invest, LP | 4/1/2024 | $76146599 |
|  HPS KP SIP V Co-Investment Fund, LP | 4/1/2024 | 14503288 |
|  HPS Mezzanine Partners 2019, L.P. | 11/16/2020 | 6701045 |
|  HPS Mint Co-Invest Fund, L.P. | 5/25/2022 | 19845369 |
|  HPS Offshore Mezzanine Partners 2019, LP | 4/1/2024 | 21010810 |
|  HPS Offshore Strategic Investment Partners V, LP | 5/1/2023 | 48930971 |
|  HPS Specialty Loan Fund V Feeder, L.P. | 5/14/2021 | 56060706 |
|  KCLF Note Issuer I SPV, LLC | 12/27/2023 | 264025000 |
|  KIMM CLO I LLC | 11/26/2024 | 54387000 |
|  KKR FS Income Trust | 6/30/2023 | 59500000 |
|  KKR FS Income Trust Select | 3/28/2024 | 25000000 |
|  KKR Institutional Middle Market Fund LP | 10/16/2023 | 225000000 |
|  KLC Fund 0225-CI LP | 3/3/2025 | 120000 |
|  KWOL Co-Invest, LP | 11/20/2023 | 22500000 |
|  Luther Co-Invest, L.P. | 7/15/2022 | 24008414 |
|  Madison Avenue CLO I Holdco LLC – Series 1 | 7/15/2025 | 85393600 |
|  Marilyn Co-Invest, L.P. | 4/1/2024 | 69065006 |
|  Milano Co-Invest, L.P. | 4/1/2024 | 3998073 |
|  Minerva Co-Invest, L.P. | 2/11/2022 | 23232361 |
|  NB Capital Solutions Co-Invest (Wolverine) LP | 11/15/2023 | 8275406 |
|  New Mountain Guardian IV BDC, L.L.C. | 6/29/2022 | 36000000 |
|  New Mountain Private Credit Fund | 12/17/2024 | 49987471 |
|  North Haven Direct Lending Fund L.P. | 2/26/2025 | 17500000 |
|  North Wall Tactical Credit Delaware Feeder Fund LP | 6/18/2025 | 26576271 |
|  NXT Capital Senior Loan Fund VII, LP | 11/18/2024 | 12595770 |
|  NXT Capital Structured Note I LLC | 1/26/2022 | 178886292 |
|  Odyssey Co-Investment Partners B, LLC | 3/24/2022 | 1949774 |
|  Palisades CLO, LLC | 8/6/2024 | 137984137 |
|  Palisades CLO, LLC – Class B | 8/6/2024 | 50000000 |
|  Palisades CLO, LLC – Class C | 8/6/2024 | 58000000 |
|  Piccadilly Co-Invest, L.P. | 4/17/2023 | 2240432 |
|  Private Credit Fund C-1 Holdco, LLC – Series 1 | 7/11/2023 | 784100317 |
|  Proxima Co-Invest, L.P. | 11/2/2021 | 9658246 |
|  Raven Asset-Based Credit Fund II LP | 9/21/2021 | 20002593 |
|  Raven Senior Loan Fund LLC | 5/5/2022 | 467597208 |
|  Redwood Enhanced Income Corp. | 4/8/2022 | 40600000 |
|  Silver Point Loan Funding, LLC | 3/22/2022 | 1324185795 |
|  Silver Point Specialty Credit Fund II, L.P. | 12/15/2020 | 43264199 |
|  Sixth Street Lending Partners | 8/31/2022 | 24982212 |
|  South Cove Funding LLC | 6/4/2025 | 485904071 |
|  Stellus Private Credit BDC Feeder LP | 1/31/2022 | 30415527 |
|  Stone Point Credit Corporation | 12/30/2022 | 75500000 |
|  Stone Point Credit Income Fund | 1/22/2025 | 30475516 |
|  Summit Partners Credit Offshore Fund II, L.P. | 3/31/2022 | 7124962 |
|  T. Rowe Price OHA Select Private Credit Feeder Fund LLC | 9/22/2023 | 100000000 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  TB Funding Ltd. | 5/1/2025 | $70737075 |
|  TCW Direct Lending VIII LLC | 1/31/2022 | 69760319 |
|  TCW Rescue Financing Fund II, L.P. | 3/3/2025 | 11454018 |
|  Thoma Bravo Credit Fund III Feeder, LP | 8/31/2023 | 40679939 |
|  Thompson Rivers LLC | 6/29/2021 | 5044983 |
|  Varagon Capital Corporation | 5/23/2022 | 19296490 |
|  Varagon Capital Direct Lending Fund, L.P. | 3/25/2021 | 43750000 |
|  Varagon Structured Note Issuer I, LLC | 10/13/2021 | 137277228 |
|  Varsity Healthcare Partners VetEvolve Co-Invest A, LP | 10/11/2023 | 3010526 |
|  Veritas Capital Credit Opportunities Onshore Fund III (Levered), L.P. | 12/23/2024 | 10842411 |
|  Vista Credit Strategic Lending Corp. | 10/10/2023 | 53269873 |
|  VPC Credit Origination Fund, L.P. | 4/19/2023 | 1000000 |
|  Waccamaw River LLC | 5/4/2021 | 9012204 |
|  West Street Loan Partners V, SLP | 3/14/2024 | 18208176 |
|  **Total** |  | $**10647782593** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Swap Contracts<br> As of September 30, 2025 (Unaudited) |

---

#### SWAP CONTRACT

#### INTEREST RATE SWAPS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Counterparty<sup>1</sup>** | **Payments <br>Made/Frequency** | **Payments Received/<br>Frequency** | **Termination<br>Date** | **Notional <br>Value** | **Upfront<br>Premiums<br>Paid <br>(Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.619% / Quarterly | 7.06% / Semi-annually | 12/6/2025 | $34000000 | $— | $314 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.581% / Quarterly | 6.75% / Semi-annually | 8/4/2026 | 115200000 |  | 368486 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.665% / Quarterly | 7.04% / Semi-annually | 1/20/2027 | 85000000 |  | 819121 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.700% / Quarterly | 7.04% / Semi-annually | 1/20/2027 | 27000000 |  | 248049 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 1.446% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | 650000000 |  | (8107054) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 0.905% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | 250000000 |  | (1137597) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.005% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 95000000 |  | 1277385 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.010% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 10000000 |  | 133402 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 1.864% / Quarterly | 5.76% / Semi-annually | 1/15/2028 | 129000000 |  | 1204140 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.991% / Quarterly | 6.77% / Semi-annually | 8/4/2028 | 304800000 |  | 2960228 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.593% / Quarterly | 6.69% / Semi-annually | 4/12/2029 | 150000000 |  | 3440038 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.642% / Quarterly | 6.69% / Semi-annually | 4/12/2029 | 150000000 |  | 3193144 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.270% / Quarterly | 6.32% / Semi-annually | 8/15/2029 | 486000000 |  | 11314911 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.214% / Quarterly | 7.17% / Semi-annually | 12/6/2029 | 141000000 |  | 2867120 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.074% / Quarterly | 5.85% / Semi-annually | 3/14/2030 | 160500000 |  | 2148110 |
|  PNC Bank, N.A. | Daily Simple SOFR2 + 1.780% / Quarterly | 5.58% / Semi-annually | 7/2/2030 | 175000000 |  | 2605876 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.218% / Quarterly | 6.81% / Semi-annually | 8/4/2030 | 114000000 |  | 705979 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.444% / Quarterly | 6.40% / Semi-annually | 8/15/2031 | 328000000 |  | 8216200 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.241% / Quarterly | 6.01% / Semi-annually | 3/14/2032 | 174500000 |  | 2112945 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 1.949% / Quarterly | 5.80% / Semi-annually | 7/2/2032 | 225000000 |  | 3778959 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.500% / Quarterly | 6.99% / Semi-annually | 8/4/2033 | 66000000 |  | (549956) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Swap Contracts<br> As of September 30, 2025 (Unaudited) (Continued)  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty<sup>1</sup>** | **Payments Received/<br>Frequency** | **Termination<br>Date** | **Notional <br>Value** | **Upfront<br>Premiums<br>Paid <br>(Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  PNC Bank, N.A.<br> Daily Simple SOFR<sup>2</sup> + 2.351% / Quarterly | 6.13% / Semi-annually | 3/14/2035 | $91000000 | $— | $337424 |
|  PNC Bank, N.A.<br> Daily Simple SOFR<sup>2</sup> + 2.033% / Quarterly | 5.95% / Semi-annually | 7/2/2035 | 75000000 |  | 1060401 |
|  PNC Bank, N.A.<br> Daily Simple SOFR<sup>2</sup> + 3.375% / Quarterly | 7.51% / Semi-annually | 1/20/2036 | 45000000 |  | 1496409 |
|  PNC Bank, N.A.<br> Daily Simple SOFR<sup>2</sup> + 2.627% / Quarterly | 6.51% / Semi-annually | 8/15/2036 | 195000000 |  | 2162010 |
|  PNC Bank, N.A.<br> Daily Simple SOFR<sup>2</sup> + 2.373% / Quarterly | 6.18% / Semi-annually | 1/15/2037 | 200000000 |  | (519359) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.263% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | 130000000 |  | (850530) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.245% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | 10000000 |  | (63645) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.477% / Quarterly | 5.61% / Semi-annually | 7/19/2027 | 130000000 |  | (1079230) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 1.940% / Quarterly | 6.20% / Semi-annually | 8/15/2027 | 268000000 |  | 3750423 |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.889% / Quarterly | 7.06% / Semi-annually | 1/20/2029 | 224000000 |  | 5087199 |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.688% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 160000000 |  | (2508824) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.684% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 40000000 |  | (620975) |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 3.123% / Quarterly | 7.23% / Semi-annually | 1/20/2031 | 155000000 |  | 4641440 |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 3.305% / Quarterly | 7.40% / Semi-annually | 1/20/2034 | 224000000 |  | 7225397 |
|  MUFG Bank, Ltd.<br> Daily Simple SOFR<sup>2</sup> + 2.590% / Quarterly | 6.46% / Semi-annually | 8/15/2034 | 93000000 |  | 1470542 |
|  Regions Bank<br> Daily Simple SOFR<sup>2</sup> + 1.665% / Quarterly | 5.42% / Semi-annually | 7/2/2028 | 150000000 |  | 1092986 |
|  **TOTAL INTEREST RATE SWAPS** | **TOTAL INTEREST RATE SWAPS** |  |  |  | $**60281468** |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Instrument is used in a hedge accounting relationship. See Note 2, subsections Interest Rate Swap Contracts and Senior Notes.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reset daily with a five business day look back.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Forward Foreign Currency Exchange Contracts<br> As of September 30, 2025 (Unaudited) |

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Currency <br>Purchased** | **Counterparty** | **Currency <br>Sold** | **Settlement <br>Date** | **Currency <br>Amount <br>Purchased** | **Value at <br>Opening Date <br>of Contract** | **Value at <br>September 30,<br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  Australian Dollars | State Street | USD | October 31, 2025 | 631427 | $410138 | $417978 | $7840 |
|  Australian Dollars | State Street | USD | November 28, 2025 | 723840 | 473755 | 479333 | 5578 |
|  Australian Dollars | State Street | USD | December 31, 2025 | 796116 | 525598 | 527191 | 1593 |
|  British Pound | State Street | USD | October 31, 2025 | 2170373 | 2915807 | 2919082 | 3275 |
|  British Pound | State Street | USD | November 28, 2025 | 23096902 | 30838863 | 31067907 | 229044 |
|  British Pound | State Street | USD | December 31, 2025 | 25990 | 34643 | 34944 | 301 |
|  Canadian Dollars | State Street | USD | October 01, 2025 | 87065835 | 62526897 | 62564078 | 37181 |
|  Canadian Dollars | State Street | USD | October 31, 2025 | 7199602 | 5243789 | 5180858 | (62931) |
|  Canadian Dollars | State Street | USD | November 28, 2025 | 8071142 | 5819938 | 5815752 | (4186) |
|  Canadian Dollars | State Street | USD | December 31, 2025 | 2210484 | 1595279 | 1594782 | (497) |
|  Euro | State Street | USD | October 31, 2025 | 114607189 | 134007176 | 134796438 | 789262 |
|  Euro | State Street | USD | November 28, 2025 | 41433028 | 48493861 | 48813605 | 319744 |
|  Euro | State Street | USD | December 31, 2025 | 2511112 | 2940575 | 2962601 | 22026 |
|  Japanese Yen | State Street | USD | October 31, 2025 | 568389925 | 3890978 | 3855657 | (35321) |
|  Japanese Yen | State Street | USD | November 28, 2025 | 182640845 | 1249730 | 1242500 | (7230) |
|  Norwegian Krone | State Street | USD | October 31, 2025 | 10443798 | 1029670 | 1046643 | 16973 |
|  Swedish Krona | State Street | USD | October 31, 2025 | 7956725 | 834111 | 846825 | 12714 |
|  Swedish Krona | State Street | USD | November 28, 2025 | 155164 | 16893 | 16543 | (350) |
|  Swedish Krona | State Street | USD | January 02, 2026 | 11465090 | 1224969 | 1224429 | (540) |
|  |  |  |  |  | 304072670 | 305407146 | 1334476 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Currency <br>Sold** | **Counterparty** | **Currency <br>Purchased** | **Settlement <br>Date** | **Currency <br>Amount <br>Sold** | **Value at <br>Opening Date <br>of Contract** | **Value at <br>September 30,<br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  Australian Dollars | State Street | USD | October 31, 2025 | (26313234) | $(17202031) | $(17418258) | $(216227) |
|  Australian Dollars | State Street | USD | November 28, 2025 | (26405647) | (17149779) | (17486022) | (336243) |
|  Australian Dollars | State Street | USD | December 31, 2025 | (25874319) | (16907780) | (17134072) | (226292) |
|  British Pound | State Street | USD | October 31, 2025 | (86176264) | (115635072) | (115904308) | (269236) |
|  British Pound | State Street | USD | November 28, 2025 | (107102793) | (144720055) | (144065191) | 654864 |
|  British Pound | State Street | USD | December 31, 2025 | (84471042) | (112583896) | (113574002) | (990106) |
|  Canadian Dollars | State Street | USD | October 01, 2025 | (88278030) | (64596929) | (63435142) | 1161787 |
|  Canadian Dollars | State Street | USD | October 31, 2025 | (88818834) | (65001875) | (63914328) | 1087547 |
|  Canadian Dollars | State Street | USD | November 28, 2025 | (93341637) | (67737906) | (67258371) | 479535 |
|  Canadian Dollars | State Street | USD | December 31, 2025 | (86197573) | (62071977) | (62188351) | (116374) |
|  Euro | State Street | USD | October 31, 2025 | (542972844) | (634917374) | (638623159) | (3705785) |
|  Euro | State Street | USD | November 28, 2025 | (499302426) | (585381801) | (588244505) | (2862704) |
|  Euro | State Street | USD | December 31, 2025 | (493904569) | (578483490) | (582706899) | (4223409) |
|  Japanese Yen | State Street | USD | October 31, 2025 | (1144617517) | (7807144) | (7764480) | 42664 |
|  Japanese Yen | State Street | USD | November 28, 2025 | (758868438) | (5190807) | (5162560) | 28247 |
|  Japanese Yen | State Street | USD | January 05, 2026 | (576227592) | (3882519) | (3932454) | (49935) |
|  Norwegian Krone | State Street | USD | October 31, 2025 | (183554649) | (18050271) | (18395234) | (344963) |
|  Norwegian Krone | Marlin Equity Partners | USD | November 18, 2025 | (13125000) | (1172608) | (1315437) | (142829) |
|  Norwegian Krone | State Street | USD | November 28, 2025 | (173110851) | (17074601) | (17350507) | (275906) |
|  Norwegian Krone | State Street | USD | December 31, 2025 | (173110851) | (17212304) | (17343615) | (131311) |
|  Swedish Krona | State Street | USD | October 31, 2025 | (95659203) | (10038343) | (10180899) | (142556) |
|  Swedish Krona | State Street | USD | November 28, 2025 | (87857642) | (9226267) | (9367202) | (140935) |
|  Swedish Krona | State Street | USD | January 02, 2026 | (87762887) | (9308060) | (9372749) | (64689) |
|  |  |  |  |  | (2581352889) | (2592137745) | (10784856) |
|  **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | $**(2277280219)** | $**(2286730599)** | $**(9450380)** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Summary of Investments<br> As of September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | |
|  **Senior Secured Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 21.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 16.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0.1% |
|  **Total Senior Secured Loans** | **85.0%** |
|  **Private Investment Vehicles** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations | 24.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Senior Secured Loans | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common and Preferred Equity | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common Equity | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Preferred Equity | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Ventures | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Subordinated Debt | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Fund Obligations | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Equity | 0.0% |
|  **Total Private Investment Vehicles** | **38.7%** |
|  **Subordinated Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0.0% |
|  **Total Subordinated Debt** | **1.5%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Summary of Investments<br> As of September 30, 2025 (Unaudited) (Continued) |

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0.0% |
|  **Total Common Stocks** | **0.5%** |
|  **Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
|  **Total Preferred Stocks** | **0.5%** |
|  **Collateralized Loan Obligations** | **0.4%** |
|  **Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.0% |
|  **Total Warrants** | **0.0%** |
|  **Short-Term** | **2.3%** |
|  **Total Investments** | **128.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Notes | (19.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilites Less Other Assets | (9.6)% |
|  **Net Assets** | **100.0%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Assets and Liabilities<br> September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $40,023,378,861)<sup>(a)</sup> | $40518116722 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value (cost $78,562,000) | 81882764 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $919,236) | 1617473 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 4900175 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts | 75718638 |
| &nbsp;&nbsp;&nbsp; Cash | 91715665 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 255845485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 35920357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 565511616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap interest | 4533924 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 1454025 |
| &nbsp;&nbsp;&nbsp; Prepaid underlying loan expense | 8719884 |
| &nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured credit facility | 17839331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 41663776059 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 14350555 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts | 15437170 |
| &nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes (Net of deferred offering cost of $27,088,961) (Note 2) | 6093192507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured credit facility (Note 2) | 3212500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings (Note 2) | 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit facility waiver of fees | 692728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 228353244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 6656428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liability | 174216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on senior notes | 63175314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured credit facility | 22779403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured borrowings | 460306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 6000411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 1497630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 1813287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1184371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 2097913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 25932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency fees and expenses | 59971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub transfer agency fees and expenses | 2554135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 35184 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 1991765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 10175032470 |
|  **Net Assets** | $31488743589 |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $31011709935 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | 477033654 |
|  **Net Assets** | $31488743589 |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $31488743589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 2923340929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering, and redemption price per share | 10.77 |

---

<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes unrealized appreciation (depreciation) on unfunded loan commitments of $24,514,869.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Operations<br>|

---

---

| | |
|:---|:---|
|  | **For the <br>Six Months <br>Ended<br>September 30, <br>2025<br>(Unaudited)** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Interest from unaffiliated investments (net of withholding taxes of $420,304) | $1226346518 |
| &nbsp;&nbsp;&nbsp; PIK Interest | 57281346 |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 14154257 |
| &nbsp;&nbsp;&nbsp; Distributions from affiliated private investment vehicles | 3506333 |
| &nbsp;&nbsp;&nbsp; Distributions from unaffiliated private investment vehicles | 527244996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1828533450 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Investment management fees | 149346272 |
| &nbsp;&nbsp;&nbsp; Interest on secured credit facility | 79266791 |
| &nbsp;&nbsp;&nbsp; Interest on senior notes | 176745946 |
| &nbsp;&nbsp;&nbsp; Interest on secured borrowings | 460306 |
| &nbsp;&nbsp;&nbsp; Interest on swap contracts | 20821836 |
| &nbsp;&nbsp;&nbsp; Amortization of origination fees | 1005408 |
| &nbsp;&nbsp;&nbsp; Amortization of offering costs on notes | 3691978 |
| &nbsp;&nbsp;&nbsp; Legal fees | 2139278 |
| &nbsp;&nbsp;&nbsp; Fund administration fees | 4062101 |
| &nbsp;&nbsp;&nbsp; Registration fees | 1261866 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 68032 |
| &nbsp;&nbsp;&nbsp; Sub transfer agent fees and expenses | 16831918 |
| &nbsp;&nbsp;&nbsp; Custody fees | 2084040 |
| &nbsp;&nbsp;&nbsp; Audit fees | 1412573 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 150933 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 560890 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 62605 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 53692 |
| &nbsp;&nbsp;&nbsp; Commitment fees on secured credit facility | 3444758 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 14603493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fees and expenses | 478074716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 1350458734 |
| &nbsp;&nbsp;&nbsp; Current tax expense | (102147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income, net of taxes** | 1350356587 |
|  **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (59418452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (108680277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 3820106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (loss) | (164278623) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 155521733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (204638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 13596605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (10915763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense | (1477110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation), net of deferred taxes | 156520827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss)** | (7757796) |
|  **Net Increase in Net Assets from Operations** | $1342598791 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statements of Changes in Net Assets<br>|

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months Ended<br>September 30, <br>2025<br>(Unaudited)** | **For the <br>Year Ended<br>March 31, <br>2025** |
|  **Net Increase in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1350356587 | $2269386959 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments, forward foreign currency exchange contracts and foreign currency transactions | (164278623) | 31407953 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency translations and deferred taxes | 156520827 | 104063306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 1342598791 | 2404858218 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1446542646) | (1871538694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1446542646) | (1871538694) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5381432528 | 11844659473 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 62186994 | 79115828 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1942850807) | (2238116910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 3500768715 | 9685658391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | 3396824860 | 10218977915 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 28091918729 | 17872940814 |
| &nbsp;&nbsp;&nbsp; End of period | $31488743589 | $28091918729 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 504651026 | 1100522839 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5886095 | 7441406 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (180880526) | (207759038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital shares outstanding** | 329656595 | 900205207 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Cash Flows<br> For the Six Months Ended September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $1342598791 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments, net of unfunded commitments | (15048335858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 7596685764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion on investments | (23467802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/loss on investments | 59418452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/loss on paydowns | (13639329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation | (155317095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions received | 369792684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original issue discount and amendment fees | 3574523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest | (57281346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred tax liability | 1477110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in current tax liability | 102148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | 572268957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 2926889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | (122301964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | (231522314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap interest | 1932244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (847817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid underlying loan expense | (1523232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured credit facility | 418918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to counterparty | (6654567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 161194710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit facility waiver of fees | (7113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 62563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured credit facility | 18025606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on senior notes | 6196144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured borrowings | 460306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | (647734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1172561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 285697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | (67817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1621093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | (62776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub transfer agency fees and expenses | (216753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 9821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | (143252) |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities | (5521811788) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Cash Flows <br> For the Six Months Ended September 30, 2025 (Unaudited) (Continued) |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) financing activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for fund shares sold | $5632402329 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (1942850807) |
| &nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (1384355652) |
| &nbsp;&nbsp;&nbsp; Proceeds from secured borrowings | 500000000 |
| &nbsp;&nbsp;&nbsp; Proceeds from secured credit facility (see note 2) | 2500000000 |
| &nbsp;&nbsp;&nbsp; Payments on secured credit facility (see note 2) | (1200000000) |
| &nbsp;&nbsp;&nbsp; Proceeds from term loan (see note 2) | 175000000 |
| &nbsp;&nbsp;&nbsp; Proceeds from delayed draw term loan (see note 2) | 547500000 |
| &nbsp;&nbsp;&nbsp; Proceeds from senior notes | 625000000 |
| &nbsp;&nbsp;&nbsp; Payments on senior notes | (215000000) |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 5237695870 |
|  Net decrease in cash and restricted cash | (284115918) |
|  Cash and restricted cash |  |
| &nbsp;&nbsp;&nbsp; Cash and restricted cash, beginning of period | 375831583 |
| &nbsp;&nbsp;&nbsp; Cash and restricted cash, end of period\* | $91715665 |

---

\* Cash and restricted cash of $91,715,665

Non cash financing activities not included herein consist of $62,186,994 reinvested dividends and $57,281,346 of PIK interest.

Cash paid for interest on credit facility during the period was $61,241,185.

Cash paid for interest on senior notes during the period was $170,549,802.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Financial Highlights<br> Class I |

---

*Per share operating performance. For a capital share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br>Six Months <br>Ended<br>September 30, <br>2025<br>(Unaudited)** | **For the<br>Year Ended<br>March 31, <br>2025** | **For the<br>Year Ended<br>March 31, <br>2024** | **For the<br>Year Ended<br>March 31, <br>2023** | **For the <br>Period<br>January 1, <br>2022 <br>through<br>March 31, <br>2022\*** | **For the<br>Year Ended<br>December 31, <br>2021** | **For the<br>Year Ended<br>December 31, <br>2020** |
|  **Net asset value, beginning of period** | $10.83 | $10.55 | $10.67 | $10.79 | $10.60 | $10.35 | $10.15 |
|  **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.48 | 1.08 | 1.15 | 0.87 | 0.16 | 0.72 | 0.72 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>2</sup> |  | 0.10 | 0.18 | (0.15) | 0.03 | 0.27 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.48 | 1.18 | 1.33 | 0.72 | 0.19 | 0.99 | 0.91 |
|  **Less Distributions to shareholders:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.54) | (0.90) | (1.41) | (0.69) |  | (0.62) | (0.62) |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  | (0.04) | (0.15) |  | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  |  | (0.02) | —<br><sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to shareholders | (0.54) | (0.90) | (1.45) | (0.84) |  | (0.74) | (0.71) |
|  **Net asset value, end of period** | $10.77 | $10.83 | $10.55 | $10.67 | $10.79 | $10.60 | $10.35 |
|  **Total return**<sup>4</sup> | 4.60%<sup>5</sup> | 11.58% | 13.34% | 7.06% | 1.79%<sup>5</sup> | 10.38% | 9.25% |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $31488744 | $28091919 | $17872941 | $11076905 | $6742783 | $4729648 | $744892 |
|  Ratio of expenses to average net assets (excluding interest expense)<sup>7</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and deferred tax expense | 1.31%<sup>6</sup> | 1.32% | 1.20% | 1.23% | 1.28%<sup>6</sup> | 1.32% | 1.80% |
| &nbsp;&nbsp;&nbsp; After fees waived | 1.31%<sup>6</sup> | 1.32% | 1.20% | 1.23% | 1.28%<sup>6</sup> | 1.32% | 1.80% |
|  Ratio of expenses to average net assets (including interest expense)<sup>7</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 3.20%<sup>6</sup> | 3.19% | 3.42% | 2.95% | 1.79%<sup>6</sup> | 1.94% | 2.43% |
| &nbsp;&nbsp;&nbsp; After fees waived | 3.20%<sup>6</sup> | 3.19% | 3.42% | 2.95% | 1.79%<sup>6</sup> | 1.94% | 2.43% |
|  Ratio of net investment income to average net assets (including interest expense)<sup>7</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 9.04%<sup>6</sup> | 10.03% | 10.81% | 8.23% | 6.24%<sup>6</sup> | 6.74% | 7.04% |
| &nbsp;&nbsp;&nbsp; After fees waived | 9.04%<sup>6</sup> | 10.03% | 10.81% | 8.23% | 6.24%<sup>6</sup> | 6.74% | 7.04% |
|  Portfolio turnover rate | 12%<sup>5</sup> | 34% | 31% | 26% | 16%<sup>5</sup> | 29% | 29% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Fiscal year end changed to March 31, effective January 1, 2022.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Based on average daily shares outstanding for the period.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share with the other per share information presented.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Financial Highlights<br> Class I (Continued) |

---

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.01 per share.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Total returns would have been lower had expenses not been waived by Cliffwater LLC, the Investment Manager. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund Shares.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;These ratios exclude the impact of expenses of the underlying investment companies holdings as represented in the Consolidated Schedule of Investments.

<sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense estimate for the ratio calculation is derived from unrealized gain (losses).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Supplemental Expense <br>Ratios** | **For the<br>Six Months <br>Ended <br>September 30, <br>2025 <br>(Unaudited)** | **For the<br>Year Ended <br>March 31, <br>2025** | **For the<br>Year Ended <br>March 31, <br>2024** | **For the<br>Year Ended <br>March 31, <br>2023** | **For the <br>Period <br>January 1, <br>2022 <br>through <br>March 31, <br>2022\*\*** | **For the<br>Year Ended <br>December 31, <br>2021** | **For the<br>Year Ended <br>December 31, <br>2020** |
|  Ratio of expenses to average net assets (excluding interest expense)<sup>7</sup>: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred tax expense<sup>8</sup> | 0.01%<sup>6</sup> | 0.01% | 0.01% | 0.01% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp; With fees waived, after taxes | 1.32%<sup>6</sup> | 1.33% | 1.21% | 1.24% | 1.28%<sup>6</sup> | 1.32% | 1.80% |
|  **Senior Securities** |  |  |  |  |  |  |  |
|  Total Amount Outstanding |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reverse Repurchase Agreements | $— | $— | $4320000 | $3870000 | $6255000 | $6833000 | $12557000 |
| &nbsp;&nbsp;&nbsp; Secured Borrowings | 500000000 |  |  |  | 204168415 | 249990230 |  |
| &nbsp;&nbsp;&nbsp; Senior Credit Facility | 3212500000 | 1190000000 | 1175000000 | 932000000 | 607000000 | 1195000000 | 190000000 |
| &nbsp;&nbsp;&nbsp; Senior Notes | 6060000000 | 5650000000 | 3225000000 | 1865000000 | 650000000 |  |  |
|  Asset Coverage Per $1,000 of Borrowings |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reverse Repurchase Agreements |  |  | 4138255 | 2863249 | 1078983 | 693179 | 60321 |
| &nbsp;&nbsp;&nbsp; Secured Borrowings | 63977 |  |  |  | 34026 | 19919 |  |
| &nbsp;&nbsp;&nbsp; Senior Credit Facility | 10802 | 24607 | 16211 | 12885 | 12108 | 4958 | 4916 |
| &nbsp;&nbsp;&nbsp; Senior Notes | 6202 | 5972 | 6517 | 6920 | 11376 |  |  |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) |

---

**1. Organization**

The Cliffwater Corporate Lending Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021 (the "Declaration of Trust"). The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund commenced operations on March 6, 2019.

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares ("Shares"). The Fund's Registration Statement currently offers Class I Shares. Only Class I Shares have been issued as of September 30, 2025.

The Fund's primary investment objective is to seek consistent current income, while the Fund's secondary objective is capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in loans to companies ("corporate loans"). The Fund's corporate loan investments are made through a combination of: (i) investing in loans to companies that are originated directly by a non-bank lender (for example, traditional direct lenders include asset management firms (on behalf of their investors), insurance companies, business development companies and specialty finance companies) ("direct loans"); (ii) investing in notes or other pass-through obligations representing the right to receive the principal and interest payments on a direct loan (or fractional portions thereof); (iii) purchasing asset-backed securities representing ownership or participation in a pool of direct loans; (iv) investing in companies and/or private investment funds (private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) that primarily hold direct loans; (v) investing in high yield securities, including securities representing ownership or participation in a pool of such securities; (vi) investing in bank loans including securities representing ownership or participation in a pool of such loans; and (vii) investing in special purpose vehicles ("SPVs") and/or joint ventures that primarily hold loans or credit-like securities. The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments. The Fund's investments in hedge funds and private equity funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) and 3(c)(7) of the Investment Company Act will be limited to no more than 15% of the Fund's assets. The Fund may make non-U.S. investments, some of which may be denominated in currencies other than the U.S. dollar. In most cases, the currency fluctuations of investments will be hedged through the use of currency derivatives or other instruments. Most direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities.

The Fund is deemed to be an individual reporting segment. The objective and strategy of the Fund is used by the Investment Manager to make investment decisions, and the results of the operations, as shown on the Consolidated Statement of Operations and the Consolidated Financial Highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the Notes to the Consolidated Financial Statements and there are no resources allocated to the Fund based on performance measurements. The Adviser is deemed to be the Chief Operating Decision Maker with respect to the Fund's investment decisions.

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| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

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**1. Organization (continued)**

#### Consolidation of Subsidiaries
Each subsidiary was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The Consolidated Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets, Statement of Cash Flows and Financial Highlights of the Fund include the accounts of each subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. A list of the subsidiaries that hold assets is as follows as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  **Subsidiary** | **Inception<br>Date** | **Net Assets of <br>Subsidiary** | **Percentage of <br>Fund's Total <br>Net Assets** |
|  CCLF SPV LLC ("CCLF SPV") | February 3, 2020 | $6641663358 | 21.09% |
|  MCCW Holdings, LLC ("CCLF MCCW") | April 15, 2021 | 442012749 | 1.40% |
|  CCLF Holdings LLC ("CCLF HOLD") | May 25, 2021 | 26855736 | 0.09% |
|  CCLF Holdings (D1) LLC ("CCLF HOLD (D1)") | July 26, 2021 | 14714043 | 0.05% |
|  CCLF Holdings (D2) LLC ("CCLF HOLD (D2)") | July 26, 2021 | 3245163235 | 10.31% |
|  CCLF Holdings (D3) LLC ("CCLF HOLD (D3)") | March 16, 2022 | 15151595 | 0.05% |
|  KCLF Holdings LLC ("KCLF Holdings") | June 14, 2022 | 981673472 | 3.12% |
|  1585 Koala Holdings, LLC ("Koala Holdings") | July 25, 2022 | 110524 | 0.00% |
|  CW Point LLC ("CW Point") | February 1, 2023 | 564714247 | 1.79% |
|  CCLF-B SPV LLC ("CCLF-B SPV") | February 17, 2023 | 37645982 | 0.12% |
|  CCLF Holdings (D11) LLC ("CCLF HOLD (D11)") | March 31, 2023 | 36047398 | 0.11% |
|  CCLF Holdings (D13) LLC ("CCLF HOLD (D13)") | May 4, 2023 | 55157291 | 0.18% |
|  Fivemile River Funding LLC ("Fivemile River Funding") | May 8, 2023 | 4840186 | 0.02% |
|  Madison Avenue SPV LLC ("Madison Avenue SPV") | May 12, 2023 | 218130182 | 0.69% |
|  CCLF Holdings (D16) LLC ("CCLF HOLD (D16)") | May 12, 2023 | 829300838 | 2.63% |
|  CCLF Holdings (D7) LLC ("CCLF HOLD (D7)") | July 7, 2023 | 1236781323 | 3.93% |
|  Madison Avenue CLO SPV LLC ("Madison Avenue CLO") | July 13, 2023 | 665783 | 0.00% |
|  CCLF Holdings (D18) LLC ("CCLF HOLD (D18)") | August 1, 2023 | 33748067 | 0.11% |
|  CCLF Holdings (D20) LLC ("CCLF HOLD (D20)") | August 10, 2023 | 233153298 | 0.74% |
|  SR CW LLC ("SR CW") | September 23, 2023 | 273702458 | 0.87% |
|  KCLF Holdings II LLC ("KCLF Holdings II") | September 26, 2023 | 530956992 | 1.69% |
|  CCLF Holdings (D23) LLC ("CCLF HOLD (D23)") | September 26, 2023 | 9585141 | 0.03% |
|  Steamboat SPV LLC ("Steamboat SPV") | October 25, 2023 | 592389321 | 1.88% |
|  CCLF Holdings (D26) LLC ("CCLF HOLD (D26)") | October 25, 2023 | 1463884 | 0.00% |
|  CCLF Holdings (D25) LLC ("CCLF HOLD (D25)") | October 26, 2023 | 8407 | 0.00% |
|  CCLF Holdings (D27) LLC ("CCLF HOLD (D27)") | October 26, 2023 | 11355345 | 0.04% |
|  CCLF Holdings (D30) LLC ("CCLF HOLD (D30)") | November 9, 2023 | 784487 | 0.00% |
|  CCLF Holdings (D31) LLC ("CCLF HOLD (D31)") | November 9, 2023 | 602934 | 0.00% |
|  CCLF Holdings (D32) LLC ("CCLF HOLD (D32)") | November 9, 2023 | 149992 | 0.00% |
|  CCLF Holdings (D34) LLC ("CCLF HOLD (D34)") | February 20, 2024 | 35844956 | 0.11% |
|  CCLF Holdings (D33) LLC ("CCLF HOLD (D33)") | February 21, 2024 |  | 0.00% |
|  CCLF Holdings (D35) LLC ("CCLF HOLD (D35)") | February 21, 2024 | 593576 | 0.00% |
|  CCLF Holdings (D37) LLC ("CCLF HOLD (D37)") | February 28, 2024 | 162087918 | 0.51% |
|  CCLF Holdings (D38) LLC ("CCLF HOLD (D38)") | February 28, 2024 | 93903797 | 0.30% |
|  CCLF Holdings (D39) LLC ("CCLF HOLD (D39)") | February 28, 2024 | 39028 | 0.00% |
|  CCLF Holdings (D40) LLC ("CCLF HOLD (D40)") | February 28, 2024 | 89017796 | 0.28% |
|  CCLF Holdings (D41) LLC ("CCLF HOLD (D41)") | March 13, 2024 | 325586324 | 1.03% |
|  ASP Prima LLC ("ASP Prima") | March 13, 2024 | 9543041 | 0.03% |
|  CCLF Holdings (D43) LLC ("CCLF HOLD (D43)") | April 25, 2024 | 10924014 | 0.03% |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**1. Organization (continued)**

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| | | | |
|:---|:---|:---|:---|
|  **Subsidiary** | **Inception<br>Date** | **Net Assets of <br>Subsidiary** | **Percentage of <br>Fund's Total <br>Net Assets** |
|  CCLF Holdings (D44) LLC ("CCLF HOLD (D44)") | April 25, 2024 | $16260712 | 0.05% |
|  CCLF Holdings (D45) LLC ("CCLF HOLD (D45)") | April 25, 2024 | 588462 | 0.00% |
|  CCLF Holdings (D46) LLC ("CCLF HOLD (D46)") | April 25, 2024 | 7920933 | 0.03% |
|  CCLF Holdings (D47) LLC ("CCLF HOLD (D47)") | April 29, 2024 | 166730954 | 0.53% |
|  CCLF Holdings (D48) LLC ("CCLF HOLD (D48)") | April 29, 2024 | 168978224 | 0.54% |
|  CCLF Holdings (D49) LLC ("CCLF HOLD (D49)") | April 29, 2024 | 90078722 | 0.29% |
|  CCLF Holdings (D50) LLC ("CCLF HOLD (D50)") | April 29, 2024 | 184260986 | 0.59% |
|  CCLF Holdings (D51) LLC ("CCLF HOLD (D51)") | April 29, 2024 | 245997456 | 0.78% |
|  CCLF Holdings (D52) LLC ("CCLF HOLD (D52)") | August 6, 2024 | 250440330 | 0.80% |
|  CCLF Holdings (D54) LLC ("CCLF HOLD (D54)") | August 6, 2024 | 291939969 | 0.93% |
|  CCLF Holdings (D55) LLC ("CCLF HOLD (D55)") | August 6, 2024 | 99839867 | 0.32% |
|  CCLF Holdings (D56) LLC ("CCLF HOLD (D56)") | August 6, 2024 | 121688407 | 0.39% |
|  ASP Riva Glade LLC ("ASP Riva Glade") | September 18, 2024 | 4771520 | 0.02% |
|  CCLF Holdings (D65) LLC ("CCLF HOLD (D65)") | February 7, 2025 | 21316021 | 0.07% |
|  CCLF Holdings (D66) LLC ("CCLF HOLD (D66)") | February 7, 2025 | 19401808 | 0.06% |
|  CCLF Holdings (D68) LLC ("CCLF HOLD (D68)") | February 7, 2025 | 210000 | 0.00% |
|  CCLF Vandalion LLC ("Vandalion") | July 1, 2025 | 126188634 | 0.40% |

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**2. Significant Accounting Policies**

**Basis of Preparation and Use of Estimates**

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Investment Transactions and Related Investment Income**

Investment transactions are accounted for on a trade-date basis. However, for daily net asset value ("NAV") determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium, accretion of discount and loan origination fees using the effective interest method over the respective term of the loan. Upon the prepayment of a loan or security, any unamortized loan origination fees, original issue discount and market discount are recorded as interest income. The Fund records prepayment premiums as interest income when it receives such amounts. Equalization interest on private investment vehicles are interest payments made to existing shareholders of closed-end vehicles when investing in a later close and are expensed as incurred.

Interest income from investments in the "equity" class of collateralized loan obligation ("CLO") funds will be recorded based upon an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Effective yields for the CLO equity positions are updated generally once a quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized.

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| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

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**2. Significant Accounting Policies (continued)**

Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Paydown gains and losses are recorded as an adjustment to interest income in the Consolidated Statements of Operations. Some or all of the interest payments of a loan or preferred equity may be structured in the form of PIK, which accrues to cost and principal on a current basis but is generally not paid in cash until maturity or some other determined payment date. Interest payments structured in the form of PIK are subject to the risk that a borrower could default when actual cash interest or principal payments are due. Dividends are recorded on the ex-dividend date. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

#### Federal Income Taxes
The Fund intends to continue to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the "more likely than not" standard as of September 30, 2025.

The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes as an income tax expense on the Consolidated Statement of Operations. For the six months ended September 30, 2025, the Fund did not have interest or penalties associated with underpayment of income taxes.

CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), KCLF Holdings, Koala Holdings, CW Point, CCLF-B SPV, CCLF HOLD (D11), CCLF HOLD (D13), Fivemile River Funding, Madison Avenue SPV, CCLF HOLD (D16), CCLF HOLD (D7), Madison Avenue CLO, CCLF HOLD (D20), SR CW, KCLF Holdings II, CCLF HOLD (D23), Steamboat SPV, CCLF HOLD (D26), CCLF HOLD (D25), CCLF HOLD (D27), CCLF HOLD (D31), CCLF HOLD (D32), CCLF HOLD (D34), CCLF HOLD (D35), CCLF HOLD (D37), CCLF HOLD (D38), CCLF HOLD (D39), CCLF HOLD (D40), CCLF HOLD (D41), ASP Prima, CCLF HOLD (D43), CCLF HOLD (D44), CCLF HOLD (D46), CCLF HOLD (D47), CCLF HOLD (D48), CCLF HOLD (D49), CCLF HOLD (D50), CCLF HOLD (D51), CCLF HOLD (D52), CCLF HOLD (D54), CCLF HOLD (D55), CCLF HOLD (D56), ASP Riva Glade, CCLF HOLD (D65), CCLF HOLD (D66), CCLF HOLD (D68), and Vandalion are disregarded entities for income tax purposes. CCLF HOLD, CCLF HOLD (D3), CCLF HOLD (D6), CCLF HOLD (D18), CCLF HOLD (D30), CCLF HOLD (D33), and CCLF HOLD (D45) are limited liability companies that have elected to be taxed as corporations and are therefore obligated to pay federal and state income tax on its taxable income. Currently, the federal income tax rate for a corporation is 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.

#### Distributions to Shareholders
Distributions are paid at least quarterly on the Shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders.

The exact amount of distributable income for each fiscal year can only be determined at the end of the Fund's fiscal year, March 31. Under Section 19 of the Investment Company Act, the Fund is required to disclose the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

#### Cash and Cash Equivalents
Cash and cash equivalents consist of cash, short-term investments, bank deposits, and collateral for derivative positions which are readily convertible into cash and have an original maturity of three months or less. State Street Bank and Trust Company serves as the Fund's custodian. Cash and cash equivalents are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations or Federal Deposit Insurance Corporation limitations.

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| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

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**2. Significant Accounting Policies (continued)**

Cash and Investments, at value on the Consolidated Statement of Assets and Liabilities can include deposits in money market funds, which are classified as Level 1 assets. As of September 30, 2025, the Fund held cash of $55,727,714, $720,454,244 in a short-term money market fund and $35,987,951 in bank deposits.

#### Foreign Currency Translation
The Fund's records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Fund's NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Fund does not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

#### Forward Foreign Currency Exchange Contracts
The Fund may utilize forward foreign currency exchange contracts ("forward contracts") under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter-parties to these forward contracts are major U.S. financial institutions. As of September 30, 2025, the Fund had nineteen outstanding forward currency contracts purchased long and twenty-three outstanding forward currency contracts sold short, with total notional value of 1,071,594,587 and (5,543,053,842), respectively.

#### Interest Rate Swap Contracts
The Fund may engage in various swap transactions, including interest rate agreements, primarily to manage risk, or as alternatives to direct investments. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Pursuant to ASC Topic 815, *Derivatives and Hedging*, the Fund uses interest rate swaps to hedge its fixed rate debt. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships, and therefore the periodic payments are recognized as interest on swap contracts in the Consolidated Statement of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a derivative asset or derivative liability on the Fund's Consolidated Statement of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparties to cover collateral obligations under the terms of the interest rate swap agreements are included in cash deposited with brokers on the Fund's Consolidated Statement of Assets and Liabilities. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. As of September 30, 2025, the Fund had thirty-seven outstanding interest rate swap contracts with total notional value of $6,060,000,000.

#### Collateralized Loan Obligations and Collateralized Debt Obligations

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| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

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**2. Significant Accounting Policies (continued)**

Payments of principal and interest are passed through to investors and are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments from the asset pools may be divided into several different tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches entitled to receive regular installments of principal and interest, other tranches entitled to receive regular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

#### Participations and Assignments
The Fund may acquire interests in loans either directly (by way of original issuance, sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation.

#### Commitments and Contingencies
Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Consolidated Statement of Operations. As of September 30, 2025, the Fund received $1,005,408 in commitment fees. As of September 30, 2025, the Fund had the following unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount, fair value and net unrealized gain (loss) of $6,259,785,575, $6,250,926,477, and $24,514,869, respectively.

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| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  123Dentist, Inc. | Delayed Draw | $1192294 |
|  1364720 B.C. LTD | Delayed Draw | 4588595 |
|  1364720 B.C. LTD | Delayed Draw | 885022 |
|  1364720 B.C. LTD | Revolver | 1497006 |
|  15484880 Canada, Inc. | Delayed Draw | 746467 |
|  15484880 Canada, Inc. | Delayed Draw | 47683 |
|  15484880 Canada, Inc. | First Lien Term Loan | 5615 |
|  15484880 Canada, Inc. | Revolver | 278615 |
|  2080 Media, Inc. | Delayed Draw | 2811028 |
|  760203 N.B. Ltd. | Revolver | 129695 |
|  A&J Holdco, LLC | Delayed Draw | 3214742 |
|  A&J Holdco, LLC | Revolver | 1233871 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

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| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  A1 Garage Equity, LLC | Revolver | $1515151 |
|  AAH Topco, LLC | Delayed Draw | 10562933 |
|  AAH Topco, LLC | Delayed Draw | 3380932 |
|  AAH Topco, LLC | Revolver | 423729 |
|  AArete Investment, LLC | Delayed Draw | 6657459 |
|  AArete Investment, LLC | Revolver | 2965116 |
|  AB Centers Acquisition Corporation | Delayed Draw | 2652155 |
|  AB Centers Acquisition Corporation | Revolver | 5847513 |
|  ABC Legal Holdings, LLC | Delayed Draw | 2249197 |
|  ABC Legal Holdings, LLC | Revolver | 1398184 |
|  Abracon Group Holdings, LLC | Delayed Draw | 2857068 |
|  AC Blackpoint Acquisition, Inc. | Delayed Draw | 660290 |
|  AC Blackpoint Acquisition, Inc. | Delayed Draw | 2956521 |
|  AC Blackpoint Acquisition, Inc. | Revolver | 985507 |
|  Accel International Holdings, Inc. | Revolver | 7721299 |
|  Accelevation LLC | Delayed Draw | 5425538 |
|  Accelevation LLC | Revolver | 2421880 |
|  Accordion Partners LLC | Delayed Draw | 5752174 |
|  Accordion Partners LLC | Revolver | 4021739 |
|  Accurate Finance Sub, LLC | Delayed Draw | 1575000 |
|  Accurate Finance Sub, LLC | Revolver | 787500 |
|  Accuserve Solutions, Inc. | Delayed Draw | 5978113 |
|  Accuserve Solutions, Inc. | Revolver | 618750 |
|  Acentra Holdings, LLC | Delayed Draw | 2464647 |
|  Acentra Holdings, LLC | Revolver | 1735776 |
|  ACP Oak Buyer, Inc. | Delayed Draw | 7042254 |
|  ACP Oak Buyer, Inc. | Revolver | 3169014 |
|  Acumatica Holdings, Inc. | Revolver | 13330000 |
|  Adelaide Borrower, LLC | Delayed Draw | 5874422 |
|  Adelaide Borrower, LLC | Revolver | 3705803 |
|  Adonis Bidco Inc. | Delayed Draw | 1600476 |
|  Adonis Bidco Inc. | First Lien Term Loan | 48442 |
|  Adonis Bidco Inc. | Revolver | 722989 |
|  Advantage HCS LLC | Delayed Draw | 9590772 |
|  AeriTek Global Holdings LLC | Revolver | 238580 |
|  Affinity Hospice Intermediate Holdings, LLC | Delayed Draw | 1207641 |
|  Afore Insurance Services, LLC | Delayed Draw | 3177000 |
|  Afore Insurance Services, LLC | Delayed Draw | 2939360 |
|  Afore Insurance Services, LLC | Revolver | 635000 |
|  AG-Twin Brook Healthcare | Delayed Draw | 58154 |
|  AHR Intermediate, Inc. | Delayed Draw | 1173680 |
|  AirX Climate Solutions, Inc. | Delayed Draw | 10067114 |
|  AirX Climate Solutions, Inc. | Revolver | 1258389 |
|  AIS Holdco, LLC | Revolver | 3000000 |
|  Alcami Corporation | Revolver | 3052838 |
|  Alcrete LLC | Delayed Draw | 2799000 |
|  Alcrete LLC | Revolver | 791375 |

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| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Aldinger Company | Delayed Draw | $33606 |
|  Alkeme Intermediary Holding LLC | Delayed Draw | 40058399 |
|  Alkeme Intermediary Holding LLC | Delayed Draw | 499165 |
|  Alkeme Intermediary Holding LLC | Revolver | 3104146 |
|  All Day AcquisitionCo, LLC | Revolver | 2950820 |
|  Allied Power Group, LLC | Delayed Draw | 4626060 |
|  Allied Power Group, LLC | Revolver | 771010 |
|  Allworth Financial Group, L.P. | Delayed Draw | 11874641 |
|  Allworth Financial Group, L.P. | Revolver | 944061 |
|  Alpine Acquisition Corp. | Revolver | 95887 |
|  Alpine Intel Intermediate 2, LLC (fka Claims Automation Intermediate 2, LLC) | Delayed Draw | 46250000 |
|  Amba Buyer, Inc. | Delayed Draw | 9445869 |
|  AMCP Clean Acquisition Company, LLC | Delayed Draw | 382559 |
|  Americhem, Inc. | Delayed Draw | 5274098 |
|  Americhem, Inc. | Revolver | 3735819 |
|  AmeriLife Holdings, LLC | Delayed Draw | 1632082 |
|  AmeriLife Holdings, LLC | Delayed Draw | 680199 |
|  AmeriLife Holdings, LLC | Revolver | 1219209 |
|  AmeriLife Holdings, LLC | Revolver | 2772246 |
|  AmeriLife Holdings, LLC | Revolver | 671807 |
|  Amerit Fleet Parent, LLC | Delayed Draw | 2609825 |
|  Amerit Fleet Parent, LLC | Revolver | 2422292 |
|  AMI Buyer, Inc. | Revolver | 1393508 |
|  Analytic Partners, LP | Revolver | 1236807 |
|  Any Hour, LLC | Delayed Draw | 6875635 |
|  Any Hour, LLC | Revolver | 1027919 |
|  AP Adhesives Holdings, LLC | Delayed Draw | 1350983 |
|  AP Adhesives Holdings, LLC | Revolver | 702006 |
|  Apex Service Partners, LLC | Delayed Draw | 10854970 |
|  Apex Service Partners, LLC | Delayed Draw | 14478 |
|  Apex Service Partners, LLC | First Lien Term Loan | 20854 |
|  Apex Service Partners, LLC | Revolver | 1511233 |
|  Apex Service Partners, LLC | Revolver | 305155 |
|  Apex Service Partners, LLC | Revolver | 60021 |
|  Appfire Technologies, LLC | Delayed Draw | 4850000 |
|  Appfire Technologies, LLC | Delayed Draw | 2235346 |
|  Appfire Technologies, LLC | Revolver | 770000 |
|  Applied Technical Services, LLC | Delayed Draw | 4080336 |
|  Applied Technical Services, LLC | Delayed Draw | 1795348 |
|  Applied Technical Services, LLC | Revolver | 5292122 |
|  Applied Technical Services, LLC | Revolver | 1469816 |
|  Aprio Advisory Group, LLC | Delayed Draw | 38387073 |
|  Aprio Advisory Group, LLC | Revolver | 444079 |
|  Aprio Advisory Group, LLC | Revolver | 305921 |
|  Apryse Software Corp. | Revolver | 11862245 |
|  Aptean, Inc. | Delayed Draw | 19805149 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Aptean, Inc. | Revolver | $8656944 |
|  Aptean, Inc. | Revolver | 268052 |
|  Aptive Environmental, LLC | Revolver | 522738 |
|  AQ Sunshine, Inc. | Delayed Draw | 5700890 |
|  AQ Sunshine, Inc. | Revolver | 1546757 |
|  Arax MidCo, LLC | Delayed Draw | 893021 |
|  Arax MidCo, LLC | Revolver | 1632759 |
|  Archer Acquisition, LLC | Delayed Draw | 128771 |
|  Archer Acquisition, LLC | Delayed Draw | 394175 |
|  Archer Acquisition, LLC | Revolver | 130587 |
|  Arcoro Holdings Corp. | Revolver | 1956522 |
|  Arden Insurance Services LLC | Revolver | 365854 |
|  Ares Holdings LLC | Revolver | 598450 |
|  Ark Data Centers, LLC | Delayed Draw | 2285360 |
|  Ark Data Centers, LLC | Revolver | 534240 |
|  Armada Parent, Inc. | Delayed Draw | 421496 |
|  Armada Parent, Inc. | Revolver | 1800000 |
|  Armada Parent, Inc. | Revolver | 1011591 |
|  Arrow, Inc. | Delayed Draw | 7683000 |
|  Arrow, Inc. | Revolver | 1913000 |
|  Artivion, Inc. | Delayed Draw | 2714194 |
|  Ascend Partner Services LLC | Delayed Draw | 42309636 |
|  Ascend Partner Services LLC | Revolver | 8361392 |
|  ASG III, LLC | Revolver | 500000 |
|  ASP Global Holdings, LLC | Delayed Draw | 1439361 |
|  ASP Global Holdings, LLC | Revolver | 513981 |
|  Associated Spring US, LLC | Delayed Draw | 4636991 |
|  Associated Spring US, LLC | Revolver | 2181818 |
|  Associations, Inc. | Delayed Draw | 18145161 |
|  Associations, Inc. | Delayed Draw | 1693549 |
|  Associations, Inc. | Delayed Draw | 3922734 |
|  Associations, Inc. | Revolver | 3049084 |
|  ATIS Acquisition, Inc. | Delayed Draw | 2319022 |
|  ATIS Acquisition, Inc. | Revolver | 739130 |
|  Atlas Borrower, LLC | Revolver | 11147436 |
|  Atomic Midco 2 Limited | Delayed Draw | 5535750 |
|  Atomic Midco 2 Limited | Revolver | 1845250 |
|  Attigo Health LLC | Revolver | 685000 |
|  AuditBoard, Inc. | Delayed Draw | 1500000 |
|  AuditBoard, Inc. | Revolver | 600000 |
|  Aurora Plastics, LLC | Delayed Draw | 1046139 |
|  Auveco Holdings, Inc. | Revolver | 1151316 |
|  AVSC Holding Corp. | Revolver | 1376327 |
|  AWP Group Holdings, Inc. | Delayed Draw | 17003277 |
|  AWP Group Holdings, Inc. | Revolver | 8026641 |
|  AWT Merger Sub, Inc. | Delayed Draw | 969612 |
|  AWT Merger Sub, Inc. | Revolver | 65748 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  AWT Merger Sub, Inc. | Revolver | $1071429 |
|  Azurite Intermediate | Revolver | 499000 |
|  Azurite Intermediate Holdings, Inc. | Revolver | 1244515 |
|  Babylon Buyer, Inc. | Revolver | 248054 |
|  Badge 21 Midco Holdings LLC | Delayed Draw | 6944444 |
|  Badge 21 Midco Holdings LLC | Delayed Draw | 1991879 |
|  Badge 21 Midco Holdings LLC | Revolver | 2777778 |
|  Badge 21 Midco Holdings LLC | Revolver | 2523392 |
|  Badia Spices, LLC | Revolver | 89070 |
|  Baker Tilly Advisory Group, LP | Revolver | 637324 |
|  Bamboo US Bidco LLC | Delayed Draw | 937839 |
|  Bamboo US Bidco LLC | Delayed Draw | 6564940 |
|  Banyan Software Holdings, LLC | Delayed Draw | 1026010 |
|  Banyan Software Holdings, LLC | Revolver | 463532 |
|  Bausch Receivables Funding LP | Revolver | 6000000 |
|  Baxter Planning Systems, LLC | Delayed Draw | 457909 |
|  Baxter Planning Systems, LLC | Revolver | 451112 |
|  Bayou Intermediate II, LLC | Delayed Draw | 7736842 |
|  Bayou Intermediate II, LLC | Revolver | 3725640 |
|  BC Group Holdings, Inc. | Delayed Draw | 1297024 |
|  BCTO Bluebill Buyer, Inc. | Revolver | 3472222 |
|  Beacon Pointe Harmony LLC | Delayed Draw | 7932053 |
|  Beacon Pointe Harmony LLC | Revolver | 639000 |
|  Bellwether Buyer LLC | Delayed Draw | 43573596 |
|  Bellwether Buyer LLC | Revolver | 14453610 |
|  Belmont Buyer, Inc. | Delayed Draw | 1020408 |
|  Belmont Buyer, Inc. | Revolver | 295058 |
|  Benecon Midco II LLC | Revolver | 6500000 |
|  Benefit Street Technology | Revolver | 1800000 |
|  Beta Plus Technologies, Inc. | Revolver | 2345000 |
|  Bigtime Software, Inc. | Revolver | 2327586 |
|  Bingo Group Buyer, Inc. | Delayed Draw | 262080 |
|  Bingo Group Buyer, Inc. | Revolver | 208000 |
|  Bingo Group Buyer, Inc. | Revolver | 365539 |
|  Biocare Medical LLC | Revolver | 2777778 |
|  Bishop Street Underwriters LLC | Delayed Draw | 1568000 |
|  Blackbird Purchaser, Inc. | Delayed Draw | 2780764 |
|  Blackbird Purchaser, Inc. | Revolver | 1657926 |
|  BlackHawk Industrial Distribution, Inc. | Delayed Draw | 946329 |
|  BlackHawk Industrial Distribution, Inc. | Revolver | 100809 |
|  Blazing Star Shields Direct Parent, LLC | Revolver | 5365306 |
|  Blue Bidco Limited | Delayed Draw | 3240089 |
|  Blue Cloud Pediatric Surgery Centers, LLC | Delayed Draw | 8268008 |
|  Blue Cloud Pediatric Surgery Centers, LLC | Revolver | 4134004 |
|  Bluefin Holding, LLC | Revolver | 4208758 |
|  Bluejack Fire Acquisition, Inc. | Delayed Draw | 1310926 |
|  Bluejack Fire Acquisition, Inc. | Revolver | 272282 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Bluesight, Inc. | Revolver | $3700000 |
|  Bobtail Acquisitionco, LLC | Delayed Draw | 1688448 |
|  Bobtail Acquisitionco, LLC | Revolver | 693456 |
|  Bonterra LLC | Delayed Draw | 10925628 |
|  Bonterra LLC | Revolver | 8852766 |
|  Bottomline Technologies, Inc. | Revolver | 2079150 |
|  Bounteous, Inc. | Delayed Draw | 9875392 |
|  Bounteous, Inc. | Delayed Draw | 865733 |
|  Bounteous, Inc. | Revolver | 3175078 |
|  Bounteous, Inc. | Revolver | 1800000 |
|  BPCP NSA Intermedco, Inc. | Delayed Draw | 1255814 |
|  BPCP NSA Intermedco, Inc. | Revolver | 1265823 |
|  BPI Intermediate Holdings, Inc. | Revolver | 1200000 |
|  BradyIFS Holdings, LLC | Delayed Draw | 723608 |
|  BradyIFS Holdings, LLC | Revolver | 2028774 |
|  Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 670426 |
|  Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 9000000 |
|  Bridge Consumer Healthcare Intermediate LLC | Revolver | 1340853 |
|  BrightStar Group Holdings, Inc. | Revolver | 367500 |
|  BSP- FL Holdings, Inc. | Delayed Draw | 3540230 |
|  BSP- FL Holdings, Inc. | Revolver | 1194828 |
|  Bulab Holdings, Inc. | Delayed Draw | 5214878 |
|  Bulab Holdings, Inc. | Revolver | 5189339 |
|  Bullhorn, Inc. | Delayed Draw | 2905263 |
|  Bullhorn, Inc. | Revolver | 1824561 |
|  BusinesSolver.com, Inc. | Delayed Draw | 958528 |
|  By Light Professional IT Services LLC | Revolver | 2234436 |
|  Calcium Bidco Limited | Delayed Draw | 9375000 |
|  Calcium Bidco Limited | Revolver | 5000000 |
|  Caldwell & Gregory LLC | Delayed Draw | 1275000 |
|  Caldwell & Gregory LLC | Revolver | 3000000 |
|  Cambrex Corporation | Delayed Draw | 2025120 |
|  Cambrex Corporation | Revolver | 1295585 |
|  Camin Cargo Control Holdings, Inc. | Delayed Draw | 190116 |
|  Camin Cargo Control Holdings, Inc. | Revolver | 12500 |
|  Captive Resources Midco, LLC | Revolver | 79053 |
|  Carbon TopCo, Inc. | Revolver | 2739726 |
|  Career Certified, LLC | Delayed Draw | 6213592 |
|  Career Certified, LLC | Revolver | 4660194 |
|  Carr, Riggs and Ingram Capital, L.L.C. | Delayed Draw | 6018228 |
|  Carr, Riggs and Ingram Capital, L.L.C. | Revolver | 3491358 |
|  Cascade Purchaser, LLC | Revolver | 753933 |
|  Castle Management Borrower LLC | Revolver | 1025000 |
|  CB Buyer, Inc. | Delayed Draw | 3696791 |
|  CB Buyer, Inc. | Revolver | 2299234 |
|  CC SAG Acquisition Corp. | Delayed Draw | 401968 |
|  CCI Buyer, Inc. | Revolver | 3240252 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  CDL Parent, Inc. | Revolver | $50378 |
|  Centegix Intermediate II, LLC | Delayed Draw | 3000000 |
|  Centegix Intermediate II, LLC | Revolver | 1800000 |
|  Central Storage & Warehouse LLC | Delayed Draw | 279542 |
|  Central Storage & Warehouse LLC | Delayed Draw | 1956795 |
|  Cerity Partners, LLC | Delayed Draw | 9951984 |
|  Cerity Partners, LLC | Delayed Draw | 36805018 |
|  Cerity Partners, LLC | Revolver | 158199 |
|  Cerity Partners, LLC | Revolver | 790916 |
|  Cerity Partners, LLC | Revolver | 246191 |
|  CF Newco, Inc. | Revolver | 243240 |
|  CFGI Holdings, LLC | Revolver | 1751825 |
|  CFS Brands, LLC | Revolver | 2439024 |
|  Chase Intermediate, LLC | Delayed Draw | 18619048 |
|  Chase Intermediate, LLC | Revolver | 1625000 |
|  Cherry Bekaert Advisory LLC | Revolver | 1514241 |
|  Chirisa Volo LLC | Delayed Draw | 1138743 |
|  Chord Searchlight, L.P. | Delayed Draw | 3093750 |
|  Chronicle Parent LLC | Delayed Draw | 17340000 |
|  Chronicle Parent LLC | Revolver | 6296297 |
|  Cinelease, LLC | Revolver | 2802253 |
|  Circana Group, L.P. | Revolver | 963363 |
|  Circana Group, L.P.  | Revolver | 2576014 |
|  Circauto Bidco AB | Delayed Draw | 6447802 |
|  Circauto Bidco AB | Delayed Draw | 14659489 |
|  ClearCapital Holdings, LLC | Delayed Draw | 1806270 |
|  ClearCapital Holdings, LLC | Revolver | 596069 |
|  Cleo Communications Holding, LLC | Revolver | 2140000 |
|  Climate Pros, LLC | Delayed Draw | 16500000 |
|  ClubCorp Holdings, Inc. | Delayed Draw | 1696440 |
|  ClubCorp Holdings, Inc. | Revolver | 2573762 |
|  CMG Holdco, LLC | Delayed Draw | 836619 |
|  CMG Holdco, LLC | Delayed Draw | 1662444 |
|  CMG Holdco, LLC | Revolver | 200302 |
|  Cobalt Service Partners, LLC | Delayed Draw | 14744118 |
|  Cobalt Service Partners, LLC | Revolver | 3176471 |
|  Cobham Holdings, Inc. | Revolver | 2343750 |
|  Coding Solutions Acquisition, Inc. | Delayed Draw | 1082467 |
|  Coding Solutions Acquisition, Inc. | Delayed Draw | 18160335 |
|  Coding Solutions Acquisition, Inc. | Revolver | 2204784 |
|  Collision SP Subco, LLC | Delayed Draw | 3522581 |
|  Collision SP Subco, LLC | Delayed Draw | 37927 |
|  Collision SP Subco, LLC | Revolver | 107059 |
|  Command Holding Corp. | Delayed Draw | 932203 |
|  Command Holding Corp. | Delayed Draw | 3389830 |
|  Command Holding Corp. | Revolver | 1525424 |
|  Community Management Holdings Midco 2, LLC | Delayed Draw | 1395000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Community Management Holdings Midco 2, LLC | Delayed Draw | $171000 |
|  Community Management Holdings Midco 2, LLC | Delayed Draw | 1800000 |
|  Community Management Holdings Midco 2, LLC | Revolver | 810000 |
|  Community Medical Acquisition Corp. | Revolver | 589434 |
|  ComPsych Investment Corp. | Delayed Draw | 22000000 |
|  Concord Global Acquisition, LLC | Delayed Draw | 2706254 |
|  Concord Global Acquisition, LLC | Revolver | 1424344 |
|  Consilio Midco Limited | Delayed Draw | 9744083 |
|  Consilio Midco Limited | Delayed Draw | 4872041 |
|  Consilio Midco Limited | Revolver | 14616124 |
|  Consor Intermediate II, LLC | Delayed Draw | 11592254 |
|  Consor Intermediate II, LLC | Revolver | 1047887 |
|  Continental Buyer, Inc. | Delayed Draw | 11387351 |
|  Continental Buyer, Inc. | Revolver | 4648434 |
|  Continental Buyer, Inc. | Revolver | 6378981 |
|  Contractual Buyer, LLC | Revolver | 3000000 |
|  COP HomeTown Acquisitions, Inc. | Revolver | 253750 |
|  COP HomeTown Acquisitions, Inc. | Revolver | 1049167 |
|  COP Village Green Acquisitions, Inc. | Delayed Draw | 2078814 |
|  COP Village Green Acquisitions, Inc. | Revolver | 1247288 |
|  CORA Health Holdings Corp. | Revolver | 134615 |
|  Coretrust Purchasing Group LLC | Delayed Draw | 7518797 |
|  Coretrust Purchasing Group LLC | Revolver | 4511278 |
|  Coreweave Compute Acquisition Co. II, LLC | Delayed Draw | 3371879 |
|  Coupa Holdings, LLC | Delayed Draw | 4018297 |
|  Coupa Holdings, LLC | Revolver | 3076772 |
|  CPC/Cirtec Holdings, Inc. | Revolver | 1020606 |
|  Cradle Lux Bidco S.A.R.L. | Delayed Draw | 82406 |
|  Cradle Lux Bidco S.A.R.L. | Delayed Draw | 235010 |
|  CRCI Longhorn Holdings, Inc. | Delayed Draw | 26253656 |
|  CRCI Longhorn Holdings, Inc. | Revolver | 12395525 |
|  Credit Connection, LLC | Revolver | 600000 |
|  Creek Parent, Inc. | Revolver | 23248856 |
|  Crete PA Holdco, LLC | Delayed Draw | 1143349 |
|  Crete PA Holdco, LLC | Revolver | 285837 |
|  Crewline Buyer, Inc. | Revolver | 5222499 |
|  CRS TH Holdings Corp | Delayed Draw | 16904025 |
|  CRS TH Holdings Corp | Revolver | 3095975 |
|  CRS TH Holdings Corp | Revolver | 4237288 |
|  Crunch Holdings LLC | Revolver | 198043 |
|  CUB Financing Intermediate LLC | Delayed Draw | 1489572 |
|  Curia Global, Inc. | Revolver | 5373333 |
|  Curriculum Associates, LLC | Delayed Draw | 23846096 |
|  CVP Holdco, Inc. | Delayed Draw | 4612145 |
|  CVP Holdco, Inc. | Revolver | 2353141 |
|  CX Institutional, LLC | Delayed Draw | 566000 |
|  DA Blocker Corp. | Delayed Draw | 7278184 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  DA Blocker Corp. | Revolver | $2183455 |
|  Dalton Bidco Limited | Delayed Draw | 390668 |
|  Damotech Parent LLC | Delayed Draw | 4659847 |
|  Databricks, Inc. | Delayed Draw | 12409561 |
|  DataLink, LLC | Revolver | 846774 |
|  Davidson Hotel Company LLC | Delayed Draw | 176112 |
|  Davidson Hotel Company LLC | Revolver | 95904 |
|  Dawson Rated Fund 6-R2 LP | Delayed Draw | 12871409 |
|  DCG Acquisition Corp. | Delayed Draw | 375940 |
|  DCG Acquisition Corp. | Delayed Draw | 3237413 |
|  DCG Acquisition Corp. | Revolver | 375940 |
|  DCG Acquisition Corp. | Revolver | 1957756 |
|  Deerfield Dakota Holding, LLC | Revolver | 19711146 |
|  Deerfield Group LLC | Delayed Draw | 2944739 |
|  Delorean Purchaser, Inc. | Revolver | 3430542 |
|  Denali Bidco Ltd. | Delayed Draw | 2053803 |
|  Denali Buyerco LLC | Delayed Draw | 7813000 |
|  Denali Intermediate Holdings, Inc. | Revolver | 8891863 |
|  Denali Midco 2 LLC | Delayed Draw | 2323833 |
|  Dentive Capital, LLC | Delayed Draw | 2614814 |
|  Diamond Mezzanine 24 LLC | Delayed Draw | 3000000 |
|  Diamond Mezzanine 24 LLC | Delayed Draw | 2520000 |
|  Diamond Mezzanine 24 LLC | Delayed Draw | 3753333 |
|  Diamond Mezzanine 24 LLC | Revolver | 143269 |
|  Diamondback Acquisition, Inc. | Delayed Draw | 24570564 |
|  Diamondback Acquisition, Inc. | Revolver | 14007598 |
|  DigiCert, Inc. | Revolver | 4969145 |
|  Diligent Corporation | Delayed Draw | 4158222 |
|  Diligent Corporation | Revolver | 1863891 |
|  DISA Holdings Corp. | Delayed Draw | 97471 |
|  DISA Holdings Corp. | Revolver | 916455 |
|  Discovery Buyer, L.P. | Delayed Draw | 30182927 |
|  Discovery Buyer, L.P. | Revolver | 7500000 |
|  Diverzify Intermediate LLC | Delayed Draw | 17142857 |
|  Divisions Holding Corporation | Revolver | 90148 |
|  DLRdmv LLC | Delayed Draw | 941176 |
|  DLRdmv LLC | Revolver | 941176 |
|  DMC Holdco, LLC | Revolver | 2611724 |
|  DOCS MSO LLC | Revolver | 1612903 |
|  Doxim, Inc. | Revolver | 223834 |
|  DriveCentric Holdings, LLC | Delayed Draw | 17912273 |
|  DRS Holdings III, Inc. | Revolver | 11426 |
|  DT Intermediate Holdco | Delayed Draw | 5763317 |
|  DT1 Midco Corp. | Delayed Draw | 2726133 |
|  DT1 Midco Corp. | Delayed Draw | 3081257 |
|  DT1 Midco Corp. | Revolver | 1090453 |
|  DT1 Midco Corp. | Revolver | 465517 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  DTI Holdco, Inc. | Revolver | $874917 |
|  Durare Bidco, LLC | Delayed Draw | 1893939 |
|  Durare Bidco, LLC | Revolver | 909091 |
|  Duro Dyne National Corp. | Delayed Draw | 12706045 |
|  Duro Dyne National Corp. | Revolver | 9407895 |
|  Duro Dyne National Corp. | Revolver | 2005254 |
|  Dwyer Instruments, LLC | Delayed Draw | 984420 |
|  Dwyer Instruments, LLC | Delayed Draw | 372319 |
|  Dwyer Instruments, LLC | Revolver | 2064642 |
|  Dwyer Instruments, LLC | Revolver | 214645 |
|  Dwyer Instruments, LLC | Revolver | 793 |
|  Dwyer Instruments, LLC | Revolver | 2645159 |
|  Eagan Parent, Inc. | Delayed Draw | 4323870 |
|  Eagan Parent, Inc. | Revolver | 2306064 |
|  Eagle Family Foods, Inc. | Revolver | 3955056 |
|  Early Stage Solutions, LLC | Delayed Draw | 3369210 |
|  Early Stage Solutions, LLC | Revolver | 1492559 |
|  East River Bidco GmbH | Delayed Draw | 7470779 |
|  EBS Parent Holdings Inc. | Delayed Draw | 3052798 |
|  EBS Parent Holdings Inc. | Revolver | 1134418 |
|  Eclipse Buyer, Inc. | Delayed Draw | 10375688 |
|  Eclipse Buyer, Inc. | Revolver | 4189944 |
|  Eclipse Buyer, Inc. | Revolver | 84759 |
|  EdgeCo Buyer, Inc. | Delayed Draw | 12811207 |
|  EdgeCo Buyer, Inc. | Revolver | 1392457 |
|  EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 25000000 |
|  EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 25000000 |
|  Edmunds GovTech, Inc. | Delayed Draw | 9071429 |
|  EDPO, LLC | Delayed Draw | 2434295 |
|  EDPO, LLC | Delayed Draw | 393333 |
|  EDPO, LLC | Revolver | 884461 |
|  Einstein Parent, Inc. | Revolver | 5508560 |
|  EIS Legacy Holdco, LLC | Delayed Draw | 439134 |
|  EIS Legacy Holdco, LLC | Revolver | 250000 |
|  Elk Bidco, Inc. | Delayed Draw | 3334915 |
|  Elk Bidco, Inc. | Revolver | 3001423 |
|  Elliott Davis Advisory, LLC | Delayed Draw | 452982 |
|  Elliott Davis Advisory, LLC | Revolver | 423743 |
|  EMB Purchaser, Inc. | Delayed Draw | 452830 |
|  EMB Purchaser, Inc. | Revolver | 263312 |
|  Embark Intermediate Holdings, LLC | Delayed Draw | 5803612 |
|  Embark Intermediate Holdings, LLC | Revolver | 1524390 |
|  Emburse, Inc. | Delayed Draw | 7072368 |
|  Emburse, Inc. | Revolver | 7072368 |
|  Empower Intermediate HoldCo, LLC | Delayed Draw | 2319588 |
|  Empower Intermediate HoldCo, LLC | Revolver | 1546392 |
|  Empower Payments Investor, LLC | Delayed Draw | 11715913 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Empower Payments Investor, LLC | Revolver | $3676331 |
|  Empyrean Solutions LLC | Delayed Draw | 4976959 |
|  Empyrean Solutions LLC | Revolver | 1866359 |
|  ENT MSO LLC | Delayed Draw | 876675 |
|  ENT MSO LLC | Revolver | 239529 |
|  Enverus Holdings, Inc. | Delayed Draw | 1076124 |
|  Enverus Holdings, Inc. | Delayed Draw | 35652 |
|  Enverus Holdings, Inc. | Revolver | 2121784 |
|  Enverus Holdings, Inc. | Revolver | 100186 |
|  EP Wealth Advisors, LLC | Delayed Draw | 11011475 |
|  EPFS Buyer, Inc. | Delayed Draw | 3433018 |
|  EPFS Buyer, Inc. | Revolver | 2288678 |
|  Equinox Buyer LLC | Revolver | 1038510 |
|  ERC TOPCO Holdings, Inc. | Revolver | 306980 |
|  eResearchTechnology, Inc. | Delayed Draw | 995052 |
|  eResearchTechnology, Inc. | Revolver | 692471 |
|  ESG Investments, Inc. | Delayed Draw | 2491071 |
|  ESG Investments, Inc. | Revolver | 2142857 |
|  Espressor Bidco Inc. | Delayed Draw | 2830865 |
|  Espressor Bidco Inc. | Revolver | 1258162 |
|  Essential Services Holding Corporation | Delayed Draw | 2081784 |
|  Essential Services Holding Corporation | Revolver | 832714 |
|  Everbridge Holdings, LLC | Delayed Draw | 3377778 |
|  Everbridge Holdings, LLC | Revolver | 2222222 |
|  Evolent Health LLC | Revolver | 380 |
|  Exactcare Parent, Inc. | Revolver | 1032787 |
|  Excel Fitness Holdings, Inc. | Delayed Draw | 2613424 |
|  Excelitas Technologies Corp. | Delayed Draw | 1945304 |
|  Expereo USA, Inc. | Delayed Draw | 562692 |
|  Expereo USA, Inc. | First Lien Term Loan | 65685 |
|  Expereo USA, Inc. | Revolver | 268370 |
|  Exterro LLC | Delayed Draw | 6057692 |
|  F&M Buyer LLC | Delayed Draw | 7164179 |
|  F&M Buyer LLC | Revolver | 3134328 |
|  Fastener Distribution Holdings, LLC | Delayed Draw | 483828 |
|  FC Compassus, LLC | Delayed Draw | 390158 |
|  Fenix Topco, LLC | Delayed Draw | 126410 |
|  Fenix Topco, LLC | Delayed Draw | 5312683 |
|  FH DMI Buyer, Inc. | Delayed Draw | 1000813 |
|  FH DMI Buyer, Inc. | Revolver | 539135 |
|  Financial-Information-Technologies, LLC | Delayed Draw | 17380000 |
|  Financial-Information-Technologies, LLC | Revolver | 2500000 |
|  Financière N SAS | Delayed Draw | 30572737 |
|  Finastra USA, Inc. | Revolver | 6864661 |
|  Finastra USA, Inc. | Revolver | 1129375 |
|  Firebird Acquisition Corp, Inc. | Delayed Draw | 8939336 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Firebird Acquisition Corp, Inc. | Revolver | $3173729 |
|  Flexera Software LLC | Revolver | 9677111 |
|  Flint OpCo, LLC | Delayed Draw | 1176504 |
|  Flint OpCo, LLC | Delayed Draw | 8363404 |
|  Flint OpCo, LLC | Revolver | 1026252 |
|  Flow Control Solutions, Inc. | Delayed Draw | 1151556 |
|  Flow Control Solutions, Inc. | Revolver | 666031 |
|  Flow Control Solutions, Inc. | Revolver | 280693 |
|  Flow Intermediate II, LLC | Delayed Draw | 4945946 |
|  Flow Intermediate II, LLC | Revolver | 3256081 |
|  FLS Holding, Inc. | Revolver | 25000 |
|  Fortis Solutions Group, LLC | Delayed Draw | 4876667 |
|  Fortis Solutions Group, LLC | Revolver | 2090676 |
|  Fortna AR, LLC | Revolver | 1183965 |
|  Fortna AR, LLC | Revolver | 2367921 |
|  Forward Keystone Holdings, LP | Delayed Draw | 94232 |
|  Forward Keystone Holdings, LP | First Lien Term Loan | 6355 |
|  Foundation Risk Partners, Corp. | Delayed Draw | 66495935 |
|  Foundation Risk Partners, Corp. | Delayed Draw | 2886550 |
|  Foundation Risk Partners, Corp. | Revolver | 359993 |
|  Foundation Risk Partners, Corp. | Revolver | 385309 |
|  Foundation Risk Partners, Corp. | Revolver | 11666645 |
|  Fourth Enterprises LLC | Delayed Draw | 4833284 |
|  Fourth Enterprises LLC | Revolver | 1828385 |
|  FQ Buyer, Inc. | Delayed Draw | 7274709 |
|  FQ Buyer, Inc. | Revolver | 3645833 |
|  FR Vision Holdings, Inc. | Revolver | 310597 |
|  Fraizer & Deeter Advisory, LLC | Delayed Draw | 636583 |
|  Fraizer & Deeter Advisory, LLC | Revolver | 220780 |
|  Frontline Road Safety Operations, LLC | Delayed Draw | 73807 |
|  Frontline Road Safety Operations, LLC | First Lien Term Loan | 4677 |
|  Frontline Road Safety Operations, LLC | Revolver | 155925 |
|  Frontline Road Safety Operations, LLC | Revolver | 332287 |
|  FSS Buyer LLC | Revolver | 1610390 |
|  FSS Buyer, LLC | Revolver | 923742 |
|  Fullsteam Operations LLC | Delayed Draw | 24348638 |
|  Fullsteam Operations LLC | Revolver | 8543296 |
|  Future Fiber Finco, LLC | Delayed Draw | 3296703 |
|  Future Fiber Finco, LLC | Revolver | 366973 |
|  G702 Buyer, Inc. | Revolver | 179170 |
|  Gainsight, Inc. | Revolver | 2816332 |
|  Galileo Parent, Inc. | Revolver | 1008729 |
|  Galway Borrower LLC | Delayed Draw | 58706 |
|  Galway Borrower LLC | Revolver | 11072 |
|  Galway Borrower, LLC | Delayed Draw | 63558496 |
|  Galway Borrower, LLC | Revolver | 6625520 |
|  Galway Borrower, LLC | Revolver | 74750 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Galway Borrower, LLC | Revolver | $75162 |
|  GarageCo Intermediate II, LLC | Delayed Draw | 13084274 |
|  GarageCo Intermediate II, LLC | Revolver | 3925282 |
|  Gas Media Holdings, LLC | Delayed Draw | 2125000 |
|  Gas Media Holdings, LLC | Revolver | 637500 |
|  Gateway US Holdings, Inc. | Delayed Draw | 1302280 |
|  Gateway US Holdings, Inc. | Revolver | 854815 |
|  Gateway US Holdings, Inc. | Revolver | 1059583 |
|  Gator Plastic Intermediate Holdings, LLC | Revolver | 1476824 |
|  Geo TopCo Corporation | Delayed Draw | 13402864 |
|  Geo TopCo Corporation | Revolver | 6570064 |
|  Gestion ABS Bidco, Inc. | Delayed Draw | 5531381 |
|  Gestion ABS Bidco, Inc. | Revolver | 1106276 |
|  GHP-VGS Purchaser LLC | Delayed Draw | 846845 |
|  GHP-VGS Purchaser LLC | Revolver | 261058 |
|  GHX Ultimate Parent Corporation | Revolver | 6981599 |
|  Global Music Rights | Revolver | 10763497 |
|  GMES, LLC | Delayed Draw | 6382979 |
|  GMES, LLC | Revolver | 4255319 |
|  Goldeneye Parent, LLC | Revolver | 11778997 |
|  GovBrands Intermediate, Inc. | Revolver | 514852 |
|  GovDelivery Holdings, LLC | Delayed Draw | 2514000 |
|  GovDelivery Holdings, LLC | Delayed Draw | 1400253 |
|  GovDelivery Holdings, LLC | Delayed Draw | 617578 |
|  GovDelivery Holdings, LLC | Revolver | 11202694 |
|  GovDelivery Holdings, LLC | Revolver | 455961 |
|  Graffiti Buyer, Inc. | Delayed Draw | 969839 |
|  Graffiti Buyer, Inc. | Delayed Draw | 3236979 |
|  Graffiti Buyer, Inc. | Revolver | 2312128 |
|  Great Kitchens Food Company, Inc. | Revolver | 2118644 |
|  Grid Alliance Partners, LLC | Delayed Draw | 3946795 |
|  Grid Alliance Partners, LLC | Revolver | 2564103 |
|  Grit Buyer, Inc. | Delayed Draw | 1110867 |
|  Grit Buyer, Inc. | Revolver | 284171 |
|  Ground Penetrating Radar Systems, LLC | Delayed Draw | 3891090 |
|  Ground Penetrating Radar Systems, LLC | Revolver | 1128713 |
|  GS Acquisitionco, Inc. | Delayed Draw | 5690000 |
|  GS Acquisitionco, Inc. | Delayed Draw | 1078000 |
|  GS Acquisitionco, Inc. | Delayed Draw | 817626 |
|  GS Acquisitionco, Inc. | Delayed Draw | 143594 |
|  GS Acquisitionco, Inc. | Revolver | 396193 |
|  GS Acquisitionco, Inc. | Revolver | 160984 |
|  GS Acquisitionco, Inc. | Revolver | 690589 |
|  GS Seer Group Borrower LLC | Delayed Draw | 391657 |
|  GS Seer Group Borrower LLC | Revolver | 733945 |
|  GSV Holding, LLC | Revolver | 1602036 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Guardian Restoration Partners Buyer, LLC | Delayed Draw | $343979 |
|  Guardian Restoration Partners Buyer, LLC | Revolver | 179762 |
|  Guava Buyer LLC | Delayed Draw | 2675159 |
|  Guava Buyer LLC | Revolver | 2738853 |
|  Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – Class C | Private Collateralized Loan Obligation | 19720677  |
|  Guggenheim Investments Private Debt Fund IV Rated Note Feeder, LLC – Class D | Private Collateralized Loan Obligation | 19720677  |
|  HALO Buyer, Inc. | Revolver | 4853167 |
|  Harvey Gulf Holdings LLC | Revolver | 4883720 |
|  Harvey Tool Company, LLC | Delayed Draw | 249317 |
|  Harvey Tool Company, LLC | Revolver | 253807 |
|  HASA Acquisition, LLC | Delayed Draw | 755279 |
|  HASA Acquisition, LLC | Revolver | 369772 |
|  HBH Buyer, LLC | Delayed Draw | 302789 |
|  HBH Buyer, LLC | Revolver | 750 |
|  HBWM Intermediate II, LLC | Revolver | 1599154 |
|  Headlands Buyer, Inc. | Delayed Draw | 2527897 |
|  Headlands Buyer, Inc. | Revolver | 1236628 |
|  Health Plan One, Inc. | Delayed Draw | 1788964 |
|  Health Plan One, Inc. | Revolver | 4672897 |
|  HealthMark Holdings GP, LLC | Delayed Draw | 10727971 |
|  HealthMark Holdings GP, LLC | Revolver | 6481478 |
|  Healthspan Buyer, LLC | Delayed Draw | 12500000 |
|  HeartLand PPC Buyer, LLC | Delayed Draw | 603270 |
|  HeartLand PPC Buyer, LLC | Revolver | 941338 |
|  Heights Buyer, LLC | Delayed Draw | 248810 |
|  Helium Acquirer Corporation | Delayed Draw | 10548356 |
|  Helium Acquirer Corporation | Revolver | 2209080 |
|  HemaSource, Inc. | Revolver | 4125000 |
|  Heniff Holdco, LLC | Revolver | 210366 |
|  Heritage Environmental Services, Inc. | Revolver | 1199012 |
|  HGC Holdings, LLC | Delayed Draw | 1415124 |
|  HGC Holdings, LLC | Revolver | 407045 |
|  Higginbotham Insurance Agency, Inc. | Delayed Draw | 9118818 |
|  High Bar Brands Operating, LLC | Delayed Draw | 1912493 |
|  High Bar Brands Operating, LLC | Revolver | 1116493 |
|  High Street Buyer, Inc. | Delayed Draw | 26115944 |
|  Higher Logic, LLC | Revolver | 700930 |
|  Himalaya Topco LLC | Delayed Draw | 3124621 |
|  Himalaya Topco LLC | First Lien Term Loan | 23869 |
|  Himalaya Topco LLC | Revolver | 1179039 |
|  Home Service Topco IV, Inc. | Delayed Draw | 2981632 |
|  Home Service Topco IV, Inc. | Delayed Draw | 1775693 |
|  Home Service Topco IV, Inc. | Revolver | 1066677 |
|  Homecare Software Solutions LLC | Revolver | 1415094 |
|  Horizon Avionics Buyer, LLC | Delayed Draw | 4402144 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Horizon Avionics Buyer, LLC | Revolver | $3813913 |
|  HP RSS Buyer, Inc. | Delayed Draw | 31921421 |
|  HP TLE Buyer, Inc. | Revolver | 7213115 |
|  HPS Specialty Loan Fund V Feeder, L.P. | First Lien Term Loan | 90063360 |
|  HS Spa Holdings, Inc. | Revolver | 246410 |
|  HSI Halo Acquisition, Inc. | Delayed Draw | 1056624 |
|  HSI Halo Acquisition, Inc. | Revolver | 1711863 |
|  HT Intermediary III, Inc. | Delayed Draw | 3849350 |
|  HT Intermediary III, Inc. | Revolver | 1395390 |
|  Hydraulic Technologies USA LLC | Revolver | 1700190 |
|  Hyland Software, Inc. | Revolver | 2262444 |
|  Hyphen Solutions, LLC | Delayed Draw | 4361186 |
|  Hyphen Solutions, LLC | Revolver | 2616712 |
|  Icefall Parent, Inc. | Revolver | 753958 |
|  iCIMS, Inc. | Revolver | 1243809 |
|  ID Label Holdings, Inc. | Revolver | 666667 |
|  Ideal Components Acquisition, LLC | Delayed Draw | 8931298 |
|  Ideal Components Acquisition, LLC | Revolver | 7442748 |
|  IEQ MIDCO III, LLC | Delayed Draw | 3267259 |
|  IFH Franchisee Holdings LLC | Delayed Draw | 626715 |
|  IFH Franchisee Holdings LLC | Revolver | 333 |
|  IG Investment Holdings, LLC | Revolver | 4272671 |
|  IG Investment Holdings, LLC | Revolver | 1044556 |
|  IG Investment Holdings, LLC | Revolver | 722543 |
|  Imagine 360 LLC | Delayed Draw | 2404220 |
|  Imagine 360 LLC | Revolver | 1023922 |
|  Imagine Acquisitionco, Inc. | Revolver | 1157556 |
|  Indigo Buyer, Inc. | Delayed Draw | 21396667 |
|  Indigo Buyer, Inc. | Delayed Draw | 670077 |
|  Indigo Buyer, Inc. | Revolver | 2000000 |
|  Infinity Home Services Holdco, Inc. | Delayed Draw | 2605114 |
|  InhabitIQ, Inc. | Delayed Draw | 4344984 |
|  InhabitIQ, Inc. | Revolver | 2715615 |
|  Innovetive Petcare, LLC | Delayed Draw | 1441659 |
|  Innovetive Petcare, LLC | Delayed Draw | 256481 |
|  Inovex Information Systems Incorporated | Delayed Draw | 3279857 |
|  Inovex Information Systems Incorporated | Revolver | 1606061 |
|  Integrated Power Services Holdings, Inc. | Delayed Draw | 5505206 |
|  Integrated Power Services Holdings, Inc. | Revolver | 1820557 |
|  Integrity Marketing Acquisition, LLC | Delayed Draw | 1903328 |
|  Integrity Marketing Acquisition, LLC | Delayed Draw | 15124230 |
|  Integrity Marketing Acquisition, LLC | Revolver | 3857356 |
|  Integrity Marketing Acquisition, LLC | Revolver | 5650370 |
|  INTEL 471, Inc. | Delayed Draw | 9687500 |
|  Invicti Intermediate 2, LLC | Revolver | 1090909 |
|  IQN Holding Corp. | Delayed Draw | 5504991 |
|  IQN Holding Corp. | Revolver | 298396 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Iris Buyer LLC | Delayed Draw | $317076 |
|  ISC CG Buyer, LLC | Delayed Draw | 8543305 |
|  ISC CG Buyer, LLC | Revolver | 1749065 |
|  IvyRehab Intermediate II, LLC | Delayed Draw | 28220000 |
|  IvyRehab Intermediate II, LLC | Revolver | 1734649 |
|  IXOPay, Inc. | Delayed Draw | 3475000 |
|  IXOPay, Inc. | Revolver | 765000 |
|  J.S. Held Holdings LLC | Delayed Draw | 2001135 |
|  J.S. Held Holdings LLC | Revolver | 1005702 |
|  Jams Buyer LLC | Delayed Draw | 572052 |
|  Jams Buyer LLC | Revolver | 319668 |
|  JFL-Atomic Acquisitionco, Inc. | Delayed Draw | 1542861 |
|  JFL-Atomic Acquisitionco, Inc. | Revolver | 667328 |
|  JHCC Holdings LLC | Delayed Draw | 1097618 |
|  JKC Parent, Inc. | Revolver | 697972 |
|  JSG II, INC | Delayed Draw | 5036284 |
|  JSG II, INC | Revolver | 1990168 |
|  JTM Foods, LLC | Revolver | 50523 |
|  JTM Foods, LLC | Revolver | 30058 |
|  JTM Foods, LLC | Revolver | 581343 |
|  KabaFusion Parent LLC | Revolver | 250000 |
|  KabaFusion Parent LLC | Revolver | 2500000 |
|  Kairos Bidco Limited | Revolver | 1350000 |
|  Kano Intermediate, Inc. | Delayed Draw | 5117846 |
|  Kano Intermediate, Inc. | Revolver | 1279461 |
|  Keel Platform, LLC | Delayed Draw | 4219068 |
|  Keel Platform, LLC | Delayed Draw | 2602824 |
|  Kelso Industries LLC | Delayed Draw | 1139893 |
|  Kenco PPC Buyer, LLC | Revolver | 317584 |
|  KENE Acquisition, Inc. | Delayed Draw | 9126184 |
|  KENE Acquisition, Inc. | Revolver | 3401559 |
|  KENG Acquisition, Inc. | Delayed Draw | 3409200 |
|  KENG Acquisition, Inc. | Delayed Draw | 20040323 |
|  KENG Acquisition, Inc. | Revolver | 4683999 |
|  King Risk Partners, LLC | Delayed Draw | 907692 |
|  King Risk Partners, LLC | Revolver | 242143 |
|  KL Charlie Acquisition Company | Delayed Draw | 872757 |
|  KL Charlie Acquisition Company | Delayed Draw | 680651 |
|  KL Charlie Acquisition Company | Revolver | 2016130 |
|  KL Hilltop Acquisition, LLC | Delayed Draw | 9177132 |
|  KL Hilltop Acquisition, LLC | Revolver | 3536740 |
|  Kleinfelder Intermediate LLC | Delayed Draw | 1032787 |
|  Kleinfelder Intermediate LLC | Revolver | 1077049 |
|  Kline Hill Partners LP | Delayed Draw | 2450000 |
|  Kline Hill Partners LP | Revolver | 980000 |
|  Koala Investment Holdings, Inc. | Delayed Draw | 15076555 |
|  Koala Investment Holdings, Inc. | Revolver | 6508645 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Kodiak Buyer, LLC | Delayed Draw | $3880544 |
|  Kodiak Buyer, LLC | Revolver | 3104435 |
|  Kona Buyer, LLC | Delayed Draw | 4370327 |
|  KPA Parent Holdings, Inc. | Delayed Draw | 2540025 |
|  KPA Parent Holdings, Inc. | Revolver | 1778017 |
|  Kpler Finance SA | Delayed Draw | 5555556 |
|  Kpler Finance SA | Revolver | 3111111 |
|  KPSKY Acquisition, Inc. | Delayed Draw | 54340000 |
|  KRIV Acquisition Inc. | Delayed Draw | 13842830 |
|  KRIV Acquisition Inc. | Delayed Draw | 8738297 |
|  KRIV Acquisition Inc. | Delayed Draw | 3510360 |
|  KRIV Acquisition Inc. | Revolver | 2365686 |
|  KRIV Acquisition Inc. | Revolver | 1025341 |
|  KWOL Acquisition, Inc. | Delayed Draw | 30529021 |
|  KWOL Acquisition, Inc. | Revolver | 6729725 |
|  KWOL Acquisition, Inc. | Revolver | 800881 |
|  KWOR Acquisition, Inc. | Delayed Draw | 3200000 |
|  KWOR Acquisition, Inc. | Revolver | 2300000 |
|  LabVantage Solutions, Inc. | Revolver | 454000 |
|  Last Dance Intermediate II, LLC | Delayed Draw | 4893236 |
|  Last Dance Intermediate II, LLC | Delayed Draw | 6779661 |
|  Last Dance Intermediate II, LLC | Revolver | 22410 |
|  Last Dance Intermediate II, LLC | Revolver | 1694915 |
|  LAV Gear Holdings, Inc. | Revolver | 607118 |
|  LeadsOnline, LLC | Revolver | 1176470 |
|  LeadVenture, Inc. | Delayed Draw | 3970370 |
|  LeadVenture, Inc. | Revolver | 2962963 |
|  LeaseCrunch, LLC | Revolver | 735000 |
|  Legends Hospitality Holding Company, LLC | Delayed Draw | 1531264 |
|  Legends Hospitality Holding Company, LLC | Revolver | 4311716 |
|  LHS Borrower, LLC | Revolver | 7885168 |
|  Life Science Intermediate Holdings, LLC | Delayed Draw | 3820000 |
|  Lightbeam Bidco, Inc. | Delayed Draw | 2935777 |
|  Lightbeam Bidco, Inc. | Revolver | 514118 |
|  Lighthouse Parent Holdings, Inc. | Delayed Draw | 5423077 |
|  Lighthouse Parent Holdings, Inc. | Revolver | 3461538 |
|  Litera Bidco LLC | Delayed Draw | 4598006 |
|  Litera Bidco LLC | Delayed Draw | 928312 |
|  Litera Bidco LLC | Revolver | 291018 |
|  LivTech Purchaser, Inc. | Delayed Draw | 206783 |
|  LivTech Purchaser, Inc. | Revolver | 274865 |
|  LJ Avalon Holdings, LLC | Delayed Draw | 9754270 |
|  LJ Avalon Holdings, LLC | Revolver | 1810345 |
|  LJ Avalon Holdings, LLC | Revolver | 3842081 |
|  LogRhythm, Inc. | Revolver | 1676925 |
|  Lonestar Midco I LLC | Revolver | 3076923 |
|  Low Voltage Holdings Inc. | Revolver | 2122727 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Low Voltage Holdings Inc. | Delayed Draw | $8990527 |
|  Low Voltage Holdings Inc. | Delayed Draw | 5971148 |
|  Low Voltage Holdings Inc. | Revolver | 7699160 |
|  Low Voltage Holdings Inc. | Revolver | 663115 |
|  LR Orion Bidco Limited | Delayed Draw | 13824490 |
|  LR Orion Bidco Limited | Revolver | 6411183 |
|  Lubricant Engineers Holding Corp. | Delayed Draw | 413762 |
|  Lubricant Engineers Holding Corp. | Revolver | 266943 |
|  LVF Holdings, Inc. | Delayed Draw | 2608696 |
|  Magneto Components Buyco, LLC | Delayed Draw | 3636364 |
|  Magneto Components Buyco, LLC | Revolver | 3030303 |
|  MAI Capital Management Intermediate LLC | Delayed Draw | 10053370 |
|  MAI Capital Management Intermediate LLC | Delayed Draw | 21141717 |
|  MAI Capital Management Intermediate LLC | Revolver | 4328835 |
|  Mammoth Holdings, LLC | Revolver | 1034091 |
|  Management Consulting & Research, LLC | Delayed Draw | 1966904 |
|  Management Consulting & Research, LLC | Revolver | 3563589 |
|  Mandrake BidCo, Inc. | Revolver | 724000 |
|  ManTech International Corporation | Delayed Draw | 8616244 |
|  ManTech International Corporation | Revolver | 6744017 |
|  Margaritaville Enterprises LLC | Revolver | 312500 |
|  Marina Acquisition, Inc. | Revolver | 875212 |
|  Markon, LLC | Delayed Draw | 11450000 |
|  Markon, LLC | Revolver | 3333333 |
|  MB2 Dental Solutions, LLC | Delayed Draw | 220712 |
|  MB2 Dental Solutions, LLC | Delayed Draw | 2510685 |
|  MB2 Dental Solutions, LLC | Delayed Draw | 14351062 |
|  MB2 Dental Solutions, LLC | Revolver | 842562 |
|  MBS Holdings, Inc. | Revolver | 1271186 |
|  Mc Group Ventures Corporation | Delayed Draw | 81731 |
|  Mc Group Ventures Corporation | Delayed Draw | 7211539 |
|  Mclarens Midco, Inc. | Delayed Draw | 306698 |
|  MedX Holdings, LLC | Delayed Draw | 30229545 |
|  MedX Holdings, LLC | Revolver | 13090909 |
|  MEI Buyer, LLC | Revolver | 1767472 |
|  Merative LP | Delayed Draw | 16000000 |
|  Merative LP | Revolver | 14000000 |
|  Mercury Bidco LLC | Revolver | 3061224 |
|  Merit Financial Group, LLC | Delayed Draw | 2665505 |
|  Merit Financial Group, LLC | Revolver | 746341 |
|  Metatiedot Bidco Oy | Delayed Draw | 155504 |
|  Metatiedot Bidco Oy | Revolver | 103072 |
|  MGT Impact Holdings, LLC | Delayed Draw | 4936462 |
|  MGT Impact Holdings, LLC | Revolver | 1041872 |
|  MGT Merger Target, LLC | Revolver | 1859852 |
|  MicroStar Logistics LLC | Revolver | 313 |
|  Millstone Medical Outsourcing, LLC | Revolver | 2012579 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Mindbody, Inc. | Revolver | $1428571 |
|  Miraclon Corporation | Revolver | 6658647 |
|  Mist Holding Co. | Delayed Draw | 2408261 |
|  Mist Holding Co. | Revolver | 1068545 |
|  MN Acquisition, Inc. | Revolver | 417154 |
|  Modernizing Medicine, Inc. | First Lien Term Loan | 22477 |
|  Modernizing Medicine, Inc. | Revolver | 3808680 |
|  Momentum Textiles, LLC | Revolver | 1033149 |
|  Monarch Buyer, Inc. | Delayed Draw | 2716859 |
|  Monarch Buyer, Inc. | Revolver | 1222587 |
|  Monotype Imaging Holdings, Inc. | Delayed Draw | 2555172 |
|  Monotype Imaging Holdings, Inc. | Revolver | 5172414 |
|  Monroe Engineering Group LLC | Delayed Draw | 10980000 |
|  Moonlight Parent, Inc. | Delayed Draw | 3066038 |
|  Moonlight Parent, Inc. | Revolver | 1839623 |
|  More Cowbell II LLC | Delayed Draw | 5790526 |
|  More Cowbell II LLC | Revolver | 11307346 |
|  Motion & Control Enterprises LLC | Delayed Draw | 2785793 |
|  Motion & Control Enterprises LLC | Revolver | 282113 |
|  Motor Vehicle Software Corporation | Revolver | 1243544 |
|  Motor Vehicle Software Corporation | Revolver | 2109612 |
|  Mountain Parent, Inc. | Delayed Draw | 14630411 |
|  Mountain Parent, Inc. | Revolver | 7802883 |
|  Mountainside Fitness Acquisitions, LLC | Delayed Draw | 2373000 |
|  Mountainside Fitness Acquisitions, LLC | Revolver | 950000 |
|  Movati Athletic Group, Inc. | Delayed Draw | 3645924 |
|  Movati Athletic Group, Inc. | Revolver | 681224 |
|  Movati Athletic Group, Inc. | Revolver | 2053219 |
|  MPLT Debt Merger Sub, LP | Revolver | 2336449 |
|  mPulse Mobile, Inc. | Delayed Draw | 2115385 |
|  mPulse Mobile, Inc. | Revolver | 3173077 |
|  MRH Trowe Beteiligungsgesellschaft mbH | Delayed Draw | 11628008 |
|  MRH Trowe Beteiligungsgesellschaft mbH | Revolver | 3495135 |
|  MRI Software, LLC | Revolver | 11812292 |
|  MRI Software, LLC | Revolver | 3961710 |
|  MRI Software, LLC | Revolver | 261995 |
|  MRI Software, LLC | Revolver | 858594 |
|  MRO Corporation | Delayed Draw | 1471514 |
|  MRO Corporation | Revolver | 1471514 |
|  MRO Parent Corporaton | Delayed Draw | 3313448 |
|  MRO Parent Corporaton | Revolver | 3650815 |
|  MSIS Holdings, Inc. | Delayed Draw | 1040005 |
|  MSIS Holdings, Inc. | Revolver | 742003 |
|  MWH Intermediate II, LLC | Delayed Draw | 3908966 |
|  MWH Intermediate II, LLC | Revolver | 896552 |
|  National Dentex Labs, LLC | Delayed Draw | 390805 |
|  National Dentex Labs, LLC | Revolver | 9195 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  NCG GROUP A.B. Nordic Climate | Delayed Draw | $15018471 |
|  NCP-MSI Buyer, Inc. | Delayed Draw | 761946 |
|  NCP-MSI Buyer, Inc. | Revolver | 409 |
|  NDT Global Holding Inc. | Delayed Draw | 4293333 |
|  NDT Global Holding Inc. | Revolver | 3833333 |
|  Nelipak Holding Company | Delayed Draw | 10461955 |
|  Nelipak Holding Company | Revolver | 966625 |
|  Nelipak Holding Company | Revolver | 816459 |
|  Nellson Nutraceutical, LLC | Delayed Draw | 585058 |
|  Nellson Nutraceutical, LLC | Revolver | 1078848 |
|  Net Health Acquisition Corp | Revolver | 3531390 |
|  Netsmart Technologies, Inc. | Delayed Draw | 13787768 |
|  Netsmart Technologies, Inc. | Revolver | 14063739 |
|  Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 7281533 |
|  Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 8344696 |
|  Netwrix Corporation And Concept Searching, Inc. | Revolver | 2870000 |
|  Next HoldCo, LLC | Delayed Draw | 18956199 |
|  Next HoldCo, LLC | Revolver | 7114625 |
|  NFM & J, L.P. | Delayed Draw | 4942969 |
|  NFM & J, L.P. | Revolver | 371094 |
|  NL1 Acquire Corp. | Revolver | 782990 |
|  Nordahl Midco 4 S.A.R.L | Delayed Draw | 16696801 |
|  North American Rail Solutions, LLC | Delayed Draw | 2273892 |
|  North American Rail Solutions, LLC | Revolver | 727435 |
|  North American Rail Solutions, LLC | Revolver | 971845 |
|  North Haven Stack Buyer, LLC | Delayed Draw | 109247 |
|  North Haven Stack Buyer, LLC | Revolver | 33905 |
|  North Haven Stack Buyer, LLC | Revolver | 92700 |
|  North Star Acquisitionco LLC | Revolver | 42916 |
|  Northstar Recycling, Inc. | Delayed Draw | 27574 |
|  Northstar Recycling, Inc. | Revolver | 2941176 |
|  Northwinds holdings, Inc. | Delayed Draw | 1432616 |
|  Northwinds holdings, Inc. | Revolver | 187921 |
|  NS and Associates LLC | Revolver | 667557 |
|  Nxgen Buyer LLC | Revolver | 54382 |
|  Oakbridge Insurance Agency LLC | Delayed Draw | 36475 |
|  Oakbridge Insurance Agency LLC | Delayed Draw | 539167 |
|  Oakbridge Insurance Agency LLC | Delayed Draw | 1991978 |
|  Oakbridge Insurance Agency LLC | Revolver | 794473 |
|  OB Hospitalist Group | Revolver | 2862595 |
|  ODEON BIDCO | Delayed Draw | 23423254 |
|  Odevo AB | Delayed Draw | 1965768 |
|  OEConnection LLC | Delayed Draw | 7395112 |
|  OEConnection LLC | Revolver | 9572424 |
|  OIA Acquisition, LLC | Revolver | 1650000 |
|  Oil Changer Holding Corporation | Delayed Draw | 281170 |
|  OIS Management Services, LLC | Delayed Draw | 2359857 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  OIS Management Services, LLC | Delayed Draw | $2212882 |
|  OIS Management Services, LLC | Revolver | 1423077 |
|  Oliver Packaging, LLC | Revolver | 892221 |
|  OLO Parent, Inc. | Revolver | 1997180 |
|  Olympic Buyer, Inc. | Revolver | 1529412 |
|  Omega Systems Intermediate Holdings, Inc. | Delayed Draw | 7500000 |
|  Omega Systems Intermediate Holdings, Inc. | Revolver | 2250000 |
|  Omni Fiber, LLC | Delayed Draw | 4000000 |
|  OneCare Media, LLC | Revolver | 400000 |
|  oneZero Financial Systems, LLC | Delayed Draw | 3234615 |
|  oneZero Financial Systems, LLC | Revolver | 3485577 |
|  Onit, Inc. | Delayed Draw | 23049789 |
|  Onit, Inc. | Revolver | 7683263 |
|  Ons Mso, LLC | Delayed Draw | 251463 |
|  Ons Mso, LLC | Revolver | 405140 |
|  Ons Mso, LLC | Revolver | 113938 |
|  Onyx-Fire Protection Services, Inc. | Delayed Draw | 1183745 |
|  Onyx-Fire Protection Services, Inc. | Revolver | 2551629 |
|  Opale Luxco SARL | Delayed Draw | 4866667 |
|  Opale Luxco SARL | Revolver | 1460000 |
|  Opale Luxco SARL | Revolver | 116610 |
|  Opale Luxco SARL | Revolver | 593753 |
|  Optimizely North America Inc. | Revolver | 4701528 |
|  Opus Regulatory Buyer, Inc. | Delayed Draw | 3600000 |
|  Opus Regulatory Buyer, Inc. | Revolver | 1200000 |
|  Oracle Vision Holdco Limited | Delayed Draw | 2452227 |
|  Org USME Buyer, LLC | Revolver | 936232 |
|  Orion Group FM Holdings, LLC | Delayed Draw | 5644737 |
|  Orion Group FM Holdings, LLC | Delayed Draw | 23157895 |
|  Orion Group FM Holdings, LLC | Revolver | 3184211 |
|  Orthodontic Partners, LLC | Delayed Draw | 3013116 |
|  OSP Hamilton Purchaser, LLC | Delayed Draw | 26870918 |
|  OSP Hamilton Purchaser, LLC | Revolver | 7000000 |
|  Packaging Coordinators Midco, Inc. | Delayed Draw | 65977961 |
|  Packaging Coordinators Midco, Inc. | Revolver | 15067340 |
|  PAG Holding Corporation | Revolver | 1900739 |
|  PAG Holding Corporation | Revolver | 1027757 |
|  PAI Financing Merger Sub LLC | Revolver | 2625000 |
|  Paradigm Living Concepts, LLC | Delayed Draw | 3157895 |
|  Paradigm Living Concepts, LLC | Revolver | 1578947 |
|  Pareto Health Intermediate Holdings, Inc. | Delayed Draw | 16837473 |
|  Pareto Health Intermediate Holdings, Inc. | Revolver | 1852989 |
|  Paris US Holdco, Inc. | Delayed Draw | 1079157 |
|  Paris US Holdco, Inc. | Revolver | 726685 |
|  Park Place Technologies, LLC | Delayed Draw | 2934022 |
|  Park Place Technologies, LLC | Revolver | 1808854 |
|  Parkview Health Services, LLC | Revolver | 2688121 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  PAS Parent, Inc. | Delayed Draw | $850214 |
|  PAS Parent, Inc. | Delayed Draw | 4167688 |
|  PAS Parent, Inc. | Revolver | 514763 |
|  PAS Parent, Inc. | Revolver | 375000 |
|  Pathstone Family Office, LLC | Revolver | 3581421 |
|  Patriot Acquireco LLC | Revolver | 974026 |
|  Patriot Acquisition Topco S.à r.l. | Delayed Draw | 649113 |
|  Patriot Growth Insurance Services, LLC | Delayed Draw | 4111761 |
|  Patriot Growth Insurance Services, LLC | Revolver | 2660377 |
|  Pave America Holding, LLC | Delayed Draw | 14372763 |
|  Pave America Holding, LLC | Revolver | 5651323 |
|  Pavion Corp. | Delayed Draw | 445667 |
|  PC Dreamscape Opco, Inc.  | Revolver | 1315789 |
|  PCMI Parent, LLC | Revolver | 528451 |
|  PCS Software, Inc. | Revolver | 363714 |
|  PCX Holding Corp. | Revolver | 333333 |
|  PDI TA Holdings, Inc. | Revolver | 2467745 |
|  PDQ.com Corporation | Delayed Draw | 9017810 |
|  PDQ.com Corporation | Revolver | 8343653 |
|  Pediatric Home Respiratory Services LLC | Delayed Draw | 4800000 |
|  Pediatric Home Respiratory Services LLC | Revolver | 1706667 |
|  Penn TRGRP Holdings, LLC | Delayed Draw | 1230006 |
|  Penn TRGRP Holdings, LLC | Revolver | 5283134 |
|  People Corporation | Delayed Draw | 3606285 |
|  PestCo, LLC | Delayed Draw | 1171138 |
|  PestCo, LLC | Revolver | 477250 |
|  Pet Resort Hospitality Group Inc. | Delayed Draw | 2221235 |
|  Petra Borrower, LLC | Delayed Draw | 2170831 |
|  Petra Borrower, LLC | Revolver | 600480 |
|  Petrus Buyer, Inc. | Revolver | 1648352 |
|  PetVet Care Centers, LLC | Delayed Draw | 5188750 |
|  PetVet Care Centers, LLC | Revolver | 5188750 |
|  Phantom Purchaser, Inc. | Revolver | 8241568 |
|  PharmaLink Buyer, LLC | Revolver | 2035044 |
|  Pharmalogic Holdings Corp. | Delayed Draw | 8838384 |
|  Phoenix 1 Buyer Corporation | Revolver | 5051639 |
|  Phynet Dermatology LLC | Delayed Draw | 11133125 |
|  Phynet Dermatology LLC | Revolver | 25377 |
|  Ping Identity Holding Corp. | Revolver | 216898 |
|  Pinnacle Dermatology Management, LLC | Revolver | 788660 |
|  Pinnacle Treatment Centers, Inc. | Revolver | 789576 |
|  Pinnacle Treatment Centers, Inc. | Revolver | 236873 |
|  PLA Buyer, LLC | Delayed Draw | 842866 |
|  PLA Buyer, LLC | Revolver | 885010 |
|  Plaskolite PPC Intermediate II LLC | Revolver | 1169751 |
|  Playpower, Inc. | Revolver | 3282828 |
|  Plus Bidco, LLC | Delayed Draw | 4850207 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Plus Bidco, LLC | Revolver | $1662928 |
|  PMA Parent Holdings LLC | Revolver | 427679 |
|  Poseidon IntermediateCo, Inc. | Delayed Draw | 577089 |
|  Poseidon IntermediateCo, Inc. | Revolver | 295990 |
|  Power Grid Holdings, Inc. | Revolver | 8786606 |
|  PowerGEM Buyer, Inc. | Delayed Draw | 3919167 |
|  PowerGEM Buyer, Inc. | Revolver | 3500000 |
|  POY Holdings, LLC | Delayed Draw | 727344 |
|  POY Holdings, LLC | Revolver | 1203256 |
|  PPV Intermediate Holdings LLC | Delayed Draw | 2574286 |
|  PPV Intermediate Holdings LLC | Revolver | 2538076 |
|  Precision Concepts Parent, Inc. | Delayed Draw | 565083 |
|  Precision Concepts Parent, Inc. | Revolver | 305905 |
|  Premier Care Dental Management, LLC | Delayed Draw | 1189714 |
|  Premier Care Dental Management, LLC | Delayed Draw | 141560 |
|  Premier Care Dental Management, LLC | Delayed Draw | 1797213 |
|  Premier Care Dental Management, LLC | Revolver | 2340519 |
|  Premier Care Dental Management, LLC | Revolver | 339519 |
|  Premier Care Dental Management, LLC | Revolver | 415544 |
|  Premiere Buyer, LLC | Delayed Draw | 294982 |
|  Premiere Buyer, LLC | Revolver | 156525 |
|  Premise Health Holding Corp. | Revolver | 1765928 |
|  Premium Group B2 | Delayed Draw | 4182812 |
|  Private Credit Fund C-1 SPV 2, LLC | Revolver | 3371093 |
|  Process Insights Acquisition, Inc. | Delayed Draw | 810340 |
|  Process Insights Acquisition, Inc. | Revolver | 46189 |
|  ProcessUnity Holdings, LLC | Revolver | 400000 |
|  Project Accelerate Parent, LLC | Revolver | 6250000 |
|  Project Alliance Buyer, LLC | Revolver | 2188102 |
|  Project Neptune BidCo GmBH | Delayed Draw | 17586957 |
|  Project Pathfinder Borrower, LLC | Revolver | 6666667 |
|  Propio LS, LLC | Revolver | 1099718 |
|  PT Intermediate Holdings III, LLC | Delayed Draw | 3177391 |
|  PT Intermediate Holdings III, LLC | First Lien Term Loan | 235683 |
|  PT&C Group, LLC | Delayed Draw | 1055803 |
|  PT&C Group, LLC | Revolver | 98840 |
|  Puma Buyer, LLC | Revolver | 2180179 |
|  Puma Buyer, LLC | Revolver | 3718546 |
|  PumpTech, LLC | Delayed Draw | 1264934 |
|  PumpTech, LLC | Revolver | 321662 |
|  QBS Parent, Inc. | Delayed Draw | 32841717 |
|  QBS Parent, Inc. | Revolver | 8438049 |
|  QBS Parent, Inc. | Revolver | 8738784 |
|  QF Holdings, Inc. | Revolver | 201754 |
|  QSR Acquisition Co. | Delayed Draw | 10170000 |
|  QSR Acquisition Co. | Revolver | 4070000 |
|  Quality Automotive Services, LLC | Delayed Draw | 606417 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Quality Automotive Services, LLC | Revolver | $1477132 |
|  Quick Quack Car Wash Holdings, LLC | Delayed Draw | 52552035 |
|  Quick Quack Car Wash Holdings, LLC | Revolver | 2333333 |
|  QVF Acquisition, Inc. | Delayed Draw | 1818182 |
|  QVF Acquisition, Inc. | Revolver | 878788 |
|  R&T Acquisitions, LLC | Delayed Draw | 5001160 |
|  R&T Acquisitions, LLC | Revolver | 2308228 |
|  R1 Holdings LLC | Revolver | 287330 |
|  Race Winning Brands, Inc. | Revolver | 729167 |
|  Radwell Parent, LLC | Delayed Draw | 16128568 |
|  Radwell Parent, LLC | Delayed Draw | 1217233 |
|  Radwell Parent, LLC | Delayed Draw | 506305 |
|  Radwell Parent, LLC | Revolver | 2142287 |
|  RailPros Parent, LLC | Delayed Draw | 12478469 |
|  RailPros Parent, LLC | Revolver | 6239640 |
|  Rally Buyer, Inc. | Revolver | 2085919 |
|  Ranger Buyer, Inc. | Revolver | 1923077 |
|  Raven Buyer, Inc. | Delayed Draw | 2047545 |
|  Raven Buyer, Inc. | Revolver | 685047 |
|  Rawlings Sports Goods Company, Inc. | Revolver | 871 |
|  RB Holdings Interco, LLC | Revolver | 115423 |
|  RCP Fund II CEI 1 Borrower LLC | Delayed Draw | 25000000 |
|  RCP Nats Purchaser, LLC | Delayed Draw | 9603545 |
|  RCP Nats Purchaser, LLC | Revolver | 7378731 |
|  RCS Industrials | Revolver | 285714 |
|  Reagent Chemical Research, Inc. | Revolver | 583000 |
|  Real Chemistry Intermediate III, Inc. | Delayed Draw | 5787687 |
|  Real Chemistry Intermediate III, Inc. | Revolver | 4705438 |
|  Recorded Book, Inc. | Revolver | 32411 |
|  Recorded Book, Inc. | Revolver | 362986 |
|  Red Fox CD Acquisition Corporation | Delayed Draw | 4793176 |
|  Redwood Services Group, LLC | Delayed Draw | 44401293 |
|  Redwood Services Group, LLC | Delayed Draw | 1039738 |
|  Redwood Services Group, LLC | Revolver | 447283 |
|  RefrigiWear, LLC | Revolver | 2601896 |
|  RefrigiWear, LLC | Revolver | 7329164 |
|  Regent Holding Company, LLC | Revolver | 1015038 |
|  Registrar Intermediate, LLC | Delayed Draw | 305520 |
|  Registrar Intermediate, LLC | Revolver | 6674 |
|  REP Behavioral Health, LLC | Delayed Draw | 3076923 |
|  REP Behavioral Health, LLC | Revolver | 1048718 |
|  Retail Services WIS Corporation | Delayed Draw | 4055355 |
|  Revalize, Inc. | Revolver | 238350 |
|  Revival Animal Health, LLC | Delayed Draw | 242236 |
|  Revival Animal Health, LLC | Revolver | 111610 |
|  RFI Buyer, Inc. | Delayed Draw | 1755862 |
|  RFI Buyer, Inc. | Revolver | 405158 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  RFS Opco LLC | Delayed Draw | $2294205 |
|  Rialto Management Group, LLC | Revolver | 158565 |
|  Ridge Trail US Bidco, Inc. | Delayed Draw | 15957447 |
|  Ridge Trail US Bidco, Inc. | Revolver | 1437008 |
|  Ridge Trail US Bidco, Inc. | Revolver | 2445971 |
|  Riskonnect Parent, LLC | Delayed Draw | 40000000 |
|  Riskonnect Parent, LLC | Revolver | 4669015 |
|  Riverside Assessments, LLC | Revolver | 3600000 |
|  RJW Group Holdings, Inc. | Delayed Draw | 4637681 |
|  RJW Group Holdings, Inc. | Delayed Draw | 173913 |
|  Rotation Buyer, LLC | Delayed Draw | 355924 |
|  Rotation Buyer, LLC | Revolver | 144552 |
|  RPC Topco, Inc. | Revolver | 3030303 |
|  RPM Intermediate Holdings, Inc. | Delayed Draw | 1294643 |
|  RTI Surgical, Inc. | Revolver | 2500000 |
|  Runway Bidco, LLC | Delayed Draw | 12222444 |
|  Runway Bidco, LLC | Revolver | 6148121 |
|  Ruppert Landscape, LLC | Delayed Draw | 129190 |
|  Ruppert Landscape, LLC | Revolver | 23416 |
|  RWA Wealth Partners, LLC | Delayed Draw | 1581137 |
|  RWA Wealth Partners, LLC | Revolver | 507215 |
|  Saab Purchaser, Inc. | Delayed Draw | 18455643 |
|  Saab Purchaser, Inc. | Revolver | 7260760 |
|  Safety Borrower Holdings | Revolver | 406780 |
|  SageSure Holdings, LLC | Delayed Draw | 1475410 |
|  Saguaro Buyer, LLC | Delayed Draw | 21745789 |
|  Saguaro Buyer, LLC | Delayed Draw | 29555896 |
|  Saguaro Buyer, LLC | Revolver | 7044410 |
|  Sako and Partners Lower Holdings LLC | Revolver | 6862449 |
|  Sapphire Software Buyer, Inc. | Revolver | 1112230 |
|  Saturn Borrower Inc. | Delayed Draw | 2539149 |
|  Saturn Borrower Inc. | Revolver | 868389 |
|  Scripps SPV, LLC | Revolver | 1466912 |
|  SDC Holdco LLC | Revolver | 1590100 |
|  SDG Mgmt Company, LLC | Delayed Draw | 1551515 |
|  SDG Mgmt Company, LLC | Delayed Draw | 2103750 |
|  SDG Mgmt Company, LLC | Revolver | 394454 |
|  Seahawk Bidco, LLC | Delayed Draw | 1341818 |
|  Seahawk Bidco, LLC | Revolver | 1090909 |
|  Secret Bidco Limited | Delayed Draw | 1938895 |
|  Securonix, Inc. | Revolver | 3470548 |
|  SEI Holding I Corporation | Delayed Draw | 2508203 |
|  SEI Holding I Corporation | Delayed Draw | 3762264 |
|  SEI Holding I Corporation | Revolver | 2442805 |
|  Seismic Software, Inc. | Delayed Draw | 7993721 |
|  Seismic Software, Inc. | Revolver | 272390 |
|  Select Exterminating Intermediate II, LLC | Delayed Draw | 4505190 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Select Exterminating Intermediate II, LLC | Revolver | $2352941 |
|  Sensei Holdco, LLC | Delayed Draw | 2602000 |
|  Sensei Holdco, LLC | Revolver | 867000 |
|  Senske Acquisition, Inc. | Delayed Draw | 31049 |
|  SePro Holdings, LLC | Delayed Draw | 5416667 |
|  Serengeti Bidco LLC | Delayed Draw | 8571429 |
|  Serengeti Bidco LLC | Revolver | 2857143 |
|  Severin Acquisition, LLC | Delayed Draw | 11137008 |
|  Severin Acquisition, LLC | Revolver | 8031496 |
|  SG Acquisition, Inc. | Revolver | 3643725 |
|  Shelby 2021 Holdings Corp. | Delayed Draw | 54825116 |
|  Shermco Intermediate Holdings, Inc. | Delayed Draw | 392750 |
|  Shermco Intermediate Holdings, Inc. | Revolver | 34099 |
|  Shock Doctor Intermediate LLC | Revolver | 2099664 |
|  Shout! Factory, LLC | Revolver | 120319 |
|  SIB Corp. | Delayed Draw | 4800885 |
|  SIB Corp. | Revolver | 214922 |
|  Sigma Electric Manufacturing Corporation | Revolver | 22790 |
|  Sigma Irish Acquico Limited | Delayed Draw | 1495447 |
|  Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw | 6657265 |
|  Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 4738267 |
|  SintecMedia NYC, Inc. | Revolver | 762712 |
|  Skylark UK Debtco Limited | Delayed Draw | 3267193 |
|  Skyline BidCo | Delayed Draw | 1432450 |
|  Slaine Holdings LLC | Delayed Draw | 240895 |
|  Slaine Holdings LLC | Revolver | 435147 |
|  Slavic401k, Inc. | Delayed Draw | 3937008 |
|  Slavic401k, Inc. | Revolver | 551181 |
|  Smile Doctors, LLC | Revolver | 2208481 |
|  Soleo Holdings, Inc. | Delayed Draw | 1055493 |
|  Soleo Holdings, Inc. | Revolver | 1055493 |
|  Solis Mammography Buyer, Inc. | Delayed Draw | 5058678 |
|  Solis Mammography Buyer, Inc. | Revolver | 4365672 |
|  Sonar Acquisitionco, Inc. | Revolver | 2264151 |
|  Sonny's Enterprises, LLC | Revolver | 470566 |
|  Sonny's Enterprises, LLC | Revolver | 233434 |
|  Southern Air & Heat Holdings, LLC | First Lien Term Loan | 23209565 |
|  Southpaw AP Buyer, LLC | Delayed Draw | 19861 |
|  Southpaw AP Buyer, LLC | Revolver | 126389 |
|  Spaceship Purchaser, Inc. | Delayed Draw | 993095 |
|  Spaceship Purchaser, Inc. | Delayed Draw | 413790 |
|  Spaceship Purchaser, Inc. | Revolver | 927593 |
|  Spanx, LLC | Revolver | 8870855 |
|  Spark Purchaser, Inc. | Revolver | 1351351 |
|  Specialized Dental Holdings II, LLC | Delayed Draw | 830780 |
|  SpecialtyCare, Inc. | Delayed Draw | 270601 |
|  SpecialtyCare, Inc. | Revolver | 37590 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | $648831 |
|  Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | 1739130 |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 551220 |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 1079941 |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 301242 |
|  Speedstar Holding, LLC | Delayed Draw | 1035000 |
|  Spindrift Beverage Co., Inc. | Delayed Draw | 180749 |
|  Spindrift Beverage Co., Inc. | Revolver | 324342 |
|  Splash Car Wash, Inc. | Delayed Draw | 1953488 |
|  Splash Car Wash, Inc. | Revolver | 1744186 |
|  Spotless Brands, LLC | Delayed Draw | 52519716 |
|  Spotless Brands, LLC | Revolver | 247189 |
|  Spruce Bidco II Inc. | Revolver | 20575587 |
|  SS MSP Holdings, Inc. | Delayed Draw | 7350427 |
|  ST Athena Global LLC | Delayed Draw | 934107 |
|  ST Athena Global LLC | Revolver | 2852449 |
|  Stack Sports Buyer, LLC | Delayed Draw | 732616 |
|  Stanton Carpet Corp. | Revolver | 1189468 |
|  Stark International Lux | Revolver | 4143851 |
|  STCH Intermediate Inc. | Revolver | 363481 |
|  Stepping Stones Healthcare Services, LLC | Delayed Draw | 2900000 |
|  Stepping Stones Healthcare Services, LLC | Revolver | 2000000 |
|  Sterilex LLC | Delayed Draw | 159070 |
|  Sterilex LLC | Revolver | 500 |
|  Steward Partners Global Advisory, LLC | Delayed Draw | 22249987 |
|  Steward Partners Global Advisory, LLC | Revolver | 2747905 |
|  Summer Fridays, LLC | Revolver | 2592593 |
|  Summit Buyer, LLC | Delayed Draw | 7133152 |
|  Summit Buyer, LLC | Delayed Draw | 24456522 |
|  Summit Buyer, LLC | Revolver | 5421196 |
|  SumUp Holdings MidCo S.A.R.L. | Delayed Draw | 19175225 |
|  Sun Acquirer Corp. | Delayed Draw | 4472894 |
|  Sun Acquirer Corp. | Revolver | 243455 |
|  Superman Holdings LLC | Delayed Draw | 1572455 |
|  Superman Holdings LLC | Revolver | 1934236 |
|  SureScripts LLC | Revolver | 1644755 |
|  SureWerx Purchaser III, Inc. | Delayed Draw | 1000000 |
|  SureWerx Purchaser III, Inc. | Revolver | 946609 |
|  SurfacePrep Buyer, LLC | Delayed Draw | 1571400 |
|  SurfacePrep Buyer, LLC | Delayed Draw | 748620 |
|  SurfacePrep Buyer, LLC | Revolver | 9555282 |
|  SV Newco 2, Inc. | Delayed Draw | 74957856 |
|  SV Newco 2, Inc. | Revolver | 4687500 |
|  SV-Areo Holdings, LLC | Delayed Draw | 13432836 |
|  SW Ingredients Holdings, LLC | Delayed Draw | 594070 |
|  SWK Buyer, Inc. | Revolver | 629386 |
|  Swoop Intermediate III, Inc. | Delayed Draw | 22753547 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Swoop Intermediate III, Inc. | Revolver | $7584516 |
|  Syndigo LLC | Revolver | 1184834 |
|  Talon Buyer Inc. | Delayed Draw | 1449533 |
|  Talon Buyer Inc. | Revolver | 527321 |
|  Tamarack Intermediate, LLC | Delayed Draw | 10160257 |
|  Tamarack Intermediate, LLC | Revolver | 5728124 |
|  Tango Bidco SAS | Delayed Draw | 6757606 |
|  Tango Bidco SAS | Delayed Draw | 4114903 |
|  Tango Bidco SAS | Delayed Draw | 8205932 |
|  Tank Holding Corp. | Revolver | 1780415 |
|  Tau Buyer, LLC | Delayed Draw | 11773857 |
|  Tau Buyer, LLC | Revolver | 6859552 |
|  TBRS, Inc. | Delayed Draw | 1642678 |
|  TBRS, Inc. | Revolver | 1761123 |
|  TCP Hawker Intermediate LLC | Delayed Draw | 1695721 |
|  TCP Hawker Intermediate LLC | Revolver | 435 |
|  Team Acquisition Corporation | Revolver | 3887016 |
|  Team, Inc. | Delayed Draw | 373999 |
|  Telle Tire & Auto Service, LLC | Delayed Draw | 5197761 |
|  Telle Tire & Auto Service, LLC | Delayed Draw | 599093 |
|  Telle Tire & Auto Service, LLC | Revolver | 32437 |
|  Tempus AI, Inc. | First Lien Term Loan | 48831 |
|  TerSera Therapeutics, LLC | Revolver | 531828 |
|  Tex-Tech Industries, Inc. | Delayed Draw | 351819 |
|  The Arcticom Group, LLC | Delayed Draw | 160858 |
|  The Arcticom Group, LLC | First Lien Term Loan | 24426 |
|  The Arcticom Group, LLC | Revolver | 257143 |
|  The Chartis Group, LLC | Delayed Draw | 6691585 |
|  The Chartis Group, LLC | Revolver | 3345792 |
|  The Colt Group Intermediate, LLC | Delayed Draw | 810294 |
|  The Colt Group Intermediate, LLC | Revolver | 558824 |
|  The Hiller Companies, Inc. | Delayed Draw | 318978 |
|  The Hiller Companies, Inc. | Delayed Draw | 746735 |
|  The Hiller Companies, Inc. | Revolver | 1592565 |
|  The Ultimus Group Midco, LLC | Delayed Draw | 23357764 |
|  The Ultimus Group Midco, LLC | Revolver | 8771924 |
|  The Vertex Companies, Inc. | Revolver | 95138 |
|  The Vertex Companies, Inc. | Revolver | 2050662 |
|  Themis Bidco | Delayed Draw | 2527992 |
|  THG Acquisition, LLC | Delayed Draw | 10729245 |
|  THG Acquisition, LLC | Revolver | 5586981 |
|  Thunder Buyer, Inc. | Delayed Draw | 1822854 |
|  Thunder Buyer, Inc. | Delayed Draw | 2953632 |
|  Thunder Buyer, Inc. | Revolver | 2341952 |
|  Thunder Purchase, Inc. | Delayed Draw | 580282 |
|  Thunder Purchase, Inc. | Revolver | 372364 |
|  TickPick Intermediate Holdings, LLC | Revolver | 344253 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  TIDI Legacy Products, Inc. | Delayed Draw | $10597713 |
|  TIDI Legacy Products, Inc. | Revolver | 2608696 |
|  TIDI Legacy Products, Inc. | Revolver | 5012940 |
|  TigerConnect, Inc. | Delayed Draw | 205451 |
|  TigerConnect, Inc. | Delayed Draw | 11928 |
|  TigerConnect, Inc. | Revolver | 1875000 |
|  Tilley Chemical Co., Inc. | Revolver | 666667 |
|  Tilley Chemical Co., Inc. | Revolver | 1555556 |
|  Time Manufacturing Acquisition, LLC | Revolver | 171838 |
|  Titan BW Borrower L.P. | Delayed Draw | 4156127 |
|  Titan BW Borrower L.P. | Revolver | 7675631 |
|  Titan Group Holdco, LLC | Delayed Draw | 6125644 |
|  Titan Group Holdco, LLC | Revolver | 5562822 |
|  Titan Home Improvement, LLC | Delayed Draw | 1011628 |
|  Titan Home Improvement, LLC | Revolver | 843024 |
|  Togetherwork Holdings, LLC | Delayed Draw | 5100000 |
|  Top RX, LLC | Revolver | 1099384 |
|  TPSI Receivables LLC | Revolver | 264966 |
|  Tracer Jersey Bidco LTD | Delayed Draw | 5568012 |
|  Transit Technologies LLC | Delayed Draw | 170793 |
|  Tribute Technology Holdings, LLC | Revolver | 1534650 |
|  Tricentis Operations Holdings, Inc. | Delayed Draw | 8219054 |
|  Tricentis Operations Holdings, Inc. | Revolver | 4716981 |
|  Trilon Group, LLC | Delayed Draw | 7468142 |
|  Trilon Group, LLC | Revolver | 396012 |
|  Trilon Group, LLC | Revolver | 2033608 |
|  Trimech Acquisition Corp | Revolver | 437848 |
|  Trintech, Inc. | Revolver | 2499667 |
|  Tropical Bidco, LLC | Revolver | 2727273 |
|  Troy Practice Management, LLC | Revolver | 197044 |
|  Truck-Lite Co., LLC | Delayed Draw | 17130010 |
|  Truck-Lite Co., LLC | Delayed Draw | 18617248 |
|  Truck-Lite Co., LLC | Delayed Draw | 1234133 |
|  Truck-Lite Co., LLC | Delayed Draw | 1920000 |
|  Truck-Lite Co., LLC | Revolver | 2683542 |
|  Truck-Lite Co., LLC | Revolver | 2366857 |
|  Truck-Lite Co., LLC | Revolver | 7588286 |
|  Trunk Acquisition, Inc. | Delayed Draw | 671041 |
|  Trunk Acquisition, Inc. | Revolver | 3693049 |
|  Trystar, LLC | Delayed Draw | 918467 |
|  Trystar, LLC | Delayed Draw | 1513777 |
|  Trystar, LLC | Delayed Draw | 363338 |
|  Trystar, LLC | Revolver | 2834016 |
|  TSYL Corporate Buyer, Inc. | Revolver | 3500000 |
|  TurningPoint Healthcare Solutions, LLC | Revolver | 4191 |
|  U.S. Signal Company, LLC | Revolver | 203250 |
|  U.S. Urology Partners, LLC | Delayed Draw | 330351 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  U.S. Urology Partners, LLC | Revolver | $169833 |
|  Ubeo, LLC | Revolver | 2319369 |
|  UEW Acquisition, LLC | Revolver | 631579 |
|  Unison Risk Advisors, Inc. | Delayed Draw | 24528166 |
|  Unison Risk Advisors, Inc. | Revolver | 846048 |
|  Unison Risk Advisors, Inc. | Revolver | 1110804 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 2937678 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 14325000 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 2060995 |
|  United Digestive MSO Parent, LLC | Revolver | 1750546 |
|  United Digestive MSO Parent, LLC | Revolver | 4615500 |
|  United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw | 13883836 |
|  United Musculoskeletal Partners Acquisition Holdings, LLC | Revolver | 459770 |
|  Unity Purchaser, LLC | Delayed Draw | 1405317 |
|  Unity Purchaser, LLC | Revolver | 409338 |
|  Universal Marine Medical Supply International, LLC | Revolver | 187500 |
|  Universal Marine Medical Supply International, LLC | Revolver | 35750 |
|  Unlimited Technology Holdings, LLC | Revolver | 2348627 |
|  UpStack Holdco Inc. | Delayed Draw | 3031875 |
|  UpStack Holdco Inc. | Revolver | 1312500 |
|  Urology Management Holdings, Inc. | Revolver | 1190476 |
|  US Fitness Holdings, LLC | Delayed Draw | 4135385 |
|  US Fitness Holdings, LLC | Revolver | 403846 |
|  US Fitness Holdings, LLC | Revolver | 1441508 |
|  USHV Management, LLC | Delayed Draw | 3048241 |
|  USHV Management, LLC | Revolver | 1647698 |
|  USIC Holdings, Inc. | Delayed Draw | 3628803 |
|  USIC Holdings, Inc. | Revolver | 5528545 |
|  USIC Holdings, Inc. | Revolver | 411405 |
|  USRP Holdings, Inc. | Delayed Draw | 16123906 |
|  USRP Holdings, Inc. | Revolver | 5317497 |
|  V Global Holdings LLC | Revolver | 1156484 |
|  Valcourt Holdings II, LLC | Delayed Draw | 3167796 |
|  Vale Insurance Services LLC | Revolver | 1935484 |
|  Valence Surface Technologies | Delayed Draw | 679022 |
|  Valet Waste Holdings, Inc. | Revolver | 32403 |
|  Valicor PPC Intermediate I LLC | Revolver | 1291 |
|  Valkyrie Buyer, LLC | Delayed Draw | 513186 |
|  Valkyrie Buyer, LLC | Delayed Draw | 7017544 |
|  Valkyrie Buyer, LLC | Delayed Draw | 22846842 |
|  Valkyrie Buyer, LLC | Revolver | 2280702 |
|  Vamos Bidco, Inc. | Delayed Draw | 4576249 |
|  Vamos Bidco, Inc. | Revolver | 951047 |
|  Vantage Specialty Chemicals, Inc. | Revolver | 340796 |
|  Vardiman Black Holdings, LLC | Delayed Draw | 178645 |
|  Vaxcare LLC | Revolver | 250000 |
|  Vehlo Purchaser, LLC | Delayed Draw | 7818182 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Vensure Employer Services, Inc. | Delayed Draw | $11062039 |
|  Vertex Service Partners, LLC | Delayed Draw | 3273222 |
|  Vertex Service Partners, LLC | Delayed Draw | 4662633 |
|  Vertex Service Partners, LLC | Revolver | 519070 |
|  Vessco Midco Holdings, LLC | Delayed Draw | 2529231 |
|  Vessco Midco Holdings, LLC | Delayed Draw | 8871938 |
|  Vessco Midco Holdings, LLC | Revolver | 8822021 |
|  VetEvolve Holdings, LLC | Delayed Draw | 14449604 |
|  Viant Medical Holdings, Inc. | Delayed Draw | 63258 |
|  Victors Purchaser, LLC | Delayed Draw | 6176586 |
|  Victors Purchaser, LLC | Revolver | 2162967 |
|  Viper Bidco, Inc. | Delayed Draw | 3628976 |
|  Viper Bidco, Inc. | Revolver | 1880137 |
|  Visionary Buyer LLC | Delayed Draw | 15240000 |
|  Visionary Buyer LLC | Revolver | 3000000 |
|  Vista Higher Learning LLC | Revolver | 825 |
|  Vital Care Buyer, LLC | Revolver | 4780260 |
|  Viva 5 Group, LLC | Revolver | 2500587 |
|  VPP Intermediate Holdings, LLC | Delayed Draw | 3779823 |
|  VRC Companies, LLC | Revolver | 146 |
|  VRS Buyer, Inc. | Delayed Draw | 7633588 |
|  VRS Buyer, Inc. | Revolver | 5089059 |
|  Vybond Buyer, LLC | Delayed Draw | 5257009 |
|  Vybond Buyer, LLC | Revolver | 3942757 |
|  W S Connelly Co, Inc. | Delayed Draw | 642293 |
|  W.A. Kendall and Company LLC | Delayed Draw | 8747967 |
|  W.A. Kendall and Company LLC | Revolver | 827567 |
|  Waldencast PLC | Revolver | 130721 |
|  Wallet Bidco Limited | Delayed Draw | 10878293 |
|  Walter Surface Technologies Inc. | Delayed Draw | 3768012 |
|  Water Holdings Acquisition LLC | Delayed Draw | 4362616 |
|  Waternill Express, LLC | Delayed Draw | 291120 |
|  Waternill Express, LLC | Revolver | 34054 |
|  Waverly Advisors, LLC | Delayed Draw | 2740546 |
|  Waverly Advisors, LLC | Revolver | 407549 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 13155310 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 21400201 |
|  Wealth Enhancement Group, LLC | Revolver | 4399694 |
|  Wealth Enhancement Group, LLC | Revolver | 3277828 |
|  Wealth Enhancement Group, LLC | Revolver | 906041 |
|  Web PT, Inc. | Revolver | 495536 |
|  Weber-Stephen Products, LLC | Revolver | 8662900 |
|  West Star Aviation Acquisition, LLC | Delayed Draw | 5325502 |
|  West Star Aviation Acquisition, LLC | Revolver | 2806619 |
|  Whitney Merger Sub, LLC | Revolver | 6250000 |
|  Wildcats Purchaser LLC | Delayed Draw | 9412348 |
|  Wildcats Purchaser LLC | Revolver | 3869048 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Wire 3 LLC | Delayed Draw | $15957447 |
|  Wire 3 LLC | Revolver | 1063830 |
|  Wisdom Purchaser, LLC | Revolver | 1875000 |
|  Wood Group Receivables, LLC | Revolver | 5355985 |
|  Woodland Foods, LLC | Revolver | 133718 |
|  WorkWave Intermediate II, LLC | Revolver | 2201515 |
|  World Associates Holdings, LLC | Delayed Draw | 6446579 |
|  World Associates Holdings, LLC | Revolver | 722913 |
|  World Insurance Associates, LLC | Delayed Draw | 994295 |
|  World Insurance Associates, LLC | Revolver | 92265 |
|  Worldwide Insurance Network, LLC | Delayed Draw | 1138973 |
|  Worldwide Insurance Network, LLC | Delayed Draw | 2669014 |
|  WPP Bullet Buyer, LLC | Revolver | 1751573 |
|  WRE Holding Corp. | Revolver | 6308069 |
|  WU Holdco, Inc. | Delayed Draw | 14342130 |
|  WU Holdco, Inc. | Revolver | 4573800 |
|  Xactus, LLC | Revolver | 3468750 |
|  Xifin, Inc. | Revolver | 1148106 |
|  YA Intermediate Holdings II, LLC | Delayed Draw | 3766167 |
|  YA Intermediate Holdings II, LLC | Revolver | 1247522 |
|  Yes Energy, LLC | Delayed Draw | 78075 |
|  YLG Holdings, Inc. | Delayed Draw | 14517143 |
|  YLG Holdings, Inc. | Delayed Draw | 569263 |
|  YLG Holdings, Inc. | Revolver | 470321 |
|  YLG Holdings, Inc. | Revolver | 6333333 |
|  YLG Holdings, Inc. | Revolver | 293389 |
|  ZB Holdco LLC | Delayed Draw | 1242793 |
|  ZB Holdco LLC | Revolver | 106912 |
|  Zephyr Buyer, L.P. | Revolver | 3000000 |
|  Zeppelin US Buyer Inc. | Delayed Draw | 310152 |
|  Zeppelin US Buyer Inc. | Revolver | 102736 |
|  Zeus Company LLC | Delayed Draw | 1454184 |
|  Zeus Company LLC | Revolver | 2181276 |
|  Zinc Buyer Corporation | Delayed Draw | 2394171 |
|  Zinc Buyer Corporation | Delayed Draw | 2736410 |
|  Zinc Buyer Corporation | Revolver | 1005128 |
|  Zinc Buyer Corporation | Revolver | 1346154 |
|  Zocdoc, Inc. | Delayed Draw | 1098246 |
|  Zone Climate Services, Inc. | Delayed Draw | 3420671 |
|  Zone Climate Services, Inc. | Revolver | 53227 |
|  Total |  | $6259785575 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

#### Valuation of Investments
The Board of Trustees of the Fund (the "Board") has designated the Investment Manager as its valuation designee ("Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act to perform fair value determinations for investments that do not have readily available market quotations. Under the valuation policy and procedures for the Fund (the "Valuation Procedures") adopted by the Fund, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on a day the Fund will calculate its net asset value as of the close of business on each day that the New York Stock Exchange is open for business and at such other times as the Board shall determine (each a "Determination Date" or at approximately 4:00 pm U.S. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the Determination Date, the mean between the closing bid and asked prices and if no asked price is available, at the bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price (which is the last trade price at or before 4:00:02 p.m. U.S. Eastern Time adjusted up to NASDAQ's best offer price if the last trade price is below such bid and down to NASDAQ's best offer price if the last trade is above such offer price) will be used.

Fixed income securities (including corporate bonds and senior secured loans) with a remaining maturity of 60 days or more for which accurate market quotations are readily available will normally be valued according to dealer supplied mean quotations or mean quotations from a recognized pricing service. The independent pricing agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Matrix pricing determines a security's value by taking into account such factors as security prices, yields, maturities, call features, ratings and developments relating to comparable securities. Debt obligations with remaining maturities of sixty days or less when originally acquired will be valued at their amortized cost, which approximates fair market value.

Corporate loans are generally valued using unobservable pricing inputs received from the Fund's investment partners or other third-party pricing services. The Investment Manager will continuously monitor the valuations of Fund investments provided by investment partners or other third-party pricing services and review any material concerns with the Valuation Committee. The Investment Manager may conclude, however, in certain circumstances, that a fair valuation provided by an investment partner or other third-party pricing service does not represent the fair value of a Fund investment and is not indicative of what actual fair value would be in an active, liquid or established market. In those circumstances, the Fund might value such investment at a discount or a premium to the value it receives from an investment partner or other third-party pricing service, in accordance with the Fund's valuation procedures. Any such decision would be made in good faith, and subject to the review and supervision of the Valuation Committee. The Investment Manager may choose to value certain immaterial direct corporate loans internally upon approval of the Valuation Committee. The Board will consider, no less frequently than quarterly, all relevant information and the reliability of pricing information provided by the investment partners or other third-party pricing services. Additionally, the values of the Funds' direct loan investments are adjusted daily based on the estimated total return that the asset will generate during the current quarter. The Investment Manager, other third-party pricing services and the Valuation Committee monitor these estimates regularly and update them as necessary if macro or individual changes warrant any adjustments. At the end of the quarter, each direct loan's value is adjusted based on the actual income and appreciation or depreciation realized by such loan when its quarterly valuations and income are reported. This information is updated as soon as the information becomes available.

CLOs are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; features of the CLO, including weighted average life test, liability pricing, management fees, covenant cushions, weighted average spread of underlying loans and net asset value.

Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value as reported by such companies, with the exception of exchange-traded open-end registered investment companies which are priced in accordance with the first paragraph within this valuation of investments section.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

The Fund may invest in interests or shares in private investment companies and/or funds ("Private Investment Funds") where the net asset value is calculated and reported by respective unaffiliated investment managers on a monthly or quarterly basis. Unless the Valuation Designee is aware of information that a value reported to the Fund by a portfolio, underlying manager, or administrator does not accurately reflect the value of the Fund's interest in that Private Investment Fund, the Valuation Designee will use the net asset value provided by the Private Investment Funds as a practical expedient to estimate the fair value of such interests.

#### Reverse Repurchase Agreements
In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered and accrued interest payments to be made by the Fund to counterparties are reflected as liabilities on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as interest from reverse repurchase agreements on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities to be repurchased may decline below the repurchase price. Reverse repurchase agreements are valued at cost.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. There was no reverse repurchase activity for the six months ended September 30, 2025.

#### Repurchase Offers
The Fund is a closed-end investment company structured as an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. Under current regulations, such offers must be for not less than 5% nor more than 25% of the Fund's Shares outstanding on the repurchase request deadline. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during in the particular repurchase offer.

#### Borrowing, Use of Leverage
On March 29, 2022, the Fund and certain of its wholly-owned subsidiaries ("Guarantors") entered into a senior secured credit facility (the "Facility") with Massachusetts Mutual Life Insurance Company as a joint lead arranger, PNC Bank, National Association ("PNC") as administrative agent and joint lead arranger and with certain lenders from time to time as parties thereto (the "Lenders"). The Facility, as most recently amended effective September 12, 2025, provides for borrowings on a committed basis in an aggregate principal amount up to $6,475,000,000. Under the Facility, the Fund has term loans in the amount of $1,365,000,000 ("Term Loans"), may borrow up to an additional $3,832,500,000 on a revolving basis (the "Revolving Loan"), and may borrow up to an additional $1,277,500,000 on a delayed draw term loan ("DDTL"). The Fund may request the Facility to be increased from time to time up to an aggregate amount of $9,000,000,000,

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

subject to the approval and discretion of the lenders. The Revolving Loan matures on April 23, 2030, $817,500,000 of the Term Loans mature on April 23, 2031 and $1,095,000,000 of the Term Loans and DDTL mature on April 8, 2030. As of September 30, 2025, the Term Loan, Revolving Loan, and DDTL balance were $1,300,000,000, $1,365,000,000 and $547,500,000, respectively. Fair value of the Term Loan, Revolving Loan and DDTL balance approximates carrying value as the loans have variable interest based on short term rates. These loans would be categorized as Level 3 within the fair value hierarchy.

In connection with the Facility and Notes (discussed below under "Senior Notes"), the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility and Notes each contain events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders or Note holders may declare the outstanding advances and all other obligations under the Facility and the Notes, respectively, immediately due and payable or incur a default rate of interest. The Facility and/or Notes may in the future be replaced or refinanced by entering into one or more new credit facilities or by the issuance of new debt securities, in each case having substantially different terms from the current Facility and Notes. For the six months ended September 30, 2025, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Term Loan were $1,315,951,087, $1,365,000,000 and 6.23%, respectively. For the six months ended September 30, 2025, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Revolving Loan were $779,098,361, $1,650,000,000 and 6.17%, respectively. For the six months ended September 30, 2025, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the DDTL were $276,725,543, $547,500,000 and 6.19%, respectively. In addition, the interest rate at period end on the Term Loan, Revolving Loan and DDTL were 6.10%, 6.04% and 6.19%, respectively. The interest expense during the six months ended September 30, 2025 was $79,266,791. Commitment fees incurred are prepaid and amortized over the term of the loan. For the six months ended September 30, 2025, commitment fees were $3,444,758. Unused commitment fees for the six months ended September 30, 2025, were $1,234,528.

#### Secured Borrowings
From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counter party for the duration of the agreement.

On September 26, 2025, the Fund entered into sale/buy-back agreements with Macquarie US Trading LLC ("Macquarie"), and pursuant to such agreements, the Fund assigned certain assets to Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 60 days after the sale date (the "Macquarie Sale/Buy-Back"). The Macquarie Sale/Buy-Back has a funding cost of 1.8160 basis points (0.018160%) per day and is not subject to any additional fees.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

As of September 30, 2025, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $500,000,000 with a maturity of 30-90 days. Interest expense on secured borrowings for the six months ended September 30, 2025 were $460,305. Secured borrowings outstanding as of September 30, 2025 with Macquarie were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Loan Name** | **Trade Date** | **Maturity Date** | **Amount** |
|  Denali Intermediate Holdings, Inc. | September 26, 2025 | August 26, 2032 | $50995986 |
|  Deerfield Dakota Holding, LLC | September 26, 2025 | September 12, 2032 | 78514068 |
|  MRI Software, LLC | September 26, 2025 | February 10, 2027 | 42784673 |
|  MRI Software, LLC | September 26, 2025 | February 10, 2027 | 26608650 |
|  MRI Software, LLC | September 26, 2025 | February 10, 2027 | 35445693 |
|  Flexera Software LLC | September 26, 2025 | August 15, 2032 | 60786799 |
|  Einstein Parent, Inc. | September 26, 2025 | January 22, 2031 | 36101281 |
|  LHS Borrower, LLC | September 26, 2025 | September 4, 2031 | 69634457 |
|  Apryse Software Corp. | September 26, 2025 | June 26, 2032 | 99128393 |
|  Total |  |  | $500000000 |

---

#### Senior Notes (the "Notes")
On March 29, 2022, the Fund issued Series A Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Series A notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. On July 22, 2022, the Fund issued Series C, Series E and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $420 million with various maturities. On July 22, 2022, the Fund issued Series D and Series G notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. On December 6, 2022, the Fund issued Series H, Series I and Series J notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $270 million with various maturities. On January 5, 2023, the Fund issued additional Series I notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $10 million maturing on December 6, 2027. On August 4, 2023, the Fund issued Series K, Series L, Series M and Series N notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $600 million with various maturities. On December 19, 2023, the Fund issued additional Series O, Series P, Series Q, Series R, and Series S notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $733 million with various maturities. On January 20, 2024, the Fund issued additional Series O Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $27 million, maturing on January 20, 2027. On March 18, 2024, the Fund issued additional Series T notes for a private placement to qualified institutional purchasers in the aggregate principal amount of $300 million, maturing on April 12, 2029. On August 15, 2024, the Fund issued additional Series U, Series V, Series W, Series X and Series Y notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $1,370 million with various maturities. On December 10, 2024, the Fund issued additional Series Z, Series AA, Series BB, Series CC and Series DD notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $755 million with various maturities. On March 18, 2025, the Fund issued additional Series EE, Series FF, Series GG, and Series HH notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $625 million, with various maturities. The obligations of the Fund and each of the Guarantors under the Facility and the Notes are secured by a first-priority security interest on substantially all of the assets of the Fund and each of the Guarantors.

In connection with the Notes, the Fund entered into interest rate swaps to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreements, the Fund receives a fixed interest rate and pays a floating interest rate of daily simple SOFR plus various spreads as disclosed on the Consolidated Schedule of Swap Contracts on notional amounts equal to the principal outstanding of the Notes. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships. See Notes 10 and 11 for more information regarding the interest rate swaps.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

The table below sets forth a summary of the key terms of the series of Notes outstanding at September 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Series** | **Principal <br>Outstanding <br>September 30,<br>2025** | **Payment <br>Frequency** | **Unamortized <br>Offering <br>Costs** | **Interest Rate <br>Fair Value <br>Adjustment** | **Carrying <br>Value <br>September 30, <br>2025** | **Fair Value <br>September 30, <br>2025** | **Fixed <br>Interest <br>Rate** | **Effective <br>Interest <br>Rate** | **Maturity Date** |
|  A | $650000000 | Semi-Annual | $27337 | $8107054 | $641865609 | $641903083 | 4.10% | 5.91% | March 28, 2027 |
|  A | 250000000 | Semi-Annual | 10015 | 1137597 | 248852388 | 246885801 | 4.10% | 5.47% | March 28, 2027 |
|  C | 130000000 | Semi-Annual | 156139 | 850530 | 128993331 | 130502582 | 5.50% | 7.15% | July 19, 2026 |
|  D | 10000000 | Semi-Annual | 12004 | 63645 | 9924351 | 10038660 | 5.50% | 7.25% | July 19, 2026 |
|  E | 130000000 | Semi-Annual | 278350 | 1079230 | 128642420 | 131475042 | 5.61% | 7.33% | July 19, 2027 |
|  F | 160000000 | Semi-Annual | 511142 | 2508824 | 156980034 | 163395331 | 5.72% | 7.51% | July 19, 2029 |
|  G | 40000000 | Semi-Annual | 127791 | 620975 | 39251234 | 40848833 | 5.72% | 7.63% | July 19, 2029 |
|  H | 34000000 | Semi-Annual | 19371 | (314) | 33980943 | 34110956 | 7.06% | 7.90% | December 6, 2025 |
|  I | 95000000 | Semi-Annual | 607680 | (1277385) | 95669705 | 99207364 | 7.10% | 8.26% | December 6, 2027 |
|  I | 10000000 | Semi-Annual | 38408 | (133402) | 10094994 | 10442880 | 7.10% | 8.12% | December 6, 2027 |
|  J | 141000000 | Semi-Annual | 1311672 | (2867120) | 142555448 | 151742874 | 7.17% | 8.41% | December 6, 2029 |
|  K | 115200000 | Semi-Annual | 273554 | (368486) | 115294932 | 116855859 | 6.75% | 7.85% | August 4, 2026 |
|  L | 304800000 | Semi-Annual | 1461744 | (2960228) | 306298484 | 319413603 | 6.77% | 8.15% | August 4, 2028 |
|  M | 114000000 | Semi-Annual | 664503 | (705979) | 114041476 | 121993151 | 6.81% | 8.34% | August 4, 2030 |
|  N | 66000000 | Semi-Annual | 435849 | 549956 | 65014195 | 72431456 | 6.99% | 8.58% | August 4, 2033 |
|  O | 85000000 | Semi-Annual | 291195 | (819121) | 85527926 | 87226121 | 7.04% | 7.86% | January 20, 2027 |
|  O | 27000000 | Semi-Annual | 9502 | (248049) | 27238547 | 27707121 | 7.04% | 7.82% | January 20, 2027 |
|  P | 224000000 | Semi-Annual | 1178635 | (5087199) | 227908564 | 238133253 | 7.06% | 7.98% | January 20, 2029 |
|  Q | 155000000 | Semi-Annual | 939310 | (4641440) | 158702130 | 169558338 | 7.23% | 8.19% | January 20, 2031 |
|  R | 224000000 | Semi-Annual | 1492849 | (7225397) | 229732548 | 252489075 | 7.40% | 8.33% | January 20, 2034 |
|  S | 45000000 | Semi-Annual | 310537 | (1496409) | 46185872 | 50047224 | 7.51% | 8.49% | January 20, 2036 |
|  T | 150000000 | Semi-Annual | 842243 | (3440038) | 152597795 | 158258375 | 6.69% | 7.57% | April 12, 2029 |
|  T | 150000000 | Semi-Annual | 842243 | (3193144) | 152350901 | 158258375 | 6.69% | 7.55% | April 12, 2029 |
|  U | 268000000 | Semi-Annual | 1501853 | (3750423) | 270248570 | 274325718 | 6.20% | 6.77% | August 15, 2027 |
|  V | 486000000 | Semi-Annual | 3215114 | (11314911) | 494099797 | 508360290 | 6.32% | 7.02% | August 15, 2029 |
|  W | 328000000 | Semi-Annual | 2302225 | (8216200) | 333913975 | 346984663 | 6.40% | 7.16% | August 15, 2031 |
|  X | 93000000 | Semi-Annual | 679957 | (1470542) | 93790585 | 99055691 | 6.46% | 7.29% | August 15, 2034 |
|  Y | 195000000 | Semi-Annual | 1447429 | (2162010) | 195714581 | 203073282 | 6.51% | 7.31% | August 15, 2036 |
|  Z | 129000000 | Semi-Annual | 886962 | (1204140) | 129317178 | 131548330 | 5.76% | 6.48% | January 15, 2028 |
|  AA | 160500000 | Semi-Annual | 1217865 | (2148110) | 161430245 | 165745446 | 5.85% | 6.63% | March 14, 2030 |
|  BB | 174500000 | Semi-Annual | 1370877 | (2112945) | 175242068 | 181387420 | 6.01% | 6.76% | March 14, 2032 |
|  CC | 91000000 | Semi-Annual | 733186 | (337424) | 90604238 | 94749087 | 6.13% | 6.84% | March 14, 2035 |
|  DD | 200000000 | Semi-Annual | 1626010 | 519359 | 197854631 | 202407755 | 6.18% | 6.83% | January 15, 2037 |
|  EE | 150000000 | Semi-Annual | 61258 | (1092986) | 151031728 | 150265283 | 5.42% | 6.05% | July 2, 2028 |
|  FF | 175000000 | Semi-Annual | 74593 | (2605876) | 177531283 | 176581078 | 5.58% | 6.23% | July 2, 2030 |
|  GG | 225000000 | Semi-Annual | 91586 | (3778959) | 228687373 | 228033419 | 5.80% | 6.40% | July 2, 2032 |
|  HH | 75000000 | Semi-Annual | 37973 | (1060401) | 76022428 | 75954488 | 5.95% | 6.49% | July 2, 2035 |
|  Total | $6060000000 |  | $27088961 | $(60281468) | $6093192507 | $6271397307 |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**2. Significant Accounting Policies (continued)**

The Notes are fair valued using an income approach and classified as level 3 in the fair value hierarchy. The discount rates used ranged from 4.81% – 6.03%.

The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an "NRSRO") of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes. The Notes have been assigned an "AA" long-term ratings by Kroll Bond Rating Agency, LLC.

In keeping with the Investment Company Act requirement that the Fund may not issue more than one class of senior securities constituting indebtedness, the Facility and Notes rank pari passu with each other, and the lien on the Fund's assets securing the Notes is equal and ratable with the lien securing the Facility. The Facility and Notes are senior in all respects to the Fund's outstanding shares with respect to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund.

The Fund incurs costs in connection with the issuance of the Notes. These costs are recorded as a deferred charge and are being amortized over the respective life of each series of notes. Amortization of offering costs on notes is included on the Consolidated Statement of Operations and the carrying amount on the Consolidated Statement of Assets and Liabilities is equal to the principal amount of the Notes less unamortized offering costs and the interest rate fair value adjustment.

The Fund complies with Section 8 and Section 18 of the Investment Company Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Guarantors. The Guarantors also comply with Section 17 of the Investment Company Act relating to affiliated transactions and custody.

At September 30, 2025, the Fund was in compliance with all covenants under the Note Agreements.

#### New Accounting Pronouncement
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**3. Principal Risks**

#### Debt Securities
Under normal market conditions, the Fund expects to primarily invest in debt and debt-related securities. One of the fundamental risks associated with such investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund's return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund invests becomes unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**3. Principal Risks (continued)**

#### Private Investment Funds
The Fund may invest in Private Investment Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the Private Investment Funds' investments as such Private Investment Funds' managers. Investments in Private Investment Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Investment Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Investment Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Private Investment Fund due to poor performance or other reasons. The fees paid by Private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Investment Fund in addition to the management fees and other expenses paid by the Fund.

#### Derivative Instruments
The Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements and other similar transactions. The Fund's derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Investment Manager to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

#### Economic Downturn or Recession or Other Market Disruption
Many of the Fund's investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund's non-performing assets are likely to increase, and the value of its portfolio is likely to decrease, during these periods. A prolonged recession may result in losses of value in the Fund's portfolio and a decrease in the Fund's revenues, net income and NAV. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to it on terms it deems acceptable. These events could prevent the Fund from increasing investments and harm the Fund's operating results.

The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies, terrorism, political developments, and changes in government policies, taxation, threatened or actual imposition of tariffs, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**3. Principal Risks (continued)**

Additionally, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows.

#### SOFR RISK
SOFR is a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the NYFR Federal Reserve Bank of New York ("NYFR"). If data from a given source required by the NYFR to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate ("LIBOR"). As a result of benchmark reforms, publication of all LIBOR settings ceased as of June 30, 2023 and all synthetic U.S. dollar LIBOR settings were discontinued at the end of September 2024. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. All of the aforementioned may adversely affect the Fund or a portfolio fund's performance or NAV.

#### Limited Liquidity
Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**4. Investment Advisory and Other Agreements**

The Fund has entered into an investment management agreement (the "Investment Management Agreement") with the Investment Manager. Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.00% accrued daily, on an annualized basis of the Fund's Net Assets. Prior to March 6, 2023, the Investment Manager had contractually agreed to an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, leverage interest, distribution and servicing fees, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) did not exceed 2.25% of the average daily net assets of Class I Shares (the "Expense Limit").

Foreside Fund Services, LLC serves as the Fund's distributor; UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and administrator. For the six months ended September 30, 2025, the Fund's allocated UMBFS fees are reported on the Consolidated Statement of Operations.

An officer of the Fund is an employee of UMBFS. The Fund does not compensate officers affiliated with the Fund's administrator. An officer and Trustee of the Fund is an employee of the Investment Manager. The Fund does not compensate Trustees or officers affiliated with the Investment Manager for their service to the Fund. For the six months ended September 30, 2025, the Fund's allocated fees incurred for trustees who are not affiliated with the Fund's administrator or Investment Manager are reported on the Consolidated Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer ("CCO") services to the Fund. The Fund's allocated fees incurred for CCO services for the six months ended September 30, 2025 are reported on the Consolidated Statement of Operations.

**5. Fair Value of Investments**

#### Fair value — Definition
All investments in securities are recorded at fair value. The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – Valuations based on inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – Valuations based on inputs that are both significant and unobservable to the overall fair value measurement.

Investments in Private Investment Funds measured based upon NAV as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for investments categorized in Level 3.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**5. Fair Value of Investments (continued)**

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset <br>Value** | **Total** |
|  Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Loans | $— | $387631542 | $26374684894 | $— | $26762316436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investment Vehicles |  |  | 1063369309 | 11128646483 | 12192015792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  |  | 116523105 |  | 116523105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 154239562 |  | 154239562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 84460546 |  | 76138244 |  | 160598790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt |  |  | 492147991 |  | 492147991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 1703566 |  | 1703566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 720454244 |  |  |  | 720454244 |
|  Total Investments, at fair value | $804914790 | $387631542 | $28278806671 | $11128646483 | $40599999486 |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $4900174 | $— | $— | $4900174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 75718638 |  |  | 75718638 |
|  Total Assets | $804914790 | $468250354 | $28278806671 | $11128646483 | $40680618298 |
|  **Liabilities** |  |  |  |  |  |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $14350554 | $— | $— | $14350554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 15437170 |  |  | 15437170 |
|  Total Liabilities, at fair value | $— | $29787724 | $— | $— | $29787724 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**5. Fair Value of Investments (continued)**

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the six months ended September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior <br>Secured <br>Loans** | **Private <br>Investment <br>Vehicles** | **Collateralized <br>Loan <br>Obligations** | **Preferred <br>Stocks** | **Subordinated <br>Debt** | **Warrants** | **Common <br>Stocks** | **Total** |
|  **Balance as of April 1, 2025** | $21107166018 | $112691338 | $88717219 | $138955223 | $433778893 | $1191730 | $50463752 | $21932964173  |
|  Purchases | 11620538698 | 951497359 | 34830000 | 15979186 | 113037357 |  | 25451144 | 12761333744 |
|  Sales/Paydowns | (6366668057) | (4429715) | (27977850) | (312308) | (124679277) |  | (2502055) | (6526569262) |
|  Realized gains <br>(losses)<sup>1</sup> | (62984581) |  |  |  | 6738739 |  | (5181) | (56251023) |
|  Original issue discount and amendment fees | (3509273) |  |  |  |  |  |  | (3509273) |
|  Accretion | 23736361 |  | 72266 |  | 446112 |  |  | 24254739 |
|  Change in Unrealized appreciation (depreciation) | 101917527 | 3611327 | (9763178) | (639238) | 11476354 | 511836 | 2977779 | 110092407 |
|  Transfers In<sup>2</sup> | 23261198 |  | 30644648 | 256699 | 51349813 |  | 3544 | 105515902 |
|  Transfers Out<sup>3</sup> | (68772997) | (1000) |  |  |  |  | (250739) | (69024736) |
|  **Balance as of September 30, 2025** | $26374684894 | $1063369309 | $116523105 | $154239562 | $492147991 | $1703566 | $76138244 | $28278806671 |
|  Net change in unrealized appreciation/<br>(depreciation) attributable to Level 3 investments held at September 30, 2025 | $63483840 | $8457737 | $(9172371) | $(639238) | $14818509 | $511836 | $2977779 | $80438092 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Senior Secured Loans includes paydown gains (losses) of $18,370,763.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Transferred from Level 2 to Level 3 because observable market data became unavailable for the investments. This amount also includes transfers between categories.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Transferred from Level 3 to Level 2 because observable market data became available for the investments. This amount also includes transfers between categories.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**5. Fair Value of Investments (continued)**

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of September 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average** | **Impact on <br>Valuation from <br>an increase <br>in input** |
|  Collateralized Loan Obligations | $106523105 | Income Approach | Interest Rate/ Discount Margin | 3.20% – 26.00% | 9.89% | Decrease |
|  |  |  | Default Rate | 3% CDR | 3% CDR | Decrease |
|  |  |  | Recovery Rate | 65% | 65% | Increase |
|  |  |  | Term | Maturity, or Reinvestment +24 months | N/A | Decrease |
|  |  |  | Prepayment Assumptions | 20% CPR | 20% CPR | Increase |
|  |  |  | Reinvestment Assumptions | $99.00 | $99.00 | Decrease |
|  | 10000000 | Market Approach | Recent Transaction Price | $100.00 – $100.00 | $100.00 | Increase |
|  Total Collateralized Loan Obligations, at fair value | 116523105 |  |  |  |  |  |
|  Common Stocks | 30484825 | Market Approach | EBITDA Multiple | 6.0x – 25.8x | 13.6x | Increase |
|  | 460168 | Market Approach | Enterprise Value ($ Millions) | $333 – $695 | $333 | Increase |
|  | 30118968 | Market Approach | Recent Transaction Price | $0.00 – $2,043.39 | $630.26 | Increase |
|  | 15074283 | Market Approach | Revenue Multiple | 1.3x – 3.0x | 2.5x | Increase |
|  Total Common Stocks, at fair value | 76138244 |  |  |  |  |  |
|  Preferred Stocks | 13656241 | Market Approach | Recent Transaction Price | $0.01 – $423.00 | $7.19 | Increase |
|  | 2994539 | Market Approach | Enterprise Value ($ Millions) | $695 – $695 | $695 | Increase |
|  | 137588782 | Market/Income approach | EBITDA Multiple | 8.0x – 27.4x | 15.1x | Increase |
|  |  |  | Revenue Multiple | 1.4x – 6.3x | 3.8x | Increase |
|  |  |  | Discount Rate | 11.64% – 15.01% | 12.67% | Decrease |
|  Total Preferred Stocks, at fair value | 154239562 |  |  |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**5. Fair Value of Investments (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average** | **Impact on <br>Valuation from <br>an increase <br>in input** |
|  Private Investment Vehicles | $104623631 | Income approach | Interest Rate/ Discount Margin | 2.75% – 11.50% | 4.21% | Decrease |
|  | 13029032 | Income Approach | Weighted Average Cost of Capital | 11.50% – 24.00% | 16.33% | Decrease |
|  | 943572398 | Market approach | Recent Transaction Price | $1.00 – $31,461,087.20 | $1122132.33 | Increase |
|  | 2144248 | Market approach | EBITDA Multiple | 23.0x | 23.0x | Increase |
|  Total Private Investment Vehicles, at fair value | 1063369309 |  |  |  |  |  |
|  Senior Secured Loans | 14730443612 | Income approach | Discount Rate | 2.74% – 29.21% | 8.84% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $11 – $4688 | $621 | Increase |
|  |  |  | Debt/EBITDA | 0.5x – 21.9x | 5.7x | Decrease |
|  |  |  | Interest Coverage | 0.3x – 10.7x | 1.7x | Increase |
|  | 122466590 | Market approach | EBITDA Multiple | 5.0x – 11.6x | 9.1x | Increase |
|  | 23124966 | Market approach | Revenue Multiple | 0.7x – 1.2x | 0.8x | Increase |
|  | 14418911 | Market approach | Post Performance Multiple | 1.0x – 1.4x | 1.3x | Increase |
|  | 6114321 | Market approach | Enterprise value ($ Millions) | $42 – $315 | $275 | Increase |
|  | 11478116494 | Market approach | Recent Transaction Price | $41.50 – $100.50 | $99.03 | Increase |
|  Total Senior Secured Loans, at fair value | 26374684894 |  |  |  |  |  |
|  Subordinated Debt | 300268261 | Income approach | Discount Rate | 2.17% – 16.07% | 10.95% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $151 – $2134 | $957 | Increase |
|  |  |  | Debt/EBITDA | 6.6x – 12.5x | 7.6x | Decrease |
|  |  |  | Interest Coverage | 0.7x – 2.0x | 1.4x | Increase |
|  | 186379730 | Market approach | Recent Transaction Price | $98.00 – $100.00 | $98.47 | Increase |
|  | 5500000 | Market approach | EBITDA Multiple | 14.0x – 14.0x | 14.0x | Increase |
|  Total Subordinated Debt, at fair value | 492147991 |  |  |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**5. Fair Value of Investments (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average** | **Impact on <br>Valuation from <br>an increase <br>in input** |
|  Warrants | $— | Market approach | Recent Transaction Price | $0.00 – $0.00 | $0.00 | Increase |
|  |  | Market approach | EBITDA Multiple | 5.0x – 5.0x | 5.0x | Increase |
|  |  | Market approach | Revenue Multiple | 11.0x – 11.0x | 11.0x | Increase |
|  | 1703566 | Income approach | Exercise Price | $1.35 – $2.28 | $2.11 | Decrease |
|  |  |  | Expected Volatility | 35% – 62% | 57% | Increase |
|  Total Warrants, at fair value | 1703566 |  |  |  |  |  |
|  Total investments, at fair value | $28278806671 |  |  |  |  |  |

---

**6. Capital Stock**

The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment in Class I Shares by any investor is $10 million. However, the Fund, in its sole discretion, may accept investments below this minimum with respect to Class I Shares. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements.

Class I Shares are not subject to any initial sales charge. Shares will generally be offered for purchase on each business day at NAV per Share, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

A shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the shareholder's purchase of the Shares.

Pursuant to Rule 23c-3 under the Investment Company Act, on a quarterly basis, the Fund offers shareholders holding all classes of Shares the option of redeeming Shares at NAV. The Board determines the quarterly repurchase offer amount ("Repurchase Offer Amount"), which can be no less than 5% and no more than 25% of all Shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of all outstanding Shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than $2,500 worth of Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund may accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**6. Capital Stock (continued)**

retirement plan. It is the shareholder's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan. The results of the repurchase offers conducted for the six months ended September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  Commencement Date | May 8, 2025 | August 7, 2025 |
|  Repurchase Request | June 9, 2025 | September 8, 2025 |
|  Repurchase Pricing date | June 9, 2025 | September 8, 2025 |
|  Net Asset Value as of Repurchase Offer Date |  |  |
|  Class I | $10.76 | $10.72 |
|  Amount Repurchased |  |  |
|  Class I | $1025311216 | $917539279 |
|  Percentage of Outstanding Shares Repurchased |  |  |
|  Class I | 3.42% | 2.90% |

---

**7. Federal Income Taxes**

#### Fund Income Tax
At September 30, 2025, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments including proceeds from reverse repurchase agreements | $40758147623 |
|  Gross unrealized appreciation | 687451696 |
|  Gross unrealized depreciation | (776814231) |
|  Net unrealized depreciation on investments | $(89362535) |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of tax year ended December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $117246844 |
|  Undistributed long-term capital gains |  |
|  Accumulated capital and other losses |  |
|  Unrealized appreciation/(depreciation) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (95564715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency |  |
|  Organizational costs | (31124) |
|  Total distributable earnings | $21651005 |

---

The tax character of distributions paid during the tax years ended December 31, 2024 and December 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distribution paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2345776539 | $1370935360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  | 49232570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 17411256 |  |
|  Total distributions paid | $2363187795 | $1420167930 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**7. Federal Income Taxes (continued)**

#### Domestic Blocker Income Tax
CCLF HOLD, CCLF HOLD (D3), CCLF HOLD (D6), CCLF HOLD (D18), CCLF HOLD (D30), CCLF HOLD (D33), and CCLF HOLD (D45) are blockers taxed as corporations. The current taxes reflect the estimated tax liability of the Fund as of September 30, 2025, based on taxable income of the subsidiaries. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities of the subsidiaries for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of the available evidence, it is more likely than not that all of the deferred income tax asset will not be realized.

Currently the federal income tax rate for a corporation is 21% and blended state tax rate net of Federal benefit is 3.95%. As of September 30, 2025, the Fund recorded a net deferred tax liability for the investments of the subsidiaries. Should a net deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset.

The Fund's current and deferred tax (expense)/benefit as of September 30, 2025 consist of the following:

---

| | |
|:---|:---|
|  Current Tax (Expense) Benefit: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $(81677) |
| &nbsp;&nbsp;&nbsp;&nbsp; State | (20470) |
|  Total Current Tax (Expense) Benefit | (102147) |
|  Deferred Tax (Expense) Benefit |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $(1181096) |
| &nbsp;&nbsp;&nbsp;&nbsp; State | (296014) |
|  Total Deferred Tax (Expense) Benefit | (1477110) |
|  **Total Income Tax (Expense) Benefit** | $**(1579257)** |

---

Components of the Fund's deferred tax assets and liabilities are as follows:

---

| | |
|:---|:---|
|  **Deferred tax assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized loss on investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance |  |
|  **Deferred tax liability** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain on investments | $(6656428) |
|  **Net Deferred Tax Asset/(Liability)** | $(6656428) |

---

Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows:

---

| | |
|:---|:---|
|  Federal Income tax expense at statutory rate | $(1329235) |
|  State Income taxes (net of federal benefit) | (250023) |
|  Valuation allowance |  |
|  **Net income tax expense** | $(1579258) |

---

As it pertains to the subsidiaries, the utilization of net operating losses in future years is limited to the lesser of all available net operating losses or 80% of taxable income before net operating loss utilization. For the tax year ended December 31, 2024, the subsidiaries did not utilize or defer any net operating losses.

As it pertains to the subsidiaries, capital losses incurred during the year can be carried back three years or forward five years. The subsidiaries did not utilize or defer any capital losses during the tax year ended December 31, 2024.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**8. Investment Transactions**

For the six months ended September 30, 2025, purchases and sales of investments, excluding short-term investments, were $15,048,335,858 and $7,596,685,764 respectively, net of unfunded commitments.

**9. Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

**10. Derivatives and Hedging Disclosures**

U.S. GAAP requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in forward foreign currency exchange contracts and swap contracts for the six months ended September 30, 2025 in order to hedge overall portfolio currency risk and interest rate risk, respectively. By entering into forward foreign exchange currency contracts, the Fund agrees to exchange different currencies at a specified exchange rate at an agreed-upon future date. The Fund may be susceptible to the risk of changes in the foreign exchange rate underlying the forward contract and of the counterparty's potential inability to fulfill the terms of the contract. By entering into swap agreements, the Fund agrees to exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference rates, currencies or other instruments. The Fund may be susceptible to losses if interest rate or foreign currency exchange rates or credit quality changes are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected, and are subject to counterparty credit, liquidity, valuation, correlation and leverage risk.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. Forward contracts are not designated as hedging instruments. Interest rate swap contracts are designated as hedging instruments. The fair values of derivative instruments as of September 30, 2025, and the realized and unrealized gain (loss) during the six months ended September 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  **Derivatives Designated as Hedging Instruments** | **Derivatives Designated as Hedging Instruments** | **Derivatives Designated as Hedging Instruments** | **Derivatives Designated as Hedging Instruments** |
|  **Consolidated Statement of Asset and <br>Liabilities Location** | **Derivatives Instruments** | **Asset <br>Derivatives** | **Liability <br>Derivatives** |
|  **Consolidated Statement of Asset and <br>Liabilities Location** | **Derivatives Instruments** | **Value** | **Value** |
|  Net unrealized depreciation on swap contracts | Interest Rate Swap Contracts | $75718638 | $15437170 |
|  Total |  | $75718638 | $15437170 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** | **Derivatives Not Designated as Hedging Instruments** |
|  **Consolidated Statement of Asset and <br>Liabilities Location** | **Derivatives Instruments** | **Asset <br>Derivatives** | **Liability <br>Derivatives** |
|  **Consolidated Statement of Asset and <br>Liabilities Location** | **Derivatives Instruments** | **Value** | **Value** |
|  Net unrealized appreciation on forward foreign currency exchange contracts | Forward Contracts | $4900175 | $14350555 |
|  Total |  | $4900175 | $14350555 |

---

---

| | | |
|:---|:---|:---|
|  **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income** |
|  **Derivatives Instruments** | **Forward <br>Contracts** | **Total** |
|  Forward foreign currency exchange contracts | $(108680277) | $(108680277) |

---

---

| | | |
|:---|:---|:---|
|  **Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** | **Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income** |
|  **Derivatives Instruments** | **Forward <br>Contracts** | **Total** |
|  Forward foreign currency exchange contracts | $13596605 | $13596605 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**10. Derivatives and Hedging Disclosures (continued)**

The quarterly average volumes of derivative instruments as of September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  **Derivatives Instruments** |  | **Notional <br>Value** |
|  Forward foreign currency exchange contracts | Long Forward Contract | 1851079815 |
|  | Short Forward Contract | (6405284185) |
|  Interest rate contracts | Long Swap Contract | $6131666667 |

---

**11. Disclosures about Offsetting Assets and Liabilities**

*Disclosures about Offsetting Assets and Liabilities* requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A fund mitigates credit risk with respect to Over-the-Counter derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the fund and each of its counterparties. These agreements allow the fund and each counterparty to offset certain derivative financial instruments' payables and/or receivables against each other and/or with collateral, which is generally held by the Fund's custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the fund from its counterparties are not fully collateralized contractually or otherwise, the fund bears the risk of loss from counterparty non-performance.

It is the Fund's policy to recognize a net asset or liability equal to the unrealized appreciation (depreciation) of each derivative contract. As of September 30, 2025, the Fund is subject to master netting arrangements for swap contracts. The following table shows additional information regarding the offsetting of assets and liabilities, as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Description** | **Counterparty** | **Gross <br>Amount <br>of Asset/<br>Liabilities** | **Gross <br>Amount <br>Offset in the <br>Statement of <br>Assets and <br>Liabilities** | **Net Amounts <br>Presented <br>in the <br>Statement of <br>Assets and <br>Liabilities** | **<br>Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities** | **<br>Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities** | **<br>Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities** |
|  **Description** | **Counterparty** | **Gross <br>Amount <br>of Asset/<br>Liabilities** | **Gross <br>Amount <br>Offset in the <br>Statement of <br>Assets and <br>Liabilities** | **Net Amounts <br>Presented <br>in the <br>Statement of <br>Assets and <br>Liabilities** | **Financial <br>Instruments\*** | **Cash <br>Collateral <br>Pledged\*** | **Net <br>Amount** |
|  **Assets** |  |  |  |  |  |  |  |
|  Unrealized appreciation on swap contracts | PNC Bank, N.A | $52450651 | $— | $52450651 | $(10313966) | $— | $42136685 |
|  Unrealized appreciation on swap contracts | MUFG Bank, Ltd. | 22175001 |  | 22175001 | (5123204) |  | 17051797 |
|  Unrealized appreciation on swap contracts | Regions Bank | 1092986 |  | 1092986 |  |  | 1092986 |
|  **Total Assets** |  | $**75718638** | $**—** | $**75718638** | $**(15437170)** | $**—** | $**60281468** |
|  **Liabilities** |  |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts | PNC Bank, N.A | $(10313966) | $— | $(10313966) | $10313966 | $10313966 | $— |
|  Unrealized depreciation on swap contracts | MUFG Bank, Ltd. | (5123204) |  | (5123204) | 5123204 | 5123204 |  |
|  **Total Liabilities** |  | $**(15437170)** | $**—** | $**(15437170)** | $**15437170** | $**15437170** | $**—** |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Amounts relate to master netting agreements and collateral agreements which have been determined by the Investment Manager to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the Consolidated Statement of Assets and Liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**12. Related Party Transactions and Arrangements**

Transactions related to investments in affiliated companies, as defined by the Investment Company Act, by virtue of the Fund owning at least 5% of the voting securities of the issuer, for the six months ended September 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Affiliated <br>Investment <br>Company** | **Type of <br>Asset** | **Industry** | **Beginning <br>Value at <br>April 1, <br>2025** | **Purchases <br>at Cost** | **Proceeds <br>from <br>Sales** | **Dividend <br>Income** | **Realized <br>Gain/<br>(Loss)** | **Change in <br>Unrealized <br>Gain (Loss)** | **Value at <br>September 30, <br>2025** |
|  FBLC Senior Loan Fund LLC<sup>1</sup> | Investment Fund | Diversified | $82087402 | $— | $— | $3506333 | $— | $(204638) | $81882764 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Lending Corporation (FBLC) and the Fund are the members of FBLC Senior Loan Fund LLC (SLF), a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in SLF in the form of LLC equity interests as SLF makes investments. All portfolio and other material decisions regarding SLF must be submitted to SLF's board of directors which is comprised of an equal number of members appointed by each of FBLC and the Fund. Because management of SLF is shared equally between FBLC and the Fund, the Fund does not believe it controls SLF for purposes of the Investment Company Act or otherwise.

**13. Private Investment Vehicles**

The following table represents investment strategies, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  17Capital Co-Invest (B) SCSp | NAV Loan | $25161702 | $26799933 | $287500 |  | N/A | Liquidation to commence on the earlier of 5/7/2031 but no later than 180 days following full realization |
|  26North BDC, Inc. | Middle market direct lending | 30000000 | 30300862 | 70000000 |  | N/A | Perpetual until the dissolution of the company |
|  ABPCI Pacific Funding LP | Middle market direct lending | 186635417 | 206234803 | 18364583 | Monthly | Redemptions pursuant to the note purchase and security agreement upon the direction of a majority of the subordinated notes | November 3, 2031 after the payment in full of the obligations of the issuer pursuant to the note purchase agreement |
|  AG Twinbrook Origination Fund I, L.P. | Middle market direct lending | 23872182 | 26074331 | 225000000 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  AGTB BDC Holdings, LP | Middle market direct lending | 125000000 | 126516751 |  |  | N/A | Six-year anniversary of the initial closing as determined by the board if a merger has not occurred |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Antares Loan Funding I Ltd. | Middle market direct lending | $96880000 | $109470357 | $— |  | Pursuant to the priority of payments, notes may be redeemed in whole or in part on the applicable quarterly payment date in accordance with the credit agreement | February 17, 2032 |
|  Antares Senior Loan Parallel Feeder Fund II (Cayman) LP | Middle market direct lending | 104906352 | 102955132 | 46553366 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Antares Senior Loan Parallel Feeder <br>Fund III (Cayman) LP | Middle market direct lending | 37500000 | 37861463 | 337500000 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Ares Commercial Finance LP | Asset-based lending | 53841899 | 64868938 | 17475480 |  | N/A | Until the final liquidating distributions of the fund,<br>June 30 2025 |
|  Ares Priority Loan Co-Invest LP | Priority revolvers to middle market companies | 44802482 | 46402091 | 25067318 |  | N/A | Until the end of the fiscal quarter during which occurs the fifth anniversary of the end of the investment period which may be extended for<br>one year |
|  Ares Senior Direct Lending Fund (U) III Rated Notes Feeder LLC – (Sub Notes) | Middle market direct lending | 9380017 | 11111456 | 16533646 |  | N/A | N/A |
|  Ares Specialty Healthcare Fund (L), L.P. | Middle market direct lending |  | 2375078 | 100000000 |  | N/A | Until the end of the fiscal quarter during which the eighth anniversary of the final closing deadline occurs |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Ares Strategic Income Fund | Middle market direct lending | $100000000 | $105012755 | $— |  | N/A | Perpetual unless terminated pursuant to the applicable provisions contained in the Declaration of Trust or the Statutory Trust Act |
|  ASP (Feeder) SPC III-A1 LP | Middle market direct lending | 7333118 | 7628956 | 17666882 |  | N/A | Commenced on June 6, 2023 and shall continue, unless the fund is sooner dissolved, until the expiration of the term of each main fund, including any extensions thereto pursuant to the applicable main fund agreement |
|  ASP Summar Holdco 1 LP | Middle market direct lending | 191360627 | 191926372 | 6438620 |  | N/A | Shall continue, unless the Fund is sooner dissolved, until the Fund no longer holds the Last-Out investment |
|  Banner Ridge DSCO <br>Fund II (Offshore), LP | Diversified private credit strategies | 9728856 | 14587653 | 40271144 |  | N/A | Until the tenth anniversary of the initial closing date with two one-year extensions |
|  Barings Capital Investment Corporation | Middle market direct lending | 95000000 | 97263990 |  |  | N/A | Until the earlier of a liquidity event or July 13, 2027 |
|  Barings Private Credit Corporation | Middle market direct lending | 900000000 | 921068604 |  | Quarterly<sup>2</sup> | Redemptions permitted at the discretion of the investment manager | N/A |
|  BlackRock MT. Lassen Senior Loan XII | Middle market direct lending | 476200809 | 511593048 | 163799191 |  | Redemptions pursuant to the Credit Agreement upon the direction of a majority of the subordinated note purchasers with the consent of the collateral manager | December 28, 2032 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  BlackRock Shasta Senior Loan <br>Fund VII, LLC | Middle market direct lending | $645119996 | $611788852 | $11880004 |  | Redemptions pursuant to the Note Purchase and Security Agreement upon the direction of a majority of the subordinated note purchasers with the consent of the collateral manager | Earlier of twelve years from closing date and the amortization date (if any) |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | ABL co-Investment | 7544955 | 10271951 | 16211735 |  | N/A | Until the partnership is dissolved and subsequently terminated |
|  Blackstone Technology Senior Direct Lending Fund LP | Middle market Direct Lending | 131622671 | 134175631 | 75733924 |  | N/A | The expiration of the term of the fund on the <br>7<sup>th</sup> anniversary of the intial investment date  |
|  Blue Owl Credit Income Corp. | Middle market direct lending | 150000000 | 152271152 |  | Quarterly<sup>2</sup> | N/A | N/A |
|  Blue Owl MC Debt Opportunities LP | Middle Market Direct Lending | 21355352 | 22907371 | 103644648 |  | N/A | Until terminated in accordance with the limted partnership agreement |
|  Boost Co-Invest LP | Preferred equity co-investment | 27040075 | 35889438 | 2983631 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  Canal Road Private Credit Fund, LP | Middle market direct lending | 17311551 | 17688667 | 7688449 |  | N/A | Until the Partnership is dissolved and subsequently terminated. |
|  Capricorn Co-Invest, L.P. | Middle market direct lending co-investment | 37733024 | 44770203 | 1260000 |  | N/A | Until all investments of the partnership are liquidated and all proceeds are distributed |
|  Carlyle Credit Solutions, Inc. | Middle market direct lending | 50000000 | 47292307 |  | Quarterly<sup>3</sup> | N/A | N/A |
|  Caryle EDL Dance Aggregator, L.P. | Middle market direct lending | 25031073 | 29596518 | 6636397 |  | N/A | The close of business on the 10-year anniversary of the final closing date unless the partnership is sooner dissolved |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  CCOF Alera Aggregator, L.P. | Preferred equity co-investment | $9740016 | $14023986 | $— |  | N/A | Until dissolved and liquidated in accordance with the limited partnership agreement |
|  CCOF Sierra II, L.P. | Preferred equity co-investment | 15654924 | 17420857 | 400000 |  | N/A | Ten-year anniversary of the the final closing date with two one-year externsions |
|  Chilly HP SCF Investor, LP | Preferred equity co-investment | 2011799 | 2539642 |  |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Chiron Co-Invest, L.P. | Middle market direct lending | 50000000 | 50693151 |  |  | N/A | Shall continue in existence until such time as all of the investments of the partnership are liquidated and all Proceeds are distributed to the Partners |
|  CLFK, LLC, Series 2025-1 | Middle market direct lending | 87760000 | 88514575 |  |  | N/A | The company and each series shall have a perpetual term until dissolved, and each series as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the LLC Act |
|  Crescent Mezzanine Partners VIIC, L.P. | Mezzanine level subordinated debt | 3990549 | 4591165 | 2963892 |  | N/A | December 21, 2025 available |
|  Crestline Structured Note Issuer I LLC – (Class A, B, C and Sub Notes) | Middle market direct lending | 121319898 | 122445333 | 363556000 |  | N/A | N/A |
|  CW Credit Opportunity 2 LP | Asset Based Lending Co-Investment | 75068217 | 83442619 | 39931783 |  | N/A | Until December 31 after the maturity date of the CoreWeave Loan with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  FBLC Senior Loan Fund LLC | Middle market direct lending | $78562000 | $81882764 | $— |  | N/A | Until all investments are amortized, liquidated, transferred or disposed |
|  Golub Capital BDC 4, Inc. | Middle market direct lending | 200000000 | 203953721 |  |  | N/A | Perpetual until the company is sold and/or liquidated and dissolved |
|  Golub Capital Direct Lending Corporation | Middle market direct lending | 50000000 | 50924608 |  |  | N/A | July 1, 2027 with extensions upon the approval of shareholders |
|  Golub Capital Direct Lending Fund, L.P., Series SL-A | Middle market direct lending |  | (228744) | 101113899 |  | N/A | N/A |
|  Golub Capital Private Credit Fund | Middle market direct lending | 200000000 | 200879845 |  | Quarterly<sup>2</sup> | N/A | N/A |
|  GPG Loan Funding, LLC | Middle Market Direct Lending | 492960391 | 518681957 | 494190900 |  | For so long as the Subordinated Notes are outstanding, no distribution shall be made to any Member | Shall continue until the tenth anniversary of the effective date, subject to extension upon the mutual consent of the investment manager and the majority subordinated note holder |
|  Hayfin Tactical Solutions Fund (US Parallel) LP | Diversified private credit strategies | 13774958 | 15008370 | 11023560 |  | N/A | Limited partners may elect to terminate all investment periods and dissolve the partnership at any time for cause by a majority vote of limited partners. If the partners elect to liquidate the assets of the partnership, the liquidating trustee shall proceed to do so in an orderly manner in accordance with the terms of the agreement |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  HPS KP Mezz Co.-Invest, LP | Mezzanine Level Subordinated Debt | $76146599 | $107338744 | $5954821 |  | N/A | Until the expiration of the term of HPS Offshore Mezzanine Partners 2019, L.P. which shall continue until the tenth anniversary of the first closing date with two one-year extensions |
|  HPS KP <br>SIP V <br>Co.-Investment | Mezzanine Level Subordinated Debt | 14503288 | 21193626 | 264097 |  | N/A | Until the expiration of the term of HPS Offshore Strategic Investment Partners V, L.P., which shall continue until the tenth anniversary of the first closing date with one one-year extension and two successive one-year terms followings such subsequent term with the approval of the LP Advisory Committee |
|  HPS Mezzanine Partners 2019, L.P. | Mezzanine level subordinated debt | 6701045 | 7913347 | 1724902 |  | N/A | April 12, 2029 with one-year extensions available |
|  HPS Mint Co-Invest Fund, L.P. | Preferred equity co-investment | 19845369 | 31758332 | 2074239 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  HPS Offshore Mezzanine Partners 2019, LP | Mezzanine Level Subordinated Debt | 21010810 | 25498622 | 5588063 |  | N/A | Until the tenth anniversary of the first closing date with two on-year extensions |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  HPS Offshore Strategic Investment Partners V, LP | Mezzanine level subordinated debt | $48930971 | $55947909 | $27870799 |  | N/A | Until the tenth anniversary of the first closing date with one one-year extension following the expiration of such initial term and two successive one-year terms following such subsequent term with the approval of the LP Advisory Committee |
|  HPS Specialty Loan Fund V Feeder, L.P. | Middle market direct lending | 56060706 | 60327509 | 14792746 |  | N/A | September 10, 2028 with 1 year extenstions available |
|  KCLF Note Issuer I SPV, LLC, Subordinated | Middle market direct lending | 264025000 | 273611919 |  |  | Redemptions pursuant to the Credit Agreement upon the direction of a majority of the subordinated note purchasers with the consent of the investment manager | January 2033 |
|  KIMM CLO I LLC | Middle market direct lending | 54387000 | 51589286 |  |  | Optional Redemption, in each case pursuant to and in accordance with the Indenture and (in the case of the Class A-1 Loans) the Class A-1 Credit Agreements, is fully subordinated to the Debt | The Company shall have a perpetual term until dissolved. The existence of the company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the LLC Act |
|  KKR FS Income Trust | Middle market direct lending | 59500000 | 62307785 | 190500000 | Quarterly<sup>2</sup> | N/A | Perpetual until dissolved in accordance with the Declaration of Trust or pursuant to Delaware law |
|  KKR FS Income Trust Select | Middle market direct lending | 25000000 | 25435727 |  | Quarterly<sup>2</sup> | N/A | N/A |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  KKR Institutional Middle Market Fund LP | Middle market direct lending | $225000000 | $242022685 | $275000000 |  | N/A | Until the seven year anniversary of the termination of the investment period unless dissolved earlier in accordance to the limited partnership agreement |
|  KLC Fund 0225-CI LP | Common equity co-investment | 120000 | 119945 |  |  | N/A | Partnership shall be dissolved on the earlier of (a) the date on which the Partnership has disposed of all of its Investment and (b) the date on which the winding-up of Fund II commences in accordance with the Fund II Partnership Agreement |
|  KWOL Co-Invest, LP | Common equity co-investment | 22500000 | 34079236 |  |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement |
|  Luther Co-Invest, L.P. | Middle market direct lending co-investment | 24008414 | 21434982 |  |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  Madison Avenue CLO I Holdco LLC – Series 1 | Middle market direct lending | 85393600 | 87246159 | 120606400 |  | N/A | July 15, 2035 |
|  Marilyn Co-Invest, L.P. | Common Equity Co-investment | 69065006 | 89916153 |  |  | N/A | Until investments are liquidated and all proceeds are distributed to the partners |
|  Milano Co.-Invest L.P. | Middle Market Direct Lending Co-investment | 3998073 | 3923043 | 174000 |  | N/A | Until such time as all of the investments of the partnership are liquidated and all proceeds are distributed to the partners |
|  Minerva Co-Invest, L.P. | Preferred equity co-investment | 23232361 | 33896371 | 298500 |  | N/A | Until distribution of investment proceeds |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  NB Capital Solutions Co-Invest (Wolverine) LP | Preferred equity co-investment | $8275406 | $11880196 | $294594 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |
|  New Mountain Guardian IV BDC, L.L.C. | Middle market direct lending | 36000000 | 37139851 | 14000000 |  | N/A | Six years from the end of the closing period with a <br>one-year extension available |
|  New Mountain Private Credit Fund | Middle market direct lending | 49987471 | 49078079 |  |  | N/A | Shall be dissolved, and its affairs shall be wound up upon the entry of a decree of judicial dissolution, the termination of the legal existence of the last remaining member of the Company |
|  North Haven Direct Lending Fund L.P. | Middle market direct lending | 17500000 | 19864717 | 82500000 |  | N/A | Shall continue, unless the fund is sooner dissolved until the fourth anniversary of the expiration of the investment period with two one-year extensions |
|  North Wall Tactical Credit Delaware Feeder Fund LP | Middle market direct lending | 26576271 | 27439131 | 29423729 |  | N/A | Shall continue until the eightieth (80<sup>th</sup>) anniversary of the First Closing Date (or if such date is not a Business Day, the next Business Day) |
|  NXT Capital Senior Loan Fund VII, LP | Middle market direct lending | 12595770 | 12502487 | 37500000 |  | N/A | Shall be perpetual until it is terminated pursuant to the limited partnership agreement |
|  NXT Capital Structured Note I LLC | Middle market direct lending | 178886292 | 192962633 | 11923238 |  | Optional redemption pursuant to the indenture upon the direction of the investment manager or at the written direction of a majority of the holders of the subordinated notes | Nine years from the initial closing date |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Odyssey <br>Co-Investment Partners B, LLC | Common equity co-investment | $1949774 | $1661597 | $50226 |  | N/A | Until the dissolution of the parternship in accordance with the limited partnership agreement |
|  Palisades CLO, LLC | Middle market direct lending | 137984137 | 158992504 |  |  | May be redeemed in whole, but not in part, after the redemption or repayment of all of the secured debt at the direction of a majority of the subordinated notes or the investment manager | May 2034 |
|  Palisades CLO, LLC – Class B | Middle market direct lending | 50000000 | 50000000 |  |  | May be redeemed in whole, but not in part, after the redemption or repayment of all of the secured debt at the direction of a majority of the subordinated notes or the investment manager | May 2034 |
|  Palisades CLO, LLC – Class C | Middle market direct lending | 58000000 | 58000000 |  |  | May be redeemed in whole, but not in part, after the redemption or repayment of all of the secured debt at the direction of a majority of the subordinated notes or the investment manager | May 2034 |
|  Piccadilly Co-Invest, L.P. | Middle market direct lending co-investment | 2240432 | 605902 | 4825714 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Private Credit Fund C-1 Holdco, LLC – Series 1 | Middle Market Direct Lending | $784100317 | $795518792 | $839100882 |  | N/A | Shall continue until cancellation of the Certificate of Formation as provided in the Delaware Limited Liability Company Act |
|  Proxima Co-Invest, L.P. | Middle market direct lending co-investment | 9658246 | 9627786 | 321175 |  | N/A | Until the completion of the liquidation  |
|  Raven Asset-Based Credit Fund II LP | Asset-based lending | 20002593 | 20812077 | 5130811 |  | N/A | January 2029 with two one-year extensions available |
|  Raven Senior Loan Fund LLC | Asset-based lending | 467597208 | 487236696 | 32402792 |  | Pursuant to the priority of payments, notes may be redeemed in whole or in part on the applicable quarterly payment date in accordance with the note purchase and security agreement | The earlier of twelve years from closing and the amortization date selected by a majority of the subordinated notes in accordance to the note purchase and security agreement |
|  Redwood Enhanced Income Corp. | Middle market direct lending | 40600000 | 34337445 | 15400000 |  | 180 calendar days following the pricing of an initial public offering of the shares and/or the first trade of the shares on a securities exchange | Seven-year anniversary of the initial closing with two one-year extensions |
|  Silver Point Loan Funding, LLC | Middle market direct lending | 1324185795 | 1418295454 | 176448146 |  | Optional redemption pursuant to the indenture at the written direction of a majority of the subordinated notes with the consent of the the investment manager | November 2034 |
|  Silver Point Specialty Credit Fund II, L.P. | Middle market direct lending | 43264199 | 38206720 | 6738714 |  | N/A | September 6, 2023 with one-year extensions available |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Sixth Street Lending Partners | Middle market direct lending | $24982212 | $28828725 | $25017788 |  | N/A | Ten years from final closing subject to two one-year extensions if approved by majority of the board |
|  South Cove Funding LLC | Middle market direct lending | 485904071 | 505395492 |  |  | N/A | Shall have a perpetual term until dissolved. The existence of the company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the LLC Act |
|  Stellus Private Credit BDC Feeder LP | Middle market direct lending | 30415527 | 31050376 | 19584473 |  | N/A | Until the partnership is terminated and wound up in accordance to the limited partnership agreement |
|  Stone Point Credit Corporation | Middle market direct lending | 75500000 | 78895558 | 24500000 |  | N/A | Until the seven year anniversary of the commencement date, December 21, 2020 |
|  Stone Point Credit Income Fund | Middle market direct lending | 30475516 | 30520480 | 94524484 |  | N/A | Agreement will continue until terminated in writing by either party upon 60 days' notice to the other party |
|  Summit Partners Credit Offshore Fund II, L.P. | Middle market direct lending | 7124962 | 3797992 | 285495 |  | N/A | Eight anniversary of the fist draw-dwon date with two one-year extensions available |
|  T. Rowe Price OHA Select Private Credit Feeder Fund LLC | Middle market direct lending | 100000000 | 97666016 |  |  | N/A | Until the company is terminated and wound up in accordance to the limited liability company agreement |
|  TB Funding Ltd. | Middle market direct lending | 70737075 | 75090268 |  |  | N/A | April 1, 2032 |
|  TCW Direct Lending VIII LLC | Middle market direct lending | 69760319 | 64869014 | 15316788 |  | N/A | Sixth anniversary of the final closing date |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  TCW Rescue Financing Fund II, L.P. | Middle market direct lending | $11454018 | $11260154 | $14935834 |  | N/A | Shall continue, unless the fund is sooner dissolved, until the eighth anniversary of the initial closing date with two one-year extensions |
|  Thoma Bravo Credit Fund III Feeder, LP | Middle market direct lending | 40679939 | 45798816 | 84320061 |  | N/A | Until the last day of the calendar quarter during which the ninth anniversary of the effective date occurs with three additional one-year extensions. |
|  Thompson Rivers LLC | Investment vehicle | 5044983 | 1209823 |  |  | Redemptions permitted with the consent of the investment fund's voting members | Until cancellation of the Certificate of Formation |
|  Varagon Capital Corporation | Middle market direct lending | 19296490 | 18243461 | 5703510 |  | N/A | September 2026 with one-year extensions available |
|  Varagon Capital Direct Lending Fund, L.P. | Middle market direct lending | 43750000 | 41464484 | 6250000 |  | N/A | Until the fourth anniverversary of the end of the reinvestment period with one-year extension available |
|  Varagon Structured Note Issuer I, LLC | Middle market direct lending | 137277228 | 147425297 |  |  | Redemptions pursuant to the Indenture upon direction of a majority of the subordinated notes with the consent of the investment manager | October 2033 provided that the scheduled reinvestment end date is extended |
|  Varsity Healthcare Partners VetEvolve Co-Invest A, LP | Common equity co-investment | 3010526 | 3533148 |  |  | N/A | Until the earlier of the date that the partnership has disposed of all investment and the date that the Fund, as defined by the limited partnership agreement, is terminated |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**13. Private Investment Vehicles (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  Veritas Capital Credit Opportunities Onshore Fund III (Levered), L.P. | Middle market direct lending | $10842411 | $7076332 | $39157589 |  | N/A | When the General Partner or the Liquidating Trustee has complied with the foregoing liquidation plan, the General Partner or the Liquidating Trustee, on behalf of all Partners, shall execute, acknowledge and cause to be filed an instrument evidencing the cancellation of the Certificate of Limited Partnership |
|  Vista Credit Strategic Lending Corp. | Middle market direct lending | 53269873 | 53216258 | 46730127 | Quarterly<sup>3</sup> | N/A | N/A |
|  VPC Credit Origination Fund, LP | Loan origination vehicle | 1000000 | 1058596 | 49000000 |  | N/A | Forty-two months after the initial closing date with additional one-year extensions approved by limited partners holding majority of aggregate commitments |
|  Waccamaw River LLC | Investment vehicle | 9012204 | 2664231 |  |  | Redemptions permitted with the prior consent of the board | Until cancellation of the Certificate of Formation |
|  West Street Loan Partners V | Middle market direct lending | 18208176 | 18380002 | 31791824 |  | N/A | Eight years following the expiration of the investment period with two one-year extensions |
|  Total |  | $10647782593 | $11128646482 | $4682203113 |  |  |  |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Up to 10% at each tender offer during any calendar year.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Up to 5% at each quarterly tender offer.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Up to 3.5% at each quarterly tender offer.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (Continued) |

---

**14. Subsequent Events**

In preparing these consolidated financial statements, management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein.

The Board authorized the Fund to offer to repurchase Shares from shareholders in an amount up to 5.00% of the net assets of the Fund with a December 9, 2025 repurchase pricing date. The repurchase offer period began on November 6, 2025 and will end on December 9, 2025. Shareholders that desire to tender Shares for repurchase are required to do so no later than December 9, 2025.

Other than as described above, there have been no other subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Other Information<br> September 30, 2025 (Unaudited) |

---

#### Proxy Voting
The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve-month period ending on June 30, no later than August 31. The Fund's Form N-PX filing and a description of the Fund's proxy voting policies and procedures are available: (i) without charge, upon request, by calling the Fund at 1-888-442-4420 or (ii) by visiting the SEC's website at www.sec.gov.

#### Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov or by calling the Fund at 1-888-442-4420.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Privacy Notice<br> September 30, 2025 (Unaudited) |

---

#### PRIVACY NOTICE

---

| | |
|:---|:---|
|  **FACTS** | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
|  **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|  **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> • Social Security number <br> • Account balances<br> • Account transactions<br> • Transaction history<br> • Wire transfer instructions<br> • Checking account information<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
|  **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Reasons we can share your personal information** | **Does the <br>Fund share?** | **Can you limit <br>this sharing?** |
|  **For our everyday business purposes** – <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
|  **For our marketing purposes** – <br> to offer our products and services to you | No | We don't share |
|  **For joint marketing with other financial companies** | No | We don't share |
|  **For our affiliates' everyday business purposes** – <br> information about your transactions and experiences | Yes | No |
|  **For our affiliates' everyday business purposes** – <br> information about your creditworthiness | No | We don't share |
|  **For our affiliates to market to you** | No | We don't share |
|  **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
|  **Questions?** | Call 1-888-442-4420 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Privacy Notice<br> September 30, 2025 (Unaudited) (Continued) |

---

---

| | |
|:---|:---|
|  **What we do** |  |
|  **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
|  **How does the Fund collect my personal information?** | We collect your personal information, for example, when you <br> Open an account <br> Provide account information <br> Give us your contact information <br> Make a wire transfer <br> Tell us where to send the money <br> We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
|  **Why can't I limit all sharing?** | Federal law gives you the right to limit only <br> Sharing for affiliates' everyday business purposes – information about your creditworthiness<br> Affiliates from using your information to market to you <br> Sharing for nonaffiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing. |
|  **Definitions** |  |
|  **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> *The Fund doesn't share with nonaffiliates so they can market to you.* |
|  **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> *The Fund doesn't jointly market.* |

---

**<u>Investment Manager</u>**Cliffwater LLC

4640 Admiralty Way, 11th Floor

Marina del Rey, CA 90292

Website: www.cliffwaterfunds.com

**<u>Custodian Bank</u>**State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

**<u>Fund Administrator, Transfer Agent and Fund Accountant</u>**UMB Fund Services

235 W. Galena Street

Milwaukee, WI 53212-3949

Phone: (414) 299-2200

**<u>Distributor</u>**Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.acaglobal.com

**<u>Independent Registered Public Accounting Firm</u>**Cohen & Company, Ltd.

1350 Euclid Ave, Suite 800

Cleveland, OH 44115

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

#### Item 2. &nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.
Not applicable to semi-annual reports.

#### Item 3. &nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.
Not applicable to semi-annual reports.

#### Item 4. &nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.
Not applicable to semi-annual reports.

#### Item 5. &nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.
Not applicable to semi-annual reports.

#### Item 6. &nbsp;&nbsp;&nbsp;&nbsp; Investments.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; See the Semi-Annual Report to Shareholders under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

#### Item 7. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.

#### Item 8. &nbsp;&nbsp;&nbsp;&nbsp; Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. &nbsp;&nbsp;&nbsp;&nbsp; Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. &nbsp;&nbsp;&nbsp;&nbsp; Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.
Not applicable.

#### Item 11. &nbsp;&nbsp;&nbsp;&nbsp; Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to semi-annual reports.

#### Item 13. &nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;There are no changes to the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the Registrant's most recent report on Form N-CSR.

#### Item 14. &nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. &nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees since the registrant last provided disclosure in response to this item.

------

#### Item 16. &nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant's President (Principal Executive Officer) and Treasurer (Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report, that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;**Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)&nbsp;&nbsp;&nbsp;&nbsp;** Not applicable.

#### Item 18. &nbsp;&nbsp;&nbsp;&nbsp; Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19 .&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.
(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable to semi-annual reports.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](ea0264761-01_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ea0264761-01_ex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  (registrant) | Cliffwater Corporate Lending Fund |
|  By (Signature and Title)\* | /s/ Stephen Nesbitt |
|  | Stephen Nesbitt, President |
|  | (Principal Executive Officer) |
|  Date | December 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | /s/ Stephen Nesbitt |
|  | Stephen Nesbitt, President |
|  | (Principal Executive Officer) |
|  Date | December 5, 2025 |
|  By (Signature and Title)\* | /s/ Lance J. Johnson |
|  | Lance J. Johnson, Treasurer |
|  | (Principal Financial Officer) |
|  Date | December 5, 2025 |

---

------

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>Section 302 Certification</u>** 

I, Stephen Nesbitt, certify that:

1. I have reviewed this report on Form N-CSR of Cliffwater Corporate Lending Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the Audit Committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: December 5, 2025

---

| |
|:---|
| /s/ Stephen Nesbitt |
| Stephen Nesbitt, President |
| (Principal Executive Officer) |

---

**<u>Section 302 Certification</u>**

I, Lance J. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of Cliffwater Corporate Lending Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the Audit Committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: December 5, 2025

---

| |
|:---|
| /s/ Lance J. Johnson |
| Lance J. Johnson, Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**<u>Section 906 Certification</u>**

I, Stephen Nesbitt, certify that the periodic report containing the financial statements filed herewith pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) (the "1934 Act") fully complies with the requirements of said Sections 13(a) or 15(d) of the 1934 Act and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: December 5, 2025

---

| |
|:---|
| /s/ Stephen Nesbitt |
| Stephen Nesbitt, President |
| (Principal Executive Officer) |

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I, Lance J. Johnson, certify that the periodic report containing the financial statements filed herewith pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) (the "1934 Act") fully complies with the requirements of said Sections 13(a) or 15(d) of the 1934 Act and that information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: December 5, 2025

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| /s/ Lance J. Johnson |
| Lance J. Johnson, Treasurer |
| (Principal Financial Officer) |

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