# EDGAR Filing Document

**Accession Number:** 0001735964
**File Stem:** 0001213900-25-052571
**Filing Date:** 2025-6
**Character Count:** 914635
**Document Hash:** 697a27aac295b5bb14a5c16f310350d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-052571.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001213900-25-052571

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23333
- **FILM NUMBER:** 251033706

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

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **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

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#### 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) 299-2000

Timothy M. Bonin

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: March 31, 2025

------

#### Item 1. &nbsp;&nbsp;&nbsp;&nbsp; Report to Shareholders
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) </u>   <u> The annual report of the registrant for the year ended March 31, 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>

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#### CLIFFWATER CORPORATE LENDING FUND

------

**Annual Report**

For the Year Ended March 31, 2025

------

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  **Table of Contents**<br> For the Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
|  [Letter to Shareholders (Unaudited)](#T9501) | 2 |
|  [Fund Performance (Unaudited)](#T9502) | 4 |
|  [Report of Independent Registered Public Accounting Firm](#T9503) | 5 |
|  [Consolidated Schedule of Investments](#T9504) | 6-106 |
|  [Consolidated Schedule of Swap Contracts](#T9505) | 107-108 |
|  [Consolidated Schedule of Foreign Currency Exchange Contracts](#T9506) | 109 |
|  [Consolidated Statement of Assets and Liabilities](#T9507) | 112 |
|  [Consolidated Statement of Operations](#T9508) | 113 |
|  [Consolidated Statements of Changes in Net Assets](#T9509) | 114 |
|  [Consolidated Statement of Cash Flows](#T9510) | 115-116 |
|  [Consolidated Financial Highlights](#T9511) | 117-118 |
|  [Notes to Consolidated Financial Statements](#T9512) | 119-185 |
|  [Other Information (Unaudited)](#T9513) | 186-187 |
|  [Fund Management (Unaudited)](#T9514) | 188-189 |
|  [Privacy Notice (Unaudited)](#T9515) | 190-191 |

---

*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> March 31, 2025 (Unaudited) |

---

To our shareholders:

We recently completed five and three-quarters years of operation and want to thank you for the continued trust you have placed in us. Performance has been consistently strong relative to our objective.

The Cliffwater Corporate Lending Fund (the "Fund") produced a net 9.64% annualized return from its June 5, 2019, inception, through March 31, 2025. This compares to a 5.63% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measured 1.81% for the same period compared to 6.61% for the Morningstar LSTA US Leveraged Loan Index.

The Fund experienced strong investor inflows over the trailing year, with net assets growing from $17.9 billion on March 31, 2024, to $28.1 billion on March 31, 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 fiscal year 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 10.75% 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> March 31, 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 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** |
|  Fund Performance<br> March 31, 2025 (Unaudited) |

---

This graph compares a hypothetical $10,000,000 investment in the Fund's Class I Shares with a similar investment in the Morningstar LSTA US Leveraged Loan Index and the Bloomberg US Aggregate Index. These indices do not serve as benchmarks for the Fund and are shown for illustrative purposes only. The Fund does not have a designated performance benchmark. Results include the reinvestment of all dividends and capital gains. These indices do not reflect expenses, fees, or sales charges, which would lower performance.

The Morningstar LSTA Leveraged Loan Index is designed to deliver comprehensive, precise coverage of the US leveraged loan market. The Morningstar LSTA US Leveraged Loan Index is a market value weighted index tracking institutional leveraged loans in the United States based upon market weightings, spreads and interest payment, including Term Loan A, Term Loan B and Second Lien tranches. The Morningstar LSTA US Leveraged Loan Index is unmanaged and it is not available for investment.

The Bloomberg US Aggregate Index is a broad based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. The index is unmanaged and it is not available for investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Average Annual Total Returns as of March 31, 2025** | **1 Year** | **3 Year** | **5 Year** | **Since <br>Inception** |
|  Cliffwater Corporate Lending Fund (Inception Date June 5, 2019) | 11.78% | 10.69% | 10.98% | 9.62% |
|  Morningstar LSTA US Leveraged Loan Index | 6.86% | 7.21% | 8.96% | 5.62% |
|  Bloomberg US Aggregate Index | 4.88% | 0.52% | -0.40% | 0.81% |

---

***The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 1 (888) 442***-4420*.***

For the period from the Fund's inception through March 6, 2023, the Investment Manager contractually waived management fees and voluntarily reimbursed expenses for the Fund (together, the "Waiver and Reimbursement"). The performance quoted above reflects the Waiver and Reimbursement in effect through March 6, 2023 and would have been lower in its absence.

For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Report of Independent Registered Public Accounting Firm<br>|

---

![](tcohen_logo.jpg)

To the Shareholders and Board of Trustees of

Cliffwater Corporate Lending Fund

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedules of investments, swap contracts, and forward foreign currency exchange contracts, of Cliffwater Corporate Lending Fund (the "Fund") as of March 31, 2025, the related consolidated statements of operations, cash flows, and changes in net assets, the related notes, and the consolidated financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations, its cash flows, the changes in net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Consolidated <br>Statements of <br>Operations and <br>Cash Flows** | **Consolidated <br>Statements of <br>Changes in Net <br>Assets** | **Consolidated <br>Financial <br>Highlights** |
|  Cliffwater Corporate Lending Fund | For the year ended March 31, 2025 | For the years ended March 31, 2025, and 2024 | For the years ended March 31, 2025, 2024, 2023, for the period January 1, 2022<br> through March 31, 2022, for the years<br> ended December 31, <br> 2021, and 2020. |

---

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers, agent banks, issuers, and underlying fund administrators or managers; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by Cliffwater LLC since 2019.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 5, 2025

![](tcohen_footer.jpg)

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 — 76.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services — 8.9%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | Delayed Draw | 9.57% | SOFR | 525 | 11/15/2031 | USD | 6847827 | $1029038 | $1080477<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/15/2031 | USD | 40086957 | 39701226 | 39732590<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Partners LLC | Revolver | 9.57% | SOFR | 525 | 11/15/2031 | USD | 4565218 | (43336) | (10116)<sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alert SRC Newco LLC | Delayed Draw | 9.32% | SOFR | 500 | 12/11/2030 | USD | 1307948 | 7024 | 4577<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alert SRC Newco LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 12/11/2030 | USD | 4054638 | 3996109 | 3987736<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alert SRC Newco LLC | Revolver | 0.50% |  |  | 12/11/2030 | USD | 392384 | (5593) | (6474)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU Intermediate Holdings, LLC | First Lien Term Loan | 9.72% | SOFR | 550 | 5/23/2029 | USD | 2456438 | 2415487 | 2436999<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALKU Intermediate Holdings, LLC | First Lien Term Loan | 10.47% | SOFR | 625 | 5/23/2029 | USD | 22218750 | 21795650 | 22149417<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Intel Intermediate 2, LLC (fka Claims Automation Intermediate 2, LLC) | Delayed Draw | 8.78% | SOFR | 450 | 12/16/2027 | USD | 50000000 | 3273407 | 3176641<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMCP Clean Acquisition Company, LLC | Delayed Draw | 9.05% | SOFR | 475 | 6/15/2028 | USD | 840790 | 383056 | 381633<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | Delayed Draw | 9.57% | SOFR | 525 | 1/27/2032 | USD | 12502155 | 8902063 | 8874900<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 1/27/2032 | USD | 27348463 | 27314851 | 27257081<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerit Fleet Parent, LLC | Revolver | 0.50% |  |  | 1/27/2032 | USD | 6251077 | (16222) | (29659)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmSpec Parent LLC | Delayed Draw | 1.00% |  |  | 12/20/2031 | USD | 4000000 | (19699) | 1963<br><sup>1,2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmSpec Parent LLC | First Lien Term Loan | 8.55% | SOFR | 425 | 12/20/2031 | USD | 26000000 | 25872916 | 26016380<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | First Lien Term Loan | 9.05% | SOFR | 475 | 12/11/2029 | USD | 9152370 | 9086395 | 9069522<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Analytic Partners, LP | Revolver | 0.50% |  |  | 12/11/2029 | USD | 1236807 | (8828) | (11196)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | Delayed Draw | 9.55% | SOFR | 525 | 5/23/2030 | USD | 7610521 | 628996 | 584995<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 5/23/2030 | USD | 25948287 | 25600880 | 25437230<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | Revolver | 9.55% | SOFR | 525 | 5/23/2030 | USD | 3578681 | 1781271 | 1756929<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Hour, LLC | Revolver | 9.55% | SOFR | 500 | 5/23/2030 | USD | 228426 | 225531 | 223927<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Delayed Draw | 10.20% | SOFR | 575 | 12/29/2026 | USD | 11039208 | 10776166 | 10824658<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | First Lien Term Loan | 10.20% | SOFR | 575 | 12/29/2026 | USD | 9153383 | 9065178 | 8964778<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | First Lien Term Loan | 10.45% | SOFR | 600 | 12/29/2026 | USD | 676705 | 668756 | 675674<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Technical Services, LLC | Revolver | 13.25% | PRIME | 475 | 12/29/2026 | USD | 1637986 | 1629092 | 1604235<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Carver Buyer, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 8/2/2029 | USD | 29625000 | 29153352 | 29472283<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | Delayed Draw | 9.39% | SOFR | 500 | 10/6/2029 | USD | 619661 | 173189 | 171875<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | First Lien Term Loan | 9.40% | SOFR | 500 | 10/6/2029 | USD | 6451534 | 6371889 | 6412132<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer Acquisition, LLC | Revolver | 0.50% |  |  | 10/6/2029 | USD | 130587 | (3918) | (289)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Holdings LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 11/18/2027 | USD | 2238610 | 2219027 | 2221256<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Holdings LLC | Revolver | 10.10% | PRIME | 500 | 11/18/2027 | USD | 1014321 | 1793 | 3940<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 9/24/2030 | USD | 3695652 | 149816 | 178098<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 9/24/2030 | USD | 3686413 | 3643343 | 3670829<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATIS Acquisition, Inc. | Revolver | 0.50% |  |  | 9/24/2030 | USD | 1108696 | (12677) | (4732)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auxey Bidco Limited | First Lien Term Loan | 10.76% | SOFR | 600 | 6/29/2027 | USD | 14812500 | 14612282 | 14439420<br><sup>1,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; AVSC Holding Corp. | Revolver | 9.32% | SOFR | 500 | 12/5/2029 | USD | 240543 | $19546 | $21286<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp. | Revolver | 11.50% | SOFR | 500 | 12/5/2029 | USD | 1900993 | 724370 | 738521<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVSC Holding Corp. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/5/2031 | USD | 18108525 | 17756750 | 17900138<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Revolver | 9.07% | SOFR | 475 | 12/22/2026 | USD | 4710217 | 1522913 | 1587478<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 12/22/2030 | USD | 13624487 | 13561463 | 13569730<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 12/22/2030 | USD | 32237305 | 31715615 | 32107740<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 12/23/2030 | USD | 26478875 | 9327684 | 9369176<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 12/23/2030 | USD | 20546971 | 20419587 | 20464390<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWP Group Holdings, Inc. | Revolver | 9.07% | SOFR | 475 | 12/23/2030 | USD | 9535603 | 1960402 | 1922077<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Holding, Inc. | Delayed Draw | 10.44% | SOFR | 625 | 12/17/2027 | USD | 1346716 | 250796 | 267319<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Holding, Inc. | First Lien Term Loan | 10.44% | SOFR | 625 | 12/17/2027 | USD | 813103 | 801605 | 811865<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Holding, Inc. | Revolver | 0.50% |  |  | 12/17/2027 | USD | 134668 | (1854) | (205)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BC Group Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 12/21/2026 | USD | 1108009 | 1093359 | 1098024<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benecon Midco II LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 1/23/2031 | USD | 74625000 | 73641352 | 74522045<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benecon Midco II LLC | Revolver | 0.50% |  |  | 1/23/2031 | USD | 6500000 | (80861) | (8968)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | Delayed Draw | 1.00% |  |  | 7/10/2031 | USD | 1521000 | (18093) | (3835)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 7/10/2031 | USD | 4900717 | 4843792 | 4888361<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bingo Group Buyer, Inc. | Revolver | 9.30% | SOFR | 500 | 7/10/2031 | USD | 585000 | 4855 | 9986<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 1/24/2031 | USD | 1310926 | (16140) | (19334)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 1/24/2031 | USD | 917648 | 906440 | 904114<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. | Revolver | 0.50% |  |  | 1/24/2031 | USD | 272282 | (3301) | (4016)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSC Top Shelf Blocker, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 6/28/2029 | USD | 2101440 | 2069073 | 2064665<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSC Top Shelf Blocker, LLC | Revolver | 0.50% |  |  | 6/28/2029 | USD | 294500 | (4378) | (5154)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. | Delayed Draw | 9.82% | SOFR | 550 | 8/12/2029 | USD | 5583456 | 652620 | 632792<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 8/12/2029 | USD | 9653796 | 9523344 | 9460720<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. | Revolver | 0.50% |  |  | 8/12/2029 | USD | 490460 | 122122 | 120524<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. | Revolver | 9.82% | PRIME | 550 | 8/12/2029 | USD | 986239 | 970498 | 966514<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. | Revolver | 9.82% | SOFR | 550 | 8/12/2029 | USD | 592997 | 582511 | 581136<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | Delayed Draw | 1.00% |  |  | 2/19/2031 | USD | 6213592 | (61567) | (71881)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 2/19/2031 | USD | 29126214 | 28839038 | 28789269<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Career Certified, LLC | Revolver | 0.50% |  |  | 2/19/2031 | USD | 4660194 | (45738) | (53911)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI Parent, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 2/14/2028 | USD | 18697322 | 18443413 | 18480266<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGI Parent, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 2/14/2028 | USD | 1327501 | 1314678 | 1312090<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CL Services Acquisition, LLC | Delayed Draw | 1.00% |  |  | 4/25/2028 | USD | 1108000 | (17240) | (22160)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | Delayed Draw | 9.05% | SOFR | 475 | 10/11/2031 | USD | 26470587 | 5943748 | 5916905<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 10/11/2031 | USD | 8529412 | 8448192 | 8438382<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobalt Service Partners, LLC | Revolver | 0.50% |  |  | 10/11/2031 | USD | 3176471 | (29665) | (33901)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Command Holding Corp. | Delayed Draw | 1.00% |  |  | 3/7/2031 | USD | 7627119 | $(75852) | $(81258)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | First Lien Term Loan | 9.04% | SOFR | 475 | 3/7/2031 | USD | 19830508 | 19633860 | 19619238<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. | Revolver | 0.50% |  |  | 3/7/2031 | USD | 2542373 | (25141) | (27086)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Delayed Draw | 1.00% |  |  | 11/1/2031 | USD | 2700000 | (39317) | (42032)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 11/1/2031 | USD | 6750000 | 6652963 | 6644921<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Management Holdings Midco 2, LLC | Revolver | 9.29% | SOFR | 500 | 11/1/2031 | USD | 1125000 | 298994 | 297487<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coolsys, Inc. | Delayed Draw | 1.00% |  |  | 8/11/2028 | USD | 2824074 | (47198) | (54440)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coolsys, Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 8/11/2028 | USD | 101583333 | 99911036 | 99625089<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC | Delayed Draw | 1.00% |  |  | 10/1/2029 | USD | 3007519 | (25192) | (4580)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC | Revolver | 0.50% |  |  | 10/1/2029 | USD | 4511278 | (268731) | (6870)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coretrust Purchasing Group LLC | Delayed Draw | 1.00% |  |  | 9/30/2029 | USD | 4511278 | (71427) | (6870)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | Delayed Draw | 1.00% |  |  | 8/27/2031 | USD | 26253656 | (270348) | (292096)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 8/27/2031 | USD | 1522957 | 1522957 | 1522957<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 8/27/2031 | USD | 98853825 | 97874268 | 97716245<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRCI Longhorn Holdings, Inc. | Revolver | 9.32% | SOFR | 500 | 8/27/2031 | USD | 17502438 | 12646557 | 12617370<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | Delayed Draw | 1.00% |  |  | 11/26/2030 | USD | 1905581 | (27780) | (18403)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 11/26/2030 | USD | 1905581 | 1878227 | 1877635<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crete PA Holdco, LLC | Revolver | 0.50% |  |  | 11/26/2030 | USD | 285837 | (4044) | (4905)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | Delayed Draw | 1.00% |  |  | 2/10/2032 | USD | 7278184 | (44763) | (72782)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | First Lien Term Loan | 9.05% | SOFR | 475 | 2/10/2032 | USD | 23290189 | 23118551 | 23057287<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DA Blocker Corp. | Revolver | 9.05% | SOFR | 475 | 2/10/2032 | USD | 2426062 | 703988 | 703557<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | Delayed Draw | 1.00% |  |  | 10/31/2031 | USD | 183450 | (2672) | (2867)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 10/31/2031 | USD | 559544 | 551499 | 550799<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davidson Hotel Company LLC | Revolver | 9.32% | SOFR | 500 | 10/31/2031 | USD | 95904 | 33799 | 33666<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | Delayed Draw | 9.54% | SOFR | 525 | 1/29/2032 | USD | 15000000 | 3088424 | 3063475<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | Delayed Draw | 9.57% | SOFR | 525 | 9/15/2028 | USD | 26822641 | 26479868 | 26512347<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Buyerco LLC | First Lien Term Loan | 9.71% | SOFR | 525 | 9/15/2028 | USD | 17170732 | 16960866 | 16972093<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dione Bidco Limited | Delayed Draw | 9.59% | SOFR | 525 | 11/22/2028 | GBP | 11742750 | 8458807 | 8888944<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | Delayed Draw | 9.27% | SOFR | 500 | 9/9/2028 | USD | 3436708 | 3294958 | 3290080<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | First Lien Term Loan | 9.32% | SOFR | 500 | 9/9/2028 | USD | 4570821 | 4515445 | 4505899<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISA Holdings Corp. | Revolver | 9.31% | PRIME | 500 | 9/9/2028 | USD | 1145569 | 215873 | 212500<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMT Solutions Global Corporation | First Lien Term Loan | 12.40% | SOFR | 800 | 8/30/2027 | USD | 29091765 | 28508925 | 28710510<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTI Holdco, Inc. | Revolver | 0.50% |  |  | 4/26/2027 | USD | 874917 |  | (1332)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco GmbH | Delayed Draw | 1.00% |  |  | 2/28/2032 | EUR | 6948571 | (111808) | (69889)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East River Bidco GmbH | First Lien Term Loan | 7.62% | EURIBOR | 525 | 2/28/2032 | EUR | 17371429 | 18397447 | 18502224<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 March 31, 2025 (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; EMB Purchaser, Inc. | Delayed Draw | 8.78% | SOFR | 450 | 3/12/2032 | USD | 822331 | $9788 | $9759<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 3/12/2032 | USD | 1244481 | 1232101 | 1232036<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMB Purchaser, Inc. | Revolver | 0.50% |  |  | 3/12/2032 | USD | 263312 | (2614) | (2633)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Deposition Solutions, LLC | Delayed Draw | 9.55% | SOFR | 525 | 12/30/2028 | USD | 1664842 | 1648642 | 1639870<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Deposition Solutions, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/30/2028 | USD | 8491008 | 8403199 | 8363644<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Deposition Solutions, LLC | Revolver | 9.55% | SOFR | 525 | 12/30/2028 | USD | 1440040 | 212644 | 208806<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explorer Investor, Inc. | First Lien Term Loan | 10.31% | SOFR | 600 | 6/28/2029 | USD | 29312780 | 28290707 | 27532538<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | Delayed Draw | 1.00% |  |  | 1/31/2032 | USD | 10579096 | (52375) | (52896)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 1/31/2032 | USD | 18747175 | 18654795 | 18653439<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Firebird Acquisition Corp, Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 3173729 | (15558) | (15869)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FR Vision Holdings, Inc. | First Lien Term Loan | 9.79% | SOFR | 550 | 1/21/2031 | USD | 2767482 | 2718719 | 2763267<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FR Vision Holdings, Inc. | Revolver | 0.50% |  |  | 1/22/2030 | USD | 352951 | (5714) | (538)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Parent, Inc. | Revolver | 10.05% | SOFR | 575 | 5/3/2029 | USD | 5431620 | 3802134 | 3795086<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Parent, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 5/3/2030 | USD | 34481086 | 34481086 | 34436342<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gerson Lehrman Group, Inc. | First Lien Term Loan | 9.45% | SOFR | 500 | 12/13/2027 | USD | 63506069 | 62745673 | 63250831<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Medal Holdings, Inc. | Revolver | 10.05% | SOFR | 575 | 3/17/2027 | USD | 182333 | 89172 | 88168<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Medal Services LLC | Delayed Draw | 1.00% |  |  | 3/17/2027 | USD | 739742 | (6264) | (9698)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Medal Services LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 3/17/2027 | USD | 2973192 | 2949755 | 2934216<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Medal Services LLC | Revolver | 10.05% | SOFR | 575 | 3/17/2027 | USD | 182333 | 104643 | 103970<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gumtree Industrial Services Bidco Pty Limited | Delayed Draw | 1.00% |  |  | 3/31/2034 | AUD | 1822965 | (22935) | (22935)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gumtree Industrial Services Bidco Pty Limited | First Lien Term Loan | 9.11% | BBSW | 500 | 3/31/2034 | AUD | 8166885 | 5034627 | 5034627<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | Revolver | 0.50% |  |  | 1/31/2030 | USD | 1199012 | (14937) | (14988)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | Delayed Draw | 1.00% |  |  | 1/31/2031 | USD | 475684 | (2372) | (2378)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | First Lien Term Loan | 9.33% | SOFR | 500 | 1/31/2031 | USD | 895871 | 900338 | 900350<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 1/31/2031 | USD | 2667200 | 2653892 | 2653864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Environmental Services, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 1/31/2031 | USD | 207167 | 206133 | 206131<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | Delayed Draw | 9.29% | SOFR | 500 | 6/30/2031 | USD | 2113248 | 346289 | 357803<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 6/30/2031 | USD | 11834194 | 11724385 | 11786631<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSI Halo Acquisition, Inc. | Revolver | 0.50% |  |  | 6/30/2031 | USD | 1711863 | (15428) | (6880)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 10.04% PIK | SOFR | 575 | 8/18/2028 | USD | 21515977 | 21290110 | 21375794<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | Revolver | 10.04% | SOFR | 575 | 8/18/2028 | USD | 1777142 | 209524 | 197945<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 10.54% | SOFR | 625 | 8/18/2028 | USD | 10000000 | 9884260 | 9909885<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; IG Investment Holdings, LLC | Revolver | 0.50% |  |  | 9/22/2027 | USD | 1105999 | $(16030) | $(5530)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 9/22/2028 | USD | 56518123 | 56166055 | 56267696<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | Revolver | 6.75% | SOFR | 500 | 9/22/2028 | USD | 722543 |  | (3613)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IG Investment Holdings, LLC | Revolver | 11.50% | PRIME | 400 | 9/22/2028 | USD | 6198981 | 189370 | 200226<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Discovery, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 6/30/2027 | USD | 12509266 | 12437005 | 12384174<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovative Discovery, LLC | Revolver | 0.50% |  |  | 6/30/2027 | USD | 1128000 | (7313) | (11280)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | Delayed Draw | 1.00% |  |  | 12/17/2030 | USD | 3279857 | (46913) | (55239)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | First Lien Term Loan | 9.55% | SOFR | 525 | 12/17/2030 | USD | 13689840 | 13491748 | 13459275<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inovex Information Systems Incorporated | Revolver | 9.55% | SOFR | 525 | 12/17/2030 | USD | 3030303 | 1350532 | 1342903<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Buyer LLC | Delayed Draw | 9.55% | SOFR | 525 | 10/2/2030 | USD | 1024057 | 41418 | 40216<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 12/15/2027 | USD | 3394898 | 3342473 | 3389727<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 12/15/2027 | USD | 6378053 | 6279437 | 6368340<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC | Delayed Draw | 10.07% | SOFR | 575 | 12/30/2029 | USD | 3238333 | 1451534 | 1444127<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelso Industries LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 12/30/2029 | USD | 8419667 | 8256721 | 8233995<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 8/1/2029 | USD | 20040323 | (206823) | (243562)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 8/7/2029 | USD | 9043154 | 5518530 | 5524047<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 8/7/2029 | USD | 11856048 | 11687339 | 11711955<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENG Acquisition, Inc. | Revolver | 0.50% |  |  | 8/7/2029 | USD | 3266129 |  | (39695)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KeyImpact Holdings, Inc. | First Lien Term Loan | 10.79% | SOFR | 650 | 1/31/2029 | USD | 5035088 | 4932067 | 5027420<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Partners, LLC | Delayed Draw | 9.55% | SOFR | 525 | 10/25/2028 | USD | 613000 | 236942 | 236005<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Partners, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 10/25/2028 | USD | 3769950 | 3718437 | 3713401<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Partners, LLC | Revolver | 0.50% |  |  | 10/25/2028 | USD | 352000 | (4716) | (5280)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | Delayed Draw | 1.00% |  |  | 3/10/2032 | USD | 9177132 | (91393) | (91771)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | First Lien Term Loan | 9.04% | SOFR | 475 | 3/10/2032 | USD | 11354237 | 11241374 | 11240695<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Hilltop Acquisition, LLC | Revolver | 0.50% |  |  | 3/10/2032 | USD | 4222973 | (41877) | (42230)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lav Gear Holdings, Inc. | First Lien Term Loan | 10.00% PIK |  |  | 10/31/2025 | USD | 743720 | 670471 | 639376<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lav Gear Holdings, Inc. | Delayed Draw | 10.70% | SOFR | 625 | 10/31/2025 | USD | 14775000 | 14257969 | 12702067<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lav Gear Holdings, Inc. | Delayed Draw | 10.72% | SOFR | 625 | 10/31/2025 | USD | 6895000 | 6653697 | 5927631<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lav Gear Holdings, Inc. | First Lien Term Loan | 10.70% | SOFR | 625 | 10/31/2025 | USD | 5256681 | 5145203 | 4519169<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lav Gear Holdings, Inc. | First Lien Term Loan | 10.72% | SOFR | 625 | 10/31/2025 | USD | 230337 | 229188 | 198021<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lereta, LLC | First Lien Term Loan | 9.69% | SOFR | 525 | 7/30/2028 | USD | 17898750 | 17719763 | 15838783<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | Delayed Draw | 1.00% |  |  | 12/20/2031 | USD | 8653846 | (106300) | (121537)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 12/20/2031 | USD | 17884615 | 17666553 | 17633439<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Parent Holdings, Inc. | Revolver | 0.50% |  |  | 12/20/2031 | USD | 3461538 | (41799) | (48615)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Liquid Enviromental Solutions Corporation | First Lien Term Loan | 9.40% | SOFR | 500 | 5/31/2026 | USD | 397131 | $393609 | $392392<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynx Franchising, LLC | First Lien Term Loan | 11.22% | SOFR | 675 | 12/23/2026 | USD | 5000000 | 4974774 | 4957439<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynx Franchising, LLC | First Lien Term Loan | 12.47% | SOFR | 675 | 12/23/2026 | USD | 4808829 | 4765346 | 4767895<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | Delayed Draw | 9.28% | SOFR | 500 | 8/16/2027 | USD | 35093576 | 32030351 | 32461428<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | First Lien Term Loan | 9.28% | SOFR | 500 | 8/16/2027 | USD | 14845520 | 14010800 | 14747314<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Consulting & Research, LLC | Revolver | 9.26% | SOFR | 500 | 8/16/2027 | USD | 4077061 | 497151 | 486095<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marina Acquisition, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 7/1/2030 | USD | 10210806 | 10071197 | 10093303<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marina Acquisition, Inc. | Revolver | 11.50% | PRIME | 400 | 7/1/2030 | USD | 1458686 | 184861 | 187430<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | Delayed Draw | 1.00% |  |  | 11/5/2030 | USD | 10833333 | (52472) | (65049)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 11/5/2030 | USD | 11666667 | 11611127 | 11596614<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markon, LLC | Revolver | 8.80% | SOFR | 450 | 11/5/2030 | USD | 2500000 | 1154949 | 1151655<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmic Fire & Life Safety Co. | Delayed Draw | 9.05% | SOFR | 475 | 7/24/2031 | USD | 7247437 | 1862089 | 1865457<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmic Fire & Life Safety Co. | First Lien Term Loan | 9.05% | SOFR | 475 | 7/24/2031 | USD | 10893590 | 10789533 | 10795422<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marmic Fire & Life Safety Co. | Revolver | 0.50% |  |  | 7/24/2031 | USD | 2602564 | (24058) | (23452)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKissock Investment Holdings, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 3/10/2029 | USD | 24750000 | 24258200 | 24667583<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStar Logistics LLC | First Lien Term Loan | 11.72% | SOFR | 450 | 12/31/2030 | USD | 8999000 | 8911546 | 8895442<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MicroStar Logistics LLC | Revolver | 8.79% | SOFR | 450 | 12/31/2030 | USD | 1000 | 616 | 615<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miraclon Corporation | First Lien Term Loan | 8.01% | EURIBOR | 550 | 11/26/2031 | EUR | 50000000 | 51856507 | 53630837<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miraclon Corporation | Revolver | 0.50% |  |  | 11/26/2031 | EUR | 6382979 | (416222) | (212948)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | Delayed Draw | 1.00% |  |  | 3/24/2031 | USD | 761946 | (9507) | (9524)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | First Lien Term Loan | 9.05% | SOFR | 375 | 3/24/2031 | USD | 2963193 | 2926251 | 2926153<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP-MSI Buyer, Inc. | Revolver | 8.05% | SOFR | 375 | 3/24/2031 | USD | 1000 | 246 | 246<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onyx-Fire Protection Services, Inc. | Delayed Draw | 7.67% | CORRA | 450 | 7/31/2031 | CAD | 3149683 | 655373 | 550026<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 | 7.67% | CORRA | 450 | 7/31/2031 | CAD | 15748416 | 11400790 | 10871941<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onyx-Fire Protection Services, Inc. | Revolver | 0.50% |  |  | 7/31/2031 | CAD | 4049593 | (27063) | (163721)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Delayed Draw | 1.00% |  |  | 6/30/2029 | USD | 23157895 | (27138) | 138152<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Delayed Draw | 9.79% | SOFR | 550 | 6/30/2029 | USD | 21630197 | 15514532 | 16114499<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 6/30/2029 | USD | 31321776 | 30637057 | 31508632<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Group FM Holdings, LLC | Revolver | 9.80% | SOFR | 550 | 6/30/2029 | USD | 4342105 | 1546358 | 1618009<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P20 Parent, Inc. | First Lien Term Loan | 11.80% | SOFR | 750 | 7/12/2028 | USD | 34212500 | 33773955 | 33822209<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Revolver | 11.25% | SOFR | 375 | 12/30/2027 | USD | 374998 | 206083 | 210423<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 12/30/2028 | USD | 7132283 | 2879779 | 2958102<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAS Parent, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 12/30/2028 | USD | 1253125 | 1253125 | 1238845<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pavion Corp. | Delayed Draw | 10.30% | SOFR | 575 | 10/30/2030 | USD | 3173996 | 2672743 | 2723495<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 March 31, 2025 (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; Pavion Corp. | First Lien Term Loan | 10.04% | SOFR | 575 | 10/30/2030 | USD | 13449625 | $13218322 | $13429142<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Finance, Inc. | Second Lien Term Loan | 13.30% | SOFR | 900 | 8/14/2028 | USD | 5688017 | 5547176 | 5517376<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Labs Acquisition, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 9/17/2029 | USD | 844900 | 829420 | 828002<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Labs Acquisition, LLC | Revolver | 0.50% |  |  | 9/17/2029 | USD | 277500 | (4962) | (5550)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propio LS LLC | Revolver | 12.00% | PRIME | 350 | 7/17/2029 | USD | 1989357 | 42255 | 51685<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Propio LS, LLC | First Lien Term Loan | 8.77% | SOFR | 450 | 7/17/2030 | USD | 16096746 | 15945729 | 16032051<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | Delayed Draw | 1.00% |  |  | 8/26/2029 | USD | 611040 | (6110) | (6110)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | First Lien Term Loan | 9.20% | SOFR | 500 | 8/26/2029 | USD | 366624 | 362958 | 362958<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | First Lien Term Loan | 9.45% | SOFR | 500 | 8/26/2027 | USD | 112468 | 112468 | 112468<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrar Intermediate, LLC | Revolver | 9.45% | SOFR | 500 | 8/26/2027 | USD | 19068 | 5085 | 5085<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | Delayed Draw | 11.31%, <br>4.75% PIK | SOFR | 200 | 8/12/2026 | USD | 4582031 | 4582031 | 4385188<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | First Lien Term Loan | 11.31%, <br>4.75% PIK | SOFR | 200 | 8/12/2026 | USD | 19654943 | 19529576 | 18818423<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RQM Buyer, Inc. | First Lien Term Loan | 11.31%, <br>4.75% PIK | SOFR | 200 | 8/12/2029 | USD | 8543827 | 8507204 | 8180199<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. | Delayed Draw | 9.33% | SOFR | 500 | 12/27/2026 | USD | 5367018 | 5277543 | 5313348<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. | First Lien Term Loan | 9.33% | SOFR | 500 | 12/27/2026 | USD | 27072082 | 26873841 | 26801362<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 | (7862) | (9882)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | Delayed Draw | 9.07% | SOFR | 475 | 12/18/2031 | USD | 3636364 | 609561 | 603423<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seahawk Bidco, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 12/18/2031 | USD | 11636364 | 11551193 | 11530953<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Bidco Limited | Delayed Draw | 1.00% |  |  | 11/28/2030 | GBP | 2461152 | 1100172 | 1235635<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Bidco Limited | First Lien Term Loan | 10.16% | SONIA | 570 | 11/28/2030 | GBP | 15229606 | 18829550 | 19643990<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Bidco Limited | Revolver | 0.50% |  |  | 11/28/2030 | GBP | 1476691 | 711112 | 741381<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | Delayed Draw | 9.72% | SOFR | 525 | 3/20/2028 | USD | 225481 | 169957 | 172062<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | First Lien Term Loan | 9.69% | SOFR | 525 | 3/20/2028 | USD | 2776647 | 2743281 | 2752486<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southpaw AP Buyer, LLC | Revolver | 0.50% |  |  | 3/20/2028 | USD | 225694 | (2594) | (500)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stats Intermediate Holdings, LLC | First Lien Term Loan | 9.83% | SOFR | 525 | 7/10/2026 | USD | 3708897 | 3624803 | 3606902<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Delayed Draw | 1.00% |  |  | 12/22/2027 | USD | 101276 | (1227) | (134)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Delayed Draw | 11.82%, <br>4.00% PIK | SOFR | 350 | 12/22/2027 | USD | 9884853 | 9461285 | 9812241<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | First Lien Term Loan | 11.82%, <br>4.00% PIK | SOFR | 350 | 12/22/2027 | USD | 4059790 | 3974557 | 4030012<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Revolver | 11.82%, <br>4.00% PIK | SOFR | 350 | 12/22/2027 | USD | 2171429 | 623571 | 625709<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | Delayed Draw | 1.00% |  |  | 9/17/2031 | USD | 6691585 | (64588) | (14828)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 9/17/2031 | USD | 21859176 | 21651886 | 21603534<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chartis Group, LLC | Revolver | 0.50% |  |  | 9/17/2031 | USD | 3345792 | (31102) | (7415)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; The Hiller Companies, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 6/20/2030 | USD | 2521562 | $665111 | $678650<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 6/20/2030 | USD | 9157249 | 9074171 | 9120445<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hiller Companies, Inc. | Revolver | 0.50% |  |  | 6/20/2030 | USD | 1592565 | (13978) | (6401)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Delayed Draw | 1.00% |  |  | 8/12/2029 | USD | 6125644 | (86426) | (9328)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Delayed Draw | 9.05% | SOFR | 475 | 8/12/2029 | USD | 5391712 | 5291429 | 5383501<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 8/12/2029 | USD | 21806511 | 21498682 | 21773302<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Group Holdco, LLC | Revolver | 0.50% |  |  | 8/12/2029 | USD | 5562822 | (39131) | (8471)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 1.00% |  |  | 5/27/2029 | USD | 9206800 | (91411) | (92068)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 9.94% | SOFR | 550 | 5/27/2029 | USD | 13521279 | 13265330 | 13386066<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 9.96% | SOFR | 550 | 5/27/2029 | USD | 1320038 | 1296510 | 1306838<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 9.97% | SOFR | 550 | 5/27/2029 | USD | 7881912 | 7738737 | 7803094<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Delayed Draw | 9.96% | SOFR | 550 | 5/27/2029 | USD | 5201250 | 5038727 | 5149238<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | First Lien Term Loan | 9.33% | SOFR | 500 | 5/27/2029 | USD | 9206799 | 9115283 | 9114731<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | First Lien Term Loan | 9.95% | SOFR | 550 | 5/27/2029 | USD | 63219920 | 61844936 | 62587722<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 | 2364574 | (38935) | (23645)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trilon Group, LLC | Revolver | 0.50% |  |  | 5/27/2029 | USD | 396011 | (6385) | (3961)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Delayed Draw | 1.00% |  |  | 1/27/2031 | USD | 1405317 | (20775) | (24035)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Delayed Draw | 9.32% | SOFR | 500 | 1/27/2031 | USD | 562127 | 553865 | 552513<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 1/27/2031 | USD | 1208573 | 1190837 | 1187903<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Purchaser, LLC | Revolver | 0.50% |  |  | 1/27/2031 | USD | 409338 | (5963) | (7001)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Delayed Draw | 9.81% | SOFR | 550 | 9/10/2031 | USD | 6678050 | 1482618 | 1473852<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | First Lien Term Loan | 9.81% | SOFR | 550 | 9/10/2031 | USD | 106757555 | 105901783 | 106616832<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Revolver | 0.50% |  |  | 9/10/2031 | USD | 4703823 | (40624) | (41432)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Revolver | 9.56% | SOFR | 525 | 9/10/2031 | USD | 6992859 | 6927845 | 6931264<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USIC Holdings, Inc. | Revolver | 9.56% | PRIME | 525 | 9/10/2031 | USD | 2716923 | 2694345 | 2692991<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 7/23/2027 | USD | 4990249 | 2596598 | 2704872<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 12/31/2029 | USD | 43927214 | 16840656 | 17644037<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USRP Holdings, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/31/2029 | USD | 32471487 | 31703902 | 32422036<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 | (54788) | (8099)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valcourt Holdings II, LLC | Delayed Draw | 10.20% | SOFR | 575 | 11/21/2029 | USD | 13463112 | 10064706 | 10274813<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valcourt Holdings II, LLC | First Lien Term Loan | 10.20% | SOFR | 575 | 11/21/2029 | USD | 40533845 | 39861577 | 40472115<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valet Waste Holdings, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 5/1/2029 | USD | 2354390 | 2333941 | 2350805<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valet Waste Holdings, Inc. | Revolver | 10.05% | SOFR | 575 | 5/1/2029 | USD | 107148 | 50881 | 51625<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valicor PPC Intermediate I LLC | Revolver | 9.32% | PRIME | 500 | 1/24/2028 | USD | 653366 | 446791 | 447167<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valicor PPC Intermediate I LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 7/24/2028 | USD | 3302115 | 3287575 | 3289503<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Revolver | 0.50% |  |  | 5/6/2030 | USD | 4385965 | (56088) | (7039)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Delayed Draw | 1.00% |  |  | 5/6/2031 | USD | 41057896 | (381604) | (65886)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Valkyrie Buyer, LLC | Delayed Draw | 9.57% | SOFR | 500 | 5/6/2031 | USD | 11634912 | $11474821 | $11616242<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | Delayed Draw | 9.57% | SOFR | 525 | 5/6/2031 | USD | 2982457 | 2940958 | 2977670<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valkyrie Buyer, LLC | First Lien Term Loan | 9.57% | SOFR | 500 | 5/6/2031 | USD | 37121930 | 36616383 | 37062360<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.80% | SOFR | 625 | 7/26/2027 | USD | 1867275 | 1833082 | 1827143<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.81% | SOFR | 625 | 7/26/2027 | USD | 34647619 | 34135711 | 33902956<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Management Services LLC | First Lien Term Loan | 10.81% | SOFR | 625 | 7/26/2027 | USD | 2786746 | 2739773 | 2726852<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 9/27/2031 | USD | 37315724 | 8655987 | 8782794<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 9/27/2031 | USD | 86434276 | 85614226 | 85897020<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Delayed Draw | 9.55% | SOFR | 525 | 6/29/2027 | USD | 5000001 | 4071416 | 4055857<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Delayed Draw | 10.07% | SOFR | 575 | 6/29/2027 | USD | 9971648 | 9867352 | 9877806<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | First Lien Term Loan | 10.05% | SOFR | 550 | 6/29/2027 | USD | 13845529 | 13722808 | 13826143<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 6/29/2027 | USD | 10784141 | 10422097 | 10767717<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VRC Companies, LLC | Revolver | 10.07% | SOFR | 575 | 6/29/2027 | USD | 146 | 37 | 36<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Holdings, Inc. | Revolver | 9.39% | SOFR | 510 | 3/11/2029 | USD | 1061048 | 193306 | 194888<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Holdings, Inc. | Delayed Draw | 9.40% | SOFR | 510 | 4/5/2030 | USD | 2122095 | 320099 | 306370<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert Holdings, Inc. | First Lien Term Loan | 9.39% | SOFR | 510 | 4/5/2030 | USD | 6799773 | 6863233 | 6824763<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert, Inc. | Revolver | 0.50% |  |  | 4/5/2029 | USD | 1475463 | 3671 | 3689<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert, Inc. | Delayed Draw | 9.39% | SOFR | 510 | 4/5/2030 | USD | 2948565 | 440409 | 440302<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woolpert, Inc. | First Lien Term Loan | 9.39% | SOFR | 510 | 4/5/2030 | USD | 5540105 | 5589400 | 5589553<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | Revolver | 0.50% |  |  | 7/2/2030 | USD | 7970661 | (69969) | (83765)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | Delayed Draw | 9.45% | SOFR | 500 | 7/2/2031 | USD | 14943825 | 4787010 | 4719542<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WRE Holding Corp. | First Lien Term Loan | 9.22% | SOFR | 500 | 7/2/2031 | USD | 46193581 | 45766693 | 45708124<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 8/27/2031 | USD | 10115040 | 10018388 | 10049138<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | Revolver | 11.50% | PRIME | 400 | 8/27/2031 | USD | 2023007 | 183301 | 189120<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YA Intermediate Holdings II, LLC | Delayed Draw | 9.30% | SOFR | 500 | 8/31/2031 | USD | 4214600 | 407609 | 420974<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 11/2/2026 | USD | 40584739 | 39833204 | 40328422<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 11/2/2026 | USD | 1654448 | 795199 | 800759<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 11/2/2026 | USD | 794135 | 786471 | 789119<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Revolver | 0.50% |  |  | 11/2/2026 | USD | 330889 | (3157) | (2090)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 11/26/2030 | USD | 35714286 | 17166540 | 17285871<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 11/26/2030 | USD | 16142857 | 15988283 | 16040905<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YLG Holdings, Inc. | Revolver | 0.50% |  |  | 11/26/2030 | USD | 7142857 | (67432) | (45111)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | Delayed Draw | 9.05% | SOFR | 475 | 7/24/2031 | USD | 8132374 | 3403427 | 3407369<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zinc Buyer Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 7/24/2031 | USD | 14963567 | 14823589 | 14828723<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **2504159791** | **2513681258** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 2.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236904 B.C. Ltd. | First Lien Term Loan | 10.17% | SOFR | 593 | 3/4/2027 | USD | 2849164 | $2807771 | $2750946<br><sup>1,3,4,5,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Communication Services | First Lien Term Loan | 10.57%, <br>5.00% PIK | SOFR | 100 | 9/30/2026 | USD | 26079195 | 26018588 | 25779083<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARC Media Holdings Limited | First Lien Term Loan | 11.69% | SOFR | 725 | 10/31/2027 | USD | 2217450 | 2163376 | 2199499<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurelia Netherlands Midco 2 B.V. | First Lien Term Loan | 8.54% | EURIBOR | 575 | 5/1/2031 | EUR | 44735150 | 47528758 | 47439391<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barkley, LLC | First Lien Term Loan | 10.17% | SOFR | 590 | 9/29/2028 | USD | 1370844 | 1348641 | 1343427<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barkley, LLC | First Lien Term Loan | 10.19% | SOFR | 590 | 9/29/2028 | USD | 2393280 | 2353458 | 2345414<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSign, LLC | First Lien Term Loan | 9.92% | SOFR | 550 | 10/14/2027 | USD | 4874372 | 4806361 | 4866949<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | Delayed Draw | 10.30%, <br>2.50% PIK | SOFR | 350 | 5/6/2026 | USD | 293942 | 290182 | 285570<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | First Lien Term Loan | 10.30%, <br>2.50% PIK | SOFR | 350 | 5/6/2026 | USD | 2563423 | 2562078 | 2490412<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CM Acquisitions Holdings, Inc. | Incremental Term Loan | 10.30%, <br>2.50% PIK | SOFR | 350 | 5/6/2026 | USD | 799638 | 799219 | 776863<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cosmos Midco Limited | First Lien Term Loan | 9.24% | SONIA | 478 | 9/25/2027 | GBP | 1772638 | 2384999 | 2286447<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datum Acquisition, LLC | Revolver | 0.50% |  |  | 4/24/2030 | USD | 171600 | (3175) | (3432)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datum Acquisition, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 4/30/2030 | USD | 714000 | 700516 | 699720<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duggal Acquisition, LLC | Delayed Draw | 1.00% |  |  | 9/30/2030 | USD | 682742 | (13077) | (14225)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duggal Acquisition, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 9/30/2030 | USD | 2690089 | 2637529 | 2634040<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duggal Acquisition, LLC | Revolver | 0.50% |  |  | 9/30/2030 | USD | 957177 | (18258) | (19943)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser, LLC | Second Lien Term Loan | 11.06% | SOFR | 650 | 11/4/2029 | USD | 5000000 | 4925000 | 4984777<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | Delayed Draw | 9.29% | SOFR | 500 | 7/2/2031 | USD | 5555556 | 2152512 | 2168863<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 7/2/2031 | USD | 22222222 | 22124169 | 22186562<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 | (9474) | (3566)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Everbridge Holdings, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 7/2/2031 | USD | 14500000 | 14500000 | 14476732<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fingerpaint Marketing, Inc. | Delayed Draw | 9.92% | SOFR | 550 | 12/30/2026 | USD | 8450831 | 8369099 | 8353582<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fingerpaint Marketing, Inc. | Delayed Draw | 9.92% | SOFR | 560 | 12/30/2026 | USD | 1546934 | 852346 | 848481<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fingerpaint Marketing, Inc. | First Lien Term Loan | 9.92% | SOFR | 550 | 12/30/2026 | USD | 9861298 | 9762771 | 9747817<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fingerpaint Marketing, Inc. | Revolver | 13.75% | PRIME | 675 | 12/30/2026 | USD | 2016130 | 67204 | 44003<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FuseFX, LLC | First Lien Term Loan | 10.57%, <br>5.00% PIK | SOFR | 100 | 9/30/2026 | USD | 12951254 | 12901952 | 12816440<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Music Rights | First Lien Term Loan | 9.05% | SOFR | 475 | 12/20/2031 | USD | 107340980 | 105532520 | 105263400<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Music Rights | Revolver | 9.12% | SOFR | 475 | 12/20/2031 | USD | 10763497 | 805373 | 786118<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOGO Intermediate Holdings LLC | First Lien Term Loan | 10.32% | SOFR | 600 | 4/30/2028 | USD | 3483384 | 3419247 | 3424830<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HALO Buyer, Inc. | First Lien Term Loan | 10.32% | SOFR | 600 | 8/7/2029 | USD | 44421809 | 43554943 | 43484921<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 March 31, 2025 (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; HALO Buyer, Inc. | Revolver | 0.50% |  |  | 8/7/2029 | USD | 4264984 | $(82705) | $(89952)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HALO Buyer, Inc. | Revolver | 10.32% | SOFR | 600 | 8/7/2029 | USD | 1176688 | 1153785 | 1151870<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HALO Buyer, Inc. | Revolver | 10.32% | PRIME | 600 | 8/7/2029 | USD | 1221600 | 1197889 | 1195835<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HH Global Finance Limited | First Lien Term Loan | 10.86% | SOFR | 618 | 2/25/2027 | USD | 15000000 | 14887500 | 14977156<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Purchaser Corporation | First Lien Term Loan | 10.80% | 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 | 512821<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infolinks Media Buyco, LLC | Delayed Draw | 9.80% | SOFR | 550 | 11/1/2026 | USD | 271378 | 268574 | 267308<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infolinks Media Buyco, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 11/1/2026 | USD | 2588238 | 2559405 | 2546403<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Klick, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 3/31/2028 | USD | 317818 | 315058 | 314161<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KL Charlie Acquisition Company | Delayed Draw | 1.00% |  |  | 12/30/2026 | USD | 872757 | (8728) | (8728)<sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Holdings, Inc. | First Lien Term Loan | 10.10% | SOFR | 575 | 4/16/2027 | USD | 13248305 | 13082701 | 13228129<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Holdings, Inc. | First Lien Term Loan | 10.60% | SOFR | 625 | 4/16/2027 | USD | 1006780 | 995347 | 1005246<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Holdings, Inc. | Revolver | 10.17% | SOFR | 575 | 4/16/2027 | USD | 1271186 | 152541 | 150606<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MBS Services Holdings, LLC | First Lien Term Loan | 10.85% | SOFR | 650 | 4/16/2027 | USD | 954025 | 942147 | 952573<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | Delayed Draw | 1.00% |  |  | 6/30/2027 | USD | 7211539 | (60367) | (169395)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | Delayed Draw | 9.89% | SOFR | 550 | 6/30/2027 | USD | 9383197 | 7651702 | 7694966<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | First Lien Term Loan | 9.64% | SOFR | 525 | 6/30/2027 | USD | 7653846 | 7580302 | 7474062<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mc Group Ventures Corporation | First Lien Term Loan | 9.89% | SOFR | 550 | 6/30/2027 | USD | 14846154 | 14706682 | 14586368<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omni Fiber, LLC | Delayed Draw | 9.56% | SOFR | 525 | 7/3/2029 | USD | 30000000 | 14703662 | 14647488<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omni Fiber, LLC | First Lien Term Loan | 9.53% | SOFR | 525 | 7/3/2029 | USD | 15000000 | 14858102 | 14823744<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OneCare Media, LLC | First Lien Term Loan | 8.92% | SOFR | 450 | 9/29/2026 | USD | 8448884 | 8401364 | 5060882<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 | (6000) | (160400)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outerbox, LLC | Delayed Draw | 1.00% |  |  | 6/7/2028 | USD | 533000 | (6393) | (7995)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outerbox, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 6/7/2028 | USD | 2451800 | 2421310 | 2415023<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outerbox, LLC | Revolver | 0.50% |  |  | 6/7/2028 | USD | 298000 | (3571) | (4470)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permaconn TopCo Pty, Ltd. | First Lien Term Loan | 9.42% | BBSY | 525 | 7/20/2029 | AUD | 2800000 | 1929008 | 1722442<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaForceIQ Acquisition, Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 8/2/2029 | USD | 1791000 | 1758871 | 1755180<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaForceIQ Acquisition, Inc. | Revolver | 0.50% |  |  | 8/2/2029 | USD | 273600 | (4763) | (5472)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | Revolver | 10.05% | SOFR | 575 | 8/31/2028 | USD | 1497327 | 930403 | 960287<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | Revolver | 10.06% | SOFR | 575 | 8/31/2028 | USD | 362986 | 233348 | 233348<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | First Lien Term Loan | 10.06% | SOFR | 575 | 8/31/2030 | USD | 18409928 | 17957905 | 18569387<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recorded Book, Inc. | First Lien Term Loan | 10.06% | SOFR | 575 | 9/3/2030 | USD | 3601265 | 3601265 | 3601265<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | First Lien Term Loan | 11.30% | SOFR | 700 | 6/21/2029 | USD | 22509534 | 21983985 | 21418092<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | Revolver | 11.30% | SOFR | 700 | 6/21/2029 | USD | 2118644 | 1292373 | 1248051<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 March 31, 2025 (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; Socket Holdings Corporation | Delayed Draw | 1.00% |  |  | 3/31/2031 | USD | 6779661 | $(50847) | $(50848)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Socket Holdings Corporation | First Lien Term Loan | 9.57% | SOFR | 525 | 3/31/2031 | USD | 16525424 | 16360170 | 16360170<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Socket Holdings Corporation | Revolver | 0.50% |  |  | 3/31/2031 | USD | 1694915 | (21186) | (21186)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TA TT Buyer, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 4/1/2029 | USD | 24134842 | 23917000 | 23667230<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chempetitive Group | Delayed Draw | 10.32% | SOFR | 600 | 3/22/2029 | USD | 1569019 | 170501 | 163888<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chempetitive Group | First Lien Term Loan | 10.32% | SOFR | 600 | 3/22/2029 | USD | 1785111 | 1755195 | 1749408<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Chempetitive Group | Revolver | 10.32% | SOFR | 600 | 3/22/2029 | USD | 446500 | 37522 | 35720<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinuiti Inc. | Delayed Draw | 9.49% | SOFR | 525 | 12/10/2026 | USD | 5065562 | 4994062 | 4830245<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinuiti Inc. | First Lien Term Loan | 9.49% | SOFR | 525 | 12/10/2026 | USD | 3517091 | 3464233 | 3353707<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 | (55681) | (42648)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | First Lien Term Loan | 10.45% | SOFR | 600 | 2/19/2027 | USD | 21825000 | 21443062 | 21572961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | Delayed Draw | 10.45% | SOFR | 600 | 2/19/2030 | USD | 4506360 | 1237051 | 1228913<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trunk Acquisition, Inc. | First Lien Term Loan | 10.45% | SOFR | 600 | 2/19/2030 | USD | 4430476 | 4387819 | 4379312<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | Revolver | 0.50% |  |  | 3/21/2030 | USD | 3000000 | (37420) | (53993)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | Delayed Draw | 9.55% | SOFR | 525 | 3/21/2030 | USD | 28000000 | 7634617 | 7580432<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visionary Buyer LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 3/21/2030 | USD | 12000000 | 11839022 | 11780432<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W2O Holdings, Inc. | First Lien Term Loan | 8.99% | SOFR | 475 | 6/12/2026 | USD | 3067294 | 3019201 | 3045319<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W2O Holdings, Inc. | Revolver | 8.99% | SOFR | 475 | 6/12/2026 | USD | 425201 | 121977 | 124514<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W2O Holdings, Inc. | Delayed Draw | 9.04% | SOFR | 475 | 6/12/2028 | USD | 6750796 | 6689662 | 6702430<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; W2O Holdings, Inc. | First Lien Term Loan | 8.97% | SOFR | 475 | 6/12/2028 | USD | 1382289 | 1375733 | 1372386<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **603436490** | **598212440** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary — 5.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | First Lien Term Loan | 8.22% | COANREPO | 550 | 12/31/2030 | CAD | 6277205 | 4237631 | 4238773<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760203 N.B. Ltd. | Revolver | 0.50% |  |  | 12/31/2030 | CAD | 1315847 | (23333) | (23338)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Equity, LLC | Delayed Draw | 9.07% | SOFR | 475 | 12/22/2028 | USD | 4109157 | 3081709 | 3182104<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Equity, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 12/22/2028 | USD | 9131818 | 8942202 | 9112440<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) | (3215)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Consumer Discretionary | First Lien Term Loan | 10.05% | SOFR | 575 | 12/14/2027 | USD | 17657971 | 17471674 | 17481391<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Consumer Discretionary | First Lien Term Loan | 11.31% | SOFR | 675 | 4/22/2026 | USD | 27594266 | 27404509 | 27453054<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptive Environmental, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 10/1/2030 | USD | 5114560 | 5122222 | 5095719<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 | 595 | (3231)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archimede | First Lien Term Loan | 8.86% | EURIBOR | 650 | 10/17/2027 | EUR | 8500000 | 8974486 | 8525600<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archimede | Delayed Draw | 8.86% | EURIBOR | 650 | 10/27/2027 | EUR | 1500000 | 1804888 | 1504518<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 March 31, 2025 (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; Archimede | First Lien Term Loan | 8.86% | EURIBOR | 650 | 10/27/2027 | EUR | 7800000 | $8250650 | $7823491<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auveco Holdings, Inc. | First Lien Term Loan | 9.71% | SOFR | 525 | 5/5/2028 | USD | 8980263 | 8890460 | 8966587<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auveco Holdings, Inc. | Revolver | 9.71% | SOFR | 525 | 5/5/2028 | USD | 1315789 | 290789 | 294049<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Group, LLC | Delayed Draw | 10.05% | SOFR | 575 | 8/1/2026 | USD | 1171200 | 1029865 | 1025776<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Group, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 8/1/2029 | USD | 14408688 | 14214792 | 14120514<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Group, LLC | Revolver | 10.05% | SOFR | 575 | 8/1/2029 | USD | 2725000 | 827339 | 817500<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barbri Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 4/30/2030 | USD | 70000000 | 69663895 | 69546778<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCI Burke Holding Corp | Delayed Draw | 1.00% |  |  | 12/14/2027 | USD | 2713298 | (28829) | (37182)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCI Burke Holding Corp | Delayed Draw | 10.05% | SOFR | 575 | 12/14/2027 | USD | 759153 | 753368 | 751562<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCI Burke Holding Corp | First Lien Term Loan | 10.05% | SOFR | 575 | 12/14/2027 | USD | 9296222 | 9215229 | 9180132<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCI Burke Holding Corp | Revolver | 0.50% |  |  | 12/14/2027 | USD | 1238588 | (11314) | (14824)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beckett Collectibles Holdings, LLC | First Lien Term Loan | 12.86% | SOFR | 850 | 12/13/2029 | USD | 4762398 | 4625546 | 4619526<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestop, Inc. | Delayed Draw | 1.00% |  |  | 3/29/2029 | USD | 1597604 | (24068) | (31952)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestop, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 3/29/2029 | USD | 10410558 | 10279518 | 10202346<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestop, Inc. | Revolver | 0.50% |  |  | 3/29/2029 | USD | 1257174 | (18684) | (25144)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestop, Inc. | Revolver | 9.80% | SOFR | 525 | 3/29/2029 | USD | 39286 | 38705 | 38500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bestop, Inc. | Revolver | 9.80% | SOFR | 550 | 3/29/2029 | USD | 275006 | 270795 | 269506<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPI Intermediate Holdings, Inc. | First Lien Term Loan | 12.17% | SOFR | 775 | 12/11/2025 | USD | 9800779 | 9745221 | 9697780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPI Intermediate Holdings, Inc. | Revolver | 12.17% | SOFR | 775 | 12/11/2025 | USD | 1440000 | 237750 | 224867<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAP-KSI Holdings, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 6/28/2030 | USD | 11118044 | 10979599 | 10923478<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAP-KSI Holdings, LLC | Revolver | 9.56% | SOFR | 525 | 6/28/2030 | USD | 1868476 | 720622 | 714692<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChanceLight, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 4/27/2026 | USD | 2719500 | 2704620 | 2699104<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC | Delayed Draw | 1.00% |  |  | 3/27/2030 | USD | 2319623 | (34703) | (34794)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC | First Lien Term Loan | 9.72% | SOFR | 550 | 3/27/2030 | USD | 4890016 | 4816818 | 4816666<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CI (MG) Group, LLC | Revolver | 0.50% |  |  | 3/27/2030 | USD | 522438 | (7816) | (7837)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circauto Bidco AB | Delayed Draw | 1.00% |  |  | 5/29/2031 | SEK | 157356412 | (326423) | 618279<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circauto Bidco AB | Delayed Draw | 8.35% | STIBOR | 600 | 6/14/2031 | SEK | 78678206 | 4079734 | 4381646<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Circauto Bidco AB | Delayed Draw | 8.35% | STIBOR | 600 | 6/14/2031 | SEK | 243902439 | 22762044 | 23680540<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | Delayed Draw | 9.90% | SOFR | 550 | 1/29/2030 | USD | 1944604 | 1474050 | 1506068<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | First Lien Term Loan | 9.79% | SOFR | 550 | 1/29/2030 | USD | 4066480 | 3996729 | 4060287<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collision SP Subco, LLC | Revolver | 9.79% | SOFR | 550 | 1/29/2030 | USD | 1081545 | 142917 | 159040<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 7/16/2027 | USD | 30784019 | 30235503 | 30476177<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 7/16/2027 | USD | 2859911 | 2831837 | 2831312<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP HomeTown Acquisitions, Inc. | First Lien Term Loan | 9.97% | SOFR | 550 | 7/16/2027 | USD | 13986394 | 13799810 | 13846530<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 March 31, 2025 (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; COP HomeTown Acquisitions, Inc. | Revolver | 0.50% |  |  | 7/16/2027 | USD | 1556667 | $(6381) | $(15567)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curriculum Associates, LLC | First Lien Term Loan | 9.17% | SOFR | 475 | 1/27/2027 | USD | 15000000 | 14601797 | 14952900<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curriculum Associates, LLC | First Lien Term Loan | 9.17% | SOFR | 475 | 5/10/2028 | USD | 19887960 | 19812780 | 19825511<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dealeron Holdco, Inc. | First Lien Term Loan | 10.44% | SOFR | 600 | 5/19/2026 | USD | 3296630 | 3270266 | 3247180<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Midco 2 LLC | Delayed Draw | 9.57% | SOFR | 525 | 12/22/2027 | USD | 9944979 | 7004580 | 7174112<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Midco 2 LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 12/22/2027 | USD | 6301161 | 6189607 | 6249412<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DRS Holdings III, Inc. | First Lien Term Loan | 9.55% | SOFR | 625 | 11/1/2028 | USD | 1566828 | 1559014 | 1558994<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DRS Holdings III, Inc. | Revolver | 0.50% |  |  | 11/1/2028 | USD | 11426 | (57) | (57)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOS Fitness Opco Holdings, LLC | Delayed Draw | 9.54% | SOFR | 525 | 1/5/2028 | USD | 1300785 | 750641 | 762237<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EOS Fitness Opco Holdings, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 1/5/2028 | USD | 260157 | 256740 | 259111<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Holdings, Inc. | First Lien Term Loan | 12.55%, <br>4.13% PIK | SOFR | 413 | 3/8/2029 | USD | 2485254 | 2434178 | 2481978<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinox Holdings, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 6/30/2027 | USD | 328146 | 319606 | 324765<br><sup>1,3,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | Revolver | 9.30% | SOFR | 500 | 6/17/2030 | USD | 1301115 | 196748 | 201673<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | Delayed Draw | 1.00% |  |  | 6/17/2031 | USD | 2081784 | (19725) | (10409)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Services Holding Corporation | First Lien Term Loan | 9.30% | SOFR | 500 | 6/17/2031 | USD | 10617100 | 10518972 | 10564015<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excel Fitness Holdings, Inc. | Delayed Draw | 9.80% | SOFR | 550 | 4/29/2029 | USD | 13266780 | 10383813 | 10635868<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excel Fitness Holdings, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 4/29/2029 | USD | 19900000 | 19515345 | 19873769<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastlap LLC | Delayed Draw | 1.00% |  |  | 6/20/2029 | USD | 1848000 | (31360) | (36960)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastlap LLC | First Lien Term Loan | 9.78% | SOFR | 525 | 6/20/2029 | USD | 1313400 | 1290345 | 1287132<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastlap LLC | Revolver | 12.00% | PRIME | 450 | 6/20/2029 | USD | 294500 | 289427 | 288610<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | Delayed Draw | 10.80% | SOFR | 650 | 3/28/2029 | USD | 6256728 | 683695 | 595702<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | First Lien Term Loan | 10.80% | SOFR | 650 | 3/28/2029 | USD | 13634065 | 13354097 | 13150450<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness and Lifestyle Group Bidco Pty Ltd | Delayed Draw | 11.51%, <br>7.25% PIK | BBSY | 725 | 6/30/2026 | AUD | 239362 | 154256 | 148293<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness and Lifestyle Group Bidco Pty Ltd | First Lien Term Loan | 11.51%, <br>7.25% PIK | BBSY | 725 | 6/30/2026 | AUD | 5408746 | 3485712 | 3350911<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness International, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 2/12/2029 | USD | 24937500 | 24113528 | 25292111<br><sup>1,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FQSR, LLC | Delayed Draw | 10.56%, <br>0.50% PIK | SOFR | 550 | 5/26/2027 | USD | 2213509 | 2213509 | 2143834<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway Casinos & Entertainment, Ltd. | First Lien Term Loan | 10.60% | SOFR | 625 | 12/18/2030 | USD | 7962000 | 7884612 | 7882380<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 9/22/2026 | USD | 1095435 | 1068641 | 1092696<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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. | First Lien Term Loan | 9.05% | SOFR | 475 | 9/22/2026 | USD | 20996393 | $20680119 | $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 | 1.00% |  |  | 9/22/2028 | USD | 1400000 | (12642) | (3500)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 9/22/2028 | USD | 12907230 | 12810562 | 12874961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway US Holdings, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 9/22/2028 | USD | 27143068 | 27065079 | 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 | (2436) | (2649)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | Delayed Draw | 9.05% | ARR CSA | 475 | 11/1/2031 | USD | 3553444 | 1431492 | 1424695<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/1/2031 | USD | 2132067 | 2106536 | 2102210<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Restoration Partners Buyer, LLC | Revolver | 9.06% | SOFR | 475 | 11/1/2031 | USD | 533017 | 39920 | 38731<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Purchaser, Inc. | Second Lien Term Loan | 12.82% | SOFR | 850 | 4/7/2030 | USD | 17000000 | 16759783 | 16946960<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley Exteriors Acquisition, LLC | Delayed Draw | 1.00% |  |  | 8/2/2029 | USD | 514000 | (8963) | (10280)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley Exteriors Acquisition, LLC | First Lien Term Loan | 9.79% | SOFR | 550 | 8/2/2029 | USD | 1115155 | 1095150 | 1092852<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harley Exteriors Acquisition, LLC | Revolver | 0.50% |  |  | 8/2/2029 | USD | 172800 | (3008) | (3456)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | Delayed Draw | 1.00% |  |  | 12/31/2027 | USD | 6533018 | (88961) | (65330)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | First Lien Term Loan | 8.91% | SOFR | 450 | 12/31/2027 | USD | 5121764 | 5017659 | 5070547<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Service Topco IV, Inc. | Revolver | 0.50% |  |  | 12/31/2027 | USD | 1066677 |  | (10667)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Publishing Company | Second Lien Term Loan | 12.42% | SOFR | 800 | 4/7/2028 | USD | 39400000 | 38309398 | 39241647<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Consumer Discretionary | First Lien Term Loan | 12.42%, <br>1.50% PIK | SOFR | 650 | 4/30/2025 | USD | 3896812 | 3830189 | 3810191<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Consumer Discretionary | First Lien Term Loan | 11.19% | SOFR | 675 | 7/26/2027 | USD | 13987458 | 13858736 | 13825705<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | Revolver | 9.57% | SOFR | 525 | 6/2/2028 | USD | 311429 | 101214 | 100740<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | Delayed Draw | 9.54% | SOFR | 525 | 6/2/2029 | USD | 250000 | 120285 | 124616<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HS Spa Holdings, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 6/2/2029 | USD | 2125500 | 2096164 | 2143486<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HTI Intermediate, LLC | Delayed Draw | 1.00% |  |  | 3/1/2030 | USD | 423000 | (3469) | (4230)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HTI Intermediate, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 3/1/2030 | USD | 916200 | 900363 | 897876<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HTI Intermediate, LLC | Revolver | 11.75% | PRIME | 425 | 3/1/2030 | USD | 282500 | 108319 | 107350<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HY Cite Enterprises LLC | First Lien Term Loan | 12.58% | SOFR | 800 | 11/12/2026 | USD | 9884842 | 8854941 | 9929007<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 | (9144) | (10316)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFH Franchisee Holdings LLC | First Lien Term Loan | 10.08% | SOFR | 400 | 12/20/2029 | USD | 2775583 | 2735734 | 2729898<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFH Franchisee Holdings LLC | Revolver | 8.33% | SOFR | 400 | 12/20/2029 | USD | 1000 | 652 | 651<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinity Home Services Holdco, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 12/28/2028 | USD | 3741912 | 1078936 | 1073971<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 March 31, 2025 (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; Ingenio, LLC | First Lien Term Loan | 18.45% | SOFR | 1400 | 8/3/2026 | USD | 15106147 | $14928477 | $14844476<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovetive Petcare, LLC | Delayed Draw | 9.44% | SOFR | 500 | 6/30/2028 | USD | 1918068 | 1610838 | 1634727<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovetive Petcare, LLC | Delayed Draw | 9.48% | SOFR | 500 | 6/30/2028 | USD | 2750254 | 1903925 | 1891100<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internova Travel Group, LLC | Delayed Draw | 11.92%, 3.50% PIK | SOFR | 400 | 3/27/2028 | USD | 6507567 | 6351645 | 6426222<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | Delayed Draw | 9.55% | SOFR | 525 | 9/9/2026 | USD | 2425405 | 2396632 | 2412025<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 9/9/2026 | USD | 603678 | 595428 | 600347<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JHCC Holdings LLC | Delayed Draw | 9.55% | SOFR | 525 | 9/9/2027 | USD | 2345338 | 879541 | 887672<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBP Investments LLC | Delayed Draw | 10.56%, 0.50% PIK | SOFR | 550 | 5/26/2027 | USD | 27472000 | 23592662 | 23162567<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KnitWell Borrower LLC | First Lien Term Loan | 12.19% | SOFR | 775 | 7/28/2027 | USD | 24454252 | 24023841 | 24053331<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kravet Design, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/26/2030 | USD | 10948000 | 10830007 | 10783780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kravet Design, LLC | Revolver | 0.50% |  |  | 11/26/2030 | USD | 2275606 | (29511) | (34134)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn Care Holdings Purchaser, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 10/24/2028 | USD | 3344000 | 849498 | 845880<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn Care Holdings Purchaser, Inc. | Delayed Draw | 9.55% | SOFR | 500 | 10/24/2028 | USD | 304000 | 300539 | 300200<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn Care Holdings Purchaser, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 10/24/2028 | USD | 1124800 | 1111795 | 1110740<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn Care Holdings Purchaser, Inc. | Revolver | 0.50% |  |  | 10/24/2028 | USD | 488600 | (5559) | (6108)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | Revolver | 9.32% | SOFR | 500 | 8/22/2030 | USD | 8059280 | 3706355 | 3644864<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | Delayed Draw | 1.00% |  |  | 8/22/2031 | USD | 4029641 | (11783) | (42438)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | First Lien Term Loan | 9.83% | SOFR | 550 | 8/22/2031 | USD | 13318617 | 13244115 | 13236499<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Company, LLC | First Lien Term Loan | 9.83%, 2.75% PIK | SOFR | 275 | 8/22/2031 | USD | 48628555 | 48628555 | 48116421<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leonard Group, Inc. | First Lien Term Loan | 11.06% | SOFR | 650 | 2/26/2026 | USD | 11340488 | 11280003 | 11272263<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Majco LLC | Revolver | 0.50% |  |  | 12/3/2027 | USD | 1666667 |  | (2538)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Majco LLC | Delayed Draw | 9.43% | SOFR | 500 | 12/3/2028 | USD | 9799999 | 908402 | 907841<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Majco LLC | Delayed Draw | 8.93% | SOFR | 450 | 12/4/2028 | USD | 9156500 | 9096668 | 9142555<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Majco LLC | Delayed Draw | 9.43% | SOFR | 500 | 12/4/2028 | USD | 3000000 | 2973176 | 2970000<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Majco LLC | First Lien Term Loan | 8.93% | SOFR | 450 | 12/4/2028 | USD | 8752500 | 8664975 | 8739171<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | Revolver | 0.50% |  |  | 11/15/2029 | USD | 2272727 | (32980) | (3461)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | Delayed Draw | 10.30% | SOFR | 600 | 11/15/2030 | USD | 4523862 | 4445079 | 4516974<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mammoth Holdings, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 11/15/2030 | USD | 18000000 | 17735010 | 17972587<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margaritaville Enterprises LLC | Delayed Draw | 9.05% | SOFR | 475 | 6/17/2027 | USD | 2111690 | 2087660 | 2108474<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) | (476)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Monahan Products LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 8/27/2027 | USD | 3734717 | $3719699 | $3691739<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountainside Fitness Acquisitions, LLC | Delayed Draw | 1.00% |  |  | 10/9/2029 | USD | 2373000 | (16121) | (20127)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountainside Fitness Acquisitions, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 10/9/2029 | USD | 4748000 | 4715067 | 4684013<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 | (6454) | (15175)<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 | (34776) | (116485)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | Delayed Draw | 1.00% |  |  | 5/29/2030 | CAD | 5000000 | (63786) | (202840)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | First Lien Term Loan | 7.73% | CDOR | 475 | 5/29/2030 | CAD | 41198437 | 29499502 | 28369938<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movati Athletic Group, Inc. | Revolver | 10.32% | CDOR | 525 | 5/29/2030 | CAD | 937500 | 260499 | 236844<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NKD Group GmbH | First Lien Term Loan | 9.86% | EURIBOR | 750 | 3/23/2026 | EUR | 5769231 | 6035176 | 6228855<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Revolver | 8.48% | CDOR | 550 | 5/26/2026 | CAD | 1330000 | 514100 | 449121<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Delayed Draw | 6.98% | CDOR | 550 | 5/26/2028 | CAD | 1904934 | 1476258 | 1321683<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | Delayed Draw | 10.45%, 2.00% PIK | SOFR | 400 | 5/26/2028 | USD | 236892 | 230989 | 236531<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | First Lien Term Loan | 9.95% | SOFR | 550 | 5/26/2028 | USD | 2037000 | 2016630 | 2017016<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NL1 Acquire Corp. | First Lien Term Loan | 8.98%, 2.00% PIK | CDOR | 400 | 5/26/2028 | CAD | 9654031 | 7592868 | 6698164<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil Changer Holding Corporation | Delayed Draw | 11.17% | SOFR | 675 | 2/8/2027 | USD | 19917146 | 19647498 | 19507899<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil Changer Holding Corporation | Delayed Draw | 11.23% | SOFR | 675 | 2/8/2027 | USD | 3145527 | 2757669 | 2725946<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Rock Consumer Discretionary | First Lien Term Loan | 9.30% | SOFR | 500 | 3/26/2026 | USD | 28929522 | 28804856 | 28728699<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penney Borrower LLC | First Lien Term Loan | 10.92% | SOFR | 650 | 12/16/2026 | USD | 5829044 | 5774137 | 5793819<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Delayed Draw | 1.00% |  |  | 11/16/2027 | USD | 1225000 | (11269) | (1866)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Delayed Draw | 9.95% | SOFR | 550 | 11/16/2027 | USD | 2806967 | 2790418 | 2802692<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | First Lien Term Loan | 9.95% | SOFR | 550 | 11/16/2027 | USD | 7956510 | 7843702 | 7944393<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | Revolver | 0.50% |  |  | 11/16/2027 | USD | 962604 |  | (1466)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POY Holdings, LLC | First Lien Term Loan | 9.95% | SOFR | 550 | 11/17/2027 | USD | 18830147 | 18641845 | 18801470<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Early Childhood Education Partners LLC | Delayed Draw | 10.56% | SOFR | 600 | 11/22/2028 | USD | 2365002 | 2330992 | 2323612<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Delayed Draw | 9.55% | SOFR | 525 | 1/30/2027 | USD | 2867223 | 3320 | (2108)<sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Delayed Draw | 9.55% | SOFR | 525 | 7/16/2027 | USD | 5516716 | 5421746 | 5452895<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 7/16/2027 | USD | 2081908 | 2064429 | 2057824<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quality Automotive Services, LLC | Revolver | 0.50% |  |  | 7/16/2027 | USD | 1477132 | (10683) | (17088)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Quick Quack Car Wash Holdings, LLC | Delayed Draw | 9.07% | SOFR | 475 | 6/10/2031 | USD | 8166666 | $5648627 | $5750896<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quick Quack Car Wash Holdings, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 6/10/2031 | USD | 13000000 | 12819896 | 12980202<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quick Quack Car Wash Holdings, LLC | Revolver | 0.50% |  |  | 6/10/2031 | USD | 2333333 | (31383) | (3553)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Race Winning Brands, Inc. | First Lien Term Loan | 9.94% | SOFR | 525 | 11/16/2027 | USD | 25692707 | 25379774 | 24242633<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Race Winning Brands, Inc. | Revolver | 9.98% | SOFR | 525 | 11/16/2027 | USD | 3125000 | 2388021 | 2219461<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raney's, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 6/7/2027 | USD | 1111145 | 1099300 | 1097256<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raney's, LLC | Revolver | 0.50% |  |  | 6/7/2027 | USD | 105600 | (1101) | (1320)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rawlings Sports Goods Company, Inc. | Revolver | 9.96% | SOFR | 475 | 11/26/2029 | USD | 1000 | 468 | 466<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rawlings Sports Goods Company, Inc. | First Lien Term Loan | 9.20% | SOFR | 475 | 11/26/2030 | USD | 638866 | 632749 | 631656<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services, LLC | Delayed Draw | 10.95% | SOFR | 650 | 12/31/2027 | USD | 1745731 | 695467 | 692300<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 7.00% | EURIBOR | 450 | 11/2/2027 | EUR | 18243243 | 19595547 | 19516526<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 9.03% | SOFR | 450 | 11/2/2027 | USD | 1483623 | 1468786 | 1467816<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 9.15% | SONIA | 450 | 11/2/2027 | GBP | 8910000 | 11192228 | 11387514<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | Revolver | 0.50% |  |  | 11/2/2027 | EUR | 6756756 | (71402) | (100822)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | First Lien Term Loan | 9.03% | SOFR | 450 | 6/4/2029 | USD | 15227161 | 15074890 | 15064934<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RefrigiWear, LLC | Revolver | 7.48% | SOFR | 450 | 6/4/2029 | USD | 2601896 |  | (27720)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regent Holding Company, LLC | First Lien Term Loan | 12.17% | SOFR | 775 | 2/26/2026 | USD | 11187889 | 11122950 | 10969775<br><sup>1,3,4,9,10,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regent Holding Company, LLC | Revolver | 1.00% |  |  | 2/26/2026 | USD | 1917293 |  | (37379)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Assessments, LLC | First Lien Term Loan | 9.47% | SOFR | 525 | 3/19/2031 | USD | 41292500 | 40553907 | 40701876<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside Assessments, LLC | Revolver | 9.47% | PRIME | 525 | 3/19/2031 | USD | 6000000 | 2497390 | 2514179<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shock Doctor Intermediate LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 11/20/2029 | USD | 10419583 | 10257202 | 10403715<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shock Doctor Intermediate LLC | Revolver | 0.50% |  |  | 11/20/2029 | USD | 2099664 | (32725) | (3198)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Air & Heat Holdings, LLC | First Lien Term Loan | 9.74% | SOFR | 525 | 10/1/2027 | USD | 34905050 | 10309713 | 11321690<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spanx, LLC | Revolver | 0.50% |  |  | 11/18/2027 | USD | 12096621 |  | (18422)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spanx, LLC | First Lien Term Loan | 9.67% | SOFR | 525 | 11/18/2028 | USD | 60749115 | 60010857 | 60656599<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedstar Holding, LLC | Delayed Draw | 10.29% | SOFR | 600 | 1/22/2027 | USD | 306466 | 297272 | 304768<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speedstar Holding, LLC | First Lien Term Loan | 10.29% | SOFR | 600 | 1/22/2027 | USD | 9194834 | 9078068 | 9143905<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | Delayed Draw | 10.03% | SOFR | 575 | 7/25/2028 | USD | 3394435 | 3394435 | 3394435<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotless Brands, LLC | First Lien Term Loan | 10.03% | SOFR | 575 | 7/25/2028 | USD | 14618920 | 14618920 | 14618920<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Spotless Brands, LLC | Revolver | 0.50% |  |  | 7/25/2028 | USD | 617973 | $— | $—<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | Revolver | 9.55% | SOFR | 525 | 8/20/2029 | USD | 3761471 | 1203937 | 1201149<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | Delayed Draw | 9.56% | SOFR | 525 | 8/20/2030 | USD | 1207211 | 255962 | 256198<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | First Lien Term Loan | 9.59% | SOFR | 525 | 8/20/2030 | USD | 22089422 | 21783211 | 21780083<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ST Athena Global LLC | First Lien Term Loan | 9.71% | SONIA | 525 | 8/20/2030 | GBP | 10095605 | 13032570 | 12859098<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanton Carpet Corp. | Revolver | 6.00% | SOFR | 500 | 10/1/2026 | USD | 1189468 |  | (1811)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stanton Carpet Corp. | First Lien Term Loan | 9.45% | SOFR | 500 | 10/1/2027 | USD | 8917812 | 8827411 | 8904230<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 | (117873) | (3046)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | Delayed Draw | 9.30% | SOFR | 500 | 1/2/2029 | USD | 3998000 | 1042116 | 1091912<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | Delayed Draw | 9.05% | SOFR | 475 | 5/31/2026 | USD | 24432617 | 12581871 | 12850850<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | Revolver | 0.50% |  |  | 5/31/2030 | USD | 5706522 | (49257) | (8691)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Buyer, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 5/31/2031 | USD | 44724864 | 44315672 | 44848776<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 | (1059) | (321)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | Delayed Draw | 9.32% | SOFR | 500 | 9/5/2028 | USD | 1128876 | 1123681 | 1127388<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | Delayed Draw | 9.32% | SOFR | 500 | 9/5/2028 | USD | 4997948 | 24933 | 17012<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Acquirer Corp. | First Lien Term Loan | 9.32% | SOFR | 500 | 9/5/2028 | USD | 2619934 | 2607530 | 2615739<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Acquisition Corporation | Revolver | 0.50% |  |  | 11/21/2028 | USD | 4618975 | (135344) | (191512)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Acquisition Corporation | First Lien Term Loan | 10.80% | SOFR | 650 | 11/21/2029 | USD | 14094868 | 13613695 | 13510466<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team Acquisition Corporation | First Lien Term Loan | 10.80% | SOFR | 650 | 11/21/2029 | USD | 8180362 | 7889093 | 7841187<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | Delayed Draw | 1.00% |  |  | 3/3/2031 | USD | 353938 | (5275) | (5697)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | First Lien Term Loan | 9.01% | SOFR | 475 | 3/3/2031 | USD | 117979 | 116227 | 116080<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telle Tire & Auto Service, LLC | Revolver | 0.50% |  |  | 3/3/2031 | USD | 61889 | (916) | (996)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The One Group, LLC | First Lien Term Loan | 10.79% | SOFR | 650 | 5/1/2029 | USD | 8855500 | 8627778 | 8589835<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TickPick Intermediate Holdings,<br> LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 7/2/2030 | USD | 8449000 | 8295534 | 8334899<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 | (6048) | (4649)<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 | (19535) | (20232)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Home Improvement, LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 5/31/2030 | USD | 5394884 | 5320278 | 5340935<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan Home Improvement, LLC | Revolver | 0.50% |  |  | 5/31/2030 | USD | 843024 | (11360) | (8430)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treehouse Junior Limited | First Lien Term Loan | 9.54% | SOFR | 500 | 3/25/2028 | USD | 7754716 | 7695350 | 7742906<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBlue LLC | Delayed Draw | 1.00% |  |  | 1/11/2029 | USD | 418500 | (4131) | (8370)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; TruBlue LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 1/11/2029 | USD | 936600 | $926760 | $917868<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TruBlue LLC | Revolver | 0.50% |  |  | 1/11/2029 | USD | 257000 | (2530) | (5140)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | Revolver | 10.16% | SOFR | 550 | 9/4/2030 | USD | 2205731 | 341992 | 346667<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | Delayed Draw | 1.00% |  |  | 9/4/2031 | USD | 5169231 | (54641) | (32131)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Fitness Holdings, LLC | First Lien Term Loan | 9.78% | SOFR | 550 | 9/4/2031 | USD | 20676923 | 20461140 | 20548400<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Accessories, Inc. | First Lien Term Loan | 9.91% | SOFR | 525 | 11/30/2026 | USD | 1267961 | 1254304 | 1247166<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Accessories, Inc. | First Lien Term Loan | 9.91% | SOFR | 561 | 11/30/2026 | USD | 1255120 | 1247451 | 1234536<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicle Accessories, Inc. | Revolver | 9.91% | SOFR | 525 | 11/30/2026 | USD | 219280 | 34825 | 32950<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Delayed Draw | 9.55% | SOFR | 525 | 8/31/2028 | USD | 5800000 | 1081432 | 1114056<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Delayed Draw | 10.30% | SOFR | 600 | 11/8/2030 | USD | 19123122 | 15485981 | 15810613<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 11/8/2030 | USD | 7799781 | 7641592 | 7787904<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Revolver | 10.30% | SOFR | 600 | 11/8/2030 | USD | 1025217 | 1004084 | 1021097<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Service Partners, LLC | Revolver | 10.30% | SOFR | 575 | 11/8/2030 | USD | 1009668 | 618976 | 635477<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | Revolver | 10.05% | SOFR | 575 | 12/19/2026 | USD | 4166666 | 3404654 | 3404156<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weber-Stephen Products, LLC | Revolver | 10.07% | SOFR | 575 | 12/19/2026 | USD | 6666666 | 6283117 | 6382661<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheels Bidco, Inc. | First Lien Term Loan | 9.79% | SOFR | 550 | 11/1/2031 | USD | 25000000 | 24640300 | 24712308<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 3/26/2027 | USD | 215748 | 214742 | 214250<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | Revolver | 9.30% | SOFR | 500 | 3/26/2027 | USD | 359159 | 206315 | 206542<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WU Holdco, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 7/11/2032 | USD | 7063065 | 7006169 | 7014034<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **1495423540** | **1500873177** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples — 1.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badia Spices, LLC | First Lien Term Loan | 8.79% | SOFR | 450 | 11/1/2030 | USD | 1498139 | 1473285 | 1471074<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badia Spices, LLC | Revolver | 0.50% |  |  | 11/1/2030 | USD | 89070 | (1453) | (1609)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxters North America Holdings, Inc. | First Lien Term Loan | 11.56% | SOFR | 725 | 5/31/2028 | USD | 22903055 | 22502356 | 22525152<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 | 8.44% | SOFR | 400 | 6/10/2028 | USD | 13566790 | 13465040 | 13274223<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C.P. Converters, Inc. | First Lien Term Loan | 12.06% | ARR CSA | 750 | 12/13/2025 | USD | 3243689 | 3232366 | 3089767<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demakes Borrower, LLC | Delayed Draw | 1.00% |  |  | 12/12/2029 | USD | 1152000 | (25808) | (1754)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demakes Borrower, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 12/12/2029 | USD | 4057020 | 3972193 | 4050842<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Family Foods, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 8/12/2030 | USD | 34741573 | 34421883 | 34657445<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Family Foods, Inc. | Revolver | 0.50% |  |  | 8/12/2030 | USD | 4044944 | (35907) | (9795)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Keystone Holdings, LP | Delayed Draw | 1.00% |  |  | 3/18/2029 | USD | 104924 | (2598) | (2623)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Keystone Holdings, LP | First Lien Term Loan | 15.00% |  |  | 3/18/2029 | USD | 274955 | 268128 | 268081<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOJO Industries Holdings, Inc. | First Lien Term Loan | 13.82% | SOFR | 950 | 10/26/2028 | USD | 25036770 | 24467416 | 24898646<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Great Kitchens Food Company,<br>Inc. | First Lien Term Loan | 10.32% | SOFR | 600 | 5/31/2029 | USD | 7728814 | $7594240 | $7574237<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Kitchens Food Company, <br>Inc. | Revolver | 10.32% | SOFR | 600 | 5/31/2029 | USD | 1412429 | 202389 | 197740<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Delayed Draw | 9.70% | SOFR | 525 | 5/14/2027 | USD | 1023599 | 1011973 | 1017305<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.70% | SOFR | 525 | 5/14/2029 | USD | 1320231 | 1313354 | 1312114<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.72% | SOFR | 525 | 5/14/2027 | USD | 7451950 | 7358801 | 7406134<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.69% | SOFR | 525 | 5/14/2027 | USD | 1119194 | 1116282 | 1112313<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.72% | SOFR | 525 | 5/14/2027 | USD | 559597 | 554001 | 556157<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 5/14/2029 | USD | 32983399 | 32821051 | 32780608<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTM Foods, LLC | Revolver | 9.72% | SOFR | 525 | 5/14/2029 | USD | 3616601 | 1202537 | 894865<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNPC Holdco, LLC | First Lien Term Loan | 10.27% | SOFR | 575 | 10/22/2029 | USD | 5252577 | 5103128 | 5088284<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Perimeter Buyer, Inc. | First Lien Term Loan | 10.94% | SOFR | 650 | 10/31/2028 | USD | 7443 | 7435 | 7431<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nyx Holdco, Inc. | First Lien Term Loan | 10.65% | SOFR | 635 | 11/30/2027 | USD | 5370334 | 5287164 | 5311215<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nyx Holdco, Inc. | First Lien Term Loan | 10.68% | SOFR | 635 | 11/30/2027 | USD | 5294159 | 5294159 | 5294159<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PH Beauty Holdings III, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 9/28/2027 | USD | 3192573 | 3161887 | 3155511<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purfoods, LLC | Delayed Draw | 9.55% | SOFR | 525 | 8/12/2027 | USD | 2932031 | 2902711 | 2920247<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purfoods, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 8/12/2027 | USD | 4331250 | 4287938 | 4313842<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qin's Buffalo, LLC | Delayed Draw | 10.07% | SOFR | 575 | 5/5/2027 | USD | 1038001 | 441645 | 437257<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 2727272 | (39118) | (45000)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 12/23/2030 | USD | 10454545 | 10302935 | 10282045<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVF Acquisition, Inc. | Revolver | 9.55% | SOFR | 525 | 12/23/2030 | USD | 1818182 | 64832 | 60909<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Holdings Interco, LLC | Revolver | 9.45% | SOFR | 500 | 5/4/2028 | USD | 1385080 | 1253036 | 1267547<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sara Lee Frozen Bakery, LLC | First Lien Term Loan | 9.20% | SOFR | 475 | 7/30/2027 | USD | 1312240 | 1299504 | 1297672<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | Delayed Draw | 1.00% |  |  | 2/19/2032 | USD | 180749 | (2242) | (2542)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | First Lien Term Loan | 9.53% | SOFR | 525 | 2/19/2032 | USD | 1607578 | 1587716 | 1584968<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spindrift Beverage Co., Inc. | Revolver | 9.53% | SOFR | 525 | 2/19/2032 | USD | 324342 | 18904 | 18333<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Orchard, LLC | Delayed Draw | 9.80% | SOFR | 550 | 7/8/2028 | USD | 1593012 | 137881 | 135406<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Orchard, LLC | First Lien Term Loan | 9.79% | SOFR | 550 | 7/8/2028 | USD | 3945666 | 3891060 | 3886481<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Buyer, Inc. | First Lien Term Loan | 9.65% | SOFR | 525 | 3/11/2029 | USD | 12871711 | 12742993 | 11952460<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SWK Buyer, Inc. | Revolver | 0.50% |  |  | 3/11/2029 | USD | 1228070 |  | (87704)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tropical Bidco, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 12/10/2030 | USD | 17272727 | 17023550 | 16985639<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tropical Bidco, LLC | Revolver | 9.05% | SOFR | 475 | 12/10/2030 | USD | 2727272 | 415609 | 409216<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vybond Buyer, LLC | Delayed Draw | 1.00% |  |  | 2/3/2032 | USD | 5257009 | (78000) | (88961)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Vybond Buyer, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 2/3/2032 | USD | 20800234 | $20493180 | $20448246<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vybond Buyer, LLC | Revolver | 0.50% |  |  | 2/3/2032 | USD | 3942757 | (57842) | (66720)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC | First Lien Term Loan | 10.80% | SOFR | 650 | 3/18/2030 | USD | 24518992 | 23970410 | 23967315<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldencast PLC | Revolver | 10.80% | SOFR | 650 | 3/18/2030 | USD | 4203256 | 2007670 | 2007054<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, Inc. | First Lien Term Loan | 9.97% | SOFR | 550 | 12/1/2027 | USD | 4874372 | 4829335 | 4797592<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | Delayed Draw | 1.00% |  |  | 12/1/2027 | USD | 668589 | (9762) | (10531)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | First Lien Term Loan | 9.96% | SOFR | 550 | 12/1/2027 | USD | 4130834 | 4070295 | 4065766<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodland Foods, LLC | Revolver | 9.97% | SOFR | 550 | 12/1/2027 | USD | 200577 | 117776 | 117545<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woof Holdings, Inc. | Second Lien Term Loan | 11.65% | SOFR | 725 | 12/21/2028 | USD | 8000000 | 7905573 | 7617536<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP Bullet Buyer, LLC | Revolver | 9.56% | SOFR | 525 | 12/7/2029 | USD | 3868280 | 2951229 | 2978300<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WPP Bullet Buyer, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 12/7/2030 | USD | 37020336 | 36284463 | 36524086<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **334578583** | **333701526**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, <br>Inc. | Delayed Draw | 1.00% |  |  | 12/8/2029 | USD | 269031 | (2571) | (3264)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, <br>Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 12/8/2029 | USD | 1775608 | 1758479 | 1754063<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, <br>Inc. | Revolver | 9.82% | SOFR | 550 | 12/8/2029 | USD | 184167 | 123228 | 122765<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camin Cargo Control Holdings, <br>Inc. | Revolver | 9.82% | PRIME | 550 | 12/8/2029 | USD | 65834 | 65201 | 65035<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Holdco, LLC | Delayed Draw | 1.00% |  |  | 7/13/2029 | USD | 3917586 | (48970) | (5966)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Holdco, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 7/13/2029 | USD | 11664611 | 11434145 | 11646847<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMC Holdco, LLC | Revolver | 0.50% |  |  | 7/13/2029 | USD | 2611724 |  | (3977)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | Revolver | 11.00% | PRIME | 350 | 11/22/2027 | USD | 2579122 | 151713 | 161192<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | Delayed Draw | 8.94% | SOFR | 450 | 11/22/2028 | USD | 8602086 | 995553 | 1066064<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrated Power Services Holdings, Inc. | First Lien Term Loan | 8.94% | SOFR | 450 | 11/22/2028 | USD | 42108635 | 42141489 | 42263395<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Delayed Draw | 9.54% | SOFR | 525 | 2/7/2031 | USD | 5720554 | 1084386 | 1181162<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Delayed Draw | 9.54% | SOFR | 525 | 2/8/2031 | USD | 5617977 | 1067892 | 1159984<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 2/8/2031 | USD | 25544566 | 25087718 | 25505664<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Revolver | 0.50% |  |  | 2/8/2031 | USD | 3401559 | (58533) | (5181)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritum Energy Holdings, LP | First Lien Term Loan | 11.92% | SOFR | 750 | 12/6/2028 | USD | 5326000 | 5226059 | 5212279<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwind Midstream Partners LLC | First Lien Term Loan | 10.70% | SOFR | 625 | 3/18/2029 | USD | 24000000 | 23523589 | 23520000<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **112549378** | **113640062** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 11.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | Delayed Draw | 7.67% | CORRA | 450 | 9/9/2028 | CAD | 4997050 | $2741092 | $2582034<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | First Lien Term Loan | 7.67% | CDOR | 450 | 9/9/2028 | CAD | 11270000 | 8327126 | 7819357<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364720 B.C. LTD | Revolver | 0.50% |  |  | 9/9/2028 | CAD | 2000000 | (29940) | (109365)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | First Lien Term Loan | 9.04% | SOFR | 475 | 11/1/2026 | USD | 1665792 | 1636993 | 1654288<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.04% | SOFR | 475 | 11/1/2029 | USD | 19521708 | 9752237 | 9783773<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 11/1/2029 | USD | 6141991 | 6135379 | 6099578<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 11/1/2029 | USD | 12600000 | 4889315 | 4830490<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.06% | SOFR | 475 | 11/1/2029 | USD | 2775277 | 2775277 | 2756112<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.08% | SOFR | 475 | 11/1/2029 | USD | 1712511 | 133012 | 132994<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Delayed Draw | 9.11% | SOFR | 478 | 11/1/2029 | USD | 757512  | 755624  | 755618<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | First Lien Term Loan | 9.04% | SOFR | 475 | 11/1/2029 | USD | 52390949 | 52390949 | 52029160<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 11/1/2029 | USD | 17251811 | 17107253 | 17132677<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | First Lien Term Loan | 9.08% | SOFR | 475 | 11/1/2029 | USD | 5260548 | 5260548 | 5260548<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Revolver | 0.50% |  |  | 11/1/2029 | USD | 2028637 | (8978) | (14008)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Revolver | 0.50% |  |  | 11/1/2029 | USD | 8690548 | (32590) | (60013)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accession Risk Management Group, Inc. | Revolver | 0.50% |  |  | 11/1/2029 | USD | 1674551 | (3824) | (10354)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Delayed Draw | 9.53% | SOFR | 525 | 3/15/2030 | USD | 10483221 | 4423754 | 4481970<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | First Lien Term Loan | 9.53% | SOFR | 525 | 3/15/2030 | USD | 49269617 | 48689050 | 48464792<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Revolver | 9.55% | SOFR | 525 | 3/15/2030 | USD | 6022727 | 1432889 | 1512222<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | Delayed Draw | 9.53% | SOFR | 525 | 8/11/2029 | USD | 241379 | 238966 | 240844<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. | First Lien Term Loan | 9.53% | SOFR | 525 | 8/11/2029 | USD | 16992034 | 16723506 | 16705151<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | Delayed Draw | 1.00% |  |  | 9/6/2029 | USD | 3177000 | (42370) | (30216)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | Delayed Draw | 10.30% | SOFR | 600 | 9/6/2029 | USD | 3177000 | 97773 | 112114<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afore Insurance Services, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 9/6/2029 | USD | 3177000 | 3133499 | 3146784<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Afore Insurance Services, LLC | Revolver | 0.50% |  |  | 9/6/2029 | USD | 635000 | $(8457) | $(6039)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIS Holdco, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 5/21/2029 | USD | 31920000 | 31366773 | 31603669<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIS Holdco, LLC | Revolver | 0.50% |  |  | 5/21/2029 | USD | 3000000 | (49848) | (29730)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Holdings, Inc. | Delayed Draw | 9.57% | SOFR | 525 | 10/2/2028 | USD | 1618 | 1566 | 1616<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Holdings, Inc. | Delayed Draw | 10.07% | SOFR | 575 | 10/2/2028 | USD | 19599091 | 19271002 | 19402529<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Holdings, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 10/2/2028 | USD | 24363369 | 24037753 | 24326266<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Holdings, Inc. | Delayed Draw | 9.57% | SOFR | 525 | 9/30/2028 | USD | 29290823 | 28949181 | 29295161<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alera Group Holdings, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 9/30/2028 | USD | 2443750 | 2411818 | 2464429<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | Delayed Draw | 9.55% | SOFR | 525 | 10/28/2026 | USD | 21666666 | 20903064 | 20950835<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | Delayed Draw | 9.57% | SOFR | 525 | 10/28/2026 | USD | 11908310 | 2573796 | 2569587<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 10/28/2026 | USD | 10810417 | 10689348 | 10702313<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 10/28/2026 | USD | 1330000 | 1316991 | 1316700<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allworth Financial Group, L.P. | Delayed Draw | 9.07% | SOFR | 475 | 12/23/2027 | USD | 39786353 | 38888994 | 39539050<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allworth Financial Group, L.P. | Delayed Draw | 9.32% | SOFR | 500 | 12/23/2027 | USD | 20429039 | 1894613 | 1958080<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allworth Financial Group, L.P. | Revolver | 0.50% |  |  | 12/23/2027 | USD | 944061 | (8190) | (5868)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amba Buyer, Inc. | Delayed Draw | 9.65% | SOFR | 525 | 7/30/2027 | USD | 14224498 | 4660864 | 4660387<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amba Buyer, Inc. | First Lien Term Loan | 9.65% | SOFR | 525 | 7/30/2027 | USD | 12129030 | 12007740 | 12028207<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Revolver | 0.50% |  |  | 8/31/2028 | USD | 5595914 | (12609) | (24623)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | Delayed Draw | 9.26% | SOFR | 500 | 8/31/2029 | USD | 10835324 | 6971130 | 7038964 <br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AmeriLife Holdings, LLC | First Lien Term Loan | 9.26% | SOFR | 500 | 8/31/2029 | USD | 63834939 | 63028272 | 63554065<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Delayed Draw | 9.06% | SOFR | 475 | 8/1/2031 | USD | 3947368 | 3557863 | 3589588<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 8/1/2031 | USD | 9078947 | 8993122 | 9065121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Revolver | 9.05% | SOFR | 475 | 8/1/2031 | USD | 740131 | 427304 | 433083<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aprio Advisory Group, LLC | Revolver | 9.07% | SOFR | 475 | 8/1/2031 | USD | 1233553 | 777969 | 787596<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apus Bidco Limited | First Lien Term Loan | 10.24% | SONIA | 578 | 2/9/2028 | GBP | 10791367 | 14603620 | 13807949<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sage Buyer, LLC | First Lien Term Loan | 10.48% | SOFR | 600 | 1/25/2027 | USD | 24361052 | 24173041 | 23046945<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | Revolver | 9.55% | SOFR | 525 | 7/24/2030 | USD | 2274642 | 866567 | 883647<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 7/24/2031 | USD | 12283066 | 2881032 | 2979272<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AQ Sunshine, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 7/24/2031 | USD | 23342883 | 23124224 | 23307333<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | Delayed Draw | 9.30% | SOFR | 500 | 4/11/2029 | USD | 7814655 | 4929698 | 4964509<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 4/11/2029 | USD | 15030173 | 14773969 | 14828696<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arax MidCo, LLC | Revolver | 9.52% | SOFR | 500 | 4/11/2029 | USD | 2155173 | 37227 | 43524<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arden Insurance Services LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/27/2030 | USD | 3292683 | 3245353 | 3237365<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arden Insurance Services LLC | Revolver | 9.54% | SOFR | 525 | 11/27/2030 | USD | 457317 | 84970 | 83783<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 March 31, 2025 (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; Ascend Partner Services LLC | Delayed Draw | 8.75% | SOFR | 450 | 8/9/2031 | USD | 44021827 | $11994240 | $12347114<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Partner Services LLC | First Lien Term Loan | 8.75% | SOFR | 450 | 8/9/2031 | USD | 17619020 | 17454535 | 17592188<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Partner Services LLC | Revolver | 8.82% | SOFR | 450 | 8/9/2031 | USD | 8804365 | 3089526 | 3156163<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babylon Buyer, Inc. | First Lien Term Loan | 10.07% | SOFR | 575 | 3/8/2030 | USD | 9309353 | 9188282 | 9167971<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Babylon Buyer, Inc. | Revolver | 10.07% | SOFR | 575 | 3/8/2030 | USD | 379377 | 313180 | 312331<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | Revolver | 0.50% |  |  | 6/3/2030 | USD | 637324 | (8268) | (1412)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | Delayed Draw | 1.00% |  |  | 6/3/2031 | USD | 793664 | (11226) | (1759)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baker Tilly Advisory Group, LP | First Lien Term Loan | 9.07% | SOFR | 475 | 6/3/2031 | USD | 5259967 | 5187756 | 5172211<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | Revolver | 0.50% |  |  | 12/29/2027 | USD | 639000 |  | (1416)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | Delayed Draw | 9.04% | SOFR | 475 | 12/29/2028 | USD | 10005438 | 2147359 | 2158265<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | Delayed Draw | 9.07% | SOFR | 475 | 12/29/2028 | USD | 3135369 | 2978912 | 3021368<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Pointe Harmony LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 12/29/2028 | USD | 8519921 | 8421217 | 8501040<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 | (17767) | (17857)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | Delayed Draw | 10.79% | SOFR | 650 | 6/21/2029 | USD | 1261031 | 1207112 | 1238963<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | First Lien Term Loan | 10.80% | SOFR | 650 | 6/21/2029 | USD | 9236655 | 9074604 | 9144289<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belmont Buyer, Inc. | Revolver | 10.95% | SOFR | 650 | 6/21/2029 | USD | 632267 | 210756 | 204433<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captive Resources Midco, LLC | Revolver | 0.50% |  |  | 7/1/2028 | USD | 79053 |  | (109)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captive Resources Midco, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 7/1/2029 | USD | 1044479 | 1044479 | 1043038<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | Delayed Draw | 9.04% | SOFR | 475 | 11/18/2031 | USD | 7637345 | 1169232 | 1194799<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | First Lien Term Loan | 9.07% | SOFR | 475 | 11/18/2031 | USD | 15056481 | 14910811 | 14959887<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carr, Riggs and Ingram Capital, L.L.C. | Revolver | 9.07% | SOFR | 475 | 11/18/2031 | USD | 3491358 | 2083104 | 2094238<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | Revolver | 12.25% | PRIME | 425 | 6/29/2027 | USD | 699301 | 699301 | 698236<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | Delayed Draw | 9.57% | SOFR | 525 | 6/29/2028 | USD | 11720574 | 10826559 | 10960452<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC SAG Acquisition Corp. | First Lien Term Loan | 9.57% | SOFR | 525 | 6/29/2028 | USD | 18573057 | 18294461 | 18544771<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Revolver | 9.56% | SOFR | 525 | 7/28/2028 | USD | 2644227 | 1489685 | 1482433<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Delayed Draw | 1.00% |  |  | 7/28/2029 | USD | 59314508 | (407621) | (593146)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Delayed Draw | 9.55% | SOFR | 525 | 7/28/2029 | USD | 5144919 | 5094928 | 5093470<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Delayed Draw | 9.57% | SOFR | 525 | 7/28/2029 | USD | 46573810 | 45584784 | 46108071<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 7/28/2029 | USD | 19289836 | 18893056 | 19096938<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity Partners, LLC | Revolver | 9.56% | SOFR | 525 | 7/28/2029 | USD | 1389232 | 811185 | 809075<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 11/2/2027 | USD | 14408759 | 14264671 | 14278915<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFGI Holdings, LLC | Revolver | 6.00% | SOFR | 450 | 11/2/2027 | USD | 1751825 | (17518) | (15612)<sup>1,2,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Cherry Bekaert Advisory LLC | Delayed Draw | 9.57% | SOFR | 525 | 6/30/2028 | USD | 4500891 | $3925190 | $3924331<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Bekaert Advisory LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 6/30/2028 | USD | 3473204 | 3421234 | 3421842<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cherry Bekaert Advisory LLC | Revolver | 0.50% |  |  | 6/30/2028 | USD | 2373418 |  | (35098)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | Delayed Draw | 9.28% | SOFR | 500 | 10/1/2027 | USD | 44108295 | 43195901 | 44041122<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | Delayed Draw | 9.53% | SOFR | 525 | 10/1/2027 | USD | 8804185 | 8507447 | 8634238<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | Delayed Draw | 9.63% | SOFR | 525 | 10/1/2027 | USD | 28622493 | 27711874 | 28069989<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | First Lien Term Loan | 9.28% | SOFR | 500 | 10/1/2027 | USD | 13983500 | 13540986 | 13962204<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | First Lien Term Loan | 9.53% | SOFR | 525 | 10/1/2027 | USD | 1252951 | 1235043 | 1251043<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors, LLC | First Lien Term Loan | 9.63% | SOFR | 525 | 10/1/2027 | USD | 4073356 | 4015784 | 4067152<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convera International Financial S.À R.L | First Lien Term Loan | 10.45% | SOFR | 600 | 3/1/2028 | USD | 1812205 | 1786233 | 1783257<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Connection, LLC | First Lien Term Loan | 9.95% | SOFR | 575 | 7/30/2026 | USD | 8258121 | 8098336 | 8245545<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) | (914)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crystal Bidco Limited | First Lien Term Loan | 9.29% | SOFR | 495 | 1/25/2029 | USD | 7423496 | 7481642 | 7412190<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CUB Financing Intermediate LLC | Delayed Draw | 1.00% |  |  | 6/28/2030 | USD | 2532273 | (23868) | (15740)<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CUB Financing Intermediate LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 6/28/2030 | USD | 5511417 | 5461247 | 5477159<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CX Institutional, LLC | Delayed Draw | 1.00% |  |  | 6/18/2029 | USD | 1698000 | (39167) | (38190)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CX Institutional, LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 6/18/2029 | USD | 3285490 | 3213397 | 3211596<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Delayed Draw | 1.00% |  |  | 10/31/2030 | USD | 6763338 | (35703) | (46361)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/31/2030 | USD | 24362519 | 24178534 | 24138778<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Revolver | 0.50% |  |  | 10/31/2030 | USD | 210689 | (1904) | (2378)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond Mezzanine 24 LLC | Revolver | 0.50% |  |  | 10/31/2030 | USD | 1500000 | (10753) | (13181<br><sup>)</sup><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreamstart BidCo | First Lien Term Loan | 7.61% | EURIBOR | 525 | 3/30/2027 | EUR | 627356 | 761303 | 677336<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earps Midco 3 Limited | Delayed Draw | 1.00% |  |  | 3/28/2032 | GBP | 560779 | 281853 | 280359<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earps Midco 3 Limited | First Lien Term Loan | 9.46% | SONIA | 500 | 3/28/2032 | GBP | 1626259 | 2073646 | 2069326<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecapital Finance Corp. | First Lien Term Loan | 12.92% | SOFR | 850 | 12/31/2028 | USD | 345130 | 339978 | 337726<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Delayed Draw | 8.80% | SOFR | 450 | 6/1/2026 | USD | 9936938 | 9767308 | 9822184<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 6/1/2026 | USD | 2431250 | 2419297 | 2403173<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Delayed Draw | 8.79% | SOFR | 450 | 6/1/2028 | USD | 14657438 | 1452045 | 1423509<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Delayed Draw | 8.80% | SOFR | 450 | 6/1/2028 | USD | 1172210 | 1161276 | 1158674<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 6/1/2028 | USD | 9214255 | 9128931 | 9107848<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeCo Buyer, Inc. | Revolver | 0.50% |  |  | 6/1/2028 | USD | 1465743 | (13518) | (16927)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Revolver | 0.50% |  |  | 3/12/2030 | USD | 4319379 | (71811) | (6578)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Delayed Draw | 1.00% |  |  | 3/12/2031 | USD | 7602969 | (141112) | (11578)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 | First Lien Term Loan | 8.82% | SOFR | 450 | 3/12/2031 | USD | 53392968 | $52437132 | $53311654<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | Delayed Draw | 8.80% | SOFR | 450 | 6/18/2030 | USD | 6500000 | 5970467 | 6036432<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | Delayed Draw | 8.80% | SOFR | 450 | 9/4/2026 | USD | 12556800 | 12181223 | 12540248<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 9/4/2026 | USD | 5332500 | 5216958 | 5325471<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exegy, Inc. | First Lien Term Loan | 10.42% | SOFR | 600 | 5/17/2026 | USD | 10587989 | 10541735 | 10571864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forza Insurance Holdings, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 2/27/2030 | USD | 4905784 | 4833234 | 4825828<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 9.44% | SOFR | 500 | 2/12/2029 | USD | 3464595 | 3430597 | 3464595<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Revolver | 0.50% |  |  | 2/12/2029 | USD | 385309 | (3747) | —<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.30% | SOFR | 500 | 10/29/2028 | USD | 5021818 | 4858609 | 5021818<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 9.30% | SOFR | 500 | 10/29/2028 | USD | 16665055 | 16294407 | 16665055<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Revolver | 0.50% |  |  | 10/29/2028 | USD | 359993 | (4558) | —<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Revolver | 0.50% |  |  | 10/29/2029 | USD | 11260184 | (60007) | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 1.00% |  |  | 10/29/2030 | USD | 76687466 | (402284) | (340022)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.30% | SOFR | 500 | 10/29/2030 | USD | 43575934 | 43245315 | 43566073<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.30% | SOFR | 525 | 10/29/2030 | USD | 845415 | 845415 | 845415<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.32% | SOFR | 500 | 10/29/2030 | USD | 566603 | 563777 | 563770<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.33% | SOFR | 500 | 10/29/2030 | USD | 443287 | 443287 | 443287<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 9.55% | SOFR | 525 | 10/29/2030 | USD | 1443983 | 1443982 | 1443983<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 9.30% | SOFR | 500 | 10/29/2030 | USD | 28404547 | 28375045 | 28404547<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 9.33% | SOFR | 500 | 10/29/2030 | USD | 3419726 | 3419726 | 3419726<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Delayed Draw | 8.80% | SOFR | 450 | 9/29/2028 | USD | 3996447 | 190891 | 236110<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Delayed Draw | 8.82% | SOFR | 450 | 9/29/2028 | USD | 70087 | 3617 | 3615<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | First Lien Term Loan | 8.83% | SOFR | 450 | 9/29/2028 | USD | 6781042 | 6781042 | 6781042<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.80% | SOFR | 450 | 9/29/2028 | USD | 503553 | 404109 | 409272<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.82% | SOFR | 450 | 9/29/2028 | USD | 62624 | 11497 | 11586<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Delayed Draw | 8.80% | SOFR | 450 | 9/30/2028 | USD | 83439484 | 15569079 | 16504882<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 9/30/2028 | USD | 46540180 | 45943423 | 46656531<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galway Borrower, LLC | Revolver | 8.80% | SOFR | 450 | 9/30/2028 | USD | 11045856 | 6928196 | 7017172<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gapco AIV Interholdco (CP), L.P. | Delayed Draw | 1.00% |  |  | 3/31/2033 | USD | 36770370 | (1470341) | (1470815)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gapco AIV Interholdco (CP), L.P. | First Lien Term Loan | 11.05% | SOFR | 675 | 3/31/2033 | USD | 21629630 | 20764620 | 20764444<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | Delayed Draw | 1.00% |  |  | 3/1/2031 | CAD | 7500000 | (76805) | (375091)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | First Lien Term Loan | 8.02% | CDOR | 525 | 3/1/2031 | CAD | 14925000 | 10860608 | 10261017<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gestion ABS Bidco, Inc. | Revolver | 8.02% | CDOR | 525 | 3/1/2031 | CAD | 2250000 | 200054 | 108728<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidehouse, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/16/2030 | USD | 63272415 | 62900712 | 63091421<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 March 31, 2025 (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 | 10.07% | SOFR | 575 | 12/16/2030 | USD | 23079155 | $22793225 | $22988360<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harp Finco Limited | First Lien Term Loan | 9.96% | SONIA | 550 | 3/27/2032 | GBP | 7930992 | 10065500 | 10040527<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | Delayed Draw | 8.82% | SOFR | 450 | 11/15/2031 | USD | 13366736 | 13302146 | 13307298<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | First Lien Term Loan | 8.82% | SOFR | 450 | 11/15/2031 | USD | 9035122 | 8991704 | 8972402<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBWM Intermediate II, LLC | Revolver | 8.82% | SOFR | 450 | 11/15/2031 | USD | 3643839 | 1149661 | 1158953<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helibron Midco B.V. | First Lien Term Loan | 8.11% | EURIBOR | 575 | 9/18/2026 | EUR | 14732374 | 16089004 | 15428893<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HG Genesis 9 Sumoco Limited | First Lien Term Loan | 8.80% PIK |  |  | 3/16/2029 | EUR | 31991224 | 32846553 | 34539905<br><sup>1,3,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 11/24/2028 | USD | 1939962 | 797368 | 797324<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 11/24/2028 | USD | 3147047 | 3147046 | 3147047<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | First Lien Term Loan | 8.83% | SOFR | 450 | 11/25/2026 | USD | 9659052 | 9543512 | 9596121<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | Delayed Draw | 8.83% | SOFR | 450 | 11/25/2028 | USD | 61591630 | 61380788 | 61190341<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 11/25/2028 | USD | 19471879 | 7930688 | 8074632<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higginbotham Insurance Agency, Inc. | First Lien Term Loan | 8.83% | SOFR | 450 | 11/25/2028 | USD | 82779878 | 82376083 | 82240542<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Financials | Delayed Draw | 9.57% | SOFR | 525 | 10/2/2028 | USD | 408594 | 390528 | 412051<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Financials | First Lien Term Loan | 9.57% | SOFR | 525 | 10/2/2028 | USD | 203646 | 197210 | 205369<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Financials | First Lien Term Loan | 9.29% | SOFR | 495 | 5/16/2029 | USD | 2474499 | 2492823 | 2470730<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Financials | First Lien Term Loan | 9.57% | SOFR | 525 | 6/28/2028 | USD | 19275 | 19012 | 19246<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V Feeder, L.P. | First Lien Term Loan | 7.29% | SOFR | 300 | 5/14/2031 | USD | 187500000 | 125313249 | 125313250<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IEQ MIDCO III, LLC | Delayed Draw | 8.69% | SOFR | 450 | 12/22/2028 | USD | 11409477 | 4579943 | 4784803<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iM Global Partner | First Lien Term Loan | 8.18% | EURIBOR | 575 | 4/7/2028 | EUR | 3700000 | 3751877 | 3922866<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | Delayed Draw | 1.00% |  |  | 9/30/2028 | USD | 2404220 | (22627) | (15664)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 9/30/2028 | USD | 4399366 | 4359711 | 4370703<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine 360 LLC | Revolver | 0.50% |  |  | 9/30/2028 | USD | 1023922 | (9036) | (6671)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inszone Mid, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 11/8/2028 | USD | 11676471 | 11493369 | 11661079<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | Delayed Draw | 9.31% | SOFR | 500 | 8/27/2027 | USD | 50763254 | 29593380 | 30215186<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 8/27/2027 | USD | 4574693 | 4508930 | 4594737<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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, <br>LLC | Revolver | 0.50% |  |  | 8/25/2028 | USD | 5280000 | $(52741) | $23134<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | Revolver | 11.66% | SOFR | 500 | 8/27/2027 | USD | 370370 | (18519) | 1623<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | Delayed Draw | 1.00% |  |  | 8/27/2028 | USD | 3792087 | (24987) | 16616<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 8/27/2028 | USD | 25909081 | 25863944 | 26022604<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integrity Marketing Acquisition, <br>LLC | Revolver | 0.50% |  |  | 8/27/2028 | USD | 248832 | (2266) | 1090<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | Delayed Draw | 9.95% | SOFR | 560 | 6/1/2028 | USD | 3467864 | 923067 | 921206<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | First Lien Term Loan | 9.95% | SOFR | 565 | 6/1/2028 | USD | 13707892 | 13804896 | 13799004<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | First Lien Term Loan | 9.97% | SOFR | 565 | 6/1/2028 | USD | 36756953 | 36622840 | 36966826<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.S. Held Holdings LLC | Revolver | 0.50% |  |  | 6/1/2028 | USD | 1197264 | (1469) | (2139)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Second Lien Term Loan | 13.80% PIK |  |  | 3/27/2026 | USD | 5800000 | 5729152 | 5717866<br><sup>1,3,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Delayed Draw | 13.80% PIK |  |  | 3/28/2026 | USD | 6800000 | 6641333 | 6703705<br><sup>1,3,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Second Lien Term Loan | 13.80% PIK |  |  | 3/28/2026 | USD | 6800000 | 6761596 | 6703705<br><sup>1,3,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Agency Partners LLC | Delayed Draw | 1.00% |  |  | 5/3/2027 | USD | 12786072 | (106562) | (152048)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Agency Partners LLC | Delayed Draw | 9.05% | SOFR | 475 | 5/3/2027 | USD | 47710257 | 47021400 | 47142901<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Agency Partners LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 5/3/2027 | USD | 22332071 | 22103079 | 22066504<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keystone Agency Partners LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 5/3/2027 | USD | 6428289 | 6384319 | 6351846<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 1.00% |  |  | 12/26/2027 | USD | 10909091 | (216475) | (218181)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 9.82% | SOFR | 550 | 12/26/2027 | USD | 4322971 | 3121985 | 3121360<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 9.83% | SOFR | 550 | 12/26/2027 | USD | 27569255 | 27021617 | 27017870<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 1.00% |  |  | 7/6/2029 | USD | 4585000 | (43574) | (10160)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 10.05% | SOFR | 575 | 7/6/2029 | USD | 3450665 | 3369920 | 3443019<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 7/6/2029 | USD | 23003860 | 22458206 | 22945998<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Revolver | 0.50% |  |  | 7/6/2029 | USD | 2760532 | (82816) | (6117)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 1.00% |  |  | 9/20/2030 | USD | 10826923 | (102540) | (23992)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | Delayed Draw | 10.05% | SOFR | 575 | 9/20/2030 | USD | 200643 | 200642 | 200198<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRIV Acquisition Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 9/20/2030 | USD | 1723373 | 1723371 | 1719038<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 2/28/2030 | USD | 3200000 | (158240) | (163505)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 2/28/2030 | USD | 14336845 | 14336845 | 14320317<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 March 31, 2025 (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; KWOR Acquisition, Inc. | Revolver | 0.50% |  |  | 2/28/2030 | USD | 2300000 | $(113068) | $(117519)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. Holdco <br>Note | First Lien Term Loan | 12.31% | SOFR | 800 | 2/28/2030 | USD | 4713948 | 4713948 | 4708514<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc. | Delayed Draw | 1.00% |  |  | 3/27/2031 | USD | 714286 | (7142) | (7143)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc. | First Lien Term Loan | 10.07% | SOFR | 575 | 3/27/2031 | USD | 1651786 | 1651786 | 1651786<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Delayed Draw | 9.30% | SOFR | 500 | 1/15/2029 | USD | 10447029 | 6515249 | 6550473<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Delayed Draw | 9.32% | SOFR | 500 | 6/15/2027 | USD | 13372836 | 13145416 | 13288378<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lido Advisors, LLC | Revolver | 9.86% | SOFR | 500 | 6/15/2029 | USD | 700000 | 466923 | 471579<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | Delayed Draw | 9.05% | SOFR | 475 | 8/29/2031 | USD | 21128571 | 8158450 | 8313360<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 8/29/2031 | USD | 13857143 | 13726893 | 13695085<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAI Capital Management Intermediate LLC | Revolver | 9.05% | SOFR | 475 | 8/29/2031 | USD | 7914286 | 2572490 | 2627682<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mclarens Midco, Inc. | Delayed Draw | 10.21% | SOFR | 575 | 12/19/2025 | USD | 1015815 | 95334 | 107251<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mclarens Midco, Inc. | Revolver | 10.21% | SOFR | 575 | 12/19/2025 | USD | 3485026 | 3485026 | 3479718<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | Revolver | 9.26% | SOFR | 500 | 9/1/2029 | USD | 8415801 | 4826475 | 4807825<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | Delayed Draw | 1.00% |  |  | 9/1/2030 | USD | 6473693 | (64737) | (14346)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; More Cowbell II LLC | First Lien Term Loan | 8.89% | SOFR | 500 | 9/1/2030 | USD | 59057759 | 58063132 | 58926889<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Delayed Draw | 10.07% | SOFR | 575 | 11/1/2029 | USD | 4317790 | 1629694 | 1699007<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 11/1/2029 | USD | 8872409 | 8725950 | 8858897<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakbridge Insurance Agency LLC | Revolver | 10.07% | SOFR | 575 | 11/1/2029 | USD | 1295337 | 649293 | 667285<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 6/1/2029 | USD | 1852989 | (56093) | (18530)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | Delayed Draw | 1.00% |  |  | 6/1/2030 | USD | 16837473 | (164210) | (168374)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pareto Health Intermediate Holdings, Inc. | First Lien Term Loan | 9.22% | SOFR | 500 | 6/1/2030 | USD | 98663354 | 97574980 | 97676720<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | Revolver | 0.50% |  |  | 5/15/2028 | USD | 1084049 | (9912) | (7063)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | Revolver | 9.42% | SOFR | 500 | 5/15/2028 | USD | 2497372 | 1138385 | 1140845<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | Delayed Draw | 9.42% | SOFR | 500 | 5/15/2029 | USD | 4747599 | 4569564 | 4716667<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathstone Family Office, LLC | First Lien Term Loan | 9.42% | SOFR | 500 | 5/15/2029 | USD | 40926955 | 39878669 | 40660303<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/14/2028 | USD | 39946400 | 27732173 | 28051289<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | Delayed Draw | 9.45% | SOFR | 500 | 10/14/2028 | USD | 34515443 | 34186387 | 34467824<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Patriot Growth Insurance Services, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 10/14/2028 | USD | 14742749 | $14360670 | $14722409<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Growth Insurance Services, LLC | Revolver | 9.42% | SOFR | 500 | 10/14/2028 | USD | 2660377 | 1303764 | 1326518<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroc Buyer, LLC | Revolver | 0.50% |  |  | 10/31/2027 | USD | 54382 | (536) | (544)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroc Buyer, LLC | First Lien Term Loan | 12.32% | SOFR | 800 | 4/30/2028 | USD | 2479460 | 2454913 | 2454665<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People Corporation | Delayed Draw | 1.00% |  |  | 2/18/2028 | CAD | 6523907 | (43375) | (59577)<sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw | 9.82% | SOFR | 550 | 11/1/2028 | USD | 52282188 | 51759476 | 52202566<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peter C. Foy & Associates Insurance Services, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 11/1/2028 | USD | 20892857 | 20683929 | 20861039<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw | 9.82% | SOFR | 550 | 4/23/2031 | USD | 9364286 | 8258332 | 8325747<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | Revolver | 10.07% | SOFR | 575 | 11/15/2029 | USD | 1669869 | 1393573 | 1415689<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | Delayed Draw | 9.95% | SOFR | 575 | 11/15/2030 | USD | 4174675 | 1929198 | 1994593<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petra Borrower, LLC | First Lien Term Loan | 10.04% | SOFR | 575 | 11/15/2030 | USD | 10772747 | 10587719 | 10613440<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | Delayed Draw | 9.06% | SOFR | 475 | 10/17/2029 | USD | 5486758 | 2962575 | 3057644<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 10/17/2029 | USD | 6358975 | 6187408 | 6320137<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 10/17/2029 | USD | 14322345 | 14007827 | 14234872<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrus Buyer, Inc. | Revolver | 0.50% |  |  | 10/17/2029 | USD | 1923077 | (57692) | (11745)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium Group B1 | First Lien Term Loan | 8.11% | EURIBOR | 575 | 12/5/2030 | EUR | 21125461 | 22268749 | 22922529<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premium Group B2 | Delayed Draw | 1.00% |  |  | 12/5/2030 | EUR | 3874539 | (104565) | 21320<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Accelerate Parent, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 2/24/2031 | USD | 24762565 | 24539786 | 24724853<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Accelerate Parent, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 9/19/2031 | USD | 43640625 | 43253654 | 43574164<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 | (52820) | (9518)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | Revolver | 9.86% | SOFR | 550 | 12/24/2025 | USD | 1059000 | 381809 | 375265<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | Delayed Draw | 9.85% | SOFR | 550 | 12/24/2029 | USD | 2682800 | 1016552 | 1010324<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT&C Group, LLC | First Lien Term Loan | 9.85% | SOFR | 550 | 12/24/2029 | USD | 4024200 | 3956696 | 3947836<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) | (3515)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&T Acquisitions, LLC | Delayed Draw | 1.00% |  |  | 8/31/2030 | USD | 5770569 | (86559) | (80810)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R&T Acquisitions, LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 8/31/2030 | USD | 15272773 | 14885989 | 15058895<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RFS Opco LLC | Delayed Draw | 9.05% | SOFR | 475 | 4/4/2031 | USD | 3685904 | 587379 | 581926<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Management Group, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 12/5/2030 | USD | 4321191 | 4279697 | 4272164<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rialto Management Group, LLC | Revolver | 0.50% |  |  | 12/5/2030 | USD | 158565 | (1502) | (1799)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Investments US Institutional Holdco, Inc. | First Lien Term Loan | 11.75% | PRIME | 500 | 5/31/2027 | USD | 10446396 | 10166390 | 10146062<br><sup>1,4,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; RWA Wealth Partners, LLC | Delayed Draw | 9.05% | SOFR | 475 | 11/15/2030 | USD | 1796747 | $94719 | $92390<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWA Wealth Partners, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 11/15/2030 | USD | 2227966 | 2206725 | 2203505<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWA Wealth Partners, LLC | Revolver | 0.50% |  |  | 11/15/2030 | USD | 529926 | (4971) | (5818)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SageSure Holdings, LLC | Delayed Draw | 1.00% |  |  | 1/28/2030 | USD | 4426229 | (43214) | (51025)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SageSure Holdings, LLC | First Lien Term Loan | 9.44% | SOFR | 500 | 1/28/2030 | USD | 4573770 | 4529741 | 4521044<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | First Lien Term Loan | 9.03% | SOFR | 475 | 1/27/2027 | USD | 1058511 | 1038624 | 1057115<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | First Lien Term Loan | 9.03% | SOFR | 475 | 4/3/2030 | USD | 56491181 | 55907109 | 56416717<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SG Acquisition, Inc. | Revolver | 0.50% |  |  | 4/3/2030 | USD | 3643725 | (30498) | (4803)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | Delayed Draw | 8.23% | CDOR | 525 | 4/24/2028 | CAD | 6043875 | 1826328 | 1638128<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | First Lien Term Loan | 8.23% | CDOR | 525 | 4/24/2028 | CAD | 13078622 | 9411161 | 9006159<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIB Corp. | Revolver | 0.50% |  |  | 4/24/2028 | CAD | 294464 | (2907) | (12149)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | Delayed Draw | 1.00% |  |  | 3/20/2032 | USD | 2222222 | (44243) | (44444)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | First Lien Term Loan | 7.70% | EURIBOR | 525 | 3/20/2032 | EUR | 6085699 | 6473195 | 6448946<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Irish Acquico Limited | First Lien Term Loan | 9.55% | SOFR | 525 | 3/20/2032 | USD | 6388889 | 6261519 | 6261111<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw | 9.24% | SOFR | 500 | 12/31/2031 | USD | 9476534 | 1422844 | 1401072<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | First Lien Term Loan | 9.28% | SOFR | 500 | 12/31/2031 | USD | 35537004 | 35188963 | 35105102<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 0.50% |  |  | 12/31/2031 | USD | 4738267 | (46018) | (57587)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SitusAMC Holdings Corporation | First Lien Term Loan | 9.90% | SOFR | 550 | 12/22/2027 | USD | 2323589 | 2301439 | 2295864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Insurance Partners LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/25/2029 | USD | 3984500 | 1253936 | 1247456<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Insurance Partners LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/25/2029 | USD | 2452000 | 2406265 | 2402960<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Insurance Partners LLC | Revolver | 0.50% |  |  | 10/25/2029 | USD | 352000 | (6441) | (7040)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | Revolver | 0.50% |  |  | 3/7/2030 | USD | 3515654 | (29273) | (5354)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | Delayed Draw | 1.00% |  |  | 3/7/2031 | USD | 4820114 | (44797) | (7341)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ultimus Group Midco, LLC | First Lien Term Loan | 9.65% | SOFR | 525 | 3/7/2031 | USD | 32148231 | 31859873 | 32099272<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | Delayed Draw | 9.07% | SOFR | 475 | 10/31/2031 | USD | 12814318 | 102520 | 198601<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 10/31/2031 | USD | 57481368 | 56929978 | 56799076<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THG Acquisition, LLC | Revolver | 9.07% | SOFR | 475 | 10/31/2031 | USD | 6407159 | 765676 | 811940<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turbo Buyer, Inc. | Delayed Draw | 10.45% | SOFR | 600 | 12/2/2025 | USD | 5768082 | 5628844 | 5562329<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turbo Buyer, Inc. | First Lien Term Loan | 10.45% | SOFR | 600 | 12/2/2025 | USD | 4098830 | 4081917 | 3952621<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | Delayed Draw | 9.06% | SOFR | 475 | 10/16/2031 | USD | 447787 | 443600 | 445003<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | Revolver | 0.50% |  |  | 10/17/2030 | USD | 2613507 | (24355) | (16245)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | Revolver | 11.25% | PRIME | 350 | 10/17/2030 | USD | 211906 | 209918 | 210589<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | Revolver | 11.25% | SOFR | 350 | 10/17/2030 | USD | 706353 | 699759 | 701963<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 March 31, 2025 (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; Unison Risk Advisors Inc. | Delayed Draw | 9.06% | SOFR | 475 | 10/17/2031 | USD | 1250000 | $1238135 | $1242230<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | Delayed Draw | 9.07% | SOFR | 475 | 10/17/2031 | USD | 10595120 | 760781 | 788830<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unison Risk Advisors Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 10/17/2031 | USD | 20425148 | 20229583 | 20298191<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniVista Intermediate HoldCo, LLC | First Lien Term Loan | 8.17% | SOFR | 385 | 1/10/2030 | USD | 9925057 | 9769002 | 9742150<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UniVista Intermediate HoldCo, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 1/10/2030 | USD | 13085124 | 12832248 | 12795571<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Insurance Services LLC | First Lien Term Loan | 9.70% | SOFR | 525 | 12/1/2027 | USD | 21903226 | 21684194 | 21869869<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Insurance Services LLC | Revolver | 9.67% | SOFR | 525 | 12/1/2027 | USD | 2419355 | 483871 | 480186<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waverly Advisors, LLC | Delayed Draw | 9.45% | SOFR | 550 | 3/1/2028 | USD | 5226840 | 762152 | 750601<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waverly Advisors, LLC | Revolver | 10.20% | SOFR | 550 | 3/1/2028 | USD | 509436 | 96924 | 95737<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.29% | SOFR | 500 | 10/2/2027 | USD | 7276509 | 7206151 | 7174889<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.32% | SOFR | 500 | 10/2/2027 | USD | 9175676 | 8469216 | 8443587<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2027 | USD | 3277828 | (77565) | (48512)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 1.00% |  |  | 10/2/2028 | USD | 13528739 | (63468) | (193644)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.31% | SOFR | 500 | 10/2/2028 | USD | 3886668 | 3886668 | 3886668<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.32% | SOFR | 500 | 10/2/2028 | USD | 100556475 | 96975624 | 96082386<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.32% | SOFR | 500 | 10/2/2028 | USD | 12096774 | 829160 | 708549<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.33% | SOFR | 500 | 10/2/2028 | USD | 1119048 | 1037891 | 1037852<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/2/2028 | USD | 256293 | 256293 | 256293<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2028 | USD | 3000657 | (10455) | (44229)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Delayed Draw | 9.29% | SOFR | 500 | 10/2/2029 | USD | 3139241 | 3139237 | 3092780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/2/2029 | USD | 15904665 | 15904649 | 15669276<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | Revolver | 0.50% |  |  | 10/2/2029 | USD | 906041 |  | (13409)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Associates Holdings, LLC | Delayed Draw | 1.00% |  |  | 4/3/2030 | USD | 11599378 | (57377) | (70843)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Associates Holdings, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 4/3/2030 | USD | 10000000 | 9950962 | 9988870<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Associates Holdings, LLC | Revolver | 0.50% |  |  | 4/3/2030 | USD | 722913 | (3536) | (4415)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Delayed Draw | 9.30% | SOFR | 500 | 4/3/2028 | USD | 32475789 | 31948614 | 32277447<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 4/3/2028 | USD | 39864500 | 38355592 | 39820132<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Delayed Draw | 1.00% |  |  | 4/3/2030 | USD | 1264363 | (6272) | (7722)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 4/3/2030 | USD | 55384391 | 54475833 | 55322750<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Insurance Associates, LLC | Revolver | 0.50% |  |  | 4/3/2030 | USD | 92265 | (454) | (563)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worldwide Insurance Network, LLC | Delayed Draw | 9.32% | SOFR | 500 | 5/28/2030 | USD | 1990837 | 851864 | 851864<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worldwide Insurance Network, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 5/28/2030 | USD | 2493153 | 2493153 | 2493153<br><sup>1,3,4,6</sup> |
|  |  |  |  |  |  |  |  | **3177763741** | **3196018751** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 15.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | Delayed Draw | 7.72% | PRIME | 500 | 8/10/2029 | CAD | 9656048 | $3878492 | $3459088<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123Dentist, Inc. | First Lien Term Loan | 7.72% | CDOR | 500 | 8/10/2029 | CAD | 39461496 | 29771648 | 27250513<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Delayed Draw | 9.67% | SOFR | 525 | 12/22/2027 | USD | 32245688 | 28904958 | 28872084<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | First Lien Term Loan | 9.67% | SOFR | 525 | 12/22/2027 | USD | 3994874 | 3954925 | 3928958<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) | (6992)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAH Topco, LLC | Delayed Draw | 1.00% |  |  | 3/31/2031 | USD | 11600000 | (58000) | (58000)<sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | Delayed Draw | 9.57% | SOFR | 525 | 7/2/2031 | USD | 4147638 | 1220549 | 1256791<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | First Lien Term Loan | 9.32% | SOFR | 500 | 7/2/2031 | USD | 7857143 | 7820780 | 7773878<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | First Lien Term Loan | 9.32% | SOFR | 500 | 7/2/2031 | USD | 2718255 | 2705189 | 2689448<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | First Lien Term Loan | 9.57% | SOFR | 525 | 7/2/2031 | USD | 14954864 | 14746491 | 14796382<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | Revolver | 0.50% |  |  | 7/2/2031 | USD | 2073819 | (21584) | (4596)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Centers Acquisition Corporation | First Lien Term Loan | 9.32% | SOFR | 500 | 10/31/2031 | USD | 6685732 | 6632086 | 6614881<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC (fka CNSI Holdings, LLC) | Delayed Draw | 1.00% |  |  | 12/17/2029 | USD | 2464647 | (33879) | (14729)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC (fka CNSI Holdings, LLC) | First Lien Term Loan | 9.80% | SOFR | 550 | 12/17/2029 | USD | 18752852 | 18082166 | 18640034<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC (fka CNSI Holdings, LLC) | First Lien Term Loan | 10.05% | SOFR | 575 | 12/17/2029 | USD | 1750276 | 1720636 | 1747611<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acentra Holdings, LLC (fka CNSI Holdings, LLC) | Revolver | 9.80% | SOFR | 550 | 12/17/2029 | USD | 1735776 | 462874 | 452258<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | Delayed Draw | 10.42% | SOFR | 610 | 8/2/2028 | USD | 3014437 | 3014437 | 3014437<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | Delayed Draw | 10.42%,<br>3.25% PIK | SOFR | 275 | 8/2/2028 | USD | 3703942 | 3628405 | 3698302<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | First Lien Term Loan | 10.42% | SOFR | 610 | 8/2/2028 | USD | 2008965 | 2008965 | 2008965<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACI Group Holdings, Inc. | First Lien Term Loan | 10.42%,<br>3.25% PIK | SOFR | 275 | 8/2/2028 | USD | 10038757 | 9925958 | 10023469<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | Delayed Draw | 10.63% | SOFR | 625 | 5/7/2027 | USD | 2340385 | 2221434 | 2336821<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADCS Clinics Intermediate Holdings, LLC | First Lien Term Loan | 10.78% | SOFR | 625 | 5/7/2027 | USD | 10718678 | 10625234 | 10702354<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADS Buyer, Inc. | First Lien Term Loan | 9.48% | SOFR | 500 | 12/31/2026 | USD | 11351775 | 11209878 | 11334487<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADS Buyer, Inc. | First Lien Term Loan | 9.48% | SOFR | 500 | 12/30/2027 | USD | 6361122 | 6297511 | 6351435<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/8/2029 | USD | 28428750 | 27727814 | 28853815<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantage HCS LLC | Revolver | 13.00% | PRIME | 425 | 11/8/2029 | USD | 7500000 | 4323039 | 4488578<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate RCM Acquisition Corp. | First Lien Term Loan | 10.65% | SOFR | 625 | 12/22/2026 | USD | 3270877 | 3235421 | 3213637<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate RCM Acquisition Corp. | Revolver | 0.50% |  |  | 12/22/2026 | USD | 521000 | (5279) | (9118)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Affinity Hospice Intermediate Holdings, LLC | First Lien Term Loan | 9.18% | SOFR | 475 | 12/17/2027 | USD | 10984454 | $10894883 | $9212889<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 11.80%,<br>3.00% PIK | SOFR | 425 | 12/31/2026 | USD | 7656232 | 7505099 | 7322681<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 11.81%,<br>3.00% PIK | SOFR | 425 | 12/31/2026 | USD | 12205979 | 12176258 | 11766925<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 9.30% | SOFR | 500 | 10/29/2026 | USD | 19521522 | 19106441 | 19180762<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.44% | SOFR | 600 | 12/14/2026 | USD | 19350000 | 19206552 | 19214269<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 11.56%,<br>2.50% PIK | SOFR | 450 | 12/31/2026 | USD | 14584082 | 14472459 | 14269178<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 12.55%,<br>8.00% PIK | SOFR | 400 | 2/23/2027 | USD | 15483541 | 15291260 | 14810642<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.81% PIK | SOFR | 625 | 3/5/2026 | USD | 6904635 | 6881076 | 407773<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.55% | SOFR | 600 | 5/27/2026 | USD | 13488751 | 13328608 | 13311977<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.44% | SOFR | 600 | 6/10/2026 | USD | 9676734 | 9599810 | 9518999<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 13.06%,<br>2.25% PIK | SOFR | 625 | 7/1/2026 | USD | 30497780 | 30413207 | 29282003<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | Delayed Draw | 10.05% | SOFR | 575 | 7/29/2027 | USD | 49950000 | 48986374 | 49416460<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 9.94% | SOFR | 550 | 8/20/2027 | USD | 10968310 | 10807284 | 10850851<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.35% | SOFR | 575 | 9/22/2026 | USD | 24187500 | 24058611 | 12897498<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Healthcare | First Lien Term Loan | 10.56% | SOFR | 600 | 9/25/2026 | USD | 19402389 | 19152715 | 19144241<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHR Intermediate, Inc. | Delayed Draw | 10.05% | SOFR | 575 | 12/16/2026 | USD | 14472853 | 10237081 | 10194733<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AHR Intermediate, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 7/29/2027 | USD | 27437771 | 27251574 | 27144696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Delayed Draw | 11.42% | SOFR | 700 | 12/21/2028 | USD | 1651318 | 1593578 | 1665291<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | First Lien Term Loan | 11.46% | SOFR | 700 | 12/21/2028 | USD | 22438356 | 21881980 | 22628226<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Revolver | 0.50% |  |  | 12/21/2028 | USD | 3052838 | 206067 | 224314<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. | Revolver | 0.50% |  |  | 3/12/2030 | USD | 360750 | (6733) | (8488)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. | Delayed Draw | 1.00% |  |  | 3/12/2026 | USD | 3667500 | (67836) | (86294)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. | First Lien Term Loan | 9.81% | SOFR | 550 | 3/12/2030 | USD | 3576000 | 3518407 | 3491858<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. | Revolver | 0.50% |  |  | 3/12/2030 | USD | 360750 | (6016) | (8488)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC | Delayed Draw | 9.54% | SOFR | 525 | 10/31/2030 | USD | 9043009 | 8909834 | 9029238<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allied Benefit Systems Intermediate LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 10/31/2030 | USD | 49310954 | 48545083 | 49235857<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Family Care | Delayed Draw | 10.40% | SOFR | 600 | 2/28/2026 | USD | 795000 | 58544 | 53027<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Family Care | First Lien Term Loan | 10.40% | SOFR | 600 | 2/28/2029 | USD | 2066572 | 2009410 | 1997755<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; American Family Care | Revolver | 0.50% |  |  | 2/28/2029 | USD | 318482 | $(8266) | $(10605)<sup>1,2,3</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 | 11610000 | 11466469 | 11403156<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Management Acquisition | Delayed Draw | 9.04% | SOFR | 475 | 10/14/2027 | USD | 20000000 | 9476476 | 9659711<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrow Management Acquisition | Revolver | 0.50% |  |  | 10/14/2027 | USD | 1555556 | (13125) | (20541)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Plastic Surgery Partners MSO, LLC | Delayed Draw | 1.00% |  |  | 5/3/2029 | USD | 2703000 | (44483) | (54060)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Plastic Surgery Partners MSO, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 5/3/2029 | USD | 896495 | 881155 | 878565<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Plastic Surgery Partners MSO, LLC | Revolver | 0.50% |  |  | 5/3/2029 | USD | 548500 | (9007) | (10970)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | Delayed Draw | 9.57% | SOFR | 525 | 7/31/2026 | USD | 4933161 | 3503172 | 3485724<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 7/31/2029 | USD | 10717188 | 10573200 | 10502844<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP Global Holdings, LLC | Revolver | 9.57% | SOFR | 525 | 7/31/2029 | USD | 1713272 | 1057004 | 1050807<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWC-MH Acquisition LLC | First Lien Term Loan | 14.92%,<br>5.50% PIK | SOFR | 500 | 6/30/2025 | USD | 9711688 | 9553475 | 8468592<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXPM Dental Management, LLC | Delayed Draw | 1.00% |  |  | 12/28/2027 | USD | 8243186 | (82357) | (115074)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXPM Dental Management, LLC | First Lien Term Loan | 9.47% | SOFR | 525 | 12/28/2027 | USD | 18946550 | 18782532 | 18682056<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXPM Dental Management, LLC | Revolver | 0.50% |  |  | 12/28/2027 | USD | 3131476 | (31229) | (43716)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurity Pharmaceuticals, Inc. | First Lien Term Loan | 11.29% | SOFR | 700 | 3/14/2030 | USD | 36296120 | 35575368 | 35570197<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | Delayed Draw | 1.00% |  |  | 9/29/2030 | USD | 10749880 | (104224) | (68966)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo LLC | Delayed Draw | 9.54% PIK | SOFR | 525 | 9/29/2030 | USD | 3479724 | 2967527 | 3030016<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo LLC | First Lien Term Loan | 7.86% PIK | EURIBOR | 525 | 9/29/2030 | EUR | 6196579 | 6382675 | 6657466<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | First Lien Term Loan | 9.54% PIK | SOFR | 525 | 9/29/2030 | USD | 12470415 | 12154660 | 12390411<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US BidCo LLC | First Lien Term Loan | 9.54% PIK | SOFR | 525 | 9/29/2030 | USD | 10117028 | 9867061 | 10052123<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bamboo US Bidco LLC | Delayed Draw | 9.54% | SOFR | 525 | 9/30/2030 | USD | 2380000 | 404271 | 412115<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Receivables Funding LP | Revolver | 10.97% | SOFR | 665 | 1/28/2028 | USD | 12000000 | 5765714 | 5981725<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biocare Medical LLC | First Lien Term Loan | 9.17% | SOFR | 475 | 12/9/2027 | USD | 21486465 | 21271600 | 21453743<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biocare Medical LLC | Revolver | 0.50% |  |  | 12/9/2027 | USD | 2777778 |  | (4230)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | Delayed Draw | 9.32% | SOFR | 500 | 1/21/2031 | USD | 6282029 | 4248185 | 4235973<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Cloud Pediatric Surgery Centers, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 1/21/2031 | USD | 29583967 | 29298234 | 29241129<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 | (39452) | (47908)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 9.49% | SOFR | 525 | 12/22/2031 | USD | 3352131 | 2648935 | 2642994<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 March 31, 2025 (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; Bridge Consumer Healthcare Intermediate LLC | First Lien Term Loan | 9.47% | SOFR | 525 | 12/22/2031 | USD | 7061824 | $6992933 | $6980272<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridge Consumer Healthcare Intermediate LLC | Revolver | 0.50% |  |  | 12/22/2031 | USD | 1340853 | (12953) | (15484)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightStar Group Holdings, Inc. | First Lien Term Loan | 9.25% | SOFR | 500 | 2/28/2032 | USD | 4017186 | 3977361 | 3972424<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightStar Group Holdings, Inc. | Revolver | 0.50% |  |  | 2/28/2032 | USD | 527933 | (5215) | (5883)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | Delayed Draw | 1.00% |  |  | 2/28/2032 | USD | 9375000 | (139755) | (132881)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | First Lien Term Loan | 9.50% | SOFR | 525 | 2/28/2032 | USD | 38000000 | 37494405 | 37461388<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcium Bidco Limited | Revolver | 0.50% |  |  | 8/28/2031 | USD | 5000000 | (74004) | (70870)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | Delayed Draw | 1.00% |  |  | 3/6/2032 | USD | 3278987 | (32542) | (32790)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | First Lien Term Loan | 9.07% | SOFR | 475 | 3/6/2032 | USD | 21971207 | 21753030 | 21751495<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambrex Corporation | Revolver | 0.50% |  |  | 3/6/2032 | USD | 918367 | (9093) | (9184)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardiology Management Holdings, LLC | First Lien Term Loan | 10.70% | SOFR | 625 | 1/31/2029 | USD | 1808495 | 1772651 | 1805741<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Purchaser, LLC | First Lien Term Loan | 9.36% | SOFR | 500 | 12/9/2030 | USD | 11516129 | 11377699 | 11354393<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Purchaser, LLC | Revolver | 9.36% | SOFR | 500 | 12/9/2030 | USD | 1233871 | 440212 | 437576<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Parent, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 12/7/2027 | USD | 4408067 | 4348653 | 4370104<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDL Parent, Inc. | Revolver | 9.45% | SOFR | 500 | 12/7/2027 | USD | 251889 | 77256 | 78435<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | Delayed Draw | 9.43% | SOFR | 500 | 8/7/2031 | USD | 12264726 | 6490759 | 6462289<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 8/7/2031 | USD | 27008110 | 26629442 | 26562474<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 8/7/2031 | USD | 3077682 | 3044626 | 3026900<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coding Solutions Acquisition, Inc. | Revolver | 9.43% | SOFR | 500 | 8/7/2031 | USD | 3066567 | 2948004 | 2939633<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Color Intermediate, LLC | First Lien Term Loan | 9.15% | SOFR | 475 | 10/4/2029 | USD | 40285062 | 39700932 | 40452987<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Medical Acquisition <br>Corp. | Revolver | 9.20% | SOFR | 475 | 12/15/2027 | USD | 3683963 | 3483774 | 3444399<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Medical Acquisition <br>Corp. | First Lien Term Loan | 9.20% | SOFR | 475 | 12/15/2028 | USD | 25447642 | 25110230 | 24964232<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 | (104664) | (33504)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ComPsych Investment Corp. | First Lien Term Loan | 9.04% | SOFR | 475 | 7/22/2031 | USD | 62131852 | 61842994 | 62037230<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluent Health, LLC | First Lien Term Loan | 11.82% | SOFR | 750 | 11/30/2028 | USD | 16842997 | 15965876 | 16618902<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connect America.com, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 10/11/2029 | USD | 15000000 | 14769729 | 14751688<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Delayed Draw | 1.00% |  |  | 4/2/2031 | USD | 12310650 | (61068) | (75186)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Delayed Draw | 8.81% | SOFR | 450 | 4/2/2031 | USD | 17197452 | 16929478 | 17092420<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | First Lien Term Loan | 9.00% | SOFR | 450 | 4/2/2031 | USD | 43833200 | 43239737 | 43565493<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Buyer, Inc. | Revolver | 9.58% | SOFR | 525 | 4/2/2031 | USD | 11097478 | (36639) | 2286<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 March 31, 2025 (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; CORA Health Holdings Corp. | Delayed Draw | 10.21% | ARR CSA | 575 | 6/15/2027 | USD | 227553 | $199113 | $218686<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORA Health Holdings Corp. | First Lien Term Loan | 10.21% PIK | ARR CSA | 575 | 6/15/2027 | USD | 13568550 | 13434729 | 13039841<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CORA Health Holdings Corp. | Revolver | 10.21% | ARR CSA | 575 | 6/15/2027 | USD | 769231 | 442275 | 412334<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPC/Cirtec Holdings, Inc. | First Lien Term Loan | 9.07% | ARR CSA | 475 | 1/30/2029 | USD | 8809496 | 8549303 | 8774090<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPC/Cirtec Holdings, Inc. | Revolver | 0.50% |  |  | 10/31/2028 | USD | 1138677 | (888) | (4576)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPF Dental, LLC | Delayed Draw | 13.81%,<br>4.25% PIK | SOFR | 500 | 9/30/2025 | USD | 13361370 | 12925784 | 13201984<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPF Dental, LLC | First Lien Term Loan | 13.82%,<br>4.25% PIK | SOFR | 500 | 9/30/2025 | USD | 5561553 | 5553782 | 5508659<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | Delayed Draw | 1.00% |  |  | 11/27/2031 | USD | 316947 | (3019) | (3577)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | First Lien Term Loan | 8.28% | EURIBOR | 550 | 11/27/2031 | EUR | 631416 | 654240 | 668236<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cradle Lux Bidco S.A.R.L. | First Lien Term Loan | 9.94% | SOFR | 550 | 11/27/2031 | USD | 232425 | 227932 | 227462<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 12/18/2031 | USD | 187316360 | 184320805 | 184038323<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. | Revolver | 0.50% |  |  | 12/18/2031 | USD | 23248856 | (368642) | (406855)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crossroads Holding, LLC | First Lien Term Loan | 9.44% PIK | SOFR | 500 | 12/23/2027 | USD | 14064634 | 13962794 | 12112272<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curia Global, Inc. | Revolver | 10.57% | SOFR | 625 | 1/29/2029 | USD | 10833333 | 5352150 | 5351667<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 6/28/2030 | USD | 5882852 | 95557 | 127936<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 6/28/2030 | USD | 22158744 | 21956879 | 22071898<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVP Holdco, Inc. | Revolver | 0.50% |  |  | 6/28/2030 | USD | 2353141 | (20803) | (9223)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holding, LLC | Delayed Draw | 10.70% | SOFR | 641 | 4/3/2028 | USD | 3855842 | 3801239 | 3849970<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCA Investment Holding, LLC | First Lien Term Loan | 10.70% | SOFR | 641 | 4/3/2028 | USD | 15460338 | 15324622 | 15436793<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | Delayed Draw | 10.15% | SOFR | 575 | 8/26/2028 | USD | 1433333 | 1372417 | 1412259<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | First Lien Term Loan | 10.15% | SOFR | 575 | 8/26/2028 | USD | 13616667 | 12804926 | 13416463<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deca Dental Holdings, LLC | Revolver | 10.15% | SOFR | 575 | 8/26/2027 | USD | 1111111 | 1110542 | 1094775<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delorean Purchaser, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 12/16/2031 | USD | 22870281 | 22535749 | 22491998<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delorean Purchaser, Inc. | Revolver | 0.50% |  |  | 12/16/2031 | USD | 3430542 | (49709) | (56742)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dentive Capital, LLC | Delayed Draw | 11.05% | SOFR | 675 | 5/3/2030 | USD | 5721528 | 3005739 | 3098001<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dental Care Alliance, LLC | First Lien Term Loan | 10.70% | SOFR | 641 | 4/3/2028 | USD | 2115 | 2089 | 2112<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | First Lien Term Loan | 10.17% | SOFR | 575 | 6/1/2028 | USD | 16905242 | 16720981 | 16651663<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | Revolver | 10.13% | SOFR | 575 | 6/1/2028 | USD | 1612903 | 300000 | 298387<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCS MSO LLC | First Lien Term Loan | 10.17% | SOFR | 575 | 6/1/2028 | USD | 2185940 | 2153659 | 2153151<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSH Merger Sub, Inc. | First Lien Term Loan | 9.82% | SOFR | 540 | 3/15/2027 | USD | 435895 | 433021 | 431914<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DSH Merger Sub, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 3/15/2027 | USD | 3397834 | 3375434 | 3366801<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerge Intermediate, Inc. | Delayed Draw | 10.56% | SOFR | 625 | 2/26/2026 | USD | 123336 | 122488 | 121138<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerge Intermediate, Inc. | First Lien Term Loan | 10.56% | SOFR | 625 | 2/26/2026 | USD | 12199874 | 12114150 | 11982510<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Emerge Intermediate, Inc. | Revolver | 10.56% | SOFR | 625 | 2/26/2026 | USD | 1860000 | $1848072 | $1826861<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Care Partners, LLC | Delayed Draw | 1.00% |  |  | 10/18/2027 | USD | 5720414 | (70799) | (90276)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Care Partners, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 10/18/2027 | USD | 19865095 | 19658341 | 19551599<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Care Partners, LLC | Revolver | 0.50% |  |  | 10/18/2027 | USD | 2092020 | (25863) | (33014)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emmes Blocker, Inc. | Delayed Draw | 10.03% | SOFR | 575 | 7/7/2028 | USD | 16518376 | 16188067 | 16493220<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emmes Blocker, Inc. | First Lien Term Loan | 10.03% | SOFR | 575 | 7/7/2028 | USD | 8067073 | 7965852 | 8054788<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endodontic Practice Partners LLC | Delayed Draw | 1.00% |  |  | 11/2/2027 | USD | 2216460 | (22987) | (34134)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endodontic Practice Partners LLC | Delayed Draw | 9.80% | SOFR | 550 | 11/2/2027 | USD | 1153280 | 1141399 | 1135520<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endodontic Practice Partners LLC | Delayed Draw | 9.80% | SOFR | 575 | 11/2/2027 | USD | 234260 | 231607 | 230652<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENT MSO LLC | Delayed Draw | 10.66% | SOFR | 625 | 12/31/2025 | USD | 4786239 | 3485318 | 3519030<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENT MSO LLC | Delayed Draw | 11.41% | SOFR | 700 | 12/31/2025 | USD | 6606083 | 6341059 | 6596023<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENT MSO LLC | Revolver | 10.91% | SOFR | 650 | 12/31/2025 | USD | 958115 | 829011 | 834497<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERC TOPCO Holdings, Inc.  | Revolver | 10.06% | SOFR | 550 | 3/31/2030 | USD | 1289316 | 859544 | 859544 <br><sup>1,3,4,7</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</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 1/17/2032 | USD | 2175229 | 36417 | 31415<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 1/17/2032 | USD | 6132298 | 6072252 | 6057769<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eResearchTechnology, Inc. | Revolver | 0.50% |  |  | 10/17/2031 | USD | 692471 | (6720) | (8416)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health LLC | Delayed Draw | 9.44% | SOFR | 500 | 12/6/2029 | USD | 5961685 | 5789391 | 5834391<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolent Health LLC | Revolver | 8.46% | SOFR | 500 | 12/6/2029 | USD | 1000 | 490 | 488<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 11/3/2029 | USD | 9396209 | 9184182 | 9413798<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | Revolver | 0.50% |  |  | 11/3/2029 | USD | 1032787 | (21867) | (1573)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FC Compassus, LLC | Delayed Draw | 10.07%,<br>1.50% PIK | SOFR | 425 | 11/26/2030 | USD | 2377257 | 230870 | 247669<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FC Compassus, LLC | First Lien Term Loan | 10.07%,<br>1.50% PIK | SOFR | 425 | 11/26/2030 | USD | 21623760 | 21313034 | 21299404<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | Delayed Draw | 9.22% | SOFR | 500 | 10/11/2030 | USD | 3055096 | 522646 | 516006<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | First Lien Term Loan | 9.22% | SOFR | 500 | 10/11/2030 | USD | 5499172 | 5421488 | 5408435<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. | Revolver | 0.50% |  |  | 10/11/2030 | USD | 916529 | (12688) | (15123)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH MD Buyer, Inc. | First Lien Term Loan | 9.44% | SOFR | 511 | 7/22/2028 | USD | 14512500 | 14367375 | 14432437<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan | 11.19% | SOFR | 675 | 12/15/2028 | USD | 4900000 | 4900000 | 4887086<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FinThrive Software Intermediate Holdings, Inc. | Second Lien Term Loan | 8.44% | SOFR | 400 | 12/17/2029 | USD | 11500000 | 11500000 | 11469692<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financiere N | First Lien Term Loan | 8.93% | SOFR | 450 | 1/22/2029 | USD | 37500000 | 37500000 | 37437525<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Fortis Life Sciences, LLC | First Lien Term Loan | 9.64% | SOFR | 525 | 9/17/2027 | USD | 18183807 | $17939781 | $15841210<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Life Sciences, LLC | Revolver | 9.64% | SOFR | 525 | 9/17/2027 | USD | 2438266 | 2432179 | 2124147<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FYI Optical Acquisitions, Inc. & FYI USA Inc. | Delayed Draw | 9.38% | CDOR | 575 | 3/4/2027 | CAD | 36758217 | 28142541 | 25503605<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fyzical Buyer, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 6/26/2028 | USD | 2459473 | 2426376 | 2420122<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fyzical Buyer, LLC | Revolver | 9.82% | SOFR | 550 | 6/26/2028 | USD | 354000 | 186509 | 185496<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geriatric Medical & Surgical Supply, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 6/21/2027 | USD | 2502459 | 2473167 | 2464922<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHX Ultimate Parent Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 12/27/2031 | USD | 76746853 | 75997308 | (74949)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GHX Ultimate Parent Corporation | Revolver | 0.50% |  |  | 12/27/2031 | USD | 6981599 | (67574) | (74949)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldeneye Parent, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/31/2032 | USD | 53306368 | 53039836 | 53039836<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldeneye Parent, LLC | Revolver | 0.50% |  |  | 3/31/2032 | USD | 7731845 | (38659) | (38659)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand River Aseptic Manufacturing, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 3/10/2031 | USD | 7489502 | 7415153 | 7410626<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand River Aseptic Manufacturing, Inc. | Revolver | 0.50% |  |  | 3/10/2031 | USD | 2304462 | (22819) | (24270)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSV Holding, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 10/18/2030 | USD | 82481650 | 81700982 | 81968964<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSV Holding, LLC | Revolver | 0.50% |  |  | 10/18/2030 | USD | 1602036 | (14973) | (9958)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gula Buyer Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 10/25/2031 | USD | 23057070 | 22780697 | 22883824<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H2 Holdco, Inc. | Delayed Draw | 10.55% | SOFR | 600 | 5/5/2028 | USD | 2484000 | 1543616 | 1536634<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthspan Buyer, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 10/16/2030 | USD | 24937500 | 24820172 | 24797497<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEC Purchaser Corp. | First Lien Term Loan | 9.72% | SOFR | 550 | 6/17/2029 | USD | 13117948 | 12817609 | 12726182<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEC Purchaser Corp. | Revolver | 10.10% | SOFR | 550 | 6/17/2029 | USD | 2052486 | (49824) | (61298<br><sup>)</sup><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Delayed Draw | 11.40% | SOFR | 700 | 1/5/2029 | USD | 9818480 | 9573224 | 9778038<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | First Lien Term Loan | 10.90% | SOFR | 650 | 1/5/2029 | USD | 1450703 | 1413400 | 1415613<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | First Lien Term Loan | 11.40% | SOFR | 700 | 1/5/2029 | USD | 10741001 | 10512085 | 10696760<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Revolver | 11.40% | SOFR | 700 | 1/5/2029 | USD | 1656810 | 497043 | 490219<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HemaSource, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 8/31/2029 | USD | 21750000 | 21270760 | 21325973<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HemaSource, Inc. | Revolver | 0.50% |  |  | 8/31/2029 | USD | 5000000 |  | (80419)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Health Care | Delayed Draw | 21.25% PIK | PRIME | 1350 | 10/27/2025 | USD | 262889 | 260208 | 58177<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | Delayed Draw | 1.00% |  |  | 11/12/2030 | USD | 3849350 | (37467) | (24311)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 11/12/2030 | USD | 15878571 | 15726292 | 15778289<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HT Intermediary III, Inc. | Revolver | 9.07% | SOFR | 475 | 11/12/2030 | USD | 1443505 | 45166 | 49715<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Purchaser, Inc. | Delayed Draw | 1.00% |  |  | 11/21/2031 | USD | 711335 | (10400) | (11478)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Purchaser, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 11/21/2031 | USD | 3122047 | 3076897 | 3071669<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 | 9.16% | SOFR | 475 | 4/21/2028 | USD | 3530702 | $3402485 | $3402518<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.41% | SOFR | 500 | 4/21/2029 | USD | 7517229 | 7442808 | 7505780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.91% | SOFR | 550 | 4/21/2029 | USD | 49883500 | 38938529 | 43005606<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | First Lien Term Loan | 9.41% | SOFR | 500 | 4/21/2029 | USD | 22899671 | 22670674 | 22864797<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IvyRehab Intermediate II, LLC | Delayed Draw | 9.91% | SOFR | 550 | 9/20/2031 | USD | 15000000 | 6270628 | 6328352<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | Delayed Draw | 1.00% |  |  | 2/13/2032 | USD | 1570437 | (15614) | (17435)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 2/13/2032 | USD | 4536818 | 4491817 | 4486451<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JKC Parent, Inc. | Revolver | 9.32% | SOFR | 500 | 2/13/2032 | USD | 1046958 | 164136 | 162870<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 11/22/2031 | USD | 2500000 | 2475905 | 2483961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | Revolver | 0.50% |  |  | 11/22/2031 | USD | 250000 | (2374) | (1604)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 11/24/2031 | USD | 20000000 | 19806487 | 19871691<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KabaFusion Parent LLC | Revolver | 0.50% |  |  | 11/24/2031 | USD | 2500000 | (23874) | (16039)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 12/12/2029 | USD | 22938585 | 22461668 | 22889619<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | Revolver | 0.50% |  |  | 12/12/2029 | USD | 3138075 | (61054) | (6699)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 7/30/2029 | USD | 5854248 | 5727616 | 5841751<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Acquisition, Inc. | Revolver | 0.50% |  |  | 7/30/2029 | USD | 800881 |  | (1710)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 7.86% | EURIBOR | 550 | 6/10/2027 | EUR | 5885973 | 6130698 | 6227800<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 9.89% | SOFR | 560 | 6/10/2027 | USD | 1523826 | 1512482 | 1491076<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 9.92% | SOFR | 560 | 6/10/2027 | USD | 25645878 | 21428762 | 21274685<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Delayed Draw | 9.96% | SONIA | 560 | 6/10/2027 | GBP | 7337430 | 8559628 | 9274939<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | First Lien Term Loan | 9.89% | SOFR | 560 | 6/10/2027 | USD | 2819348 | 2788736 | 2758753<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Revolver | 9.89% | SOFR | 560 | 6/10/2027 | USD | 1288428 | 1279276 | 1260736<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Science Intermediate Holdings, LLC | Revolver | 9.92% | SOFR | 560 | 6/10/2027 | USD | 517932 | 515343 | 506801<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limpio Bidco GMBH | First Lien Term Loan | 7.81% | EURIBOR | 520 | 10/31/2030 | EUR | 11596834 | 11930231 | 12746310<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | Delayed Draw | 1.00% |  |  | 11/22/2031 | USD | 1055013 | (10289) | (11777)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | First Lien Term Loan | 9.01% | SOFR | 450 | 11/22/2031 | USD | 923136 | 914239 | 912831<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LivTech Purchaser, Inc. | Revolver | 0.50% |  |  | 11/22/2031 | USD | 274865 | (2611) | (3068)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 9.82% | SOFR | 550 | 1/29/2027 | USD | 4184475 | 2545291 | 2576721<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 March 31, 2025 (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 | First Lien Term Loan | 9.82% | SOFR | 550 | 1/29/2027 | USD | 12024339 | $11913525 | $12061491<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.82% | SOFR | 550 | 1/29/2027 | USD | 836896 | 574412 | 583972<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 9.82% | SOFR | 550 | 2/13/2031 | USD | 34259952 | 13158295 | 13549921<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Delayed Draw | 9.83% | SOFR | 550 | 2/13/2031 | USD | 792806 | 779594 | 779567<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 2/13/2031 | USD | 22729434 | 22466046 | 22799660<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | First Lien Term Loan | 9.83% | SOFR | 550 | 2/13/2031 | USD | 1112569 | 1101467 | 1101443<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 0.50% |  |  | 2/13/2031 | USD | 328131 | (2239) | (2688)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.82% | SOFR | 550 | 2/13/2031 | USD | 2821750 | 325724 | 340143<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.82% | PRIME | 550 | 2/13/2031 | USD | 119907 | 119907 | 119641<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MB2 Dental Solutions, LLC | Revolver | 9.83% | SOFR | 550 | 2/13/2031 | USD | 128286 | 126046 | 126041<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedMark Services, Inc. | Delayed Draw | 9.56% | SOFR | 500 | 6/11/2027 | USD | 5972869 | 5953310 | 5963773<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MedMark Services, Inc. | First Lien Term Loan | 9.56% | SOFR | 500 | 6/11/2027 | USD | 7709500 | 7632405 | 7697759<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millstone Medical Outsourcing, LLC | First Lien Term Loan | 9.06% | SOFR | 475 | 12/15/2027 | USD | 12981132 | 12896009 | 12872892<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millstone Medical Outsourcing, LLC | Revolver | 0.50% |  |  | 12/15/2027 | USD | 3018868 | (19393) | (25172)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 4617897 | (45134) | (53141)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | First Lien Term Loan | 9.55% | SOFR | 525 | 12/23/2030 | USD | 5711375 | 5656175 | 5645651<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mist Holding Co. | Revolver | 9.55% | SOFR | 500 | 12/23/2030 | USD | 1424727 | 342528 | 339787<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MN Acquisition, Inc. | First Lien Term Loan | 10.42%,<br>3.75% PIK | SOFR | 225 | 8/25/2028 | USD | 19577871 | 19329783 | 9788935<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MN Acquisition, Inc. | Revolver | 10.42%,<br>3.75% PIK | SOFR | 225 | 8/25/2028 | USD | 2520428 | 1128134 | (132081)<sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Delayed Draw | 12.45% | SOFR | 1000 | 4/3/2026 | USD | 4157789 | 4064707 | 3586615<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | First Lien Term Loan | 12.45% | SOFR | 800 | 4/3/2026 | USD | 7119965 | 7081279 | 6141443<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Dentex Labs, LLC | Revolver | 12.45% | SOFR | 700 | 4/3/2026 | USD | 919540 | 781609 | 653505<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Health Acquisition Corp | First Lien Term Loan | 9.07% | SOFR | 475 | 7/4/2031 | USD | 23794843 | 23574089 | 23758605<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Health Acquisition Corp | Revolver | 9.07% | SOFR | 475 | 7/4/2031 | USD | 3531390 | 533139 | 559644<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | Delayed Draw | 1.00% |  |  | 8/23/2031 | USD | 13787768 | (118345) | (87023)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | First Lien Term Loan | 9.52% | SOFR | 525 | 8/23/2031 | USD | 16032606 | 16032606 | 16011472<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | First Lien Term Loan | 9.27%,<br>2.45% PIK | SOFR | 225 | 8/23/2031 | USD | 81856871 | 81096898 | 81748971<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netsmart Technologies, Inc. | Revolver | 0.50% |  |  | 8/23/2031 | USD | 14063739 | (123857) | (123877)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next HoldCo, LLC | Revolver | 0.50% |  |  | 11/9/2029 | USD | 7114625 | (82333) | (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 | (256492) | (189562)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next HoldCo, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/9/2030 | USD | 133374708 | 131841614 | 132040961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWI Merger Sub, Inc. | Delayed Draw | 1.00% |  |  | 12/4/2029 | USD | 3366000 | (59147) | (67320)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; NWI Merger Sub, Inc. | First Lien Term Loan | 9.56% | SOFR | 525 | 12/4/2029 | USD | 8863800 | $8737506 | $8686524<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWI Merger Sub, Inc. | Revolver | 0.50% |  |  | 12/4/2029 | USD | 1306000 | (22931) | (26120)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OA Buyer, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 12/20/2028 | USD | 6824561 | 6752161 | 6827796<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OB Hospitalist Group | First Lien Term Loan | 9.67% | SOFR | 525 | 9/27/2027 | USD | 50763216 | 50137965 | 50559193<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OB Hospitalist Group | Revolver | 0.50% |  |  | 9/27/2027 | USD | 2862595 | (5925) | (11505)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | Delayed Draw | 9.82% | ARR CSA | 525 | 10/19/2027 | USD | 1342341 | 1330335 | 1320193<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | First Lien Term Loan | 9.82% | ARR CSA | 525 | 10/19/2027 | USD | 10891714 | 10782797 | 10712000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIA Acquisition, LLC | Revolver | 9.84% | SOFR | 550 | 10/19/2027 | USD | 1928571 | 1223660 | 1211036<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | Delayed Draw | 9.05% | SOFR | 475 | 11/16/2028 | USD | 18085519 | 17818641 | 17877396<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/16/2028 | USD | 12117500 | 11996325 | 11978056<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 |  | (16376)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OIS Management Services, LLC | Delayed Draw | 9.05% | SOFR | 575 | 11/16/2028 | USD | 7238398 | 4414904 | 4469890<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMH-Healthedge Holdings, Inc. | First Lien Term Loan | 10.25% | SOFR | 600 | 10/6/2029 | USD | 4477444 | 4386519 | 4471542<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMH-Healthedge Holdings, Inc. | Revolver | 0.50% |  |  | 10/6/2029 | USD | 488722 | (12218) | (644)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ons Mso, LLC | Delayed Draw | 10.04% | SOFR | 575 | 7/8/2026 | USD | 6530224 | 3118432 | 3153091<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ons Mso, LLC | Revolver | 13.75% | PRIME | 850 | 7/8/2026 | USD | 6228941 | 4073121 | 4068987<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onsite Holdings, LLC | Revolver | 10.65% | SOFR | 625 | 12/28/2025 | USD | 1226900 | 597863 | 604966<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onsite Holdings, LLC | First Lien Term Loan | 10.65% | SOFR | 625 | 12/28/2027 | USD | 1840351 | 1807786 | 1828361<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OpCo Borrower, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 4/26/2029 | USD | 12281250 | 12208146 | 12224648<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Vision Holdco Limited | Delayed Draw | 1.00% |  |  | 10/11/2031 | GBP | 4545455 | 2266153 | 2232723<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Vision Holdco Limited | Delayed Draw | 9.46% | SONIA | 500 | 10/11/2031 | GBP | 20454545 | 25969366 | 25811570<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Org USME Buyer, LLC | First Lien Term Loan | 10.19% | SOFR | 575 | 11/24/2026 | USD | 15947638 | 15793444 | 15525267<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Org USME Buyer, LLC | Revolver | 10.19% | SOFR | 575 | 11/24/2026 | USD | 936232 | 823751 | 799088<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 1.00% |  |  | 10/12/2027 | USD | 3013116 | (44444) | (48622)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 10.70% | SOFR | 625 | 10/12/2027 | USD | 14028485 | 13747915 | 13802111<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | First Lien Term Loan | 10.70% | SOFR | 625 | 10/12/2027 | USD | 9527211 | 9409887 | 9373473<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, Inc. | Delayed Draw | 1.00% |  |  | 1/22/2032 | USD | 54882155 | (812063) | (823232)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, Inc. | First Lien Term Loan | 9.04% | SOFR | 474 | 1/22/2032 | USD | 128686869 | 128371139 | 128365151<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Packaging Coordinators Midco, Inc. | Revolver | 0.50% |  |  | 1/22/2032 | USD | 12962963 | (31540) | (32407)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAI Financing Merger Sub LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 2/13/2032 | USD | 12375000 | 12191825 | 12169815<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 | (38662) | (43524)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Home Respiratory Services LLC | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 4800000 | (23472) | (31273)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Pediatric Home Respiratory Services LLC | First Lien Term Loan | 9.78% | SOFR | 550 | 12/23/2030 | USD | 24533333 | $24414674 | $24373491<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatric Home Respiratory Services LLC | Revolver | 9.78% | SOFR | 550 | 12/23/2030 | USD | 2666667 | 413903 | 409293<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer U.S., LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 3/13/2029 | USD | 4962499 | 4882830 | 4955957<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 | (64898) | (158147)<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 | (85789) | (158147)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PetVet Care Centers, LLC | First Lien Term Loan | 10.32% | SOFR | 600 | 11/15/2030 | USD | 39382612 | 38700170 | 38182279<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Purchaser, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 9/19/2031 | USD | 24691309 | 24456313 | 24594537<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phantom Purchaser, Inc. | Revolver | 0.50% |  |  | 9/19/2031 | USD | 3158191 | (29465) | (12378)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmalogic Holdings Corp. | Delayed Draw | 1.00% |  |  | 6/21/2030 | USD | 8838384 | (95254) | (101709)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmalogic Holdings Corp. | First Lien Term Loan | 9.32% | SOFR | 500 | 6/21/2030 | USD | 26030808 | 25854606 | 25536320<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 | (188861) | (100326)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phynet Dermatology LLC | First Lien Term Loan | 10.79% | SOFR | 650 | 10/20/2029 | USD | 16806161 | 16624558 | 16654713<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phynet Dermatology LLC | Revolver | 10.82% | SOFR | 650 | 10/20/2029 | USD | 765128 | 714716 | 732856<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | Revolver | 8.50% | SOFR | 400 | 12/8/2026 | USD | 1082474 | 1068943 | 1067315<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | Delayed Draw | 10.14% | SOFR | 575 | 12/8/2028 | USD | 1295173 | 1291828 | 1154181<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Dermatology Management, LLC | First Lien Term Loan | 10.64% | SOFR | 575 | 12/8/2028 | USD | 11092253 | 10960326 | 9884759<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Delayed Draw | 10.06% | SOFR | 575 | 1/4/2027 | USD | 909598 | 886901 | 903944<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | First Lien Term Loan | 10.06% | SOFR | 575 | 1/4/2027 | USD | 15423433 | 15174748 | 15327565<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Revolver | 12.00% | PRIME | 450 | 1/4/2027 | USD | 1096044 | 469536 | 466933<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Treatment Centers, Inc. | Revolver | 12.75% | SOFR | 575 | 1/4/2027 | USD | 285714 |  | (1776)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 9.56% | SOFR | 525 | 8/20/2031 | USD | 4250001 | 1635116 | 1626807<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 8/31/2029 | USD | 45213279 | 44656419 | 45189003<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Revolver | 0.50% |  |  | 8/31/2029 | USD | 2538076 |  | (1363)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 10.31% | SOFR | 600 | 8/31/2030 | USD | 1121528 | 1115920 | 1111421<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | Delayed Draw | 10.31% | SOFR | 600 | 8/31/2029 | USD | 60000000 | 59700000 | 59908625<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC | First Lien Term Loan | 10.06% | SOFR | 575 | 8/31/2029 | USD | 29856715 | 29839643 | 29840685<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 | 339519 | (2177) | 400<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Revolver | 9.57% | SOFR | 525 | 5/5/2028 | USD | 288371 | 62172 | 63129<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Revolver | 9.57% | SOFR | 525 | 5/5/2028 | USD | 1088426 | 106136 | 106121<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 March 31, 2025 (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 | 9.57% | SOFR | 525 | 8/5/2028 | USD | 2638284 | $1765749 | $1772222<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Delayed Draw | 9.57% | SOFR | 525 | 8/5/2028 | USD | 335952 | 335116 | 335112<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 8/5/2028 | USD | 1733827 | 1729983 | 1735870<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 8/5/2028 | USD | 619199 | 617658 | 617651<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Care Dental Management, LLC | Delayed Draw | 9.57% | SOFR | 525 | 8/7/2028 | USD | 2942725 | 1428726 | 1428693<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Imaging, LLC | Delayed Draw | 10.56% | SOFR | 600 | 3/31/2026 | USD | 4585701 | 4585750 | 4040718<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Imaging, LLC | First Lien Term Loan | 10.56% | SOFR | 600 | 3/31/2026 | USD | 25509963 | 25450491 | 22478256<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premise Health Holding Corp. | Revolver | 0.50% |  |  | 3/1/2030 | USD | 2037609 | (25299) | (3103)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premise Health Holding Corp. | First Lien Term Loan | 9.82% | SOFR | 550 | 3/3/2031 | USD | 17489887 | 17255531 | 17463251<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 9.73% | SOFR | 543 | 12/21/2029 | USD | 6458333 | 6377109 | 6358219<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 13.30% | SOFR | 900 | 12/21/2029 | USD | 2083333 | 2057630 | 2051038<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSKW Intermediate, LLC | First Lien Term Loan | 9.92% | SOFR | 560 | 3/9/2028 | USD | 13674840 | 13775676 | 13770006<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTSH Intermediate Holdings, LLC | First Lien Term Loan | 9.94% | SOFR | 550 | 12/17/2027 | USD | 4444444 | 4381093 | 4368344<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Buyer, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 3/29/2032 | USD | 23023642 | 22851155 | 22850964<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma Buyer, LLC | Revolver | 0.50% |  |  | 3/29/2032 | USD | 3718546 | (27846) | (27889)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purpose Home Health | Delayed Draw | 9.75% | SOFR | 550 | 11/3/2027 | USD | 1455300 | 1436730 | 1429833<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purpose Home Health | First Lien Term Loan | 9.75% | SOFR | 550 | 11/3/2027 | USD | 465075 | 458950 | 456936<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q-Centrix LLC | First Lien Term Loan | 8.91% | SOFR | 450 | 6/1/2026 | USD | 4783715 | 4753857 | 4776430<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q-Centrix LLC | First Lien Term Loan | 9.41% | SOFR | 500 | 6/1/2026 | USD | 816370 | 572442 | 815127<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | First Lien Term Loan | 10.46% | SOFR | 600 | 2/1/2027 | USD | 13597106 | 13503428 | 13450861<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Buyer, Inc. | Revolver | 10.46% | SOFR | 600 | 2/1/2027 | USD | 2045455 | 1609980 | 1593909<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBP Global Holdings Limited | First Lien Term Loan | 9.80% | SOFR | 525 | 11/4/2030 | USD | 5368015 | 5112614 | 5181632<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 | (95794) | (96035)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Nats Purchaser, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/19/2032 | USD | 48017724 | 47539221 | 47537547<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Nats Purchaser, LLC | Revolver | 0.50% |  |  | 3/19/2032 | USD | 7378731 | (73423) | (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 | 4615385 | (67806) | (76154)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REP Behavioral Health, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 12/31/2030 | USD | 10576923 | 10423124 | 10402403<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REP Behavioral Health, LLC | Revolver | 9.32% | SOFR | 500 | 12/31/2030 | USD | 2307693 | 451390 | 446538<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | Delayed Draw | 10.32% | SOFR | 600 | 1/3/2028 | USD | 1345755 | 1333090 | 1330214<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 1/3/2028 | USD | 2920287 | 2893088 | 2886563<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revival Animal Health, LLC | Revolver | 10.32% | SOFR | 600 | 1/3/2028 | USD | 279026 | 25334 | 24680<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 March 31, 2025 (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; RPC Topco, Inc. | First Lien Term Loan | 8.97% | SOFR | 500 | 8/30/2031 | USD | 21914773 | $21605552 | $21721664<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC Topco, Inc. | Revolver | 0.50% |  |  | 8/30/2031 | USD | 3030303 | (41761) | (26702)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RTI Surgical, Inc. | First Lien Term Loan | 11.06% | SOFR | 675 | 2/28/2026 | USD | 821454 | 801664 | 795581<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Dental Management, LLC | Delayed Draw | 9.54% | SOFR | 525 | 6/30/2026 | USD | 2389201 | 392043  | 385095<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Dental Management, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 6/30/2026 | USD | 15239227 | 15180946 | 15132553<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sage Dental Management, LLC | Revolver | 9.80% | SOFR | 525 | 6/30/2026 | USD | 2149000 | 1403336 | 1397158<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Delayed Draw | 9.91% | SOFR | 560 | 7/1/2028 | USD | 4733437 | 502 | (9062)<sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Delayed Draw | 10.41% | SOFR | 610 | 7/1/2028 | USD | 3155625 | 3110799 | 3104002<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDG Mgmt Company, LLC | Revolver | 0.50% |  |  | 7/1/2028 | USD | 525938 | (7193) | (8604)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Dental Partners LLC | Delayed Draw | 10.81% | SOFR | 625 | 10/29/2026 | USD | 2252500 | 850227 | 837930<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Dental Partners LLC | First Lien Term Loan | 10.81% | SOFR | 625 | 10/29/2026 | USD | 450500 | 446029 | 443743<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature MD, Inc. | Delayed Draw | 10.07% | SOFR | 575 | 7/15/2027 | USD | 911252 | 271543 | 268910<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature MD, Inc. | First Lien Term Loan | 10.07% | SOFR | 575 | 7/15/2027 | USD | 2405700 | 2381824 | 2375629<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature MD, Inc. | Revolver | 10.85% | SOFR | 575 | 7/15/2027 | USD | 431000 | 88524 | 87278<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | Revolver | 0.50% |  |  | 12/23/2027 | USD | 2208481 |  | (19902)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | Delayed Draw | 10.32% | SOFR | 590 | 12/23/2028 | USD | 4989987 | 3484879 | 3542476<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smile Doctors, LLC | First Lien Term Loan | 10.32% | SOFR | 590 | 12/23/2028 | USD | 22240378 | 22010128 | 22095475<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 | (7869) | (9576)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleo Holdings, Inc. | First Lien Term Loan | 9.04% | SOFR | 475 | 1/31/2032 | USD | 7652327 | 7614576 | 7602003<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soleo Holdings, Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 1055493 | (5183) | (6941)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Orthodontic Partners Management, LLC | Delayed Draw | 1.00% |  |  | 7/27/2026 | USD | 1215021 | (9600) | (17362)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Orthodontic Partners Management, LLC | Delayed Draw | 9.80% | SOFR | 525 | 7/27/2026 | USD | 229586 | 227919 | 226307<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Orthodontic Partners Management, LLC | Delayed Draw | 9.80% | SOFR | 550 | 7/27/2026 | USD | 642544 | 637242 | 633365<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Orthodontic Partners Management, LLC | First Lien Term Loan | 9.80% | SOFR | 525 | 7/27/2026 | USD | 221908 | 220601 | 218737<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Orthodontic Partners Management, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 7/27/2026 | USD | 223624 | 221597 | 220428<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Space Intermediate III, Inc. | First Lien Term Loan | 10.56% | SOFR | 625 | 11/8/2029 | USD | 5646792 | 5646792 | 5646792<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Space Intermediate III, Inc. | First Lien Term Loan | 10.55%,<br>3.00% PIK | SOFR | 325 | 11/8/2029 | USD | 59106494 | 58778242 | 59016479<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized Dental Holdings II, LLC | Delayed Draw | 9.07% | SOFR | 475 | 11/1/2027 | USD | 2320615 | 776732 | 813322<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 6.00% | CORRA | 500 | 1/30/2032 | JPY | 2331716621 | 15028586 | 15312626<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 7.72% | CORRA | 500 | 1/31/2032 | CAD | 21463274 | 14756894 | 14690657<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spruce Bidco II Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 1/30/2032 | USD | 121963073 | 120024915 | 120133627<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 March 31, 2025 (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; Spruce Bidco II Inc. | Revolver | 0.50% |  |  | 1/31/2032 | USD | 20575587 | $(333098) | $(308634)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSCP Pegasus Midco Limited | First Lien Term Loan | 10.57% | SONIA | 600 | 11/16/2027 | GBP | 1797628 | 2410507 | 2318680<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSCP Pegasus Midco Limited | First Lien Term Loan | 10.57% | SONIA | 600 | 6/16/2028 | GBP | 3613000 | 4948228 | 4660248<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Dental Partners, LLC | Delayed Draw | 9.82% | SOFR | 550 | 12/22/2028 | USD | 1982778 | 1606915 | 1595844<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Dental Partners, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 12/22/2028 | USD | 1660356 | 1627235 | 1618848<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Dental Partners, LLC | Revolver | 0.50% |  |  | 12/22/2028 | USD | 260500 | (4883) | (6513)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STCH Intermediate Inc. | First Lien Term Loan | 9.64% | SOFR | 525 | 10/30/2026 | USD | 4936350 | 4896648 | 4904188<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STCH Intermediate Inc. | Revolver | 9.66% | SOFR | 525 | 10/30/2026 | USD | 419401 | 52621 | 53188<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureScripts LLC | First Lien Term Loan | 8.33% | SOFR | 400 | 11/3/2031 | USD | 7105245 | 7105245 | 7105245<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureScripts LLC | Revolver | 0.50% |  |  | 11/3/2031 | USD | 1644755 | (12300) | (12336)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | Revolver | 9.08% | SOFR | 475 | 11/22/2030 | USD | 3191489 | 161422 | 154763<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | Delayed Draw | 1.00% |  |  | 11/22/2031 | USD | 5744681 | (56024) | (66108)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBRS, Inc. | First Lien Term Loan | 9.08% | SOFR | 475 | 11/22/2031 | USD | 21063830 | 20860754 | 20821434<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEAM Services Group, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 12/20/2027 | USD | 7722418 | 7550945 | 7519705<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. | First Lien Term Loan | 12.55%,<br>3.25% PIK | SOFR | 375 | 2/4/2030 | USD | 5914026 | 5734794 | 5719507<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. | Revolver | 8.05% | SOFR | 375 | 2/4/2030 | USD | 1000 | 981 | 978<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 4/4/2029 | USD | 7322800 | 7252441 | 7235423<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 4/4/2029 | USD | 6881083 | 6739178 | 6939310<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) | (810)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TheKey, LLC | Delayed Draw | 9.53% | SOFR | 500 | 3/30/2027 | USD | 1485820 | 1264459 | 1439050<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 | 6227067 | (90400) | (53628)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 10/17/2030 | USD | 14114161 | 13913046 | 13992608<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Buyer, Inc. | Revolver | 0.50% |  |  | 10/17/2030 | USD | 3321177 | (46475) | (28602)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | Delayed Draw | 1.00% |  |  | 12/19/2029 | USD | 10597713 | (191112) | (16140)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 12/19/2029 | USD | 34934857 | 34344229 | 34881654<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TIDI Legacy Products, Inc. | Revolver | 0.50% |  |  | 12/19/2029 | USD | 7630354 | (122239) | (11621)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tivity Health, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 6/28/2029 | USD | 69040562 | 68527329 | 69624773<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top RX, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/18/2029 | USD | 11417413 | 11199147 | 11169282<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top RX, LLC | Revolver | 0.50% |  |  | 12/18/2029 | USD | 1332587 | (25160) | (28961)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPC Holdco, LLC | Second Lien Term Loan | 13.36%,<br>2.50% PIK | SOFR | 550 | 3/29/2028 | USD | 5026479 | 4968434 | 4927168<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transitions Hospice, LLC | Delayed Draw | 1.00% |  |  | 10/25/2027 | USD | 179700 | (1927) | (2246)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transitions Hospice, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 10/25/2027 | USD | 1916800 | 1895811 | 1892840<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transitions Hospice, LLC | Revolver | 0.50% |  |  | 10/25/2027 | USD | 281600 | (3017) | (3520)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Troy Practice Management, LLC | Delayed Draw | 10.45% | SOFR | 615 | 11/25/2025 | USD | 2699377 | $2686170 | $2695266<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | First Lien Term Loan | 10.45% | SOFR | 615 | 11/25/2025 | USD | 4325369 | 4274627 | 4318782<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | Revolver | 10.45% | SOFR | 615 | 11/25/2025 | USD | 591133 | 388366 | 393188<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Troy Practice Management, LLC | First Lien Term Loan | 10.45% | SOFR | 615 | 11/25/2025 | USD | 173645 | 172898 | 173381<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TurningPoint Healthcare Solutions, LLC | Revolver | 0.50% |  |  | 7/14/2027 | USD | 1816523 |  | (16370)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 1.00% |  |  | 3/30/2029 | USD | 16555000 | (3651) | 64449<br><sup>1,2,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 10.04% | SOFR | 575 | 3/30/2029 | USD | 3178571 | 186305 | 220819<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 3/30/2029 | USD | 20193883 | 19705734 | 20066347<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Revolver | 10.05% | SOFR | 575 | 3/30/2029 | USD | 7616786 | 2824820 | 2872284<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Musculoskeletal Partners Acquisition Holdings, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 7/15/2028 | USD | 8089655 | 8009163 | 8057142<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Musculoskeletal Partners Acquisition Holdings, LLC | Revolver | 10.04% | SOFR | 575 | 7/15/2028 | USD | 1724138 | 1135058 | 1142496<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | Delayed Draw | 10.78% | SOFR | 650 | 3/7/2029 | USD | 1173500 | 457606 | 450037<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | First Lien Term Loan | 10.79% | SOFR | 650 | 3/7/2029 | USD | 7278000 | 7141366 | 7157912<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Marine Medical Supply International, LLC | Revolver | 10.80% | SOFR | 650 | 3/7/2029 | USD | 625000 | 426158 | 427187<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Technology Holdings, <br>LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 3/12/2032 | USD | 9877465 | 9828344 | 9826248<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Technology Holdings, <br>LLC | Revolver | 0.50% |  |  | 3/12/2032 | USD | 1316996 | (6535) | (6829)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, <br>Inc. | Delayed Draw | 9.80% | SOFR | 550 | 6/15/2026 | USD | 14492758 | 14321794 | 14362157<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, <br>Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 6/15/2026 | USD | 4947669 | 4900480 | 4903083<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, <br>Inc. | Revolver | 0.50% |  |  | 6/15/2026 | USD | 1190476 | (23810) | (10728)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, <br>Inc. | Delayed Draw | 9.80% | SOFR | 550 | 6/15/2027 | USD | 3240860 | 3055061 | 3211655<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urology Management Holdings, <br>Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 6/15/2027 | USD | 6402667 | 6267102 | 6344969<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | Delayed Draw | 11.14% | SOFR | 675 | 12/23/2027 | USD | 3854179 | 3734762 | 3821372<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | First Lien Term Loan | 10.39% | SOFR | 600 | 12/23/2027 | USD | 1064642 | 1045020 | 1035594<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | First Lien Term Loan | 11.14% | SOFR | 675 | 12/23/2027 | USD | 7647568 | 7497834 | 7582469<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USHV Management, LLC | Revolver | 10.77% | SOFR | 638 | 12/23/2027 | USD | 356664 | 420981 | 350174<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | Delayed Draw | 1.00% |  |  | 3/18/2027 | USD | 380670 | (5743) | (580)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Vardiman Black Holdings, LLC | Delayed Draw | 15.75%,<br>6.42% PIK |  | 500 | 3/18/2027 | USD | 3999491 | $3943248 | $3993400<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | First Lien Term Loan | 15.75%,<br>6.42% PIK |  | 500 | 3/18/2027 | USD | 37083844 | 37083844 | 37027369<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Rejuvenate, LLC | Delayed Draw | 10.97% | SOFR | 650 | 12/29/2025 | USD | 1280000 | 568227 | 560000<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Rejuvenate, LLC | First Lien Term Loan | 10.95% | SOFR | 650 | 9/1/2028 | USD | 596400 | 584728 | 581490<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Rejuvenate, LLC | Revolver | 0.50% |  |  | 9/1/2028 | USD | 58200 | (1096) | (1455)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont AUS PTY LTD | Delayed Draw | 9.93% |  | 575 | 3/23/2028 | AUD | 10375184 | 7038256 | 6472996<br><sup>1,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont AUS PTY LTD | First Lien Term Loan | 9.93% | BBSY | 575 | 3/23/2028 | AUD | 10590652 | 7727994 | 6607425<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetEvolve Holdings, LLC | Delayed Draw | 9.57% | SOFR | 525 | 10/12/2028 | USD | 22995409 | 14972145 | 15102193<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VetEvolve Holdings, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 10/12/2028 | USD | 16842424 | 16496643 | 16473712<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc. | Delayed Draw | 10.80% | SOFR | 650 | 10/29/2032 | USD | 158144 | 89614 | 93098<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc. | Second Lien Term Loan | 10.82% | SOFR | 650 | 10/29/2032 | USD | 1549810 | 1497323 | 1532285<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Care Buyer, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 7/30/2031 | USD | 36316128 | 35976578 | 35891414<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Care Buyer, LLC | Revolver | 0.50% |  |  | 7/30/2031 | USD | 4780260 | (43583) | (10593)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPP Intermediate Holdings, LLC | Delayed Draw | 9.67% | SOFR | 525 | 12/1/2027 | USD | 4698750 | 553904 | 543344<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIII Primary Care Investors II, L.P | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2029 | USD | 1200000 | 1176042 | 1176000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIII Primary Care Investors, L.P. I, II and III | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2029 | USD | 650000 | 637273 | 638833<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIV Primary Care Investors, L.P. | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2032 | USD | 600000 | 588252 | 589692<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIV Primary Care Investors, L.P. | First Lien Term Loan | 10.55% | SOFR | 625 | 12/31/2032 | USD | 1200000 | 1176033 | 1176000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Web PT, Inc. | First Lien Term Loan | 10.66% | SOFR | 625 | 1/18/2028 | USD | 9000000 | 8901000 | 8963828<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Web PT, Inc. | Revolver | 10.66% | SOFR | 625 | 1/18/2028 | USD | 1312500 | 656250 | 650975<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Veterinary Partners, LLC | Delayed Draw | 9.30% | SOFR | 500 | 10/29/2027 | USD | 25121602 | 13623931 | 13508165<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Veterinary Partners, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 10/29/2027 | USD | 8356198 | 8251077 | 8210335<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | Delayed Draw | 11.25% | SOFR | 695 | 3/5/2029 | USD | 8333333 | 8000000 | 8195833<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | First Lien Term Loan | 11.25% | SOFR | 695 | 3/5/2029 | USD | 16666667 | 16160418 | 16391665<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xifin, Inc. | Revolver | 11.19% | SOFR | 675 | 2/6/2026 | USD | 2165167 | 2122333 | 2005134<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | First Lien Term Loan | 10.14% | SOFR | 575 | 6/30/2028 | USD | 1770061 | 1754942 | 1754110<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | First Lien Term Loan | 10.15% | SOFR | 575 | 6/30/2028 | USD | 12518919 | 12362432 | 12406105<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zavation Medical Products, LLC | Revolver | 10.15% | SOFR | 575 | 6/30/2028 | USD | 2027027 | 1312500 | 1299301<br><sup>1,3,4,7</sup> |
|  |  |  |  |  |  |  |  | **4277587595** | **4247964417** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 9.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | Delayed Draw | 1.00% |  |  | 1/2/2031 | USD | 5923077 | $(87082) | $(97851)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 1/2/2031 | USD | 15794872 | 15565118 | 15533937<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelevation LLC | Revolver | 9.32% | SOFR | 500 | 1/2/2031 | USD | 3948718 | 432773 | 424407<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accurus Aerospace Corporation | First Lien Term Loan | 10.19% | SOFR | 575 | 4/5/2028 | USD | 9750000 | 9671493 | 9413891<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aero Operating LLC | Incremental Term Loan | 13.45%, 2.00% PIK | SOFR | 700 | 2/7/2026 | USD | 14839173 | 14767927 | 14223912<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFC-DELL Holding Corp. | Delayed Draw | 9.82% | SOFR | 550 | 7/1/2026 | USD | 2679516 | 13173 | —<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFC-DELL Holding Corp. | First Lien Term Loan | 9.79% | SOFR | 550 | 4/9/2027 | USD | 999694 | 991137 | 984698<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 | (140720) | (13270)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 11/7/2029 | USD | 2307047 | 2275535 | 2304006<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AirX Climate Solutions, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 11/7/2029 | USD | 11310612 | 11158932 | 11295703<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 | (15897) | (1659)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphacoin LLC | Delayed Draw | 1.00% |  |  | 7/29/2030 | USD | 396000 | (7491) | (7920)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphacoin LLC | First Lien Term Loan | 9.24% | SOFR | 500 | 7/29/2030 | USD | 2554200 | 2507358 | 2503116<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphacoin LLC | Revolver | 0.50% |  |  | 7/29/2030 | USD | 589000 | (10485) | (11780)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andronaco Acquisition, LLC | First Lien Term Loan | 10.45% | SOFR | 600 | 12/30/2026 | USD | 2606368 | 2578326 | 2554240<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 8.31% | SOFR | 400 | 10/24/2029 | USD | 391439 | 322637 | 322611<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 9.31% | SOFR | 500 | 10/24/2029 | USD | 4209539 | 3574554 | 3609520<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Revolver | 9.31% | PRIME | 500 | 10/24/2029 | USD | 128250 | 128250 | 126327<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 9.31% | SOFR | 500 | 10/24/2030 | USD | 15429166 | 10924111 | 11059456<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 9.31% PIK | SOFR | 500 | 10/24/2030 | USD | 8541868 | 8303723 | 8399261<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 10/24/2030 | USD | 37358481 | 36491117 | 36781238<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 9.31% PIK | SOFR | 500 | 10/24/2030 | USD | 19566182 | 18910556 | 19272689<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 9.31% | SOFR | 500 | 9/24/2031 | USD | 3999998 | 2514964 | 2528196<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcfield Acquisition Corp. | First Lien Term Loan | 9.30% | SOFR | 500 | 10/28/2031 | USD | 2269295 | 2263867 | 2261710<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | Delayed Draw | 10.16% | SOFR | 575 | 10/29/2027 | USD | 977500 | 977500 | 976011<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | First Lien Term Loan | 10.16% | SOFR | 575 | 10/29/2027 | USD | 19400000 | 19200039 | 19370455<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Armada Parent, Inc. | Revolver | 10.17% | SOFR | 575 | 10/29/2027 | USD | 2400000 | 216565 | 213012<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Holdco Company | First Lien Term Loan | 8.25%, 2.75% PIK | EURIBOR | 300 | 8/31/2028 | EUR | 15271871 | 15076898 | 11871758<br><sup>1,3,4,5,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Arrowhead Holdco Company | First Lien Term Loan | 9.70%, 2.75% PIK | SOFR | 250 | 8/31/2028 | USD | 5037807 | $4988809 | $3810327<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | Delayed Draw | 1.00% |  |  | 4/4/2030 | USD | 5391850 | (52385) | (62484)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | First Lien Term Loan | 10.17% | SOFR | 575 | 4/4/2030 | USD | 7117241 | 6981046 | 6963704<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | Delayed Draw | 10.17% | SOFR | 575 | 4/4/2030 | USD | 6266427  | 6154223  | 6193808 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associated Spring US, LLC | First Lien Term Loan | 10.17% | SOFR | 575 | 4/4/2030 | USD | 10897397  | 10705962  | 10662312 <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  | (36327) | (47068)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | Delayed Draw | 10.44% | SOFR | 625 | 12/17/2027 | USD | 4844233 | 4766423 | 4836856<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 | 6241541 | 6141256 | 6232036<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | First Lien Term Loan | 10.44% | SOFR | 625 | 12/17/2027 | USD | 711574 | 693204 | 710490<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWT Merger Sub, Inc. | Revolver | 10.58% | SOFR | 575 | 12/17/2027 | USD | 1071429 | 172300 | 170668<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp. | Delayed Draw | 10.67% | SOFR | 625 | 12/31/2025 | USD | 20301302 | 19773690 | 19864977<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp. | First Lien Term Loan | 10.67% | SOFR | 625 | 12/31/2025 | USD | 2028460 | 2015531 | 1984864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp. | Revolver | 12.75% | PRIME | 525 | 12/31/2025 | USD | 1000000 | 407934 | 386394<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | Revolver | 9.80% | SOFR | 550 | 12/19/2029 | USD | 5526419 | 1845838 | 1925829<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | Delayed Draw | 9.80% | SOFR | 550 | 12/19/2030 | USD | 6797676 | 3667605 | 3779743<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackbird Purchaser, Inc. | First Lien Term Loan | 9.80% | SOFR | 550 | 12/19/2030 | USD | 37298503 | 36647873 | 37241700<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | Delayed Draw | 1.00% |  |  | 9/17/2026 | USD | 946329 | (14623) | (5315)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | Delayed Draw | 9.70% | SOFR | 525 | 9/17/2026 | USD | 222094 | 219384 | 220846<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | First Lien Term Loan | 9.70% | SOFR | 525 | 9/17/2026 | USD | 1023071 | 1011154 | 1017325<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackHawk Industrial Distribution, Inc. | Revolver | 9.70% | SOFR | 525 | 9/17/2026 | USD | 192016 | 93344 | 94930<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueHalo Global Holdings, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 10/30/2026 | USD | 1987991 | 1976690 | 1973667<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueHalo Global Holdings, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 10/31/2025 | USD | 17611249 | 17526102 | 17484362<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueHalo Global Holdings, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 10/31/2025 | USD | 5638859 | 5617343 | 5598232<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueHalo Global Holdings, LLC | Revolver | 10.30% | SOFR | 600 | 10/31/2025 | USD | 1285714 | 1134460 | 1125190<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluehalo Global Holdings, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 11/15/2030 | USD | 28381312 | 28292588 | 28176828<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Purchaser, LLC | First Lien Term Loan | 10.06% | SOFR | 550 | 12/10/2028 | USD | 12716361 | 12556328 | 11775193<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 5/17/2030 | USD | 6112623 | 2245857 | 2213922<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 March 31, 2025 (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; BPCP NSA Intermedco, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 5/17/2030 | USD | 17435478 | $17181423 | $17063246<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. | Revolver | 9.34% | SOFR | 500 | 5/17/2030 | USD | 2816811 | 22917 | 5781<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | Delayed Draw | 9.29% | SOFR | 500 | 10/31/2029 | USD | 2926949 | 2031493 | 2048077<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/31/2029 | USD | 29575745 | 29115095 | 29258370<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BradyIFS Holdings, LLC | Revolver | 0.50% |  |  | 10/31/2029 | USD | 2028774 | (32498) | (22131)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Engineering Services Holdco Limited | First Lien Term Loan | 11.98%, 3.28% PIK | SONIA | 400 | 12/2/2027 | GBP | 411893 | 551017 | 528095<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Engineering Services Holdco Limited | Revolver | 11.98%, 3.28% PIK | SONIA | 400 | 12/2/2027 | GBP | 988543 | 1322441 | 1267427<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | Delayed Draw | 9.05% | SOFR | 475 | 9/30/2030 | USD | 4500000 | 760394 | 781303<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 9/30/2030 | USD | 22443750 | 22128095 | 22225811<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell & Gregory LLC | Revolver | 0.50% |  |  | 9/30/2030 | USD | 3000000 | (41219) | (29131)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carbon TopCo, Inc. | First Lien Term Loan | 10.42% | SOFR | 600 | 11/1/2030 | USD | 19263332 | 18897046 | 18914682<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carbon TopCo, Inc. | Revolver | 0.50% |  |  | 5/1/2030 | USD | 2739726 | (50704) | (49587)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CC WDW Borrower, Inc. | Delayed Draw | 11.20% | SOFR | 675 | 1/27/2028 | USD | 350000 | 350000 | 339737<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Industries | First Lien Term Loan | 9.67% | SOFR | 525 | 11/30/2026 | USD | 4217854 | 4195285 | 4180947<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Industries | Revolver | 0.50% |  |  | 11/30/2026 | USD | 539250 | (2702) | (4718)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climate Pros, LLC | Delayed Draw | 10.42% | SOFR | 600 | 1/24/2026 | USD | 49788125 | 32833207 | 33212302<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Holdco, LLC | Delayed Draw | 1.00% |  |  | 10/31/2030 | USD | 836619 | (8082) | (8895)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | Revolver | 0.50% |  |  | 1/9/2028 | USD | 2343750 | (70312) | (18312)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 1/9/2030 | USD | 22259766 | 21753443 | 22085843<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company, LLC | Delayed Draw | 11.05%, 4.75% PIK | SOFR | 200 | 9/17/2026 | USD | 820306 | 812682 | 751485<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company, LLC | First Lien Term Loan | 11.05%, 4.75% PIK | SOFR | 200 | 9/17/2026 | USD | 5214795 | 5199438 | 4777288<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concert Bidco Limited | First Lien Term Loan | 1.00% |  |  | 11/30/2027 | GBP | 4528275 | 1898384 | 2094729<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | Delayed Draw | 8.80% | SOFR | 450 | 5/10/2031 | USD | 14366198 | 2681164 | 2793896<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | Delayed Draw | 8.81% | SOFR | 450 | 5/10/2031 | USD | 5281690 | 1009125 | 1027168<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 5/10/2031 | USD | 12749735 | 12686591 | 12730319<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consor Intermediate II, LLC | Revolver | 0.50% |  |  | 5/10/2031 | USD | 5239437 | (33522) | (7979)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Acquisition Holdings, Inc. | Delayed Draw | 11.45%, 4.08% PIK | SOFR | 293 | 1/20/2027 | USD | 2771894 | 2719374 | 1918151<br><sup>1,3,4,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Continental Acquisition Holdings, Inc. | First Lien Term Loan | 11.45%, 4.08% PIK | SOFR | 293 | 1/20/2027 | USD | 7524206 | $7468948 | $5206750<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Delayed Draw | 10.50% | SOFR | 575 | 12/14/2028 | USD | 272991 | 270273 | 270261<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 12/14/2028 | USD | 276837 | 275458 | 275453<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 10.50% | SOFR | 575 | 12/14/2028 | USD | 2799665 | 2820571 | 2820662<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Delayed Draw | 10.01% | SOFR | 575 | 3/8/2029 | USD | 537624 | 532837 | 536806<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Revolver | 10.50% | SOFR | 575 | 3/8/2029 | USD | 651579 | 651579 | 651579<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 10.50% | SONIA | 575 | 12/14/2028 | GBP | 1773058 | 2296871 | 2302998<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 10.50% | SONIA | 575 | 12/14/2028 | GBP | 900298 | 1174153 | 1171748<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | First Lien Term Loan | 11.07% | SOFR | 575 | 12/14/2028 | USD | 12707775 | 12794233 | 12777241<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSAFE Acquisition Company, Inc. | Revolver | 10.50% | SOFR | 575 | 3/8/2029 | USD | 1316285 | 1316285 | 1323481<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispatch Acquisition Holdings, LLC | First Lien Term Loan | 8.70% | SOFR | 425 | 3/25/2028 | USD | 21230000 | 21119043 | 20062350<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dispatch Acquisition Holdings, LLC | First Lien Term Loan | 9.07% | SOFR | 463 | 3/25/2028 | USD | 2532601 | 2480096 | 2393308<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diverzify Intermediate LLC | Delayed Draw | 1.00% |  |  | 5/11/2027 | USD | 17142857 | (235127) | (161330)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diverzify Intermediate LLC | First Lien Term Loan | 10.31% | SOFR | 575 | 5/11/2027 | USD | 32775000 | 32302881 | 32466558<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 | 9868421 | (96109) | (62325)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | First Lien Term Loan | 9.30% | SOFR | 500 | 11/15/2031 | USD | 55263158 | 54731274 | 54914137<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Revolver | 0.50% |  |  | 11/15/2031 | USD | 9868421 | (93347) | (62325)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Delayed Draw | 1.00% |  |  | 11/17/2031 | USD | 2837624 | (27742) | (17921)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | First Lien Term Loan | 9.30% | SOFR | 500 | 11/17/2031 | USD | 15890694 | 15736951 | 15790335<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duro Dyne National Corp. | Revolver | 9.36% | SOFR | 500 | 11/17/2031 | USD | 2837624 | 256632 | 265841<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 1.00% |  |  | 11/20/2032 | USD | 372319 | (3641) | (3541)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/20/2032 | USD | 3123666 | 3093382 | 3093958<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 0.50% |  |  | 11/20/2032 | USD | 214645 | (2046) | (2041)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 11.50% | PRIME | 375 | 11/20/2032 | USD | 35355 | 14062 | 14065<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 9.05% | SOFR | 475 | 7/21/2027 | USD | 1903352 | 1865285 | 1885250<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 7/21/2027 | USD | 16689256 | 16490167 | 16530529<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Revolver | 11.50% | PRIME | 375 | 7/21/2027 | USD | 2877190 | 899122 | 871758<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 1.00% |  |  | 7/21/2029 | USD | 984420 | (9500) | (9363)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dwyer Instruments, LLC | Delayed Draw | 9.05% | SOFR | 475 | 7/21/2029 | USD | 2277762 | 2240192 | 2256099<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 March 31, 2025 (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 | First Lien Term Loan | 9.05% | SOFR | 475 | 7/21/2029 | USD | 18360612 | $18175213 | $18185989<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 | 755548 | 755146<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Echo Global Logistics, Inc. | Second Lien Term Loan | 11.42% | SOFR | 710 | 11/23/2029 | USD | 8000000 | 7888000 | 7800178<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIS Legacy Holdco, LLC | Delayed Draw | 9.05% | SOFR | 475 | 11/5/2031 | USD | 852273 | 162184 | 161516<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EIS Legacy Holdco, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/5/2031 | USD | 1789773 | 1772606 | 1771001<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 | (2358) | (2622)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition LP | Delayed Draw | 1.00% |  |  | 5/10/2029 | USD | 2548000 | (34235) | (3881)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Acquisition LP | First Lien Term Loan | 10.81% | SOFR | 650 | 5/10/2029 | USD | 23581500 | 23367401 | 23545587<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EShipping LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 11/5/2027 | USD | 3490773 | 3454568 | 3485456<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 | (26829) | 21720<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | Delayed Draw | 1.00% |  |  | 11/4/2031 | USD | 787352 | (7648) | (8306)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastener Distribution Holdings, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 11/4/2031 | USD | 2106167 | 2085971 | 2083947<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire Flow Intermediate Corporation | First Lien Term Loan | 9.59% | SOFR | 500 | 7/10/2031 | USD | 30000000 | 29706300 | 29632979<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Delayed Draw | 9.04% | SOFR | 475 | 8/15/2030 | USD | 2722817 | 2654748 | 2718670<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Delayed Draw | 9.05% | SOFR | 475 | 8/15/2030 | USD | 3208649 | 1274934 | 1299964<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 8/15/2030 | USD | 6450848 | 6315644 | 6441023<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flint OpCo, LLC | Revolver | 0.50% |  |  | 8/15/2030 | USD | 1026252 | (25656) | (1563)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 3/31/2028 | USD | 1243903 | 1214934 | 1233439<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Revolver | 9.29% | SOFR | 500 | 3/31/2028 | USD | 420949 | 140255 | 136672<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 3/31/2029 | USD | 1515042 | 11616 | 19562<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flow Control Solutions, Inc. | Revolver | 0.50% |  |  | 3/31/2029 | USD | 806287 | (10316) | (6863)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | Revolver | 9.69% | SOFR | 525 | 12/17/2027 | USD | 2000000 | 959989 | 784079<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | Delayed Draw | 9.70% | SOFR | 525 | 12/17/2028 | USD | 4900000 | 4802000 | 4370993<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLS Holding, Inc. | First Lien Term Loan | 9.69% | SOFR | 525 | 12/17/2028 | USD | 22540000 | 22259690 | 20106569<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | Revolver | 9.90% | SOFR | 550 | 10/15/2027 | USD | 2787568 | 1325837 | 1381955<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | Delayed Draw | 9.90% | SOFR | 550 | 10/15/2028 | USD | 15207332 | 1636077 | 1830839<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortis Solutions Group, LLC | First Lien Term Loan | 9.90% | SOFR | 550 | 10/15/2028 | USD | 20671533 | 20369132 | 20641036<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Delayed Draw | 9.07% | SOFR | 475 | 3/4/2032 | USD | 1036006 | 8533 | 8477<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 March 31, 2025 (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; Frontline Road Safety Operations, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 3/4/2032 | USD | 3522447 | $3487489 | $3487223<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontline Road Safety Operations, LLC | Revolver | 0.50% |  |  | 3/4/2032 | USD | 674405 | (6672) | (6744)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Delayed Draw | 1.00% |  |  | 10/15/2031 | USD | 22338106 | (110453) | (134181)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Delayed Draw | 11.25% | PRIME | 375 | 10/15/2031 | USD | 3942018 | 3922643 | 3913457<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 10/15/2031 | USD | 64768483 | 64543359 | 64462657<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Revolver | 9.07% | PRIME | 475 | 10/15/2031 | USD | 6524881 | 2128498 | 2121758<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geo TopCo Corporation | Revolver | 9.07% | SOFR | 475 | 10/15/2031 | USD | 3330215 | 1085719 | 1077637<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Critical Logistics LLC | Delayed Draw | 9.42% | PRIME | 500 | 7/31/2026 | USD | 24910418 | 20002244 | 20031705<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Critical Logistics LLC | First Lien Term Loan | 9.42% | SOFR | 500 | 7/31/2026 | USD | 49625000 | 49200935 | 49202580<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES Intermediate Holdings, LLC | Delayed Draw | 10.65% | SOFR | 625 | 7/6/2029 | USD | 6119818 | 2589599 | 2739992<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES Intermediate Holdings, LLC | First Lien Term Loan | 10.65% | SOFR | 625 | 7/6/2029 | USD | 27953846 | 27463169 | 28173641<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMES Intermediate Holdings, LLC | Revolver | 10.65% | PRIME | 625 | 7/6/2029 | USD | 4102564 | 717949 | 711701<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.92% | SOFR | 550 | 4/29/2030 | USD | 4203869 | 913541 | 837921<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.91% | SOFR | 550 | 4/29/2030 | USD | 4624256 | 4571779 | 4482391<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.90% | SOFR | 550 | 8/10/2027 | USD | 4980638 | 4908067 | 4827840<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Delayed Draw | 9.92% | SOFR | 550 | 8/10/2027 | USD | 1258807 | 270678 | 250350<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.91% | SOFR | 550 | 8/10/2027 | USD | 1382021 | 1363529 | 1339623<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | First Lien Term Loan | 9.92% | SOFR | 550 | 8/10/2027 | USD | 10900212 | 10777585 | 10565810<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graffiti Buyer, Inc. | Revolver | 9.92% | SOFR | 550 | 8/10/2027 | USD | 2522321 | 839391 | 763393<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groome Transportation of Arizona, LLC | First Lien Term Loan | 9.79% | SOFR | 550 | 11/15/2028 | USD | 21625398 | 21438112 | 21355080<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Groome Transportation of Arizona, LLC | Revolver | 9.79% | SOFR | 550 | 11/15/2028 | USD | 2794726 | 631344 | 624768<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | Delayed Draw | 1.00% |  |  | 1/2/2032 | USD | 4455446 | (43787) | (51362)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 1/2/2032 | USD | 23168316 | 22942420 | 22901233<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Penetrating Radar Systems, LLC | Revolver | 8.80% | SOFR | 450 | 1/2/2032 | USD | 2376238 | 868088 | 863696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | Revolver | 0.50% |  |  | 4/28/2029 | USD | 733945 | (25345) | (15774)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | Delayed Draw | 11.05% | SOFR | 675 | 4/28/2030 | USD | 2738603 | 1818770 | 1841449<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Seer Group Borrower LLC | First Lien Term Loan | 11.05% | SOFR | 675 | 4/28/2030 | USD | 6416055 | 6261192 | 6278158<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; HCR Commerical Roofing Holdings, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 3/9/2027 | USD | 992393 | $981476 | $977507<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCR Commerical Roofing Holdings, Inc. | Revolver | 9.54% | SOFR | 525 | 3/9/2027 | USD | 111000 | 20906 | 20535<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | Delayed Draw | 9.55% | SOFR | 525 | 12/12/2029 | USD | 4636366 | 2785453 | 2859977<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/12/2029 | USD | 22924334 | 22480790 | 22832198<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeartLand PPC Buyer, LLC | Revolver | 9.56% | SOFR | 525 | 12/12/2029 | USD | 5430795 | 3032684 | 3109932<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Acquisition Holdings, Inc. | First Lien Term Loan | 11.42% | ARR CSA | 700 | 3/31/2030 | USD | 17972293 | 17610690 | 17944922<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heniff Holdco, LLC | First Lien Term Loan | 10.16% | SOFR | 585 | 12/3/2026 | USD | 4524575  | 4524575  | 4524575 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heniff Holdco, LLC | Revolver | 13.25% | PRIME | 575 | 12/3/2026 | USD | 1941840  | 1666746  | 1666746 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | Delayed Draw | 9.55% | SOFR | 525 | 12/19/2029 | USD | 3297402 | 1326537 | 1379887<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/19/2029 | USD | 9494869 | 9335178 | 9480409<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Bar Brands Operating, LLC | Revolver | 9.55% | SOFR | 525 | 12/19/2029 | USD | 1508774 | 217378 | 239106<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | Delayed Draw | 1.00% |  |  | 3/29/2032 | USD | 1127095 | (11271) | (11271)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | First Lien Term Loan | 8.83% | SOFR | 450 | 3/28/2032 | USD | 5973606 | 5913870 | 5913870<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Avionics Buyer, LLC | Revolver | 8.83% | SOFR | 450 | 3/28/2032 | USD | 1514884 | 106042 | 106042<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP RSS Buyer, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 12/11/2029 | USD | 7195952 | 7074235 | 7131106<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HP RSS Buyer, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 12/11/2029 | USD | 8388603 | 8247841 | 8313009<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Industrials | First Lien Term Loan | 9.56% | SOFR | 525 | 7/26/2025 | USD | 9610662 | 9575991 | 9596025<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydraulic Technologies USA LLC | Revolver | 9.80% | SOFR | 550 | 6/3/2030 | USD | 3148500 | 385730 | 396699<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hydraulic Technologies USA LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 6/3/2031 | USD | 20172960 | 19801227 | 19890460<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Images Acquisition | First Lien Term Loan | 10.07% | SOFR | 575 | 7/30/2026 | USD | 14115472 | 13978566 | 13910754<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infogain Corporation | First Lien Term Loan | 10.17% | SOFR | 575 | 7/30/2028 | USD | 19500000 | 19251178 | 19470303<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 8.43% | EURIBOR | 525 | 2/16/2029 | EUR | 2750000 | 2986862 | 2921582<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 9.84% | SOFR | 525 | 2/16/2029 | USD | 20000000 | 19658388 | 19650029<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 8.43% | EURIBOR | 525 | 2/21/2029 | EUR | 534451 | 643404 | 567797<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jade Bidco Limited | First Lien Term Loan | 9.84% | SOFR | 525 | 2/21/2029 | USD | 3073604 | 3022505 | 3019820<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jet Equipment & Tools Ltd. | First Lien Term Loan | 7.91% | CORRA | 525 | 12/28/2028 | CAD | 3192000 | 2311059 | 2214675<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 2/20/2031 | USD | 2135448 | 45666 | 42175<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 2/20/2031 | USD | 4938224 | 4865201 | 4856743<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JFL-Atomic Acquisitionco, Inc. | Revolver | 0.50% |  |  | 2/20/2031 | USD | 667328 | (9829) | (11011)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keel Platform, LLC | Delayed Draw | 9.05% | SOFR | 475 | 1/19/2031 | USD | 7640835 | 772083 | 802632<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 March 31, 2025 (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; Keel Platform, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 1/19/2031 | USD | 17416619 | $17264997 | $17379440<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenco PPC Buyer, LLC | First Lien Term Loan | 9.00% | PRIME | 475 | 11/15/2029 | USD | 16148325 | 15989045 | 15969049<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenco PPC Buyer, LLC | Revolver | 11.25% | PRIME | 375 | 11/15/2029 | USD | 1076556 | 150895 | 149531<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kittyhawk, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 4/26/2029 | USD | 1994400 | 1960348 | 1954512<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kittyhawk, Inc. | Revolver | 0.50% |  |  | 4/26/2029 | USD | 466500 | (7644) | (9330)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | Revolver | 0.50% |  |  | 9/18/2028 | USD | 1475410 |  | (2247)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | Delayed Draw | 1.00% |  |  | 9/18/2030 | USD | 2213115 | (33197) | (3370)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kleinfelder Intermediate LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 9/18/2030 | USD | 11170082 | 11028335 | 11153071<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | Delayed Draw | 9.89% | SOFR | 550 | 10/19/2028 | USD | 1461444 | 1432261 | 1323511<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | Delayed Draw | 9.91% | SOFR | 550 | 10/19/2028 | USD | 60902417 | 5501795 | 5920811<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPSKY Acquisition, Inc. | First Lien Term Loan | 9.89% | SOFR | 550 | 10/19/2028 | USD | 21435396 | 21138032 | 19412297<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L & J Holding Company, LLC | Delayed Draw | 1.00% |  |  | 7/29/2030 | USD | 1285000 | (24307) | (25700)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L & J Holding Company, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 7/29/2030 | USD | 1542000 | 1513761 | 1511160<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L & J Holding Company, LLC | Revolver | 0.50% |  |  | 7/29/2030 | USD | 288000 | (5130) | (5760)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LandCare Holdings, Inc. | First Lien Term Loan | 9.56% | SOFR | 500 | 7/26/2027 | USD | 2459421 | 2422548 | 2455675<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lehman Pipe Buyer, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 8/30/2030 | USD | 3876600 | 3804707 | 3799068<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lehman Pipe Buyer, LLC | Revolver | 0.50% |  |  | 8/30/2030 | USD | 693750 | (12559) | (13875)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | Revolver | 9.30% | SOFR | 500 | 5/4/2029 | USD | 934761 | 244596 | 247846<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 5/4/2030 | USD | 6188246 | 3179765 | 3243045<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightbeam Bidco, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 5/4/2030 | USD | 8703478 | 8530976 | 8690222<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Revolver | 0.50% |  |  | 2/1/2029 | USD | 1034483 | (21652) | (1575)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/1/2030 | USD | 3017241 | (28118) | (4595)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Delayed Draw | 9.07% | SOFR | 475 | 2/1/2030 | USD | 2572163 | 2512972 | 2568245<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 2/1/2030 | USD | 10968427 | 10662330 | 10951723<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Revolver | 0.50% |  |  | 2/1/2029 | USD | 1810345  | (63362) | (2757)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LJ Avalon Holdings, LLC | Delayed Draw | 9.07% | SOFR | 475 | 2/1/2030 | USD | 4489970  | 4308649  | 4483132 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAG DS Corp. | First Lien Term Loan | 9.90% | SOFR | 550 | 4/1/2027 | USD | 8153104 | 7992005 | 8109753<br><sup>1,3,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, LLC | Revolver | 0.50% |  |  | 12/5/2029 | USD | 3030303 | (59614) | (25190)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, LLC | Delayed Draw | 1.00% |  |  | 12/5/2030 | USD | 3636364 | (82712) | (30228)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magneto Components Buyco, LLC | First Lien Term Loan | 10.30%, 2.57% PIK | SOFR | 343 | 12/5/2030 | USD | 18408669 | 18013774 | 18255645<br><sup>1,3,4,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Mandrake BidCo, Inc. | Revolver | 0.50% |  |  | 8/20/2031 | USD | 724000 | $(6497) | $(7970)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandrake BidCo, Inc. | First Lien Term Loan | 9.04% | SOFR | 475 | 8/20/2031 | USD | 4254440 | 4214584 | 4207605<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | Delayed Draw | 11.46% | ARR CSA | 700 | 6/23/2028 | USD | 6879130 | 6805421 | 6198959<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marcone Yellowstone Buyer, Inc. | First Lien Term Loan | 11.46% | ARR CSA | 700 | 6/23/2028 | USD | 21365530 | 21151875 | 19253026<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | Delayed Draw | 9.32% | SOFR | 500 | 6/29/2029 | USD | 2079379 | 2048189 | 2076212<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 6/29/2029 | USD | 14790183 | 14418314 | 14767658<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEI Buyer, LLC | Revolver | 9.31% | SOFR | 500 | 6/29/2029 | USD | 2287317 | 207938 | 204455<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modigent, LLC | Delayed Draw | 9.05% | SOFR | 475 | 8/23/2028 | USD | 481856 | 480668 | 480562<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modigent, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 8/23/2028 | USD | 694694 | 692981 | 692828<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Landscape Holdings, LLC | Delayed Draw | 9.30% | SOFR | 500 | 3/31/2028 | USD | 3244141 | 3211699 | 3216850<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monarch Landscape Holdings, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/31/2028 | USD | 4177798 | 4118949 | 4142653<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Engineering Group LLC | Delayed Draw | 9.55% | SOFR | 525 | 12/20/2028 | USD | 18000000 | 3816000 | 3789324<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises LLC | Delayed Draw | 1.00% |  |  | 6/1/2028 | USD | 2785793 | (39312) | (56258)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises LLC | Delayed Draw | 10.32% | SOFR | 600 | 6/1/2028 | USD | 8136737 | 7980868 | 7972420<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises LLC | First Lien Term Loan | 10.32% | SOFR | 600 | 6/1/2028 | USD | 33999680 | 33378249 | 33313076<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion & Control Enterprises LLC | Revolver | 10.32% | SOFR | 600 | 6/1/2028 | USD | 1410566 | 1128453 | 1099685<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | Delayed Draw | 1.00% |  |  | 3/10/2031 | USD | 1040005 | (15525) | (16150)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 3/10/2031 | USD | 3198014 | 3150393 | 3148352<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. | Revolver | 0.50% |  |  | 3/10/2031 | USD | 742003 | (11021) | (11522)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My Buyer, LLC | Delayed Draw | 9.80% | SOFR | 550 | 1/26/2030 | USD | 564000 | 554811 | 552720<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My Buyer, LLC | First Lien Term Loan | 10.05% | SOFR | 550 | 1/26/2030 | USD | 1425200 | 1400898 | 1396696<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My Buyer, LLC | Revolver | 10.05% | SOFR | 575 | 1/26/2030 | USD | 423750 | 148508 | 146899<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEFCO Holding Company LLC | Delayed Draw | 10.03% | SOFR | 575 | 8/5/2028 | USD | 437393 | 435488 | 435205<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEFCO Holding Company LLC | First Lien Term Loan | 10.00% | SOFR | 575 | 8/5/2028 | USD | 897290 | 893378 | 888318<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEFCO Holding Company LLC | First Lien Term Loan | 10.03% | SOFR | 575 | 8/5/2028 | USD | 676498 | 672084 | 673116<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEFCO Holding Company LLC | Revolver | 12.25% | PRIME | 475 | 8/5/2028 | USD | 185445 | 61198 | 60997<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, LP | Delayed Draw | 10.16% | SOFR | 575 | 11/30/2027 | USD | 5563456 | 565786 | 525913<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, LP | First Lien Term Loan | 10.13% | SOFR | 575 | 11/30/2027 | USD | 9907461 | 9836782 | 9739041<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFM & J, LP | Revolver | 12.25% | PRIME | 475 | 11/30/2027 | USD | 2226563 | 486131 | 366863<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | Delayed Draw | 1.00% |  |  | 12/23/2030 | USD | 4411765 | (53935) | (61782)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | First Lien Term Loan | 8.95% | SOFR | 465 | 12/23/2030 | USD | 17647059 | 17433953 | 17399931<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northstar Recycling, Inc. | Revolver | 0.50% |  |  | 12/23/2030 | USD | 2941176 | (35131) | (41188)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; PAG Holding Corporation | Delayed Draw | 9.05% | SOFR | 475 | 12/26/2029 | USD | 6934530 | $6814521 | $6835343<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 12/26/2029 | USD | 20971410 | 20618589 | 20671447<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | Revolver | 11.75% | SOFR | 750 | 12/21/2029 | USD | 1900739 | 655251 | 657984<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 12/21/2029 | USD | 13985345 | 13756373 | 13785306<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAG Holding Corporation | Revolver | 0.50% |  |  | 12/21/2029 | USD | 1525116 | (24407) | (21814)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panda Acquisition LLC | First Lien Term Loan | 12.82% | SOFR | 850 | 10/18/2028 | USD | 15400000 | 13188660 | 14541600<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | Delayed Draw | 1.00% |  |  | 12/2/2031 | USD | 1079157 | (10542) | (12200)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/2/2031 | USD | 4181733 | 4141295 | 4134459<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paris US Holdco, Inc. | Revolver | 11.50% | PRIME | 400 | 12/2/2031 | USD | 764932 | 347 | (998)<sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Delayed Draw | 10.70% | SOFR | 625 | 4/22/2027 | USD | 3026563 | 2991755 | 2974493<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Delayed Draw | 10.71% | SOFR | 625 | 4/22/2027 | USD | 3047227 | 2971050 | 2994801<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | First Lien Term Loan | 10.70% | SOFR | 625 | 4/22/2027 | USD | 6031250 | 5970938 | 5927486<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCX Holding Corp. | Revolver | 10.70% | SOFR | 625 | 4/22/2027 | USD | 625000 | 625099 | 614247<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pele Buyer LLC | First Lien Term Loan | 9.74% PIK | SOFR | 550 | 6/18/2026 | USD | 6475519 | 6475430 | 6122979<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PlayPower, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 2/25/2031 | USD | 3030303 | 3000363 | 2995861<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playpower, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 8/28/2030 | USD | 21662879 | 21361545 | 21416662<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playpower, Inc. | Revolver | 0.50% |  |  | 8/28/2030 | USD | 3282828 | (44522) | (37312)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycorp Ltd. | Delayed Draw | 1.00% |  |  | 1/24/2030 | USD | 5340000 | (55476) | (85216)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycorp Ltd. | First Lien Term Loan | 9.32% | SOFR | 500 | 1/24/2030 | USD | 6509498 | 6438261 | 6405618<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycorp Ltd. | Revolver | 11.07% | SOFR | 575 | 1/24/2030 | USD | 1337500 | 93027  | 85656 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding <br>Company | Delayed Draw | 10.43%, 5.00% PIK | SOFR | 100 | 6/23/2027 | USD | 3495007 | 3474800 | 3079647<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polyphase Elevator Holding <br>Company | First Lien Term Loan | 10.43%, 5.00% PIK | SOFR | 100 | 6/23/2027 | USD | 10232575 | 10152738 | 9016495<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Acquisition LLC | First Lien Term Loan | 10.04% | SOFR | 575 | 1/22/2030 | USD | 16635087 | 16217637 | 16200828<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 11/30/2030 | USD | 19630178 | 19630178 | 19599078<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | Revolver | 0.50% |  |  | 11/30/2030 | USD | 1900000 |  | (3010)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 12/2/2030 | USD | 45729861 | 45036761 | 45657412<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Grid Holdings, Inc. | Revolver | 0.50% |  |  | 12/2/2030 | USD | 9249535 | (150651) | (14654)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pregis TopCo LLC | Second Lien Term Loan | 12.17% | SOFR | 775 | 8/1/2029 | USD | 5000000 | 4954359 | 4984777<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Insights Acquisition, Inc. | Delayed Draw | 10.54% | SOFR | 625 | 7/18/2029 | USD | 1620679 | 790081 | 795735<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Insights Acquisition, Inc. | First Lien Term Loan | 10.57% | SOFR | 625 | 7/18/2029 | USD | 9168587 | 8986819 | 9085964<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 March 31, 2025 (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; Process Insights Acquisition, Inc. | Revolver | 10.57% | SOFR | 625 | 7/18/2029 | USD | 1620679 | $1602852 | $1588247<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, LLC | Delayed Draw | 1.00% |  |  | 4/9/2030 | USD | 3737391 | (6345) | 27894<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PT Intermediate Holdings III, LLC | First Lien Term Loan | 9.30%, 1.75% PIK | SOFR | 325 | 4/9/2030 | USD | 52934815 | 52372686 | 53094205<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | Delayed Draw | 1.00% |  |  | 1/24/2031 | USD | 1405482 | (17302) | (20729)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 1/24/2031 | USD | 1967674 | 1943641 | 1938654<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PumpTech, LLC | Revolver | 0.50% |  |  | 1/24/2031 | USD | 438630 | (5317) | (6469)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | Delayed Draw | 10.49% | SOFR | 625 | 12/29/2028 | USD | 1237293 | 1167045 | 1240351<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | First Lien Term Loan | 10.49% | SOFR | 625 | 12/29/2028 | USD | 13502222 | 13216815 | 13535586<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R1 Holdings LLC | Revolver | 10.50% | SOFR | 625 | 12/29/2028 | USD | 2714932 | 1048357 | 1066001<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Delayed Draw | 1.00% |  |  | 4/1/2029 | USD | 17674956 | (156801) | (186144)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 4/1/2029 | USD | 68775666 | 68299021 | 68142992<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radwell Parent, LLC | Revolver | 9.80% | SOFR | 550 | 4/1/2029 | USD | 2921300 | 1363273 | 1332508<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Industrials | First Lien Term Loan | 9.95% | SOFR | 550 | 12/1/2025 | USD | 1119514 | 1111200 | 1115014<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Industrials | Revolver | 0.50% |  |  | 12/1/2025 | USD | 285714 |  | (1148)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Fox CD Acquisition Corporation | Delayed Draw | 10.30% | SOFR | 600 | 3/4/2030 | USD | 14873817 | 13527790 | 13656610<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relevant Industrial, LLC | Delayed Draw | 9.05% | SOFR | 475 | 12/30/2030 | USD | 2446043 | 977396 | 973039<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relevant Industrial, LLC | First Lien Term Loan | 9.10% | SOFR | 475 | 12/30/2030 | USD | 6474820 | 6396689 | 6384409<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relevant Industrial, LLC | Revolver | 11.50% | PRIME | 400 | 12/30/2030 | USD | 1079136 | 202932 | 200759<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renovation Systems, LLC | Delayed Draw | 1.00% |  |  | 1/23/2028 | USD | 1501500 | (16741) | (22522)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renovation Systems, LLC | Delayed Draw | 10.30% | SOFR | 600 | 1/23/2028 | USD | 719504 | 709907 | 708712<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renovation Systems, LLC | First Lien Term Loan | 10.30% | SOFR | 600 | 1/23/2028 | USD | 4746260 | 4687879 | 4675064<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renovation Systems, LLC | Revolver | 13.75% | PRIME | 525 | 1/23/2028 | USD | 240054 | 188848 | 188444<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH Buyer, Inc. | First Lien Term Loan | 10.90% | SOFR | 650 | 1/17/2031 | USD | 31212418 | 30602957 | 30588169<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH Buyer, Inc. | Revolver | 0.50% |  |  | 1/17/2031 | USD | 1056153 | (20420) | (21123)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RJW Group Holdings, Inc. | Delayed Draw | 1.00% |  |  | 11/26/2031 | USD | 1217391 | (20924) | (22916)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RJW Group Holdings, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 11/26/2031 | USD | 16521739 | 16241817 | 16210735<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RKD Group, LLC | Delayed Draw | 10.42% | SOFR | 600 | 4/10/2026 | USD | 1059651 | 792985 | 784774<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | Delayed Draw | 9.07% | SOFR | 475 | 12/27/2031 | USD | 473933 | 49850 | 49058<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 12/27/2031 | USD | 1848341 | 1830345 | 1827109<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotation Buyer, LLC | Revolver | 9.05% | SOFR | 475 | 12/27/2031 | USD | 242537 | 66538 | 66094<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 March 31, 2025 (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; RPM Intermediate Holdings, Inc. | Delayed Draw | 10.69% | SOFR | 625 | 9/11/2028 | USD | 2668192 | $1318109 | $1369486<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM Intermediate Holdings, Inc. | First Lien Term Loan | 10.69% | SOFR | 625 | 9/11/2028 | USD | 9698661 | 9498294 | 9838833<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Products Holdings, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 12/15/2026 | USD | 9722899 | 9597776 | 9669259<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Delayed Draw | 9.32% | SOFR | 500 | 3/24/2028 | USD | 2302584 | 2233592 | 2276086<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Delayed Draw | 9.32% | SOFR | 500 | 3/27/2028 | USD | 6558814  | 3609411  | 3639213 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Delayed Draw | 1.00% |  |  | 8/19/2026 | USD | 3762264  | (34438) | (43295)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | First Lien Term Loan | 9.32% | SOFR | 500 | 3/27/2028 | USD | 15903348 | 15588216 | 15720337<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEI Holding I Corporation | Revolver | 0.50% |  |  | 3/27/2028 | USD | 2442805 | (8328) | (28111)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 5/28/2030 | USD | 4747006 | 4747006 | 4740846<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | First Lien Term Loan | 12.32% | SOFR | 800 | 11/17/2029 | USD | 1123635 | 1102277 | 1099733<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEKO Global Logistics Network, LLC | First Lien Term Loan | 12.32% | SOFR | 800 | 11/27/2029 | USD | 612925 | 612925 | 612130<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Electric Manufacturing Corporation | First Lien Term Loan | 10.17% | SOFR | 575 | 12/31/2027 | USD | 1758408 | 1736632 | 1736428<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sigma Electric Manufacturing Corporation | Revolver | 0.50% |  |  | 12/31/2027 | USD | 61859 | (765) | (773)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | Revolver | 9.95% | SOFR | 550 | 8/5/2027 | USD | 1283031 | 744159 | 716582<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | Delayed Draw | 9.97% | SOFR | 550 | 8/5/2028 | USD | 737079 | 726037 | 732277<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonny's Enterprises, LLC | First Lien Term Loan | 9.95% | SOFR | 550 | 8/5/2028 | USD | 9931675 | 9765975 | 9866967<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spartronics LLC | First Lien Term Loan | 9.18% | SOFR | 475 | 12/31/2025 | USD | 6720475 | 6670072 | 6710241<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spartronics LLC | Revolver | 9.18% | SOFR | 475 | 12/31/2025 | USD | 4007350 | 3805536 | 3799446<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 8.01% | EURIBOR | 500 | 7/1/2031 | EUR | 1160426 | 247164 | 242945<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Revolver | 9.52% | SOFR | 500 | 7/1/2031 | USD | 931677 | 189772 | 187715<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | 1.00% |  |  | 7/1/2031 | USD | 2173913 | (31771) | (35431)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | First Lien Term Loan | 8.01% | EURIBOR | 500 | 7/1/2031 | EUR | 2030745 | 2166846 | 2160086<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectrum Safety Solutions Purchaser, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 7/1/2031 | USD | 8188406 | 8070243 | 8054948<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Elevator Systems | First Lien Term Loan | 10.20% | SOFR | 575 | 12/2/2027 | USD | 9695085 | 9591707 | 9128542<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superior Industries International, Inc. | First Lien Term Loan | 11.82% | SOFR | 750 | 8/14/2030 | USD | 9378794 | 9170627 | 9144324<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; SureWerx Purchaser III, Inc. | Revolver | 9.55% | SOFR | 525 | 12/28/2028 | USD | 1324420 | $983690 | $981494<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Revolver | 7.93% | CORRA | 525 | 12/28/2028 | CAD | 26000 | 19104 | 18039<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 12/28/2029 | USD | 1875000 | 500000 | 497145<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 7.91% | CORRA | 525 | 12/28/2029 | CAD | 419296 | 304779 | 290916<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 12/28/2029 | USD | 8965312 | 8762163 | 8951659<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Delayed Draw | 9.30% | SOFR | 500 | 2/2/2030 | USD | 14007417 | 8477040 | 8541821<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 2/2/2030 | USD | 57588321 | 56589854 | 56901175<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Revolver | 9.30% | SOFR | 500 | 2/2/2030 | USD | 10920322 | 1189207 | 1234739<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SurfacePrep Buyer, LLC | Delayed Draw | 1.00% |  |  | 2/4/2030 | USD | 6480000 | (64800) | (64800)<sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Delayed Draw | 1.00% |  |  | 5/31/2031 | USD | 4742187 | (67745) | (7610)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Delayed Draw | 9.05% | PRIME | 475 | 5/31/2031 | USD | 1484375 | 1463389 | 1481993<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Delayed Draw | 9.05% | SOFR | 475 | 5/31/2031 | USD | 1585938 | 1563573 | 1583393<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 5/31/2031 | USD | 8500000 | 8381270 | 8486360<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV Newco 2, Inc. | Revolver | 0.50% |  |  | 5/31/2031 | USD | 4687501 | (63338) | (7522)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV-Areo Holdings, LLC | Delayed Draw | 1.00% |  |  | 11/1/2026 | USD | 13432836 | (67164) | (77072)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SV-Areo Holdings, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/1/2030 | USD | 61567164 | 61274291 | 61213916<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tank Holding Corp. | First Lien Term Loan | 10.17% | SOFR | 575 | 3/31/2028 | USD | 61639095 | 60923160 | 59774513<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tank Holding Corp. | Revolver | 0.50% |  |  | 3/31/2028 | USD | 1780415 |  | (18711)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team, Inc. | Delayed Draw | 1.00% |  |  | 3/12/2030 | USD | 2262888 | (25188) | (25457)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Team, Inc. | First Lien Term Loan | 10.83% | SOFR | 650 | 3/12/2030 | USD | 7920107 | 7743332 | 7741905<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TecoStar Holdings, Inc. | First Lien Term Loan | 12.79%, 4.50% PIK | SOFR | 400 | 7/7/2029 | USD | 21646960 | 21246553 | 21400506<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tex-Tech Industries, Inc. | Delayed Draw | 1.00% |  |  | 1/10/2031 | USD | 502598 | (4935) | (6098)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tex-Tech Industries, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 1/10/2031 | USD | 2261691 | 2239694 | 2234249<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, LLC | Delayed Draw | 9.15% | SOFR | 475 | 10/17/2030 | USD | 1676470 | 432892 | 430266<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, LLC | First Lien Term Loan | 9.15% | SOFR | 475 | 10/17/2030 | USD | 2235294 | 2198379 | 2194276<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Colt Group Intermediate, LLC | Revolver | 9.15% | SOFR | 475 | 10/17/2030 | USD | 838235 | 42286 | 40501<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Delayed Draw | 9.42% | SOFR | 500 | 8/31/2028 | USD | 3868162 | 3810202 | 3808024<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Delayed Draw | 1.00% |  |  | 8/31/2028 | USD | 5452703  | (75954) | (84772)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.42% | SOFR | 500 | 8/31/2028 | USD | 9489130 | 9346794 | 9341604<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.42% | SOFR | 500 | 8/31/2028 | USD | 2072500 | 2032250 | 2040279<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.42% | SOFR | 500 | 8/31/2028 | USD | 817934 | 805854 | 805218<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; The Vertex Companies, Inc. | Revolver | 0.50% |  |  | 8/31/2028 | USD | 2726352  | $(35056) | $(42386)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | Revolver | 0.50% |  |  | 8/31/2028 | USD | 1304348 | (18053) | (20279)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Vertex Companies, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 8/31/2028 | USD | 7906420 | 7802587 | 7783500<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | First Lien Term Loan | 10.96%, 2.00% PIK | SOFR | 450 | 12/1/2027 | USD | 18076226 | 18076226 | 15848052<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | First Lien Term Loan | 9.00%, 2.00% PIK | EURIBOR | 450 | 12/1/2027 | EUR | 11700922 | 13283377 | 10944525<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Manufacturing Acquisition, <br>LLC | Revolver | 10.94%, 2.00% PIK | SOFR | 450 | 12/1/2027 | USD | 3127362 | 2172986 | 1788160<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Voltage Acquisition Corp. | First Lien Term Loan | 9.41% | SOFR | 475 | 1/7/2029 | USD | 14925000 | 14567636 | 14832230<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Voltage Acquisition Corp. | First Lien Term Loan | 9.46% | SOFR | 500 | 12/15/2028 | USD | 23403846 | 23403846 | 23368204<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Totnatech, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 10/8/2030 | USD | 49230769 | 48536402 | 48468398<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPC Wire & Cable Corp. | First Lien Term Loan | 9.92% | SOFR | 550 | 2/16/2027 | USD | 653373 | 643912 | 645855<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 10.04% | SOFR | 575 | 2/13/2030 | USD | 5333333 | 3346076 | 3405211<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 2/13/2030 | USD | 48963333 | 48309765 | 48888766<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 10.05% | SOFR | 575 | 2/13/2030 | USD | 8761482 | 1268029 | 1383397<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 10.04% | SOFR | 575 | 2/13/2031 | USD | 3428148 | 2127677 | 2188794<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 2/13/2031 | USD | 31631094 | 30993395 | 31582923<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 10.04% | SOFR | 575 | 12/13/2026 | USD | 1837191  | 1159407  | 1173004 <br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 12/13/2026 | USD | 16909043  | 16753181  | 16883292 <br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 10.06% | SOFR | 575 | 12/13/2026 | USD | 1837190  | 444045  | 468748 <br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Revolver | 10.06% | SOFR | 575 | 2/13/2030 | USD | 417942  | 20572  | 20549 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | Delayed Draw | 10.04% | SOFR | 575 | 2/13/2031 | USD | 417942  | 261228  | 261214 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truck-Lite Co., LLC | First Lien Term Loan | 10.07% | SOFR | 575 | 2/13/2031 | USD | 1831980  | 1813697  | 1813660 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Delayed Draw | 1.00% |  |  | 8/6/2031 | USD | 4107126 | (38653) | (6254)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | First Lien Term Loan | 8.79% | SOFR | 450 | 8/6/2031 | USD | 7144930 | 7077890 | 7134050<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trystar, LLC | Revolver | 0.50% |  |  | 8/6/2031 | USD | 2834016 | (25858) | (4315)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | First Lien Term Loan | 9.56% | SOFR | 525 | 4/3/2026 | USD | 22667806 | 22523623 | 22619704<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | Revolver | 11.75% | PRIME | 425 | 4/3/2026 | USD | 2319369 | 278324 | 273403<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubeo, LLC | First Lien Term Loan | 9.69% | SOFR | 525 | 5/1/2034 | USD | 1084758 | 1078760 | 1082457<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Flow Technologies Intermediate Holdco II, LLC | Revolver | 9.56% | SOFR | 525 | 6/21/2030 | USD | 660114 | 123322 | 122779<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw | 9.55% | SOFR | 525 | 6/21/2031 | USD | 3300569 | 2442003 | 2442406<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Flow Technologies Intermediate Holdco II, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 6/21/2031 | USD | 5941022 | 5858914 | 5857825<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; US Anchors Group, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 7/15/2029 | USD | 4595391 | $4519324 | $4486773<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Anchors Group, Inc. | Revolver | 0.50% |  |  | 7/15/2029 | USD | 856428 | (16505) | (20242)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USSC Holding Corp. | Delayed Draw | 9.56% | SOFR | 525 | 6/21/2030 | USD | 2646586 | 2602616 | 2606888<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USSC Holding Corp. | First Lien Term Loan | 9.55% | SOFR | 525 | 6/21/2030 | USD | 8695606 | 8577701 | 8565172<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USSC Holding Corp. | Revolver | 0.50% |  |  | 6/21/2030 | USD | 1877686 | (30740) | (28166)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UTAC Group | First Lien Term Loan | 9.58%, 2.40% PIK | EURIBOR | 460 | 9/29/2027 | EUR | 1323003 | 1600460 | 1355555<br><sup>1,3,4,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Delayed Draw | 9.03% | SOFR | 475 | 7/24/2031 | USD | 8076924 | 1108229 | 1131991<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Delayed Draw | 9.07% | SOFR | 475 | 7/24/2031 | USD | 16889138 | 4282913 | 4337436<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | First Lien Term Loan | 9.07% | SOFR | 475 | 7/24/2031 | USD | 58282803 | 57724398 | 57903073<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Revolver | 0.50% |  |  | 7/24/2031 | USD | 4283560 | (40013) | (27909)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Revolver | 11.25% | PRIME | 375 | 7/24/2031 | USD | 4115384 | 262726 | 273957<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vessco Midco Holdings, LLC | Revolver | 11.25% | SOFR | 375 | 7/24/2031 | USD | 423077 | 38328 | 39551<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSG Acquisition Corp. | Delayed Draw | 10.57% | SOFR | 600 | 4/11/2028 | USD | 8119067 | 2317257 | 2308365<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSG Acquisition Corp. | First Lien Term Loan | 10.57% | SOFR | 600 | 4/11/2028 | USD | 18691104 | 18521813 | 18394049<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VSG Acquisition Corp. | Revolver | 10.57% | SOFR | 600 | 4/11/2028 | USD | 2333333 | 810833 | 773750<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | Delayed Draw | 9.65% | SOFR | 525 | 3/31/2027 | USD | 5944039 | 2107934 | 2166975<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | First Lien Term Loan | 8.23% | CORRA | 525 | 3/31/2027 | CAD | 6418459 | 4708323 | 4453258<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walter Surface Technologies Inc. | First Lien Term Loan | 9.65% | SOFR | 525 | 3/31/2027 | USD | 6916610 | 6847403 | 6906076<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolf-Gordon, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 5/1/2029 | USD | 2547084 | 2503536 | 2496143<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolf-Gordon, Inc. | Revolver | 0.50% |  |  | 5/1/2029 | USD | 497600 | 278194 | 276168<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | Revolver | 0.50% |  |  | 2/28/2030 | USD | 2181276 | (26028) | (18554)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | Delayed Draw | 9.83% | SOFR | 550 | 2/28/2031 | USD | 2908368 | 996277 | 999904<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zeus Company LLC | First Lien Term Loan | 9.83% | SOFR | 550 | 2/28/2031 | USD | 9947193 | 9899540 | 9903588<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone Climate Services, Inc. | Delayed Draw | 1.00% |  |  | 3/9/2028 | USD | 5322651 | 1138028 | 1156955<br><sup>1,3,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone Climate Services, Inc. | Revolver | 10.20% | SOFR | 575 | 3/9/2028 | USD | 1064533 | 917226 | 909859<br><sup>1,3,4,6,7</sup> |
|  |  |  |  |  |  |  |  | **2775132592** | **2763424261** |
| &nbsp;&nbsp;&nbsp; **Materials — 1.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Acquisition Corp. | First Lien Term Loan | 10.42%, 7.92% PIK | SOFR | 250 | 11/30/2026 | USD | 51019482 | 50646270 | 42791098<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpine Acquisition Corp. | Revolver | 10.42% | SOFR | 600 | 11/30/2026 | USD | 475868 | 204623 | 127876<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | Delayed Draw | 1.00% |  |  | 3/1/2032 | USD | 5274098 | (52562) | (52741)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 3/1/2032 | USD | 20583631 | 20378798 | 20377795<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Americhem, Inc. | Revolver | 0.50% |  |  | 3/1/2032 | USD | 3735819 | (37101) | (37358)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; AquaPhoenix Scientific, LLC | Delayed Draw | 9.29% | SOFR | 500 | 7/22/2026 | USD | 958400 | $950633 | $948817<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AquaPhoenix Scientific, LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 7/22/2026 | USD | 71880 | 71335 | 71161<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging LLC | Delayed Draw | 9.61% |  | 725 | 6/7/2032 | EUR | 2218500 | 2264637 | 2372221<br><sup>1,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging LLC | Second Lien Term Loan | 9.61% | EURIBOR | 725 | 6/7/2032 | EUR | 13068750 | 14505041 | 13771419<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berlin Packaging LLC | Second Lien Term Loan | 11.31% | PRIME | 725 | 6/7/2032 | USD | 1020000 | 943500 | 1008658<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | Revolver | 0.50% |  |  | 10/2/2029 | USD | 2439024 | (48781) | (28068)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | Delayed Draw | 9.32% | SOFR | 500 | 10/2/2030 | USD | 837398 | 821138 | 827762<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFS Brands, LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 10/2/2030 | USD | 16560285 | 16286065 | 16369714<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cold Chain Technologies, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 7/2/2026 | USD | 773395 | 769859 | 768309<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cold Chain Technologies, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 8/2/2025 | USD | 4962500 | 4941799 | 4929865<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Delayed Draw | 1.00% |  |  | 6/13/2031 | USD | 6699688 | (63471) | (10203)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | First Lien Term Loan | 8.80% | SOFR | 450 | 6/13/2031 | USD | 40064132 | 39694160 | 40003117<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Delayed Draw | 1.00% |  |  | 6/13/2031 | USD | 1002543 | (3125) | (3705)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | First Lien Term Loan | 8.80% | SOFR | 450 | 6/13/2031 | USD | 2248120 | 2248120 | 2244697<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | First Lien Term Loan | 8.82% | SOFR | 450 | 6/13/2031 | USD | 1746795 | 1746795 | 1746795<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCG Acquisition Corp. | Revolver | 0.50% |  |  | 6/13/2031 | USD | 1002543 | (7289) | (5272)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | Delayed Draw | 1.00% |  |  | 1/10/2029 | USD | 755279 | (7263) | (4770)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | First Lien Term Loan | 8.81% | SOFR | 450 | 1/10/2029 | USD | 4568554 | 4502910 | 4539701<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HASA Acquisition, LLC | Revolver | 8.82% | SOFR | 450 | 1/10/2029 | USD | 786749 | 248706 | 252694<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 11/15/2030 | USD | 5000000 | 4928502 | 4920130<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Holdings, Inc. | Revolver | 0.50% |  |  | 11/15/2030 | USD | 1000000 | (14073) | (15974)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 5/23/2028 | USD | 12000000 | 795544 | 858713<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Delayed Draw | 9.57% | SOFR | 525 | 5/23/2028 | USD | 12500000 | 917654 | 894492<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 5/23/2028 | USD | 12468750 | 12301038 | 12270079<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | First Lien Term Loan | 10.86% | SOFR | 625 | 5/23/2028 | USD | 17620000  | 17363952  | 17593167 <br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Buyer, Inc. | Revolver | 0.50% |  |  | 5/23/2028 | USD | 2000000 |  | (3046)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | Delayed Draw | 1.00% |  |  | 12/17/2030 | USD | 7676768 | (93692) | (110136)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 12/17/2030 | USD | 28404040 | 28061722 | 27996537<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. | Revolver | 0.50% |  |  | 12/17/2030 | USD | 1919192 | (22859) | (27534)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | Delayed Draw | 1.00% |  |  | 3/26/2031 | USD | 9911323 | (145120) | (191763)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | First Lien Term Loan | 7.86% | EURIBOR | 550 | 3/26/2031 | EUR | 16606734 | 17779417 | 17677566<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | First Lien Term Loan | 9.80% | SOFR | 550 | 3/26/2031 | USD | 9091500 | 8968896 | 8949970<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nelipak Holding Company | Revolver | 7.87% | EURIBOR | 550 | 3/26/2031 | EUR | 987003 | 410723 | 404400<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 March 31, 2025 (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; Nelipak Holding Company | Revolver | 9.82% | SOFR | 550 | 3/26/2031 | USD | 2612499 | $1271963 | $1265580<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Star Metals Inc. | First Lien Term Loan | 10.55% | SOFR | 625 | 3/14/2030 | USD | 24518992 | 23971323 | 23967315<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oliver Packaging, LLC | First Lien Term Loan | 10.45%, 1.00% PIK | SOFR | 500 | 7/6/2028 | USD | 9041667 | 8939489 | 8898798<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oliver Packaging, LLC | Revolver | 10.45%, 1.00% PIK | SOFR | 500 | 7/6/2028 | USD | 1269841 | 374781 | 357556<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Buyer, Inc. | Revolver | 8.68% | SOFR | 435 | 6/30/2026 | USD | 2352941 | 745098 | 741515<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olympic Buyer, Inc. | First Lien Term Loan | 8.68% | SOFR | 435 | 6/30/2028 | USD | 25701292 | 25414801 | 25662151<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimum Group | First Lien Term Loan | 7.76% | EURIBOR | 550 | 6/16/2028 | EUR | 12701000 | 13821106 | 13383756<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paperworks Industries, Inc. | First Lien Term Loan | 12.69% | SOFR | 825 | 6/30/2027 | USD | 8334907  | 8279603  | 8282214 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | Delayed Draw | 1.00% |  |  | 11/22/2029 | USD | 698593 | (13000) | (13972)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | First Lien Term Loan | 10.76% | SOFR | 650 | 11/22/2029 | USD | 11149542 | 10938548 | 10926552<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLA Buyer, LLC | Revolver | 10.82% | SOFR | 650 | 11/22/2029 | USD | 1397186 | 288363 | 286423<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reagent Chemical Research, Inc. | Revolver | 0.50% |  |  | 4/30/2030 | USD | 583000 | (9923) | (11424)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reagent Chemical Research, Inc. | First Lien Term Loan | 9.57% | SOFR | 525 | 4/30/2031 | USD | 3966950 | 3894972 | 3889216<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rohrer Corporation | First Lien Term Loan | 9.53% | SOFR | 500 | 3/15/2027 | USD | 11697085 | 11630755 | 11679272<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SePro Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/26/2030 | USD | 5416667 | (51186) | (116417)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SePro Holdings, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 7/26/2030 | USD | 37821875 | 37475235 | 37008990<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SePro Holdings, LLC | Revolver | 9.57% | SOFR | 525 | 7/26/2030 | USD | 5416668 | 3562811 | 3494694<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STS Holding, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 11/12/2030 | USD | 25000000 | 24761412 | 24721956<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, <br>LLC | Delayed Draw | 10.92% | SOFR | 650 | 6/16/2028 | USD | 4441992 | 4286772 | 4523932<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, <br>LLC | First Lien Term Loan | 10.92% | SOFR | 650 | 6/16/2028 | USD | 10571590 | 10347849 | 10766600<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangent Technologies Acquisition, LLC | First Lien Term Loan | 13.32% | SOFR | 875 | 11/30/2027 | USD | 177098 | 175356 | 175328<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangent Technologies Acquisition, LLC | Second Lien Term Loan | 13.32% | SOFR | 875 | 5/30/2028 | USD | 2500000 | 2500000 | 2517312<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Delayed Draw | 10.45% | SOFR | 600 | 12/31/2026 | USD | 5123307 | 5072074 | 5115504<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | First Lien Term Loan | 10.45% | SOFR | 600 | 12/31/2026 | USD | 18181970 | 18000150 | 18154280<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | First Lien Term Loan | 10.48% | SOFR | 600 | 12/31/2026 | USD | 861973 | 805614 | 860660<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Revolver | 8.25% | SOFR | 600 | 12/31/2026 | USD | 1555556 |  | (2369)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tilley Chemical Co., Inc. | Revolver | 10.30% | SOFR | 600 | 12/31/2026 | USD | 1000000 | 333333 | 331810<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V Global Holdings LLC | Revolver | 10.17% | SOFR | 575 | 12/22/2025 | USD | 13733272 | 11203460 | 11079703<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Packaging, LLC | First Lien Term Loan | 9.69% | SOFR | 525 | 8/9/2026 | USD | 1337156 | 1331066 | 1327127<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard Packaging, LLC | Revolver | 9.69% | SOFR | 525 | 8/9/2026 | USD | 575700 | 458062 | 456240<br><sup>1,3,4,7</sup> |
|  |  |  |  |  |  |  |  | **482066388**  | **473956485**  |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 1.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | First Lien Term Loan | 11.06% | SOFR | 650 | 5/3/2030 | USD | 17150999 | $17110827 | $17128391<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 11.06% | SOFR | 625 | 7/2/2028 | USD | 5567866 | 810780 | 806971<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 11.06% | SOFR | 650 | 7/2/2028 | USD | 760677 | 760358 | 759674<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | First Lien Term Loan | 11.06% | SOFR | 650 | 7/2/2028 | USD | 52898103 | 52860903 | 52828375<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Revolver | 11.08% | SOFR | 650 | 7/2/2028 | USD | 5072584 | 3750601 | 3747026<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 11/3/2029 | USD | 9900000 | 9702903 | 9830764<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Management Borrower LLC | Revolver | 9.80% | SOFR | 550 | 11/3/2029 | USD | 1250000 | 556027 | 566258<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chirisa Volo LLC | Delayed Draw | 10.57% | SOFR | 625 | 12/4/2027 | USD | 40389999 | 14473800 | 14329762<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, <br>Inc. | Delayed Draw | 1.00% |  |  | 9/26/2030 | USD | 3118222 | (37352) | (13190)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, <br>Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 9/26/2030 | USD | 6510846 | 6434691 | 6483307<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP Village Green Acquisitions, <br>Inc. | Revolver | 0.50% |  |  | 9/26/2030 | USD | 1870933 | (21413) | (7914)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | Revolver | 0.50% |  |  | 12/1/2027 | USD | 3095975 | (36983) | (11825)<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 | (126749) | (64564)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | First Lien Term Loan | 9.17% | SOFR | 475 | 12/1/2028 | USD | 20187500 | 19985625 | 20110396<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRS TH Holdings Corp | Revolver | 8.50% | SOFR | 475 | 12/1/2028 | USD | 4237288 | (10593) | (16184)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link Apartments Opportunity Zone REIT | Delayed Draw | 2.00% |  | 200 | 12/27/2029 | USD | 691091 | (13139) | (13822)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link Apartments Opportunity Zone REIT | Delayed Draw | 11.80% | SOFR | 750 | 12/27/2029 | USD | 72545 | 71170 | 71095<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link Apartments Opportunity Zone REIT | First Lien Term Loan | 11.80% | SOFR | 750 | 12/27/2029 | USD | 1336364 | 1310776 | 1309636<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolis Technologies, Inc. | First Lien Term Loan | 10.42% | SOFR | 600 | 5/16/2031 | USD | 32084552 | 31791583 | 31635244<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Delayed Draw | 9.05% | SOFR | 475 | 2/10/2027 | USD | 66868380 | 37966250 | 37966322<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 2/10/2027 | USD | 56234596 | 55964652 | 56160469<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRI Software, LLC | Revolver | 9.05% | SOFR | 475 | 2/10/2027 | USD | 17962495 | 1038940 | 1101079<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Property Company | First Lien Term Loan | 9.57% | SOFR | 525 | 2/2/2029 | USD | 19700000 | 19467890 | 19669998<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | Delayed Draw | 1.00% |  |  | 9/15/2028 | USD | 3549655 | (62024) | (14266)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | First Lien Term Loan | 8.80% | SOFR | 450 | 9/15/2028 | USD | 1513674 | 1489761 | 1507591<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sako and Partners Lower Holdings LLC | Revolver | 10.07% | SOFR | 475 | 9/15/2028 | USD | 130459 | 24999 | 25568<br><sup>1,3,4,6,7</sup> |
|  |  |  |  |  |  |  |  | **275264283** | **275896161** |
| &nbsp;&nbsp;&nbsp; **Technology — 19.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1WorldSync, Inc. | Delayed Draw | 9.17% | SOFR | 475 | 7/8/2025 | USD | 140563 | 140350 | 140349<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1WorldSync, Inc. | First Lien Term Loan | 9.20% | SOFR | 475 | 7/8/2025 | USD | 15386185 | 15361020 | 15362753<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3Si Security Systems, Inc. | First Lien Term Loan | 10.49% | SOFR | 600 | 12/16/2026 | USD | 9798793 | 9700732 | 9759411<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Abracon Group Holding, LLC | First Lien Term Loan | 10.95%, 4.60% PIK | SOFR | 200 | 7/6/2028 | USD | 39696341 | $39186821 | $31906889<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abracon Group Holding, LLC | Revolver | 10.95%, 4.60% PIK | SOFR | 200 | 7/6/2028 | USD | 2655201 | 2603279 | 2134182<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abracon Group Holdings, LLC | Delayed Draw | 1.00% |  |  | 7/6/2028 | USD | 2857068 |  | (560631)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 12/31/2030 | USD | 6016522 | (74792) | (77584)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 12/31/2030 | USD | 1374783 | 1357955 | 1355530<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 12/31/2030 | USD | 2956522 | 2920410 | 2915119<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | First Lien Term Loan | 9.22% | SOFR | 500 | 12/31/2030 | USD | 9608696 | 9492288 | 9474137<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Acquisition, Inc. | Revolver | 0.50% |  |  | 12/31/2030 | USD | 1478261 | (17719) | (20701)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquia, Inc. | First Lien Term Loan | 11.41% | SOFR | 700 | 10/31/2025 | USD | 2031627 | 1973403 | 2028533<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquia, Inc. | Revolver | 11.43% | SOFR | 700 | 10/31/2025 | USD | 302938 | 302872 | 302476<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquia, Inc. | First Lien Term Loan | 11.41% | SOFR | 700 | 11/1/2025 | USD | 3174201 | 3151850 | 3169367<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | Delayed Draw | 1.00% |  |  | 5/8/2030 | USD | 7480202 | (138781) | (67408)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | First Lien Term Loan | 10.55% | SOFR | 625 | 5/8/2030 | USD | 31457698 | 30904070 | 31174216<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adelaide Borrower, LLC | Revolver | 0.50% |  |  | 5/8/2030 | USD | 4238173 | (72398) | (38192)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | Revolver | 0.50% |  |  | 11/25/2031 | USD | 722989 | (14258) | (15437)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | Delayed Draw | 1.00% |  |  | 2/25/2032 | USD | 1907145 | (37889) | (40721)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adonis Bidco Inc. | First Lien Term Loan | 10.05%, 3.00% PIK | SOFR | 275 | 2/25/2032 | USD | 6369865 | 6243724 | 6233855<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | First Lien Term Loan | 11.80%, 3.50% PIK | SOFR | 400 | 12/3/2031 | USD | 10159036 | 10031455 | 10133979<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 12/3/2031 | USD | 12981087 | 12818530 | 12949069<br><sup>1,3,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Technology | First Lien Term Loan | 9.45% | SOFR | 500 | 10/29/2026 | USD | 8075000 | 8028496 | 8016745<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG-Twin Brook Technology | First Lien Term Loan | 10.96% | SOFR | 650 | 10/5/2027 | USD | 24464773 | 24170857 | 23931637<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIDC Intermediate Co2, LLC | First Lien Term Loan | 9.82% | SOFR | 525 | 7/22/2027 | USD | 53900000 | 53460637 | 54356094<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ainavda BidCo AB | First Lien Term Loan | 7.33% | STIBOR | 500 | 3/31/2028 | SEK | 146062370 | 13121281 | 14385657<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alegeus Technologies Holdings Corporation | First Lien Term Loan | 11.05% | SOFR | 675 | 11/5/2029 | USD | 65844805 | 64255005 | 64059032<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMI Buyer, Inc. | First Lien Term Loan | 9.69% | SOFR | 525 | 10/17/2031 | USD | 16286628 | 16052653 | 16017897<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMI Buyer, Inc. | Revolver | 9.69% | SOFR | 525 | 10/17/2031 | USD | 2368964 | 364852 | 359194<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaplan, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 6/21/2029 | USD | 24937500 | 24812812 | 24899522<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANS Midco 3 Limited | First Lien Term Loan | 11.83% | SONIA | 737 | 9/8/2027 | GBP | 12578528 | 17019220 | 15299687<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Delayed Draw | 9.30% | SOFR | 500 | 3/9/2027 | USD | 6351928 | 3822716 | 3751522<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/9/2027 | USD | 22068821 | 21925728 | 21821470<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Revolver | 0.50% |  |  | 3/9/2027 | USD | 980000 |  | (10984)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | Delayed Draw | 1.00% |  |  | 3/9/2028 | USD | 4850000 | (19330) | (54360)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appfire Technologies, LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/9/2028 | USD | 2186260 | 2186240 | 2171360<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Apryse Software Corp. | Revolver | 9.33% | SOFR | 500 | 7/15/2026 | USD | 957606 | $319202 | $317744<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apryse Software Corp. | First Lien Term Loan | 9.29% | SOFR | 500 | 7/15/2027 | USD | 50053899 | 49712721 | 49882713<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Delayed Draw | 1.00% |  |  | 1/30/2031 | USD | 76592828 | (381069) | (382965)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 1/30/2031 | USD | 9930024 | 7592743 | 7633369<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | First Lien Term Loan | 9.56% | SOFR | 500 | 1/30/2031 | USD | 82392280 | 81666829 | 81980319<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptean, Inc. | Revolver | 11.75% | PRIME | 425 | 1/30/2031 | USD | 9617228 | 124214 | 148454<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcoro Holdings Corp. | First Lien Term Loan | 9.80% | SOFR | 550 | 3/28/2030 | USD | 9978261 | 9802634 | 9962249<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcoro Holdings Corp. | Revolver | 0.50% |  |  | 3/28/2030 | USD | 1956522 | (32995) | (3140)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | Delayed Draw | 9.03% | SOFR | 475 | 11/27/2030 | USD | 2968000 | 31347 | 52953<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/27/2030 | USD | 5045600 | 4948958 | 4946367<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ark Data Centers, LLC | Revolver | 0.50% |  |  | 11/27/2030 | USD | 890400 | (16807) | (19733)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | Delayed Draw | 10.69% | SOFR | 625 | 5/25/2028 | USD | 4608696 | 4516522 | 4601677<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | First Lien Term Loan | 10.69% | SOFR | 625 | 5/25/2028 | USD | 30724638 | 30348361 | 30677846<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG III, LLC | Delayed Draw | 10.79% | SOFR | 650 | 10/31/2029 | USD | 1333333 | 1303241 | 1320684<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG III, LLC | First Lien Term Loan | 10.79% | SOFR | 650 | 10/31/2029 | USD | 3166667 | 3101376 | 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 | (9604) | (10737)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aston US Finco, LLC | First Lien Term Loan | 8.69% | SOFR | 425 | 10/9/2026 | USD | 3790306 | 3709107 | 3624878<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aston US Finco, LLC | Second Lien Term Loan | 12.69% | SOFR | 825 | 10/9/2027 | USD | 6876457 | 6800816 | 6684132<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATP Intermediate, Inc. | First Lien Term Loan | 12.45% | SOFR | 800 | 6/16/2025 | USD | 14411868 | 14378584 | 14299983<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | Delayed Draw | 1.00% |  |  | 7/12/2031 | USD | 1500000 | (14295) | (16213)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 7/12/2031 | USD | 3150000 | 3120680 | 3115952<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AuditBoard, Inc. | Revolver | 0.50% |  |  | 7/12/2031 | USD | 600000 | (5434) | (6485)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | Delayed Draw | 10.82% | SOFR | 650 | 3/26/2031 | USD | 3118000 | 3075330 | 3113252<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | First Lien Term Loan | 10.82% | SOFR | 650 | 3/26/2031 | USD | 1372000 | 1353364 | 1369911<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate | Revolver | 0.50% |  |  | 3/26/2031 | USD | 499000 | (6462) | (760)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, <br>Inc. | Delayed Draw | 10.82% | SOFR | 650 | 3/19/2031 | USD | 10661167 | 10516162 | 10644932<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, <br>Inc. | First Lien Term Loan | 10.82% | SOFR | 650 | 3/19/2031 | USD | 4690914 | 4627721 | 4683770<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 | 1705787 | (21877) | (2598)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Revolver | 9.05% | SOFR | 475 | 7/9/2030 | USD | 2777778 | 241062 | 259126<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | Delayed Draw | 1.00% |  |  | 7/9/2031 | USD | 6944444 | (99100) | (46632)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badge 21 Midco Holdings LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 7/9/2031 | USD | 15239583 | 15027534 | 15137250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | Delayed Draw | 9.57% | SOFR | 525 | 12/19/2030 | USD | 2323989 | 880212 | 876156<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | First Lien Term Loan | 9.57% | SOFR | 525 | 12/19/2030 | USD | 4338145 | 4296082 | 4288135<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Holdings, LLC | Revolver | 0.50% |  |  | 12/19/2030 | USD | 463532 | (4446) | (5344)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter Planning Systems, LLC | Delayed Draw | 1.00% |  |  | 5/20/2031 | USD | 778445 | (10969) | (8958)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Baxter Planning Systems, LLC | First Lien Term Loan | 10.68%, 3.38% PIK | SOFR | 288 | 5/20/2031 | USD | 4231621 | $4173488 | $4182925<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxter Planning Systems, LLC | Revolver | 0.50% |  |  | 5/20/2031 | USD | 766891 | (10113) | (8825)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Technology | Revolver | 12.25% | SOFR | 550 | 10/1/2027 | USD | 2666667 | 633333 | 629272<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Technology | First Lien Term Loan | 9.92% | SOFR | 550 | 10/1/2027 | USD | 24250000 | 24007356 | 24213069<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Plus Technologies, Inc. | Revolver | 8.80% | SOFR | 450 | 7/1/2027 | USD | 6700000 | 5159000 | 5140100<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beta Plus Technologies, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 7/1/2029 | USD | 48875000 | 46222186 | 48800567<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BetterCloud, Inc. | First Lien Term Loan | 12.56%, 7.25% PIK | SOFR | 100 | 6/30/2028 | USD | 45960259 | 45438694 | 10987734<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BetterCloud, Inc. | Revolver | 0.50% |  |  | 6/30/2028 | USD | 6313721 | (126274) | (4804297)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bigtime Software, Inc. | First Lien Term Loan | 10.54% | SOFR | 625 | 6/30/2028 | USD | 23317241 | 22986917 | 23281731<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) | (3545)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueCat Networks (USA) Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 8/8/2028 | USD | 5308242 | 5235669 | 5262527<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | First Lien Term Loan | 10.80% | SOFR | 650 | 12/17/2030 | USD | 5769231 | 5686701 | 5672065<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | First Lien Term Loan | 10.80% | SOFR | 625 | 9/12/2029 | USD | 34134615 | 33450596 | 33559720<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | Revolver | 0.50% |  |  | 9/12/2029 | USD | 3365385 | (84135) | (56680)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | First Lien Term Loan | 10.80% | SOFR | 650 | 7/17/2029 | USD | 41200000 | 40480867 | 40520197<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | Revolver | 0.50% |  |  | 7/17/2029 | USD | 3700000 | (71467) | (61050)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Delayed Draw | 1.00% |  |  | 3/5/2032 | USD | 10599670 | (61035) | (105997)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | First Lien Term Loan | 9.30% | SOFR | 500 | 3/5/2032 | USD | 98046954 | 97395631 | 97066485<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonterra LLC | Revolver | 9.30% | SOFR | 500 | 3/5/2032 | USD | 10599670 | 1659295 | 1622748<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bottomline Technologies, Inc. | First Lien Term Loan | 9.55% | SOFR | 575 | 5/14/2028 | USD | 9897808 | 9752678 | 9884153<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bottomline Technologies, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 5/13/2029 | USD | 10025510 | 9931810 | 9907172<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Delayed Draw | 9.17% | SOFR | 475 | 8/2/2027 | USD | 7764960 | 7620592 | 7753134<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | First Lien Term Loan | 9.17% | SOFR | 475 | 8/2/2027 | USD | 10502750 | 10404130 | 10486755<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bounteous, Inc. | Revolver | 7.29% | SOFR | 475 | 8/2/2027 | USD | 1800000 |  | (2741)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP- FL Holdings, Inc. | Delayed Draw | 1.00% |  |  | 12/9/2030 | USD | 5310344 | (64714) | (74580)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP- FL Holdings, Inc. | First Lien Term Loan | 9.43% | SOFR | 500 | 12/9/2030 | USD | 11948276 | 11804657 | 11780471<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP- FL Holdings, Inc. | Revolver | 0.50% |  |  | 12/9/2030 | USD | 1991379 | (23629) | (27967)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 10/1/2029 | USD | 37894737 | 31201038 | 31386385<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | First Lien Term Loan | 9.46% | SONIA | 500 | 10/1/2029 | GBP | 25000000 | 31252236 | 31669175<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Revolver | 0.50% |  |  | 10/1/2029 | USD | 2105263 | (8805) | 998<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | Delayed Draw | 7.36% | EURIBOR | 500 | 9/30/2026 | EUR | 35000000 | 37965832 | 37667461<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bullhorn, Inc. | First Lien Term Loan | 7.36% | EURIBOR | 500 | 9/30/2026 | EUR | 28927500 | 31301221 | 31132157<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BusinesSolver.com, Inc. | Delayed Draw | 9.90% | SOFR | 550 | 12/1/2027 | USD | 2456477 | 419237 | 432304<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BusinesSolver.com, Inc. | First Lien Term Loan | 9.90% | SOFR | 550 | 12/1/2027 | USD | 12204665 | 12099346 | 12186078<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAI TopCo, LLC | First Lien Term Loan | 9.56% | SOFR | 500 | 12/13/2028 | USD | 6824561 | 6751499 | 6793726<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Captify Intermediate Holdings <br>Corp. | Delayed Draw | 12.98%, 12.98% PIK | SOFR | 500 | 7/12/2026 | USD | 2516485 | $2479735 | $2111611<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captify Intermediate Holdings <br>Corp. | First Lien Term Loan | 12.65%, 12.65% PIK | SOFR | 500 | 7/12/2026 | USD | 8795981 | 8677789 | 7303887<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 7/1/2031 | USD | 7188897 | 1495572 | 1534692<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | First Lien Term Loan | 9.30% | SOFR | 525 | 7/1/2031 | USD | 25454568 | 25219388 | 25352263<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CB Buyer, Inc. | Revolver | 0.50% |  |  | 7/1/2031 | USD | 2803398 | (25095) | (11267)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. | Delayed Draw | 10.55% | SOFR | 625 | 7/18/2030 | USD | 3041086 | 1622876 | 1619362<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. | First Lien Term Loan | 10.55% | SOFR | 625 | 7/18/2030 | USD | 32843726 | 32317409 | 32268961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cdata Software, Inc. | Revolver | 0.50% |  |  | 7/18/2030 | USD | 3649303 | (56549) | (63863)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CEB Acquisitionco, LLC | First Lien Term Loan | 9.93% | SOFR | 550 | 12/21/2027 | USD | 4925000 | 4867120 | 4772326<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certinia Inc. | First Lien Term Loan | 9.54% | SOFR | 525 | 11/18/2031 | USD | 1446428 | 1432489 | 1430429<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Newco, Inc. | First Lien Term Loan | 10.54% | SOFR | 625 | 12/10/2029 | USD | 10540378 | 10439887 | 10434975<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Newco, Inc. | Revolver | 10.55% | SOFR | 625 | 12/10/2029 | USD | 810799 | 561334 | 559451<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Intermediate, LLC | Delayed Draw | 9.04% | SOFR | 475 | 10/30/2028 | USD | 44906512 | 30832670 | 30975177<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Intermediate, LLC | Revolver | 9.04% | SOFR | 475 | 10/30/2028 | USD | 2250000 | 250000 | 225006<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleo Communications Holding, LLC | First Lien Term Loan | 9.92% | SOFR | 550 | 6/7/2027 | USD | 12763550 | 12635914 | 12744112<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleo Communications Holding, LLC | Revolver | 0.50% |  |  | 6/7/2027 | USD | 2140000 | (21400) | (3259)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | Delayed Draw | 1.00% |  |  | 12/27/2031 | USD | 3560861 | (35088) | (43277)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 12/27/2031 | USD | 8189980 | 8109807 | 8090442<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concord Global Acquisition, LLC | Revolver | 0.50% |  |  | 12/27/2031 | USD | 1424344 | (13835) | (17311)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Buyer, LLC | Revolver | 10.31% | SOFR | 600 | 10/10/2029 | USD | 3000000 | 1425000 | 1495431<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Buyer, LLC | First Lien Term Loan | 10.29% | SOFR | 600 | 10/10/2030 | USD | 26053125 | 25499762 | 26273583<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corel Corporation | First Lien Term Loan | 9.41% | SOFR | 500 | 7/2/2026 | USD | 4061489 | 3968753 | 3858923<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II, LLC | Delayed Draw | 10.30% | SOFR | 600 | 4/16/2030 | USD | 10000001 | 5627592 | 5746237<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Revolver | 0.50% |  |  | 2/27/2029 | USD | 3076772 |  | (18510)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/27/2030 | USD | 2167258 |  | (13038)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | First Lien Term Loan | 9.54% | SOFR | 525 | 2/27/2030 | USD | 44779906 | 44240955 | 44510508<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/28/2029 | USD | 1851039 |  | (11136)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Delayed Draw | 1.00% |  |  | 2/28/2030 | USD | 685492 |  | —<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Revolver | 0.50% |  |  | 2/28/2030 | USD | 140277 | (1399) | (1403)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Delayed Draw | 10.12% | SOFR | 600 | 2/28/2030 | USD | 828253 | 580645 | 572362<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | First Lien Term Loan | 10.12% | SOFR | 600 | 2/28/2030 | USD | 7342657 | 7204770 | 7269231<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Revolver | 0.50% |  |  | 2/28/2030 | USD | 1236364 | (22067) | (12364)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Revolver | 10.31% | PRIME | 600 | 2/28/2030 | USD | 509091 | 499918 | 504000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPEX Purchaser, LLC | Revolver | 10.31% | SOFR | 600 | 2/28/2030 | USD | 436364 | 428543 | 432000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | First Lien Term Loan | 11.07% | SOFR | 675 | 11/8/2030 | USD | 51724937 | 50606748 | 50399641<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Crewline Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2030 | USD | 5222499 | $(105117) | $(133811)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CrossLink Professional Tax Solutions, LLC | First Lien Term Loan | 9.82% | SOFR | 550 | 6/30/2028 | USD | 9608869 | 9495689 | 9440714<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CrossLink Professional Tax Solutions, LLC | Revolver | 9.83% | SOFR | 550 | 6/30/2028 | USD | 1456012 | 383626 | 378968<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyara AcquisitionCo, LLC | First Lien Term Loan | 10.55%, 2.25% PIK | SOFR | 400 | 6/28/2029 | USD | 2989448 | 2964172 | 2987880<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | Delayed Draw | 1.00% |  |  | 1/3/2031 | USD | 12409561 | (62039) | (20928)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Databricks, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 1/3/2031 | USD | 55759175 | 55485261 | 55386815<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DataLink, LLC | First Lien Term Loan | 11.69% | 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 | 7.25% | SOFR | 725 | 11/20/2026 | USD | 846774 |  | (725828)<sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCert Buyer, Inc. | Second Lien Term Loan | 11.32% | SOFR | 700 | 2/24/2029 | USD | 12500000 | 12468769 | 10218750<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | Delayed Draw | 1.00% |  |  | 8/29/2030 | GBP | 2782931 | 1130483 | 1326774<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | Delayed Draw | 7.36% | EURIBOR | 500 | 8/29/2030 | EUR | 2168275 | 2251496 | 2369109<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | First Lien Term Loan | 7.36% | EURIBOR | 500 | 8/29/2030 | EUR | 4860854 | 5110950 | 5241454<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denali Bidco, Ltd. | First Lien Term Loan | 9.46% | SONIA | 500 | 8/29/2030 | GBP | 5343228 | 6594201 | 6895438<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamondback Acquisition, Inc. | First Lien Term Loan | 9.92% | SOFR | 550 | 9/13/2028 | USD | 24370277 | 24083140 | 24211497<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Delayed Draw | 9.57% | SOFR | 500 | 8/24/2025 | USD | 869216 | 853600 | 867290<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | First Lien Term Loan | 9.31% | SOFR | 500 | 8/4/2025 | USD | 5820000 | 5761818 | 5766453<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Delayed Draw | 1.00% |  |  | 8/4/2030 | USD | 4158222 | (26685) | (9214)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | First Lien Term Loan | 9.31% | SOFR | 500 | 8/4/2030 | USD | 16547645 | 16423076 | 16395398<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diligent Corporation | Revolver | 0.50% |  |  | 8/4/2030 | USD | 2104917 | (13508) | (4664)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, LLC | First Lien Term Loan | 11.81% | SOFR | 750 | 3/30/2029 | USD | 3877779 | 3805331 | 3798350<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disco Parent, LLC | Revolver | 0.50% |  |  | 3/30/2029 | USD | 331390 | 22305 | 23802<br><sup>1,3,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Buyer, L.P. | Delayed Draw | 1.00% |  |  | 2/6/2032 | USD | 30182927 | (298673) | (358317)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Buyer, L.P. | First Lien Term Loan | 9.30% | SOFR | 500 | 2/6/2032 | USD | 52317073 | 51801758 | 51695990<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 | (73435) | (89036)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dragon Bidco | First Lien Term Loan | 8.56% | EURIBOR | 550 | 4/27/2028 | EUR | 9300000 | 9582490 | 9910382<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Intermediate Holdco | Delayed Draw | 1.00% |  |  | 2/24/2028 | USD | 8489450 | (78665) | (76503)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Delayed Draw | 1.00% |  |  | 12/30/2031 | USD | 2726133 | (26875) | (33132)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | First Lien Term Loan | 9.32% | SOFR | 500 | 12/30/2031 | USD | 7814915 | 7738353 | 7719936<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT1 Midco Corp. | Revolver | 0.50% |  |  | 12/30/2031 | USD | 1090453 | (10592) | (13253)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | Delayed Draw | 1.00% |  |  | 12/19/2030 | EUR | 9452689 | (141147) | 192982<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 7.65% | EURIBOR | 500 | 12/19/2030 | EUR | 41024672 | 42169539 | 43625061<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 9.27% | SOFR | 500 | 12/19/2030 | USD | 25018905 | 24656761 | 24604076<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easypark Strategy AB | First Lien Term Loan | 9.68% | SOFR | 500 | 12/19/2030 | NOK | 128585764 | 11185892 | 12019517<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 March 31, 2025 (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; Eclipse Buyer, Inc. | Delayed Draw | 1.00% |  |  | 9/6/2031 | USD | 10375688 | $(100404) | $(145260)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 9/6/2031 | USD | 61216556 | 60639727 | 60665606<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Buyer, Inc. | Revolver | 0.50% |  |  | 9/6/2031 | USD | 4274703 | (39313) | (38472)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 1.00% |  |  | 2/10/2031 | USD | 25000000 | (493185) | (500000)<sup>1,2,3</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 | 6863860 | 6850000<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edmunds GovTech, Inc. | Delayed Draw | 9.30% | SOFR | 500 | 2/26/2031 | USD | 10714286 | 1445141 | 1628734<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edmunds GovTech, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 2/26/2031 | USD | 9262500 | 9098189 | 9250290<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | First Lien Term Loan | 10.79% | SOFR | 650 | 1/22/2031 | USD | 53330776 | 52287811 | 52148345<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | Revolver | 0.50% |  |  | 1/22/2031 | USD | 5508561 | (106752) | (122134)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | Delayed Draw | 1.00% |  |  | 11/26/2031 | USD | 4976959 | (48761) | (31929)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 11/26/2031 | USD | 12442396 | 12321576 | 12362573<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empyrean Solutions LLC | Revolver | 0.50% |  |  | 11/26/2031 | USD | 1866359 | (17920) | (11974)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Delayed Draw | 9.82% | SOFR | 550 | 12/22/2029 | USD | 134536 | 81608 | 83207<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 12/22/2029 | USD | 2670538 | 2636982 | 2666471<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Revolver | 9.82% | SOFR | 550 | 12/22/2029 | USD | 204729 | 64647 | 66769<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Delayed Draw | 9.82% | SOFR | 550 | 12/31/2029 | USD | 4060845 | 2454477 | 2511540<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 12/31/2029 | USD | 80704247 | 79523028 | 80581342<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enverus Holdings, Inc. | Revolver | 9.82% | SOFR | 550 | 12/31/2029 | USD | 6137599 | 1925965 | 2001695<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | Delayed Draw | 8.95% | SOFR | 450 | 3/11/2028 | USD | 7958839 | 5388661 | 5455647<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | First Lien Term Loan | 8.95% | SOFR | 450 | 3/11/2028 | USD | 15108482 | 14957397 | 15085473<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESG Investments, Inc. | Revolver | 8.95% | SOFR | 450 | 9/11/2027 | USD | 2142857 | 1146428 | 1164594<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | Delayed Draw | 1.00% |  |  | 3/25/2032 | USD | 2830865 | (42357) | (42463)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 3/25/2032 | USD | 10222567 | 10069511 | 10069229<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Espressor Bidco Inc. | Revolver | 0.50% |  |  | 3/25/2032 | USD | 1258162 | (18822) | (18872)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | Delayed Draw | 10.32% | SOFR | 600 | 12/13/2030 | USD | 837171 | 270736 | 269133<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | First Lien Term Loan | 10.80%, 3.50% PIK | SOFR | 300 | 12/13/2030 | USD | 3632236 | 3565997 | 3558417<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expereo USA, Inc. | Revolver | 0.50% |  |  | 12/13/2030 | USD | 268370 | (2552) | (3126)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 12/15/2030 | USD | 14924720 | 14730787 | 15106148<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial-Information-Technologies, LLC | Delayed Draw | 9.55% | SOFR | 525 | 12/15/2030 | USD | 32808131  | 14989244  | 15826953 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | First Lien Term Loan | 11.43% | SOFR | 725 | 9/13/2029 | USD | 65679023 | 64615624 | 65592448<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | Revolver | 0.50% |  |  | 9/13/2029 | USD | 6864661 | (137293) | (9049)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | First Lien Term Loan | 11.43% | SOFR | 725 | 9/13/2029 | USD | 17428521  | 17229973  | 17413454 <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 March 31, 2025 (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; Finastra USA, Inc. | Revolver | 11.43% | SOFR | 725 | 9/13/2029 | USD | 1820183  | $1306774  | $1325155 <br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FL Hawk Intermediate Holdings, <br>Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 2/22/2030 | USD | 4893517 | 4847704 | 4863100<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Winds Interactive LLC | Delayed Draw | 1.00% |  |  | 2/20/2030 | USD | 1231367 | (24100) | (26465)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Winds Interactive LLC | First Lien Term Loan | 10.80% | SOFR | 650 | 2/20/2030 | USD | 6362064 | 6236932 | 6225328<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Winds Interactive LLC | Revolver | 0.50% |  |  | 2/20/2030 | USD | 820912 | (16063) | (17643)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer LLC | Revolver | 0.50% |  |  | 8/31/2027 | USD | 1610390 |  | (2452)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSS Buyer LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 8/31/2028 | USD | 26632050 | 26340993 | 26724449<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | Delayed Draw | 11.46% | SOFR | 700 | 11/27/2029 | USD | 5611852 | 1894211 | 1935292<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | Delayed Draw | 12.71% | SOFR | 825 | 11/27/2029 | USD | 2279815 | 2221269 | 2288599<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | First Lien Term Loan | 12.71% | SOFR | 825 | 11/27/2029 | USD | 5015593 | 4888647 | 5058034<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fullsteam Operations LLC | Revolver | 0.50% |  |  | 11/27/2029 | USD | 280593 | (6574) | (427)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainsight, Inc. | First Lien Term Loan | 10.46% PIK | SOFR | 600 | 7/30/2027 | USD | 27155061 | 26986089 | 27113706<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainsight, Inc. | Revolver | 10.46% PIK | SOFR | 600 | 7/30/2027 | USD | 2816332 | 1466332 | 1462043<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gigamon, Inc. | First Lien Term Loan | 10.20% | SOFR | 575 | 3/9/2029 | USD | 11613 | 11414 | 11595<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldcup 25952 AB | First Lien Term Loan | 7.30% | STIBOR | 500 | 8/18/2027 | SEK | 11250000 | 1269757 | 1052556<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | Delayed Draw | 9.95% | SOFR | 550 | 8/4/2027 | USD | 1215476 | 1210483 | 1215250<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | First Lien Term Loan | 9.95% | SOFR | 550 | 8/4/2027 | USD | 6360003 | 6296403 | 6358819<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovBrands Intermediate, Inc. | Revolver | 9.95% | SOFR | 550 | 8/4/2027 | USD | 671545 | 231310 | 231185<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 9.54%, 2.25% PIK | SOFR | 300 | 1/17/2030 | USD | 9000000 | 6403185 | 6466056<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 9.54%, 2.25% PIK | SOFR | 300 | 1/17/2031 | USD | 18809224 | 17247540 | 17367289<br><sup>1,3,4,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | First Lien Term Loan | 10.04%, 2.25% PIK | SOFR | 350 | 1/17/2031 | USD | 95936019 | 95106458 | 95723428<br><sup>1,3,4,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Revolver | 10.50% | PRIME | 525 | 1/17/2031 | USD | 13076175 | 1690224 | 1769899<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 1.00% |  |  | 1/17/2031 | USD | 617578  | (3078) | (3088)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Delayed Draw | 9.54% | SOFR | 525 | 1/17/2031 | USD | 2319037  | 2319037  | 2319037 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | First Lien Term Loan | 10.04% | SOFR | 575 | 1/17/2031 | USD | 1549671  | 1549671  | 1549671 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | First Lien Term Loan | 10.05% | SOFR | 575 | 1/17/2031 | USD | 98065  | 98065  | 98065 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovDelivery Holdings, LLC | Revolver | 11.75% | PRIME | 425 | 1/17/2031 | USD | 666609  | 32347  | 32330 <br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovernmentJobs.com, Inc. | First Lien Term Loan | 9.33% | SOFR | 500 | 12/1/2028 | USD | 8644850 | 8569254 | 8631685<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovernmentJobs.com, Inc. | First Lien Term Loan | 9.33% | SOFR | 500 | 12/2/2027 | USD | 228983 | 227086 | 228634<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GovernmentJobs.com, Inc. | Revolver | 0.50% |  |  | 12/2/2027 | USD | 1264680 | (10156) | (1926)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Govos, Inc. | First Lien Term Loan | 10.28%, 2.00% PIK | SOFR | 400 | 7/25/2029 | USD | 10036759 | 9858318 | 9841087<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Govos, Inc. | Revolver | 0.50% |  |  | 7/25/2029 | USD | 498000 | (8627) | (9709)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Gray Matter Systems | Delayed Draw | 1.00% |  |  | 5/1/2030 | USD | 609400 | $(11284) | $(12188)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Matter Systems | First Lien Term Loan | 9.55% | SOFR | 525 | 5/1/2030 | USD | 1653690 | 1624405 | 1620616<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Matter Systems | Revolver | 9.57% | SOFR | 525 | 5/1/2030 | USD | 466500 | 54265 | 52870<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Delayed Draw | 9.55% | SOFR | 525 | 12/2/2026 | USD | 4184503 | 3089380 | 3099788<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Revolver | 9.58% | SOFR | 525 | 12/2/2026 | USD | 1050000 | 137410 | 99299<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 5/25/2026 | USD | 8081696 | 8049299 | 8068727<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 5/25/2028 | USD | 39215336 | 39111085 | 39152408<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Acquisitionco, Inc. | Revolver | 0.50% |  |  | 5/30/2026 | USD | 690589 |  | (1108)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS XX Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 4/19/2029 | USD | 2204920 | 2167567 | 2160822<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS XX Corporation | Revolver | 0.50% |  |  | 4/19/2029 | USD | 311000 | (5059) | (6220)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEdge Software, Inc. | Delayed Draw | 9.07% | SOFR | 475 | 7/16/2031 | USD | 1468320 | 1454672 | 1452449<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEdge Software, Inc. | First Lien Term Loan | 9.07% | SOFR | 475 | 7/16/2031 | USD | 3327660 | 3297584 | 3291692<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEdge Software, Inc. | Revolver | 0.50% |  |  | 7/16/2031 | USD | 442000 | (3995) | (4777)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heavy Construction Systems Specialist, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 11/16/2028 | USD | 9925000 | 9843647 | 9911917<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heavy Construction Systems Specialist, LLC | First Lien Term Loan | 9.80% | SOFR | 550 | 11/16/2028 | USD | 19600000 | 19394080 | 19570151<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help Systems Holdings, Inc. | First Lien Term Loan | 8.39% | SOFR | 400 | 11/19/2026 | USD | 9579949 | 9508177 | 8794393<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Help Systems Holdings, Inc. | Second Lien Term Loan | 11.14% | SOFR | 675 | 11/19/2027 | USD | 10000000 | 10000019 | 7150000<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Logic, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 1/10/2029 | USD | 8411160 | 8329846 | 8310798<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Logic, LLC | Revolver | 0.50% |  |  | 1/10/2029 | USD | 700930 | (6732) | (8364)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | Delayed Draw | 9.87%, 2.93% PIK | SOFR | 263 | 6/14/2031 | USD | 1843943 | 1827079 | 1822378<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | First Lien Term Loan | 9.87%, 2.93% PIK | SOFR | 263 | 6/14/2031 | USD | 19699745 | 19516290 | 19469358<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare Software Solutions LLC | Revolver | 0.50% |  |  | 6/14/2031 | USD | 1415094 | (12572) | (15578)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Software, Inc. | Revolver | 0.50% |  |  | 9/19/2029 | USD | 2262444 | (33936) | (2982)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyland Software, Inc. | First Lien Term Loan | 9.32% | SOFR | 500 | 9/19/2030 | USD | 47260181 | 46551279 | 47197885<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | First Lien Term Loan | 10.79% | SOFR | 650 | 1/26/2030 | USD | 13458155 | 13227816 | 13236095<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Icefall Parent, Inc. | Revolver | 0.50% |  |  | 1/26/2030 | USD | 1281729 | (20696) | (21149)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Acquisitionco, Inc. | First Lien Term Loan | 9.42% | SOFR | 500 | 11/16/2027 | USD | 7017685 | 6947508 | 7006997<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imagine Acquisitionco, Inc. | Revolver | 9.55% | SOFR | 500 | 11/16/2027 | USD | 1157556 | 39357 | 47433<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco LLC | First Lien Term Loan | 10.57% | SOFR | 625 | 3/2/2028 | USD | 16645226 | 16317923 | 16619877<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | Delayed Draw | 1.00% |  |  | 1/10/2032 | USD | 3661255 | (18099) | (25416)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | First Lien Term Loan | 8.82% | SOFR | 450 | 1/10/2032 | USD | 13180518 | 13115710 | 13089022<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InhabitIQ, Inc. | Revolver | 0.50% |  |  | 1/10/2032 | USD | 2288284 | (11186) | (15885)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; INTEL 471, Inc. | Delayed Draw | 1.00 | % |  |  | 9/27/2028 | USD | 9687500 | $(130524) | $(14753)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INTEL 471, Inc. | First Lien Term Loan | 9.54 | % | SOFR | 525 | 9/27/2028 | USD | 5812500 | 5740130 | 5803648<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) | (20723)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | Revolver | 9.56 | % | SOFR | 525 | 5/2/2028 | USD | 1540106 | 517111 | 549525<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | Delayed Draw | 1.00 | % |  |  | 5/2/2029 | USD | 1262567 |  | (1923)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQN Holding Corp. | First Lien Term Loan | 9.56 | % | SOFR | 525 | 5/2/2029 | USD | 7213440 | 7138196 | 7202454<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanti Software, Inc. | Second Lien Term Loan | 11.79 | % | SOFR | 725 | 12/1/2028 | USD | 7000000 | 6838817 | 2906120<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | Delayed Draw | 1.00 | % |  |  | 2/24/2031 | USD | 3475000 | (34471) | (39567)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | First Lien Term Loan | 9.57 | % | SOFR | 525 | 2/24/2031 | USD | 7470000 | 7396204 | 7384946<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IXOPay, Inc. | Revolver | 0.50 | % |  |  | 2/24/2031 | USD | 765000 | (7526) | (8710)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jigsaw Bidco AS | First Lien Term Loan | 12.66 | %, 0.75% PIK | NOK | 725 | 4/29/2025 | NOK | 15405746 | 1667836 | 1431997<br><sup>1,3,4,5,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LabVantage Solutions, Inc. | First Lien Term Loan | 9.54 | % | SOFR | 525 | 12/23/2030 | USD | 5869290 | 5784178 | 5772446<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LabVantage Solutions, Inc. | Revolver | 9.55 | % | SOFR | 525 | 12/23/2030 | USD | 454000 | 163721 | 162759<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | First Lien Term Loan | 9.04 | % | SOFR | 475 | 2/7/2028 | USD | 14870581 | 14574757 | 14865752<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | First Lien Term Loan | 9.05 | % | SOFR | 475 | 2/7/2028 | USD | 1457675 | 1451842 | 1457202<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadsOnline, LLC | Revolver | 0.50 | % |  |  | 2/7/2028 | USD | 1176470 |  | (1792)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Delayed Draw | 1.00 | % |  |  | 2/28/2026 | USD | 2514887 | (38311) | (16385)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | First Lien Term Loan | 9.32 | % | SOFR | 500 | 2/28/2026 | USD | 9958953 | 9847845 | 9869208<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Revolver | 9.32 | % | SOFR | 500 | 2/28/2026 | USD |  |  | —<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Delayed Draw | 9.32 | % | SOFR | 500 | 8/28/2026 | USD | 12205432 | 8303600 | 8291239<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | First Lien Term Loan | 9.32 | % | SOFR | 500 | 8/28/2026 | USD | 13750204 | 13726866 | 13626296<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Revolver | 9.32 | % | SOFR | 500 | 8/28/2026 | USD | 4751075  | (26938) | (42814)<sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeadVenture, Inc. | Revolver | 9.32 | % | SOFR | 500 | 8/28/2026 | USD | 1625076  | 1625076  | 1610432 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch LLC | Delayed Draw | 9.83 | % | SOFR | 550 | 5/24/2029 | USD | 1470000 | 1447069 | 1441342<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch, LLC | First Lien Term Loan | 9.93 | % | SOFR | 550 | 5/24/2029 | USD | 2925300 | 2881015 | 2868270<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeaseCrunch, LLC | Revolver | 0.50 | % |  |  | 5/24/2029 | USD | 735000 | (10705) | (14329)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | Delayed Draw | 9.32 | % | SOFR | 500 | 5/1/2028 | USD | 16172501 | 10612266 | 10581185<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | First Lien Term Loan | 9.32 | % | SOFR | 500 | 5/1/2028 | USD | 16716848 | 16603412 | 16649661<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | Revolver | 0.50 | % |  |  | 5/1/2028 | USD | 341799 | (1351) | (1374)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litera Bidco LLC | First Lien Term Loan | 9.32 | % | SOFR | 500 | 5/29/2026 | USD | 10484560 | 10381848 | 10442421<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogRhythm, Inc. | First Lien Term Loan | 11.81 | % | SOFR | 750 | 7/2/2029 | USD | 28507732 | 27746900 | 27681548<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LogRhythm, Inc. | Revolver | 0.50 | % |  |  | 7/2/2029 | USD | 2850773 | (73060) | (82618)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | Delayed Draw | 1.00 | % |  |  | 11/18/2031 | USD | 13824490 | (67050) | (98765)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | First Lien Term Loan | 9.83 | % | SOFR | 550 | 11/18/2031 | USD | 103683674 | 102668802 | 102425632<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LR Orion Bidco Limited | Revolver | 0.50 | % |  |  | 5/18/2031 | GBP | 8602151 | 3505290 | 4062270<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lytx, Inc. | First Lien Term Loan | 9.42 | % | SOFR | 500 | 2/28/2028 | USD | 37500000 | 36953473 | 37500000<br><sup>1,3,4</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Mandolin Technology Intermediate Holdings, Inc. | Second Lien Term Loan | 10.97% | SOFR | 650 | 7/30/2029 | USD | 20500000 | $20365000 | $20437584<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | Revolver | 0.50% |  |  | 9/14/2028 | USD | 6744017 |  | (10271)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | Delayed Draw | 1.00% |  |  | 9/14/2029 | USD | 8616244 |  | (13122)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ManTech International Corporation | First Lien Term Loan | 9.29% | SOFR | 500 | 9/14/2029 | USD | 56783862 | 55878813 | 56697385<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marlin DTC-LS Midco 2, LLC | First Lien Term Loan | 11.03% | SOFR | 650 | 7/1/2025 | USD | 21131235 | 20391320 | 20983009<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | Revolver | 0.50% |  |  | 5/31/2029 | USD | 3061225 | (71429) | (29614)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | First Lien Term Loan | 10.49% | SOFR | 575 | 5/31/2030 | USD | 28682398 | 28072176 | 28488243<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | Delayed Draw | 7.97% | EURIBOR | 550 | 11/27/2031 | EUR | 151999 | 1756 | 6180<br><sup>1,3,4,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | First Lien Term Loan | 8.00% | EURIBOR | 550 | 11/27/2031 | EUR | 481352 | 498101 | 512020<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | First Lien Term Loan | 9.81% | SOFR | 550 | 11/27/2031 | USD | 360559 | 355332 | 354690<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metatiedot Bidco Oy | Revolver | 0.50% |  |  | 11/27/2030 | EUR | 98166 | (1377) | 1348<br><sup>1,2,3,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Revolver | 14.00% | PRIME | 650 | 4/10/2028 | USD | 3103448 | 1163793 | 1159067<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 10.17% | SOFR | 585 | 4/10/2029 | USD | 13192723 | 12964150 | 13068568<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 10.92% | SOFR | 650 | 4/10/2029 | USD | 1393966 | 1393966 | 1405761<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | First Lien Term Loan | 10.17% | SOFR | 575 | 4/10/2029 | USD | 24596695 | 24056430 | 24804829<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | First Lien Term Loan | 10.17% | SOFR | 585 | 4/10/2029 | USD | 14217508 | 13980048 | 14083708<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | First Lien Term Loan | 11.44% | SOFR | 700 | 9/30/2025 | USD | 7003041 | 6614667 | 6974895<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | Revolver | 11.41% | SOFR | 700 | 9/30/2025 | USD | 1428571 | 285714 | 279973<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIS Acquisition, LLC | First Lien Term Loan | 10.55% | SOFR | 625 | 11/17/2028 | USD | 4595573 | 4518154 | 4506931<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIS Acquisition, LLC | First Lien Term Loan | 10.57% | SOFR | 625 | 11/17/2028 | USD | 29568000 | 28871114 | 28996913<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MIS Acquisition, LLC | Revolver | 0.50% |  |  | 11/17/2028 | USD | 2133333 | (46777) | (38429)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | Delayed Draw | 9.82% | SOFR | 550 | 2/28/2031 | USD | 3448276 | 755668 | 798197<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 2/28/2031 | USD | 41275862 | 40722951 | 41213002<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monotype Imaging Holdings, Inc. | Revolver | 0.50% |  |  | 2/28/2031 | USD | 5172414 | (66166) | (7877)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Software Corporation | Revolver | 0.50% |  |  | 1/6/2031 | USD | 1243544 | (8984) | (11986)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Software Corporation | First Lien Term Loan | 9.05% | SOFR | 475 | 1/6/2032 | USD | 5803114 | 5760571 | 5747179<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Delayed Draw | 1.00% |  |  | 6/27/2031 | USD | 11655000 | (110229) | (65913)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 6/27/2031 | USD | 56966726 | 56441250 | 56644560<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Revolver | 0.50% |  |  | 6/27/2031 | USD | 6216000 | (55536) | (66213)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Delayed Draw | 1.00% |  |  | 6/27/2031 | USD | 2975411  | (12359) | (12397)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | First Lien Term Loan | 9.08% | SOFR | 475 | 6/27/2031 | USD | 7875375  | 7875375  | 7875375 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mountain Parent, Inc. | Revolver | 0.50% |  |  | 6/27/2031 | USD | 1586883  | (9888) | (9918)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MyComplianceoffice, Inc. | First Lien Term Loan | 11.95% | SOFR | 750 | 12/29/2026 | USD | 1638298 | 1600270 | 1641937<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MyComplianceoffice, Inc. | First Lien Term Loan | 11.95% | SOFR | 750 | 12/29/2026 | USD | 7000000  | 6951968  | 7015550 <br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navex TopCo, Inc. | First Lien Term Loan | 9.82% | SOFR | 550 | 11/8/2030 | USD | 40305949 | 39613304 | 40244566<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 9.06% | SOFR | 475 | 6/22/2027 | USD | 7499666 | 152634 | 147921<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 March 31, 2025 (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; Netwrix Corporation And Concept Searching, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 6/22/2027 | USD | 4397855 | $4366643 | $4373165<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | Delayed Draw | 9.06% | SOFR | 475 | 6/9/2029 | USD | 8894603 | 121808 | 175435<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netwrix Corporation And Concept Searching, Inc. | First Lien Term Loan | 9.06% | SOFR | 475 | 6/9/2029 | USD | 50055909 | 49625931 | 49774886<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 |  | (16113)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | Delayed Draw | 10.73% | SOFR | 625 | 10/31/2026 | USD | 3897421 | 3785905 | 3765012<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | Delayed Draw | 10.73% | SOFR | 640 | 10/31/2026 | USD | 1832548 | 1832548 | 1832548<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | First Lien Term Loan | 10.69% | SOFR | 640 | 10/31/2026 | USD | 714218 | 714217 | 714218<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | First Lien Term Loan | 10.73% | SOFR | 625 | 10/31/2026 | USD | 3029445 | 2969361 | 2926524<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Era Merger Sub, Inc. | Revolver | 10.70% | SOFR | 625 | 10/31/2026 | USD | 376426 | 376426 | 363638<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | Delayed Draw | 9.05% | SOFR | 475 | 5/3/2029 | USD | 1822839 | 1773516 | 1820062<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | First Lien Term Loan | 9.05% | SOFR | 475 | 5/3/2029 | USD | 19900840 | 19603027 | 19870532<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Acquisitionco LLC | Revolver | 9.05% | SOFR | 475 | 5/3/2029 | USD | 2198398 | 663225 | 659877<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Delayed Draw | 1.00% |  |  | 4/22/2031 | USD | 7395112 | (35761) | (50925)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Delayed Draw | 9.31% | SOFR | 500 | 4/22/2031 | USD | 1789786 | 1780856 | 1780836<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Delayed Draw | 9.32% | SOFR | 500 | 4/22/2031 | USD | 13526091 | 13401004 | 13429731<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | First Lien Term Loan | 9.31% | SOFR | 500 | 4/22/2031 | USD | 4301481 | 4301481 | 4301481<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | First Lien Term Loan | 9.32% | SOFR | 500 | 4/22/2031 | USD | 77520725 | 76819745 | 76968467<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OEConnection LLC | Revolver | 0.50% |  |  | 4/22/2031 | USD | 9572424 | (81849) | (68615)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Systems Intermediate Holdings, Inc. | Delayed Draw | 1.00% |  |  | 1/15/2031 | USD | 7500000 | (92137) | (109711)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Systems Intermediate Holdings, Inc. | First Lien Term Loan | 9.30% | SOFR | 500 | 1/15/2031 | USD | 12750000 | 12594726 | 12563492<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 | (27160) | (32913)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; oneZero Financial Systems, LLC | Delayed Draw | 9.32% | SOFR | 500 | 10/7/2031 | USD | 4879807 | 1598188 | 1634379<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; oneZero Financial Systems, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 10/7/2031 | USD | 27884615 | 27619405 | 27556243<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 | (32498) | (7724)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | Delayed Draw | 1.00% |  |  | 1/27/2032 | USD | 17361111 | (171459) | (173611)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | Delayed Draw | 1.00% |  |  | 1/27/2032 | USD | 5688678 | (56383) | (56887)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 1/27/2032 | USD | 12894338 | 12767116 | 12765394<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | First Lien Term Loan | 9.80% | SOFR | 475 | 1/27/2032 | USD | 39351852 | 38965462 | 38958333<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onit, Inc. | Revolver | 0.50% |  |  | 1/27/2032 | USD | 7683263 | (75062) | (76832)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 7.61% | EURIBOR | 525 | 10/30/2031 | EUR | 10392527 | 11177905 | 11108275<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 9.32% | SOFR | 525 | 10/30/2031 | USD | 32134290 | 31826523 | 31764498<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | First Lien Term Loan | 9.96% | EURIBOR | 525 | 10/30/2031 | GBP | 4147198 | 5326447 | 5295793<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optimizely North America Inc. | Revolver | 0.50% |  |  | 10/30/2031 | USD | 4701528 | (44254) | (54104)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; Oranje Holdco, Inc. | First Lien Term Loan | 12.04 | % | SOFR | 775 | 2/1/2029 | USD | 13036444 | $12797029 | $13049132<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oranje Holdco, Inc. | Revolver | 0.50 | % |  |  | 2/1/2029 | USD | 1629556 | (44813) | 1586<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oranje Holdco, Inc. | First Lien Term Loan | 11.54 | % | SOFR | 725 | 6/27/2030 | USD | 5462523 | 5367164 | 5363440<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | Delayed Draw | 9.29 | % | SOFR | 500 | 12/28/2029 | USD | 36860524 | 6693028 | 7536721<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | First Lien Term Loan | 9.29 | % | SOFR | 500 | 12/28/2029 | USD | 48400192 | 47598079 | 48655102<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Hamilton Purchaser, LLC | Revolver | 9.29 | % | SOFR | 525 | 12/28/2029 | USD | 7000000 | 2690219 | 2789340<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSP Lakeside Intermediate Holdings, LLC | First Lien Term Loan | 12.92 | %, 0.75% PIK | SOFR | 773 | 7/31/2026 | USD | 7272227 | 7199925 | 7261152<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | Delayed Draw | 10.32 | % | SOFR | 600 | 1/3/2029 | USD | 1953000 | 1922040 | 1913940<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | First Lien Term Loan | 10.32 | % | SOFR | 600 | 1/3/2029 | USD | 1145105 | 1126775 | 1122203<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | Revolver | 0.50 | % |  |  | 1/3/2029 | USD | 79670 | (1204) | (1593)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | Revolver | 10.32 | % | SOFR | 600 | 1/3/2029 | USD | 38550 | 37963 | 37779<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | Revolver | 12.25 | % | SOFR | 475 | 1/3/2029 | USD | 395780 | 389445 | 387864<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palmetto Technology Group, LLC | Delayed Draw | 10.32 | % | SOFR | 600 | 1/6/2029 | USD | 1692000 | 419576 | 414540<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | Revolver | 9.57 | % | SOFR | 525 | 3/25/2030 | USD | 4598781 | 1808854 | 1790370<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | Delayed Draw | 9.57 | % | SOFR | 525 | 3/25/2031 | USD | 6131708 | 3100874 | 3133186<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Place Technologies, LLC | First Lien Term Loan | 9.54 | % | SOFR | 525 | 3/25/2031 | USD | 39073164 | 38723400 | 38916124<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | Delayed Draw | 10.05 | % | SOFR | 575 | 4/25/2028 | USD | 3207237 | 3127056 | 3202352<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | First Lien Term Loan | 10.05 | % | SOFR | 575 | 4/25/2028 | USD | 11802632 | 11662030 | 11784657<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PC Dreamscape Opco, Inc. | Revolver | 0.50 | % |  |  | 4/25/2028 | USD | 1315789 |  | (2004)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC | First Lien Term Loan | 9.79 | % | SOFR | 550 | 3/15/2032 | USD | 2663114 | 2636609 | 2636483<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC | Revolver | 0.50 | % |  |  | 3/15/2032 | USD | 528451 | (5248) | (5285)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCS Software, Inc. | First Lien Term Loan | 10.45 | % | SOFR | 600 | 1/1/2026 | USD | 5156328 | 5099915 | 5112444<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCS Software, Inc. | Revolver | 10.45 | % | SOFR | 600 | 1/1/2026 | USD | 363714 | 361617 | 360618<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | Delayed Draw | 9.79 | % | SOFR | 550 | 2/3/2031 | USD | 9369514 | 9285220 | 9331858<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | Delayed Draw | 9.79 | % | SOFR | 525 | 2/3/2031 | USD | 4120194 | 4082308 | 4103634<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | First Lien Term Loan | 9.79 | % | SOFR | 550 | 2/3/2031 | USD | 36049742 | 35731747 | 35904853<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDI TA Holdings, Inc. | Revolver | 9.79 | % | SOFR | 550 | 2/3/2031 | USD | 4112908 | 513807 | 531858<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | First Lien Term Loan | 8.80 | % | SOFR | 475 | 10/12/2029 | USD | 18112041 | 17688984 | 18030205<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | Delayed Draw | 9.06 | % | SOFR | 475 | 8/27/2027 | USD | 19095379 | 6865790 | 7087250<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | First Lien Term Loan | 9.06 | % | SOFR | 475 | 8/27/2027 | USD | 10471765 | 10384339 | 10424450<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDQ.com Corporation | Revolver | 0.50 | % |  |  | 8/27/2027 | USD | 8343653 | (30882) | (37700)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | Delayed Draw | 11.55 | %, 6.00% PIK | SOFR | 125 | 9/29/2030 | USD | 1121046 | 384634 | 366136<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | First Lien Term Loan | 11.55 | %, 6.00% PIK | SOFR | 125 | 9/29/2030 | USD | 42637459 | 41933729 | 41933938<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | Revolver | 0.50 | % |  |  | 9/29/2030 | USD | 6289245 | (125785) | (103774)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix 1 Buyer Corporation | Revolver | 0.50 | % |  |  | 11/20/2029 | USD | 5051639 | (78708) | (7693)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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; Phoenix 1 Buyer Corporation | First Lien Term Loan | 9.04% | SOFR | 475 | 11/20/2030 | USD | 21492134 | $21143553 | $21459403<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | Revolver | 0.50% |  |  | 10/17/2028 | USD | 216898 |  | (286)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ping Identity Holding Corp. | First Lien Term Loan | 9.05% | SOFR | 475 | 10/17/2029 | USD | 2130836 | 2130836 | 2128027<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | Delayed Draw | 9.31% | SOFR | 500 | 11/8/2031 | USD | 9845765 | 9810327 | 9801167<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | Delayed Draw | 9.32% | SOFR | 500 | 11/8/2031 | USD | 10000000 | 2902996 | 2892252<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | First Lien Term Loan | 9.31% | SOFR | 500 | 11/8/2031 | USD | 2586685 | 2577362 | 2574968<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PowerGEM Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2031 | USD | 3500000 | (33052) | (37712)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | Delayed Draw | 10.81% | SOFR | 650 | 9/24/2028 | USD | 1000000 | 987500 | 998477<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | First Lien Term Loan | 10.81% | SOFR | 650 | 9/24/2028 | USD | 7250000 | 7147929 | 7238958<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | First Lien Term Loan | 11.06% | SOFR | 675 | 9/24/2028 | USD | 1250000 | 1238252 | 1248096<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProcessUnity Holdings, LLC | Revolver | 0.50% |  |  | 9/24/2028 | USD | 1000000 |  | (1523)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Leopard Holdings, Inc. | First Lien Term Loan | 9.64% | SOFR | 525 | 7/20/2029 | USD | 73183779 | 69739902 | 63612804<br><sup>1,4,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Pathfinder Borrower, LLC | First Lien Term Loan | 9.29% | SOFR | 500 | 1/22/2032 | USD | 68333333 | 67662971 | 67500090<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Pathfinder Borrower, LLC | Revolver | 0.50% |  |  | 1/22/2032 | USD | 6666667 | (64882) | (81292)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 11/7/2031 | USD | 101540824 | 101051839 | 101033120<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBS Parent, Inc. | Revolver | 0.50% |  |  | 11/7/2031 | USD | 8438049 | (39811) | (42190)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | Delayed Draw | 9.29% | SOFR | 500 | 12/15/2027 | USD | 438597 | 433772 | 437929<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | First Lien Term Loan | 9.29% | SOFR | 500 | 12/15/2027 | USD | 2192982 | 2168860 | 2189643<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QF Holdings, Inc. | Revolver | 9.32% | SOFR | 500 | 12/15/2027 | USD | 201754 | 157895 | 157587<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Software US Holdings, Inc. | Second Lien Term Loan | 11.94% | SOFR | 750 | 2/1/2030 | USD | 20000000 | 19700000 | 5196900<br><sup>1,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | Delayed Draw | 10.05% | SOFR | 575 | 7/19/2028 | USD | 5343042 | 5253255 | 4814751<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | First Lien Term Loan | 10.05% | SOFR | 575 | 7/19/2028 | USD | 22104542 | 21760087 | 19918968<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rally Buyer, Inc. | Revolver | 10.05% | SOFR | 575 | 7/19/2028 | USD | 3182180 | 2577566 | 2262929<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Buyer, Inc. | Revolver | 0.50% |  |  | 11/18/2027 | USD | 1923077 |  | (2929)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranger Buyer, Inc. | First Lien Term Loan | 9.05% | SOFR | 475 | 11/18/2028 | USD | 24423077 | 24181545 | 24507812<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCS Technology | First Lien Term Loan | 11.31% | SOFR | 675 | 2/28/2026 | USD | 2078616 | 2063052 | 2054696<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Delayed Draw | 9.55% | SOFR | 525 | 2/22/2031 | USD | 6930938 | 6525258 | 6515666<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Delayed Draw | 1.00% |  |  | 6/15/2029 | USD | 67129374 | (650825) | (671293)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | Delayed Draw | 9.55% | SOFR | 525 | 6/15/2029 | USD | 33430259 | 32677807 | 33095957<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Services Group, LLC | First Lien Term Loan | 9.55% | SOFR | 525 | 6/15/2029 | USD | 92276362 | 91221690 | 91353599<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revalize, Inc. | Delayed Draw | 10.19% | SOFR | 575 | 4/15/2027 | USD | 24925587 | 24717450 | 24618841<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revalize, Inc. | Revolver | 10.19% | SOFR | 575 | 4/15/2027 | USD | 681000 | 408600 | 400219<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Revolver | 8.80% | SOFR | 450 | 3/30/2031 | USD | 1968504 | 504087 | 528337<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Revolver | 8.80% | SOFR | 450 | 3/31/2031 | USD | 3350645 | 857552 | 899297<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | Delayed Draw | 1.00% |  |  | 9/30/2031 | USD | 15957447 | (231488) | (25607)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ridge Trail US Bidco, Inc. | First Lien Term Loan | 8.80% | SOFR | 450 | 9/30/2031 | USD | 44276595 | 43643933 | 44202335<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | Delayed Draw | 1.00% |  |  | 12/7/2028 | USD | 35000000 | (620768) | (81260)<sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; Riskonnect Parent, LLC | Delayed Draw | 8.97 | % | SOFR | 475 | 12/7/2028 | USD | 50979922 | $49873382 | $50949148<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | First Lien Term Loan | 8.97 | % | SOFR | 475 | 12/7/2028 | USD | 57406729 | 56391595 | 57385916<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC | Revolver | 0.50 | % |  |  | 12/7/2028 | USD | 5140200 | (77573) | (38109)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | Delayed Draw | 1.00 | % |  |  | 12/17/2031 | USD | 13149349 | (128790) | (151319)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | First Lien Term Loan | 9.30 | % | SOFR | 500 | 12/17/2031 | USD | 52926141 | 52412166 | 52317084<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Runway Bidco, LLC | Revolver | 0.50 | % |  |  | 12/17/2031 | USD | 6611573 | (63448) | (76084)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | Delayed Draw | 1.00 | % |  |  | 11/12/2031 | USD | 9574468 | (93149) | (105119)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | First Lien Term Loan | 9.31 | % | SOFR | 500 | 11/12/2031 | USD | 35638298 | 35295605 | 35247023<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saab Purchaser, Inc. | Revolver | 0.50 | % |  |  | 11/12/2031 | USD | 4787234 | (45283) | (52559)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings | First Lien Term Loan | 9.69 | % | SOFR | 525 | 9/1/2027 | USD | 16803956 | 16663942 | 16778365<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Safety Borrower Holdings | Revolver | 12.75 | % | PRIME | 425 | 9/1/2027 | USD | 677966 | 169504 | 168459<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SailPoint Technologies, Inc. | Revolver | 10.88 | % | SOFR | 625 | 8/16/2028 | USD | 603840 | 108691 | 119848<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapphire Software Buyer, Inc. | First Lien Term Loan | 9.72 | %, 3.00% PIK | SOFR | 250 | 9/30/2031 | USD | 15711164 | 15563143 | 15530365<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapphire Software Buyer, Inc. | Revolver | 0.50 | % |  |  | 9/30/2031 | USD | 1890791 | (17578) | (21759)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | Delayed Draw | 1.00 | % |  |  | 11/10/2028 | USD | 2539149 | (37446) | (42050)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | First Lien Term Loan | 10.30 | % | SOFR | 600 | 11/10/2028 | USD | 6982660 | 6880861 | 6867024<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saturn Borrower Inc. | Revolver | 0.50 | % |  |  | 11/10/2028 | USD | 1142617 | (16565) | (18922)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securonix, Inc. | First Lien Term Loan | 11.29 | % PIK | SOFR | 775 | 4/1/2028 | USD | 12833687 | 12669934 | 11116268<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securonix, Inc. | Revolver | 11.29 | % | SOFR | 700 | 4/1/2028 | USD | 2288135 | 5791 | (254647)<sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seismic Software, Inc. | Delayed Draw | 9.15 | % | SOFR | 475 | 10/16/2028 | USD | 26057458 | 16892568 | 18024054<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seismic Software, Inc. | Revolver | 0.50 | % |  |  | 10/16/2028 | USD | 272390 | (5448) | (415)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Serrano Parent, LLC | First Lien Term Loan | 10.92 | % | SOFR | 650 | 5/12/2030 | USD | 7336245 | 7197347 | 7178571<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | Delayed Draw | 9.32 | %, 2.25% PIK | SOFR | 275 | 10/1/2031 | USD | 13385826 | 775657 | 762569<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | First Lien Term Loan | 9.32 | %, 2.25% PIK | SOFR | 275 | 10/1/2031 | USD | 64167732 | 63563471 | 63485528<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severin Acquisition, LLC | Revolver | 9.07 | % | SOFR | 475 | 10/1/2031 | USD | 8031496 | 1129925 | 1119336<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SimpliSafe, Inc.  | First Lien Term Loan | 10.57 | % | SOFR | 625 | 5/2/2028 | USD | 27298909 | 26970582 | 27257335<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SimpliSafe Holding Corporation | Delayed Draw | 10.57 | % | SOFR | 625 | 5/2/2028 | USD | 4410370 | 4364102 | 4403653<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco Limited | Delayed Draw | 1.00 | % |  |  | 8/16/2030 | GBP | 4207589 | 2070636 | 2083860<br><sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skylark UK Debtco Limited | First Lien Term Loan | 10.12 | % | SONIA | 566 | 8/16/2030 | GBP | 7573661 | 9608491 | 9631896<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | Delayed Draw | 9.05 | % | SOFR | 475 | 10/24/2030 | USD | 22641510 | 5065288 | 5036286<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | First Lien Term Loan | 8.90 | % | BBSY | 475 | 10/24/2030 | AUD | 22398486 | 14951291 | 13843040<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonar Acquisitionco, Inc. | Revolver | 0.50 | % |  |  | 10/24/2030 | USD | 2264151 | (21023) | (24673)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Delayed Draw | 1.00 | % |  |  | 10/17/2027 | USD | 993095 | (9619) | (10782)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Delayed Draw | 1.00 | % |  |  | 10/17/2031 | USD | 413790 |  | (545)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; Spaceship Purchaser, Inc. | First Lien Term Loan | 9.30 | % | SOFR | 500 | 10/17/2031 | USD | 6951666 | $6885358 | $6876195<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spaceship Purchaser, Inc. | Revolver | 0.50 | % |  |  | 10/17/2031 | USD | 927593 | (8684) | (10070)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spark Purchaser, Inc. | Revolver | 0.50 | % |  |  | 4/1/2030 | USD | 1351351 | (22561) | (27844)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spark Purchaser, Inc. | First Lien Term Loan | 9.80 | % | SOFR | 550 | 4/1/2031 | USD | 8648649 | 8493124 | 8470444<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stack Sports Buyer, LLC | Delayed Draw | 1.00 | % |  |  | 3/31/2031 | USD | 3959889 | (59398) | (59398)<sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stack Sports Buyer, LLC | First Lien Term Loan | 9.55 | % | SOFR | 525 | 3/31/2031 | USD | 17819500 | 17552207 | 17552207<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stamps.com, Inc. | First Lien Term Loan | 10.14 | % | SOFR | 575 | 10/5/2028 | USD | 9725000 | 9564957 | 9394608<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SumUp Holdings MidCo S.A.R.L. | Delayed Draw | 9.03 | % | EURIBOR | 650 | 4/25/2031 | EUR | 88695000 | 75810615 | 76585940<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | Delayed Draw | 8.80 | % | SOFR | 450 | 8/29/2031 | USD | 4367931 | 2774617 | 2788467<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | First Lien Term Loan | 8.80 | % | SOFR | 450 | 8/29/2031 | USD | 8597833 | 8557432 | 8584036<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Superman Holdings LLC | Revolver | 0.50 | % |  |  | 8/29/2031 | USD | 1934236 | (8878) | (3104)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd | First Lien Term Loan | 9.42 | % | SOFR | 500 | 10/29/2028 | USD | 2548966 | 2532470 | 2521919<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd. | First Lien Term Loan | 9.42 | % | SOFR | 500 | 10/27/2028 | USD | 6986553 | 6900254 | 6912418<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd. | First Lien Term Loan | 9.42 | % | SOFR | 500 | 10/28/2028 | USD | 4845192 | 4796740 | 4793780<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd. | First Lien Term Loan | 9.42 | % | SOFR | 500 | 10/29/2028 | USD | 17466466 | 17291801 | 17281128<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syntax Systems Ltd. | First Lien Term Loan | 9.42 | % | SOFR | 500 | 10/29/2028 | USD | 1255094 | 1246875 | 1241777<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | First Lien Term Loan | 10.20 | % | SOFR | 575 | 3/11/2028 | USD | 18014648 | 17806547 | 17699418<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | Delayed Draw | 10.19 | % | SOFR | 575 | 3/13/2028 | USD | 8506569 | 8294141 | 8357716<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | First Lien Term Loan | 10.20 | % | SOFR | 575 | 3/13/2028 | USD | 1840008 | 1806864 | 1807810<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | Revolver | 0.50 | % |  |  | 3/13/2028 | USD | 3023438 |  | (52906)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarack Intermediate, LLC | First Lien Term Loan | 10.20 | % | SOFR | 575 | 6/10/2030 | USD | 1782723 | 1768107 | 1751528<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 1.00 | % |  |  | 10/17/2031 | EUR | 3833032 | (62739) | (15186)<sup>1,2,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | Delayed Draw | 9.05 | % | SOFR | 475 | 1/31/2032 | USD | 20476274 | 616746 | 614288<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | First Lien Term Loan | 9.05 | % | SOFR | 475 | 1/31/2032 | USD | 58869286 | 58290396 | 58280593<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tau Buyer, LLC | Revolver | 0.50 | % |  |  | 1/31/2032 | USD | 7678603 | (75006) | (76786)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Delayed Draw | 1.00 | % |  |  | 8/30/2029 | USD | 1695721 | (16334) | (18895)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | First Lien Term Loan | 9.30 | % | SOFR | 500 | 8/30/2029 | USD | 389990 | 386321 | 385645<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Revolver | 0.50 | % |  |  | 8/30/2029 | USD | 435 | (4) | (5)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCP Hawker Intermediate LLC | Revolver | 8.11 | % | SOFR | 500 | 8/30/2029 | USD | 565 | 559 | 558<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchase, Inc. | Revolver | 10.25 | % | SOFR | 550 | 6/30/2027 | USD | 1959811 | 1564849 | 1584463<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchase, Inc. | Delayed Draw | 9.70 | % | SOFR | 525 | 6/30/2028 | USD | 2951235 | 2185469 | 2208932<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunder Purchaser, Inc. | First Lien Term Loan | 9.70 | % | SOFR | 525 | 6/30/2028 | USD | 1239519 | 1228141 | 1237631<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Delayed Draw | 11.39 | %, 3.38% PIK | SOFR | 338 | 10/31/2030 | USD | 1643906 | 1197105 | 1194938<br><sup>1,3,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Delayed Draw | 11.04 | % | SOFR | 675 | 11/19/2030 | USD | 30000 | 5344 | 5304<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 March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; TigerConnect, Inc. | First Lien Term Loan | 11.39 | %, 3.38% PIK | SOFR | 338 | 11/19/2030 | USD | 750000 | $739800 | $737928<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | First Lien Term Loan | 11.39 | %, 3.38% PIK | SOFR | 338 | 2/16/2028 | USD | 13125000 | 12940701 | 12913742<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TigerConnect, Inc. | Revolver | 0.50 | % |  |  | 2/16/2028 | USD | 1875000 | (42188) | (30180)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togetherwork Holdings, LLC | Delayed Draw | 9.32 | % | SOFR | 500 | 5/19/2031 | USD | 6000000 | 855342 | 892061<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Togetherwork Holdings, LLC | First Lien Term Loan | 9.32 | % | SOFR | 500 | 5/19/2031 | USD | 25935000 | 25829094 | 25978369<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trackforce Acquireco, Inc. | First Lien Term Loan | 10.05 | % | SOFR | 575 | 6/23/2028 | USD | 18053004 | 17823753 | 18025510<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trackforce Acquireco, Inc. | Revolver | 10.60 | % | SOFR | 600 | 6/23/2028 | USD | 1113074 | 890459 | 888764<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tribute Technology Holdings, LLC | Revolver | 10.82 | % | SOFR | 650 | 10/30/2026 | USD | 4882979 | 2487064 | 2284410<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | Delayed Draw | 1.00 | % |  |  | 2/11/2032 | USD | 11169054 | (110631) | (111691)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | First Lien Term Loan | 10.55 | %, 4.88% PIK | SOFR | 138 | 2/11/2032 | USD | 55845269 | 55294037 | 55286816<br><sup>1,3,4,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tricentis Operations Holdings, Inc. | Revolver | 0.50 | % |  |  | 2/11/2032 | USD | 4716981 | (46277) | (47170)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident Maritime Systems, Inc. | First Lien Term Loan | 11.90 | % | SOFR | 750 | 2/26/2027 | USD | 16638934 | 16429066 | 15650006<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trident Maritime Systems, Inc. | Revolver | 11.94 | % | SOFR | 750 | 2/26/2027 | USD | 1666667 | 1662500 | 1567609<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimech Acquisition Corp | Revolver | 11.75 | % | PRIME | 375 | 3/10/2028 | USD | 576116 | 131820 | 131638<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | First Lien Term Loan | 9.82 | % | SOFR | 550 | 7/25/2029 | USD | 44926095 | 43868101 | 43722777<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | Revolver | 9.82 | % | SOFR | 550 | 7/25/2029 | USD | 3499534 | 894881 | 906134<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSO Buyer, Inc. & Global Tracking Communications, LLC | Delayed Draw | 10.30 | % | SOFR | 600 | 3/29/2029 | USD | 257000 | 252282 | 251860<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSO Buyer, Inc. & Global Tracking Communications, LLC | First Lien Term Loan | 10.30 | % | SOFR | 600 | 3/29/2029 | USD | 9336855 | 9192626 | 9150118<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSO Buyer, Inc. & Global Tracking Communications, LLC | Revolver | 0.50 | % |  |  | 3/29/2029 | USD | 1306000 | (22644) | (26120)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSO Buyer, Inc. & Global Tracking Communications, LLC | Revolver | 10.85 | % | SOFR | 625 | 3/29/2029 | USD | 252500 | 45908 | 45450<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | Delayed Draw | 9.31 | % | SOFR | 500 | 12/8/2031 | USD | 7154235 | 7064681 | 7122187<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | First Lien Term Loan | 9.31 | % | SOFR | 500 | 12/8/2031 | USD | 1863616 | 1845849 | 1855268<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSYL Corporate Buyer, Inc. | Revolver | 0.50 | % |  |  | 12/8/2031 | USD | 3500000 | (39143) | (15679)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | Delayed Draw | 9.91 | % | SOFR | 550 | 9/3/2029 | USD | 1629000 | 1625389 | 1620014<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | First Lien Term Loan | 9.92 | % | SOFR | 550 | 9/3/2029 | USD | 5289000 | 5276928 | 5259821<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Signal Company, LLC | Revolver | 9.93 | % | SOFR | 550 | 9/3/2029 | USD | 813000 | 811192 | 808515<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | Delayed Draw | 9.24 | % | SOFR | 500 | 8/23/2031 | USD | 4375000 | 833092 | 868337<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | First Lien Term Loan | 9.32 | % | SOFR | 500 | 8/23/2031 | USD | 11375000 | 11268177 | 11357677<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UpStack Holdco Inc. | Revolver | 9.30 | % | SOFR | 500 | 8/23/2031 | USD | 1750000 | 377694 | 391085<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; User Zoom Technologies, Inc. | First Lien Term Loan | 11.28 | % | SOFR | 700 | 4/5/2029 | USD | 47396774 | 46765467 | 47324592<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Bidco, Inc. | Delayed Draw | 1.00 | % |  |  | 1/30/2032 | USD | 3814752 | (37697) | (38148)<sup>1,2,3,6</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest <br>Rate** | **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; Vamos Bidco, Inc. | First Lien Term Loan | 9.05 | % | SOFR | 475 | 1/30/2032 | USD | 9155125 | $9065126 | $9063573<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Bidco, Inc. | Revolver | 0.50 | % |  |  | 1/30/2032 | USD | 1152418 | (11253) | (11524)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VDC Powerup PTE LTD | First Lien Term Loan | 10.21 | % | SOFR | 575 | 5/20/2028 | USD | 12072467 | 11850105 | 11831017<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | Delayed Draw | 9.05 | % | SOFR | 475 | 8/15/2031 | USD | 7889800 | 1655180 | 1690063<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | First Lien Term Loan | 9.05 | % | SOFR | 475 | 8/15/2031 | USD | 26193804 | 26031905 | 26179740<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victors Purchaser, LLC | Revolver | 0.50 | % |  |  | 8/15/2031 | USD | 2162967 | (16072) | (17375)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | Delayed Draw | 1.00 | % |  |  | 11/21/2031 | USD | 2333204 | (14074) | (17300)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | First Lien Term Loan | 9.30 | % | SOFR | 500 | 11/21/2031 | USD | 17668423 | 17635544 | 17611633<br><sup>1,3,4,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | First Lien Term Loan | 9.46 | % | SONIA | 500 | 11/21/2031 | GBP | 6797702 | 8532343 | 8749842<br><sup>1,3,4,5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viper Bidco, Inc. | Revolver | 0.50 | % |  |  | 11/21/2031 | USD | 1880137 | (14835) | (17588)<sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilson Electronics Holdings, LLC | First Lien Term Loan | 11.03 | % | SOFR | 671 | 5/17/2027 | USD | 24530968 | 24247330 | 24493610<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | First Lien Term Loan | 10.66 | % | SOFR | 625 | 2/3/2031 | USD | 29000000 | 28614694 | 28955836<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | First Lien Term Loan | 10.66 | % | SOFR | 625 | 7/31/2027 | USD | 7921458 | 7855820 | 7909394<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | Revolver | 0.50 | % |  |  | 7/31/2027 | USD | 337224 |  | (514)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone & Company Software Consulting LLC | Delayed Draw | 1.00 | % |  |  | 9/13/2030 | USD | 2406282 | (40333) | (39704)<sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone & Company Software Consulting LLC | First Lien Term Loan | 10.80 | % | SOFR | 650 | 9/13/2030 | USD | 9453252 | 9298283 | 9297273<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zone & Company Software Consulting LLC | Revolver | 0.50 | % |  |  | 9/13/2030 | USD | 1289080 | (20596) | (21270)<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  |  | **5512723392** | **5455785635** |
| &nbsp;&nbsp;&nbsp; **Utilities — 0.1%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDPO, LLC | Delayed Draw | 8.82 | % | SOFR | 450 | 12/8/2027 | USD | 713333 | 312850 | 317133<br><sup>1,3,4,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | Delayed Draw | 9.31 | % | SOFR | 525 | 3/26/2027 | USD | 1131462 | 1111541 | 1122961<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualus Power Services Corp. | First Lien Term Loan | 9.31 | % | SOFR | 525 | 3/26/2027 | USD | 5293750 | 5200546 | 5253974<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition LLC | Delayed Draw | 9.29 | % | SOFR | 500 | 7/31/2031 | USD | 8411215 | 536677 | 520029<br><sup>1,3,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Holdings Acquisition LLC | First Lien Term Loan | 9.79 | %, 3.00% PIK | SOFR | 250 | 7/31/2031 | USD | 25574596 | 25339728 | 25280291<br><sup>1,3,4,8</sup> |
|  |  |  |  |  |  |  |  |  | **32501342** | **32494388** |
| &nbsp;&nbsp;&nbsp; **Total Senior Secured Loans** |  |  |  |  |  |  |  |  | **21583187115** | **21505648561** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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 — 37.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Partnerships — 3.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Twinbrook Origination Fund I, L.P. |  |  |  |  |  | USD | N/A | $23872182 | $26218223<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Senior Loan Parallel Feeder Fund II (Cayman) LP |  |  |  |  |  | USD | N/A | 95906352 | 94480609<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Senior Loan Parallel Feeder Fund III (Cayman) LP |  |  |  |  |  | USD | N/A | 15000000 | 15361267<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Finance LP |  |  |  |  |  | USD | N/A | 53841899 | 62068469<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Priority Loan Co-Invest LP |  |  |  |  |  | USD | N/A | 44802482 | 44918839<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Specialty Healthcare Fund (L), L.P. |  |  |  |  |  | USD | N/A |  | 1464869<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASP (Feeder) SPC III-A1 LP |  |  |  |  |  | USD | N/A | 5506373 | 5687010<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 9728856 | 12848641<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Technology Senior Direct Lending Fund LP |  |  |  |  |  | USD | N/A | 89220269 | 87631307<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl MC Debt Opportunities LP |  |  |  |  |  | USD | N/A | 17495352 | 19204524<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Mezzanine Partners VIIC, L.P. |  |  |  |  |  | USD | N/A | 4045486 | 4557323<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayfin Tactical Solutions Fund (US Parallel) LP |  |  |  |  |  | USD | N/A | 10081027 | 12283221<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mezzanine Partners 2019, L.P. |  |  |  |  |  | USD | N/A | 7235068 | 8361439<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Mezzanine Partners 2019, LP |  |  |  |  |  | USD | N/A | 22782678 | 27092627<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Strategic Investment Partners V, LP |  |  |  |  |  | USD | N/A | 45296973 | 51908602<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V Feeder, L.P. |  |  |  |  |  | USD | N/A | 54625802 | 59109099<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Institutional Middle Market Fund |  |  |  |  |  | USD | N/A | 225000000 | 244480327<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marlin Credit Opportunities Fund, L.P. |  |  |  |  |  | USD | N/A | 103008002 | 99099180<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Haven Direct Lending Fund L.P. |  |  |  |  |  | USD | N/A | 17500000 | 17638870<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXT Capital Senior Loan Fund VII, LP |  |  |  |  |  | USD | N/A | 12595770 | 12749689<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Odyssey Co-Investment Partners B, LLC |  |  |  |  |  | USD | N/A | 1949774 | 2026568<br><sup>1,12,13</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime U.S. Feeder LP |  |  |  |  |  | USD | N/A | $4919246 | $4920580<br><sup>1,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Asset-Based Credit Fund II LP |  |  |  |  |  | USD | N/A | 14013871 | 14782088<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Credit Fund II, L.P. |  |  |  |  |  | USD | N/A | 46280581 | 41621186<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Partners Credit Offshore Fund II, L.P. |  |  |  |  |  | USD | N/A | 7115039 | 4655885<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Rescue Financing Fund II, L.P. |  |  |  |  |  | USD | 1 | 10088126 | 9879847<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoma Bravo Credit Fund III Feeder, LP |  |  |  |  |  | USD | N/A | 30273445 | 32708105<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Rivers LLC |  |  |  |  |  | USD | N/A | 5418097 | 1626590<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Capital Direct Lending Fund, L.P. |  |  |  |  |  | USD | N/A | 43750000 | 42960948<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritas Capital Credit Opportunities Onshore Fund III (Levered), L.P. |  |  |  |  |  | USD | N/A | 5961460 | 3639518<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Credit Origination Fund, L.P. |  |  |  |  |  | USD | N/A | 1000000 | 1223520<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waccamaw River LLC |  |  |  |  |  | USD | N/A | 10600352 | 4340096<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Street Loan Partners V, SLP |  |  |  |  |  | USD | N/A | 19114857 | 20148537<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **1058029419** | **1091697603** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Ventures — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FBLC Senior Loan Fund LLC |  |  |  |  |  | USD | N/A | **78562000** | **82087402**<br><sup>1,12,13,18</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Non-Listed Business Development Companies — 9.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26North BDC, Inc. |  |  |  |  |  | USD | 996681 | 25000000 | 25619053<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGTB BDC Holdings, L.P. |  |  |  |  |  | USD | 4950891 | 125000000 | 126141898<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic Income Fund |  |  |  |  |  | USD | 3820631 | 100000000 | 104983938<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Capital Investment Corporation |  |  |  |  |  | USD | 4312845 | 95000000 | 97213362<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Private Credit Corporation |  |  |  |  |  | USD | 44235355 | 900000000 | 924547028<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. |  |  |  |  |  | USD | 16163843 | 150000000 | 155255343<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp. |  |  |  |  |  | USD | 7134648 | 109874622 | 114820870<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Solutions, Inc. |  |  |  |  |  | USD | 2483855 | 50000000 | 48582623<br><sup>1,12,13</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Non-Listed Business Development Companies (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Capital Corp |  |  |  |  |  | USD | 2198486 | $27297757 | $31766137<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC 4, Inc. |  |  |  |  |  | USD | 12260121 | 183901821 | 186991717<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Direct Lending Corporation |  |  |  |  |  | USD | 3336386 | 50000000 | 50769471<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund |  |  |  |  |  | USD | 7977662 | 200000000 | 201400708<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR FS Income Trust |  |  |  |  |  | USD | 2091712 | 59500000 | 62531336<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR FS Income Trust Select |  |  |  |  |  | USD | 992566 | 25000000 | 25485510<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Guardian IV BDC, L.L.C. |  |  |  |  |  | USD | 3350000 | 33500000 | 34706440<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mountain Private Credit Fund |  |  |  |  |  | USD | 1999499 | 49987471 | 50446898<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Enhanced Income Corp. |  |  |  |  |  | USD | 2856397 | 40600000 | 37750392<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Lending Partners |  |  |  |  |  | USD | 943125 | 24982212 | 27874189<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private Credit BDC Feeder LP |  |  |  |  |  | USD | N/A | 26536883 | 26953158<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Corporation |  |  |  |  |  | USD | 3859978 | 75500000 | 76559278<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Income Fund |  |  |  |  |  | USD | 1218627 | 30475516 | 30705253<br><sup>1,12,13</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price OHA Select Private Credit Feeder Fund LLC |  |  |  |  |  | USD | 1804225 | 100000000 | 102470713<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TCW Direct Lending VIII LLC |  |  |  |  |  | USD | 1000000 | 51008838 | 47664136<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Capital Corporation |  |  |  |  |  | USD | 1925963 | 19296490 | 18731047<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit Strategic Lending Corp. |  |  |  |  |  | USD | 2693918 | 53269873 | 52941584<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **2605731483** | **2662912082** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Collateralized Fund Obligations — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 LP | Delayed Draw | 10.39% | SOFR | 600 | 12/15/2034 | USD | 22128591 | 22128591 | 22068844<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 LP | Delayed Draw | 1.00% |  |  | 12/15/2034 | USD | 12871409 |  | (34753)<sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **22128591** | **22034091** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations — 20.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Pacific Funding LP |  |  |  |  | 5/31/2031 | USD | 1 | 182364583 | 201146311<br><sup>1,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  |  |  |  | 6/15/2034 | USD | 1 | 116880000 | 135404927<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  | 9.54% | SOFR |  | 2/17/2032 | USD | 29600000 | 29600000 | 29600000<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antares Loan Funding I Ltd. |  | 11.29% |  |  | 2/17/2032 | USD | 41500000 | 41500000 | 41500000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Senior Direct Lending Fund (U) III Rated Notes Feeder LLC |  |  |  |  | 3/29/2036 | USD | 1 | 7032111 | 7565775<br><sup>1,12</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Private Collateralized Loan Obligations (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock MT. Lassen Senior Loan XII |  |  |  |  | 12/28/2032 | USD | N/A | $257011494 | $270259210<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Shasta Senior Loan Fund VII, LLC |  |  |  |  | 1/22/2033 | USD | N/A | 645119996 | 611614529<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comvest Structured Note Issuer I LLC |  |  |  |  | 11/17/2035 | USD | N/A | 622122824 | 649950759<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline Structured Note Issuer I LLC |  |  |  |  | 7/20/2036 | USD | 1 | 92219898 | 93361432<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPG Loan Funding, LLC |  |  |  |  | 4/29/2030 | USD | 1 | 314806891 | 327956182<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KCLF Note Issuer I SPV, LLC, Subordinated |  |  |  |  | 1/15/3033 | USD | 1 | 264025000 | 288642839<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIMM CLO I LLC |  |  |  |  | 10/15/2036 | USD | N/A | 54387000 | 54387000<br><sup>1,9,10,12,13,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NXT Capital Structured Note I LLC |  |  |  |  | 1/26/2031 | USD | N/A | 167049016 | 186704527<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC |  |  |  |  | 5/15/2034 | USD | N/A | 137984138 | 161050789<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC — Class B |  | 9.32% | SOFR | 500 | 5/15/2034 | USD | 50000000 | 50000000 | 50000000<br><sup>1,4,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palisades CLO, LLC — Class C |  | 13.07% | SOFR | 875 | 5/15/2034 | USD | 58000000 | 58000000 | 58000000<br><sup>1,4,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Credit Fund C-1 Holdco, LLC — Series 1 |  |  |  |  |  | USD | N/A | 749468357 | 758704146<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Senior Loan Fund LLC |  |  |  |  | 5/3/2034 | USD | N/A | 467597208 | 482772044<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Loan Funding, LLC |  |  |  |  | 10/20/2033 | USD | N/A | 1202684309 | 1279033403<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varagon Structured Note Issuer I, LLC |  |  |  |  | 10/19/2033 | USD | N/A | 137277228 | 147633692<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **5597130053** | **5835287565** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26North Direct Lending Management |  |  |  |  |  | USD | 7 | 6667 | 1195589<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II, LLC, Class A |  |  |  |  |  | USD | N/A | 1519189 | 6365600<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSL III Advisor LLC |  |  |  |  |  | USD | N/A | 25000 | 149289<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHA Private Credit Advisors, LLC |  |  |  |  |  | USD | N/A | 50000 | 1345717<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime Management Ltd. — Class B |  |  |  |  |  | USD | 75  | 75  | 75 <br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penfund Prime Special Limited Partnership |  |  |  |  |  | USD | 1  | 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 March 31, 2025 (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;&nbsp; **Private Equity (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private BDC Advisor, LLC |  |  |  |  |  | USD | N/A | $— | $1859482<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Point Credit Income Advisor LLC |  |  |  |  |  | USD | 1 | 62500 | 62500<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit BDC Management, L.P. |  |  |  |  |  | USD | 200 | 20000 | 1562000<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **1683506** | **12540327** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common and Preferred Equity — 0.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Co-Invest LP |  |  |  |  |  | USD | N/A | 27081557 | 32789077<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP Mezz 2019 Co-Invest, LP |  |  |  |  |  | USD | N/A | 84158635 | 111834082<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP SIP V Co-Investment Fund, LP |  |  |  |  |  | USD | N/A | 14503287 | 19760221<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **125743479** | **164383380** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common Equity — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |  |  |  |  |  | USD | N/A | 9131173 | 11100114<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creek Parent, Inc. |  |  |  |  |  | USD | N/A | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KLC Fund 0225-CI LP |  |  |  |  |  | USD | N/A | 120000 | 120000<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Co-Invest, LP |  |  |  |  |  | USD | N/A | 22500000 | 26141030<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marilyn Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 69065006 | 72830767<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCP MSI Co-Invest, LP |  |  |  |  |  | USD | N/A | 669 | 669<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Next Horizon Capital TireCo SPV, LP |  |  |  |  |  | USD | 1 | 1000 | 1000<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBC Aggregator LP |  |  |  |  |  | USD | 1 | 875 | 875<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THL Fund IX Investor Plymouth II LP |  |  |  |  |  | USD | N/A | 1865889 | 2095340<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varsity Healthcare Partners VetEvolve Co-Invest A, LP |  |  |  |  |  | USD | N/A | 3010526 | 2979812<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **105696138** | **115270607** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Preferred Equity — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Alera Aggregator, L.P. |  |  |  |  |  | USD | N/A | 9712500 | 13055268<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Sierra II, L.P. |  |  |  |  |  | USD | N/A | 15654924 | 16545134<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilly HP SCF Investor, LP |  |  |  |  |  | USD | 1 | 2011799 | 2423891<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mint Co-Invest Fund, L.P. |  |  |  |  |  | USD | N/A | 21577545 | 32403530<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 23209316 | 31418579<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Capital Solutions Co-Invest (Wolverine) LP |  |  |  |  |  | USD | N/A | 8275406 | 10674438<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **80441490** | **106520840** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Special Purpose Vehicle for Senior Secured Loans — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17Capital Co-Invest (B) SCSp |  |  |  |  |  | EUR | N/A | $25143371 | $23844846<br><sup>1,5,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capricorn Co-Invest, L.P. |  |  |  |  |  | EUR | N/A | 37874423 | 42020083<br><sup>1,5,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caryle EDL Dance Aggregator, L.P. |  |  |  |  |  | EUR | 1 | 25031073 | 26251800<br><sup>1,5,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CW Credit Opportunity 2 LP |  |  |  |  |  | USD | N/A | 65366948 | 68934225<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piccadilly Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 55442143 | 61102735<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxima Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 9726142 | 10117556<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **218584100** | **232271245** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Subordinated Debt — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luther Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 22058900 | 22470338<br><sup>1,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milano Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 3990704 | 4013491<br><sup>1,12,13</sup> |
|  |  |  |  |  |  |  |  | **26049604** | **26483829** |
|  **Total Private Investment Vehicles** |  |  |  |  |  |  |  | **9919779863** | **10351488971** |
|  **Subordinated Debt — 1.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&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;&nbsp; Sigma Irish Acquico Limited |  | 10.70% | EURIBOR | 825 | 3/20/2033 | EUR | 5000000 | 5318265 | 5298443<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TPG IX Cardiff Debt Holdco I, LLC |  | 10.81% | SOFR | 650 | 1/3/2033 | USD | 48500000 | 47072027 | 47734998<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC |  | 15.00% PIK |  |  | 5/26/2033 | USD | 22846642 | 22352996 | 22582805<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC |  | 13.00% |  |  | 5/26/2033 | USD | 14000000 | 13864061 | 13838325<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **94107349** | **94954571** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PAW Midco, Inc. |  | 11.50% PIK |  |  | 12/22/2031 | USD | 1460578 | 1444173 | 1335414<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC |  | 13.25%  | PRIME  | 425 | 8/31/2030 | USD | 2260135 | 2216456 | 2121291<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC |  | 13.75% PIK |  |  | 8/31/2030 | USD | 16998814 | 16612289 | 16845630<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPV Intermediate Holdings LLC |  | 13.75% PIK |  |  | 8/31/2030 | USD | 7175458 | 7062622 | 6734659<br><sup>1,3,8</sup> |
|  |  |  |  |  |  |  |  | **27335540** | **27036994** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC |  | 14.25% PIK |  |  | 10/24/2028 | USD | 15162519 | 14928143 | 14756401<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC |  | 14.25% PIK |  |  | 10/24/2029 | USD | 7637549 | 7582239 | 7432982<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Ferry Infrastructure AS |  | 7.50% | EURIBOR | 500 | 11/4/2031 | EUR | 33333334 | 34357506 | 35322953<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Ferry Infrastructure AS |  | 9.48% | NIBOR | 500 | 11/4/2031 | NOK$ | 395950000 | 35168884 | 36882622<br><sup>1,3,4,5</sup> |
|  |  |  |  |  |  |  |  | **92036772** | **94394958** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company |  | 11.75% | SOFR |  | 12/23/2024 | USD | 3500000 | $**3500000** | $**3489343**<br><sup>1,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve — Class B |  | 9.00% PIK |  |  | 1/2/2029 | USD | 410952 | 361664 | 348947<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve — Class C |  | 9.00% PIK |  |  | 1/2/2029 | USD | 420320 | 369908 | 356902<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II |  | 13.75% PIK |  |  | 4/5/2031 | USD | 16522951 | 16304664 | 16321107<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II |  | 13.75% PIK |  |  | 6/15/2029 | USD | 9097406 | 8985788 | 9075693<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings |  | 10.85% | EURIBOR | 750 | 9/30/2031 | EUR | 4290580 | 4494752 | 4632402<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings |  | 10.85% | EURIBOR | 750 | 9/30/2031 | EUR | 39909420  | 41808553 | 43088929 <br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 7.52% | EURIBOR | 500 | 10/17/2031 | EUR | 9783272 | 2196834 | 2205169<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | Delayed Draw | 7.79% | EURIBOR | 500 | 10/17/2031 | EUR | 20319149 | 14734368 | 15184830<br><sup>1,3,4,5,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | First Lien Term Loan | 7.79% | EURIBOR | 500 | 10/17/2031 | EUR | 51204255 | 54703586 | 54541283<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS | First Lien Term Loan | 11.06% | EURIBOR | 800 | 10/17/2031 | EUR | 10727273 | 11393223 | 11357733<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tango Bidco SAS |  | 7.50% | EURIBOR | 500 | 10/17/2031 | EUR | 3089455 | 3284429 | 3287716<br><sup>1,3,4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VDC Powerup PTE LTD |  | 10.07% | SOFR | 575 | 5/20/2028 | USD | 54594200 | 53587963 | 53502316<br><sup>1,3,4</sup> |
|  |  |  |  |  |  |  |  | **212225732** | **213903027** |
|  **Total Subordinated Debt** |  |  |  |  |  |  |  | **429205393** | **433778893** |
|  **Preferred Stocks — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSC Top Shelf Blocker, LLC — Class A |  | 8.00% PIK |  |  |  | USD | 190400 | 190400 | 190400<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. |  | 10.00% PIK |  |  |  | USD | 258920 | 258921 | 258920<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. — Class A |  | 10.00% PIK |  |  |  | USD | 9340 | 934000 | 934000<br><sup>1,3,8</sup> |
|  |  |  |  |  |  |  |  | **1383321** | **1383320** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Holdings Topco L.P. |  | 5.00% PIK |  |  |  | USD | 1538 | **1419487** | **1419487**<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Group, LLC |  | 8.50% PIK |  |  |  | USD | 200800 | 100400 | 106424<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeadRush Technologies — Class A |  | 8.00% PIK |  |  |  | USD | 111500 | 111500 | 73566<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raneys, LLC |  | 10.00% PIK |  |  |  | USD | 9 | 8985 | 8984<br><sup>1,3,8</sup> |
|  |  |  |  |  |  |  |  | **220885** | **188974** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression Preferred Equity (JR Preferred Shares) |  | 0.00% |  |  |  | USD | 231877 | **765526** | **790790**<br><sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Financials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerity |  | 13.75% PIK |  |  |  | USD | 4164 | $4049490 | $4164000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest TopCo, Inc. — Equity (Series A Preferred Stock) |  | 13.25% PIK |  |  |  | USD | 15000 | 14625000 | 15000000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. Preferred |  | 8.00% |  |  |  | USD | 3143 | 3142632 | 3142632<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **21817122** | **22306632** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate RCM Ultimate Holdings, L.P. |  | 8.00% PIK |  |  |  | USD | 225500 | 225500 | 225500<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. |  | 8.00% PIK |  |  |  | USD | 443 | 442530 | 442530<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Family Care |  | 0.00% |  |  |  | USD | 179700 | 179700 | 179700<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascend Plastic Surgery Partners MSO, LLC |  | 10.00% PIK |  |  |  | USD | 94900 | 94900 | 59977<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Medical Holdings, LLC — Class A |  | 8.00% PIK |  |  |  | USD | 115800 | 115800 | 115800<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nThrive, Inc., Series A-2 Preferred |  | 11.00% PIK |  |  |  | USD | 15000 | 14550000 | 10725000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPharma Group, LLC |  | 13.00% PIK |  |  |  | USD | 17500 | 16975000 | 17500000<br><sup>1,3,8,15</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC |  | 6.00% |  |  |  | USD | 16761329 | 4891626 | 4005958<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **37475056** | **33254465** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFC-DELL Holding Corp. — H-2 |  | 8.00% PIK |  |  |  | USD | 7 | 12826 | 12036<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. |  | 8.00% PIK |  |  |  | USD | 25 | 38025 | 38025<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSG Acquisition, LLC — Senior Preferred |  | 12.25% PIK |  |  |  | USD | 11250000 | 10968750 | 11250000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OHCP Silver Surfer Holdings Corp. — Series B Preferred |  | 14.00% PIK |  |  |  | USD | 7500 | 7275000 | 7437750<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. |  | 8.00% PIK |  |  |  | USD | 200 | 100000 | 100000<br><sup>1,3,8,16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Aggregator 1 Limited |  | 11.00% PIK |  |  |  | GBP | 984176 | 1227003 | 1271381<br><sup>1,3,5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Anchors Group, Inc. |  | 8.50% |  |  |  | USD | 100400 | 100400 | 100400<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **19722004** | **20209592** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banyan Software Intermediate, Inc. |  | 14.00% PIK |  |  |  | USD | 2 | 1950 | 1950<br><sup>1,2,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eclipse Topco, Inc. |  | 12.50% PIK |  |  |  | USD | 1299 | 12729050 | 12761522<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. Preferred |  | 16.32% PIK |  |  |  | USD | 15000 | 14550000 | 15000000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. Preferred |  | 16.31% PIK |  |  |  | USD | 10000 | 9700000 | 10000000<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Holdings, Inc. — Series A Preferred |  | 10.50% PIK |  |  |  | USD | 6500 | 6305000 | 6478320<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC — Series B Preferred |  | 15.71% PIK |  |  |  | USD | 11000 | 10780000 | 11000000<br><sup>1,3,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riskonnect Parent, LLC — Series C Preferred |  | 13.75% PIK |  |  |  | USD | 3928 | $3850000 | $3928571<br> <sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TSO Buyer, Inc. & Global Tracking Communications, LLC |  | 15.00% |  |  |  | USD | 2316 | 231600 | 231600<br> <sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **58147600** | **59401963** |
|  **Total Preferred Stocks** |  |  |  |  |  |  |  | **140951001** | **138955223** |
|  **Collateralized Loan Obligations — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XII Ltd. |  | 13.97% | SOFR | 968 | 4/29/2035 | USD | 7500000 | 7220422 | 7575923<br> <sup>1,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 12.89% | SOFR | 860 | 10/30/2035 | USD | 5000000 | 4900000 | 5038575<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 10.69% | SOFR | 640 | 10/30/2035 | USD | 8100000 | 8100000 | 8207951<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO 2023-II Ltd. |  | 12.96% | SOFR | 867 | 1/20/2032 | USD | 10900000 | 10791000 | 10904069<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Elbert CLO V LLC |  | 24.00% |  |  | 6/15/2034 | USD | 39500000 | 40329968 | 21561688<br> <sup>\*,1,3,9,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Elbert CLO V LLC |  | 13.00% | SOFR | 870 | 6/15/2034 | USD | 13000000 | 12655649 | 12970490<br> <sup>1,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerpath Capital CLO 2023-2, Ltd. |  | 10.90% | SOFR | 660 | 1/15/2036 | USD | 11000000 | 11000000 | 11215813<br> <sup>1,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Partners CLO |  | 10.30% | SOFR | 600 | 11/9/2036 | USD | 13950000 | 13950000 | 14124534<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Private Credit CLO 2023-1 LLC |  | 14.15% | SOFR | 985 | 7/15/2035 | USD | 7500000 | 7350000 | 7548200<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivy Hill Middle Market Credit Fund XXI Ltd. |  | 12.81% | SOFR | 852 | 7/18/2035 | USD | 6500000 | 6336850 | 6563078<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivy Hill Middle Market Credit Fund XXI Ltd. |  | 10.69% | SOFR | 640 | 7/18/2035 | USD | 3500000 | 3500000 | 3553311<br> <sup>1,3,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital MML CLO IX Ltd. |  | 13.25% | SOFR | 896 | 10/22/2031 | USD | 10000000 | 9776860 | 10043489<br> <sup>1,4,9,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital MML CLO VIII, Ltd. |  | 22.00% |  |  | 11/22/2033 | USD | 15000000 | 16150817 | 7630670<br> <sup>\*,1,9,10,14</sup> |
|  **Total Collateralized Loan Obligations** |  |  |  |  |  |  |  | **152061566** | **126937791** |
|  **Common Stocks — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Business Services — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluejack Fire Acquisition, Inc. |  |  |  |  |  | USD | 1 | 1000 | 1000<br> <sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cards Acquisition, Inc. |  |  |  |  |  | USD | 258921 |  | 4298<br> <sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Command Holding Corp. — Class A |  |  |  |  |  | USD | 839 |  | —<br> <sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esquire Deposition Solutions, LLC — Class A |  |  |  |  |  | USD | 271 | 35812 | 33304<br> <sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Business Services (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris Labs Acquisition, LLC — Class A |  |  |  |  |  | USD | 10 | $10220 | $9709<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Ultimate Holdings, LP |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **48032** | **49311** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Datum Acquisition, LLC |  |  |  |  |  | USD | 1313 | 131250 | 131250<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duggal Acquisition, LLC — Class A |  |  |  |  |  | USD | 105 | 105000 | 100654<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iconic Holdings Topco L.P. |  | 5.00% PIK |  |  |  | USD | 3466 |  | —<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PharmaForceIQ Acquisition, Inc. |  |  |  |  |  | USD | 123600 | 123600 | 128544<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **359850** | **360448** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A1 Garage Blocker Aggregator, LP |  |  |  |  |  | USD | 1500 | 1500000 | 3441192<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWI Group, LLC |  |  |  |  |  | USD | 200800 | 100400 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAP-KSI Holdings, LLC |  |  |  |  |  | USD | 212000 | 212000 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HeadRush Technologies — Class C |  |  |  |  |  | USD | 111500 | 111500 | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HTI Intermediate, LLC — Class A |  |  |  |  |  | USD | 519 | 51900 | 41917<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kravet Design, LLC |  |  |  |  |  | USD | 231600 | 231600 | 231600<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raneys, LLC |  |  |  |  |  | USD | 9 |  | —<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **2207400** | **3714709** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&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;&nbsp; QVF Acquisition, Inc. |  |  |  |  |  | USD | 1000000 | 1000000 | 1000000<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **1001000** | **1001000** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc. |  |  |  |  |  | USD | 450000 | 4500000 | 4411125<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Secured Lending, Inc. |  |  |  |  |  | USD | 548617 | 9250000 | 8876623<br><sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forbright, Inc. |  |  |  |  |  | USD | 280309 | 3611111 | 11083191<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOR Acquisition, Inc. — Equity |  |  |  |  |  | USD | 2939 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Direct Lending Fund |  |  |  |  |  | USD | 242195 | 4839056 | 4834212<br><sup>1</sup> |
|  |  |  |  |  |  |  |  | **22200167** | **29205151** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcresta Therapeutics, Inc. — Class B |  |  |  |  |  | USD | 4470 | 4470 | 82636<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Purchaser, LLC |  |  |  |  |  | USD | 1000000 | 1000000 | 1000000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERC TOPCO Holdings, Inc.  |  |  |  |  |  | USD | 2914 | 3712391 | 3712390<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FH DMI Buyer, Inc. |  |  |  |  |  | USD | 179723 | 179723 | 179723<br><sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geriatric Medical & Surgical Supply, LLC — Class A |  | 12.50% PIK |  |  |  | USD | 11772 | $11772 | $12788<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEC Purchaser Corp. Class A-1 |  |  |  |  |  | USD | 206 | 206400 | 50344<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myorthos Management, LLC |  |  |  |  |  | USD | 2692 | 1884344 | 1884344<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nationwide Medical Holdings, LLC — Class B |  |  |  |  |  | USD | 115800 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. (Class A-3) |  |  |  |  |  | USD | 3958334 | 3992815 | 6095834<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC |  |  |  |  |  | USD | 34545390 |  | —<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **10991915** | **13018059** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphacoin LLC — Class A |  |  |  |  |  | USD | 81 | 81600 | 61047<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPCP NSA Intermedco, Inc. |  |  |  |  |  | USD | 13 | 12675 | 17548<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L&J Holding Company, LLC — Class A |  | 8.00% PIK |  |  |  | USD | 66125 | 66125 | 70508<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lehman Pipe Buyer, LLC — Class A |  | 8.00% PIK |  |  |  | USD | 102 | 102200 | 100067<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSIS Holdings, Inc. |  |  |  |  |  | USD | 1000 | 1000 | 1000<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; My Buyer, LLC |  |  |  |  |  | USD | 2076 | 207600 | 275915<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polycorp Ltd. |  | 10.00% PIK |  |  |  | USD | 29580 | 29580 | 29580<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renovation Systems, LLC |  |  |  |  |  | USD | 13 | 26017 | 27313<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S4T Holdings Corp. |  |  |  |  |  | USD | 200 | 100000 | 287055<br><sup>1,3,16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secret Aggregator 1 Limited |  |  |  |  |  | GBP | 285 | 355 | 61715<br><sup>1,3,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seko Global Logistics Network, LLC |  |  |  |  |  | USD | 2267 | 9952633 | 9952634<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Anchors Group, Inc. — Equity |  |  |  |  |  | USD | 100400 |  | —<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USSC Holding Corp. |  |  |  |  |  | USD | 338 | 337845 | 425722<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WG Topco, LLC Class B |  |  |  |  |  | USD | 57200 | 57200 | 67224<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  | **10974830** | **11377328** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID Label Holdings, Inc. |  | 10.00% PIK |  |  |  | USD | 296 | 295462 | 306550<br><sup>1,3,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kano Intermediate, Inc. |  | 8.00% PIK |  |  |  | USD | 419 | 856785 | 876503<br><sup>1,3,8</sup> |
|  |  |  |  |  |  |  |  | **1152247** | **1183053** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AC Blackpoint Holdings, LLC |  |  |  |  |  | USD | 1147 | 1147447 | 1147446<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcserve — Class A |  |  |  |  |  | USD | 394737 | 967871 | 315526<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP-FL LP — Class A-1 |  |  |  |  |  | USD | 559 | 559402 | 559402<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Matter Systems Interco |  |  |  |  |  | USD | 1716 | 171600 | 127750<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS XX Corporation |  |  |  |  |  | USD | 114400 | 114400 | 114400<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC — Class A |  | 9.00% |  |  |  | USD | 1 | 1000 | 1004<br><sup>1,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (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** |
|  **Common Stocks (Continued)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCMI Parent, LLC — Class B |  |  |  |  |  | USD | 238 |  | $— | $—<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Ocean Holdings, L.P. |  |  |  |  |  | USD | 400000 |  | 2000000 | 2000000<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  |  | **4961720** | **4265528** |
|  **Total Common Stocks** |  |  |  |  |  |  |  |  | **53897161** | **64174587** |
|  **Warrants — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $1.35 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 1/17/2031 |  |  |  |  |  | USD | 1 | \*\* | **—** | **286301**<br><sup>1,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AWC-MH Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&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;&nbsp; Xeris Biopharma Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $2.28 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/8/2029 |  |  |  |  |  | USD | 219298 |  | 352127 | 895750<br><sup>1,3</sup> |
|  |  |  |  |  |  |  |  |  | **352127** | **895750** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Measurabl, Inc. (via a participation with Multiplier Capital, LLC) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $18.20 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 4/20/2032 |  |  |  |  |  | USD | 1 | \*\* | **—** | **9679**<br><sup>1,3</sup> |
|  **Total Warrants** |  |  |  |  |  |  |  |  | **352127** | **1191730** |
|  **Short-Term Investments — 4.6%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund |  | 4.22% |  |  |  | USD | 1292723201 |  | **1292723201** | **1292723201**<br><sup>1,17</sup> |
|  **Total Short-Term Investments — 4.6%** |  |  |  |  |  |  |  |  | **1292723201** | **1292723201** |
|  **Total Investments — 120.7%** |  |  |  |  |  |  |  |  | $**33572157427** | $**33914898958** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Notes (net of deferred offering costs of $29,485,045) — (20.0)% |  |  |  |  |  |  |  |  |  | (5621779088) |
|  Liabilities Less Other Assets — (0.7)% |  |  |  |  |  |  |  |  |  | (201201141) |
|  **Net Assets — 100.0%** |  |  |  |  |  |  |  |  |  | $**28091918729** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

AUD – Australian Dollars

CAD – Canadian Dollars

EUR – Euro

GBP – Pound Sterling

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

US – United States

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

BKBM – New Zealand 90-Day Bank Bill Rate

CDOR – Canadian Dollar Offered Rate

CORRA – Canadian Overnight Repo Rate Average

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

PRIME – Prime Lending Rate

SOFR – Secured Overnight Financiang 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 March 31, 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 $33,914,898,958 as of March 31, 2025. See Note 2, subsections Senior Notes and Borrowing, Use of Leverage 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 March 31, 2025 (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> Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

 <sup>6</sup> All or a portion of the security was made through a participation. Please see Note 2 for a description of loan participations.

 <sup>7</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>8</sup> Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any.

 <sup>9</sup> Callable.

 <sup>10</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 $170,732,878, which represents 0.6% of total net assets of the Fund.

 <sup>11</sup> Step rate security.

 <sup>12</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>13</sup> These securities are restricted, the total value of these securities is $10,030,085,547, which represents 35.7% of total net assets of the Fund.

 <sup>14</sup> Variable rate security. Rate shown is the rate in effect as of period end.

 <sup>15</sup> Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

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

 <sup>18</sup> Affiliated company.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

**Additional information on restricted securities is as follows:**

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  17Capital Co-Invest (B) SCSp | 9/23/2021 | $25143371 |
|  26North BDC, Inc. | 10/11/2023 | 25000000 |
|  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 | 116880000 |
|  Antares Senior Loan Parallel Feeder Fund II (Cayman) LP | 8/3/2022 | 95906352 |
|  Antares Senior Loan Parallel Feeder Fund III (Cayman) LP | 1/6/2025 | 15000000 |
|  Ares Commercial Finance LP | 3/31/2021 | 53841899 |
|  Ares Priority Loan Co-Invest LP | 1/25/2023 | 44802482 |
|  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 | 5506373 |
|  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 | 257011494 |
|  BlackRock Shasta Senior Loan Fund VII, LLC | 2/10/2021 | 645119996 |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | 9/20/2023 | 9131173 |
|  Blackstone Technology Senior Direct Lending Fund LP | 5/16/2024 | 89220269 |
|  Blue Owl Credit Income Corp. | 7/29/2021 | 150000000 |
|  Blue Owl MC Debt Opportunities LP | 5/24/2024 | 17495352 |
|  Blue Owl Technology Finance Corp. | 9/24/2020 | 109874622 |
|  Boost Co-Invest LP | 1/25/2024 | 27081557 |
|  Capricorn Co-Invest, L.P. | 12/18/2023 | 37874423 |
|  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 | 9712500 |
|  CCOF Sierra II, L.P. | 8/2/2022 | 15654924 |
|  Chilly HP SCF Investor, LP | 2/9/2022 | 2011799 |
|  Comvest Structured Note Issuer I LLC | 11/17/2022 | 622122824 |
|  Crescent Mezzanine Partners VIIC, L.P. | 3/31/2021 | 4045486 |
|  Crestline Structured Note Issuer I LLC | 8/26/2024 | 92219898 |
|  CW Credit Opportunity 2 LP | 6/27/2024 | 65366948 |
|  FBLC Senior Loan Fund LLC | 4/1/2020 | 78562000 |
|  Franklin BSP Capital Corp | 1/20/2021 | 27297757 |
|  Golub Capital BDC 4, Inc. | 4/21/2022 | 183901821 |
|  Golub Capital Direct Lending Corporation | 7/13/2021 | 50000000 |
|  Golub Capital Private Credit Fund | 12/22/2023 | 200000000 |
|  GPG Loan Funding, LLC | 4/29/2024 | 314806891 |
|  Hayfin Tactical Solutions Fund (US Parallel) LP | 11/7/2024 | 10081027 |
|  HPS KP Mezz 2019 Co.-Invest, LP | 4/1/2024 | 84158635 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  HPS KP SIP V Co-Investment Fund, LP | 4/1/2024 | $14503287 |
|  HPS Mezzanine Partners 2019, L.P. | 11/16/2020 | 7235068 |
|  HPS Mint Co-Invest Fund, L.P. | 5/25/2022 | 21577545 |
|  HPS Offshore Mezzanine Partners 2019, LP | 4/1/2024 | 22782678 |
|  HPS Offshore Strategic Investment Partners V, LP | 5/1/2023 | 45296973 |
|  HPS Specialty Loan Fund V Feeder, L.P. | 5/14/2021 | 54625802 |
|  KCLF Note Issuer I SPV, LLC, Subordinated | 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 | 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 | 22058900 |
|  Marilyn Co-Invest, L.P. | 4/1/2024 | 69065006 |
|  Marlin Credit Opportunities Fund, L.P. | 5/21/2021 | 103008002 |
|  Milano Co-Invest, L.P. | 4/1/2024 | 3990704 |
|  Minerva Co-Invest, L.P. | 2/11/2022 | 23209316 |
|  NB Capital Solutions Co-Invest (Wolverine) LP | 11/15/2023 | 8275406 |
|  NCP MSI Co-Invest, LP | 3/20/2025 | 669 |
|  New Mountain Guardian IV BDC, L.L.C. | 6/29/2022 | 33500000 |
|  New Mountain Private Credit Fund | 12/17/2024 | 49987471 |
|  Next Horizon Capital TireCo SPV, LP | 3/3/2025 | 1000 |
|  North Haven Direct Lending Fund L.P. | 2/26/2025 | 17500000 |
|  NXT Capital Senior Loan Fund VII, LP | 11/18/2024 | 12595770 |
|  NXT Capital Structured Note I LLC | 1/26/2022 | 167049016 |
|  Odyssey Co-Investment Partners B, LLC | 3/24/2022 | 1949774 |
|  Palisades CLO, LLC | 8/6/2024 | 70517908 |
|  Palisades CLO, LLC | 4/18/2023 | 67466230 |
|  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 | 55442143 |
|  Private Credit Fund C-1 Holdco, LLC – Series 1 | 7/11/2023 | 749468357 |
|  Proxima Co-Invest, L.P. | 11/2/2021 | 9726142 |
|  Raven Asset-Based Credit Fund II LP | 9/21/2021 | 14013871 |
|  Raven Senior Loan Fund LLC | 5/5/2022 | 467597208 |
|  Redwood Enhanced Income Corp. | 4/8/2022 | 40600000 |
|  SBC Aggregator LP | 2/18/2025 | 875 |
|  Silver Point Loan Funding, LLC | 3/22/2022 | 1202684309 |
|  Silver Point Specialty Credit Fund II, L.P. | 12/15/2020 | 46280581 |
|  Sixth Street Lending Partners | 8/31/2022 | 24982212 |
|  Stellus Private Credit BDC Feeder LP | 1/31/2022 | 26536883 |
|  Stone Point Credit Corporation | 12/30/2022 | 75500000 |
|  Stone Point Credit Income Fund | 1/21/2025 | 30475516 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2025 (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  Summit Partners Credit Offshore Fund II, L.P. | 3/31/2022 | $7115039 |
|  T. Rowe Price OHA Select Private Credit Feeder Fund LLC | 9/22/2023 | 100000000 |
|  TCW Direct Lending VIII LLC | 1/31/2022 | 51008838 |
|  TCW Rescue Financing Fund II, L.P. | 3/3/2025 | 10088126 |
|  Thoma Bravo Credit Fund III Feeder, LP | 8/31/2023 | 30273445 |
|  Thompson Rivers LLC | 6/29/2021 | 5418097 |
|  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 | 5961460 |
|  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 | 10600352 |
|  West Street Loan Partners V, SLP | 3/14/2024 | 19114857 |
|  **Total** |  | $**9628684937** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Swap Contracts<br> As of March 31, 2025 |

---

#### 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 | $— | $37829 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.581% / Quarterly | 6.75% / Semi-annually | 8/4/2026 | 115200000 |  | 339842 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.665% / Quarterly | 7.04% / Semi-annually | 1/20/2027 | 85000000 |  | 776467 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.700% / Quarterly | 7.04% / Semi-annually | 1/20/2027 | 27000000 |  | 230024 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 1.446% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | 650000000 |  | (13902430) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 0.905% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | 250000000 |  | (2731418) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.005% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 95000000 |  | 809882 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.010% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 10000000 |  | 83964 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 1.864% / Quarterly | 5.76% / Semi-annually | 1/15/2028 | 129000000 |  | 389530 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.991% / Quarterly | 6.77% / Semi-annually | 8/4/2028 | 304800000 |  | 392725 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.593% / Quarterly | 6.69% / Semi-annually | 4/12/2029 | 150000000 |  | 2084953 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.642% / Quarterly | 6.69% / Semi-annually | 4/12/2029 | 150000000 |  | 1807172 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.270% / Quarterly | 6.32% / Semi-annually | 8/15/2029 | 486000000 |  | 6415008 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.214% / Quarterly | 7.17% / Semi-annually | 12/6/2029 | 141000000 |  | 1277690 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.074% / Quarterly | 5.85% / Semi-annually | 3/14/2030 | 160500000 |  | 102409 |
|  PNC Bank, N.A. | Daily Simple SOFR2 + 1.780% / Quarterly | 5.58% / Semi-annually | 7/2/2030 | 175000000 |  | 543861 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.218% / Quarterly | 6.81% / Semi-annually | 8/4/2030 | 114000000 |  | (897372) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.444% / Quarterly | 6.40% / Semi-annually | 8/15/2031 | 328000000 |  | 3613349 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.241% / Quarterly | 6.01% / Semi-annually | 3/14/2032 | 174500000 |  | (549821) |
|  PNC Bank, N.A. | Daily Simple SOFR2 + 1.949% / Quarterly | 5.80% / Semi-annually | 7/2/2032 | 225000000 |  | 703554 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.500% / Quarterly | 6.99% / Semi-annually | 8/4/2033 | 66000000 |  | (1585417) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.351% / Quarterly | 6.13% / Semi-annually | 3/14/2035 | 91000000 |  | (882595) |
|  PNC Bank, N.A. | Daily Simple SOFR2 + 2.033% / Quarterly | 5.95% / Semi-annually | 7/2/2035 | 75000000 |  | 199842 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 3.375% / Quarterly | 7.51% / Semi-annually | 1/20/2036 | 45000000 |  | 982571 |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.627% / Quarterly | 6.51% / Semi-annually | 8/15/2036 | 195000000 |  | (5193) |
|  PNC Bank, N.A. | Daily Simple SOFR<sup>2</sup> + 2.373% / Quarterly | 6.18% / Semi-annually | 1/15/2037 | 200000000 |  | (2632093) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.052% / Quarterly | 5.44% / Semi-annually | 7/19/2025 | 215000000 |  | (1023202) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Schedule of Swap Contracts<br> As of March 31, 2025 (Continued) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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)** |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.263% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | $130000000 | $— | $(1404195) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.245% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | 10000000 |  | (105378) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.477% / Quarterly | 5.61% / Semi-annually | 7/19/2027 | 130000000 |  | (2059959) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 1.940% / Quarterly | 6.20% / Semi-annually | 8/15/2027 | 268000000 |  | 3165439 |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.889% / Quarterly | 7.06% / Semi-annually | 1/20/2029 | 224000000 |  | 3342201 |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.688% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 160000000 |  | (4718161) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.684% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 40000000 |  | (1172641) |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 3.123% / Quarterly | 7.23% / Semi-annually | 1/20/2031 | 155000000 |  | 2711168 |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 3.305% / Quarterly | 7.40% / Semi-annually | 1/20/2034 | 224000000 |  | 4274825 |
|  MUFG Bank, Ltd. | Daily Simple SOFR<sup>2</sup> + 2.590% / Quarterly | 6.46% / Semi-annually | 8/15/2034 | 93000000 |  | 287163 |
|  Regions Bank | Daily Simple SOFR2 + 1.665% / Quarterly | 5.42% / Semi-annually | 7/2/2028 | 150000000 |  | 362540 |
|  **TOTAL INTEREST RATE SWAPS** | **TOTAL INTEREST RATE SWAPS** |  |  |  |  | $**1264133** |

---

<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 March 31, 2025 |

---

#### 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>March 31,<br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  Australian Dollars | State Street | USD | April 30, 2025 | 34642119 | $21641291 | $21651460 | $10169 |
|  Australian Dollars | State Street | USD | May 30, 2025 | 4502907 | 2841026 | 2815003 | (26023) |
|  Australian Dollars | State Street | USD | June 30, 2025 | 173087 | 109233 | 108234 | (999) |
|  British Pound | State Street | USD | April 30, 2025 | 100536660 | 125209756 | 129858771 | 4649015 |
|  British Pound | State Street | USD | May 30, 2025 | 17411063 | 22491634 | 22489393 | (2241) |
|  British Pound | State Street | USD | June 30, 2025 | 4050137 | 5222969 | 5230932 | 7963 |
|  Canadian Dollars | State Street | USD | April 30, 2025 | 158548469 | 110585026 | 110337340 | (247686) |
|  Canadian Dollars | State Street | USD | May 30, 2025 | 1799188 | 1260217 | 1254058 | (6159) |
|  Canadian Dollars | State Street | USD | June 30, 2025 | 280065 | 196757 | 195473 | (1284) |
|  Euro | State Street | USD | April 30, 2025 | 503144479 | 526861889 | 544929687 | 18067798 |
|  Euro | State Street | USD | May 30, 2025 | 73172127 | 79270905 | 79389086 | 118181 |
|  Euro | State Street | USD | June 30, 2025 | 5927834 | 6431254 | 6443034 | 11780 |
|  Japanese Yen | State Street | USD | April 30, 2025 | 1554477746 | 10466066 | 10398804 | (67262) |
|  Japanese Yen | State Street | USD | May 30, 2025 | 388619434 | 2599230 | 2608743 | 9513 |
|  New Zealand Dollar | State Street | USD | April 30, 2025 | 4303982 | 2439152 | 2445486 | 6334 |
|  Norwegian Krone | State Street | USD | April 30, 2025 | 345401298 | 30553238 | 32831210 | 2277972 |
|  Swedish Krona | State Street | USD | April 30, 2025 | 254880561 | 23266584 | 25402868 | 2136284 |
|  Swedish Krona | State Street | USD | May 30, 2025 | 8031803 | 802242 | 801966 | (276) |
|  Swedish Krona | State Street | USD | June 30, 2025 | 2284 | 229 | 228 | (1) |
|  |  |  |  |  | 972248698 | 999191776 | 26943078 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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>March 31, <br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  Australian Dollars | State Street | USD | April 30, 2025 | (51613726) | $(32245718) | $(32258780) | $(13062) |
|  Australian Dollars | State Street | USD | May 30, 2025 | (25458058) | (16118944) | (15915166) | 203778 |
|  Australian Dollars | State Street | USD | June 30, 2025 | (22031246) | (13901655) | (13776444) | 125211 |
|  British Pound | State Street | USD | April 30, 2025 | (155281911) | (193179788) | (200570797) | (7391009) |
|  British Pound | State Street | USD | May 30, 2025 | (76023687) | (96762761) | (98197713) | (1434952) |
|  British Pound | State Street | USD | June 30, 2025 | (78564893) | (101332468) | (101470049) | (137580) |
|  Canadian Dollars | State Street | USD | April 30, 2025 | (237230195) | (165450778) | (165093671) | 357107 |
|  Canadian Dollars | State Street | USD | May 30, 2025 | (80480914) | (56521916) | (56096261) | 425655 |
|  Canadian Dollars | State Street | USD | June 30, 2025 | (83923691) | (59072127) | (58574932) | 497194 |
|  Euro | State Street | USD | April 30, 2025 | (757257820) | (793519692) | (820146667) | (26626975) |
|  Euro | State Street | USD | May 30, 2025 | (327284060) | (347953007) | (355091256) | (7138249) |
|  Euro | State Street | USD | June 30, 2025 | (263376045) | (285711634) | (286266589) | (554955) |
|  Japanese Yen | State Street | USD | April 30, 2025 | (2331716621) | (15409197) | (15598207) | (189010) |
|  Japanese Yen | State Street | USD | May 30, 2025 | (1165858309) | (7901596) | (7826228) | 75368 |
|  Japanese Yen | State Street | USD | June 30, 2025 | (777238873) | (5215927) | (5232895) | (16968) |
|  New Zealand Dollar | State Street | USD | April 30, 2025 | (6455972) | (3658729) | (3668229) | (9500) |
|  New Zealand Dollar | State Street | USD | May 30, 2025 | (2151991) | (1233276) | (1223591) | 9685 |
|  New Zealand Dollar | State Street | USD | June 30, 2025 | (2151991) | (1238561) | (1224579) | 13982 |
|  Norwegian Krone | State Street | USD | April 30, 2025 | (518101947) | (45829857) | (49246814) | (3416957) |
|  Norwegian Krone | State Street | USD | May 30, 2025 | (172700649) | (15534267) | (16415411) | (881144) |
|  Norwegian Krone | State Street | USD | June 30, 2025 | (172700649) | (16414377) | (16410792) | 3585 |
|  Swedish Krona | State Street | USD | April 30, 2025 | (385325116) | (35200020) | (38403725) | (3203705) |
|  Swedish Krona | State Street | USD | May 30, 2025 | (138476358) | (13190516) | (13826697) | (636181) |
|  Swedish Krona | State Street | USD | June 30, 2025 | (130446839) | (13078898) | (13043549) | 35349 |
|  Norwegian Krone | Marlin Equity Partners | USD | November 18, 2025 | (13125000) | (1172608) | (1246664) | (74056) |
|  Swedish Krona | Marlin Equity Partners | USD | August 22, 2025 | (11250000) | (1115573) | (1128248) | (12675) |
|  |  |  |  |  | (2337963890) | (2387953954) | (49990064) |
|  **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** | $**(1365715192)** | $**(1388762178)** | $**(23046986)** |

---

USD – U.S. Dollar

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Summary of Investments<br> As of March 31, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | |
|  **Senior Secured Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 15.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0.1% |
|  **Total Senior Secured Loans** | **76.5%** |
|  **Private Investment Vehicles** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations | 20.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships | 3.9% |
| &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 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Fund Obligations | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Equity | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common Equity | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Preferred Equity | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Ventures | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Subordinated Debt | 0.1% |
|  **Total Private Investment Vehicles** | **36.9%** |
|  **Subordinated Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
|  **Total Subordinated Debt** | **1.5%** |
|  **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; Business Services | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
|  **Total Preferred Stocks** | **0.5%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Summary of Investments<br> As of March 31, 2025 (Unaudited) (Continued) |

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | |
|  **Collateralized Loan Obligations** | **0.5%** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 0.0% |
|  **Total Common Stocks** | **0.2%** |
|  **Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.0% |
|  **Total Warrants** | **0.0%** |
|  **Short-Term** | **4.6%** |
|  **Total Investments** | **120.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Notes | (20.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilites Less Other Assets | (0.7)% |
|  **Net Assets** | **100.0%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Assets and Liabilities<br> March 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (cost $33,493,595,427)<sup>(a)</sup> | $33832811556 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value (cost $78,562,000) | 82087402 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $3,912,996) | 4544362 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 29041923 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts | 34934008 |
| &nbsp;&nbsp;&nbsp; Cash | 297421583 |
| &nbsp;&nbsp;&nbsp; Cash collateral for swap contracts | 78410000 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 133543521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 286890158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 333989302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap interest | 6466168 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 606208 |
| &nbsp;&nbsp;&nbsp; Prepaid underlying loan expense | 7196652 |
| &nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured credit facility | 18258249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 35146201092 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 52088909 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts | 33669875 |
| &nbsp;&nbsp;&nbsp; Due to custodian | 6654567 |
| &nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes (Net of deferred offering cost of $29,485,045) (Note 2) | 5621779088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured credit facility (Note 2) | 1190000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit facility waiver of fees | 699841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 67158534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 5179318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liability | 72068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on senior notes | 56979170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured credit facility | 4753797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 5937848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 2145364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 1527590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 11810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 476820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 93749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency fees and expenses | 122747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub transfer agency fees and expenses | 2770888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 25363 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 2135017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7054282363 |
|  **Net Assets** | $28091918729 |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $27510941220 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | 580977509 |
|  **Net Assets** | $28091918729 |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $28091918729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 2593684334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering, and redemption price per share | 10.83 |

---

<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes unrealized appreciation (depreciation) on unfunded loan commitments of $4,639,856.

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  | **For the<br>Year Ended<br>March 31,<br>2025** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Interest from unaffiliated investments (net of withholding taxes of $2,748,494) | $2052920533 |
| &nbsp;&nbsp;&nbsp; PIK Interest | 70192311 |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 21435134 |
| &nbsp;&nbsp;&nbsp; Distributions from affiliated private investment vehicles | 9703932 |
| &nbsp;&nbsp;&nbsp; Distributions from unaffiliated private investment vehicles | 837161134 |
| &nbsp;&nbsp;&nbsp; Miscellaneous income | 263554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2991676598 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Investment management fees | 226239296 |
| &nbsp;&nbsp;&nbsp; Interest on secured credit facility | 87516195 |
| &nbsp;&nbsp;&nbsp; Interest on reverse repurchase agreements | 69819 |
| &nbsp;&nbsp;&nbsp; Interest on senior notes | 267868620 |
| &nbsp;&nbsp;&nbsp; Interest on secured borrowings | 300840 |
| &nbsp;&nbsp;&nbsp; Interest on swap contracts | 59524166 |
| &nbsp;&nbsp;&nbsp; Amortization of origination fees | 1880455 |
| &nbsp;&nbsp;&nbsp; Amortization of offering costs on notes | 4762010 |
| &nbsp;&nbsp;&nbsp; Legal fees | 3316923 |
| &nbsp;&nbsp;&nbsp; Fund administration fees | 8105323 |
| &nbsp;&nbsp;&nbsp; Equalization interest on private investment vehicles (Note 2) | 556263 |
| &nbsp;&nbsp;&nbsp; Registration fees | 2961433 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 13181 |
| &nbsp;&nbsp;&nbsp; Sub transfer agent fees and expenses | 24677274 |
| &nbsp;&nbsp;&nbsp; Excise tax expense | 1787857 |
| &nbsp;&nbsp;&nbsp; Custody fees | 3657515 |
| &nbsp;&nbsp;&nbsp; Audit fees | 2237330 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 337354 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 1154168 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 173632 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 105738 |
| &nbsp;&nbsp;&nbsp; Commitment fees on secured credit facility | 5023120 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 19609136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fees and expenses | 721877648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 2269798950 |
| &nbsp;&nbsp;&nbsp; Current tax expense | (411991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income, net of taxes** | 2269386959 |
|  **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3030326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (448466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 30542856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4343889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 31407953 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 130795124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 2864362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (26225649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (887752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense | (2482779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation), net of deferred taxes | 104063306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss)** | 135471259 |
|  **Net Increase in Net Assets from Operations** | $2404858218 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** |
|  **Net Increase in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2269386959 | $1505009914 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments, forward foreign currency exchange contracts and foreign currency transactions | 31407953 | (23970886) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency translations and deferred taxes | 104063306 | 258610557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 2404858218 | 1739649585 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1871538694) | (1862584452) |
| &nbsp;&nbsp;&nbsp; From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (49232580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | (1871538694) | (1911817032) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 11844659473 | 8031814601 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 79115828 | 426760494 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2238116910) | (1490371992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 9685658391 | 6968203103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | 10218977915 | 6796035656 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 17872940814 | 11076905158 |
| &nbsp;&nbsp;&nbsp; End of period | $28091918729 | $17872940814 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1100522839 | 754704052 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7441406 | 40679215 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (207759038) | (140210695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital shares outstanding** | 900205207 | 655172572 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Cash Flows<br> For the Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $2404858218 |
| &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 | (22428389628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 10490983642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion on investments | (38881121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | 3478792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on paydowns | (33252397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation | (133659486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions received | 940966586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original issue discount and amendment fees | 10978601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest | (70192311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in deferred tax liability | 2482779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in current tax liability | 72068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | (865777601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (3761832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | (118913361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | (136474780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from custodian | 101297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap interest | (9126099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (42038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid underlying loan expense | (3129059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured credit facility | (11106015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to counterparty | (19738439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 3605089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of credit facility waiver fees | (747486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2526050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on reverse repurchase agreements | (9481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured credit facility | (8488150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on senior notes | 20829741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 1131244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | (48575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 335689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 56104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | (872894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | (204405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub transfer agency fees and expenses | 1600027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | (591738) |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities | (9999375606) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Consolidated Statement of Cash Flows <br> For the Year Ended March 31, 2025 (Continued) |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) financing activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for fund shares sold | $11929140764 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (2238116910) |
| &nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (1792422866) |
| &nbsp;&nbsp;&nbsp; Dividends payable | (420009390) |
| &nbsp;&nbsp;&nbsp; Deferred tax payments |  |
| &nbsp;&nbsp;&nbsp; Payments made on reverse repurchase agreements | (4320000) |
| &nbsp;&nbsp;&nbsp; Proceeds from secured borrowings | 50000000 |
| &nbsp;&nbsp;&nbsp; Payments made on secured borrowings | (50000000) |
| &nbsp;&nbsp;&nbsp; Proceeds from secured credit facility (see note 2) | 2000000000 |
| &nbsp;&nbsp;&nbsp; Payments on secured credit facility (see note 2) | (2775000000) |
| &nbsp;&nbsp;&nbsp; Proceeds from term loan (see note 2) | 790000000 |
| &nbsp;&nbsp;&nbsp; Proceeds from senior notes | 2425000000 |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 9914271598 |
|  Net decrease in cash and restricted cash | (85104008) |
|  Cash and restricted cash |  |
| &nbsp;&nbsp;&nbsp; Cash and restricted cash, beginning of year | 460935591 |
| &nbsp;&nbsp;&nbsp; Cash and restricted cash, end of year\* | $375831583 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Cash and restricted cash of $297,421,583 and cash deposited with broker for swap contracts of $78,410,000.

Non cash financing activities not included herein consist of $79,115,828 reinvested dividends and $70,192,311 of PIK interest.

Cash paid for interest on credit facility during the period was $96,004,344.

Cash paid for interest on reverse repurchase agreements during the period was $76,986.

Cash paid for interest on senior notes during the period was $247,038,879.

*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>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** | $10.55 | $10.67 | $10.79 | $10.60 | $10.35 | $10.15 |
|  **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 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 | 1.18 | 1.33 | 0.72 | 0.19 | 0.99 | 0.91 |
|  **Less Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (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 | (0.90) | (1.45) | (0.84) |  | (0.74) | (0.71) |
|  **Net asset value, end of period** | $10.83 | $10.55 | $10.67 | $10.79 | $10.60 | $10.35 |
|  **Total return**<sup>4</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) | $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 | 1.32% | 1.20% | 1.23% | 1.28%<sup>6</sup> | 1.32% | 1.80% |
| &nbsp;&nbsp;&nbsp; After fees waived | 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 | 3.19% | 3.42% | 2.95% | 1.79%<sup>6</sup> | 1.94% | 2.43% |
| &nbsp;&nbsp;&nbsp; After fees waived | 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 | 10.03% | 10.81% | 8.23% | 6.24%<sup>6</sup> | 6.74% | 7.04% |
| &nbsp;&nbsp;&nbsp; After fees waived | 10.03% | 10.81% | 8.23% | 6.24%<sup>6</sup> | 6.74% | 7.04% |
|  Portfolio turnover rate | 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Based on average daily shares outstanding for the period.

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

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

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Not annualized.

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Supplemental Expense <br>Ratios** | **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% | 0.01% | 0.01% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp; With fees waived, after taxes | 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 |  |  |  | 204168415 | 249990230 |  |
| &nbsp;&nbsp;&nbsp; Senior Credit Facility | 1190000000 | 1175000000 | 932000000 | 607000000 | 1195000000 | 190000000 |
| &nbsp;&nbsp;&nbsp; Senior Notes | 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 |  |  |  | 34026 | 19919 |  |
| &nbsp;&nbsp;&nbsp; Senior Credit Facility | 24607 | 16211 | 12885 | 12108 | 4958 | 4916 |
| &nbsp;&nbsp;&nbsp; Senior Notes | 5972 | 6517 | 6920 | 11376 |  |  |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 |

---

**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. The Fund's Registration Statement currently offers Class I Shares. Only Class I shares have been issued as of March 31, 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**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 includes 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 March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  **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 | $4986066639 | 17.72% |
|  MCCW Holdings, LLC ("CCLF MCCW") | April 15, 2021 | 416829062 | 1.48% |
|  CCLF Holdings LLC ("CCLF HOLD") | May 25, 2021 | 25482185 | 0.09% |
|  CCLF Holdings (D1) LLC ("CCLF HOLD (D1)") | July 26, 2021 | 15049988 | 0.05% |
|  CCLF Holdings (D2) LLC ("CCLF HOLD (D2)") | July 26, 2021 | 2608311790 | 9.27% |
|  CCLF Holdings (D3) LLC ("CCLF HOLD (D3)") | March 16, 2022 | 14439928 | 0.05% |
|  KCLF Holdings LLC ("KCLF Holdings") | June 14, 2022 | 716521754 | 2.55% |
|  1585 Koala Holdings, LLC ("Koala Holdings") | July 25, 2022 | 110524 | 0.00% |
|  CW Point LLC ("CW Point") | February 1, 2023 | 347360064 | 1.23% |
|  CCLF-B SPV LLC ("CCLF-B SPV") | February 17, 2023 | 43107791 | 0.15% |
|  CCLF Holdings (D11) LLC ("CCLF HOLD (D11)") | March 31, 2023 | 28191061 | 0.10% |
|  CCLF Holdings (D13) LLC ("CCLF HOLD (D13)") | May 4, 2023 | 3974505 | 0.01% |
|  Fivemile River Funding LLC ("Fivemile River Funding") | May 8, 2023 | 32113194 | 0.11% |
|  Madison Avenue SPV LLC ("Madison Avenue SPV") | May 12, 2023 | 163852139 | 0.58% |
|  CCLF Holdings (D16) LLC ("CCLF HOLD (D16)") | May 12, 2023 | 627437618 | 2.23% |
|  CCLF Holdings (D7) LLC ("CCLF HOLD (D7)") | July 7, 2023 | 984921336 | 3.50% |
|  Madison Avenue CLO SPV LLC ("Madison Avenue CLO") | July 13, 2023 | 195280911 | 0.69% |
|  CCLF Holdings (D18) LLC ("CCLF HOLD (D18)") | August 1, 2023 | 32382852 | 0.12% |
|  CCLF Holdings (D20) LLC ("CCLF HOLD (D20)") | August 10, 2023 | 151156367 | 0.54% |
|  SR CW LLC ("SR CW") | September 23, 2023 | 221044298 | 0.79% |
|  KCLF Holdings II LLC ("KCLF Holdings II") | September 26, 2023 | 337169779 | 1.20% |
|  CCLF Holdings (D23) LLC ("CCLF HOLD (D23)") | September 26, 2023 | 159637525 | 0.57% |
|  Steamboat SPV LLC ("Steamboat SPV") | October 25, 2023 | 283249317 | 1.01% |
|  CCLF Holdings (D26) LLC ("CCLF HOLD (D26)") | October 25, 2023 | 1496231 | 0.01% |
|  CCLF Holdings (D27) LLC ("CCLF HOLD (D27)") | October 26, 2023 | 263278572 | 0.94% |
|  CCLF Holdings (D30) LLC ("CCLF HOLD (D30)") | November 9, 2023 | 784487 | 0.00% |
|  CCLF Holdings (D31) LLC ("CCLF HOLD (D31)") | November 9, 2023 | 688536 | 0.00% |
|  CCLF Holdings (D32) LLC ("CCLF HOLD (D32)") | November 9, 2023 | 146841 | 0.00% |
|  CCLF Holdings (D34) LLC ("CCLF HOLD (D34)") | February 20, 2024 | 17448673 | 0.06% |
|  CCLF Holdings (D33) LLC ("CCLF HOLD (D33)") | February 21, 2024 | 4414035 | 0.02% |
|  CCLF Holdings (D35) LLC ("CCLF HOLD (D35)") | February 21, 2024 | 36231796 | 0.13% |
|  CCLF Holdings (D37) LLC ("CCLF HOLD (D37)") | February 28, 2024 | 41327562 | 0.15% |
|  CCLF Holdings (D38) LLC ("CCLF HOLD (D38)") | February 28, 2024 | 51501074 | 0.18% |
|  CCLF Holdings (D39) LLC ("CCLF HOLD (D39)") | February 28, 2024 | 39028 | 0.00% |
|  CCLF Holdings (D40) LLC ("CCLF HOLD (D40)") | February 28, 2024 | 158041709 | 0.56% |
|  CCLF Holdings (D41) LLC ("CCLF HOLD (D41)") | March 13, 2024 | 144365996 | 0.51% |
|  CCLF Holdings (D46) LLC ("CCLF HOLD (D46)") | April 25, 2024 | 11797005 | 0.04% |
|  CCLF Holdings (D47) LLC ("CCLF HOLD (D47)") | April 29, 2024 | 173578933 | 0.62% |
|  CCLF Holdings (D48) LLC ("CCLF HOLD (D48)") | April 29, 2024 | 35259932 | 0.13% |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**2. Significant Accounting Policies**

---

| | | | |
|:---|:---|:---|:---|
|  **Subsidiary** | **Inception <br>Date** | **Net Assets of <br>Subsidiary** | **Percentage of <br>Fund's Total <br>Net Assets** |
|  CCLF Holdings (D49) LLC ("CCLF HOLD (D49)") | April 29, 2024 | $27662976 | 0.10% |
|  CCLF Holdings (D50) LLC ("CCLF HOLD (D50)") | April 29, 2024 | 47647842 | 0.17% |
|  CCLF Holdings (D51) LLC ("CCLF HOLD (D51)") | April 29, 2024 | 36486154 | 0.13% |
|  CCLF Holdings (D52) LLC ("CCLF HOLD (D52)") | August 6, 2024 | 45052941 | 0.16% |
|  CCLF Holdings (D54) LLC ("CCLF HOLD (D54)") | August 6, 2024 | 90271219 | 0.32% |
|  CCLF Holdings (D55) LLC ("CCLF HOLD (D55)") | August 6, 2024 | 4488904 | 0.02% |
|  CCLF Holdings (D56) LLC ("CCLF HOLD (D56)") | August 6, 2024 | 6853357 | 0.02% |

---

#### 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.

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

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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 March 31, 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 year ended March 31, 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 HOLD (D11), CCLF HOLD (D13), Fivemile River Funding, CCLF HOLD (D7), Madison Avenue SPV, Madison Avenue CLO, KCLF Holdings II, CCLF HOLD (D27), CCLF HOLD (D23), CCLF HOLD (D16), CCLF HOLD (D20), SR CW, CCLF HOLD (D26), 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), 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), Steamboat SPV and CCLF-B SPV are disregarded entities for income tax purposes. CCLF HOLD, CCLF HOLD (D3), CCLF HOLD (D6), CCLF HOLD (D18), CCLF HOLD (D30) and CCLF HOLD (D33) 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.

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 March 31, 2025, the Fund held cash of $269,267,389, $1,292,723,201 in a short-term money market fund, $28,154,194 in bank deposits, and $78,410,000 in collateral for swap contracts.

#### 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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 March 31, 2025, the Fund had nineteen outstanding forward currency contracts purchased long and twenty-six outstanding forward currency contracts sold short, with total notional value of $3,459,905,243 and $(7,986,226,561), 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 March 31, 2025, the Fund had thirty-eight outstanding interest rate swap contracts with total notional value of $6,275,000,000.

#### Collateralized Loan Obligations and Collateralized Debt Obligations

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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 March 31, 2025, the Fund received $1,880,455 in commitment fees. As of March 31, 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 $4,688,700,396, $4,760,361,434, and $4,639,856, respectively.

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  123Dentist, Inc. | Delayed Draw | $3208988 |
|  1364720 B.C. LTD | Delayed Draw | 885022 |
|  1364720 B.C. LTD | Revolver | 1497006 |
|  760203 N.B. Ltd. | Revolver | 911883 |
|  A1 Garage Equity, LLC | Delayed Draw | 918333 |
|  A1 Garage Equity, LLC | Revolver | 1515152 |
|  AAH Topco, LLC | Delayed Draw | 2841548 |
|  AAH Topco, LLC | Delayed Draw | 11600000 |
|  AAH Topco, LLC | Revolver | 423729 |
|  AB Centers Acquisition Corporation | Delayed Draw | 2881658 |
|  AB Centers Acquisition Corporation | Revolver | 2073819 |
|  Abracon Group Holdings, LLC | Delayed Draw | 2857068 |
|  AC Blackpoint Acquisition, Inc. | Delayed Draw | 6016522 |
|  AC Blackpoint Acquisition, Inc. | Revolver | 1478261 |
|  Accelevation LLC | Delayed Draw | 5923077 |
|  Accelevation LLC | Revolver | 3459077 |
|  Accession Risk Management Group, Inc. | Delayed Draw | 9603125 |
|  Accession Risk Management Group, Inc. | Delayed Draw | 9257736 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Accession Risk Management Group, Inc. | Revolver | $2028637 |
|  Accession Risk Management Group, Inc. | Revolver | 8690548 |
|  Accession Risk Management Group, Inc. | Revolver | 1674551 |
|  Accordion Partners LLC | Delayed Draw | 5752174 |
|  Accordion Partners LLC | Revolver | 4565218 |
|  Accuserve Solutions, Inc. | Delayed Draw | 5978113 |
|  Accuserve Solutions, Inc. | Revolver | 4497159 |
|  Acentra Holdings, LLC (fka CNSI Holdings, LLC) | Delayed Draw | 2464647 |
|  Acentra Holdings, LLC (fka CNSI Holdings, LLC) | Revolver | 1272903 |
|  Adelaide Borrower, LLC | Delayed Draw | 7480202 |
|  Adelaide Borrower, LLC | Revolver | 4238173 |
|  Adonis Bidco Inc. | Delayed Draw | 1907145 |
|  Adonis Bidco Inc. | Revolver | 722989 |
|  Advantage HCS LLC | Revolver | 500000 |
|  Advocate RCM Acquisition Corp. | Revolver | 521000 |
|  AFC-DELL Holding Corp. | Delayed Draw | 2639324 |
|  Afore Insurance Services, LLC | Delayed Draw | 3177000 |
|  Afore Insurance Services, LLC | Delayed Draw | 3034670 |
|  Afore Insurance Services, LLC | Revolver | 635000 |
|  AG-Twin Brook Healthcare | Delayed Draw | 58154 |
|  AHR Intermediate, Inc. | Delayed Draw | 4123528 |
|  AirX Climate Solutions, Inc. | Delayed Draw | 10067114 |
|  AirX Climate Solutions, Inc. | Revolver | 1258389 |
|  AIS Holdco, LLC | Revolver | 3000000 |
|  Alcami Corporation | Revolver | 2823875 |
|  Alcresta Therapeutics, Inc. | Delayed Draw | 3667500 |
|  Alcresta Therapeutics, Inc. | Revolver | 360750 |
|  Alcresta Therapeutics, Inc. | Revolver | 360750 |
|  Alera Group Holdings, Inc. | Delayed Draw | 166717 |
|  Alert SRC Newco LLC | Delayed Draw | 1281789 |
|  Alert SRC Newco LLC | Revolver | 392384 |
|  Alkeme Intermediary Holding LLC | Delayed Draw | 499165 |
|  Alkeme Intermediary Holding LLC | Delayed Draw | 9219641 |
|  Allworth Financial Group, L.P. | Delayed Draw | 18343977 |
|  Allworth Financial Group, L.P. | Revolver | 944061 |
|  Alphacoin LLC | Delayed Draw | 396000 |
|  Alphacoin LLC | Revolver | 589000 |
|  Alpine Acquisition Corp. | Revolver | 271245 |
|  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 | 449823 |
|  American Family Care | Delayed Draw | 715500 |
|  American Family Care | Revolver | 318482 |
|  Americhem, Inc. | Delayed Draw | 5274098 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Americhem, Inc. | Revolver | $3735819 |
|  AmeriLife Holdings, LLC | Delayed Draw | 3748683 |
|  AmeriLife Holdings, LLC | Revolver | 5595914 |
|  Amerit Fleet Parent, LLC | Delayed Draw | 3538696 |
|  Amerit Fleet Parent, LLC | Revolver | 6251077 |
|  AMI Buyer, Inc. | Revolver | 1970682 |
|  AmSpec Parent LLC | Delayed Draw | 4000000 |
|  Analytic Partners, LP | Revolver | 1236807 |
|  Any Hour, LLC | Delayed Draw | 6875635 |
|  Any Hour, LLC | Revolver | 1751269 |
|  Apex Service Partners, LLC | Delayed Draw | 14478 |
|  Apex Service Partners, LLC | Delayed Draw | 1446942 |
|  Apex Service Partners, LLC | Delayed Draw | 4228750 |
|  Apex Service Partners, LLC | First Lien Term Loan | 20853 |
|  Apex Service Partners, LLC | Revolver | 536876 |
|  Apex Service Partners, LLC | Revolver | 60021 |
|  Appfire Technologies, LLC | Delayed Draw | 4850000 |
|  Appfire Technologies, LLC | Delayed Draw | 2529212 |
|  Appfire Technologies, LLC | Revolver | 980000 |
|  Aprio Advisory Group, LLC | Delayed Draw | 351768 |
|  Aprio Advisory Group, LLC | Revolver | 444079 |
|  Aprio Advisory Group, LLC | Revolver | 305921 |
|  Apryse Software Corp. | Revolver | 638404 |
|  Aptean, Inc. | Delayed Draw | 78839831 |
|  Aptean, Inc. | Revolver | 9420689 |
|  Aptive Environmental, LLC | Revolver | 522738 |
|  AQ Sunshine, Inc. | Delayed Draw | 9285089 |
|  AQ Sunshine, Inc. | Revolver | 1387532 |
|  Arax MidCo, LLC | Delayed Draw | 2745392 |
|  Arax MidCo, LLC | Revolver | 2082759 |
|  Archer Acquisition, LLC | Delayed Draw | 446413 |
|  Archer Acquisition, LLC | Revolver | 130587 |
|  Arcoro Holdings Corp. | Revolver | 1956522 |
|  Arden Insurance Services LLC | Revolver | 365854 |
|  Ares Holdings LLC | Revolver | 1004178 |
|  Ark Data Centers, LLC | Delayed Draw | 2878960 |
|  Ark Data Centers, LLC | Revolver | 890400 |
|  Armada Parent, Inc. | Revolver | 2183333 |
|  Arrow Management Acquisition | Delayed Draw | 10200000 |
|  Arrow Management Acquisition | Revolver | 1555556 |
|  Ascend Partner Services LLC | Delayed Draw | 31607672 |
|  Ascend Partner Services LLC | Revolver | 5634794 |
|  Ascend Plastic Surgery Partners MSO, LLC | Delayed Draw | 2703000 |
|  Ascend Plastic Surgery Partners MSO, LLC | Revolver | 548500 |
|  ASG III, LLC | Revolver | 500000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  ASP Global Holdings, LLC | Delayed Draw | $1348773 |
|  ASP Global Holdings, LLC | Revolver | 628200 |
|  Associated Spring US, LLC | Delayed Draw | 5391850 |
|  Associated Spring US, LLC | Revolver | 2181818 |
|  Associations, Inc. | Delayed Draw | 4753555 |
|  Associations, Inc. | Revolver | 1318872 |
|  ATIS Acquisition, Inc. | Delayed Draw | 3501630 |
|  ATIS Acquisition, Inc. | Revolver | 1108696 |
|  AuditBoard, Inc. | Delayed Draw | 1500000 |
|  AuditBoard, Inc. | Revolver | 600000 |
|  Auveco Holdings, Inc. | Revolver | 1019737 |
|  AVSC Holding Corp. | Revolver | 216489 |
|  AVSC Holding Corp. | Revolver | 1140595 |
|  AWI Group, LLC | Delayed Draw | 122000 |
|  AWI Group, LLC | Revolver | 1853000 |
|  AWP Group Holdings, Inc. | Delayed Draw | 17003277 |
|  AWP Group Holdings, Inc. | Revolver | 223529 |
|  AWP Group Holdings, Inc. | Revolver | 2880279 |
|  AWP Group Holdings, Inc. | Revolver | 7575201 |
|  AWT Holding, Inc. | Delayed Draw | 1077346 |
|  AWT Holding, Inc. | Revolver | 134668 |
|  AWT Merger Sub, Inc. | Revolver | 899129 |
|  AXPM Dental Management, LLC | Delayed Draw | 8243186 |
|  AXPM Dental Management, LLC | Revolver | 3131476 |
|  Azurite Intermediate | Revolver | 499000 |
|  Azurite Intermediate Holdings, Inc. | Revolver | 1705787 |
|  Babylon Buyer, Inc. | Revolver | 61284 |
|  Badge 21 Midco Holdings LLC | Delayed Draw | 6944444 |
|  Badge 21 Midco Holdings LLC | Revolver | 2500000 |
|  Badia Spices, LLC | Revolver | 89070 |
|  Baker Tilly Advisory Group, LP | Delayed Draw | 793664 |
|  Baker Tilly Advisory Group, LP | Revolver | 637324 |
|  Bamboo US Bidco LLC | Delayed Draw | 10749880 |
|  Bamboo US BidCo LLC | Delayed Draw | 427384 |
|  Bamboo US Bidco LLC | Delayed Draw | 1952616 |
|  Banyan Software Holdings, LLC | Delayed Draw | 1421042 |
|  Banyan Software Holdings, LLC | Revolver | 463532 |
|  Bausch Receivables Funding LP | Revolver | 6000000 |
|  Baxter Planning Systems, LLC | Delayed Draw | 778445 |
|  Baxter Planning Systems, LLC | Revolver | 766891 |
|  BCI Burke Holding Corp | Delayed Draw | 2713298 |
|  BCI Burke Holding Corp | Revolver | 1238588 |
|  Beacon Mobility Corp. | Revolver | 592113 |
|  Beacon Pointe Harmony LLC | Delayed Draw | 107053 |
|  Beacon Pointe Harmony LLC | Delayed Draw | 7825000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Beacon Pointe Harmony LLC | Revolver | $639000 |
|  Belmont Buyer, Inc. | Delayed Draw | 1020408 |
|  Belmont Buyer, Inc. | Revolver | 421512 |
|  Benecon Midco II LLC | Revolver | 6500000 |
|  Benefit Street Technology | Revolver | 2033333 |
|  Bestop, Inc. | Delayed Draw | 1597604 |
|  Bestop, Inc. | Revolver | 1257174 |
|  Beta Plus Technologies, Inc. | Revolver | 1541000 |
|  BetterCloud, Inc. | Revolver | 6313721 |
|  Bigtime Software, Inc. | Revolver | 2327586 |
|  Bingo Group Buyer, Inc. | Delayed Draw | 1521000 |
|  Bingo Group Buyer, Inc. | Revolver | 573539 |
|  Biocare Medical LLC | Revolver | 2777778 |
|  Blackbird Purchaser, Inc. | Delayed Draw | 3007580 |
|  Blackbird Purchaser, Inc. | Revolver | 3592172 |
|  BlackHawk Industrial Distribution, Inc. | Delayed Draw | 946329 |
|  BlackHawk Industrial Distribution, Inc. | Revolver | 96008 |
|  Blue Cloud Pediatric Surgery Centers, LLC | Delayed Draw | 1973256 |
|  Blue Cloud Pediatric Surgery Centers, LLC | Revolver | 4134004 |
|  Bluefin Holding, LLC | Revolver | 3365385 |
|  BlueHalo Global Holdings, LLC | Revolver | 151261 |
|  Bluejack Fire Acquisition, Inc. | Delayed Draw | 1310926 |
|  Bluejack Fire Acquisition, Inc. | Revolver | 272282 |
|  Bluesight, Inc. | Revolver | 3700000 |
|  Bonterra LLC | Delayed Draw | 10599670 |
|  Bonterra LLC | Revolver | 8870924 |
|  Bounteous, Inc. | Revolver | 1800000 |
|  BPCP NSA Intermedco, Inc. | Delayed Draw | 3768202 |
|  BPCP NSA Intermedco, Inc. | Revolver | 2750894 |
|  BPI Intermediate Holdings, Inc. | Revolver | 1200000 |
|  BradyIFS Holdings, LLC | Delayed Draw | 847239 |
|  BradyIFS Holdings, LLC | Revolver | 2028774 |
|  Bridge Consumer Healthcare Intermediate LLC | Delayed Draw | 670426 |
|  Bridge Consumer Healthcare Intermediate LLC | Revolver | 1340853 |
|  BrightStar Group Holdings, Inc. | Revolver | 527933 |
|  BSC Top Shelf Blocker, LLC | Revolver | 294500 |
|  BSP- FL Holdings, Inc. | Delayed Draw | 5310344 |
|  BSP- FL Holdings, Inc. | Revolver | 1991379 |
|  Bullhorn, Inc. | Delayed Draw | 6526316 |
|  Bullhorn, Inc. | Revolver | 2105263 |
|  BusinesSolver.com, Inc. | Delayed Draw | 822857 |
|  BusinesSolver.com, Inc. | Delayed Draw | 1197576 |
|  Calcium Bidco Limited | Delayed Draw | 9375000 |
|  Calcium Bidco Limited | Revolver | 5000000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Caldwell & Gregory LLC | Delayed Draw | $3675000 |
|  Caldwell & Gregory LLC | Revolver | 3000000 |
|  Cambrex Corporation | Delayed Draw | 3278987 |
|  Cambrex Corporation | Revolver | 918367 |
|  Camin Cargo Control Holdings, Inc. | Delayed Draw | 269031 |
|  Camin Cargo Control Holdings, Inc. | Revolver | 59167 |
|  CAP-KSI Holdings, LLC | Revolver | 1121086 |
|  Captify Intermediate Holdings Corp. | First Lien Term Loan | 76919 |
|  Captive Resources Midco, LLC | Revolver | 79053 |
|  Carbon TopCo, Inc. | Revolver | 2739726 |
|  Cards Acquisition, Inc. | Delayed Draw | 4838996 |
|  Cards Acquisition, Inc. | Revolver | 360128 |
|  Career Certified, LLC | Delayed Draw | 6213592 |
|  Career Certified, LLC | Revolver | 4660194 |
|  Carr, Riggs and Ingram Capital, L.L.C. | Delayed Draw | 6393549 |
|  Carr, Riggs and Ingram Capital, L.L.C. | Revolver | 1374722 |
|  Cascade Purchaser, LLC | Revolver | 778967 |
|  Castle Management Borrower LLC | Revolver | 675000 |
|  CB Buyer, Inc. | Delayed Draw | 5625312 |
|  CB Buyer, Inc. | Revolver | 2803398 |
|  CC SAG Acquisition Corp. | Delayed Draw | 703756 |
|  CC SAG Acquisition Corp. | Delayed Draw | 38516 |
|  Cdata Software, Inc. | Delayed Draw | 1368505 |
|  Cdata Software, Inc. | Revolver | 3649303 |
|  CDL Parent, Inc. | Revolver | 171285 |
|  Cerity Partners, LLC | Delayed Draw | 59314508 |
|  Cerity Partners, LLC | Revolver | 1135353 |
|  Cerity Partners, LLC | Revolver | 566263 |
|  CF Newco, Inc. | Revolver | 243240 |
|  CFGI Holdings, LLC | Revolver | 1751825 |
|  CFS Brands, LLC | Revolver | 2439024 |
|  Charter Industries | Revolver | 539250 |
|  Chase Intermediate, LLC | Delayed Draw | 13432500 |
|  Chase Intermediate, LLC | Revolver | 2000000 |
|  Cherry Bekaert Advisory LLC | Delayed Draw | 510000 |
|  Cherry Bekaert Advisory LLC | Revolver | 2373418 |
|  Chirisa Volo LLC | Delayed Draw | 25653108 |
|  CI (MG) Group, LLC | Delayed Draw | 2319623 |
|  CI (MG) Group, LLC | Revolver | 522438 |
|  Circauto Bidco AB | Delayed Draw | 3257238 |
|  Circauto Bidco AB | Delayed Draw | 14659488 |
|  Citrin Cooperman Advisors, LLC | Delayed Draw | 508913 |
|  Citrin Cooperman Advisors, LLC | Delayed Draw | 156540 |
|  CL Services Acquisition, LLC | Delayed Draw | 1108000 |
|  Cleo Communications Holding, LLC | Revolver | 2140000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Climate Pros, LLC | Delayed Draw | $16500000 |
|  CMG Holdco, LLC | Delayed Draw | 836619 |
|  Cobalt Service Partners, LLC | Delayed Draw | 20271176 |
|  Cobalt Service Partners, LLC | Revolver | 3176471 |
|  Cobham Holdings, Inc. | Revolver | 2343750 |
|  Coding Solutions Acquisition, Inc. | Delayed Draw | 4798137 |
|  Coding Solutions Acquisition, Inc. | Delayed Draw | 801931 |
|  Coding Solutions Acquisition, Inc. | Revolver | 76336 |
|  Collision SP Subco, LLC | Delayed Draw | 435573 |
|  Collision SP Subco, LLC | Revolver | 920858 |
|  Command Holding Corp. | Delayed Draw | 7627119 |
|  Command Holding Corp. | Revolver | 2542373 |
|  Community Management Holdings Midco 2, LLC | Delayed Draw | 2700000 |
|  Community Management Holdings Midco 2, LLC | Revolver | 810000 |
|  Community Medical Acquisition Corp. | Revolver | 169582 |
|  ComPsych Investment Corp. | Delayed Draw | 22000000 |
|  Concert Bidco Limited | First Lien Term Loan | 3611752 |
|  Concord Global Acquisition, LLC | Delayed Draw | 3560861 |
|  Concord Global Acquisition, LLC | Revolver | 1424344 |
|  Consor Intermediate II, LLC | Delayed Draw | 4246479 |
|  Consor Intermediate II, LLC | Delayed Draw | 11550423 |
|  Consor Intermediate II, LLC | Revolver | 5239437 |
|  Continental Buyer, Inc. | Delayed Draw | 12310650 |
|  Continental Buyer, Inc. | Revolver | 11027415 |
|  Contractual Buyer, LLC | Revolver | 1500000 |
|  Coolsys, Inc. | Delayed Draw | 2824074 |
|  COP HomeTown Acquisitions, Inc. | Revolver | 1556667 |
|  COP Village Green Acquisitions, Inc. | Delayed Draw | 3118222 |
|  COP Village Green Acquisitions, Inc. | Revolver | 1870933 |
|  CORA Health Holdings Corp. | Revolver | 326923 |
|  Coretrust Purchasing Group LLC | Delayed Draw | 4511278 |
|  Coretrust Purchasing Group LLC | Delayed Draw | 3007519 |
|  Coretrust Purchasing Group LLC | Revolver | 4511278 |
|  Coreweave Compute Acquisition Co. II, LLC | Delayed Draw | 4228549 |
|  Coupa Holdings, LLC | Delayed Draw | 1851039 |
|  Coupa Holdings, LLC | Delayed Draw | 2167258 |
|  Coupa Holdings, LLC | Revolver | 3076772 |
|  CPC/Cirtec Holdings, Inc. | Revolver | 1138677 |
|  CPEX Purchaser, LLC | Delayed Draw | 247608 |
|  CPEX Purchaser, LLC | Delayed Draw | 685492 |
|  CPEX Purchaser, LLC | Revolver | 1236364 |
|  CPEX Purchaser, LLC | Revolver | 140277 |
|  CPF Dental, LLC | Delayed Draw | 32309 |
|  Cradle Lux Bidco S.A.R.L. | Delayed Draw | 316947 |
|  CRCI Longhorn Holdings, Inc. | Delayed Draw | 26253656 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  CRCI Longhorn Holdings, Inc. | Revolver | $4687772 |
|  Credit Connection, LLC | Revolver | 600000 |
|  Creek Parent, Inc. | Revolver | 23248856 |
|  Crete PA Holdco, LLC | Delayed Draw | 1905581 |
|  Crete PA Holdco, LLC | Revolver | 285837 |
|  Crewline Buyer, Inc. | Revolver | 5222499 |
|  CrossLink Professional Tax Solutions, LLC | Revolver | 1051564 |
|  CRS TH Holdings Corp | Delayed Draw | 16904025 |
|  CRS TH Holdings Corp | Revolver | 3095975 |
|  CRS TH Holdings Corp | Revolver | 4237288 |
|  CUB Financing Intermediate LLC | Delayed Draw | 2532273 |
|  Curia Global, Inc. | Revolver | 5373333 |
|  CVP Holdco, Inc. | Delayed Draw | 5731859 |
|  CVP Holdco, Inc. | Revolver | 2353141 |
|  CX Institutional, LLC | Delayed Draw | 1698000 |
|  DA Blocker Corp. | Delayed Draw | 7278184 |
|  DA Blocker Corp. | Revolver | 1698243 |
|  Databricks, Inc. | Delayed Draw | 12409561 |
|  DataLink, LLC | Revolver | 846774 |
|  Datum Acquisition, LLC | Revolver | 171600 |
|  Davidson Hotel Company LLC | Delayed Draw | 183450 |
|  Davidson Hotel Company LLC | Revolver | 60739 |
|  Dawson Rated Fund 6-R2 LP | Delayed Draw | 12871409 |
|  DCG Acquisition Corp. | Delayed Draw | 6699688 |
|  DCG Acquisition Corp. | Delayed Draw | 1002543 |
|  DCG Acquisition Corp. | Revolver | 1002543 |
|  Delorean Purchaser, Inc. | Revolver | 3430542 |
|  Demakes Borrower, LLC | Delayed Draw | 1152000 |
|  Denali Bidco, Ltd. | Delayed Draw | 2249165 |
|  Denali Buyerco LLC | Delayed Draw | 11763000 |
|  Denali Midco 2 LLC | Delayed Draw | 2688833 |
|  Dentive Capital, LLC | Delayed Draw | 2614814 |
|  Diamond Mezzanine 24 LLC | Delayed Draw | 6763338 |
|  Diamond Mezzanine 24 LLC | Revolver | 210689 |
|  Diamond Mezzanine 24 LLC | Revolver | 1500000 |
|  Diligent Corporation | Delayed Draw | 4158222 |
|  Diligent Corporation | Revolver | 2104917 |
|  Dione Bidco Limited | Delayed Draw | 6128912 |
|  DISA Holdings Corp. | Delayed Draw | 97471 |
|  DISA Holdings Corp. | Revolver | 916455 |
|  Disco Parent, LLC | Revolver | 300800 |
|  Discovery Buyer, L.P. | Delayed Draw | 30182927 |
|  Discovery Buyer, L.P. | Revolver | 7500000 |
|  Diverzify Intermediate LLC | Delayed Draw | 17142857 |
|  DMC Holdco, LLC | Delayed Draw | 3917586 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  DMC Holdco, LLC | Revolver | $2611724 |
|  DOCS MSO LLC | Revolver | 1290323 |
|  DRS Holdings III, Inc. | Revolver | 11426 |
|  DT Intermediate Holdco | Delayed Draw | 8489450 |
|  DT1 Midco Corp. | Delayed Draw | 2726133 |
|  DT1 Midco Corp. | Revolver | 1090453 |
|  DTI Holdco, Inc. | Revolver | 874917 |
|  Duggal Acquisition, LLC | Delayed Draw | 682742 |
|  Duggal Acquisition, LLC | Revolver | 957177 |
|  Duro Dyne National Corp. | Delayed Draw | 9868421 |
|  Duro Dyne National Corp. | Delayed Draw | 2837624 |
|  Duro Dyne National Corp. | Revolver | 9868421 |
|  Duro Dyne National Corp. | Revolver | 2553862 |
|  Dwyer Instruments, LLC | Delayed Draw | 984420 |
|  Dwyer Instruments, LLC | Delayed Draw | 372319 |
|  Dwyer Instruments, LLC | Revolver | 1617935 |
|  Dwyer Instruments, LLC | Revolver | 214645 |
|  Dwyer Instruments, LLC | Revolver | 20954 |
|  Dwyer Instruments, LLC | Revolver | 1978068 |
|  Eagle Family Foods, Inc. | Revolver | 4044944 |
|  Earps Midco 3 Limited | Delayed Draw | 433202 |
|  East River Bidco GmbH | Delayed Draw | 7470779 |
|  Easypark Strategy AB | Delayed Draw | 9858875 |
|  Eclipse Buyer, Inc. | Delayed Draw | 10375688 |
|  Eclipse Buyer, Inc. | Revolver | 4274703 |
|  EdgeCo Buyer, Inc. | Delayed Draw | 13064663 |
|  EdgeCo Buyer, Inc. | Revolver | 1465743 |
|  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 | 393333 |
|  Einstein Parent, Inc. | Revolver | 5508561 |
|  EIS Legacy Holdco, LLC | Delayed Draw | 681818 |
|  EIS Legacy Holdco, LLC | Revolver | 250000 |
|  EMB Purchaser, Inc. | Delayed Draw | 804349 |
|  EMB Purchaser, Inc. | Revolver | 263312 |
|  Emergency Care Partners, LLC | Delayed Draw | 5720414 |
|  Emergency Care Partners, LLC | Revolver | 2092020 |
|  Empower Payments Investor, LLC | Delayed Draw | 7602969 |
|  Empower Payments Investor, LLC | Revolver | 4319379 |
|  Empyrean Solutions LLC | Delayed Draw | 4976959 |
|  Empyrean Solutions LLC | Revolver | 1866359 |
|  Endodontic Practice Partners LLC | Delayed Draw | 2216460 |
|  Energy Acquisition LP | Delayed Draw | 1248000 |
|  Energy Acquisition LP | Delayed Draw | 1300000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  ENT MSO LLC | Delayed Draw | $1259921 |
|  ENT MSO LLC | Revolver | 122160 |
|  Enverus Holdings, Inc. | Delayed Draw | 1543121 |
|  Enverus Holdings, Inc. | Delayed Draw | 51124 |
|  Enverus Holdings, Inc. | Revolver | 4126557 |
|  Enverus Holdings, Inc. | Revolver | 137647 |
|  EOS Fitness Opco Holdings, LLC | Delayed Draw | 533322 |
|  EP Wealth Advisors, LLC | Delayed Draw | 455000 |
|  Equinox Holdings, Inc. | Second Lien Term Loan | 1778 |
|  ERC TOPCO Holdings, Inc. | Revolver | 368376 |
|  eResearchTechnology, Inc. | Delayed Draw | 2117377 |
|  eResearchTechnology, Inc. | Revolver | 692471 |
|  ESG Investments, Inc. | Delayed Draw | 2491071 |
|  ESG Investments, Inc. | Revolver | 975000 |
|  Espressor Bidco Inc. | Delayed Draw | 2830865 |
|  Espressor Bidco Inc. | Revolver | 1258162 |
|  Esquire Deposition Solutions, LLC | Revolver | 1209634 |
|  Essential Services Holding Corporation | Delayed Draw | 2081784 |
|  Essential Services Holding Corporation | Revolver | 1092937 |
|  Everbridge Holdings, LLC | Delayed Draw | 3377778 |
|  Everbridge Holdings, LLC | Revolver | 2222222 |
|  Evolent Health LLC | Revolver | 500 |
|  Exactcare Parent, Inc. | Revolver | 1032787 |
|  Excel Fitness Holdings, Inc. | Delayed Draw | 2613424 |
|  Excelitas Technologies Corp. | Delayed Draw | 1945304 |
|  Expereo USA, Inc. | Delayed Draw | 558286 |
|  Expereo USA, Inc. | First Lien Term Loan | 31506 |
|  Expereo USA, Inc. | Revolver | 268370 |
|  Fastener Distribution Holdings, LLC | Delayed Draw | 787352 |
|  Fastlap LLC | Delayed Draw | 1848000 |
|  FC Compassus, LLC | Delayed Draw | 2111759 |
|  Fenix Topco, LLC | Delayed Draw | 5439093 |
|  FH DMI Buyer, Inc. | Delayed Draw | 2488681 |
|  FH DMI Buyer, Inc. | Revolver | 916529 |
|  Financial-Information-Technologies, LLC | Delayed Draw | 17380000 |
|  Finastra USA, Inc. | Revolver | 6864661 |
|  Finastra USA, Inc. | Revolver | 493457 |
|  Fingerpaint Marketing, Inc. | Delayed Draw | 680651 |
|  Fingerpaint Marketing, Inc. | Revolver | 1948925 |
|  Firebird Acquisition Corp, Inc. | Delayed Draw | 10579096 |
|  Firebird Acquisition Corp, Inc. | Revolver | 3173729 |
|  Flint OpCo, LLC | Delayed Draw | 1903798 |
|  Flint OpCo, LLC | Revolver | 1026252 |
|  Flow Control Solutions, Inc. | Delayed Draw | 1482736 |
|  Flow Control Solutions, Inc. | Revolver | 806287 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Flow Control Solutions, Inc. | Revolver | $280693 |
|  FLS Holding, Inc. | Revolver | 1000000 |
|  Fortis Solutions Group, LLC | Delayed Draw | 13353334 |
|  Fortis Solutions Group, LLC | Revolver | 1401367 |
|  Forward Keystone Holdings, LP | Delayed Draw | 104924 |
|  Foundation Risk Partners, Corp. | Delayed Draw | 76687466 |
|  Foundation Risk Partners, Corp. | Revolver | 359993 |
|  Foundation Risk Partners, Corp. | Revolver | 385309 |
|  Foundation Risk Partners, Corp. | Revolver | 11260184 |
|  Four Winds Interactive LLC | Delayed Draw | 1231367 |
|  Four Winds Interactive LLC | Revolver | 820912 |
|  FR Vision Holdings, Inc. | Revolver | 352951 |
|  Frontline Road Safety Operations, LLC | Delayed Draw | 1017169 |
|  Frontline Road Safety Operations, LLC | Revolver | 674405 |
|  FSS Buyer LLC | Revolver | 1610390 |
|  Fullsteam Operations LLC | Delayed Draw | 3639998 |
|  Fullsteam Operations LLC | Revolver | 280593 |
|  Fyzical Buyer, LLC | Revolver | 162840 |
|  Gainsight, Inc. | Revolver | 1350000 |
|  Galileo Parent, Inc. | Revolver | 1629486 |
|  Galway Borrower, LLC | Delayed Draw | 66121 |
|  Galway Borrower, LLC | Revolver | 51194 |
|  Galway Borrower, LLC | Delayed Draw | 67143200 |
|  Galway Borrower, LLC | Delayed Draw | 3770329 |
|  Galway Borrower, LLC | Revolver | 4056298 |
|  Galway Borrower, LLC | Revolver | 95541 |
|  Gapco AIV Interholdco (CP), L.P. | Delayed Draw | 36770370 |
|  Gateway US Holdings, Inc. | Delayed Draw | 1400000 |
|  Gateway US Holdings, Inc. | Revolver | 854815 |
|  Gateway US Holdings, Inc. | Revolver | 1059583 |
|  Geo TopCo Corporation | Delayed Draw | 22338106 |
|  Geo TopCo Corporation | Revolver | 6570064 |
|  Gestion ABS Bidco, Inc. | Delayed Draw | 5531381 |
|  Gestion ABS Bidco, Inc. | Revolver | 1438159 |
|  GHX Ultimate Parent Corporation | Revolver | 6981599 |
|  Global Critical Logistics LLC | Delayed Draw | 4666667 |
|  Global Music Rights | Revolver | 9769022 |
|  GMES Intermediate Holdings, LLC | Delayed Draw | 3431611 |
|  GMES Intermediate Holdings, LLC | Revolver | 3384615 |
|  Gold Medal Holdings, Inc. | Revolver | 91774 |
|  Gold Medal Services LLC | Delayed Draw | 739742 |
|  Gold Medal Services LLC | Revolver | 75972 |
|  Goldeneye Parent, LLC | Revolver | 7731845 |
|  GovBrands Intermediate, Inc. | Revolver | 440235 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  GovDelivery Holdings, LLC | Delayed Draw | $2514000 |
|  GovDelivery Holdings, LLC | Delayed Draw | 1400253 |
|  GovDelivery Holdings, LLC | Delayed Draw | 617578 |
|  GovDelivery Holdings, LLC | Revolver | 11277301 |
|  GovDelivery Holdings, LLC | Revolver | 629279 |
|  GovernmentJobs.com, Inc. | Revolver | 1264680 |
|  Govos, Inc. | Revolver | 498000 |
|  Graffiti Buyer, Inc. | Delayed Draw | 969839 |
|  Graffiti Buyer, Inc. | Delayed Draw | 3236979 |
|  Graffiti Buyer, Inc. | Revolver | 1681548 |
|  Grand River Aseptic Manufacturing, Inc. | Revolver | 2304462 |
|  Gray Matter Systems | Delayed Draw | 609400 |
|  Gray Matter Systems | Revolver | 404300 |
|  Great Kitchens Food Company, Inc. | Revolver | 1186441 |
|  Groome Transportation of Arizona, LLC | Revolver | 2135024 |
|  Ground Penetrating Radar Systems, LLC | Delayed Draw | 4455446 |
|  Ground Penetrating Radar Systems, LLC | Revolver | 1485149 |
|  GS Acquisitionco, Inc. | Delayed Draw | 1078000 |
|  GS Acquisitionco, Inc. | Revolver | 949016 |
|  GS Acquisitionco, Inc. | Revolver | 690589 |
|  GS Seer Group Borrower LLC | Delayed Draw | 838294 |
|  GS Seer Group Borrower LLC | Revolver | 733945 |
|  GS XX Corporation | Revolver | 311000 |
|  GSV Holding, LLC | Revolver | 1602036 |
|  Guardian Restoration Partners Buyer, LLC | Delayed Draw | 2078987 |
|  Guardian Restoration Partners Buyer, LLC | Revolver | 486822 |
|  Guidehouse, Inc. | First Lien Term Loan | 85700 |
|  Gumtree Industrial Services Bidco Pty Limited | Delayed Draw | 1146735 |
|  H2 Holdco, Inc. | Delayed Draw | 910105 |
|  HALO Buyer, Inc. | Revolver | 4264984 |
|  Harley Exteriors Acquisition, LLC | Delayed Draw | 514000 |
|  Harley Exteriors Acquisition, LLC | Revolver | 172800 |
|  HASA Acquisition, LLC | Delayed Draw | 755279 |
|  HASA Acquisition, LLC | Revolver | 527122 |
|  HBWM Intermediate II, LLC | Revolver | 2459591 |
|  HCR Commerical Roofing Holdings, Inc. | Revolver | 88800 |
|  HealthEdge Software, Inc. | Revolver | 442000 |
|  HeartLand PPC Buyer, LLC | Delayed Draw | 1757755 |
|  HeartLand PPC Buyer, LLC | Revolver | 2299036 |
|  HEC Purchaser Corp. | Revolver | 2052486 |
|  Helium Acquirer Corporation | Revolver | 1159767 |
|  HemaSource, Inc. | Revolver | 5000000 |
|  Heniff Holdco, LLC | Revolver | 275094 |
|  Heritage Environmental Services, Inc. | Delayed Draw | 475684 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Heritage Environmental Services, Inc. | Revolver | $1199012 |
|  Higginbotham Insurance Agency, Inc. | Delayed Draw | 11371579 |
|  Higginbotham Insurance Agency, Inc. | Delayed Draw | 1132938 |
|  High Bar Brands Operating, LLC | Delayed Draw | 1912493 |
|  High Bar Brands Operating, LLC | Revolver | 1267370 |
|  Higher Logic, LLC | Revolver | 700930 |
|  Home Service Topco IV, Inc. | Delayed Draw | 6533018 |
|  Home Service Topco IV, Inc. | Revolver | 1066677 |
|  Homecare Software Solutions LLC | Revolver | 1415094 |
|  Horizon Avionics Buyer, LLC | Delayed Draw | 1127095 |
|  Horizon Avionics Buyer, LLC | Revolver | 1393693 |
|  HPS Consumer Discretionary | First Lien Term Loan | 12963 |
|  HPS Specialty Loan Fund V Feeder, L.P. | First Lien Term Loan | 62186750 |
|  HS Spa Holdings, Inc. | Delayed Draw | 127500 |
|  HS Spa Holdings, Inc. | Revolver | 210214 |
|  HSI Halo Acquisition, Inc. | Delayed Draw | 1746952 |
|  HSI Halo Acquisition, Inc. | Revolver | 1711863 |
|  HT Intermediary III, Inc. | Delayed Draw | 3849350 |
|  HT Intermediary III, Inc. | Revolver | 1384675 |
|  HTI Intermediate, LLC | Delayed Draw | 423000 |
|  HTI Intermediate, LLC | Revolver | 169500 |
|  Hydraulic Technologies USA LLC | Revolver | 2707710 |
|  Hyland Software, Inc. | Revolver | 2262444 |
|  Icefall Parent, Inc. | Revolver | 1281729 |
|  iCIMS, Inc. | Revolver | 1567618 |
|  ID Label Holdings, Inc. | Revolver | 1000000 |
|  IEQ MIDCO III, LLC | Delayed Draw | 6721219 |
|  IFH Franchisee Holdings LLC | Delayed Draw | 626715 |
|  IFH Franchisee Holdings LLC | Revolver | 333 |
|  IG Investment Holdings, LLC | Revolver | 5972407 |
|  IG Investment Holdings, LLC | Revolver | 1105999 |
|  IG Investment Holdings, LLC | Revolver | 722543 |
|  Imagine 360 LLC | Delayed Draw | 2404220 |
|  Imagine 360 LLC | Revolver | 1023922 |
|  Imagine Acquisitionco, Inc. | Revolver | 1108360 |
|  Indigo Buyer, Inc. | Delayed Draw | 22540000 |
|  Indigo Buyer, Inc. | Delayed Draw | 711335 |
|  Indigo Buyer, Inc. | Revolver | 2000000 |
|  Infinity Home Services Holdco, Inc. | Delayed Draw | 2627622 |
|  InhabitIQ, Inc. | Delayed Draw | 3661255 |
|  InhabitIQ, Inc. | Revolver | 2288284 |
|  Innovative Discovery, LLC | Revolver | 1128000 |
|  Innovetive Petcare, LLC | Delayed Draw | 256481 |
|  Innovetive Petcare, LLC | Delayed Draw | 820640 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Inovex Information Systems Incorporated | Delayed Draw | $3279857 |
|  Inovex Information Systems Incorporated | Revolver | 1636364 |
|  Integrated Power Services Holdings, Inc. | Delayed Draw | 7567638 |
|  Integrated Power Services Holdings, Inc. | Revolver | 2427409 |
|  Integrity Marketing Acquisition, LLC | Delayed Draw | 3792087 |
|  Integrity Marketing Acquisition, LLC | Delayed Draw | 20770491 |
|  Integrity Marketing Acquisition, LLC | Revolver | 248832 |
|  Integrity Marketing Acquisition, LLC | Revolver | 5280000 |
|  Integrity Marketing Acquisition, LLC | Revolver | 370370 |
|  INTEL 471, Inc. | Delayed Draw | 9687500 |
|  Invicti Intermediate 2, LLC | Revolver | 1090909 |
|  IQN Holding Corp. | Delayed Draw | 1262567 |
|  IQN Holding Corp. | Revolver | 988235 |
|  Iris Buyer LLC | Delayed Draw | 972473 |
|  IvyRehab Intermediate II, LLC | Delayed Draw | 7300000 |
|  IvyRehab Intermediate II, LLC | Delayed Draw | 8520000 |
|  IvyRehab Intermediate II, LLC | Revolver | 122807 |
|  IXOPay, Inc. | Delayed Draw | 3475000 |
|  IXOPay, Inc. | Revolver | 765000 |
|  J.S. Held Holdings LLC | Delayed Draw | 2544797 |
|  J.S. Held Holdings LLC | Revolver | 1197264 |
|  JFL-Atomic Acquisitionco, Inc. | Delayed Draw | 2058038 |
|  JFL-Atomic Acquisitionco, Inc. | Revolver | 667328 |
|  JHCC Holdings LLC | Delayed Draw | 1444728 |
|  JKC Parent, Inc. | Delayed Draw | 1570437 |
|  JKC Parent, Inc. | Revolver | 872465 |
|  JTM Foods, LLC | Revolver | 2699500 |
|  KabaFusion Parent LLC | Revolver | 250000 |
|  KabaFusion Parent LLC | Revolver | 2500000 |
|  Kano Intermediate, Inc. | Delayed Draw | 7676768 |
|  Kano Intermediate, Inc. | Revolver | 1919192 |
|  KBP Investments LLC | Delayed Draw | 3444691 |
|  Keel Platform, LLC | Delayed Draw | 6821892 |
|  Kelso Industries LLC | Delayed Draw | 1722793 |
|  Kenco PPC Buyer, LLC | Revolver | 915072 |
|  KENE Acquisition, Inc. | Delayed Draw | 4449439 |
|  KENE Acquisition, Inc. | Delayed Draw | 4530678 |
|  KENE Acquisition, Inc. | Revolver | 3401559 |
|  KENG Acquisition, Inc. | Delayed Draw | 3409200 |
|  KENG Acquisition, Inc. | Delayed Draw | 20040323 |
|  KENG Acquisition, Inc. | Revolver | 3266129 |
|  Keystone Agency Partners LLC | Delayed Draw | 12786072 |
|  Keystone Partners, LLC | Delayed Draw | 367800 |
|  Keystone Partners, LLC | Revolver | 352000 |
|  Kittyhawk, Inc. | Revolver | 466500 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  KL Charlie Acquisition Company | Delayed Draw | $872757 |
|  KL Hilltop Acquisition, LLC | Delayed Draw | 9177132 |
|  KL Hilltop Acquisition, LLC | Revolver | 4222973 |
|  Kleinfelder Intermediate LLC | Delayed Draw | 2213115 |
|  Kleinfelder Intermediate LLC | Revolver | 1475410 |
|  Kohlberg Kinetic Borrower, LP | Delayed Draw | 12751515 |
|  KPSKY Acquisition, Inc. | Delayed Draw | 54340000 |
|  Kravet Design, LLC | Revolver | 2275606 |
|  KRIV Acquisition Inc. | Delayed Draw | 10826923 |
|  KRIV Acquisition Inc. | Delayed Draw | 4585000 |
|  KRIV Acquisition Inc. | Revolver | 2760532 |
|  KWOL Acquisition, Inc. | Revolver | 3138075 |
|  KWOL Acquisition, Inc. | Revolver | 800881 |
|  KWOR Acquisition, Inc. | Delayed Draw | 3200000 |
|  KWOR Acquisition, Inc. | Revolver | 2300000 |
|  L & J Holding Company, LLC | Delayed Draw | 1285000 |
|  L & J Holding Company, LLC | Revolver | 288000 |
|  LabVantage Solutions, Inc. | Revolver | 283750 |
|  Lawn Care Holdings Purchaser, Inc. | Delayed Draw | 2456320 |
|  Lawn Care Holdings Purchaser, Inc. | Revolver | 488600 |
|  LeadsOnline, LLC | Revolver | 1176470 |
|  LeadVenture, Inc. | Delayed Draw | 2514887 |
|  LeadVenture, Inc. | Delayed Draw | 3804204 |
|  LeadVenture, Inc. | Revolver | 4751075 |
|  LeaseCrunch, LLC | Revolver | 735000 |
|  Legends Hospitality Holding Company, LLC | Delayed Draw | 4029641 |
|  Legends Hospitality Holding Company, LLC | Revolver | 4311715 |
|  Lehman Pipe Buyer, LLC | Revolver | 693750 |
|  LendingTree, Inc. | Delayed Draw | 714286 |
|  Lido Advisors, LLC | Delayed Draw | 3830578 |
|  Lido Advisors, LLC | Revolver | 224000 |
|  Life Science Intermediate Holdings, LLC | Delayed Draw | 3820000 |
|  Lightbeam Bidco, Inc. | Delayed Draw | 2935777 |
|  Lightbeam Bidco, Inc. | Revolver | 685491 |
|  Lighthouse Parent Holdings, Inc. | Delayed Draw | 8653846 |
|  Lighthouse Parent Holdings, Inc. | Revolver | 3461538 |
|  Link Apartments Opportunity Zone REIT | Delayed Draw | 691091 |
|  Litera Bidco LLC | Delayed Draw | 5526317 |
|  Litera Bidco LLC | Revolver | 341799 |
|  LivTech Purchaser, Inc. | Delayed Draw | 1055013 |
|  LivTech Purchaser, Inc. | Revolver | 274865 |
|  LJ Avalon Holdings, LLC | Delayed Draw | 3017241 |
|  LJ Avalon Holdings, LLC | Revolver | 1810345 |
|  LJ Avalon Holdings, LLC | Revolver | 1034483 |
|  LogRhythm, Inc. | Revolver | 2850773 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  LR Orion Bidco Limited | Delayed Draw | $13824490 |
|  LR Orion Bidco Limited | Revolver | 7026237 |
|  Magneto Components Buyco, LLC | Delayed Draw | 3636364 |
|  Magneto Components Buyco, LLC | Revolver | 3030303 |
|  MAI Capital Management Intermediate LLC | Delayed Draw | 12768391 |
|  MAI Capital Management Intermediate LLC | Revolver | 5269067 |
|  Majco LLC | Delayed Draw | 8794159 |
|  Majco LLC | Revolver | 1666667 |
|  Mammoth Holdings, LLC | Revolver | 2272727 |
|  Management Consulting & Research, LLC | Delayed Draw | 2400000 |
|  Management Consulting & Research, LLC | Revolver | 3563588 |
|  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 | 1254470 |
|  Markon, LLC | Delayed Draw | 10833333 |
|  Markon, LLC | Revolver | 1333333 |
|  Marmic Fire & Life Safety Co. | Delayed Draw | 5316667 |
|  Marmic Fire & Life Safety Co. | Revolver | 2602564 |
|  MB2 Dental Solutions, LLC | Delayed Draw | 1598481 |
|  MB2 Dental Solutions, LLC | Delayed Draw | 22785814 |
|  MB2 Dental Solutions, LLC | Revolver | 251068 |
|  MB2 Dental Solutions, LLC | Revolver | 699291 |
|  MBS Holdings, Inc. | Revolver | 1118644 |
|  Mc Group Ventures Corporation | Delayed Draw | 8735576 |
|  Mclarens Midco, Inc. | Delayed Draw | 907014 |
|  MEI Buyer, LLC | Revolver | 2079379 |
|  Mercury Bidco LLC | Revolver | 3061225 |
|  Metatiedot Bidco Oy | Delayed Draw | 155504 |
|  Metatiedot Bidco Oy | Revolver | 103072 |
|  MGT Merger Target, LLC | Revolver | 1939655 |
|  MicroStar Logistics LLC | Revolver | 374 |
|  Millstone Medical Outsourcing, LLC | Revolver | 3018868 |
|  Mindbody, Inc. | Revolver | 1142857 |
|  Miraclon Corporation | Revolver | 6658647 |
|  MIS Acquisition, LLC | Revolver | 2133333 |
|  Mist Holding Co. | Delayed Draw | 4617897 |
|  Mist Holding Co. | Revolver | 1068545 |
|  MN Acquisition, Inc. | Revolver | 1392295 |
|  Monotype Imaging Holdings, Inc. | Delayed Draw | 2644828 |
|  Monotype Imaging Holdings, Inc. | Revolver | 5172414 |
|  Monroe Engineering Group LLC | Delayed Draw | 14184000 |
|  More Cowbell II LLC | Delayed Draw | 6473693 |
|  More Cowbell II LLC | Revolver | 3589326 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Motion & Control Enterprises LLC | Delayed Draw | $2785793 |
|  Motion & Control Enterprises LLC | Revolver | 282113 |
|  Motor Vehicle Software Corporation | Revolver | 1243544 |
|  Mountain Parent, Inc. | Delayed Draw | 2975411 |
|  Mountain Parent, Inc. | Delayed Draw | 11655000 |
|  Mountain Parent, Inc. | Revolver | 1586883 |
|  Mountain Parent, Inc. | Revolver | 6216000 |
|  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 | 408734 |
|  Movati Athletic Group, Inc. | Revolver | 2053219 |
|  MRI Software, LLC | Delayed Draw | 28813916 |
|  MRI Software, LLC | Revolver | 16837739 |
|  MSIS Holdings, Inc. | Delayed Draw | 1040005 |
|  MSIS Holdings, Inc. | Revolver | 742003 |
|  My Buyer, LLC | Revolver | 268375 |
|  National Dentex Labs, LLC | Revolver | 137931 |
|  NCP-MSI Buyer, Inc. | Delayed Draw | 761946 |
|  NCP-MSI Buyer, Inc. | Revolver | 742 |
|  NEFCO Holding Company LLC | Revolver | 123520 |
|  Nelipak Holding Company | Delayed Draw | 10461955 |
|  Nelipak Holding Company | Revolver | 1306250 |
|  Nelipak Holding Company | Revolver | 646246 |
|  Net Health Acquisition Corp | Revolver | 2966368 |
|  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 | 8635898 |
|  Netwrix Corporation And Concept Searching, Inc. | Revolver | 2870000 |
|  Next HoldCo, LLC | Delayed Draw | 18956199 |
|  Next HoldCo, LLC | Revolver | 7114625 |
|  NFM & J, LP | Delayed Draw | 4942969 |
|  NFM & J, LP | Revolver | 1725587 |
|  NL1 Acquire Corp. | Revolver | 473660 |
|  North Star Acquisitionco LLC | Revolver | 1535173 |
|  Northstar Recycling, Inc. | Delayed Draw | 4411765 |
|  Northstar Recycling, Inc. | Revolver | 2941176 |
|  NWI Merger Sub, Inc. | Delayed Draw | 3366000 |
|  NWI Merger Sub, Inc. | Revolver | 1306000 |
|  Oakbridge Insurance Agency LLC | Delayed Draw | 2612206 |
|  Oakbridge Insurance Agency LLC | Revolver | 626079 |
|  OB Hospitalist Group | Revolver | 2862595 |
|  OEConnection LLC | Delayed Draw | 7395112 |
|  OEConnection LLC | Revolver | 9572424 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  OIA Acquisition, LLC | Revolver | $685714 |
|  Oil Changer Holding Corporation | Delayed Draw | 354947 |
|  OIS Management Services, LLC | Delayed Draw | 2757485 |
|  OIS Management Services, LLC | Revolver | 1423077 |
|  Oliver Packaging, LLC | Revolver | 892221 |
|  Olympic Buyer, Inc. | Revolver | 1607843 |
|  Omega Systems Intermediate Holdings, Inc. | Delayed Draw | 7500000 |
|  Omega Systems Intermediate Holdings, Inc. | Revolver | 2250000 |
|  OMH-Healthedge Holdings, Inc. | Revolver | 488722 |
|  Omni Fiber, LLC | Delayed Draw | 15000000 |
|  OneCare Media, LLC | Revolver | 400000 |
|  oneZero Financial Systems, LLC | Delayed Draw | 3234615 |
|  oneZero Financial Systems, LLC | Revolver | 3485577 |
|  Onit, Inc. | Delayed Draw | 5688678 |
|  Onit, Inc. | Delayed Draw | 17361111 |
|  Onit, Inc. | Revolver | 7683263 |
|  Ons Mso, LLC | Delayed Draw | 3350887 |
|  Ons Mso, LLC | Revolver | 2150468 |
|  Onsite Holdings, LLC | Revolver | 613450 |
|  Onyx-Fire Protection Services, Inc. | Delayed Draw | 1624362 |
|  Onyx-Fire Protection Services, Inc. | Revolver | 2959363 |
|  Optimizely North America Inc. | Revolver | 4701528 |
|  Oracle Vision Holdco Limited | Delayed Draw | 3503182 |
|  Oranje Holdco, Inc. | Revolver | 1629556 |
|  Org USME Buyer, LLC | Revolver | 112348 |
|  Orion Group FM Holdings, LLC | Delayed Draw | 28802632 |
|  Orion Group FM Holdings, LLC | Revolver | 2750000 |
|  Orthodontic Partners, LLC | Delayed Draw | 3013116 |
|  OSP Hamilton Purchaser, LLC | Delayed Draw | 29517937 |
|  OSP Hamilton Purchaser, LLC | Revolver | 4200000 |
|  Outerbox, LLC | Delayed Draw | 533000 |
|  Outerbox, LLC | Revolver | 298000 |
|  Packaging Coordinators Midco, Inc. | Delayed Draw | 54882155 |
|  Packaging Coordinators Midco, Inc. | Revolver | 12962963 |
|  PAG Holding Corporation | Revolver | 1215568 |
|  PAG Holding Corporation | Revolver | 1525116 |
|  PAI Financing Merger Sub LLC | Revolver | 2625000 |
|  Palmetto Technology Group, LLC | Delayed Draw | 1243620 |
|  Palmetto Technology Group, LLC | Revolver | 79670 |
|  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 | 757283 |
|  Park Place Technologies, LLC | Delayed Draw | 2973878 |
|  Park Place Technologies, LLC | Revolver | 2789927 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  PAS Parent, Inc. | Delayed Draw | $4158375 |
|  PAS Parent, Inc. | Revolver | 163746 |
|  Pathstone Family Office, LLC | Revolver | 1340256 |
|  Pathstone Family Office, LLC | Revolver | 1084049 |
|  Patriot Growth Insurance Services, LLC | Delayed Draw | 8880000 |
|  Patriot Growth Insurance Services, LLC | Delayed Draw | 2960000 |
|  Patriot Growth Insurance Services, LLC | Revolver | 1330189 |
|  Pavion Corp. | Delayed Draw | 445667 |
|  Payroc Buyer, LLC | Revolver | 54382 |
|  PC Dreamscape Opco, Inc. | Revolver | 1315789 |
|  PCMI Parent, LLC | Revolver | 528451 |
|  PDI TA Holdings, Inc. | Revolver | 3564520 |
|  PDQ.com Corporation | Delayed Draw | 11921850 |
|  PDQ.com Corporation | Revolver | 8343653 |
|  Pediatric Home Respiratory Services LLC | Delayed Draw | 4800000 |
|  Pediatric Home Respiratory Services LLC | Revolver | 2240000 |
|  Penn TRGRP Holdings, LLC | Delayed Draw | 736411 |
|  Penn TRGRP Holdings, LLC | Revolver | 6289245 |
|  People Corporation | Delayed Draw | 4539633 |
|  Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw | 1024277 |
|  Petra Borrower, LLC | Delayed Draw | 2170831 |
|  Petra Borrower, LLC | Revolver | 250480 |
|  Petrus Buyer, Inc. | Delayed Draw | 2395604 |
|  Petrus Buyer, Inc. | Revolver | 1923077 |
|  PetVet Care Centers, LLC | Delayed Draw | 5188750 |
|  PetVet Care Centers, LLC | Revolver | 5188750 |
|  Phantom Purchaser, Inc. | Revolver | 3158191 |
|  PharmaForceIQ Acquisition, Inc. | Revolver | 273600 |
|  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 Treatment Centers, Inc. | Revolver | 285714 |
|  Pinnacle Treatment Centers, Inc. | Revolver | 622298 |
|  PLA Buyer, LLC | Delayed Draw | 698593 |
|  PLA Buyer, LLC | Revolver | 1082819 |
|  Playpower, Inc. | Revolver | 3282828 |
|  Polaris Labs Acquisition, LLC | Revolver | 277500 |
|  Polycorp Ltd. | Delayed Draw | 5340000 |
|  Polycorp Ltd. | Revolver | 1230500 |
|  Power Grid Holdings, Inc. | Revolver | 1900000 |
|  Power Grid Holdings, Inc. | Revolver | 9249535 |
|  PowerGEM Buyer, Inc. | Delayed Draw | 7000000 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  PowerGEM Buyer, Inc. | Revolver | $3500000 |
|  POY Holdings, LLC | Delayed Draw | 1225000 |
|  POY Holdings, LLC | Revolver | 962604 |
|  PPV Intermediate Holdings LLC | Delayed Draw | 2574286 |
|  PPV Intermediate Holdings LLC | Revolver | 2538076 |
|  Premier Care Dental Management, LLC | Delayed Draw | 869170 |
|  Premier Care Dental Management, LLC | Delayed Draw | 1506675 |
|  Premier Care Dental Management, LLC | Revolver | 225582 |
|  Premier Care Dental Management, LLC | Revolver | 339519 |
|  Premier Care Dental Management, LLC | Revolver | 979583 |
|  Premise Health Holding Corp. | Revolver | 2037609 |
|  Premium Group B2 | Delayed Draw | 4182812 |
|  Process Insights Acquisition, Inc. | Delayed Draw | 810340 |
|  Process Insights Acquisition, Inc. | Revolver | 17827 |
|  ProcessUnity Holdings, LLC | Revolver | 1000000 |
|  Project Accelerate Parent, LLC | Revolver | 6250000 |
|  Project Pathfinder Borrower, LLC | Revolver | 6666667 |
|  Propio LS LLC | Revolver | 1929676 |
|  PT Intermediate Holdings III, LLC | Delayed Draw | 3737391 |
|  PT Intermediate Holdings III, LLC | First Lien Term Loan | 235682 |
|  PT&C Group, LLC | Delayed Draw | 1621567 |
|  PT&C Group, LLC | Revolver | 663640 |
|  Puma Buyer, LLC | Revolver | 3718546 |
|  PumpTech, LLC | Delayed Draw | 1405482 |
|  PumpTech, LLC | Revolver | 438630 |
|  QBS Parent, Inc. | Revolver | 8438049 |
|  QF Holdings, Inc. | Revolver | 43860 |
|  Qin's Buffalo, LLC | Delayed Draw | 585173 |
|  Quality Automotive Services, LLC | Delayed Draw | 2836161 |
|  Quality Automotive Services, LLC | Revolver | 1477132 |
|  Quick Quack Car Wash Holdings, LLC | Delayed Draw | 2403333 |
|  Quick Quack Car Wash Holdings, LLC | Revolver | 2333333 |
|  QVF Acquisition, Inc. | Delayed Draw | 2727272 |
|  QVF Acquisition, Inc. | Revolver | 1727273 |
|  R&T Acquisitions, LLC | Delayed Draw | 5770569 |
|  R&T Acquisitions, LLC | Revolver | 2308228 |
|  R1 Holdings LLC | Revolver | 1644796 |
|  Race Winning Brands, Inc. | Revolver | 729167 |
|  Radwell Parent, LLC | Delayed Draw | 17674956 |
|  Radwell Parent, LLC | Revolver | 1558027 |
|  Rally Buyer, Inc. | Revolver | 604614 |
|  Raney's, LLC | Revolver | 105600 |
|  Ranger Buyer, Inc. | Revolver | 1923077 |
|  Raven Buyer, Inc. | Revolver | 429545 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Rawlings Sports Goods Company, Inc. | Revolver | $518 |
|  RB Holdings Interco, LLC | Revolver | 115423 |
|  RCP Nats Purchaser, LLC | Delayed Draw | 9603545 |
|  RCP Nats Purchaser, LLC | Revolver | 7378731 |
|  RCS Industrials | Revolver | 285714 |
|  Reagent Chemical Research, Inc. | Revolver | 583000 |
|  Recorded Book, Inc. | Revolver | 534759 |
|  Recorded Book, Inc. | Revolver | 129638 |
|  Red Fox CD Acquisition Corporation | Delayed Draw | 1083172 |
|  Redwood Services Group, LLC | Delayed Draw | 67129374 |
|  Redwood Services Group, LLC | Delayed Draw | 345962 |
|  Redwood Services, LLC | Delayed Draw | 1016015 |
|  RefrigiWear, LLC | Revolver | 2601896 |
|  RefrigiWear, LLC | Revolver | 7329164 |
|  Regent Holding Company, LLC | Revolver | 1917293 |
|  Registrar Intermediate, LLC | Delayed Draw | 611040 |
|  Registrar Intermediate, LLC | Revolver | 13983 |
|  Relevant Industrial, LLC | Delayed Draw | 1438849 |
|  Relevant Industrial, LLC | Revolver | 863309 |
|  Renovation Systems, LLC | Delayed Draw | 1501500 |
|  Renovation Systems, LLC | Revolver | 48010 |
|  REP Behavioral Health, LLC | Delayed Draw | 4615385 |
|  REP Behavioral Health, LLC | Revolver | 1823077 |
|  Revalize, Inc. | Revolver | 272400 |
|  Revival Animal Health, LLC | Revolver | 251123 |
|  RFS Opco LLC | Delayed Draw | 3071587 |
|  RH Buyer, Inc. | Revolver | 1056153 |
|  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 | 35000000 |
|  Riskonnect Parent, LLC | Revolver | 5140200 |
|  Riverside Assessments, LLC | Revolver | 3400000 |
|  RJW Group Holdings, Inc. | Delayed Draw | 1217391 |
|  RKD Group, LLC | Delayed Draw | 257142 |
|  Rotation Buyer, LLC | Delayed Draw | 419431 |
|  Rotation Buyer, LLC | Revolver | 173657 |
|  RPC Topco, Inc. | Revolver | 3030303 |
|  RPM Intermediate Holdings, Inc. | Delayed Draw | 1294643 |
|  Runway Bidco, LLC | Delayed Draw | 13149349 |
|  Runway Bidco, LLC | Revolver | 6611573 |
|  RWA Wealth Partners, LLC | Delayed Draw | 1684630 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  RWA Wealth Partners, LLC | Revolver | $529926 |
|  Saab Purchaser, Inc. | Delayed Draw | 9574468 |
|  Saab Purchaser, Inc. | Revolver | 4787234 |
|  Safety Borrower Holdings | Revolver | 508475 |
|  Sage Dental Management, LLC | Delayed Draw | 1987380 |
|  Sage Dental Management, LLC | Revolver | 736800 |
|  SageSure Holdings, LLC | Delayed Draw | 4426229 |
|  SailPoint Technologies, Inc. | Revolver | 483072 |
|  Sako and Partners Lower Holdings LLC | Delayed Draw | 3549655 |
|  Sako and Partners Lower Holdings LLC | Revolver | 104368 |
|  Sapphire Software Buyer, Inc. | Revolver | 1890791 |
|  Saturn Borrower Inc. | Delayed Draw | 2539149 |
|  Saturn Borrower Inc. | Revolver | 1142617 |
|  SDG Mgmt Company, LLC | Delayed Draw | 4665065 |
|  SDG Mgmt Company, LLC | Revolver | 525938 |
|  Seahawk Bidco, LLC | Delayed Draw | 3000000 |
|  Seahawk Bidco, LLC | Revolver | 1090909 |
|  Secret Bidco Limited | Delayed Draw | 1938895 |
|  Secret Bidco Limited | Revolver | 1163337 |
|  Securonix, Inc. | Revolver | 2236581 |
|  SEI Holding I Corporation | Delayed Draw | 3762264 |
|  SEI Holding I Corporation | Delayed Draw | 2844123 |
|  SEI Holding I Corporation | Revolver | 2442805 |
|  Seismic Software, Inc. | Delayed Draw | 7993721 |
|  Seismic Software, Inc. | Revolver | 272390 |
|  SePro Holdings, LLC | Delayed Draw | 5416667 |
|  SePro Holdings, LLC | Revolver | 1805556 |
|  Severin Acquisition, LLC | Delayed Draw | 12480944 |
|  Severin Acquisition, LLC | Revolver | 6826772 |
|  SG Acquisition, Inc. | Revolver | 3643725 |
|  Shock Doctor Intermediate LLC | Revolver | 2099664 |
|  SIB Corp. | Delayed Draw | 2523787 |
|  SIB Corp. | Revolver | 214922 |
|  Sigma Electric Manufacturing Corporation | Revolver | 61859 |
|  Sigma Irish Acquico Limited | Delayed Draw | 2222222 |
|  Signature Dental Partners LLC | Delayed Draw | 1380783 |
|  Signature MD, Inc. | Delayed Draw | 630950 |
|  Signature MD, Inc. | Revolver | 338335 |
|  Simplicity Financial Marketing Group Holdings, Inc. | Delayed Draw | 7960289 |
|  Simplicity Financial Marketing Group Holdings, Inc. | Revolver | 4738267 |
|  SintecMedia NYC, Inc. | Revolver | 762712 |
|  Skylark UK Debtco Limited | Delayed Draw | 3267193 |
|  Smile Doctors, LLC | Delayed Draw | 1415000 |
|  Smile Doctors, LLC | Revolver | 2208481 |
|  Socket Holdings Corporation | Delayed Draw | 6779661 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Socket Holdings Corporation | Revolver | $1694915 |
|  Soleo Holdings, Inc. | Delayed Draw | 1055493 |
|  Soleo Holdings, Inc. | Revolver | 1055493 |
|  Sonar Acquisitionco, Inc. | Delayed Draw | 17358491 |
|  Sonar Acquisitionco, Inc. | Revolver | 2264151 |
|  Sonny's Enterprises, LLC | Revolver | 538873 |
|  Southern Air & Heat Holdings, LLC | First Lien Term Loan | 23209565 |
|  Southern Orthodontic Partners Management, LLC | Delayed Draw | 1215021 |
|  Southpaw AP Buyer, LLC | Delayed Draw | 51458 |
|  Southpaw AP Buyer, LLC | Revolver | 225694 |
|  Spaceship Purchaser, Inc. | Delayed Draw | 993095 |
|  Spaceship Purchaser, Inc. | Delayed Draw | 413790 |
|  Spaceship Purchaser, Inc. | Revolver | 927593 |
|  Spanx, LLC | Revolver | 12096621 |
|  Spark Purchaser, Inc. | Revolver | 1351351 |
|  Spartronics LLC | Revolver | 201801 |
|  Specialized Dental Holdings II, LLC | Delayed Draw | 1503758 |
|  Spectrum Safety Solutions Purchaser, LLC | Delayed Draw | 2173913 |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 991390 |
|  Spectrum Safety Solutions Purchaser, LLC | Revolver | 728778 |
|  Spindrift Beverage Co., Inc. | Delayed Draw | 180749 |
|  Spindrift Beverage Co., Inc. | Revolver | 301447 |
|  Spotless Brands, LLC | Revolver | 617973 |
|  Spruce Bidco II Inc. | Revolver | 20575587 |
|  ST Athena Global LLC | Delayed Draw | 934107 |
|  ST Athena Global LLC | Revolver | 2507647 |
|  Stack Sports Buyer, LLC | Delayed Draw | 3959889 |
|  Stanton Carpet Corp. | Revolver | 1189468 |
|  Star Dental Partners, LLC | Delayed Draw | 337365 |
|  Star Dental Partners, LLC | Revolver | 260500 |
|  STCH Intermediate Inc. | Revolver | 363481 |
|  Stepping Stones Healthcare Services, LLC | Delayed Draw | 2900000 |
|  Stepping Stones Healthcare Services, LLC | Revolver | 2000000 |
|  Summit Buyer, LLC | Delayed Draw | 11649457 |
|  Summit Buyer, LLC | Revolver | 5706522 |
|  SumUp Holdings MidCo S.A.R.L. | Delayed Draw | 19175224 |
|  Sun Acquirer Corp. | Delayed Draw | 4914300 |
|  Sun Acquirer Corp. | Revolver | 243455 |
|  Sun Orchard, LLC | Delayed Draw | 1433710 |
|  Superior Insurance Partners LLC | Delayed Draw | 2657355 |
|  Superior Insurance Partners LLC | Revolver | 352000 |
|  Superman Holdings LLC | Delayed Draw | 1572455 |
|  Superman Holdings LLC | Revolver | 1934236 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  SureScripts LLC | Revolver | $1644755 |
|  SureWerx Purchaser III, Inc. | Delayed Draw | 1375000 |
|  SureWerx Purchaser III, Inc. | Revolver | 340911 |
|  SurfacePrep Buyer, LLC | Delayed Draw | 5298460 |
|  SurfacePrep Buyer, LLC | Delayed Draw | 6480000 |
|  SurfacePrep Buyer, LLC | Revolver | 9555282 |
|  SV Newco 2, Inc. | Delayed Draw | 1736328 |
|  SV Newco 2, Inc. | Delayed Draw | 3005859 |
|  SV Newco 2, Inc. | Revolver | 4687501 |
|  SV-Areo Holdings, LLC | Delayed Draw | 13432836 |
|  SWK Buyer, Inc. | Revolver | 1228070 |
|  Tamarack Intermediate, LLC | Revolver | 3023438 |
|  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 | 19657223 |
|  Tau Buyer, LLC | Revolver | 7678603 |
|  TBRS, Inc. | Delayed Draw | 5744681 |
|  TBRS, Inc. | Revolver | 3000000 |
|  TCP Hawker Intermediate LLC | Delayed Draw | 1695721 |
|  TCP Hawker Intermediate LLC | Revolver | 435 |
|  Team Acquisition Corporation | Revolver | 4618975 |
|  Team, Inc. | Delayed Draw | 2262888 |
|  Telle Tire & Auto Service, LLC | Delayed Draw | 353938 |
|  Telle Tire & Auto Service, LLC | Revolver | 61889 |
|  TerSera Therapeutics, LLC | Revolver | 531828 |
|  Tex-Tech Industries, Inc. | Delayed Draw | 502598 |
|  The Arcticom Group, LLC | Delayed Draw | 160858 |
|  The Arcticom Group, LLC | First Lien Term Loan | 24426 |
|  The Arcticom Group, LLC | Revolver | 1542857 |
|  The Chartis Group, LLC | Delayed Draw | 6691585 |
|  The Chartis Group, LLC | Revolver | 3345792 |
|  The Chempetitive Group | Delayed Draw | 1373750 |
|  The Chempetitive Group | Revolver | 401850 |
|  The Colt Group Intermediate, LLC | Delayed Draw | 1215441 |
|  The Colt Group Intermediate, LLC | Revolver | 782353 |
|  The Hiller Companies, Inc. | Delayed Draw | 1832777 |
|  The Hiller Companies, Inc. | Revolver | 1592565 |
|  The Ultimus Group Midco, LLC | Delayed Draw | 4820114 |
|  The Ultimus Group Midco, LLC | Revolver | 3515654 |
|  The Vertex Companies, Inc. | Delayed Draw | 5452703 |
|  The Vertex Companies, Inc. | Revolver | 1304348 |
|  The Vertex Companies, Inc. | Revolver | 2726352 |
|  THG Acquisition, LLC | Delayed Draw | 12587321 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  THG Acquisition, LLC | Revolver | $5581021 |
|  Thunder Buyer, Inc. | Delayed Draw | 6227067 |
|  Thunder Buyer, Inc. | Revolver | 3321177 |
|  Thunder Purchase, Inc. | Delayed Draw | 737809 |
|  Thunder Purchase, Inc. | Revolver | 372364 |
|  TickPick Intermediate Holdings, LLC | Revolver | 344253 |
|  TIDI Legacy Products, Inc. | Delayed Draw | 10597713 |
|  TIDI Legacy Products, Inc. | Revolver | 7630354 |
|  TigerConnect, Inc. | Delayed Draw | 446801 |
|  TigerConnect, Inc. | Delayed Draw | 24656 |
|  TigerConnect, Inc. | Revolver | 1875000 |
|  Tilley Chemical Co., Inc. | Revolver | 666667 |
|  Tilley Chemical Co., Inc. | Revolver | 1555556 |
|  Time Manufacturing Acquisition, LLC | Revolver | 953706 |
|  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 | 1332587 |
|  TPC Holdco, LLC | Second Lien Term Loan | 10843 |
|  Trackforce Acquireco, Inc. | Revolver | 222615 |
|  Transitions Hospice, LLC | Delayed Draw | 179700 |
|  Transitions Hospice, LLC | Revolver | 281600 |
|  Tribute Technology Holdings, LLC | Revolver | 2371733 |
|  Tricentis Operations Holdings, Inc. | Delayed Draw | 11169054 |
|  Tricentis Operations Holdings, Inc. | Revolver | 4716981 |
|  Trilon Group, LLC | Delayed Draw | 9206800 |
|  Trilon Group, LLC | Revolver | 396012 |
|  Trilon Group, LLC | Revolver | 2364573 |
|  Trimech Acquisition Corp | Revolver | 437848 |
|  Trintech, Inc. | Revolver | 2499667 |
|  Tropical Bidco, LLC | Revolver | 2272727 |
|  Troy Practice Management, LLC | Revolver | 197044 |
|  TruBlue LLC | Delayed Draw | 418500 |
|  TruBlue LLC | Revolver | 257000 |
|  Truck-Lite Co., LLC | Delayed Draw | 661389 |
|  Truck-Lite Co., LLC | Delayed Draw | 150459 |
|  Truck-Lite Co., LLC | Delayed Draw | 1234133 |
|  Truck-Lite Co., LLC | Delayed Draw | 1920000 |
|  Truck-Lite Co., LLC | Revolver | 1365645 |
|  Truck-Lite Co., LLC | Revolver | 390079 |
|  Truck-Lite Co., LLC | Revolver | 7364741 |
|  Trunk Acquisition, Inc. | Delayed Draw | 3225407 |
|  Trunk Acquisition, Inc. | Revolver | 3693049 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Trystar, LLC | Delayed Draw | $4107126 |
|  Trystar, LLC | Revolver | 2834016 |
|  TSO Buyer, Inc. & Global Tracking Communications, LLC | Revolver | 1306000 |
|  TSO Buyer, Inc. & Global Tracking Communications, LLC | Revolver | 202000 |
|  TSYL Corporate Buyer, Inc. | Revolver | 3500000 |
|  TurningPoint Healthcare Solutions, LLC | Revolver | 1816523 |
|  Ubeo, LLC | Revolver | 2041045 |
|  Unison Risk Advisors Inc. | Delayed Draw | 9740432 |
|  Unison Risk Advisors Inc. | Revolver | 2613507 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 16385995 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 2937678 |
|  United Digestive MSO Parent, LLC | Revolver | 4696397 |
|  United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw | 811940 |
|  United Flow Technologies Intermediate Holdco II, LLC | Revolver | 528091 |
|  United Musculoskeletal Partners Acquisition Holdings, LLC | Revolver | 574713 |
|  Unity Purchaser, LLC | Delayed Draw | 1405317 |
|  Unity Purchaser, LLC | Revolver | 409338 |
|  Universal Marine Medical Supply International, LLC | Delayed Draw | 704100 |
|  Universal Marine Medical Supply International, LLC | Revolver | 187500 |
|  Unlimited Technology Holdings, LLC | Revolver | 1316996 |
|  UpStack Holdco Inc. | Delayed Draw | 3500000 |
|  UpStack Holdco Inc. | Revolver | 1356250 |
|  Urology Management Holdings, Inc. | Revolver | 1190476 |
|  US Anchors Group, Inc. | Revolver | 856428 |
|  US Fitness Holdings, LLC | Delayed Draw | 5169231 |
|  US Fitness Holdings, LLC | Revolver | 1845354 |
|  USIC Holdings, Inc. | Delayed Draw | 5198726 |
|  USIC Holdings, Inc. | Revolver | 4703823 |
|  USRP Holdings, Inc. | Delayed Draw | 28494057 |
|  USRP Holdings, Inc. | Revolver | 5317497 |
|  USSC Holding Corp. | Revolver | 1877686 |
|  V Global Holdings LLC | Revolver | 2529812 |
|  Valcourt Holdings II, LLC | Delayed Draw | 3167796 |
|  Vale Insurance Services LLC | Revolver | 1935484 |
|  Valet Waste Holdings, Inc. | Revolver | 55359 |
|  Valicor PPC Intermediate I LLC | Revolver | 203835 |
|  Valkyrie Buyer, LLC | Delayed Draw | 41057896 |
|  Valkyrie Buyer, LLC | Revolver | 4385965 |
|  Vamos Bidco, Inc. | Delayed Draw | 3814752 |
|  Vamos Bidco, Inc. | Revolver | 1152418 |
|  Vanguard Packaging, LLC | Revolver | 115140 |
|  Vardiman Black Holdings, LLC | Delayed Draw | 380670 |
|  Varsity Rejuvenate, LLC | Delayed Draw | 688000 |
|  Varsity Rejuvenate, LLC | Revolver | 58200 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Vehicle Accessories, Inc. | Revolver | $182733 |
|  Vensure Employer Services, Inc. | Delayed Draw | 28300983 |
|  Vertex Service Partners, LLC | Delayed Draw | 3273222 |
|  Vertex Service Partners, LLC | Delayed Draw | 4662633 |
|  Vertex Service Partners, LLC | Revolver | 370133 |
|  Vessco Midco Holdings, LLC | Delayed Draw | 12441666 |
|  Vessco Midco Holdings, LLC | Delayed Draw | 6892308 |
|  Vessco Midco Holdings, LLC | Revolver | 3814616 |
|  Vessco Midco Holdings, LLC | Revolver | 4283559 |
|  Vessco Midco Holdings, LLC | Revolver | 380769 |
|  VetEvolve Holdings, LLC | Delayed Draw | 7415060 |
|  Viant Medical Holdings, Inc. | Delayed Draw | 63258 |
|  Victors Purchaser, LLC | Delayed Draw | 6176586 |
|  Victors Purchaser, LLC | Revolver | 2162967 |
|  Viper Bidco, Inc. | Delayed Draw | 2333204 |
|  Viper Bidco, Inc. | Revolver | 1880137 |
|  Visionary Buyer LLC | Delayed Draw | 20040000 |
|  Visionary Buyer LLC | Revolver | 3000000 |
|  Vital Care Buyer, LLC | Revolver | 4780260 |
|  VPP Intermediate Holdings, LLC | Delayed Draw | 4099338 |
|  VRC Companies, LLC | Delayed Draw | 863462 |
|  VRC Companies, LLC | Revolver | 110 |
|  VSG Acquisition Corp. | Delayed Draw | 5681667 |
|  VSG Acquisition Corp. | Revolver | 1522500 |
|  Vybond Buyer, LLC | Delayed Draw | 5257009 |
|  Vybond Buyer, LLC | Revolver | 3942757 |
|  W2O Holdings, Inc. | Revolver | 297641 |
|  Waldencast PLC | Revolver | 2101628 |
|  Walter Surface Technologies Inc. | Delayed Draw | 3768012 |
|  Water Holdings Acquisition LLC | Delayed Draw | 7794392 |
|  Waverly Advisors, LLC | Delayed Draw | 4413135 |
|  Waverly Advisors, LLC | Revolver | 407549 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 2985851 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 596288 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 11209193 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 13528739 |
|  Wealth Enhancement Group, LLC | Delayed Draw | 72803 |
|  Wealth Enhancement Group, LLC | Revolver | 3277828 |
|  Wealth Enhancement Group, LLC | Revolver | 3000657 |
|  Wealth Enhancement Group, LLC | Revolver | 906041 |
|  Web PT, Inc. | Revolver | 656250 |
|  Weber-Stephen Products, LLC | Revolver | 264533 |
|  Weber-Stephen Products, LLC | Revolver | 705218 |
|  Western Veterinary Partners, LLC | Delayed Draw | 11174927 |
|  Wolf-Gordon, Inc. | Revolver | 211480 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Borrower** | **Type** | **Principal<br>Amount** |
|  Woodland Foods, LLC | Delayed Draw | $668589 |
|  Woodland Foods, LLC | Revolver | 79871 |
|  Woolpert Holdings, Inc. | Delayed Draw | 1782560 |
|  Woolpert Holdings, Inc. | Revolver | 870059 |
|  Woolpert, Inc. | Delayed Draw | 2478778 |
|  Woolpert, Inc. | Revolver | 1475463 |
|  World Associates Holdings, LLC | Delayed Draw | 11599378 |
|  World Associates Holdings, LLC | Revolver | 722913 |
|  World Insurance Associates, LLC | Delayed Draw | 1264363 |
|  World Insurance Associates, LLC | Revolver | 92265 |
|  Worldwide Insurance Network, LLC | Delayed Draw | 1138973 |
|  WPP Bullet Buyer, LLC | Revolver | 838127 |
|  WRE Holding Corp. | Delayed Draw | 10067237 |
|  WRE Holding Corp. | Revolver | 7970661 |
|  WU Holdco, Inc. | Revolver | 150124 |
|  Xactly Corporation | Revolver | 337224 |
|  YA Intermediate Holdings II, LLC | Delayed Draw | 3766167 |
|  YA Intermediate Holdings II, LLC | Revolver | 1820707 |
|  YLG Holdings, Inc. | Delayed Draw | 19046096 |
|  YLG Holdings, Inc. | Revolver | 7142857 |
|  YLG Holdings, Inc. | Revolver | 330889 |
|  Zavation Medical Products, LLC | Revolver | 709459 |
|  Zeus Company LLC | Delayed Draw | 1890439 |
|  Zeus Company LLC | Revolver | 2181276 |
|  Zinc Buyer Corporation | Delayed Draw | 4651718 |
|  Zone & Company Software Consulting LLC | Delayed Draw | 2406282 |
|  Zone & Company Software Consulting LLC | Revolver | 1289080 |
|  Zone Climate Services, Inc. | Delayed Draw | 4094347 |
|  Zone Climate Services, Inc. | Revolver | 133066 |
|  Total |  | $4688700396 |

---

#### 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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.

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

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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. For the year ended March 31, 2025, the average balance outstanding and weighted average interest rate were $5,080,110 and 7.28%, respectively.

#### 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, amended effective December 18, 2024, provides for borrowings on a committed basis in an aggregate principal amount up to $5,450,000,000. Under the Facility, the Fund has 6-year term loans in the amount of $1,190,000,000 ("Term Loans"), may borrow up to an additional $3,157,500,000 on a revolving basis (the "Revolving Loan"), and may borrow up to an additional $1,102,500,000 on a delayed draw term loan ("DDTL"). The Fund may request the Revolving Loan to be increased from time to time up to an aggregate amount of $6,500,000,000, subject to the approval and discretion of the lenders. The Revolving Loan matures on April 6, 2029 and Term Loans and DDTL mature on April 8, 2030. As of March 31, 2025 the Term Loan and Revolving Loan balance were $1,190,000,000 and $0, respectively. Fair value of the Term Loan and Revolving Loan 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 year ended March 31, 2025, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Term Loan were $842,561,644, $1,190,000,000 and 7.11%, respectively. For the year ended March 31, 2025, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Revolving Loan were

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

$307,315,068, $1,075,000,000 and 7.13%, respectively. In addition, the interest rate at period end on the Term Loans was 6.45%. The interest expense during the year ended March 31, 2025, was $87,516,195. Commitment fees incurred are prepaid and amortized over the term of the loan. For the year ended March 31, 2025, commitment fees were $5,023,120. Unused commitment fees for the year ended March 31, 2025, were $1,305,812.

#### 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. There were no secured borrowings outstanding as of March 31, 2025.

#### 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 B, Series C, Series E and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 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 priced 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, to be issued on July 2, 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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.

The table below sets forth a summary of the key terms of the series of Notes outstanding at March 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Series** | **Principal <br>Outstanding <br>March 31, <br>2025** | **Payment <br>Frequency** | **Unamortized <br>Offering <br>Costs** | **Interest Rate <br>Fair Value <br>Adjustment** | **Carrying <br>Value <br>March 31, <br>2025** | **Fair Value <br>March 31, <br>2025** | **Fixed <br>Interest <br>Rate** | **Effective <br>Interest <br>Rate** | **Maturity <br>Date** |
| &nbsp;&nbsp;&nbsp;&nbsp; A | $650000000 | Semi-Annual | $36529 | $13902430 | $636061041 | $633877900 | 4.10% | 5.92% | March 28, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; A | 250000000 | Semi-Annual | 13386 | 2731418 | 247255196 | 243799192 | 4.10% | 5.50% | March 28, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; B | 215000000 | Semi-Annual | 131844 | 1023202 | 213844954 | 214803890 | 5.44% | 7.04% | July 19, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; C | 130000000 | Semi-Annual | 253997 | 1404195 | 128341808 | 130062636 | 5.50% | 7.20% | July 19, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; D | 10000000 | Semi-Annual | 19532 | 105378 | 9875090 | 10004818 | 5.50% | 7.33% | July 19, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; E | 130000000 | Semi-Annual | 355882 | 2059959 | 127584159 | 130571197 | 5.61% | 7.38% | July 19, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; F | 160000000 | Semi-Annual | 578534 | 4718161 | 154703305 | 160969385 | 5.72% | 7.56% | July 19, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; G | 40000000 | Semi-Annual | 144638 | 1172641 | 38682721 | 40242346 | 5.72% | 7.71% | July 19, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; H | 34000000 | Semi-Annual | 72280 | (37829) | 33965549 | 34319390 | 7.06% | 8.02% | December 6, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; I | 95000000 | Semi-Annual | 747210 | (809882) | 95062672 | 98925841 | 7.10% | 8.38% | December 6, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; I | 10000000 | Semi-Annual | 47225 | (83964) | 10036739 | 10413246 | 7.10% | 8.24% | December 6, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; J | 141000000 | Semi-Annual | 1468765 | (1277690) | 140808925 | 150161258 | 7.17% | 8.52% | December 6, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; K | 115200000 | Semi-Annual | 436094 | (339842) | 115103748 | 117143739 | 6.75% | 8.02% | August 4, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; L | 304800000 | Semi-Annual | 1719198 | (392725) | 303473527 | 317099950 | 6.77% | 8.32% | August 4, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; M | 114000000 | Semi-Annual | 733247 | 897372 | 112369381 | 120283902 | 6.81% | 8.50% | August 4, 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; N | 66000000 | Semi-Annual | 463689 | 1585417 | 63950894 | 71046858 | 6.99% | 8.75% | August 4, 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; O | 85000000 | Semi-Annual | 402911 | (776467) | 85373556 | 87381342 | 7.04% | 8.07% | January 20, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; O | 27000000 | Semi-Annual | 13145 | (230024) | 27216879 | 27756426 | 7.04% | 7.99% | January 20, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; P | 224000000 | Semi-Annual | 1357187 | (3342201) | 225985014 | 236286854 | 7.06% | 8.16% | January 20, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q | 155000000 | Semi-Annual | 1028007 | (2711168) | 156683161 | 167118251 | 7.23% | 8.38% | January 20, 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; R | 224000000 | Semi-Annual | 1582893 | (4274825) | 226691932 | 247841174 | 7.40% | 8.51% | January 20, 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; S | 45000000 | Semi-Annual | 325630 | (982571) | 45656941 | 49283002 | 7.51% | 8.73% | January 20, 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp; T | 150000000 | Semi-Annual | 961723 | (2084953) | 151123230 | 156667858 | 6.69% | 7.76% | April 12, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; T | 150000000 | Semi-Annual | 961723 | (1807172) | 150845449 | 156667858 | 6.69% | 7.75% | April 12, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; U | 268000000 | Semi-Annual | 1903666 | (3165439) | 269261773 | 273210985 | 6.20% | 6.84% | August 15, 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; V | 486000000 | Semi-Annual | 3630921 | (6415008) | 488784087 | 502028470 | 6.32% | 7.15% | August 15, 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp; W | 328000000 | Semi-Annual | 2498641 | (3613349) | 329114708 | 340643362 | 6.40% | 7.30% | August 15, 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; X | 93000000 | Semi-Annual | 718349 | (287163) | 92568814 | 96960819 | 6.46% | 7.41% | August 15, 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y | 195000000 | Semi-Annual | 1514116 | 5193 | 193480691 | 197870285 | 6.51% | 7.47% | August 15, 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Z | 129000000 | Semi-Annual | 906733 | (389530) | 128482797 | 130437515 | 5.76% | 6.45% | January 15, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; AA | 160500000 | Semi-Annual | 1138260 | (102409) | 159464149 | 163166438 | 5.85% | 7.16% | March 14, 2030 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Series** | **Principal <br>Outstanding <br>March 31, <br>2025** | **Payment <br>Frequency** | **Unamortized <br>Offering <br>Costs** | **Interest Rate <br>Fair Value <br>Adjustment** | **Carrying <br>Value <br>March 31, <br>2025** | **Fair Value <br>March 31, <br>2025** | **Fixed <br>Interest <br>Rate** | **Effective <br>Interest <br>Rate** | **Maturity <br>Date** |
| &nbsp;&nbsp;&nbsp;&nbsp; BB | $174500000 | Semi-Annual | $1241740 | $549821 | $172708439 | $177654024 | 6.01% | 7.26% | March 14, 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; CC | 91000000 | Semi-Annual | 649205 | 882595 | 89468200 | 92704040 | 6.13% | 7.32% | March 14, 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; DD | 200000000 | Semi-Annual | 1428145 | 2632093 | 195939762 | 197279133 | 6.18% | 6.89% | January 15, 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp; EE |  | Semi-Annual |  | (362540) | 362540 |  | 5.42% |  | July 2, 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; FF |  | Semi-Annual |  | (543861) | 543861 |  | 5.58% |  | July 2, 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; GG |  | Semi-Annual |  | (703554) | 703554 |  | 5.80% |  | July 2, 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; HH |  | Semi-Annual |  | (199842) | 199842 |  | 5.95% |  | July 2, 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5650000000 |  | $29485045 | $(1264133) | $5621779088 | $5784683384 |  |  |  |

---

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 5.30% – 6.35%.

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 March 31, 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**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.

#### 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

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**3. Principal Risks (continued)**

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.

International war or conflicts (including Russia's invasion of Ukraine and the Israel-Hamas war) and geopolitical events in foreign countries, along with instability in regions such as Asia, Eastern Europe and the Middle East, possible terrorist attacks in the United States or around the world, and other similar events could adversely affect the U.S. and foreign financial markets. As a result, whether or not the Fund invests in securities located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions.

#### LIBOR Transition Risk
The United Kingdom's Financial Conduct Authority, which regulates London Interbank Offered Rate ("LIBOR"), announced plans to phase out the use of LIBOR at the end of 2021. 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. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well-defined, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. All of the aforementioned may adversely affect the Fund or a Portfolio Fund's performance or NAV.

#### 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. 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 LIBOR. LIBOR was intended to be an unsecured rate that represents 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,

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**3. Principal Risks (continued)**

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.

#### 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.

**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 year ended March 31, 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 year ended March 31, 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 year ended March 31, 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

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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;• 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;• 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;• 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.

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 March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
|  Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Loans | $— | $398482544 | $21107166018 | $— | $21505648562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investment <br>Vehicles |  |  | 112691338 | 10238797633 | 10351488971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 38220572 | 88717219 |  | 126937791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 138955223 |  | 138955223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 13710835 |  | 50463752 |  | 64174587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt |  |  | 433778893 |  | 433778893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 1191730 |  | 1191730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term <br>Investments | 1292723201 |  |  |  | 1292723201 |
|  Total Investments, at fair value | $1306434036 | $436703116 | $21932964173 | $10238797633 | $33914898958 |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $29041923 | $— | $— | $29041923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 34934008 |  |  | 34934008 |
|  Total Assets | $1306434036 | $500679047 | $21932964173 | $10238797633 | $33978874889 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
|  **Liabilities** |  |  |  |  |  |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $52088909 | $— | $— | $52088909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts |  | 33669875 |  |  | 33669875 |
|  Total Liabilities, at fair value | $— | $85758784 | $— | $— | $85758784 |

---

<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.

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 year ended March 31, 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, 2024** | $13463656668 | $82218161 | $129367598 | $103527517 | $23813227 | $10366783 | $21406749 | $13834356703 |
|  Purchases | 20993126028 | 68551700 |  | 42199740 | 548137022 | 352127 | 29362925 | 21681729542 |
|  Sales/<br>Paydowns | (11670861695) | (45450000) | (20129641) | (7150630) | (192796781) | (1152261) | (268573) | (11937809581) |
|  Realized gains (losses)<sup>1</sup> | (27372519) | (5) |  | 3783254 | 618359 |  | 14474 | (22956437) |
|  Original issue discount and amendment <br>fees | (13213565) | 603157 | 2168694 |  | 30855 |  |  | (10410859) |
|  Accretion | 38320808 |  | 142446 |  | 551632 |  |  | 39014886 |
|  Change in Unrealized appreciation (depreciation) | 7455565 | 4902436 | (12684985) | (4128355) | 2030557 | (8374919) | 671874 | (10127827) |
|  Transfers In<sup>2</sup> | 9887344 | 1865889 | 7527266 | 723697 | 51394022 |  |  | 71398218 |
|  Transfers Out<sup>3</sup> | (1693832616) |  | (17674159) |  |  |  | (723697) | (1712230472) |
|  **Balance as of March 31, 2025** | $21107166018 | $112691338 | $88717219 | $138955223 | $433778893 | $1191730 | $50463752 | $21932964173 |
|  Net change in unrealized appreciation/<br>(depreciation) attributable to Level 3 investments held at March 31, <br>2025 | $10350973 | $4902436 | $(9494340) | $(3466140) | $2144342 | $(781852) | $1182782 | $4838201 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Loans includes paydown gains (losses) of $28,120,734.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;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</sup>&nbsp;&nbsp;&nbsp;&nbsp;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> March 31, 2025 (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 March 31, 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 in <br>input** |
|  Collateralized Loan Obligations | &nbsp;&nbsp; $88717219 | Income approach | Interest Rate/ Discount Margin | 3.60% – 24.00% | 10.20% | 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 |
|  Total Collateralized Loan Obligations, at fair value | 88717219 |  |  |  |  |  |
|  Common Stocks | 12854490 | Market approach | Recent Transaction Price | $0 – $2043 | $769 | Increase |
|  | 11083190 | Market approach | LTM Revenue Multiple | 3.04x | 3.04x | Increase |
|  | 26309934 | Market approach | LTM EBITDA Multiple | 8.0x – 25.5x | 13.0x | Increase |
|  | 216138 | Income approach | Exercise Price ($ Millions) | $29 – $253 | $84 | Decrease |
|  |  |  | Expected Volatility | 35% – 45% | 40% | Increase |
|  Total Common Stocks, at fair value | 50463752 |  |  |  |  |  |
|  Preferred Stocks | 4434967 | Market approach | Recent Transaction Price | $1 – $1158 | $793 | Increase |
|  | 134142876 | Market/Income approach | LTM Revenue Multiple | 1.6x – 6.8x | 4.0x | Increase |
|  |  |  | LTM EBITDA Multiple | 8.0x – 22.0x | 14.8x | Increase |
|  |  |  | Discount Rate | 12.04% – 15.01% | 12.84% | Decrease |
|  | 377380 | Income approach | Exercise Price ($ Millions) | $29 – $603 | $110.00 | Decrease |
|  |  |  | Expected Volatility | 35% – 40% | 35% | Increase |
|  Total Preferred Stocks, at fair value | 138955223 |  |  |  |  |  |
|  Private Investment Vehicles | 46484230 | Market approach | Recent Transaction Price | $1 – $4316089 | $457052 | Increase |
|  | 2095340 | Market approach | LTM EBITDA Multiple | 23.0x | 23.0x | Increase |
|  | &nbsp;&nbsp; 51634091 | Income approach | Discount Rate | 2.78% – 6.05% | 4.18% | Decrease |
|  | 12477677 | Income approach | Weighted Average Cost of Capital | 14.56% – 24.33% | 17.43% | Decrease |
|  Total Private Investment Vehicles, at fair value | 112691338 |  |  |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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 in <br>input** |
|  Senior Secured Loans | $13071289159 | Income approach | Discount Rate | 2.77% – 34.86% | 9.36% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $11 – $8052 | $575 | Increase |
|  |  |  | Debt/EBITDA | 0.6x – 21.9x | 5.7x | Decrease |
|  |  |  | Interest Coverage | 0.0x – 11.2x | 1.6x | Increase |
|  | 12949069 | Income approach | Exercise Price ($ Millions) | $864 | $864 | Decrease |
|  |  |  | Expected Volatility | 100% | 100% | Increase |
|  | 50225744 | Market approach | LTM EBITDA Multiple | 5.0x – 11.0x | 9.3x | Increase |
|  | 25255789 | Market approach | LTM Revenue Multiple | 0.8x – 1.5x | 1.2x | Increase |
|  | 24519767 | Market approach | Post Performance Multiple | 1.0x – 6.7x | 6.6x | Increase |
|  | 58177 | Market approach | Enterprise value ($ Millions) | $67 | $67 | Increase |
|  | 7922868313 | Market approach | Recent Transaction Price | $93.59 – $100.53 | $99.13 | Increase |
|  Total Senior Secured Loans, at fair value | 21107166018 |  |  |  |  |  |
|  Subordinated Debt | 5500000 | Market approach | EBITDA Multiple | 14.0x | 14.0x | Increase |
|  | 290714863 | Market approach | Recent Transaction Price | $98.00 – $100.00 | $98.41 | Increase |
|  | 137564030 | Income approach | Discount Rate | 2.77% – 20.68% | 13.89% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $274 – $1873 | $902 | Increase |
|  |  |  | Debt/EBITDA | 6.9x – 11.9x | 8.8x | Decrease |
|  |  |  | Interest Coverage | 0.7x – 1.8x | 1.5x | Increase |
|  Total Subordinated Debt, at fair value | 433778893 |  |  |  |  |  |
|  Warrants |  | Market approach | EBITDA Multiple | 5.0x | 5.0x | Increase |
|  | 1191730 | Income approach | Exercise Price | $1.35 – $18.20 | $2.19 | Decrease |
|  |  |  | Expected Volatility | 38% – 74% | 65% | Increase |
|  Total Warrants, at fair value | 1191730 |  |  |  |  |  |
|  Total investments, at fair value | &nbsp;&nbsp; $21932964173 |  |  |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**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 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 year ended March 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Commencement Date | April 15, 2024 | July 15, 2024 | October 14, 2024 | January 17, 2025 |
|  Repurchase Request | May 15, 2024 | August 14, 2024 | November 13, 2024 | February 19, 2025 |
|  Repurchase Pricing date | May 15, 2024 | August 14, 2024 | November 13, 2024 | February 19, 2025 |
|  Net Asset Value as of Repurchase Offer Date |  |  |  |  |
|  Class I | $10.77 | $10.77 | $10.77 | $10.78 |
|  Amount Repurchased |  |  |  |  |
|  Class I | $389419493 | $558253445 | $695314676 | $595129271 |
|  Percentage of Outstanding Shares Repurchased |  |  |  |  |
|  Class I | 1.99% | 2.58% | 2.92% | 2.24% |

---

**7. Federal Income Taxes**

#### Fund Income Tax
At March 31, 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 | $34026501972 |
|  Gross unrealized appreciation | 531659602 |
|  Gross unrealized depreciation | (643262616) |
|  Net unrealized depreciation on investments | $(111603014) |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2024, permanent differences are due to the reversal of consolidation of subsidiaries and partnership adjustments.

---

| | | |
|:---|:---|:---|
|  | **Increases/(Decrease)** | **Increases/(Decrease)** |
|  | **Capital** | **Total<br>Distributable <br>Earnings (Loss)** |
|  Cliffwater Corporate Lending Fund | (23856431) | 23856431 |

---

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 |

---

At December 31, 2024, the Fund had no accumulated capital loss carry forward.

The Fund is allowed to defer certain capital or ordinary losses that occur after October 31 and December 31, respectively. Losses are recognized the first day of the next tax year. For the tax year ended December 31, 2024, the Fund did not defer any such losses.

To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

#### Domestic Blocker Income Tax
CLHOLD, CLHOLD D3, CLHOLD D6, CLHOLD D18, CLHOLD D30 and CLHOLD D33 are blockers taxed as corporations. The current taxes reflect the estimated tax liability of the Fund as of March 31, 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.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

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 March 31, 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 March 31, 2025 consist of the following:

---

| | |
|:---|:---|
|  Current Tax (Expense) Benefit: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $(329428) |
| &nbsp;&nbsp;&nbsp;&nbsp; State | (82563) |
|  Total Current Tax (Expense) Benefit | (411991) |

---

---

| | |
|:---|:---|
|  Deferred Tax (Expense) Benefit |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $(1985228) |
| &nbsp;&nbsp;&nbsp;&nbsp; State | (497551) |
|  Total Deferred Tax (Expense) Benefit | (2482779) |
|  **Total Income Tax (Expense) Benefit** | $**(2894770)** |

---

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 | 158773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | (158773) |
|  **Deferred tax liability** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain on investments | $(5179318) |
|  **Net Deferred Tax Asset/(Liability)** | $(5179318) |

---

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 | $(2302843) |
|  State Income taxes (net of federal benefit) | (433154) |
|  Valuation allowance | (158773) |
|  **Net income tax expense** | $(2894770) |

---

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.

**8. Investment Transactions**

For the year ended March 31, 2025, purchases and sales of investments, excluding short-term investments, were $22,428,389,628 and $10,490,983,642 respectively, net of unfunded commitments.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

**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 year ended March 31, 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 March 31, 2025, and the realized and unrealized gain (loss) during the year ended March 31, 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 | $34934008 | $33669875 |
|  Total |  | $34934008 | $33669875 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **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 | $29041923 | $52088909 |
|  Total |  | $29041923 | $52088909 |

---

---

| | | |
|:---|:---|:---|
|  **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 | $30542856 | $30542856 |

---

---

| | | |
|:---|:---|:---|
|  **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 | $(26225649) | $(26225649) |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (Continued) |

---

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

The quarterly average volumes of derivative instruments as of March 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  **Derivatives Instruments** |  | **Notional <br>Value** |
|  Forward foreign currency exchange contracts | Long Forward Contract | $782125187 |
|  | Short Forward Contract | (2786013429) |
|  Interest rate contracts | Long Swap Contract | 5048000000 |

---

**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 ("OTC") derivative counterparties through credit support annexes included with International Swaps and Derivatives Association, Inc. ("ISDA") 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 March 31, 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 March 31, 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 | $20790672 | $— | $20790672 | $(20790672) | $— | $— |
|  Unrealized appreciation on swap contracts | MUFG Bank, Ltd. | 13780796 |  | 13780796 | (10483536) |  | 3297260 |
|  Unrealized appreciation on swap contracts | Regions Bank | 362540 |  | 362540 |  |  | 362540 |
|  **Total Assets** |  | $**34934008** | $**—** | $**34934008** | $**(31274208)** | $**—** | $**3659800** |
|  **Liabilities** |  |  |  |  |  |  |  |
|  Unrealized depreciation on swap contracts | PNC Bank, N.A | $(23186339) | $— | $(23186339) | $20790672 | $2395667 | $— |
|  Unrealized depreciation on swap contracts | MUFG Bank, Ltd. | (10483536) |  | (10483536) | 10483536 |  |  |
|  **Total Liabilities** |  | $**(33669875)** | $**—** | $**(33669875)** | $**31274208** | $**2395667** | $**—** |

---

\*&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> March 31, 2025 (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 year ended March 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Affiliated <br>Investment <br>Company** | **Type of <br>Asset** | **Industry** | **Beginning <br>Value at <br>April 1, <br>2024** | **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>March 31, <br>2025** |
|  FBLC Senior Loan Fund LLC<sup>1</sup> | Investment Fund | Diversified | $78794409 | $— | $— | $7070580 | $— | $3292993 | $82087402 |
|  Middle Market Credit Fund II, LLC<sup>2</sup> | Investment Fund | Diversified | 13324908 |  | (12071639) | 2633352 | (448466) | (804803) |  |
|  <sup>Total</sup> |  |  | $92119317 | $— | $(12071639) | $9703932 | $(448466) | $2488190 | $82087402 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Lending Corporation (FBLC) and Cliffwater Corporate Lending Fund (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, and 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.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc (CSL) and Cliffwater Corporate Lending Fund (the "Fund") are the members of Middle Market Credit Fund II, LLC (MMCF), 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 MMCF in the form of LLC equity interests as MMCF makes investments, and all portfolio and other material decisions regarding MMCF must be submitted to MMCF's board of directors which is comprised of an equal number of members appointed by each of CSL and the Fund. Because management of MMCF is shared equally between CSL and the Fund, the Fund does not believe it controls MMCF 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 March 31, 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 | $25143371 | $23844846 | $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 | 25000000 | 25619053 | 75000000 |  | N/A | Perpetual until the dissolution of the company |
|  ABPCI Pacific Funding LP | Middle market direct lending | 182364583 | 201146311 | 22635417 | 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 | 26218223 | 225000000 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  AGTB BDC Holdings, LP | Middle market direct lending | $125000000 | $126141898 | $— |  | N/A | Six-year anniversary of the initial closing as determined by the board if a merger has not occurred |
|  Antares Loan Funding I Ltd. | Middle market direct lending | 116880000 | 135404927 |  |  | 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 | 95906352 | 94480609 | 55553366 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Antares Senior Loan Parallel Feeder Fund III (Cayman) LP | Middle market direct lending | 15000000 | 15361267 | 285000000 |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Ares Commercial Finance LP | Asset-based lending | 53841899 | 62068469 | 50116568 |  | N/A | Until the final liquidating distributions of the fund, June 30 2025 |
|  Ares Priority Loan Co-Invest LP | Priority revolvers to middle market companies | 44802482 | 44918839 | 22249318 |  | 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 one year. |
|  Ares Senior Direct Lending Fund (U) III Rated Notes Feeder LLC – (Sub Notes) | Middle market direct lending | 7032111 | 7565775 | 18105110 |  | N/A | N/A |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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 Specialty Healthcare Fund (L), L.P. | Middle market direct lending | $— | $1464869 | $100000000 |  | N/A | Until the end of the fiscal quarter during which the eighth anniversary of the final closing deadline occurs |
|  Ares Strategic Income Fund | Middle market direct lending | 100000000 | 104983938 |  |  | 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 | 5506373 | 5687010 | 19493627 |  | N/A | The term of the Fund 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 |
|  Banner Ridge DSCO Fund II (Offshore), LP | Diversified private credit strategies | 9728856 | 12848641 | 40271144 |  | N/A | Until the tenth anniversary of the closing date with two one-year extensions |
|  Barings Capital Investment Corporation | Middle market direct lending | 95000000 | 97213362 |  |  | N/A | Until the earlier of a liquidity event or July 13, 2027 |
|  Barings Private Credit Corporation | Middle market direct lending | 900000000 | 924547028 |  | 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 | 257011494 | 270259210 | 262988506 |  | 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> March 31, 2025 (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 Fund VII, LLC | Middle market direct lending | $645119996 | $611614529 | $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 | 9131173 | 11100114 | 14240429 |  | N/A | Until the partnership is dissolved and subsequently terminated |
|  Blackstone Technology Senior Direct Lending Fund LP | Middle market Direct Lending | 89220269 | 87631307 | 118136326 |  | N/A | The expiration of the term of the fund on the 7<sup>th</sup> anniversary of the intial investment date |
|  Blue Owl Credit Income Corp. | Middle market direct lending | 150000000 | 155255343 |  | Quarterly<sup>2</sup> | N/A | N/A |
|  Blue Owl MC Debt Opportunities LP | Middle Market Direct Lending | 17495352 | 19204524 | 107504648 |  | N/A | Until terminated in accordance with the limted partnership agreement |
|  Blue Owl Technology Finance Corp. | Middle market direct lending | 109874622 | 114820870 |  |  | N/A | Until earliest of an Exchange Listing, the fifth anniversary of the final closing, and August 10, 2025 |
|  Boost Co-Invest LP | Preferred equity co-investment | 27081557 | 32789077 | 2942150 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  Capricorn Co-Invest, L.P. | Middle market direct lending co-investment | 37874423 | 42020083 | 1050000 |  | N/A | Until all investments of the partnership are liquidated and all proceeds are distributed |
|  Carlyle Credit Solutions, Inc. | Middle market direct lending | 50000000 | 48582623 |  | Quarterly<sup>3</sup> | N/A | N/A |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  Caryle EDL Dance Aggregator, L.P. | Middle market direct lending | $25031073 | $26251800 | $6636397 |  | N/A | The close of business on the 10 – year anniversary of the final closing date unless the partnership is sooner dissolved. |
|  CCOF Alera Aggregator, L.P. | Preferred equity co-investment | 9712500 | 13055268 |  |  | N/A | Until dissolved and liquidated in accordance with the limited partnership agreement |
|  CCOF Sierra II, L.P. | Preferred equity co-investment | 15654924 | 16545134 | 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 | 2423891 |  |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Comvest Structured Note Issuer I LLC | Middle market direct lending | 622122824 | 649950759 | 380440523 |  | 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 |
|  Crescent Mezzanine Partners VIIC, L.P. | Mezzanine level subordinated debt | 4045486 | 4557323 | 3002952 |  | N/A | December 21, 2025 available |
|  Crestline Structured Note Issuer I LLC - (Class A, B, C and Sub Notes) | Middle market direct lending | 92219898 | 93361432 | 392656000 |  | N/A | N/A |
|  CW Credit Opportunity 2 LP | Asset Based Lending Co-Investment | 65366948 | 68934225 | 49633052 |  | 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> March 31, 2025 (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 | $82087402 | $— |  | N/A | Until all investments are amortized, liquidated, transferred or disposed |
|  Franklin BSP Capital Corp | Middle market direct lending | 27297757 | 31766137 |  | Annually<sup>1</sup> | N/A | N/A |
|  Golub Capital BDC 4, Inc. | Middle market direct lending | 183901821 | 186991717 | 16098179 |  | N/A | Perpetual until the company is sold and/or liquidated and dissolved |
|  Golub Capital Direct Lending Corporation | Middle market direct lending | 50000000 | 50769471 |  |  | N/A | July 1, 2027 with extensions upon the approval of shareholders |
|  Golub Capital Private Credit Fund | Middle market direct lending | 200000000 | 201400708 |  | Quarterly<sup>2</sup> | N/A | N/A |
|  GPG Loan Funding, LLC | Middle Market Direct Lending | 314806891 | 327956182 | 672344400 |  | 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 | 10081027 | 12283221 | 14703778 |  | 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> March 31, 2025 (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 | $45296973 | $51908602 | $29454829 |  | 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 KP Mezz Co.-Invest, LP | Mezzanine Level Subordinated Debt | 84158635 | 111834082 | 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 SIP V Co.-Investment | Mezzanine Level Subordinated Debt | 14503287 | 19760221 | 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 | 7235068 | 8361439 | 1732721 |  | N/A | April 12, 2029 with one-year extensions available |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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 Mint Co-Invest Fund, L.P. | Preferred equity co-investment | $21577545 | $32403530 | $608651 |  | 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 | 22782678 | 27092627 | 5614127 |  | N/A | Until the tenth anniversary of the first closing date with two on-year extensions |
|  HPS Specialty Loan Fund V Feeder, L.P. | Middle market direct lending | 54625802 | 59109099 | 15977286 |  | N/A | September 10, 2028 with 1 year extenstions available |
|  KCLF Note Issuer I SPV, LLC, Subordinated | Middle market direct lending | 264025000 | 288642839 |  |  | 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 | 54387000 |  |  | 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 | 62531336 | 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 | 25485510 |  | Quarterly<sup>2</sup> | N/A | N/A |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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 | Middle market direct lending | $225000000 | $244480327 | $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 | 120000 |  |  | 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 | 26141030 |  |  | 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 | 22058900 | 22470338 |  |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  Marilyn Co-Invest, L.P. | Common Equity Co-investment | 69065006 | 72830767 |  |  | N/A | Until investments are liquidated and all proceeds are distributed to the partners |
|  Marlin Credit Opportunities Fund, L.P. | Middle market direct lending | 103008002 | 99099180 | 1862972 |  | N/A | May 19, 2028 with one-year extensions available |
|  Milano Co.-Invest L.P. | Middle Market Direct Lending Co-investment | 3990704 | 4013491 | 174000 |  | N/A | Until such time as all of the investments of the partnership are liquidated and all proceeds are distributed to the partners |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  Minerva Co-Invest, L.P. | Preferred equity co-investment | $23209316 | $31418579 | $464333 |  | N/A | Until distribution of investment proceeds |
|  NB Capital Solutions Co-Invest (Wolverine) LP | Preferred equity co-investment | 8275406 | 10674438 | 294594 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |
|  NCP MSI Co-Invest, LP | Common equity co-investment | 669 | 669 | 333 |  | N/A | The term of the Partnership shall continue until the Partnership is dissolved as provided in the limited partnership agreement. |
|  New Mountain Guardian IV BDC, L.L.C. | Middle market direct lending | 33500000 | 34706440 | 16500000 |  | N/A | Six years from the end of the closing period with a one-year extension available |
|  New Mountain Private Credit Fund | Middle market direct lending | 49987471 | 50446898 |  |  | 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 |
|  Next Horizon Capital TireCo SPV, LP | Common equity co-investment | 1000 | 1000 |  |  | N/A | Partnership shall be dissolved on the first to occur of (i) at any time by the General Partner after the Partnership no longer holds any investments or assets or (ii) the tenth anniversary of the Initial Closing Date |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  North Haven Direct Lending Fund L.P. | Middle market direct lending | $17500000 | $17638870 | $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. |
|  NXT Capital Senior Loan Fund VII, LP | Middle market direct lending | 12595770 | 12749689 | 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 | 167049016 | 186704527 | 23760515 |  | 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 |
|  Odyssey Co-Investment Partners B, LLC | Common equity co-investment | 1949774 | 2026568 | 50226 |  | N/A | Until the dissolution of the parternship in accordance with the limited partnership agreement |
|  Palisades CLO, LLC | Middle market direct lending | 137984138 | 161050789 |  |  | 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 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  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 | 55442143 | 61102735 | 4825714 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  Private Credit Fund C-1 Holdco, LLC – Series 1 | Middle Market Direct Lending | 749468357 | 758704146 | 873732842 |  | 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 | 9726142 | 10117556 | 321175 |  | N/A | Until the completion of the liquidation |
|  Raven Asset-Based Credit Fund II LP | Asset-based lending | 14013871 | 14782088 | 11119533 |  | N/A | January 2029 with two one-year extensions available |
|  Raven Senior Loan Fund LLC | Asset-based lending | 467597208 | 482772044 | 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 | 37750392 | 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 |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  SBC Aggregator LP | Common equity co-investment | $875 | $875 | $125 |  | N/A | The Partnership will dissolve upon the first to occur of the following: the determination by the General Partner that the Partnership should be dissolved and its affairs be wound up, the dissolution of the Partnership pursuant to Section 17-802 of the Delaware Act, an event of withdrawal of the General Partner within the meaning of the Delaware Act, unless the Partnership is continued without dissolution in accordance with the Delaware Act, or at any time there are no limited partners of the Partnership, unless the Partnership is continued without dissolution in accordance with the Delaware Act. |
|  Silver Point Loan Funding, LLC | Middle market direct lending | 1202684309 | 1279033403 | 297949632 |  | 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 | 46280581 | 41621186 | 3722332 |  | N/A | September 6, 2023 with one-year extensions available |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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 | $27874189 | $25017788 |  | N/A | Ten years from final closing subject to two one-year extensions if approved by majority of the board |
|  Stellus Private Credit BDC Feeder LP | Middle market direct lending | 26536883 | 26953158 | 23463117 |  | 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 | 76559278 | 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 | 30705253 | 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 | 7115039 | 4655885 | 330906 |  | 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 | 102470713 |  |  | N/A | Until the company is terminated and wound up in accordance to the limited liability company agreement |
|  TCW Direct Lending VIII LLC | Middle market direct lending | 51008838 | 47664136 | 49385056 |  | N/A | Sixth anniversary of the final closing date |
|  TCW Rescue Financing Fund II, L.P. | Middle market direct lending | 10088126 | 9879847 | 15222028 |  | N/A | Shall continue, unless the fund is sooner dissolved, until the eighth anniversary of the initial closing date with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2025 (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** |
|  Thoma Bravo Credit Fund III Feeder, LP | Middle market direct lending | $30273445 | $32708105 | $94726555 |  | 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 | 5418097 | 1626590 |  |  | 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 | 18731047 | 5703510 |  | N/A | September 2026 with one-year extensions available |
|  Varagon Capital Direct Lending Fund, L.P. | Middle market direct lending | 43750000 | 42960948 | 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 | 147633692 |  |  | 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 | 2979812 |  |  | 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> March 31, 2025 (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 | $5961460 | $3639518 | $44038540 |  | 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 | 52941584 | 46730127 | Quarterly<sup>3</sup> | N/A | N/A |
|  VPC Credit Origination Fund, LP | Loan origination vehicle | 1000000 | 1223520 | 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 | 10600352 | 4340096 |  |  | 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 | 19114857 | 20148537 | 30885143 |  | N/A | Eight years following the expiration of the investment period with two one-year extensions |
|  Total |  | $9818081631 | $10238797633 | $5405834298 |  |  |  |

---

<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> March 31, 2025 (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 June 9, 2025 repurchase pricing date. The repurchase offer period begins on May 8, 2025 and end on June 9, 2025. Shareholders that desire to tender Shares for repurchase are required to do so on June 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> March 31, 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.

#### Long-Term Capital Gains Designation
For the period ending March 31, 2025, the Cliffwater Corporate Lending Fund designates $17,411,256 as a long-term capital gain distribution.

For the period ended March 31, 2025, 0.7% of the dividends paid from net investment income, including short-term capital gains, are designated as qualified dividend income.

For the period ended March 31, 2025, 0.7% of the dividends paid from net investment income, including short-term capital gains are designated as dividends received deduction available to corporate shareholders.

#### Approval of Investment Management Agreement
At the regular quarterly meeting of the Board of Trustees (the "Board") of the Cliffwater Corporate Lending Fund (the "Fund") held on December 12, 2024 by a unanimous vote, the Board, including a majority of Trustees who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the Investment Management Agreement between Cliffwater LLC (the "Investment Manager") and the Fund (the "Investment Management Agreement"). At the Board meeting and throughout the consideration process, the Board, including a majority of the Independent Trustees, was advised by counsel.

In advance of the Board meeting, the Independent Trustees requested and received materials from the Investment Manager to assist them in considering the approval of the Investment Management Agreement. The Independent Trustees reviewed reports from an independent third-party and management about the below factors. The Board did not identify any particular information as controlling in determining whether or not to approve the Investment Management Agreement, and each Board member may have attributed different weights to the various items considered. Nor are the items described herein all-encompassing of the matters considered by the Board.

The Board engaged in a detailed discussion of the materials with management of the Investment Manager. The Independent Trustees then met separately with independent counsel to the Independent Trustees for a full review of the materials. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Investment Management Agreement.

#### Nature, Extent and Quality of Services
The Board reviewed and considered the nature and extent of the investment advisory services provided by the Investment Manager to the Fund under the Investment Management Agreement, including the selection of Fund investments. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Investment Manager, including, among other things, providing office facilities, equipment, and personnel. The Board also reviewed and considered the qualifications of the key personnel of the Investment Manager who provide the investment advisory and/or administrative services to the Fund. The Board determined that the Investment Manager's key personnel are well-qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board also took into account the Investment Manager's compliance policies and procedures, including the procedures used to determine the value of the Fund's investments. The Board concluded that the overall quality of the advisory and administrative services provided was satisfactory.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Other Information<br> March 31, 2025 (Unaudited) (Continued) |

---

#### Performance
The Board considered the investment performance of the Investment Manager with respect to the Fund. The Board considered the performance of the Fund, noting that the Fund had out-performed its benchmark for the period from the Fund's inception on June 5, 2019 through September 30, 2024.

#### Fees and Expenses Relative to Comparable Funds Managed by Other Investment Managers
The Board reviewed the advisory fee rates and total expense ratio of the Fund. The Board compared the advisory fee and total expense ratio for the Fund with various comparative data, including a report of other comparable funds.

The Board noted that the Fund's advisory fee was calculated on net assets and at 1.00% was below the median advisory fee of the peer universe identified in the independent third-party report distributed to the Board. The Board also noted that the total expense ratio of the Fund was above the median of the peer universe. The Board concluded that the advisory fees paid by the Fund and total expense ratio were reasonable and satisfactory in light of the services provided.

#### Economies of Scale
The Board reviewed the structure of the Fund's investment management fee under the Investment Management Agreement. The Board considered that the Investment Manager continued to monitor whether the Fund's current fee level continues to reflect economies of scale and concluded that the fees were reasonable and satisfactory in light of the services provided.

#### Profitability of Investment Manager and Affiliates
The Board considered and reviewed information concerning the costs incurred and profits realized by the Investment Manager from its relationship with the Fund. The Board also reviewed the Investment Manager's financial condition. The Board noted that the financial condition of the Investment Manager appeared stable. The Board determined that the advisory fees and the compensation to the Investment Manager were reasonable and its financial condition was adequate.

#### Ancillary Benefits and Other Factors
The Board also discussed other benefits to be received by the Investment Manager from its management of the Fund, including, without limitation, the ability to market its advisory services for similar products. The Board noted that the Investment Manager did not have affiliations with the Fund's transfer agent, administrator, custodian or distribution agent and therefore does not derive any benefits from the relationships these parties may have with the Fund. The Board concluded that the advisory fees were reasonable in light of the fall-out benefits to the Investment Manager.

#### General Conclusion
Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve the continuance of the Investment Management Agreement.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Fund Management<br> March 31, 2025 (Unaudited) |

---

The identity of the members of the Board and the Fund's officers and brief biographical information is set forth below. The Fund's Statement of Additional Information the ("SAI") includes additional information about the membership of the Board. The SAI is available, without charge, by writing to the Fund at c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, or by calling the Fund at 1 (888) 442-4420.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
|  **Name, <br>Address <br>and Year <br>of Birth** | **Positions(s)<br>Held with <br>the Fund** | **Length <br>of Time <br>Served** | **Principal <br>Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by <br>Trustee <br>During <br>Past 5 Years** |
|  Dominic Garcia <br>Year of Birth: 1978 <br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Trustee | Since June 2021 | Chief Pension Investment Strategist, CBRE Global Investors (June 2021-Present); Advisory Board of Milken Institute for Public Finance (2021-Present); Chief Investment Officer, New Mexico Public Employees Retirement Association (2017- June 2021); Senior Alpha Manager, State of Wisconsin Investment Board (2008-2017); Research Advisory Board Member, University of North Carolina Keenan Institute of Private Markets and the University of Chicago Harris Center for Municipal Finance (2020 to Present); Trustee, United World College-USA the Santa Fe Preparatory School endowment and the Santa Fe Community Foundation impact investment committee (2020-Present). | 3 |  |
|  Paul J. Williams <br>Year of Birth: 1956<br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Trustee and Board Chairman | Since June 2021 | Investment Consultant, Texas Association of Counties (1995-2020); Chief Investment Officer, Texas County & District Retirement System (1999-2018). | 3 |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;The fund complex consists of the Fund and Cliffwater Enhanced Lending Fund.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Fund Management<br> March 31, 2025 (Unaudited) (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** |
|  **Name, <br>Address <br>and Year <br>of Birth** | **Positions(s)<br>Held with <br>the Fund** | **Length <br>of Time <br>Served** | **Principal <br>Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by <br>Trustee <br>During <br>Past 5 Years** |
|  Stephen L. Nesbitt\*\*<br>Year of Birth: 1953 <br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Trustee and President | President Since Inception; Trustee since June 2021 | Chief Executive Officer and Chief Investment Officer, Cliffwater LLC (2004-Present). | 3 |  |
|  Lance J. Johnson <br>Year of Birth: 1967<br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Treasurer | Since Inception | Chief Operations Officer, Cliffwater LLC (2014-Present); Senior Vice President, Brown Brothers Harriman & Co. (financial services firm) (2013-2014). | N/A |  |
|  Ann Maurer <br>Year of Birth: 1972<br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Secretary | Since Inception | Senior Vice President, Director of Product and Pricing (2023-Present); Senior Vice President, Product and Pricing Manager (2021-2023); Senior Vice President, Senior Client Service Manager (2017-2021), UMB Fund Services, Inc. | N/A |  |
|  Bernadette Murphy <br>Year of Birth: 1964 <br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Chief Compliance Officer | Since April 2021 | Director, Vigilant Compliance, LLC (investment management solutions firm) (2018-Present); Director of Compliance and operations, B. Riley Capital Management, LLC (investment advisory firm) (2017-2018); Chief Compliance Officer, Dialectic Capital Management, LP (investment advisory firm) (2008-2018). | N/A |  |

---

<sup>\*&nbsp;&nbsp;&nbsp;&nbsp;</sup>The fund complex consists of the Fund, Cliffwater Enhanced Lending Fund, and Cascade Private Capital Fund.

<sup>\*\*&nbsp;&nbsp;&nbsp;&nbsp;</sup>Mr. Nesbitt is deemed an interested person of the Fund because he is an officer of the Investment Manager.

---

| |
|:---|
|  **Cliffwater Corporate Lending Fund** |
|  Privacy Notice<br> March 31, 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> March 31, 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.* |

---

**Investment Manager** Cliffwater LLC

4640 Admiralty Way, 11th Floor

Marina del Rey, CA 90292

Website: www.cliffwaterfunds.com

**Custodian Bank** State Street Bank and Trust Company

1 Iron Street

Boston, MA 02210

**Fund Administrator, Transfer Agent and Fund Accountant** UMB Fund Services

235 W. Galena Street

Milwaukee, WI 53212-3949

Phone: (414) 299-2200

**Distributor** Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

www.acaglobal.com

**Independent Registered Public Accounting Firm** 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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR's instructions.

#### Item 3. &nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. Dominic Garcia and Mr. Paul J. Williams are qualified to serve as the audit committee financial experts serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

#### Item 4. &nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the year ended March 31, 2025. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to professional services rendered by principal accountant for its review of the Fund's registration statement filed with the SEC and the issuance of consents for such filing. The following table presents fees paid by the Fund for professional services rendered by Cohen & Company, Ltd. for the years ended March 31, 2025 and March 31, 2024.

---

| | | |
|:---|:---|:---|
|  **Fee Category** | **2025 <br>Fees** | **2024 <br>Fees** |
|  (a) Audit Fee | $2000000 | $1050000 |
|  (b) Audit-Related Fees |  |  |
|  (c) Tax Fees | 40000 | 12000 |
|  (d) All Other Fees |  |  |
|  Total Fees | $2040000 | $1062000 |

---

(e)(1)The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2)The percentage of fees billed by Cohen & Company, Ltd. for the years ended March 31, 2025 and March 31, 2024, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | **FYE 3/31/2025** | **FYE 3/31/2024** |
|  **Audit-Related Fees** | 0% | 0% |
|  **Tax Fees** | 0% | 0% |
|  **All Other Fees** | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc. — not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

---

| | | |
|:---|:---|:---|
|  **Non-Audit Related Fees** | **FYE 3/31/2025** | **FYE 3/31/2024** |
|  Registrant | 0 | 0 |
|  Registrant's Investment Adviser | 0 | 0 |

---

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; See the 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;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Financial Highlights for Open**-End **Management Investment Companies.**

Not applicable.

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in and Disagreements with Accountants for Open**-End **Management Investment Companies.**

Not applicable.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&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.**

The remuneration paid to directors, officers and others are included as part of the report to shareholders filed under Item 1 of this Form.

**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.**

#### Cliffwater LLC PROXY POLICY AND PROCEDURE
Rule 206(4)-6 of the Advisers Act requires a registered investment adviser that exercises voting authority with respect to client securities to: (i) adopt written policies reasonably designed to ensure that the investment adviser votes in the best interest of its clients and addresses how the investment adviser will deal with material conflicts of interest that may arise between the investment adviser and its clients; (ii) disclose to its clients information about such policies and procedures; and (iii) upon request, provide information on how proxies were voted.

For its non-discretionary clients, Cliffwater does not have authority to vote client securities. These clients will receive their proxies, corporate actions, consents and other solicitations directly from their custodian or the relevant issuer or investment fund. These clients may contact their client service professionals with questions about a particular solicitation.

For its discretionary clients, Cliffwater generally takes responsibility for ensuring that proxies solicited by, or with respect to, the issuers of securities held in the client's investment account, and corporate actions and consents sought by such issuers (including tender offers and rights offerings) are voted. In most cases, the managers of the commingled funds and separate accounts holding the assets vote the proxy solicitations. However, Cliffwater will take such action in limited circumstances which may include private partnership amendments and consents and in the event that an individual security is held by the client outside of a commingled fund or separate account where the manager votes the securities. Cliffwater's discretionary clients may also retain the right to vote any proxies or take action relating to specified securities held in the client's investment account, provided the client gives timely written notice to Cliffwater.

------

Cliffwater will not put its own interests ahead of those of any of its client and will resolve any possible conflicts between its interests and those of the client in favor of the client. When voting proxies, Cliffwater follows procedures designed to identify and address material conflicts of interest that may arise between its interests and those of its clients. Accordingly, prior to voting any proxy, Cliffwater will determine whether a material conflict of interest exists. A conflict of interest will be considered material to the extent that it is determined that the conflict has the potential to influence Cliffwater's decision making in voting the proxy. If Cliffwater determines that there is a material conflict of interest related to the proxy solicitation, Cliffwater will take appropriate action to resolve the conflict which may include abstaining from a particular vote.

Cliffwater will seek to act solely in the best interests of its clients when exercising its voting authority. Cliffwater determines whether and how to vote proxies on a case-by-case basis. In making such determination, Cliffwater: (i) will attempt to consider all aspects of the vote that could affect the value of the issuer or that of the relevant client, (ii) will vote in a manner that it believes is consistent with the relevant client's stated objectives, (iii) generally will vote in accordance with the recommendation of the issuing company's management on routine and administrative matters, unless Cliffwater has a particular reason to vote to the contrary, and (iv) may not vote at all to the extent the outcome of the vote or action does not have a material impact on the issuer or value of its securities.

Under Rule 204-2 under the Advisers Act, Cliffwater must retain: (i) its voting policies and procedures; (ii) corporate action and proxy statements received; (iii) records of votes cast; (iv) records of client requests for voting information; and (v) any documents prepared by Cliffwater that were material to making a decision on how to vote. Under the circumstances where Cliffwater votes a proxy, corporate action or consent solicited by an issuer of securities or an investment fund, Cliffwater will document and maintain its voting record.

Cliffwater's General Counsel and Chief Compliance Officer must approve the engagement of any proxy advisory firm to assist in connection with voting client securities.

For private investment funds, Cliffwater may accept a seat on an advisory board or similar group for a fund in which one or more Cliffwater clients have invested. Cliffwater believes advisory board service benefits its clients by allowing Cliffwater greater insight into the fund and its strategies and that, in general, the interests of its clients as investors will be aligned with the interests of all investors in the fund. However, if the interests of Cliffwater's clients were to diverge from the interests of each other, the Cliffwater representative will take appropriate action to resolve the conflict which may include abstaining from a particular vote. Please see section III.B.7. for further information regarding Cliffwater's actions with respect to advisory boards.

**Item 13.&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed**-End **Management Investment Companies.**

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members.

The following table provides biographical information about the members of Cliffwater LLC (the "Investment Manager"), who are primarily responsible for the day-to-day portfolio management of the Cliffwater Corporate Lending Fund as of June 9, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Portfolio <br>Management <br>Team Member** | **Title** | **Length of <br>Time of <br>Service to the <br>Fund** | **Business Experience During the Past <br>5 Years** | **Role of <br>Portfolio <br>Management Team <br>Member** |
|  Stephen L. Nesbitt | Chief Executive Officer and Chief Investment Officer | Since Inception | Chief Executive Officer, Chief Investment Officer, Cliffwater LLC (2004-Present) | Portfolio Management |
|  Caitlin Nemeth | Managing Director | Since 2022 | Managing Director, Cliffwater LLC (since 2021); Senior Vice President, Antares Capital LP (2015-2021) | Portfolio Management |
|  Frances Beyers | Managing Director | Since 2022 | Managing Director, Cliffwater LLC (since 2020); Head of Middle Market Loan Analysis, Refinitiv (2009-2020) | Portfolio Management |
|  Samir Patel | Managing Director | Since 2022 | Managing Director, Cliffwater LLC (since 2022); Senior Vice President Portfolio Advisors, LLC (2019-2022); Vice President H.I.G Capital (2018-2019) | Portfolio Management |

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(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

------

The following table provides information about portfolios and accounts, other than the Cliffwater Corporate Lending Fund, for which the members of the Investment Committee of the Sub-Adviser are primarily responsible for the day-to-day portfolio management. The information is as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of <br>Portfolio <br>Management <br>Team Member** | **Number of Accounts and <br>Total Value (in millions) of Assets for Which <br>Advisory Fee is Performance-Based:** | **Number of Accounts and <br>Total Value (in millions) of Assets for Which <br>Advisory Fee is Performance-Based:** | **Number of Accounts and <br>Total Value (in millions) of Assets for Which <br>Advisory Fee is Performance-Based:** | **Number of Other Accounts Managed and Total Value (in <br>millions) of Assets by <br>Account Type for Which There is No Performance-Based <br>Fee:** | **Number of Other Accounts Managed and Total Value (in <br>millions) of Assets by <br>Account Type for Which There is No Performance-Based <br>Fee:** | **Number of Other Accounts Managed and Total Value (in <br>millions) of Assets by <br>Account Type for Which There is No Performance-Based <br>Fee:** |
|  Name | Registered investment companies | Other pooled investment vehicles | Other accounts | Registered investment companies | Other pooled investment vehicles | Other accounts |
|  Stephen L. Nesbitt | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 1 Account<br>$5,358 | 2 Accounts<br>$724 | 15 Accounts<br>$1,697 |
|  Caitlin Nemeth | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 2 Accounts<br>$724 | 0 Accounts<br>N/A |
|  Frances Beyers | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 2 Accounts<br>$724 | 0 Accounts<br>N/A |
|  Samir Patel | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 2 Accounts<br>$724 | 0 Accounts<br>N/A |

---

Conflicts of Interest

The Investment Manager and Portfolio Managers may manage multiple funds and/or other accounts, and as a result may be presented with one or more of the following actual or potential conflicts:

The management of multiple funds and/or other accounts may result in the Investment Manager or Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Manager seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Other accounts managed by a Portfolio Manager may not be managed using the same investment models that are used in connection with the management of the Fund. If the Investment Manager, or Portfolio Manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Investment Manager has adopted procedures for allocating portfolio transactions across multiple accounts. The Investment Manager has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

(a)(3) Compensation Structure of Portfolio Manager

Certain portfolio managers have ownership and financial interests in, and may receive compensation and/or variable profit distributions from, the Investment Manager based on the Investment Manager's financial performance, such as its overall revenues and profitability. Compensation is not tied to the Fund's performance, except to the extent that the fee paid to the Investment Manager impacts the Investment Manager's financial performance.

(a)(4) Disclosure of Securities Ownership

#### Portfolio Management Team's Ownership of Shares

---

| | |
|:---|:---|
|  **Name of <br>Portfolio <br>Management <br>Team Member:** | **Dollar Range of Shares <br>Beneficially Owned by <br>Portfolio Management <br>Team Member<sup>1</sup>:** |
|  Stephen L. Nesbitt | Over $1,000,000 |
|  Caitlin Nemeth | Over $1,000,000 |
|  Frances Beyers | $100001 – $500000 |
|  Samir Patel |  |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of March 31, 2025

(b) Not Applicable

#### 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 Fund's Board of Trustees since the Fund 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 most recent fiscal 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) | [Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 of Form N-CSR. Filed herewith.](ea0241342-01_ex99codeeth.htm) |
|  (a)(2) | Not applicable. |
|  (a)(3) | [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.](ea0241342-01_ex99cert.htm) |
|  (a)(4) | Not applicable. |
|  (a)(5) | Not applicable. |
|  (b) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ea0241342-01_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 | June 9, 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 | June 9, 2025 |
|  By (Signature and Title)\* | /s/ Lance J. Johnson |
|  | Lance J. Johnson, Treasurer |
|  | (Principal Financial Officer) |
|  Date | June 9, 2025 |

---

------

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Cliffwater Corporate Lending Fund**

**Cliffwater Enhanced Lending Fund**

**<u>FINANCIAL OFFICER CODE OF ETHICS</u>**

<u>Purposes of the Code of Ethics</u>

The reputation and integrity of Cliffwater Corporate Lending Fund and Cliffwater Enhanced Lending Fund (the "Fund") are valuable assets that are vital to the Fund's success. Each officer and employee of the Fund, including each of the Fund's senior financial officers ("SFOs"), is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function. The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable
disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of
the Code to an appropriate person or persons identified in the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code of Ethics.

This Code of Ethics should be read in conjunction with the Fund's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund's financial statements. Specifically, persons subject to this Code of Ethics shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Act with honesty and integrity

· Avoid actual or apparent conflicts of interest
with the Fund in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Provide information to the Fund's employees
and service providers (Adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective,
relevant, timely, and understandable

· Endeavor to ensure full, fair, timely, accurate,
and understandable disclosure in the Fund's periodic reports

· Comply with the federal securities laws and other
applicable laws and rules, such as the Internal Revenue Code

· Act in good faith, responsibly, and with due
care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

· Respect the confidentiality of information acquired
in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

· Record (or participate in the recording of) entries
in the Fund's books and records that are accurate

· Refrain from using confidential information for
personal advantage

<u>Violations of the Code of Ethics</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this Code of Ethics unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code of Ethics, regardless of whether this Code of Ethics refers to that particular conduct.

A violation of this Code of Ethics may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the Code of Ethics</u>

 

*Violations*

All persons subject to this Code of Ethics who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code of Ethics must immediately report the violation in writing to the Compliance Officer, another member of the Fund's senior management, or to the Audit Committee of the Board. An example of a possible Code of Ethics violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

*Disclosures*

All persons subject to this Code of Ethics shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund's senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Fund.

 

*Outside Service Providers*

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

 

*Non-Retaliation Policy*

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code of Ethics and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code of Ethics and any related policy statements.

<u>Questions about the Code of Ethics</u>

The Fund's Board of Trustees has designated Bernadette Murphy to be the Compliance Officer for purposes of implementing and administering this Code of Ethics. Any questions about this Code of Ethics should be directed to the Compliance Officer.

Effective: December 5, 2018

Revised: June 5, 2019

Revised: June 2021

## 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: June 9, 2025 |
| /s/ Stephen Nesbitt |
| Stephen Nesbitt, President |
| (Principal Executive Officer) |

---

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

**<u> </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: June 9, 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: June 9, 2025

---

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

---

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: June 9, 2025

---

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

---