# EDGAR Filing Document

**Accession Number:** 0001842754
**File Stem:** 0001213900-26-066323
**Filing Date:** 2026-6
**Character Count:** 345210
**Document Hash:** 3e410a99d1af75e631a54b3ff025f4bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-066323.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001213900-26-066323

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater Enhanced Lending Fund
- **CENTRAL INDEX KEY:** 0001842754

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23630
- **FILM NUMBER:** 261073395

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2270

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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

#### FORM N-CSR

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

#### Investment Company Act File Number 811-23630
----------------------------------------------------------------

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

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

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

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

------

#### 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, 2026 transmitted to shareholders pursuant to Rule 30e-1 promulgated under the Investment Company Act of 1940, as amended (the "1940 Act"), is as follows: </u>

------

#### CLIFFWATER ENHANCED LENDING FUND

------

**Annual Report**

For the Year Ended March 31, 2026

------

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  **Table of Contents**<br> For the Year Ended March 31, 2026 |

---

---

| | |
|:---|:---|
|  [Letter to Shareholders (Unaudited)](#T01) | 2 |
|  [Fund Performance (Unaudited)](#T02) | 4 |
|  [Report of Independent Registered Public Accounting Firm](#T03) | 5 |
|  [Consolidated Schedule of Investments](#T04) | 6 |
|  [Consolidated Statement of Assets and Liabilities](#T05) | 34 |
|  [Consolidated Statement of Operations](#T06) | 36 |
|  [Consolidated Statements of Changes in Net Assets](#T07) | 37 |
|  [Consolidated Statement of Cash Flows](#T08) | 38 |
|  [Consolidated Financial Highlights](#T09) | 40 |
|  [Notes to Consolidated Financial Statements](#T10) | 44 |
|  [Other Information (Unaudited)](#T11) | 87 |
|  [Fund Management (Unaudited)](#T12) | 88 |
|  [Privacy Notice (Unaudited)](#T13) | 90 |

---

*This report is submitted for the general information of the shareholders of the Cliffwater Enhanced Lending Fund (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 Enhanced Lending Fund** |
|  Letter to Shareholders <br> March 31, 2026 (Unaudited) |

---

To our shareholders:

The Cliffwater Enhanced Lending Fund ("the Fund") recently completed its first four and three-quarter years of operations, and we remain grateful for the continued trust and confidence you have placed in us.

The Fund has delivered consistently strong performance relative to its objective, producing a net annualized return of 12.21% (for Class I shares) from its July 1, 2021 inception through March 31, 2026. Over the same period, the Fund outperformed the Morningstar LSTA US Leveraged Loan Index by more than 600 basis points, which returned 5.92%, annually, while maintaining relatively lower risk as reflected by the Fund's 1.11% annualized standard deviation.

The Fund's net assets grew from $5.3 billion on March 31, 2025, to $7.8 billion on March 31, 2026. This continued growth reflects the strong conviction of both existing investors, like yourselves, and new investors entering the Fund. Key drivers of the Fund's performance over the trailing six months include a high current cash yield and capital appreciation across the Fund's investment holdings.

We believe that the Fund's diversified portfolio of over 3,000 underlying credits, with an average position size of 0.03% of NAV, has remained an attractive solution for investors navigating the current economic environment. We remain confident in the Fund's continued performance.

We sincerely thank you for your support.

Regards,

Stephen L. Nesbitt

Chief Executive Officer

Cliffwater LLC

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Letter to Shareholders<br> March 31, 2026 (Unaudited) (Continued) |

---

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

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

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

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

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

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

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

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

The Fund is a non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. 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 Enhanced Lending Fund** |
|  Fund Performance <br> March 31, 2026 (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 Loans Index. The index does not serve as a benchmark for the Fund and is shown for illustrative purposes only. The Fund does not have a designated performance benchmark. Results include the reinvestment of all dividends and capital gains. The index does not reflect expenses, fees, or sales charges, which would lower performance.

The Morningstar LSTA US Leveraged Loans Index is designed to deliver comprehensive, precise coverage of the US leveraged loan market. The Morningstar LSTA US Leveraged Loans 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 Loans Index is unmanaged and it is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
|  **Average Annual Total Returns as of March 31, 2026** | **1 Year** | **3 Year** | **Since <br>Inception** |
|  Cliffwater Enhanced Lending Fund – Class I<sup>1</sup> | 10.24% | 12.07% | 12.21% |
|  Cliffwater Enhanced Lending Fund – Class D<sup>2</sup> | N/A | N/A | 6.08% |
|  Morningstar LSTA US Leveraged Loans Index | 4.81% | 8.00% | 5.92% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Inception Date July 1, 2021

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Inception Date August 4, 2025

***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 July 31, 2022, 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 July 31, 2022 and would have been lower in their 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 Enhanced Lending Fund** |
|  Report of Independent Registered Public Accounting Firm <br>|

---

![](tcohen_logo.jpg)

To the Shareholders and Board of Trustees of

Cliffwater Enhanced Lending Fund

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

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedules of investments and forward foreign currency exchange contracts, of Cliffwater Enhanced Lending Fund (the "Fund") as of March 31, 2026, 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, 2026, 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 Statements of <br>Changes in Net Assets** | **Consolidated Financial <br>Highlights** |
|  Cliffwater Enhanced Lending Fund | For the year ended March 31, 2026 | For the years ended March 31, 2026, and 2025 | For the years ended March 31, 2026, 2025, 2024, 2023 and for the period July 1, 2021 (commencement of operations) through March 31, 2022 |

---

<u>Basis for Opinion</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, 2026, 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

May 30, 2026

![](tcohen_footer.jpg)

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments <br> As of March 31, 2026 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 — 74.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships — 50.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Asset Based Credit Evergreen Fund, LP |  |  |  |  |  | USD | N/A | $126000000 | $129374913<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Asset Based Credit Fund L.P. |  |  |  |  |  | USD | N/A | 99000000 | 117685000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Essential Housing Fund II Holdings (DE), L.P. |  |  |  |  |  | USD | N/A | 551114 | 3360723<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Finance, LP |  |  |  |  |  | USD | N/A | 93710220 | 107115407<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Pathfinder Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 8156792 | 8992750<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Special Opportunities Fund (Offshore), LP |  |  |  |  |  | USD | N/A | 4632487 | 3848367<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Special Opportunities Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 26252127 | 33952042<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balbec IGCF VI Annex Fund, L.P. |  |  |  |  |  | USD | N/A | 38250000 | 41045910<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund I, LP |  |  |  |  |  | USD | N/A | 8935391 | 18971656<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 29209951 | 41585557<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge Secondary Fund IV (Offshore), LP |  |  |  |  |  | USD | N/A | 354477 | 5128442<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge Secondary Fund V (Offshore), LP |  |  |  |  |  | USD | N/A | 92851664 | 160797902<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge Secondary Fund VI (Offshore), LP |  |  |  |  |  | USD | N/A | 11957676 | 15904846<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Capital Solutions Perpetual Fund (CA), LP |  |  |  |  |  | USD | 479677  | 49091476 | 54415376<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. |  |  |  |  |  | USD | N/A | 20522454 | 24299258<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl First Lien Fund (Offshore), L.P. |  |  |  |  |  | USD | N/A | 2099338 | 1763365<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Real Estate Fund VI, LP |  |  |  |  |  | USD | N/A | 16423040 | 17976260<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPC Opportunities Offshore Feeder Fund V LLC |  |  |  |  |  | USD | N/A | 21148502 | 24957334<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPC Real Estate Debt Fund, LP |  |  |  |  |  | USD | N/A | 53750018 | 66790053<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 3) |  |  |  |  |  | USD | N/A | 106277431 | 111403152<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) |  |  |  |  |  | USD | N/A | 149488797 | 150654350<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP Pioneer Investors Feeder, L.P. |  |  |  |  |  | USD | N/A | 46439595 | 50567899<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Advantage Feeder Fund A, LP |  |  |  |  |  | USD | N/A | $833582 | $1620777<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callodine Perpetual ABL Fund, LP |  |  |  |  |  | USD | N/A | 97717483 | 87059857<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund II (Parallel), SCSp |  |  |  |  |  | USD | N/A | 8035701 | 6485944<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund III (Parallel), SCSp |  |  |  |  |  | USD | N/A | 10001506 | 10384066<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comvest Special Opportunities Fund, L.P. |  |  |  |  |  | USD | N/A | 14775066 | 16855268<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingency Capital EG Fund (US) LP |  |  |  |  |  | USD | N/A | 40944229 | 47270992<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingency Capital Fund I-A, LP |  |  |  |  |  | USD | N/A | 56471367 | 75408141<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corrum Capital Entertainment Lending II-B, LP |  |  |  |  |  | USD | N/A | 72765105 | 73155037<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline PF Sentry Fund (US), LP |  |  |  |  |  | USD | N/A | 28539771 | 27382622<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.E. Shaw Diopter International Fund II, L.P. |  |  |  |  |  | USD | N/A | 13641267 | 14352485<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.E. Shaw Diopter International Fund, L.P. |  |  |  |  |  | USD | N/A | 30774736 | 43772444<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Portfolio Finance Evergreen LP |  |  |  |  |  | USD | 288208 | 300000000 | 351187729<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Portfolio Finance (Lux) SICAV |  |  |  |  |  | USD | 3000000 | 150000000 | 167160000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVP II LP |  |  |  |  |  | USD | N/A | 31303840 | 50242427<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Secondary Fund II Offshore, LP |  |  |  |  |  | USD | N/A | 10434114 | 10659926<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Liquidity Solutions Fund (Offshore), LP |  |  |  |  |  | USD | N/A | 44937188 | 50646505<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTAI Aircraft Leasing Offshore SPV (2025) L.P. |  |  |  |  |  | USD | N/A | 37500000 | 41456516<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCF III Feeder LP |  |  |  |  |  | USD | N/A | 9568518 | 11484519<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GPC Partners III (Duo) Coinvest Parallel-A, L.P. |  |  |  |  |  | USD | N/A | 1000926 | 1000926<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Partners Structured Capital Fund III, L.P. |  |  |  |  |  | USD | N/A | 15280637 | 18421693<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayfin Healthcare Opportunities Fund (US Parallel), LP |  |  |  |  |  | USD | N/A | 52025040 | 67331045<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Evergreen Fund LP |  |  |  |  |  | USD | N/A | 213096543 | 217857497<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Asset Value Platform, L.P. |  |  |  |  |  | USD | N/A | 42754664 | 44450996<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Mezzanine Partners 2019, LP |  |  |  |  |  | USD | N/A | 20906440 | 24856152<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Strategic Investment Partners V, LP |  |  |  |  |  | USD | N/A | $39120459 | $46709625<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V-L, L.P. |  |  |  |  |  | USD | N/A | 12320329 | 11358176<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICG LP Secondaries Fund I (Feeder) SCSp |  |  |  |  |  | USD | N/A | 14445316 | 20740199<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indago Asset-Based Opportunities I LP |  |  |  |  |  | USD | N/A | 6714767 | 7309147<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InSolve Global Credit Feeder Fund VI, L.P. |  |  |  |  |  | USD | N/A | 54003101 | 65600430<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jaffa Capital Fund, LP |  |  |  |  |  | USD | N/A | 20000000 | 20857140<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Street Opportunistic Credit Evergreen Fund, L.P. |  |  |  |  |  | USD | N/A | 100000000 | 107638372<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LuminArx Opportunistic Alternative Solutions Offshore Fund LP |  |  |  |  |  | USD | N/A | 30436623 | 33038156<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Realty Capital Debt Fund, IV LP |  |  |  |  |  | USD | N/A | 14173657 | 12072602<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Credit Opportunities II Cayman Feeder, LP |  |  |  |  |  | USD | N/A | 18364132 | 24149612<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Wall Asset Backed Opportunities Feeder Fund I LP |  |  |  |  |  | EUR | N/A | 76500125 | 99218299<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWEOF Feeder Fund II LP |  |  |  |  |  | EUR | N/A | 27870400 | 41027983<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWEOF Feeder Fund III SCSp |  |  |  |  |  | EUR | N/A | 2625904 | 3026079<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrbiMed RCO IV Offshore Feeder, LP |  |  |  |  |  | USD | N/A | 25191624 | 25221732<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathlight Capital Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 46073543 | 44550866<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathlight Capital Fund II, LP |  |  |  |  |  | USD | N/A | 13496284 | 13452607<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peachtree Credit Fund IV Q, L.P. |  |  |  |  |  | USD | 5000000 | 49088073 | 51486320<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II Pacific, LLC |  |  |  |  |  | USD | N/A | 2467491 | 3777740<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II, LP |  |  |  |  |  | USD | N/A | 18777394 | 16318768<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peppertree Capital Fund IX QP, LP |  |  |  |  |  | USD | N/A | 10722816 | 11144457<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peppertree Capital Fund VI QP, LP |  |  |  |  |  | USD | N/A | 25585436 | 31210798<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peppertree Capital Fund VII QP, LP |  |  |  |  |  | USD | N/A | 25255695 | 30576471<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pimlico Partners, L.P. |  |  |  |  |  | USD | N/A | 20000000 | 20258356<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pine Valley Capital Partners Evergreen Fund, L.P. |  |  |  |  |  | USD | N/A | 59673179 | 60408393<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSC Credit IV (A) SCSp |  |  |  |  |  | USD | N/A | 32525394 | 33376119<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Asset-Based Credit Fund II LP |  |  |  |  |  | USD | N/A | 18411938 | 18388007<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Enhanced Income Corp. |  |  |  |  |  | USD | 1988166 | 28275000 | 20457234<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Healthcare Credit Parallel Fund II A, L.P. |  |  |  |  |  | USD | N/A | $12105811 | $11778115<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Lowy Strategic Investments IV (ASIA), LP |  |  |  |  |  | USD | N/A | 21528600 | 23994037<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shamrock Capital Debt Opportunities Fund I, LP |  |  |  |  |  | USD | N/A | 6872154 | 6948776<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Growth Partners II (B), L.P. |  |  |  |  |  | USD | N/A | 4631305 | 5854872<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Fund V Offshore, LP |  |  |  |  |  | USD | N/A |  | 8695005<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Fund VI Offshore, LP |  |  |  |  |  | USD | N/A | 21980109 | 26633343<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point Strategic Capital Fund III, LP |  |  |  |  |  | USD | N/A | 24578431 | 24517652<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Loan Institutional Fund 2016-L, L.P. |  |  |  |  |  | USD | N/A | 2143767 | 3859087<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Partners Credit Offshore Fund II, L.P. |  |  |  |  |  | USD | N/A | 7124963 | 2772386<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbiotic Capital Healthcare Credit Fund II, L.P. |  |  |  |  |  | USD | N/A | 3026453 | 2944529<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbiotic Capital Life Science Credit Fund, L.P. |  |  |  |  |  | USD | N/A | 13953712 | 14276232<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Rivers LLC |  |  |  |  |  | USD | N/A | 1069507 | 203909<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thorofare Asset Based Lending Fund V, L.P. |  |  |  |  |  | USD | N/A | 30401096 | 31182405<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum L.P. |  |  |  |  |  | USD | N/A | 8232986 | 10934469<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Tax Exempt, L.P. |  |  |  |  |  | USD | N/A | 5571832 | 7187643<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Capital Solutions Fund-A, L.P. |  |  |  |  |  | USD | N/A | 9751685 | 12187995<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit Partners Fund IV-B, L.P. |  |  |  |  |  | USD | N/A | 19032434 | 18228610<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Credit Origination Fund, L.P. |  |  |  |  |  | USD | N/A | 1000000 | 854974<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Legal Finance Fund, L.P. |  |  |  |  |  | USD | N/A | 95750036 | 119390192<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waccamaw River LLC |  |  |  |  |  | USD | N/A | 6600163 | 231334<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WhiteHawk Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 100000000 | 105806780<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **3495883997** | **3962950159** |
| &nbsp;&nbsp;&nbsp; **Non-Listed Business Development Companies — 1.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Capital Corp |  |  |  |  |  | USD | 110635 | 1684852 | 1529733<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Lending Fund |  |  |  |  |  | USD | 4458809 | 127018961 | 122483573<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private Credit BDC Feeder LP |  |  |  |  |  | USD | N/A | 16220347 | 16361954<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **144924160** | **140375260** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Fund Obligations — 1.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alp CFO 2024, L.P. Class C |  | 12.88% |  |  | 10/15/2036 | USD | 18000000 | $18000000 | $18680940<br><sup>1,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer 2023 Finance, LLC, Class B |  | 15.67%, 4.00% PIK | SOFR | 800 | 12/28/2035 | USD | 37090438 | 35752526 | 35041187<br><sup>1,7,8,9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Logan 2025-L5 — Class B |  | 9.05% | SOFR | 550 | 11/15/2040 | USD | 20000000 | 3657982 | 3657982<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Logan 2025-L5 — Class C |  | 12.30% | SOFR | 875 | 11/15/2040 | USD | 40000000 | 7314915 | 7314914<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 Class C |  | 13.54% | SOFR | 915 | 12/15/2034 | USD | 19589763 | 11464763 | 11400116<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 Class C |  | 13.09% | SOFR | 915 | 12/15/2034 | USD | 1047155 | 1047155 | 1043700<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R3 Class C |  | 12.81% | US Treasury | 900 | 5/15/2035 | USD | 19568074 | 11443074 | 11266961<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R3 Class C |  | 12.94% | US Treasury | 900 | 5/15/2035 | USD | 764649 | 764649 | 757767<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **89445064** | **89163567** |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations — 1.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 12.90% | SOFR | 925 | 9/15/2038 | USD | 11676647 | 8706449 | 9031060<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim MM-C CLO |  |  |  |  | 7/25/2035 | USD | N/A | 90202500 | 101093465<br><sup>1,2,3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Finance CMBS Opportunities Fund 4, L.P. |  |  |  |  |  | USD | N/A | 17791492 | 21999317<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **116700441** | **132123842** |
| &nbsp;&nbsp;&nbsp; **Private Equity — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A1 |  |  |  |  |  | USD | 0.43 | 233216 | 894833<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A2 |  |  |  |  |  | USD | 0.80 | 58607 | 98777<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Partners Evergreen (Aggregator) 1 LP |  |  |  |  |  | USD | N/A | 20173 | 509269<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Credit Fund Management, LLC |  |  |  |  |  | USD | N/A |  | 2600668<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private BDC Advisor, LLC |  |  |  |  |  | USD | N/A |  | 1035335<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **311996** | **5138882** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Asset Based Finance — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3) |  |  |  |  |  | USD | N/A | $5242498 | $3750208<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSOF Parallel Onshore Fund L.P. (Class Chestnut II Series 2) |  |  |  |  |  | USD | N/A | 20108879 | 20620744<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSOF Parallel Onshore Fund L.P. (Class Colonnade 2024 Series 3) |  |  |  |  |  | USD | N/A | 10250000 | 10495231<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Asset Co-Invest L.P. |  |  |  |  |  | USD | N/A | 2034675 | 2167448<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **37636052** | **37033631** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Asset Pools — 1.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Uprise Direct 2024 LLC (Participation in Membership Int) |  |  |  |  |  | USD | N/A | 35763541 | 34989298<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indago Co-Invest I LP |  |  |  |  |  | USD | N/A | 24000000 | 26313842<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OWS Affirm Partnership Fund, LTD. |  |  |  |  |  | USD | 30000 | 30000000 | 32292944<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UP SP Gemini Holdco LLC |  |  |  |  |  | USD | N/A | 4950000 | 4997447<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **94713541** | **98593531** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common and Preferred Equity — 2.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Insurance Partners, LP |  |  |  |  |  | USD | N/A | 14380284 | 18359463<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Co-Invest LP |  |  |  |  |  | USD | N/A | 994054 | 1630011<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Diner Offshore, LP |  |  |  |  |  | USD | N/A | 2969495 | 2361499<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP Mezz 2019 Co-Invest, LP |  |  |  |  |  | USD | N/A | 37190448 | 52083003<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP SIP V Co-Investment Fund, LP |  |  |  |  |  | USD | N/A | 13065632 | 21117333<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Holdings LP (Common Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 5000000 | 6208526<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Holdings LP (Preferred Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 27474697 | 34415479<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinkler 2024 Co-Investment I (Feeder) SCSp |  |  |  |  |  | EUR | N/A | 16233891 | 26109012<br><sup>1,2,3,4</sup> |
|  |  |  |  |  |  |  |  | **117308501** | **162284326** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common Equity — 1.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPC Breeze Co-Invest (Onshore), L.P. |  |  |  |  |  | USD | N/A | 19515049 | 24876324<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Co-Invest, LP |  |  |  |  |  | USD | N/A | 2500000 | 4020556<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common Equity (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Co-Invest L.P. |  |  |  |  |  | USD | N/A | $5501383 | $6512371<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marilyn Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 33863577 | 50688374<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **61380009** | **86097625** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Leasing — 0.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon A330F (BOAC IAT Alpha Venture DAC) |  |  |  |  |  | USD | N/A | **24714003** | **25004477**<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Preferred Equity — 1.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Alera Aggregator, L.P. |  |  |  |  |  | USD | N/A | 4875846 | 7503281<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Sierra II, L.P. |  |  |  |  |  | USD | N/A | 2966146 | 4690962<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilly HP SCF Investor, LP |  |  |  |  |  | USD | N/A | 3017701 | 3368385<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mint Co-Invest Fund, L.P. |  |  |  |  |  | USD | N/A | 5746728 | 9439154<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KINO Co-Invest Holdings, L.P |  |  |  |  |  | USD | 1500 | 14550000 | 18712260<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LH Equity Investors, L.P. |  |  |  |  |  | USD | N/A | 19250000 | 27037928<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LuminArx Naka Co-Invest Fund LP |  |  |  |  |  | USD | N/A | 2540678 | 2546281<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LuminArx Valence Co-Invest Offshore Fund LP |  |  |  |  |  | USD | N/A | 9936909 | 11724131<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 11417401 | 17393930<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCSF Co-Invest 1-A, L.P. |  |  |  |  |  | USD | N/A | 5089291 | 7691401<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **79390700** | **110107713** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Real Estate Loans — 5.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRE Credit Portfolio II, LP |  |  |  |  |  | USD | N/A | 108691459 | 108484917<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Cardinal LLC |  |  |  |  |  | USD | N/A | 6815075 | 6872039<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Emberglow, LLC |  |  |  |  |  | USD | N/A | 3177880 | 3280830<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Maize LLC |  |  |  |  |  | USD | N/A | 31554857 | 33362176<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings RHO LLC |  |  |  |  |  | USD | N/A | 12548465 | 14184217<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Tau, LLC |  |  |  |  |  | USD | N/A | 9119314 | 9924496<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Zeta LP — Class A |  |  |  |  |  | USD | N/A | 7987120 | 8777485<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Zeta LP — Class B |  |  |  |  |  | USD | N/A | 1410673 | 2348476<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP-HS Lot Option Joint Venture VI, LLC |  |  |  |  |  | USD | N/A | 5487806 | 5633448<br><sup>1,7,13</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Real Estate Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwind Healthcare Debt Fund II Feeder B LP |  |  |  |  |  | USD | N/A | $30529713 | $28838492<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG Lending Fund I, LP |  |  |  |  |  | USD | N/A | 158470985 | 164835535<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realterm Logistics Credit Fund Co-Investment, LLC |  |  |  |  |  | USD | N/A | 25850516 | 26297352<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB DOF Speedway, LLC |  |  |  |  |  | USD | N/A | 8010963 | 10502232<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **409654826** | **423341695** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Senior Secured Loans — 6.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |  |  |  |  |  | USD | N/A | 1730630 | 2053137<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline Nevermore Holdco, L.P. |  |  |  |  |  | USD | N/A | 5126088 | 4578524<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CW Credit Opportunity 2 LP |  |  |  |  |  | USD | N/A | 22889117 | 24631296<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVP Credit SPV I LP |  |  |  |  |  | USD | N/A | 17022619 | 18131985<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Feeder LP (Common Interests) |  |  |  |  |  | USD | N/A | 10477594 | 18870468<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Feeder LP (Preferred Interests) |  |  |  |  |  | USD | N/A | 5450422 | 7002943<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Holdings II, LP |  |  |  |  |  | USD | N/A | 24570000 | 30369767<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Holdings LP |  |  |  |  |  | USD | N/A | 1243781 | 1436496<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Holdings LP (Preferred) |  |  |  |  |  | USD | N/A | 680920 | 752098<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Highlighter Coinvest, Lp |  |  |  |  |  | USD | N/A | 9557216 | 9544200<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAC SPV I LLC |  |  |  |  |  | USD | N/A | 29600000 | 31149766<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pine Valley Capital Co-Invest I, LP |  |  |  |  |  | USD | N/A | 44603590 | 46645149<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC 2025 Opportunities Holding II, L.P. |  |  |  |  |  | USD | N/A | 98500000 | 98872006<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Life Science Credit Parallel Fund A, L.P. |  |  |  |  |  | USD | N/A | 161225853 | 164259417<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Opportunities Holding, L.P. |  |  |  |  |  | USD | N/A | 39675000 | 33233501<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Select Overflow Fund, L.P. |  |  |  |  |  | USD | N/A | 38021127 | 38078000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbiotic Capital EB Fund, L.P. |  |  |  |  |  | USD | N/A | 3977217 | 4540666<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **514351174** | **534149419** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Subordinated Debt — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF III Nexus Co-Invest Aggregator, L.P. |  |  |  |  |  | USD | N/A | $3615905 | $5911054<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheval Blanc Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 14649107 | 17154815<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eiger Funding (PCC) Limited — Cell 18 — Yosemite |  |  |  |  |  | EUR | N/A | 14223581 | 14342116<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milano Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 4018599 | 3999960<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **36507192** | **41407945** |
| &nbsp;&nbsp;&nbsp; **Total Private Investment Vehicles** |  |  |  |  |  |  |  | **5222921656** | **5847772072** |
|  **Senior Secured Loans — 23.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services — 0.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AR5 LLC | Revolver | 12.66% | SOFR | 900 | 10/15/2028 | USD | $21025264 | 12874180 | 12915129<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV MRP Buyer, LLC | Delayed Draw | 1.00% |  |  | 1/21/2032 | USD | 1225000 | (11868) | (12250)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV MRP Buyer, LLC | Revolver | 0.50% |  |  | 1/21/2032 | USD | 4050000 | (39219) | (40500)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BV MRP Buyer, LLC | First Lien Term Loan | 8.70% | SOFR | 500 | 1/21/2032 | USD | 9725000 | 9630102 | 9627750<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HES Intermediate Holdings II, LLC | Delayed Draw | 8.45% | SOFR | 475 | 3/2/2033 | USD | 2054795 | 623409 | 623287<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HES Intermediate Holdings II, LLC | Revolver | 8.42% | SOFR | 475 | 3/2/2033 | USD | 1095891 | 144463 | 144343<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HES Intermediate Holdings II, LLC | First Lien Term Loan | 8.42% | SOFR | 475 | 3/2/2033 | USD | 6849315 | 6781395 | 6780822<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 9.92% | SOFR | 625 | 8/18/2028 | USD | 7000000 | 6940197 | 6954623<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | Revolver | 0.50% |  |  | 12/15/2030 | USD | 1018330 | (4932) | (5092)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | First Lien Term Loan | 8.45% | SOFR | 475 | 12/15/2030 | USD | 6109980 | 6080173 | 6079430<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Java Buyer, Inc. | Delayed Draw | 8.42% | SOFR | 475 | 12/15/2030 | USD | 2871690 | 545952 | 545723<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P20 Parent, Inc. | First Lien Term Loan | 11.20% | SOFR | 750 | 7/12/2028 | USD | 4837500 | 4792021 | 4729532<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **48355873** | **48342797** |
| &nbsp;&nbsp;&nbsp; **Communications — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMP Music Holdings LLC | First Lien Term Loan | 11.00% |  |  | 6/30/2027 | USD | 28376005 | **28018360** | **27950365**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 4.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959 Holdings, LLC | First Lien Term Loan | 10.16% | SOFR | 650 | 7/5/2030 | USD | 15375000 | 15238714 | 15262217<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media, LLC | Revolver | 11.53% | SOFR | 785 | 9/23/2027 | USD | 20000000 | 15117866 | 15050951<br><sup>1,7,8,11,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipriani USA, Inc | Delayed Draw | 13.00%, 8.00% PIK |  |  | 9/30/2029 | USD | 15827513 | 15188740 | 15376418<br><sup>1,7,9,11,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | Delayed Draw | 14.50% |  |  | 8/28/2027 | USD | 1496679 | 758003 | 758003<br><sup>1,7,11,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | First Lien Term Loan | 15.25% |  |  | 8/28/2027 | USD | 8237239 | 8237239 | 8237239<br><sup>1,7,13,15</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | First Lien Term Loan | 14.75% |  |  | 8/28/2027 | USD | $2482926 | $2482926 | $2482926<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fitness and Lifestyle Group Bidco Pty Ltd | First Lien Term Loan | 10.11% | BBSY | 625 | 5/31/2028 | AUD | 58488083 | 41056110 | 40011365<br><sup>1,4,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Formex Holdings, LLC | First Lien Term Loan | 12.67% | SOFR | 900 | 2/9/2029 | USD | 5000000 | 4927794 | 4925000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frist Apex Ventures LLC | First Lien Term Loan | 27.68% |  |  | 10/5/2026 | USD | 5877938 | 5792899 | 5772500<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDYC Assets LLC | First Lien Term Loan | 12.35% | SOFR | 875 | 11/9/2030 | USD | 10000000 | 9889158 | 9887660<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Purchaser, Inc. | Second Lien Term Loan | 12.17% | SOFR | 850 | 4/7/2030 | USD | 3000000 | 2964214 | 2140620<br><sup>1,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Publishing Company | First Lien Term Loan | 11.77% | SOFR | 810 | 4/7/2028 | USD | 4875000 | 4779045 | 4588594<br><sup>1,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iris Capital Holdings Pty Ltd | First Lien Term Loan | 9.89% | BBSY | 550 | 5/11/2029 | AUD | 3337143 | 2344768 | 2276541<br><sup>1,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jonas Catalog Holdings I LLC | Delayed Draw | 11.00%, 5.00% PIK |  |  | 9/19/2029 | USD | 30268643 | 13339204 | 13229580<br><sup>1,7,9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Right HVAC, LLC | Delayed Draw | 8.46% | SOFR | 475 | 2/13/2029 | USD | 150000 | 6783 | 6751<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Right HVAC, LLC | Revolver | 10.50% | PRIME | 375 | 2/13/2029 | USD | 100000 | 19042 | 19000<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Right HVAC, LLC | First Lien Term Loan | 8.49% | SOFR | 475 | 2/13/2029 | USD | 500000 | 495189 | 495000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keller Postman, LLC | First Lien Term Loan | 15.63% PIK | SOFR | 1200 | 9/15/2028 | USD | 15806956 | 15685744 | 15749708<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn & Garden LLC | Revolver | 11.17% | SOFR | 750 | 10/21/2029 | USD | 2495454 | 2450021 | 2436838<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn & Garden LLC | Revolver | 11.20% | SOFR | 750 | 10/21/2029 | USD | 231818 | 227701 | 226373<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawn & Garden LLC | First Lien Term Loan | 11.15% | SOFR | 750 | 10/21/2029 | USD | 12272727 | 12042798 | 11984447<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mashantucket (Western) Pequot Tribe | First Lien Term Loan | 11.73% | SOFR | 806 | 6/30/2028 | USD | 14450854 | 14156857 | 14015231<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMXXV SP SPV, LLC | First Lien Term Loan | 10.77% | SOFR | 710 | 11/11/2026 | USD | 12367184 | 12227732 | 12229976<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NKD Group GmbH | First Lien Term Loan | 9.26% | EURIBOR | 800 | 9/30/2028 | EUR | 1288462 | 1343594 | 1483261<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tool & Equipment Company Inc | First Lien Term Loan | 10.69% | SOFR | 700 | 1/26/2029 | USD | 10625000 | 10484933 | 10465625<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penney Holdings, LLC | First Lien Term Loan | 11.79% | SOFR | 813 | 9/19/2030 | USD | 30000000 | 29693735 | 29889851<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Carrus Careers, LLC | Revolver | 8.45% | SOFR | 475 | 11/13/2031 | USD | 2790698 | 1177268 | 1164898<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Carrus Careers, LLC | First Lien Term Loan | 8.45% | SOFR | 475 | 11/13/2031 | USD | 12209302 | 12093107 | 12040188<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PF Carrus Careers, LLC | First Lien Term Loan | 12.63% | SOFR | 893 | 11/13/2031 | USD | 20170279 | 19691232 | 19596797<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparkle Holdco 2 Corp. | Revolver | 0.50% |  |  | 1/16/2031 | USD | 2486567 | (71438) | (83577)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sparkle Holdco 2 Corp. | First Lien Term Loan | 10.93% | SOFR | 725 | 1/16/2031 | USD | 19360874 | 18797763 | 18793725<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spinrite Inc. | First Lien Term Loan | 11.17% | SOFR | 750 | 12/5/2030 | USD | 13125000 | 12874986 | 12818532<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spinrite Inc. | Revolver | 11.17% | SOFR | 750 | 12/5/2030 | USD | 1875000 | 339835 | 331219<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Company Bidco Holdings | Second Lien Term Loan | 14.67% | SONIA | 937 | 10/31/2029 | GBP | 10000000 | 12305065 | 13140392<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tree Guardians Holdings LLC | Delayed Draw | 1.00% |  |  | 1/26/2032 | USD | 850000 | (6252) | (6375)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tree Guardians Holdings LLC | Revolver | 0.50% |  |  | 1/26/2032 | USD | 100000 | (971) | (1000)<sup>1,7,10</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment <br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair <br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tree Guardians Holdings LLC | First Lien Term Loan | 8.17% | SOFR | 450 | 1/26/2032 | USD | $500000 | $495113 | $495000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Capital (Luxembourg) S.A.R.L. | First Lien Term Loan | 10.35% | EURIBOR | 825 | 10/13/2030 | EUR | 7960000 | 9159577 | 9031021<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Capital (Luxembourg) S.A.R.L. | Revolver | 10.56% | EURIBOR | 825 | 10/13/2030 | EUR | 1990000 | 2290653 | 2257755<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voyant Beauty, Inc | First Lien Term Loan | 12.41%, 3.00% PIK | SOFR | 875 | 11/24/2030 | USD | 10280770 | 9805407 | 9745782<br><sup>1,7,8,9</sup> |
|  |  |  |  |  |  |  |  | **339902154** | **338326032** |
| &nbsp;&nbsp;&nbsp; **Consumer Staples — 1.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxters North America Holdings, Inc. | First Lien Term Loan | 10.55% | SOFR | 688 | 5/31/2028 | USD | 5889006 | 5814944 | 5872533<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blazing Star Parent | First Lien Term Loan | 10.67% | SOFR | 700 | 8/28/2030 | USD | 28637500 | 27985681 | 27921563<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordevigo Interim Lux Bidco S.A.R.L | First Lien Term Loan | 11.03% | SOFR | 725 | 4/11/2032 | USD | 8357285 | 8131456 | 6953721<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cordevigo Interim Lux Bidco S.A.R.L | First Lien Term Loan | 9.38% | EURIBOR | 725 | 4/11/2032 | EUR | 7625260 | 8410445 | 7333144<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOJO Industries Holdings, Inc. | First Lien Term Loan | 11.67% | SOFR | 800 | 10/26/2028 | USD | 11794828 | 11590500 | 11829972<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IKI Manufacturing Co LLC | Revolver | 0.50% |  |  | 2/13/2032 | USD | 5000000 | (73443) | (79957)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IKI Manufacturing Co LLC | First Lien Term Loan | 8.88% | SOFR | 525 | 2/13/2032 | USD | 45000000 | 44336011 | 44280382<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **106195594** | **104111358** |
| &nbsp;&nbsp;&nbsp; **Energy — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Energy Services, LLC | First Lien Term Loan | 11.42% | SOFR | 775 | 4/11/2028 | USD | 16685491 | 16380987 | 16517798<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Delayed Draw | 1.00% |  |  | 2/8/2031 | USD | 16666667 | (81027) | (58401)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KENE Acquisition, Inc. | Revolver | 0.50% |  |  | 2/8/2031 | USD | 2380952 | (11252) | (8343)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight Energy Services LLC | First Lien Term Loan | 11.49% | SOFR | 750 | 6/1/2028 | USD | 1250000 | 1226826 | 1245473<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **17515534** | **17696527** |
| &nbsp;&nbsp;&nbsp; **Financials — 5.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkeme Intermediary Holding, LLC | Delayed Draw | 1.00% |  |  | 5/28/2027 | USD | 12500000 | (59778) | (62500)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC | Revolver | 0.50% |  |  | 3/1/2029 | USD | 528083 | (4814) | (7025)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC | First Lien Term Loan | 10.19% | SOFR | 650 | 3/1/2029 | USD | 2823972 | 2797866 | 2786404<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apella Capital LLC | Delayed Draw | 9.45% | SOFR | 575 | 3/1/2029 | USD | 5647945 | 1583936 | 1562767<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Risk Management, Inc. | Delayed Draw | 1.00% |  |  | 3/13/2033 | USD | 650000 | (6477) | (6500)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Risk Management, Inc. | Revolver | 0.50% |  |  | 3/13/2033 | USD | 300000 | (2978) | (3000)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Risk Management, Inc. | First Lien Term Loan | 8.42% | SOFR | 475 | 3/13/2033 | USD | 1650000 | 1633587 | 1633500<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonaccord Capital Partners | Delayed Draw | 1.50% |  |  | 1/20/2030 | USD | 72500000 | (1208639) | (1207961)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP PMKN LLC | Delayed Draw | 1.50% |  |  | 12/31/2026 | USD | 20000000 | (650039) | (922466)<sup>1,7,10,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callodine Commercial Finance, LLC | First Lien Term Loan | 10.17% | SOFR | 650 | 6/3/2027 | USD | 113514400 | 113514400 | 112576194<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearco SPV V US LP | First Lien Term Loan | 14.67% | SOFR | 1100 | 4/3/2027 | USD | 15000000 | 14871127 | 14945675<br><sup>1,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; CVC Structured Solutions 2 LLC | Delayed Draw | 12.42% | SOFR | 875 | 9/3/2040 | USD | $40000000 | $1908286 | $1986653<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 8.45% | SOFR | 475 | 10/29/2030 | USD | 1242727 | 1202547 | 1234289<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 8.45% | SOFR | 475 | 10/29/2030 | USD | 2659091 | 2597901 | 2641034<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP | First Lien Term Loan | 8.70% | SOFR | 500 | 8/4/2030 | USD | 11667000 | 11575612 | 11531274<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP | Delayed Draw | 8.70% | SOFR | 500 | 8/4/2030 | USD | 23333000 | 23153539 | 23061559<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP | Delayed Draw | 10.45% | SOFR | 675 | 12/15/2026 | USD | 11667000 | 11606135 | 11538973<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Informativ, LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 7/30/2027 | USD | 5816065 | 5742979 | 5709825<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IQ EQ Fund Services (Jersey) | First Lien Term Loan | 12.00% |  |  | 3/2/2028 | GBP | 30000000 | 40041825 | 39311714<br><sup>1,4,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Delayed Draw | 12.70% | SOFR | 900 | 3/31/2028 | USD | 5930000 | 5871377 | 5870700<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Second Lien Term Loan | 12.70% | SOFR | 900 | 3/31/2028 | USD | 3200000 | 3200000 | 3168000<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | First Lien Term Loan | 12.72% | SOFR | 900 | 3/31/2028 | USD | 55000000 | 54454770 | 54450000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 12.20% PIK | SOFR | 850 | 12/26/2027 | USD | 15056996 | 14864258 | 14996881<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LP-PWP Credit Card ABS, LLC | Revolver | 0.50% |  |  | 6/1/2028 | USD | 2054902 |  | (14884)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LP-PWP Credit Card ABS, LLC | First Lien Term Loan | 11.42% | SOFR | 774 | 6/1/2028 | USD | 12813460 | 13191470 | 12720648<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metaplanet Holdings OU | Delayed Draw | 0.75% |  |  | 2/5/2036 | USD | 36648750 | (216505) | (296625)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metaplanet Holdings OU | First Lien Term Loan | 11.50% PIK |  |  | 2/5/2036 | USD | 61081250 | 60719604 | 60586875<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II Pacific, LLC | Promissory Note | 11.59% |  |  | 5/10/2031 | USD | 1021907 | 1021907 | 1021908<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapyd Netherlands B.V. | First Lien Term Loan | 12.63% PIK | SOFR | 900 | 8/31/2030 | USD | 15000000 | 14868958 | 14422576<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapyd Netherlands B.V. | First Lien Term Loan | 12.64% PIK | SOFR | 900 | 9/7/2030 | USD | 5000000 | 4952615 | 4807525<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Fund II Borrower, LLC | Delayed Draw | 8.62% | SOFR | 500 | 9/28/2029 | USD | 25000000 | 17866667 | 17774876<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RGP Holdings 2, LLC | First Lien Term Loan | 9.17% | SOFR | 550 | 10/10/2032 | USD | 1000000 | 980156 | 980000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIG Parent Holdings, LLC | Delayed Draw | 0.75% |  |  | 8/21/2031 | USD | 6750000 | (66918) | (67500)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIG Parent Holdings, LLC | Revolver | 0.50% |  |  | 8/21/2031 | USD | 350000 |  | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIG Parent Holdings, LLC | First Lien Term Loan | 8.42% | SOFR | 475 | 8/21/2031 | USD | 2900000 | 2885695 | 2885500<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 15.00% PIK |  |  | 5/26/2033 | USD | 6298055 | 6080514 | 6217909<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **430971583** | **427834798** |
| &nbsp;&nbsp;&nbsp; **Health Care — 3.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Delayed Draw | 10.77% | SOFR | 710 | 12/21/2028 | USD | 272447 | 263753 | 271446<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Revolver | 10.77% | SOFR | 710 | 12/21/2028 | USD | 508806 | 159002 | 157134<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | First Lien Term Loan | 10.82% | SOFR | 710 | 12/21/2028 | USD | 3701566 | 3630764 | 3687975<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2030 | USD | 3448276 | (70755) | (38754)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. | First Lien Term Loan | 8.44% | SOFR | 475 | 1/18/2030 | USD | 6551724 | 6437306 | 6478092<br><sup>1,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2031 | USD | $5172414 | $(74161) | $(58130)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aryeh Bidco Investment | Revolver | 0.50% |  |  | 1/14/2033 | CAD | 4858095 | (26031) | (48216)<sup>1,4,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aryeh Bidco Investment | First Lien Term Loan | 7.25% | CORRA | 500 | 1/14/2033 | CAD | 36532873 | 26065312 | 25899275<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aryeh Bidco Investment | Delayed Draw | 7.28% | CORRA | 500 | 1/14/2033 | CAD | 6801333 | 661500 | 630951<br><sup>1,4,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BW NHHC HoldCo Inc | First Lien Term Loan | 10.92% | SOFR | 725 | 10/30/2026 | USD | 22927000 | 22927000 | 22886290<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluent Health, LLC | First Lien Term Loan | 11.17% | SOFR | 750 | 11/30/2028 | USD | 2778433 | 2666771 | 2403344<br><sup>1,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diagnostic Services Holdings Inc | First Lien Term Loan | 9.16% | SOFR | 550 | 3/15/2028 | USD | 14100000 | 13567999 | 13522375<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | Revolver | 0.50% |  |  | 11/3/2029 | USD | 442623 | (7364) | (1767)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | First Lien Term Loan | 9.17% | SOFR | 550 | 11/3/2029 | USD | 3986373 | 3902790 | 3978796<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genova Diagnostics, Inc | Revolver | 0.50% |  |  | 12/23/2030 | USD | 967742 | (25200) | (29868)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genova Diagnostics, Inc | First Lien Term Loan | 10.42% | SOFR | 675 | 12/23/2030 | USD | 12677419 | 12343059 | 12286145<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genova Diagnostics, Inc | Delayed Draw | 10.45% | SOFR | 675 | 12/23/2030 | USD | 1354839 | 1319041 | 1313023<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Delayed Draw | 8.95% | SOFR | 525 | 1/5/2029 | USD | 1718495 | 1672519 | 1707867<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Revolver | 8.96% | SOFR | 525 | 1/5/2029 | USD | 293190 | 21989 | 20176<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | First Lien Term Loan | 8.95% | SOFR | 525 | 1/5/2029 | USD | 2130106 | 2089697 | 2116934<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honor Technology, Inc. | First Lien Term Loan | 11.19%, 2.0% PIK | SOFR | 750 | 5/30/2029 | USD | 15569154 | 15508403 | 15487947<br><sup>1,7,8,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iHerb, LLC | First Lien Term Loan | 11.51% | SOFR | 785 | 12/6/2027 | USD | 9028635 | 9028635 | 9017101<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infucare RX Inc | Revolver | 0.50% |  |  | 11/5/2030 | USD | 800000 | (12885) | (14000)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infucare RX Inc | First Lien Term Loan | 9.95% | SOFR | 625 | 11/5/2030 | USD | 8377000 | 8278821 | 8272287<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IVX Health Holdings, Inc. | Revolver | 0.50% |  |  | 6/7/2030 | USD | 1239926 | (12359) | (12399)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IVX Health Holdings, Inc. | First Lien Term Loan | 8.68% | SOFR | 500 | 6/7/2030 | USD | 13760074 | 13622832 | 13622474<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Buyer, Inc. | Delayed Draw | 1.00% |  |  | 2/6/2032 | USD | 1869159 | (18460) | (18692)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Buyer, Inc. | Revolver | 0.50% |  |  | 2/6/2032 | USD | 623053 | (6078) | (6231)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lightspeed Buyer, Inc. | First Lien Term Loan | 8.45% | SOFR | 475 | 2/6/2032 | USD | 4174455 | 4133505 | 4132710<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Buyer LLC | Revolver | 0.50% |  |  | 12/22/2031 | USD | 1122191 | (8862) | (10306)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Buyer LLC | First Lien Term Loan | 8.87% | SOFR | 525 | 12/22/2031 | USD | 7243301 | 7173356 | 7179312<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meta Buyer LLC | Delayed Draw | 8.92% | SOFR | 525 | 12/22/2031 | USD | 2572508 | 1201295 | 1202818<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc | Delayed Draw | 0.50% |  |  | 11/24/2030 | USD | 42000000 | (1013508) | (1194971)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc | First Lien Term Loan | 9.20% | SOFR | 550 | 11/24/2030 | USD | 28000000 | 27603260 | 27482361<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoonLake Immunotherapeutics AG | Delayed Draw | 8.20% | PRIME | 145 | 4/1/2030 | USD | 45000000 | 14604059 | 14534027<br><sup>1,7,8,11,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nader Upside 2 Sarl | First Lien Term Loan | 12.38% PIK | EURIBOR | 975 | 3/13/2028 | EUR | 4531095 | 4884030 | 5090170<br><sup>1,4,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Resilience, LLC | First Lien Term Loan | 11.95% | SOFR | 825 | 11/21/2030 | USD | 10243902 | 9950409 | 9901204<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Resilience, LLC | Delayed Draw | 11.95% | SOFR | 825 | 11/21/2030 | USD | 9756098 | 283390 | 238562<br><sup>1,7,8,11</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; Nephron Pharmaceuticals Corporation | First Lien Term Loan | 12.90% | SOFR | 920 | 12/30/2027 | USD | $16931215 | $16774432 | $16785546<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Kronos Parent, Inc. | Delayed Draw | 0.50% |  |  | 1/30/2033 | USD | 1164773 | (5755) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Kronos Parent, Inc. | Revolver | 8.15% | SOFR | 450 | 1/30/2033 | USD | 1747159 | 340897 | 338946<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Kronos Parent, Inc. | First Lien Term Loan | 8.17% | SOFR | 450 | 1/30/2033 | USD | 17588068 | 17501679 | 17407022<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 10.09% | SOFR | 625 | 10/12/2027 | USD | 4121804 | 3307356 | 3308963<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | First Lien Term Loan | 10.09% | SOFR | 625 | 10/12/2027 | USD | 2287662 | 2269723 | 2254604<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 9.12% | SOFR | 543 | 12/21/2029 | USD | 6143293 | 6078785 | 6039834<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 12.71% | SOFR | 900 | 12/21/2029 | USD | 1981707 | 1961583 | 1948333<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | Delayed Draw | 1.00% |  |  | 1/5/2033 | USD | 1684313 | (8279) | 173<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | Revolver | 0.50% |  |  | 1/5/2033 | USD | 212214 | (1026) | (487)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stepping Stones Healthcare Services, LLC | First Lien Term Loan | 8.45% | SOFR | 475 | 1/5/2033 | USD | 603473 | 600529 | 602088<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steward Health Care Retained FILO <br>Claim | First Lien Term Loan | 16.18% |  |  | 12/31/2027 | USD | 333313 | 331196 | —<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | Revolver | 0.50% |  |  | 4/4/2029 | USD | 227926 | (5709) | (2049)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 4/4/2029 | USD | 2709702 | 2662406 | 2685338<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 9.41% | SOFR | 575 | 3/30/2029 | USD | 593174 | 575445 | 590806<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Revolver | 0.50% |  |  | 3/30/2029 | USD | 297500 |  | (1188)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | First Lien Term Loan | 9.45% | SOFR | 575 | 3/30/2029 | USD | 2197850 | 2153626 | 2189075<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | First Lien Term Loan | 10.76% PIK | SOFR | 700 | 3/18/2027 | USD | 4107916 | 4085290 | 3376588<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | Delayed Draw | 10.76% PIK | SOFR | 700 | 3/18/2027 | USD | 474733 | 474733 | 428055<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIII Primary Care Investors III, L.P | First Lien Term Loan | 9.96% | SOFR | 625 | 12/31/2029 | USD | 1000000 | 980059 | 983003<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WCAS XIV Primary Care Investors II, L.P. | First Lien Term Loan | 9.96% | SOFR | 625 | 12/31/2032 | USD | 1900000 | 1862053 | 1866526<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Side Holdco LLC | First Lien Term Loan | 13.00% | SOFR | 900 | 8/2/2027 | USD | 12974442 | 12911514 | 13623164<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | Delayed Draw | 10.65% | SOFR | 695 | 3/5/2029 | USD | 1666667 | 1576561 | 1732555<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | First Lien Term Loan | 10.65% | SOFR | 695 | 3/5/2029 | USD | 3333333 | 3320828 | 3465110<br><sup>1,7,8,13</sup> |
|  |  |  |  |  |  |  |  | **292472760** | **291709467** |
| &nbsp;&nbsp;&nbsp; **Industrials — 3.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 14.25% PIK | PRIME |  | 10/24/2028 | USD | 2730186 | 2683100 | 2698891<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | Delayed Draw | 14.25% PIK | PRIME |  | 10/24/2029 | USD | 1321103 | 1298208 | 1305959<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority | Delayed Draw | 12.25% | PRIME |  | 12/2/2034 | USD | 10000000 | 9825458 | 10055200<br><sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cedar Electronics Trading Corp | First Lien Term Loan | 9.67% | SOFR | 600 | 12/29/2030 | USD | 49500000 | 48786579 | 48580916<br><sup>1,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; Cedar Electronics Trading Corp | Delayed Draw | 9.77% | SOFR | 610 | 12/29/2030 | USD | $7500000 | $2392852 | $2360745<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chambertin Capital Limited | First Lien Term Loan | 10.49%, 3.00% PIK | SONIA | 975 | 6/20/2030 | GBP | 7890285 | 10668164 | 10402096<br><sup>1,4,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | Revolver | 8.66% | SOFR | 500 | 1/9/2028 | USD | 468750 | 46875 | 45004<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | First Lien Term Loan | 8.90% | SOFR | 500 | 1/9/2030 | USD | 4423618 | 4340901 | 4442526<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMT Solutions Global Corporation | First Lien Term Loan | 11.77% | SOFR | 800 | 8/30/2027 | USD | 6788235 | 6703171 | 6734089<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB FLL Aviation LLC | First Lien Term Loan | 10.67% | SOFR | 700 | 9/19/2028 | USD | 12600000 | 12361762 | 12554367<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | First Lien Term Loan | 10.20% | SOFR | 650 | 3/28/2029 | USD | 2699339 | 2635983 | 2589085<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | Delayed Draw | 10.20% | SOFR | 650 | 3/28/2029 | USD | 161879 | 159177 | 155267<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fire Flow Intermediate Corporation | Delayed Draw | 1.00% |  |  | 7/10/2031 | USD | 12500000 | (124041) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress AcquisitionCo, Inc. | Revolver | 0.50% |  |  | 2/27/2033 | USD | 2466667 | (24352) | (23885)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress AcquisitionCo, Inc. | First Lien Term Loan | 8.42% | SOFR | 475 | 2/27/2033 | USD | 12333333 | 12211172 | 12210048<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Acquisition Holdings, Inc. | First Lien Term Loan | 10.77% | ARR CSA | 700 | 3/31/2030 | USD | 5675461 | 5579508 | 5652802<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linc Systems, LLC | Delayed Draw | 1.00% |  |  | 3/9/2031 | USD | 5225426 | (103214) | (104509)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linc Systems, LLC | First Lien Term Loan | 11.17% | SOFR | 750 | 3/9/2031 | USD | 49774574 | 48788025 | 48779082<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACSB Acquisition Holdings, Inc. | Delayed Draw | 1.00% |  |  | 1/29/2031 | USD | 5478451 | (66850) | (105105)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACSB Acquisition Holdings, Inc. | First Lien Term Loan | 12.25% |  |  | 1/29/2031 | USD | 24521549 | 24242539 | 24051101<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panda Acquisition LLC | First Lien Term Loan | 11.27% | SOFR | 850 | 10/18/2028 | USD | 4012798 | 3582324 | 3198452<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pelican Power LLC | First Lien Term Loan | 9.17% | SOFR | 550 | 8/29/2030 | USD | 24229167 | 23789526 | 24527679<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings | Revolver | 10.45% | SOFR | 675 | 9/29/2030 | USD | 769167 | 524140 | 519838<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings | First Lien Term Loan | 11.45%, 6.00% PIK | SOFR | 775 | 9/29/2030 | USD | 5312920 | 5239109 | 5184591<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings, LLC | Delayed Draw | 11.45%, 6.00% PIK | SOFR | 775 | 9/29/2030 | USD | 773799 | 417185 | 398494<br><sup>1,7,8,9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Inventory I, LLC | First Lien Term Loan | 13.79% | SOFR | 1000 | 6/30/2026 | USD | 15000000 | 15014858 | 6000000<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 8.95% | SOFR | 525 | 12/28/2029 | USD | 2435781 | 2394270 | 2359340<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Revolver | 0.50% |  |  | 12/28/2028 | USD | 250000 | 65000 | 64002<br><sup>1,7,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Delayed Draw | 1.00% |  |  | 12/28/2029 | USD | 250000 | (250) | (7846)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TecoStar Holdings, Inc. | First Lien Term Loan | 11.65% | SOFR | 800 | 7/7/2029 | USD | 6120838 | 6029627 | 6112454<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Delayed Draw | 11.67%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 4598542 | 4453294 | 4497902<br><sup>1,7,8,9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | First Lien Term Loan | 11.67%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 1685525 | 1668405 | 1662544<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith AcquisitionCo, LLC | Delayed Draw | 8.17% | SOFR | 450 | 1/13/2033 | USD | 7418436 | 306591 | 306010<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith AcquisitionCo, LLC | Revolver | 0.50% |  |  | 1/13/2033 | USD | 2768514 | (13420) | (13843)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zenith AcquisitionCo, LLC | First Lien Term Loan | 8.17% | SOFR | 450 | 1/13/2033 | USD | 14813050 | 14740639 | 14738985<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **270616315** | **261932281** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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 — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | Revolver | 10.69% | SOFR | 700 | 6/21/2029 | USD | $423729 | $260122 | $255079<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | First Lien Term Loan | 10.71% | SOFR | 700 | 6/21/2029 | USD | 4358898 | 4277031 | 4199162<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | Delayed Draw | 10.77% | SOFR | 700 | 6/16/2028 | USD | 732910 | 709315 | 736919<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | First Lien Term Loan | 10.27% | SOFR | 700 | 6/16/2028 | USD | 1761932 | 1734737 | 1771569<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **6981205** | **6962729** |
| &nbsp;&nbsp;&nbsp; **Real Estate — 0.9%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. | First Lien Term Loan | 10.41% | SOFR | 675 | 1/30/2030 | USD | 52500000 | 51485074 | 51358643<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIEAG Projekt 320 GMBH | Delayed Draw | 14.00% PIK |  |  | 9/29/2027 | EUR | 26185160 | 12624251 | 12613645<br><sup>1,4,7,9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One East Camelback, LLC | Delayed Draw | 7.17% | SOFR | 350 | 6/4/2027 | USD | 10000000 | 5876677 | 5823114<br><sup>1,7,8,11</sup> |
|  |  |  |  |  |  |  |  | **69986002** | **69795402** |
| &nbsp;&nbsp;&nbsp; **Technology — 2.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | First Lien Term Loan | 11.17%, 3.50% PIK | SOFR | 750 | 12/3/2037 | USD | 1145450 | 1144727 | 1135172<br><sup>1,7,8,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 12/3/2031 | USD | 1656350 | 1655856 | 1484764<br><sup>1,7,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | Delayed Draw | 10.07% | SOFR | 625 | 5/25/2028 | USD | 391304 | 385088 | 389742<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | First Lien Term Loan | 7.17% | SOFR | 625 | 5/25/2028 | USD | 2608696 | 2586826 | 2598281<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | Revolver | 0.50% |  |  | 3/19/2031 | USD | 103333 | (1107) | (695)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | First Lien Term Loan | 9.67% | SOFR | 600 | 3/19/2031 | USD | 284167 | 280840 | 282255<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | Delayed Draw | 9.67% | SOFR | 600 | 3/19/2031 | USD | 645833 | 638181 | 641488<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | Revolver | 0.50% |  |  | 9/12/2029 | USD | 673077 | (15284) | (2471)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | First Lien Term Loan | 7.92% | SOFR | 425 | 9/12/2029 | USD | 7980769 | 7858143 | 8040965<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | Revolver | 0.50% |  |  | 7/17/2029 | USD | 400000 | (10588) | (6497)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | First Lien Term Loan | 9.20% | SOFR | 550 | 7/17/2029 | USD | 4588500 | 4502354 | 4513967<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservice Midco, LLC | Revolver | 0.50% |  |  | 2/25/2033 | USD | 1576660 | (7776) | (7883)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservice Midco, LLC | First Lien Term Loan | 8.17% | SOFR | 450 | 2/25/2033 | USD | 11577187 | 11519915 | 11519301<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/27/2030 | USD | 385633 | (4089) | (993)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Revolver | 0.50% |  |  | 2/27/2029 | USD | 295276 | (6077) | (760)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | First Lien Term Loan | 8.92% | SOFR | 550 | 2/27/2030 | USD | 4254305 | 4173398 | 4243349<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2030 | USD | 870417 | (14454) | (9977)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | First Lien Term Loan | 10.42% | SOFR | 675 | 11/8/2030 | USD | 8641713 | 8480549 | 8542657<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | Revolver | 0.50% |  |  | 1/22/2031 | USD | 937500 | (15103) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | First Lien Term Loan | 8.92% | SOFR | 650 | 1/22/2031 | USD | 9062500 | 8909109 | 8750935<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | Delayed Draw | 1.00% |  |  | 3/12/2031 | USD | 2981928 | (14744) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empower Payments Investor, LLC | First Lien Term Loan | 8.40% | SOFR | 475 | 3/12/2031 | USD | 13518072 | 13451665 | 13433468<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II, LLC | First Lien Term Loan | 13.75% PIK |  |  | 4/5/2031 | USD | 11342615 | 11226720 | 11249250<br><sup>1,7,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; Evergreen Services Group II, LLC | Delayed Draw | 13.75% PIK |  |  | 4/5/2031 | USD | $6228505 | $6166801 | $6177236<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco LLC | First Lien Term Loan | 9.91% | SOFR | 625 | 3/2/2028 | USD | 4850000 | 4784000 | 4832193<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings | Delayed Draw | 9.89% | EURIBOR | 750 | 9/30/2031 | EUR | 757161 | 792219 | 871634<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings | First Lien Term Loan | 9.89% | EURIBOR | 750 | 9/30/2031 | EUR | 7042839 | 7368931 | 8107629<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Finco Sarl | Delayed Draw | 1.00% |  |  | 2/20/2033 | GBP | 4950000 | 60129 | (65520)<sup>1,4,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Finco Sarl | First Lien Term Loan | 8.48% | SONIA | 475 | 2/20/2033 | GBP | 12462233 | 16647373 | 16330391<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lighthouse Finco Sarl | First Lien Term Loan | 6.76% | EURIBOR | 475 | 2/20/2033 | EUR | 6176456 | 7197178 | 7067374<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | First Lien Term Loan | 9.45% | SOFR | 575 | 5/31/2030 | USD | 4489037 | 4434876 | 4450678<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | Revolver | 9.25% |  |  | 5/31/2029 | USD | 408163 | (8878) | (4351)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 8.67% | SOFR | 500 | 4/10/2029 | USD | 220782 | 218574 | 219971<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Revolver | 10.75% | PRIME | 550 | 4/10/2028 | USD | 496552 | 403365 | 402767<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | First Lien Term Loan | 8.67% | SOFR | 500 | 4/10/2029 | USD | 3895517 | 3815737 | 3881214<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | Revolver | 0.50% |  |  | 3/30/2033 | USD | 2500000 | (37500) | (37500)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mindbody, Inc. | First Lien Term Loan | 9.69% | SOFR | 600 | 3/30/2033 | USD | 20000000 | 19700000 | 19700000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | Delayed Draw | 9.42% | SOFR | 575 | 8/30/2029 | USD | 1933941 | 65187 | 80594<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | First Lien Term Loan | 9.42% | SOFR | 575 | 8/30/2029 | USD | 6209480 | 6109248 | 6186681<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | First Lien Term Loan | 14.00% PIK | PRIME |  | 8/30/2029 | USD | 2373996 | 2339601 | 2365279<br><sup>1,7,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | Delayed Draw | 1.00% |  |  | 1/29/2033 | USD | 1290323 | (12750) | (12903)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | Revolver | 0.50% |  |  | 1/29/2033 | USD | 967742 | (9446) | (9677)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | First Lien Term Loan | 8.42% | SOFR | 475 | 1/29/2033 | USD | 7741935 | 7665887 | 7664516<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; User Zoom Technologies, Inc | First Lien Term Loan | 11.17% | SOFR | 750 | 4/5/2029 | USD | 5014837 | 4915170 | 4893809<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | First Lien Term Loan | 9.92% | SOFR | 625 | 7/31/2027 | USD | 6000000 | 5906458 | 5976045<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **175246309** | **175874378** |
| &nbsp;&nbsp;&nbsp; **Utilities — 0.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silfab Inc. | Delayed Draw | 10.25% | SOFR | 650 | 11/18/2028 | USD | 16000000 | 15518488 | 15891872<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Energy Power Plant I, LLC | Delayed Draw | 10.70% | SOFR | 700 | 9/25/2027 | USD | 25000000 | 14012242 | 13896319<br><sup>1,7,8,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terra Solar U.S., LLC | Delayed Draw | 11.43% | SOFR | 775 | 12/31/2027 | USD | 10000000 | 9698420 | 9650000<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **39229150** | **39438191** |
| &nbsp;&nbsp;&nbsp; **Total Senior Secured Loans** |  |  |  |  |  |  |  | **1825490839** | **1809974325** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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** |
|  **Collateralized Loan Obligations — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO III Ltd. |  | 10.92% | SOFR | 725 | 10/20/2037 | USD | $20000000 | $20000000 | $20000461<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XII Ltd. |  | 11.92% | SOFR | 825 | 7/29/2037 | USD | 16080000 | 16080000 | 16079233<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Private Funding I LLC |  | 11.17% | SOFR | 750 | 7/16/2036 | USD | 8750000 | 8750000 | 8750057<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO 2023-II Ltd. |  | 10.67% | SOFR | 700 | 7/20/2034 | USD | 16700000 | 16700000 | 16699231<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO Ltd. 2017-I |  | 12.59% | SOFR | 892 | 1/20/2034 | USD | 2000000 | 1960000 | 2004240<br> <sup>1,5,6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO Ltd. 2017-I |  | 27.00% |  |  | 1/20/2034 | USD | 2905983 | 2879674 | 1139931<br> <sup>\*,1,5,6,7,12</sup> |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** |  |  |  |  |  |  |  | **66369674** | **64673153** |
|  **Preferred Stocks — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Communications — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCI Topco, Inc. — Series B |  | 12.00% PIK |  |  |  | USD | 50 | 4900500 | 4900500<br> <sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Xenith Holdings PTE. Limited — A2 |  |  |  |  |  | USD | 942396386 | 9423964 | 9168339<br> <sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **14324464** | **14068839** |
| &nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression Holdings, LLC — Junior Preferred |  |  |  |  |  | USD | 40919 | **135094** | **139550**<br> <sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Financials — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Topco, Inc. — Series A |  | 13.25% PIK |  |  |  | USD | 15000 | **14625000** | **15000000**<br> <sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINThrive Software Preferred Intermediate Holdings, Inc. — Class A-2 |  | 11.00% PIK |  |  |  | USD | 3260 | 3162200 | 1388760<br> <sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Litigation Trust Interests — Class A-1 |  | 10.00% PIK |  |  |  | USD | N/A | 3010699 | 3010699<br> <sup>1,7,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Litigation Trust Interests — Class A-2 Bridge |  | 10.00% PIK |  |  |  | USD | N/A | 1140461 | 1150486<br> <sup>1,7,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Litigation Trust Interests — Class A-2 DIP |  | 10.00% PIK |  |  |  | USD | N/A | 3643020 | 3643020<br> <sup>1,7,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jayhawk Intermediate, LLC |  | 13.00% PIK |  |  |  | USD | 2500 | 2425000 | 2500000<br> <sup>1,7,9,14</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDB Holdco, LLC |  | 6.00% PIK |  |  |  | USD | 1765938 | 515371 | —<br> <sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **13896751** | **11692965** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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; **Industrials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FSG Acquisition, LLC |  | 12.25% PIK |  |  |  | USD | 3750000 | $3656250 | $3750000<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pollen, Inc. — Series H-1 |  | 2.29% PIK |  |  |  | USD | 108305 | 3359435 | 4222812<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pollen, Inc. — Series H-2 |  | 3.18% PIK |  |  |  | USD | 64983 | 1856901 | 2111298<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **8872586** | **10084110** |
| &nbsp;&nbsp;&nbsp; **Technology — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. — 2022-1 |  | 15.45% PIK | SOFR | 1200 |  | USD | 5000 | 4850000 | 5000000<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandolin Technology Holdings, Inc. — Series A |  | 10.50% PIK |  |  |  | USD | 3500 | 3395000 | 1757307<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSK Holdings, Inc. — Series B |  | 14.63% PIK |  |  |  | USD | 3000 | 2940000 | 3000000<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSK Holdings, Inc. — Series C |  | 13.75% PIK |  |  |  | USD | 1071 | 1050000 | 1071429<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **12235000** | **10828736** |
| &nbsp;&nbsp;&nbsp; **Total Preferred Stocks** |  |  |  |  |  |  |  | **64088895** | **61814200** |
|  **Asset-Backed Securities — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nectar 2 SPC S.R.L. Class J2 |  | 10.00% |  |  | 12/31/2032 | EUR | 15178527 | 15470520 | 17479837<br><sup>1,4,7</sup> |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  |  |  |  |  | **15470520** | **17479837** |
|  **Common Stocks — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Communications — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Xenith Holdings PTE. Limited — A2 |  |  |  |  |  | USD | 1929 | **1929** | **1929**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings BDC, Inc. |  |  |  |  |  | USD | 126753 | **1291135** | **1043177**<br><sup>1</sup> |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerald Holdco US L.P. — Class A-3 |  |  |  |  |  | USD | 3958334 | 3992815 | 5462501<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDB Holdco, LLC — Class A |  |  |  |  |  | USD | 3639628 |  | —<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **3992815** | **5462501** |
| &nbsp;&nbsp;&nbsp; **Materials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Aggregator Co, LLC — Class B |  |  |  |  |  | USD | 2130 | **—** | **—**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |  |  |  |  | **5285879** | **6507607** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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** |
|  **Subordinated Debt — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTR Midco, LLC |  | 12.00% |  |  | 12/30/2030 | USD | $2000000 |  | $**2000000** | $**2000000**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Total Subordinated Debt** |  |  |  |  |  |  |  |  | **2000000** | **2000000** |
|  **Warrants — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Energy — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Compression Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $1.35 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 1/17/2031 |  |  |  |  |  | USD | 78495 | \*\* | **—** | **57312**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTF Clear Finance Technology Corp. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 10/3/2035 |  |  |  |  |  | USD | 25228521 | \*\* |  | —<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapyd Financial Network (2016) Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/13/2035 |  |  |  |  |  | USD | 39518 | \*\* |  | 1530137<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapyd Financial Network (2016) Ltd. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $0.01 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/13/2036 |  |  |  |  |  | USD | 13274 | \*\* |  | 513969<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  |  | **—** | **2044106** |
| &nbsp;&nbsp;&nbsp; **Health Care — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honor Technology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $3.16 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 5/30/2034 |  |  |  |  |  | USD | 296546 | \*\* |  | —<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $2.28 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/8/2029 |  |  |  |  |  | USD | 43860 | \*\* |  | 178719<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  |  | **—** | **178719** |
| &nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc — Common Stock Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise Price: $4.00 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration Date: 3/12/2036 |  |  |  |  |  | USD | 791933 | \*\* | **—** | **—**<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Total Warrants** |  |  |  |  |  |  |  |  | **—** | **2280137** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (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** |
|  **Short-Term Investments — 4.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund |  | 3.60% |  |  |  | USD | 331401928 | $331401928 | $331401928<br><sup>1,16</sup> |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |  |  |  |  | **331401928** | **331401928** |
|  **Total Investments — 104.2%** |  |  |  |  |  |  |  | **7533029391** | **8143903259** |
|  **Liabilities Less Other Assets — (4.2)%** |  |  |  |  |  |  |  |  | (327992248) |
|  **Net Assets — 100.0%** |  |  |  |  |  |  |  |  | $**7815911011** |

---

ARR CSA — Alternate Reference Rate Credit Spread Adjustment

AUD — Australian Dollar

BDC — Business Development Company

BBSY — Bank Bill Swap Bid Rate

CAD — Canadian Dollar

CORRA — Canadian Overnight Repo Rate Average

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

GBP — Pound Sterling

LLC — Limited Liability Company

LP — Limited Partnership

PRIME — Prime Lending Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

US — United States

USD — United States Dollar

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | |
|:---|:---|
|  <sup>\*</sup> | Subordinated note position. Rate shown is the effective yield as of period end. |
|  <sup>\*\*</sup> | Shares represent underlying security. |
|  <sup>1</sup> | As of March 31, 2026 all or a portion of the security has been pledged as collateral for a secured revolving facility. The market value of the securities in the pledged account totaled $8,143,903,259 as of March 31, 2026. See Note 2, subsection Borrowing, Use of Leverage of the Notes to Consolidated Financial Statements for additional information. |
|  <sup>2</sup> | Investment valued using net asset value per share as practical expedient. |
|  <sup>3</sup> | These securities are restricted, the total value of these securities is $5,611,964,941, which represents 71.80% of total net assets of the Fund. |
|  <sup>4</sup> | Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates. |
|  <sup>5</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 $91,591,332, which represents 1.17% of total net assets of the Fund. |
|  <sup>6</sup> | Callable. |
|  <sup>7</sup> | Value was determined using significant unobservable inputs. |
|  <sup>8</sup> | Floating rate security. Rate shown is the rate effective as of period end. |
|  <sup>9</sup> | Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. |
|  <sup>10</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. |
|  <sup>11</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>12</sup> | Variable rate security. Rate shown is the rate in effect as of period end. |
|  <sup>13</sup> | All or a portion of the security was made through a participation. Please see Note 2 for a description of loan participations. |
|  <sup>14</sup> | Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC. |
|  <sup>15</sup> | Step rate security. |
|  <sup>16</sup> | The rate is the annualized seven-day yield at period end. |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  ACM Uprise Direct 2024 LLC (Participation in Membership Int) | 1/7/2025 | $35763541 |
|  ACRE Credit Portfolio II, LP | 7/21/2025 | 108691459 |
|  AG Asset Based Credit Evergreen Fund, LP | 7/7/2025 | 126000000 |
|  AG Asset Based Credit Fund L.P. | 9/13/2023 | 99000000 |
|  AG Essential Housing Fund II Holdings (DE), L.P. | 3/23/2022 | 551114 |
|  Ares Commercial Finance, LP | 6/30/2021 | 93710220 |
|  Ares Insurance Partners, LP | 12/31/2024 | 14380284 |
|  Ares Pathfinder Fund II (Offshore), LP | 8/31/2023 | 8156792 |
|  Ares Special Opportunities Fund (Offshore), LP | 12/29/2023 | 4632487 |
|  Ares Special Opportunities Fund II (Offshore), LP | 11/7/2022 | 26252127 |
|  Balbec IGCF VI Annex Fund, L.P. | 12/12/2025 | 38250000 |
|  Banner Ridge DSCO Fund I, LP | 6/30/2023 | 8935391 |
|  Banner Ridge DSCO Fund II (Offshore), LP | 10/11/2022 | 29209951 |
|  Banner Ridge Secondary Fund IV (Offshore), LP | 6/30/2021 | 354477 |
|  Banner Ridge Secondary Fund V (Offshore), LP | 5/31/2023 | 92851664 |
|  Banner Ridge Secondary Fund VI (Offshore), LP | 10/13/2025 | 11957676 |
|  Barings Capital Solutions Perpetual Fund (CA), LP | 12/12/2024 | 49091476 |
|  Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. | 3/2/2022 | 20522454 |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | 9/20/2023 | 1730630 |
|  Blue Owl First Lien Fund (Offshore), L.P. | 7/1/2022 | 2099338 |
|  Blue Owl Real Estate Fund VI, LP | 1/31/2023 | 16423040 |
|  Boost Co-Invest LP | 1/25/2024 | 994054 |
|  BP Holdings Zeta LP - Class A | 11/29/2023 | 7987120 |
|  BP Holdings Zeta LP - Class B | 11/29/2023 | 1410673 |
|  BPC Opportunities Offshore Feeder Fund V LLC | 4/17/2025 | 21148502 |
|  BPC Real Estate Debt Fund, LP | 6/7/2023 | 53750018 |
|  BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3) | 9/1/2023 | 5242498 |
|  BSOF Parallel Onshore Fund L.P. (Class Chestnut II Series 2) | 12/12/2023 | 20108879 |
|  BSOF Parallel Onshore Fund L.P. (Class Colonnade 2024 Series 3) | 3/22/2024 | 10250000 |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 3) | 5/9/2024 | 106277431 |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) | 4/14/2025 | 149488797 |
|  BSP Pioneer Investors Feeder, L.P. | 9/29/2025 | 46439595 |
|  Burford Advantage Feeder Fund A, LP | 1/28/2022 | 833582 |
|  Callodine Perpetual ABL Fund, LP | 10/3/2022 | 97717483 |
|  Carlyle Credit Opportunities Fund II (Parallel), SCSp | 12/14/2021 | 8035701 |
|  Carlyle Credit Opportunities Fund III (Parallel), SCSp | 12/10/2024 | 10001506 |
|  CCOF Alera Aggregator, L.P. | 4/25/2023 | 4875846 |
|  CCOF III Nexus Co-Invest Aggregator, L.P. | 3/22/2024 | 3615905 |
|  CCOF Sierra II, L.P. | 7/29/2022 | 2966146 |
|  Cheval Blanc Co-Invest, L.P. | 2/25/2025 | 14649107 |
|  Chilly HP SCF Investor, LP | 2/9/2022 | 3017701 |
|  Comvest Special Opportunities Fund, L.P. | 2/3/2022 | 14775066 |
|  Contingency Capital EG Fund (US) LP | 8/29/2024 | 40944229 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  Contingency Capital Fund I-A, LP | 11/28/2022 | $56471367 |
|  Corrum Capital Entertainment Lending II-B, LP | 8/29/2025 | 72765105 |
|  Crestline Nevermore Holdco, L.P. | 12/7/2023 | 5126088 |
|  Crestline PF Sentry Fund (US), LP | 8/14/2023 | 28539771 |
|  CW Credit Opportunity 2 LP | 6/27/2024 | 22889117 |
|  D.E. Shaw Diopter International Fund II, L.P. | 5/1/2025 | 13641267 |
|  D.E. Shaw Diopter International Fund, L.P. | 10/20/2022 | 30774736 |
|  Dawson Portfolio Finance Evergreen LP | 5/28/2024 | 300000000 |
|  Dawson Portfolio Finance (Lux) SICAV | 9/16/2025 | 150000000 |
|  Eiger Funding (PCC) Limited - Cell 18 - Yosemite | 12/22/2025 | 14223581 |
|  EVP Credit SPV I LP | 7/17/2025 | 17022619 |
|  EVP II LP | 11/30/2023 | 31303840 |
|  Felicitas Diner Offshore, LP | 12/28/2022 | 2969495 |
|  Felicitas Secondary Fund II Offshore, LP | 9/10/2021 | 10434114 |
|  Felicitas Liquidity Solutions Fund (Offshore), LP | 1/31/2025 | 44937188 |
|  Franklin BSP Capital Corp | 11/30/2021 | 1684852 |
|  FTAI Aircraft Leasing Offshore SPV (2025) L.P. | 11/7/2025 | 37500000 |
|  GCF III Feeder LP | 9/2/2025 | 9568518 |
|  GPC Partners III (Duo) Coinvest Parallel-A, L.P. | 3/17/2026 | 1000926 |
|  Gramercy PG Feeder LP (Common Interests) | 3/22/2024 | 10477594 |
|  Gramercy PG Feeder LP (Preferred Interests) | 3/22/2024 | 5450422 |
|  Gramercy PG Holdings II, LP | 8/20/2024 | 24570000 |
|  Gramercy PG Holdings LP | 9/5/2025 | 1243781 |
|  Gramercy PG Holdings LP (Preferred) | 11/5/2025 | 680920 |
|  Guggenheim MM-C CLO | 7/26/2023 | 90202500 |
|  Harvest Partners Structured Capital Fund III, L.P. | 9/22/2021 | 15280637 |
|  Hayfin Healthcare Opportunities Fund (US Parallel), LP | 6/29/2022 | 52025040 |
|  Hercules Evergreen Fund LP | 10/30/2025 | 213096543 |
|  Highlighter Coinvest, Lp | 11/26/2025 | 9557216 |
|  HPC Breeze Co-Invest (Onshore), L.P. | 12/30/2025 | 19515049 |
|  HPS Asset Value Platform, L.P. | 2/7/2025 | 42754664 |
|  HPS KP Mezz 2019 Co-Invest, LP | 4/1/2024 | 37190448 |
|  HPS KP SIP V Co-Investment Fund, LP | 4/1/2024 | 13065632 |
|  HPS Mint Co-Invest Fund, L.P. | 5/25/2022 | 5746728 |
|  HPS Offshore Mezzanine Partners 2019, LP | 4/1/2024 | 20906440 |
|  HPS Offshore Strategic Investment Partners V, LP | 5/1/2023 | 39120459 |
|  HPS Specialty Loan Fund V-L, L.P. | 7/30/2021 | 12320329 |
|  ICG LP Secondaries Fund I (Feeder) SCSp | 12/29/2023 | 14445316 |
|  Indago Asset-Based Opportunities I LP | 6/13/2025 | 6714767 |
|  Indago Co-Invest I LP | 1/30/2025 | 24000000 |
|  InSolve Global Credit Feeder Fund VI, L.P. | 2/18/2025 | 54003101 |
|  Jaffa Capital Fund, LP | 7/1/2025 | 20000000 |
|  King Street Opportunistic Credit Evergreen Fund, L.P. | 1/31/2023 | 100000000 |
|  KWOL Co-Invest, LP | 11/30/2023 | 2500000 |
|  LAC SPV I LLC | 9/29/2025 | 29600000 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  LH Equity Investors, L.P. | 9/3/2025 | $19250000 |
|  LuminArx Naka Co-Invest Fund LP | 3/25/2026 | 2540678 |
|  LuminArx Opportunistic Alternative Solutions Offshore Fund LP | 1/31/2025 | 30436623 |
|  LuminArx Valence Co-Invest Offshore Fund LP | 12/11/2024 | 9936909 |
|  Madison Realty Capital Debt Fund, IV LP | 9/29/2023 | 14173657 |
|  Magenta Asset Co-Invest L.P. | 4/30/2024 | 2034675 |
|  Magenta Co-Invest L.P. | 3/5/2024 | 5501383 |
|  Marilyn Co-Invest, L.P. | 1/14/2022 | 33863577 |
|  Milano Co-Invest, L.P. | 4/1/2024 | 4018599 |
|  Miller Holdings LP (Common Equity Portion) (Dawson) | 3/12/2025 | 5000000 |
|  Miller Holdings LP (Preferred Equity Portion) (Dawson) | 3/12/2025 | 27474697 |
|  Minerva Co-Invest, L.P. | 2/11/2022 | 11417401 |
|  NB Credit Opportunities II Cayman Feeder, LP | 8/31/2022 | 18364132 |
|  North Wall Asset Backed Opportunities Feeder Fund I LP | 12/19/2024 | 76500125 |
|  Northwind Healthcare Debt Fund II Feeder B LP | 11/4/2025 | 30529713 |
|  NWEOF Feeder Fund II LP | 6/21/2024 | 27870400 |
|  NWEOF Feeder Fund III SCSp | 6/10/2025 | 2625904 |
|  OrbiMed RCO IV Offshore Feeder, LP | 12/30/2022 | 25191624 |
|  OWS Affirm Partnership Fund, LTD. | 6/25/2025 | 30000000 |
|  Pathlight Capital Evergreen Fund, LP | 12/30/2022 | 46073543 |
|  Pathlight Capital Fund II, LP | 6/30/2021 | 13496284 |
|  Peachtree Credit Fund IV Q, L.P. | 11/18/2024 | 49088073 |
|  Pennybacker Real Estate Credit II Pacific, LLC | 5/6/2022 | 2467491 |
|  Pennybacker Real Estate Credit II, LP | 5/6/2022 | 18777394 |
|  Peppertree Capital Fund IX QP, LP | 1/2/2026 | 10722816 |
|  Peppertree Capital Fund VI QP, LP | 9/30/2025 | 25585436 |
|  Peppertree Capital Fund VII QP, LP | 9/30/2025 | 25255695 |
|  PG Lending Fund I, LP | 11/26/2024 | 158470985 |
|  Pimlico Partners, L.P. | 2/13/2026 | 20000000 |
|  Pine Valley Capital Co-Invest I, LP | 3/6/2025 | 44603590 |
|  Pine Valley Capital Partners Evergreen Fund, L.P. (July 2025 Vintage) | 11/13/2024 | 59673179 |
|  Prime Finance CMBS Opportunities Fund 4, L.P. | 8/28/2025 | 17791492 |
|  PSC Credit IV (A) SCSp | 4/16/2025 | 32525394 |
|  Raven Asset-Based Credit Fund II LP | 9/21/2021 | 18411938 |
|  Realterm Logistics Credit Fund Co-Investment, LLC | 9/2/2025 | 25850516 |
|  Redwood Enhanced Income Corp. | 6/30/2022 | 28275000 |
|  SC 2025 Opportunities Holding II, L.P. | 3/17/2026 | 98500000 |
|  SC Healthcare Credit Parallel Fund II A, L.P. | 1/27/2026 | 12105811 |
|  SC Life Science Credit Parallel Fund A, L.P. | 8/9/2024 | 161225853 |
|  SC Lowy Strategic Investments IV (ASIA), LP | 12/22/2025 | 21528600 |
|  SC Opportunities Holding, L.P. | 7/16/2025 | 39675000 |
|  Shamrock Capital Debt Opportunities Fund I, LP | 7/28/2021 | 6872154 |
|  Silver Point Select Overflow Fund, L.P. | 11/13/2024 | 38021127 |
|  Silver Point Specialty Lending Fund | 5/12/2025 | 127018961 |
|  Sixth Street Growth Partners II (B), L.P. | 8/1/2022 | 4631305 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Investments<br> As of March 31, 2026 (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  Sky Fund V Offshore, LP | 11/30/2022 | $— |
|  Sky Fund VI Offshore, LP | 4/15/2024 | 21980109 |
|  Sound Point Strategic Capital Fund III, LP | 12/2/2025 | 24578431 |
|  Specialty Loan Institutional Fund 2016-L, L.P. | 1/22/2024 | 2143767 |
|  Sprinkler 2024 Co-Investment I (Feeder) SCSp | 3/10/2025 | 16233891 |
|  Stellus Private Credit BDC Feeder LP | 1/31/2022 | 16220347 |
|  Summit Partners Credit Offshore Fund II, L.P. | 3/31/2022 | 7124963 |
|  Symbiotic Capital EB Fund, L.P. | 3/7/2024 | 3977217 |
|  Symbiotic Capital Healthcare Credit Fund II, L.P. | 1/27/2026 | 3026453 |
|  Symbiotic Capital Life Science Credit Fund, L.P. | 8/9/2024 | 13953712 |
|  Thompson Rivers LLC | 6/30/2021 | 1069507 |
|  Thorofare Asset Based Lending Fund V, L.P. | 7/29/2022 | 30401096 |
|  Tinicum L.P. | 3/31/2023 | 8232986 |
|  Tinicum Tax Exempt, L.P. | 3/31/2023 | 5571832 |
|  VCSF Co-Invest 1-A, L.P. | 8/2/2023 | 5089291 |
|  Vista Capital Solutions Fund-A, L.P. | 3/24/2023 | 9751685 |
|  Vista Credit Partners Fund IV-B, L.P. | 12/4/2024 | 19032434 |
|  VPC Credit Origination Fund, L.P. | 4/19/2023 | 1000000 |
|  VPC Legal Finance Fund, L.P. | 9/29/2022 | 95750036 |
|  Waccamaw River LLC | 8/4/2021 | 6600163 |
|  WhiteHawk Evergreen Fund, LP | 1/31/2024 | 100000000 |
|  |  | $5003529784 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Schedule of Forward Foreign Currency Exchange Contracts<br> As of March 31, 2026 |

---

#### 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>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  AUD | State Street | USD | April 30, 2026 | 38745093  | $27210525 | $26722228 | $(488297) |
|  AUD | State Street | USD | May 29, 2026 | 9710922  | 6699633  | 6694510  | (5123) |
|  AUD | State Street | USD | June 30, 2026 | 1664210  | 1147180  | 1146235  | (945) |
|  CAD | State Street | USD | June 30, 2026 | 17559098  | 12732749  | 12670025  | (62724) |
|  EUR | State Street | USD | April 30, 2026 | 47068149  | 55800090  | 54486483  | (1313607) |
|  EUR | State Street | USD | May 29, 2026 | 16223573  | 19086516  | 18804242  | (282274) |
|  GBP | State Street | USD | April 30, 2026 | 8635349  | 11685398  | 11429223  | (256175) |
|  GBP | State Street | USD | May 29, 2026 | 19800000  | 26416388  | 26203717  | (212671) |
|  GBP | State Street | USD | June 30, 2026 | 100002  | 132583  | 132271  | (312) |
|  |  |  |  |  | 160911062 | 158288934 | (2622128) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  AUD | State Street | USD | April 30, 2026 | (58117640) | $(40862030) | $(40083342) | $778688 |
|  AUD | State Street | USD | May 29, 2026 | (30723030) | (21665864) | (21179825) | 486039  |
|  AUD | State Street | USD | June 30, 2026 | (22676318) | (15631326) | (15618456) | 12870  |
|  CAD | State Street | USD | May 29, 2026 | (18525859) | (13425875) | (13352188) | 73687  |
|  CAD | State Street | USD | June 30, 2026 | (36084956) | (26166533) | (26037631) | 128902  |
|  EUR | State Street | USD | April 30, 2026 | (120945220) | (144615370) | (140007201) | 4608169  |
|  EUR | State Street | USD | May 29, 2026 | (90019290) | (106357734) | (104338577) | 2019157  |
|  EUR | State Street | USD | June 30, 2026 | (76378072) | (88455293) | (88612425) | (157132) |
|  GBP | State Street | USD | April 30, 2026 | (29174423) | (39421682) | (38613491) | 808191  |
|  GBP | State Street | USD | May 29, 2026 | (40339074) | (54454597) | (53385538) | 1069059  |
|  GBP | State Street | USD | June 30, 2026 | (20539074) | (27394770) | (27166797) | 227973  |
|  |  |  |  |  | (578451074) | (568395471) | 10055603  |
|  **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** | $**(417540012)** | $**(410106537)** | $**7433475** |

---

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound

USD – U.S. Dollar

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Summary of Investments<br> As of March 31, 2026 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | **Percent of Total <br>Net Assets** |
|  **Private Investment Vehicles** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships | 50.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Senior Secured Loans | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Real Estate Loans | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common and Preferred Equity | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Preferred Equity | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Asset Pools | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Fund Obligations | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common Equity | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Asset Based Finance | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Subordinated Debt | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Leasing | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Equity | 0.1% |
|  **Total Private Investment Vehicles** | **74.8%** |
|  **Senior Secured Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.1% |
|  **Total Senior Secured Loans** | **23.2%** |
|  **Collateralized Loan Obligations** | **0.8%** |
|  **Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
|  **Total Preferred Stocks** | **0.8%** |
|  **Asset-Backed Securities** | **0.2%** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.0% |
|  **Total Common Stocks** | **0.1%** |
|  **Subordinated Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
|  **Total Subordinated Debt** | **0.0%** |
|  **Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0.0% |
|  **Total Warrants** | **0.0%** |
|  **Short-Term Investments** | **4.3%** |
|  **Total Investments** | **104.2%** |
|  Liabilities Less Other Assets – (4.2)% | (4.2)% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Statement of Assets and Liabilities <br> As of March 31, 2026 |

---

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $7,533,029,391)<sup>a</sup> | $8143903259 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $195,998) | 195367 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 10212735 |
| &nbsp;&nbsp;&nbsp; Cash | 15116640 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 257509713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 15758126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 57577863 |
| &nbsp;&nbsp;&nbsp; Investments made in advance | 40520993 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 1042332 |
| &nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured revolving credit facility | 8811601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 8550648629 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 2779260 |
| &nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured revolving credit facility (Note 2) | 700000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First loss reserve (Note 2) | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 3697961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured revolving credit facility | 6624317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 5923558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liability | 1381694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 1620713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 673378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 321424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | 120977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 117000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 56250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees – Class D (Note 4) | 18901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on first loss reserve | 5000 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 865687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 734737618 |
|  **Net Assets** | $7815911011 |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $7265272974 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | 550638037 |
|  **Net Assets** | $7815911011 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Statement of Assets and Liabilities<br> As of March 31, 2026 (Continued) |

---

---

| | |
|:---|:---|
|  **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp; **Class D Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $13071175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 1190498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $10.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (2.00% of offering price)\* | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $11.20 |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $7802839836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 708870654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering, and redemption price per share | $11.01 |

---

<sup>a&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes unrealized appreciation (depreciation) on unfunded commitments of $(822,243).

<sup>\*&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investors in Class D Shares may be charged a sales charge of up to 2.00% of the subscription amount.

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Statement of Operations <br> For the Year Ended March 31, 2026 |

---

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Distributions from private investment vehicles | $362027975 |
| &nbsp;&nbsp;&nbsp; Interest | 186243883 |
| &nbsp;&nbsp;&nbsp; PIK Interest | 13616360 |
| &nbsp;&nbsp;&nbsp; Dividends | 11459333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 573347551 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Investment management fees | 64765623 |
| &nbsp;&nbsp;&nbsp; Interest on secured revolving credit facility | 31054750 |
| &nbsp;&nbsp;&nbsp; Equalization interest on private investment vehicles (Note 2) | 12285127 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 8402548 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 2938980 |
| &nbsp;&nbsp;&nbsp; Legal fees | 2714227 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 2159867 |
| &nbsp;&nbsp;&nbsp; Commitment fees on secured revolving credit facility | 2060768 |
| &nbsp;&nbsp;&nbsp; Registration fees | 948450 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 532132 |
| &nbsp;&nbsp;&nbsp; Audit fees | 506011 |
| &nbsp;&nbsp;&nbsp; Custody fees | 432233 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 187500 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 77668 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 56817 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class D | 18901 |
| &nbsp;&nbsp;&nbsp; Interest on first loss reserve | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 129146602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 444200949 |
| &nbsp;&nbsp;&nbsp; Current tax expense | (1252290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss), net of taxes** | 442948659 |
|  **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 21423387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (17908857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2010305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 5524835 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 166299533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 11532008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 321238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense | (3773009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation, net of deferred taxes | 174379770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain** | 179904605 |
|  **Net Increase in Net Assets from Operations** | $622853264 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the<br>Year Ended<br>March 31, <br>2026** | **For the<br>Year Ended<br>March 31, <br>2025** |
|  **Net Increase in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $442948659 | $254945043 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, forward foreign currency exchange contracts and foreign currency transactions | 5524835 | 21232537 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and forward foreign currency exchange contracts | 174379770 | 241460907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 622853264 | 517638487 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | (48948) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (421550661) | (309552515) |
| &nbsp;&nbsp;&nbsp; **Total** |  |  |
| &nbsp;&nbsp;&nbsp; From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | (32224) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (277522317) | (18676061) |
| &nbsp;&nbsp;&nbsp; **Total** | (699154150) | (328228576) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 13023587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3958315852 | 2584267648 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 12303198 | 381745 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | (29519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1449348618) | (342021228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 2534265054 | 2242628165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | 2457964168 | 2432038076 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5357946843 | 2925908767 |
| &nbsp;&nbsp;&nbsp; End of year | $7815911011 | $5357946843 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 1193095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 361366212 | 235270654 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1135930 | 25980 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | (2648) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (131296032) | (31014894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital shares outstanding** | 232396608 | 204281740 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Statement of Cash Flows <br> For the Year Ended March 31, 2026 |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $622853264 |
| &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 | (6137920809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 3108788910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion on investments | (4980578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (21423387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on paydowns | (2335188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation | (177831541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions received | 519361101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original issue discount and amendment fees | 1246090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest | (13616360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred tax liability, net | 3773009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in current tax payable, net | 1182343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | (62967568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (195367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments made in advance | (40520993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | (139936426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 17877066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (563500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured revolving credit facility | 458849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | (21727900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 526366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on secured revolving credit facility | 2817386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on first loss reserve | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 187447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 182913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 62085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | (257804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class D | 18901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 26112 |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities | (2344795278) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Statement of Cash Flows<br> For the Year Ended March 31, 2026 (Continued) |

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) financing activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for Fund shares sold | 3962790439 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (1449378137) |
| &nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (686850398) |
| &nbsp;&nbsp;&nbsp; Proceeds from first loss reserve | 10000000 |
| &nbsp;&nbsp;&nbsp; Proceeds from secured revolving credit facility | 775000000 |
| &nbsp;&nbsp;&nbsp; Payments on secured revolving credit facility | (325000000) |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 2286561904 |
|  Net decrease in cash | (58233374) |
|  Cash |  |
| &nbsp;&nbsp;&nbsp; Cash, beginning of year | 73350014 |
| &nbsp;&nbsp;&nbsp; Cash, end of year | $15116640 |

---

Non cash financing activities not included herein consist of $12,303,752 of reinvested dividends and $13,616,360 of PIK interest.

Cash paid for interest on credit facility during the period was $28,237,364.

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br>Year Ended <br>March 31, <br>2026** | **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 Period <br>July 1, 2021\* <br>through <br>March 31, <br>2022** |
|  **Net asset value, beginning of period** | $11.22 | $10.70 | $10.85 | $10.89 | $10.00 |
|  **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.71 | 0.70 | 0.63 | 0.58 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>2</sup> | 0.29 | 0.74 | 0.67 | 0.38 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 1.00 | 1.44 | 1.30 | 0.96 | 1.21 |
|  **Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.73) | (0.87) | (0.61) | (0.73) | (0.28) |
| &nbsp;&nbsp;&nbsp; From return of capital | (0.48) | (0.05) | (0.84) | (0.27) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to shareholders | (1.21) | (0.92) | (1.45) | (1.00) | (0.32) |
|  **Net asset value, end of period** | $11.01 | $11.22 | $10.70 | $10.85 | $10.89 |
|  **Total return** | 9.55% | 13.98% | 12.74% | 9.36% | 12.30%<sup>3,6</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $7802840 | $5357947 | $2925909 | $1478012 | $478646 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and deferred tax expense | 1.26% | 1.27% | 1.30% | 1.28% | 1.54%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 1.26% | 1.27% | 1.30% | 1.07% | 0.50%<sup>4</sup> |
|  Ratio of expenses to average net assets (including interest expense)<sup>5</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 1.89% | 2.11% | 2.20% | 1.93% | 1.68%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 1.89% | 2.11% | 2.20% | 1.72% | 0.64%<sup>4</sup> |
|  Ratio of net investment income to average net assets (including interest expense)<sup>5</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 6.52% | 6.39% | 5.84% | 5.22% | 3.20%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 6.52% | 6.39% | 5.84% | 5.43% | 4.24%<sup>4</sup> |
|  Portfolio turnover rate | 47% | 29% | 13% | 9% | 11%<sup>3</sup> |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; Commencement of operations.

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

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

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;These ratios exclude the impact of expenses of the underlying investment companies holdings as represented in the Consolidated Schedule of Investments.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Supplemental Expense Ratios:** | **For the <br>Year Ended <br>March 31, <br>2026** | **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 Period<br>July 1, 2021\* <br>through <br>March 31, <br>2022** |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deferred tax expense | 0.07% | 0.00% | 0.04% | 0.15% | —% |
| &nbsp;&nbsp;&nbsp; With fees waived, after taxes | 1.33% | 1.27% | 1.34% | 1.22% | 0.50% |
|  **Senior Securities** |  |  |  |  |  |
|  Total Amount Outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | $700000000 | $250000000 | $200000000 | $15000000 | $14546760 |
|  Asset Coverage Per $1,000 of Borrowings |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | 12166 | 22432 | 15630 | 99534 | 33904 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Consolidated Financial Highlights<br> Class D |

---

*Per share operating performance.*

*For a capital share outstanding throughout the period.*

---

| | |
|:---|:---|
|  | **For the Period <br>August 4, 2025\*<br>through<br>March 31, <br>2026** |
|  **Net asset value, beginning of period** | $10.93 |
|  **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>1</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>2</sup> | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.65 |
|  **Less Distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.36) |
| &nbsp;&nbsp;&nbsp; From return of capital | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to shareholders | (0.60) |
|  **Net asset value, end of period** | $10.98 |
|  **Total return** | 6.08%<sup>3</sup> |
|  **Ratios and Supplemental Data:** |  |
|  Net assets, end of period (in thousands) | $13071 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and deferred tax expense | 2.06%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 2.06%<sup>4</sup> |
|  Ratio of expenses to average net assets (including interest expense)<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 2.58%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 2.58%<sup>4</sup> |
|  Ratio of net investment income to average net assets (including interest expense)<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 5.09%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 5.09%<sup>4</sup> |
|  Portfolio turnover rate | 47%<sup>3</sup> |

---

*\**&nbsp;&nbsp;&nbsp;&nbsp; Commencement of operations.

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

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

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;These ratios exclude the impact of expenses of the underlying investment companies holdings as represented in the Consolidated Schedule of Investments.

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  **Supplemental Expense Ratios:**  | **For the Period<br>August 4, 2025\*<br>through<br>March 31, <br>2026** |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Deferred tax expense | 0.11% |
| &nbsp;&nbsp;&nbsp; With fees waived, after taxes | 2.17% |
|  **Senior Securities** |  |
|  Total Amount Outstanding |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | $700000000 |
|  Asset Coverage Per $1,000 of Borrowings |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | 12166 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements <br> March 31, 2026 |

---

**1. Organization**

The Cliffwater Enhanced Lending Fund (the "Fund") is a closed-end, non-diversified management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and was organized as a Delaware statutory trust on January 22, 2021. The Fund is a "fund of funds" that operates and is organized as an interval fund. Cliffwater LLC serves as the investment adviser (the "Investment Manager" or "Cliffwater") of the Fund. The Investment Manager is an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund commenced operations on July 1, 2021. Simultaneously with the commencement of the Fund's operations, the Cliffwater Enhanced Lending Fund L.P. (the "Predecessor Fund"), reorganized with and transferred substantially all its portfolio securities into the Fund. The tax-free reorganization was accomplished at the close of business on June 30, 2021. 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 offers two separate share classes ("Shares"): Class D Shares and Class I Shares.

The Fund's primary investment objective is to seek high current income and modest capital appreciation, 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 lending to businesses, broadly defined as providing capital or assets to businesses or individuals in exchange for regular payments, the level of which is commensurate with the probability of loss for each investment or strategy, or through the provision of capital to businesses or individuals by acquiring assets from those businesses or individuals that produce regular cash flows as an alternative to a traditional loan, such as receivables factoring or a sale leaseback of real estate or equipment. Investments by the Fund may take the form of secured or unsecured bonds and loans with a fixed or floating coupon, a structured capital instrument with preference to common equity holders and a stated contractual interest payment or rate of return, assets with fixed lease payments, or other income producing assets. Investments may be made directly or indirectly through a range of investment vehicles that the Investment Manager believes offer high current income across corporate, real asset and alternative credit opportunities. The Investment Manager will employ a dynamic process that allocates the Fund's assets between Investment Funds and direct investments. Investment Funds may include secondary strategies that primarily acquire credit funds and, to a lesser extent, fund interests or direct investments in equity or other security types.

The Fund is deemed to be an individual reporting segment. The objective and strategy of the Fund are used by the Investment Manager to make investment decisions, and the results of the Fund's operations, as shown on the Consolidated Statement of Operations and the Consolidated Financial Highlights for the Fund are the information utilized for the day-to-day management of the Fund. The Fund is party to 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 Investment Manager is deemed to be the chief operating decision maker with respect to the Fund's investment decisions.

**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 include the accounts of each subsidiary. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. A list of the subsidiaries that hold assets is as follows as of March 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  **Subsidiary** | **Date of <br>Inception** | **Net Assets of <br>Subsidiary** | **Percentage of <br>Fund's Total <br>Net Assets** |
|  CELF SPV LLC ("CLCE SPV") | July 1, 2021 | $4656030617 | 59.57% |
|  CELF SPV Holdings (PP) LLC ("CLCE HOLD") | July 1, 2021 | 4048533 | 0.05% |
|  CELF SPV HOLDINGS 2 LLC ("CLCE HLD2") | June 24, 2022 | 5480988 | 0.07% |
|  CELF HOLDINGS (D1) LLC ("CLCE HLD1") | March 31, 2023 | 21516321 | 0.28% |
|  CELF HOLDINGS (D2) LLC ("CLCE LF2") | June 30, 2023 | 25253342 | 0.32% |
|  CELF SPV HOLDINGS 1 LLC ("CLCE SPV1") | February 9, 2024 | 138438 | 0.00% |
|  CELF HOLDINGS (D3) LLC ("CLCE HLD3") | April 12, 2024 |  | 0.00% |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**1. Organization (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  **Subsidiary** | **Date of <br>Inception** | **Net Assets of <br>Subsidiary** | **Percentage of <br>Fund's Total <br>Net Assets** |
|  CELF HOLDINGS (D4) LLC ("CLCE HLD4") | May 31, 2024 | $1277447 | 0.02% |
|  MOHAWK RIVER FUNDING LLC ("CLCE MHWK") | September 16, 2024 | 3644804 | 0.05% |
|  CELF HOLDINGS (D7) LLC ("CLCE LF7") | October 9, 2024 | 147479307 | 1.89% |
|  CELF HOLDINGS (D6) LLC ("CLCE LF6") | November 19, 2024 | 23697386 | 0.30% |
|  CELF HOLDINGS (D9) LLC ("CLCE LF9") | February 14, 2025 | 2593409 | 0.03% |
|  CELF HOLDINGS (D13) LLC ("CLCE LF13") | February 19, 2025 | 6 | 0.00% |
|  BOAC OALTX POINT PURCHASER LLC ("CLCE BOPP") | April 29, 2025 |  | 0.00% |
|  CELF HOLDINGS (D8) LLC ("CLCE LF8") | May 1, 2025 | 1081 | 0.00% |
|  CELF HOLDINGS (D11) LLC ("CLCE LF11") | May 13, 2025 | 24043750 | 0.31% |
|  CELF HOLDINGS (D10) LLC ("CLCE LF10") | June 24, 2025 | 537525 | 0.01% |
|  CELF HOLDINGS (D20) LLC ("CLCE LF20") | August 26, 2025 | 3280830 | 0.04% |
|  CELF HOLDINGS (D12) LLC ("CLCE LF12") | September 2, 2025 | 46536122 | 0.60% |
|  CELF HOLDINGS (D19) LLC ("CLCE LF19") | September 3, 2025 | 1948694 | 0.02% |
|  CELF HOLDINGS (D14) LLC ("CLCE LF14") | September 30, 2025 | 34739761 | 0.44% |
|  CELF SPLITTER LLC ("CLCE SPLT") | November 25, 2025 | 27639012 | 0.35% |
|  CELF HOLDINGS (D18) LLC ("CLCE LF18") | December 23, 2025 | 10606265 | 0.14% |
|  FISH CREEK CANYON LLC ("CLCE FISH") | January 12, 2026 | 200862840 | 2.57% |
|  CELF HOLDINGS (D16) LLC ("CLCE LF16") | March 27, 2026 | 19663314 | 0.25% |

---

**2. Significant Accounting Policies**

#### Basis of Preparation and Use of Estimates
The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*. The accompanying Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of the financial statements in accordance with U.S. 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 the 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 is interest payments made to existing shareholders of closed-end vehicles when investing in a later close and are recorded to investment income when received and expense as incurred when paid. In some cases, the Fund enters into secondary transactions for the purchase or sale of investments that include deferred payment terms. In such cases, the Fund recognizes the investment purchased or sold on the trade date. When consideration is deferred, the Fund records a receivable for investments sold or a payable for investments purchased representing the contractual amount due. If the deferral period is significant, the receivable or payable is initially measured at its present value, with any discount accreted into income over the deferral period using the effective interest method. If the impact of discounting is not material, the receivable or payable is recorded at its contractual amount. These receivables and payables are not actively traded and are based on contractual terms

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

specific to the transaction. Accordingly, they are classified as Level 3 within the fair value hierarchy. The carrying value of these instruments approximates fair value due to the relatively short-term nature of the arrangements and/or the credit quality of the counterparties.

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 the cost calculated on a specific identification basis. Paydown gains and losses are recorded as an adjustment to interest income in the Consolidated Statement of Operations. Some or all of the interest payments of a loan or preferred equity may be structured in the form of payment-in-kind ("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 ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the "more likely than not" standard as of March 31, 2026.

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, 2026, the Fund did not have interest or penalties associated with underpayment of income taxes.

CLCE SPV, CLCE LF2, CLCE HLD4, CLCE MHWK, CLCE LF7, CLCE LF6, CLCE LF9, CLCE LF13, CLCE BOPP, CLCE LF8, CLCE LF11, CLCE LF10, CLCE LF20 and CLCE LF12, CLCE SPLT, CLCE LF18, CLCE FISH, and CLCE LF16 are disregarded entities for income tax purposes. CLCE HOLD, CLCE HLD2, CLCE HLD1, CLCE SPV1, CLCE HLD3, CLCE LF19, and CLCE LF14 are limited liability companies that have elected to be taxed as corporations and are therefore obligated to pay federal and state income tax on their 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 indicate 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.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

#### Cash and Cash Equivalents
Cash and cash equivalents consist of cash and short-term investments 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, 2026, the Fund held cash of $15,116,640 and $331,401,928 in a short-term money market fund.

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

The Fund does not isolate that portion of its 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 it is obligated to exchange currencies on specified future dates at specified rates, and are subject to the fluctuations of foreign exchange rates. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign exchange contracts. The Fund records realized gains or losses at the time the forward contract is settled. Counterparties to these forward contracts are major U.S. financial institutions. As of March 31, 2026, the Fund had 9 outstanding forward currency contracts purchased long and 11 outstanding forward currency contracts sold short, with total notional value of 159,506,396 and (543,522,955), respectively.

#### Collateralized Loan Obligations and Collateralized Debt Obligations

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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

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, 2026, the Fund received $18,744 in commitment fees. As of March 31, 2026, 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 $551,648,639, $545,302,755, and $(822,243), respectively.

---

| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment Type** | **Principal <br>Amount** |
|  Alcami Corporation | Revolver | $349804 |
|  Alkeme Intermediary Holding, LLC | Delayed Draw | 12500000 |
|  Allen Media, LLC | Revolver | 4478064 |
|  Apella Capital LLC | Delayed Draw | 4010041 |
|  Apella Capital LLC | Revolver | 528083 |
|  AR5 LLC | Revolver | 8061256 |
|  Archer 2023 Finance, LLC, Class B | Private Collateralized Fund Obligations | 1025556 |
|  Artivion, Inc. | Delayed Draw | 5172414 |
|  Artivion, Inc. | Delayed Draw | 3448276 |
|  Aryeh Bidco Investment | Delayed Draw | 4190722 |
|  Aryeh Bidco Investment | Revolver | 3492268 |
|  Azurite Intermediate Holdings, Inc. | Revolver | 103333 |
|  Beyond Risk Management, Inc. | Delayed Draw | 650000 |
|  Beyond Risk Management, Inc. | Revolver | 300000 |
|  Bluefin Holding, LLC | Revolver | 673077 |
|  Bluesight, Inc. | Revolver | 400000 |
|  Bonaccord Capital Partners | Delayed Draw | 72500000 |
|  BP PMKN LLC | Delayed Draw | 20000000 |
|  BV MRP Buyer, LLC | Delayed Draw | 1225000 |
|  BV MRP Buyer, LLC | Revolver | 4050000 |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment Type** | **Principal <br>Amount** |
|  Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. | Private Collateralized Loan Obligations | $2970198 |
|  Cedar Electronics Trading Corp | Delayed Draw | 5000000 |
|  Cipriani USA, Inc | Delayed Draw | 394737 |
|  Cobham Holdings, Inc. | Revolver | 421875 |
|  Conservice Midco, LLC | Revolver | 1576660 |
|  Corbin Law Firm | Delayed Draw | 738676 |
|  Coupa Holdings, LLC | Delayed Draw | 385633 |
|  Coupa Holdings, LLC | Revolver | 295276 |
|  Crewline Buyer, Inc. | Revolver | 870417 |
|  CVC Structured Solutions 2 LLC | Delayed Draw | 37801347 |
|  Dawson Logan 2025-L5 – Class B | Private Collateralized Fund Obligations | 16342018 |
|  Dawson Logan 2025-L5 – Class C | Private Collateralized Fund Obligations | 32685085 |
|  Dawson Rated Fund 6-R2 Class C | Private Collateralized Fund Obligations | 8125000 |
|  Dawson Rated Fund 6-R3 Class C | Private Collateralized Fund Obligations | 8125000 |
|  Einstein Parent, Inc. | Revolver | 937500 |
|  Empower Payments Investor, LLC | Delayed Draw | 2981928 |
|  Exactcare Parent, Inc. | Revolver | 442623 |
|  Fire Flow Intermediate Corporation | Delayed Draw | 12500000 |
|  Fortress AcquisitionCo, Inc. | Revolver | 2466667 |
|  Genova Diagnostics, Inc | Revolver | 967742 |
|  GIEAG Projekt 320 GMBH | Delayed Draw | 17541609 |
|  Helium Acquirer Corporation | Revolver | 271201 |
|  HES Intermediate Holdings II, LLC | Delayed Draw | 1410959 |
|  HES Intermediate Holdings II, LLC | Revolver | 940589 |
|  IKI Manufacturing Co LLC | Revolver | 5000000 |
|  Infucare RX Inc | Revolver | 800000 |
|  IVX Health Holdings, Inc. | Revolver | 1239926 |
|  Java Buyer, Inc. | Delayed Draw | 2311609 |
|  Java Buyer, Inc. | Revolver | 1018330 |
|  Jonas Catalog Holdings I LLC | Delayed Draw | 16929439 |
|  Just Right HVAC, LLC | Delayed Draw | 141750 |
|  Just Right HVAC, LLC | Revolver | 80000 |
|  KENE Acquisition, Inc. | Delayed Draw | 16666667 |
|  KENE Acquisition, Inc. | Revolver | 2380952 |
|  Lighthouse Finco Sarl | Delayed Draw | 6551952 |
|  Lightspeed Buyer, Inc. | Delayed Draw | 1869159 |
|  Lightspeed Buyer, Inc. | Revolver | 623053 |
|  Linc Systems, LLC | Delayed Draw | 5225426 |
|  LP-PWP Credit Card ABS, LLC | Revolver | 2054902 |
|  Mercury Bidco LLC | Revolver | 408163 |
|  Meta Buyer LLC | Delayed Draw | 1346065 |
|  Meta Buyer LLC | Revolver | 1122191 |
|  Metaplanet Holdings OU | Delayed Draw | 36648750 |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment Type** | **Principal <br>Amount** |
|  MGT Merger Target, LLC | Revolver | $91961 |
|  Mindbody, Inc. | Revolver | 2500000 |
|  Moderna, Inc | Delayed Draw | 42000000 |
|  MoonLake Immunotherapeutics AG | Delayed Draw | 30000000 |
|  NACSB Acquisition Holdings, Inc. | Delayed Draw | 5478451 |
|  National Resilience, LLC | Delayed Draw | 9307813 |
|  NH Kronos Parent, Inc. | Delayed Draw | 1164773 |
|  NH Kronos Parent, Inc. | Revolver | 1397727 |
|  One East Camelback, LLC | Delayed Draw | 4044256 |
|  Orthodontic Partners, LLC | Delayed Draw | 753279 |
|  Penn TRGRP Holdings | Revolver | 230750 |
|  Penn TRGRP Holdings, LLC | Delayed Draw | 356614 |
|  PF Carrus Careers, LLC | Revolver | 1587145 |
|  PracticeTek Purchaser LLC | Delayed Draw | 1846246 |
|  RCP Fund II Borrower, LLC | Delayed Draw | 7133333 |
|  SIG Parent Holdings, LLC | Delayed Draw | 6750000 |
|  SIG Parent Holdings, LLC | Revolver | 350000 |
|  SintecMedia NYC, Inc. | Revolver | 152542 |
|  SL Energy Power Plant I, LLC | Delayed Draw | 10801408 |
|  Sparkle Holdco 2 Corp. | Revolver | 2486567 |
|  Spinrite Inc. | Revolver | 1500000 |
|  Stepping Stones Healthcare Services, LLC | Delayed Draw | 1684313 |
|  Stepping Stones Healthcare Services, LLC | Revolver | 212214 |
|  SureWerx Purchaser III, Inc. | Delayed Draw | 250000 |
|  SureWerx Purchaser III, Inc. | Revolver | 185000 |
|  TerSera Therapeutics, LLC | Revolver | 227926 |
|  The Arcticom Group, LLC | Delayed Draw | 37941 |
|  Tree Guardians Holdings LLC | Delayed Draw | 850000 |
|  Tree Guardians Holdings LLC | Revolver | 100000 |
|  Trintech, Inc. | Delayed Draw | 1290323 |
|  Trintech, Inc. | Revolver | 967742 |
|  United Digestive MSO Parent, LLC | Revolver | 297500 |
|  Zenith AcquisitionCo, LLC | Delayed Draw | 7075333 |
|  Zenith AcquisitionCo, LLC | Revolver | 2768514 |
|  |  | $551648639 |

---

#### Valuation of Investments
The Board of Trustees of the Fund (the "Board" or "Trustees") 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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

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 p.m. U.S. Eastern Time adjusted up to NASDAQ's best offer price if the last trade price is below such bid and down to NASDAQ's best offer price if the last trade is above such offer price) will be used.

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

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. Certain CLOs may be structured as private investment companies and/or funds in which case the net asset value may be used as a practical expedient to estimate the fair value of such interests.

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 second 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.

#### 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 the particular repurchase offer.

#### Borrowing, Use of Leverage
On July 19, 2024, the Fund and certain of its wholly-owned subsidiaries ("Guarantors") entered into a senior secured credit facility (the "Facility") with Barings Finance LLC as joint lead arranger, PNC Bank, National Association ("PNC") as administrative agent and joint lead arranger and with certain lenders from time to time as parties thereto (the "Lenders"). The Facility, as amended effective August 25, 2025, provides for borrowings on a committed basis in an

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

aggregate principal amount up to $1,575,000,000. Under the Facility, the Fund has received a term loan in the amount of $300,000,000 ("Term Loan") and may borrow up to an additional $1,275,000,000 on a revolving basis (the "Revolving Loan"). As of March 31, 2026, the Fund's Revolving Loan has a balance in the amount of $400,000,000. The Facility may be increased from time to time in an aggregate of up to $3,000,000,000 on an uncommitted basis. The Revolving Loan and the Term Loan mature on August 23, 2030.

In connection with the Facility, 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 contains 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 may declare the outstanding advances and all other obligations under the Facility immediately due and payable. For the year ended March 31, 2026, the average balance outstanding, maximum amount borrowed, and weighted average interest rate under the Term Loan were $230,684,932, $300,000,000, and 7.03%, respectively. The interest rate at period end on the Term Loan was 6.57%. For the year ended March 31, 2026, the average balance outstanding, maximum amount borrowed, and weighted average interest rate under the Revolving Loan were $98,424,658, $425,000,000, and 7.34% respectively. The interest rate at period end on the Revolving Loan was 6.58%. The interest expense during the year ended March 31, 2026, was $31,054,750. Commitment fees incurred are prepaid and amortized over the term of the loan. For the year ended March 31, 2026, commitment fees were $2,060,768.

**New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, Income Taxes (ASC 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, the amendments in this ASU 2023-09 require that all entities disclose on an annual basis taxes paid disaggregated by federal, state, foreign, and individual jurisdiction (when income taxes paid is equal to or greater than five percent of total income taxes paid). The amendments in ASU 2023-09 are effective for annual periods of public business entities beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted.

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard did not materially impact financial statement disclosures and did not affect the Fund's financial position or the results of its operations. See Note 7 for more information.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

**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, 2026.

#### Warehouse Investments
From time to time, the Fund may warehouse investments for other investment vehicles. The transactions between the Fund and the investment vehicles are executed at arms-length and at fair market value. The Fund may enter into agreements with its counterparties to protect itself from unexpected movements in fair market value during the warehouse period. As of March 31, 2026, the Fund has received $10,000,000 in a first loss reserve account that will be payable back to its counterparties if no loss is recognized during the warehouse period.

**3. Principal Risks**

#### Non-Diversified Status
The Fund is a "non-diversified" management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund's assets that may be invested, directly or indirectly, in the securities of any one issuer. Although the Investment Manager follows a general policy of seeking to spread the Fund's capital among multiple Investment Funds, the Investment Manager may depart from such policy from time to time and one or more Investment Funds may be allocated a relatively large percentage of the Fund's assets. Consequently, if one or more securities are allocated a relatively large percentage of the Fund's assets, losses suffered by such securities could result in a higher reduction in the Fund's capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

#### Investment Funds
The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of mutual funds (including money market funds), business development companies ("BDCs"), closed-end funds, exchange-traded funds ("ETFs") and other pooled investment vehicles ("Investment Funds"). The Fund's ability to achieve its investment objective depends largely on the performance of the Investment Funds selected. Each Investment Fund has its own investment risks, and those risks can affect the value of the Investment Funds' securities and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any Investment Fund will be achieved. An Investment Fund may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such Investment Fund at a time that is unfavorable to the Fund. In addition, one Investment Fund may buy the same securities that another Investment Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose. There is also the risk that the ETFs in which the Fund invests that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transaction costs and other expenses of the ETFs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. The shares of listed closed-end funds may also frequently trade at a discount to their net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase. The Fund may also be unable to liquidate its investment in Private Investment Funds when desired.

The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objectives and permissible under the Investment Company Act. Under one provision of the Investment Company Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other investment companies, (ii) such purchase

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**3. Principal Risks (continued)**

would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund's total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in other registered investment companies, such as mutual funds, closed-end funds and ETFs, and in BDCs in excess of the statutory limits imposed by the Investment Company Act in reliance on Rule 12d1-4 under the Investment Company Act. These investments would be subject to the applicable conditions of Rule 12d1-4, which in part would affect or otherwise impose certain limits on the investments and operations of the underlying fund. Accordingly, if the Fund serves as an "underlying fund" to another investment company, the Fund's ability to invest in other investment companies, private funds and other investment vehicles may be limited and, under these circumstances, the Fund's investments in other investment companies, private funds and other investment vehicles will be consistent with applicable law and/or exemptive relief obtained from the SEC. The Fund has followed the requirements of Rule 12d1-4 with respect to its fund of funds arrangements.

#### 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 and Other Market Disruptions
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 Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (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.

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

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

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

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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**3. Principal Risks (continued)**

#### 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 Management 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 0.95% on an annualized basis of the Fund's average net assets.

The Fund has adopted a Distribution and Service Plan with respect to Class D Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund may pay as compensation up to 1.00% on an annualized basis of the aggregate net assets of the Fund attributable to Class D Shares, to the Fund's Distributor or other qualified recipients under the Distribution and Service Plan. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For purposes of determining the Distribution and Servicing Fee, NAV will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable. Class I Shares are not subject to the Distribution and Service Plan.

Through July 30, 2026, the Investment Manager has agreed to waive and/or reimburse the Fund to the extent that the Distribution and Service Fee paid by the Fund exceeds 0.85% of the Fund's aggregate net assets attributable to Class D Shares on an annualized basis.

Foreside Fund Services, LLC serves as the Fund's distributor and UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and administrator. For the year ended March 31, 2026, 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, 2026, the Fund's allocated fees incurred for Trustees 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, 2026, are reported on the Consolidated Statement of Operations.

**5. Fair Value of Investments**

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

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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

&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 Investment Manager 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, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset <br>Value** | **Total** |
|  Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Loans | $— | $19187758 | $1790786567 | $— | $1809974325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investment Vehicles |  |  | 235807131 | 5611964941 | 5847772072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2004240 | 62668913 |  | 64673153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 61814200 |  | 61814200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 1043177 |  | 5464430 |  | 6507607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt |  |  | 2000000 |  | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  | 17479837 |  | 17479837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 2280137 |  | 2280137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 331401928 |  |  |  | 331401928 |
|  **Total Investments, at fair value** | $**332445105** | $**21191998** | $**2178301215** | $**5611964941** | $**8143903259** |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $10212735 | $— | $— | $10212735 |
|  **Total Assets** | $**332445105** | $**31404733** | $**2178301215** | $**5611964941** | $**8154115994** |
|  **Liabilities** |  |  |  |  |  |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $2779260 | $— | $— | $2779260 |
|  **Total Liabilities** | $**—** | $**2779260** | $**—** | $**—** | $**2779260** |

---

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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the year ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Senior<br>Secured <br>Loans** | **Private <br>Investment <br>Vehicles** | **Collateralized <br>Loan <br>Obligations** | **Preferred <br>Stocks** | **Common <br>Stocks** |
|  Balance as of April 1, 2025 | $1007170536 | $&nbsp;&nbsp;&nbsp;&nbsp;286453384 | $&nbsp;&nbsp;&nbsp;&nbsp;58368832 | $&nbsp;&nbsp;&nbsp;&nbsp;57515128 | $6095834 |
|  Purchases | 2924388130 | 265726098 | 62779734 | 14324464 | 1929 |
|  Sales/Paydowns | (2111840730) | (283491974) | (57502866) | (21000051) |  |
|  Realized gains (losses) | 11905195 | (49248) | 565783 | 6300051 |  |
|  Original issue discount and amendment fees | (478219) |  | 332041 |  |  |
|  Accretion | 4778075 | 20353 | 42568 |  |  |
|  Change in Unrealized appreciation (depreciation) | (20295102) | 2137816 | (1917179) | (3119572) | (633333) |
|  Transfers In<sup>1</sup> |  |  |  | 7794180 |  |
|  Transfers Out<sup>2</sup> | (24841318) | (34989298) |  |  |  |
|  Balance as of March 31, 2026 | **$1790786567** | **$235807131** | **$62668913** | **$61814200** | **$5464430** |
|  Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2026 | (18288238) | 6275215 | (833023) | (2697490) | (633333) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Subordinated <br>Debt** | **Asset-Backed <br>Securities** | **Warrants** | **Total** |
|  Balance as of April 1, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp; 9001761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229675 | $1424835150 |
|  Purchases | 58866 | 15818428 |  | 3283097649 |
|  Sales/Paydowns | (5043476) |  |  | (2478879097) |
|  Realized gains (losses) | (2031369) | (353047) |  | 16337365 |
|  Original issue discount and amendment fees |  |  |  | (146178) |
|  Accretion |  | 5138 |  | 4846134 |
|  Change in Unrealized appreciation (depreciation) | 14218 | 2009318 | 2050462 | (19753372) |
|  Transfers In<sup>1</sup> |  |  |  | 7794180 |
|  Transfers Out<sup>2</sup> |  |  |  | (59830616) |
|  Balance as of March 31, 2026 | **$2000000** | **$17479837** | **$2280137** | **$2178301215** |
|  Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at March 31, 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; 2009317 | $&nbsp;&nbsp;&nbsp;&nbsp; 2050462 | $&nbsp;&nbsp;&nbsp;&nbsp; (12117090) |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Transferred from Level 2 to Level 3 because observable market data became unavailable for the investments.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Transferred from Level 3 to Level 2 because observable market data became available for the investments.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (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, 2026.

The weighted average is calculated by weighting relative fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **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 | $62668913 | Income Approach | Interest Rate/ Discount Margin | 7.00% – 27.00% | 8.15% | 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 <br>value | 62668913 |  |  |  |  |  |
|  Asset-Backed Securities | 17479837 | Income approach | Discount Rate | 13.25% | 13.25% | Decrease |
|  Total Asset-Backed Securities, at fair value | 17479837 |  |  |  |  |  |
|  Common Stocks | 5462501 | Market Approach | EBITDA Multiple | 8.0x – 10.0x | 10.0x | Increase |
|  | 1929 | Market Approach | Recent Transaction Price | $0.00 – $1.00 | $1.00 | Increase |
|  Total Common Stocks, at fair value | 5464430 |  |  |  |  |  |
|  Preferred Stocks | 7804205 | Market Approach | Enterprise Value | $694 | $694 | Increase |
|  | 9168339 | Market Approach | Recent Transaction Price | $0.01 | $0.01 | Increase |
|  | 1528310 | Market Approach | EBITDA Multiple | 8.0x – 11.0x | 10.8x | Increase |
|  | 6334110 | Income Approach | Exercise Price | $2,319.10 – $2,746.80 | $2604.24 | Decrease |
|  |  |  | Expected Volatility | 30% | 30% | Increase |
|  | 4900500 | Income Approach | Discount Rate | 10.99% | 10.99% | Decrease |
|  | 32078736 | Market/<br>Income Approach | EBITDA Multiple | 9.5x – 20.5x | 13.5x | Increase |
|  |  |  | Revenue Multiple | 1.6x – 6.0x | 4.4x | Increase |
|  |  |  | Discount Rate | 11.94% | 11.94% | Decrease |
|  Total Preferred Stocks, at fair value | 61814200 |  |  |  |  |  |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (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** |
|  Private Investment <br>Vehicles | $&nbsp;&nbsp;&nbsp;&nbsp; 5138882 | Income Approach | Weighted Average Cost of Capital | 12.32% – 15.00% | 14.11% | Decrease |
|  | 103357411 | Income Approach | Discount Rate | 7.80% – 25.80% | 12.87% | Decrease |
|  | 40974821 | Market approach | Recent Transaction Price | $100.00 – $24,714,003.14 | $15685222.68 | Increase |
|  | 18712260 | Market approach | EBITDA Multiple | 11.5x | 11.5x | Increase |
|  | 67623757 | Market approach | Enterprise value <br>($ Millions) | $5 – $207 | $136 | Increase |
|  Total Private Investment Vehicles, at fair value | 235807131 |  |  |  |  |  |
|  Senior Secured Loans | 664337548 | Income approach | Discount Rate/Discount Margin | 3.91% – 26.46% | 9.94% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $11 – $9000 | $2168 | Increase |
|  |  |  | Debt/EBITDA | -6.7x – 15.4x | 5.2x | Decrease |
|  |  |  | Interest Coverage | -0.5x – 9.9x | 2.7x | Increase |
|  | 27910029 | Market approach | EBITDA Multiple | 5.3x – 8.5x | 6.9x | Increase |
|  | 6000000 | Market approach | Enterprise value <br>($ Millions) | $297 – $694 | $297 | Increase |
|  | 1092538990 | Market approach | Recent Transaction Price | $95.10 – $100.01 | $98.64 | Increase |
|  Total Senior Secured Loans, at fair value | 1790786567 |  |  |  |  |  |
|  Subordinated Debt | 2000000 | Market approach | EBITDA Multiple | 15.1x | 15.1x | Increase |
|  Total Subordinated Debt, at fair value | 2000000 |  |  |  |  |  |
|  Warrants | 2280137 | Income approach | Exercise Price | $0.01 – $43.78 | $39.46 | Decrease |
|  |  |  | Expected Volatility | 37% – 68% | 47% | Increase |
|  Total Warrants, at fair <br>value | 2280137 |  |  |  |  |  |
|  Total investments, at fair value | 2178301215 |  |  |  |  |  |

---

**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 D Shares by any investor is $50,000. The minimum initial investment in Class I Shares by any investor is $10,000,000. The minimum additional investment in the Fund by any shareholder is $5,000. However, the Fund, in its sole discretion, may accept investments below these minimums. 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.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**6. Capital Stock (continued)**

Investments in Class D Shares of the Fund are subject to a front-end sales charge (load) of up to 2.00% of the amount invested. The full amount of the sales load may be reallowed to broker/dealers or other financial intermediaries. Eligible investors may qualify for a sales charge discount if they and their family invest, or agree to invest in the future, at least $100,000 in Class D Shares of the Fund. Class I Shares are not subject to any initial sales charge. Shares will generally be offered for purchase on each business day, except that Shares may be offered more or less frequently as determined by the Fund in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

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 with 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, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Commencement Date | May 15, 2025 | August 14, 2025 | November 13, 2025 | February 13, 2026 |
|  Repurchase Request Deadline | June 16, 2025 | September 15, 2025 | December 15, 2025 | March 18, 2026 |
|  Repurchase Pricing date | June 16, 2025 | September 15, 2025 | December 15, 2025 | March 18, 2026 |
|  Net Asset Value as of Repurchase Pricing Date |  |  |  |  |
|  Class D | $— | $11.05 | $11.05 | $10.95 |
|  Class I | $11.12 | $11.06 | $11.06 | $10.98 |
|  Amount Repurchased |  |  |  |  |
|  Class D | $— | $— | $— | $29519 |
|  Class I | $269517966 | $152296785 | $445636236 | $581887631 |
|  Percentage of Outstanding Shares Repurchased |  |  |  |  |
|  Class D |  |  |  | 0.28% |
|  Class I | 4.47% | 2.23% | 5.75% | 7.01% |

---

**7. Federal Income Taxes**

At March 31, 2026, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments | $7587497870 |
|  Gross unrealized appreciation | $811678215 |
|  Gross unrealized depreciation | (261395734) |
|  Net unrealized appreciation on investments | $550282481 |

---

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 partnership and PFIC investments.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the year ended March 31, 2026, permanent differences are due to the reversal of consolidation of subsidiaries.

---

| | | |
|:---|:---|:---|
|  **Increases/(Decrease)** | **Increases/(Decrease)** | **Increases/(Decrease)** |
|  **Capital** | **Capital** | **Total <br>Distributable <br>Earnings (Loss)** |
|  $ | 17834834 | $(17834834) |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $— |
|  Undistributed long-term capital gains |  |
|  Accumulated capital and other losses |  |
|  Unrealized appreciation/(depreciation) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 550282481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 402158 |
|  Organizational costs | (46603) |
|  Total distributable earnings | $550638036 |

---

The tax character of distributions paid during the fiscal years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
|  Distribution paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $370259855 | $265003744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 277554541 | 18676061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 51339754 | 44548771 |
|  Total distributions paid | $699154150 | $328228576 |

---

At March 31, 2026, 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 March 31, 2026, the Fund did not defer any such losses.

#### Domestic Blocker Income Tax
The current taxes reflect the estimated tax liability of the Fund as of March 31, 2026, based on taxable income of the Subsidiaries that are taxable as corporations. 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 assets will not be realized.

Currently, the federal income tax rate for a corporation is 21% and the Fund is using a blended state tax rate net of Federal benefit is 3.95%. As of March 31, 2026, 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, 2026 consists of the following:

---

| | |
|:---|:---|
|  Current Tax (Expense) Benefit: |  |
|  Federal | $(1001330) |
|  State | (250960) |
|  Total Current Tax (Expense) Benefit | $(1252290) |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

---

| | |
|:---|:---|
|  Deferred Tax (Expense) Benefit: |  |
|  Federal | $(3016895) |
|  State | (756114) |
|  Total Deferred Tax (Expense) Benefit | (3773009) |
|  Total Income Tax (Expense) Benefit | $(5025299) |

---

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

---

| | |
|:---|:---|
|  **Deferred tax assets:** |  |
|  Net operating loss carryforward | $578250&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
|  **Deferred tax liability:** |  |
|  Net unrealized gain on investment securities | $(6501808) |
|  **Net Deferred Tax Asset/(Liability)** | $**(5923558)** |

---

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:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Percent** |
|  Federal Income tax expense at statutory rate | $(4212021) | 21.00% |
|  State Income taxes (net of federal benefit) | (792261) | 3.95% |
|  Changes in valuation allowances | (5401) | 0.11% |
|  Changes in unrecognized tax benefits (including prior period adjustments) | (15616) | 0.31% |
|  **Net income tax expense** | $**(5025299)** | **25.37%** |

---

The following table summarizes income taxes paid (net of refunds received):

---

| | |
|:---|:---|
|  | **March 31, <br>2026** |
|  U.S. federal | $69946 |
|  Total | $69946 |

---

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 March 31, 2026, the Subsidiaries deferred $2,295,986 of 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 March 31, 2026.

**8. Investment Transactions**

For the year ended March 31, 2026, purchases net of unfunded commitments and sales of investments, excluding short-term investments, were $6,137,920,809 and $3,108,788,910, respectively.

**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.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**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 exchange currency contracts for the year ended March 31, 2026 in order to hedge overall portfolio currency risk. By entering into these 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.

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. The fair values of derivative instruments, as of March 31, 2026, by risk category are as follows:

---

| | | |
|:---|:---|:---|
|  **Consolidated Statement of Asset and Liabilities Location** | **Derivatives not <br>designated as <br>hedging instruments** | **Value** |
|  Unrealized appreciation on forward foreign currency exchange contracts | Forward Contracts | $10212735 |
|  Unrealized depreciation on forward foreign currency exchange contracts | Forward Contracts | (2779260) |
|  Total |  | $7433475 |

---

---

| | | |
|:---|:---|:---|
|  **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 not designated as hedging instruments** | **Forward <br>Contracts** | **Total** |
|  Forward Foreign Currency Exchange Contracts | $(17908857) | $(17908857) |

---

---

| | | |
|:---|:---|:---|
|  **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 not designated as hedging instruments** | **Forward <br>Contracts** | **Total** |
|  Forward Foreign Currency Exchange Contracts | $11532008 | $11532008 |

---

The quarterly average volumes of derivative instruments as of March 31, 2026 are as follows:

---

| | | |
|:---|:---|:---|
|  **Derivatives not designated as hedging instruments** |  | **Notional<br>Value** |
|  Forward Foreign Currency Exchange Contracts | Long Forward Contracts | $129724704 |
|  | Short Forward Contracts | (409418508) |

---

**11. 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, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  ACM Uprise Direct 2024 LLC (Participation in Membership Interests) | Private ABS co-investment | $35763541  | $34989298 | $191246  |  | N/A | In perpetuity or until the Company is dissolved and its affairs wound up in accordance with the provisions stated in the agreement |
|  ACRE Credit Portfolio II, LP | Real estate credit | 108691459 | 108484917 | 91308541 |  | N/A | Partnership shall continue until the sixth anniversary of the final closing date, unless extended for up to two additional periods of one year each by the General Partner |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  AG Asset Based Credit Evergreen Fund, LP | Private ABS | $126000000 | $129374913 | $14000000 | Annually | One year after initial capital commitment | Partnership shall continue until the dissolution of the TPG AG ABC Master Funds or until a date specified by the General Partner (Master Fund term: Partnership dissolves upon the first of: a dissolution date specified by the General Partner, or a withdrawal event under Section 17-402 of the Delaware Act). |
|  AG Asset Based Credit Fund L.P. | Private ABS | 99000000 | 117685000 | 11000000 |  | N/A | Until the fourth anniversary of the expiration or termination of the commitment period with up to two one-year extensions |
|  AG Essential Housing Fund II Holdings (DE), L.P. | Real estate credit | 551114 | 3360723 | 6825000 |  | N/A | Three years from the end of the commitment period with two one-year extensions |
|  Ares Commercial Finance, LP | Asset-based lending | 93710220 | 107115407 | 100393244 | Annually | 30-Jun-27 | Partnership continues until it no longer holds any Portfolio Investments |
|  Ares Insurance Partners, LP | Opportunistic | 14380284 | 18359463 | 5619716 |  | N/A | Partnership shall continue until the end of the fiscal quarter during which the tenth anniversary of the final closing deadline occurs. The term may be extended by the GP in its sole discretion for up to two additional one-year periods. |
|  Ares Pathfinder Fund II (Offshore), LP | Asset-based lending | 8156792 | 8992750 | 7174431 |  | N/A | Until the eighth anniversary of the initial capital contribution with two one-year extensions |
|  Ares Special Opportunities Fund (Offshore), LP | Direct lending and structured capital/mezzanine | 4632487 | 3848367 | 1023642 |  | N/A | Until the end of the fiscal quarter during which the tenth anniversary of the final closing deadline as defined by the limited partnership agreement with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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 Special Opportunities Fund II (Offshore), LP | Direct lending and structured capital/mezzanine | $26252127 | $33952042 | $3444131 |  | N/A | Until the end of the fiscal quarter during which the tenth anniversary of the final closing deadline as defined by the limited partnership agreement with two one-year extensions |
|  Balbec IGCF VI Annex Fund, L.P. | Private ABS | 38250000 | 41045910 | 36750000 |  | N/A | The earlier of which the Fund distributes all of the assets, or when the GP in its sole discretion commences the wind up. |
|  Banner Ridge DSCO Fund I, LP | Diversified credit strategies | 8935391 | 18971656 | 36207747 |  | N/A | Until the tenth anniversary of the initial closing date with two one-year extensions |
|  Banner Ridge DSCO Fund II (Offshore), LP | Diversified credit strategies | 29209951 | 41585557 | 70790049 |  | N/A | Until the tenth anniversary of the initial closing date with two one-year extensions |
|  Banner Ridge Secondary Fund IV (Offshore), LP | Secondaries | 354477 | 5128442 | 9645523 |  | N/A | June 15, 2031 with one-year extensions available |
|  Banner Ridge Secondary Fund V (Offshore), LP | Secondaries | 92851664 | 160797902 | 107027544 |  | N/A | Until the tenth anniversary of the activation date with two one-year extensions |
|  Banner Ridge Secondary Fund VI (Offshore), LP | Secondaries | 11957676 | 15904846 | 224042324 |  | N/A | 10 years from the Activation Date (the "Initial Term" per Section 2.5), with the GP able to authorize two successive one-year extensions (up to 12 years total) without LP consent. |
|  Barings Capital Solutions Perpetual Fund (CA), LP | Specialty lending | 49091476 | 54415376 | 8577236 | Annually | No withdrawals during first two years after formation. Afterward, 90 days to receive redemption | The Partnership shall continue for an unlimited period unless it is wound up and subsequently dissolved. |
|  Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. | Real estate credit | 20522454 | 24299258 | 52534877 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |
|  Blackstone Tactical Opportunities Fund (Matrix <br>Co-Invest) LP | Asset-based lending co-investment | 1730630 | 2053137 | 4647853 |  | N/A | Until the partnership is dissolved and subsequently terminated |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Blue Owl First Lien Fund (Offshore), L.P. | Middle market direct lending | $2099338 | $1763365 | $375000 |  | N/A | Until the end of the fiscal quarter during which the seventh anniversary of the final closing date occurs with two one-year extensions |
|  Blue Owl Real Estate Fund, VI, LP | Real estate triple net leasing | 16423040 | 17976260 | 8573664 |  | N/A | Until the last day of the calendar quarter containing the seventh anniversary of the initial closing date with two one-year extensions |
|  Boost Co-Invest LP | Preferred equity co-investment | 994054 | 1630011 | 745908 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  BP Holdings Zeta LP — Class A | Real estate credit co-investment | 7987120 | 8777485 |  |  | N/A | Until the earlier of May 30, 2029, the final distribution of the assets of the partnership, and the expiration of the term of the last remaining Fund Entity as defined by the limited partnership agreement. |
|  BP Holdings Zeta LP — Class B | Real estate credit co-investment | 1410673 | 2348476 |  |  | N/A | Until the earlier of May 30, 2029, the final distribution of the assets of the partnership, and the expiration of the term of the last remaining Fund Entity as defined by the limited partnership agreement. |
|  BPC Opportunities Offshore Feeder Fund V LLC | Specialty lending | 21148502 | 24957334 | 13851498 |  | N/A | Company shall continue until the 6<sup>th</sup> anniversary of the closing date. The term may be extended for up to two additional one year periods. |
|  BPC Real Estate Debt Fund, LP | Real estate credit | 53750018 | 66790053 | 70917228 |  | N/A | Until the third anniversary of the expiration of the investment period with two additional one-year periods and thereafter, additional one-year periods with consent of the Advisory Committee. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3) | Regulatory capital relief co-investment | $5242498 | $3750208 | $— |  | N/A | Until the partnership is wound up and subsequently dissolved. |
|  BSOF Parallel Onshore Fund L.P. (Class Chestnut II Series 2) | Regulatory capital relief co-investment | 20108879 | 20620744 |  |  | N/A | Until the partnership is wound up and subsequently dissolved. |
|  BSOF Parallel Onshore Fund L.P. (Class Colonnade 2024 Series 3) | Regulatory capital relief co-investment | 10250000 | 10495231 |  |  | N/A | Until the partnership is wound up and subsequently dissolved. |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 3) | Regulatory capital relief | 106277431 | 111403152 | 385451 | Annually |  | Until the partnership is wound up and subsequently dissolved. |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) | Regulatory capital relief | 149488797 | 150654350 | 511203 | Annually |  | Until the partnership is wound up and subsequently dissolved. |
|  BSP Pioneer Investors Feeder, L.P. | GP stakes | 46439595 | 50567899 | 3560405 |  | N/A | Until the fiscal quarter during which the sixth anniversary of the Closing Date occurs, subject to extension for up to four successive one-year periods |
|  Burford Advantage Feeder Fund A, LP | Litigation finance | 833582 | 1620777 | 11938863 |  | N/A | Fifth anniversary of the initial closing with two one-year extensions |
|  Callodine Perpetual ABL Fund, LP | Asset-based lending | 97717483 | 87059857 | 5000000 | Quarterly<sup>3</sup> | Twelve months after the effective date of capital commitment | Perpetual unless sooner terminated in accordance with the provisions of the limited partnership agreement |
|  Carlyle Credit Opportunities Fund II (Parallel), SCSp | Structured capital/mezzanine | 8035701 | 6485944 | 6674801 |  | N/A | February 2029 with two consecutive one-year extensions |
|  Carlyle Credit Opportunities Fund III (Parallel), SCSp | Structured capital/mezzanine | 10001506 | 10384066 | 10845419 |  | N/A | December 2028, subject to two one-year extensions with the consent of the Investor Advisory Committee or a majority in interest of the combined limited partners. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security <br>Description** | **Investment <br>Category** | **Cost** | **Fair Value** | **Unfunded <br>Commitments** | **Redemption <br>Frequency** | **Redemption <br>Lock-up <br>Period** | **Fund Term** |
|  CCOF Alera Aggregator, L.P. | Preferred equity co-investment | $4875846 | $7503281 | $— |  | N/A | Until dissolved and liquidated in accordance with the limited partnership agreement |
|  CCOF III Nexus <br>Co-Invest Aggregator, L.P. | Subordinated debt co-investment | 3615905 | 5911054 | 487303 |  | N/A | Until wound up and subsequently dissolved pursuant to the limited partnership agreement |
|  CCOF Sierra II, L.P. | Preferred equity co-investment | 2966146 | 4690962 | 100000 |  | N/A | Ten-year anniversary of the final closing date with two one-year extensions |
|  Cheval Blanc <br>Co-Invest, L.P. | Structured capital/mezzanine co-investment | 14649107 | 17154815 | 385165 |  | N/A | The Partnership shall continue in existence until such time as all of the Investments of the Partnership are liquidated |
|  Chilly HP SCF Investor, LP | Preferred equity co-investment | 3017701 | 3368385 |  |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Comvest Special Opportunities Fund, L.P. | Structured capital/mezzanine | 14775066 | 16855268 | 6276209 |  | N/A | Seventh anniversary of the final closing with two one-year extensions |
|  Contingency Capital EG Fund (US) LP | Litigation finance | 40944229 | 47270992 | 138354634 | Quarterly | Hard Lockup: 24 months for initial commitments; 12 months for commitments made after more than 12 months after the initial commitment<br> Soft Lockup: 12 months following the hard lock-up; early withdrawal fee of the product of (i) the number of days remaining during the soft lock-up period and (ii) 3% paid to the fund | Until the dissolution of the partnership in accordance with the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Contingency Capital Fund I-A, LP | Litigation finance | $56471367 | $75408141 | $9333768 |  | N/A | Until the earlier of the termination of the last remaining master fund or the termination of the Partnership in accordance with the limited partnership agreement (Master Fund term: Partnership shall continue through the seventh anniversary of the Final Closing Date. General Partner may extend the term for not more than three subsequent one-year periods). |
|  Corrum Capital Entertainment Lending II-B, LP | Royalty-backed credit | 72765105 | 73155037 | 3054096 |  | N/A | Partnership shall continue until the 8<sup>th</sup> anniversary of the closing date. The Partnership may be extended for up to two additional one-year periods at the sole discretion of the General Partner. |
|  Crestline Nevermore Holdco, L.P. | Asset-based lending co-investment | 5126088 | 4578524 | 10001793 |  | N/A | Until the partnership is wound up and subsequently dissolved in accordance with the limited partnership agreement |
|  Crestline PF Sentry Fund (US), LP | Asset-based lending | 28539771 | 27382622 | 46849004 |  | N/A | Until dissolved in accordance with the limited partnership agreement |
|  CW Credit Opportunity 2 LP | Asset-based co-investment | 22889117 | 24631296 | 13889316 |  | N/A | Until December 31 after the maturity date of the CoreWeave Loan with two one-year extensions. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  D.E. Shaw Diopter International Fund II, L.P. | Regulatory capital relief | $13641267 | $14352485 | $36358733 |  | N/A | The term of the Partnership will end of the 76 month anniversary of the last day of the month of the final closing date, subject to two one-year extensions. The first extension is subject to the joint consent of the manager and fund managers of the US Feeders and parallel funds and the second extension is subject to the same consents plus selected regular members. |
|  D.E. Shaw Diopter International Fund, L.P. | Regulatory capital relief | 30774736 | 43772444 | 16082155 |  | N/A | The term of the Partnership will end of the 76 month anniversary of the last day of the month of the final closing date, subject to two one-year extensions. The first extension is subject to the joint consent of the manager and fund managers of the US Feeders and parallel funds and the second extension is subject to the same consents plus selected regular members. |
|  Dawson Portfolio Finance Evergreen LP | Portfolio finance | 300000000 | 351187729 |  | Quarterly | N/A | Shall be indefinite and shall continue in full force and effect until dissolved in accordance with the Limited Partnership Agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Dawson Portfolio Finance (Lux) SICAV | Portfolio finance | $150000000 | $167160000 | $— | Quarterly |  | Upon the occurrence of the withdrawal of the General Partner, unless the Advisory Board agrees to continue the Partnership and to appoint a new General Partner within 90 days of the withdrawal of the General Partner |
|  Eiger Funding (PCC) Limited — Cell 18 – Yosemite | Structured capital/mezzanine | 14223581 | 14342116 | 462321 |  | N/A | No fixed term. The Cell terminates at such time as no assets are held by the PCC on behalf of the Cell, there are no outstanding Investor Commitments, and all amounts available for distribution to investors have been distributed. Investor giveback obligations survive for 2 years following termination of the Cell. |
|  EVP Credit SPV I LP | Specialty lending co-investment | 17022619 | 18131985 | 1077381 |  | N/A | Partnership will continue in full force and effect until the final disposition, repayment or other realizations of the Partnership's investments. |
|  EVP II LP | Growth capital | 31303840 | 50242427 | 8696160 |  | N/A | Until eight years from the final closing date with two consecutive one-year extensions |
|  Felicitas Diner Offshore, LP | Preferred equity co-investment | 2969495 | 2361499 | 70080 |  | N/A | Until the earlier of the dissolution of the fund or an election by the general partner to terminate the fund |
|  Felicitas Secondary Fund II Offshore, LP | Secondaries | 10434114 | 10659926 | 2710414 |  | N/A | January 10, 2030 with one-year extensions available |
|  Felicitas Liquidity Solutions Fund (Offshore), LP | Secondaries | 44937188 | 50646505 | 55062812 | Quarterly | Two year lock up from February 2, 2026. | The Partnership shall continue perpetually until any of the termination events occur. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Franklin BSP Capital Corp | Middle market direct lending | $1684852 | $1529733 | $— | Annually<sup>1</sup> | N/A | N/A |
|  FTAI Aircraft Leasing Offshore SPV (2025) L.P. | Aircraft leasing | 37500000 | 41456516 | 12500000 |  | N/A | The SPV shall be dissolved on the fifth anniversary of the expiration of the Acquisition Period. |
|  GCF III Feeder LP | Legal assets | 9568518 | 11484519 | 5431482 |  | N/A | Partnership term expires on the 6th anniversary of the final closing date. The GP has the ability to extend the term by 2 one-year extensions. |
|  GPC Partners III (Duo) Coinvest Parallel-A, L.P. | Structured credit | 1000926 | 1000926 | 49074074 |  | N/A | Dissolves on the earlier of (a) the date the Partnership has disposed of all of its Investments or (b) the date the winding-up of the Fund commences per the Fund Agreement |
|  Gramercy PG Feeder LP (Common Interests) | Litigation finance co-investment | 10477594 | 18870468 |  |  | N/A | Until terminated, wound up and subsequently dissolved pursuant to the limited partnership agreement |
|  Gramercy PG Feeder LP (Preferred Interests) | Litigation finance co-investment | 5450422 | 7002943 |  |  | N/A | Until terminated, wound up and subsequently dissolved pursuant to the limited partnership agreement |
|  Gramercy PG Holdings II, LP | Litigation finance co-investment | 24570000 | 30369767 | 430000 |  | N/A | Until the sixth anniversary of the initial closing date, unless extended by the General Partner for a period of one year, and any successive periods of one year each with the consent of a majority in interest |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Gramercy PG Holdings LP | Litigation finance co-investment | $1243781 | $1436496 | $— |  | N/A | Partnership will continue until the sixth anniversary of the initial closing date, unless extended for a period of one year in the discretion of the General Partner, and any further successive periods of one year each with preferred approval. |
|  Gramercy PG Holdings LP (Preferred) | Litigation finance co-investment | 680920 | 752098 |  |  | N/A | Partnership will continue until the sixth anniversary of the initial closing date, unless extended for a period of one year in the discretion of the General Partner, and any further successive periods of one year each with preferred approval. |
|  Guggenheim MM-C CLO | Structured credit | 90202500 | 101093465 |  |  | N/A | July 2035 |
|  Harvest Partners Structured Capital Fund III, L.P. | Structured capital/mezzanine | 15280637 | 18421693 | 6428644 |  | N/A | Ten years from the final closing date with one-year extensions |
|  Hayfin Healthcare Opportunities Fund (US Parallel), LP | Royalties & healthcare credit | 52025040 | 67331045 | 23066040 |  | N/A | Fourth anniversary of the end of the investment period with two one-year extensions |
|  Hercules Evergreen Fund LP | Growth-stage lending | 213096543 | 217857497 | 87367070 | Quarterly (up to 12.5% of Capital Account per quarter, subject to Investor Gate) | 2 years from initial capital contribution (New Investors) or 2 years from Rollover date (Rollover Investors) | In perpetuity or until the Company is dissolved and its affairs wound up in accordance with the provisions stated in the agreement |
|  Highlighter Coinvest, Lp | Specialty lending co-investment | 9557216 | 9544200 | 241019 |  | N/A | When either the main fund dissolves, or earlier at the GPs reasonable discretion |
|  HPC Breeze Co-Invest (Onshore), L.P. | GP stake co-investment | 19515049 | 24876324 | 10997127 |  | N/A | When earlier of the date that the fund makes the final distribution of its assets or the date at which Fund I expires |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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 Asset Value Platform, L.P. | Equipment leasing | $42754664 | $44450996 | $5995988 |  | N/A | The Partnership shall continue in existence until the fifth anniversary of the closing date. |
|  HPS KP Mezz 2019 Co-Invest, LP | Subordinated debt co-investment | 37190448 | 52083003 | 2977411 |  | 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 Fund, LP | Subordinated debt co-investment | 13065632 | 21117333 | 1735086 |  | 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 following such subsequent term with the approval of the LP Advisory Committee |
|  HPS Mint Co-Invest Fund, L.P. | Preferred equity co-investment | 5746728 | 9439154 | 1513172 |  | 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 | 20906440 | 24856152 | 5438555 |  | N/A | Until the tenth anniversary of the first closing date with two one-year extensions |
|  HPS Offshore Strategic Investment Partners V, LP | Mezzanine level subordinated debt | 39120459 | 46709625 | 16874603 |  | 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 |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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 Specialty Loan Fund V-L, L.P. | Middle market direct lending | $12320329 | $11358176 | $7898979 |  | N/A | Fourth anniversary of the termination of the commitment period with one-year extensions available |
|  ICG LP Secondaries Fund I (Feeder) SCSp | Secondaries | 14445316 | 20740199 | 25177734 |  | N/A | Until the Master Partnership is dissolved or terminated (Master Partnership term: until the tenth anniversary of the final admission date with two one-year extensions) |
|  Indago Asset-Based Opportunities I LP | Private ABS | 6714767 | 7309147 | 30785233 |  | N/A | Partnership will continue for a period of three years from the end of the investment period, subject to a one-year extension by the General Partner in its sole discretion, and an additional one-year extension by the General Partner with the consent of the required limited partners. |
|  Indago Co-Invest I LP | Private ABS co-investment | 24000000 | 26313842 | 6000000 |  | N/A | Unless sooner dissolved pursuant to Section 10.2, the Partnership will continue until such time as the Partnership investments are disposed. |
|  InSolve Global Credit Feeder Fund VI, L.P. | Private ABS | 54003101 | 65600430 | 18749999 |  | N/A | Partnership shall be dissolved upon the earliest to occur of (a) the sale or distribution of all of the Partnership's assets and (b) such earlier time as determined by the General Partner in its sole discretion. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Jaffa Capital Fund, LP | Opportunistic | $20000000 | $20857140 | $— |  | N/A | Partnership shall be dissolved on the first to occur of (i) any occurrence that would legally disqualify the last remaining General Partner from acting under the LPA, (ii), the General Partner elects to dissolve the Partnership, or (iii) the occurrence of a Key Principal Event. |
|  King Street Opportunistic Credit Evergreen Fund, L.P. | Middle market direct lending | 100000000 | 107638372 |  | Semi-annually2 | Following the expiration of the period that is two years from the date of the initial closing of the partnership, subject to one year lock-up after the first capital contribution, | Until dissolved and liquidated in accordance with the Limited Partnership Agreement |
|  KWOL Co-Invest, LP | Preferred equity co-investment | 2500000 | 4020556 |  |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement |
|  LAC SPV I LLC | Legal assets | 29600000 | 31149766 |  |  | N/A | Company shall continue until the date on which all receivables have been disbursed in accordance with the fee purchase agreement. |
|  LH Equity Investors, L.P. | Preferred equity co-investment | 19250000 | 27037928 |  |  | N/A | The Partnership shall continue perpetually until any of the termination events occur |
|  LuminArx Naka Co-Invest Fund LP | Preferred equity co-investment | 2540678 | 2546281 | 12449322 |  | N/A | Continues until the last Investment is Disposed Of (alongside the Flagship Evergreen Fund); no fixed end date |
|  LuminArx Opportunistic Alternative Solutions Offshore Fund LP | Private ABS | 30436623 | 33038156 | 69563377 | Biannually | Redemptions permitted after three year ramp up period ends. | The Partnership shall continue perpetually until any of the termination events occur. |
|  LuminArx Valence Co-Invest Offshore Fund LP | Structured capital/mezzanine co-investment | 9936909 | 11724131 | 63091 |  | N/A | The Partnership shall continue perpetually until any of the termination events occur. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Madison Realty Capital Debt Fund, IV LP | Real estate credit | $14173657 | $12072602 | $3585971 |  | N/A | Until the sixth anniversary of the fund's final closing with one one-year extension and an additional extension period of up to two years. |
|  Magenta Asset Co-Invest L.P. | Asset-based co-investment | 2034675 | 2167448 | 1209452 |  | N/A | Until the Certificate of Limited Partnership of the partnership is cancelled. |
|  Magenta Co-Invest L.P. | Asset-based co-investment | 5501383 | 6512371 | 498617 |  | N/A | Until the Certificate of Limited Partnership of the partnership is cancelled. |
|  Marilyn Co-Invest, L.P. | Common equity | 33863577 | 50688374 |  |  | N/A | Until investments are liquidated and all proceeds are distributed to the partners |
|  Milano Co-Invest, L.P. | Subordinated debt co-investment | 4018599 | 3999960 | 174000 |  | N/A | Until such time as all of the investments of the partnership are liquidated and all proceeds are distributed to the partners |
|  Miller Holdings LP (Common Equity Portion) (Dawson) | Portfolio finance | 5000000 | 6208526 |  |  | N/A | Partnership shall continue until the final liquidating distribution of the Fund unless sooner wound up and dissolved. |
|  Miller Holdings LP (Preferred Equity Portion) (Dawson) | Portfolio finance | 27474697 | 34415479 | 14000002 |  | N/A | Partnership shall continue until the final liquidating distribution of the Fund unless sooner wound up and dissolved. |
|  Minerva Co-Invest, L.P. | Preferred equity co-investment | 11417401 | 17393930 | 225533 |  | N/A | Until distribution of investment proceeds |
|  NB Credit Opportunities II Cayman Feeder, LP | Structured capital/mezzanine | 18364132 | 24149612 | 9241148 |  | N/A | Until the termination of the master fund and as determined by the general partner (Master Fund term: until the 8th anniversary of the final admission date). |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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 Wall Asset Backed Opportunities Feeder Fund I LP | Private ABS co-investment | $76500125 | $99218299 | $33175067 |  | N/A | Partnership term expires on the 6th anniversary of the final closing date. The GP has the ability to extend the term by 2 one-year extensions. |
|  Northwind Healthcare Debt Fund II Feeder B LP | Real estate credit | 30529713 | 28838492 | 19470287 |  | N/A | Until the third anniversary of the expiration of the Investment period. May be extended for one additional one year period |
|  NWEOF Feeder Fund II LP | Direct lending and structured capital/mezzanine | 27870400 | 41027983 | 35045660 |  | N/A | Partnership shall continue for six years and may be extended for one year. |
|  NWEOF Feeder Fund III SCSp | Direct lending and structured capital/mezzanine | 2625904 | 3026079 | 25120950 |  | N/A | Partnership investment period is for three years and may be extended for one year. Partnership will then enter a harvest period for three years and may be extended for one year. |
|  OrbiMed RCO IV Offshore Feeder, LP | Royalties & healthcare credit | 25191624 | 25221732 | 30834002 |  | N/A | Until the date of the final liquidating distribution unless the partnership is sooner wound up and subsequently dissolved in accordance with the limited partnership agreement |
|  OWS Affirm Partnership Fund, LTD. | Private ABS co-investment | 30000000 | 32292944 |  |  | N/A | For a period of 24 months after the conclusion of the investment period, shareholders will receive distributions of proceeds until all shares are liquidated. The distribution period may be extended by the investment manager in its sole discretion for up to two additional one-year periods. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Pathlight Capital Evergreen Fund, LP | Asset-based lending | $46073543 | $44550866 | $6170806 |  | N/A | Until dissolved and liquidated in accordance with the amended and restated limited partnership agreement |
|  Pathlight Capital Fund II, LP | Asset-based lending | 13496284 | 13452607 | 6461909 |  | N/A | Until last day of the fiscal quarter after the fifth anniversary of the final closing date with one-year extensions available |
|  Peachtree Credit Fund IV Q, L.P. | Real estate credit | 49088073 | 51486320 |  |  | N/A | The Fund shall continue in full force and effect until 7 years following the expiration of the Offering period, subject to 2 one year extensions. |
|  Pennybacker Real Estate Credit II Pacific, LLC | Real estate credit | 2467491 | 3777740 |  |  | N/A | Until the company is terminated and wound up in accordance with the limited liability company agreement |
|  Pennybacker Real Estate Credit II, LP | Real estate credit | 18777394 | 16318768 | 4126436 |  | N/A | Until the company is terminated and wound up in accordance with the limited liability company agreement |
|  Peppertree Capital Fund IX QP, LP | Real assets | 10722816 | 11144457 | 625000 |  | N/A | Earlier of 10 years from Commencement Date or 6 years after end of Investment Period; up to 5 one-year extensions |
|  Peppertree Capital Fund VI QP, LP | Real assets | 25585436 | 31210798 |  |  | N/A | Partnership will be dissolved the earlier of ten years from the commencement date or six years following the end of the investment period. |
|  Peppertree Capital Fund VII QP, LP | Real assets | 25255695 | 30576471 |  |  | N/A | Partnership will be dissolved the earlier of ten years from the commencement date or six years following the end of the investment period. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  PG Lending Fund I, LP | Real estate credit | $158470985 | $164835535 | $— |  | N/A | The Fund shall continue in full force and effect until 7 years following the expiration of the Offering period, subject to 2 one year extensions. |
|  Pimlico Partners, L.P. | Regulatory capital relief | 20000000 | 20258356 |  |  | N/A | Continues until Dissolution Event (tied to termination of Main Fund: International Infrastructure Finance Company IV SCSp); no stated fixed end date |
|  Pine Valley Capital Co-Invest I, LP | Litigation finance co-investment | 44603590 | 46645149 | 8622679 |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement. |
|  Pine Valley Capital Partners Evergreen Fund, L.P. | Litigation finance | 59673179 | 60408393 | 31002693 | Biannually | 18 months | Until dissolution of the partnership in accordance with the limited partnership agreement. |
|  Prime Finance CMBS Opportunities Fund 4, L.P. | Real estate credit | 17791492 | 21999317 | 57208508 |  | N/A | 156 months (13 years) from the Effective Date, with up to two 1-year extensions at GP discretion |
|  PSC Credit IV (A) SCSp | Private ABS | 32525394 | 33376119 | 67500000 |  | N/A | The partnership shall be liquidated on the last day of the calendar month of the sixth anniversary of the final closing date, unless extended by up to an additional one-year period by the General Partner in its sole discretion. |
|  Raven Asset-Based Credit Fund II LP | Asset-based lending | 18411938 | 18388007 | 6706627 |  | N/A | January 2029 with two one-year extensions available |
|  Realterm Logistics Credit Fund <br>Co-Investment, LLC | Real estate credit | 25850516 | 26297352 | 4157142 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Redwood Enhanced Income Corp. | Middle market direct lending | $28275000 | $20457234 | $10725000 |  | 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 |
|  SC 2025 Opportunities Holding II, L.P. | Specialty lending co-investment | 98500000 | 98872006 | 869000 |  | N/A | 6 years from Closing (3/16/2026), extendable 1 year by GP, further extensions with Majority in Interest consent |
|  SC Healthcare <br>Credit Parallel Fund II A, L.P. | Royalties & healthcare credit | 12105811 | 11778115 | 6601950 |  | N/A | Until dissolved in accordance with the limited partnership agreement |
|  SC Life Science Credit Parallel Fund A, L.P. | Royalties & healthcare credit | 161225853 | 164259417 | 69024147 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |
|  SC Lowy Strategic Investments IV (ASIA), LP | Specialty lending | 21528600 | 23994037 | 8471400 |  | N/A | The Fund will expire on the fifth anniversary of the Initial closing date on 30 November 2028, subject to two additional one year extensions. |
|  SC Opportunities Holding, L.P. | Venture lending co-investment | 39675000 | 33233501 | 325000 |  | N/A | Partnership will continue until the sixth anniversary of the initial closing date, unless extended for a period of one year in the discretion of the General Partner, and any further successive periods with the consent of a majority in interest. |
|  Shamrock Capital Debt Opportunities Fund I, LP | Royalty-backed credit | 6872154 | 6948776 | 15042215 |  | N/A | Ten years from the final closing date with one-year extensions |
|  Silver Point Select Overflow Fund, L.P. | Specialty lending co-investment | 38021127 | 38078000 | 1978873 |  | N/A | Until dissolved in accordance with the limited partnership agreement. In this case, until the dissolution of the GP. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Silver Point Specialty Lending Fund | Specialty lending | $127018961 | $122483573 | $— | Quarterly | Two-year lock-up beginning on the date of investment | Until the liquidation or dissolution of the trust and any amendment to the declaration of trust to effect such liquidation or dissolution. |
|  Sixth Street Growth Partners II (B), L.P. | Structured capital/mezzanine | 4631305 | 5854872 | 5426898 |  | N/A | The term of the partnership expires on December 31, 2030, but may be extended for up to two consecutive one-year periods or dissolved or terminated prior to expiration in accordance with the Limited Partnership Agreement. |
|  Sky Fund V Offshore, LP | Aircraft leasing |  | 8695005 | 14443680 |  | N/A | Until the fourth anniversary of the expiration or termination of the investment period with up to two one-year extensions |
|  Sky Fund VI Offshore, LP | Aircraft leasing | 21980109 | 26633343 | 53019890 |  | N/A | Until the partnership is terminated and wound up in accordance with the limited partnership agreement |
|  Sound Point Strategic Capital Fund III, LP | Asset-based lending | 24578431 | 24517652 | 75421569 |  | N/A | Shall continue until the third anniversary of the termination of the Investment Period. |
|  Specialty Loan Institutional Fund 2016-L, L.P. | Middle market direct lending | 2143767 | 3859087 | 3805582 |  | N/A | Until the sixth anniversary of the fund's final closing with two one-year extensions which may thereafter be extended further in order to effectuate an orderly liquidation of the partnership |
|  Sprinkler 2024 Co-Investment I (Feeder) SCSp | Structured capital/mezzanine | 16233891 | 26109012 | 14877 |  | N/A | Until the expiry of a period of eight years from the First Closing Date unless sooner terminated in accordance with the Limited Partnership Agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  Stellus Private Credit BDC Feeder LP | Middle market direct lending | $16220347 | $16361954 | $8748612 |  | N/A | Until the partnership is terminated and wound up in accordance with the limited partnership agreement |
|  Summit Partners Credit Offshore Fund II, L.P. | Middle market direct lending | 7124963 | 2772386 | 199467 |  | N/A | Eighth anniversary of the first draw-down date with two one-year extensions available |
|  Symbiotic Capital EB Fund, L.P. | Royalties & healthcare credit | 3977217 | 4540666 | 1522783 |  | N/A | Upon the consent of the General Partner, after all assets acquired or agreed to be acquired by the Fund have been sold or otherwise disposed of |
|  Symbiotic Capital Healthcare Credit Fund II, L.P. | Royalties & healthcare credit | 3026453 | 2944529 | 21973547 |  | N/A | 6 years from Final Admission Date + up to 2 one-year extensions |
|  Symbiotic Capital Life Science Credit Fund, L.P. | Royalties & healthcare credit | 13953712 | 14276232 | 6002122 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |
|  Thompson Rivers LLC | Investment vehicle | 1069507 | 203909 |  |  | Redemptions permitted with the consent of the investment fund's voting members | Until cancellation of the Certificate of Formation |
|  Thorofare Asset Based Lending Fund V, L.P. | Real estate credit | 30401096 | 31182405 |  | Annually | Two year lock up from the admission of a Limited Partner to the Partnership | Until the partnership is terminated and wound up in accordance with the limited partnership agreement |
|  Tinicum L.P. | Private equity secondary | 8232986 | 10934469 | 6761511 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |
|  Tinicum Tax Exempt, L.P. | Private equity secondary | 5571832 | 7187643 | 1782795 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  VCSF Co-Invest 1-A, L.P. | Preferred equity co-investment | $5089291 | $7691401 | $8252 |  | N/A | Until the expiration of the term of Vista Capital Solutions Fund, LP (VCSF) which may be extended in accordance with the terms of the VCSF partnership agreement or until the dissolution of the partnership in accordance with the limited partnership agreement. |
|  Vista Capital Solutions Fund-A, L.P. | Growth-stage lending | 9751685 | 12187995 | 16293680 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |
|  Vista Credit Partners Fund IV-B, L.P. | Growth-stage lending | 19032434 | 18228610 | 5818700 |  | N/A | Partnership shall be dissolved on the last day of the fiscal quarter during which the sixth anniversary of the Final Closing Date occurs. Partnership may be extended for up to two consecutive one-year periods. |
|  VPC Credit Origination Fund, L.P. | Loan origination vehicle | 1000000 | 854974 | 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 |
|  VPC Legal Finance Fund, L.P. | Litigation finance | 95750036 | 119390192 | 5249229 | Quarterly | 18-month hard lock-up from acceptance of commitment and 12-month soft lock-up following termination of hard lock-up | Until partnership is terminated as provided in the agreement of limited partnership |
|  Waccamaw River LLC | Investment vehicle | 6600163 | 231334 |  |  | Redemptions permitted with the prior consent of the Board | Until cancellation of the Certificate of Formation |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> March 31, 2026 (Continued) |

---

**11. 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** |
|  WhiteHawk Evergreen Fund, LP | Asset-based lending | $100000000 | $105806780 | $— | Biannually | Hard lock up of interest is the period ending on the last business day immediately prior to the first anniversary of the subscription agreement. | Expiration of the partnership will occur on the last business day of the fiscal year in which all assets acquired by the partnership have been liquidated. |
|  Total |  | $**5003529784** | $**5611964941** | $**2428285160** |  |  |  |

---

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

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or any portion of participating account at each semi-annual withdrawal date

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or any portion of the capital account as of the last day of each calendar quarter

**12. 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 May 29, 2026 repurchase pricing date. The repurchase offer period began on May 8, 2026 and will end on May 29, 2026. Shareholders that desire to tender Shares for repurchase are required to do so no later than May 29, 2026. 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 Enhanced Lending Fund** |
|  Other Information <br> March 31, 2026 (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 or will be 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 year ended March 31, 2026, the Cliffwater Enhanced Lending Fund designates $51,339,754 as a long-term capital gain distribution.

For the year ended March 31, 2026, 6.34% of the dividends paid from net investment income, including short-term capital gains, are designated as qualified dividend income.

For the year ended March 31, 2026, 6.34% of the dividends paid from net investment income, including short-term capital gains are designated as dividends received deduction available to corporate shareholders.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Fund Management <br> March 31, 2026 (Unaudited) |

---

The identity of the members of the Board and the Fund's officers and brief biographical information are 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** | **Position(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 |  |
|  Matthew E. Worley<br> Year of Birth: 1967<br> c/o UMB Fund <br>Services, Inc. <br> 235 W. Galena St.<br> Milwaukee, WI 53212 | Trustee | Since October 2025 | Chief Investment Officer and Deputy Executive Director, Investments, STRS Ohio (2021–2025); Director of Fixed Income and Alternative Investments, STRS Ohio <br>(2019–2021). | 3 |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fund complex consists of the Fund, Cliffwater Corporate Lending Fund and Cascade Private Capital Fund.

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Fund Management<br> March 31, 2026 (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** | **Position(s)<br>Held<br>with the<br>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. <br>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 (2004-Present) and Chief Investment Officer (2004-2025), Cliffwater LLC. | 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). | 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 (2017-Present); Vice President, Senior Client Service Manager. | N/A |  |
|  Bernadette Murphy <br>Year of Birth: 1964 <br> c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 | Chief <br>Compliance Officer | Since April 2021 | Director, Vigilant Compliance, LLC (investment management solutions firm) (2018-Present). | N/A |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fund complex consists of the Fund, Cliffwater Corporate Lending Fund and Cascade Private Capital Fund.

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

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Privacy Notice <br> March 31, 2026 (Unaudited) |

---

#### PRIVACY NOTICE

---

| | |
|:---|:---|
|  **FACTS** | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp; **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. |
| &nbsp;&nbsp; **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. |
| &nbsp;&nbsp; **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;&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 Enhanced Lending Fund** |
|  Privacy Notice<br> March 31, 2026 (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, Mr. Paul J. Williams, and Mr. Matthew Worley 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, 2026. "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 year ended March 31, 2026 and fiscal period ended March 31, 2025.

---

| | | |
|:---|:---|:---|
|  **Fee Category** | **2026<br>Fees** | **2025<br>Fees** |
|  (a) Audit Fee | $600000 | $350000 |
|  (b) Audit-Related Fees |  |  |
|  (c) Tax Fees | 65500 | 30000 |
|  (d) All Other Fees | 1935 |  |
|  Total Fees | $667435 | $380000 |

---

(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 year ended March 31, 2026 and fiscal period ended March 31, 2025, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | **FYE 3/31/2026** | **FYE 3/31/2025** |
|  **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 3/31/2026** | **FYE 3/31/2025** |
|  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.**

Not applicable.

**Item 11.&nbsp;&nbsp;&nbsp;&nbsp; Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12.&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed**-End **Management Investment Companies.**

#### 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, who are primarily responsible for the day-to-day portfolio management of the Cliffwater Enhanced Lending Fund as of June 8, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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  | Since Inception | Chief Executive Officer (2004-Present) and Chief Investment Officer (2004-2025), Cliffwater LLC. | Portfolio Management |
|  Jeffrey Topor | Managing Director | Since 2022 | Managing Director, Cliffwater LLC (since 2013) | Portfolio Management |
|  Eli Sokolov | Managing Director | Since 2022 | Managing Director, Cliffwater LLC (since 2007) | Portfolio Management |
|  Nicholas Lenicheck | Managing Director | Since 2024 | Senior Director, PSP Investments (2018-2024); Managing Director, Cliffwater (since 2024) | 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 Enhanced Lending Fund, for which the Portfolio Manager is primarily responsible for the day-to-day portfolio management. The information is as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of 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>$31,261 | 0 Accounts<br>N/A | 0 Accounts<br>N/A |
|  Jeffrey Topor | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A |
|  Eli Sokolov | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A |
|  Nicholas Lenicheck | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A | 0 Accounts<br>N/A |

---

Conflicts of Interest

The Investment Manager and Portfolio Manager 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 the 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 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 |
|  Jeffrey Topor | Over $1,000,000 |
|  Eli Sokolov | Over $1,000,000 |
|  Nicholas Lenicheck | $500001-$1000000 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable

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#### 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

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

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

#### Item 19 .&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.
(a)(1)&nbsp;&nbsp;&nbsp;&nbsp; [Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 of Form N-CSR. Filed herewith.](ea029040301_ex99-codeeth.htm)

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

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](ea029040301_ex99-cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ea029040301_ex99-906cert.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 Enhanced Lending Fund |
|  By (Signature and Title)\* | /s/ Stephen Nesbitt |
|  | Stephen Nesbitt, President |
|  | (Principal Executive Officer) |
|  Date | June 8, 2026 |

---

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 8, 2026 |
|  By (Signature and Title)\* | /s/ Lance J. Johnson |
|  | Lance J. Johnson, Treasurer |
|  | (Principal Financial Officer) |
|  Date | June 8, 2026 |

---

------

## Ex-99.Code

**Exhibit 99.CODEETH**

**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

&nbsp;&nbsp;&nbsp;&nbsp;· 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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· 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 Enhanced 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 8, 2026

---

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

---

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

I, Lance J. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of Cliffwater Enhanced 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 8, 2026

---

| |
|:---|
| /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 8, 2026

---

| |
|:---|
| /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 8, 2026

---

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

---