# EDGAR Filing Document

**Accession Number:** 0001842754
**File Stem:** 0001213900-25-118509
**Filing Date:** 2025-12
**Character Count:** 273888
**Document Hash:** 8df29931e3ef12e5a5a9bffea9096260
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-118509.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001213900-25-118509

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23630
- **FILM NUMBER:** 251551520

**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

Stephen Nesbitt

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

------

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

------

#### CLIFFWATER ENHANCED LENDING FUND

------

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

For the Period Ended September 30, 2025

(Unaudited)

------

---

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

---

---

| | |
|:---|:---|
|  [Letter to Shareholders](#T1) | 2 |
|  [Consolidated Schedule of Investments](#T2) | 4 |
|  [Consolidated Statement of Assets and Liabilities](#T3) | 27 |
|  [Consolidated Statement of Operations](#T4) | 28 |
|  [Consolidated Statements of Changes in Net Assets](#T5) | 29 |
|  [Consolidated Statement of Cash Flows](#T6) | 30 |
|  [Consolidated Financial Highlights](#T7) | 32 |
|  [Notes to Consolidated Financial Statements](#T8) | 36 |
|  [Other Information](#T9) | 81 |
|  [Privacy Notice](#T10) | 82 |

---

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

www.cliffwaterfunds.com

---

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

---

To our shareholders:

The Cliffwater Enhanced Lending Fund ("the Fund") recently completed its first four and one-quarter years of operation, and we want to thank you for the trust you have placed in us.

The Fund's performance has been consistently strong relative to the Fund's objective. The Fund produced a net annualized return of 12.53% from its July 1, 2021, inception through September 30, 2025. This compares to a 6.47% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measured 1.12% for the same period.

The Fund experienced strong investor inflows over the last year, with net assets growing from $4.0 billion on September 30, 2024, to $6.9 billion on September 30, 2025. This asset growth has been supported by significant investment in personnel and technology to grow our platform, and the onboarding of additional strategic lending partners to access high-quality private debt. Factors materially affecting the Fund's performance during the most recently completed six months include a high current cash yield and capital appreciation in the Fund's investment holdings.

We remain confident in the Fund's continued performance despite the uncertain economic environment. We believe that, during the past year, the Fund's 11% distribution rate remained attractive and that the floating-rate nature of most of our loans helped mitigate interest rate risk.

We again sincerely thank you for your support.

Regards,

Stephen L. Nesbitt

Chief Investment Officer

Cliffwater LLC

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles — 72.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships — 50.3%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Asset Based Credit Evergreen Fund, LP |  |  |  |  |  | USD | N/A | $45000000 | $46163096<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AG Asset Based Credit Fund L.P. |  |  |  |  |  | USD | N/A | 99000000 | 115063620<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 | 2615172 | 5129864<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Finance LP |  |  |  |  |  | USD | N/A | 53841899 | 64866436<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Pathfinder Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 7488626 | 8036313<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Priority Loan Co-Invest LP |  |  |  |  |  | USD | N/A | 29868321 | 32771848<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Special Opportunities Fund (Offshore), LP |  |  |  |  |  | USD | N/A | 4632487 | 4411446<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Special Opportunities Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 26523591 | 33481103<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund I, LP |  |  |  |  |  | USD | N/A | 11372510 | 20748443<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge DSCO Fund II (Offshore), LP |  |  |  |  |  | USD | N/A | 19457711 | 29175305<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge Secondary Fund IV (Offshore), LP |  |  |  |  |  | USD | N/A | 1151802 | 5781455<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Ridge Secondary Fund V (Offshore), LP |  |  |  |  |  | USD | N/A | 92851664 | 152771283<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Capital Solutions Perpetual Fund (CA), LP |  |  |  |  |  | USD | 409884 | 41422764 | 45007530<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 | 30106291 | 34749077<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl First Lien Fund (Offshore), L.P. |  |  |  |  |  | USD | N/A | 2713084 | 2808339<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Real Estate Fund VI, LP |  |  |  |  |  | USD | N/A | 13033670 | 14261567<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPC Opportunities Offshore Feeder Fund V LLC |  |  |  |  |  | USD | N/A | 15428379 | 18131364<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BPC Real Estate Debt Fund, LP |  |  |  |  |  | USD | N/A | 53406272 | 62641084<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 | 106662882 | 108847243<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 | 150000000 | 147199308<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSP Pioneer Investors Feeder, L.P. |  |  |  |  |  | USD | N/A | 46023247 | 52581959<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Advantage Feeder Fund A, LP |  |  |  |  |  | USD | N/A | 2045609 | 2748588<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callodine Perpetual ABL Fund, LP |  |  |  |  |  | USD | N/A | 97717483 | 85519832<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund II (Parallel), SCSp |  |  |  |  |  | USD | N/A | 8575133 | 7079591<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund III (Parallel), SCSp |  |  |  |  |  | USD | N/A | $8176739 | $8047171<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comvest Special Opportunities Fund, L.P. |  |  |  |  |  | USD | N/A | 14174597 | 15323462<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingency Capital EG Fund (US) LP |  |  |  |  |  | USD | N/A | 58956254 | 62180613<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingency Capital Fund I-A, LP |  |  |  |  |  | USD | N/A | 61823528 | 77574460<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corrum Capital Entertainment Lending II-B, LP |  |  |  |  |  | USD | N/A | 55497000 | 55768973<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline PF Sentry Fund (US), LP |  |  |  |  |  | USD | N/A | 16917763 | 15023528<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 | 864612 | 893131<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.E. Shaw Diopter International Fund, L.P. |  |  |  |  |  | USD | N/A | 37646493 | 48619805<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Evergreen 1 LP |  |  |  |  |  | USD | 288208 | 300000000 | 335754346<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Portfolio Finance (Lux) SICAV |  |  |  |  |  | USD | N/A | 150000000 | 150000000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVP II LP |  |  |  |  |  | USD | N/A | 26371709 | 43486996<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Secondary Fund II Offshore, LP |  |  |  |  |  | USD | N/A | 10616857 | 11586053<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Secondary Fund III Offshore, LP |  |  |  |  |  | USD | N/A | 30922819 | 34628804<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Tactical Opportunities Fund, LP |  |  |  |  |  | USD | N/A | 20903616 | 32799857<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCF III Feeder LP |  |  |  |  |  | USD | N/A | 2192785 | 2192785<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest Partners Structured Capital Fund III, L.P. |  |  |  |  |  | USD | N/A | 15429303 | 18230444<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hayfin Healthcare Opportunities Fund (US Parallel), LP |  |  |  |  |  | USD | N/A | 52025040 | 61238473<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hercules Private Global Venture Growth Fund I, L.P. |  |  |  |  |  | USD | N/A | 182992177 | 189126094<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Asset Value Platform, L.P. |  |  |  |  |  | USD | N/A | 42568801 | 44192702<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Mezzanine Partners 2019, LP |  |  |  |  |  | USD | N/A | 21010810 | 25502235<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Offshore Strategic Investment Partners V, LP |  |  |  |  |  | USD | N/A | 35657561 | 40664670<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Specialty Loan Fund V-L, L.P. |  |  |  |  |  | USD | N/A | 13451193 | 13020212<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICG LP Secondaries Fund I (Feeder) SCSp |  |  |  |  |  | USD | N/A | 13558281 | 18059921<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indago Asset-Based Opportunities I LP |  |  |  |  |  | USD | N/A | 7831146 | 8051810<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InSolve Global Credit Feeder Fund VI, L.P. |  |  |  |  |  | USD | N/A | 52091473 | 59884892<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jaffa Capital Fund, LP |  |  |  |  |  | USD | N/A | $10000000 | $10000000<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 | 111862236<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LuminArx Opportunistic Alternative Solutions Offshore Fund LP |  |  |  |  |  | USD | N/A | 19585548 | 20855801<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison Realty Capital Debit Fund, IV LP |  |  |  |  |  | USD | N/A | 14173657 | 16803973<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Credit Opportunities II Cayman Feeder, LP |  |  |  |  |  | USD | N/A | 21303208 | 27903034<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 | 82735942 | 103001993<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWEOF Feeder Fund II LP |  |  |  |  |  | EUR | N/A | 27870400 | 40153178<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NWEOF Feeder Fund III SCSp |  |  |  |  |  | EUR | N/A | 1409259 | 1581027<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrbiMed RCO IV Offshore Feeder, LP |  |  |  |  |  | USD | N/A | 24233383 | 23140325<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathlight Capital Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 46264746 | 44433886<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pathlight Capital Fund II, LP |  |  |  |  |  | USD | N/A | 13925766 | 14046932<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peachtree Credit Fund IV Q, L.P. |  |  |  |  |  | USD | 5000000 | 49875600 | 50157595<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II Pacific, LLC |  |  |  |  |  | USD | N/A | 2467491 | 3600203<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II, LP |  |  |  |  |  | USD | N/A | 18777394 | 16611726<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peppertree Capital Fund VI QP, LP |  |  |  |  |  | USD | N/A | 27673729 | 32732844<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peppertree Capital Fund VII QP, LP |  |  |  |  |  | USD | N/A | 16912387 | 20042316<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pine Valley Capital Partners Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 31462700 | 34585077<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSC Credit IV (A) SCSp |  |  |  |  |  | USD | N/A | 32500000 | 33580328<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raven Asset-Based Credit Fund II LP |  |  |  |  |  | USD | N/A | 19987753 | 20812077<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shamrock Capital Debt Opportunities Fund I, LP |  |  |  |  |  | USD | N/A | 7644149 | 7849977<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sixth Street Growth Partners II (B), L.P. |  |  |  |  |  | USD | N/A | 3982010 | 4781923<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Fund V Offshore, LP |  |  |  |  |  | USD | N/A | 7017173 | 16861443<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sky Fund VI Offshore, LP |  |  |  |  |  | USD | N/A | 21980109 | 25362614<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Loan Institutional Fund 2016-L, L.P. |  |  |  |  |  | USD | N/A | 2498485 | 4207334<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 | 3797994<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbiotic Capital Life Science Credit Fund, L.P. |  |  |  |  |  | USD | N/A | 12077688 | 12058394<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thompson Rivers LLC |  |  |  |  |  | USD | N/A | 1178331 | 302456<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Partnerships (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thorofare Asset Based Lending Fund V, L.P. |  |  |  |  |  | USD | N/A | $30401096 | $31138146<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum L.P. |  |  |  |  |  | USD | N/A | 8059951 | 10928943<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tinicum Tax Exempt, L.P. |  |  |  |  |  | USD | N/A | 5660029 | 7540416<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Capital Solutions Fund-A, L.P. |  |  |  |  |  | USD | N/A | 14302235 | 16461942<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Credit Partners Fund IV-B, L.P. |  |  |  |  |  | USD | N/A | 2826340 | 2571921<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Credit Origination Fund, L.P. |  |  |  |  |  | USD | N/A | 1000000 | 1058595<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VPC Legal Finance Fund, L.P. |  |  |  |  |  | USD | N/A | 113780037 | 138580281<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waccamaw River LLC |  |  |  |  |  | USD | N/A | 8992879 | 2664231<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WhiteHawk Evergreen Fund, LP |  |  |  |  |  | USD | N/A | 100000000 | 104258832<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **3102303592** | **3488157124** |
| &nbsp;&nbsp;&nbsp; **Non-Listed Business Development Companies — 2.5%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Capital Corp |  |  |  |  |  | USD | 110635 | 1684852 | 1539117<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redwood Enhanced Income Corp. |  |  |  |  |  | USD | 1988166 | 28275000 | 23900227<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Lending Fund |  |  |  |  |  | USD | 8917617 | 127018961 | 130193613<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private Credit BDC Feeder LP |  |  |  |  |  | USD | N/A | 15176689 | 15525189<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **172155502** | **171158146** |
| &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 | 18623880<br><sup>1,5,6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer 2023 Finance, LLC, Class B |  | 16.32%, 4.00% PIK | SOFR | 800 | 12/28/2035 | USD | 31965483 | 27389356 | 27768885<br><sup>1,7,8,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer 2023 Finance, LLC, Class B |  | 16.18%, 4.00% PIK | SOFR | 800 | 12/28/2035 | USD | 4498690 | 4460223 | 4512636<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R2 Class C |  | 13.54% | SOFR | 915 | 12/15/2034 | USD | 22993473 | 13799609 | 13783513<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Rated Fund 6-R3 Class C |  | 12.87% | US Treasury | 900 | 5/15/2035 | USD | 22120494 | 10165145 | 10003666<br><sup>1,7,8,13</sup> |
|  |  |  |  |  |  |  |  | **73814333** | **74692580** |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations — 1.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 13.53% | SOFR | 925 | 9/15/2038 | USD | 11421378 | 4941196 | 5448304<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. |  | 13.48% | SOFR | 925 | 9/15/2038 | USD | 255269 | 255269 | 266603<br><sup>1,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Private Collateralized Loan Obligations (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim MM-C CLO |  |  |  |  | 7/25/2035 | USD | N/A | $90202500 | $102705507<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 | 15226492 | 16571422<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **110625457** | **124991836** |
| &nbsp;&nbsp;&nbsp; **Private Equity — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A1 |  |  |  |  |  | USD | N/A | 233216 | 921139<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Technology Holdings II LLC, Class A2 |  |  |  |  |  | USD | N/A | 58607 | 260640<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dawson Partners Evergreen (Aggregator) 1 LP |  |  |  |  |  | USD | N/A | 100 | 585888<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Specialty Credit Fund Management, LLC |  |  |  |  |  | USD | N/A |  | 2718891<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stellus Private BDC Advisor, LLC |  |  |  |  |  | USD | N/A |  | 944718<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **291923** | **5431276** |
| &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 Interests) |  |  |  |  |  | USD | N/A | 5242498 | 3787019<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 | 20600098<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 | 10534955<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Asset Co-Invest L.P. |  |  |  |  |  | USD | N/A | 2528116 | 2649511<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **38129493** | **37571583** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Asset Pools — 1.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Uprise Direct 2024 LLC (Participation in Membership Int) |  |  |  |  |  | USD | N/A | 29973271 | 31679095<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indago Co-Invest I LP |  |  |  |  |  | USD | N/A | 20000000 | 20808159<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OWS Affirm Partnership Fund, LTD. |  |  |  |  |  | USD | N/A | 16980000 | 17484121<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **66953271** | **69971375** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common and Preferred Equity — 2.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Insurance Partners, LP |  |  |  |  |  | USD | N/A | 13346599 | 16648216<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boost Co-Invest LP |  |  |  |  |  | USD | N/A | 6760019 | 8972359<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Felicitas Diner Offshore, LP |  |  |  |  |  | USD | N/A | 2959895 | 3138446<br><sup>1,2,3</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common and Preferred Equity (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP Mezz 2019 Co-Invest, LP |  |  |  |  |  | USD | N/A | $38073300 | $53670003<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS KP SIP V Co-Investment Fund, LP |  |  |  |  |  | USD | N/A | 14503287 | 21193626<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Holdings LP (Common Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 5000000 | 6305626<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miller Holdings LP (Preferred Equity Portion) (Dawson) |  |  |  |  |  | USD | N/A | 29862531 | 35437079<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprinkler 2024 Co-Investment I (Feeder) SCSp |  |  |  |  |  | EUR | N/A | 16233891 | 20173575<br><sup>1,2,3,4</sup> |
|  |  |  |  |  |  |  |  | **126739522** | **165538930** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Common Equity — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KWOL Co-Invest, LP |  |  |  |  |  | USD | N/A | 2500000 | 3786582<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magenta Co-Invest L.P. |  |  |  |  |  | USD | N/A | 5501383 | 6156011<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marilyn Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 33863577 | 46660864<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **41864960** | **56603457** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Preferred Equity — 1.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Alera Aggregator, L.P. |  |  |  |  |  | USD | N/A | 4870008 | 7012277<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF Sierra II, L.P. |  |  |  |  |  | USD | N/A | 2958506 | 4355324<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilly HP SCF Investor, LP |  |  |  |  |  | USD | N/A | 3017701 | 3809464<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CL Oliver Co-Invest I, L.P. |  |  |  |  |  | USD | N/A | 10093000 | 12411402<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPS Mint Co-Invest Fund, L.P. |  |  |  |  |  | USD | N/A | 5953611 | 9527500<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KINO Co-Invest Holdings, L.P |  |  |  |  |  | USD | 1500 | 14550000 | 17480415<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LH Equity Investors, L.P. — Class A |  |  |  |  |  | USD | N/A  | 19250000  | 19434589 <br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LuminArx Valence Co-Invest Offshore Fund LP |  |  |  |  |  | USD | N/A | 9936909 | 10950231<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerva Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 11417401 | 16463951<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NB Capital Solutions Co-Invest (Wolverine) LP |  |  |  |  |  | USD | N/A | 1380844 | 1982344<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VCSF Co-Invest 1-A, L.P. |  |  |  |  |  | USD | N/A | 5072145 | 7228875<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **88500125** | **110656372** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Real Estate Loans — 3.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACRE Credit Portfolio II, LP |  |  |  |  |  | USD | N/A | 80937879 | 82214342<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Cardinal LLC |  |  |  |  |  | USD | N/A | 6815075 | 6788704<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Emberglow, LLC |  |  |  |  |  | USD | N/A | 879935 | 892621<br><sup>1,7,12</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Real Estate Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Maize LLC |  |  |  |  |  | USD | N/A | $31554857 | $32942135<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings RHO LLC |  |  |  |  |  | USD | N/A | 11886457 | 12216403<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Tau, LLC |  |  |  |  |  | USD | N/A | 6787738 | 7289856<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Zeta LP – Class A |  |  |  |  |  | USD | N/A | 7987120 | 8048659<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Holdings Zeta LP – Class B |  |  |  |  |  | USD | N/A | 1410673 | 1639641<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP-HS Lot Option Joint Venture VI, LLC |  |  |  |  |  | USD | N/A | 3512196 | 3556844<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG Lending Fund I, LP |  |  |  |  |  | USD | N/A | 81314987 | 83935922<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realterm Logistics Credit Fund Co-Investment, LLC |  |  |  |  |  | USD | N/A | 9243373 | 9337944<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB DOF Speedway, LLC |  |  |  |  |  | USD | N/A | 8010962 | 10302412<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **250341252** | **259165483** |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Senior Secured Loans — 5.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17Capital Co-Invest (B) SCSp |  |  |  |  |  | EUR | N/A | 5469877 | 5826071<br><sup>1,2,3,4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP |  |  |  |  |  | USD | N/A | 1886239 | 2567988<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crestline Nevermore Holdco, L.P. |  |  |  |  |  | USD | N/A | 5126088 | 4593991<br><sup>1,2,3,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CW Credit Opportunity 2 LP |  |  |  |  |  | USD | N/A | 26110684 | 29023519<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVP Credit SPV I LP |  |  |  |  |  | USD | N/A | 17022619 | 17414988<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Holdings II, LP |  |  |  |  |  | USD | N/A | 23750000 | 27384451<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Holdings LP |  |  |  |  |  | USD | N/A | 1243781 | 1269918<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Feeder LP (Common Interests) |  |  |  |  |  | USD | N/A | 10477594 | 16472695<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gramercy PG Feeder LP (Preferred Interests) |  |  |  |  |  | USD | N/A | 5450422 | 6504824<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LAC SPV I LLC |  |  |  |  |  | USD | N/A | 29600000 | 29634060<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pine Valley Capital Co-Invest I, LP |  |  |  |  |  | USD | N/A | 42198135 | 43704104<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 | 139651570 | 138707690<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SC Opportunities Holding, L.P. |  |  |  |  |  | USD | N/A | 39675000 | 40616602<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Select Overflow Fund, L.P. |  |  |  |  |  | USD | N/A | 38021127 | 35192000<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbiotic Capital EB Fund, L.P. |  |  |  |  |  | USD | N/A | 3977217 | 4513428<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **389660353** | **403426329** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Private Investment Vehicles (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Special Purpose Vehicle for Subordinated Debt — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCOF III Nexus Co-Invest Aggregator, L.P. |  |  |  |  |  | USD | N/A | $4901836 | $6495129<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheval Blanc Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 14649107 | 16082326<br><sup>1,2,3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milano Co-Invest, L.P. |  |  |  |  |  | USD | N/A | 3998073 | 3923043<br><sup>1,2,3</sup> |
|  |  |  |  |  |  |  |  | **23549016** | **26500498** |
| &nbsp;&nbsp;&nbsp; **Total Private Investment Vehicles** |  |  |  |  |  |  |  | **4484928799** | **4993864989** |
|  **Senior Secured Loans — 17.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Business Services — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iCIMS, Inc. | First Lien Term Loan | 10.57% | SOFR | 625 | 8/18/2028 | USD | 7000000 | 6928982 | 6968875<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P20 Parent, Inc. | First Lien Term Loan | 11.50% | SOFR | 750 | 7/12/2028 | USD | 4862500 | 4808200 | 4807309<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **11737182** | **11776184** |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary — 3.7%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959 Holdings, LLC | First Lien Term Loan | 10.78% | SOFR | 650 | 7/5/2030 | USD | 20500000 | 20302094 | 20309202<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allen Media, LLC | Revolver | 11.99% | SOFR | 785 | 9/23/2027 | USD | 20000000 | 14995784 | 15071937<br><sup>1,7,8,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBQ Holding, LLC | Delayed Draw | 0.75% |  |  | 9/5/2030 | USD | 3201970 | (63589) | (64039)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBQ Holding, LLC | First Lien Term Loan | 12.75% | SOFR | 850 | 9/5/2030 | USD | 46798030 | 45871469 | 45862069<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cipriani USA, Inc | Delayed Draw | 13.00%, 8.00% PIK |  |  | 9/30/2029 | USD | 15432095 | 9236397 | 9511042<br><sup>1,7,9,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | Delayed Draw | 12.07% |  |  | 8/28/2027 | USD | 1496679 | 758003 | 758003<br><sup>1,7,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | First Lien Term Loan | 17.07% |  |  | 8/28/2027 | USD | 8777869 | 8777869 | 8777869<br><sup>1,7,12,15</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corbin Law Firm | First Lien Term Loan | 12.07% |  |  | 8/28/2027 | USD | 2782737 | 2782737 | 2782737<br><sup>1,7,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDYC Assets LLC | First Lien Term Loan | 12.92% | SOFR | 875 | 11/9/2030 | USD | 10000000 | 9880854 | 9887660<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Purchaser, Inc. | Second Lien Term Loan | 12.66% | SOFR | 850 | 4/7/2030 | USD | 3000000 | 2960709 | 2964445<br><sup>1,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Publishing Company | Second Lien Term Loan | 12.26% | SOFR | 810 | 4/7/2028 | USD | 4900000 | 4783072 | 4885440<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jonas Catalog Holdings I LLC | Delayed Draw | 11.00% |  |  | 9/19/2029 | USD | 30118566 | 13189127 | 13189127<br><sup>1,7,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keller Postman, LLC | First Lien Term Loan | 16.24% PIK | SOFR | 1200 | 9/15/2028 | USD | 14159263 | 14038051 | 14159263<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mashantucket (Western) Pequot Tribe | First Lien Term Loan | 12.23% | SOFR | 806 | 6/30/2028 | USD | 20000000 | 19518327 | 19468000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MMXXV SP SPV, LLC | First Lien Term Loan | 11.23% | SOFR | 710 | 11/11/2026 | USD | 12292184 | 12047933 | 11984879<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NKD Group GmbH | First Lien Term Loan | 9.50% | EURIBOR | 800 | 3/23/2026 | EUR | 1288462 | 1341173 | 1512634<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penney Holdings, LLC | First Lien Term Loan | 10.88% | SOFR | 675 | 9/19/2030 | USD | 30000000 | 29701474 | 29700000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPO1 LLC | First Lien Term Loan | 13.42%, 1.00% PIK | SOFR | 925 | 7/10/2030 | USD | 28235294 | 28030076 | 27788128<br><sup>1,7,8,9</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPO1 LLC | First Lien Term Loan | 24.00% PIK |  |  | 7/10/2026 | USD | 7058824 | $7017123 | $7058823<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Company Bidco Holdings | Second Lien Term Loan | 13.84% | SONIA | 937 | 10/31/2029 | GBP | 10000000 | 12297146 | 13582571<br><sup>1,4,7,8</sup> |
|  |  |  |  |  |  |  |  | **257465829** | **259189790** |
| &nbsp;&nbsp;&nbsp; **Consumer Staples — 0.9%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baxters North America Holdings, Inc. | First Lien Term Loan | 11.07% | SOFR | 688 | 5/31/2028 | USD | 5979284 | 5888933 | 5874923<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blazing Star Parent | First Lien Term Loan | 11.20% | SOFR | 700 | 8/28/2030 | USD | 29000000 | 28284770 | 28275000<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 | 11.52% | SOFR | 725 | 4/11/2032 | USD | 8220000 | 7981810 | 8016733<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 | 9.36% | EURIBOR | 725 | 4/11/2032 | EUR | 7500000 | 8252328 | 8587153<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOJO Industries Holdings, Inc. | First Lien Term Loan | 12.91% | SOFR | 875 | 10/26/2028 | USD | 11986827 | 11743015 | 12154643<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **62150856** | **62908452** |
| &nbsp;&nbsp;&nbsp; **Energy — 0.8%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance Energy Services, LLC | First Lien Term Loan | 12.06% | SOFR | 775 | 4/11/2028 | USD | 41300000 | 40389714 | 40267500<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knight Energy Services LLC | First Lien Term Loan | 11.49% | SOFR | 750 | 6/1/2028 | USD | 1317568 | 1293664 | 1304392<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellbore Integrity Solutions LLC | First Lien Term Loan | 12.33% | SOFR | 800 | 12/31/2025 | USD | 11746423 | 11628959 | 11863887<br><sup>1,7,8,12</sup> |
|  |  |  |  |  |  |  |  | **53312337** | **53435779** |
| &nbsp;&nbsp;&nbsp; **Financials — 4.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callodine Commercial Finance, LLC | First Lien Term Loan | 10.50% | SOFR | 650 | 6/3/2027 | USD | 131014400 | 131014400 | 131014400<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearco SPV V US LP | First Lien Term Loan | 15.16% | SOFR | 1100 | 4/3/2027 | USD | 15000000 | 14871127 | 15000000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVC Structured Solutions 2 LLC | Delayed Draw | 12.75% | SOFR | 875 | 9/3/2040 | USD | 40000000 | 1899107 | 1898653<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | Delayed Draw | 8.75% | SOFR | 475 | 10/29/2030 | USD | 1249091 | 1208704 | 1261582<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Risk Partners, Corp. | First Lien Term Loan | 8.75% | SOFR | 475 | 10/29/2030 | USD | 2672727 | 2606093 | 2699455<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP | First Lien Term Loan | 9.00% | SOFR | 500 | 8/4/2030 | USD | 50000000 | 49573038 | 49562500<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fundamental Partners IV LP | Delayed Draw | 9.07% | SOFR | 500 | 8/4/2030 | USD | 100000000 | 24150780 | 24125000<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Delayed Draw | 16.50%, 13.50% PIK |  |  | 3/30/2026 | USD | 5930000 | 5854111 | 5930000<br><sup>1,7,8,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kensington Private Equity Fund | Second Lien Term Loan | 16.50%, 13.50% PIK |  |  | 3/30/2026 | USD | 3200000 | 3190361 | 3200000<br><sup>1,7,8,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kohlberg Kinetic Borrower, LP | Delayed Draw | 12.59% | SOFR | 850 | 12/26/2027 | USD | 15056996 | 14816942 | 14884054<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LP-PWP Credit Card ABS, LLC | Revolver | 1.00% |  |  | 6/1/2028 | USD | 2054902 |  | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LP-PWP Credit Card ABS, LLC | First Lien Term Loan | 11.90% | SOFR | 774 | 6/1/2028 | USD | 13699359 | 14185087 | 13699359<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybacker Real Estate Credit II Pacific, LLC | Promissory Note | 11.59% |  |  | 5/10/2031 | USD | 1024531 | 1024531 | 1024531<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapyd Netherlands B.V. | First Lien Term Loan | 14.86% | SOFR | 1100 | 8/31/2030 | USD | 15000000 | 14859608 | 14935804<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCP Fund II CEI 1 Borrower LLC | Delayed Draw | 1.00% |  |  | 9/28/2029 | USD | 25000000 |  | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wealth Enhancement Group, LLC | First Lien Term Loan | 15.00% PIK |  |  | 5/26/2033 | USD | 5711661 | 5494120 | 5716230<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **284748009** | **284951568** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care — 2.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Delayed Draw | 11.24% | SOFR | 700 | 12/21/2028 | USD | 273833 | $265095 | $276407<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | Revolver | 0.50% |  |  | 12/21/2028 | USD | 508806 |  | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcami Corporation | First Lien Term Loan | 11.35% | SOFR | 700 | 12/21/2028 | USD | 3720646 | 3638342 | 3755620<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. | Delayed Draw | 1.00% |  |  | 1/18/2030 | USD | 3448276 | (74286) | (51724)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc. | First Lien Term Loan | 10.83% | SOFR | 650 | 1/18/2030 | USD | 6551724 | 6423009 | 6453448<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bausch Receivables Funding LP | Revolver | 10.93% | SOFR | 665 | 1/28/2028 | USD | 8000000 | 3855205 | 4000000<br><sup>1,7,8,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluent Health, LLC | First Lien Term Loan | 11.66% | SOFR | 750 | 11/30/2028 | USD | 2792718 | 2663064 | 2732737<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Envision Healthcare | First Lien Term Loan | 10.78% | SOFR | 650 | 6/25/2030 | USD | 27966102 | 27697584 | 27686441<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | Revolver | 0.50% |  |  | 11/3/2029 | USD | 442623 | (8373) | (695)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exactcare Parent, Inc. | First Lien Term Loan | 9.75% | SOFR | 550 | 11/3/2029 | USD | 4006660 | 3914012 | 4000366<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Delayed Draw | 9.25% | SOFR | 525 | 1/5/2029 | USD | 1727289 | 1681079 | 1707842<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | Revolver | 0.50% |  |  | 1/5/2029 | USD | 293190 |  | (3301)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helium Acquirer Corporation | First Lien Term Loan | 9.25% | SOFR | 525 | 1/5/2029 | USD | 2141044 | 2094861 | 2116938<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honor Technology, Inc. | First Lien Term Loan | 9.49% <br>2.5% PIK | SOFR | 500 | 5/30/2029 | USD | 15321202 | 15242504 | 15167990<br><sup>1,7,8,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial MRI & Diagnostic MSO, LLC | Revolver | 10.25% | SOFR | 625 | 12/18/2028 | USD | 2004216 | 1742138 | 1746435<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial MRI & Diagnostic MSO, LLC | First Lien Term Loan | 10.25% | SOFR | 625 | 12/18/2028 | USD | 9862750 | 9678682 | 9701613<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MoonLake Immunotherapeutics AG | Delayed Draw | 8.70% | PRIME | 145 | 4/1/2030 | USD | 45000000 | 11039473 | 10978153<br><sup>1,7,8,12,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nader Upside 2 Sarl | First Lien Term Loan | 12.25% PIK | EURIBOR | 1025 | 3/13/2028 | EUR | 5208796 | 5563415 | 6030659<br><sup>1,4,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nephron Pharmaceuticals Corporation | First Lien Term Loan | 13.33% | SOFR | 920 | 12/30/2027 | USD | 18000000 | 17792638 | 17910000<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 10.39% | SOFR | 625 | 10/12/2027 | USD | 3368525 | 3316329 | 3319386<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | First Lien Term Loan | 10.39% | SOFR | 625 | 10/12/2027 | USD | 2287662 | 2264500 | 2254291<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orthodontic Partners, LLC | Delayed Draw | 1.00% |  |  | 10/12/2027 | USD | 753279 | (10045) | (10989)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 9.44% | SOFR | 543 | 12/21/2029 | USD | 6143293 | 6074017 | 6083865<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prolacta Bioscience, Inc. | First Lien Term Loan | 13.01% | SOFR | 900 | 12/21/2029 | USD | 1981707 | 1958781 | 1962537<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steward Health Care System Bridge Loan | First Lien Term Loan | 16.18% | SOFR | 1075 | 12/31/2027 | USD | 333313 | 330525 | 333313<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | Revolver | 0.50% |  |  | 4/4/2029 | USD | 227926 | (5709) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TerSera Therapeutics, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 4/4/2029 | USD | 2723563 | 2669165 | 2723563<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Delayed Draw | 10.04% | SOFR | 575 | 3/30/2029 | USD | 594775 | 35317 | 42223<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | Revolver | 0.50% |  |  | 3/30/2029 | USD | 275188 |  | (1224)<sup>1,7,8,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Digestive MSO Parent, LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 3/30/2029 | USD | 2209150 | 2159324 | 2199327<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | First Lien Term Loan | 11.23% PIK | SOFR | 700 | 3/18/2027 | USD | 3991407 | 3956679 | 3684121<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vardiman Black Holdings, LLC | Delayed Draw | 11.23%, 6.23% PIK | SOFR | 500 | 3/18/2027 | USD | 468759 | 448638 | 416110<br><sup>1,7,8,9,13</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Health Care (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Equity Partners | Delayed Draw | 14.83%, 7.35% PIK | SOFR | 1085 | 5/7/2034 | USD | 14343058 | $10787268 | $10580383<br><sup>1,7,8,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | Delayed Draw | 10.95% | SOFR | 695 | 3/5/2029 | USD | 1666667 | 1576561 | 1649250<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xeris Pharmaceuticals, Inc. | First Lien Term Loan | 10.95% | SOFR | 695 | 3/5/2029 | USD | 3333333 | 3314678 | 3298501<br><sup>1,7,8,12</sup> |
|  |  |  |  |  |  |  |  | **152084470** | **152743586** |
| &nbsp;&nbsp;&nbsp; **Industrials — 2.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apex Service Partners, LLC | First Lien Term Loan | 14.25% PIK | PRIME |  | 10/24/2028 | USD | 2362126 | 2311990 | 2308372<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 | 1148489 | 1124111 | 1122353<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 | 9819972 | 9845000<br><sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chambertin Capital Limited | First Lien Term Loan | 11.14% | SONIA | 675 | 6/20/2030 | GBP | 7406310 | 10018004 | 9960073<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | Revolver | 0.50% |  |  | 1/9/2028 | USD | 468750 | (10745) | (2344)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Holdings, Inc. | First Lien Term Loan | 9.19% | SOFR | 500 | 1/9/2030 | USD | 4429297 | 4337049 | 4407150<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DMT Solutions Global Corporation | First Lien Term Loan | 12.42% | SOFR | 800 | 8/30/2027 | USD | 7030588 | 6915119 | 6981566<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FB FLL Aviation LLC | First Lien Term Loan | 11.28% | SOFR | 700 | 7/19/2028 | USD | 12600000 | 12361472 | 12600000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | First Lien Term Loan | 10.76% | SOFR | 650 | 3/28/2029 | USD | 2713076 | 2643318 | 2597858<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fenix Topco, LLC | Delayed Draw | 10.76% | SOFR | 650 | 3/28/2029 | USD | 1225240 | 137106 | 110671<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helix Acquisition Holdings, Inc. | First Lien Term Loan | 11.26% | ARR CSA | 700 | 3/31/2030 | USD | 5675461 | 5569788 | 5675461<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 | (68059) | (68481)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NACSB Acquisition Holdings, Inc. | First Lien Term Loan | 16.25% | SOFR | 1225 | 1/29/2031 | USD | 24521549 | 24222044 | 24215029<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panda Acquisition LLC | First Lien Term Loan | 12.47% | SOFR | 850 | 10/18/2028 | USD | 4012798 | 3515086 | 3692590<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pelican Power LLC | First Lien Term Loan | 9.70% | SOFR | 550 | 8/29/2030 | USD | 25000000 | 24506827 | 24500000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings | Revolver | 0.50% |  |  | 9/29/2030 | USD | 769167 | (14276) | (5769)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings | First Lien Term Loan | 11.25% 6.00% PIK | SOFR | 725 | 9/29/2030 | USD | 5312920 | 5233321 | 5273073<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn TRGRP Holdings | Delayed Draw | 11.25% | SOFR | 725 | 9/29/2030 | USD | 245423 | 245423 | 243582<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starlight Inventory I, LLC | First Lien Term Loan | 13.79% | SOFR | 1000 | 3/28/2026 | USD | 15000000 | 15030395 | 11650369<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | First Lien Term Loan | 9.55% | SOFR | 525 | 12/28/2029 | USD | 2448047 | 2401526 | 2448047<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Revolver | 9.25% | SOFR | 525 | 12/28/2028 | USD | 250000 | 68250 | 68239<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SureWerx Purchaser III, Inc. | Delayed Draw | 1.00% |  |  | 12/28/2029 | USD | 250000 |  | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TecoStar Holdings, Inc. | First Lien Term Loan | 11.93% | SOFR | 800 | 7/7/2029 | USD | 6120838 | 6018171 | 5973073<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | Delayed Draw | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 4518847 | 4372497 | 4437193<br><sup>1,7,8,9,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arcticom Group, LLC | First Lien Term Loan | 12.16%, 4.50% PIK | SOFR | 800 | 12/22/2027 | USD | 1656071 | 1634919 | 1640051<br><sup>1,7,8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Side Holdco LLC | First Lien Term Loan | 13.13% | SOFR | 900 | 8/2/2027 | USD | 12974442 | 12886165 | 13493420<br><sup>1,7,8,12</sup> |
|  |  |  |  |  |  |  |  | **155279473** | **153166576** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Materials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | Revolver | 11.03% | SOFR | 700 | 6/21/2029 | USD | 423729 | $260122 | $255419<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SintecMedia NYC, Inc. | First Lien Term Loan | 11.00% | SOFR | 700 | 6/21/2029 | USD | 4444703 | 4350693 | 4286632<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | Delayed Draw | 11.26% | SOFR | 700 | 6/16/2028 | USD | 736621 | 712906 | 751354<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunland Asphalt & Construction, LLC | First Lien Term Loan | 10.76% | SOFR | 700 | 6/16/2028 | USD | 1761932 | 1729389 | 1797170<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **7053110** | **7090575** |
| &nbsp;&nbsp;&nbsp; **Real Estate — 0.4%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 10.74% | SOFR | 650 | 7/2/2028 | USD | 17641129 | 1596517 | 1587702<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | First Lien Term Loan | 10.74% | SOFR | 650 | 7/2/2028 | USD | 15877016 | 15725105 | 15718246<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Associations, Inc. | Delayed Draw | 1.00% |  |  | 7/2/2028 | USD | 1481855 |  | (14819)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIEAG Projekt 320 GMBH | Delayed Draw | 14.00% PIK |  |  | 9/29/2027 | EUR | 25698000 | 11434135 | 11458314<br><sup>1,4,7,9,13</sup> |
|  |  |  |  |  |  |  |  | **28755757** | **28749443** |
| &nbsp;&nbsp;&nbsp; **Technology — 2.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | First Lien Term Loan | 11.50%, 3.50% PIK | SOFR | 750 | 12/3/2037 | USD | 1125231 | 1124332 | 1114598<br><sup>1,7,8,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Afiniti, Inc. | Second Lien Term Loan | 16.00% PIK |  |  | 12/3/2031 | USD | 1528775 | 1528255 | 1407255<br><sup>1,7,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | Delayed Draw | 10.71% | SOFR | 625 | 5/25/2028 | USD | 391304 | 385088 | 391304<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASG II, LLC | First Lien Term Loan | 10.71% | SOFR | 625 | 5/25/2028 | USD | 2608696 | 2581017 | 2608696<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 | (1217) | (1033)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | First Lien Term Loan | 10.16% | SOFR | 600 | 3/19/2031 | USD | 284167 | 280580 | 281325<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azurite Intermediate Holdings, Inc. | Delayed Draw | 10.16% | SOFR | 600 | 3/19/2031 | USD | 645833 | 637590 | 639375<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) | (1683)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluefin Holding, LLC | First Lien Term Loan | 10.31% | SOFR | 650 | 9/12/2029 | USD | 7980769 | 7840973 | 7960818<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | Revolver | 0.50% |  |  | 7/17/2029 | USD | 400000 | (10588) | (7271)<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluesight, Inc. | First Lien Term Loan | 9.50% | SOFR | 550 | 7/17/2029 | USD | 4600000 | 4501118 | 4516388<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Delayed Draw | 1.00% |  |  | 2/28/2029 | USD | 385633 | (4089) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | Revolver | 0.50% |  |  | 2/28/2029 | USD | 295276 | (6077) | —<br><sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupa Holdings, LLC | First Lien Term Loan | 9.56% | SOFR | 550 | 2/28/2029 | USD | 4275900 | 4187108 | 4275900<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | Revolver | 0.50% |  |  | 11/8/2030 | USD | 870417 | (15993) | (8225)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crewline Buyer, Inc. | First Lien Term Loan | 10.91% | SOFR | 675 | 11/8/2030 | USD | 8641713 | 8467242 | 8560055<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crusoe Energy Systems LLC | First Lien Term Loan | 15.00% |  |  | 7/25/2029 | USD | 4713262 | 4713262 | 4713262<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 1.00% |  |  | 2/10/2031 | USD | 12500000 | (248061) | (250000)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 9.78% | SOFR | 560 | 2/10/2031 | USD | 16250001 | 3456251 | 3425001<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 7.71% | EURIBOR | 560 | 2/10/2031 | EUR | 4253279 | 4500554 | 4893418<br><sup>1,4,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Senior Secured Loans (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Technology (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | Revolver | 0.50% |  |  | 1/22/2031 | USD | 937500 | $(16632) | $(18447)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Einstein Parent, Inc. | First Lien Term Loan | 10.83% | SOFR | 650 | 1/22/2031 | USD | 9062500 | 8896144 | 8884178<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 | PRIME |  | 4/5/2031 | USD | 11342615 | 11218926 | 11262962<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergreen Services Group II, LLC | Delayed Draw | 13.75% PIK | PRIME |  | 4/5/2031 | USD | 6228505 | 6162649 | 6184766<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc. | First Lien Term Loan | 11.29% | SOFR | 725 | 9/13/2029 | USD | 2490000 | 2453230 | 2514900<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infinite Bidco LLC | First Lien Term Loan | 10.45% | SOFR | 625 | 3/2/2028 | USD | 4875000 | 4793211 | 4840641<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings Limited | Delayed Draw | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 757161 | 791337 | 888895<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ion Finance Holdings Limited | First Lien Term Loan | 9.50% | EURIBOR | 750 | 9/30/2031 | EUR | 7042839 | 7360731 | 8268184<br><sup>1,4,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | First Lien Term Loan | 9.75% | SOFR | 575 | 5/31/2030 | USD | 4511824 | 4452153 | 4492109<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Bidco LLC | Revolver | 0.50% |  |  | 5/31/2029 | USD | 408163 | (8878) | (2816)<sup>1,7,10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Delayed Draw | 9.16% | SOFR | 500 | 4/10/2029 | USD | 221908 | 219689 | 220856<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | Revolver | 9.57% | SOFR | 550 | 4/10/2028 | USD | 496552 | 246897 | 245922<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGT Merger Target, LLC | First Lien Term Loan | 9.17% | SOFR | 525 | 4/10/2029 | USD | 3915494 | 3826421 | 3896930<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | Delayed Draw | 9.91% | SOFR | 575 | 8/30/2029 | USD | 1934381 | 65502 | 50801<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | First Lien Term Loan | 9.91% | SOFR | 575 | 8/30/2029 | USD | 6241242 | 6128136 | 6120786<br><sup>1,7,8,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PracticeTek Purchaser LLC | First Lien Term Loan | 14.00% PIK | PRIME |  | 8/30/2030 | USD | 2137191 | 2099006 | 2161982<br><sup>1,7,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | Revolver | 9.66% | SOFR | 550 | 7/25/2029 | USD | 595752 | 154379 | 161412<br><sup>1,7,8,13</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trintech, Inc. | First Lien Term Loan | 9.66% | SOFR | 550 | 7/25/2029 | USD | 7608415 | 7445990 | 7495999<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; User Zoom Technologies, Inc | First Lien Term Loan | 11.80% | SOFR | 750 | 4/5/2029 | USD | 5000000 | 4900651 | 5000000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VDC Powerup PTE LTD | First Lien Term Loan | 9.91% | SOFR | 575 | 5/20/2028 | USD | 33333333 | 32803692 | 32666667<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xactly Corporation | First Lien Term Loan | 10.55% | SOFR | 625 | 2/3/2031 | USD | 6000000 | 5901267 | 5970000<br><sup>1,7,8</sup> |
|  |  |  |  |  |  |  |  | **153796562** | **155825910** |
| &nbsp;&nbsp;&nbsp; **Utilities — 0.6%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silfab Inc. | Delayed Draw | 10.79% | SOFR | 650 | 11/18/2028 | USD | 32000000 | 31191461 | 31200000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silfab Inc. | Delayed Draw | 10.89% | SOFR | 650 | 11/18/2028 | USD | 8000000 | 7839463 | 7800000<br><sup>1,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Energy Power Plant I, LLC | First Lien Term Loan | 11.00% | SOFR | 700 | 9/25/2027 | USD | 25000000 | 2938886 | 2936873<br><sup>1,7,8,13</sup> |
|  |  |  |  |  |  |  |  | **41969810** | **41936873** |
| &nbsp;&nbsp;&nbsp; **Total Senior Secured Loans** |  |  |  |  |  |  |  | **1208353395** | **1211774736** |
|  **Preferred Stocks — 0.9%** |  |  |  |  |  |  |  |  |  |
| &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 | 9423964<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **14324464** | **14324464** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Preferred Stocks (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **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; Healthcare Litigation Trust Interests — Class A-1 |  | 10.00% PIK |  |  |  | USD | N/A | 3010699 | 3010699<br><sup>1,7,9,12</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>1,7,9,12</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>1,7,9,12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINThrive Software Preferred Intermediate Holdings, Inc. |  | 11.00% PIK |  |  |  | USD | 3260 | 3162200 | 3067660<br><sup>1,7,9</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** | **13371865** |
| &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 |  | 8.36% PIK |  |  |  | USD | 108305 | 3359435 | 4213064<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pollen, Inc. — Series H-2 |  | 7.53% PIK |  |  |  | USD | 64983 | 1856901 | 2106749<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **8872586** | **10069813** |
| &nbsp;&nbsp;&nbsp; **Technology — 0.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Holder, Inc. — 2022-1 |  | 16.32% PIK |  |  |  | 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 | 3498862<br><sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSK Holdings, Inc. — Series B |  | 15.71% 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 | 1071428<br><sup>1,7,9</sup> |
|  |  |  |  |  |  |  |  | **12235000** | **12570290** |
| &nbsp;&nbsp;&nbsp; **Total Preferred Stocks** |  |  |  |  |  |  |  | **64088895** | **65475982** |
|  **Collateralized Loan Obligations — 1.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XII Ltd. |  | 12.54% | SOFR | 825 | 7/29/2037 | USD | 16080000 | 16080000 | 16075631<br><sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 12.91% | SOFR | 860 | 10/30/2035 | USD | 5000000 | 4900000 | 5005568<br><sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund CLO XV, Ltd. |  | 10.71% | SOFR | 640 | 10/30/2035 | USD | 8100000 | 8100000 | 8118483<br><sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABPCI Private Funding I LLC |  | 11.70% | SOFR | 750 | 7/16/2036 | USD | 8750000 | 8750000 | 8743827<br><sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO 2023-II Ltd. |  | 11.31% | SOFR | 700 | 7/20/2034 | USD | 16700000 | 16700000 | 16699450<br><sup>1,5,6,7,8</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Collateralized Loan Obligations (Continued)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO Ltd. 2017-I |  | 13.25% | SOFR | 892 | 1/20/2034 | USD | 2000000 | $1960000 | $2003391<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barings Middle Market CLO Ltd. 2017-I |  | 26.00% |  |  | 1/20/2034 | USD | 2905983 | 2526306 | 1595803<br> <sup>\*,1,5,6,7,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deerpath Capital CLO 2020-1 Ltd. |  | 10.71% | SOFR | 639 | 4/17/2034 | USD | 3250000 | 3185000 | 3249776<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd. |  | 10.23% | SOFR | 600 | 11/9/2036 | USD | 13950000 | 13950000 | 13992451<br> <sup>1,5,6,7,8</sup> |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Loan Obligations** |  |  |  |  |  |  |  | **76151306** | **75484380** |
|  **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** | **1110356**<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 | 3992816 | 5779168<br> <sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDB Holdco, LLC — Class A |  |  |  |  |  | USD | 3639628 |  | —<br> <sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **3992816** | **5779168** |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** |  |  |  |  |  |  |  | **5285880** | **6891453** |
|  **Asset-Backed Securities — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nectar 2 SPC S.R.L. Class J2 |  | 10.00% |  |  | 12/31/2032 | EUR | 4764936 | 5320978 | 5593961<br> <sup>1,4,7</sup> |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  |  |  |  |  |  |  | **5320978** | **5593961** |
|  **Subordinated Debt — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Financials — 0.0%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTR Midco, LLC |  | 12.00% |  |  | 5/13/2026 | USD | 2000000 | **2000000** | **2000000**<br> <sup>1,7</sup> |
| &nbsp;&nbsp;&nbsp; **Materials — 0.1%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comar Holding Company, LLC |  | 12.50% PIK |  |  | 9/17/2026 | USD | 2071354 | **2071354** | **2071354**<br> <sup>1,7,9</sup> |
| &nbsp;&nbsp;&nbsp; **Total Subordinated Debt** |  |  |  |  |  |  |  | **4071354** | **4071354** |
|  **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 | 78,495\*\* |  | **54947**<br> <sup>1,7</sup> |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Portfolio Company** | **Investment<br>Type** | **Interest<br>Rate** | **Reference <br>Rate** | **Basis <br>Points <br>Spread** | **Maturity <br>Date** | **Currency** | **Shares/<br>Principal <br>Amount** | **Cost** | **Fair<br>Value** |
|  **Warrants (Continued)** |  |  |  |  |  |  |  |  |  |
| &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 | 25,228,521\*\* | $— | $—<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: 3/12/2035 |  |  |  |  |  | USD | 39,518\*\* |  | —<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  | **—** |  |
| &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: 5/28/2034 |  |  |  |  |  | USD | 296,546\*\* |  | —<br><sup>1,7</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 | 43,860\*\* |  | 278442<br><sup>1,7</sup> |
|  |  |  |  |  |  |  |  |  | **278442** |
| &nbsp;&nbsp;&nbsp; **Total Warrants** |  |  |  |  |  |  |  |  | **333389** |
|  **Short-Term Investments — 6.2%** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund |  | 4.09% |  |  |  | USD | 432907376 | 432907376 | 432907376<br><sup>1,16</sup> |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** |  |  |  |  |  |  |  | **432907376** | **432907376** |
|  **Total Investments — 97.9%** |  |  |  |  |  |  |  | **6281107983** | **6796397620** |
|  Other Assets Less Liabilities — 2.1% |  |  |  |  |  |  |  |  | 144644349 |
|  **Net Assets — 100.0%** |  |  |  |  |  |  |  |  | $**6941041969** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

ARR CSA – Alternate Reference Rate Credit Spread Adjustment

BDC – Business Development Company

CAD – Canadian Dollars

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

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

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Shares represent underlying security.

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025 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 $6,796,397,620 as of September 30, 2025. See Note 2, subsection Borrowing, Use of Leverage of the Notes to Consolidated Financial Statements for additional information.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Investment valued using net asset value per share as practical expedient. See Note 13 for respective investment strategies, unfunded commitments, and redemptive restrictions.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;These securities are restricted, the total value of these securities is $4,765,443,152, which represents 68.7% of total net assets of the Fund.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 $94,108,260, which represents 1.4% of total net assets of the Fund.

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

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;Value was determined using significant unobservable inputs.

<sup>8</sup>&nbsp;&nbsp;&nbsp;&nbsp;Floating rate security. Rate shown is the rate effective as of period end.

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

<sup>10</sup>&nbsp;&nbsp;&nbsp;&nbsp;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>&nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. Rate shown is the rate in effect as of period end.

<sup>12</sup>&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security was made through a participation. Please see Note 2 for a description of loan participations.

<sup>13</sup>&nbsp;&nbsp;&nbsp;&nbsp;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>14</sup>&nbsp;&nbsp;&nbsp;&nbsp;Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

<sup>15</sup>&nbsp;&nbsp;&nbsp;&nbsp;Step rate security.

<sup>16</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 September 30, 2025 (Unaudited) (Continued) |

---

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

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  17Capital Co-Invest (B) SCSp | 9/23/2021 | $5469877 |
|  ACRE Credit Portfolio II, LP | 7/21/2025 | 80937879 |
|  AG Asset Based Credit Evergreen Fund, LP | 7/7/2025 | 45000000 |
|  AG Asset Based Credit Fund L.P. | 9/13/2023 | 99000000 |
|  AG Essential Housing Fund II Holdings (DE), L.P. | 3/23/2022 | 2615172 |
|  Ares Commercial Finance LP | 7/25/2023 | 53841899 |
|  Ares Insurance Partners, LP | 12/31/2024 | 13346599 |
|  Ares Pathfinder Fund II (Offshore), LP | 8/31/2023 | 7488626 |
|  Ares Priority Loan Co-Invest LP | 1/25/2023 | 29868321 |
|  Ares Special Opportunities Fund II (Offshore), LP | 11/7/2022 | 26523591 |
|  Ares Special Opportunities Fund (Offshore), LP | 12/29/2023 | 4632487 |
|  Banner Ridge DSCO Fund I, LP | 6/30/2023 | 11372510 |
|  Banner Ridge DSCO Fund II (Offshore), LP | 10/11/2022 | 19457711 |
|  Banner Ridge Secondary Fund IV (Offshore), LP | 6/30/2021 | 1151802 |
|  Banner Ridge Secondary Fund V (Offshore), LP | 5/31/2023 | 92851664 |
|  Barings Capital Solutions Perpetual Fund (CA), LP | 12/12/2024 | 41422764 |
|  Benefit Street Partners Real Estate Opportunistic Debt Fund L.P. | 3/2/2022 | 30106291 |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | 9/20/2023 | 1886239 |
|  Blue Owl First Lien Fund (Offshore), L.P. | 7/1/2022 | 2713084 |
|  Blue Owl Real Estate Fund VI, LP | 1/31/2023 | 13033670 |
|  Boost Co-Invest LP | 1/25/2024 | 6760019 |
|  BPC Opportunities Offshore Feeder Fund V LLC | 4/17/2025 | 15428379 |
|  BPC Real Estate Debt Fund, LP | 6/7/2023 | 53406272 |
|  BP Holdings Zeta LP — Class A | 11/29/2023 | 7987120 |
|  BP Holdings Zeta LP — Class B | 11/29/2023 | 1410673 |
|  BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3 Interests) | 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 | 106662882 |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) | 4/14/2025 | 150000000 |
|  BSP Pioneer Investors Feeder, L.P. | 9/29/2025 | 46023247 |
|  Burford Advantage Feeder Fund A, LP | 1/28/2022 | 2045609 |
|  Callodine Perpetual ABL Fund, LP | 10/3/2022 | 97717483 |
|  Carlyle Credit Opportunities Fund II (Parallel), SCSp | 12/14/2021 | 8575133 |
|  Carlyle Credit Opportunities Fund III (Parallel), SCSp | 12/10/2024 | 8176739 |
|  CCOF Alera Aggregator, L.P. | 4/25/2023 | 4870008 |
|  CCOF III Nexus Co-Invest Aggregator, L.P. | 3/22/2024 | 4901836 |
|  CCOF Sierra II, L.P. | 7/29/2022 | 2958506 |
|  Cheval Blanc Co-Invest, L.P. | 2/25/2025 | 14649107 |
|  Chilly HP SCF Investor, LP | 2/9/2022 | 3017701 |
|  CL Oliver Co-Invest I, L.P. | 6/28/2023 | 10093000 |
|  Comvest Special Opportunities Fund, L.P. | 2/3/2022 | 14174597 |
|  Contingency Capital EG Fund (US) LP | 8/29/2024 | 58956254 |
|  Contingency Capital Fund I-A, LP | 11/28/2022 | 61823528 |
|  Corrum Capital Entertainment Lending II-B, LP | 8/29/2025 | 55497000 |
|  Crestline Nevermore Holdco, L.P. | 12/7/2023 | 5126088 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  Crestline PF Sentry Fund (US), LP | 8/14/2023 | $16917763 |
|  CW Credit Opportunity 2 LP | 6/27/2024 | 26110684 |
|  D.E. Shaw Diopter International Fund, L.P. | 10/20/2022 | 37646493 |
|  D.E. Shaw Diopter International Fund II, L.P. | 5/1/2025 | 864612 |
|  Dawson Evergreen 1 LP | 5/28/2024 | 300000000 |
|  Dawson Portfolio Finance (Lux) SICAV | 9/16/2025 | 150000000 |
|  EVP Credit SPV I LP | 7/17/2025 | 17022619 |
|  EVP II LP | 11/30/2023 | 26371709 |
|  Felicitas Diner Offshore, LP | 12/28/2022 | 2959895 |
|  Felicitas Secondary Fund II Offshore, LP | 9/10/2021 | 10616857 |
|  Felicitas Secondary Fund III Offshore, LP | 1/31/2025 | 30922819 |
|  Felicitas Tactical Opportunities Fund, LP | 10/26/2022 | 20903616 |
|  Franklin BSP Capital Corp | 11/30/2021 | 1684852 |
|  GCF III Feeder LP | 9/2/2025 | 2192785 |
|  Gramercy PG Holdings LP | 9/5/2025 | 1243781 |
|  Gramercy PG Holdings II, LP | 8/20/2024 | 23750000 |
|  Gramercy PG Feeder LP (Common Interests) | 3/22/2024 | 10477594 |
|  Gramercy PG Feeder LP (Preferred Interests) | 3/22/2024 | 5450422 |
|  Guggenheim MM-C CLO | 7/26/2023 | 90202500 |
|  Harvest Partners Structured Capital Fund III, L.P. | 9/22/2021 | 15429303 |
|  Hayfin Healthcare Opportunities Fund (US Parallel), LP | 6/29/2022 | 52025040 |
|  Hercules Private Global Venture Growth Fund I, L.P. | 8/6/2021 | 182992177 |
|  HPS Asset Value Platform, L.P. | 2/7/2025 | 42568801 |
|  HPS KP Mezz 2019 Co-Invest, LP | 4/1/2024 | 38073300 |
|  HPS KP SIP V Co-Investment Fund, LP | 4/1/2024 | 14503287 |
|  HPS Mint Co-Invest Fund, L.P. | 5/25/2022 | 5953611 |
|  HPS Offshore Mezzanine Partners 2019, LP | 4/1/2024 | 21010810 |
|  HPS Offshore Strategic Investment Partners V, LP | 5/1/2023 | 35657561 |
|  HPS Specialty Loan Fund V-L, L.P. | 7/30/2021 | 13451193 |
|  ICG LP Secondaries Fund I (Feeder) SCSp | 12/29/2023 | 13558281 |
|  Indago Asset-Based Opportunities I LP | 6/13/2025 | 7831146 |
|  Indago Co-Invest I LP | 1/30/2025 | 20000000 |
|  InSolve Global Credit Feeder Fund VI, L.P. | 2/18/2025 | 52091473 |
|  Jaffa Capital Fund, LP | 7/1/2025 | 10000000 |
|  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 |
|  LuminArx Opportunistic Alternative Solutions Offshore Fund LP | 1/31/2025 | 19585548 |
|  LuminArx Valence Co-Invest Offshore Fund LP | 12/11/2024 | 9936909 |
|  Madison Realty Capital Debit Fund, IV LP | 9/29/2023 | 14173657 |
|  Magenta Asset Co-Invest L.P. | 4/30/2024 | 2528116 |
|  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 | 3998073 |
|  Miller Holdings LP (Common Equity Portion) (Dawson) | 3/12/2025 | 5000000 |
|  Miller Holdings LP (Preferred Equity Portion) (Dawson) | 3/12/2025 | 29862531 |
|  Minerva Co-Invest, L.P. | 2/11/2022 | 11417401 |
|  NB Capital Solutions Co-Invest (Wolverine) LP | 11/15/2023 | 1380844 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  **Security** | **First <br>Acquisition <br>Date** | **Cost** |
|  NB Credit Opportunities II Cayman Feeder, LP | 8/31/2022 | $21303208 |
|  North Wall Asset Backed Opportunities Feeder Fund I LP | 12/19/2024 | 82735942 |
|  NWEOF Feeder Fund II LP | 6/21/2024 | 27870400 |
|  NWEOF Feeder Fund III SCSp | 6/10/2025 | 1409259 |
|  OrbiMed RCO IV Offshore Feeder, LP | 12/30/2022 | 24233383 |
|  OWS Affirm Partnership Fund, LTD. | 6/25/2025 | 16980000 |
|  Pathlight Capital Evergreen Fund, LP | 12/30/2022 | 46264746 |
|  Pathlight Capital Fund II, LP | 6/30/2021 | 13925766 |
|  Peachtree Credit Fund IV Q, L.P. | 11/18/2024 | 49875600 |
|  Pennybacker Real Estate Credit II Pacific, LLC | 5/6/2022 | 2467491 |
|  Pennybacker Real Estate Credit II, LP | 5/6/2022 | 18777394 |
|  Peppertree Capital Fund VI QP, LP | 9/30/2025 | 27673729 |
|  Peppertree Capital Fund VII QP, LP | 9/30/2025 | 16912387 |
|  PG Lending Fund I, LP | 11/26/2024 | 81314987 |
|  Pine Valley Capital Partners Evergreen Fund, LP | 11/13/2024 | 31462700 |
|  Pine Valley Capital Co-Invest I, LP | 3/6/2025 | 18768135 |
|  Pine Valley Capital Co-Invest I, LP (September Vintage) | 9/29/2025 | 23430000 |
|  Prime Finance & Investment Ltd. | 8/28/2025 | 15226492 |
|  PSC Credit IV (A) SCSp | 4/16/2025 | 32500000 |
|  Raven Asset-Based Credit Fund II LP | 9/21/2021 | 19987753 |
|  Realterm Logistics Credit Fund Co-Investment, LLC | 9/2/2025 | 9243373 |
|  Redwood Enhanced Income Corp. | 6/30/2022 | 28275000 |
|  SC Life Science Credit Parallel Fund A, L.P. | 8/9/2024 | 139651570 |
|  SC Opportunities Holding, L.P. | 7/16/2025 | 39675000 |
|  Shamrock Capital Debt Opportunities Fund I, LP | 7/28/2021 | 7644149 |
|  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 | 3982010 |
|  Sky Fund V Offshore, LP | 11/30/2022 | 7017173 |
|  Sky Fund VI Offshore, LP | 4/15/2024 | 21980109 |
|  Specialty Loan Institutional Fund 2016-L, L.P. | 1/22/2024 | 2498485 |
|  Sprinkler 2024 Co-Investment I (Feeder) SCSp | 3/10/2025 | 16233891 |
|  Stellus Private Credit BDC Feeder LP | 1/31/2022 | 15176689 |
|  Summit Partners Credit Offshore Fund II, L.P. | 3/31/2022 | 7124963 |
|  Symbiotic Capital EB Fund, L.P. | 3/7/2024 | 3977217 |
|  Symbiotic Capital Life Science Credit Fund, L.P. | 8/9/2024 | 12077688 |
|  Thompson Rivers LLC | 6/30/2021 | 1178331 |
|  Thorofare Asset Based Lending Fund V, L.P. | 7/29/2022 | 30401096 |
|  Tinicum L.P. | 3/31/2023 | 8059951 |
|  Tinicum Tax Exempt, L.P. | 3/31/2023 | 5660029 |
|  VCSF Co-Invest 1-A, L.P. | 8/2/2023 | 5072145 |
|  Vista Capital Solutions Fund-A, L.P. | 3/24/2023 | 14302235 |
|  Vista Credit Partners Fund IV-B, L.P. | 12/4/2024 | 2826340 |
|  VPC Credit Origination Fund, L.P. | 4/19/2023 | 1000000 |
|  VPC Legal Finance Fund, L.P. | 9/29/2022 | 113780037 |
|  Waccamaw River LLC | 8/4/2021 | 8992879 |
|  WhiteHawk Evergreen Fund, LP | 1/31/2024 | 100000000 |
|  |  | $4272405587 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | **Percent of Total <br>Net Assets** |
|  **Private Investment Vehicles** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Partnerships | 50.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Senior Secured Loans | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Real Estate Loans | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Listed Business Development Companies | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common and Preferred Equity | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Loan Obligations | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Preferred Equity | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Collateralized Fund Obligations | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Asset Pools | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Common Equity | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Asset Based Finance | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Purpose Vehicle for Subordinated Debt | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Equity | 0.1% |
|  **Total Private Investment Vehicles** | **72.0%** |
|  **Senior Secured Loans** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Business Services | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.1% |
|  **Total Senior Secured Loans** | **17.4%** |
|  **Collateralized Loan Obligations** | **1.1%** |
|  **Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
|  **Total Preferred Stocks** | **0.9%** |
|  **Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
|  **Total Common Stocks** | **0.1%** |
|  **Asset-Backed Securities** | **0.1%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  **Security Type/Sector** | **Percent of Total <br>Net Assets** |
|  **Subordinated Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
|  **Total Subordinated Debt** | **0.1%** |
|  **Warrants** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0.0% |
|  **Total Warrants** | **0.0%** |
|  **Short-Term Investments** | **6.2%** |
|  **Total Investments** | **97.9%** |
|  Other Assets Less Liabilities — 2.1% | 2.10% |
|  **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Currency <br>Purchased** | **Counterparty** | **Currency <br>Sold** | **Settlement <br>Date** | **Currency <br>Amount <br>Purchased** | **Value at <br>Opening Date <br>of Contract** | **Value at <br>September 30, <br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  CAD | State Street | USD | October 01, 2025 | 54  | $39  | $39  | $— |
|  CAD | State Street | USD | October 31, 2025 | 54  | 39  | 39  | —  |
|  EUR | State Street | USD | October 31, 2025 | 11680  | 13653  | 13738  | 85  |
|  EUR | State Street | USD | November 28, 2025 | 3306503  | 3865661  | 3895499  | 29838  |
|  GBP | State Street | USD | October 31, 2025 | 438091  | 589725  | 589218  | (507) |
|  GBP | State Street | USD | November 28, 2025 | 228880  | 310498  | 307868  | (2630) |
|  GBP | State Street | USD | December 31, 2025 | 61826  | 82409  | 83127  | 718  |
|  |  |  |  |  | 4862024 | 4889528 | 27504 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Currency <br>Sold** | **Counterparty** | **Currency <br>Purchased** | **Settlement <br>Date** | **Currency <br>Amount <br>Sold** | **Value at <br>Opening Date <br>of Contract** | **Value at <br>September 30, <br>2025** | **Unrealized <br>Appreciation <br>(Depreciation)** |
|  CAD | State Street | USD | October 01, 2025 | (54) | $(39) | $(39) | $— |
|  CAD | State Street | USD | October 31, 2025 | (54) | (39) | (39) |  |
|  EUR | State Street | USD | October 31, 2025 | (59251744) | (69382894) | (69689556) | (306662) |
|  EUR | State Street | USD | November 28, 2025 | (62993110) | (73790031) | (74214242) | (424211) |
|  EUR | State Street | USD | December 31, 2025 | (66293403) | (77654712) | (78212727) | (558015) |
|  GBP | State Street | USD | October 31, 2025 | (6573035) | (8834236) | (8840521) | (6285) |
|  GBP | State Street | USD | November 28, 2025 | (6320421) | (8520773) | (8501670) | 19103  |
|  GBP | State Street | USD | December 31, 2025 | (6196769) | (8258583) | (8331753) | (73170) |
|  |  |  |  |  | (246441307) | (247790547) | (1349240) |
|  **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** | $**(241579283)** | $**(242901019)** | $**(1321736)** |

---

CAD – Canadian Dollars

EUR – Euro

GBP – British Pound

USD – U.S. Dollar

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $6,281,107,983)<sup>a</sup> | $6796397620 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 49744 |
| &nbsp;&nbsp;&nbsp; Cash | 39580549 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 273371962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 13393867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 75029372 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 2910089 |
| &nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured revolving credit facility | 9691393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7210424596 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Foreign currency due to custodian, at value (proceeds $58,931) | 58368 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 1371480 |
| &nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured revolving credit facility (Note 2) | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 3500168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on secured revolving credit facility | 5419620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 4481480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liability | 723776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 1247595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 716455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | 340058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 256195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 170367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 6380 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 1090685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 269382627 |
|  **Net Assets** | $6941041969 |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) | $6605287066 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | 335754903 |
|  **Net Assets** | $6941041969 |
|  **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp; **Class D Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $10160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share | $11.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (2.00% of offering price)\* | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $11.33 |
| &nbsp;&nbsp;&nbsp; **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $6941031809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest issued and outstanding | 625004069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering, and redemption price per share | $11.11 |

---

<sup>a</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes unrealized appreciation (depreciation) on unfunded commitments of $357,471.

<sup>\*</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Six Months Ended September 30, 2025 (Unaudited) |

---

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Distributions from private investment vehicles | $175435160 |
| &nbsp;&nbsp;&nbsp; Interest | 82921902 |
| &nbsp;&nbsp;&nbsp; PIK Interest | 6397529 |
| &nbsp;&nbsp;&nbsp; Dividends | 2454535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 267209126 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Investment management fees | 28733438 |
| &nbsp;&nbsp;&nbsp; Interest on secured revolving credit facility | 17270778 |
| &nbsp;&nbsp;&nbsp; Equalization interest on private investment vehicles (Note 2) | 8963771 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 3704586 |
| &nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 1501100 |
| &nbsp;&nbsp;&nbsp; Commitment fees on secured revolving credit facility | 1072617 |
| &nbsp;&nbsp;&nbsp; Legal fees | 866139 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses | 862717 |
| &nbsp;&nbsp;&nbsp; Registration fees | 462000 |
| &nbsp;&nbsp;&nbsp; Audit fees | 236281 |
| &nbsp;&nbsp;&nbsp; Custody fees | 173773 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees | 159552 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses | 72150 |
| &nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 38567 |
| &nbsp;&nbsp;&nbsp; Insurance fees | 21085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 64138554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 203070572 |
| &nbsp;&nbsp;&nbsp; Current tax expense | (594371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss), net of taxes** | 202476201 |
|  **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 22264838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (16693872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 511695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 6082661 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 70715302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2776797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 43787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (2330932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation, net of deferred taxes | 71204954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain** | 77287615 |
|  **Net Increase in Net Assets from Operations** | $279763816 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months Ended <br>September 30, <br>2025 <br>(Unaudited)** | **For the <br>Year Ended<br>March 31, <br>2025** |
|  **Net Increase in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $202476201  | $254945043 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, forward foreign currency exchange contracts and foreign currency transactions | 6082661 | 21232537 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and forward foreign currency exchange contracts | 71204954 | 241460907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 279763816 | 517638487 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (311228129) | (309552515) |
| &nbsp;&nbsp;&nbsp; From return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (18676061) |
| &nbsp;&nbsp;&nbsp; **Total** | (311228129) | (328228576) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2030711471 | 2584267648 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5662719 | 381745 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (421824751) | (342021228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 1614559439 | 2242628165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets** | 1583095126 | 2432038076 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5357946843 | 2925908767 |
| &nbsp;&nbsp;&nbsp; End of year | $6941041969 | $5357946843 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class D | 915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 184825842 | 235270654 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 521878 | 25980 |
| &nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (38008195) | (31014894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital shares outstanding** | 147340440 | 204281740 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) operating activities: |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $279763816 |
| &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 | (2798809263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 1358101952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion on investments | (1870149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (22264838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on paydowns | (1592870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation)/depreciation | (73492099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital distributions received | 274090849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Original issue discount and amendment fees | 1288483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest | (6397529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in deferred tax liability, net | 2330932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in current tax payable, net  | 524425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | (164473016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | (155798674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 425557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (2431257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees on secured revolving credit facility | (420943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency due to custodian | 58368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | (21925693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Management fees | 153248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on secured revolving credit facility | 1612689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | (153805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | (133977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 225990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees and expenses | (56250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 115452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees and expenses | (38723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 251108 |
|  Net cash used in operating activities | (1330916034) |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

---

| | |
|:---|:---|
|  Cash flows provided by (used in) financing activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for Fund shares sold | 2024536730 |
| &nbsp;&nbsp;&nbsp; Cost of shares repurchased | (421824751) |
| &nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (305565410) |
| &nbsp;&nbsp;&nbsp; Proceeds from secured revolving credit facility | 325000000 |
| &nbsp;&nbsp;&nbsp; Payments on secured revolving credit facility | (325000000) |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 1297146569 |
|  Net decrease in cash | (33769465) |
|  Cash |  |
| &nbsp;&nbsp;&nbsp; Cash, beginning of period | 73350014 |
| &nbsp;&nbsp;&nbsp; Cash, end of period | $39580549 |

---

Non cash financing activities not included herein consist of $5,662,719 of reinvested dividends and $6,397,529 of PIK interest.

Cash paid for interest on credit facility during the period was $15,658,089.

*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>Six Months <br>Ended<br>September 30, <br>2025<br>(Unaudited)** | **For the<br>Year Ended<br>March 31, <br>2025** | **For the<br>Year Ended<br>March 31, <br>2024** | **For the<br>Year Ended<br>March 31, <br>2023** | **For the 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> | 0.37 | 0.70 | 0.63 | 0.58 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>2</sup> | 0.13 | 0.74 | 0.67 | 0.38 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.50 | 1.44 | 1.30 | 0.96 | 1.21 |
|  **Less Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.61) | (0.87) | (0.61) | (0.73) | (0.28) |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (0.05) | (0.84) | (0.27) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions to shareholders | (0.61) | (0.92) | (1.45) | (1.00) | (0.32) |
|  **Net asset value, end of period** | $11.11 | $11.22 | $10.70 | $10.85 | $10.89 |
|  **Total return** | 5.35%<sup>3</sup> | 13.98% | 12.74% | 9.36% | 12.30%<sup>3,6</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $6941032 | $5357947 | $2925909 | $1478012 | $478646 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and deferred tax expense | 1.25%<sup>4</sup> | 1.27% | 1.30% | 1.28% | 1.54%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 1.25%<sup>4</sup> | 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 | 2.12%<sup>4</sup> | 2.11% | 2.20% | 1.93% | 1.68%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 2.12%<sup>4</sup> | 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 | 6.71%<sup>4</sup> | 6.39% | 5.84% | 5.22% | 3.20%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 6.71%<sup>4</sup> | 6.39% | 5.84% | 5.43% | 4.24%<sup>4</sup> |
|  Portfolio turnover rate | 24%<sup>3</sup> | 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>Six Months <br>Ended<br>September 30, <br>2025<br>(Unaudited)** | **For the<br>Year Ended<br>March 31, <br>2025** | **For the<br>Year Ended<br>March 31, <br>2024** | **For the<br>Year Ended<br>March 31, <br>2023** | **For the 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 | 0.08% | 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 | $250000000 | $250000000 | $200000000 | $15000000 | $14546760 |
|  Asset Coverage Per $1,000 of Borrowings | Asset Coverage Per $1,000 of Borrowings | Asset Coverage Per $1,000 of Borrowings | Asset Coverage Per $1,000 of Borrowings | Asset Coverage Per $1,000 of Borrowings | Asset Coverage Per $1,000 of Borrowings |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | 28764 | 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, <br>2025\*<br>through<br>September 30, <br>2025<br>(Unaudited)** |
|  **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> | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.17 |
|  **Net asset value, end of period** | $11.10 |
|  **Total return** | 1.56%<sup>3</sup> |
|  **Ratios and Supplemental Data:** |  |
|  Net assets, end of period (in thousands) | $10 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and deferred tax expense | 3.93%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 3.93%<sup>4</sup> |
|  Ratio of expenses to average net assets (including interest expense)<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 6.68%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 6.68%<sup>4</sup> |
|  Ratio of net investment income to average net assets (including interest expense)<sup>5</sup>: |  |
| &nbsp;&nbsp;&nbsp; Before fees waived | 21.17%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp; After fees waived | 21.17%<sup>4</sup> |
|  Portfolio turnover rate | 24%<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, <br>2025\*<br>through<br>September 30, <br>2025<br>(Unaudited)** |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Deferred tax expense | 0.24% |
| &nbsp;&nbsp;&nbsp; With fees waived, after taxes | 4.17% |
|  **Senior Securities** |  |
|  Total Amount Outstanding |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | $250000000 |
|  Asset Coverage Per $1,000 of Borrowings |  |
| &nbsp;&nbsp;&nbsp; Secured Revolving Credit Facility | 28764 |

---

*See accompanying Notes to Consolidated Financial Statements.*

---

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

---

**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 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 the expense agreements as disclosed in the Notes to the Consolidated Financial Statements and there are no resources allocated to the Fund based on performance measurements. The 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 September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  **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 | $4254771756 | 61.30% |
|  CELF SPV Holdings (PP) LLC ("CLCE HOLD") | July 1, 2021 | 3838721 | 0.06% |
|  CELF SPV HOLDINGS 2 LLC ("CLCE HLD2") | June 24, 2022 | 5228827 | 0.08% |
|  CELF HOLDINGS (D1) LLC ("CLCE HLD1") | March 31, 2023 | 23844242 | 0.34% |
|  CELF HOLDINGS (D2) LLC ("CLCE LF2") | June 30, 2023 | 24494467 | 0.35% |
|  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> September 30, 2025 (Unaudited) (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 | $1253660 | 0.02% |
|  MOHAWK RIVER FUNDING LLC ("CLCE MHWK") | September 16, 2024 | 3595458 | 0.05% |
|  CELF HOLDINGS (D7) LLC ("CLCE LF7") | October 9, 2024 | 180272199 | 2.60% |
|  CELF HOLDINGS (D6) LLC ("CLCE LF6") | November 19, 2024 | 63704101 | 0.92% |
|  CELF HOLDINGS (D9) LLC ("CLCE LF9") | February 14, 2025 | 18098747 | 0.26% |
|  CELF HOLDINGS (D13) LLC ("CLCE LF13") | February 19, 2025 | 54521 | 0.00% |
|  BOAC OALTX POINT PURCHASER LLC ("CLCE BOPP") | April 29, 2025 |  | 0.00% |
|  CELF HOLDINGS (D8) LLC ("CLCE LF8") | May 1, 2025 | 395694 | 0.01% |
|  CELF HOLDINGS (D11) LLC ("CLCE LF11") | May 13, 2025 | 375514 | 0.01% |
|  CELF HOLDINGS (D10) LLC ("CLCE LF10") | June 24, 2025 | 18967195 | 0.27% |
|  CELF HOLDINGS (D20) LLC ("CLCE LF20") | August 26, 2025 | 892621 | 0.01% |
|  CELF HOLDINGS (D12) LLC ("CLCE LF12") | September 2, 2025 | 28581891 | 0.41% |
|  CELF HOLDINGS (D19) LLC ("CLCE LF19") | September 3, 2025 | 1177379 | 0.02% |
|  CELF HOLDINGS (D14) LLC ("CLCE LF14") | September 30, 2025 | 20852847 | 0.30% |

---

**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.

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.

---

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

---

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

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.

#### Organizational and Offering Costs
Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services in connection with the initial meeting of Trustees of the Fund and the Fund's seed audit costs. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund's registration statement, the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Prospectus, Statement of Additional Information and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering.

#### 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 September 30, 2025.

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

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 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> September 30, 2025 (Unaudited) (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 September 30, 2025, the Fund held cash of $39,580,549 and $432,907,376 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 September 30, 2025, the Fund had 7 outstanding forward currency contracts purchased long and 8 outstanding forward currency contracts sold short, with total notional value of 4,047,088 and (207,628,590), respectively.

#### Collateralized Loan Obligations and Collateralized Debt Obligations

---

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

---

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

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

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

#### Commitments and Contingencies
Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Consolidated Statement of Operations. As of September 30, 2025, the Fund received $17,720 in commitment fees. As of September 30, 2025, the Fund had the following unfunded loan commitments as noted in the Consolidated Schedule of Investments with a total principal amount, fair value and net unrealized gain (loss) of $348,100,022, $348,360,147, and $357,471, respectively.

---

| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment Type** | **Principal <br>Amount** |
|  Alcami Corporation | Revolver | $508806 |
|  Allen Media, LLC | Revolver | 4478064 |
|  Archer 2023 Finance, LLC, Class B | Private Collateralized Fund Obligations | 4295691 |
|  Artivion, Inc. | Delayed Draw | 3448276 |
|  Associations, Inc. | Delayed Draw | 15877016 |
|  Associations, Inc. | Delayed Draw | 1481855 |
|  Azurite Intermediate Holdings, Inc. | Revolver | 103333 |
|  Bausch Receivables Funding LP | Revolver | 4000000 |
|  BBQ Holding, LLC | Delayed Draw | 3201970 |
|  Bluefin Holding, LLC | Revolver | 673077 |
|  Bluesight, Inc. | Revolver | 400000 |
|  Carlyle Credit Opportunities Fund III Private Securitization Vehicle Borrower, L.P. | Private Collateralized Loan Obligations | 6480182 |
|  Cipriani USA, Inc | Delayed Draw | 5921053 |

---

---

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

---

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

---

| | | |
|:---|:---|:---|
|  **Portfolio Company** | **Investment Type** | **Principal <br>Amount** |
|  Cobham Holdings, Inc. | Revolver | $468750 |
|  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 Rated Fund 6-R2 Class C | Private Collateralized Fund Obligations | 9193864 |
|  Dawson Rated Fund 6-R3 Class C | Private Collateralized Fund Obligations | 11955348 |
|  EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 12500000 |
|  EdgeConneX N.A. Finance Holdings II, LLC | Delayed Draw | 12500000 |
|  Einstein Parent, Inc. | Revolver | 937500 |
|  Exactcare Parent, Inc. | Revolver | 442623 |
|  Fenix Topco, LLC | Delayed Draw | 1062537 |
|  Fundamental Partners IV LP | Delayed Draw | 75000000 |
|  GIEAG Projekt 320 GMBH | Delayed Draw | 17988000 |
|  Helium Acquirer Corporation | Revolver | 293190 |
|  Jonas Catalog Holdings I LLC | Delayed Draw | 16929439 |
|  LP-PWP Credit Card ABS, LLC | Revolver | 2054902 |
|  Memorial MRI & Diagnostic MSO, LLC | Revolver | 225037 |
|  Mercury Bidco LLC | Revolver | 408163 |
|  MGT Merger Target, LLC | Revolver | 248276 |
|  MoonLake Immunotherapeutics AG | Delayed Draw | 33750000 |
|  NACSB Acquisition Holdings, Inc. | Delayed Draw | 5478451 |
|  Orthodontic Partners, LLC | Delayed Draw | 753279 |
|  Penn TRGRP Holdings | Revolver | 769167 |
|  PracticeTek Purchaser LLC | Delayed Draw | 1846246 |
|  RCP Fund II CEI 1 Borrower LLC | Delayed Draw | 25000000 |
|  SintecMedia NYC, Inc. | Revolver | 152542 |
|  SL Energy Power Plant I, LLC | First Lien Term Loan | 21813127 |
|  SureWerx Purchaser III, Inc. | Delayed Draw | 250000 |
|  SureWerx Purchaser III, Inc. | Revolver | 181750 |
|  TerSera Therapeutics, LLC | Revolver | 227926 |
|  The Arcticom Group, LLC | Delayed Draw | 37941 |
|  Trintech, Inc. | Revolver | 425537 |
|  United Digestive MSO Parent, LLC | Delayed Draw | 549907 |
|  United Digestive MSO Parent, LLC | Revolver | 275188 |
|  Vardiman Black Holdings, LLC | Delayed Draw | 16561 |
|  Webster Equity Partners | Delayed Draw | 3404099 |
|  |  | $348100022 |

---

---

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

---

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

#### Valuation of Investments
The Board of Trustees of the Fund (the "Board" 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 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 sixty 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.

---

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

---

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

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 aggregate principal amount up to $1,475,000,000. Under the Facility, the Fund has received a term loan in the amount of $250,000,000 ("Term Loan") and may borrow up to an additional $1,225,000,000 on a revolving basis (the "Revolving Loan"). 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 six months ended September 30, 2025, the average balance outstanding, maximum amount borrowed, and weighted average interest rate under the Term Loan were $190,983,607, $250,000,000, and 7.46%, respectively. The interest rate at period end on the Term Loan was 7.23%. For the six months ended September 30, 2025, the average balance outstanding, maximum amount borrowed, and weighted average interest rate under the Revolving Loan were $167,349,727, $425,000,000, and 7.47% respectively. The interest expense during the six months ended September 30, 2025 was $17,270,778. Commitment fees incurred are prepaid and amortized over the term of the loan. For the six months ended September 30, 2025, commitment fees were $1,072,617.

#### New Accounting Pronouncement
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,

---

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

---

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

2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

#### 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 September 30, 2025.

**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 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

---

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

---

**3. Principal Risks (continued)**

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 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.

---

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

---

**3. Principal Risks (continued)**

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
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> September 30, 2025 (Unaudited) (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.

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 six months ended September 30, 2025, the Fund's allocated UMBFS fees are reported on the Consolidated Statement of Operations.

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

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

**5. Fair Value of Investments**

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

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

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

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

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

---

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

---

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

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 September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset<br>Value** | **Total** |
|  Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Loans | $— | $2964445 | $1208810291 | $— | $1211774736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investment Vehicles |  |  | 228421837 | 4765443152 | 4993864989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  |  | 75484380 |  | 75484380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 65475982 |  | 65475982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 1110356 |  | 5781097 |  | 6891453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Debt |  |  | 4071354 |  | 4071354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  | 5593961 |  | 5593961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 333389 |  | 333389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 432907376 |  |  |  | 432907376 |
|  **Total Investments, at fair value** | $**434017732** | $**2964445** | $**1593972291** | $**4765443152** | $**6796397620** |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $49744 | $— | $— | $49744 |
|  **Total Assets** | $**434017732** | $**3014189** | $**1593972291** | $**4765443152** | $**6796447364** |
|  **Liabilities** |  |  |  |  |  |
|  Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Contracts | $— | $1371480 | $— | $— | $1371480 |
|  **Total Liabilities** | $**—** | $**1371480** | $**—** | $**—** | $**1371480** |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&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> September 30, 2025 (Unaudited) (Continued) |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $286453384 | $58368832 | $57515128 | $6095834 |
|  Purchases | 1178879939 | 122131223 | 42779733 | 14324463 | 1929 |
|  Sales/Paydowns | (975747842) | (182490792) | (27274673) | (21000051) |  |
|  Realized gains (losses) | 6876901 | (75158) | 402219 | 6300051 |  |
|  Original issue discount and amendment fees | (214517) |  |  |  |  |
|  Accretion | 1824018 | 7754 | 21241 |  |  |
|  Change in Unrealized appreciation (depreciation) | (2184564) | 2395426 | (894309) | 542211 | (316666) |
|  Transfers In<sup>1</sup> |  |  | 2081337 | 7794180 |  |
|  Transfers Out<sup>2</sup> | (7794180) |  |  |  |  |
|  Balance as of September 30, 2025 | $**1208810291** | $**228421837** | $**75484380** | $**65475982** | $**5781097** |
|  Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2025 | (754292) | 4378796 | (328916) | 964293 | (316667) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Subordinated<br>Debt** | **Asset-Backed<br>Securities** | **Warrants** | **Total** |
|  Balance as of April 1, 2025 | $9001761 | $— | $229675 | $1424835150 |
|  Purchases |  | 5398413 |  | 1363515700 |
|  Sales/Paydowns | (5043476) |  |  | (1211556834) |
|  Realized gains (losses) | 98851 | (77435) |  | 13525429 |
|  Original issue discount and amendment fees |  |  |  | (214517) |
|  Accretion |  |  |  | 1853013 |
|  Change in Unrealized appreciation (depreciation) | 14218 | 272983 | 103714 | (66987) |
|  Transfers In<sup>1</sup> |  |  |  | 9875517 |
|  Transfers Out<sup>2</sup> |  |  |  | (7794180) |
|  Balance as of September 30, 2025 | $**4071354** | $**5593961** | $**333389** | $**1593972291** |
|  Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at September 30, 2025 | $6307 | $272983 | 103714 | $4326218 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&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;&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> September 30, 2025 (Unaudited) (Continued) |

---

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

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

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<br>in input** |
|  Asset-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5593961 | Market Approach | Recent <br>Transaction Price | 100.00 | 100.00 | Increase |
|  Total Asset-Backed Securities, at fair value | 5593961 |  |  |  |  |  |
|  Collateralized Loan Obligations | 75484380 | Income Approach | Interest Rate/Discount Margin | 3.20% – 26.00% | 6.67% | Decrease |
|  |  |  | Default Rate | 3% CDR | 3%CDR | Decrease |
|  |  |  | Recovery Rate | 65% | 65% | Increase |
|  |  |  | Term | Maturity, or <br>Reinvestment + <br>24 months | N/A | Decrease |
|  |  |  | Prepayment Assumptions | 20% CPR | 20%CPR | Increase |
|  |  |  | Reinvestment Assumptions | $99.00 | $99.00 | Decrease |
|  Total Collateralized Loan Obligations, at fair value | 75484380 |  |  |  |  |  |
|  Common Stocks | 5779168 | Market Approach | EBITDA Multiple | 9.00x – 10.00x | 10.00x | Increase |
|  | 1929 | Market Approach | Recent <br>Transaction Price | 1.00 | 1.00 | Increase |
|  Total Common Stocks, at fair value | 5781097 |  |  |  |  |  |
|  Preferred Stocks | 6319813 | Income approach | Exercise Price | $2,319.10 –<br>$2,746.80 | $2604.22 | Decrease |
|  |  |  | Expected Volatility | 30.00% | 30.00% | Increase |
|  | 37027500 | Market/<br>Income approach | EBITDA Multiple | 8.50x – 21.50x | 14.48x | Increase |
|  |  |  | Revenue Multiple | 1.40x – 6.25x | 4.60x | Increase |
|  |  |  | Discount Rate | 12.07% | 12.07% | Decrease |
|  | 22128669 | Market Approach | Recent Transaction Price | $0.01 –<br>$3,643,019.75 | $810129.86 | Increase |
|  Total Preferred Stocks, at fair value | 65475982 |  |  |  |  |  |

---

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average** | **Impact on <br>Valuation from <br>an increase<br>in input** |
|  Private Investment Vehicles | $&nbsp;&nbsp;&nbsp;&nbsp; 23884054 | Market Approach | Recent Transaction Price | $879,934.72 –<br>$19,250,000.00 | $16196158.08 | Increase |
|  | 17480415 | Market Approach | EBITDA Multiple | 9.88x | 9.88x | Increase |
|  | 59237098 | Market Approach | Enterprise Value ($ Millions) | $29 – $204 | $143 | Increase |
|  | 90709899 | Income Approach | Discount Rate | 7.75% – 15.77% | 11.14% | Decrease |
|  | 37110371 | Income Approach | Weighted Average Cost of Capital | 14.50% – 17.90% | 16.74% | Decrease |
|  Total Private Investment Vehicles, at fair value | 228421837 |  |  |  |  |  |
|  Senior Secured Loans | 438166811 | Income approach | Discount Rate | 5.16% – 92.00% | 13.69% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $52 – $4556 | $750 | Increase |
|  |  |  | Debt/EBITDA | 0.2x – 13.5x | 4.8x | Decrease |
|  |  |  | Interest Coverage | 0.6x – 6.9x | 1.6x | Increase |
|  | 770643480 | Market approach | Recent Transaction Price | $97.00 – $100.00 | $98.76 | Increase |
|  Total Senior Secured Loans, at fair value | 1208810291 |  |  |  |  |  |
|  Subordinated <br>Debt | 2000000 | Market Approach | EBITDA Multiple | 14.00x | 14.00x | Increase |
|  | 2071354 | Income Approach | Discount Rate | 2.17% | 2.17% | Decrease |
|  |  |  | LTM Revenue ($ Millions) | $274 | $274 | Increase |
|  |  |  | Debt/EBITDA | 11.9x | 11.9x | Decrease |
|  |  |  | Interest Coverage | 0.7x | 0.7x | Increase |
|  Total Subordinated Debt, at fair <br>value | 4071354 |  |  |  |  |  |

---

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Investments** | **Fair Value** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of <br>Inputs** | **Weighted <br>Average** | **Impact on <br>Valuation from <br>an increase<br>in input** |
|  Warrants |  | Market approach | Recent Transaction Price | $0.00 | $0.00 | Increase |
|  |  | Market approach | EBITDA Multiple | 17.0x | 17.0x | Increase |
|  | 333389 | Income approach | Exercise Price | $0.01 – $2.28 | $2.13 | Decrease |
|  |  |  | Expected Volatility | 35% – 74% | 67.00% | Increase |
|  Total Warrants, at fair value | 333389 |  |  |  |  |  |
|  Total investments, at fair value | 1593972291 |  |  |  |  |  |

---

**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.

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

---

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

---

**6. Capital Stock (continued)**

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 six months ended September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  Commencement Date | May 15, 2025 | August 14, 2025 |
|  Repurchase Request Deadline | June 16, 2025 | September 15, 2025 |
|  Repurchase Pricing date | June 16, 2025 | September 15, 2025 |
|  Net Asset Value as of Repurchase Pricing Date |  |  |
|  Class I | $11.12 | $11.06 |
|  Amount Repurchased |  |  |
|  Class I | $269517966 | $152296785 |
|  Percentage of Outstanding Shares Repurchased |  |  |
|  Class I | 4.47% | 2.23% |

---

**7. Federal Income Taxes**

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

---

| | |
|:---|:---|
|  Cost of investments | $6364370769 |
|  Gross unrealized appreciation | $558133054 |
|  Gross unrealized depreciation | (126106203) |
|  Net unrealized appreciation on investments | $432026851 |

---

As of March 31, 2025, 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 | 367189446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency | 80920 |
|  Organizational costs | (51150) |
|  Total distributable earnings | $367219216 |

---

The tax character of distributions paid during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distribution paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $265003744 | $124226966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | 18676061 | 169584167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 44548771 | 78729 |
|  Total distributions paid | $328228576 | $293889862 |

---

At March 31, 2025, 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, 2025, the Fund did not defer any such losses.

---

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

---

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

#### Domestic Blocker Income Tax
The current taxes reflect the estimated tax liability of the Fund as of September 30, 2025, 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 September 30, 2025, the Fund recorded a net deferred tax liability for the investments of the Subsidiaries. Should a net deferred tax asset exist in the future, the Fund will assess whether a valuation allowance should be booked to reserve against that asset.

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

---

| | |
|:---|:---|
|  Current Tax (Expense) Benefit: |  |
|  Federal | $(475259) |
|  State | (119112) |
|  Total Current Tax (Expense) Benefit | $(594371) |

---

---

| | |
|:---|:---|
|  Deferred Tax (Expense) Benefit: |  |
|  Federal | $(1863811) |
|  State | (467121) |
|  Total Deferred Tax (Expense) Benefit | (2330932) |
|  Total Income Tax (Expense) Benefit | $(2925303) |

---

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

---

| | |
|:---|:---|
|  **Deferred tax liability:** |  |
|  Net unrealized gain on investment securities | $(4481480) |
|  **Net Deferred Tax Asset/(Liability)** | $**(4481480)** |

---

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

---

| | |
|:---|:---|
|  Federal Income tax expense at statutory rate | $(2449035) |
|  State Income taxes (net of federal benefit) | (460652) |
|  Prior period adjustment (net of federal benefit) | (15616) |
|  **Net income tax expense** | $**(2925303)** |

---

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, 2025, the Subsidiaries did not utilize or defer any net operating losses.

As it pertains to the Subsidiaries, capital losses incurred during the year can be carried back three years or forward five years. The Subsidiaries did not utilize or defer any capital losses during the tax year ended March 31, 2025.

**8. Investment Transactions**

For the six months ended September 30, 2025, purchases net of unfunded commitments and sales of investments, excluding short-term investments, were $2,798,809,263 and $1,358,101,952, respectively.

---

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

---

**9. Indemnifications**

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

**10. Derivatives and Hedging Disclosures**

U.S. GAAP requires enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effects on the Fund's financial position, performance and cash flows. The Fund invested in forward foreign exchange currency contracts for the year ended March 31, 2025 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 September 30, 2025, by risk category are as follows:

---

| | | |
|:---|:---|:---|
|  **Consolidated Statement of Asset and Liabilities Location** | **Derivatives not <br>designated as <br>hedging <br>instruments** | **Value** |
|  Unrealized appreciation on forward foreign currency exchange contracts | Forward Contracts | $49744 |
|  Unrealized depreciation on forward foreign currency exchange contracts | Forward Contracts | (1371480) |
|  Total |  | $(1321736) |

---

---

| | | |
|:---|:---|:---|
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp; (16693872) | $&nbsp;&nbsp;&nbsp;&nbsp; (16693872) |

---

---

| | | |
|:---|:---|:---|
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2776797 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  **Derivatives not designated as hedging instruments** |  | **Notional<br>Value** | **Notional<br>Value** |
|  Forward Foreign Currency Exchange Contracts | Long Forward Contracts | 145,038,402 |  |
|  | Short Forward Contracts | (395,188,337 |) |

---

---

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

---

**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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Security<br>Description** | **Investment<br>Category** | **Cost** | **Fair Value** | **Unfunded<br>Commitments** | **Redemption<br>Frequency** | **Redemption<br>Lock-up<br>Period** | **Fund Term** |
|  17Capital <br>Co-Invest (B) SCSp | Asset-based lending co-investment | $5469877 | $5826071 | $62500 |  | N/A | Liquidation to commence on the earlier of 5/7/2031 but no later than 180 days following full realization |
|  ACRE Credit Portfolio II, LP | Real estate credit | 80937879 | 82214342 | 117833080 |  | 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 |
|  AG Asset Based Credit Evergreen Fund, LP | Private ABS | 45000000 | 46163096 | 5000000 |  | N/A | Partnership shall continue until the dissolution of the TPG AG ABC Master Funds or until a date specified by the General Partner |
|  AG Asset Based Credit Fund L.P. | Private ABS | 99000000 | 115063620 | 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 | 2615172 | 5129864 | 19875000 |  | N/A | Three years from the end of the commitment period with two one-year extensions |
|  Ares Commercial Finance, LP | Asset-based lending | 53841899 | 64866436 | 52061156 |  | N/A | Partnership shall continue until June 30, 2027, unless extended for an additional one year period in the General Partner's sole discretion |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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 Insurance Partners, LP | Opportunistic | $13346599 | $16648216 | $6653401 |  | 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 | 7488626 | 8036313 | 7511374 |  | N/A | Until the eighth anniversary of the initial capital contribution with two one-year extensions |
|  Ares Priority Loan Co-Invest LP | Priority <br>revolvers to middle market companies | 29868321 | 32771848 | 16711545 |  | N/A | Until the end of the fiscal quarter during which occurs the fifth anniversary of the end of the investment period which may be extended for one year. |
|  Ares Special Opportunities Fund II (Offshore), LP | Direct lending and structured capital/<br>mezzanine | 26523591 | 33481103 | 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 |
|  Ares Special Opportunities Fund (Offshore), LP | Direct lending and structured capital/<br>mezzanine | 4632487 | 4411446 | 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> September 30, 2025 (Unaudited) (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** |
|  Banner Ridge DSCO Fund I, LP | Diversified credit strategies | $11372510 | $20748443 | $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 | 19457711 | 29175305 | 80542289 |  | N/A | Until the tenth anniversary of the initial closing date with two one-year extensions |
|  Banner Ridge Secondary Fund IV (Offshore), LP | Secondaries | 1151802 | 5781455 | 8848198 |  | N/A | June 15, 2031 with one-year extensions available |
|  Banner Ridge Secondary Fund V (Offshore), LP | Secondaries | 92851664 | 152771283 | 107027544 |  | N/A | Until the tenth anniversary of the activation date with two one-year extensions |
|  Barings Capital Solutions Perpetual Fund (CA), LP | Specialty lending | 41422764 | 45007530 | 8577236 | Annually | Two Years | 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 | 30106291 | 34749077 | 42951040 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |
|  Blackstone Tactical Opportunities Fund (Matrix Co-Invest) LP | Asset-based lending co-investment | 1886239 | 2567988 | 4052934 |  | N/A | Until the partnership is dissolved and subsequently terminated |
|  Blue Owl First Lien Fund (Offshore), L.P. | Middle market direct lending | 2713084 | 2808339 | 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 |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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 Real Estate Fund, VI | Real estate triple net leasing | $13033670 | $14261567 | $11963033 |  | N/A | Until the last day of the calendar quarter containing the seventh anniversary of the initial closin gdate with two one-year extensions |
|  Boost Co-Invest LP | Preferred equity co-investment | 6760019 | 8972359 | 745908 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |
|  BPC Opportunities Offshore Feeder Fund V LLC | Specialty Lending | 15428379 | 18131364 | 19571621 |  | 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 | 53406272 | 62641084 | 71260974 |  | N/A | Until the third anniversary of the expiration of the investement period with two additonal one-year periods and thereafter, additional one-year periods with consent of the Advisory Committee. |
|  BP Holdings Zeta LP – Class A | Real estate credit co-investment | 7987120 | 8048659 |  |  | 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. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  BP Holdings Zeta LP – Class B | Real estate credit co-investment | $1410673 | $1639641 | $— |  | 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. |
|  BSOF Parallel Onshore Fund L.P. (Class Absolute III Series 3 Interests) | Regulatory capital relief co-investment | 5242498 | 3787019 |  |  | 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 | 20600098 |  |  | 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 | 10534955 |  |  | 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 | 106662882 | 108847243 |  |  | N/A | Until the partnership is wound up and subsequently dissolved. |
|  BSOF Parallel Onshore Fund L.P. (Class SRT Enhanced Series 6) | Regulatory capital relief | 150000000 | 147199308 |  |  | N/A | Until the partnership is wound up and subsequently dissolved. |
|  BSP Pioneer Investors Feeder, L.P. | GP stakes | 46023247 | 52581959 | 3976753 |  | N/A | Until the partnership is dissolved and subsequently terminated. |
|  Burford Advantage Feeder Fund A, LP | Litigation finance | 2045609 | 2748588 | 11973934 |  | N/A | Fifth anniversary of the initial closing with two one-year extensions |
|  Callodine Perpetual ABL Fund, LP | Asset-based lending | 97717483 | 85519832 | 5000000 | Quarterly<sup>3</sup> | Twelve months after the effective date of capital commtiment | Perpetual unless sooner terminated in accordance with the provisions of the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Carlyle Credit Opportunities Fund II (Parallel), SCSp | Structured capital/<br>mezzanine | $8575133 | $7079591 | $5739051 |  | N/A | February 2029 with two consecutive one-year extensions |
|  Carlyle Credit Opportunities Fund III (Parallel), SCSp | Structured capital/<br>mezzanine | 8176739 | 8047171 | 12577670 |  | 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. |
|  CCOF Alera Aggregator, L.P. | Preferred equity co-investment | 4870008 | 7012277 |  |  | N/A | Until dissolved and liquidated in accordance with the limited partnership agreement |
|  CCOF III Nexus Co-Invest Aggregator, L.P. | Subordinated debt co-investment | 4901836 | 6495129 | 1576166 |  | N/A | Until wound up and subsequently dissolved pursuant to the limited partnership agreement |
|  CCOF Sierra II, L.P. | Preferred equity co-investment | 2958506 | 4355324 | 100000 |  | N/A | Ten-year anniversary of the final closing date with two one-year externsions |
|  Cheval Blanc Co-Invest, L.P. | Structured capital/<br>mezzanine co-investment | 14649107 | 16082326 | 385165 |  | N/A | The term of the Partnership shall continue in existence until such time as all of the investments of the Partnership are liquidated and all Proceeds are distributed to the Partners. |
|  Chilly HP SCF Investor, LP | Preferred equity co-investment | 3017701 | 3809464 |  |  | N/A | Until the dissolution of the partnership in accordance with the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  CL Oliver Co-Invest I, L.P. | Asset-based lending co-investment | $10093000 | $12411402 | $— |  | N/A | Perpetual until the partnership is wound up and subsequently dissolved. |
|  Comvest Special Opportunities Fund, L.P. | Structured capital/<br>mezzanine | 14174597 | 15323462 | 6798558 |  | N/A | Seventh anniversary of the final closing with two one-year extensions |
|  Contingency Capital EG Fund (US) LP | Litigation finance | 58956254 | 62180613 | 12969589 | Quarterly | A written notice of the withdrawal <br>must be provided to the GP 90 days before commencement <br>date | Until the dissolution of the partnership in accordance with the limited partnership agreement |
|  Contingency Capital Fund I-A, LP | Litigation finance | 61823528 | 77574460 | 10767926 |  | N/A | Until the earlier of the termination of the last remaining master fund or the terminiation of the Parnership in accordance with the limited partnership agreement |
|  Corrum Capital Entertainment Lending II-B, LP | Royalty-backed credit | 55497000 | 55768973 | 19503000 |  | The General Partner may in its sole discretion determine to permit an assignment of interests. No transfer will take place until all conditions of the LPA are satisfied and the General Partner admits the transfer in writing. | Partnership shall continue until the 8<sup>th</sup> anniversary of the closing date. The Partnership may be extended for up to two additioinal one-year periods at the sole discretion of the General Partner. |
|  Crestline Nevermore Holdco, L.P. | Asset-based lending co-investment | 5126088 | 4593991 | 10001793 |  | N/A | Until the partnership is wound up and subsequently dissolved in accordance with the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Crestline PF Sentry Fund (US), LP | Asset-based lending | $16917763 | $15023528 | $58471012 |  | N/A | Until dissolved in accordance with the limited partnership agreement |
|  CW Credit Opportunity 2 LP | Asset-based co-investment | 26110684 | 29023519 | 13889316 |  | N/A | Until December 31 after the maturity date of the CoreWeave Loan with two one-year extensions. |
|  D.E. Shaw Diopter International Fund, L.P. | Regulatory capital relief | 37646493 | 48619805 | 12571272 |  | N/A | Sixth anniversary of the last day of the month of the Final Closing Date with two one-year extensions |
|  D.E. Shaw Diopter International Fund II, L.P. | Regulatory capital relief | 864612 | 893131 | 49135388 |  | 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. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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 Evergreen 1 LP | Portfolio finance | $300000000 | $335754346 | $— |  | Redemptions are permitted with the consent of the General Partner, with 60 days' minimum notice, and must be under 5% of the fund's total NAV on a given redemption day. | 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 |
|  Dawson Portfolio Finance (Lux) SICAV | Portfolio finance | 150000000 | 150000000 |  |  | N/A | 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 |
|  EVP Credit SPV I LP | Specialty lending co-investment | 17022619 | 17414988 | 1077381 |  | N/A | Partnership will continue until liquidation of the master fund by the General Partner. |
|  EVP II LP | Growth capital | 26371709 | 43486996 | 13628291 |  | N/A | Until eight years from the final closing date with two consecutive one-year extensions |
|  Felicitas Diner Offshore, LP | Preferred equity co-investment | 2959895 | 3138446 | 79680 |  | N/A | Until the earlier of the dissolution of the master fund or an election by the general partner to terminate the fund |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Felicitas Secondary Fund II Offshore, LP | Secondaries | $10616857 | $11586053 | $2710414 |  | N/A | January 10, 2030 with one-year extensions available |
|  Felicitas Secondary Fund III Offshore, LP | Secondaries | 30922819 | 34628804 | 19077181 |  | N/A | The Partnership shall continue perpetually until any of the termination events occur. |
|  Felicitas Tactical Opportunities Fund, LP | Secondaries | 20903616 | 32799857 | 22132701 |  | N/A | Until dissolved and liquidated in accordance with the Limited Partnership Agreement |
|  Franklin BSP Capital Corp | Middle market direct lending | 1684852 | 1539117 |  | Annually<sup>1</sup> | N/A | N/A |
|  GCF III Feeder LP | Legal assets | 2192785 | 2192785 | 12807215 |  | N/A | Until the GP determines that the Partnership may be materially impeded in the pursuit of its investment objectives or if the aggregate Capital Commitments to the Partnership have been drawn down, reserved or otherwise committed |
|  Gramercy PG Holdings LP | Litigation finance co-investment | 1243781 | 1269918 |  |  | 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. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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 II, LP | Litigation finance co-investment | $23750000 | $27384451 | $1250000 |  | Except as expressly provided in this Agreement, no Limited Partner shall have the right to withdraw from the Partnership or to withdraw any part of its Capital Account | 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 |
|  Gramercy PG Feeder LP (Common Interests) | Litigation finance co-investment | 10477594 | 16472695 |  |  | 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 | 6504824 |  |  | N/A | Until terminated, wound up and subsequently dissolved pursuant to the limited partnership agreement |
|  Guggenheim MM-C CLO | Structured credit | 90202500 | 102705507 |  |  | May be redeemed in whole, but not in part, after the redemption in full of the secured notes at the direction of a majority of the subordinated notes | July 2035 |
|  Harvest Partners Structured Capital Fund III, L.P. | Structured capital/<br>mezzanine | 15429303 | 18230444 | 6102084 |  | N/A | Ten years from the final closing date with one-year extensions |
|  Hayfin Healthcare Opportunities Fund (US Parallel), LP | Royalties & healthcare credit | 52025040 | 61238473 | 23066040 |  | N/A | Fourth anniversary of the end of the investment period with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Hercules Private Global Venture Growth Fund I, L.P. | Venture lending | $182992177 | $189126094 | $17471436 |  | N/A | July 1, 2027 with one-year extensions available |
|  HPS Asset Value Platform, L.P. | Equipment leasing | 42568801 | 44192702 | 6361968 |  | 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 | 38073300 | 53670003 | 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 | 14503287 | 21193626 | 264097 |  | N/A | Until the expiration of the term of HPS Offshore Strategic Investment Partners V, L.P., which shall continue until the tenth anniversary of the first closing date with one one-year extension and two successive one-year terms followings such subsequent term with the approval of the LP Advisory Committee |
|  HPS Mint Co-Invest Fund, L.P. | Preferred equity co-investment | 5953611 | 9527500 | 1513172 |  | N/A | Until all investments are liquidated and all proceeds are distributed or as determined by the general partner |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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 Offshore Mezzanine Partners 2019, LP | Mezzanine level subordinated debt | $21010810 | $25502235 | $5588063 |  | 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 | 35657561 | 40664670 | 20269672 |  | N/A | Until the tenth anniversary of the first closing date with one one-year extension following the expiration of such initial term and two successive one-year terms following such subsequent term with the approval of the LP Advisory Committee |
|  HPS Specialty Loan Fund V-L, L.P. | Middle market direct lending | 13451193 | 13020212 | 8176533 |  | N/A | Fourth anniversary of the termination of the commitment period with one-year extensions available |
|  ICG LP Secondaries Fund I (Feeder) SCSp | Secondaries | 13558281 | 18059921 | 26069144 |  | 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 Co-Invest I LP | Private ABS co-investment | 20000000 | 20808159 | 10000000 |  | N/A | Unless sooner dissolved pursuam to Section 10.2, the Partnership will continue until such time as the Partnership investments are disposed. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Indago Asset-Based Opportunities I LP | Private ABS | $7831146 | $8051810 | $29668854 |  | 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. |
|  InSolve Global Credit Feeder Fund VI, L.P. | Private ABS | 52091473 | 59884892 | 22499999 |  | N/A | The partnership shall be would up and dissolved promptly following the date that the Master fund is would up and solved has made its final distributions of assets, |
|  Jaffa Capital Fund, LP | Opportunistic | 10000000 | 10000000 |  |  | N/A | Partnership will continue until liquidation of the master fund by the General Partner. |
|  King Street Opportunistic Credit Evergreen Fund, L.P. | Middle market direct lending | 100000000 | 111862236 |  | Semi-annually<sup>2</sup> | Following the expiration of the period that is two years from the date of the intial 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 | 3786582 |  |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  LAC SPV I LLC | Legal assets | $29600000 | $29634060 | $— |  | N/A | Company shall continue until the date on which all receivables have been disbursed in accordance with the fee purchase agreement. |
|  LuminArx Opportunistic Alternative Solutions Offshore Fund LP | Private ABS | 19585548 | 20855801 | 80414452 |  | N/A | The Partnership shall continue perpetually until any of the termination events occur. |
|  LuminArx Valence Co-Invest Offshore Fund LP | Structured capital/<br>mezzanine co-investment | 9936909 | 10950231 | 63091 |  | N/A | The Partnership shall continue perpetually until any of the termination events occur. |
|  Madison Realty Capital Debit Fund, IV LP | Real estate credit | 14173657 | 16803973 | 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 | 2528116 | 2649511 | 1209452 |  | N/A | Until the Certificate of Limited Partnership of the partnership is cancelled. |
|  Magenta Co-Invest L.P. | Asset-based co-investment | 5501383 | 6156011 | 498617 |  | N/A | Until the Certificate of Limited Partnership of the partnership is cancelled. |
|  Marilyn Co-Invest, L.P. | Common equity | 33863577 | 46660864 |  |  | N/A | Until investments are liquidated and all proceeds are distributed to the partners |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Milano Co-Invest, L.P. | Subordinated debt co-investment | $3998073 | $3923043 | $174000 |  | N/A | Until such time as all of the investments of the partnership are liquidated and all proceeds are distributed to the partners |
|  Miller Holdings LP (Common Equity Portion) (Dawson) | Portfolio finance | 5000000 | 6305626 |  |  | 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 | 29862531 | 35437079 | 14545890 |  | 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 | 16463951 | 225533 |  | N/A | Until distribution of investment proceeds |
|  NB Capital Solutions Co-Invest (Wolverine) LP | Preferred equity co-investment | 1380844 | 1982344 | 49156 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |
|  NB Credit Opportunities II Cayman Feeder, LP | Structured capital/<br>mezzanine | 21303208 | 27903034 | 4399948 |  | N/A | Until the termination of the master fund and as determined by the general partner |
|  North Wall Asset Backed Opportunities Feeder Fund I LP | Private ABS co-investment | 82735942 | 103001993 | 1929439 |  | N/A | Partnership will terminate and be wound up on or around the date of the final liquidation of the Master Partnership. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  NWEOF Feeder Fund II LP | Private ABS | $27870400 | $40153178 | $29188298 |  | N/A | Until the GP determines that the Partnership may be materially impeded in the pursuit of its investment objectives or if the aggregate Capital Commitments to the Partnership have been drawn down, reserved or otherwise committed |
|  NWEOF Feeder Fund III SCSp | Private ABS | 1409259 | 1581027 | 22766616 |  | N/A | Until the GP determines that the Partnership may be materially impeded in the pursuit of its investment objectives or if the aggregate Capital Commitments to the Partnership have been drawn down, reserved or otherwise committed |
|  OrbiMed RCO IV Offshore Feeder, LP | Royalties & healthcare credit | 24233383 | 23140325 | 30799773 |  | 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 |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  OWS Affirm Partnership Fund, LTD. | Private ABS co-investment | $16980000 | $17484121 | $13020000 |  | 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. |
|  Pathlight Capital Evergreen Fund, LP | Asset-based lending | 46264746 | 44433886 | 5979603 |  | N/A | Until dissolved and liquidated in accordance with the amended and restated limited partnership agreement |
|  Pathlight Capital Fund II, LP | Asset-based lending | 13925766 | 14046932 | 6032427 |  | 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 debt | 49875600 | 50157595 |  |  | 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 | 3600203 |  |  | N/A | Until the company is terminated and wound up in accordance with the limited liability company agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Pennybacker Real Estate Credit II, LP | Real estate credit | $18777394 | $16611726 | $4126436 |  | N/A | Until the company is terminated and wound up in accordance with the limited liability company agreement |
|  Peppertree Capital Fund VI QP, LP | Real assets | 27673729 | 32732844 |  |  | 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 | 16912387 | 20042316 |  |  | 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. |
|  PG Lending Fund I, LP | Real estate debt | 81314987 | 83935922 |  |  | 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. |
|  Pine Valley Capital Partners Evergreen Fund, LP | Litigation finance | 31462700 | 34585077 | 58537299 |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement. |
|  Pine Valley Capital Co-Invest I, LP | Litigation finance co-investment | 42198135 | 43704104 | 12550658 |  | N/A | Until dissolution of the partnership in accordance with the limited partnership agreement. |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Prime Finance & Investment Ltd. | Real estate credit | $15226492 | $16571422 | $59773508 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |
|  PSC Credit IV (A) SCSp | Private ABS | 32500000 | 33580328 | 32500000 |  | 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 | 19987753 | 20812077 | 5130811 |  | N/A | January 2029 with two one-year extensions available available |
|  Realterm Logistics Credit Fund Co-Investment, LLC | Real estate credit | 9243373 | 9337944 | 942857 |  | N/A | Until the later of the dissolution of the Main Fund and the disposition of the partnership's investments |
|  Redwood Enhanced Income Corp. | Middle market direct lending | 28275000 | 23900227 | 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 Life Science Credit Parallel Fund A, L.P. | Royalties & healthcare credit | 139651570 | 138707690 | 74683775 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  SC Opportunities Holding, L.P. | Venture lending co-investment | $39675000 | $40616602 | $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 | 7644149 | 7849977 | 13861091 |  | 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 | 35192000 | 1978873 |  | N/A | Until dissolved in accordance to the limited partnership agreement. In this case, until the disolution of the GP. |
|  Silver Point Specialty Lending Fund | Specialty lending | 127018961 | 130193613 |  |  | Transfers of Shares of beneficial interest must be certified by the board of trustees or a duly authorized officer of the trust. | Until the liquidation or dissolution of the trust and amy amendment to the declaration of trust to effect such liquidation or dissolution. |
|  Sixth Street Growth Partners II (B), L.P. | Structured capital/<br>mezzanine | 3982010 | 4781923 | 6076797 |  | N/A | Until December 31 immediately following the four-year anniversary of the commitment period expiration date with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Sky Fund V Offshore, LP | Aircraft leasing | $7017173 | $16861443 | $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 | 25362614 | 53019890 |  | N/A | Until the partnership is terminated and wound up in accordance to the limited partnership agreement |
|  Specialty Loan Institutional Fund 2016-L, L.P. | Middle market direct lending | 2498485 | 4207334 | 3813075 |  | 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/<br>mezzanine | 16233891 | 20173575 | 12872 |  | N/A | Until the fund partnership is terminated in accordance with its terms |
|  Stellus Private Credit BDC Feeder LP | Middle market direct lending | 15176689 | 15525189 | 9792271 |  | N/A | Until the partnership is terminated and wound up in accordance to the limited partnership agreement |
|  Summit Partners Credit Offshore Fund II, L.P. | Middle market direct lending | 7124963 | 3797994 | 330907 |  | N/A | Eight anniversary of the fist draw-dwon date with two one-year extensions available |
|  Symbiotic Capital EB Fund, L.P. | Royalties & healthcare <br>credit | 3977217 | 4513428 | 1522783 |  | N/A | Until dissolved in accordance to the limited partnership agreement |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Symbiotic Capital Life Science Credit Fund, L.P. | Royalties & healthcare <br>credit | $12077688 | $12058394 | $7878146 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |
|  Thompson Rivers LLC | Investment vehicle | 1178331 | 302456 |  |  | 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 <br>credit | 30401096 | 31138146 |  |  | N/A | Until the partnership is terminated and wound up in accordance with the limited partnership agreement |
|  Tinicum L.P. | Private equity secondary | 8059951 | 10928943 | 6980058 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |
|  Tinicum Tax Exempt, L.P. | Private equity secondary | 5660029 | 7540416 | 1758769 |  | N/A | Until terminated and dissolved by the general partner in its sole discretion |
|  VCSF Co-Invest 1-A, L.P. | Preferred <br>equity <br>co-investment | 5072145 | 7228875 | 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 | 14302235 | 16461942 | 11453374 |  | N/A | Sixth anniversary of the final closing date with two one-year extensions |

---

---

| |
|:---|
|  **Cliffwater Enhanced Lending Fund** |
|  Notes to Consolidated Financial Statements<br> September 30, 2025 (Unaudited) (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** |
|  Vista Credit Partners Fund IV-B, L.P. | Growth-stage lending | $2826340 | $2571921 | $20705516 |  | 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 consecurity one-year periods. |
|  VPC Credit Origination Fund, L.P. | Loan origination vehicle | 1000000 | 1058595 | 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 | 113780037 | 138580281 | 999265 |  | 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 | 8992879 | 2664231 |  |  | 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> September 30, 2025 (Unaudited) (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 | $104258832 | $— |  | Hard lock up of interest is the period ending on the last business day immediately prior to the second 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 |  | $**4272405587** | $**4765443152** | $**1799340513** |  |  |  |

---

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

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

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;&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 December 15, 2025 repurchase pricing date. The repurchase offer period began on November 13, 2025 and will end on December 15, 2025. Shareholders that desire to tender Shares for repurchase are required to do so no later than December 15, 2025. 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> September 30, 2025 (Unaudited) |

---

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

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

---

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

---

#### PRIVACY NOTICE

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

**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.
Not applicable to semi-annual reports.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp; [A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](ea0264802-01_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](ea0264802-01_ex99906cert.htm)

------

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

---

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

---

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

---

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

---

------

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, Stephen Nesbitt, certify that:

1. I have reviewed this report on Form N-CSR of Cliffwater 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: December 5, 2025 |
| /s/ Stephen Nesbitt |
| Stephen Nesbitt, President |
| (Principal Executive Officer) |

---

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

I, Lance J. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of Cliffwater 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.

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| |
|:---|
| Date: December 5, 2025 |
| /s/ Lance J. Johnson |
| Lance J. Johnson, Treasurer |
| (Principal Financial Officer) |

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## Exhibit 99.906

**Exhibit 99.906CERT**

**<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.

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| |
|:---|
| Date: December 5, 2025 |
| /s/ Stephen Nesbitt |
| Stephen Nesbitt, President |
| (Principal Executive Officer) |

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

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| |
|:---|
| Date: December 5, 2025 |
| /s/ Lance J. Johnson |
| Lance J. Johnson, Treasurer |
| (Principal Financial Officer) |

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