# EDGAR Filing Document

**Accession Number:** 0001842754
**File Stem:** 0001145549-23-014032
**Filing Date:** 2023-3
**Character Count:** 92352
**Document Hash:** 212935504e0820cfb31f0b7336ebad84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014032.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cliffwater Enhanced Lending Fund
- **CENTRAL INDEX KEY:** 0001842754
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23630
- **FILM NUMBER:** 23691192

**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

## Nport-Ex

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PRIVATE INVESTMENT VEHICLES — 87.2%** |  |
|  | **INVESTMENT PARTNERSHIPS — 80.7%** |  |
| N/A | AG Essential Housing Fund II Holdings, LP<sup>1,2</sup> | $4855648 |
| N/A | Ares Commercial Finance, LP<sup>1,2</sup> | 17862725 |
| N/A | Ares Private Credit Solutions (Cayman), LP<sup>1,2</sup> | 27095774 |
| N/A | Ares Special Opportunities Fund II (Offshore), LP<sup>1,2</sup> | 10569860 |
| N/A | Atalaya A4 (Cayman), LP<sup>1,2</sup> | 35438327 |
| N/A | Atalaya Asset Income Fund Evergreen, LP<sup>1,2</sup> | 10912434 |
| N/A | Atalaya Digithouse Opportunity Fund, LLC<sup>1,2</sup> | 2630063 |
| N/A | Banner Ridge DSCO Fund II, LP<sup>1,2</sup> | 298190 |
| N/A | Banner Ridge Secondary Fund IV (Offshore), LP<sup>1,2</sup> | 6310354 |
| N/A | Benefit Street Partners Real Estate Opportunistic Debt Fund, LP<sup>1,2</sup> | 47529317 |
| N/A | Burford Advantage Feeder Fund A, LP<sup>1,2</sup> | 6878786 |
| N/A | Callodine Perpetual ABL Fund, LP<sup>1,2</sup> | 87108993 |
| N/A | Carlyle Credit Opportunities Fund II, LP<sup>1,2</sup> | 8911179 |
| N/A | Comvest Special Opportunities Fund, LP<sup>2</sup> | 5067539 |
| N/A | Contingency Capital Fund I-A, LP<sup>1,2</sup> | 14372457 |
| N/A | Crestline Specialty Lending III (U.S.), LP<sup>1,2</sup> | 11482917 |
| N/A | D.E. Shaw Diopter International Fund, LP<sup>2</sup> | 42902449 |
| N/A | Everberg Capital Partners II, LP<sup>1,2</sup> | 13413421 |
| N/A | Felicitas Diner Offshore, LP<sup>1,2</sup> | 2311917 |
| N/A | Felicitas Secondary Fund II Offshore, LP<sup>1,2</sup> | 8801622 |
| N/A | Felicitas Tactical Opportunities Fund, LP<sup>1,2</sup> | 43086660 |
| N/A | Harvest Partners Structured Capital Fund III, LP<sup>1,2</sup> | 8992731 |
| N/A | Hayfin Healthcare Opportunities Fund (US Parallel), LP<sup>1,2</sup> | 8869750 |
| N/A | Hercules Private Global Venture Growth Fund I, LP<sup>1,2</sup> | 102694618 |
| N/A | HPS Specialty Loan V-L, LP<sup>1,2</sup> | 18218228 |
| N/A | Linden Structured Capital Fund-A, LP<sup>1,2</sup> | 22067037 |
| N/A | NB Credit Opportunities II Cayman Feeder, LP<sup>1,2</sup> | 14290711 |
| N/A | OrbiMed RCO IV Offshore Feeder, LP<sup>1,2</sup> | 2500000 |
| N/A | Owl Rock First Lien Fund (Offshore), LP<sup>1,2</sup> | 4410319 |
| N/A | Pathlight Capital Evergreen Fund, LP<sup>1,2</sup> | 14173149 |
| N/A | Pathlight Capital Fund II, LP<sup>1,2</sup> | 34632241 |
| N/A | Pennybacker Real Estate Credit II Pacific, LLC<sup>1,2</sup> | 3750581 |
| N/A | Pennybacker Real Estate Credit II, LP<sup>1,2</sup> | 17827547 |
| N/A | Raven Asset Based Credit Fund II, LP<sup>1,2</sup> | 16069447 |
| N/A | Raven Evergreen Credit Fund II, LP<sup>1,2</sup> | 64791708 |
| N/A | Sculptor Real Estate Science Park Fund, LP<sup>1,2</sup> | 1666383 |
| N/A | Shamrock Capital Debt Opportunities Fund I, LP<sup>2</sup> | 1828338 |
| N/A | Silver Point Specialty Credit Fund II, LP<sup>1,2</sup> | 27512739 |
| N/A | Sixth Street Growth Partners II (B)<sup>1,2</sup> | 796883 |
| N/A | Sky Fund V Offshore, LP<sup>1,2</sup> | 35863830 |
| N/A | Summit Partners Credit Offshore Fund II, LP<sup>2</sup> | 7972270 |
| N/A | Thompson Rivers, LLC<sup>1,2</sup> | 1971964 |
| N/A | Thorofare Asset Based Lending Fund V, LP<sup>1,2</sup> | 30735772 |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PRIVATE INVESTMENT VEHICLES (Continued)** |  |
|  | **INVESTMENT PARTNERSHIPS (Continued)** |  |
| N/A | VPC Asset Backed Opportunistic Credit Fund, LP<sup>1,2</sup> | $46875472 |
| N/A | VPC Legal Finance Fund, LP<sup>1,2</sup> | 43750180 |
| N/A | Waccamaw River, LLC <sup>2</sup> | 10641636 |
|  |  | **950744166** |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 3.8%** |  |
| 290070 | Franklin BSP Lending Corporation<sup>1,2</sup> | 2188245 |
| 683646 | Owl Rock Technology Finance Corp.<sup>1,2</sup> | 11672910 |
| 423461 | Owl Rock Technology Finance Corp. II<sup>1,2</sup> | 6158499 |
| 1275081 | Redwood Enhanced Income Corp.<sup>1,2</sup> | 18116282 |
| N/A | Stellus Private Credit BDC Feeder, LP<sup>1,2</sup> | 6223708 |
|  |  | **44359644** |
|  | **PRIVATE EQUITY — 0.1%** |  |
| 1 | Owl Rock Technology Holdings II LLC<sup>1,3</sup> | 1051520 |
| N/A | Stellus Private BDC Advisor, LLC <sup>3</sup> | 500517 |
|  |  | **1552037** |
|  | **SPECIAL PURPOSE VEHICLE FOR COMMON EQUITY — 1.0%** |  |
| N/A | Marilyn Co-Invest, LP<sup>1,2</sup> | **11341561** |
|  | **SPECIAL PURPOSE VEHICLE FOR PREFERRED EQUITY — 1.1%** |  |
| N/A | CCOF Sierra II, L.P.<sup>1,2</sup> | 4059584 |
| N/A | Chilly HP SCF Investor, LP<sup>1,2</sup> | 3226892 |
| N/A | HPS Mint Co-Invest Fund LP<sup>2</sup> | 3193842 |
| N/A | Minerva Co-Invest LP<sup>2</sup> | 3048569 |
|  |  | **13528887** |
|  | **SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS — 0.5%** |  |
| N/A | 17Capital Co. Investment Fund V-L LP<sup>2</sup> | 5466290 |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $976,859,735) | **1026992585** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SENIOR SECURED LOANS — 6.8%** |  |
|  | **CONSUMER DISCRETIONARY — 1.1%** |  |
| $990000 | Gateway Casinos & Entertainment Limited<br> First Lien Term Loan, 12.804% (3-Month USD Libor+800 basis points), 10/22/2027<sup>3,4</sup> | 968886 |
| 3000000 | Harbor Purchaser, Inc.<br> First Lien Term Loan, 12.823% (1-Month USD Sofr+850 basis points),4/7/2030<sup>3,4,5</sup> | 2925528 |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| $4779302 | Hudson's Bay Company<br> First Lien Term Loan, 11.076% (3-Month USD Libor+733 basis points), 9/30/2026<sup>1,3,4,5</sup> | $4644548 |
| 4117647 | Penney Borrower LLC<br> First Lien Term Loan, 10.805% (1-Month USD Libor+714 basis points), 12/16/2026<sup>1,3,4,5</sup> | 4035093 |
|  |  | **12574055** |
|  | **ENERGY — 0.2%** |  |
|  | Service Compression, LLC |  |
| 419980 | &nbsp;&nbsp;&nbsp;Delayed Draw, 0.500%, 5/6/2027<sup>1,3,5,6</sup> | 403753 |
| 314190 | &nbsp;&nbsp;&nbsp;Delayed Draw, 13.803% (3-Month USD Sofr+800 basis points), 5/6/2027<sup>1,3,4,5</sup> | 302050 |
| 2297104 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/2027<sup>1,3,4,5,7</sup> | 2208350 |
|  |  | **2914153** |
|  | **FINANCIALS — 0.7%** |  |
| 3570317 | Cresset Asset Management, LLC<br> First Lien Term Loan, 12.041% PIK (3-Month USD Sofr+700 basis points), 4/20/2025<sup>3,4,7</sup> | 3525177 |
| 4487300 | Elevate Credit, Inc.<br> Second Lien Term Loan, 13.791% (Base Rate+800 basis points), 1/1/2024<sup>1,3,4,5</sup> | 4609391 |
|  |  | **8134568** |
|  | **HEALTH CARE — 1.6%** |  |
|  | ADMA Bilogics, Inc. |  |
| 714286 | &nbsp;&nbsp;&nbsp;Delayed Draw, 1.500%, 3/23/2027<sup>3,5,6</sup> | 706751 |
| 4421364 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 12.634% PIK (1-Month USD Sofr+950 basis points), 3/23/2027<sup>3,4,5,7</sup> | 4388563 |
|  | Alcami Corporation |  |
| 508806 | &nbsp;&nbsp;&nbsp;Revolver, 0.500%, 12/21/2028<sup>3,6</sup> | 490998 |
| 318004 | &nbsp;&nbsp;&nbsp;Delayed Draw, 1.000%, 12/21/2028<sup>3,6</sup> | 306874 |
| 3816047 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.421% (3-Month USD Sofr+710 basis points), 12/21/2028<sup>3,4</sup> | 3682485 |
|  | Vardiman Black Holdings, LLC |  |
| 2717689 | &nbsp;&nbsp;&nbsp;Delayed Draw, 11.434% (3-Month USD Sofr+700 basis points), 3/18/2027<sup>3,4</sup> | 2670173 |
| 2255682 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.434% (3-Month USD Sofr+700 basis points), 3/18/2027<sup>3,4</sup> | 2216243 |
|  | Xeris Pharmaceuticals, Inc. |  |
| 1666667 | &nbsp;&nbsp;&nbsp;Delayed Draw, 2.000%, 3/8/2027<sup>3,5</sup> | 1632594 |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $3333333 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 13.811% (3-Month USD Sofr+900 basis points), 3/8/2027<sup>1,3,4,5</sup> | $3247383 |
|  |  | **19342064** |
|  | **INDUSTRIALS — 0.9%** |  |
| 2825207 | Apex Service Partners, LLC<br> First Lien Term Loan, 12.500% PIK (FIXED+1,250 basis points), <br>7/31/2025<sup>3,4,7</sup> | 2730076 |
| 4987500 | P20 Parent, Inc.<br> First Lien Term Loan, 11.587% (1-Month USD Sofr+750 basis points), 7/12/2028<sup>3,4</sup> | 4893127 |
| 2868119 | Retail Services WIS Corporation<br> Delayed Draw, 11.424% (3-Month USD Libor+775 basis points), 5/20/2025<sup>3,4</sup> | 2765799 |
|  |  | **10389002** |
|  | **MATERIALS — 0.4%** |  |
| 1684821 | North Haven Goldfinch Topco, LLC<br> 11.750% (3-Month USD Libor+1,075 basis points), 12/23/2024<sup>1,3</sup> | 1628578 |
|  | SureWerx Purchaser III, Inc. |  |
| 250000 | &nbsp;&nbsp;&nbsp;Revolver, 11.299% (3-Month USD Sofr+675 basis points), 12/28/2028<sup>3,4</sup> | 250000 |
| 468750 | &nbsp;&nbsp;&nbsp;Delayed Draw, 1.000%, 12/28/2029<sup>3</sup> | 468750 |
| 2281250 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.299% (3-Month USD Sofr+675 basis points), 12/28/2029<sup>3,4</sup> | 2212779 |
|  |  | **4560107** |
|  | **TECHNOLOGY — 1.9%** |  |
| 2228392 | Afiniti, Inc.<br> First Lien Term Loan, 11.750% PIK (Fixed Rate+1,175 basis points), 6/13/2024<sup>1,3,4,5,7</sup> | 2142981 |
|  | ASG II, LLC |  |
| 320869 | &nbsp;&nbsp;&nbsp;Delayed Draw, 1.000%, 5/25/2028<sup>3,6</sup> | 316150 |
| 2608696 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 10.436% (3-Month USD Sofr+625 basis points), 5/25/2028<sup>3,4</sup> | 2544364 |
| 70435 | &nbsp;&nbsp;&nbsp;Delayed Draw, 10.437%, (3-Month USD Sofr+625 basis points), 5/25/2028<sup>3,4</sup> | 69399 |
|  | AVALARA, Inc. |  |
| 272727 | &nbsp;&nbsp;&nbsp;Revolver, 0.500%, 10/19/2028<sup>3,6</sup> | 266019 |
| 2727273 | &nbsp;&nbsp;&nbsp;First Lien Term Loan, 11.830%, 10/19/2028<sup>3,4</sup> | 2660194 |
| 5000000 | David Phelps / Merlin Bridge Loan<br> First Lien Term Loan, 11.392% (1-Month USD Libor+700 basis points), 12/31/2022<sup>1,3,4,5</sup> | 4995804 |
| 7000000 | iCIMS, Inc.<br> First Lien Term Loan, 11.519% (3-Month USD Sofr+675 basis points), 8/18/2028<sup>3,4</sup> | 6883940 |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $2000000 | Polaris Newco, LLC<br> Second Lien Term Loan, 12.735% (3-Month USD Libor+800 basis points), 6/4/2029<sup>3,4</sup> | $2016609 |
|  |  | **21895460** |
|  | **TOTAL SENIOR SECURED LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $80,098,822) | **79809409** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PREFERRED STOCKS — 2.4%** |  |
|  | **HEALTH CARE — 0.5%** |  |
| 3260 | nThrive, Inc., Series A-2 Preferred, 11.000% PIK<sup>1,3,7</sup> | 3152305 |
| 2500 | Propharma, LLC<br> Jayhawk Intermediate LLC, Series B Preferred, 13.000% PIK<sup>3,7,8</sup> | 2425720 |
|  |  | **5578025** |
|  | **INDUSTRIALS — 1.0%** |  |
| 2500 | Atomic Transport, LLC<br>Atomic Blocker, LLC, Class A Preferred, 8.500% PIK<sup>1,3,7,9</sup> | 2500000 |
| 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atomic Blocker, LLC, Class A-2 Preferred, 13.560% PIK<sup>1,3,7,9</sup> | 857500 |
| 3750000 | FSG Acquisition, LLC, - Senior Preferred, 12.250% PIK<sup>3,7</sup> | 3657899 |
| 108305 | Pollen, Inc. Series H1 Preferred, 6.560% PIK<sup>1,3,7</sup> | 3215177 |
| 64983 | Pollen, Inc. Series H2 Preferred, 6.040% PIK<sup>1,3,7</sup> | 1784772 |
|  |  | **12015348** |
|  | **TECHNOLOGY — 0.9%** |  |
| 5000 | GS Holder, Inc. Preferred, 16.320% PIK<sup>1,3,7</sup> | 4850000 |
| 3500 | Mandolin Technology Intermediate Holdings, Inc. - Series A Preferred, 10.500% PIK<sup>1,3,7</sup> | 3408507 |
| 3000 | Riskonnect Parent, LLC - Series B Preferred, 12.607% PIK<sup>3,7</sup> | 2940000 |
|  |  | **11198507** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,284,988) | **28791880** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 0.5%** |  |
|  | Barings Middle Market CLO Ltd. 2017-I |  |
| $2000000 | &nbsp;&nbsp;&nbsp;12.903% (3-Month USD Libor+866 basis points), 1/20/2034<sup>3,4,10,11</sup> | 1799707 |
| 2905983 | &nbsp;&nbsp;&nbsp;16.000%, 1/20/2034<sup>\*,3,10,11,12</sup> | 2052937 |
|  | TCP Whitney CLO Ltd. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;12.835% (3-Month USD Libor+816 basis points), 8/20/2033<sup>1,3,4,10,11</sup> | 2253719 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,821,929) | **6106363** |

---

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 0.2%** |  |
|  | **FINANCIALS — 0.1%** |  |
| 100466 | Barings BDC, Inc.<sup>1</sup> | $**818798** |
|  | **INDUSTRIALS — 0.1%** |  |
| 2188 | Atomic Transport, LLC<br> Atomic Blocker, LLC, Class W Common<sup>1,3,9</sup> | 1248057 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,709,262) | **2066855** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SUBORDINATED DEBT — 0.2%** |  |
|  | **FINANCIALS — 0.2%** |  |
| $2000000 | OTR Midco, LLC, 12.000%, 5/12/2026<sup>1,3</sup> | 1996643 |
|  | **TOTAL SUBORDINATED DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,000,000) | **1996643** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **WARRANTS — 0.1%** |  |
|  | **ENERGY — 0.0%** |  |
| 1 | Service Compression, LLC - Series A-17 Warrants<sup>1,3</sup> | **—** |
|  | **HEALTH CARE — 0.1%** |  |
| 260087 | ADMA Bilogics, Inc.<sup>3</sup> | 777233 |
| 43860 | Xerix Biopharma Holdings, Inc.<sup>3</sup> | 56793 |
|  |  | **834026** |
|  | **TECHNOLOGY — 0.0%** |  |
| 3246 | Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.)<sup>1,3,5</sup> | 153844 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $172,839) | **987870** |
|  | **SHORT-TERM INVESTMENTS — 3.3%** |  |
| 39677056 | State Street Institutional U.S. Government Money Market Fund, 4.04%<sup>1,13</sup> | 39677056 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,677,056) | **39677056** |
|  | **TOTAL INVESTMENTS — 100.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,135,624,631) | **1186428661** |
|  | Liabilities Less Other Assets — (0.7)% | (8794506) |
|  | **NET ASSETS — 100.0%** | $**1177634155** |

---

LP – Limited Partnership

LLC – Limited Liability Company

US – United States

BDC – Business Development Company

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2022 (Unaudited)**

Libor – London Interbank Offered Rate

Sofr – Secured Overnight Financiang Rate

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

<sup>1</sup> As of December 31, 2022 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 $1,014,814,720 as of December 31, 2022. See Note 2, subsection Borrowing, Use of Leverage of the Notes to Consolidated Schedule of Investments for additional information.

<sup>2</sup> Investment valued using net asset value per share as practical expedient.

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

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

<sup>5</sup> This investment was made through a participation. Please see Note 2 for a description of loan participations.

<sup>6</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. See Note 2 for additional information.

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

<sup>8</sup> Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

<sup>9</sup> Atomic Blocker, LLC holds Class A Preferred Units and Class W Common Units in Atomic Holdings, LLC, which is the holding company that owns Atomic Transport, LLC.

<sup>10</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $6,106,363, which represents 0.5% of total net assets of the Fund.

<sup>11</sup> Callable.

<sup>12</sup> Variable rate security. Rate shown is the rate in effect as of period end.

<sup>13</sup> The rate is the annualized seven-day yield at period end.

**Cliffwater Enhanced Lending Fund**

**Consolidated Schedule of Forward Foreign Currency Exchange Contracts**

**As of December 31, 2022 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Sold** | **Counterparty** | **Currency Purchased** | **Settlement Date** | **Currency Amount Sold** | **Value at Opening Date of Contract** | **Value at December 31, 2022** | **Unrealized Appreciation (Depreciation)** |
| Euro | State Street | USD | March 31, 2023 | (5054020) | $(5427411) | $(5441566) | $(14155) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  |  | $**(5427411)** | $**(5441566)** | $**(14155)** |

---

USD – U.S. Dollar

*See accompanying Notes to Consolidated Schedule of Investments.*

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

---

| | | |
|:---|:---|:---|
| **Security** | **First<br> Acquisition<br> Date** | **Cost** |
| 17Capital Co. Investment Fund V-L LP | 9/23/2021 | 5599804 |
| AG Essential Housing Fund II Holdings, LP | 3/23/2022 | 4500000 |
| Ares Commercial Finance, LP | 6/30/2021 | 15404552 |
| Ares Private Credit Solutions (Cayman), LP | 12/29/2022 | 22132916 |
| Ares Special Opportunities Fund II (Offshore), LP | 11/7/2022 | 11098555 |
| Atalaya Digithouse Opportunity Fund, LLC | 12/14/2021 | 2211287 |
| Atalaya A4 (Cayman), LP | 8/2/2021 | 35277580 |
| Atalaya Asset Income Fund Evergreen, LP | 2/28/2022 | 11246368 |
| Banner Ridge DSCO Fund II, LP | 10/11/2022 |  |
| Banner Ridge Secondary Fund IV (Offshore), LP | 6/30/2021 | 3754223 |
| Benefit Street Partners Real Estate Opportunistic Debt Fund, LP | 3/2/2022 | 43122177 |
| Burford Advantage Feeder Fund A, LP | 1/28/2022 | 6845900 |
| Callodine Perpetual ABL Fund, LP | 10/3/2022 | 85807692 |
| Carlyle Credit Opportunities Fund II, LP | 12/14/2021 | 8634140 |
| CCOF Sierra II, LP | 7/29/2022 | 3900000 |
| Chilly HP SCF Investor, LP | 2/9/2022 | 2970297 |
| Comvest Special Opportunities Fund, LP | 2/3/2022 | 4009710 |
| Contingency Capital Fund I-A, LP | 11/28/2022 | 13035715 |
| Crestline Specialty Lending III (U.S.), LP | 8/30/2021 | 11190645 |
| D.E. Shaw Diopter International Fund, LP | 10/20/2022 | 44499083 |
| Everberg Capital Partners II, LP | 10/11/2021 | 12994828 |
| Felicitas Diner Offshore, LP | 12/28/2022 | 2289575 |
| Felicitas Secondary Fund II Offshore, LP | 9/10/2021 | 6406269 |
| Felicitas Tactical Opportunities Fund, LP | 10/26/2022 | 39700000 |
| Franklin BSP Lending Corporation | 11/30/2021 | 1896188 |
| Harvest Partners Structured Capital Fund III, LP | 9/22/2021 | 8399348 |
| Hayfin Healthcare Opportunities Fund, LP | 6/29/2022 | 7985817 |
| Hercules Private Global Venture Growth Fund I, LP | 8/6/2021 | 101823114 |
| HPS Mint Co-Invest, LP | 5/25/2022 | 3004549 |
| HPS Specialty Loan V-L, LP | 7/30/2021 | 18534966 |
| Linden Structured Capital Fund-A, LP | 6/30/2021 | 18128277 |
| Marilyn Co-Invest, LP | 1/14/2022 | 10033141 |
| Minerva Co-Invest LP | 2/11/2022 | 2944004 |
| NB Credit Opportunities II Cayman Feeder, LP | 8/31/2022 | 12318631 |
| OrbiMed RCO IV Offshore Feeder, LP | 12/30/2022 | 2500000 |
| Owl Rock First Lien Fund (Offshore), LP | 7/1/2022 | 3853056 |
| Owl Rock Technology Finance Corp. | 6/29/2022 | 10332953 |
| Owl Rock Technology Finance Corp. II | 12/30/2021 | 6096481 |
| Pathlight Capital Fund II, LP | 6/30/2021 | 33675436 |
| Pathlight Capital Evergreen Fund, LP | 12/30/2022 | 14186388 |
| Pennybacker Real Estate Credit II, LP | 5/6/2022 | 18149241 |
| Pennybacker Real Estate Credit II Pacific, LLC | 5/6/2022 | 3292621 |
| Raven Asset Based Credit Fund II, LP | 9/21/2021 | 15002471 |
| Raven Evergreen Credit Fund II, LP | 4/22/2022 | 60104530 |
| Redwood Enhanced Income Corp. | 6/30/2022 | 18494763 |
| Sculptor Real Estate Science Park Fund, LP | 5/4/2022 | 1616378 |
| Shamrock Capital Debt Opportunities Fund I, LP | 7/28/2021 | 1883737 |
| Silver Point Specialty Credit Fund II, LP | 6/30/2021 | 28732597 |
| Sixth Street Growth Partners II (B) | 8/1/2022 | 864538 |
| Sky Fund V Offshore, LP | 11/30/2022 | 31513312 |
| Stellus Private Credit BDC Feeder, LP | 1/31/2022 | 6225000 |
| Summit Partners Cred Offshort Fund II | 3/31/2022 | 6932336 |
| Thompson Rivers, LLC | 6/30/2021 | 2872891 |
| Thorofare Asset Based Lending Fund V, LP | 7/29/2022 | 30000000 |
| VPC Asset Backed Opportunistic Credit Fund, LP | 12/22/2021 | 45014055 |
| VPC Legal Finance Fund, LP | 9/29/2022 | 42493860 |
| Waccamaw River, LLC | 8/4/2021 | 11258740 |
| Total |  | 976794735 |

---

**Cliffwater Enhanced Lending Fund**

**Notes to Consolidated Schedule of Investments<br> December 31, 2022 (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 as an interval fund. Cliffwater LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund commenced operations on July 1, 2021. Simultaneous 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 Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that were, in all material respects, equivalent to those of the Fund. The Fund has, and the Predecessor Fund had, the same investment manager and portfolio managers. The proposed Plan of Reorganization was approved by the Fund's Board of Trustees (the "Board") on June 16, 2021. The tax-free reorganization was accomplished at the close of business on June 30, 2021.

The Fund's primary investment objective is to seek high current income and modest capital appreciation. 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.

**Consolidation of a Subsidiary**

On July 1, 2021, CELF SPV LLC ("CLCE SPV") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund include the accounts of CLCE SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CLCE SPV were $995,554,434, or approximately 84.54% of the Fund's total net assets.

On July 1, 2021, CELF SPV Holdings (PP) LLC ("CLCE HOLD") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund include the accounts of CLCE HOLD. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CLCE HOLD were $2,839,024, or approximately 0.24% of the Fund's total net assets and are included in the net assets of CLCE SPV.

On June 24, 2022, CELF SPV HOLDINGS 2 LLC ("CLCE HLD2") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund include the accounts of CLCE HLD2. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CLCE HLD2 were $3,896,071, or approximately 0.33% of the Fund's total net assets.

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.

**Federal Income Taxes**

The Fund intends to continue to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the "more likely than not" standard as of December 31, 2022.

CLCE SPV is a disregarded entity for income tax purposes. CLCE HOLD is a limited liability company that has elected to be taxed as a corporation and is therefore obligated to pay federal and state income tax on its taxable income. CLCE HLD2 is a limited liability company that has elected to be taxed as a corporation and is therefore obligated to pay federal and state income tax on its taxable income. Currently, the federal income tax rate for a corporation is 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.

**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 they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are "marked-to-market" daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter-parties to these forward contracts are major U.S. financial institutions. As of December 31, 2022, the Fund had one outstanding forward currency contract sold short.

**Collateralized Loan Obligations and Collateralized Debt Obligations**

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the 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. As of December 31, 2022, the Fund had the following unfunded loan commitments as noted in the consolidated Schedule of Investments with a total principal amount of $2,554,672.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Borrower** | **Type** | **Principal Amount** | **Value** |
| ADMA Bilogics, Inc. | Delayed Draw  | $714286 | $706750 |
| Alcami Corporation | Revolver  | 318004 | 306874 |
| Alcami Corporation | Revolver  | 508806 | 490998 |
| ASG II, LLC | Delayed Draw  | 320869 | 316150 |
| AVALARA, Inc. | Revolver  | 272727 | 266019 |
| Service Compression | Delayed Draw | 419980 | 403753 |
| Total |  | $2554672 | $2490544 |

---

**Reverse Repurchase Agreements**

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

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. For the period ended December 31, 2022, there was no balance outstanding.

**Borrowing, Use of Leverage**

On December 20, 2021, the Fund's wholly owned subsidiary, CELF SPV LLC ("CELF SPV"), entered into a secured revolving credit facility (the "Facility"), pursuant to a Loan and Servicing Agreement with Massachusetts Mutual Life Insurance Company as an initial lender and the administrative agent, C.M. Life Insurance Company as an initial lender and other lenders from time to time as parties thereto (the "Lenders"), the Fund, Alter Domus (US) LLC as the Collateral Custodian and other parties. As of December 31, 2022, the Facility provides for borrowings on a committed basis in an aggregate principal amount up to $200,000,000, and increased further from time to time upon mutual agreement by the Lenders and CELF SPV secured by the Fund's equity interest in CELF SPV and by CELF SPV's assets. The Facility matures on December 20, 2029. In connection with the Facility, CELF SPV has made certain customary representations and warranties and is 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 CELF SPV or the Fund; (iii) a change of control of CELF SPV; or (iv) 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.

3. Fair Value of Investments

**Fair value – Definition**

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 Net Asset Value ("NAV") as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

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

The Fund's assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund's significant accounting policies. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Net Asset Value** | **Total** |
| Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior Secured Loans | $- | $- | $79809409 | $- | $79809409 |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  | 1552037 | 1025440548 | 1026992585 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 2253719 | 3852644 |  | 6106363 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  | 28791880 |  | 28791880 |
| &nbsp;&nbsp;&nbsp;Common Stock | 818798 |  | 1248057 |  | 2066855 |
| &nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 1996643 |  | 1996643 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  | 987870 |  | 987870 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 39677056 | - | - | - | 39677056 |
| Total Investments, at fair value | $40495854 | $2253719 | $118238540 | $1025440548 | $1186428661 |
| Total Assets | $40495854 | $2253719 | $118238540 | $1025440548 | $1186428661 |
| **Liabilities** |  |  |  |  |  |
| Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| Forward Contracts | $- | $14155 | $- | $- | $14155 |
| Total Liabilities, at fair value | $- | $14155 | $- | $- | $14155 |

---

<sup>1</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.

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 period ended December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Senior <br> Secured Loans** | **Private <br> Investment <br> Vehicles** | **Collateralized <br> Loan <br> Obligations** | **Preferred <br> Stocks** | **Common Stocks** |
| Balance as of April 1, 2022 | $43398776 | $1606658 | $4346974 | $11481956 | $1213027 |
| Purchases | 114542820 |  |  | 17962087 |  |
| Sales/Paydowns | (77510154) |  |  | (443105) |  |
| Realized gains (losses) | 285132 |  |  | 1105 |  |
| Original issue discount and amendment fees | (625744) | 45000 |  |  |  |
| Accretion | 103480 |  | 30320 |  |  |
| Change in Unrealized appreciation (depreciation) | (384901) | (99621) | (795068) | (210163) | 35030 |
| Transfers In |  |  | 2524137 |  |  |
| Transfers Out | - | - | (2253719) | - | - |
| Balance as of December 31, 2022 | $79809409 | $1552037 | $3852644 | $28791880 | $1248057 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Subordinated** <br> **Debt** | **Warrants** | **Total** |
| Balance as of April 1, 2022 | $1988384 | $191968 | $64227743 |
| Purchases |  |  | 132504907 |
| Sales/Paydowns |  |  | (77953259) |
| Realized gains (losses) |  |  | 286237 |
| Original issue discount and amendment fees |  |  | (580744) |
| Accretion |  |  | 133800 |
| Change in Unrealized appreciation (depreciation) | 8259 | 795902 | (650562) |
| Transfers In |  |  | 2524137 |
| Transfers Out | - | - | (2253719) |
| Balance as of December 31, 2022 | $1996643 | $987870 | $118238540 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Cliffwater Enhanced Lending Fund

- **b. Investment Company Act file number:** 811-23630

- **c. CIK number of Registrant:** 0001842754

- **d. LEI of Registrant:** 549300GSOYHH68H7U345

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 41429920000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cliffwater Enhanced Lending Fund

- **c. LEI of Series:** 549300GSOYHH68H7U345

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1177117269.42

**Total Liabilities:** $2694231.42

**Net Assets:** $1174423038.00

**Delayed Delivery Securities:** $2178987.20

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.59%                | 0.94%                | 1.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6958.00                | $1244303.45                                |
| Month 2  | $52.49                   | $8629610.35                                |
| Month 3  | $28823.06                | $8864668.38                                |

### Schedule of Portfolio Investments

| Name                                          | Title                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| TCP Whitney CLO LTD                           | TCP Waterman Clo LLC                                                                   | CUSIP: 87240GAG6<br>LEI: 549300YFKQJL35BDIM44 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2253719.00   | 0.19%             | 2033-08-20      | Floating      | 12.84%                | Yes           | 2                  | On Loan: No      |
| AFINITI, Inc. TERM LOAN   /                   | AFINITI, Inc. TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2228392 | PA      | $2142980.81   | 0.18%             | 2024-06-13      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| AFINITI, Inc. WARRANT 6/13/24   /             | AFINITI, Inc. WARRANT 6/13/24   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      3246 | NC      | $153844.17    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| AG ESSENTIAL HOUSING FUND II HOLDINGS LP   /  | AG ESSENTIAL HOUSING FUND II HOLDINGS LP   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4855648.00   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES COMMERCIAL FINANCE LP   /                | ARES COMMERCIAL FINANCE LP   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $17862724.94  | 1.52%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES PRIVATE CREDIT SOLUTIONS CAYMAN LP   /   | ARES PRIVATE CREDIT SOLUTIONS CAYMAN LP   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $27095773.76  | 2.31%             |  |  |  | No            | N/A                | On Loan: No      |
| ARES SPECIAL OPPORTU FUND II LP   /           | ARES SPECIAL OPPORTU FUND II LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10569860.43  | 0.90%             |  |  |  | No            | N/A                | On Loan: No      |
| CHILLY HP SCF INVEST LP   /                   | CHILLY HP SCF INVEST LP   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3226892.03   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| CONTIGENCY CAPITAL FUND I-A LP   /            | CONTIGENCY CAPITAL FUND I-A LP   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14372457.17  | 1.22%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESTLINE SPECIALTY3 LENDING LP   /           | CRESTLINE SPECIALTY3 LENDING LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $11482916.47  | 0.98%             |  |  |  | No            | N/A                | On Loan: No      |
| CCOF SIERRA II LP FUND LP   /                 | CCOF SIERRA II LP FUND LP   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4059583.83   | 0.35%             |  |  |  | No            | N/A                | On Loan: No      |
| EVERBERG CAPITAL PAR FUND V-L LP   /          | EVERBERG CAPITAL PAR FUND V-L LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $13413421.29  | 1.14%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS DINER OFFSHORE LP   /               | FELICITAS DINER OFFSHORE LP   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2311916.77   | 0.20%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS SECONDARY FUND II LP   /            | FELICITAS SECONDARY FUND II LP   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8801621.78   | 0.75%             |  |  |  | No            | N/A                | On Loan: No      |
| FELICITAS TACTICAL O FUND LP   /              | FELICITAS TACTICAL O FUND LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $43086660.25  | 3.67%             |  |  |  | No            | N/A                | On Loan: No      |
| FSG ACQUISITIONS PREFERRED UNITS   /          | FSG ACQUISITIONS PREFERRED UNITS   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3750000 | NS      | $3896070.88   | 0.33%             |  |  |  | No            | N/A                | On Loan: No      |
| GS HOLDER, Inc. PREFERRED SHARES   /          | GS HOLDER, Inc. PREFERRED SHARES   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      5000 | NS      | $4870121.32   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| State Street Institutional US                 | State Street Institutional U.S. Government Money Market Fund - Class Premier U.S.D INC | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  12253161 | PA      | $12253161.49  | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| HARVEST PARTNERS FUND V-L LP   /              | HARVEST PARTNERS FUND V-L LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8992731.33   | 0.77%             |  |  |  | No            | N/A                | On Loan: No      |
| HAYFIN HEALTHCARE OP INVEST LP   /            | HAYFIN HEALTHCARE OP INVEST LP   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8869749.60   | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| HERCULES PRIVATE GLO FUND V-L LP   /          | HERCULES PRIVATE GLO FUND V-L LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $102694618.38 | 8.74%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS SPECIALITY LOAN FUND V-L LP   /           | HPS SPECIALITY LOAN FUND V-L LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18218228.44  | 1.55%             |  |  |  | No            | N/A                | On Loan: No      |
| HUDSONS BAY TERM LOAN   /                     | HUDSONS BAY TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4779301 | PA      | $4644547.96   | 0.40%             | 2026-09-30      | Variable      | 11.08%                | No            | 3                  | On Loan: No      |
| LINDEN STRUCTURED CAPITAL FUND LP   /         | LINDEN STRUCTURED CAPITAL FUND LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $22067036.52  | 1.88%             |  |  |  | No            | N/A                | On Loan: No      |
| MANDOLIN TECHNOLOGY SERIES A PREF STOCK   /   | MANDOLIN TECHNOLOGY SERIES A PREF STOCK   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $3908937.62   | 0.33%             |  |  |  | No            | 3                  | On Loan: No      |
| Barings Middle Market CLO Ltd.                | Barings Middle Market CLO Ltd. 2017-I                                                  | CUSIP: 06760QAG4<br>LEI: 5493004WD20MH5XRMR98 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1799707.04   | 0.15%             | 2034-01-20      | Floating      | 12.90%                | Yes           | 3                  | On Loan: No      |
| Barings Middle Market CLO Ltd.                | Barings Middle Market CLO Ltd. 2017-I                                                  | CUSIP: 06760QAJ8<br>LEI: 5493004WD20MH5XRMR98 | Long             | ABS-CBDO         | CORP              | KY        |   2905983 | PA      | $2052936.85   | 0.17%             | 2034-01-20      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| MARILYN Co.-INVEST LP    /                    | MARILYN Co.-INVEST LP    /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $11341561.00  | 0.97%             |  |  |  | No            | N/A                | On Loan: No      |
| NB CREDIT OPPROTUNIT II CAYMAN FEEDER   /     | NB CREDIT OPPROTUNIT II CAYMAN FEEDER   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14290711.04  | 1.22%             |  |  |  | No            | N/A                | On Loan: No      |
| 17CAPITAL Co.-INVEST FUND V-L LP   /          | 17CAPITAL Co.-INVEST FUND V-L LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |         1 | NS      | $5466290.10   | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| ADMA BILOGICS, Inc. DELAY DRAW   /            | ADMA BILOGICS, Inc. DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    714286 | PA      | $706750.83    | 0.06%             | 2027-03-23      | Fixed         | 10.75%                | No            | 3                  | On Loan: No      |
| NORTH HAVEN GOLDFINC TERM LOAN CELF   /       | NORTH HAVEN GOLDFINC TERM LOAN CELF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1684821 | PA      | $1628577.56   | 0.14%             | 2024-12-23      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| FINTHRIVE PREFERRED STOCK   /                 | FINTHRIVE PREFERRED STOCK   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3260 | NS      | $3575138.97   | 0.30%             |  |  |  | No            | 3                  | On Loan: No      |
| ORBIMED RCO IV OFF FEEDER LP   /              | ORBIMED RCO IV OFF FEEDER LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2500000.00   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| OTR MIDCO LLC SUBORDINATED NOTE   /           | OTR MIDCO LLC SUBORDINATED NOTE   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1996643.00   | 0.17%             | 2026-05-12      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| ADMA BILOGICS, Inc. TERM LOAN   /             | ADMA BILOGICS, Inc. TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4421364 | PA      | $4388563.05   | 0.37%             | 2027-03-23      | Variable      | 12.63%                | No            | 3                  | On Loan: No      |
| ADMA BIOLOGICS WARRANTS   /                   | ADMA BIOLOGICS WARRANTS   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    260087 | NC      | $777232.78    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| OWL ROCK TECH FIN Co.    /                    | OWL ROCK TECH FIN Co.    /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    683646 | NS      | $11672910.08  | 0.99%             |  |  |  | No            | N/A                | On Loan: No      |
| OWL ROCK TECHNOLOGY FINANCE Corp. II   /      | OWL ROCK TECHNOLOGY FINANCE Corp. II   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    423461 | NS      | $6158498.96   | 0.52%             |  |  |  | No            | N/A                | On Loan: No      |
| OWL ROCK TECH HLG II MANAGEMENT STAKE   /     | OWL ROCK TECH HLG II MANAGEMENT STAKE   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1051520.00   | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| OWL ROCK FIRST LIEN PROJECT PEBBLE   /        | OWL ROCK FIRST LIEN PROJECT PEBBLE   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $4410318.51   | 0.38%             |  |  |  | No            | N/A                | On Loan: No      |
| ALCAMI Corp. DDTL 1L   /                      | ALCAMI Corp. DDTL 1L   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    318004 | PA      | $306873.77    | 0.03%             | 2028-12-21      | Fixed         | 11.42%                | No            | 3                  | On Loan: No      |
| ALCAMI Corp. REVOLVER 1L   /                  | ALCAMI Corp. REVOLVER 1L   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    508806 | PA      | $490998.04    | 0.04%             | 2028-12-21      | Fixed         | 11.42%                | No            | 3                  | On Loan: No      |
| PATHLIGHT CAPITAL EVERGREEN FUND   /          | PATHLIGHT CAPITAL EVERGREEN FUND   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $14173149.27  | 1.21%             |  |  |  | No            | N/A                | On Loan: No      |
| PATHLIGHT CAPITAL FUND II LP   /              | PATHLIGHT CAPITAL FUND II LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $34632241.21  | 2.95%             |  |  |  | No            | N/A                | On Loan: No      |
| ALCAMI Corp. TL 1L   /                        | ALCAMI Corp. TL 1L   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3816047 | PA      | $3682485.32   | 0.31%             | 2028-12-21      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS INT 2 TERM LOAN   /        | APEX SERVICE PTNRS INT 2 TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2825207 | PA      | $2730076.27   | 0.23%             | 2025-07-31      | Variable      | 12.50%                | No            | 3                  | On Loan: No      |
| PENNYBACKER REAL ESTATE CREDIT II LP   /      | PENNYBACKER REAL ESTATE CREDIT II LP   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $17827547.20  | 1.52%             |  |  |  | No            | N/A                | On Loan: No      |
| PENNYBACKER REAL ESTATE CREDIT PACIFI   /     | PENNYBACKER REAL ESTATE CREDIT PACIFI   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3750580.47   | 0.32%             |  |  |  | No            | N/A                | On Loan: No      |
| PENNEY BORROWER LLC TERM LOAN   /             | PENNEY BORROWER LLC TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4117647 | PA      | $4035093.42   | 0.34%             | 2026-12-16      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| DAVID PHELPS TERM LOAN 1ST LIEN   /           | DAVID PHELPS TERM LOAN 1ST LIEN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5000000 | PA      | $4995803.74   | 0.43%             | 2022-12-31      | Variable      | 11.14%                | No            | 3                  | On Loan: No      |
| ASG II, LLC - DDTL DELAY DRAW 1ST LIEN   /    | ASG II, LLC - DDTL DELAY DRAW 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    391304 | PA      | $385549.01    | 0.03%             | 2028-05-25      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| ASG II, LLC - TL TERM LOAN 1ST LIEN   /       | ASG II, LLC - TL TERM LOAN 1ST LIEN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2608696 | PA      | $2544363.81   | 0.22%             | 2028-05-25      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| ATALAYA DIGITHOUSE OPPORTUNITY FUND LLC   /   | ATALAYA DIGITHOUSE OPPORTUNITY FUND LLC   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2630062.49   | 0.22%             |  |  |  | No            | N/A                | On Loan: No      |
| ATALAYA CAPITAL MANAGEMENT LP   /             | ATALAYA CAPITAL MANAGEMENT LP   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $35438326.63  | 3.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Pollen,, Inc. SeriesH1 Preferred Stock   /    | Pollen,, Inc. SeriesH1 Preferred Stock   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    108305 | NS      | $3463948.98   | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| Pollen,, Inc. SeriesH2 Preferred Stock   /    | Pollen,, Inc. SeriesH2 Preferred Stock   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     64983 | NS      | $1909158.48   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| PROPHARMA LLC PREFERRED EQUITY   /            | PROPHARMA LLC PREFERRED EQUITY   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2500 | NS      | $2984199.45   | 0.25%             |  |  |  | No            | 3                  | On Loan: No      |
| RAVEN CAP MAN ELEVATE TERM LOAN   /           | RAVEN CAP MAN ELEVATE TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4487300 | PA      | $4609391.06   | 0.39%             | 2024-01-01      | Variable      | 13.78%                | No            | 3                  | On Loan: No      |
| ATALAYA ASSET INCOME EVERGREEN LP   /         | ATALAYA ASSET INCOME EVERGREEN LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10912434.14  | 0.93%             |  |  |  | No            | N/A                | On Loan: No      |
| ATOMIC BLOCKER LP   /                         | ATOMIC BLOCKER LP   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       875 | NS      | $874403.56    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| ATOMIC TRANSPORT LLC LP   /                   | ATOMIC TRANSPORT LLC LP   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2500 | NS      | $2839230.61   | 0.24%             |  |  |  | No            | N/A                | On Loan: No      |
| ATOMIC TRANSPORT LLC CL W COMMON SHARES   /   | ATOMIC TRANSPORT LLC CL W COMMON SHARES   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2188 | NS      | $1248057.08   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| RAVEN ASSET FUND II FUND V-L LP   /           | RAVEN ASSET FUND II FUND V-L LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $16069447.31  | 1.37%             |  |  |  | No            | N/A                | On Loan: No      |
| Raven Evergreen Cred FUND II LP   /           | Raven Evergreen Cred FUND II LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $64791708.02  | 5.52%             |  |  |  | No            | N/A                | On Loan: No      |
| AVALARA, Inc. VISTA REVOLVER   /              | AVALARA, Inc. VISTA REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    272727 | PA      | $266019.36    | 0.02%             | 2028-10-19      | Fixed         | 7.25%                 | No            | 3                  | On Loan: No      |
| AVALARA, Inc. VISTA TERM LOAN   /             | AVALARA, Inc. VISTA TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2727273 | PA      | $2660193.59   | 0.23%             | 2028-10-19      | Variable      | 11.83%                | No            | 3                  | On Loan: No      |
| REDWOOD ENHANCED INCOME Corp.   /             | REDWOOD ENHANCED INCOME Corp.   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $18116282.00  | 1.54%             |  |  |  | No            | N/A                | On Loan: No      |
| SCULPTOR REAL ESTATE SCIENCE PARK FUND LP   / | SCULPTOR REAL ESTATE SCIENCE PARK FUND LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1666382.75   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| SERVICE COMPRESSION, WARRANTS   /             | SERVICE COMPRESSION, WARRANTS   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $0.00         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| SERVICE COMPRESSION DELAY DRAW 1ST LIEN   /   | SERVICE COMPRESSION DELAY DRAW 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    734170 | PA      | $705803.27    | 0.06%             | 2027-05-06      | None          | 13.80%                | No            | 3                  | On Loan: No      |
| BANNER RIDGE DSCO FUND II OFFSHORE LP   /     | BANNER RIDGE DSCO FUND II OFFSHORE LP   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $298190.00    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BANNER RIDGE SECONDARY FUND IV LP   /         | BANNER RIDGE SECONDARY FUND IV LP   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6310354.00   | 0.54%             |  |  |  | No            | N/A                | On Loan: No      |
| SERVICE COMPRESSION TERM LOAN 1ST LIEN   /    | SERVICE COMPRESSION TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2297104 | PA      | $2208350.25   | 0.19%             | 2027-05-06      | Variable      | 13.80%                | No            | 3                  | On Loan: No      |
| SILVER POINT SPECIALTY CREDIT II   /          | SILVER POINT SPECIALTY CREDIT II   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $27512738.81  | 2.34%             |  |  |  | No            | N/A                | On Loan: No      |
| Barings BDC Inc                               | Barings BDC, Inc.                                                                      | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |    100466 | NS      | $818797.90    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| BUSINESS DEVELOPMENT Corp. OF AMERICA   /     | BUSINESS DEVELOPMENT Corp. OF AMERICA   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290070 | NS      | $2188244.98   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| Sixth Street Growth Partners LP   /           | Sixth Street Growth Partners LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $796883.00    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| SKY FUND V OFFSHORE LP   /                    | SKY FUND V OFFSHORE LP   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $35863830.00  | 3.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BENEFIT STREET PARTN REAL ESTATE OPP DEBT   / | BENEFIT STREET PARTN REAL ESTATE OPP DEBT   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $47529316.73  | 4.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BURDORD ADVANTAGE FEEDER FUND A LP   /        | BURDORD ADVANTAGE FEEDER FUND A LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6878786.14   | 0.59%             |  |  |  | No            | N/A                | On Loan: No      |
| STELLUS PRIVATE CRED BDC FEEDER LP   /        | STELLUS PRIVATE CRED BDC FEEDER LP   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6223707.57   | 0.53%             |  |  |  | No            | N/A                | On Loan: No      |
| THOMPSON RIVERS LLC   /                       | THOMPSON RIVERS LLC   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1971963.52   | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| CALLODINE PERPETUAL ABL FUND LP   /           | CALLODINE PERPETUAL ABL FUND LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $87108992.80  | 7.42%             |  |  |  | No            | N/A                | On Loan: No      |
| CARLYLE CREDIT OPP FUND II SCS   /            | CARLYLE CREDIT OPP FUND II SCS   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $8911179.45   | 0.76%             |  |  |  | No            | N/A                | On Loan: No      |
| THOROFARE LENDING FUND V MANAGEMENT LL   /    | THOROFARE LENDING FUND V MANAGEMENT LL   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $30735772.10  | 2.62%             |  |  |  | No            | N/A                | On Loan: No      |
| VPC ASSET BACKED OPP CREDIT FUND LP   /       | VPC ASSET BACKED OPP CREDIT FUND LP   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $46875472.09  | 3.99%             |  |  |  | No            | N/A                | On Loan: No      |
| COMVESET SPECIAL OPP FUND LP   /              | COMVESET SPECIAL OPP FUND LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $5067538.52   | 0.43%             |  |  |  | No            | N/A                | On Loan: No      |
| CRESSET ASSET MANAGE TERM LOAN 4/20/2025   /  | CRESSET ASSET MANAGE TERM LOAN 4/20/2025   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3573301 | PA      | $3528123.16   | 0.30%             | 2025-04-20      | Variable      | 12.04%                | No            | 3                  | On Loan: No      |
| VPC LEGAL FINANCE FUND   /                    | VPC LEGAL FINANCE FUND   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $43750180.37  | 3.73%             |  |  |  | No            | N/A                | On Loan: No      |
| XERIS PHARMACEUTICAL TERM LOAN 1ST LIEN   /   | XERIS PHARMACEUTICAL TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3333333 | PA      | $3247383.15   | 0.28%             | 2027-03-08      | Variable      | 12.82%                | No            | 3                  | On Loan: No      |
| D.E.SHAW DIOPTER INT FUND LP   /              | D.E.SHAW DIOPTER INT FUND LP   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $42902449.31  | 3.65%             |  |  |  | No            | N/A                | On Loan: No      |
| EURO FORWARD CONTRACT 3/31/2023   /           | EURO FORWARD CONTRACT 3/31/2023   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -5054020 | OU      | $-5441565.91  | -0.46%            |  |  |  | No            | 2                  | On Loan: No      |
| GATEWAY CASINOS&ENT TERM LOAN   /             | GATEWAY CASINOS&ENT TERM LOAN   /                                                      | CUSIP: C3604MAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    990000 | PA      | $968885.62    | 0.08%             | 2027-10-22      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| State Street Institutional US                 | State Street Institutional U.S. Government Money Market Fund - Class Premier U.S.D INC | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  41477965 | PA      | $41477965.18  | 3.53%             |  |  |  | No            | 1                  | On Loan: No      |
| HARBOR PURCHASER TERM LOAN   /                | HARBOR PURCHASER TERM LOAN   /                                                         | CUSIP: 41154UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $2925527.68   | 0.25%             | 2030-04-07      | Variable      | 12.82%                | No            | 3                  | On Loan: No      |
| HPS MINT Co.-INVEST FUND LP   /               | HPS MINT Co.-INVEST FUND LP   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3193842.02   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| ICIMS, Inc. VISTA UPSZ TERM LOAN   /          | ICIMS, Inc. VISTA UPSZ TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7000000 | PA      | $6883940.46   | 0.59%             | 2028-08-18      | Variable      | 11.52%                | No            | 3                  | On Loan: No      |
| MINERVA Co.-INVEST LP    /                    | MINERVA Co.-INVEST LP    /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3048568.65   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| NSCF FUNDING DD TERM LOAN 11/2/2025   /       | NSCF FUNDING DD TERM LOAN 11/2/2025   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44294 | PA      | $40178.93     | 0.00%             | 2025-11-02      | None          | 12.69%                | No            | 3                  | On Loan: No      |
| P20 PARENT, INC. TERM LOAN   /                | P20 PARENT, INC. TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4987500 | PA      | $4893127.22   | 0.42%             | 2028-07-12      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| RETAIL SERVICES DELAY DRAW   /                | RETAIL SERVICES DELAY DRAW   /                                                         | CUSIP: 76090DAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2868119 | PA      | $2765799.02   | 0.24%             | 2025-05-20      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| RISKCONNECT CUMULATI SERIES B PREF EQUITY   / | RISKCONNECT CUMULATI SERIES B PREF EQUITY   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3000 | NS      | $3125839.72   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| VARDIMAN BLACK HOLDI DELAYED DRAW   /         | VARDIMAN BLACK HOLDI DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2717690 | PA      | $2670172.45   | 0.23%             | 2027-03-18      | None          | 9.15%                 | No            | 3                  | On Loan: No      |
| VARDIMAN BLACK HOLDI TERM LOAN   /            | VARDIMAN BLACK HOLDI TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2255682 | PA      | $2216242.63   | 0.19%             | 2027-03-18      | Variable      | 10.84%                | No            | 3                  | On Loan: No      |
| SHAMROCK ONSHORE FUND LP   /                  | SHAMROCK ONSHORE FUND LP   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1828338.26   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| SOLERA GLBL POLARIS HOLDINGS TERM LOAN   /    | SOLERA GLBL POLARIS HOLDINGS TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $2016609.43   | 0.17%             | 2029-06-04      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| Stellus Private BDC Advisory LLC   /          | Stellus Private BDC Advisory LLC   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $500517.39    | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Summit Partners Cred Offshort Fund II   /     | Summit Partners Cred Offshort Fund II   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $7972270.18   | 0.68%             |  |  |  | No            | N/A                | On Loan: No      |
| WACCAMAW RIVER LLC LP   /                     | WACCAMAW RIVER LLC LP   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $10641636.25  | 0.91%             |  |  |  | No            | N/A                | On Loan: No      |
| XERIS BIOPHARMA HOLD WARRANTS   /             | XERIS BIOPHARMA HOLD WARRANTS   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     43860 | NC      | $56793.03     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| XERIS PHARMACEUTICAL DELAY DRAW 1ST LIEN   /  | XERIS PHARMACEUTICAL DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1666667 | PA      | $1632594.44   | 0.14%             | 2027-03-08      | Variable      | 13.81%                | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-11

**Name of Applicant:** Cliffwater Enhanced Lending Fund

**Signature:** /s/ Lance J. Johnson

**Name of Signer:** Lance J. Johnson

**Title:** Treasurer