# EDGAR Filing Document

**Accession Number:** 0001735964
**File Stem:** 0001145549-23-014030
**Filing Date:** 2023-3
**Character Count:** 845698
**Document Hash:** 49b22a2e803a230c7afc383e5575a4bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014030.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014030

**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 Corporate Lending Fund
- **CENTRAL INDEX KEY:** 0001735964
- **IRS NUMBER:** 824960854
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23333
- **FILM NUMBER:** 23691144

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

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

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

## Nport-Ex

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS — 96.2%** |  |
|  | **COMMUNICATIONS — 2.9%** |  |
| $2932500 | 1236904 B.C. Ltd.<br> First Lien Term Loan, 9.571% (1-Month USD Libor+550 basis points), 3/4/2027<sup>1,2,3,4</sup> | $2839629 |
| 24808239 | AG-Twin Brook Communication Services<br> First Lien Term Loan, 10.187% (3-Month USD Sofr+575 basis points), 10/1/2024<sup>2,3,4,5</sup> | 24683041 |
|  | Aspen Opco, LLC |  |
| 2840909 | &nbsp;&nbsp;Revolver, 0.500%, 12/1/2027<sup>2,4,6</sup> | 2795034 |
| 21988636 | &nbsp;&nbsp;First Lien Term Loan, 9.095% (3-Month USD Libor+550 basis points), 12/1/2027<sup>2,3,4</sup> | 21633562 |
| 4987437 | BrightSign<br> First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 10/14/2027<sup>2,3,4</sup> | 4889420 |
|  | CM Acquisitions Holdings Inc. |  |
| 813039 | &nbsp;&nbsp;Incremental Term Loan, 8.981% (3-Month USD Libor+600 basis points), 5/6/2025<sup>2,3,4</sup> | 792990 |
| 2607331 | &nbsp;&nbsp;First Lien Term Loan, 8.981% (3-Month USD Libor+600 basis points), 5/6/2025<sup>2,3,4</sup> | 2543034 |
| 298888 | &nbsp;&nbsp;Delayed Draw, 10.250% (3-Month USD Libor+600 basis points), 5/6/2025<sup>2,3,4</sup> | 291517 |
| GBP 1,772,638 | CSL DualCom Ltd<br> First Lien Term Loan, 8.710% (6-Month GBP Libor+550 basis points), 9/25/2027<sup>2,3,4,7</sup> | 2094385 |
| 10000000 | EP Purchaser, LLC<br> Second Lien Term Loan, 11.230% (3-Month USD Libor+650 basis points), 11/4/2029<sup>2,3,4</sup> | 9690947 |
|  | Fingerpaint Marketing, Inc. |  |
| 1310484 | &nbsp;&nbsp;Revolver, 0.500%, 12/30/2026<sup>2,4,6</sup> | 1269638 |
| 9167014 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/30/2026<sup>2,4,6</sup> | 8881290 |
| 369624 | &nbsp;&nbsp;Revolver, 10.750% (3-Month USD Libor+625 basis points), 12/30/2026<sup>2,3,4</sup> | 358103 |
| 5976716 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Libor+625 basis points), 12/30/2026<sup>2,3,4</sup> | 5790429 |
| 8078488 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+625 basis points), 12/30/2026<sup>2,3,4</sup> | 7826692 |
| 12312280 | FuseFX, LLC<br> First Lien Term Loan, 10.187% (1-Month USD Sofr+575 basis points), 10/1/2024<sup>2,3,4,5</sup> | 12250145 |
| 15000000 | HH Global Finance Limited<br> First Lien Term Loan, 8.531% (3-Month USD Libor+600 basis points), 9/24/2028<sup>2,3,4,5</sup> | 14469747 |
|  | HPS Telecommunications |  |
| 9775000 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 5/30/2025<sup>2,3,4,5</sup> | 9467394 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
| $10000000 | &nbsp;&nbsp;First Lien Term Loan, 10.740% (3-Month USD Libor+635 basis points), 7/23/2026<sup>2,3,4,5</sup> | $9991607 |
|  | Iconic Purchaser Corporation |  |
| 1230769 | &nbsp;&nbsp;Revolver, 0.500%, 11/5/2027<sup>2,4,6</sup> | 1207136 |
| 307692 | &nbsp;&nbsp;Revolver, 9.542% (3-Month USD Libor+550 basis points), 11/5/2027<sup>2,3,4</sup> | 301784 |
| 18323077 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+550 basis points), 11/5/2028<sup>2,3,4</sup> | 17951966 |
| 13350000 | KeyImpact Holdings, Inc.<br> First Lien Term Loan, 9.028% (3-Month USD Libor+475 basis points), 6/21/2026<sup>2,3,4</sup> | 13101002 |
| 2000000 | Lifesize<br> Second Lien Term Loan, 10.807% (3-Month USD Libor+800 basis points), 3/2/2026<sup>2,3,4</sup> | 621000 |
|  | MBS Holdings, Inc. |  |
| 1271187 | &nbsp;&nbsp;Revolver, 0.500%, 4/6/2027<sup>2,4,6</sup> | 1241112 |
| 13557203 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 4/6/2027<sup>2,3,4</sup> | 13236461 |
| 12275823 | MBS Services Holdings, LLC<br> First Lien Term Loan, 13.031% (3-Month USD Libor+700 basis points), 2/26/2026<sup>2,3,4</sup> | 12030306 |
|  | Mc Group Ventures Corporation |  |
| 1634615 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/30/2027<sup>2,4,6</sup> | 1607401 |
| 15192308 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (3-Month USD Libor+550 basis points), 6/30/2027<sup>2,3,4</sup> | 14939374 |
| 7929808 | &nbsp;&nbsp;Delayed Draw, 9.884% (3-Month USD Libor+550 basis points), 6/30/2027<sup>2,3,4</sup> | 7797786 |
|  | OneCare Media, LLC |  |
| 1333333 | &nbsp;&nbsp;Revolver, 0.500%, 9/29/2026<sup>2,4,6</sup> | 1313805 |
| 9634144 | &nbsp;&nbsp;First Lien Term Loan, 10.884% (3-Month USD Libor+650 basis points), 9/29/2026<sup>2,3,4</sup> | 9493042 |
| AUD 2,800,000 | Permaconn TopCo Pty, Ltd.<br> First Lien Term Loan, 9.116% (3-Month AUD BBSY+650 basis points), 12/8/2027<sup>2,3,4,7</sup> | 1845946 |
|  | Royal Buyer, LLC |  |
| 191667 | &nbsp;&nbsp;Revolver, 0.500%, 8/31/2028<sup>2,4,6</sup> | 187833 |
| 500000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/31/2028<sup>2,4,6</sup> | 495000 |
| 58333 | &nbsp;&nbsp;Revolver, 10.399% (3-Month USD Sofr+600 basis points), 8/31/2028<sup>2,3,4</sup> | 57167 |
| 2500000 | &nbsp;&nbsp;First Lien Term Loan, 10.399% (3-Month USD Sofr+600 basis points), 8/31/2028<sup>2,3,4</sup> | 2450000 |
| 12000000 | TA TT Buyer<br> First Lien Term Loan, 8.981% (3-Month USD Sofr+525 basis points), 4/1/2029<sup>2,3,4</sup> | 11693948 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
|  | Trunk Acquisition, Inc. |  |
| $2500000 | &nbsp;&nbsp;Revolver, 0.500%, 2/19/2026<sup>2,4,6</sup> | $2497181 |
| 1193049 | &nbsp;&nbsp;Revolver, 0.500%, 2/19/2026<sup>2,4,5,6</sup> | 1191704 |
| 22331250 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+600 basis points), 2/19/2027<sup>2,3,4</sup> | 22306073 |
| 7476994 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 2/19/2027<sup>2,3,4,5</sup> | 7468564 |
|  |  | **287594195** |
|  | **CONSUMER DISCRETIONARY — 8.2%** |  |
|  | A1 Garage Merger Sub, LLC |  |
| 1515152 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2028<sup>2,4,6</sup> | 1469697 |
| 3439394 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/22/2028<sup>2,4,6</sup> | 3378861 |
| 727273 | &nbsp;&nbsp;Delayed Draw, 11.124% (3-Month USD Sofr+650 basis points), 12/22/2028<sup>2,3,4</sup> | 714473 |
| 9318182 | &nbsp;&nbsp;First Lien Term Loan, 11.124% (3-Month USD Sofr+650 basis points), 12/22/2028<sup>2,3,4</sup> | 9038636 |
|  | ADS Buyer, Inc. |  |
| 11614412 | &nbsp;&nbsp;First Lien Term Loan, 8.953% (3-Month USD Sofr+525 basis points), 12/31/2026<sup>2,3,4</sup> | 11426862 |
| 6479113 | &nbsp;&nbsp;First Lien Term Loan, 8.759% (3-Month USD Sofr+525 basis points), 12/30/2027<sup>2,3,4</sup> | 6374488 |
|  | AG-Twin Brook Consumer Discretionary |  |
| 24714892 | &nbsp;&nbsp;First Lien Term Loan, 11.160% (3-Month USD Sofr+675 basis points), 2/14/2024<sup>2,3,4,5</sup> | 24352917 |
| 9825006 | &nbsp;&nbsp;First Lien Term Loan, 11.092% (3-Month USD Sofr+625 basis points), 4/22/2026<sup>2,3,4,5</sup> | 9810789 |
| 19839884 | &nbsp;&nbsp;First Lien Term Loan, 11.092% (3-Month USD Sofr+625 basis points), 4/22/2026<sup>2,3,4,5</sup> | 19811176 |
| 14887500 | &nbsp;&nbsp;First Lien Term Loan, 10.342% (3-Month USD Sofr+575 basis points), 11/30/2026<sup>2,3,4,5</sup> | 14838822 |
| 23886833 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (1-Month USD Libor+575 basis points), 12/14/2027<sup>2,3,4,5</sup> | 23655897 |
|  | Archimede |  |
| EUR 4,500,000 | &nbsp;&nbsp;First Lien Term Loan, 7.452% (3-Month EUR Libor+525 basis points), 10/17/2027<sup>2,3,4,7</sup> | 4688523 |
| EUR 4,000,000 | &nbsp;&nbsp;First Lien Term Loan, 7.452% (6-Month EUR Libor+525 basis points), 10/17/2027<sup>2,3,4,7</sup> | 4167576 |
| EUR 1,500,000 | &nbsp;&nbsp;Delayed Draw, 7.452% (3-Month EUR Libor+525 basis points), 10/27/2027<sup>2,3,4,7</sup> | 1562841 |
| EUR 2,500,000 | &nbsp;&nbsp;First Lien Term Loan, 7.452% (3-Month EUR Libor+525 basis points), 10/27/2027<sup>2,3,4,7</sup> | 2604735 |
| EUR 4,200,000 | &nbsp;&nbsp;First Lien Term Loan, 7.452% (6-Month EUR Libor+525 basis points), 10/27/2027<sup>2,3,4,7</sup> | 4375955 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| EUR 1,100,000 | &nbsp;&nbsp;First Lien Term Loan, 7.452% (6-Month EUR Libor+525 basis points), 10/27/2027<sup>2,3,4,7</sup> | $1146083 |
| $10821012 | Astro Acquisition, LLC<br> First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 9/15/2028<sup>2,3,4,5</sup> | 8804170 |
|  | Auveco Holdings, Inc. |  |
| 986842 | &nbsp;&nbsp;Revolver, 0.500%, 5/5/2028<sup>2,4,6</sup> | 958554 |
| 1973684 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/5/2028<sup>2,4,6</sup> | 1917108 |
| 328947 | &nbsp;&nbsp;Revolver, 9.834% (3-Month USD Sofr+575 basis points), 5/5/2028<sup>2,3,4</sup> | 319518 |
| 9187500 | &nbsp;&nbsp;First Lien Term Loan, 9.834% (3-Month USD Sofr+575 basis points), 5/5/2028<sup>2,3,4</sup> | 8924138 |
|  | Bendon |  |
| 1800000 | &nbsp;&nbsp;Revolver, 0.750%, 12/11/2025<sup>2,4,6</sup> | 1728575 |
| 12277190 | &nbsp;&nbsp;First Lien Term Loan, 11.730% (3-Month USD Libor+700 basis points), 12/11/2025<sup>2,3,4</sup> | 11790026 |
| 2953969 | Chop't Creative Salad Company LLC<br> First Lien Term Loan, 11.321% (1-Month USD Libor+725 basis points), 1/22/2024<sup>2,3,4,5</sup> | 2966247 |
|  | Club Car Wash |  |
| 2142334 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/16/2027<sup>2,4,6</sup> | 2078064 |
| 2857666 | &nbsp;&nbsp;Delayed Draw, 10.880% (3-Month USD Sofr+650 basis points), 6/16/2027<sup>2,3,4</sup> | 2771936 |
|  | COP Hometown Acquisitions, Inc. |  |
| 2009951 | &nbsp;&nbsp;Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/2027<sup>2,3,4,5</sup> | 1912080 |
| 3065132 | &nbsp;&nbsp;Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/2027<sup>2,3,4,5</sup> | 2915882 |
| 4764534 | &nbsp;&nbsp;Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/2027<sup>2,3,4,5</sup> | 4532536 |
| 3145793 | &nbsp;&nbsp;First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 7/16/2027<sup>2,3,4,5</sup> | 2992616 |
|  | Covercraft Parent II |  |
| 2225000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/20/2027<sup>2,4,6</sup> | 2127799 |
| 2775000 | &nbsp;&nbsp;Delayed Draw, 9.230% (3-Month USD Libor+450 basis points), 8/20/2027<sup>2,3,4,5</sup> | 2653772 |
|  | Denali Midco 2 LLC |  |
| 6000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/22/2027<sup>2,4,6</sup> | 5803277 |
| 1500000 | &nbsp;&nbsp;Delayed Draw, 10.923% (1-Month USD Sofr+650 basis points), 12/22/2027<sup>2,3,4</sup> | 1450819 |
| 7500000 | &nbsp;&nbsp;First Lien Term Loan, 10.923% (1-Month USD Sofr+650 basis points), 12/22/2027<sup>2,3,4</sup> | 7254096 |
|  | EAP Holdco, LLC |  |
| 2005426 | &nbsp;&nbsp;Revolver, 0.500%, 11/17/2027<sup>2,4,6</sup> | 1973042 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| $989658 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/17/2027<sup>2,4,6</sup> | $973677 |
| 401085 | &nbsp;&nbsp;Revolver, 10.226% (3-Month USD Libor+550 basis points), 11/17/2027<sup>2,3,4</sup> | 394608 |
| 913530 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 11/17/2027<sup>2,3,4</sup> | 898779 |
| 19266929 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 11/17/2027<sup>2,3,4</sup> | 18955805 |
| 15327861 | Evergreen Acqco 1 LP<br> First Lien Term Loan, 10.342% (3-Month USD Libor+550 basis points), 3/26/2028<sup>2,3,4</sup> | 14855226 |
|  | Gateway US Holdings, Inc. |  |
| 409091 | &nbsp;&nbsp;Revolver, 0.500%, 9/22/2024<sup>2,4,6</sup> | 400532 |
| 191424 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/22/2024<sup>2,4,6</sup> | 187419 |
| 6166593 | &nbsp;&nbsp;Delayed Draw, 11.230% (3-Month USD Sofr+650 basis points), 9/22/2024<sup>2,3,4</sup> | 6037577 |
| 500000 | &nbsp;&nbsp;Revolver, 11.230% (3-Month USD Sofr+650 basis points), 9/22/2024<sup>2,3,4</sup> | 489539 |
| 22556818 | &nbsp;&nbsp;First Lien Term Loan, 11.230% (3-Month USD Sofr+650 basis points), 9/22/2024<sup>2,3,4</sup> | 22084890 |
| 800000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/22/2026<sup>2,4,6</sup> | 776608 |
| 1200000 | &nbsp;&nbsp;First Lien Term Loan, 11.230% (3-Month USD Sofr+650 basis points), 9/22/2026<sup>2,3,4</sup> | 1164913 |
| 29848101 | GSM Acquisition Corp.<br> First Lien Term Loan, 9.300% (3-Month USD Sofr+500 basis points), 11/16/2026<sup>2,3,4</sup> | 29473712 |
|  | GSV Holding, LLC |  |
| 7413421 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+475 basis points), 4/3/2028<sup>2,3,4,5</sup> | 7256590 |
| 28828309 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+475 basis points), 4/3/2028<sup>2,3,4</sup> | 28218447 |
| 21106691 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/30/2028<sup>2,4,6</sup> | 20660179 |
| 17000000 | Harbor Purchaser, Inc.<br> First Lien Term Loan, 12.823% (1-Month USD Sofr+850 basis points), 4/7/2030<sup>2,3,4,5</sup> | 16577990 |
|  | HPS Consumer Discretionary |  |
| 4519661 | &nbsp;&nbsp;First Lien Term Loan, 12.730% (3-Month USD Libor+650 basis points), 10/31/2024<sup>2,3,4,5,8</sup> | 3971398 |
| 5036176 | &nbsp;&nbsp;First Lien Term Loan, 10.380% (3-Month USD Libor+600 basis points), 6/27/2025<sup>2,3,4,5</sup> | 4813303 |
| 15485592 | &nbsp;&nbsp;First Lien Term Loan, 11.134% (3-Month USD Libor+675 basis points), 7/26/2026<sup>2,3,4,5</sup> | 14893779 |
|  | HS Spa Holdings, Inc. |  |
| 303643 | &nbsp;&nbsp;Revolver, 0.500%, 6/2/2028<sup>2,4,6</sup> | 295999 |
| 7786 | &nbsp;&nbsp;Revolver, 9.479% (3-Month USD Sofr+575 basis points), 6/2/2028<sup>2,3,4</sup> | 7590 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| $2169100 | &nbsp;&nbsp;First Lien Term Loan, 10.445% (3-Month USD Sofr+575 basis points), 6/2/2029<sup>2,3,4</sup> | $2114494 |
| 7168952 | Hudson's Bay Company<br> First Lien Term Loan, 11.717% (3-Month USD Libor+733 basis points), 9/30/2026<sup>2,3,4,5</sup> | 6966822 |
| 14479152 | HY Cite Enterprises LLC<br> First Lien Term Loan, 12.487% (3-Month USD Libor+800 basis points), 11/1/2026<sup>2,3,4</sup> | 14107600 |
| 14988715 | Ingenio, LLC<br> First Lien Term Loan, 11.804% (3-Month USD Sofr+700 basis points), 8/3/2026<sup>2,3,4,5</sup> | 14559059 |
|  | Innovetive Petcare, LLC |  |
| 4220317 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/2/2026<sup>2,4,6</sup> | 4183862 |
| 9745259 | &nbsp;&nbsp;Delayed Draw, 9.339% (1-Month USD Libor+500 basis points), 12/2/2026<sup>2,3,4,5</sup> | 9661082 |
|  | KBP Brands, LLC |  |
| 3875488 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/26/2027<sup>2,4,6</sup> | 3657674 |
| 2205886 | &nbsp;&nbsp;Delayed Draw, 10.731% (3-Month USD Libor+525 basis points), 5/26/2027<sup>2,3,4</sup> | 2081908 |
|  | KBP Investments LLC |  |
| 3444691 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/26/2027<sup>2,4,6</sup> | 3251089 |
| 23992297 | &nbsp;&nbsp;Delayed Draw, 9.916% (3-Month USD Libor+550 basis points), 5/26/2027<sup>2,3,4,5</sup> | 22643855 |
| 14924604 | Leonard Group, Inc.<br> First Lien Term Loan, 10.842% (3-Month USD Sofr+600 basis points), 2/26/2026<sup>2,3,4</sup> | 14838612 |
|  | Mammoth Holdings, LLC |  |
| 569954 | &nbsp;&nbsp;First Lien Term Loan, 9.820% (3-Month USD Sofr+600 basis points), 10/16/2023<sup>2,3,4</sup> | 569733 |
| 1196682 | &nbsp;&nbsp;First Lien Term Loan, 9.820% (3-Month USD Sofr+600 basis points), 10/16/2023<sup>2,3,4</sup> | 1196217 |
| 958784 | &nbsp;&nbsp;First Lien Term Loan, 9.820% (3-Month USD Sofr+600 basis points), 10/16/2023<sup>2,3,4</sup> | 958412 |
| 5946989 | &nbsp;&nbsp;First Lien Term Loan, 9.820% (3-Month USD Sofr+600 basis points), 10/16/2023<sup>2,3,4</sup> | 5944680 |
|  | Margaritaville Enterprises LLC |  |
| 312500 | &nbsp;&nbsp;Revolver, 0.500%, 6/17/2027<sup>2,4,6</sup> | 304680 |
| 5108297 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/17/2027<sup>2,4,6</sup> | 4980459 |
| 10673786 | &nbsp;&nbsp;First Lien Term Loan, 9.340% (3-Month USD Sofr+475 basis points), 6/17/2027<sup>2,3,4</sup> | 10406669 |
|  | NL1 Acquire Corp. |  |
| CAD 418,104 | &nbsp;&nbsp;Revolver, 0.500%, 5/26/2026<sup>2,4,6,7</sup> | 295133 |
| CAD 911,896 | &nbsp;&nbsp;Revolver, 10.380% (3-Month CAD Libor+550 basis points), 5/26/2026<sup>2,3,4,7</sup> | 643694 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| CAD 1,930,959 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/26/2028<sup>2,4,6,7</sup> | $1363035 |
| $1182780 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/26/2028<sup>2,4,6</sup> | 1139969 |
| CAD 1,944,115 | &nbsp;&nbsp;Delayed Draw, 10.382% (3-Month CAD Libor+550 basis points), 5/26/2028<sup>2,3,4,7</sup> | 1372322 |
| 235748 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 5/26/2028<sup>2,3,4</sup> | 227215 |
| 2084250 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 5/26/2028<sup>2,3,4</sup> | 2008810 |
| CAD 9,657,750 | &nbsp;&nbsp;First Lien Term Loan, 10.382% (3-Month CAD Libor+550 basis points), 5/26/2028<sup>2,3,4,7</sup> | 6817260 |
| 29656571 | Owl Rock Consumer Discretionary<br> First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 3/26/2026<sup>2,3,4,5</sup> | 29177674 |
| 6176471 | Penney Borrower LLC<br> First Lien Term Loan, 10.805% (1-Month USD Libor+714 basis points), 12/16/2026<sup>2,3,4,5</sup> | 6052640 |
|  | Quality Automotive Services, LLC |  |
| 1477132 | &nbsp;&nbsp;Revolver, 0.500%, 7/16/2027<sup>2,4,5,6</sup> | 1427394 |
| 4868138 | &nbsp;&nbsp;First Lien Term Loan, 9.595% (3-Month USD Libor+600 basis points), 7/16/2027<sup>2,3,4,5</sup> | 4704217 |
| 3178886 | &nbsp;&nbsp;Delayed Draw, 10.325% (3-Month USD Libor+600 basis points), 7/16/2027<sup>2,3,4,5</sup> | 3071846 |
|  | Race Winning Brands, Inc. |  |
| 1305774 | &nbsp;&nbsp;Revolver, 0.500%, 11/16/2027<sup>2,4,6</sup> | 1271612 |
| 1819226 | &nbsp;&nbsp;Revolver, 9.630% (3-Month USD Libor+525 basis points), 11/16/2027<sup>2,3,4</sup> | 1771632 |
| 21710938 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+525 basis points), 11/16/2027<sup>2,3,4</sup> | 21142939 |
| 4543051 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+525 basis points), 11/16/2027<sup>2,3,4</sup> | 4424196 |
| 14096470 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+525 basis points), 11/16/2027<sup>2,3,4,5</sup> | 13586521 |
| 1944862 | RCS Consumer Discretionary<br> First Lien Term Loan, 10.710% (3-Month USD Libor+500 basis points), 6/6/2025<sup>2,3,4,5</sup> | 1908587 |
|  | RefrigiWear, LLC |  |
| 1510184 | &nbsp;&nbsp;First Lien Term Loan, 11.000% (3-Month USD Sofr+475 basis points), 11/2/2027<sup>2,3,4</sup> | 1482016 |
| 2601896 | &nbsp;&nbsp;Revolver, 0.500%, 6/4/2029<sup>2,4,6</sup> | 2553366 |
| 15580368 | &nbsp;&nbsp;First Lien Term Loan, 10.500% (3-Month USD Sofr+475 basis points), 6/4/2029<sup>2,3,4</sup> | 15289771 |
|  | Regent Holding Company, LLC |  |
| 1409774 | &nbsp;&nbsp;Revolver, 0.500%, 2/25/2026<sup>2,4,6</sup> | 1370562 |
| 1409774 | &nbsp;&nbsp;Revolver, 12.485% (1-Month USD Libor+775 basis points), 2/25/2026<sup>2,3,4</sup> | 1370562 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER DISCRETIONARY (Continued)** |  |
| $1113722 | &nbsp;&nbsp;First Lien Term Loan, 12.485% (1-Month USD Libor+775 basis points), 2/26/2026<sup>2,3,4</sup> | $1082744 |
|  | Spanx, LLC |  |
| 10806314 | &nbsp;&nbsp;Revolver, 0.500%, 11/18/2028<sup>2,4,6</sup> | 10797245 |
| 1290306 | &nbsp;&nbsp;Revolver, 9.292% (3-Month USD Libor+500 basis points), 11/18/2028<sup>2,3,4</sup> | 1289223 |
| 72208877 | &nbsp;&nbsp;First Lien Term Loan, 9.639% (3-Month USD Libor+550 basis points), 11/18/2028<sup>2,3,4</sup> | 72355436 |
|  | Spotless Brands, LLC |  |
| 250000 | &nbsp;&nbsp;Revolver, 0.500%, 6/21/2028<sup>2,4,6</sup> | 245000 |
| 2708960 | &nbsp;&nbsp;Delayed Draw, 10.9153% (3-Month USD Sofr+660 basis points), 6/21/2028<sup>2,3,4</sup> | 2681871 |
| 7619220 | &nbsp;&nbsp;First Lien Term Loan, 10.710% (3-Month USD Sofr+665 basis points), 6/21/2028<sup>2,3,4</sup> | 7466835 |
|  | Stanton Carpet Corp. |  |
| 1189468 | &nbsp;&nbsp;Revolver, 0.500%, 10/1/2026<sup>2,4,6</sup> | 1158350 |
| 304481 | &nbsp;&nbsp;First Lien Term Loan, 9.250% (3-Month USD Sofr+500 basis points), 10/1/2027<sup>2,3,4</sup> | 296515 |
| 9233795 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+500 basis points), 10/1/2027<sup>2,3,4</sup> | 8992221 |
|  | Summit Buyer, L.L.C. |  |
| 1382979 | &nbsp;&nbsp;Revolver, 0.500%, 1/14/2026<sup>2,4,6</sup> | 1348875 |
| 1898298 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/14/2026<sup>2,4,6</sup> | 1851486 |
| 3270591 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/14/2026<sup>2,4,6</sup> | 3189939 |
| 16602447 | &nbsp;&nbsp;Delayed Draw, 10.130% (3-Month USD Libor+575 basis points), 1/14/2026<sup>2,3,4</sup> | 16193034 |
| 4949538 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 1/14/2026<sup>2,3,4</sup> | 4827484 |
| 9900000 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 1/14/2026<sup>2,3,4</sup> | 9655868 |
|  | Truck-Lite Co., LLC |  |
| 9923469 | &nbsp;&nbsp;First Lien Term Loan, 11.141% (3-Month USD Sofr+625 basis points), 12/13/2026<sup>2,3,4</sup> | 9718507 |
| 218954 | &nbsp;&nbsp;First Lien Term Loan, 11.141% (3-Month USD Sofr+625 basis points), 12/13/2026<sup>2,3,4</sup> | 214432 |
| 8000000 | Woof Holdings, Inc.<br> Second Lien Term Loan, 11.604% (1-Month USD Libor+725 basis points), 12/21/2028<sup>1,2,3,4</sup> | 7392547 |
| 7481770 | Zips Car Wash, LLC<br> First Lien Term Loan, 11.200% (3-Month USD Sofr+725 basis points), 3/1/2024<sup>2,3,4</sup> | 7332135 |
|  |  | **827670773** |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER STAPLES — 1.5%** |  |
| $13882104 | BCPE North Star US Holdings Co.<br> First Lien Term Loan, 8.730% (1-Month USD Libor+400 basis points), 6/10/2028<sup>2,3,4</sup> | $12771536 |
| 3509909 | C.P. Converters, Inc.<br> First Lien Term Loan, 10.243% (3-Month USD Libor+650 basis points), 6/18/2023<sup>2,3,4</sup> | 3506963 |
| 7142857 | Harvest Hill Beverage Company<br> First Lien Term Loan, 10.423% (1-Month USD Sofr+600 basis points), 8/28/2026<sup>2,3,4</sup> | 6964286 |
| 8487400 | HPS Consumer Staples<br> First Lien Term Loan, 10.420% (3-Month USD Sofr+600 basis points), 9/1/2026<sup>2,3,4,5</sup> | 8284409 |
|  | JTM Foods, LLC |  |
| 386122 | &nbsp;&nbsp;Delayed Draw, 0.500%, 5/14/2027<sup>2,4,6</sup> | 374087 |
| 447678 | &nbsp;&nbsp;Revolver, 0.500%, 5/14/2027<sup>2,4,6</sup> | 433724 |
| 559597 | &nbsp;&nbsp;Revolver, 0.500%, 5/14/2027<sup>2,4,6</sup> | 542155 |
| 7625909 | &nbsp;&nbsp;First Lien Term Loan, 9.89% (3-Month USD Libor+525 basis points), 5/14/2027<sup>2,3,4</sup> | 7388219 |
| 671517 | &nbsp;&nbsp;Revolver, 9.890% (3-Month USD Libor+525 basis points), 5/14/2027<sup>2,3,4</sup> | 650586 |
| 772244 | &nbsp;&nbsp;Delayed Draw, 9.980% (3-Month USD Libor+525 basis points), 5/14/2027<sup>2,3,4</sup> | 748174 |
| 1354225 | &nbsp;&nbsp;First Lien Term Loan, 9.980% (3-Month USD Libor+525 basis points), 5/14/2027<sup>2,3,4</sup> | 1312015 |
|  | LJ Perimeter Buyer, Inc. |  |
| 3293977 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/31/2028<sup>2,4,6</sup> | 3244567 |
| 2215190 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/31/2028<sup>2,4,6</sup> | 2183673 |
| 11575977 | &nbsp;&nbsp;First Lien Term Loan, 10.744% (3-Month USD Sofr+650 basis points), 10/31/2028<sup>2,3,4</sup> | 11228698 |
| 7784810 | &nbsp;&nbsp;First Lien Term Loan, 10.744% (3-Month USD Sofr+650 basis points), 10/31/2028<sup>2,3,4</sup> | 7557186 |
| 24780349 | Maxor National Pharmacy Services, LLC<br> First Lien Term Loan, 9.980% (3-Month USD Libor+550 basis points), 12/6/2027<sup>2,3,4</sup> | 24415114 |
|  | Nellson Nutraceutical, Inc. |  |
| 10997512 | &nbsp;&nbsp;First Lien Term Loan, 10.171% (3-Month USD Sofr+575 basis points), 12/23/2025<sup>2,3,4</sup> | 10667586 |
| 4002488 | &nbsp;&nbsp;First Lien Term Loan, 10.171% (3-Month USD Sofr+575 basis points), 12/23/2025<sup>2,3,4</sup> | 3882413 |
|  | Purfoods, LLC |  |
| 2977031 | &nbsp;&nbsp;Delayed Draw, 10.880% (3-Month USD Libor+625 basis points), 8/12/2026<sup>2,3,4</sup> | 2973675 |
| 4410000 | &nbsp;&nbsp;First Lien Term Loan, 10.900% (3-Month USD Libor+625 basis points), 8/12/2026<sup>2,3,4</sup> | 4405028 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **CONSUMER STAPLES (Continued)** |  |
|  | RB Holdings Interco, LLC |  |
| $230847 | &nbsp;&nbsp;Revolver, 0.500%, 5/4/2028<sup>2,4,6</sup> | $222496 |
| 2770160 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/4/2028<sup>2,4,5,6</sup> | 2683818 |
| 1154233 | &nbsp;&nbsp;Revolver, 9.582% (3-Month USD Sofr+500 basis points), 5/4/2028<sup>2,3,4,5</sup> | 1112478 |
| 9210782 | &nbsp;&nbsp;First Lien Term Loan, 9.316% (3-Month USD Sofr+500 basis points), 5/4/2028<sup>2,3,4,5</sup> | 8877577 |
| 5039340 | Specialty Ingredients, LLC<br> First Lien Term Loan, 10.680% (3-Month USD Sofr+600 basis points), 2/10/2029<sup>2,3,4</sup> | 4938553 |
|  | SWK Buyer, Inc. |  |
| 736842 | &nbsp;&nbsp;Revolver, 0.500%, 3/11/2029<sup>2,4,6</sup> | 732322 |
| 3070175 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/11/2029<sup>2,4,6</sup> | 3066714 |
| 13168750 | &nbsp;&nbsp;First Lien Term Loan, 8.832% (3-Month USD Sofr+535 basis points), 3/11/2029<sup>2,3,4</sup> | 13087968 |
| 491228 | &nbsp;&nbsp;Revolver, 9.210% (3-Month USD Sofr+535 basis points), 3/11/2029<sup>2,3,4</sup> | 488215 |
| 4987437 | Woodland Foods, Inc.<br> First Lien Term Loan, 10.510% (1-Month USD Libor+550 basis points), 12/1/2027<sup>2,3,4</sup> | 4809511 |
|  |  | **153553746** |
|  | **ENERGY — 0.9%** |  |
| 3436279 | Brock Holdings III, Inc.<br> First Lien Term Loan, 12.110% (3-Month USD Sofr+600 basis points), 11/2/2025<sup>2,3,4</sup> | 3333190 |
|  | Drilling Info Holdings, Inc. |  |
| 13893130 | &nbsp;&nbsp;First Lien Term Loan, 8.884% (1-Month USD Libor+450 basis points), 7/30/2025<sup>2,3,4,5</sup> | 13529660 |
| 4783546 | &nbsp;&nbsp;Second Lien Term Loan, 12.633% (1-Month USD Libor+825 basis points), 7/30/2026<sup>2,3,4</sup> | 4706760 |
| 12660120 | Floating Infrastructure Holdings Finance LLC<br> First Lien Term Loan, 10.291% (3-Month USD Sofr+575 basis points), 8/15/2027<sup>2,3,4</sup> | 12406918 |
|  | Integrated Power Services |  |
| 2730835 | &nbsp;&nbsp;Revolver, 0.500%, 11/22/2027<sup>2,4,5,6</sup> | 2645719 |
| 5610315 | &nbsp;&nbsp;First Lien Term Loan, 8.884% (3-Month USD Libor+450 basis points), 11/22/2028<sup>2,3,4,5</sup> | 5435449 |
|  | Kene Acquisition, Inc. |  |
| 15000000 | &nbsp;&nbsp;First Lien Term Loan, 8.980% (3-Month USD Libor+425 basis points), 8/8/2026<sup>2,3,4</sup> | 14683888 |
| 10000000 | &nbsp;&nbsp;First Lien Term Loan, 8.980% (3-Month USD Libor+425 basis points), 8/8/2026<sup>2,3,4</sup> | 9789259 |
| 5706875 | &nbsp;&nbsp;First Lien Term Loan, 8.980% (3-Month USD Libor+425 basis points), 8/10/2026<sup>2,3,4,5</sup> | 5586607 |
|  | Service Compression, LLC |  |
| 2372264 | &nbsp;&nbsp;Delayed Draw, 0.500%, 5/6/2027<sup>2,4,6</sup> | 2280606 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **ENERGY (Continued)** |  |
| $1779000 | &nbsp;&nbsp;Delayed Draw, 13.803% (3-Month USD Sofr+800 basis points), 5/6/2027<sup>2,3,4,5,8</sup> | $1710264 |
| 12888261 | &nbsp;&nbsp;First Lien Term Loan, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/2027<sup>2,3,4,5,8</sup> | 12390294 |
| 65873 | &nbsp;&nbsp;First Lien Term Loan, 13.803%, (3-Month USD Sofr+800 basis points) 5/6/2027<sup>2,3,4</sup> | 63328 |
|  |  | **88561942** |
|  | **FINANCIALS — 14.6%** |  |
|  | 1364720 B.C. LTD |  |
| CAD 2,000,000 | &nbsp;&nbsp;Revolver, 0.500%, 9/9/2028<sup>2,4,6,7</sup> | 1460648 |
| CAD 5,000,000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/9/2028<sup>2,4,6,7</sup> | 3679354 |
| CAD 11,500,000 | &nbsp;&nbsp;First Lien Term Loan, 9.075% (3-Month CAD Sofr+450 basis points), 9/9/2028<sup>2,3,4,7</sup> | 8398727 |
|  | Alera Group Holdings, Inc. |  |
| 1110001 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2028<sup>2,4,6</sup> | 1087801 |
| 2200000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2028<sup>2,4,6</sup> | 2146801 |
| 24937028 | &nbsp;&nbsp;First Lien Term Loan, 10.186% (3-Month USD Sofr+600 basis points), 9/30/2028<sup>2,3,4</sup> | 24362357 |
| 24942934 | &nbsp;&nbsp;Delayed Draw, 10.423% (3-Month USD Sofr+600 basis points), 9/30/2028<sup>2,3,4</sup> | 24852369 |
| 1412729 | &nbsp;&nbsp;Delayed Draw, 10.686% (3-Month USD Sofr+650 basis points), 9/30/2028<sup>2,3,4</sup> | 1384474 |
| 1261365 | &nbsp;&nbsp;First Lien Term Loan, 10.686% (3-Month USD Sofr+650 basis points), 9/30/2028<sup>2,3,4</sup> | 1236138 |
| 2800000 | &nbsp;&nbsp;Delayed Draw, 10.686% (3-Month USD Sofr+650 basis points), 9/30/2028<sup>2,3,4</sup> | 2732292 |
| 2500000 | &nbsp;&nbsp;First Lien Term Loan, 10.686% (3-Month USD Sofr+650 basis points), 9/30/2028<sup>2,3,4</sup> | 2439546 |
|  | Amba Buyer, Inc. |  |
| 14257915 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/30/2027<sup>2,4,6</sup> | 13849208 |
| 12413297 | &nbsp;&nbsp;First Lien Term Loan, 9.830% (3-Month USD Sofr+575 basis points), 7/30/2027<sup>2,3,4</sup> | 11995315 |
|  | Amerilife Holdings LLC |  |
| 2454545 | &nbsp;&nbsp;Revolver, 0.500%, 8/31/2028<sup>2,4,6</sup> | 2365751 |
| 1636364 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/31/2029<sup>2,4,6</sup> | 1593553 |
| 19636364 | &nbsp;&nbsp;First Lien Term Loan, 10.149% (3-Month USD Sofr+575 basis points), 8/31/2029<sup>2,3,4</sup> | 18926006 |
| 3272727 | &nbsp;&nbsp;Delayed Draw, 10.149% (3-Month USD Sofr+575 basis points), 8/31/2029<sup>2,3,4</sup> | 3187107 |
| GBP 10,791,367 | Apus Bidco Limited<br> First Lien Term Loan, 7.718% (3-Month GBP Libor+550 basis points), 2/9/2028<sup>2,3,4,7</sup> | 12501872 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | AQ Sage Buyer, LLC |  |
| $13463102 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/25/2027<sup>2,4,6</sup> | $12976066 |
| 13647625 | &nbsp;&nbsp;First Lien Term Loan, 10.376% (3-Month USD Sofr+575 basis points), 1/25/2027<sup>2,3,4</sup> | 13085581 |
| 11268606 | &nbsp;&nbsp;Delayed Draw, 10.296% (3-Month USD Sofr+550 basis points), 1/25/2027<sup>2,3,4</sup> | 10860957 |
| 4404912 | &nbsp;&nbsp;Delayed Draw, 10.696% (3-Month USD Sofr+550 basis points), 1/25/2027<sup>2,3,4,5</sup> | 4245562 |
|  | AQ Sunshine, Inc. |  |
| 1200000 | &nbsp;&nbsp;Revolver, 0.500%, 4/15/2024<sup>2,4,6</sup> | 1159593 |
| 883333 | &nbsp;&nbsp;Revolver, 10.420% (2-Month USD Libor+625 basis points), 4/15/2024<sup>2,3,4</sup> | 853590 |
| 12366667 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/15/2025<sup>2,4,5,6</sup> | 11950254 |
| 22808125 | &nbsp;&nbsp;Delayed Draw, 10.420% (2-Month USD Libor+625 basis points), 4/15/2025<sup>2,3,4</sup> | 22040126 |
| 1374074 | &nbsp;&nbsp;Delayed Draw, 10.690% (3-Month USD Libor+625 basis points), 4/15/2025<sup>2,3,4,5</sup> | 1327806 |
|  | AxiomSL Group, Inc. |  |
| 731098 | &nbsp;&nbsp;Revolver, 0.500%, 12/3/2025<sup>2,4,6</sup> | 719293 |
| 713267 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/3/2027<sup>2,4,6</sup> | 701749 |
| 10917439 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+600 basis points), 12/3/2027<sup>2,3,4</sup> | 10741144 |
| EUR 130,000,000 | Castor Finance Holdings Limited First Lien Term Loan, 6.500% PIK (3-Month EUR Libor+500 basis points), 7/5/2030<sup>2,3,4,7,8</sup> | 137529100 |
|  | CC SAG Acquisition Corp. |  |
| 699301 | &nbsp;&nbsp;Revolver, 0.500%, 6/29/2027<sup>2,4,6</sup> | 672348 |
| 1356643 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/29/2028<sup>2,4,6</sup> | 1304355 |
| 3870900 | &nbsp;&nbsp;Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 6/29/2028<sup>2,3,4</sup> | 3721706 |
| 18817745 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 6/29/2028<sup>2,3,4</sup> | 18092463 |
|  | Cerity Partners, LLC |  |
| 443193 | &nbsp;&nbsp;Revolver, 0.500%, 7/28/2029<sup>2,4,6</sup> | 434926 |
| 1661972 | &nbsp;&nbsp;Delayed Draw, 10.820% (3-Month USD Sofr+575 basis points), 7/28/2029<sup>2,3,4</sup> | 1639295 |
| 5539906 | &nbsp;&nbsp;First Lien Term Loan, 11.124% (3-Month USD Sofr+575 basis points), 7/28/2029<sup>2,3,4</sup> | 5436579 |
|  | CFGI Holdings, LLC |  |
| 1751825 | &nbsp;&nbsp;Revolver, 0.500%, 11/2/2027<sup>2,4,6</sup> | 1697223 |
| 2189781 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/2/2027<sup>2,4,6</sup> | 2137974 |
| 15937956 | &nbsp;&nbsp;First Lien Term Loan, 9.384% (3-Month USD Libor+525 basis points), 11/2/2027<sup>2,3,4</sup> | 15441190 |
|  | Cherry Bekaert Advisory LLC |  |
| 1661392 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2028<sup>2,4,6</sup> | 1626246 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $2648734 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/30/2028<sup>2,4,5,6</sup> | $2612593 |
| 2098101 | &nbsp;&nbsp;Delayed Draw, 9.817% (3-Month USD Sofr+550 basis points), 6/30/2028<sup>2,3,4,5</sup> | 2069473 |
| 712025 | &nbsp;&nbsp;Revolver, 9.823% (3-Month USD Sofr+550 basis points), 6/30/2028<sup>2,3,4,5</sup> | 696962 |
| 11571598 | &nbsp;&nbsp;First Lien Term Loan, 9.823% (3-Month USD Sofr+550 basis points), 6/30/2028<sup>2,3,4,5</sup> | 11326801 |
|  | Credit Connection, LLC |  |
| 4950000 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 7/30/2026<sup>2,3,4</sup> | 4907062 |
| 4776000 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 7/30/2026<sup>2,3,4</sup> | 4734571 |
| 600000 | &nbsp;&nbsp;Revolver, 0.500%, 7/29/2027<sup>2,4,6</sup> | 594795 |
| 9091563 | Cresset Asset Management, LLC<br> First Lien Term Loan, 12.041% PIK (3-Month USD Sofr+700 basis points), 4/20/2025<sup>2,3,4,8</sup> | 8976616 |
| EUR 627,356 | Dreamstart BidCo<br> First Lien Term Loan, 7.193% (6-Month EUR Libor+600 basis points), 3/30/2027<sup>2,3,4,7</sup> | 665743 |
|  | EdgeCo Buyer, Inc. |  |
| 10000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/1/2026<sup>2,4,6</sup> | 9738766 |
| 2487500 | &nbsp;&nbsp;First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 6/1/2026<sup>2,3,4</sup> | 2422518 |
|  | EP Wealth Advisors, LLC |  |
| 12600000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/4/2026<sup>2,4,6</sup> | 12413190 |
| 5400000 | &nbsp;&nbsp;First Lien Term Loan, 10.009% (3-Month USD Sofr+575 basis points), 9/4/2026<sup>2,3,4</sup> | 5238924 |
|  | Exegy, Inc. |  |
| 1951784 | &nbsp;&nbsp;First Lien Term Loan, 8.727% (3-Month USD Libor+600 basis points), 5/17/2026<sup>2,3,4</sup> | 1903785 |
| 8882621 | &nbsp;&nbsp;First Lien Term Loan, 10.244% (3-Month USD Libor+600 basis points), 5/17/2026<sup>2,3,4</sup> | 8664179 |
|  | Galway Borrower, LLC |  |
| 127566 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2023<sup>2,4,6</sup> | 122632 |
| 2083655 | &nbsp;&nbsp;Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/2023<sup>2,3,4</sup> | 2003061 |
| 1979 | &nbsp;&nbsp;Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/2023<sup>2,3,4</sup> | 1903 |
| 694552 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2027<sup>2,4,6</sup> | 667687 |
| 814315 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2027<sup>2,4,6</sup> | 782818 |
| 879765 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2027<sup>2,4,6</sup> | 845737 |
| 293856 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2027<sup>2,4,6</sup> | 282490 |
| 261395 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2028<sup>2,4,6</sup> | 251284 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $9063899 | &nbsp;&nbsp;First Lien Term Loan, 8.921% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | $8713316 |
| 2181551 | &nbsp;&nbsp;Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | 2097171 |
| 10623421 | &nbsp;&nbsp;First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | 10212517 |
| 13865389 | &nbsp;&nbsp;First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | 13329088 |
| 617098 | &nbsp;&nbsp;Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | 593229 |
| 4089046 | &nbsp;&nbsp;First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/2028<sup>2,3,4</sup> | 3930885 |
| EUR 8,500,000 | Groupe Premium<br> First Lien Term Loan, 6.519% (Base Rate+25 basis points), 6/8/2028<sup>2,3,4,7</sup> | 9091058 |
|  | Helibron Midco B.V. |  |
| EUR 322,466 | &nbsp;&nbsp;First Lien Term Loan, 6.908% (3-Month EUR Libor+500 basis points), 9/17/2026<sup>2,3,4,7</sup> | 332865 |
| EUR 859,908 | &nbsp;&nbsp;First Lien Term Loan, 6.908% (3-Month EUR Libor+500 basis points), 9/18/2026<sup>2,3,4,7</sup> | 887637 |
| EUR 8,850,000 | &nbsp;&nbsp;First Lien Term Loan, 6.908% (3-Month EUR Libor+500 basis points), 9/18/2026<sup>2,3,4,7</sup> | 9135385 |
| EUR 4,700,000 | &nbsp;&nbsp;First Lien Term Loan, 6.908% (3-Month EUR Libor+500 basis points), 9/18/2026<sup>2,3,4,7</sup> | 4851561 |
| EUR 25,961,187 | HG Genesis 9 Sumoco Limited<br> First Lien Term Loan, 8.990% PIK (3-Month EUR Libor+700 basis points), 3/3/2027<sup>2,3,4,7,8</sup> | 27523605 |
|  | Higginbotham Insurance Agency, Inc. |  |
| 8607500 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/25/2026<sup>2,4,6</sup> | 8517222 |
| 15354735 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/25/2026<sup>2,4,6</sup> | 15193690 |
| 6361435 | &nbsp;&nbsp;Delayed Draw, 9.630% (3-Month USD Libor+550 basis points), 11/25/2026<sup>2,3,4</sup> | 6294715 |
| 11376537 | &nbsp;&nbsp;Delayed Draw, 9.639% (3-Month USD Libor+550 basis points), 11/25/2026<sup>2,3,4,5</sup> | 11257217 |
| 18158519 | &nbsp;&nbsp;First Lien Term Loan, 9.639% (3-Month USD Libor+550 basis points), 11/25/2026<sup>2,3,4,5</sup> | 17968068 |
|  | HPS Financials |  |
| 4050379 | &nbsp;&nbsp;First Lien Term Loan, 12.174% (3-Month USD Libor+850 basis points), 6/29/2023<sup>2,3,4,5</sup> | 4019011 |
| EUR 3,570,450 | &nbsp;&nbsp;First Lien Term Loan, 6.740% (3-Month EUR Libor+550 basis points), 8/3/2025<sup>2,3,4,5,7</sup> | 3818726 |
| GBP 4,517,888 | &nbsp;&nbsp;First Lien Term Loan, 8.560% (3-Month GBP Libor+550 basis points), 8/3/2025<sup>2,3,4,5,7</sup> | 5457080 |
|  | HPS Specialty Loan Fund V Feeder LP |  |
| 116250000 | &nbsp;&nbsp;First Lien Term Loan, 7.735%, 5/14/2031<sup>2,3,4,9</sup> | 116250000 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $71250000 | &nbsp;&nbsp;First Lien Term Loan, 7.735%, 5/14/2031<sup>2,4,6</sup> | $71250000 |
| EUR 3,700,000 | iM Global Partner<br> First Lien Term Loan, 5.475% (3-Month EUR Libor+525 basis points), 4/7/2028<sup>2,3,4,7</sup> | 3839144 |
|  | Integrity Marketing Acquisition, LLC |  |
| 2686356 | &nbsp;&nbsp;Revolver, 0.500%, 8/27/2025<sup>2,4,6</sup> | 2478163 |
| 7495143 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/27/2025<sup>2,4,6</sup> | 7355347 |
| 33610859 | &nbsp;&nbsp;Delayed Draw, 10.140% (3-Month USD Sofr+575 basis points), 8/27/2025<sup>2,3,4,5</sup> | 32983964 |
| 2686356 | &nbsp;&nbsp;First Lien Term Loan, 10.820% (3-Month USD Sofr+0 basis points), 8/27/2025<sup>2,3,4</sup> | 2639345 |
|  | J S Held, LLC |  |
| 8433275 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/1/2025<sup>2,4,6</sup> | 8332276 |
| 2169182 | &nbsp;&nbsp;Delayed Draw, 9.174% (6-Month USD Libor+550 basis points), 7/1/2025<sup>2,3,4,5</sup> | 2143203 |
| 8789535 | &nbsp;&nbsp;First Lien Term Loan, 9.174% (6-Month USD Libor+550 basis points), 7/1/2025<sup>2,3,4,5</sup> | 8684270 |
| 9813794 | &nbsp;&nbsp;Delayed Draw, 9.174% (6-Month USD Libor+550 basis points), 7/1/2025<sup>2,3,4,5</sup> | 9696262 |
| 45461412 | &nbsp;&nbsp;First Lien Term Loan, 9.174% (6-Month USD Libor+550 basis points), 7/1/2025<sup>2,3,4,5</sup> | 44916956 |
|  | Keystone Agency Investors |  |
| 8286504 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/3/2027<sup>2,4,6</sup> | 8118092 |
| 8975349 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Sofr+600 basis points), 5/3/2027<sup>2,3,4</sup> | 8792937 |
| 5610938 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Sofr+600 basis points), 5/3/2027<sup>2,3,4</sup> | 5496903 |
| 1667255 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Sofr+600 basis points), 5/3/2027<sup>2,3,4</sup> | 1633370 |
| 15445796 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Sofr+600 basis points), 5/3/2027<sup>2,3,4</sup> | 15131881 |
|  | KWOR Acquisition, Inc. |  |
| 1687231 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2027<sup>2,4,6</sup> | 1643090 |
| 421808 | &nbsp;&nbsp;Revolver, 11.750% (3-Month USD Libor+525 basis points), 12/22/2027<sup>2,3,4</sup> | 410772 |
| 15313231 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/22/2028<sup>2,4,5,6</sup> | 14912608 |
| 15147116 | &nbsp;&nbsp;First Lien Term Loan, 9.633% (3-Month USD Libor+525 basis points), 12/22/2028<sup>2,3,4</sup> | 14750840 |
| 14460284 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+525 basis points), 12/22/2028<sup>2,3,4,5,10</sup> | 14081976 |
| 5906489 | KWOR Intermediate I, Inc.<br> First Lien Term Loan, 10.500% PIK (3-Month USD Libor+975 basis points), 12/21/2029<sup>2,3,4,8</sup> | 5689976 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | Mclarens Midco, Inc. |  |
| $2323351 | &nbsp;&nbsp;Revolver, 0.500%, 12/19/2025<sup>2,4,5,6</sup> | $2274200 |
| 5321253 | &nbsp;&nbsp;First Lien Term Loan, 9.493% (3-Month USD Libor+575 basis points), 12/19/2025<sup>2,3,4,5</sup> | 5208682 |
| 1161675 | &nbsp;&nbsp;Revolver, 9.979% (3-Month USD Libor+575 basis points), 12/19/2025<sup>2,3,4,5</sup> | 1137100 |
|  | Oakbridge Insurance Agency LLC |  |
| 394253 | &nbsp;&nbsp;Revolver, 0.500%, 12/31/2026<sup>2,4,6</sup> | 380253 |
| 13070690 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/31/2026<sup>2,4,6</sup> | 12606560 |
| 209195 | &nbsp;&nbsp;Revolver, 10.173% (3-Month USD Sofr+575 basis points), 12/31/2026<sup>2,3,4</sup> | 201767 |
| 1801293 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (3-Month USD Sofr+575 basis points), 12/31/2026<sup>2,3,4</sup> | 1737331 |
| 1968494 | &nbsp;&nbsp;Delayed Draw, 10.515% (3-Month USD Sofr+575 basis points), 12/31/2026<sup>2,3,4</sup> | 1898595 |
|  | Patriot Growth Insurance Services, LLC |  |
| 2660377 | &nbsp;&nbsp;Revolver, 0.500%, 10/14/2028<sup>2,4,6</sup> | 2577457 |
| 1854545 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/14/2028<sup>2,4,6</sup> | 1796742 |
| 30625656 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/14/2028<sup>2,4,6</sup> | 30361119 |
| 24765299 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 10/14/2028<sup>2,3,4</sup> | 23993396 |
|  | Peter C. Foy & Associates Insurance Services, LLC |  |
| 6839286 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/1/2028<sup>2,4,6</sup> | 6801368 |
| 46628973 | &nbsp;&nbsp;Delayed Draw, 11.124% (3-Month USD Sofr+600 basis points), 11/1/2028<sup>2,3,4</sup> | 46370457 |
| 21375000 | &nbsp;&nbsp;First Lien Term Loan, 11.124% (3-Month USD Sofr+600 basis points), 11/1/2028<sup>2,3,4,10</sup> | 21134880 |
|  | Petrus Buyer, Inc. |  |
| 1923077 | &nbsp;&nbsp;Revolver, 0.500%, 10/17/2029<sup>2,4,6</sup> | 1866766 |
| 5494506 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/17/2029<sup>2,4,6</sup> | 5416095 |
| 17582418 | &nbsp;&nbsp;First Lien Term Loan, 10.699% (6-Month USD Sofr+650 basis points), 10/17/2029<sup>2,3,4</sup> | 17067574 |
| 11647556 | Regent Holding Company, LLC<br> First Lien Term Loan, 12.485% (1-Month USD Libor+775 basis points), 2/25/2026<sup>1,2,3,4,11,12</sup> | 11323581 |
|  | Riveron Acquisition Holdings, Inc. |  |
| 4503389 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 5/22/2025<sup>2,3,4</sup> | 4499610 |
| 857753 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 5/22/2025<sup>2,3,4</sup> | 857034 |
| 3442895 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 5/22/2025<sup>2,3,4</sup> | 3440006 |
|  | RSC Acquisition, Inc. |  |
| 2641633 | &nbsp;&nbsp;Delayed Draw, 9.070% (3-Month USD Sofr+550 basis points), 10/30/2026<sup>2,3,4,5</sup> | 2546071 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| $37262024 | &nbsp;&nbsp;First Lien Term Loan, 9.070% (3-Month USD Sofr+550 basis points), 10/30/2026<sup>2,3,4,5</sup> | $35914047 |
| 8410931 | &nbsp;&nbsp;First Lien Term Loan, 9.070% (3-Month USD Sofr+550 basis points), 10/30/2026<sup>2,3,4,5</sup> | 8106660 |
| 2756281 | &nbsp;&nbsp;First Lien Term Loan, 9.070% (3-Month USD Sofr+550 basis points), 10/30/2026<sup>2,3,4,5</sup> | 2656570 |
| 8690549 | &nbsp;&nbsp;Revolver, 0.500%, 11/1/2026<sup>2,4,5,6</sup> | 8376163 |
| 15691181 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Sofr+550 basis points), 11/1/2026<sup>2,3,4</sup> | 15123543 |
| 2120526 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/31/2029<sup>2,4,6</sup> | 2043815 |
| 88421 | &nbsp;&nbsp;Delayed Draw, 9.203% (3-Month USD Sofr+550 basis points), 5/31/2029<sup>2,3,4</sup> | 85222 |
|  | Spirit RR Holdings, Inc. |  |
| 100316 | &nbsp;&nbsp;Revolver, 0.500%, 9/13/2028<sup>2,4,6</sup> | 97307 |
| 1003165 | &nbsp;&nbsp;First Lien Term Loan, 10.384% (1-Month USD Sofr+650 basis points), 9/13/2028<sup>2,3,4</sup> | 973070 |
| 217352 | &nbsp;&nbsp;Delayed Draw, 11.180% (3-Month USD Sofr+650 basis points), 9/13/2028<sup>2,3,4</sup> | 214092 |
| 1500000 | StarCompliance Intermediate, LLC<br> First Lien Term Loan, 11.476% (3-Month USD Libor+675 basis points), 1/12/2027<sup>2,3,4</sup> | 1425161 |
|  | The Ultimus Group Midco, LLC |  |
| 1424528 | &nbsp;&nbsp;Revolver, 0.500%, 2/1/2024<sup>2,4,5,6</sup> | 1422922 |
| 6749000 | &nbsp;&nbsp;First Lien Term Loan, 9.230% (3-Month USD Libor+475 basis points), 2/1/2026<sup>2,3,4,5</sup> | 6741391 |
|  | THG Acquisition, LLC |  |
| 743884 | &nbsp;&nbsp;Revolver, 0.500%, 12/2/2025<sup>2,4,6</sup> | 735596 |
| 5957020 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/2/2026<sup>2,4,6</sup> | 5890652 |
| 8288557 | &nbsp;&nbsp;Delayed Draw, 9.778% (3-Month USD Libor+550 basis points), 12/2/2026<sup>2,3,4</sup> | 8196212 |
|  | Turbo Buyer, Inc. |  |
| 3000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/2/2025<sup>2,4,6</sup> | 2888769 |
| 1999333 | &nbsp;&nbsp;Delayed Draw, 11.151% (3-Month USD Libor+600 basis points), 12/2/2025<sup>2,3,4</sup> | 1925204 |
| 4974000 | &nbsp;&nbsp;Delayed Draw, 11.151% (3-Month USD Libor+600 basis points), 12/2/2025<sup>2,3,4</sup> | 4789580 |
| 4962500 | &nbsp;&nbsp;First Lien Term Loan, 11.151% (3-Month USD Libor+600 basis points), 12/2/2025<sup>2,3,4</sup> | 4778506 |
|  | Vale Insurance Services LLC |  |
| 2419355 | &nbsp;&nbsp;Revolver, 0.500%, 12/1/2027<sup>2,4,6</sup> | 2330272 |
| 22411290 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+500 basis points), 12/1/2027<sup>2,3,4</sup> | 21586085 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
|  | Wealth Enhancement Group, LLC |  |
| $439990 | &nbsp;&nbsp;Revolver, 0.500%, 10/4/2027<sup>2,4,5,6</sup> | $427378 |
| 4122568 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/4/2027<sup>2,4,6</sup> | 4014714 |
| 5208000 | &nbsp;&nbsp;Delayed Draw, 10.212% (3-Month USD Sofr+610 basis points), 10/4/2027<sup>2,3,4,5</sup> | 5058711 |
| 3702263 | &nbsp;&nbsp;Delayed Draw, 10.212% (3-Month USD Sofr+610 basis points), 10/4/2027<sup>2,3,4,5</sup> | 3605405 |
|  | World Insurance Associates, LLC |  |
| 10120000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/1/2026<sup>2,4,6</sup> | 10063894 |
| 10015101 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/1/2026<sup>2,4,6</sup> | 9702943 |
| 12295082 | &nbsp;&nbsp;Delayed Draw, 10.330% (3-Month USD Sofr+575 basis points), 4/1/2026<sup>2,3,4</sup> | 12226917 |
| 2691393 | &nbsp;&nbsp;First Lien Term Loan, 10.330% (3-Month USD Sofr+575 basis points), 4/1/2026<sup>2,3,4</sup> | 2676472 |
| 9880000 | &nbsp;&nbsp;Delayed Draw, 10.330% (3-Month USD Sofr+575 basis points), 4/1/2026<sup>2,3,4</sup> | 9825224 |
| 9777589 | &nbsp;&nbsp;Delayed Draw, 10.330% (3-Month USD Sofr+575 basis points), 4/1/2026<sup>2,3,4,5</sup> | 9472834 |
|  |  | **1473845431** |
|  | **GOVERNMENTS — 0.3%** |  |
|  | Govdelivery Holdings, LLC |  |
| 356410 | &nbsp;&nbsp;Revolver, 0.500%, 1/29/2027<sup>2,4,6</sup> | 349762 |
| 6053637 | &nbsp;&nbsp;First Lien Term Loan, 9.642% (3-Month USD Libor+650 basis points), 1/29/2027<sup>2,3,4</sup> | 5940727 |
| 8382905 | &nbsp;&nbsp;Delayed Draw, 9.674% (3-Month USD Libor+650 basis points), 1/29/2027<sup>2,3,4</sup> | 8226551 |
| 179992 | &nbsp;&nbsp;Revolver, 10.642% (3-Month USD Libor+650 basis points), 1/29/2027<sup>2,3,4</sup> | 176635 |
|  | LOC Performance Products |  |
| 3213443 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2026<sup>2,4,6</sup> | 3121819 |
| 642689 | &nbsp;&nbsp;Revolver, 9.670% (3-Month USD Libor+525 basis points), 12/22/2026<sup>2,3,4</sup> | 624364 |
| 10439062 | &nbsp;&nbsp;First Lien Term Loan, 9.673% (3-Month USD Libor+525 basis points), 12/22/2026<sup>2,3,4</sup> | 10141413 |
|  |  | **28581271** |
|  | **HEALTH CARE — 18.4%** |  |
|  | 123Dentist, Inc. |  |
| CAD 6,681,175 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/10/2029<sup>2,4,6,7</sup> | 4886248 |
| CAD 3,333,333 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/10/2029<sup>2,4,6,7</sup> | 2437818 |
| CAD 33,405,877 | &nbsp;&nbsp;First Lien Term Loan, 10.355% (1-Month CAD Libor+575 basis points), 8/10/2029<sup>2,3,4,7</sup> | 24184459 |
| CAD 16,666,667 | &nbsp;&nbsp;First Lien Term Loan, 10.355% (3-Month CAD Sofr+575 basis points), 8/10/2029<sup>2,3,4,7</sup> | 12065970 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
|  | AAH Topco, LLC |  |
| $423729 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2027<sup>2,4,6</sup> | $412643 |
| 2239038 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/22/2027<sup>2,4,6</sup> | 2197276 |
| 2125188 | &nbsp;&nbsp;Delayed Draw, 9.544% (1-Month USD Libor+550 basis points), 12/22/2027<sup>2,3,4</sup> | 2085550 |
| 4087539 | &nbsp;&nbsp;First Lien Term Loan, 9.889% (3-Month USD Libor+550 basis points), 12/22/2027<sup>2,3,4</sup> | 3980601 |
|  | ACI Group Holdings, Inc. |  |
| 2451429 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/2/2028<sup>2,4,6</sup> | 2357346 |
| 1292719 | &nbsp;&nbsp;Delayed Draw, 10.134% (3-Month USD Libor+575 basis points), 8/2/2028<sup>2,3,4</sup> | 1243106 |
| 10051339 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+550 basis points), 8/2/2028<sup>2,3,4</sup> | 9665583 |
|  | ADCS Clinics Intermediate Holdings, LLC |  |
| 5433471 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/7/2027<sup>2,4,6</sup> | 5267124 |
| 2242647 | &nbsp;&nbsp;Delayed Draw, 11.390% (3-Month USD Libor+650 basis points), 5/7/2027<sup>2,3,4</sup> | 2173987 |
| 10968595 | &nbsp;&nbsp;First Lien Term Loan, 11.428% (3-Month USD Libor+650 basis points), 5/7/2027<sup>2,3,4</sup> | 10552522 |
|  | ADMA Bilogics, Inc. |  |
| 3571429 | &nbsp;&nbsp;Delayed Draw, 1.500%, 3/23/2027<sup>2,4,5,6,8</sup> | 3533754 |
| 22060861 | &nbsp;&nbsp;First Lien Term Loan, 13.686% PIK (1-Month USD Sofr+950 basis points), 3/23/2027<sup>2,3,4,5,8</sup> | 21897196 |
|  | Advarra Holdings, Inc. |  |
| 352200 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/24/2029<sup>2,4,6</sup> | 349118 |
| 3897800 | &nbsp;&nbsp;First Lien Term Loan, 10.149% (3-Month USD Sofr+575 basis points), 8/24/2029<sup>2,3,4</sup> | 3829589 |
|  | AEC Parent Holdings, Inc. |  |
| 1123541 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/13/2029<sup>2,4,5,6</sup> | 1102585 |
| 6156749 | &nbsp;&nbsp;First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 6/13/2029<sup>2,3,4,5</sup> | 5980264 |
|  | Affinity Hospice Intermediate Holdings, LLC |  |
| 2724334 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/17/2027<sup>2,4,5,6</sup> | 2659881 |
| 11181771 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (3-Month USD Libor+475 basis points), 12/17/2027<sup>2,3,4,5</sup> | 10861242 |
|  | AG-Twin Brook Healthcare |  |
| 7570000 | &nbsp;&nbsp;Delayed Draw, 10.874% (3-Month USD Libor+650 basis points), 4/2/2024<sup>2,3,4</sup> | 7518282 |
| 12146509 | &nbsp;&nbsp;First Lien Term Loan, 11.161% (3-Month USD Libor+650 basis points), 4/2/2024<sup>2,3,4</sup> | 12063525 |
| 19544667 | &nbsp;&nbsp;First Lien Term Loan, 11.381% (3-Month USD Sofr+650 basis points), 5/16/2024<sup>2,3,4,5</sup> | 19424773 |
| 29512709 | &nbsp;&nbsp;First Lien Term Loan, 10.065% (3-Month USD Sofr+625 basis points), 7/1/2024<sup>2,3,4,5</sup> | 29346266 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $14057588 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+625 basis points), 11/27/2024<sup>2,3,4,5</sup> | $13974420 |
| 1684974 | &nbsp;&nbsp;First Lien Term Loan, 10.687% (3-Month USD Sofr+625 basis points), 7/3/2025<sup>2,3,4,5</sup> | 1677209 |
| 19848581 | &nbsp;&nbsp;First Lien Term Loan, 10.842% (3-Month USD Libor+550 basis points), 9/25/2025<sup>2,3,4,5</sup> | 19673321 |
| 6913257 | &nbsp;&nbsp;First Lien Term Loan, 10.384% (3-Month USD Libor+600 basis points), 3/5/2026<sup>2,3,4,5</sup> | 6684626 |
| 9900173 | &nbsp;&nbsp;First Lien Term Loan, 10.437% (3-Month USD Libor+525 basis points), 6/10/2026<sup>2,3,4,5</sup> | 9829908 |
| CAD 24,750,000 | &nbsp;&nbsp;First Lien Term Loan, 8.432% (3-Month CAD Libor+650 basis points), 7/23/2026<sup>2,3,4,5,7</sup> | 18036740 |
| 14887500 | &nbsp;&nbsp;First Lien Term Loan, 10.937% (3-Month USD Libor+575 basis points), 8/20/2026<sup>2,3,4,5</sup> | 14758905 |
| 24750000 | &nbsp;&nbsp;First Lien Term Loan, 10.401% (3-Month USD Libor+525 basis points), 9/22/2026<sup>2,3,4,5</sup> | 24408777 |
| 19850000 | &nbsp;&nbsp;First Lien Term Loan, 10.071% (3-Month USD Libor+600 basis points), 10/8/2026<sup>2,3,4,5</sup> | 19708390 |
| 19919707 | &nbsp;&nbsp;Delayed Draw, 11.065% (3-Month USD Libor+575 basis points), 10/29/2026<sup>2,3,4,5</sup> | 19712065 |
| 19800000 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 12/14/2026<sup>2,3,4,5</sup> | 19647630 |
| 14887500 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 12/31/2026<sup>2,3,4,5</sup> | 14668347 |
| 9930556 | &nbsp;&nbsp;Delayed Draw, 1.000%, 2/23/2027<sup>2,4,6</sup> | 9828947 |
| 2211111 | &nbsp;&nbsp;Delayed Draw, 10.842% (3-Month USD Sofr+600 basis points), 2/23/2027<sup>2,3,4</sup> | 2188487 |
| 12782986 | &nbsp;&nbsp;First Lien Term Loan, 10.842% (3-Month USD Sofr+600 basis points), 2/23/2027<sup>2,3,4</sup> | 12649859 |
|  | AHR Intermediate, Inc. |  |
| 10500000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/29/2027<sup>2,4,6</sup> | 10396963 |
| 24438750 | &nbsp;&nbsp;First Lien Term Loan, 10.187% (3-Month USD Sofr+575 basis points), 7/29/2027<sup>2,3,4</sup> | 24077023 |
|  | Alcami Corporation |  |
| 3052838 | &nbsp;&nbsp;Revolver, 0.500%, 12/21/2028<sup>2,4,6</sup> | 2945988 |
| 1908023 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/21/2028<sup>2,4,6</sup> | 1841243 |
| 22896282 | &nbsp;&nbsp;First Lien Term Loan, 11.421% (3-Month USD Sofr+710 basis points), 12/21/2028<sup>2,3,4</sup> | 22094912 |
| 5253731 | Alegeus Technologies Holding Corp.<br> First Lien Term Loan, 10.950% (3-Month USD Libor+825 basis points), 9/5/2024<sup>2,3,4</sup> | 5208351 |
| 11880000 | American Renal Associates Holdings, Inc.<br> First Lien Term Loan, 10.915% (3-Month USD Libor+625 basis points), 1/29/2027<sup>2,3,4,5</sup> | 11141932 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $7860000 | AWC-MH Acquisition<br> First Lien Term Loan, 13.080% (3-Month USD Libor+700 basis points), 10/12/2025<sup>2,3,4</sup> | $4699836 |
|  | Biocare Medical LLC |  |
| 2462963 | &nbsp;&nbsp;Revolver, 0.500%, 12/9/2027<sup>2,4,6</sup> | 2398527 |
| 22055556 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 12/9/2027<sup>2,3,4</sup> | 21478541 |
| 314815 | &nbsp;&nbsp;Revolver, 10.174% (3-Month USD Libor+575 basis points), 12/9/2027<sup>2,3,4</sup> | 306579 |
| 12064729 | Bridges Consumer Healthcare<br> First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 1/20/2027<sup>2,3,4,5</sup> | 11718890 |
| NZD 6,300,000 | Canopy Healthcare Group<br> First Lien Term Loan, 10.195% (3-Month NZD BKBM+550 basis points), 3/18/2027<sup>2,3,4,7</sup> | 3873076 |
|  | Carevet LLC |  |
| 4530505 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/1/2025<sup>2,4,6</sup> | 4418591 |
| 9900000 | &nbsp;&nbsp;Delayed Draw, 10.884% (3-Month USD Libor+650 basis points), 9/1/2025<sup>2,3,4</sup> | 9655446 |
| 7619334 | &nbsp;&nbsp;Delayed Draw, 10.884% (3-Month USD Libor+650 basis points), 9/1/2025<sup>2,3,4</sup> | 7431118 |
| 1333333 | &nbsp;&nbsp;First Lien Term Loan, 16.071% (3-Month USD Libor+1,200 basis points), 9/1/2025<sup>2,3,4</sup> | 1299061 |
| 1000000 | &nbsp;&nbsp;First Lien Term Loan, 16.383% (3-Month USD Libor+1,200 basis points), 9/1/2025<sup>2,3,4</sup> | 974296 |
| 844677 | &nbsp;&nbsp;First Lien Term Loan, 16.384% (3-Month USD Libor+1,200 basis points), 9/1/2025<sup>2,3,4</sup> | 822965 |
| 2534031 | &nbsp;&nbsp;First Lien Term Loan, 16.384% (1-Month USD Libor+1,200 basis points), 9/1/2025<sup>2,3,4</sup> | 2471434 |
|  | CNSI Holdings LLC |  |
| 1735776 | &nbsp;&nbsp;Revolver, 0.500%, 12/17/2027<sup>2,4,6</sup> | 1674771 |
| 18264224 | &nbsp;&nbsp;First Lien Term Loan, 10.586% (3-Month USD Sofr+650 basis points), 12/17/2028<sup>2,3,4</sup> | 17622312 |
| 41000000 | Color Intermediate, LLC<br> First Lien Term Loan, 10.180% (3-Month USD Sofr+400 basis points), 10/4/2029<sup>2,3,4,10</sup> | 40189816 |
|  | Community Medical Acquisition Corp. |  |
| 3683963 | &nbsp;&nbsp;Revolver, 0.500%, 12/15/2027<sup>2,4,6</sup> | 3523025 |
| 4333814 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/15/2028<sup>2,4,6</sup> | 4177035 |
| 25534367 | &nbsp;&nbsp;First Lien Term Loan, 9.519% (3-Month USD Libor+475 basis points), 12/15/2028<sup>2,3,4</sup> | 24418874 |
|  | Connect America.com, LLC |  |
| 254803 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2026<sup>2,4,6</sup> | 245458 |
| 424257 | &nbsp;&nbsp;Revolver, 11.73% (1-Month USD Libor+700 basis points), 6/30/2026<sup>2,3,4</sup> | 408697 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $7310646 | &nbsp;&nbsp;First Lien Term Loan, 12.040% (1-Month USD Libor+700 basis points), 6/30/2026<sup>2,3,4</sup> | $7042518 |
|  | CORA Health Holdings Corp. |  |
| 5169567 | &nbsp;&nbsp;Delayed Draw, 0.500%, 6/15/2027<sup>2,4,6</sup> | 4995496 |
| 269231 | &nbsp;&nbsp;Revolver, 0.500%, 6/15/2027<sup>2,4,6</sup> | 260165 |
| 500000 | &nbsp;&nbsp;Revolver, 9.282% (3-Month USD Libor+575 basis points), 6/15/2027<sup>2,3,4</sup> | 483164 |
| 231334 | &nbsp;&nbsp;Delayed Draw, 10.100% (3-Month USD Libor+575 basis points), 6/15/2027<sup>2,3,4</sup> | 223545 |
| 13656061 | &nbsp;&nbsp;First Lien Term Loan, 10.485% (3-Month USD Libor+575 basis points), 6/15/2027<sup>2,3,4</sup> | 13196232 |
|  | Covaris Intermediate 3, LLC |  |
| 789474 | &nbsp;&nbsp;Revolver, 0.500%, 1/21/2028<sup>2,4,6</sup> | 749686 |
| 5921053 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/21/2028<sup>2,4,6</sup> | 5622645 |
| 7875000 | &nbsp;&nbsp;First Lien Term Loan, 9.165% (3-Month USD Libor+525 basis points), 1/21/2028<sup>2,3,4</sup> | 7478118 |
| 394737 | &nbsp;&nbsp;Revolver, 9.665% (1-Month USD Libor+525 basis points), 1/21/2028<sup>2,3,4</sup> | 374843 |
|  | CPF Dental, LLC |  |
| 1469355 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/30/2024<sup>2,4,6</sup> | 1419879 |
| 6343247 | &nbsp;&nbsp;Delayed Draw, 13.25% (3-Month USD Libor+850 basis points), 8/30/2024<sup>2,3,4,5</sup> | 6129656 |
| 2875514 | &nbsp;&nbsp;Delayed Draw, 13.250% (3-Month USD Libor+850 basis points), 8/30/2024<sup>2,3,4,5</sup> | 2778689 |
| 5327787 | &nbsp;&nbsp;First Lien Term Loan, 13.250% (3-Month USD Libor+850 basis points), 8/30/2024<sup>2,3,4,5</sup> | 5148389 |
| 13895000 | Crossroads Holding, LLC<br> First Lien Term Loan, 8.884% (3-Month USD Libor+425 basis points), 12/23/2027<sup>2,3,4,5</sup> | 13357555 |
|  | D4C Dental Brands, Inc. |  |
| 428571 | &nbsp;&nbsp;Revolver, 0.500%, 12/30/2026<sup>2,4,6</sup> | 428212 |
| 376771 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/30/2026<sup>2,4,6</sup> | 377961 |
| 2639203 | &nbsp;&nbsp;Delayed Draw, 10.340% (3-Month USD Libor+650 basis points), 12/30/2026<sup>2,3,4</sup> | 2647536 |
| 1930724 | &nbsp;&nbsp;Delayed Draw, 10.340% (3-Month USD Libor+650 basis points), 12/30/2026<sup>2,3,4</sup> | 1936820 |
| 6491518 | &nbsp;&nbsp;First Lien Term Loan, 10.670% (3-Month USD Libor+650 basis points), 12/30/2026<sup>2,3,4</sup> | 6512014 |
| 285714 | &nbsp;&nbsp;Revolver, 10.860% (3-Month USD Libor+650 basis points), 12/30/2026<sup>2,3,4</sup> | 285475 |
|  | DCA Holdings LLC |  |
| 178732 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/12/2027<sup>2,4,6</sup> | 170487 |
| 15870696 | &nbsp;&nbsp;First Lien Term Loan, 10.38629% (3-Month USD Libor+600 basis points), 3/12/2027<sup>2,3,4,5</sup> | 15138608 |
| 3776071 | &nbsp;&nbsp;Delayed Draw, 9.980% (3-Month USD Libor+600 basis points), 3/12/2027<sup>2,3,4,5</sup> | 3601887 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
|  | Deca Dental Holdings, LLC |  |
| $148148 | &nbsp;&nbsp;Revolver, 0.500%, 8/26/2028<sup>2,4,6</sup> | $145474 |
| 3333333 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/26/2028<sup>2,4,6</sup> | 3273164 |
| 1466667 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 8/26/2028<sup>2,3,4</sup> | 1440192 |
| 962963 | &nbsp;&nbsp;Revolver, 10.480% (3-Month USD Libor+575 basis points), 8/26/2028<sup>2,3,4</sup> | 945581 |
| 13933333 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 8/26/2028<sup>2,3,4</sup> | 13681827 |
|  | Dermatopathology Laboratory Of Central States, LLC |  |
| 10377218 | &nbsp;&nbsp;First Lien Term Loan, 10.542% (1-Month USD Sofr+575 basis points), 6/1/2028<sup>2,3,4</sup> | 10079752 |
| 6918145 | &nbsp;&nbsp;First Lien Term Loan, 10.542% (1-Month USD Sofr+575 basis points), 6/1/2028<sup>2,3,4</sup> | 6719835 |
|  | DOCS MSO LLC |  |
| 967742 | &nbsp;&nbsp;Revolver, 0.500%, 6/1/2028<sup>2,4,6</sup> | 940001 |
| 645161 | &nbsp;&nbsp;Revolver, 0.500%, 6/1/2028<sup>2,4,6</sup> | 626668 |
| 3629032 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/1/2028<sup>2,4,6</sup> | 3543175 |
| 2419355 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/1/2028<sup>2,4,6</sup> | 2362117 |
|  | Emmes Blocker, Inc. |  |
| 11222326 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/7/2028<sup>2,4,5,6</sup> | 11069202 |
| 5487805 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/7/2028<sup>2,4,6</sup> | 5412926 |
| 16833490 | &nbsp;&nbsp;First Lien Term Loan, 9.519% (3-Month USD Sofr+550 basis points), 7/7/2028<sup>2,3,4,5</sup> | 16435236 |
| 8231707 | &nbsp;&nbsp;First Lien Term Loan, 9.519% (3-Month USD Sofr+550 basis points), 7/7/2028<sup>2,3,4</sup> | 8036958 |
| 10723125 | Ensemble RCM, LLC<br> First Lien Term Loan, 9.194% (3-Month USD Libor+500 basis points), 8/3/2026<sup>2,3,4</sup> | 10308365 |
|  | ERC Holdings, LLC |  |
| 544379 | &nbsp;&nbsp;Revolver, 0.500%, 11/10/2027<sup>2,4,6</sup> | 519234 |
| 2552204 | &nbsp;&nbsp;Revolver, 0.500%, 11/10/2027<sup>2,4,6</sup> | 2434319 |
| 875740 | &nbsp;&nbsp;Revolver, 10.150% (3-Month USD Libor+550 basis points), 11/10/2027<sup>2,3,4</sup> | 835290 |
| 4105720 | &nbsp;&nbsp;Revolver, 10.150% (3-Month USD Libor+550 basis points), 11/10/2027<sup>2,3,4,5</sup> | 3916079 |
| 2201183 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/10/2028<sup>2,4,6</sup> | 2099512 |
| 16260592 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 11/10/2028<sup>2,3,4</sup> | 15509525 |
| 20000000 | Finthrive Software Intermediate Holdings, Inc.<br> Second Lien Term Loan, 11.134% (3-Month USD Libor+675 basis points), 1/6/2030<sup>2,3,4</sup> | 18997409 |
|  | Fortis Life Sciences, LLC |  |
| 973913 | &nbsp;&nbsp;Revolver, 0.500%, 9/17/2027<sup>2,4,6</sup> | 953310 |
| 11106063 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/17/2027<sup>2,4,6</sup> | 10871114 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $1460870 | &nbsp;&nbsp;Revolver, 9.077% (3-Month USD Libor+475 basis points), 9/17/2027<sup>2,3,4</sup> | $1429965 |
| 14341207 | &nbsp;&nbsp;First Lien Term Loan, 10.250% (3-Month USD Libor+475 basis points), 9/17/2027<sup>2,3,4</sup> | 14037819 |
| CAD 39,934,210 | FYi Eye Care Services and Products, Inc.<br> Delayed Draw, 9.880% (3-Month CAD Libor+450 basis points), 3/4/2027<sup>2,3,4,7</sup> | 28871179 |
|  | HPS Healthcare |  |
| 9730857 | &nbsp;&nbsp;First Lien Term Loan, 10.610% (3-Month USD Libor+550 basis points), 6/27/2024<sup>2,3,4,5</sup> | 9722691 |
| 9825000 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 7/2/2025<sup>2,3,4,5</sup> | 9734488 |
|  | Integrated Oncology Network, LLC |  |
| 83957 | &nbsp;&nbsp;Revolver, 0.500%, 6/24/2024<sup>2,4,6</sup> | 83886 |
| 7459823 | &nbsp;&nbsp;First Lien Term Loan, 9.709% (3-Month USD Sofr+600 basis points), 6/24/2024<sup>2,3,4</sup> | 7453563 |
| 134701 | &nbsp;&nbsp;Revolver, 0.500%, 6/24/2025<sup>2,4,6</sup> | 134588 |
| 1114395 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/24/2025<sup>2,4,6</sup> | 1113459 |
| 748672 | &nbsp;&nbsp;Delayed Draw, 9.709% (3-Month USD Sofr+600 basis points), 6/24/2025<sup>2,3,4</sup> | 748043 |
|  | IvyRehab Intermediate II, LLC |  |
| 3837719 | &nbsp;&nbsp;Revolver, 0.500%, 4/21/2029<sup>2,4,6</sup> | 3670065 |
| 4144737 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/21/2029<sup>2,4,6</sup> | 3974046 |
| 3522067 | &nbsp;&nbsp;Delayed Draw, 8.805% (3-Month USD Sofr+485 basis points), 4/21/2029<sup>2,3,4</sup> | 3377019 |
| 23428125 | &nbsp;&nbsp;First Lien Term Loan, 8.838% (3-Month USD Sofr+485 basis points), 4/21/2029<sup>2,3,4</sup> | 22404645 |
|  | Jayhawk Buyer, LLC |  |
| 8965167 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+500 basis points), 10/15/2026<sup>2,3,4,5</sup> | 8618403 |
| 752903 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+500 basis points), 10/15/2026<sup>2,3,4,5</sup> | 723781 |
| 1100112 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+500 basis points), 10/15/2026<sup>2,3,4,5</sup> | 1057561 |
|  | Life Science Intermediate Holdings, LLC |  |
| 188281 | &nbsp;&nbsp;Revolver, 0.500%, 6/10/2027<sup>2,4,6</sup> | 185656 |
| 468376 | &nbsp;&nbsp;Revolver, 0.500%, 6/10/2027<sup>2,4,6</sup> | 461844 |
| 1067167 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/10/2027<sup>2,4,6</sup> | 1052285 |
| EUR 6,000,000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/10/2027<sup>2,4,6,7</sup> | 6333044 |
| GBP 986,000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/10/2027<sup>2,4,6,7</sup> | 1175351 |
| 442176 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/10/2027<sup>2,4,6</sup> | 436010 |
| 1864169 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/10/2027<sup>2,4,6</sup> | 1838173 |
| GBP 6,514,000 | &nbsp;&nbsp;Delayed Draw, 9.657% (1-Month GBP Sonia+623 basis points), 6/10/2027<sup>2,3,4,7</sup> | 7764944 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $5984154 | &nbsp;&nbsp;Delayed Draw, 10.424% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | $5900704 |
| 2885772 | &nbsp;&nbsp;First Lien Term Loan, 10.424% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | 2845530 |
| 820052 | &nbsp;&nbsp;Revolver, 10.424% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | 808616 |
| 329651 | &nbsp;&nbsp;Revolver, 10.424% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | 325054 |
| 4686481 | &nbsp;&nbsp;Delayed Draw, 10.518% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | 4621127 |
| 1111621 | &nbsp;&nbsp;Delayed Draw, 10.518% (3-Month USD Sofr+600 basis points), 6/10/2027<sup>2,3,4</sup> | 1096119 |
|  | MB2 Dental Solutions, LLC |  |
| 3472222 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/29/2027<sup>2,4,6</sup> | 3441282 |
| 2777778 | &nbsp;&nbsp;Delayed Draw, 10.423% (3-Month USD Sofr+600 basis points), 1/29/2027<sup>2,3,4</sup> | 2753025 |
| 653058 | &nbsp;&nbsp;Delayed Draw, 10.423% (3-Month USD Sofr+600 basis points), 1/29/2027<sup>2,3,4</sup> | 640701 |
| 1811218 | &nbsp;&nbsp;First Lien Term Loan, 10.423% (3-Month USD Sofr+600 basis points), 1/29/2027<sup>2,3,4</sup> | 1776947 |
| 14850000 | MedData<br> First Lien Term Loan, 9.384% (3-Month USD Libor+475 basis points), 10/31/2026<sup>2,3,4</sup> | 14275616 |
|  | MedMark Services, Inc. |  |
| 415961 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/11/2027<sup>2,4,6</sup> | 403025 |
| 3446509 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/11/2027<sup>2,4,6</sup> | 3339323 |
| 1572100 | &nbsp;&nbsp;Delayed Draw, 9.071% (3-Month USD Libor+500 basis points), 6/11/2027<sup>2,3,4</sup> | 1523208 |
| 7900000 | &nbsp;&nbsp;First Lien Term Loan, 9.071% (3-Month USD Libor+500 basis points), 6/11/2027<sup>2,3,4</sup> | 7654310 |
| 4528363 | &nbsp;&nbsp;Delayed Draw, 9.730% (3-Month USD Libor+500 basis points), 6/11/2027<sup>2,3,4</sup> | 4387531 |
|  | MN Acquisition, Inc. |  |
| 2500000 | &nbsp;&nbsp;Revolver, 0.500%, 8/25/2028<sup>2,4,6</sup> | 2409561 |
| 22500000 | &nbsp;&nbsp;First Lien Term Loan, 9.922% (1-Month USD Sofr+550 basis points), 8/25/2028<sup>2,3,4</sup> | 21686049 |
|  | Myorthos Management, LLC |  |
| 9017609 | &nbsp;&nbsp;Delayed Draw, 9.545% (3-Month USD Sofr+550 basis points), 11/1/2027<sup>2,3,4,5</sup> | 8623666 |
| 4881385 | &nbsp;&nbsp;First Lien Term Loan, 9.581% (3-Month USD Sofr+550 basis points), 11/1/2027<sup>2,3,4,5</sup> | 4668137 |
|  | National Dentex Labs LLC |  |
| 16782 | &nbsp;&nbsp;Revolver, 0.500%, 10/23/2025<sup>2,4,6</sup> | 16420 |
| 390805 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/23/2025<sup>2,4,6</sup> | 382361 |
| 902759 | &nbsp;&nbsp;Revolver, 11.730% (3-Month USD Libor+700 basis points), 10/23/2025<sup>2,3,4</sup> | 883299 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $2943695 | &nbsp;&nbsp;Delayed Draw, 12.730% (3-Month USD Libor+700 basis points), 10/23/2025<sup>2,3,4</sup> | $2880095 |
| 6891092 | &nbsp;&nbsp;First Lien Term Loan, 12.730% (3-Month USD Libor+700 basis points), 10/23/2025<sup>2,3,4</sup> | 6742551 |
| 523431 | &nbsp;&nbsp;Delayed Draw, 12.730% (3-Month USD Libor+700 basis points), 10/23/2025<sup>2,3,4</sup> | 512122 |
|  | Novotech (Australia) Pty Limited |  |
| 3125000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/14/2028<sup>2,4,6</sup> | 3000321 |
| 16437500 | &nbsp;&nbsp;First Lien Term Loan, 10.238% (1-Month USD Sofr+575 basis points), 1/14/2028<sup>2,3,4</sup> | 15781690 |
| AUD 18,543,750 | &nbsp;&nbsp;Delayed Draw, 8.831% (6-Month AUD Sofr+525 basis points), 1/14/2028<sup>2,3,4,7</sup> | 12118422 |
|  | OB Hospitalist Group |  |
| 1122137 | &nbsp;&nbsp;Revolver, 0.500%, 9/27/2027<sup>2,4,6</sup> | 1099188 |
| 595420 | &nbsp;&nbsp;Revolver, 10.226% (3-Month USD Libor+550 basis points), 9/27/2027<sup>2,3,4</sup> | 583243 |
| 13149618 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 9/27/2027<sup>2,3,4</sup> | 12880694 |
| 24937028 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 9/27/2027<sup>2,3,4</sup> | 24427038 |
| 6982456 | Office Ally<br> First Lien Term Loan, 10.134% (1-Month USD Libor+600 basis points), 12/20/2028<sup>2,3,4</sup> | 6789294 |
|  | OIA Acquisition, LLC |  |
| 1928571 | &nbsp;&nbsp;Revolver, 0.500%, 10/19/2027<sup>2,4,6</sup> | 1882944 |
| 459000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/19/2027<sup>2,4,6</sup> | 448141 |
| 1373478 | &nbsp;&nbsp;Delayed Draw, 9.730% (3-Month USD Libor+525 basis points), 10/19/2027<sup>2,3,4</sup> | 1340984 |
| 11144357 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+525 basis points), 10/19/2027<sup>2,3,4</sup> | 10880699 |
|  | OIS Management Services, LLC |  |
| 1423077 | &nbsp;&nbsp;Revolver, 0.500%, 11/16/2028<sup>2,4,6</sup> | 1407302 |
| 4743590 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/16/2028<sup>2,4,6</sup> | 4691007 |
| 12333333 | &nbsp;&nbsp;First Lien Term Loan, 10.330% (3-Month USD Sofr+575 basis points), 11/16/2028<sup>2,3,4</sup> | 12196617 |
|  | Ons Mso, LLC |  |
| 3869029 | &nbsp;&nbsp;Revolver, 0.500%, 7/8/2024<sup>2,4,6</sup> | 3738750 |
| 1658155 | &nbsp;&nbsp;Revolver, 9.483% (3-Month USD Libor+475 basis points), 7/8/2024<sup>2,3,4,5</sup> | 1602322 |
|  | Org USME Buyer, LLC |  |
| 936232 | &nbsp;&nbsp;Revolver, 0.500%, 11/24/2026<sup>2,4,6</sup> | 921114 |
| 743478 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/24/2026<sup>2,4,6</sup> | 731473 |
| 7229268 | &nbsp;&nbsp;First Lien Term Loan, 10.790% (3-Month USD Sofr+575 basis points), 11/24/2026<sup>2,3,4</sup> | 7112529 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $5816685 | &nbsp;&nbsp;First Lien Term Loan, 10.791% (3-Month USD Sofr+575 basis points), 11/24/2026<sup>2,3,4</sup> | $5722756 |
| 3348356 | &nbsp;&nbsp;First Lien Term Loan, 10.791% (3-Month USD Sofr+575 basis points), 11/24/2026<sup>2,3,4</sup> | 3294287 |
| 1195121 | PAW Midco, Inc<br> First Lien Term Loan, 11.500% PIK (Fixed Rate+1,150 basis points), 12/22/2031<sup>2,3,4,8</sup> | 1150065 |
|  | Pediatric Home Respiratory Services, LLC |  |
| 856529 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/4/2024<sup>2,4,6</sup> | 836265 |
| 4687355 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (3-Month USD Sofr+575 basis points), 12/4/2024<sup>2,3,4</sup> | 4576459 |
| 1156689 | &nbsp;&nbsp;Delayed Draw, 10.673% (3-Month USD Sofr+575 basis points), 12/4/2024<sup>2,3,4</sup> | 1129323 |
|  | Pinnacle Dermatology Management, LLC |  |
| 773196 | &nbsp;&nbsp;Revolver, 0.500%, 5/18/2023<sup>2,4,6</sup> | 764582 |
| 1608247 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/18/2023<sup>2,4,6</sup> | 1562147 |
| 309278 | &nbsp;&nbsp;Revolver, 8.195% (3-Month USD Libor+575 basis points), 5/18/2023<sup>2,3,4</sup> | 305833 |
| 11319758 | &nbsp;&nbsp;First Lien Term Loan, 9.500% (3-Month USD Libor+575 basis points), 5/18/2023<sup>2,3,4</sup> | 10853582 |
| 934021 | &nbsp;&nbsp;Delayed Draw, 10.548% (3-Month USD Libor+425 basis points), 5/18/2023<sup>2,3,4</sup> | 907247 |
|  | Pinnacle Treatment Centers, Inc. |  |
| 285714 | &nbsp;&nbsp;Revolver, 0.500%, 1/2/2026<sup>2,4,6</sup> | 279286 |
| 503861 | &nbsp;&nbsp;Revolver, 0.500%, 1/2/2026<sup>2,4,6</sup> | 492525 |
| 336000 | &nbsp;&nbsp;Delayed Draw, 9.821% (3-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 328440 |
| 3995338 | &nbsp;&nbsp;First Lien Term Loan, 9.821% (3-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 3905443 |
| 7045840 | &nbsp;&nbsp;First Lien Term Loan, 9.821% (1-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 6887309 |
| 277124 | &nbsp;&nbsp;First Lien Term Loan, 9.821% (1-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 270889 |
| 3000000 | &nbsp;&nbsp;First Lien Term Loan, 10.821% (1-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 2932500 |
| 592541 | &nbsp;&nbsp;Delayed Draw, 10.934% (1-Month USD Libor+650 basis points), 1/2/2026<sup>2,3,4</sup> | 579209 |
| 157143 | &nbsp;&nbsp;First Lien Term Loan, 9.821% (1-Month USD Libor+650 basis points), 11/4/2028<sup>2,3,4</sup> | 153607 |
|  | PPV Intermediate Holdings LLC |  |
| 1852796 | &nbsp;&nbsp;Revolver, 0.500%, 8/31/2029<sup>2,4,6</sup> | 1818238 |
| 4619299 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/31/2029<sup>2,4,6</sup> | 4579398 |
| 685281 | &nbsp;&nbsp;Revolver, 10.070% (3-Month USD Sofr+575 basis points), 8/31/2029<sup>2,3,4</sup> | 672499 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $34593980 | &nbsp;&nbsp;First Lien Term Loan, 10.140% (3-Month USD Sofr+575 basis points), 8/31/2029<sup>2,3,4</sup> | $33948749 |
| 5688028 | &nbsp;&nbsp;First Lien Term Loan, 13.000% (3-Month USD Sofr+575 basis points), 8/31/2029<sup>2,3,4</sup> | 5574268 |
| 1875000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/31/2030<sup>2,4,6</sup> | 1854110 |
| 5625000 | &nbsp;&nbsp;First Lien Term Loan, 13.000% (Fixed Rate+1,300 basis points), 8/31/2030<sup>2,3,4</sup> | 5491921 |
| 20312 | &nbsp;&nbsp;First Lien Term Loan, 13.000%, 8/31/2030<sup>2,4,6</sup> | 19832 |
|  | Premier Imaging, LLC |  |
| 10332779 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/2/2025<sup>2,4,6</sup> | 10191792 |
| 4862339 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 1/2/2025<sup>2,3,4</sup> | 4795994 |
| 2878397 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (1-Month USD Libor+575 basis points), 1/2/2025<sup>2,3,4</sup> | 2839123 |
| 4163810 | &nbsp;&nbsp;Delayed Draw, 10.134% (1-Month USD Libor+575 basis points), 1/2/2025<sup>2,3,4</sup> | 4106997 |
| 15358153 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (1-Month USD Libor+575 basis points), 1/2/2025<sup>2,3,4</sup> | 15148596 |
| 14962500 | Premise Health Holding Corp.<br> First Lien Term Loan, 8.981% (3-Month USD Sofr+475 basis points), 4/10/2025<sup>2,3,4</sup> | 14618757 |
|  | Q-Centrix LLC |  |
| 4898219 | &nbsp;&nbsp;First Lien Term Loan, 9.235% (3-Month USD Libor+450 basis points), 11/30/2024<sup>2,3,4</sup> | 4862040 |
| 835454 | &nbsp;&nbsp;First Lien Term Loan, 9.735% (3-Month USD Libor+500 basis points), 11/30/2024<sup>2,3,4</sup> | 829283 |
|  | Raven Buyer, Inc. |  |
| 1636364 | &nbsp;&nbsp;Revolver, 0.500%, 2/1/2027<sup>2,4,6</sup> | 1618133 |
| 409091 | &nbsp;&nbsp;Revolver, 10.543% (3-Month USD Sofr+600 basis points), 2/1/2027<sup>2,3,4</sup> | 404533 |
| 12954545 | &nbsp;&nbsp;First Lien Term Loan, 10.549% (3-Month USD Sofr+600 basis points), 2/1/2027<sup>2,3,4</sup> | 12810216 |
| 118056 | RCS Healthcare<br> Revolver, 0.500%, 2/3/2026<sup>2,4,5,6</sup> | 117627 |
|  | Redwood MSO, LLC |  |
| 17412082 | &nbsp;&nbsp;First Lien Term Loan, 10.687% (1-Month USD Sofr+550 basis points), 7/3/2025<sup>2,3,4,5</sup> | 17331846 |
| 1283790 | &nbsp;&nbsp;First Lien Term Loan, 10.687% (1-Month USD Sofr+550 basis points), 7/3/2025<sup>2,3,4,5</sup> | 1277874 |
|  | Smile Doctors, LLC |  |
| 1130742 | &nbsp;&nbsp;Revolver, 0.500%, 12/23/2027<sup>2,4,6</sup> | 1109652 |
| 1077739 | &nbsp;&nbsp;Revolver, 10.480% (3-Month USD Libor+575 basis points), 12/23/2027<sup>2,3,4</sup> | 1057637 |
| 10283632 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/23/2028<sup>2,4,6</sup> | 10091827 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $3091873 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+475 basis points), 12/23/2028<sup>2,3,4</sup> | $3034205 |
| 19601148 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 12/23/2028<sup>2,3,4</sup> | 19235557 |
| 7803158 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 12/23/2028<sup>2,3,4,5</sup> | 7657617 |
| 39900000 | Southern Veterinary Partners, LLC<br> First Lien Term Loan, 9.924% (3-Month USD Sofr+550 basis points), 10/5/2027<sup>2,3,4</sup> | 39059459 |
| GBP 1,797,628 | SSCP Pegasus Midco Limited<br> First Lien Term Loan, 9.431% (6-Month GBP Libor+675 basis points), 11/16/2027<sup>2,3,4,7</sup> | 2128263 |
|  | The Smilist Management, Inc. |  |
| 356075 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2025<sup>2,4,5,6</sup> | 353149 |
| 2955422 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/22/2025<sup>2,4,6</sup> | 2931135 |
| 1780375 | &nbsp;&nbsp;Delayed Draw, 10.923% (1-Month USD Sofr+650 basis points), 12/22/2025<sup>2,3,4,5</sup> | 1765744 |
| 3218561 | &nbsp;&nbsp;First Lien Term Loan, 10.923% (1-Month USD Sofr+650 basis points), 12/22/2025<sup>2,3,4,5</sup> | 3192112 |
| 3792198 | &nbsp;&nbsp;Delayed Draw, 10.923% (1-Month USD Sofr+650 basis points), 12/22/2025<sup>2,3,4,5</sup> | 3761035 |
| 605327 | &nbsp;&nbsp;First Lien Term Loan, 10.923% (3-Month USD Sofr+650 basis points), 12/23/2025<sup>2,3,4,5</sup> | 600353 |
|  | TheKey, LLC |  |
| 19468737 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/30/2027<sup>2,4,6</sup> | 18813183 |
| 1509491 | &nbsp;&nbsp;Delayed Draw, 9.423% (3-Month USD Sofr+500 basis points), 3/30/2027<sup>2,3,4,5</sup> | 1458664 |
| 3316517 | &nbsp;&nbsp;First Lien Term Loan, 9.423% (3-Month USD Sofr+500 basis points), 3/30/2027<sup>2,3,4,5</sup> | 3179935 |
|  | Tivity Health, Inc. |  |
| 8039967 | &nbsp;&nbsp;First Lien Term Loan, 10.580% (3-Month USD Sofr+600 basis points), 6/28/2029<sup>2,3,4</sup> | 7831379 |
| 5000000 | &nbsp;&nbsp;First Lien Term Loan, 10.580% (3-Month USD Sofr+600 basis points), 6/28/2029<sup>2,3,4</sup> | 4920233 |
| 30000000 | &nbsp;&nbsp;First Lien Term Loan, 10.580% (3-Month USD Sofr+600 basis points), 6/28/2029<sup>2,3,4</sup> | 29521396 |
| 5000000 | TPC Holdco, LLC<br> Second Lien Term Loan, 9.113% (3-Month USD Sofr+400 basis points), 3/29/2028<sup>2,3,4</sup> | 4780981 |
|  | Troy Gastroenterology, P.C. |  |
| 2122266 | &nbsp;&nbsp;Delayed Draw, 0.500%, 11/25/2025<sup>2,4,6</sup> | 2120485 |
| 394089 | &nbsp;&nbsp;Revolver, 0.500%, 11/25/2025<sup>2,4,6</sup> | 393758 |
| 2762463 | &nbsp;&nbsp;Delayed Draw, 9.743% (3-Month USD Libor+600 basis points), 11/25/2025<sup>2,3,4</sup> | 2760145 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $197044 | &nbsp;&nbsp;Revolver, 9.743% (3-Month USD Libor+600 basis points), 11/25/2025<sup>2,3,4</sup> | $196879 |
| 4404310 | &nbsp;&nbsp;First Lien Term Loan, 9.743% (3-Month USD Libor+600 basis points), 11/25/2025<sup>2,3,4</sup> | 4400614 |
|  | TurningPoint Healthcare Solutions, LLC |  |
| 1816524 | &nbsp;&nbsp;Revolver, 0.500%, 7/14/2027<sup>2,4,5,6</sup> | 1764453 |
| 12091871 | &nbsp;&nbsp;First Lien Term Loan, 9.134% (3-Month USD Libor+475 basis points), 7/14/2027<sup>2,3,4,5</sup> | 11745254 |
| 13634946 | U.S. Endo Partners<br> First Lien Term Loan, 9.904% (3-Month USD Libor+500 basis points), 11/1/2027<sup>2,3,4,5</sup> | 13141693 |
|  | United Musculoskeletal Partners Acquisition Holdings, LLC |  |
| 1724138 | &nbsp;&nbsp;Revolver, 0.500%, 7/15/2028<sup>2,4,6</sup> | 1691980 |
| 3600543 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/15/2028<sup>2,4,6</sup> | 3567762 |
| 1920290 | &nbsp;&nbsp;Delayed Draw, 10.070% (1-Month USD Sofr+575 basis points), 7/15/2028<sup>2,3,4</sup> | 1902806 |
| 3131250 | &nbsp;&nbsp;First Lien Term Loan, 10.086% (1-Month USD Sofr+575 basis points), 7/15/2028<sup>2,3,4</sup> | 3071400 |
| 8275862 | &nbsp;&nbsp;First Lien Term Loan, 10.090% (1-Month USD Sofr+575 basis points), 7/15/2028<sup>2,3,4</sup> | 8121504 |
| 7000000 | UroGPO, LLC<br> First Lien Term Loan, 10.028% (3-Month USD Libor+575 basis points), 12/15/2026<sup>2,3,4</sup> | 6994125 |
|  | Urology Management Holdings, Inc. |  |
| 1190476 | &nbsp;&nbsp;Revolver, 0.500%, 6/15/2026<sup>2,4,5,6</sup> | 1147410 |
| 1287014 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/15/2026<sup>2,4,6</sup> | 1240456 |
| 13534564 | &nbsp;&nbsp;Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/2026<sup>2,3,4</sup> | 13044943 |
| 5061742 | &nbsp;&nbsp;First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/2026<sup>2,3,4</sup> | 4878630 |
| 1489164 | &nbsp;&nbsp;First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/2026<sup>2,3,4,5</sup> | 1435293 |
| 1553192 | &nbsp;&nbsp;Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/2026<sup>2,3,4,5</sup> | 1497004 |
| 6543971 | &nbsp;&nbsp;First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/2026<sup>2,3,4,5</sup> | 6307239 |
| 13095486 | USHV Management, LLC<br> First Lien Term Loan, 10.045% (3-Month USD Libor+500 basis points), 12/23/2027<sup>2,3,4,5</sup> | 12556181 |
|  | Vardiman Black Holdings, LLC |  |
| 3334994 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/18/2027<sup>2,4,6</sup> | 3276683 |
| 33770291 | &nbsp;&nbsp;Delayed Draw, 10.120% (3-Month USD Sofr+700 basis points), 3/18/2027<sup>2,3,4</sup> | 33179839 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| $10176136 | &nbsp;&nbsp;First Lien Term Loan, 11.434% (3-Month USD Sofr+700 basis points), 3/18/2027<sup>2,3,4</sup> | $9998213 |
|  | Vermont Aus Pty Ltd. |  |
| AUD 10,835,680 | &nbsp;&nbsp;First Lien Term Loan, 9.065% (3-Month AUD BBSY+575 basis points), 3/23/2028<sup>2,3,4,7</sup> | 7065249 |
| 7956269 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Sofr+565 basis points), 3/23/2028<sup>2,3,4</sup> | 7621626 |
|  | Vital Care Buyer, LLC |  |
| 1481481 | &nbsp;&nbsp;Revolver, 0.500%, 10/19/2025<sup>2,4,6</sup> | 1447174 |
| 5528185 | &nbsp;&nbsp;First Lien Term Loan, 9.980% (3-Month USD Libor+550 basis points), 10/19/2025<sup>2,3,4</sup> | 5400165 |
| 296296 | &nbsp;&nbsp;Revolver, 11.750% (Prime Rate+425 basis points), 10/19/2025<sup>2,3,4</sup> | 289435 |
|  | Web P.T., Inc. |  |
| 950893 | &nbsp;&nbsp;Revolver, 0.500%, 1/18/2028<sup>2,4,6</sup> | 929586 |
| 361607 | &nbsp;&nbsp;Revolver, 11.235% (3-Month USD Libor+675 basis points), 1/18/2028<sup>2,3,4</sup> | 353505 |
| 9000000 | &nbsp;&nbsp;First Lien Term Loan, 11.485% (3-Month USD Libor+675 basis points), 1/18/2028<sup>2,3,4</sup> | 8798340 |
|  | Xeris Pharmaceuticals, Inc. |  |
| 8333333 | &nbsp;&nbsp;Delayed Draw, 2.000% (3-Month USD Sofr+900 basis points), 3/8/2027<sup>2,3,4,5</sup> | 8162972 |
| 16666667 | &nbsp;&nbsp;First Lien Term Loan, 13.811% (3-Month USD Sofr+900 basis points), 3/8/2027<sup>2,3,4,5</sup> | 16236916 |
|  | Xifin, Inc. |  |
| 2055992 | &nbsp;&nbsp;Revolver, 0.500%, 2/6/2026<sup>2,4,6</sup> | 1976468 |
| 1649591 | &nbsp;&nbsp;Delayed Draw, 1.000%, 2/6/2026<sup>2,4,5,6</sup> | 1585787 |
| 10131929 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 2/6/2026<sup>2,3,4,5</sup> | 9740035 |
| 85666 | &nbsp;&nbsp;Revolver, 11.000% (3-Month USD Libor+575 basis points), 2/6/2026<sup>2,3,4,5</sup> | 82353 |
|  | Zavation Medical Products, LLC |  |
| 1094595 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2027<sup>2,4,6</sup> | 1063218 |
| 932432 | &nbsp;&nbsp;Revolver, 9.226% (3-Month USD Libor+450 basis points), 6/30/2027<sup>2,3,4</sup> | 905704 |
| 12810811 | &nbsp;&nbsp;First Lien Term Loan, 9.230% (3-Month USD Libor+450 basis points), 6/30/2027<sup>2,3,4</sup> | 12443585 |
|  |  | **1860051566** |
|  | **INDUSTRIALS — 21.1%** |  |
| 4354866 | 3SI Holdco, Inc.<br> First Lien Term Loan, 11.238% (3-Month USD Libor+575 basis points), 6/16/2023<sup>2,3,4</sup> | 4262739 |
|  | Accurus Aerospace Corporation |  |
| 7980000 | &nbsp;&nbsp;First Lien Term Loan, 10.773% (3-Month USD Libor+575 basis points), 4/5/2028<sup>2,3,4</sup> | 7783215 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $1995000 | &nbsp;&nbsp;First Lien Term Loan, 10.773% (3-Month USD Libor+575 basis points), 4/5/2028<sup>2,3,4</sup> | $1945804 |
| 14867344 | Aero Operating LLC<br> Incremental Term Loan, 13.238% (1-Month USD Libor+700 basis points), 2/7/2026<sup>2,3,4</sup> | 14143411 |
| 7293750 | AG-Twin Brook Aerospace<br> First Lien Term Loan, 10.420% (1-Month USD Libor+625 basis points), 12/6/2024<sup>2,3,4,5</sup> | 7020399 |
|  | AG-Twin Brook Industrials |  |
| 17760000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/17/2026<sup>2,4,6</sup> | 17661193 |
| 2238400 | &nbsp;&nbsp;Delayed Draw, 9.070% (3-Month USD Libor+500 basis points), 1/17/2026<sup>2,3,4</sup> | 2225947 |
|  | Air Comm Corporation, LLC |  |
| 2223265 | &nbsp;&nbsp;Revolver, 0.500%, 7/1/2027<sup>2,4,6</sup> | 2181797 |
| 1089691 | &nbsp;&nbsp;Revolver, 0.500%, 7/1/2027<sup>2,4,6</sup> | 1069366 |
| 9056707 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 7/1/2027<sup>2,3,4</sup> | 8887786 |
| 215760 | &nbsp;&nbsp;Revolver, 10.230% (3-Month USD Libor+550 basis points), 7/1/2027<sup>2,3,4</sup> | 211735 |
| 13246951 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 7/1/2027<sup>2,3,4</sup> | 12999875 |
| 13720114 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 7/1/2027<sup>2,3,4</sup> | 13464213 |
| 94520 | &nbsp;&nbsp;Revolver, 10.230% (3-Month USD Libor+550 basis points), 7/1/2027<sup>2,3,4</sup> | 92757 |
| 29608047 | Airnov, Inc.<br> First Lien Term Loan, 9.753% (3-Month USD Libor+500 basis points), 12/19/2025<sup>2,3,4</sup> | 29539087 |
|  | Any Hour, LLC |  |
| 1598947 | &nbsp;&nbsp;Revolver, 0.500%, 7/21/2027<sup>2,4,6</sup> | 1565121 |
| 6633333 | &nbsp;&nbsp;Delayed Draw, 10.173% (3-Month USD Sofr+525 basis points), 7/21/2027<sup>2,3,4</sup> | 6493005 |
| 401053 | &nbsp;&nbsp;Revolver, 10.173% (3-Month USD Sofr+525 basis points), 7/21/2027<sup>2,3,4</sup> | 392569 |
| 6637600 | &nbsp;&nbsp;Delayed Draw, 10.173% (3-Month USD Sofr+525 basis points), 7/21/2027<sup>2,3,4</sup> | 6497182 |
| 9986417 | &nbsp;&nbsp;Delayed Draw, 10.173% (3-Month USD Sofr+525 basis points), 7/21/2027<sup>2,3,4</sup> | 9775154 |
| 11220000 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (3-Month USD Sofr+525 basis points), 7/21/2027<sup>2,3,4</sup> | 10982641 |
|  | Apex Service Partners, LLC |  |
| 750000 | &nbsp;&nbsp;Revolver, 0.500%, 7/31/2025<sup>2,4,6</sup> | 736011 |
| 2470967 | &nbsp;&nbsp;Delayed Draw, 9.419% (3-Month USD Libor+550 basis points), 7/31/2025<sup>2,3,4</sup> | 2424879 |
| 6732000 | &nbsp;&nbsp;First Lien Term Loan, 9.419% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | 6606438 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $987306 | &nbsp;&nbsp;First Lien Term Loan, 9.459% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | $968891 |
| 4989800 | &nbsp;&nbsp;Delayed Draw, 9.608% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | 4896733 |
| 9339866 | &nbsp;&nbsp;First Lien Term Loan, 9.670% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | 9165663 |
| 10106316 | &nbsp;&nbsp;Delayed Draw, 9.710% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | 9917818 |
| 1250000 | &nbsp;&nbsp;Revolver, 10.007% (3-Month USD Libor+525 basis points), 7/31/2025<sup>2,3,4</sup> | 1226686 |
| 9230769 | &nbsp;&nbsp;First Lien Term Loan, 12.500% PIK (Fixed Rate+1,250 basis points), 7/31/2025<sup>2,3,4,8</sup> | 8919949 |
| 186512 | &nbsp;&nbsp;First Lien Term Loan, 12.500%, 7/31/2025<sup>2,4,6</sup> | 180232 |
| 3816622 | Aptean, Inc.<br> First Lien Term Loan, 8.985% (3-Month USD Libor+425 basis points), 4/23/2026<sup>2,3,4</sup> | 3664240 |
|  | Ardurra Group LLC |  |
| 4851240 | &nbsp;&nbsp;Delayed Draw, 11.923% (1-Month USD Libor+750 basis points), 9/1/2025<sup>2,3,4</sup> | 4687310 |
| 8311791 | &nbsp;&nbsp;First Lien Term Loan, 11.923% (1-Month USD Libor+750 basis points), 9/1/2025<sup>2,3,4</sup> | 8030924 |
| 1704095 | &nbsp;&nbsp;First Lien Term Loan, 11.923% (1-Month USD Libor+750 basis points), 9/1/2025<sup>2,3,4</sup> | 1646511 |
| 6750000 | &nbsp;&nbsp;First Lien Term Loan, 11.923% (1-Month USD Libor+750 basis points), 9/1/2025<sup>2,3,4</sup> | 6521908 |
|  | Armada Parent, Inc. |  |
| 2383333 | &nbsp;&nbsp;Revolver, 0.500%, 10/29/2027<sup>2,4,6</sup> | 2344131 |
| 1000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/29/2027<sup>2,4,6</sup> | 983551 |
| 16667 | &nbsp;&nbsp;Revolver, 9.424% (3-Month USD Libor+575 basis points), 10/29/2027<sup>2,3,4,5</sup> | 16393 |
| 1000000 | &nbsp;&nbsp;Delayed Draw, 10.134% (3-Month USD Libor+575 basis points), 10/29/2027<sup>2,3,4,5</sup> | 983551 |
| 19850000 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 10/29/2027<sup>2,3,4,5</sup> | 19523497 |
|  | Arrowhead Holdco Company |  |
| EUR 15,000,000 | &nbsp;&nbsp;First Lien Term Loan, 7.027% (3-Month EUR Libor+500 basis points), 8/31/2028<sup>2,3,4,7</sup> | 15750124 |
| 4962406 | &nbsp;&nbsp;First Lien Term Loan, 9.049% (3-Month USD Sofr+450 basis points), 8/31/2028<sup>2,3,4,5</sup> | 4857426 |
|  | AWT Merger Sub, Inc. |  |
| 928571 | &nbsp;&nbsp;Revolver, 0.500%, 12/17/2026<sup>2,4,6</sup> | 913577 |
| 2484107 | &nbsp;&nbsp;Delayed Draw, 10.604% (3-Month USD Libor+575 basis points), 12/17/2026<sup>2,3,4</sup> | 2443994 |
| 142857 | &nbsp;&nbsp;Revolver, 10.604% (3-Month USD Libor+575 basis points), 12/17/2026<sup>2,3,4</sup> | 140550 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $6316071 | &nbsp;&nbsp;First Lien Term Loan, 10.604% (3-Month USD Libor+575 basis points), 12/17/2026<sup>2,3,4</sup> | $6214079 |
| 2416443 | &nbsp;&nbsp;Delayed Draw, 10.854% (3-Month USD Libor+575 basis points), 12/17/2026<sup>2,3,4</sup> | 2377422 |
|  | Beacon Mobility Corp. |  |
| 1000000 | &nbsp;&nbsp;Revolver, 0.500%, 5/22/2024<sup>2,4,6</sup> | 979346 |
| 4911372 | &nbsp;&nbsp;Delayed Draw, 9.921% (3-Month USD Libor+550 basis points), 5/22/2024<sup>2,3,4</sup> | 4809931 |
| 17560057 | &nbsp;&nbsp;Delayed Draw, 9.989% (3-Month USD Libor+550 basis points), 5/22/2024<sup>2,3,4</sup> | 17197366 |
| 2237453 | &nbsp;&nbsp;First Lien Term Loan, 9.989% (3-Month USD Libor+550 basis points), 5/22/2024<sup>2,3,4</sup> | 2191240 |
|  | Blackbird Purchaser, Inc. |  |
| 10713282 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/8/2026<sup>2,4,6</sup> | 10379362 |
| 13265557 | &nbsp;&nbsp;First Lien Term Loan, 8.884% (3-Month USD Libor+450 basis points), 4/8/2026<sup>2,3,4</sup> | 12752458 |
|  | BlueHalo Global Holdings, LLC |  |
| 100840 | &nbsp;&nbsp;Revolver, 0.500%, 10/31/2025<sup>2,4,6</sup> | 98029 |
| 1184874 | &nbsp;&nbsp;Revolver, 10.650% (3-Month USD Libor+600 basis points), 10/31/2025<sup>2,3,4</sup> | 1151846 |
| 17208552 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 10/31/2025<sup>2,3,4</sup> | 16728875 |
| 14925000 | BP Purchaser, LLC<br> First Lien Term Loan, 10.235% (3-Month USD Libor+550 basis points), 12/10/2028<sup>2,3,4</sup> | 13941197 |
|  | BradyIFS Holdings LLC |  |
| 3760262 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/22/2025<sup>2,4,6</sup> | 3685056 |
| 3006439 | &nbsp;&nbsp;First Lien Term Loan, 11.407% (3-Month USD Sofr+675 basis points), 11/22/2025<sup>2,3,4</sup> | 2946310 |
|  | British Engineering Services Holdco Limited |  |
| GBP 950,968 | &nbsp;&nbsp;Revolver, 9.219% (3-Month GBP Libor+703 basis points), 12/2/2027<sup>2,3,4,7</sup> | 1114366 |
| GBP 396,237 | &nbsp;&nbsp;First Lien Term Loan, 9.219% (3-Month GBP Libor+703 basis points), 12/2/2027<sup>2,3,4,7</sup> | 464320 |
|  | Caldwell & Gregory LLC |  |
| 14981250 | &nbsp;&nbsp;Delayed Draw, 10.342% (3-Month USD Sofr+550 basis points), 12/5/2023<sup>2,3,4</sup> | 14875224 |
| 14884337 | &nbsp;&nbsp;First Lien Term Loan, 10.342% (3-Month USD Sofr+550 basis points), 12/5/2023<sup>2,3,4</sup> | 14778997 |
| 6371638 | Captive Resources Midco, LLC<br> First Lien Term Loan, 10.073% (3-Month USD Sofr+550 basis points), 7/1/2029<sup>2,3,4,8</sup> | 6251090 |
|  | CC WDW Borrower, Inc. |  |
| 1631196 | &nbsp;&nbsp;Delayed Draw, 1.000%, 1/27/2028<sup>2,4,6</sup> | 1605236 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $3262391 | &nbsp;&nbsp;First Lien Term Loan, 10.954% (3-Month USD Sofr+675 basis points), 1/27/2028<sup>2,3,4</sup> | $3165552 |
| 11969925 | CGI Parent, LLC<br> First Lien Term Loan, 8.818% (3-Month USD Libor+450 basis points), 2/14/2028<sup>2,3,4</sup> | 11806599 |
|  | Citrin Cooperman Advisors, LLC |  |
| 16824242 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/1/2027<sup>2,4,6</sup> | 16570646 |
| 2503608 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/1/2027<sup>2,4,6</sup> | 2406770 |
| 3440512 | &nbsp;&nbsp;Delayed Draw, 9.038% (3-Month USD Sofr+500 basis points), 10/1/2027<sup>2,3,4,5</sup> | 3307436 |
| 6145588 | &nbsp;&nbsp;First Lien Term Loan, 9.209% (6-Month USD Sofr+500 basis points), 10/1/2027<sup>2,3,4</sup> | 6140431 |
| 2633824 | &nbsp;&nbsp;Delayed Draw, 9.534% (6-Month USD Sofr+500 basis points), 10/1/2027<sup>2,3,4</sup> | 2631613 |
| 23120242 | &nbsp;&nbsp;Delayed Draw, 9.534% (3-Month USD Libor+500 basis points), 10/1/2027<sup>2,3,4</sup> | 22771745 |
|  | Colonial Bag, LLC |  |
| 4426168 | &nbsp;&nbsp;First Lien Term Loan, 8.571% (3-Month USD Libor+450 basis points), 9/3/2025<sup>2,3,4</sup> | 4399017 |
| 9875000 | &nbsp;&nbsp;Incremental Term Loan, 9.753% (3-Month USD Libor+500 basis points), 9/3/2025<sup>2,3,4</sup> | 9814423 |
|  | Comar Holding Company, LLC |  |
| 4897759 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+625 basis points), 6/18/2024<sup>2,3,4</sup> | 4837062 |
| 776043 | &nbsp;&nbsp;Delayed Draw, 11.750% (3-Month USD Libor+625 basis points), 6/18/2024<sup>2,3,4</sup> | 766426 |
|  | Continental Acquisition Holdings, Inc. |  |
| 7211607 | &nbsp;&nbsp;First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 1/20/2027<sup>2,3,4</sup> | 7038825 |
| 2658532 | &nbsp;&nbsp;Delayed Draw, 11.480% (3-Month USD Libor+675 basis points), 1/20/2027<sup>2,3,4</sup> | 2594837 |
|  | Coretrust Purchasing Group LLC |  |
| 250000 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2029<sup>2,4,6</sup> | 242500 |
| 2819549 | &nbsp;&nbsp;Revolver, 0.500%, 9/30/2029<sup>2,4,6</sup> | 2738726 |
| 596443 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2029<sup>2,4,6</sup> | 587496 |
| 2819549 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/30/2029<sup>2,4,6</sup> | 2781077 |
| 4095575 | &nbsp;&nbsp;First Lien Term Loan, 10.844% (3-Month USD Sofr+675 basis points), 9/30/2029<sup>2,3,4</sup> | 3972708 |
| 19360902 | &nbsp;&nbsp;First Lien Term Loan, 10.844% (3-Month USD Sofr+675 basis points), 9/30/2029<sup>2,3,4</sup> | 18805916 |
| EUR 900,000 | CVL 3<br> First Lien Term Loan, 6.566% (3-Month EURIBOR+550 basis points), 12/21/2028<sup>2,3,4,7</sup> | 939634 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | Dispatch Acquisition Holdings, LLC |  |
| $21725000 | &nbsp;&nbsp;First Lien Term Loan, 8.980% (3-Month USD Libor+425 basis points), 3/25/2028<sup>2,3,4</sup> | $20922825 |
| 2743125 | &nbsp;&nbsp;First Lien Term Loan, 9.355% (3-Month USD Sofr+462 basis points), 3/25/2028<sup>2,3,4</sup> | 2641838 |
|  | DTI Holdco, Inc. |  |
| 529183 | &nbsp;&nbsp;Revolver, 0.500%, 4/26/2027<sup>2,4,6</sup> | 504529 |
| 352789 | &nbsp;&nbsp;Revolver, 9.178% (Prime Rate+475 basis points), 4/26/2027<sup>2,3,4,5</sup> | 336353 |
| 6773548 | &nbsp;&nbsp;First Lien Term Loan, 8.844% (1-Month USD Sofr+475 basis points), 4/26/2029<sup>2,3,4,5</sup> | 6457969 |
|  | Dwyer Instruments, Inc. |  |
| 1620617 | &nbsp;&nbsp;Revolver, 0.500%, 7/21/2027<sup>2,4,6</sup> | 1586333 |
| 807012 | &nbsp;&nbsp;Revolver, 0.500%, 7/21/2027<sup>2,4,6</sup> | 789939 |
| 1912917 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/21/2027<sup>2,4,5,6</sup> | 1886816 |
| 3185213 | &nbsp;&nbsp;Delayed Draw, 10.730% (3-Month USD Libor+550 basis points), 7/21/2027<sup>2,3,4,5</sup> | 3117830 |
| 300114 | &nbsp;&nbsp;Revolver, 10.730% (3-Month USD Libor+550 basis points), 7/21/2027<sup>2,3,4,5</sup> | 293765 |
| 149447 | &nbsp;&nbsp;Revolver, 10.730% (6-Month USD Libor+600 basis points), 7/21/2027<sup>2,3,4,5</sup> | 146285 |
| 7602849 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 7/21/2027<sup>2,3,4,5</sup> | 7442011 |
|  | Easy Ice, LLC |  |
| 4879908 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/31/2024<sup>2,4,6</sup> | 4837756 |
| 5407634 | &nbsp;&nbsp;First Lien Term Loan, 8.283% (3-Month USD Libor+475 basis points), 12/31/2024<sup>2,3,4</sup> | 5360924 |
| 4899244 | &nbsp;&nbsp;First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 12/31/2024<sup>2,3,4</sup> | 4856926 |
| 2357651 | &nbsp;&nbsp;Delayed Draw, 9.890% (3-Month USD Libor+475 basis points), 12/31/2024<sup>2,3,4</sup> | 2337286 |
| 800316 | &nbsp;&nbsp;First Lien Term Loan, 7.649% (3-Month USD Libor+475 basis points), 12/31/2025<sup>2,3,4</sup> | 793403 |
| 8000000 | Echo Global Logistics, Inc.<br> Second Lien Term Loan, 8.239% (1-Month USD Libor+700 basis points), 11/23/2029<sup>2,3,4</sup> | 7532653 |
| 4265366 | EShipping<br> First Lien Term Loan, 9.384% (3-Month USD Libor+575 basis points), 11/5/2027<sup>2,3,4</sup> | 4278833 |
|  | Explorer Investor, Inc. |  |
| 5232558 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/28/2029<sup>2,4,6</sup> | 4895348 |
| 24705523 | &nbsp;&nbsp;First Lien Term Loan, 10.399% (1-Month USD Sofr+600 basis points), 6/28/2029<sup>2,3,4</sup> | 23113384 |
| 4098361 | FCG Acquisitions, Inc.<br> First Lien Term Loan, 9.330% (3-Month USD Sofr+475 basis points), 4/1/2028<sup>2,3,4,5</sup> | 3898800 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | FLS Holding, Inc. |  |
| $2000000 | &nbsp;&nbsp;Revolver, 0.500%, 12/17/2027<sup>2,4,6</sup> | $1957890 |
| 5000000 | &nbsp;&nbsp;Delayed Draw, 10.402% (3-Month USD Libor+525 basis points), 12/17/2028<sup>2,3,4</sup> | 4894726 |
| 23000000 | &nbsp;&nbsp;First Lien Term Loan, 10.402% (3-Month USD Libor+525 basis points), 12/17/2028<sup>2,3,4</sup> | 22515739 |
|  | Fortis Solutions Group, LLC |  |
| 1559220 | &nbsp;&nbsp;Revolver, 0.500%, 10/15/2027<sup>2,4,6</sup> | 1533918 |
| 239880 | &nbsp;&nbsp;Revolver, 9.670% (3-Month USD Libor+550 basis points), 10/15/2027<sup>2,3,4</sup> | 235987 |
| 50975 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/15/2028<sup>2,4,6</sup> | 50147 |
| 10000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/15/2028<sup>2,4,6</sup> | 9912632 |
| 18032316 | &nbsp;&nbsp;First Lien Term Loan, 9.670% (3-Month USD Libor+550 basis points), 10/15/2028<sup>2,3,4</sup> | 17739698 |
|  | Gerson Lehrman Group, Inc. |  |
| 9706807 | &nbsp;&nbsp;First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/2024<sup>2,3,4</sup> | 9639020 |
| 25000000 | &nbsp;&nbsp;First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/2024<sup>2,3,4</sup> | 24825415 |
| 29625000 | &nbsp;&nbsp;First Lien Term Loan, 9.634% (3-Month USD Libor+525 basis points), 12/5/2024<sup>2,3,4</sup> | 29418116 |
|  | Graffiti Buyer, Inc. |  |
| 1506053 | &nbsp;&nbsp;Revolver, 0.500%, 8/10/2027<sup>2,4,6</sup> | 1466652 |
| 4058415 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/10/2027<sup>2,4,6</sup> | 3952240 |
| 986228 | &nbsp;&nbsp;Delayed Draw, 10.226% (3-Month USD Libor+575 basis points), 8/10/2027<sup>2,3,4</sup> | 960426 |
| 1016269 | &nbsp;&nbsp;Revolver, 10.230% (3-Month USD Libor+575 basis points), 8/10/2027<sup>2,3,4</sup> | 989681 |
| 11153705 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+575 basis points), 8/10/2027<sup>2,3,4</sup> | 10861904 |
| 27725813 | Guidehouse, Inc.<br> First Lien Term Loan, 10.634% (3-Month USD Libor+625 basis points), 10/16/2028<sup>2,3,4</sup> | 27205008 |
|  | HPS Industrials |  |
| 9766397 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+550 basis points), 7/25/2025<sup>2,3,4,5</sup> | 9774471 |
| 23705666 | &nbsp;&nbsp;First Lien Term Loan, 11.374% (3-Month USD Libor+700 basis points), 10/15/2026<sup>2,3,4,5</sup> | 23134669 |
|  | HSI Halo Acquisition, Inc. |  |
| 175000 | &nbsp;&nbsp;Revolver, 0.500%, 9/2/2025<sup>2,4,6</sup> | 169984 |
| 875000 | &nbsp;&nbsp;Revolver, 9.788% (3-Month USD Libor+575 basis points), 9/2/2025<sup>2,3,4,5</sup> | 849918 |
| 1485826 | &nbsp;&nbsp;Delayed Draw, 9.831% (3-Month USD Libor+575 basis points), 8/31/2026<sup>2,3,4,5</sup> | 1443234 |
| 8443217 | &nbsp;&nbsp;First Lien Term Loan, 9.831% (3-Month USD Libor+575 basis points), 8/31/2026<sup>2,3,4,5</sup> | 8201190 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | iCIMS, Inc. |  |
| $184671 | &nbsp;&nbsp;Revolver, 0.500%, 9/12/2024<sup>2,4,6</sup> | $180995 |
| 1904761 | &nbsp;&nbsp;Revolver, 0.500%, 8/18/2028<sup>2,4,6</sup> | 1860663 |
| 20000000 | &nbsp;&nbsp;First Lien Term Loan, 7.644% (3-Month USD Sofr+675 basis points), 8/18/2028<sup>2,3,4</sup> | 19536970 |
| 15000000 | ID IMAGES ACQUISITION<br> First Lien Term Loan, 10.436% (3-Month USD Sofr+625 basis points), 7/30/2026<sup>2,3,4</sup> | 14692712 |
| 19950000 | Infogain Corporation<br> First Lien Term Loan, 10.167% (3-Month USD Sofr+575 basis points), 7/30/2028<sup>2,3,4</sup> | 19505437 |
| 14810602 | Intergulf Corp.<br> First Lien Term Loan, 10.480% (2-Month USD Libor+575 basis points), 11/16/2023<sup>2,3,4</sup> | 14730434 |
|  | Isaac Heating & Air Conditioning |  |
| 2368421 | &nbsp;&nbsp;Revolver, 0.500%, 5/7/2027<sup>2,4,6</sup> | 2324246 |
| 947368 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/7/2027<sup>2,4,6</sup> | 929699 |
| 3764211 | &nbsp;&nbsp;Delayed Draw, 9.988% (3-Month USD Libor+500 basis points), 5/7/2027<sup>2,3,4</sup> | 3694002 |
| 7796053 | &nbsp;&nbsp;First Lien Term Loan, 10.384% (3-Month USD Libor+500 basis points), 5/7/2027<sup>2,3,4</sup> | 7650644 |
|  | ISS Compressors Industries, Inc. |  |
| 124136 | &nbsp;&nbsp;First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/2026<sup>2,3,4</sup> | 122889 |
| 103705 | &nbsp;&nbsp;First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/2026<sup>2,3,4</sup> | 102664 |
| 10417 | &nbsp;&nbsp;Revolver, 0.500%, 8/9/2026<sup>2,4,6</sup> | 10312 |
| 4469642 | &nbsp;&nbsp;First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 8/9/2026<sup>2,3,4</sup> | 4424768 |
| 364584 | &nbsp;&nbsp;Revolver, 9.440% (3-Month USD Libor+550 basis points), 8/9/2026<sup>2,3,4</sup> | 360923 |
|  | Jade Bidco Limited |  |
| EUR 538,430 | &nbsp;&nbsp;First Lien Term Loan, 7.905% (6-Month EUR Libor+600 basis points), 12/3/2026<sup>2,3,4,7</sup> | 565027 |
| 3375128 | &nbsp;&nbsp;First Lien Term Loan, 9.300% (3-Month USD Libor+600 basis points), 12/3/2026<sup>2,3,4</sup> | 3308797 |
| 20000000 | &nbsp;&nbsp;First Lien Term Loan, 9.300% (3-Month USD Sofr+625 basis points), 2/16/2029<sup>2,3,4</sup> | 19606942 |
|  | Komline-Sanderson Group, Inc. |  |
| 1015625 | &nbsp;&nbsp;Revolver, 0.500%, 3/17/2026<sup>2,4,6</sup> | 1001473 |
| 4687500 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/17/2026<sup>2,4,6</sup> | 4622182 |
| 8008073 | &nbsp;&nbsp;First Lien Term Loan, 10.687% (3-Month USD Libor+600 basis points), 3/17/2026<sup>2,3,4</sup> | 7896485 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $2150755 | &nbsp;&nbsp;First Lien Term Loan, 10.687% (3-Month USD Libor+600 basis points), 3/17/2026<sup>2,3,4</sup> | $2120786 |
| 2242203 | &nbsp;&nbsp;First Lien Term Loan, 11.143% (3-Month USD Libor+600 basis points), 3/17/2026<sup>2,3,4</sup> | 2210959 |
| 9441209 | &nbsp;&nbsp;Delayed Draw, 11.187% (3-Month USD Libor+600 basis points), 3/17/2026<sup>2,3,4</sup> | 9309651 |
| 1328125 | &nbsp;&nbsp;Revolver, 11.250% (3-Month USD Libor+600 basis points), 3/17/2026<sup>2,3,4</sup> | 1309618 |
|  | KPSKY Acquisition, Inc. |  |
| 4375000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/19/2028<sup>2,4,6</sup> | 4326025 |
| 623438 | &nbsp;&nbsp;Delayed Draw, 9.250% (3-Month USD Libor+550 basis points), 10/19/2028<sup>2,3,4</sup> | 616459 |
| 13049279 | &nbsp;&nbsp;First Lien Term Loan, 9.889% (1-Month USD Libor+550 basis points), 10/19/2028<sup>2,3,4</sup> | 12399478 |
| 1498878 | &nbsp;&nbsp;Delayed Draw, 10.750% (1-Month USD Libor+550 basis points), 10/19/2028<sup>2,3,4</sup> | 1482099 |
|  | Lav Gear Holdings, Inc. |  |
| 5340955 | &nbsp;&nbsp;First Lien Term Loan, 10.230% PIK (1-Month USD Sofr+640 basis points), 10/31/2024<sup>2,3,4,8</sup> | 5268080 |
| 234477 | &nbsp;&nbsp;First Lien Term Loan, 10.230% PIK (3-Month USD Sofr+640 basis points), 10/31/2024<sup>2,3,4,8</sup> | 231277 |
| 18315000 | Lereta, LLC<br> First Lien Term Loan, 9.634% (1-Month USD Libor+525 basis points), 7/30/2028<sup>2,3,4</sup> | 15479431 |
|  | Liberty Purchaser, LLC |  |
| 807170 | &nbsp;&nbsp;Revolver, 0.500%, 11/22/2028<sup>2,4,6</sup> | 782365 |
| 1937210 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/22/2029<sup>2,4,6</sup> | 1877678 |
| 6941660 | &nbsp;&nbsp;First Lien Term Loan, 10.901% (3-Month USD Sofr+650 basis points), 11/22/2029<sup>2,3,4</sup> | 6728337 |
|  | Liquid Environmental |  |
| 4126005 | &nbsp;&nbsp;Delayed Draw, 9.050% (3-Month USD Libor+475 basis points), 5/31/2026<sup>2,3,4,5</sup> | 3976745 |
| 9779361 | &nbsp;&nbsp;First Lien Term Loan, 9.174% (3-Month USD Libor+475 basis points), 5/31/2026<sup>2,3,4,5</sup> | 9425587 |
|  | Lithium Technologies, LLC |  |
| 367018 | &nbsp;&nbsp;Revolver, 0.500%, 1/3/2024<sup>2,4,6</sup> | 355578 |
| 244678 | &nbsp;&nbsp;Revolver, 12.060% (3-Month USD Libor+800 basis points), 1/3/2024<sup>2,3,4</sup> | 237052 |
| 8792149 | &nbsp;&nbsp;First Lien Term Loan, 12.060% (3-Month USD Libor+800 basis points), 1/3/2024<sup>2,3,4</sup> | 8518109 |
| 4987310 | Lynx Franchising, LLC<br> First Lien Term Loan, 10.630% (3-Month USD Libor+625 basis points), 12/18/2026<sup>2,3,4</sup> | 4849341 |
|  | Majco LLC |  |
| 1200000 | &nbsp;&nbsp;Revolver, 0.500%, 12/23/2027<sup>2,4,6</sup> | 1156589 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $466667 | &nbsp;&nbsp;Revolver, 8.571% (1-Month USD Libor+450 basis points), 12/23/2027<sup>2,3,4</sup> | $449785 |
| 3983333 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/23/2028<sup>2,4,6</sup> | 3849206 |
| 8955000 | &nbsp;&nbsp;First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 12/23/2028<sup>2,3,4</sup> | 8631047 |
| 5338750 | &nbsp;&nbsp;Delayed Draw, 9.092% (3-Month USD Libor+450 basis points), 12/23/2028<sup>2,3,4</sup> | 5158983 |
| 1561290 | Management Consulting & Research, LLC<br> Delayed Draw, 10.941% (3-Month USD Sofr+600 basis points), 10/29/2027<sup>2,3,4</sup> | 1541785 |
|  | Marcone Yellowstone Buyer, Inc. |  |
| 7024503 | &nbsp;&nbsp;Delayed Draw, 10.620% (3-Month USD Libor+550 basis points), 6/23/2028<sup>2,3,4</sup> | 6875900 |
| 21804924 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+550 basis points), 6/23/2028<sup>2,3,4,10</sup> | 21343642 |
|  | Motion & Control Enterprises LLC |  |
| 1224685 | &nbsp;&nbsp;Revolver, 0.500%, 6/1/2028<sup>2,4,6</sup> | 1186513 |
| 185881 | &nbsp;&nbsp;Revolver, 9.692% (3-Month USD Sofr+475 basis points), 6/1/2028<sup>2,3,4,5</sup> | 180087 |
| 9403772 | &nbsp;&nbsp;First Lien Term Loan, 9.692% (3-Month USD Sofr+475 basis points), 6/1/2028<sup>2,3,4,5</sup> | 9110668 |
| 2345066 | &nbsp;&nbsp;Delayed Draw, 9.696% (3-Month USD Sofr+490 basis points), 6/1/2028<sup>2,3,4,5</sup> | 2271973 |
|  | NCWS Intermediate, Inc. |  |
| 30884 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/29/2026<sup>2,4,6</sup> | 29380 |
| 7632331 | &nbsp;&nbsp;Delayed Draw, 10.384% (3-Month USD Libor+600 basis points), 12/29/2026<sup>2,3,4,5</sup> | 7260692 |
| 868438 | &nbsp;&nbsp;Delayed Draw, 10.384% (3-Month USD Libor+600 basis points), 12/29/2026<sup>2,3,4,5</sup> | 826151 |
| 1990914 | &nbsp;&nbsp;Delayed Draw, 10.384% (3-Month USD Libor+600 basis points), 12/29/2026<sup>2,3,4,5</sup> | 1893971 |
|  | Northstar Recycling |  |
| 2000000 | &nbsp;&nbsp;Revolver, 0.500%, 10/1/2027<sup>2,4,6</sup> | 1970708 |
| 9253500 | &nbsp;&nbsp;First Lien Term Loan, 9.474% (3-Month USD Libor+475 basis points), 10/1/2027<sup>2,3,4</sup> | 9117973 |
| 1995000 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (3-Month USD Libor+475 basis points), 10/1/2027<sup>2,3,4</sup> | 1965781 |
|  | Omni Intermediate Holdings, LLC |  |
| 2253521 | &nbsp;&nbsp;Revolver, 0.500%, 12/30/2025<sup>2,4,6</sup> | 2229542 |
| 1549296 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/30/2026<sup>2,4,6</sup> | 1532810 |
| 4533321 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/30/2026<sup>2,4,5,6</sup> | 4485084 |
| 25940817 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (1-Month USD Libor+500 basis points), 12/30/2026<sup>2,3,4</sup> | 25664793 |
| 11501979 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Sofr+500 basis points), 12/30/2026<sup>2,3,4,5</sup> | 11379592 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $10074046 | &nbsp;&nbsp;Delayed Draw, 9.730% (3-Month USD Sofr+500 basis points), 12/30/2026<sup>2,3,4,5</sup> | $9966853 |
| 6982368 | Omni Logistics, LLC<br> First Lien Term Loan, 9.730% (3-Month USD Sofr+500 basis points), 12/30/2026<sup>2,3,4</sup> | 6908072 |
| 35000000 | P20 Parent, Inc.<br> First Lien Term Loan, 11.586% (1-Month USD Sofr+750 basis points), 7/12/2028<sup>2,3,4</sup> | 34337735 |
| 8750000 | PaperWorks Industries, Inc<br> First Lien Term Loan, 11.665% (3-Month USD Libor+800 basis points), 12/18/2025<sup>2,3,4</sup> | 8595561 |
|  | PCX Holding Corp. |  |
| 437500 | &nbsp;&nbsp;Revolver, 0.500%, 4/22/2027<sup>2,4,6</sup> | 428201 |
| 187500 | &nbsp;&nbsp;Revolver, 10.974% (3-Month USD Libor+625 basis points), 4/22/2027<sup>2,3,4</sup> | 183515 |
| 3089414 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Libor+625 basis points), 4/22/2027<sup>2,3,4</sup> | 3023748 |
| 6171875 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+625 basis points), 4/22/2027<sup>2,3,4</sup> | 6040691 |
| 3117539 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Libor+625 basis points), 4/22/2027<sup>2,3,4</sup> | 3051275 |
|  | Pele Buyer LLC |  |
| 4550096 | &nbsp;&nbsp;First Lien Term Loan, 10.203% (6-Month USD Libor+575 basis points), 6/18/2024<sup>2,3,4</sup> | 4529019 |
| 172774 | &nbsp;&nbsp;First Lien Term Loan, 10.203% (6-Month USD Libor+575 basis points), 6/18/2024<sup>2,3,4</sup> | 171974 |
| 5193182 | &nbsp;&nbsp;First Lien Term Loan, 10.203% (6-Month USD Libor+575 basis points), 6/18/2024<sup>2,3,4</sup> | 5169126 |
|  | Polyphase Elevator Holding Company |  |
| 17619000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/23/2027<sup>2,4,6</sup> | 17158054 |
| 3378144 | &nbsp;&nbsp;Delayed Draw, 10.180% (3-Month USD Libor+550 basis points), 6/23/2027<sup>2,3,4</sup> | 3289765 |
| 9899749 | &nbsp;&nbsp;First Lien Term Loan, 10.180% (3-Month USD Libor+550 basis points), 6/23/2027<sup>2,3,4</sup> | 9492053 |
|  | Potter Electric Signal Company, LLC |  |
| 637591 | &nbsp;&nbsp;Revolver, 0.500%, 12/19/2025<sup>2,4,5,6</sup> | 624103 |
| 2647890 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/19/2025<sup>2,4,5,6</sup> | 2591874 |
| 10634160 | &nbsp;&nbsp;First Lien Term Loan, 9.937% (3-Month USD Libor+475 basis points), 12/19/2025<sup>2,3,4,5</sup> | 10409194 |
| 5000000 | Pregis TopCo LLC<br> Second Lien Term Loan, 12.133% (3-Month USD Libor+800 basis points), 8/1/2027<sup>2,3,4</sup> | 4988678 |
| 15402476 | Prime Buyer, LLC<br> First Lien Term Loan, 9.673% (3-Month USD Libor+525 basis points), 12/22/2026<sup>2,3,4</sup> | 14963305 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
|  | PrimeFlight Aviation Services, Inc. |  |
| $6039997 | &nbsp;&nbsp;First Lien Term Loan, 9.637% (3-Month USD Sofr+550 basis points), 5/9/2024<sup>2,3,4</sup> | $5867464 |
| 24812500 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (3-Month USD Sofr+550 basis points), 5/9/2024<sup>2,3,4</sup> | 24103727 |
|  | PT Intermediate Holdings III, LLC |  |
| 9315900 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 10/15/2025<sup>2,3,4</sup> | 9121366 |
| 13001750 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 10/15/2025<sup>2,3,4</sup> | 12730248 |
| 2471325 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 10/15/2025<sup>2,3,4</sup> | 2419719 |
| 21790500 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 10/15/2025<sup>2,3,4,10</sup> | 21335471 |
|  | R1 Holdings LLC |  |
| 2097285 | &nbsp;&nbsp;Revolver, 0.500%, 12/29/2028<sup>2,4,6</sup> | 2034367 |
| 3507290 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/29/2028<sup>2,4,6</sup> | 3454681 |
| 617647 | &nbsp;&nbsp;Revolver, 10.811% (3-Month USD Sofr+625 basis points), 12/29/2028<sup>2,3,4</sup> | 599118 |
| 13777778 | &nbsp;&nbsp;First Lien Term Loan, 10.811% (3-Month USD Sofr+625 basis points), 12/29/2028<sup>2,3,4</sup> | 13364444 |
|  | Radwell Parent, LLC |  |
| 2921300 | &nbsp;&nbsp;Revolver, 0.500%, 4/1/2028<sup>2,4,6</sup> | 2847359 |
| 7303400 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/1/2029<sup>2,4,6</sup> | 7118543 |
| 54638362 | &nbsp;&nbsp;First Lien Term Loan, 11.205% (3-Month USD Sofr+585 basis points), 4/1/2029<sup>2,3,4,10</sup> | 53255408 |
| 1744152 | &nbsp;&nbsp;Revolver, 0.500%, 4/1/2028<sup>2,4,6</sup> | 1690734 |
| 23255440 | &nbsp;&nbsp;First Lien Term Loan, 10.874% (3-Month USD Sofr+585 basis points), 4/1/2029<sup>2,3,4</sup> | 22543200 |
| 8632085 | &nbsp;&nbsp;First Lien Term Loan, 11.330% (3-Month USD Sofr+585 basis points), 4/1/2029<sup>2,3,4</sup> | 8373123 |
|  | RCS Industrials |  |
| 285714 | &nbsp;&nbsp;Revolver, 0.500%, 1/31/2025<sup>2,4,5,6</sup> | 285392 |
| 1357609 | &nbsp;&nbsp;First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 1/31/2025<sup>2,3,4,5</sup> | 1356078 |
| 16466196 | Retail Services WIS Corporation<br> Delayed Draw, 11.424% (3-Month USD Libor+775 basis points), 5/20/2025<sup>2,3,4</sup> | 15878765 |
|  | RQM Buyer, Inc. |  |
| 4687500 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/12/2026<sup>2,4,6</sup> | 4655786 |
| 20109375 | &nbsp;&nbsp;First Lien Term Loan, 9.565% (3-Month USD Sofr+575 basis points), 8/12/2026<sup>2,3,4</sup> | 19974423 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $4687500 | &nbsp;&nbsp;Delayed Draw, 9.565% (3-Month USD Sofr+575 basis points), 8/12/2026<sup>2,3,4</sup> | $4655786 |
| 7715039 | &nbsp;&nbsp;First Lien Term Loan, 9.565% (3-Month USD Sofr+575 basis points), 8/12/2026<sup>2,3,4</sup> | 7663264 |
|  | S4T Holdings Corp. |  |
| 4545455 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/27/2026<sup>2,4,6</sup> | 4492537 |
| 15312879 | &nbsp;&nbsp;First Lien Term Loan, 10.444% (3-Month USD Sofr+600 basis points), 12/27/2026<sup>2,3,4</sup> | 15134608 |
| 10000000 | Safety Products Holdings, LLC<br> First Lien Term Loan, 11.210% (3-Month USD Libor+600 basis points), 12/15/2026<sup>2,3,4</sup> | 9853540 |
|  | Seacor Holdings, Inc. |  |
| 4324366 | &nbsp;&nbsp;First Lien Term Loan, 11.374% (3-Month USD Libor+700 basis points), 10/15/2026<sup>2,3,4</sup> | 4220205 |
| 10000000 | &nbsp;&nbsp;First Lien Term Loan, 11.374% (3-Month USD Libor+700 basis points), 10/15/2026<sup>2,3,4</sup> | 9750000 |
|  | Seko Global Logistics Network, LLC |  |
| 32358 | &nbsp;&nbsp;Revolver, 0.500%, 12/30/2026<sup>2,4,6</sup> | 31463 |
| 32358 | &nbsp;&nbsp;Revolver, 8.750% (3-Month USD Libor+500 basis points), 12/30/2026<sup>2,3,4</sup> | 31463 |
|  | Seko Worldwide, LLC |  |
| EUR 10,543,565 | &nbsp;&nbsp;First Lien Term Loan, 6.952% (1-Month EUR Libor+500 basis points), 12/30/2026<sup>2,3,4,7</sup> | 10973977 |
| 9974619 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (3-Month USD Libor+500 basis points), 12/30/2026<sup>2,3,4</sup> | 9698682 |
|  | Sequa Corporation |  |
| 12500000 | &nbsp;&nbsp;First Lien Term Loan, 11.320% (3-Month USD Sofr+700 basis points), 11/23/2028<sup>2,3,4</sup> | 11866052 |
| 7128320 | &nbsp;&nbsp;First Lien Term Loan, 11.320% (3-Month USD Sofr+700 basis points), 11/23/2028<sup>2,3,4</sup> | 6765019 |
|  | Sonny's Enterprises, LLC |  |
| 640244 | &nbsp;&nbsp;Revolver, 0.500%, 8/5/2025<sup>2,4,6</sup> | 639707 |
| 898628 | &nbsp;&nbsp;Delayed Draw, 10.994% (3-Month USD Libor+675 basis points), 8/5/2026<sup>2,3,4</sup> | 897874 |
| 5826223 | &nbsp;&nbsp;First Lien Term Loan, 10.994% (3-Month USD Libor+675 basis points), 8/5/2026<sup>2,3,4</sup> | 5821334 |
|  | Spartronics LLC |  |
| 597086 | &nbsp;&nbsp;Revolver, 0.500%, 12/31/2025<sup>2,4,6</sup> | 583854 |
| 3410264 | &nbsp;&nbsp;Revolver, 9.52% (3-Month USD Libor+475 basis points), 12/31/2025<sup>2,3,4</sup> | 3334688 |
| 12393674 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (3-Month USD Libor+475 basis points), 12/31/2025<sup>2,3,4</sup> | 12145069 |
| 9925000 | Standard Elevator Systems<br> First Lien Term Loan, 9.486% (3-Month USD Libor+575 basis points), 12/2/2027<sup>2,3,4</sup> | 9481478 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $3786774 | Stats Intermediate Holdings, LLC<br> First Lien Term Loan, 9.900% (3-Month USD Libor+525 basis points), 7/10/2026<sup>2,3,4</sup> | $3563585 |
|  | System Planning and Analysis, Inc. |  |
| 2195341 | &nbsp;&nbsp;Revolver, 0.500%, 8/16/2027<sup>2,4,6</sup> | 2151532 |
| 15189875 | &nbsp;&nbsp;First Lien Term Loan, 10.941% (3-Month USD Sofr+600 basis points), 8/16/2027<sup>2,3,4</sup> | 14886756 |
| 3643011 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/29/2027<sup>2,4,6</sup> | 3597498 |
|  | Tank Holding Corp. |  |
| 1424332 | &nbsp;&nbsp;Revolver, 0.500%, 3/31/2028<sup>2,4,6</sup> | 1387782 |
| 48099036 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (1-Month USD Sofr+585 basis points), 3/31/2028<sup>2,3,4,10</sup> | 46864758 |
| 356083 | &nbsp;&nbsp;Revolver, 11.750% (1-Month USD Sofr+585 basis points), 3/31/2028<sup>2,3,4</sup> | 346946 |
| 14962500 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (1-Month USD Sofr+585 basis points), 3/31/2028<sup>2,3,4,10</sup> | 14578545 |
| 9811321 | Texas Hydraulics<br> First Lien Term Loan, 10.890% (1-Month USD Libor+725 basis points), 12/22/2026<sup>2,3,4</sup> | 9677449 |
| GBP 13,639,921 | The Citation Group<br> Delayed Draw, 8.930% (3-Month GBP Sonia+550 basis points), 3/9/2029<sup>2,3,4,5,7</sup> | 16265911 |
|  | The Vertex Companies, Inc. |  |
| 1043478 | &nbsp;&nbsp;Revolver, 0.500%, 8/31/2026<sup>2,4,6</sup> | 957576 |
| 260870 | &nbsp;&nbsp;Revolver, 9.792% (1-Month USD Libor+550 basis points), 8/31/2026<sup>2,3,4</sup> | 239394 |
| 820565 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/31/2027<sup>2,4,6</sup> | 753014 |
| 3090356 | &nbsp;&nbsp;Delayed Draw, 9.790% (1-Month USD Libor+550 basis points), 8/31/2027<sup>2,3,4</sup> | 2835949 |
| 9684783 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (1-Month USD Libor+550 basis points), 8/31/2027<sup>2,3,4</sup> | 8887505 |
|  | Time Manufacturing Acquisition, LLC |  |
| 767123 | &nbsp;&nbsp;Revolver, 0.500%, 2/3/2023<sup>2,4,6</sup> | 724190 |
| EUR 11,680,743 | &nbsp;&nbsp;First Lien Term Loan, 8.422% (3-Month EUR Libor+650 basis points), 12/1/2027<sup>2,3,4,7</sup> | 11803699 |
| 2246575 | &nbsp;&nbsp;Revolver, 9.543% (3-Month USD Libor+650 basis points), 12/1/2027<sup>2,3,4</sup> | 2120843 |
| 18136279 | &nbsp;&nbsp;First Lien Term Loan, 11.235% (3-Month USD Libor+650 basis points), 12/1/2027<sup>2,3,4</sup> | 17121259 |
| 24812500 | Tinicum Voltage Acquisition Corp.<br> First Lien Term Loan, 8.430% (3-Month USD Libor+450 basis points), 11/22/2024<sup>2,3,4</sup> | 23809304 |
|  | Titan Group Holdco, LLC |  |
| 725000 | &nbsp;&nbsp;Revolver, 0.500%, 8/12/2027<sup>2,4,6</sup> | 704218 |
| 3236317 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/12/2027<sup>2,4,6</sup> | 3143547 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $513683 | &nbsp;&nbsp;Delayed Draw, 9.510% (3-Month USD Libor+450 basis points), 8/12/2027<sup>2,3,4</sup> | $498958 |
| 1775000 | &nbsp;&nbsp;Revolver, 10.750% (3-Month USD Libor+450 basis points), 8/12/2027<sup>2,3,4</sup> | 1724119 |
| 2500000 | &nbsp;&nbsp;Delayed Draw, 9.48% (3-Month USD Libor+450 basis points), 8/12/2027<sup>2,3,4</sup> | 2428337 |
| 2500000 | &nbsp;&nbsp;Delayed Draw, 9.48% (3-Month USD Libor+450 basis points), 8/12/2027<sup>2,3,4</sup> | 2428337 |
| 8662500 | &nbsp;&nbsp;First Lien Term Loan, 9.48% (3-Month USD Libor+450 basis points), 8/12/2027<sup>2,3,4</sup> | 8414187 |
|  | TMC Buyer, Inc. |  |
| 253834 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/30/2028<sup>2,4,6</sup> | 220835 |
| 3680589 | &nbsp;&nbsp;First Lien Term Loan, 9.981% (3-Month USD Sofr+600 basis points), 6/30/2028<sup>2,3,4</sup> | 3202112 |
|  | Transtar Holding Company |  |
| 1448276 | &nbsp;&nbsp;Delayed Draw, 0.500%, 1/22/2027<sup>2,4,6</sup> | 1418580 |
| 10268752 | &nbsp;&nbsp;First Lien Term Loan, 11.735% (1-Month USD Libor+700 basis points), 1/22/2027<sup>2,3,4</sup> | 10058200 |
|  | Trident Maritime Systems, Inc. |  |
| 222222 | &nbsp;&nbsp;Revolver, 0.500%, 2/26/2027<sup>2,4,6</sup> | 219413 |
| 777778 | &nbsp;&nbsp;Revolver, 1.000%, 2/26/2027<sup>2,4,6</sup> | 767944 |
| 666667 | &nbsp;&nbsp;Revolver, 9.076% (1-Month USD Libor+550 basis points), 2/26/2027<sup>2,3,4</sup> | 658238 |
| 13380112 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (1-Month USD Libor+550 basis points), 2/26/2027<sup>2,3,4</sup> | 13210944 |
| 3053333 | &nbsp;&nbsp;First Lien Term Loan, 9.480% (1-Month USD Libor+550 basis points), 2/26/2027<sup>2,3,4</sup> | 3014729 |
|  | USRP Holdings, Inc. |  |
| 645161 | &nbsp;&nbsp;Revolver, 0.500%, 7/23/2027<sup>2,4,6</sup> | 625052 |
| 3145613 | &nbsp;&nbsp;Revolver, 0.500%, 7/23/2027<sup>2,4,5,6</sup> | 3047568 |
| 6892844 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/23/2027<sup>2,4,6</sup> | 6678003 |
| 16400420 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 7/23/2027<sup>2,3,4</sup> | 15889240 |
| 4938417 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 7/23/2027<sup>2,3,4,5</sup> | 4784493 |
| EUR 1,300,000 | Utac Ceram<br> First Lien Term Loan, 7.193% (3-Month EUR Libor+600 basis points), 9/29/2027<sup>2,3,4,7</sup> | 1355856 |
| 19025569 | Valcourt Holdings II, LLC<br> First Lien Term Loan, 9.980% (3-Month USD Libor+540 basis points), 1/7/2027<sup>2,3,4</sup> | 18861230 |
|  | VRC Companies, LLC |  |
| 625000 | &nbsp;&nbsp;Revolver, 0.500%, 6/29/2027<sup>2,4,6</sup> | 616182 |
| 3466032 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/29/2027<sup>2,4,6</sup> | 3417130 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **INDUSTRIALS (Continued)** |  |
| $3114063 | &nbsp;&nbsp;Delayed Draw, 10.224% (3-Month USD Libor+550 basis points), 6/29/2027<sup>2,3,4</sup> | $3070126 |
| 18515625 | &nbsp;&nbsp;First Lien Term Loan, 10.224% (3-Month USD Libor+550 basis points), 6/29/2027<sup>2,3,4</sup> | 18254386 |
| 1760336 | &nbsp;&nbsp;Delayed Draw, 10.224% (3-Month USD Sofr+575 basis points), 6/29/2027<sup>2,3,4</sup> | 1735499 |
| 4323632 | &nbsp;&nbsp;First Lien Term Loan, 10.224% (3-Month USD Sofr+575 basis points), 6/29/2027<sup>2,3,4</sup> | 4262629 |
|  | VSG Acquisition Corp. |  |
| 828333 | &nbsp;&nbsp;Revolver, 0.500%, 4/11/2028<sup>2,4,6</sup> | 806793 |
| 6521667 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/11/2028<sup>2,4,6</sup> | 6352071 |
| 163333 | &nbsp;&nbsp;Delayed Draw, 10.342% (3-Month USD Sofr+550 basis points), 4/11/2028<sup>2,3,4,5</sup> | 159086 |
| 1505000 | &nbsp;&nbsp;Revolver, 10.342% (3-Month USD Sofr+550 basis points), 4/11/2028<sup>2,3,4,5</sup> | 1465863 |
| 17456250 | &nbsp;&nbsp;First Lien Term Loan, 10.342% (3-Month USD Sofr+550 basis points), 4/11/2028<sup>2,3,4,5</sup> | 17002301 |
|  | VSTG ACQUISITION CORP. |  |
| 32000000 | &nbsp;&nbsp;First Lien Term Loan, 9.673% (3-Month USD Sofr+525 basis points), 7/13/2029<sup>2,3,4</sup> | 30720000 |
| 10000000 | &nbsp;&nbsp;First Lien Term Loan, 9.673% (3-Month USD Sofr+525 basis points), 7/13/2029<sup>2,3,4</sup> | 9600000 |
| 30000000 | Watlow Electric Manufacturing Company<br> First Lien Term Loan, 9.106% (3-Month USD Sofr+375 basis points), 3/2/2028<sup>2,3,4</sup> | 29662500 |
| 1387832 | Wildcat Buyerco, Inc.<br> Delayed Draw, 10.480% (3-Month USD Sofr+575 basis points), 2/27/2026<sup>2,3,4,5</sup> | 1358472 |
|  |  | **2129500702** |
|  | **MATERIALS — 4.3%** |  |
| 1322110 | ADG Acquisiton, LLC<br> Delayed Draw, 11.890% (3-Month USD Libor+588 basis points), 12/14/2023<sup>2,3,4,5</sup> | 1311902 |
|  | Alpine Acquisition Corp. |  |
| 475868 | &nbsp;&nbsp;Revolver, 0.500%, 11/30/2026<sup>2,4,6</sup> | 457462 |
| 29005635 | &nbsp;&nbsp;First Lien Term Loan, 9.150% (3-Month USD Sofr+565 basis points), 11/30/2026<sup>2,3,4</sup> | 27883725 |
| 2493750 | &nbsp;&nbsp;First Lien Term Loan, 9.861% (3-Month USD Sofr+615 basis points), 11/30/2026<sup>2,3,4</sup> | 2397294 |
| 21891645 | &nbsp;&nbsp;First Lien Term Loan, 9.963% (3-Month USD Sofr+565 basis points), 11/30/2026<sup>2,3,4</sup> | 21044896 |
| 74612403 | ASP Unifrax Holdings, Inc.<br> First Lien Term Loan, 8.480% (3-Month USD Libor+375 basis points), 12/14/2025<sup>2,3,4</sup> | 66615072 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
|  | Berlin Packaging LLC |  |
| $2828099 | &nbsp;&nbsp;&nbsp;Delayed Draw, 1.000%, 11/7/2026<sup>2,4,6</sup> | $2651684 |
| EUR 13,068,750 | &nbsp;&nbsp;Second Lien Term Loan, 9.452% (3-Month EUR Libor+700 basis points), 11/7/2026<sup>2,3,4,7</sup> | 13116600 |
| 2271901 | &nbsp;&nbsp;Delayed Draw, 10.424% (3-Month EUR Libor+700 basis points), 11/7/2026<sup>2,3,4</sup> | 2130181 |
|  | Consolidated Label Co. |  |
| 1339286 | &nbsp;&nbsp;Revolver, 0.500%, 7/15/2026<sup>2,4,6</sup> | 1314306 |
| 578516 | &nbsp;&nbsp;Revolver, 0.500%, 7/15/2026<sup>2,4,6</sup> | 567726 |
| 11671423 | &nbsp;&nbsp;First Lien Term Loan, 9.339% (3-Month USD Libor+500 basis points), 7/15/2026<sup>2,3,4</sup> | 11453733 |
| 4937500 | &nbsp;&nbsp;Incremental Term Loan, 9.384% (3-Month USD Libor+500 basis points), 7/15/2026<sup>2,3,4</sup> | 4845408 |
| 1793133 | Cyxtera Equipment Leases<br> First Lien Term Loan, 8.250% (Fixed Rate+825 basis points), 1/1/2024<sup>2,3,4,5</sup> | 1769176 |
| 5690185 | ENS Holdings III Corp.<br> First Lien Term Loan, 9.430% (3-Month USD Libor+475 basis points), 12/31/2025<sup>2,3,4,5</sup> | 5512830 |
|  | Formerra LLC |  |
| 237231 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/1/2028<sup>2,4,6</sup> | 233376 |
| 5930768 | &nbsp;&nbsp;First Lien Term Loan, 11.490% (3-Month USD Sofr+725 basis points), 11/1/2028<sup>2,3,4</sup> | 5738018 |
| 7460886 | HPS Materials<br> First Lien Term Loan, 12.611% (3-Month USD Libor+588 basis points), 12/14/2023<sup>2,3,4,5</sup> | 7403283 |
|  | Indigo Buyer, Inc. |  |
| 1666667 | &nbsp;&nbsp;Revolver, 0.500%, 5/23/2028<sup>2,4,6</sup> | 1627053 |
| 5000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/23/2028<sup>2,4,5,6</sup> | 4930968 |
| 333333 | &nbsp;&nbsp;Revolver, 10.170% (3-Month USD Sofr+585 basis points), 5/23/2028<sup>2,3,4,5</sup> | 325411 |
| 13000000 | &nbsp;&nbsp;First Lien Term Loan, 10.170% (3-Month USD Sofr+585 basis points), 5/23/2028<sup>2,3,4,5</sup> | 12691017 |
|  | Nelipak Holding Company |  |
| 20868896 | &nbsp;&nbsp;First Lien Term Loan, 8.665% (3-Month USD Libor+425 basis points), 7/2/2026<sup>2,3,4</sup> | 20559130 |
| 4066671 | &nbsp;&nbsp;First Lien Term Loan, 8.665% (3-Month USD Libor+425 basis points), 7/2/2026<sup>2,3,4</sup> | 4006307 |
|  | New ILC Dover, Inc. |  |
| 1012030 | &nbsp;&nbsp;Revolver, 0.500%, 2/2/2026<sup>2,4,6</sup> | 988087 |
| 3601785 | &nbsp;&nbsp;Delayed Draw, 1.000%, 2/2/2026<sup>2,4,6</sup> | 3534606 |
| 3951063 | &nbsp;&nbsp;Delayed Draw, 9.730% (3-Month USD Libor+500 basis points), 2/2/2026<sup>2,3,4,5</sup> | 3877370 |
| 253008 | &nbsp;&nbsp;Revolver, 11.500% (Prime Rate+400 basis points), 2/2/2026<sup>2,3,4,5</sup> | 247022 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
| $3500000 | North Haven Goldfinc<br> First Lien Term Loan, 11.750% (3-Month USD Libor+1,075 basis points), 12/23/2024<sup>2,3,4</sup> | $3383161 |
|  | Oliver Packaging, LLC |  |
| 1269841 | &nbsp;&nbsp;Revolver, 0.500%, 7/6/2028<sup>2,4,6</sup> | 1249836 |
| 8730159 | &nbsp;&nbsp;First Lien Term Loan, 11.500% (3-Month USD Sofr+500 basis points), 7/6/2028<sup>2,3,4</sup> | 8592624 |
|  | Olympic Buyer, Inc. |  |
| 2352941 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2028<sup>2,4,6</sup> | 2283799 |
| 17347184 | &nbsp;&nbsp;First Lien Term Loan, 8.321% (1-Month USD Libor+425 basis points), 6/30/2028<sup>2,3,4</sup> | 16837430 |
| 8954571 | &nbsp;&nbsp;First Lien Term Loan, 8.321% (3-Month USD Libor+425 basis points), 6/30/2028<sup>2,3,4</sup> | 8691437 |
| EUR 12,701,000 | Optimum Group<br> First Lien Term Loan, 7.852% (3-Month EUR Libor+565 basis points), 6/16/2028<sup>2,3,4,7</sup> | 13273940 |
| 20000000 | Oscar AcquisitionCo, LLC<br> First Lien Term Loan, 9.180% (3-Month USD Sofr+450 basis points), 4/29/2029<sup>2,3</sup> | 18987600 |
| 13894737 | Pearlman Enterprises<br> First Lien Term Loan, 8.673% (3-Month USD Libor+425 basis points), 5/5/2027<sup>2,3,4,5</sup> | 13496440 |
|  | Rohrer Corporation |  |
| 9314224 | &nbsp;&nbsp;First Lien Term Loan, 9.209% (3-Month USD Libor+500 basis points), 3/15/2027<sup>2,3,4,5</sup> | 8790736 |
| 2623902 | &nbsp;&nbsp;First Lien Term Loan, 9.209% (3-Month USD Libor+500 basis points), 3/15/2027<sup>2,3,4,5</sup> | 2476431 |
| 2500000 | Tangent Technologies Acquisition, LLC<br> Second Lien Term Loan, 12.949% (3-Month USD Sofr+875 basis points), 5/30/2028<sup>2,3,4</sup> | 2449993 |
|  | Technimark Holdings, LLC |  |
| 2250000 | &nbsp;&nbsp;Second Lien Term Loan, 11.140% (3-Month USD Libor+675 basis points), 7/9/2029<sup>2,3,4</sup> | 2170125 |
| 12750000 | &nbsp;&nbsp;Second Lien Term Loan, 11.140% (3-Month USD Libor+675 basis points), 7/9/2029<sup>2,3,4</sup> | 12300170 |
|  | Tilley Chemical Co., Inc. |  |
| 711868 | &nbsp;&nbsp;Revolver, 0.500%, 12/31/2026<sup>2,4,6</sup> | 687331 |
| 457629 | &nbsp;&nbsp;Revolver, 0.500%, 12/31/2026<sup>2,4,6</sup> | 441856 |
| 843688 | &nbsp;&nbsp;Revolver, 10.140% (3-Month USD Libor+550 basis points), 12/31/2026<sup>2,3,4</sup> | 814608 |
| 19011243 | &nbsp;&nbsp;First Lien Term Loan, 10.140% (3-Month USD Libor+550 basis points), 12/31/2026<sup>2,3,4</sup> | 18355965 |
| 542371 | &nbsp;&nbsp;Revolver, 10.140% (3-Month USD Libor+600 basis points), 12/31/2026<sup>2,3,4</sup> | 523676 |
| 1556439 | &nbsp;&nbsp;First Lien Term Loan, 10.140% (3-Month USD Libor+550 basis points), 12/31/2026<sup>2,3,4</sup> | 1502792 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
| $5320000 | &nbsp;&nbsp;Delayed Draw, 10.330% (3-Month USD Libor+550 basis points), 12/31/2026<sup>2,3,4</sup> | $5151758 |
| 24812500 | USALCO, LLC<br> First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 10/19/2027<sup>2,3,4</sup> | 24681548 |
|  | V Global Holdings LLC |  |
| 13733274 | &nbsp;&nbsp;Revolver, 0.500%, 12/22/2025<sup>2,4,5,6</sup> | 13167703 |
| 24465216 | &nbsp;&nbsp;First Lien Term Loan, 8.987% (3-Month USD Sofr+600 basis points), 12/22/2027<sup>2,3,4,5</sup> | 23457678 |
|  |  | **433002280** |
|  | **REAL ESTATE — 1.0%** |  |
|  | Associations, Inc. |  |
| 23133334 | &nbsp;&nbsp;Revolver, 1.000%, 7/2/2027<sup>2,4,6</sup> | 22894598 |
| 3983047 | &nbsp;&nbsp;Delayed Draw, 9.038% PIK (3-Month USD Sofr+676 basis points), 7/2/2027<sup>2,3,4,8</sup> | 3941942 |
| 21335770 | &nbsp;&nbsp;First Lien Term Loan, 10.359% PIK (3-Month USD Sofr+676 basis points), 7/2/2027<sup>2,3,4,8,10</sup> | 21115586 |
| 1876295 | &nbsp;&nbsp;Delayed Draw, 10.625% PIK (3-Month USD Sofr+676 basis points), 7/2/2027<sup>2,3,4,8</sup> | 1856932 |
|  | CRS TH Holdings Corp |  |
| 4237288 | &nbsp;&nbsp;Revolver, 0.500%, 12/1/2027<sup>2,4,6</sup> | 3988937 |
| 6355932 | &nbsp;&nbsp;Delayed Draw, 9.133% (3-Month USD Libor+475 basis points), 12/1/2027<sup>2,3,4</sup> | 5983405 |
| 14298729 | &nbsp;&nbsp;First Lien Term Loan, 9.133% (3-Month USD Libor+475 basis points), 12/1/2027<sup>2,3,4</sup> | 13460667 |
| 3659575 | Eagleview Technology<br> Second Lien Term Loan, 12.230% (3-Month USD Libor+750 basis points), 8/14/2026<sup>2,3,4</sup> | 3476980 |
|  | MRI Software LLC |  |
| 2159885 | &nbsp;&nbsp;Revolver, 0.500%, 2/10/2026<sup>2,4,5,6</sup> | 2102081 |
| 9195000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 2/10/2026<sup>2,4,6</sup> | 8948917 |
| 5544049 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 2/10/2026<sup>2,3,4,5</sup> | 5395676 |
| 2977109 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 2/10/2026<sup>2,3,4</sup> | 2897434 |
| 8290738 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 2/10/2026<sup>2,3,4</sup> | 8068855 |
|  |  | **104132010** |
|  | **TECHNOLOGY — 22.7%** |  |
|  | 1WorldSync, Inc. |  |
| 4936463 | &nbsp;&nbsp;First Lien Term Loan, 8.226% (3-Month USD Libor+575 basis points), 7/8/2025<sup>2,3,4</sup> | 4874050 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $5735508 | &nbsp;&nbsp;First Lien Term Loan, 8.787% (3-Month USD Libor+575 basis points), 7/8/2025<sup>2,3,4</sup> | $5662992 |
| 143901 | &nbsp;&nbsp;Delayed Draw, 9.391% (3-Month USD Libor+575 basis points), 7/8/2025<sup>2,3,4</sup> | 142082 |
|  | Abracon Group Holdings, LLC |  |
| 865385 | &nbsp;&nbsp;Revolver, 0.500%, 7/6/2028<sup>2,4,6</sup> | 844911 |
| 1730769 | &nbsp;&nbsp;Revolver, 0.500%, 7/6/2028<sup>2,4,6</sup> | 1689822 |
| 4326923 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/6/2028<sup>2,4,6</sup> | 4267884 |
| 2163462 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/6/2028<sup>2,4,6</sup> | 2133942 |
| 11971154 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Sofr+575 basis points), 7/6/2028<sup>2,3,4</sup> | 11687935 |
| 23942308 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Sofr+575 basis points), 7/6/2028<sup>2,3,4</sup> | 23375871 |
|  | Acquia, Inc. |  |
| 124810 | &nbsp;&nbsp;Revolver, 0.500%, 10/31/2025<sup>2,4,6</sup> | 123732 |
| 2031627 | &nbsp;&nbsp;First Lien Term Loan, 10.741% (1-Month USD Libor+700 basis points), 10/31/2025<sup>2,3,4</sup> | 2014078 |
| 178127 | &nbsp;&nbsp;Revolver, 12.151% (3-Month USD Libor+700 basis points), 10/31/2025<sup>2,3,4</sup> | 176589 |
|  | ACS |  |
| 3880077 | &nbsp;&nbsp;First Lien Term Loan, 8.634% (3-Month USD Libor+425 basis points), 10/9/2026<sup>2,3,4</sup> | 3665229 |
| 6876457 | &nbsp;&nbsp;Second Lien Term Loan, 12.633% (3-Month USD Libor+825 basis points), 10/9/2027<sup>2,3,4</sup> | 6722979 |
|  | Affinipay Midco, LLC |  |
| 4640884 | &nbsp;&nbsp;Delayed Draw, 0.500%, 6/9/2028<sup>2,4,6</sup> | 4592949 |
| 2209945 | &nbsp;&nbsp;Revolver, 0.500%, 6/9/2028<sup>2,4,6</sup> | 2165026 |
| 33066298 | &nbsp;&nbsp;First Lien Term Loan, 10.645% (3-Month USD Sofr+575 basis points), 6/9/2028<sup>2,3,4</sup> | 32413127 |
|  | Afiniti, Inc. |  |
| 14691124 | &nbsp;&nbsp;First Lien Term Loan, 11.750% PIK (Fixed Rate+1,175 basis points), 6/13/2024<sup>2,3,4,5,8</sup> | 14128034 |
| 5433517 | &nbsp;&nbsp;First Lien Term Loan, 11.750% PIK (Fixed Rate+1,175 basis points), 6/13/2024<sup>2,3,4,5,8</sup> | 5225258 |
|  | AG-Twin Brook Technology |  |
| 9900000 | &nbsp;&nbsp;First Lien Term Loan, 9.730% (3-Month USD Libor+525 basis points), 10/29/2026<sup>2,3,4,5</sup> | 9806404 |
| 14887500 | &nbsp;&nbsp;First Lien Term Loan, 9.915% (3-Month USD Libor+550 basis points), 10/5/2027<sup>2,3,4,5</sup> | 14736732 |
| 55000000 | AIDC Intermediate Co2, LLC<br> First Lien Term Loan, 10.437% (3-Month USD Sofr+640 basis points), 7/22/2027<sup>2,3,4</sup> | 54198679 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | Alert Media, Inc. |  |
| $3000000 | &nbsp;&nbsp;First Lien Term Loan, 9.258% (3-Month USD Sofr+500 basis points), 4/12/2027<sup>2,3,4,5</sup> | $2891473 |
| 3000000 | &nbsp;&nbsp;Delayed Draw, 9.508% (3-Month USD Sofr+500 basis points), 4/12/2027<sup>2,3,4,5</sup> | 2914004 |
| 25000000 | Anaplan, Inc.<br> First Lien Term Loan, 10.586% (3-Month USD Sofr+650 basis points), 6/21/2029<sup>2,3,4,10</sup> | 24844534 |
|  | Appfire Technologies, LLC |  |
| 924000 | &nbsp;&nbsp;Revolver, 0.500%, 3/9/2027<sup>2,4,6</sup> | 907378 |
| 9819555 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/9/2027<sup>2,4,6</sup> | 9716336 |
| 18370629 | &nbsp;&nbsp;First Lien Term Loan, 9.379% (3-Month USD Sofr+550 basis points), 3/9/2027<sup>2,3,4</sup> | 18040163 |
| 56000 | &nbsp;&nbsp;Revolver, 9.379% (3-Month USD Sofr+550 basis points), 3/9/2027<sup>2,3,4</sup> | 54993 |
| 738340 | &nbsp;&nbsp;Delayed Draw, 10.009% (3-Month USD Sofr+550 basis points), 3/9/2027<sup>2,3,4</sup> | 730579 |
|  | Applied Technical Services |  |
| 545455 | &nbsp;&nbsp;Revolver, 0.500%, 12/29/2026<sup>2,4,6</sup> | 527793 |
| 2659091 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/29/2026<sup>2,4,6</sup> | 2572990 |
| 363636 | &nbsp;&nbsp;Revolver, 9.505% (3-Month USD Libor+575 basis points), 12/29/2026<sup>2,3,4</sup> | 351862 |
| 2252386 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 12/29/2026<sup>2,3,4</sup> | 2179454 |
| 6715909 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 12/29/2026<sup>2,3,4</sup> | 6498448 |
| 2681818 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 12/29/2026<sup>2,3,4</sup> | 2594981 |
| 750000 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 12/29/2026<sup>2,3,4</sup> | 725715 |
|  | Apptio, Inc. |  |
| 371482 | &nbsp;&nbsp;Revolver, 0.500%, 1/10/2025<sup>2,4,6</sup> | 364088 |
| 557223 | &nbsp;&nbsp;Revolver, 8.455% (3-Month USD Libor+725 basis points), 1/10/2025<sup>2,3,4</sup> | 546133 |
| 8232848 | &nbsp;&nbsp;First Lien Term Loan, 9.941% (3-Month USD Libor+725 basis points), 1/10/2025<sup>2,3,4</sup> | 8068988 |
| 5259615 | AQA Acquisition Holding, Inc.<br> Second Lien Term Loan, 12.235% (3-Month USD Libor+750 basis points), 3/3/2029<sup>2,3,4</sup> | 5126402 |
|  | Arcstor Midco LLC |  |
| 15093646 | &nbsp;&nbsp;First Lien Term Loan, 11.174% (3-Month USD Libor+750 basis points), 3/16/2027<sup>2,3,4,8</sup> | 12239432 |
|  | ASG II, LLC |  |
| 3779130 | &nbsp;&nbsp;Delayed Draw, 0.500%, 5/25/2028<sup>2,4,6</sup> | 3723547 |
| 829565 | &nbsp;&nbsp;Delayed Draw, 10.672% (3-Month USD Sofr+625 basis points), 5/25/2028<sup>2,3,4</sup> | 817364 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $30724638 | &nbsp;&nbsp;First Lien Term Loan, 10.672% (3-Month USD Sofr+625 basis points), 5/25/2028<sup>2,3,4</sup> | $29966952 |
| 7984381 | ATP Intermediate, Inc.<br> First Lien Term Loan, 12.455% (3-Month USD Libor+773 basis points), 6/16/2025<sup>2,3,4</sup> | 7834727 |
|  | AVALARA, Inc. |  |
| 2727273 | &nbsp;&nbsp;Revolver, 0.500%, 10/19/2028<sup>2,4,6</sup> | 2660194 |
| 3162091 | &nbsp;&nbsp;First Lien Term Loan, 11.830% (3-Month USD Sofr+725 basis points), 10/19/2028<sup>2,3,4</sup> | 3083039 |
| 27272727 | &nbsp;&nbsp;First Lien Term Loan, 11.830% (3-Month USD Sofr+725 basis points), 10/19/2028<sup>2,3,4,10</sup> | 26601936 |
| 2399923 | AVI-SPL<br> First Lien Term Loan, 10.10% (3-Month USD Libor+538 basis points), 3/10/2027<sup>2,3,4</sup> | 2397153 |
|  | Benefit Street Technology |  |
| 2666666 | &nbsp;&nbsp;Revolver, 0.500%, 10/1/2026<sup>2,4,5,6</sup> | 2625741 |
| 24812500 | &nbsp;&nbsp;First Lien Term Loan, 9.248% (3-Month USD Libor+550 basis points), 10/1/2027<sup>2,3,4,5</sup> | 24431703 |
| 4444444 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/2/2028<sup>2,4,6</sup> | 4304704 |
| 35466667 | &nbsp;&nbsp;First Lien Term Loan, 10.467% (3-Month USD Sofr+625 basis points), 5/2/2028<sup>2,3,4</sup> | 34351541 |
|  | Beta Plus Technologies, Inc. |  |
| 6700000 | &nbsp;&nbsp;Revolver, 0.500%, 7/1/2027<sup>2,4,6</sup> | 6556470 |
| 50000000 | &nbsp;&nbsp;First Lien Term Loan, 9.374% (3-Month USD Sofr+525 basis points), 7/1/2029<sup>2,3,4</sup> | 49054022 |
|  | BetterCloud, Inc. |  |
| 2512669 | &nbsp;&nbsp;Revolver, 0.500% PIK, 6/30/2028<sup>2,4,6,8</sup> | 2464643 |
| 3801052 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2028<sup>2,4,5,6</sup> | 3739672 |
| 41324625 | &nbsp;&nbsp;First Lien Term Loan, 10.798% PIK (3-Month USD Sofr+700 basis points), 6/30/2028<sup>2,3,4,8,10</sup> | 40608393 |
|  | Bigtime Software, Inc. |  |
| 2327586 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2028<sup>2,4,6</sup> | 2278346 |
| 15517241 | &nbsp;&nbsp;First Lien Term Loan, 10.588% (3-Month USD Sofr+650 basis points), 6/30/2028<sup>2,3,4</sup> | 15188975 |
| 3370787 | Black Mountain<br> Second Lien Term Loan, 12.485% (3-Month USD Libor+775 basis points), 9/26/2027<sup>2,3,4</sup> | 3261752 |
|  | Bounteous, Inc. |  |
| 738000 | &nbsp;&nbsp;Revolver, 0.500%, 8/2/2027<sup>2,4,6</sup> | 712411 |
| 4300000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 8/2/2027<sup>2,4,6</sup> | 4150904 |
| 8591250 | &nbsp;&nbsp;First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/2027<sup>2,3,4</sup> | 8293361 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $2133875 | &nbsp;&nbsp;First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/2027<sup>2,3,4</sup> | $2059886 |
| 1062000 | &nbsp;&nbsp;Revolver, 8.998% (3-Month USD Libor+500 basis points), 8/2/2027<sup>2,3,4</sup> | 1025177 |
| 4446450 | &nbsp;&nbsp;Delayed Draw, 9.634% (3-Month USD Libor+500 basis points), 8/2/2027<sup>2,3,4</sup> | 4292276 |
|  | BusinesSolver.com, Inc. |  |
| 1260606 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/1/2027<sup>2,4,6</sup> | 1222703 |
| 5095606 | &nbsp;&nbsp;First Lien Term Loan, 9.670% (3-Month USD Libor+550 basis points), 12/1/2027<sup>2,3,4</sup> | 4922495 |
| 118182 | &nbsp;&nbsp;Delayed Draw, 9.885% (3-Month USD Libor+550 basis points), 12/1/2027<sup>2,3,4</sup> | 114628 |
| 7000000 | CAI Software<br> First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 12/13/2028<sup>2,3,4</sup> | 6813362 |
|  | Captify Intermediate Holdings Corp. |  |
| 2487500 | &nbsp;&nbsp;Delayed Draw, 11.480% (3-Month USD Libor+800 basis points), 7/12/2026<sup>2,3,4</sup> | 2442010 |
| 8640625 | &nbsp;&nbsp;First Lien Term Loan, 12.011% (3-Month USD Libor+800 basis points), 7/12/2026<sup>2,3,4</sup> | 8482610 |
|  | CEB Acquisitionco, LLC |  |
| 2500000 | &nbsp;&nbsp;First Lien Term Loan, 9.965% (3-Month USD Libor+575 basis points), 12/21/2027<sup>2,3,4</sup> | 2448036 |
| 2487500 | &nbsp;&nbsp;First Lien Term Loan, 11.165% (3-Month USD Libor+375 basis points), 12/21/2027<sup>2,3,4</sup> | 2457686 |
| 2016129 | Charger Intermediateco, Inc.<br> Delayed Draw, 9.887% (3-Month USD Libor+550 basis points), 2/28/2024<sup>2,3,4</sup> | 1990529 |
|  | Chronicle Bidco, Inc. |  |
| 11815793 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/19/2029<sup>2,4,6</sup> | 11638556 |
| 2846140 | &nbsp;&nbsp;Delayed Draw, 11.010% (1-Month USD Sofr+675 basis points), 5/19/2029<sup>2,3,4</sup> | 2803448 |
| 1898942 | Clarus<br> First Lien Term Loan, 10.735% (3-Month USD Libor+650 basis points), 7/1/2025<sup>2,3,4</sup> | 1820889 |
|  | Cleo Communications Holding, LLC |  |
| 12860000 | &nbsp;&nbsp;First Lien Term Loan, 10.736% (3-Month USD Libor+675 basis points), 6/7/2027<sup>2,3,4</sup> | 12341983 |
| 2140000 | &nbsp;&nbsp;Revolver, 0.500%, 6/11/2028<sup>2,4,6</sup> | 2053798 |
| 3605769 | CommerceHub, Inc.<br> First Lien Term Loan, 11.027% (3-Month USD Sofr+625 basis points), 12/29/2027<sup>2,3,4</sup> | 3353365 |
| 10000000 | Conservice Midco, LLC<br> Second Lien Term Loan, 12.133% (3-Month USD Libor+775 basis points), 5/13/2028<sup>2,3,4</sup> | 9854442 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $4641702 | Corel Corporation<br> First Lien Term Loan, 9.735% (3-Month USD Libor+500 basis points), 7/2/2026<sup>2,3,4</sup> | $4322723 |
|  | DataLink, LLC |  |
| 310484 | &nbsp;&nbsp;Revolver, 0.500%, 11/20/2026<sup>2,4,6</sup> | 292256 |
| 225806 | &nbsp;&nbsp;Revolver, 11.480% (3-Month USD Libor+675 basis points), 11/20/2026<sup>2,3,4</sup> | 212550 |
| 6213911 | &nbsp;&nbsp;First Lien Term Loan, 11.480% (3-Month USD Libor+675 basis points), 11/20/2026<sup>2,3,4</sup> | 5849114 |
| 45000000 | David Phelps / Merlin Bridge Loan<br> First Lien Term Loan, 11.391% (1-Month USD Libor+700 basis points), 12/31/2022<sup>2,3,4,5</sup> | 44962234 |
| 12500000 | DCert Buyer, Inc.<br> Second Lien Term Loan, 11.696% (1-Month USD Libor+700 basis points), 2/24/2029<sup>2,3,4</sup> | 11469629 |
| 24937028 | Diamondback Acquisition, Inc.<br> First Lien Term Loan, 9.884% (1-Month USD Libor+550 basis points), 9/13/2028<sup>2,3,4</sup> | 24422584 |
|  | Diligent Corporation |  |
| 5910000 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 8/4/2025<sup>2,3,4</sup> | 5753016 |
| 4334000 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 8/4/2025<sup>2,3,4</sup> | 4218011 |
| 882560 | &nbsp;&nbsp;Delayed Draw, 10.134% (3-Month USD Libor+575 basis points), 8/24/2025<sup>2,3,4</sup> | 858940 |
| EUR 6,500,000 | Dragon Bidco<br> First Lien Term Loan, 8.868% (6-Month EUR Libor+675 basis points), 4/27/2028<sup>2,3,4,7</sup> | 6779279 |
| 2763483 | DS Admiral Bidco LLC<br> First Lien Term Loan, 11.509% (3-Month USD Sofr+700 basis points), 3/16/2028<sup>2,3,4</sup> | 2680579 |
|  | Emburse, Inc. |  |
| 604839 | &nbsp;&nbsp;Revolver, 1.000%, 2/28/2024<sup>2,4,6</sup> | 597159 |
| 2016129 | &nbsp;&nbsp;First Lien Term Loan, 9.887% (3-Month USD Libor+550 basis points), 2/28/2024<sup>2,3,4</sup> | 1990529 |
| 2419355 | &nbsp;&nbsp;Delayed Draw, 9.887% (3-Month USD Libor+550 basis points), 2/28/2024<sup>2,3,4</sup> | 2388635 |
| 201613 | &nbsp;&nbsp;Revolver, 9.887% (3-Month USD Libor+550 basis points), 2/28/2024<sup>2,3,4</sup> | 199053 |
| 17741935 | &nbsp;&nbsp;First Lien Term Loan, 9.887% (3-Month USD Libor+550 basis points), 2/28/2024<sup>2,3,4</sup> | 17516655 |
| GBP 10,996,000 | ERG Bidco, Ltd.<br> First Lien Term Loan, 8.435% (3-Month GBP Libor+675 basis points), 6/25/2028<sup>2,3,4,7</sup> | 12885365 |
|  | ESG Investments, Inc |  |
| 2142857 | &nbsp;&nbsp;Revolver, 0.500%, 9/11/2027<sup>2,4,6</sup> | 2033151 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $8035714 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/11/2028<sup>2,4,6</sup> | $7624316 |
| 15458036 | &nbsp;&nbsp;First Lien Term Loan, 9.230% (3-Month USD Sofr+450 basis points), 3/11/2028<sup>2,3,4</sup> | 14666642 |
|  | FSS Buyer LLC |  |
| 920223 | &nbsp;&nbsp;Revolver, 0.500%, 8/31/2027<sup>2,4,6</sup> | 892001 |
| 690167 | &nbsp;&nbsp;Revolver, 10.134% (3-Month USD Libor+575 basis points), 8/31/2027<sup>2,3,4</sup> | 669001 |
| 18389610 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 8/31/2028<sup>2,3,4</sup> | 17825637 |
|  | Gainsight, Inc. |  |
| 2625000 | &nbsp;&nbsp;Revolver, 0.500% PIK, 7/30/2027<sup>2,4,6,8</sup> | 2550111 |
| 22052687 | &nbsp;&nbsp;First Lien Term Loan, 11.165% PIK (3-Month USD Libor+625 basis points), 7/30/2027<sup>2,3,4,8,10</sup> | 21423541 |
| SEK 11,250,000 | Goldcup 25952 AB<br> First Lien Term Loan, 8.243% (3-Month SEK Stibor+625 basis points), 8/18/2027<sup>2,3,4,5,7</sup> | 1027400 |
|  | GovBrands Intermediate, Inc. |  |
| 91700 | &nbsp;&nbsp;Revolver, 0.500%, 4/4/2027<sup>2,4,6</sup> | 87520 |
| 905972 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/4/2027<sup>2,4,6</sup> | 864670 |
| 1941418 | &nbsp;&nbsp;Delayed Draw, 10.230% (3-Month USD Libor+550 basis points), 8/4/2027<sup>2,3,4</sup> | 1852911 |
| 825300 | &nbsp;&nbsp;Revolver, 10.230% (3-Month USD Libor+550 basis points), 8/4/2027<sup>2,3,4</sup> | 787676 |
| 8628840 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 8/4/2027<sup>2,3,4</sup> | 8235464 |
| 20000000 | HCSS<br> First Lien Term Loan, 9.884% (3-Month USD Libor+575 basis points), 11/15/2027<sup>2,3,4</sup> | 19787189 |
|  | Help Systems Holdings, Inc. |  |
| 9780576 | &nbsp;&nbsp;First Lien Term Loan, 8.194% (3-Month USD Libor+400 basis points), 11/19/2026<sup>2,3,4</sup> | 8859588 |
| 10000000 | &nbsp;&nbsp;Second Lien Term Loan, 10.944% (3-Month USD Libor+675 basis points), 11/19/2027<sup>2,3,4</sup> | 9693024 |
| 1970000 | HotSchedules<br> First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 7/9/2025<sup>2,3,4</sup> | 1897623 |
|  | HPS Technology |  |
| GBP 14,442,519 | &nbsp;&nbsp;First Lien Term Loan, 6.740% (3-Month GBP Libor+550 basis points), 8/3/2025<sup>2,3,4,5,7</sup> | 17444872 |
| GBP 7,523,888 | &nbsp;&nbsp;First Lien Term Loan, 8.930% (6-Month GBP Sonia+625 basis points), 9/15/2027<sup>2,3,4,5,7</sup> | 8972405 |
| GBP 19,008,661 | &nbsp;&nbsp;Delayed Draw, 1.000%, 3/9/2029<sup>2,4,6,7</sup> | 22666709 |
| GBP 1,736,260 | &nbsp;&nbsp;Delayed Draw, 8.180% (1-Month Sonia+525 basis points), 3/9/2029<sup>2,3,4,5,7</sup> | 2070388 |
| AUD 2,737,949 | &nbsp;&nbsp;Delayed Draw, 8.930% (3-Month AUD BBSY+525 basis points), 3/9/2029<sup>2,3,4,5,7</sup> | 1838822 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $10000000 | iCIMS, Inc.<br> First Lien Term Loan, 11.519% (3-Month USD Sofr+725 basis points), 8/18/2028<sup>2,3,4</sup> | $9834201 |
|  | IG Investments |  |
| 433526 | &nbsp;&nbsp;Revolver, 0.500%, 9/22/2028<sup>2,4,6</sup> | 409627 |
| 9207876 | &nbsp;&nbsp;First Lien Term Loan, 10.384% (3-Month USD Libor+600 basis points), 9/22/2028<sup>2,3,4</sup> | 8700273 |
| 289017 | &nbsp;&nbsp;Revolver, 10.389% (3-Month USD Libor+600 basis points), 9/22/2028<sup>2,3,4</sup> | 273085 |
|  | Imagine Acquisitionco, Inc. |  |
| 1157556 | &nbsp;&nbsp;Revolver, 0.500%, 11/16/2027<sup>2,4,6</sup> | 1127272 |
| 1607717 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/16/2027<sup>2,4,6</sup> | 1565656 |
| 7180466 | &nbsp;&nbsp;First Lien Term Loan, 10.144% (3-Month USD Libor+550 basis points), 11/16/2027<sup>2,3,4</sup> | 6992612 |
|  | insightsoftware |  |
| 690589 | &nbsp;&nbsp;Revolver, 0.500%, 5/24/2024<sup>2,4,6</sup> | 671928 |
| 25299589 | &nbsp;&nbsp;First Lien Term Loan, 9.320% (3-Month USD Libor+575 basis points), 5/24/2024<sup>2,3,4,10</sup> | 24615926 |
|  | Invicti Intermediate 2, LLC |  |
| 1090909 | &nbsp;&nbsp;Revolver, 0.500%, 11/16/2027<sup>2,4,5,6</sup> | 1051445 |
| 10909091 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (3-Month USD Libor+575 basis points), 11/16/2027<sup>2,3,4,5</sup> | 10514448 |
|  | IQN Holding Corp. |  |
| 577540 | &nbsp;&nbsp;Revolver, 0.500%, 5/2/2028<sup>2,4,6</sup> | 566371 |
| 1335080 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/2/2029<sup>2,4,6</sup> | 1315874 |
| 108770 | &nbsp;&nbsp;Delayed Draw, 9.684% (3-Month USD Sofr+550 basis points), 5/2/2029<sup>2,3,4</sup> | 107205 |
| 6978610 | &nbsp;&nbsp;First Lien Term Loan, 9.899% (3-Month USD Sofr+550 basis points), 5/2/2029<sup>2,3,4</sup> | 6843653 |
| 7000000 | Ivanti Software, Inc.<br> Second Lien Term Loan, 12.010% (3-Month USD Libor+725 basis points), 12/1/2028<sup>2,3,4</sup> | 4077500 |
| NOK$14,005,655 | Jigsaw Bidco AS<br> First Lien Term Loan, 11.070% (3-Month NOK Nibor+725 basis points), 5/3/2024<sup>2,3,4,5,7,8</sup> | 1414835 |
|  | Kaseya Inc. |  |
| 4100000 | &nbsp;&nbsp;Delayed Draw, 0.500% PIK, 6/23/2029<sup>2,4,6,8</sup> | 4063133 |
| 4100000 | &nbsp;&nbsp;Revolver, 0.500% PIK, 6/23/2029<sup>2,4,6,8</sup> | 4032430 |
| 66800000 | &nbsp;&nbsp;First Lien Term Loan, 10.330% PIK (3-Month USD Sofr+575 basis points), 6/23/2029<sup>2,3,4,8,10</sup> | 65699097 |
|  | Kona Buyer, LLC |  |
| 9036182 | &nbsp;&nbsp;First Lien Term Loan, 9.330% (3-Month USD Libor+475 basis points), 12/11/2027<sup>2,3,4</sup> | 8849546 |
| 9649017 | &nbsp;&nbsp;First Lien Term Loan, 9.330% (3-Month USD Libor+475 basis points), 12/11/2027<sup>2,3,4</sup> | 9449723 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | Litera Bidco LLC |  |
| $14236220 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (1-Month USD Libor+575 basis points), 5/18/2023<sup>2,3,4</sup> | $13578658 |
| 10700211 | &nbsp;&nbsp;First Lien Term Loan, 10.423% (1-Month USD Libor+600 basis points), 5/18/2023<sup>2,3,4</sup> | 10286337 |
| 1197438 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (1-Month USD Libor+575 basis points), 5/29/2026<sup>2,3,4,5</sup> | 1142129 |
| 1197438 | &nbsp;&nbsp;First Lien Term Loan, 10.173% (1-Month USD Libor+575 basis points), 5/29/2026<sup>2,3,4,5</sup> | 1151122 |
| 5458434 | &nbsp;&nbsp;First Lien Term Loan, 10.423% (1-Month USD Libor+600 basis points), 5/29/2026<sup>2,3,4,5</sup> | 5247307 |
| 2248589 | &nbsp;&nbsp;First Lien Term Loan, 10.423% (1-Month USD Libor+600 basis points), 5/29/2026<sup>2,3,4,5</sup> | 2161616 |
|  | LMG Holdings, Inc. |  |
| 285714 | &nbsp;&nbsp;Revolver, 0.500%, 4/30/2026<sup>2,4,6</sup> | 282932 |
| 4655357 | &nbsp;&nbsp;First Lien Term Loan, 11.230% (3-Month USD Libor+650 basis points), 4/30/2026<sup>2,3,4</sup> | 4607919 |
|  | LogicMonitor, Inc. |  |
| 2513966 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 2467077 |
| 670391 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 657887 |
| 4189944 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 4111795 |
| 2597765 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 2549313 |
| 5027933 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 4934154 |
| 23608280 | &nbsp;&nbsp;First Lien Term Loan, 11.070% (3-Month USD Libor+650 basis points), 5/17/2023<sup>2,3,4,5</sup> | 23167950 |
| 8355604 | MAG DS Corp.<br> First Lien Term Loan, 10.230% (1-Month USD Libor+550 basis points), 4/1/2027<sup>1,2,3,4</sup> | 7951619 |
| 20500000 | Mandolin Technology Intermediate Holdings, Inc.<br> Second Lien Term Loan, 10.915% (3-Month USD Libor+650 basis points), 7/30/2029<sup>2,3,4</sup> | 20113375 |
|  | ManTech International Corporation |  |
| 6744017 | &nbsp;&nbsp;Revolver, 0.500%, 9/14/2028<sup>2,4,6</sup> | 6584416 |
| 13379260 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/14/2029<sup>2,4,6</sup> | 13195925 |
| 54876722 | &nbsp;&nbsp;First Lien Term Loan, 9.577% (3-Month USD Sofr+575 basis points), 9/14/2029<sup>2,3,4</sup> | 53578034 |
|  | Marlin DTC-LS Midco 2, LLC |  |
| 16871365 | &nbsp;&nbsp;First Lien Term Loan, 10.735% (3-Month USD Libor+650 basis points), 7/1/2025<sup>2,3,4</sup> | 16177897 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $2914145 | &nbsp;&nbsp;First Lien Term Loan, 10.735% (3-Month USD Libor+650 basis points), 7/1/2025<sup>2,3,4</sup> | $2794364 |
|  | Measurabl, Inc. |  |
| 10034943 | &nbsp;&nbsp;First Lien Term Loan, 12.500% (3-Month USD Sofr+550 basis points), 4/21/2026<sup>2,3,4,8</sup> | 9917690 |
|  | Mindbody, Inc. |  |
| 1428571 | &nbsp;&nbsp;Revolver, 0.500%, 2/14/2025<sup>2,4,6</sup> | 1394774 |
| 7003041 | &nbsp;&nbsp;First Lien Term Loan, 12.141% (3-Month USD Libor+700 basis points), 2/14/2025<sup>2,3,4</sup> | 6837361 |
| 168585 | Misys Ltd.<br> Second Lien Term Loan, 12.950% (3-Month USD Libor+350 basis points), 6/13/2024<sup>2,3</sup> | 149548 |
| 7000000 | MyComplianceoffice, Inc.<br> First Lien Term Loan, 12.284% (3-Month USD Libor+850 basis points), 12/29/2025<sup>2,3,4</sup> | 6827856 |
|  | Netwrix Corporation And Concept Searching Inc. |  |
| 2870000 | &nbsp;&nbsp;Revolver, 0.500%, 6/9/2029<sup>2,4,6</sup> | 2832078 |
| 11011255 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/9/2029<sup>2,4,6</sup> | 10920639 |
| 2030088 | &nbsp;&nbsp;Delayed Draw, 9.531% (3-Month USD Sofr+500 basis points), 6/9/2029<sup>2,3,4</sup> | 2013382 |
| 34088657 | &nbsp;&nbsp;First Lien Term Loan, 9.696% (3-Month USD Sofr+500 basis points), 6/9/2029<sup>2,3,4</sup> | 33638235 |
|  | New Era Merger Sub, Inc. |  |
| 58641 | &nbsp;&nbsp;Revolver, 0.500%, 10/31/2026<sup>2,4,6</sup> | 57747 |
| 110751 | &nbsp;&nbsp;Revolver, 0.500%, 10/31/2026<sup>2,4,6</sup> | 109062 |
| 153958 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/31/2026<sup>2,4,6</sup> | 151611 |
| 1880305 | &nbsp;&nbsp;Delayed Draw, 9.320% (3-Month USD Libor+625 basis points), 10/31/2026<sup>2,3,4</sup> | 1851637 |
| 2012960 | &nbsp;&nbsp;Delayed Draw, 9.993% (3-Month USD Libor+625 basis points), 10/31/2026<sup>2,3,4</sup> | 1982269 |
| 169392 | &nbsp;&nbsp;Revolver, 10.390% (3-Month USD Libor+625 basis points), 10/31/2026<sup>2,3,4</sup> | 166809 |
| 3133789 | &nbsp;&nbsp;First Lien Term Loan, 10.665% (3-Month USD Libor+625 basis points), 10/31/2026<sup>2,3,4</sup> | 3086008 |
| 37643 | &nbsp;&nbsp;Revolver, 10.985% (3-Month USD Libor+625 basis points), 10/31/2026<sup>2,3,4</sup> | 37069 |
|  | Newscycle Solutions |  |
| 2292171 | &nbsp;&nbsp;First Lien Term Loan, 11.680% (3-Month USD Libor+700 basis points), 12/29/2023<sup>2,3,4</sup> | 2232204 |
| 265882 | &nbsp;&nbsp;First Lien Term Loan, 11.680% (3-Month USD Libor+700 basis points), 12/29/2023<sup>2,3,4</sup> | 258926 |
| 345910 | &nbsp;&nbsp;Delayed Draw, 11.680% (3-Month USD Libor+700 basis points), 12/29/2023<sup>2,3,4</sup> | 336861 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $5333333 | OEConnection LLC<br> Second Lien Term Loan, 11.383% (3-Month USD Libor+700 basis points), 9/25/2027<sup>2,3,4</sup> | $5241037 |
| 9898875 | Options Technology Ltd.<br> First Lien Term Loan, 10.000% (3-Month USD Libor+450 basis points), 12/26/2025<sup>2,3,4</sup> | 9634945 |
| 7443750 | OSP Lakeside Intermediate Holdings, LLC<br> First Lien Term Loan, 12.217% (3-Month USD Libor+805 basis points), 7/31/2026<sup>2,3,4</sup> | 7344585 |
|  | PC Dreamscape Opco, Inc. |  |
| 1052632 | &nbsp;&nbsp;Revolver, 0.500%, 4/25/2028<sup>2,4,6</sup> | 1020198 |
| 3289474 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/25/2028<sup>2,4,6</sup> | 3220652 |
| 263158 | &nbsp;&nbsp;Revolver, 10.161% (3-Month USD Sofr+575 basis points), 4/25/2028<sup>2,3,4</sup> | 255050 |
| 3281250 | &nbsp;&nbsp;Delayed Draw, 10.330% (3-Month USD Sofr+575 basis points), 4/25/2028<sup>2,3,4</sup> | 3212600 |
| 12075000 | &nbsp;&nbsp;First Lien Term Loan, 10.330% (3-Month USD Sofr+575 basis points), 4/25/2028<sup>2,3,4</sup> | 11702952 |
|  | PCS Software, Inc. |  |
| 363714 | &nbsp;&nbsp;Revolver, 0.500%, 7/1/2024<sup>2,4,6</sup> | 363408 |
| 5236782 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+575 basis points), 7/1/2024<sup>2,3,4</sup> | 5232387 |
| 20313405 | PDFTron Systems, Inc.<br> First Lien Term Loan, 9.822% (3-Month USD Sofr+550 basis points), 7/15/2027<sup>2,3,4</sup> | 19539906 |
| 9837147 | PDI TA Holdings, Inc.<br> First Lien Term Loan, 8.727% (3-Month USD Libor+450 basis points), 10/24/2024<sup>2,3,4</sup> | 9515759 |
|  | PDQ |  |
| 1764706 | &nbsp;&nbsp;Revolver, 0.500%, 8/27/2027<sup>2,4,6</sup> | 1747696 |
| 7340294 | &nbsp;&nbsp;Delayed Draw, 9.430% (3-Month USD Libor+475 basis points), 8/27/2027<sup>2,3,4</sup> | 7269540 |
| 10715294 | &nbsp;&nbsp;First Lien Term Loan, 9.430% (3-Month USD Libor+475 basis points), 8/27/2027<sup>2,3,4,10</sup> | 10612008 |
|  | Pegasus Global Enterprise Holdings, LLC |  |
| 1268825 | &nbsp;&nbsp;Delayed Draw, 0.500%, 5/29/2025<sup>2,4,6</sup> | 1257865 |
| 771579 | &nbsp;&nbsp;Delayed Draw, 10.48% (3-Month USD Libor+575 basis points), 5/29/2025<sup>2,3,4</sup> | 764914 |
| 2740887 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 5/29/2025<sup>2,3,4</sup> | 2717212 |
| 1181968 | Perforce Software, Inc.<br> First Lien Term Loan, 8.134% (1-Month USD Libor+375 basis points), 7/1/2026<sup>2,3</sup> | 1104584 |
|  | Ping Identity Corporation |  |
| 250000 | &nbsp;&nbsp;Revolver, 0.500%, 10/18/2028<sup>2,4,6</sup> | 243750 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $3277972 | &nbsp;&nbsp;First Lien Term Loan, 11.324% (1-Month USD Sofr+700 basis points), 10/18/2029<sup>2,3,4</sup> | $3196023 |
| 13000000 | Polaris Newco, LLC<br> Second Lien Term Loan, 12.735% (3-Month USD Libor+800 basis points), 6/4/2029<sup>2,3,4</sup> | 13107961 |
|  | Prism Parent Co., Inc. |  |
| 601852 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/16/2028<sup>2,4,6</sup> | 595833 |
| 2407407 | &nbsp;&nbsp;First Lien Term Loan, 10.321% (3-Month USD Sofr+600 basis points), 9/16/2028<sup>2,3,4</sup> | 2359259 |
|  | ProcessUnity Holdings, LLC |  |
| 750000 | &nbsp;&nbsp;Revolver, 0.500%, 9/24/2028<sup>2,4,6</sup> | 716588 |
| 750000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 9/24/2028<sup>2,4,6</sup> | 722488 |
| 250000 | &nbsp;&nbsp;Delayed Draw, 9.748% (3-Month USD Libor+600 basis points), 9/24/2028<sup>2,3,4</sup> | 240829 |
| 250000 | &nbsp;&nbsp;Revolver, 10.384% (3-Month USD Libor+600 basis points), 9/24/2028<sup>2,3,4</sup> | 238862 |
| 5000000 | &nbsp;&nbsp;First Lien Term Loan, 10.730% (3-Month USD Libor+600 basis points), 9/24/2028<sup>2,3,4</sup> | 4777250 |
|  | Project Leopard Holdings, Inc. |  |
| 60000000 | &nbsp;&nbsp;First Lien Term Loan, 9.803% (3-Month USD Sofr+525 basis points), 7/20/2029<sup>1,2,3,4,10</sup> | 54945000 |
| 14677326 | &nbsp;&nbsp;First Lien Term Loan, 9.803% (3-Month USD Sofr+525 basis points), 7/20/2029<sup>2,3,4</sup> | 13440761 |
|  | QF Holdings, Inc. |  |
| 263158 | &nbsp;&nbsp;Revolver, 0.500%, 12/15/2027<sup>2,4,6</sup> | 256273 |
| 2192982 | &nbsp;&nbsp;First Lien Term Loan, 10.425% (3-Month USD Libor+625 basis points), 12/15/2027<sup>2,3,4</sup> | 2135610 |
| 438597 | &nbsp;&nbsp;Delayed Draw, 10.430% (3-Month USD Libor+625 basis points), 12/15/2027<sup>2,3,4</sup> | 427122 |
|  | Quantic Electronics, LLC |  |
| 128641 | &nbsp;&nbsp;Revolver, 0.500%, 11/19/2026<sup>2,4,6</sup> | 125920 |
| 57038 | &nbsp;&nbsp;Revolver, 0.500%, 11/19/2026<sup>2,4,6</sup> | 55832 |
| 953898 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/19/2026<sup>2,4,6</sup> | 933718 |
| 371359 | &nbsp;&nbsp;Revolver, 10.030% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 363503 |
| 3950000 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 3866438 |
| 5403750 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 5289434 |
| 2448191 | &nbsp;&nbsp;Delayed Draw, 10.980% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 2396399 |
| 371359 | &nbsp;&nbsp;Revolver, 10.980% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 363503 |
| 3654663 | &nbsp;&nbsp;First Lien Term Loan, 10.980% (3-Month USD Libor+625 basis points), 11/19/2026<sup>2,3,4</sup> | 3577348 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $20000000 | Quest Software US Holdings, Inc.<br> First Lien Term Loan, 11.594% (3-Month USD Sofr+750 basis points), 2/1/2030<sup>2,3,4</sup> | $12070000 |
| EUR 11,003,391 | Questel International<br> First Lien Term Loan, 8.350% (3-Month EUR Libor+625 basis points), 12/17/2027<sup>2,3,4,7</sup> | 11476163 |
| 8653846 | Quickbase, Inc.<br> Second Lien Term Loan, 12.383% (3-Month USD Libor+800 basis points), 4/2/2027<sup>2,3,4</sup> | 8536627 |
|  | Rally Buyer, Inc. |  |
| 1500000 | &nbsp;&nbsp;Revolver, 0.500%, 7/19/2028<sup>2,4,6</sup> | 1464512 |
| 1682180 | &nbsp;&nbsp;Revolver, 0.500%, 7/19/2028<sup>2,4,6</sup> | 1642382 |
| 3000000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/19/2028<sup>2,4,6</sup> | 2959066 |
| 3364360 | &nbsp;&nbsp;Delayed Draw, 1.000%, 7/19/2028<sup>2,4,6</sup> | 3318454 |
| 10500000 | &nbsp;&nbsp;First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/2028<sup>2,3,4</sup> | 10251587 |
| 11775259 | &nbsp;&nbsp;First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/2028<sup>2,3,4</sup> | 11496675 |
|  | Ranger Buyer, Inc. |  |
| 1923077 | &nbsp;&nbsp;Revolver, 0.500%, 11/18/2027<sup>2,4,6</sup> | 1901651 |
| 22961538 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (3-Month USD Libor+625 basis points), 11/18/2028<sup>2,3,4</sup> | 22705719 |
|  | RCS Technology |  |
| 2188710 | &nbsp;&nbsp;First Lien Term Loan, 10.230% (3-Month USD Libor+550 basis points), 2/28/2025<sup>2,3,4,5</sup> | 2186242 |
| 340660 | &nbsp;&nbsp;Delayed Draw, 9.571% (3-Month USD Libor+575 basis points), 2/3/2026<sup>2,3,4,5</sup> | 339423 |
| 90278 | &nbsp;&nbsp;Revolver, 9.571% (3-Month USD Libor+575 basis points), 2/3/2026<sup>2,3,4,5</sup> | 89950 |
| 1895833 | &nbsp;&nbsp;First Lien Term Loan, 9.571% (3-Month USD Libor+575 basis points), 2/3/2026<sup>2,3,4,5</sup> | 1888950 |
|  | Recorded Future, Inc. |  |
| 178771 | &nbsp;&nbsp;Revolver, 0.500%, 7/3/2025<sup>2,4,6</sup> | 176108 |
| 1117730 | &nbsp;&nbsp;First Lien Term Loan, 9.976% (3-Month USD Libor+525 basis points), 7/3/2025<sup>2,3,4</sup> | 1101080 |
|  | Redwood Services Group, LLC |  |
| 2683663 | &nbsp;&nbsp;Delayed Draw, 1.000%, 6/15/2029<sup>2,4,6</sup> | 2655968 |
| 6924869 | &nbsp;&nbsp;Delayed Draw, 10.580% (3-Month USD Sofr+600 basis points), 6/15/2029<sup>2,3,4</sup> | 6853405 |
| 40391468 | &nbsp;&nbsp;First Lien Term Loan, 10.690% (3-Month USD Sofr+600 basis points), 6/15/2029<sup>2,3,4</sup> | 39570846 |
|  | Revalize, Inc. |  |
| 5643832 | &nbsp;&nbsp;Delayed Draw, 1.000%, 4/15/2027<sup>2,4,6</sup> | 5551289 |
| 681000 | &nbsp;&nbsp;Revolver, 9.424% (3-Month USD Libor+575 basis points), 4/15/2027<sup>2,3,4</sup> | 669834 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $1021200 | &nbsp;&nbsp;Delayed Draw, 10.461% (3-Month USD Libor+525 basis points), 4/15/2027<sup>2,3,4</sup> | $1004455 |
| 19860114 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+525 basis points), 4/15/2027<sup>2,3,4</sup> | 19534465 |
| 4619419 | &nbsp;&nbsp;Delayed Draw, 10.480% (3-Month USD Libor+575 basis points), 4/15/2027<sup>2,3,4</sup> | 4543674 |
|  | Riskonnect Parent, LLC |  |
| 30882250 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/7/2028<sup>2,4,6</sup> | 30622406 |
| 24644235 | &nbsp;&nbsp;First Lien Term Loan, 9.731% (3-Month USD Sofr+550 basis points), 12/7/2028<sup>2,3,4,10</sup> | 24190041 |
| 4411750 | &nbsp;&nbsp;Delayed Draw, 10.211% (3-Month USD Sofr+550 basis points), 12/7/2028<sup>2,3,4</sup> | 4374629 |
| 2107471 | Rocket Software, Inc.<br> First Lien Term Loan, 8.321% (3-Month USD Libor+425 basis points), 11/28/2025<sup>2,3</sup> | 2031339 |
|  | RPX Corporation |  |
| 4391599 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (3-Month USD Libor+550 basis points), 10/23/2025<sup>2,3,4</sup> | 4300894 |
| 7913279 | &nbsp;&nbsp;First Lien Term Loan, 9.884% (3-Month USD Libor+550 basis points), 10/23/2025<sup>2,3,4</sup> | 7749836 |
|  | Safety Borrower Holdings |  |
| 677966 | &nbsp;&nbsp;Revolver, 0.500%, 9/1/2027<sup>2,4,6</sup> | 653214 |
| 9264831 | &nbsp;&nbsp;First Lien Term Loan, 10.400% (1-Month USD Libor+525 basis points), 9/1/2027<sup>2,3,4</sup> | 8926576 |
|  | SailPoint Technologies, Inc. |  |
| 603840 | &nbsp;&nbsp;Revolver, 0.500%, 8/16/2028<sup>2,4,5,6</sup> | 597113 |
| 7680847 | &nbsp;&nbsp;First Lien Term Loan, 10.576% (3-Month USD Sofr+625 basis points), 8/16/2029<sup>2,3,4,5</sup> | 7595273 |
|  | Securonix, Inc. |  |
| 2288135 | &nbsp;&nbsp;Revolver, 0.500%, 4/1/2028<sup>2,4,6</sup> | 2285555 |
| 12711865 | &nbsp;&nbsp;First Lien Term Loan, 10.097% (3-Month USD Sofr+650 basis points), 4/1/2028<sup>2,3,4,10</sup> | 12697533 |
|  | Seismic Software, Inc. |  |
| 272390 | &nbsp;&nbsp;Revolver, 0.500%, 10/15/2026<sup>2,4,5,6</sup> | 263900 |
| 1089558 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/15/2026<sup>2,4,6</sup> | 1055598 |
| 26204082 | &nbsp;&nbsp;Delayed Draw, 1.000%, 10/15/2026<sup>2,4,5,6</sup> | 25387334 |
| 813083 | &nbsp;&nbsp;Delayed Draw, 8.950% (3-Month USD Libor+475 basis points), 10/15/2026<sup>2,3,4,5</sup> | 787740 |
| 16458 | &nbsp;&nbsp;Delayed Draw, 8.950% (3-Month USD Libor+475 basis points), 10/15/2026<sup>2,3,4,5</sup> | 15945 |
| 3659441 | &nbsp;&nbsp;Delayed Draw, 8.950% (3-Month USD Libor+475 basis points), 10/15/2026<sup>2,3,4,5</sup> | 3545381 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $4086032 | &nbsp;&nbsp;First Lien Term Loan, 8.950% (3-Month USD Libor+475 basis points), 10/15/2026<sup>2,3,4,5</sup> | $3958676 |
| 1462500 | Smartlinx Solutions, LLC<br> First Lien Term Loan, 10.480% (3-Month USD Libor+600 basis points), 3/5/2026<sup>2,3,4</sup> | 1458612 |
|  | Sonar Acquisitionco, Inc. |  |
| 2693750 | &nbsp;&nbsp;Revolver, 0.500%, 7/7/2028<sup>2,4,5,6</sup> | 2630020 |
| 40406250 | &nbsp;&nbsp;First Lien Term Loan, 9.415% (3-Month USD Sofr+575 basis points), 7/7/2028<sup>2,3,4,5</sup> | 39450302 |
| GBP 3,613,000 | SSCP Pegasus Bidco Ltd.<br> First Lien Term Loan, 9.431% (3-Month GBP Libor+675 basis points), 6/16/2028<sup>2,3,4,7</sup> | 4277534 |
|  | Syntax Systems Ltd. |  |
| 660066 | &nbsp;&nbsp;Revolver, 0.500%, 10/29/2026<sup>2,4,6</sup> | 642467 |
| 1320132 | &nbsp;&nbsp;Revolver, 10.134% (1-Month USD Libor+550 basis points), 10/29/2026<sup>2,3,4</sup> | 1284934 |
| 4962406 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (1-Month USD Libor+550 basis points), 10/28/2028<sup>2,3,4</sup> | 4830096 |
| 4950495 | Delayed Draw, 1.000%, 10/29/2028<sup>2,4,6</sup> | 4818502 |
| 17888614 | &nbsp;&nbsp;First Lien Term Loan, 10.134% (1-Month USD Libor+550 basis points), 10/29/2028<sup>2,3,4</sup> | 17411658 |
|  | Tamarack Intermediate, L.L.C. |  |
| 2485937 | &nbsp;&nbsp;Revolver, 0.500%, 3/11/2028<sup>2,4,6</sup> | 2359739 |
| 18430371 | &nbsp;&nbsp;First Lien Term Loan, 9.232% (3-Month USD Sofr+575 basis points), 3/11/2028<sup>2,3,4</sup> | 17494755 |
| 537500 | &nbsp;&nbsp;Revolver, 9.825% (3-Month USD Sofr+575 basis points), 3/11/2028<sup>2,3,4</sup> | 510214 |
| 1473750 | TaxSlayer LLC<br> First Lien Term Loan, 10.384% (3-Month USD Libor+600 basis points), 12/31/2026<sup>2,3,4</sup> | 1443898 |
| 10015265 | The NPD Group, Inc.<br> First Lien Term Loan, 10.431% (1-Month USD Libor+575 basis points), 12/1/2028<sup>2,3,4,8</sup> | 9814959 |
|  | Thunder Purchase, Inc. |  |
| 1136691 | &nbsp;&nbsp;Revolver, 0.500%, 6/30/2027<sup>2,4,6</sup> | 1078497 |
| 235177 | &nbsp;&nbsp;Revolver, 10.480% (3-Month USD Libor+575 basis points), 6/30/2027<sup>2,3,4,5</sup> | 223137 |
| 4073590 | &nbsp;&nbsp;First Lien Term Loan, 10.480% (3-Month USD Libor+575 basis points), 6/30/2028<sup>2,3,4,5</sup> | 3865037 |
|  | TigerConnect, Inc. |  |
| 1875000 | &nbsp;&nbsp;Revolver, 0.500% PIK, 2/16/2028<sup>2,4,6,8</sup> | 1870539 |
| 419818 | &nbsp;&nbsp;Delayed Draw, 1.000% PIK, 2/16/2028<sup>2,4,6,8</sup> | 418819 |
| 121589 | &nbsp;&nbsp;Delayed Draw, 11.488% PIK (3-Month USD Sofr+675 basis points), 2/16/2028<sup>2,3,4,8</sup> | 121299 |
| 13125000 | &nbsp;&nbsp;First Lien Term Loan, 11.488% PIK (3-Month USD Sofr+675 basis points), 2/16/2028<sup>2,3,4,8,10</sup> | 12880199 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
|  | Trackforce Acquireco, Inc. |  |
| $1113074 | &nbsp;&nbsp;Revolver, 0.500%, 6/23/2028<sup>2,4,5,6</sup> | $1092314 |
| 30053004 | &nbsp;&nbsp;First Lien Term Loan, 9.981% (3-Month USD Sofr+600 basis points), 6/23/2028<sup>2,3,4,5</sup> | 29492469 |
| 9442589 | Transact Holdings, Inc.<br> First Lien Term Loan, 8.821% (1-Month USD Libor+475 basis points), 4/30/2026<sup>2,3,4,5</sup> | 9066012 |
|  | Tribute Technology Holdings, LLC |  |
| 3487842 | &nbsp;&nbsp;Revolver, 0.500%, 10/30/2026<sup>2,4,6</sup> | 3387862 |
| 2138098 | &nbsp;&nbsp;First Lien Term Loan, 10.180% (3-Month USD Libor+550 basis points), 10/30/2026<sup>2,3,4,5</sup> | 2033988 |
| 6414295 | &nbsp;&nbsp;Delayed Draw, 10.430% (3-Month USD Libor+575 basis points), 10/30/2026<sup>2,3,4,5</sup> | 6166196 |
| 1395137 | &nbsp;&nbsp;Revolver, 10.830% (3-Month USD Libor+625 basis points), 10/30/2026<sup>2,3,4,5</sup> | 1355145 |
|  | Trintech, Inc. |  |
| 881653 | &nbsp;&nbsp;First Lien Term Loan, 10.390% (3-Month USD Libor+600 basis points), 12/29/2024<sup>2,3,4</sup> | 859691 |
| 440827 | &nbsp;&nbsp;First Lien Term Loan, 10.390% (3-Month USD Libor+600 basis points), 12/29/2024<sup>2,3,4</sup> | 429845 |
| GBP 12,230,216 | UKFast Leaders Limited<br> First Lien Term Loan, 10.797% (3-Month GBP Libor+675 basis points), 9/8/2027<sup>2,3,4,7</sup> | 14168788 |
|  | Uniguest |  |
| 473684 | &nbsp;&nbsp;Revolver, 0.500%, 12/17/2025<sup>2,4,6</sup> | 468947 |
| 52632 | &nbsp;&nbsp;Revolver, 11.383% (1-Month USD Libor+700 basis points), 12/17/2025<sup>2,3,4</sup> | 52105 |
| 5171053 | &nbsp;&nbsp;First Lien Term Loan, 11.383% (1-Month USD Libor+700 basis points), 12/17/2025<sup>2,3,4</sup> | 5119342 |
| 4169974 | &nbsp;&nbsp;Delayed Draw, 11.387% (1-Month USD Libor+700 basis points), 12/17/2025<sup>2,3,4</sup> | 4128274 |
| 2631579 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/18/2025<sup>2,4,6</sup> | 2605263 |
| 37896774 | User Zoom Technologies, Inc<br> First Lien Term Loan, 9.347% (3-Month USD Sofr+575 basis points), 4/5/2029<sup>2,3,4,10</sup> | 36962588 |
| 15000000 | Virgin Pulse, Inc.<br> Second Lien Term Loan, 11.633% (3-Month USD Libor+725 basis points), 4/6/2029<sup>2,3,4</sup> | 13502454 |
|  | Wilson Electronics Holdings, LLC |  |
| 9226000 | &nbsp;&nbsp;Delayed Draw, 1.000%, 5/17/2027<sup>2,4,6</sup> | 9174850 |
| 29154950 | &nbsp;&nbsp;First Lien Term Loan, 11.030% (3-Month USD Sofr+600 basis points), 5/17/2027<sup>2,3,4</sup> | 28657573 |
|  | WorkForce Software, LLC |  |
| 154412 | &nbsp;&nbsp;Revolver, 0.500%, 7/31/2025<sup>2,4,6</sup> | 150179 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SENIOR SECURED LOANS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| $308824 | &nbsp;&nbsp;Revolver, 9.570% PIK (3-Month USD Libor+650 basis points), 7/31/2025<sup>2,3,4,8</sup> | $300358 |
| 4466442 | &nbsp;&nbsp;First Lien Term Loan, 10.320% PIK (3-Month USD Libor+425 basis points), 7/31/2025<sup>2,3,4,8</sup> | 4355182 |
| 2524544 | Xactly Corporation<br> First Lien Term Loan, 11.010% (3-Month USD Libor+725 basis points), 7/31/2023<sup>2,3,4</sup> | 2505898 |
|  | Zendesk, Inc. |  |
| 1847826 | &nbsp;&nbsp;Delayed Draw, 1.000%, 11/22/2028<sup>2,4,6</sup> | 1829348 |
| 7391304 | &nbsp;&nbsp;First Lien Term Loan, 11.041% (3-Month USD Sofr+650 basis points), 11/22/2028<sup>2,3,4</sup> | 7243478 |
|  |  | **2287831760** |
|  | **UTILITIES — 0.3%** |  |
|  | EDPO, LLC |  |
| 713334 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/8/2027<sup>2,4,5,6</sup> | 689314 |
| 293334 | &nbsp;&nbsp;Delayed Draw, 9.130% (3-Month USD Libor+475 basis points), 12/8/2027<sup>2,3,4,5</sup> | 283456 |
| 242717 | &nbsp;&nbsp;First Lien Term Loan, 9.130% (3-Month USD Libor+475 basis points), 12/8/2027<sup>2,3,4,5</sup> | 232114 |
| 7783766 | TS OpCo Holding LLC<br> First Lien Term Loan, 9.928% (3-Month USD Libor+475 basis points), 9/28/2023<sup>2,3,4</sup> | 7685354 |
|  | Water Holdings Acquisition, LLC |  |
| 519305 | &nbsp;&nbsp;Revolver, 0.500%, 12/18/2026<sup>2,4,6</sup> | 495434 |
| 3817808 | &nbsp;&nbsp;Delayed Draw, 1.000%, 12/18/2026<sup>2,4,6</sup> | 3737338 |
| 766409 | &nbsp;&nbsp;Revolver, 9.980% (3-Month USD Libor+525 basis points), 12/18/2026<sup>2,3,4</sup> | 731179 |
| 13577143 | &nbsp;&nbsp;First Lien Term Loan, 9.980% (3-Month USD Libor+525 basis points), 12/18/2026<sup>2,3,4</sup> | 12958181 |
| 290322 | &nbsp;&nbsp;Delayed Draw, 9.980% (3-Month USD Libor+525 basis points), 12/18/2026<sup>2,3,4</sup> | 284203 |
|  |  | **27096573** |
|  | **TOTAL SENIOR SECURED LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,839,899,571) | **9701422249** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PRIVATE INVESTMENT VEHICLES — 44.1%** |  |
|  | **INVESTMENT PARTNERSHIPS — 4.5%** |  |
| N/A | AG Direct Lending Fund II (Unlevered) L.P.<sup>2,9</sup> | 26043164 |
| N/A | AG Direct Lending Fund II L.P.<sup>2,9</sup> | 19623006 |
| N/A | AG Direct Lending Fund III L.P.<sup>2,9</sup> | 14241923 |
| N/A | AG DLI, L.P.<sup>2,9</sup> | 9933655 |
| N/A | AG GTDL Fund II L.P.<sup>2,9</sup> | 26124689 |

---

**Cliffwater Corporate 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 | AG GTDL Fund L.P.<sup>2,9</sup> | $3141298 |
| N/A | AG KFHDL Fund L.P.<sup>2,9</sup> | 3141538 |
| N/A | Antares Senior Loan Parallel Feeder Fund II (Cayman) LP<sup>2,9</sup> | 26179992 |
| N/A | Ares Commercial Finance Feeder (A) LP<sup>2,9</sup> | 17865182 |
| N/A | Banner Ridge DSCO Fund II, LP<sup>2,9</sup> | 149095 |
| N/A | Barings CMS Fund LP<sup>2,9</sup> | 3211063 |
| N/A | Crescent Mezzanine Partners VIIC, L.P.<sup>2,9</sup> | 6161943 |
| N/A | Crestline Specialty Lending III (U.S.), LP<sup>2,9</sup> | 17224376 |
| N/A | HPS Mezzanine Partners 2019 LP<sup>2,9</sup> | 9127182 |
| N/A | HPS Specialty Loan Fund V Feeder LP<sup>2,9</sup> | 40702455 |
| N/A | Marlin Credit Opportunity Fund LP<sup>2,9</sup> | 96338103 |
| N/A | Odyssey Company Investment Partners B L.P. <sup>2,9</sup> | 1522703 |
| N/A | Providence Debt Fund III (Non-US) L.P.<sup>2,9</sup> | 10081700 |
| N/A | Raven Asset Based Credit Fund II, LP<sup>2,9</sup> | 16069447 |
| N/A | Silver Point Specialty Credit Fund II, LP<sup>2,9</sup> | 39301586 |
| N/A | Summit Partners Credit Offshore Fund II, LP<sup>2,9</sup> | 7972269 |
| N/A | Thompson Rivers, LLC<sup>2,9</sup> | 7887854 |
| N/A | Varagon Capital Direct Lending Fund, LP<sup>2,9</sup> | 14460677 |
| N/A | Vista Credit Partner Fund III LP<sup>2,9</sup> | 26989811 |
| N/A | Waccamaw River, LLC <sup>2,9</sup> | 10641636 |
|  |  | **454136347** |
|  | **JOINT VENTURES — 0.8%** |  |
| N/A | FBLC Senior Loan Fund LLC<sup>2,9</sup> | 68454107 |
| N/A | Middle Market Credit Fund II, LLC<sup>2,9</sup> | 14647205 |
|  |  | **83101312** |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 17.6%** |  |
| 4950891 | AGTB Private BDC<sup>2,9</sup> | 127230094 |
| 800000 | Ares Strategy Income Fund LP<sup>2,9</sup> | 20000000 |
| 4312845 | Barings Capital Investment Corporation<sup>2,9</sup> | 96059194 |
| 44235355 | Barings Private Credit Corporation<sup>2,9</sup> | 921397836 |
| 158610 | Carlyle Secured Lending III<sup>2,9</sup> | 3161484 |
| N/A | CDL Tender Fund 2022-1 L.P.<sup>2,9</sup> | 50716503 |
| 5602694 | Franklin BSP Lending Corporation<sup>2,9</sup> | 42265884 |
| 2393455 | Golub Capital BDC 4, Inc.<sup>2,9</sup> | 36383965 |
| 2053052 | Golub Capital Direct Lending Corp.<sup>2,9</sup> | 31056409 |
| 1755897 | Morgan Stanley Direct Lending Fund<sup>2,9</sup> | 38578951 |
| 10000000 | New Mountain Guardian III BDC, LLC<sup>2,9</sup> | 98610115 |
| 750000 | New Mountain Guardian IV BDC, LLC<sup>2,9</sup> | 7355803 |
| 16163843 | Owl Rock Core Income Corp.<sup>2,9</sup> | 146780336 |
| 2119509 | Owl Rock Technology Finance Corp.<sup>2,9</sup> | 36189552 |
| 2673813 | Owl Rock Technology Finance Corp. II<sup>2,9</sup> | 38893055 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **PRIVATE INVESTMENT VEHICLES (Continued)** |  |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES (Continued)** |  |
| 1832480 | Redwood Enhanced Income Corp.<sup>2,9</sup> | $26035780 |
| 540581 | Sixth Street Lending Partners<sup>2,9</sup> | 13356042 |
| N/A | Stellus Private Credit BDC Feeder, LP<sup>2,9</sup> | 12447385 |
| 43345 | Stone Point Credit Corp.<sup>2,9</sup> | 851839 |
| N/A | TCW Direct Lending VIII LLC<sup>2,9</sup> | 13357448 |
| 1925963 | Varagon Capital Corporation<sup>2,9</sup> | 19175790 |
|  |  | **1779903465** |
|  | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 20.1%** |  |
| N/A | ABPCI Pacific Funding LP<sup>2,9</sup> | 82800476 |
| N/A | BlackRock Shasta CLO VII LLC<sup>2,9</sup> | 536822639 |
| N/A | Comvest Structured Note Issuer I LLC<sup>2,9</sup> | 43336653 |
| N/A | NXT Capital Structured Note I, LLC<sup>2,9</sup> | 77180242 |
| N/A | Raven Senior Loan Fund LLC<sup>2,9</sup> | 421293839 |
| N/A | Silver Point Loan Funding LLC<sup>2,9</sup> | 443601956 |
| N/A | Varagon Structured Note Issuer I LLC<sup>2,9</sup> | 423835621 |
|  |  | **2028871426** |
|  | **PRIVATE EQUITY — 0.1%** |  |
| N/A | CSL III Advisor LLC<sup>2,4</sup> | 24289 |
| 4 | Owl Rock Technology Holdings II LLC<sup>2,4</sup> | 5257600 |
| N/A | Stellus Private BDC Advisor, LLC <sup>2,4</sup> | 1001035 |
|  |  | **6282924** |
|  | **SPECIAL PURPOSE VEHICLE FOR PREFERRED EQUITY — 0.4%** |  |
| N/A | CCOF Sierra II, L.P.<sup>2,9</sup> | 16238275 |
| N/A | Chilly HP SCF Investor, LP<sup>2,9</sup> | 2151260 |
| N/A | HPS Mint Co-Invest Fund LP<sup>2,9</sup> | 10646142 |
| N/A | Minerva Co-Invest LP<sup>2,9</sup> | 15242842 |
|  |  | **44278519** |
|  | **SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS — 0.4%** |  |
| N/A | 17Capital Co. Investment Fund V-L LP<sup>2,7,9</sup> | 25144943 |
| N/A | Endurance II L.P.<sup>2,9</sup> | 10499921 |
| N/A | Proxima Onshore Co-Invest, L.P.<sup>2,9</sup> | 3389358 |
|  |  | **39034222** |
|  | **SPECIAL PURPOSE VEHICLE FOR SUBORDINATED DEBT — 0.2%** |  |
| N/A | Luther Co-Invest, L.P.<sup>2,9</sup> | **15433304** |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,368,186,706) | **4451041519** |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 0.8%** |  |
| $12000000 | ABPCI Direct Lending Fund CLO X LP<br> 14.712% (3-Month USD Libor+1,047 basis points), 1/20/2032<sup>1,2,3,4,11</sup> | $11138810 |
|  | BlackRock Elbert CLO V LLC |  |
| 39500000 | &nbsp;&nbsp;19.000%, 6/15/2034<sup>1,2,4,13</sup> | 36820817 |
| 13000000 | &nbsp;&nbsp;13.228% (3-Month Term SOFR+870 basis points), 6/15/2034<sup>1,2,3,4,11</sup> | 11744635 |
| 10000000 | Monroe Capital MML CLO IX Ltd.<br> 13.025% (3-Month USD Libor+870 basis points), 10/22/2031<sup>1,2,3,11,14</sup> | 9228394 |
| 2910000 | Monroe Capital MML CLO VII Ltd.<br> 11.915% (3-Month USD Libor+725 basis points), 11/22/2030<sup>1,2,3,4,11</sup> | 2608388 |
| 15000000 | Monroe Capital MML CLO VIII, Ltd.<br> 20.000%, 11/22/2033<sup>1,2,4,11,13</sup> | 10623121 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $90,495,736) | **82164165** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **PREFERRED STOCKS — 0.8%** |  |
|  | **HEALTH CARE — 0.3%** |  |
| 15000 | nThrive, Inc., Series A-2 Preferred, 11.000% PIK<sup>2,4,8</sup> | 14508336 |
| 17500 | Propharma, LLC<br> Jayhawk Intermediate LLC, Series B Preferred, 13.000% PIK<sup>2,4,8,15</sup> | 16980040 |
|  |  | **31488376** |
|  | **INDUSTRIALS — 0.2%** |  |
| 875 | Atomic Transport, LLC<br> Atomic Blocker, LLC, Class A-2 Preferred, 13.560% PIK<sup>2,4,8,16</sup> | 875000 |
| 2500 | &nbsp;&nbsp;Atomic Blocker, LLC, Class A Preferred, 8.500% PIK<sup>2,4,8,16</sup> | 2500000 |
| 11250000 | FSG Acquisition, LLC, - Senior Preferred, 12.250% PIK<sup>2,4,8</sup> | 10973698 |
| 200 | S4T Holdings Corp.<br> Vistria ESS Holdings, LLC, Class A Preferred, 8.000% PIK<sup>2,4,8,17</sup> | 100000 |
|  |  | **14448698** |
|  | **TECHNOLOGY — 0.3%** |  |
| 15000 | GS Holder, Inc., 16.320%<sup>2,4</sup> | 14550000 |
| 6500 | Mandolin Technology Intermediate Holdings, Inc. - Series A Preferred, 10.500% PIK<sup>2,4,8</sup> | 6312138 |
| 11000 | Riskonnect Parent, LLC - Series B Preferred, 12.607% PIK<sup>2,4,8</sup> | 10780000 |
|  |  | **31642138** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $76,869,253) | **77579212** |
|  | **COMMON STOCKS — 0.1%** |  |
|  | **CONSUMER DISCRETIONARY — 0.0%** |  |
| 1500000 | A1 Garage Merger Sub, LLC<sup>2,4</sup> | **1500000** |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS — 0.1%** |  |
| 280309 | Forbright, Inc.<sup>2,4</sup> | $**6304851** |
|  | **INDUSTRIALS — 0.0%** |  |
| 2188 | Atomic Transport, LLC<br> Atomic Blocker, LLC, Class W Common<sup>2,4,16</sup> | 1248057 |
| 200 | S4T Holdings Corp.<br> Vistria ESS Holdings, LLC, Class A Common<sup>2,4,17</sup> | 150287 |
|  |  | **1398344** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,865,607) | **9203195** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SUBORDINATED DEBT — 0.1%** |  |
|  | **FINANCIALS — 0.1%** |  |
| $5500000 | OTR Midco, LLC, 12.000%, 5/12/2026<sup>2,4</sup> | 5490768 |
|  | **TOTAL SUBORDINATED DEBT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,500,000) | **5490768** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **WARRANTS — 0.0%** |  |
|  | **ENERGY — 0.0%** |  |
| 1 | Service Compression, LLC<sup>2,4</sup> | **—** |
|  | **HEALTH CARE — 0.0%** |  |
| 1300435 | ADMA Bilogics, Inc.<sup>2,4</sup> | 3886164 |
| 219298 | Xerix Biopharma Holdings, Inc.<sup>2,4</sup> | 283962 |
|  |  | **4170126** |
|  | **TECHNOLOGY — 0.0%** |  |
| 21640 | Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.)<sup>2,4</sup> | 1025628 |
| 1 | Measurabl, Inc.<sup>2,4</sup> |  |
|  |  | **1025628** |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,152,261) | **5195754** |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS — 0.9%** |  |
| 90649075 | State Street Institutional U.S. Government Money Market Fund, 4.04%<sup>2,18</sup> | $90649075 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $90,649,075) | **90649075** |
|  | **TOTAL INVESTMENTS — 143.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,478,618,209) | **14422745937** |
|  | Senior Notes (net of deferred offering costs of $7,479,350) — (18.0)% | (1810848745) |
|  | Liabilities Less Other Assets — (25.0)% | (2525095826) |
|  | **NET ASSETS — 100.0%** | $**10086801366** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **REVERSE REPURCHASE AGREEMENTS — (0.0)%** |  |
| $(3825000) | Agreement with Deutsche Bank AG, <br>5.239%, dated 12/22/2022, to be repurchased at $3,885,947 on 12/22/2022, collateralized by Monroe Capital MML CLO IX Ltd. with maturity of 10/22/2031, with a total value of $9,228,394 | (3825000) |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $3,825,000) | **(3825000)** |

---

---

| |
|:---|
| AUD – Australian Dollars |
| Libor – London Interbank Offered Rate |
| Sofr – Secured Overnight Financiang Rate |
| LLC – Limited Liability Company |
| GBP – Pound Sterling |
| EUR – Euro |
| CAD – Canadian Dollars |
| US – United States |
| LP – Limited Partnership |
| RB – Revenue Bonds |
| LOC – Letter of Credit |
| SEK – Swedish Krona |
| Stibor – Stockholm Interbank Offered Rate |
| NOK – Norweigian Krone |
| Nibor – Norwegian Interbank Offered Rate |
| NZD – New Zealand Dollar |
| BDC – Business Development Company |
| CLO – Collateralized Loan Obligation |

---

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

<sup>1</sup> Callable.

<sup>2</sup> As of December 31, 2022 all or a portion of the security has been pledged as collateral for a senior secured note. The value of the securities totaled $14,422,745,937 as of December 31, 2022. See Note 2, subsection Senior Notes of the Notes to Consolidated Financial Statements for additional information.

<sup>3</sup> Floating rate security. Rate shown is the rate effective as of period end.

<sup>4</sup> Value was determined using significant unobservable inputs.

<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.

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

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

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

<sup>9</sup> Investment valued using net asset value per share as practical expedient.

<sup>10</sup> All or a portion of this security is segregated as collateral for secured borrowings made with Macquarie US Trading LLC. Total collateral had a fair value of $452,440,533 as of December 31, 2022. See note 2 for additional information.

<sup>11</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $56,666,929, which represents 0.6% of total net assets of the Fund.

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

<sup>13</sup> Variable rate security. Rate shown is the rate in effect as of period end.

<sup>14</sup> All or a portion of this security is segregated as collateral for reverse repurchase agreements. Total collateral had a fair value of $9,228,394 as of December 31, 2022. See note 2 for additional information.

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

<sup>16</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>17</sup> Vistria ESS Holdings, LLC holds Series A Preferred Units and Class A Common Units in TVG ESS Holdings, LLC which is the parent company holdings company for S4T Holdings Corp.

<sup>18</sup> The rate is the annualized seven-day yield at period end.

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

---

| | | |
|:---|:---|:---|
| **Security** | **First Acquisition Date** | **Cost** |
| 17Capital Co. Investment Fund V-L LP | 9/23/2021 | $25759098 |
| ABPCI Pacific Funding LP | 6/9/2022 | 81145833 |
| AG Direct Lending Fund II (Unlevered) L.P. | 3/31/2022 | 24059318 |
| AG Direct Lending Fund II L.P. | 3/31/2020 | 18142298 |
| AG Direct Lending Fund III L.P. | 6/28/2019 | 13843946 |
| AG DLI, L.P. | 3/31/2022 | 8900715 |
| AG GTDL Fund II L.P. | 3/31/2022 | 24214300 |
| AG GTDL Fund L.P. | 3/31/2022 | 3020971 |
| AG KFHDL Fund L.P. | 3/31/2022 | 3026792 |
| AGTB Private BDC | 5/10/2022 | 125000000 |
| Antares Senior Loan Parallel Feeder Fund II (Cayman) LP | 8/3/2022 | 25995953 |
| Ares Commercial Finance Feeder (A) LP | 3/31/2021 | 15404552 |
| Ares Strategy Income Fund LP | 12/5/2022 | 20000000 |
| Banner Ridge DSCO Fund II LP | 10/11/2022 |  |
| Barings Capital Investment Corporation | 1/25/2021 | 95000000 |
| Barings CMS Fund LP | 12/28/2021 | 3000000 |
| Barings Private Credit Corporation | 5/10/2021 | 900000000 |
| BlackRock Shasta CLO VII LLC | 2/10/2021 | 532289942 |
| Carlyle Secured Lending III | 9/28/2022 | 3150000 |
| CCOF Sierra II, L.P. | 8/2/2022 | 15600000 |
| CDL Tender Fund 2022-1 L.P. | 4/4/2022 | 50000000 |
| Chilly HP SCF Investor, LP | 2/9/2022 | 1980197 |
| Comvest Structured Note Issuer I LLC | 11/17/2022 | 43336653 |
| Crescent Mezzanine Partners VIIC, L.P. | 3/31/2021 | 5426693 |
| Crestline Specialty Lending III (U.S.), LP | 8/30/2021 | 16991703 |
| Endurance II L.P. | 8/24/2020 | 9754940 |
| FBLC Senior Loan Fund LLC | 4/1/2020 | 78562000 |
| Franklin BSP Lending Corporation | 1/20/2021 | 32327541 |
| Golub Capital BDC 4, Inc. | 4/21/2022 | 35901821 |
| Golub Capital Direct Lending Corp. | 7/13/2021 | 30750000 |
| HPS Mezzanine Partners 2019 LP | 11/16/2020 | 8181064 |
| HPS Mint Co-Invest Fund LP | 5/25/2022 | 10015163 |
| HPS Specialty Loan Fund V Feeder LP | 5/14/2021 | 41643802 |
| Luther Co-Invest, L.P. | 7/15/2022 | 14579288 |
| Marlin Credit Opportunity Fund LP | 5/21/2021 | 100408617 |
| Middle Market Credit Fund II, LLC | 11/3/2020 | 12708191 |
| Minerva Co-Invest LP | 2/11/2022 | 14720019 |
| Morgan Stanley Direct Lending Fund | 7/16/2021 | 39339489 |
| New Mountain Guardian III BDC, LLC | 3/27/2020 | 100000000 |
| New Mountain Guardian IV BDC, LLC | 6/29/2022 | 7500000 |
| NXT Capital Structured Note I, LLC | 1/26/2022 | 78669379 |
| Odyssey Company Investment Partners B L.P. | 3/24/2022 | 1555423 |
| Owl Rock Core Income Corp. | 7/29/2021 | 150000000 |
| Owl Rock Technology Finance Corp. | 9/24/2020 | 35000000 |
| Owl Rock Technology Finance Corp. II | 12/30/2021 | 38437905 |
| Providence Debt Fund III (Non-US) L.P. | 3/31/2021 | 8209306 |
| Proxima Onshore Co-Invest, L.P. | 11/2/2021 | 3376329 |
| Raven Asset Based Credit Fund II, LP | 9/21/2021 | 15002471 |
| Raven Senior Loan Fund LLC | 5/5/2022 | 404924444 |
| Redwood Enhanced Income Corp. | 4/8/2022 | 26556582 |
| Silver Point Loan Funding LLC | 3/22/2022 | 428370888 |
| Silver Point Specialty Credit Fund II, LP | 12/15/2020 | 41326575 |
| Sixth Street Lending Partners | 8/31/2022 | 13400879 |
| Stellus Private Credit BDC Feeder, LP | 1/31/2022 | 12450000 |
| Stone Point Credit Corp. | 12/30/2022 | 851839 |
| Summit Partners Credit Offshore Fund II, LP | 3/31/2022 | 6932335 |
| TCW Direct Lending VIII LLC | 1/31/2022 | 13523324 |
| Thompson Rivers, LLC | 6/29/2021 | 11491565 |
| Varagon Capital Corporation | 5/23/2022 | 19296490 |
| Varagon Capital Direct Lending Fund, LP | 3/25/2021 | 15000000 |
| Varagon Structured Note Issuer I LLC | 10/13/2021 | 415000000 |
| Vista Credit Partner Fund III LP | 9/15/2021 | 25502006 |
| Waccamaw River, LLC | 5/4/2021 | 11278065 |
| Total |  | $4367836704 |

---

**Cliffwater Corporate Lending Fund**

**Consolidated Schedule of Investments - Continued**

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

**SWAP CONTRACT**

**INTEREST RATE SWAPS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty<sup>1</sup> | Payments Received/Frequency | Termination Date | Notional Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 1.446% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | $650000000 | $- | $(29690904) |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 0.905% / Quarterly | 4.10% / Semi-annually | 3/28/2027 | 250000000 |  | (6112473) |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 2.619% / Quarterly | 7.06% / Semi-annually | 12/6/2025 | 34000000 |  | 276986 |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 3.005% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 95000000 |  | 1283563 |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 3.010% / Quarterly | 7.10% / Semi-annually | 12/6/2027 | 10000000 |  | 133958 |
| PNC Bank, N.A Daily Simple SOFR<sup>2</sup> + 3.214% / Quarterly | 7.17% / Semi-annually | 12/6/2029 | 141000000 |  | 2488154 |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.052% / Quarterly | 5.44% / Semi-annually | 7/19/2025 | 215000000 |  | (3120140) |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.263% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | 130000000 |  | (2343332) |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.477% / Quarterly | 5.61% / Semi-annually | 7/19/2027 | 130000000 |  | (2923875) |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.688% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 160000000 |  | (5023687) |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.245% / Quarterly | 5.50% / Semi-annually | 7/19/2026 | 10000000 |  | (216616) |
| MUFG Bank, Ltd. Daily Simple SOFR<sup>2</sup> + 2.684% / Quarterly | 5.72% / Semi-annually | 7/19/2029 | 40000000 |  | (1423539) |
| **TOTAL INTEREST RATE SWAPS** | **TOTAL INTEREST RATE SWAPS** |  |  |  | $**(46671905)** |

---

<sup>1</sup> Instrument is used in a hedge accounting relationship.

<sup>2</sup> Reset daily with a five buseness day look back.

*See accompanying Notes to Consolidated Financial Statements.*

**Cliffwater Corporate 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)** |
| Australian Dollars | State Street | USD | March 06, 2023 | (2783496) | $(1891775) | $(1900233) | $(8458) |
| Australian Dollars | State Street | USD | March 31, 2023 | (13581885) | (9241115) | (9279825) | (38710) |
| Australian Dollars | State Street | USD | May 17, 2023 | (18969241) | (12840279) | (12984597) | (144318) |
| British Pound | State Street | USD | January 31, 2023 | (8291115) | (10014838) | (10031451) | (16613) |
| British Pound | State Street | USD | February 03, 2023 | (4686229) | (5655440) | (5670329) | (14889) |
| British Pound | State Street | USD | March 30, 2023 | (7563257) | (9392053) | (9164030) | 228023 |
| British Pound | State Street | USD | March 31, 2023 | (67410008) | (79421533) | (81655978) | (2234445) |
| British Pound | State Street | USD | May 04, 2023 | (2014326) | (2277816) | (2441858) | (164042) |
| British Pound | State Street | USD | May 10, 2023 | (1752605) | (2055542) | (2124869) | (69327) |
| Canadian Dollars | State Street | USD | March 09, 2023 | (11556621) | (8524468) | (8540117) | (15649) |
| Canadian Dollars | State Street | USD | March 31, 2023 | (129583852) | (95735093) | (95798364) | (63271) |
| Euro | State Street | USD | January 19, 2023 | (14959511) | (15110168) | (16036639) | (926471) |
| Euro | State Street | USD | January 31, 2023 | (3053714) | (3264726) | (3276039) | (11313) |
| Euro | State Street | USD | February 03, 2023 | (3701669) | (3673906) | (3971993) | (298087) |
| Euro | State Street | USD | February 28, 2023 | (11711082) | (12239251) | (12588094) | (348843) |
| Euro | State Street | USD | March 13, 2023 | (26273123) | (28170042) | (28266495) | (96453) |
| Euro | State Street | USD | March 31, 2023 | (241800965) | (259339235) | (260342438) | (1003203) |
| Euro | State Street | USD | April 28, 2023 | (6545527) | (7039060) | (7060119) | (21059) |
| Euro | State Street | USD | June 30, 2023 | (8670951) | (9356563) | (9390641) | (34078) |
| New Zealand Dollar | State Street | USD | March 31, 2023 | (6310956) | (4009350) | (4007203) | 2147 |
| Norwegian Krone | Marlin Credit Opportunities | USD | August 11, 2023 | (13125000) | (1451399) | (1354274) | 97125 |
| Swedish Krona | Marlin Credit Opportunities | USD | August 23, 2024 | (11250000) | (1279529) | (1114191) | 165338 |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  | $**(581983181)** | $**(586999777)** | $**(5016596)** |

---

USD – U.S. Dollar

**Cliffwater Corporate Lending Fund**

**Notes to Consolidated Financial Statements<br> December 31, 2022 (Unaudited)**

1. Organization

The Cliffwater Corporate Lending Fund (the "Fund") is a Delaware statutory trust under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021 (the "Declaration of Trust"). Cliffwater LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund intends to continue to qualify and has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund commenced operations on March 6, 2019.

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund's Registration Statement currently offers Class I Shares. Only Class I shares have been issued as of December 31, 2022.

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

**Consolidation of a Subsidiary**

On February 3, 2020, CCLF SPV LLC ("CCLF SPV") was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF 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 CCLF SPV were $3,541,022,044, or approximately 35.11% of the Fund's total net assets.

On April 15, 2021, MCCW Holdings, LLC ("CCLF MCCW") was formed as a limited liability company, and it is a wholly owned subsidiary of CCLF SPV. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF MCCW. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CCLF MCCW were $243,658,493, or approximately 2.42% of the Fund's total net assets.

On May 25, 2021, CCLF Holdings LLC ("CCLF HOLD") was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF 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 CCLF HOLD were $19,906,750, or approximately 0.20% of the Fund's total net assets.

On July 26, 2021, CCLF Holdings (D1) LLC ("CCLF HOLD (D1)") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D1). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CCLF HOLD (D1) were $8,681,166, or approximately 0.09% of the Fund's total net assets.

On July 26, 2021, CCLF Holdings (D2) LLC ("CCLF HOLD (D2)") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D2). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CCLF HOLD (D2) were $740,719,846, or approximately 7.34% of the Fund's total net assets.

On March 16, 2022, CCLF Holdings (D3) LLC ("CCLF HOLD (D3)") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D3). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the CCLF HOLD (D3) were $11,688,213, or approximately 0.12% of the Fund's total net assets.

On June 14, 2022, KCLF Holdings LLC ("KCLF Holdings") was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of KCLF Holdings. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of December 31, 2022, net assets of the KCLF Holdings were $69,277,312, or approximately 0.69% 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 ("GAAP"). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**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 twenty-two outstanding forward currency contracts sold short.

**Interest Rate Swap Contracts**

The Fund may engage in various swap transactions, including interest rate agreements, primarily to manage risk, or as alternatives to direct investments. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. The change in fair value for the instrument is recorded in interest expense. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. As of December 31, 2022, the Fund had eleven outstanding interest rate swap contracts.

**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 $1,346,727,408.

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Type** | **Principal Amount** | **Value** |
| 123Dentist, Inc. | Delayed Draw | $6681175 | $4886248 |
| 123Dentist, Inc. | Delayed Draw | 3333333 | 2437818 |
| 1364720 B.C. LTD | Delayed Draw | 5000000 | 3679354 |
| 1364720 B.C. LTD | Revolver | 2000000 | 1460648 |
| A1 Garage Merger Sub, LLC | Delayed Draw | 3439394 | 3378861 |
| A1 Garage Merger Sub, LLC | Revolver | 1515151 | 1469697 |
| AAH Topco, LLC | Delayed Draw | 2239038 | 2197276 |
| AAH Topco, LLC | Revolver | 423729 | 412643 |
| Abracon Group Holdings, LLC | Delayed Draw | 4326923 | 4267884 |
| Abracon Group Holdings, LLC | Delayed Draw | 2163462 | 2133942 |
| Abracon Group Holdings, LLC | Revolver | 865385 | 844911 |
| Abracon Group Holdings, LLC | Revolver | 1730769 | 1689822 |
| ACI Group Holdings, Inc. | Delayed Draw | 2451429 | 2357346 |
| Acquia, Inc. | Revolver | 124810 | 123732 |

---

---

| | | | |
|:---|:---|:---|:---|
| ADCS Clinics Intermediate Holdings, LLC | Delayed Draw | 5433471 | 5267124 |
| ADMA Bilogics, Inc. | Delayed Draw | 3571429 | 3533754 |
| Advarra Holdings, Inc. | Delayed Draw | 352200 | 349118 |
| AEC Parent Holdings, Inc. | Delayed Draw | 1123541 | 1102585 |
| Affinipay Midco, LLC | Delayed Draw | 4640884 | 4592949 |
| Affinipay Midco, LLC | Revolver | 2209945 | 2165026 |
| Affinity Hospice Intermediate Holdings, LLC | Delayed Draw | 2724334 | 2659881 |
| AG-Twin Brook Healthcare | Delayed Draw | 9930556 | 9828947 |
| AG-Twin Brook Industrials | Delayed Draw | 17760000 | 17661193 |
| AHR Intermediate, Inc. | Delayed Draw | 10500000 | 10396963 |
| Air Comm Corporation, LLC | Revolver | 1089691 | 1069366 |
| Air Comm Corporation, LLC | Revolver | 2223265 | 2181797 |
| Alcami Corporation | Delayed Draw | 1908023 | 1841243 |
| Alcami Corporation | Revolver | 3052838 | 2945988 |
| Alera Group Holdings, Inc. | Delayed Draw | 1110001 | 1087801 |
| Alera Group Holdings, Inc. | Delayed Draw | 2200000 | 2146801 |
| Alpine Acquisition Corp. | Revolver | 475868 | 457462 |
| Amba Buyer, Inc. | Delayed Draw | 14257915 | 13849208 |
| Amerilife Holdings LLC | Delayed Draw | 1636364 | 1593553 |
| Amerilife Holdings LLC | Revolver | 2454545 | 2365751 |
| Any Hour, LLC | Revolver | 1598947 | 1565121 |
| Apex Service Partners, LLC | Revolver | 750000 | 736011 |
| Apex Service Partners, LLC | First Lien Term Loan | 186512 | 180232 |
| Appfire Technologies, LLC | Delayed Draw | 9819555 | 9716336 |
| Appfire Technologies, LLC | Revolver | 924000 | 907378 |
| Applied Technical Services | Delayed Draw | 2659091 | 2572990 |
| Applied Technical Services | Revolver | 545455 | 527793 |
| Apptio, Inc. | Revolver | 371482 | 364088 |
| AQ Sage Buyer, LLC | Delayed Draw | 13463102 | 12976066 |
| AQ Sunshine, Inc. | Delayed Draw | 12366667 | 11950254 |
| AQ Sunshine, Inc. | Revolver | 1200000 | 1159593 |

---

---

| | | | |
|:---|:---|:---|:---|
| Armada Parent, Inc. | Delayed Draw | 1000000 | 983551 |
| Armada Parent, Inc. | Revolver | 2383333 | 2344131 |
| ASG II, LLC | Delayed Draw | 3779130 | 3723547 |
| Aspen Opco, LLC | Revolver | 2840909 | 2795034 |
| Associations, Inc. | Revolver | 23133333 | 22894598 |
| Auveco Holdings, Inc. | Delayed Draw | 1973684 | 1917108 |
| Auveco Holdings, Inc. | Revolver | 986842 | 958554 |
| AVALARA, Inc. | Revolver | 2727273 | 2660194 |
| AWT Merger Sub, Inc. | Revolver | 928571 | 913577 |
| AxiomSL Group, Inc. | Delayed Draw | 713267 | 701749 |
| AxiomSL Group, Inc. | Revolver | 731098 | 719293 |
| Beacon Mobility Corp. | Revolver | 1000000 | 979346 |
| Bendon | Revolver | 1800000 | 1728575 |
| Benefit Street Technology | Delayed Draw | 4444444 | 4304704 |
| Benefit Street Technology | Revolver | 2666667 | 2625741 |
| Berlin Packaging LLC | Second Lien Term Loan | 2828099 | 2651684 |
| Beta Plus Technologies, Inc. | Revolver | 6700000 | 6556471 |
| BetterCloud, Inc. | Revolver | 2512669 | 2464643 |
| BetterCloud, Inc. | Revolver | 3801052 | 3739672 |
| Bigtime Software, Inc. | Revolver | 2327586 | 2278346 |
| Biocare Medical LLC | Revolver | 2462963 | 2398527 |
| Blackbird Purchaser, Inc. | Delayed Draw | 10713282 | 10379362 |
| BlueHalo Global Holdings, LLC | Revolver | 100840 | 98029 |
| Bounteous, Inc. | Delayed Draw | 4300000 | 4150904 |
| Bounteous, Inc. | Revolver | 738000 | 712411 |
| BradyIFS Holdings LLC | Delayed Draw | 3760262 | 3685056 |
| BusinesSolver.com, Inc. | Delayed Draw | 1260606 | 1222703 |
| Carevet LLC | Delayed Draw | 4530505 | 4418591 |
| CC SAG Acquisition Corp. | Delayed Draw | 1356643 | 1304355 |
| CC SAG Acquisition Corp. | Revolver | 699301 | 672348 |

---

---

| | | | |
|:---|:---|:---|:---|
| CC WDW Borrower, Inc. | Delayed Draw | 1631196 | 1605236 |
| Cerity Partners, LLC | Revolver | 443192 | 434926 |
| CFGI Holdings, LLC | Delayed Draw | 2189781 | 2137974 |
| CFGI Holdings, LLC | Revolver | 1751825 | 1697223 |
| Cherry Bekaert Advisory LLC | Delayed Draw | 2648734 | 2612593 |
| Cherry Bekaert Advisory LLC | Revolver | 1661392 | 1626246 |
| Chronicle Bidco, Inc. | Delayed Draw | 11815793 | 11638556 |
| Citrin Cooperman Advisors, LLC | Delayed Draw | 2503608 | 2406770 |
| Citrin Cooperman Advisors, LLC | Delayed Draw | 16824242 | 16570646 |
| Cleo Communications Holding, LLC | Revolver | 2140000 | 2053798 |
| Club Car Wash | Delayed Draw | 2142334 | 2078064 |
| CNSI Holdings LLC | Revolver | 1735776 | 1674771 |
| Community Medical Acquisition Corp. | Delayed Draw | 4333814 | 4177035 |
| Community Medical Acquisition Corp. | Revolver | 3683963 | 3523025 |
| Connect America.com, LLC | Revolver | 254803 | 245458 |
| Consolidated Label Co. | Revolver | 1339286 | 1314306 |
| Consolidated Label Co. | Revolver | 578516 | 567726 |
| CORA Health Holdings Corp. | Delayed Draw | 5169567 | 4995496 |
| CORA Health Holdings Corp. | Revolver | 269231 | 260165 |
| Coretrust Purchasing Group LLC | Delayed Draw | 596443 | 587496 |
| Coretrust Purchasing Group LLC | Revolver | 250000 | 242500 |
| Coretrust Purchasing Group LLC | Delayed Draw | 2819549 | 2781077 |
| Coretrust Purchasing Group LLC | Revolver | 2819549 | 2738726 |
| Covaris Intermediate 3, LLC | Delayed Draw | 5921053 | 5622645 |
| Covaris Intermediate 3, LLC | Revolver | 789474 | 749686 |
| Covercraft Parent II | Delayed Draw | 2225000 | 2127799 |
| CPF Dental, LLC | Delayed Draw | 1469355 | 1419879 |
| Credit Connection, LLC | Revolver | 600000 | 594795 |
| CRS TH Holdings Corp | Revolver | 4237288 | 3988937 |
| D4C Dental Brands, Inc. | Delayed Draw | 376772 | 377961 |
| D4C Dental Brands, Inc. | Revolver | 428571 | 428212 |

---

---

| | | | |
|:---|:---|:---|:---|
| DataLink, LLC | Revolver | 310484 | 292256 |
| DCA Holdings LLC | Delayed Draw | 178732 | 170487 |
| Deca Dental Holdings, LLC | Delayed Draw | 3333333 | 3273164 |
| Deca Dental Holdings, LLC | Revolver | 148148 | 145474 |
| Denali Midco 2 LLC | Delayed Draw | 6000000 | 5803277 |
| DOCS MSO LLC | Delayed Draw | 3629032 | 3543175 |
| DOCS MSO LLC | Revolver | 967742 | 940001 |
| DOCS MSO LLC | Delayed Draw | 2419355 | 2362117 |
| DOCS MSO LLC | Revolver | 645161 | 626668 |
| DTI Holdco, Inc. | Revolver | 529183 | 504529 |
| Dwyer Instruments, Inc. | Delayed Draw | 1912917 | 1886816 |
| Dwyer Instruments, Inc. | Revolver | 807012 | 789939 |
| Dwyer Instruments, Inc. | Revolver | 1620617 | 1586333 |
| EAP Holdco, LLC | Delayed Draw | 989658 | 973677 |
| EAP Holdco, LLC | Revolver | 2005426 | 1973042 |
| Easy Ice, LLC | Delayed Draw | 4879908 | 4837756 |
| EdgeCo Buyer, Inc. | Delayed Draw | 10000000 | 9738766 |
| EDPO, LLC | Delayed Draw | 713333 | 689314 |
| Emburse, Inc. | Revolver | 604839 | 597159 |
| Emmes Blocker, Inc. | Delayed Draw | 11222326 | 11069202 |
| Emmes Blocker, Inc. | Delayed Draw | 5487805 | 5412926 |
| EP Wealth Advisors, LLC | Delayed Draw | 12600000 | 12413190 |
| ERC Holdings, LLC | Delayed Draw | 2201183 | 2099512 |
| ERC Holdings, LLC | Revolver | 544379 | 519234 |
| ERC Holdings, LLC | Revolver | 2552204 | 2434319 |
| ESG Investments, Inc | Delayed Draw | 8035714 | 7624316 |
| ESG Investments, Inc | Revolver | 2142857 | 2033151 |
| Explorer Investor, Inc. | Delayed Draw | 5232558 | 4895348 |
| Fingerpaint Marketing, Inc. | Delayed Draw | 9167014 | 8881290 |
| Fingerpaint Marketing, Inc. | Revolver | 1310484 | 1269638 |
| FLS Holding, Inc. | Revolver | 2000000 | 1957890 |

---

---

| | | | |
|:---|:---|:---|:---|
| Formerra LLC | Delayed Draw | 237231 | 233376 |
| Fortis Life Sciences, LLC | Delayed Draw | 11106063 | 10871114 |
| Fortis Life Sciences, LLC | Revolver | 973913 | 953310 |
| Fortis Solutions Group, LLC | Delayed Draw | 10000000 | 9912632 |
| Fortis Solutions Group, LLC | Delayed Draw | 50975 | 50147 |
| Fortis Solutions Group, LLC | Revolver | 1559220 | 1533918 |
| FSS Buyer LLC | Revolver | 920223 | 892001 |
| Gainsight, Inc. | Revolver | 2625000 | 2550111 |
| Galway Borrower, LLC | Delayed Draw | 261395 | 251284 |
| Galway Borrower, LLC | Revolver | 694552 | 667687 |
| Galway Borrower, LLC | Revolver | 814315 | 782818 |
| Galway Borrower, LLC | Revolver | 293856 | 282490 |
| Galway Borrower, LLC | Delayed Draw | 127566 | 122632 |
| Galway Borrower, LLC | Revolver | 879765 | 845737 |
| Gateway US Holdings, Inc. | Delayed Draw | 800000 | 776608 |
| Gateway US Holdings, Inc. | Delayed Draw | 191424 | 187419 |
| Gateway US Holdings, Inc. | Revolver | 409091 | 400532 |
| GovBrands Intermediate, Inc. | Delayed Draw | 905972 | 864670 |
| GovBrands Intermediate, Inc. | Revolver | 91700 | 87520 |
| Govdelivery Holdings, LLC | Revolver | 356410 | 349762 |
| Graffiti Buyer, Inc. | Delayed Draw | 4058415 | 3952240 |
| Graffiti Buyer, Inc. | Revolver | 1506053 | 1466652 |
| GSV Holding, LLC | Delayed Draw | 21106691 | 20660179 |
| Higginbotham Insurance Agency, Inc. | Delayed Draw | 15354735 | 15193690 |
| Higginbotham Insurance Agency, Inc. | Delayed Draw | 8607500 | 8517222 |
| HPS Specialty Loan Fund V Feeder LP | First Lien Term Loan | 71250000 | 71250000 |
| HPS Technology | Delayed Draw | 19008661 | 22666709 |
| HS Spa Holdings, Inc. | Revolver | 303643 | 295999 |
| HSI Halo Acquisition, Inc. | Revolver | 175000 | 169984 |
| iCIMS, Inc. | Revolver | 184671 | 180995 |
| iCIMS, Inc. | Revolver | 1904761 | 1860663 |

---

---

| | | | |
|:---|:---|:---|:---|
| Iconic Purchaser Corporation | Revolver | 1230769 | 1207136 |
| IG Investments | Revolver | 433526 | 409627 |
| Imagine Acquisitionco, Inc. | Delayed Draw | 1607717 | 1565656 |
| Imagine Acquisitionco, Inc. | Revolver | 1157556 | 1127272 |
| Indigo Buyer, Inc. | Delayed Draw | 5000000 | 4930968 |
| Indigo Buyer, Inc. | Revolver | 1666667 | 1627053 |
| Innovetive Petcare, LLC | Delayed Draw | 4220317 | 4183863 |
| insightsoftware | Revolver | 690589 | 671928 |
| Integrated Oncology Network, LLC | Revolver | 83957 | 83886 |
| Integrated Oncology Network, LLC | Delayed Draw | 1114395 | 1113459 |
| Integrated Oncology Network, LLC | Revolver | 134701 | 134588 |
| Integrated Power Services | Revolver | 2730835 | 2645719 |
| Integrity Marketing Acquisition, LLC | Delayed Draw | 7495143 | 7355347 |
| Integrity Marketing Acquisition, LLC | Revolver | 2686356 | 2478163 |
| Invicti Intermediate 2, LLC | Revolver | 1090909 | 1051445 |
| IQN Holding Corp. | Delayed Draw | 1335080 | 1315874 |
| IQN Holding Corp. | Revolver | 577540 | 566371 |
| Isaac Heating & Air Conditioning | Delayed Draw | 947368 | 929699 |
| Isaac Heating & Air Conditioning | Revolver | 2368421 | 2324246 |
| ISS Compressors Industries, Inc. | Revolver | 10417 | 10312 |
| IvyRehab Intermediate II, LLC | Delayed Draw | 4144737 | 3974046 |
| IvyRehab Intermediate II, LLC | Revolver | 3837719 | 3670065 |
| J S Held, LLC | Delayed Draw | 8433275 | 8332276 |
| JTM Foods, LLC | Revolver | 559597 | 542155 |
| JTM Foods, LLC | Delayed Draw | 386122 | 374087 |
| JTM Foods, LLC | Revolver | 447678 | 433724 |
| Kaseya Inc. | Delayed Draw | 4100000 | 4063133 |
| Kaseya Inc. | Revolver | 4100000 | 4032430 |
| KBP Brands, LLC | Delayed Draw | 3875488 | 3657674 |
| KBP Investments LLC | Delayed Draw | 3444691 | 3251089 |
| Keystone Agency Investors | Delayed Draw | 8286504 | 8118092 |

---

---

| | | | |
|:---|:---|:---|:---|
| Komline-Sanderson Group, Inc. | Delayed Draw | 4687500 | 4622182 |
| Komline-Sanderson Group, Inc. | Revolver | 1015625 | 1001473 |
| KPSKY Acquisition, Inc. | Delayed Draw | 4375000 | 4326025 |
| KWOR Acquisition, Inc. | Delayed Draw | 15313231 | 14912608 |
| KWOR Acquisition, Inc. | Revolver | 1687231 | 1643090 |
| Liberty Purchaser, LLC | Delayed Draw | 1937210 | 1877678 |
| Liberty Purchaser, LLC | Revolver | 807170 | 782365 |
| Life Science Intermediate Holdings, LLC | Delayed Draw | 6000000 | 6333044 |
| Life Science Intermediate Holdings, LLC | Delayed Draw | 986000 | 1175351 |
| Life Science Intermediate Holdings, LLC | Delayed Draw | 442176 | 436010 |
| Life Science Intermediate Holdings, LLC | Revolver | 188281 | 185656 |
| Life Science Intermediate Holdings, LLC | Delayed Draw | 1067167 | 1052285 |
| Life Science Intermediate Holdings, LLC | Revolver | 468376 | 461844 |
| Life Science Intermediate Holdings, LLC | Delayed Draw | 1864169 | 1838173 |
| Lithium Technologies, LLC | Revolver | 367018 | 355578 |
| LJ Perimeter Buyer, Inc. | Delayed Draw | 3293977 | 3244567 |
| LJ Perimeter Buyer, Inc. | Delayed Draw | 2215190 | 2183673 |
| LMG Holdings, Inc. | Revolver | 285714 | 282932 |
| LOC Performance Products | Revolver | 3213443 | 3121818 |
| Majco LLC | Delayed Draw | 3983333 | 3849206 |
| Majco LLC | Revolver | 1200000 | 1156589 |
| ManTech International Corporation | Delayed Draw | 13379260 | 13195925 |
| ManTech International Corporation | Revolver | 6744017 | 6584416 |
| Margaritaville Enterprises LLC | Delayed Draw | 5108297 | 4980459 |
| Margaritaville Enterprises LLC | Revolver | 312500 | 304680 |
| MB2 Dental Solutions, LLC | Delayed Draw | 3472222 | 3441282 |
| MBS Holdings, Inc. | Revolver | 1271186 | 1241112 |
| Mc Group Ventures Corporation | Delayed Draw | 1634615 | 1607401 |
| Mclarens Midco, Inc. | Revolver | 2323351 | 2274200 |
| MedMark Services, Inc. | Delayed Draw | 3446509 | 3339323 |

---

---

| | | | |
|:---|:---|:---|:---|
| MedMark Services, Inc. | Delayed Draw | 415962 | 403025 |
| Mindbody, Inc. | Revolver | 1428571 | 1394774 |
| MN Acquisition, Inc. | Revolver | 2500000 | 2409561 |
| Motion & Control Enterprises LLC | Revolver | 1224685 | 1186513 |
| MRI Software LLC | Delayed Draw | 9195000 | 8948917 |
| MRI Software LLC | Revolver | 2159885 | 2102081 |
| National Dentex Labs LLC | Delayed Draw | 390805 | 382361 |
| National Dentex Labs LLC | Revolver | 16782 | 16420 |
| NCWS Intermediate, Inc. | Delayed Draw | 30884 | 29380 |
| Netwrix Corporation And Concept Searching Inc. | Delayed Draw | 11011255 | 10920639 |
| Netwrix Corporation And Concept Searching Inc. | Revolver | 2870000 | 2832078 |
| New Era Merger Sub, Inc. | Delayed Draw | 153958 | 151611 |
| New Era Merger Sub, Inc. | Revolver | 58641 | 57747 |
| New Era Merger Sub, Inc. | Revolver | 110751 | 109062 |
| New ILC Dover, Inc. | Delayed Draw | 3601785 | 3534606 |
| New ILC Dover, Inc. | Revolver | 1012030 | 988087 |
| NL1 Acquire Corp. | Delayed Draw | 1182780 | 1139969 |
| NL1 Acquire Corp. | Delayed Draw | 1930959 | 1363035 |
| NL1 Acquire Corp. | Revolver | 418104 | 295133 |
| Northstar Recycling | Revolver | 2000000 | 1970708 |
| Novotech (Australia) Pty Limited | Delayed Draw | 3125000 | 3000321 |
| Oakbridge Insurance Agency LLC | Delayed Draw | 13070690 | 12606560 |
| Oakbridge Insurance Agency LLC | Revolver | 394253 | 380253 |
| OB Hospitalist Group | Revolver | 1122137 | 1099188 |
| OIA Acquisition, LLC | Delayed Draw | 459000 | 448141 |
| OIA Acquisition, LLC | Revolver | 1928571 | 1882944 |
| OIS Management Services, LLC | Delayed Draw | 4743590 | 4691007 |
| OIS Management Services, LLC | Revolver | 1423077 | 1407302 |
| Oliver Packaging, LLC | Revolver | 1269841 | 1249836 |
| Olympic Buyer, Inc. | Revolver | 2352941 | 2283799 |
| Omni Intermediate Holdings, LLC | Delayed Draw | 1549296 | 1532810 |

---

---

| | | | |
|:---|:---|:---|:---|
| Omni Intermediate Holdings, LLC | Delayed Draw | 4533321 | 4485084 |
| Omni Intermediate Holdings, LLC | Revolver | 2253521 | 2229542 |
| OneCare Media, LLC | Revolver | 1333333 | 1313805 |
| Ons Mso, LLC | Revolver | 3869029 | 3738750 |
| Org USME Buyer, LLC | Delayed Draw | 743478 | 731473 |
| Org USME Buyer, LLC | Revolver | 936232 | 921114 |
| Patriot Growth Insurance Services, LLC | Delayed Draw | 1854545 | 1796742 |
| Patriot Growth Insurance Services, LLC | Delayed Draw | 30625656 | 30361119 |
| Patriot Growth Insurance Services, LLC | Revolver | 2660377 | 2577457 |
| PC Dreamscape Opco, Inc. | Delayed Draw | 3289474 | 3220652 |
| PC Dreamscape Opco, Inc. | Revolver | 1052632 | 1020199 |
| PCS Software, Inc. | Revolver | 363714 | 363408 |
| PCX Holding Corp. | Revolver | 437500 | 428201 |
| PDQ | Revolver | 1764706 | 1747696 |
| Pediatric Home Respiratory Services, LLC | Delayed Draw | 856529 | 836265 |
| Pegasus Global Enterprise Holdings, LLC | Delayed Draw | 1268825 | 1257865 |
| Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw | 6839286 | 6801368 |
| Petrus Buyer, Inc. | Delayed Draw | 5494505 | 5416095 |
| Petrus Buyer, Inc. | Revolver | 1923077 | 1866766 |
| Ping Identity Corporation | Revolver | 250000 | 243750 |
| Pinnacle Dermatology Management, LLC | Delayed Draw | 1608247 | 1562147 |
| Pinnacle Dermatology Management, LLC | Revolver | 773196 | 764582 |
| Pinnacle Treatment Centers, Inc. | Revolver | 285714 | 279286 |
| Pinnacle Treatment Centers, Inc. | Revolver | 503862 | 492525 |
| Polyphase Elevator Holding Company | Delayed Draw | 17619000 | 17158054 |
| Potter Electric Signal Company, LLC | Delayed Draw | 2647890 | 2591874 |
| Potter Electric Signal Company, LLC | Revolver | 637591 | 624103 |
| PPV Intermediate Holdings LLC | Delayed Draw | 4619299 | 4579398 |

---

---

| | | | |
|:---|:---|:---|:---|
| PPV Intermediate Holdings LLC | Revolver | 1852796 | 1818238 |
| PPV Intermediate Holdings LLC | Delayed Draw | 1875000 | 1854110 |
| PPV Intermediate Holdings LLC | First Lien Term Loan | 20313 | 19832 |
| Premier Imaging, LLC | Delayed Draw | 10332779 | 10191791 |
| Prism Parent Co., Inc. | Delayed Draw | 601852 | 595833 |
| ProcessUnity Holdings, LLC | Delayed Draw | 750000 | 722488 |
| ProcessUnity Holdings, LLC | Revolver | 750000 | 716588 |
| QF Holdings, Inc. | Revolver | 263158 | 256273 |
| Quality Automotive Services, LLC | Revolver | 1477132 | 1427394 |
| Quantic Electronics, LLC | Revolver | 128641 | 125920 |
| Quantic Electronics, LLC | Delayed Draw | 953898 | 933718 |
| Quantic Electronics, LLC | Revolver | 57038 | 55832 |
| R1 Holdings LLC | Delayed Draw | 3507290 | 3454681 |
| R1 Holdings LLC | Revolver | 2097285 | 2034367 |
| Race Winning Brands, Inc. | Revolver | 1305774 | 1271612 |
| RADWELL | Revolver | 1744152 | 1690734 |
| Radwell International, LLC | Delayed Draw | 7303400 | 7118543 |
| Radwell International, LLC | Revolver | 2921300 | 2847359 |
| Rally Buyer, Inc. | Delayed Draw | 3000000 | 2959066 |
| Rally Buyer, Inc. | Revolver | 1500000 | 1464512 |
| Rally Buyer, Inc. | Delayed Draw | 3364360 | 3318454 |
| Rally Buyer, Inc. | Revolver | 1682180 | 1642382 |
| Ranger Buyer, Inc. | Revolver | 1923077 | 1901652 |
| Raven Buyer, Inc. | Revolver | 1636364 | 1618133 |
| RB Holdings Interco, LLC | Delayed Draw | 2770160 | 2683818 |
| RB Holdings Interco, LLC | Revolver | 230847 | 222496 |

---

---

| | | | |
|:---|:---|:---|:---|
| RCS Healthcare | Revolver | 118056 | 117627 |
| RCS Industrials | Revolver | 285714 | 285392 |
| Recorded Future, Inc. | Revolver | 178771 | 176108 |
| Redwood Services Group, LLC | Delayed Draw | 2683663 | 2655968 |
| RefrigiWear, LLC | Revolver | 2601896 | 2553366 |
| Regent Holding Company, LLC | Revolver | 1409774 | 1370562 |
| Revalize, Inc. | Delayed Draw | 5643832 | 5551289 |
| Riskonnect Parent, LLC | Delayed Draw | 30882250 | 30622406 |
| Royal Buyer, LLC | Delayed Draw | 500000 | 495000 |
| Royal Buyer, LLC | Revolver | 191667 | 187833 |
| RQM Buyer, Inc. | Delayed Draw | 4687500 | 4655786 |
| RSC Acquisition, Inc. | Revolver | 8690548 | 8376163 |
| RSC Acquisition, Inc. | Delayed Draw | 2120526 | 2043815 |
| S4T Holdings Corp. | Delayed Draw | 4545455 | 4492537 |
| Safety Borrower Holdings | Revolver | 677966 | 653214 |
| SailPoint Technologies, Inc. | Revolver | 603840 | 597113 |
| Securonix, Inc. | Revolver | 2288135 | 2285555 |
| Seismic Software, Inc. | Delayed Draw | 1089558 | 1055598 |
| Seismic Software, Inc. | Revolver | 272390 | 263900 |
| Seismic Software, Inc. | Delayed Draw | 26204082 | 25387334 |
| Seko Global Logistics Network, LLC | Revolver | 32358 | 31463 |
| Service Compression, LLC | Delayed Draw | 2372264 | 2280606 |
| Smile Doctors, LLC | Delayed Draw | 10283632 | 10091827 |
| Smile Doctors, LLC | Revolver | 1130742 | 1109652 |
| Sonar Acquisitionco, Inc. | Revolver | 2693750 | 2630020 |

---

---

| | | | |
|:---|:---|:---|:---|
| Sonny's Enterprises, LLC | Revolver | 640244 | 639707 |
| Spanx, LLC | Revolver | 10806314 | 10797245 |
| Spartronics LLC | Revolver | 597086 | 583854 |
| Spirit RR Holdings, Inc. | Revolver | 100316 | 97307 |
| Spotless Brands, LLC | Revolver | 250000 | 245000 |
| Stanton Carpet Corp. | Revolver | 1189468 | 1158350 |
| Summit Buyer, L.L.C. | Delayed Draw | 3270591 | 3189939 |
| Summit Buyer, L.L.C. | Delayed Draw | 1898298 | 1851486 |
| Summit Buyer, L.L.C. | Revolver | 1382979 | 1348875 |
| SWK Buyer, Inc. | Delayed Draw | 3070175 | 3066714 |
| SWK Buyer, Inc. | Revolver | 736842 | 732322 |
| Syntax Systems Ltd. | Delayed Draw | 4950495 | 4818502 |
| Syntax Systems Ltd. | Revolver | 660066 | 642467 |
| System Planning and Analysis, Inc. | Delayed Draw | 3643011 | 3597498 |
| System Planning and Analysis, Inc. | Revolver | 2195341 | 2151532 |
| Tamarack Intermediate, L.L.C. | Revolver | 2485938 | 2359739 |
| Tank Holding Corp. | Revolver | 1424332 | 1387782 |
| The Smilist Management, Inc. | Delayed Draw | 2955422 | 2931135 |
| The Smilist Management, Inc. | Revolver | 356075 | 353149 |
| The Ultimus Group Midco, LLC | Revolver | 1424528 | 1422922 |
| The Vertex Companies, Inc. | Delayed Draw | 820565 | 753014 |
| The Vertex Companies, Inc. | Revolver | 1043478 | 957576 |
| TheKey, LLC | Delayed Draw | 19468737 | 18813183 |
| THG Acquisition, LLC | Delayed Draw | 5957020 | 5890652 |
| THG Acquisition, LLC | Revolver | 743884 | 735596 |
| Thunder Purchase, Inc. | Revolver | 1136691 | 1078497 |

---

---

| | | | |
|:---|:---|:---|:---|
| TigerConnect, Inc. | Delayed Draw | 419818 | 418819 |
| TigerConnect, Inc. | Revolver | 1875000 | 1870539 |
| Tilley Chemical Co., Inc. | Revolver | 457629 | 441856 |
| Tilley Chemical Co., Inc. | Revolver | 711868 | 687331 |
| Time Manufacturing Acquisition, LLC | Revolver | 767123 | 724190 |
| Titan Group Holdco, LLC | Delayed Draw | 3236317 | 3143547 |
| Titan Group Holdco, LLC | Revolver | 725000 | 704218 |
| TMC Buyer, Inc. | Delayed Draw | 253834 | 220835 |
| Trackforce Acquireco, Inc. | Revolver | 1113074 | 1092314 |
| Transtar Holding Company | Delayed Draw | 1448276 | 1418580 |
| Tribute Technology Holdings, LLC | Revolver | 3487842 | 3387862 |
| Trident Maritime Systems, Inc. | Revolver | 222222 | 219413 |
| Trident Maritime Systems, Inc. | Revolver | 777778 | 767944 |
| Troy Gastroenterology, P.C. | Delayed Draw | 2122266 | 2120485 |
| Troy Gastroenterology, P.C. | Revolver | 394089 | 393758 |
| Trunk Acquisition, Inc. | Revolver | 1193049 | 1191704 |
| Trunk Acquisition, Inc. | Revolver | 2500000 | 2497181 |
| Turbo Buyer, Inc. | Delayed Draw | 3000000 | 2888769 |
| TurningPoint Healthcare Solutions, LLC | Revolver | 1816524 | 1764453 |
| Uniguest | Delayed Draw | 2631579 | 2605263 |
| Uniguest | Revolver | 473684 | 468947 |
| United Musculoskeletal Partners Acquisition Holdings, LLC | Delayed Draw | 3600543 | 3567762 |
| United Musculoskeletal Partners Acquisition Holdings, LLC | Revolver | 1724138 | 1691980 |
| Urology Management Holdings, Inc. | Delayed Draw | 1287014 | 1240456 |
| Urology Management Holdings, Inc. | Revolver | 1190476 | 1147410 |

---

---

| | | | |
|:---|:---|:---|:---|
| USRP Holdings, Inc. | Delayed Draw | 6892844 | 6678003 |
| USRP Holdings, Inc. | Revolver | 645161 | 625052 |
| USRP Holdings, Inc. | Revolver | 3145613 | 3047568 |
| V Global Holdings LLC | Revolver | 13733274 | 13167703 |
| Vale Insurance Services LLC | Revolver | 2419355 | 2330272 |
| Vardiman Black Holdings, LLC | Delayed Draw | 3334994 | 3276683 |
| Vital Care Buyer, LLC | Revolver | 1481481 | 1447174 |
| VRC Companies, LLC | Delayed Draw | 3466032 | 3417130 |
| VRC Companies, LLC | Revolver | 625000 | 616182 |
| VSG Acquisition Corp. | Delayed Draw | 6521667 | 6352071 |
| VSG Acquisition Corp. | Revolver | 828333 | 806792 |
| Water Holdings Acquisition, LLC | Delayed Draw | 3817808 | 3737338 |
| Water Holdings Acquisition, LLC | Revolver | 519305 | 495434 |
| Wealth Enhancement Group, LLC | Revolver | 439990 | 427378 |
| Wealth Enhancement Group, LLC | Delayed Draw | 4122568 | 4014714 |
| Web P.T., Inc. | Revolver | 950893 | 929586 |
| Wilson Electronics Holdings, LLC | Delayed Draw | 9226000 | 9174850 |
| WorkForce Software, LLC | Revolver | 154412 | 150179 |
| World Insurance Associates, LLC | Delayed Draw | 10120000 | 10063894 |
| World Insurance Associates, LLC | Delayed Draw | 10015101 | 9702943 |
| Xifin, Inc. | Delayed Draw | 1649591 | 1585787 |
| Xifin, Inc. | Revolver | 2055992 | 1976468 |
| Zavation Medical Products, LLC | Revolver | 1094595 | 1063218 |
| Zendesk, Inc. | Delayed Draw | 1847826 | 1829348 |
| Total |  | $1346100603 | $1317860054 |

---

**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. The value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the consolidated Schedule of Investments and footnote 10 thereto. For the period ended December 31, 2022, the average balance outstanding and weighted average interest rate were $4,436,182 and 3.68%, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| <br>**Reverse<br> Repurchase Agreements** | **Overnight and<br> Continuous** | **Up to 30 days** | **30–90 days** | **Greater Than<br> 90 days** | **Total** |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | $— | $— | $3825000 | $— | $3825000 |
| Total | $— | $— | $3825000 | $— | $3825000 |

---

**Secured Borrowings**

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

On October 31, 2022, the Fund entered into sale/buy-back agreements with Macquarie US Trading LLC ("Macquarie"), and pursuant to such agreements, the Fund assigned certain assets to Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 120 days after the sale date (the "Macquarie Sale/Buy-Back"). The Macquarie Sale/Buy-Back has a funding cost of 2.0485 basis points (0.020485%) per day and is not subject to any additional fees. As of December 31, 2022, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $452,440,533 with a maturity of 30-90 days. Secured borrowings outstanding as of December 31, 2022 with Macquarie were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Loan Name** | **Trade Date** | **Maturity Date** | **Amount** |
| Anaplan, Inc. | October 31, 2022 | February 28, 2023 | $19860000 |
| Associations, Inc. | October 31, 2022 | February 28, 2023 | 16880861 |
| Avalara, Inc. | October 31, 2022 | February 28, 2023 | 22602273 |
| BetterCloud, Inc. | October 31, 2022 | February 28, 2023 | 12751179 |
| Color Intermediate, LLC | October 31, 2022 | February 28, 2023 | 34118150 |
| Gainsight, Inc. | October 31, 2022 | February 28, 2023 | 15342935 |
| GS Acquisition, Inc. | October 31, 2022 | February 28, 2023 | 17693885 |
| Kaseya Inc. | October 31, 2022 | February 28, 2023 | 52504800 |
| KWOR Acquisition, Inc. | October 31, 2022 | February 28, 2023 | 9274877 |
| Marcone Yellowstone Buyer Inc. | October 31, 2022 | February 28, 2023 | 15863082 |
| PCF Insurance Services | October 31, 2022 | February 28, 2023 | 16911900 |
| PDQ.COM Corporation | October 31, 2022 | February 28, 2023 | 7931996 |
| Project Leopard Holdings, Inc. | October 31, 2022 | February 28, 2023 | 42576000 |
| PT Intermediate Holdings III, LLC | October 31, 2022 | February 28, 2023 | 15983332 |
| Radwell Parent, LLC | October 31, 2022 | February 28, 2023 | 39913323 |
| Riskonnect Parent, LLC | October 31, 2022 | February 28, 2023 | 19340795 |
| Securonix, Inc. | October 31, 2022 | February 28, 2023 | 9448094 |
| Tank Holding Corp. | October 31, 2022 | February 28, 2023 | 46249286 |
| TigerConnect, Inc. | October 31, 2022 | February 28, 2023 | 9538594 |
| User Zoom Technologies, Inc. | October 31, 2022 | February 28, 2023 | 27655171 |
| Total |  |  | $452440533 |

---

**Senior Notes**

On March 29, 2022, the Fund issued Series A Senior Secured Notes (the "Notes") in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Series A notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. On July 22, 2022, the Fund issued Series B, Series C, Series E, and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 million with various maturities. On September 29, 2022, the Fund issued Series D and Series G notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. On December 6, 2022, the Fund issued Series H, Series I and Series J notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $270 million with various maturities. On January 5, 2023, the Fund issued additional Series I notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $10 million maturing on December 6, 2027. The obligations of the Fund and each of the Guarantors under the Facility and the Notes are secured by a first-priority security interest on substantially all of the assets of the Fund and each of the Guarantors.

Guarantors.

The table below sets forth a summary of the key terms of the series of Notes outstanding at December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Principal<br> Outstanding<br> December 31, 2022** | **Payment<br> Frequency** | **Unamortized<br> Offering<br> Costs** | **Value<br> December 31, 2022** | **Fixed<br> Interest<br> Rate** | **Maturity Date** |
| &nbsp;&nbsp;&nbsp;A | $650000000 | Semi-Annual | $74127 | $620234969 | 4.10% | March 28, 2027 |
| &nbsp;&nbsp;&nbsp;A | 250000000 | Semi-Annual | 28509 | 243859018 | 4.10% | March 28, 2027 |
| &nbsp;&nbsp;&nbsp;B | 215000000 | Semi-Annual | 67169 | 211812691 | 5.44% | July 19, 2025 |
| &nbsp;&nbsp;&nbsp;C | 130000000 | Semi-Annual | 42411 | 127614257 | 5.50% | July 19, 2026 |
| &nbsp;&nbsp;&nbsp;D | 10000000 | Semi-Annual | 3262 | 9780122 | 5.50% | July 19, 2026 |
| &nbsp;&nbsp;&nbsp;E | 130000000 | Semi-Annual | 43492 | 127032633 | 5.61% | July 19, 2027 |
| &nbsp;&nbsp;&nbsp;F | 160000000 | Semi-Annual | 55049 | 154921264 | 5.72% | July 19, 2029 |
| &nbsp;&nbsp;&nbsp;G | 40000000 | Semi-Annual | 13763 | 38562698 | 5.72% | July 19, 2029 |
| &nbsp;&nbsp;&nbsp;H | 34000000 | Semi-Annual | 741634 | 33535352 | 7.06% | December 6, 2025 |
| &nbsp;&nbsp;&nbsp;I | 95000000 | Semi-Annual | 2302175 | 93981388 | 7.10% | December 6, 2027 |
| &nbsp;&nbsp;&nbsp;I | 10000000 | Semi-Annual | 242334 | 9891624 | 7.10% | December 6, 2027 |
| &nbsp;&nbsp;&nbsp;J | 141000000 | Semi-Annual | 3865425 | 139622729 | 7.17% | December 6, 2029 |

---

The value presented above approximates fair value. The Fund categorizes the Notes as Level 2 securities within the fair value hierarchy.

The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an "NRSRO") of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes.

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

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

**Federal Income Taxes**

The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Fund intends to continue to qualify as a "regulated investment company" under Subchapter M of the Code. 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.

For U.S. income tax purposes, CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), CCLF HOLD (D3), and KCLF Holdings are a disregarded entity and therefore is not subject to U.S. income taxes. As a wholly owned subsidiary, CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), CCLF HOLD (D3) and KCLF Holdings' net income and capital gains, if any, will be included each year in the Fund's investment company taxable income and net capital gain. CCLF 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. 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.

**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 under Rule 144A of the Securities Act of 1933, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

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;• 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;• 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;• 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;&nbsp;Senior Secured Loans | $- | $22273071 | $9679149178 | $- | $9701422249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  | 6282924 | 4444758595 | 4451041519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 9228394 | 72935771 |  | 82164165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  |  | 77579212 |  | 77579212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated Debt |  |  | 5490768 |  | 5490768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  | 9203195 |  | 9203195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  | 5195754 |  | 5195754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 90649075 | - | - | - | 90649075 |
| Total Investments, at fair value | $90649075 | $31501465 | $9855836802 | $4444758595 | $14422745937 |
| Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts | $- | $492633 | $- | $- | $492633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | - | 4182661 | - | - | 4182661 |
| Total Assets | $90649075 | $36176759 | $9855836802 | $4444758595 | $14427421231 |
| **Liabilities** |  |  |  |  |  |
| Investments, at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse Repurchase Agreement | $- | $3825000 | $- | $- | $3825000 |
| Other Financial Instruments<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Contracts |  | 5509229 |  |  | 5509229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | - | 50854566 | - | - | 50854566 |
| Total Liabilities, at fair value | $- | $60188795 | $- | $- | $60188795 |

---

<sup>1</sup> Other financial instruments are derivative instruments such as forward contracts and swap 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 Secured Loans** | **Private Investment Vehicles** | **Collateralized Loan Obligations** | **Preferred Stocks** | **Subordinated Debt** | **Warrants** | **Common Stocks** | **Total** |
| **Balance as of April 1, 2022** | $6319615266 | $6510925 | $90396005 | $88501915 | $5468056 | $1279790 | $5561463 | $6517333420 |
| Purchases | 5613410791 | 25000 | 52110000 | 39957630 |  |  | 1500000 | 5707003421 |
| Sales/Paydowns | (2191571005) |  | (55193858) | (50875000) |  |  |  | (2297639863) |
| Realized gains (losses)<sup>1</sup> | 7328961 |  | 112478 |  |  |  |  | 7441439 |
| Original issue discount and amendment fees | (25984507) | 225000 |  |  |  |  |  | (25759507) |
| Accretion | 8204606 |  | 107540 |  |  |  |  | 8312146 |
| Change in Unrealized appreciation (depreciation) | (131285366) | (478001) | (8202325) | (5333) | 22712 | 3915964 | 2141732 | (133890617) |
| Transfers In<sup>2</sup> | 79430432 |  | 2834325 |  |  |  |  | 82264757 |
| Transfers Out<sup>3</sup> | - | - | (9228394) | - | - | - | - | (9228394) |
| **Balance as of December 31, 2022** | $9679149178 | $6282924 | $72935771 | $77579212 | $5490768 | $5195754 | $9203195 | $9855836802 |

---

<sup>1</sup> Senior Secured Loans includes paydown gains (losses) of $7,329,337.

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

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

## 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 Corporate Lending Fund

- **b. Investment Company Act file number:** 811-23333

- **c. CIK number of Registrant:** 0001735964

- **d. LEI of Registrant:** 549300H513RTF4I5T758

- **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 Corporate Lending Fund

- **c. LEI of Series:** 549300H513RTF4I5T758

**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:** $16141114101.72

**Total Liabilities:** $6080919953.63

**Net Assets:** $10060194148.09

**Cash Not Reported:** $47678493.64

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 3739.568797497772 | **1-Year:** 530699.927443775179 | **5-Year:** 3132947.266345031016 | **10-Year:** 434748.553647353712 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.60%                | 0.86%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-898693.70              | $-6046159.42                               |
| Month 2  | $334798.69               | $13953713.97                               |
| Month 3  | $757507.70               | $-7296793.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Aptean, Inc. TL 4/26 1ST LIEN TERM LOAN   /    | Aptean, Inc. TL 4/26 1ST LIEN TERM LOAN   /                                            | CUSIP: 03834WAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3816622 | PA      | $3664240.17    | 0.04%             | 2026-04-23      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| AQA ACQUISITION 2ND LIEN TERM LOAN   /         | AQA ACQUISITION 2ND LIEN TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5259615 | PA      | $5126401.87    | 0.05%             | 2029-03-03      | Variable      | 12.23%                | No            | 3                  | On Loan: No      |
| AQ SOFTWARE TRANCHE2 DELAY DRAW   /            | AQ SOFTWARE TRANCHE2 DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19860114 | PA      | $19534465.13   | 0.19%             | 2027-04-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| AQ SUNSHINE, Inc. DELAY DRAW TRANCHE D   /     | AQ SUNSHINE, Inc. DELAY DRAW TRANCHE D   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22808125 | PA      | $22040125.83   | 0.22%             | 2025-04-15      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| AQ SUNSHINE, Inc. REVOLVER   /                 | AQ SUNSHINE, Inc. REVOLVER   /                                                         | CUSIP: 00216CAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2083333 | PA      | $2013182.97    | 0.02%             | 2024-04-15      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| ARDURRA GROUP LLC DELAY DRAW 1ST LIEN   /      | ARDURRA GROUP LLC DELAY DRAW 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4851240 | PA      | $4687309.90    | 0.05%             | 2025-09-01      | Variable      | 11.69%                | No            | 3                  | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI Direct Lending Fund CLO X LP                                                     | CUSIP: 000848AS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   12000000 | PA      | $11138809.46   | 0.11%             | 2032-01-20      | Floating      | 14.71%                | Yes           | 3                  | On Loan: No      |
| BLACKROCK ELBERT CLO V, LLC                    | BlackRock Elbert CLO V LLC                                                             | CUSIP: 999999999<br>LEI: 54930088K41XQK16ML36 | Long             | ABS-CBDO         | CORP              | KY        |   39500000 | PA      | $36820817.39   | 0.37%             | 2034-06-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| ARDURRA GROUP LLC TERM LOAN 1ST LIEN   /       | ARDURRA GROUP LLC TERM LOAN 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8311791 | PA      | $8030924.32    | 0.08%             | 2025-09-01      | Variable      | 11.69%                | No            | 3                  | On Loan: No      |
| ARDURRA GROUP LLC INCREMENTAL TL   /           | ARDURRA GROUP LLC INCREMENTAL TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1704095 | PA      | $1646510.92    | 0.02%             | 2025-09-01      | Variable      | 11.69%                | No            | 3                  | On Loan: No      |
| AEC Parent Holdings DELAYED TERM LOAN   /      | AEC Parent Holdings DELAYED TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1123541 | PA      | $1102585.10    | 0.01%             | 2029-06-13      | Variable      | 9.65%                 | No            | 3                  | On Loan: No      |
| AEC Parent Holdings, TERM LOAN   /             | AEC Parent Holdings, TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6156749 | PA      | $5980263.52    | 0.06%             | 2029-06-13      | Variable      | 9.45%                 | No            | 3                  | On Loan: No      |
| BLACKROCK ELBERT CLO V, LLC                    | BlackRock Elbert CLO V LLC                                                             | CUSIP: 092913AN2<br>LEI: 54930088K41XQK16ML36 | Long             | ABS-CBDO         | CORP              | KY        |   13000000 | PA      | $11744635.09   | 0.12%             | 2034-06-15      | Floating      | 13.23%                | Yes           | 3                  | On Loan: No      |
| 123DENTIST, Inc. DELAY DRAW   /                | 123DENTIST, Inc. DELAY DRAW   /                                                        | CUSIP: C6902BAC2<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    6681175 | PA      | $4886247.81    | 0.05%             | 2029-08-10      | Fixed         | 8.72%                 | No            | 3                  | On Loan: No      |
| ARDURRA GROUP LLC 12th INCREMENTAL TL   /      | ARDURRA GROUP LLC 12th INCREMENTAL TL   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6750000 | PA      | $6521908.12    | 0.06%             | 2025-09-01      | Variable      | 11.69%                | No            | 3                  | On Loan: No      |
| ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /   | ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4550096 | PA      | $4529019.11    | 0.05%             | 2024-06-18      | Variable      | 7.62%                 | No            | 3                  | On Loan: No      |
| ACI GROUP HOLDINGS DELAYED DRAW   /            | ACI GROUP HOLDINGS DELAYED DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3744147 | PA      | $3600452.02    | 0.04%             | 2028-08-02      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| ACI GROUP HOLDINGS TERM LOAN   /               | ACI GROUP HOLDINGS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10051339 | PA      | $9665582.53    | 0.10%             | 2028-08-02      | Variable      | 9.17%                 | 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      | $10646141.43   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| HPS SLF V FEEDER LP LP INTEREST   /            | HPS SLF V FEEDER LP LP INTEREST   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $40702454.82   | 0.40%             |  |  |  | No            | N/A                | On Loan: No      |
| AFFINITY HOSPICE INT DELAYED TERM LOAN   /     | AFFINITY HOSPICE INT DELAYED TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2724335 | PA      | $2659881.07    | 0.03%             | 2027-12-17      | Variable      | 9.48%                 | No            | 3                  | On Loan: No      |
| AFFINITY HOSPICE INT TERM LOAN   /             | AFFINITY HOSPICE INT TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11181771 | PA      | $10861241.92   | 0.11%             | 2027-12-17      | None          | 8.42%                 | No            | 3                  | On Loan: No      |
| 123DENTIST, Inc. TERM LOAN   /                 | 123DENTIST, Inc. TERM LOAN   /                                                         | CUSIP: C6902BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   33405877 | PA      | $24184458.85   | 0.24%             | 2029-08-10      | Variable      | 10.36%                | No            | 3                  | On Loan: No      |
| 1364720 B.C. CAD DELAYED DRAW   /              | 1364720 B.C. CAD DELAYED DRAW   /                                                      | CUSIP: C4288PAD8<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    5000000 | PA      | $3679354.15    | 0.04%             | 2028-09-09      | Variable      | 8.18%                 | No            | 3                  | On Loan: No      |
| Twin Brook Consumer Discretionary              | Twin Brook Consumer Discretionary                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9825006 | PA      | $9810789.26    | 0.10%             | 2026-04-22      | Variable      | 10.06%                | No            | 3                  | On Loan: No      |
| CLARUS COMMERCE MARLIN TERM LOAN   /           | CLARUS COMMERCE MARLIN TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16871365 | PA      | $16177897.30   | 0.16%             | 2025-07-01      | Variable      | 10.73%                | No            | 3                  | On Loan: No      |
| ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /   | ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     172774 | PA      | $171974.02     | 0.00%             | 2024-06-18      | Variable      | 7.62%                 | No            | 3                  | On Loan: No      |
| ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /   | ARMSTRONG TRANSPORT TERM LOAN PELE BUYER   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5193182 | PA      | $5169126.14    | 0.05%             | 2024-06-18      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| 123DENTIST INC DELAY DRAW CLKCLF   /           | 123DENTIST INC DELAY DRAW CLKCLF   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    3333333 | PA      | $2437818.43    | 0.02%             | 2029-08-10      | Variable      | 1.36%                 | No            | 3                  | On Loan: No      |
| 123DENTIST INC TERM LOAN CLKCLF   /            | 123DENTIST INC TERM LOAN CLKCLF   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   16666667 | PA      | $12065970.02   | 0.12%             | 2029-08-10      | Variable      | 10.36%                | No            | 3                  | On Loan: No      |
| ADVANCED DERMATOLOGY AND COSMETIC SURG DD   /  | ADVANCED DERMATOLOGY AND COSMETIC SURG DD   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7676118 | PA      | $7441111.47    | 0.07%             | 2027-05-07      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| ADVANCED DERMATOLOGY AND COSMETIC SURG TL   /  | ADVANCED DERMATOLOGY AND COSMETIC SURG TL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10968595 | PA      | $10552522.27   | 0.10%             | 2027-05-07      | Variable      | 11.43%                | No            | 3                  | On Loan: No      |
| HPS SLF V FEEDER LP NOTES   /                  | HPS SLF V FEEDER LP NOTES   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  187500000 | PA      | $187500000.00  | 1.86%             | 2031-05-14      | Variable      | 7.73%                 | No            | 3                  | On Loan: No      |
| HUDSONS BAY TERM LOAN   /                      | HUDSONS BAY TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7168952 | PA      | $6966821.93    | 0.07%             | 2026-09-30      | Variable      | 11.08%                | No            | 3                  | On Loan: No      |
| ALERT MEDIA DELAY DRAW   /                     | ALERT MEDIA DELAY DRAW   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3000000 | PA      | $2914004.12    | 0.03%             | 2027-04-12      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| ALERT MEDIA TERM LOAN   /                      | ALERT MEDIA TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3000000 | PA      | $2891473.16    | 0.03%             | 2027-04-12      | Variable      | 9.26%                 | No            | 3                  | 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        |   10000000 | PA      | $9834200.66    | 0.10%             | 2028-08-18      | Variable      | 11.52%                | No            | 3                  | On Loan: No      |
| iCIMS 1L RC 1ST LIEN REVOLVER   /              | iCIMS 1L RC 1ST LIEN REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     184671 | PA      | $180995.05     | 0.00%             | 2024-09-12      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| CLARUS COMMERCE MARLIN TERM LOAN   /           | CLARUS COMMERCE MARLIN TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2914145 | PA      | $2794364.08    | 0.03%             | 2025-07-01      | Variable      | 10.73%                | No            | 3                  | On Loan: No      |
| MARLIN CREDIT OPP FUND LP   /                  | MARLIN CREDIT OPP FUND LP   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $96338103.42   | 0.96%             |  |  |  | No            | N/A                | On Loan: No      |
| Twin Brook Aerospace                           | Twin Brook Aerospace                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7293750 | PA      | $7020399.19    | 0.07%             | 2024-12-06      | None          | 9.50%                 | No            | 3                  | On Loan: No      |
| MBS HOLDINGS REVOLVER   /                      | MBS HOLDINGS REVOLVER   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1271186 | PA      | $1241112.18    | 0.01%             | 2027-04-06      | Fixed         | 6.75%                 | No            | 3                  | On Loan: No      |
| MBS HOLDINGS TERM LOAN   /                     | MBS HOLDINGS TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13557203 | PA      | $13236461.47   | 0.13%             | 2027-04-06      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| MGMT CNSLTING&RESRCH REVOLVER   /              | MGMT CNSLTING&RESRCH REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2195340 | PA      | $2151531.84    | 0.02%             | 2027-08-16      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| MGMT CNSLTING&RESRCH TERM LOAN   /             | MGMT CNSLTING&RESRCH TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15189875 | PA      | $14886756.18   | 0.15%             | 2027-08-16      | Variable      | 8.73%                 | No            | 3                  | On Loan: No      |
| MEASURABL,, Inc. TERM LOAN   /                 | MEASURABL,, Inc. TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10034943 | PA      | $9917690.10    | 0.10%             | 2026-04-21      | Variable      | 11.78%                | No            | 3                  | On Loan: No      |
| ARROWHEAD HOLDCO TL 1L EUR   /                 | ARROWHEAD HOLDCO TL 1L EUR   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   15000000 | PA      | $15750124.04   | 0.16%             | 2028-08-31      | Variable      | 7.03%                 | 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        |    4608696 | PA      | $4540910.52    | 0.05%             | 2028-05-25      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| ICIMS, Inc. REVOLVER   /                       | ICIMS, Inc. REVOLVER   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1904761 | PA      | $1860662.89    | 0.02%             | 2028-08-18      | Fixed         | 9.49%                 | No            | 3                  | On Loan: No      |
| ICIMS, Inc. TERM LOAN   /                      | ICIMS, Inc. TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $19536969.62   | 0.19%             | 2028-08-18      | Variable      | 7.64%                 | No            | 3                  | On Loan: No      |
| 1364720 B.C. CAD REVOLVER   /                  | 1364720 B.C. CAD REVOLVER   /                                                          | CUSIP: C4288PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    2000000 | PA      | $1460648.13    | 0.01%             | 2028-09-09      | Variable      | 8.18%                 | No            | 3                  | On Loan: No      |
| 1364720 B.C. CAD TERM LOAN   /                 | 1364720 B.C. CAD TERM LOAN   /                                                         | CUSIP: C4288PAC0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   11500000 | PA      | $8398726.76    | 0.08%             | 2028-09-09      | None          | 8.48%                 | No            | 3                  | On Loan: No      |
| AQ SAGE BUYER, LLC 2ND AMEND DDTL   /          | AQ SAGE BUYER, LLC 2ND AMEND DDTL   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17868014 | PA      | $17221628.02   | 0.17%             | 2027-01-25      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| AQ Sunshine, Inc. Tranche E DDTL   /           | AQ Sunshine, Inc. Tranche E DDTL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13740741 | PA      | $13278060.12   | 0.13%             | 2025-04-15      | Variable      | 10.98%                | No            | 3                  | 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      | $25144942.97   | 0.25%             |  |  |  | No            | N/A                | On Loan: No      |
| 1WORLD SYNC CLIF TERM LOAN   /                 | 1WORLD SYNC CLIF TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4936463 | PA      | $4874050.29    | 0.05%             | 2025-07-08      | Variable      | 8.23%                 | 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        |   30724638 | PA      | $29966951.59   | 0.30%             | 2028-05-25      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| ASP UNIFRAX HOLDINGS TERM LOAN   /             | ASP UNIFRAX HOLDINGS TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   74612403 | PA      | $66615072.44   | 0.66%             | 2025-12-14      | Variable      | 7.42%                 | No            | 3                  | On Loan: No      |
| Monroe Capital MML CLO VII Ltd                 | Monroe Capital MML CLO VII Ltd.                                                        | CUSIP: 61033VAA2<br>LEI: 5493004UIYL54X2JJA03 | Long             | ABS-CBDO         | CORP              | KY        |    2910000 | PA      | $2608387.67    | 0.03%             | 2030-11-22      | Floating      | 11.91%                | Yes           | 3                  | On Loan: No      |
| Monroe Capital MML CLO                         | Monroe Capital MML CLO IX Ltd.                                                         | CUSIP: 61033XAA8<br>LEI: 549300GARKU58L8MSR11 | Long             | ABS-CBDO         | CORP              | KY        |   10000000 | PA      | $9228394.00    | 0.09%             | 2031-10-22      | Floating      | 13.02%                | Yes           | 3                  | On Loan: No      |
| ASSOCIATIONS, Inc. DDTL B   /                  | ASSOCIATIONS, Inc. DDTL B   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3983047 | PA      | $3941942.47    | 0.04%             | 2027-07-02      | None          | 9.04%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, Inc. DDTL E   /                  | ASSOCIATIONS, Inc. DDTL E   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25009628 | PA      | $24751530.32   | 0.25%             | 2027-07-02      | None          | 10.63%                | No            | 3                  | On Loan: No      |
| Arrowhead Holdco Com ARROWHEAD TERM $487M   /  | Arrowhead Holdco Com ARROWHEAD TERM $487M   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4962406 | PA      | $4857426.44    | 0.05%             | 2028-08-31      | Variable      | 9.05%                 | No            | 3                  | On Loan: No      |
| Astro One Acquisitio ASTRO ONE 1L TERM LO   /  | Astro One Acquisitio ASTRO ONE 1L TERM LO   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10821012 | PA      | $8804170.22    | 0.09%             | 2028-09-15      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| BOUNTEOUS, Inc. CLIF DELAY DRAW 1ST LIEN   /   | BOUNTEOUS, Inc. CLIF DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4300000 | PA      | $4150903.73    | 0.04%             | 2027-08-02      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| BOUNTEOUS, Inc. CLIF TERM LOAN 1ST LIEN   /    | BOUNTEOUS, Inc. CLIF TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2133875 | PA      | $2059885.98    | 0.02%             | 2027-08-02      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| MEASURABLE, Inc. WARRANT PLACEHOLD   /         | MEASURABLE, Inc. WARRANT PLACEHOLD   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |          1 | NC      | $0.00          | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| MED DATA FH MD BUYER TERM LOAN B 1ST LIEN   /  | MED DATA FH MD BUYER TERM LOAN B 1ST LIEN   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14850000 | PA      | $14275616.04   | 0.14%             | 2026-10-31      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| MEDMARK SERVICES DELAY DRAW 1ST LIEN   /       | MEDMARK SERVICES DELAY DRAW 1ST LIEN   /                                               | CUSIP: 05518PAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1988062 | PA      | $1926233.29    | 0.02%             | 2027-06-11      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| MEDMARK SERVICES TERM LOAN 1ST LIEN   /        | MEDMARK SERVICES TERM LOAN 1ST LIEN   /                                                | CUSIP: 05518PAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7900000 | PA      | $7654310.13    | 0.08%             | 2027-06-11      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| ICONIC PURCASER Corp. REVOLVER   /             | ICONIC PURCASER Corp. REVOLVER   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1538462 | PA      | $1508919.55    | 0.01%             | 2027-11-05      | Variable      | 9.54%                 | No            | 3                  | On Loan: No      |
| ICONIC PURCASER Corp. TERM LOAN   /            | ICONIC PURCASER Corp. TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18323077 | PA      | $17951966.14   | 0.18%             | 2028-11-05      | Variable      | 9.60%                 | No            | 3                  | On Loan: No      |
| NEW ERA CRESCENT TERM LOAN   /                 | NEW ERA CRESCENT TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3133789 | PA      | $3086008.35    | 0.03%             | 2026-10-31      | Variable      | 10.66%                | No            | 3                  | On Loan: No      |
| NEW ERA CRESCENT DELAYED DRAW   /              | NEW ERA CRESCENT DELAYED DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2012960 | PA      | $1982268.54    | 0.02%             | 2026-10-31      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| 1WORLD SYNC DELAYED DRAW   /                   | 1WORLD SYNC DELAYED DRAW   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     143901 | PA      | $142081.58     | 0.00%             | 2025-07-08      | Variable      | 9.39%                 | No            | 3                  | On Loan: No      |
| 1WORLD SYNC TERM LOAN   /                      | 1WORLD SYNC TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5735508 | PA      | $5662992.18    | 0.06%             | 2025-07-08      | Variable      | 8.23%                 | No            | 3                  | On Loan: No      |
| NEW ERA CRESCENT REVOLVER   /                  | NEW ERA CRESCENT REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     228033 | PA      | $224556.06     | 0.00%             | 2026-10-31      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| NEW MOUNTAIN GUARDIAN IV BDC LLC   /           | NEW MOUNTAIN GUARDIAN IV BDC LLC   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     750000 | NS      | $7355802.99    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| ID IMAGES ACQUISITIO TL   /                    | ID IMAGES ACQUISITIO TL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15000000 | PA      | $14692711.79   | 0.15%             | 2026-07-30      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| iM GLOBAL PARTNER TERM LOAN   /                | iM GLOBAL PARTNER TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    3700000 | PA      | $3839143.90    | 0.04%             | 2028-04-07      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| NEW MOUNTAIN GUARDIAN III BDC LLC   /          | NEW MOUNTAIN GUARDIAN III BDC LLC   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   10000000 | NS      | $98610115.38   | 0.98%             |  |  |  | No            | N/A                | On Loan: No      |
| RCS Consumer Discretionary                     | RCS Consumer Discretionary                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1944862 | PA      | $1908587.51    | 0.02%             | 2025-06-06      | Variable      | 6.67%                 | No            | 3                  | On Loan: No      |
| Monroe Capital MML CLO                         | MONROE CAPITAL MML CLO VIII Ltd.                                                       | CUSIP: 61034TAC2<br>LEI: 254900CN59JSSABI7X69 | Long             | ABS-CBDO         | CORP              | KY        |   15000000 | PA      | $10623120.82   | 0.11%             | 2033-11-22      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| A1 GARAGE ACQUISITN DDTL 1L   /                | A1 GARAGE ACQUISITN DDTL 1L   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4166667 | PA      | $4093333.34    | 0.04%             | 2028-12-22      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| INFOGAIN Corp. TERM LOAN   /                   | INFOGAIN Corp. TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19950000 | PA      | $19505436.68   | 0.19%             | 2028-07-30      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| INGENIO LLC TERM LOAN   /                      | INGENIO LLC TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14988715 | PA      | $14559059.40   | 0.14%             | 2026-08-03      | Variable      | 11.80%                | No            | 3                  | On Loan: No      |
| A1 GARAGE ACQUISITN REVOLVER 1L   /            | A1 GARAGE ACQUISITN REVOLVER 1L   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1515152 | PA      | $1469696.96    | 0.01%             | 2028-12-22      | Fixed         | 5.50%                 | No            | 3                  | On Loan: No      |
| A1 GARAGE ACQUISITN TL 1L   /                  | A1 GARAGE ACQUISITN TL 1L   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9318182 | PA      | $9038636.38    | 0.09%             | 2028-12-22      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| AAH TOPCO LLC DELAYED DRAW   /                 | AAH TOPCO LLC DELAYED DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4364226 | PA      | $4282826.30    | 0.04%             | 2027-12-22      | None          | 8.26%                 | No            | 3                  | On Loan: No      |
| AAH TOPCO LLC REVOLVER   /                     | AAH TOPCO LLC REVOLVER   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     423729 | PA      | $412643.29     | 0.00%             | 2027-12-22      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| ATP INTERMEDIATE INC TERM LOAN   /             | ATP INTERMEDIATE INC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7984381 | PA      | $7834726.94    | 0.08%             | 2025-06-16      | Variable      | 11.40%                | No            | 3                  | On Loan: No      |
| BetterCloud, Inc. REVOLVER   /                 | BetterCloud, Inc. REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3801052 | PA      | $3739672.23    | 0.04%             | 2028-06-30      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| NL1 ACQUIRECO (5/21) DELAY DRAW   /            | NL1 ACQUIRECO (5/21) DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    3875074 | PA      | $2735356.28    | 0.03%             | 2028-05-26      | None          | 8.18%                 | No            | 3                  | On Loan: No      |
| NL1 ACQUIRECO (5/21) REVOLVER   /              | NL1 ACQUIRECO (5/21) REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    1330000 | PA      | $938827.00     | 0.01%             | 2026-05-26      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| BetterCloud, Inc. TERM LOAN   /                | BetterCloud, Inc. TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24829275 | PA      | $24428329.09   | 0.24%             | 2028-06-30      | Variable      | 11.40%                | No            | 3                  | On Loan: No      |
| BRIDGES CONSUMER HEA TERM LOAN   /             | BRIDGES CONSUMER HEA TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12064729 | PA      | $11718889.85   | 0.12%             | 2027-01-20      | Variable      | 10.48%                | No            | 3                  | On Loan: No      |
| NL1 ACQUIRECO (5/21) TERM LOAN   /             | NL1 ACQUIRECO (5/21) TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    9657750 | PA      | $6817260.41    | 0.07%             | 2028-05-26      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| NORTHSTAR RECYCLING REVOLVER   /               | NORTHSTAR RECYCLING REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1970707.94    | 0.02%             | 2027-10-01      | Variable      | 5.75%                 | No            | 3                  | On Loan: No      |
| BP PURCHASER LLC TERM LOAN CLIF   /            | BP PURCHASER LLC TERM LOAN CLIF   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14925000 | PA      | $13941196.52   | 0.14%             | 2028-12-10      | Variable      | 10.24%                | No            | 3                  | On Loan: No      |
| BRADYIFS HOLDINGS LL DDTL   /                  | BRADYIFS HOLDINGS LL DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3760262 | PA      | $3685056.37    | 0.04%             | 2025-11-22      | Fixed         | 7.75%                 | No            | 3                  | On Loan: No      |
| BRADYIFS HOLDINGS LL TL   /                    | BRADYIFS HOLDINGS LL TL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3006439 | PA      | $2946310.22    | 0.03%             | 2025-11-22      | Variable      | 11.41%                | No            | 3                  | On Loan: No      |
| BrightSign Term Loan   /                       | BrightSign Term Loan   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4987437 | PA      | $4889419.53    | 0.05%             | 2027-10-14      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| NORTHSTAR RECYCLING TERM LOAN   /              | NORTHSTAR RECYCLING TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9253500 | PA      | $9117972.95    | 0.09%             | 2027-10-01      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| OIA ACQUISTION LLC DELAY DRAW 1ST LIEN   /     | OIA ACQUISTION LLC DELAY DRAW 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1832478 | PA      | $1789124.69    | 0.02%             | 2027-10-19      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| INDIGO BUYER INOVAR DELAY DRAW   /             | INDIGO BUYER INOVAR DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4930968.19    | 0.05%             | 2028-05-23      | Fixed         | 7.18%                 | No            | 3                  | On Loan: No      |
| INDIGO BUYER INOVAR REVOLVER   /               | INDIGO BUYER INOVAR REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1952464.17    | 0.02%             | 2028-05-23      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| BROCK HOLDINGS III TERM LOAN   /               | BROCK HOLDINGS III TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3436278 | PA      | $3333190.08    | 0.03%             | 2025-11-02      | None          | 12.11%                | No            | 3                  | On Loan: No      |
| BLACKROCK SHASTA CLO VII LLC   /               | BLACKROCK SHASTA CLO VII LLC   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $536822639.53  | 5.34%             | 2033-01-22      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| CAD FORWARD CONTRACT 03/09/2023   /            | CAD FORWARD CONTRACT 03/09/2023   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        |  -11556621 | OU      | $-8540117.44   | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| CAD FORWARD CONTRACT 03/31/2023   /            | CAD FORWARD CONTRACT 03/31/2023   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | CA        | -129583852 | OU      | $-95798363.65  | -0.95%            |  |  |  | No            | 2                  | On Loan: No      |
| CANADIAN DOLLARS  /                            | CANADIAN DOLLARS  /                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | CA        |    -284559 | OU      | $-210161.62    | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| CAi Software Term Loan   /                     | CAi Software Term Loan   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7000000 | PA      | $6813362.20    | 0.07%             | 2028-12-13      | Variable      | 8.50%                 | No            | 3                  | On Loan: No      |
| CALDWELL & GREGORY DELAY DRAW   /              | CALDWELL & GREGORY DELAY DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14981250 | PA      | $14875224.18   | 0.15%             | 2023-12-05      | None          | 7.77%                 | No            | 3                  | On Loan: No      |
| CALDWELL & GREGORY TERM LOAN   /               | CALDWELL & GREGORY TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14884337 | PA      | $14778996.98   | 0.15%             | 2023-12-05      | Variable      | 9.31%                 | No            | 3                  | On Loan: No      |
| OIA ACQUISTION LLC REVOLVER 1ST LIEN   /       | OIA ACQUISTION LLC REVOLVER 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1928571 | PA      | $1882944.49    | 0.02%             | 2027-10-19      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| OIA ACQUISTION LLC TERM LOAN 1ST LIEN   /      | OIA ACQUISTION LLC TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11144357 | PA      | $10880699.31   | 0.11%             | 2027-10-19      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| CANOPY HEALTHCARE TERM LOAN   /                | CANOPY HEALTHCARE TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NZ        |    6300000 | PA      | $3873076.40    | 0.04%             | 2027-03-18      | Variable      | 9.36%                 | No            | 3                  | On Loan: No      |
| CAPTIVE RESOURCES MIDCO TL   /                 | CAPTIVE RESOURCES MIDCO TL   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6371638 | PA      | $6251089.66    | 0.06%             | 2029-07-01      | Variable      | 9.10%                 | No            | 3                  | On Loan: No      |
| 3Si TERM LOAN   /                              | 3Si TERM LOAN   /                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4354866 | PA      | $4262739.29    | 0.04%             | 2023-06-16      | Variable      | 11.24%                | No            | 3                  | On Loan: No      |
| A1 GARAGE BLOCKER ACQ EQUITY   /               | A1 GARAGE BLOCKER ACQ EQUITY   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1500 | NS      | $1500000.00    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| AAH TOPCO LLC TERM LOAN   /                    | AAH TOPCO LLC TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4087539 | PA      | $3980601.11    | 0.04%             | 2027-12-22      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| ABPCI PACIFIC FUNDING GP SUB NOTES   /         | ABPCI PACIFIC FUNDING GP SUB NOTES   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $82800476.26   | 0.82%             | 2031-05-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| CAPTIFY INTERMEDIATE DELAY DRAW   /            | CAPTIFY INTERMEDIATE DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2487500 | PA      | $2442010.02    | 0.02%             | 2026-07-12      | Variable      | 10.99%                | No            | 3                  | On Loan: No      |
| CAPTIFY INTERMEDIATE TERM LOAN   /             | CAPTIFY INTERMEDIATE TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8640625 | PA      | $8482610.17    | 0.08%             | 2026-07-12      | Variable      | 10.48%                | No            | 3                  | On Loan: No      |
| ADG ACQUISITION LLC DELAY DRAW   /             | ADG ACQUISITION LLC DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1322110 | PA      | $1311902.01    | 0.01%             | 2023-12-14      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| HPS Materials                                  | HPS Materials                                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7460886 | PA      | $7403282.70    | 0.07%             | 2023-12-14      | Variable      | 12.61%                | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC DELAY DRAW FOTL LOTL   /  | CAREVET HOLDINGS LLC DELAY DRAW FOTL LOTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4530505 | PA      | $4418590.78    | 0.04%             | 2025-09-01      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC DELAY DRAW 4TH AMEND   /  | CAREVET HOLDINGS LLC DELAY DRAW 4TH AMEND   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7619334 | PA      | $7431117.70    | 0.07%             | 2025-09-01      | Variable      | 10.57%                | No            | 3                  | On Loan: No      |
| ADMA BIOLOGICS WARRANTS   /                    | ADMA BIOLOGICS WARRANTS   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    1300435 | NC      | $3886163.88    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| ADS BUYER TERM LOAN   /                        | ADS BUYER TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11614412 | PA      | $11426861.75   | 0.11%             | 2026-12-31      | None          | 7.45%                 | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC DELAY DRAW   /            | CAREVET HOLDINGS LLC DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9900000 | PA      | $9655446.08    | 0.10%             | 2025-09-01      | Variable      | 10.57%                | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC TERM LOAN 4TH AMEND   /   | CAREVET HOLDINGS LLC TERM LOAN 4TH AMEND   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1000000 | PA      | $974296.25     | 0.01%             | 2025-09-01      | Variable      | 16.07%                | No            | 3                  | On Loan: No      |
| HPS Healthcare                                 | HPS Healthcare                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9730857 | PA      | $9722690.58    | 0.10%             | 2024-06-27      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| Twin Brook Technology                          | Twin Brook Technology                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14887500 | PA      | $14736732.00   | 0.15%             | 2027-10-05      | Variable      | 9.91%                 | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC TERM LOAN   /             | CAREVET HOLDINGS LLC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1333333 | PA      | $1299061.34    | 0.01%             | 2025-09-01      | Variable      | 16.07%                | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC INITIAL TL LOTL   /       | CAREVET HOLDINGS LLC INITIAL TL LOTL   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     844677 | PA      | $822965.49     | 0.01%             | 2025-09-01      | Variable      | 16.07%                | No            | 3                  | On Loan: No      |
| Aero Operating LLC TERM LOAN   /               | Aero Operating LLC TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14867344 | PA      | $14143410.92   | 0.14%             | 2026-02-07      | Variable      | 13.24%                | No            | 2                  | On Loan: No      |
| CORETRUST PURCHASING DELAYED DRAW   /          | CORETRUST PURCHASING DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2819549 | PA      | $2781077.10    | 0.03%             | 2029-09-30      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| CAREVET HOLDINGS LLC SUBSEQUENT DD LOTL   /    | CAREVET HOLDINGS LLC SUBSEQUENT DD LOTL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2534031 | PA      | $2471433.87    | 0.02%             | 2025-09-01      | Variable      | 16.07%                | No            | 3                  | On Loan: No      |
| CASTOR FINANCE HLDGS EUR TL 1L   /             | CASTOR FINANCE HLDGS EUR TL 1L   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |  130000000 | PA      | $137529100.46  | 1.37%             | 2030-07-05      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| INSIGHT GLOBAL REVOLVER   /                    | INSIGHT GLOBAL REVOLVER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     722543 | PA      | $682711.68     | 0.01%             | 2028-09-22      | Variable      | 10.39%                | No            | 3                  | On Loan: No      |
| INSIGHT GLOBAL TERM LOAN   /                   | INSIGHT GLOBAL TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9207876 | PA      | $8700272.77    | 0.09%             | 2028-09-22      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| IQN HOLDING CORP DELAY DRAW   /                | IQN HOLDING CORP DELAY DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1443850 | PA      | $1423079.37    | 0.01%             | 2029-05-02      | Variable      | 9.68%                 | No            | 3                  | On Loan: No      |
| IQN HOLDING CORP REVOLVER   /                  | IQN HOLDING CORP REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     577540 | PA      | $566371.28     | 0.01%             | 2028-05-02      | Variable      | 10.75%                | No            | 3                  | On Loan: No      |
| IQN HOLDING CORP TERM LOAN   /                 | IQN HOLDING CORP TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6978610 | PA      | $6843653.05    | 0.07%             | 2029-05-02      | Variable      | 9.90%                 | No            | 3                  | On Loan: No      |
| KPSKY ACQUIS MCCW DELAY DRAW 1ST LIEN   /      | KPSKY ACQUIS MCCW DELAY DRAW 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1498878 | PA      | $1482099.41    | 0.01%             | 2028-10-19      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 4.1% 3/28/27   /    | SENIOR SECURED NOTES FIXED 4.1% 3/28/27   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -250000000 | PA      | $-243860799.17 | -2.42%            | 2027-03-28      | Fixed         | 4.10%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.44% 07/19/25   /  | SENIOR SECURED NOTES FIXED 5.44% 07/19/25   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -215000000 | PA      | $-211970884.88 | -2.11%            | 2025-07-19      | Fixed         | 5.44%                 | No            | 3                  | On Loan: No      |
| KPSKY ACQUIS INC DELAY DRAW CCW   /            | KPSKY ACQUIS INC DELAY DRAW CCW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4998438 | PA      | $4942483.79    | 0.05%             | 2028-10-19      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| KPSKY ACQUIS MCCW TERM LOAN 1ST LIEN   /       | KPSKY ACQUIS MCCW TERM LOAN 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13049279 | PA      | $12399477.68   | 0.12%             | 2028-10-19      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| OB HOSPITALIST GROUP REVOLVER   /              | OB HOSPITALIST GROUP REVOLVER   /                                                      | CUSIP: 67111TAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1717557 | PA      | $1682431.33    | 0.02%             | 2027-09-27      | None          | 8.28%                 | No            | 3                  | On Loan: No      |
| OB HOSPITALIST GROUP TERM LOAN   /             | OB HOSPITALIST GROUP TERM LOAN   /                                                     | CUSIP: 67111TAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13149618 | PA      | $12880694.23   | 0.13%             | 2027-09-27      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.50% 07/19/26   /  | SENIOR SECURED NOTES FIXED 5.50% 07/19/26   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -130000000 | PA      | $-127701030.23 | -1.27%            | 2026-07-19      | Fixed         | 5.50%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.61% 7/19/27   /   | SENIOR SECURED NOTES FIXED 5.61% 7/19/27   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -130000000 | PA      | $-127133933.06 | -1.26%            | 2027-07-19      | Fixed         | 5.61%                 | No            | 3                  | On Loan: No      |
| PATRIOT GROWTH INSUR REVOLVER CLIF   /         | PATRIOT GROWTH INSUR REVOLVER CLIF   /                                                 | CUSIP: 70344EAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2660377 | PA      | $2577456.76    | 0.03%             | 2028-10-14      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| PATRIOT GROWTH INSUR TERM LOAN CLIF   /        | PATRIOT GROWTH INSUR TERM LOAN CLIF   /                                                | CUSIP: 70344EAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24765299 | PA      | $23993395.97   | 0.24%             | 2028-10-14      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| OLYMPIC BUYER, Inc. REVOLVER   /               | OLYMPIC BUYER, Inc. REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2352941 | PA      | $2283799.00    | 0.02%             | 2028-06-30      | Variable      | 5.00%                 | No            | 3                  | On Loan: No      |
| OLYMPIC BUYER, Inc. TERM LOAN   /              | OLYMPIC BUYER, Inc. TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17347184 | PA      | $16837429.68   | 0.17%             | 2028-06-30      | Variable      | 8.32%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.72% 7/19/29   /   | SENIOR SECURED NOTES FIXED 5.72% 7/19/29   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -160000000 | PA      | $-155086730.22 | -1.54%            | 2029-07-19      | Fixed         | 5.72%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.5% 7/19/2026   /  | SENIOR SECURED NOTES FIXED 5.5% 7/19/2026   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        |  -10000000 | PA      | $-9786802.68   | -0.10%            | 2026-07-19      | Fixed         | 5.50%                 | No            | 3                  | On Loan: No      |
| PAWMIDCO TERM LOAN   /                         | PAWMIDCO TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1195121 | PA      | $1150065.07    | 0.01%             | 2031-12-22      | Variable      | 11.50%                | No            | 3                  | On Loan: No      |
| PCS SOFTWARE REV REVOLVER   /                  | PCS SOFTWARE REV REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     363714 | PA      | $363408.27     | 0.00%             | 2024-07-01      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| PCS SOFTWARE DDTL TERM LOAN   /                | PCS SOFTWARE DDTL TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5236782 | PA      | $5232387.02    | 0.05%             | 2024-07-01      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| PCX HOLDING Corp. DELAY DRAW 1ST LIEN   /      | PCX HOLDING Corp. DELAY DRAW 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3117539 | PA      | $3051275.42    | 0.03%             | 2027-04-22      | None          | 9.29%                 | No            | 3                  | On Loan: No      |
| PINNACLE DERMATOLOGY DELAY DRAW 1ST LIEN   /   | PINNACLE DERMATOLOGY DELAY DRAW 1ST LIEN   /                                           | CUSIP: 72347XAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2542268 | PA      | $2469393.19    | 0.02%             | 2023-05-18      | Variable      | 10.55%                | No            | 3                  | On Loan: No      |
| PINNACLE DERMATOLOGY REVOLVER 1ST LIEN   /     | PINNACLE DERMATOLOGY REVOLVER 1ST LIEN   /                                             | CUSIP: 72347XAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1082474 | PA      | $1070414.15    | 0.01%             | 2023-05-18      | None          | 5.06%                 | No            | 3                  | On Loan: No      |
| PINNACLE DERMATOLOGY TERM LOAN 1ST LIEN   /    | PINNACLE DERMATOLOGY TERM LOAN 1ST LIEN   /                                            | CUSIP: 72347XAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11319758 | PA      | $10853581.81   | 0.11%             | 2023-05-18      | Variable      | 7.44%                 | No            | 3                  | On Loan: No      |
| PDFTRON U.S. ACQ TERM LOAN   /                 | PDFTRON U.S. ACQ TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20313405 | PA      | $19539906.51   | 0.19%             | 2027-07-15      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PROFESSIONAL DATASOL INSIGHT TERM LOAN   /     | PROFESSIONAL DATASOL INSIGHT TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9837147 | PA      | $9515759.47    | 0.09%             | 2024-10-24      | Variable      | 8.73%                 | No            | 3                  | On Loan: No      |
| PDQ.COM Corp. 8/21 DELAY DRAW   /              | PDQ.COM Corp. 8/21 DELAY DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7340294 | PA      | $7269539.93    | 0.07%             | 2027-08-27      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| PDQ.COM Corp. 8/21 REVOLVER   /                | PDQ.COM Corp. 8/21 REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1764706 | PA      | $1747695.61    | 0.02%             | 2027-08-27      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| PDQ.COM Corp. 8/21 TERM LOAN   /               | PDQ.COM Corp. 8/21 TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10715294 | PA      | $10612007.79   | 0.11%             | 2027-08-27      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 5.72% 7/19/29   /   | SENIOR SECURED NOTES FIXED 5.72% 7/19/29   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        |  -40000000 | PA      | $-38604088.68  | -0.38%            | 2029-07-19      | Fixed         | 5.72%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 7.06% 12/6/25   /   | SENIOR SECURED NOTES FIXED 7.06% 12/6/25   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        |  -34000000 | PA      | $-34278804.98  | -0.34%            | 2025-12-06      | Fixed         | 7.06%                 | No            | 3                  | On Loan: No      |
| PEDIATRIC HOME RESPI DELAY DRAW   /            | PEDIATRIC HOME RESPI DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2013218 | PA      | $1965587.97    | 0.02%             | 2024-12-04      | None          | 9.93%                 | No            | 3                  | On Loan: No      |
| PENNEY BORROWER LLC TERM LOAN   /              | PENNEY BORROWER LLC TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6176471 | PA      | $6052640.12    | 0.06%             | 2026-12-16      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| PROPHARMA LLC PREFERRED EQUITY   /             | PROPHARMA LLC PREFERRED EQUITY   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      17500 | NS      | $20889396.13   | 0.21%             |  |  |  | No            | N/A                | On Loan: No      |
| QUICKBASE 2ND  LIEN TERM LOAN   /              | QUICKBASE 2ND  LIEN TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8653846 | PA      | $8536627.12    | 0.08%             | 2027-04-02      | Variable      | 12.07%                | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN DELAYED DRAW   /          | ABRACON GROUP HOLDIN DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4326923 | PA      | $4267883.71    | 0.04%             | 2028-07-06      | Variable      | 7.86%                 | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN DELAYED DRAW   /          | ABRACON GROUP HOLDIN DELAYED DRAW   /                                                  | CUSIP: 00375EAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2163462 | PA      | $2133941.85    | 0.02%             | 2028-07-06      | Variable      | 7.86%                 | No            | 3                  | On Loan: No      |
| RACE WINNING BRANDS TERM LOAN 1ST LIEN   /     | RACE WINNING BRANDS TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4543051 | PA      | $4424195.97    | 0.04%             | 2027-11-16      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| RADWELL PARENT HPS TL   /                      | RADWELL PARENT HPS TL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8632085 | PA      | $8373122.65    | 0.08%             | 2029-04-01      | Variable      | 10.87%                | No            | 3                  | On Loan: No      |
| RADWELL PARENT KKR REVOLVER   /                | RADWELL PARENT KKR REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1744152 | PA      | $1690734.18    | 0.02%             | 2028-04-01      | Fixed         | 10.87%                | No            | 3                  | On Loan: No      |
| RADWELL PARENT KKR TL   /                      | RADWELL PARENT KKR TL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23255440 | PA      | $22543199.88   | 0.22%             | 2029-04-01      | Variable      | 10.87%                | No            | 3                  | On Loan: No      |
| RADWELL INTL DELAYED DRAW   /                  | RADWELL INTL DELAYED DRAW   /                                                          | CUSIP: 75063DAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7303400 | PA      | $7118543.40    | 0.07%             | 2029-04-01      | Fixed         | 6.60%                 | No            | 3                  | On Loan: No      |
| RADWELL INTL REVOLVER   /                      | RADWELL INTL REVOLVER   /                                                              | CUSIP: 75063DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2921300 | PA      | $2847358.88    | 0.03%             | 2028-04-01      | Fixed         | 6.60%                 | No            | 3                  | On Loan: No      |
| OPTIMUM GRP OG IIIBV EUR TERM LOAN B   /       | OPTIMUM GRP OG IIIBV EUR TERM LOAN B   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   12701000 | PA      | $13273939.71   | 0.13%             | 2028-06-16      | Variable      | 5.65%                 | No            | 3                  | On Loan: No      |
| PAPERWORKS TERM LOAN   /                       | PAPERWORKS TERM LOAN   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8750000 | PA      | $8595561.11    | 0.09%             | 2025-12-18      | Variable      | 11.66%                | No            | 3                  | On Loan: No      |
| RADWELL INTL TERM LOAN   /                     | RADWELL INTL TERM LOAN   /                                                             | CUSIP: 75063DAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   54638362 | PA      | $53255408.34   | 0.53%             | 2029-04-01      | Variable      | 9.40%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER DELAYED DRAW   /                   | RALLY BUYER DELAYED DRAW   /                                                           | CUSIP: 75119LAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3000000 | PA      | $2959066.04    | 0.03%             | 2028-07-19      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER REVOLVER   /                       | RALLY BUYER REVOLVER   /                                                               | CUSIP: 75119LAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1500000 | PA      | $1464512.38    | 0.01%             | 2028-07-19      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER TERM LOAN   /                      | RALLY BUYER TERM LOAN   /                                                              | CUSIP: 75119LAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10500000 | PA      | $10251586.64   | 0.10%             | 2028-07-19      | Variable      | 8.78%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 4.1% 3/28/27   /    | SENIOR SECURED NOTES FIXED 4.1% 3/28/27   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -650000000 | PA      | $-620218489.40 | -6.17%            | 2027-03-28      | Fixed         | 4.10%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 7.10% 12/6/27   /   | SENIOR SECURED NOTES FIXED 7.10% 12/6/27   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        |  -95000000 | PA      | $-96262462.38  | -0.96%            | 2027-12-06      | Fixed         | 7.10%                 | No            | 3                  | On Loan: No      |
| INDIGO BUYER INOVAR TERM LOAN   /              | INDIGO BUYER INOVAR TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13000000 | PA      | $12691017.11   | 0.13%             | 2028-05-23      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| INSIGHT SOFTWARE REV GS ACQUISITION   /        | INSIGHT SOFTWARE REV GS ACQUISITION   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     690589 | PA      | $671927.81     | 0.01%             | 2024-05-24      | None          | 8.63%                 | No            | 3                  | On Loan: No      |
| SENIOR SECURED NOTES FIXED 7.17% 12/6/29   /   | SENIOR SECURED NOTES FIXED 7.17% 12/6/29   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | ABS-MBS          | CORP              | US        | -141000000 | PA      | $-143414942.28 | -1.43%            | 2029-12-06      | Fixed         | 7.17%                 | No            | 3                  | On Loan: No      |
| CEB ACQUISTION TERM LOAN FIRST OUT   /         | CEB ACQUISTION TERM LOAN FIRST OUT   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2487500 | PA      | $2457686.04    | 0.02%             | 2027-12-21      | Variable      | 8.56%                 | No            | 3                  | On Loan: No      |
| CEB ACQUISTION TERM LOAN LAST OUT   /          | CEB ACQUISTION TERM LOAN LAST OUT   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2448036.20    | 0.02%             | 2027-12-21      | Variable      | 8.56%                 | No            | 3                  | On Loan: No      |
| Cerity Partners Equi DDTL   /                  | Cerity Partners Equi DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1661972 | PA      | $1639294.86    | 0.02%             | 2029-07-28      | None          | 9.84%                 | No            | 3                  | On Loan: No      |
| Cerity Partners Equi REVOLVER   /              | Cerity Partners Equi REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     443192 | PA      | $434926.27     | 0.00%             | 2028-07-28      | Variable      | 8.31%                 | No            | 3                  | On Loan: No      |
| Cerity Partners Equi TERM LOAN   /             | Cerity Partners Equi TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5539906 | PA      | $5436578.53    | 0.05%             | 2029-07-28      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| INSIGHT SOFTWARE TL GS ACQUISITION   /         | INSIGHT SOFTWARE TL GS ACQUISITION   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25299589 | PA      | $24615925.60   | 0.24%             | 2024-05-24      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| INTEGRITY MARKETING ACQ REVOLVER 1L   /        | INTEGRITY MARKETING ACQ REVOLVER 1L   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2686356 | PA      | $2478163.41    | 0.02%             | 2025-08-27      | Fixed         | 7.25%                 | No            | 3                  | 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      | $2151260.27    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| CHOPT CRTV SALAD TL TERM LOAN 1/22/2024   /    | CHOPT CRTV SALAD TL TERM LOAN 1/22/2024   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2953969 | PA      | $2966247.08    | 0.03%             | 2024-01-22      | Variable      | 11.32%                | No            | 3                  | On Loan: No      |
| CHRONICLE BIDCO, Inc. DDTL 1L   /              | CHRONICLE BIDCO, Inc. DDTL 1L   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14661933 | PA      | $14442004.01   | 0.14%             | 2029-05-19      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| CITRIN COOPERMAN ADV DELAY DRAW 1ST LIEN   /   | CITRIN COOPERMAN ADV DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   39944485 | PA      | $39342391.81   | 0.39%             | 2027-10-01      | None          | 9.53%                 | No            | 3                  | On Loan: No      |
| INTEGRITY MARKETING ACQ TL 1L   /              | INTEGRITY MARKETING ACQ TL 1L   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2686356 | PA      | $2639344.77    | 0.03%             | 2025-08-27      | Fixed         | 7.25%                 | No            | 3                  | On Loan: No      |
| INTEGRATED ONCOLOGY DELAY DRAW   /             | INTEGRATED ONCOLOGY DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1863066 | PA      | $1861502.85    | 0.02%             | 2025-06-24      | Variable      | 9.71%                 | No            | 3                  | On Loan: No      |
| CITATION GROUP ROCKET MIDCO GBP DD   /         | CITATION GROUP ROCKET MIDCO GBP DD   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   13639922 | PA      | $16265911.51   | 0.16%             | 2029-03-09      | Variable      | 5.94%                 | No            | 3                  | On Loan: No      |
| CLASSIC COLLISION DELAY DRAW   /               | CLASSIC COLLISION DELAY DRAW   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3270591 | PA      | $3189938.70    | 0.03%             | 2026-01-14      | Fixed         | 1.00%                 | No            | 3                  | On Loan: No      |
| INTEGRATED ONCOLOGY REVOLVER   /               | INTEGRATED ONCOLOGY REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     134701 | PA      | $134587.85     | 0.00%             | 2025-06-24      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| INTEGRATED ONCOLOGY TERM LOAN   /              | INTEGRATED ONCOLOGY TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     137343 | PA      | $137228.11     | 0.00%             | 2024-06-24      | Variable      | 8.23%                 | No            | 3                  | On Loan: No      |
| INTEGRATED ONCOLOGY TERM LOAN   /              | INTEGRATED ONCOLOGY TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3299924 | PA      | $3297154.45    | 0.03%             | 2025-06-24      | Variable      | 8.23%                 | No            | 3                  | On Loan: No      |
| ISS COMPRESSORS IND TERM LOAN 1ST LIEN   /     | ISS COMPRESSORS IND TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     124136 | PA      | $122889.38     | 0.00%             | 2026-02-05      | Variable      | 6.51%                 | No            | 3                  | On Loan: No      |
| ISS COMPRESSORS IND TERM LOAN 1ST LIEN   /     | ISS COMPRESSORS IND TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     103705 | PA      | $102663.76     | 0.00%             | 2026-02-05      | Variable      | 7.46%                 | No            | 3                  | On Loan: No      |
| IVYREHAB INT II LLC DELAY DRAW 1ST LIEN   /    | IVYREHAB INT II LLC DELAY DRAW 1ST LIEN   /                                            | CUSIP: 46601RAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7666804 | PA      | $7351065.63    | 0.07%             | 2029-04-21      | None          | 8.81%                 | No            | 3                  | On Loan: No      |
| IVYREHAB INT II LLC REVOLVER 1ST LIEN   /      | IVYREHAB INT II LLC REVOLVER 1ST LIEN   /                                              | CUSIP: 46601RAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3837719 | PA      | $3670064.95    | 0.04%             | 2028-04-21      | Fixed         | 5.64%                 | No            | 3                  | On Loan: No      |
| IVYREHAB INT II LLC TERM LOAN 1ST LIEN   /     | IVYREHAB INT II LLC TERM LOAN 1ST LIEN   /                                             | CUSIP: 46601RAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23428125 | PA      | $22404645.46   | 0.22%             | 2029-04-21      | Variable      | 8.84%                 | No            | 3                  | On Loan: No      |
| CLASSIC COLLISION TERM LOAN CLIF   /           | CLASSIC COLLISION TERM LOAN CLIF   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4949538 | PA      | $4827483.70    | 0.05%             | 2026-01-14      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| CLEO COMMUNICATIONS TERM LOAN   /              | CLEO COMMUNICATIONS TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12860000 | PA      | $12341983.05   | 0.12%             | 2027-06-07      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| HPS Telecommunications                         | HPS Telecommunications                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9991607.49    | 0.10%             | 2026-07-23      | Variable      | 7.35%                 | No            | 3                  | On Loan: No      |
| PCX AEROSYSTEMS DELAY DRAW   /                 | PCX AEROSYSTEMS DELAY DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3089414 | PA      | $3023748.22    | 0.03%             | 2027-04-22      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| JADE BIDCO LMTD TERM LOAN   /                  | JADE BIDCO LMTD TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $19606941.78   | 0.19%             | 2029-02-16      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| J S Held LLC TL 1L DD 02/21 (Add-   /          | J S Held LLC TL 1L DD 02/21 (Add-   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9813794 | PA      | $9696262.01    | 0.10%             | 2025-07-01      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| J S Held LLC TL 1L DD 03/22 (Add-   /          | J S Held LLC TL 1L DD 03/22 (Add-   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10602457 | PA      | $10475479.51   | 0.10%             | 2025-07-01      | None          | 6.50%                 | No            | 3                  | On Loan: No      |
| J S Held LLC TL 1L 05/19   /                   | J S Held LLC TL 1L 05/19   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   45461412 | PA      | $44916955.75   | 0.45%             | 2025-07-01      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| CLEO COMMUNICATIONS REVOLVER   /               | CLEO COMMUNICATIONS REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2140000 | PA      | $2053798.11    | 0.02%             | 2027-06-07      | Fixed         | 7.75%                 | No            | 3                  | On Loan: No      |
| CLUB CAR WASH OPERAT DELAY DRAW 2L   /         | CLUB CAR WASH OPERAT DELAY DRAW 2L   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4850000.00    | 0.05%             | 2027-06-16      | None          | 8.97%                 | No            | 3                  | On Loan: No      |
| PCX AEROSYSTEMS REVOLVER   /                   | PCX AEROSYSTEMS REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     625000 | PA      | $611715.55     | 0.01%             | 2027-04-22      | Variable      | 8.48%                 | No            | 3                  | On Loan: No      |
| PCX AEROSYSTEMS TERM LOAN   /                  | PCX AEROSYSTEMS TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6171875 | PA      | $6040691.10    | 0.06%             | 2027-04-22      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| J S Held LLC TL 1L 03/22 (Add-on)   /          | J S Held LLC TL 1L 03/22 (Add-on)   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8789535 | PA      | $8684269.56    | 0.09%             | 2025-07-01      | Variable      | 7.70%                 | No            | 3                  | On Loan: No      |
| JTM FOODS LLC REVOLVER 1L   /                  | JTM FOODS LLC REVOLVER 1L   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     559597 | PA      | $542155.16     | 0.01%             | 2027-05-14      | Fixed         | 5.25%                 | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN REVOLVEER   /             | ABRACON GROUP HOLDIN REVOLVEER   /                                                     | CUSIP: 00375EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     865385 | PA      | $844910.99     | 0.01%             | 2028-07-06      | Variable      | 7.86%                 | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN TERM LOAN   /             | ABRACON GROUP HOLDIN TERM LOAN   /                                                     | CUSIP: 00375EAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11971154 | PA      | $11687935.33   | 0.12%             | 2028-07-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| JTM FOODS LLC TERM LOAN   /                    | JTM FOODS LLC TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1354225 | PA      | $1312015.48    | 0.01%             | 2027-05-14      | Variable      | 5.25%                 | No            | 3                  | On Loan: No      |
| KASEYA, Inc. DDTL 1L   /                       | KASEYA, Inc. DDTL 1L   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4100000 | PA      | $4063133.42    | 0.04%             | 2029-06-23      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| CNSI HOLDINGS LLC REVOLVER   /                 | CNSI HOLDINGS LLC REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1735776 | PA      | $1674770.92    | 0.02%             | 2027-12-17      | Fixed         | 10.59%                | No            | 3                  | On Loan: No      |
| CNSI HOLDINGS LLC TL   /                       | CNSI HOLDINGS LLC TL   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18264224 | PA      | $17622311.78   | 0.18%             | 2028-12-17      | Variable      | 10.59%                | No            | 3                  | On Loan: No      |
| KASEYA, Inc. REVOLVER 1L   /                   | KASEYA, Inc. REVOLVER 1L   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4100000 | PA      | $4032429.64    | 0.04%             | 2029-06-23      | Fixed         | 0.50%                 | No            | 3                  | On Loan: No      |
| KASEYA, Inc. TL 1L   /                         | KASEYA, Inc. TL 1L   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   66800000 | PA      | $65699097.50   | 0.65%             | 2029-06-23      | Variable      | 9.84%                 | No            | 3                  | On Loan: No      |
| PEGASUS GLOBAL DELAY DRAW   /                  | PEGASUS GLOBAL DELAY DRAW   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2040403 | PA      | $2022778.80    | 0.02%             | 2025-05-29      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| PEGASUS GLOBAL TERM LOAN   /                   | PEGASUS GLOBAL TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2740887 | PA      | $2717212.01    | 0.03%             | 2025-05-29      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| KBP BRANDS LLC DELAY DRAW 1ST LIEN   /         | KBP BRANDS LLC DELAY DRAW 1ST LIEN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6081374 | PA      | $5739581.34    | 0.06%             | 2027-05-26      | Variable      | 10.73%                | No            | 3                  | On Loan: No      |
| KBP Investments LLC TL 1L DD 05/21   /         | KBP Investments LLC TL 1L DD 05/21   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   27436988 | PA      | $25894943.08   | 0.26%             | 2027-05-26      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| Cogency Global Term Loan   /                   | Cogency Global Term Loan   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11969925 | PA      | $11806599.32   | 0.12%             | 2028-02-14      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| COLOR INTERMEDIATE TL   /                      | COLOR INTERMEDIATE TL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   41000000 | PA      | $40189815.57   | 0.40%             | 2029-10-04      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| KENE Acquisition,Inc TERM LOAN CLIF   /        | KENE Acquisition,Inc TERM LOAN CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9789258.54    | 0.10%             | 2026-08-08      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY PART DELAYED DRAW   /          | KEYSTONE AGENCY PART DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9953758 | PA      | $9751461.41    | 0.10%             | 2027-05-03      | None          | 8.23%                 | No            | 3                  | On Loan: No      |
| COMMUNITY MEDICAL ACQ Corp. DELAY DRAW   /     | COMMUNITY MEDICAL ACQ Corp. DELAY DRAW   /                                             | CUSIP: 20374DAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4333814 | PA      | $4177035.31    | 0.04%             | 2028-12-15      | Fixed         | 5.75%                 | No            | 3                  | On Loan: No      |
| COMMUNITY MEDICAL ACQ Corp. REVOLVER   /       | COMMUNITY MEDICAL ACQ Corp. REVOLVER   /                                               | CUSIP: 20374DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3683963 | PA      | $3523025.32    | 0.04%             | 2027-12-15      | Fixed         | 5.75%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19850000 | PA      | $19708389.49   | 0.20%             | 2026-10-08      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| PHS TERM LOAN   /                              | PHS TERM LOAN   /                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4687355 | PA      | $4576459.25    | 0.05%             | 2024-12-04      | Variable      | 9.94%                 | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY PART TERM LOAN A   /           | KEYSTONE AGENCY PART TERM LOAN A   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5224753 | PA      | $5118566.95    | 0.05%             | 2027-05-03      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY INVESTORS DELAY DRAW   /       | KEYSTONE AGENCY INVESTORS DELAY DRAW   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8975349 | PA      | $8792936.65    | 0.09%             | 2027-05-03      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT DD DELAY DRAW 1/2/26   /     | PINNACLE TREATMNT DD DELAY DRAW 1/2/26   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     336000 | PA      | $328440.02     | 0.00%             | 2026-01-02      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT TL TERM LOAN 1/2/26   /      | PINNACLE TREATMNT TL TERM LOAN 1/2/26   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3995338 | PA      | $3905442.94    | 0.04%             | 2026-01-02      | Variable      | 9.50%                 | No            | 3                  | On Loan: No      |
| COMMUNITY MEDICAL ACQ Corp. TERM LOAN   /      | COMMUNITY MEDICAL ACQ Corp. TERM LOAN   /                                              | CUSIP: 20374DAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25534367 | PA      | $24418874.10   | 0.24%             | 2028-12-15      | None          | 8.04%                 | No            | 3                  | On Loan: No      |
| COMMERCEHUB, INC. TL 1 INCREMENTAL   /         | COMMERCEHUB, INC. TL 1 INCREMENTAL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3605769 | PA      | $3353365.38    | 0.03%             | 2027-12-29      | Variable      | 11.03%                | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY PTNR DELAY DRAW CLIF   /       | KEYSTONE AGENCY PTNR DELAY DRAW CLIF   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5610938 | PA      | $5496902.65    | 0.05%             | 2027-05-03      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY INVESTORS TERM LOAN   /        | KEYSTONE AGENCY INVESTORS TERM LOAN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5860826 | PA      | $5741712.02    | 0.06%             | 2027-05-03      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| COMVEST STRUCTURED NOTE ISSUER I LLC   /       | COMVEST STRUCTURED NOTE ISSUER I LLC   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $43336653.39   | 0.43%             | 2035-11-17      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| CONGRESSIONAL BANCSH, Inc.   /                 | CONGRESSIONAL BANCSH, Inc.   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     280309 | NS      | $6304850.74    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| PINNACLE TREATMNTREV REVOLVER 1/2/26   /       | PINNACLE TREATMNTREV REVOLVER 1/2/26   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     285714 | PA      | $279285.72     | 0.00%             | 2026-01-02      | None          | 8.00%                 | No            | 3                  | On Loan: No      |
| PREGIS TOPCO TL TERM LOAN 2ND LIEN   /         | PREGIS TOPCO TL TERM LOAN 2ND LIEN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4988678.10    | 0.05%             | 2027-08-01      | Variable      | 12.07%                | No            | 3                  | On Loan: No      |
| KEYSTONE AGENCY PTNR TERM LOAN CLIF   /        | KEYSTONE AGENCY PTNR TERM LOAN CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4360218 | PA      | $4271601.99    | 0.04%             | 2027-05-03      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR DELAY DRAW 1L B   /       | KOMLINE SANDERSON GR DELAY DRAW 1L B   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4687500 | PA      | $4622182.38    | 0.05%             | 2026-03-17      | Fixed         | 7.63%                 | No            | 3                  | On Loan: No      |
| CONSERVICE MIDCO 2ND LIEN TERM LOAN   /        | CONSERVICE MIDCO 2ND LIEN TERM LOAN   /                                                | CUSIP: 20848PAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9854442.46    | 0.10%             | 2028-05-13      | Variable      | 11.82%                | No            | 3                  | On Loan: No      |
| Corel 1L TL 7/26 1st LIEN TERM LOAN   /        | Corel 1L TL 7/26 1st LIEN TERM LOAN   /                                                | CUSIP: 21871LAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4641702 | PA      | $4322722.81    | 0.04%             | 2026-07-02      | Variable      | 9.73%                 | No            | 3                  | On Loan: No      |
| PREMIER IMAGING LLC TERM LOAN 2   /            | PREMIER IMAGING LLC TERM LOAN 2   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2878397 | PA      | $2839122.56    | 0.03%             | 2025-01-02      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PREMIER IMAGING LLC TERM LOAN   /              | PREMIER IMAGING LLC TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4862339 | PA      | $4795994.17    | 0.05%             | 2025-01-02      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| CORETRUST PURCHASING DELAY DRAW WAREHOUSE   /  | CORETRUST PURCHASING DELAY DRAW WAREHOUSE   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     596443 | PA      | $587496.36     | 0.01%             | 2029-09-30      | Fixed         | 6.75%                 | No            | 3                  | On Loan: No      |
| CORETRUST PURCHASING REVOLVER WAREHOUSE   /    | CORETRUST PURCHASING REVOLVER WAREHOUSE   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     250000 | PA      | $242500.00     | 0.00%             | 2029-09-30      | Fixed         | 6.75%                 | No            | 3                  | On Loan: No      |
| PURFOODS DELAY DRAW DELAY DRAW   /             | PURFOODS DELAY DRAW DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2977031 | PA      | $2973674.78    | 0.03%             | 2026-08-12      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| PURFOODS TERM LOAN TERM LOAN   /               | PURFOODS TERM LOAN TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4410000 | PA      | $4405027.92    | 0.04%             | 2026-08-12      | Variable      | 10.90%                | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR TERM LOAN 1L B   /        | KOMLINE SANDERSON GR TERM LOAN 1L B   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2242203 | PA      | $2210959.31    | 0.02%             | 2026-03-17      | Variable      | 11.14%                | No            | 3                  | On Loan: No      |
| LITERA BIDCO LLC TERM LOAN   /                 | LITERA BIDCO LLC TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10700211 | PA      | $10286337.43   | 0.10%             | 2023-05-18      | Variable      | 10.08%                | No            | 3                  | On Loan: No      |
| CORETRUST PURCHASING TERM LOAN WAREHOUSE   /   | CORETRUST PURCHASING TERM LOAN WAREHOUSE   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4095575 | PA      | $3972708.22    | 0.04%             | 2029-09-30      | Variable      | 10.84%                | No            | 3                  | On Loan: No      |
| Credit Connection RE REVOLVER   /              | Credit Connection RE REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     600000 | PA      | $594795.37     | 0.01%             | 2026-07-30      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| Q-CENTRIX SECOND AMEND, Inc. TL   /            | Q-CENTRIX SECOND AMEND, Inc. TL   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     835454 | PA      | $829283.07     | 0.01%             | 2024-11-30      | Variable      | 9.73%                 | No            | 3                  | On Loan: No      |
| Q-CENTRIX TERM LOAN   /                        | Q-CENTRIX TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4898219 | PA      | $4862040.29    | 0.05%             | 2024-11-30      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| Credit Connection TL TERM LOAN   /             | Credit Connection TL TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4950000 | PA      | $4907061.79    | 0.05%             | 2026-07-30      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Credit Connection TL TERM LOAN   /             | Credit Connection TL TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4776000 | PA      | $4734571.13    | 0.05%             | 2026-07-30      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| QUANTIC ELECTRONICS DELAY DRAW   /             | QUANTIC ELECTRONICS DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3402089 | PA      | $3330117.50    | 0.03%             | 2026-11-19      | None          | 7.01%                 | No            | 3                  | On Loan: No      |
| QUANTIC ELECTRONICS REVOLVER   /               | QUANTIC ELECTRONICS REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     428397 | PA      | $419334.57     | 0.00%             | 2026-11-19      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| LITERA BIDCO LLC TERM LOAN 2   /               | LITERA BIDCO LLC TERM LOAN 2   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14236220 | PA      | $13578657.54   | 0.13%             | 2023-05-18      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| Lithium Technologies 1L RC 10/22 1st Lien   /  | Lithium Technologies 1L RC 10/22 1st Lien   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     611696 | PA      | $592630.15     | 0.01%             | 2024-01-03      | Variable      | 12.06%                | No            | 3                  | 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        |    9091563 | PA      | $8976615.60    | 0.09%             | 2025-04-20      | Variable      | 12.04%                | No            | 3                  | On Loan: No      |
| RAVEN BUYER 2022 INCREMENTAL REV   /           | RAVEN BUYER 2022 INCREMENTAL REV   /                                                   | CUSIP: 75419QAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2045455 | PA      | $2022665.70    | 0.02%             | 2027-02-01      | Variable      | 10.54%                | No            | 3                  | On Loan: No      |
| QUANTIC ELECTRONICS TERM LOAN   /              | QUANTIC ELECTRONICS TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3654663 | PA      | $3577348.44    | 0.04%             | 2026-11-19      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| QUESTEL EUR TERM LOAN   /                      | QUESTEL EUR TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    2153391 | PA      | $2245913.59    | 0.02%             | 2027-12-17      | Variable      | 6.25%                 | No            | 3                  | On Loan: No      |
| RAVEN BUYER 2022 INCREMENTAL TL   /            | RAVEN BUYER 2022 INCREMENTAL TL   /                                                    | CUSIP: 75419QAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12954545 | PA      | $12810216.07   | 0.13%             | 2027-02-01      | Variable      | 10.19%                | No            | 3                  | On Loan: No      |
| CVL 3 - TERM LOAN   /                          | CVL 3 - TERM LOAN   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     900000 | PA      | $939634.11     | 0.01%             | 2028-12-21      | Variable      | 6.57%                 | No            | 3                  | On Loan: No      |
| Lithium Technologies 1st  LIEN TERM LOAN   /   | Lithium Technologies 1st  LIEN TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8792149 | PA      | $8518108.69    | 0.08%             | 2024-01-03      | Variable      | 12.06%                | No            | 3                  | On Loan: No      |
| LJ PERIMETER BUYER DDTL LIPARI FOOD KKR   /    | LJ PERIMETER BUYER DDTL LIPARI FOOD KKR   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3293977 | PA      | $3244567.35    | 0.03%             | 2028-10-31      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| RACE WINNING BRANDS REVOLVER 1ST LIEN   /      | RACE WINNING BRANDS REVOLVER 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3125000 | PA      | $3043244.20    | 0.03%             | 2027-11-16      | None          | 6.92%                 | No            | 3                  | On Loan: No      |
| RETAIL SERVICES DELAY DRAW   /                 | RETAIL SERVICES DELAY DRAW   /                                                         | CUSIP: 76090DAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16466196 | PA      | $15878765.42   | 0.16%             | 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        |      11000 | NS      | $11461412.32   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| RIVERON ACQUISITION TERM LOAN 5/22/2025   /    | RIVERON ACQUISITION TERM LOAN 5/22/2025   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4503389 | PA      | $4499609.94    | 0.04%             | 2025-05-22      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| CYXTERA EQUIPMENT LEASES   /                   | CYXTERA EQUIPMENT LEASES   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1793133 | PA      | $1769175.57    | 0.02%             | 2024-01-01      | Fixed         | 8.25%                 | No            | 3                  | On Loan: No      |
| D4C DELAYED DRAW PROJECT COMPERS   /           | D4C DELAYED DRAW PROJECT COMPERS   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2307495 | PA      | $2314781.07    | 0.02%             | 2026-12-30      | None          | 7.50%                 | No            | 3                  | On Loan: No      |
| DECA DENTAL HOLDINGS REVOLVER   /              | DECA DENTAL HOLDINGS REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1111111 | PA      | $1091054.77    | 0.01%             | 2028-08-26      | None          | 8.00%                 | No            | 3                  | On Loan: No      |
| DENALI MIDCO 2 LLC DDTL   /                    | DENALI MIDCO 2 LLC DDTL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7500000 | PA      | $7254096.11    | 0.07%             | 2027-12-22      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| RIVERON ACQUISITION TERM LOAN 5/22/2025   /    | RIVERON ACQUISITION TERM LOAN 5/22/2025   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     857753 | PA      | $857033.53     | 0.01%             | 2025-05-22      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| RPX Corp. TERM LOAN   /                        | RPX Corp. TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4391599 | PA      | $4300893.58    | 0.04%             | 2025-10-23      | Variable      | 8.62%                 | No            | 3                  | On Loan: No      |
| DISPATCH ACQ AMEND 3 TERM LOAN DENALI   /      | DISPATCH ACQ AMEND 3 TERM LOAN DENALI   /                                              | CUSIP: 25471MAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2743125 | PA      | $2641837.66    | 0.03%             | 2028-03-25      | Variable      | 8.33%                 | No            | 3                  | On Loan: No      |
| DENALI MIDCO 2 LLC TERM LOAN   /               | DENALI MIDCO 2 LLC TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7500000 | PA      | $7254096.11    | 0.07%             | 2027-12-22      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| RQM BUYER, Inc. DELAY DRAW   /                 | RQM BUYER, Inc. DELAY DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4687500 | PA      | $4655785.53    | 0.05%             | 2026-08-12      | Fixed         | 6.75%                 | No            | 3                  | On Loan: No      |
| RQM BUYER, Inc. TERM LOAN   /                  | RQM BUYER, Inc. TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20109375 | PA      | $19974422.81   | 0.20%             | 2026-08-12      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| RCS Technology                                 | RCS Technology                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2188710 | PA      | $2186242.04    | 0.02%             | 2025-02-28      | Variable      | 8.32%                 | No            | 3                  | On Loan: No      |
| DIAMONDBACK ACQUISIT TERM LOAN   /             | DIAMONDBACK ACQUISIT TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24937028 | PA      | $24422584.47   | 0.24%             | 2028-09-13      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1684974 | PA      | $1677209.49    | 0.02%             | 2025-07-03      | Variable      | 10.45%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19848581 | PA      | $19673321.40   | 0.20%             | 2025-09-25      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| DIGICERT 2ND LIEN   /                          | DIGICERT 2ND LIEN   /                                                                  | CUSIP: 24022KAJ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12500000 | PA      | $11469628.77   | 0.11%             | 2029-02-24      | Variable      | 11.70%                | No            | 3                  | On Loan: No      |
| DILIGENT B-3 DELAYED DRAW   /                  | DILIGENT B-3 DELAYED DRAW   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     882560 | PA      | $858940.33     | 0.01%             | 2025-08-24      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| HPS Industrials                                | HPS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23705666 | PA      | $23134668.82   | 0.23%             | 2026-10-15      | Variable      | 7.91%                 | No            | 3                  | On Loan: No      |
| SEKO WORLDWIDE EUR TERM LOAN 1ST LN   /        | SEKO WORLDWIDE EUR TERM LOAN 1ST LN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   10543565 | PA      | $10973976.69   | 0.11%             | 2026-12-30      | Variable      | 6.49%                 | No            | 3                  | On Loan: No      |
| DILIGENT DOLLAR B-3 TERM LOAN   /              | DILIGENT DOLLAR B-3 TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4334000 | PA      | $4218010.54    | 0.04%             | 2025-08-04      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| DILIGENT DOLLAR B-2 TERM LOAN   /              | DILIGENT DOLLAR B-2 TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5910000 | PA      | $5753016.19    | 0.06%             | 2025-08-04      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| SEKO GLOBAL LOGISTIC REVOLVER 1ST LIEN   /     | SEKO GLOBAL LOGISTIC REVOLVER 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      64717 | PA      | $62926.46      | 0.00%             | 2026-12-30      | None          | 8.75%                 | No            | 3                  | 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      |
| DOCS MSO LLC DELAY DRAW   /                    | DOCS MSO LLC DELAY DRAW   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3629032 | PA      | $3543175.11    | 0.04%             | 2028-06-01      | Fixed         | 6.90%                 | No            | 3                  | On Loan: No      |
| DOCS MSO LLC REVOLVER   /                      | DOCS MSO LLC REVOLVER   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     967742 | PA      | $940001.32     | 0.01%             | 2028-06-01      | Fixed         | 6.90%                 | No            | 3                  | On Loan: No      |
| DOCS MSO LLC TERM LOAN   /                     | DOCS MSO LLC TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10377218 | PA      | $10079751.75   | 0.10%             | 2028-06-01      | None          | 8.16%                 | No            | 3                  | On Loan: No      |
| DOCS MSO LLC DELAY DRAW   /                    | DOCS MSO LLC DELAY DRAW   /                                                            | CUSIP: 24983EAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2419355 | PA      | $2362116.74    | 0.02%             | 2028-06-01      | Fixed         | 6.90%                 | No            | 3                  | On Loan: No      |
| Benefit Street Technology                      | Benefit Street Technology                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2666666 | PA      | $2625741.18    | 0.03%             | 2026-10-01      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| Benefit Street Technology                      | Benefit Street Technology                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24812500 | PA      | $24431702.71   | 0.24%             | 2027-10-01      | Variable      | 9.25%                 | No            | 2                  | On Loan: No      |
| DOCS MSO LLC REVOLVER   /                      | DOCS MSO LLC REVOLVER   /                                                              | CUSIP: 24983EAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     645161 | PA      | $626667.55     | 0.01%             | 2028-06-01      | Fixed         | 6.90%                 | No            | 3                  | On Loan: No      |
| DOCS MSO LLC TERM LOAN   /                     | DOCS MSO LLC TERM LOAN   /                                                             | CUSIP: 24983EAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6918145 | PA      | $6719834.49    | 0.07%             | 2028-06-01      | None          | 8.16%                 | No            | 3                  | On Loan: No      |
| SIXTH STREET LENDING PARTNERS TGVK   /         | SIXTH STREET LENDING PARTNERS TGVK   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     540581 | NS      | $13356042.18   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| SMARTTRADE TERM LOAN EUR DREAMSTART   /        | SMARTTRADE TERM LOAN EUR DREAMSTART   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     627356 | PA      | $665742.52     | 0.01%             | 2027-03-30      | Variable      | 7.19%                 | No            | 3                  | On Loan: No      |
| DRAGON BIDCO EUR TERM LOAN   /                 | DRAGON BIDCO EUR TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    6500000 | PA      | $6779278.97    | 0.07%             | 2028-04-27      | Variable      | 8.87%                 | No            | 3                  | On Loan: No      |
| DS ADMIRAL BIDCO LLC TL PROJECT BOOST   /      | DS ADMIRAL BIDCO LLC TL PROJECT BOOST   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2763483 | PA      | $2680578.87    | 0.03%             | 2028-03-16      | Variable      | 11.51%                | No            | 3                  | On Loan: No      |
| LJ PERIMETER BUYER TL LIPARI FOOD KKR   /      | LJ PERIMETER BUYER TL LIPARI FOOD KKR   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11575977 | PA      | $11228697.69   | 0.11%             | 2028-10-31      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| MACQUARIE LOAN REPO 7.47687% NEED MATUR   /    | MACQUARIE LOAN REPO 7.47687% NEED MATUR   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        | -452440533 | PA      | $-452440532.95 | -4.50%            | 2023-01-31      | Fixed         | 7.48%                 | No            | 2                  | On Loan: No      |
| SMILIST Co. DELAYED DRAW TL B   /              | SMILIST Co. DELAYED DRAW TL B   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3792198 | PA      | $3761035.19    | 0.04%             | 2025-12-22      | None          | 8.56%                 | No            | 3                  | On Loan: No      |
| SMILIST Co. DELAYED DRAW TL A   /              | SMILIST Co. DELAYED DRAW TL A   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1780375 | PA      | $1765744.22    | 0.02%             | 2025-12-22      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| PC DREAMSCAPE OPCO DELAY DRAW 1ST LIEN   /     | PC DREAMSCAPE OPCO DELAY DRAW 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6570724 | PA      | $6433252.66    | 0.06%             | 2028-04-25      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| PC DREAMSCAPE OPCO REVOLVER 1ST LIEN   /       | PC DREAMSCAPE OPCO REVOLVER 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1315789 | PA      | $1275248.12    | 0.01%             | 2028-04-25      | Variable      | 10.16%                | No            | 3                  | On Loan: No      |
| SMILIST Co. REVOLVER   /                       | SMILIST Co. REVOLVER   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     356075 | PA      | $353148.84     | 0.00%             | 2025-12-22      | Fixed         | 8.00%                 | No            | 3                  | On Loan: No      |
| SMILIST Co. TERM LOAN   /                      | SMILIST Co. TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3218561 | PA      | $3192112.24    | 0.03%             | 2025-12-22      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| LOC PERFORMANCE PROD REVOLVER PRIME BUYER   /  | LOC PERFORMANCE PROD REVOLVER PRIME BUYER   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3856132 | PA      | $3746182.06    | 0.04%             | 2026-12-22      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| LUCIDHEALTH DELAY DR PREMIER IM   /            | LUCIDHEALTH DELAY DR PREMIER IM   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14496589 | PA      | $14298788.09   | 0.14%             | 2025-01-02      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| PC DREAMSCAPE OPCO TERM LOAN 1ST LIEN   /      | PC DREAMSCAPE OPCO TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12075000 | PA      | $11702952.01   | 0.12%             | 2028-04-25      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| Drilling Info Hldngs 2nd LIEN TERM LOAN   /    | Drilling Info Hldngs 2nd LIEN TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4783546 | PA      | $4706759.92    | 0.05%             | 2026-07-30      | Variable      | 12.32%                | No            | 3                  | On Loan: No      |
| SONNY'S ENT DDTL DELAY DRAW   /                | SONNY'S ENT DDTL DELAY DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     898628 | PA      | $897873.85     | 0.01%             | 2026-08-05      | Variable      | 10.99%                | No            | 3                  | On Loan: No      |
| SONNY'S ENT REVOLVER REVOLVER   /              | SONNY'S ENT REVOLVER REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     640244 | PA      | $639706.57     | 0.01%             | 2025-08-05      | None          | 8.42%                 | No            | 3                  | On Loan: No      |
| LUCIDHEALTH TERM LOAN PREMIER IM   /           | LUCIDHEALTH TERM LOAN PREMIER IM   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15358153 | PA      | $15148596.38   | 0.15%             | 2025-01-02      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| LYNX Franchising (fk Term Loan   /             | LYNX Franchising (fk Term Loan   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4987310 | PA      | $4849341.12    | 0.05%             | 2026-12-18      | Variable      | 8.50%                 | No            | 3                  | On Loan: No      |
| Eagleview Technology 2nd  LIEN TERM LOAN   /   | Eagleview Technology 2nd  LIEN TERM LOAN   /                                           | CUSIP: 27004GAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3659574 | PA      | $3476980.10    | 0.03%             | 2026-08-14      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| EASY ICE TERM LOAN   /                         | EASY ICE TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     800316 | PA      | $793402.89     | 0.01%             | 2025-12-31      | Variable      | 7.65%                 | No            | 3                  | On Loan: No      |
| SONNY'S ENT TL TERM LOAN   /                   | SONNY'S ENT TL TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5826223 | PA      | $5821333.56    | 0.06%             | 2026-08-05      | Variable      | 10.99%                | No            | 3                  | On Loan: No      |
| SPARTRONICS LLC REVOLVER   /                   | SPARTRONICS LLC REVOLVER   /                                                           | CUSIP: 84724FAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4007350 | PA      | $3918541.43    | 0.04%             | 2025-12-31      | None          | 5.50%                 | No            | 3                  | On Loan: No      |
| EASY ICE DELAY DRAW   /                        | EASY ICE DELAY DRAW   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7237559 | PA      | $7175042.24    | 0.07%             | 2024-12-31      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| EASY ICE TERM LOAN   /                         | EASY ICE TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5407634 | PA      | $5360923.79    | 0.05%             | 2024-12-31      | Variable      | 8.28%                 | No            | 3                  | On Loan: No      |
| MAJCO DELAY DRAW   /                           | MAJCO DELAY DRAW   /                                                                   | CUSIP: 56069CAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9322083 | PA      | $9008188.51    | 0.09%             | 2028-12-23      | None          | 5.50%                 | No            | 3                  | On Loan: No      |
| MAJCO REVOLVER   /                             | MAJCO REVOLVER   /                                                                     | CUSIP: 56069CAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1666667 | PA      | $1606373.98    | 0.02%             | 2027-12-23      | Variable      | 8.57%                 | No            | 3                  | On Loan: No      |
| SPARTRONICS LLC TERM LOAN   /                  | SPARTRONICS LLC TERM LOAN   /                                                          | CUSIP: 84724FAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12393674 | PA      | $12145068.70   | 0.12%             | 2025-12-31      | Variable      | 9.48%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6913257 | PA      | $6684626.24    | 0.07%             | 2026-03-05      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| Echo Global Logistic 2L Term Loan   /          | Echo Global Logistic 2L Term Loan   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8000000 | PA      | $7532653.25    | 0.07%             | 2029-11-23      | None          | 8.24%                 | No            | 3                  | On Loan: No      |
| EDGE Co. BUYER, Inc. DELAY DRAW 1ST LIEN   /   | EDGE Co. BUYER, Inc. DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9738765.56    | 0.10%             | 2026-06-01      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| STANTON CARPET Corp. REVOLVER 1ST LIEN   /     | STANTON CARPET Corp. REVOLVER 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1189468 | PA      | $1158349.67    | 0.01%             | 2026-10-01      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| STANTON CARPET Corp. TERM LOAN 1ST LIEN   /    | STANTON CARPET Corp. TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9233795 | PA      | $8992221.43    | 0.09%             | 2027-10-01      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| MAJCO TERM LOAN   /                            | MAJCO TERM LOAN   /                                                                    | CUSIP: 56069CAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8955000 | PA      | $8631047.37    | 0.09%             | 2028-12-23      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| MAMMOTH HOLDINGS TL A NH SENIOR LOAN   /       | MAMMOTH HOLDINGS TL A NH SENIOR LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     569954 | PA      | $569733.11     | 0.01%             | 2023-10-16      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| EDGE Co. BUYER, Inc. TERM LOAN 1ST LIEN   /    | EDGE Co. BUYER, Inc. TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2487500 | PA      | $2422517.93    | 0.02%             | 2026-06-01      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| EMBURSE, Inc. INCREMENTAL DDTL   /             | EMBURSE, Inc. INCREMENTAL DDTL   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2016129 | PA      | $1990529.01    | 0.02%             | 2024-02-28      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Technology                       | AG-Twin Brook Technology                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9900000 | PA      | $9806403.56    | 0.10%             | 2026-10-29      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| STONE POINT CREDIT Corp. SPV   /               | STONE POINT CREDIT Corp. SPV   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $851838.84     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| EMBURSE, Inc. INCREMENTAL TERM LN   /          | EMBURSE, Inc. INCREMENTAL TERM LN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2016129 | PA      | $1990529.00    | 0.02%             | 2024-02-28      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| EMBURSE, Inc. DELAY DRAW   /                   | EMBURSE, Inc. DELAY DRAW   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2419355 | PA      | $2388634.81    | 0.02%             | 2024-02-28      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| SUMMIT BUYER AMDMT 3 TERM LOAN   /             | SUMMIT BUYER AMDMT 3 TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9900000 | PA      | $9655868.07    | 0.10%             | 2026-01-14      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| SYNTAX SYSTEMS DELAYED DRAW   /                | SYNTAX SYSTEMS DELAYED DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4950495 | PA      | $4818502.26    | 0.05%             | 2028-10-29      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| CHERRY BEKAERT ADVISORY DDTL   /               | CHERRY BEKAERT ADVISORY DDTL   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4746835 | PA      | $4682066.51    | 0.05%             | 2028-06-30      | None          | 9.30%                 | No            | 3                  | On Loan: No      |
| CHERRY BEKAERT ADVISORY REVOLVER   /           | CHERRY BEKAERT ADVISORY REVOLVER   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2373418 | PA      | $2323208.13    | 0.02%             | 2028-06-30      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| SYNTAX SYSTEMS REVOVLER   /                    | SYNTAX SYSTEMS REVOVLER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1980198 | PA      | $1927400.91    | 0.02%             | 2026-10-29      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| SYNTAX SYSTEMS TERM LOAN   /                   | SYNTAX SYSTEMS TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17888614 | PA      | $17411657.92   | 0.17%             | 2028-10-29      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| TAXSLAYER TERM LOAN   /                        | TAXSLAYER TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1473750 | PA      | $1443897.72    | 0.01%             | 2026-12-31      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| TILLEY CHEMICAL BUY DELAY DRAW   /             | TILLEY CHEMICAL BUY DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5320000 | PA      | $5151758.40    | 0.05%             | 2026-12-31      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| EMBURSE, Inc. REVOLVER   /                     | EMBURSE, Inc. REVOLVER   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     806452 | PA      | $796211.61     | 0.01%             | 2024-02-28      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| EMBURSE, Inc. TERM LOAN   /                    | EMBURSE, Inc. TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17741935 | PA      | $17516655.26   | 0.17%             | 2024-02-28      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| ENDURANCE II LP Co.-INVEST LP   /              | ENDURANCE II LP Co.-INVEST LP   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10499920.91   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| ENSEMBLE RCM LLC TERM LOAN   /                 | ENSEMBLE RCM LLC TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10723125 | PA      | $10308364.66   | 0.10%             | 2026-08-03      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| MAMMOTH HOLDINGS TL B NH SENIOR LN   /         | MAMMOTH HOLDINGS TL B NH SENIOR LN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1196682 | PA      | $1196217.00    | 0.01%             | 2023-10-16      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| MAMMOTH HOLDINGS TL C NH SENIOR LN   /         | MAMMOTH HOLDINGS TL C NH SENIOR LN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     958784 | PA      | $958411.64     | 0.01%             | 2023-10-16      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN REVOLVEER   /             | ABRACON GROUP HOLDIN REVOLVEER   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1730769 | PA      | $1689821.97    | 0.02%             | 2028-07-06      | Variable      | 7.86%                 | No            | 3                  | On Loan: No      |
| ABRACON GROUP HOLDIN TERM LOAN   /             | ABRACON GROUP HOLDIN TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23942308 | PA      | $23375870.64   | 0.23%             | 2028-07-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| EP PURCHASER LLC TERM LOAN   /                 | EP PURCHASER LLC TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9690946.85    | 0.10%             | 2029-11-04      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| EP WEALTH ADVISORS DDTL   /                    | EP WEALTH ADVISORS DDTL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12600000 | PA      | $12413189.82   | 0.12%             | 2026-09-04      | Fixed         | 10.01%                | No            | 3                  | On Loan: No      |
| MAMMOTH HOLDINGS TL D NH SENIOR LN   /         | MAMMOTH HOLDINGS TL D NH SENIOR LN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5946989 | PA      | $5944680.39    | 0.06%             | 2023-10-16      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| MANDOLIN TECHNOLOGY TERM LOAN 2ND LIEN   /     | MANDOLIN TECHNOLOGY TERM LOAN 2ND LIEN   /                                             | CUSIP: 19105CAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20500000 | PA      | $20113375.20   | 0.20%             | 2029-07-30      | Variable      | 10.91%                | No            | 3                  | 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        |       6500 | NS      | $7139369.98    | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| MARCONE YELLOWSTONE DELAY DRAW   /             | MARCONE YELLOWSTONE DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7024503 | PA      | $6875899.85    | 0.07%             | 2028-06-23      | None          | 6.51%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER DELAYED DRAW   /                   | RALLY BUYER DELAYED DRAW   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3364360 | PA      | $3318454.06    | 0.03%             | 2028-07-19      | Variable      | 8.78%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER REVOLVER   /                       | RALLY BUYER REVOLVER   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1682180 | PA      | $1642382.09    | 0.02%             | 2028-07-19      | Variable      | 8.78%                 | No            | 3                  | On Loan: No      |
| MARCONE YELLOWSTONE TERM LOAN   /              | MARCONE YELLOWSTONE TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21804924 | PA      | $21343641.63   | 0.21%             | 2028-06-23      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| MARQUEE DENTAL DELAYED DRAW   /                | MARQUEE DENTAL DELAYED DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2875514 | PA      | $2778689.20    | 0.03%             | 2024-08-30      | Variable      | 12.19%                | No            | 3                  | On Loan: No      |
| EP WEALTH ADVISORS TERM LOAN   /               | EP WEALTH ADVISORS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5400000 | PA      | $5238924.20    | 0.05%             | 2026-09-04      | Variable      | 10.01%                | No            | 3                  | On Loan: No      |
| ERC TOPCO HOLDINGS DELAY DRAW   /              | ERC TOPCO HOLDINGS DELAY DRAW   /                                                      | CUSIP: 26885QAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2201183 | PA      | $2099512.14    | 0.02%             | 2028-11-10      | Variable      | 7.94%                 | No            | 3                  | On Loan: No      |
| MARQUEE DENTAL TERM LOAN   /                   | MARQUEE DENTAL TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5327787 | PA      | $5148388.85    | 0.05%             | 2024-08-30      | Variable      | 13.25%                | No            | 3                  | On Loan: No      |
| MARGARITAVILLE ENT DELAY DRAW 1L   /           | MARGARITAVILLE ENT DELAY DRAW 1L   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5108297 | PA      | $4980459.07    | 0.05%             | 2027-06-17      | Fixed         | 5.75%                 | No            | 3                  | On Loan: No      |
| TILLEY CHEMICAL BUY REVOLVER   /               | TILLEY CHEMICAL BUY REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1555556 | PA      | $1501938.72    | 0.01%             | 2026-12-31      | None          | 8.25%                 | No            | 3                  | On Loan: No      |
| TILLEY CHEMICAL BUY TERM LOAN   /              | TILLEY CHEMICAL BUY TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19011244 | PA      | $18355964.69   | 0.18%             | 2026-12-31      | Variable      | 9.20%                 | No            | 3                  | On Loan: No      |
| MARGARITAVILLE ENT REVOLVER 1L   /             | MARGARITAVILLE ENT REVOLVER 1L   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     312500 | PA      | $304679.54     | 0.00%             | 2027-06-17      | Fixed         | 5.75%                 | No            | 3                  | On Loan: No      |
| MARGARITAVILLE ENT TERM LOAN 1L   /            | MARGARITAVILLE ENT TERM LOAN 1L   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10673786 | PA      | $10406669.21   | 0.10%             | 2027-06-17      | Variable      | 8.31%                 | No            | 3                  | On Loan: No      |
| RALLY BUYER TERM LOAN   /                      | RALLY BUYER TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11775259 | PA      | $11496674.64   | 0.11%             | 2028-07-19      | Variable      | 8.78%                 | No            | 3                  | On Loan: No      |
| RANGER BUYER REVOLVER 1ST LIEN   /             | RANGER BUYER REVOLVER 1ST LIEN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1923077 | PA      | $1901651.51    | 0.02%             | 2027-11-18      | Variable      | 8.87%                 | No            | 3                  | On Loan: No      |
| ERC TOPCO HOLDINGS REVOLVER   /                | ERC TOPCO HOLDINGS REVOLVER   /                                                        | CUSIP: 26885QAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1420118 | PA      | $1354523.96    | 0.01%             | 2027-11-10      | None          | 10.15%                | No            | 3                  | On Loan: No      |
| ERC TOPCO HOLDINGS TERM LOAN   /               | ERC TOPCO HOLDINGS TERM LOAN   /                                                       | CUSIP: 26885QAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16260592 | PA      | $15509525.16   | 0.15%             | 2028-11-10      | Variable      | 6.25%                 | No            | 3                  | On Loan: No      |
| MAXOR HOLDINGS, Inc. TERM LOAN   /             | MAXOR HOLDINGS, Inc. TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24780348 | PA      | $24415114.29   | 0.24%             | 2027-12-06      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| MB2 DENTAL SOLUTIONS DELAYED DRAW TRANCH3   /  | MB2 DENTAL SOLUTIONS DELAYED DRAW TRANCH3   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6250000 | PA      | $6194307.13    | 0.06%             | 2027-01-29      | None          | 9.98%                 | No            | 3                  | On Loan: No      |
| RANGER BUYER TERM LOAN 1ST LIEN   /            | RANGER BUYER TERM LOAN 1ST LIEN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22961538 | PA      | $22705719.02   | 0.23%             | 2028-11-18      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| RAVEN SENIOR LOAN FUND LLC CLO   /             | RAVEN SENIOR LOAN FUND LLC CLO   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $421293838.65  | 4.19%             | 2099-12-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| Accurus Aerospace Co. A-1 Term Loan   /        | Accurus Aerospace Co. A-1 Term Loan   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7980000 | PA      | $7783214.87    | 0.08%             | 2028-04-05      | Variable      | 10.77%                | No            | 3                  | On Loan: No      |
| Accurus Aerospace Co. A-2 Term Loan   /        | Accurus Aerospace Co. A-2 Term Loan   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1995000 | PA      | $1945803.72    | 0.02%             | 2028-04-05      | Variable      | 10.77%                | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19544667 | PA      | $19424773.34   | 0.19%             | 2024-05-16      | Variable      | 9.36%                 | No            | 3                  | On Loan: No      |
| HPS Telecommunications                         | HPS Telecommunications                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9775000 | PA      | $9467393.79    | 0.09%             | 2025-05-30      | Variable      | 8.25%                 | No            | 3                  | On Loan: No      |
| ESG INVESTMENTS, Inc. DELAY DRAW   /           | ESG INVESTMENTS, Inc. DELAY DRAW   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8035714 | PA      | $7624315.82    | 0.08%             | 2028-03-11      | Fixed         | 5.50%                 | No            | 3                  | On Loan: No      |
| ESG INVESTMENTS, Inc. REVOLVER   /             | ESG INVESTMENTS, Inc. REVOLVER   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2142857 | PA      | $2033150.88    | 0.02%             | 2027-09-11      | Fixed         | 5.50%                 | No            | 3                  | On Loan: No      |
| Recorded Future 1L RC 8/24 1st Lien   /        | Recorded Future 1L RC 8/24 1st Lien   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     178771 | PA      | $176107.91     | 0.00%             | 2025-07-03      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| RECORDED FUTURE, Inc. 1ST LIEN TERM LOAN   /   | RECORDED FUTURE, Inc. 1ST LIEN TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1117730 | PA      | $1101080.36    | 0.01%             | 2025-07-03      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| MB2 DENTAL SOLUTIONS DELAYED DRAW   /          | MB2 DENTAL SOLUTIONS DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     653058 | PA      | $640701.38     | 0.01%             | 2027-01-29      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| MB2 DENTAL SOLUTIONS TERM LOAN   /             | MB2 DENTAL SOLUTIONS TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1811219 | PA      | $1776946.88    | 0.02%             | 2027-01-29      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| ESG INVESTMENTS, Inc. TERM LOAN   /            | ESG INVESTMENTS, Inc. TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15458036 | PA      | $14666642.18   | 0.15%             | 2028-03-11      | Variable      | 8.20%                 | No            | 3                  | On Loan: No      |
| ESHIPPING TERM LOAN CLIF   /                   | ESHIPPING TERM LOAN CLIF   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4265366 | PA      | $4278833.43    | 0.04%             | 2027-11-05      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| REDSAIL TECHNOLOGIES TERM LOAN KONA BUYER   /  | REDSAIL TECHNOLOGIES TERM LOAN KONA BUYER   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9649017 | PA      | $9449723.11    | 0.09%             | 2027-12-11      | Variable      | 8.30%                 | No            | 3                  | On Loan: No      |
| REDWOOD SERVICES GRP DDTL   /                  | REDWOOD SERVICES GRP DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9608532 | PA      | $9509372.30    | 0.09%             | 2029-06-15      | Variable      | 10.03%                | No            | 3                  | On Loan: No      |
| MBS SVCS HOLDINGS TERM LOAN   /                | MBS SVCS HOLDINGS TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12275823 | PA      | $12030306.28   | 0.12%             | 2026-02-26      | Variable      | 11.33%                | No            | 3                  | On Loan: No      |
| MC GROUP VENTURES DELAYED DRAW   /             | MC GROUP VENTURES DELAYED DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9564423 | PA      | $9405187.08    | 0.09%             | 2027-06-30      | None          | 8.38%                 | No            | 3                  | On Loan: No      |
| TRIDENT MARITIME SYS REVOLVER   /              | TRIDENT MARITIME SYS REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1444444 | PA      | $1426181.93    | 0.01%             | 2027-02-26      | Variable      | 9.08%                 | No            | 3                  | On Loan: No      |
| TRIDENT MARITIME SYS TERM LOAN   /             | TRIDENT MARITIME SYS TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13380112 | PA      | $13210943.74   | 0.13%             | 2027-02-26      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| Vista Credit Technology                        | Vista Credit Technology                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14691124 | PA      | $14128033.82   | 0.14%             | 2024-06-13      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| Vista Credit Technology Warrant                | Vista Credit Technology Warrant                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      21640 | NC      | $1025627.80    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 01/19/23   /             | EURO FORWARD CONTRACT 01/19/23   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -14959511 | OU      | $-16036638.56  | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 01/31/2023   /                | EUR FWD CONTRACT 01/31/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -3053714 | OU      | $-3276039.12   | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| REDWOOD ENHANCED INCOME Corp.   /              | REDWOOD ENHANCED INCOME Corp.   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26035780.00   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| REDWOOD SERVICES GRP TERM LOAN   /             | REDWOOD SERVICES GRP TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   40391468 | PA      | $39570846.01   | 0.39%             | 2029-06-15      | Variable      | 6.75%                 | No            | 3                  | On Loan: No      |
| MC GROUP VENTURES TERM LOAN   /                | MC GROUP VENTURES TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15192308 | PA      | $14939374.28   | 0.15%             | 2027-06-30      | Variable      | 8.38%                 | No            | 3                  | On Loan: No      |
| MANAGEMENT CONSULTIG & RESEARCH DELAY DRW   /  | MANAGEMENT CONSULTIG & RESEARCH DELAY DRW   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5204301 | PA      | $5139283.56    | 0.05%             | 2027-10-29      | None          | 10.55%                | No            | 3                  | On Loan: No      |
| EUR FWD CONTRACT 02/03/2023   /                | EUR FWD CONTRACT 02/03/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -3701669 | OU      | $-3971992.91   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARD CONTRACT 02/28/23   /             | EURO FORWARD CONTRACT 02/28/23   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -11711082 | OU      | $-12588094.55  | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| REFRIGIWEAR LLC TERM LOAN 1ST LIEN   /         | REFRIGIWEAR LLC TERM LOAN 1ST LIEN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1510184 | PA      | $1482016.41    | 0.01%             | 2027-11-02      | Variable      | 11.00%                | No            | 3                  | On Loan: No      |
| REGENT 2ND LIEN TERM LOAN   /                  | REGENT 2ND LIEN TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1113722 | PA      | $1082743.83    | 0.01%             | 2026-02-26      | Variable      | 12.48%                | No            | 3                  | On Loan: No      |
| TRYSTAR TS OPCO HOLD TERM LOAN   /             | TRYSTAR TS OPCO HOLD TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7783766 | PA      | $7685353.96    | 0.08%             | 2023-09-28      | Variable      | 9.93%                 | No            | 3                  | On Loan: No      |
| TRANSTAR DELAYED DRAW   /                      | TRANSTAR DELAYED DRAW   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1448276 | PA      | $1418580.43    | 0.01%             | 2027-01-22      | Fixed         | 8.00%                 | No            | 3                  | On Loan: No      |
| MIDDLE MARKET CREDIT EQUITY STAKE   /          | MIDDLE MARKET CREDIT EQUITY STAKE   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $14647205.41   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| MEDMARK SERVICES CLF DELAY DRAW 1ST LIEN   /   | MEDMARK SERVICES CLF DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7974872 | PA      | $7726853.59    | 0.08%             | 2027-06-11      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| EUR FWD CONTRACT 03/13/2023   /                | EUR FWD CONTRACT 03/13/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -26273123 | OU      | $-28266495.09  | -0.28%            |  |  |  | No            | 2                  | 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        | -241800965 | OU      | $-260342437.83 | -2.59%            |  |  |  | No            | 2                  | On Loan: No      |
| REVALIZE, Inc. CLIF DELAY DRAW 1ST LIEN   /    | REVALIZE, Inc. CLIF DELAY DRAW 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6665032 | PA      | $6555744.51    | 0.07%             | 2027-04-15      | Variable      | 10.46%                | No            | 3                  | On Loan: No      |
| REVALIZE, Inc. CLIF DELAY DRAW TRANCHE 3   /   | REVALIZE, Inc. CLIF DELAY DRAW TRANCHE 3   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4619419 | PA      | $4543673.58    | 0.05%             | 2027-04-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| TRANSTAR TERM LOAN   /                         | TRANSTAR TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10268752 | PA      | $10058200.28   | 0.10%             | 2027-01-22      | Variable      | 11.73%                | No            | 3                  | On Loan: No      |
| TURBO BUYER, Inc. DELAY DRAW 1ST LIEN   /      | TURBO BUYER, Inc. DELAY DRAW 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4974000 | PA      | $4789579.73    | 0.05%             | 2025-12-02      | Variable      | 8.88%                 | No            | 3                  | On Loan: No      |
| EUR FWD CONTRACT 04/28/2023   /                | EUR FWD CONTRACT 04/28/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -6545527 | OU      | $-7060118.65   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FWD CONTRACT 06/30/2023   /                | EUR FWD CONTRACT 06/30/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -8670951 | OU      | $-9390641.41   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Mindbody, Inc. 1L RC 2/25 1st Lien   /         | Mindbody, Inc. 1L RC 2/25 1st Lien   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1428571 | PA      | $1394773.56    | 0.01%             | 2025-02-14      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| Mindbody,, Inc. 2/25 1st  LIEN TERM LOAN   /   | Mindbody,, Inc. 2/25 1st  LIEN TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7003041 | PA      | $6837360.57    | 0.07%             | 2025-02-14      | Variable      | 11.72%                | No            | 3                  | On Loan: No      |
| REVALIZE, Inc. REVOLVER CLIF   /               | REVALIZE, Inc. REVOLVER CLIF   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     681000 | PA      | $669833.54     | 0.01%             | 2027-04-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| REWARD GATEWAY UK GBP TERM LOAN UNITRA   /     | REWARD GATEWAY UK GBP TERM LOAN UNITRA   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   10996000 | PA      | $12885365.28   | 0.13%             | 2028-06-25      | Variable      | 6.80%                 | No            | 3                  | On Loan: No      |
| EURO CURRENCY  /                               | EURO CURRENCY  /                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |    2565985 | OU      | $2746719.20    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREKA INCR TL 2 EUR TERM LOAN 2   /           | EUREKA INCR TL 2 EUR TERM LOAN 2   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    4000000 | PA      | $4167576.35    | 0.04%             | 2027-10-17      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| TURBO BUYER, Inc. TERM LOAN 1ST LIEN   /       | TURBO BUYER, Inc. TERM LOAN 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4962500 | PA      | $4778506.12    | 0.05%             | 2025-12-02      | Variable      | 8.88%                 | No            | 3                  | On Loan: No      |
| UK FAST GBP TERM LOAN   /                      | UK FAST GBP TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   12230216 | PA      | $14168788.29   | 0.14%             | 2027-09-08      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| RISKONNECT PARENT DELAYED DRAW   /             | RISKONNECT PARENT DELAYED DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   35294000 | PA      | $34997035.94   | 0.35%             | 2028-12-07      | Variable      | 10.21%                | No            | 3                  | On Loan: No      |
| RISKONNECT PARENT TERM LOAN   /                | RISKONNECT PARENT TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24644235 | PA      | $24190041.02   | 0.24%             | 2028-12-07      | Variable      | 9.73%                 | No            | 3                  | On Loan: No      |
| EUREKA INCR TL 3 EUR TERM LOAN 3   /           | EUREKA INCR TL 3 EUR TERM LOAN 3   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    4200000 | PA      | $4375955.17    | 0.04%             | 2027-10-27      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| EUREKA EDUCATION CLI EUR TERM LOAN   /         | EUREKA EDUCATION CLI EUR TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    4500000 | PA      | $4688523.40    | 0.05%             | 2027-10-17      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| RIVERON ACQUISITION TERM LOAN   /              | RIVERON ACQUISITION TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3442895 | PA      | $3440005.93    | 0.03%             | 2025-05-22      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| R1 HOLDINGS LLC DDTL 1L   /                    | R1 HOLDINGS LLC DDTL 1L   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3507290 | PA      | $3454680.74    | 0.03%             | 2028-12-29      | Fixed         | 10.81%                | 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      | $15242842.23   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Misys Ltd. 6/24 1st  LIEN TERM LOAN   /        | Misys Ltd. 6/24 1st  LIEN TERM LOAN   /                                                | CUSIP: 02034DAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     168585 | PA      | $149548.29     | 0.00%             | 2024-06-13      | Variable      | 6.87%                 | No            | 3                  | On Loan: No      |
| EUREKA TL B EUR TERM LOAN B   /                | EUREKA TL B EUR TERM LOAN B   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    1100000 | PA      | $1146083.50    | 0.01%             | 2027-10-27      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| EVERGREEN ACQCO CLIF SAVERS TERM LOAN   /      | EVERGREEN ACQCO CLIF SAVERS TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3447861 | PA      | $3341546.32    | 0.03%             | 2028-03-26      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| UNIGUEST DELAYED DRAW   /                      | UNIGUEST DELAYED DRAW   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4169974 | PA      | $4128274.46    | 0.04%             | 2025-12-17      | None          | 8.00%                 | No            | 3                  | On Loan: No      |
| UNIGUEST REVOLVER   /                          | UNIGUEST REVOLVER   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     526316 | PA      | $521052.63     | 0.01%             | 2025-12-17      | Variable      | 11.34%                | No            | 3                  | On Loan: No      |
| R1 HOLDINGS LLC REVOLVER 1L   /                | R1 HOLDINGS LLC REVOLVER 1L   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2714932 | PA      | $2633484.17    | 0.03%             | 2028-12-29      | Variable      | 10.81%                | No            | 3                  | On Loan: No      |
| R1 HOLDINGS LLC TL 1L   /                      | R1 HOLDINGS LLC TL 1L   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13777778 | PA      | $13364444.45   | 0.13%             | 2028-12-29      | Variable      | 10.81%                | No            | 3                  | On Loan: No      |
| UNIGUEST TERM LOAN   /                         | UNIGUEST TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5171053 | PA      | $5119342.13    | 0.05%             | 2025-12-17      | Variable      | 11.07%                | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT DELAY DRAW   /              | UROLOGY MANAGEMENT DELAY DRAW   /                                                      | CUSIP: 91727JAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14821579 | PA      | $14285398.83   | 0.14%             | 2026-06-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| AG DIRECT LENDING FUND II   /                  | AG DIRECT LENDING FUND II   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $14508759.67   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| AG DIRECT LENDING FUND III LP   /              | AG DIRECT LENDING FUND III LP   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $14241923.24   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| EXEGY, Inc. TERM LOAN   /                      | EXEGY, Inc. TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1951784 | PA      | $1903785.42    | 0.02%             | 2026-05-17      | Variable      | 8.73%                 | No            | 3                  | On Loan: No      |
| EXPLORER INVESTOR DELAYED DRAW   /             | EXPLORER INVESTOR DELAYED DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5232558 | PA      | $4895347.57    | 0.05%             | 2029-06-28      | Variable      | 7.49%                 | No            | 3                  | On Loan: No      |
| HPS Technology                                 | HPS Technology                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |    2737949 | PA      | $1838822.39    | 0.02%             | 2029-03-09      | Variable      | 5.25%                 | No            | 3                  | On Loan: No      |
| HPS Technology                                 | HPS Technology                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   20744922 | PA      | $24737097.10   | 0.25%             | 2029-03-09      | Variable      | 5.26%                 | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT TERM LOAN   /               | UROLOGY MANAGEMENT TERM LOAN   /                                                       | CUSIP: 91727JAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5061742 | PA      | $4878630.10    | 0.05%             | 2026-06-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| USALCO LLC TERM LOAN   /                       | USALCO LLC TERM LOAN   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24812500 | PA      | $24681548.28   | 0.25%             | 2027-10-19      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| EXPLORER INVESTOR TERM LOAN   /                | EXPLORER INVESTOR TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24705523 | PA      | $23113383.54   | 0.23%             | 2029-06-28      | Variable      | 10.40%                | No            | 3                  | On Loan: No      |
| RCS Industrials                                | RCS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     285714 | PA      | $285392.16     | 0.00%             | 2025-01-31      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| ROCKET SOFTWARE, Inc. 1ST LIEN TERM LOAN   /   | ROCKET SOFTWARE, Inc. 1ST LIEN TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2107471 | PA      | $2031338.86    | 0.02%             | 2025-11-28      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| ROYAL BUYER, LLC DELAYED DRAW TL   /           | ROYAL BUYER, LLC DELAYED DRAW TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     500000 | PA      | $495000.00     | 0.00%             | 2028-08-31      | Variable      | 8.31%                 | No            | 3                  | On Loan: No      |
| U.S. MED EQUIP DELAYED DRAW   /                | U.S. MED EQUIP DELAYED DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     743478 | PA      | $731472.50     | 0.01%             | 2026-11-24      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| U.S. MED EQUIP REVOLVER   /                    | U.S. MED EQUIP REVOLVER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     936232 | PA      | $921113.53     | 0.01%             | 2026-11-24      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| MN ACQUISITION REVOLVER 1L   /                 | MN ACQUISITION REVOLVER 1L   /                                                         | CUSIP: 55339EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2409560.96    | 0.02%             | 2028-08-25      | Fixed         | 7.98%                 | No            | 3                  | On Loan: No      |
| MN ACQUISITION TERM LOAN 1L   /                | MN ACQUISITION TERM LOAN 1L   /                                                        | CUSIP: 55339EAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22500000 | PA      | $21686048.67   | 0.22%             | 2028-08-25      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| ROYAL BUYER, LLC REVOLVER   /                  | ROYAL BUYER, LLC REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     250000 | PA      | $245000.00     | 0.00%             | 2028-08-31      | Variable      | 10.40%                | No            | 3                  | On Loan: No      |
| ROYAL BUYER, LLC TERM LOAN   /                 | ROYAL BUYER, LLC TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2450000.00    | 0.02%             | 2028-08-31      | Variable      | 10.40%                | No            | 3                  | On Loan: No      |
| RCS Industrials                                | RCS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1357609 | PA      | $1356078.34    | 0.01%             | 2025-01-31      | Variable      | 8.68%                 | No            | 3                  | On Loan: No      |
| FLOATING INFRASTRUCT TERM LOAN B   /           | FLOATING INFRASTRUCT TERM LOAN B   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12660120 | PA      | $12406917.77   | 0.12%             | 2027-08-15      | Variable      | 9.40%                 | No            | 3                  | On Loan: No      |
| MOOSE MERGER SUB DELAY DRAW 1L   /             | MOOSE MERGER SUB DELAY DRAW 1L   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13379260 | PA      | $13195924.90   | 0.13%             | 2029-09-14      | Fixed         | 5.75%                 | No            | 3                  | On Loan: No      |
| MOOSE MERGER SUB REVOLVER 1L   /               | MOOSE MERGER SUB REVOLVER 1L   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6744017 | PA      | $6584416.49    | 0.07%             | 2028-09-14      | Variable      | 9.84%                 | No            | 3                  | On Loan: No      |
| U.S. MED EQUIP TL USME HOLDINGS TL   /         | U.S. MED EQUIP TL USME HOLDINGS TL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5816685 | PA      | $5722756.43    | 0.06%             | 2026-11-24      | Variable      | 9.45%                 | No            | 3                  | On Loan: No      |
| UTAC CERAM EUR TERM LOAN   /                   | UTAC CERAM EUR TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    1300000 | PA      | $1355855.79    | 0.01%             | 2027-09-29      | Variable      | 5.25%                 | No            | 3                  | On Loan: No      |
| FLS HOLDING DELAYED DRAW CLIF   /              | FLS HOLDING DELAYED DRAW CLIF   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4894725.81    | 0.05%             | 2028-12-17      | Variable      | 10.40%                | No            | 3                  | On Loan: No      |
| FLS HOLDING REVOLVER CLIF   /                  | FLS HOLDING REVOLVER CLIF   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1957890.33    | 0.02%             | 2027-12-17      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| FLS HOLDING TERM LOAN CLIF   /                 | FLS HOLDING TERM LOAN CLIF   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23000000 | PA      | $22515738.74   | 0.22%             | 2028-12-17      | Variable      | 10.40%                | No            | 3                  | On Loan: No      |
| FOLLETT SCHOOL SOLU REVOLVER   /               | FOLLETT SCHOOL SOLU REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1610390 | PA      | $1561002.11    | 0.02%             | 2027-08-31      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| MOOSE MERGER SUB TERM LOAN 1L   /              | MOOSE MERGER SUB TERM LOAN 1L   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   54876722 | PA      | $53578034.22   | 0.53%             | 2029-09-14      | Variable      | 9.58%                 | No            | 3                  | On Loan: No      |
| MRI SOFTWARE LLC DELAY DRAW   /                | MRI SOFTWARE LLC DELAY DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9195000 | PA      | $8948917.15    | 0.09%             | 2026-02-10      | Variable      | 9.89%                 | No            | 3                  | On Loan: No      |
| RPX Corp. CLIF TERM LOAN   /                   | RPX Corp. CLIF TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7913279 | PA      | $7749835.99    | 0.08%             | 2025-10-23      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| RQM+CORP DELAY DRAW   /                        | RQM+CORP DELAY DRAW   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4687500 | PA      | $4655785.53    | 0.05%             | 2026-08-12      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| RQM+CORP TERM LOAN   /                         | RQM+CORP TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7715039 | PA      | $7663264.13    | 0.08%             | 2026-08-12      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| RSC ACQUISITION, Inc. DELAYED DRAW   /         | RSC ACQUISITION, Inc. DELAYED DRAW   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2208947 | PA      | $2129037.34    | 0.02%             | 2029-05-31      | None          | 9.20%                 | No            | 3                  | On Loan: No      |
| MRI SOFTWARE LLC TERM LOAN   /                 | MRI SOFTWARE LLC TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2977109 | PA      | $2897433.74    | 0.03%             | 2026-02-10      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| MRI SOFTWARE LLC SECOND AMEND TL   /           | MRI SOFTWARE LLC SECOND AMEND TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8290738 | PA      | $8068855.56    | 0.08%             | 2026-02-10      | None          | 9.17%                 | No            | 3                  | On Loan: No      |
| FOLLETT SCHOOL SOLU TERM LOAN   /              | FOLLETT SCHOOL SOLU TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18389610 | PA      | $17825636.96   | 0.18%             | 2028-08-31      | Variable      | 5.87%                 | No            | 3                  | On Loan: No      |
| FORMERRA LLC DDTL PROJECT HILO   /             | FORMERRA LLC DDTL PROJECT HILO   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     237231 | PA      | $233375.73     | 0.00%             | 2028-11-01      | Fixed         | 7.25%                 | No            | 3                  | On Loan: No      |
| RSC ACQUISITION, Inc. TERM LOAN   /            | RSC ACQUISITION, Inc. TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15691181 | PA      | $15123542.51   | 0.15%             | 2026-11-01      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| RSC Insurance Broker TL 1L DD 11/21 (Long   /  | RSC Insurance Broker TL 1L DD 11/21 (Long   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2641633 | PA      | $2546070.63    | 0.03%             | 2026-10-30      | None          | 5.50%                 | No            | 3                  | On Loan: No      |
| MORGAN STANLEY DIREC LEND FD PLACEHOLDER   /   | MORGAN STANLEY DIREC LEND FD PLACEHOLDER   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2540683.16    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY DIRECT LENDING FUND   /         | MORGAN STANLEY DIRECT LENDING FUND   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1755897 | NS      | $36038268.02   | 0.36%             |  |  |  | No            | N/A                | On Loan: No      |
| ACQUIA 1LRC 1ST LIEN REVOLVER   /              | ACQUIA 1LRC 1ST LIEN REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     302938 | PA      | $300320.87     | 0.00%             | 2025-10-31      | None          | 9.08%                 | No            | 3                  | On Loan: No      |
| Acquia 1L TL 10/25 1st LIEN TERM LOAN   /      | Acquia 1L TL 10/25 1st LIEN TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2031627 | PA      | $2014078.49    | 0.02%             | 2025-10-31      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| RSC Insurance Broker TL 1L 09/19   /           | RSC Insurance Broker TL 1L 09/19   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   37262024 | PA      | $35914046.95   | 0.36%             | 2026-10-30      | Variable      | 8.27%                 | No            | 3                  | On Loan: No      |
| RSC Insurance Broker TL 1L B 09/20 (Upsiz   /  | RSC Insurance Broker TL 1L B 09/20 (Upsiz   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8410930 | PA      | $8106659.91    | 0.08%             | 2026-10-30      | Variable      | 8.23%                 | No            | 3                  | On Loan: No      |
| CHERRY BEKAERT ADVISORY TERM LOAN   /          | CHERRY BEKAERT ADVISORY TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11571598 | PA      | $11326801.23   | 0.11%             | 2028-06-30      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| CITRIN COOPERMAN ADV DD TERM LOAN   /          | CITRIN COOPERMAN ADV DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5944120 | PA      | $5714206.83    | 0.06%             | 2027-10-01      | None          | 9.04%                 | No            | 3                  | On Loan: No      |
| FORMERRA LLC TL PROJECT HILO   /               | FORMERRA LLC TL PROJECT HILO   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5930768 | PA      | $5738018.28    | 0.06%             | 2028-11-01      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| FINTHRIVE MEDASSETS TERM LOAN 2ND LIEN   /     | FINTHRIVE MEDASSETS TERM LOAN 2ND LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $18997408.71   | 0.19%             | 2030-01-06      | Variable      | 9.87%                 | No            | 3                  | On Loan: No      |
| CCLF3/28/27 IRS SWAP FIXED 4.10%   /           | CCLF3/28/27 IRS SWAP FIXED 4.10%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  650000000 | NC      | $620218489.40  | 6.17%             | 2027-03-28      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| RSC Insurance Broker TL 1L 11/21   /           | RSC Insurance Broker TL 1L 11/21   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2756281 | PA      | $2656570.36    | 0.03%             | 2026-10-30      | Variable      | 8.55%                 | No            | 3                  | On Loan: No      |
| EDUCATION SOLUTIONS DELAY DRAW 1ST LIEN   /    | EDUCATION SOLUTIONS DELAY DRAW 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4545455 | PA      | $4492536.81    | 0.04%             | 2026-12-27      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| VALCOURT HOLDINGS TERM LOAN   /                | VALCOURT HOLDINGS TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17064474 | PA      | $16917074.56   | 0.17%             | 2027-01-07      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| VALE INSURANCE REVOLVER   /                    | VALE INSURANCE REVOLVER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2419355 | PA      | $2330271.86    | 0.02%             | 2027-12-01      | None          | 7.88%                 | No            | 3                  | On Loan: No      |
| FYI EYE CARE SVCS&PR DELAY DRAW 1ST LIEN   /   | FYI EYE CARE SVCS&PR DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   39934211 | PA      | $28871179.34   | 0.29%             | 2027-03-04      | None          | 8.67%                 | No            | 3                  | On Loan: No      |
| GAINSIGHT REVOLVER   /                         | GAINSIGHT REVOLVER   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2625000 | PA      | $2550110.78    | 0.03%             | 2027-07-30      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| S4T HOLDINGS Corp. COMMON SHARES   /           | S4T HOLDINGS Corp. COMMON SHARES   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        200 | NS      | $150287.44     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| S4T HOLDINGS Corp. PREFERRED SHARES   /        | S4T HOLDINGS Corp. PREFERRED SHARES   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        200 | NS      | $108278.12     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| CCLF3/28/27 IRS SWAP FIXED 4.10%   /           | CCLF3/28/27 IRS SWAP FIXED 4.10%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  250000000 | NC      | $243860799.17  | 2.42%             | 2027-03-28      | Fixed         | 4.10%                 | No            | 2                  | On Loan: No      |
| GAINSIGHT TERM LOAN   /                        | GAINSIGHT TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22052687 | PA      | $21423540.63   | 0.21%             | 2027-07-30      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC DELAY DRAW 4 CLIF   /      | GALWAY BORROWER LLC DELAY DRAW 4 CLIF   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     617098 | PA      | $593229.25     | 0.01%             | 2028-09-30      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| VALE INSURANCE TERM LOAN   /                   | VALE INSURANCE TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22411290 | PA      | $21586085.01   | 0.21%             | 2027-12-01      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| VARAGON CAPITAL Corp. BDC   /                  | VARAGON CAPITAL Corp. BDC   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1925963 | NS      | $19175789.50   | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| EDUCATION SOLUTIONS TERM LOAN 1ST LIEN   /     | EDUCATION SOLUTIONS TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15312879 | PA      | $15134607.71   | 0.15%             | 2026-12-27      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| SAFETY PRODUCTS TERM LOAN CLIF   /             | SAFETY PRODUCTS TERM LOAN CLIF   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9853539.69    | 0.10%             | 2026-12-15      | Variable      | 11.21%                | No            | 3                  | On Loan: No      |
| CCLF12/6/25 IRS SWAP FIXED 7.06%   /           | CCLF12/6/25 IRS SWAP FIXED 7.06%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |   34000000 | NC      | $34278804.98   | 0.34%             | 2025-12-06      | Fixed         | 7.06%                 | No            | 2                  | On Loan: No      |
| SAFETY BORROWER HLDG REVOLVER   /              | SAFETY BORROWER HLDG REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     677966 | PA      | $653213.88     | 0.01%             | 2027-09-01      | Variable      | 6.75%                 | No            | 3                  | On Loan: No      |
| SAFETY BORROWER HLDG TERM LOAN   /             | SAFETY BORROWER HLDG TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9264831 | PA      | $8926576.00    | 0.09%             | 2027-09-01      | None          | 7.50%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC REVOLVER 4 CLIF   /        | GALWAY BORROWER LLC REVOLVER 4 CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     293856 | PA      | $282490.12     | 0.00%             | 2027-09-30      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC TERM LOAN 4 CLIF   /       | GALWAY BORROWER LLC TERM LOAN 4 CLIF   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4089046 | PA      | $3930885.36    | 0.04%             | 2028-09-30      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| CCLF12/6/27 IRS SWAP FIXED 7.10%   /           | CCLF12/6/27 IRS SWAP FIXED 7.10%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |   95000000 | NC      | $96262462.38   | 0.96%             | 2027-12-06      | Fixed         | 7.10%                 | No            | 2                  | On Loan: No      |
| VARDIMAN BLACK HOLDI DELAYED DRAW   /          | VARDIMAN BLACK HOLDI DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   37105285 | PA      | $36456522.14   | 0.36%             | 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        |   10176136 | PA      | $9998213.01    | 0.10%             | 2027-03-18      | Variable      | 10.84%                | No            | 3                  | On Loan: No      |
| VARAGON STRUCTURED NOTE ISSUER I LLC   /       | VARAGON STRUCTURED NOTE ISSUER I LLC   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $423835620.61  | 4.21%             | 2033-10-20      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14057588 | PA      | $13974420.47   | 0.14%             | 2024-11-27      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| CCLF12/6/29 IRS SWAP FIXED 7.17%   /           | CCLF12/6/29 IRS SWAP FIXED 7.17%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  141000000 | NC      | $143414942.28  | 1.43%             | 2029-12-06      | Fixed         | 7.17%                 | No            | 2                  | On Loan: No      |
| GATEWAY U.S. HOLDINGS DDTL 11TH AMEND   /      | GATEWAY U.S. HOLDINGS DDTL 11TH AMEND   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     800000 | PA      | $776608.38     | 0.01%             | 2026-09-22      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| GATEWAY U.S. HOLDINGS TL 2022-2 INCR   /       | GATEWAY U.S. HOLDINGS TL 2022-2 INCR   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1200000 | PA      | $1164912.56    | 0.01%             | 2026-09-22      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| SEK FORWARD CONTRACT 08/23/2024   /            | SEK FORWARD CONTRACT 08/23/2024   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | SE        |  -11250000 | OU      | $-1114190.78   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| SEACOR HOLDINGS TERM LOAN HPS DIRECT   /       | SEACOR HOLDINGS TERM LOAN HPS DIRECT   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4324366 | PA      | $4220205.03    | 0.04%             | 2026-10-15      | Variable      | 11.37%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Consumer Discretionary           | AG-Twin Brook Consumer Discretionary                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14887500 | PA      | $14838822.08   | 0.15%             | 2026-11-30      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| VISTA CREDIT PARTNER FUND III LP   /           | VISTA CREDIT PARTNER FUND III LP   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26989810.90   | 0.27%             |  |  |  | No            | N/A                | On Loan: No      |
| MY COMPLIANCE OFFICE TERM LOAN 1ST LIEN   /    | MY COMPLIANCE OFFICE TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7000000 | PA      | $6827855.66    | 0.07%             | 2025-12-29      | Variable      | 10.79%                | No            | 3                  | On Loan: No      |
| SEACOR HOLDINGS TERM LOAN HPS WAREHS   /       | SEACOR HOLDINGS TERM LOAN HPS WAREHS   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9750000.00    | 0.10%             | 2026-10-15      | Variable      | 11.37%                | No            | 3                  | On Loan: No      |
| SECURONIX, INC. REVOLVER   /                   | SECURONIX, INC. REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2288135 | PA      | $2285555.23    | 0.02%             | 2028-04-01      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| GATEWAY SERVICES, Inc. DELAY DRAW   /          | GATEWAY SERVICES, Inc. DELAY DRAW   /                                                  | CUSIP: 36783KAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6358017 | PA      | $6224996.57    | 0.06%             | 2024-09-22      | None          | 8.23%                 | No            | 3                  | On Loan: No      |
| GATEWAY SERVICES, Inc. REVOLVER   /            | GATEWAY SERVICES, Inc. REVOLVER   /                                                    | CUSIP: 36783KAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     909091 | PA      | $890071.15     | 0.01%             | 2024-09-22      | None          | 9.50%                 | No            | 3                  | On Loan: No      |
| GATEWAY SERVICES, Inc. TERM LOAN   /           | GATEWAY SERVICES, Inc. TERM LOAN   /                                                   | CUSIP: 36783KAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22556818 | PA      | $22084890.12   | 0.22%             | 2024-09-22      | Variable      | 8.33%                 | No            | 3                  | On Loan: No      |
| GBP FWD CONTRACT 01/31/2023   /                | GBP FWD CONTRACT 01/31/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -8291115 | OU      | $-10031451.45  | -0.10%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 02/03/2023   /                | GBP FWD CONTRACT 02/03/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -4686229 | OU      | $-5670328.73   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 03/30/2023   /                | GBP FWD CONTRACT 03/30/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -7563257 | OU      | $-9164029.71   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| SECURONIX, INC. TERM LOAN   /                  | SECURONIX, INC. TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12711865 | PA      | $12697532.94   | 0.13%             | 2028-04-01      | Variable      | 10.10%                | No            | 3                  | On Loan: No      |
| SEKO Worldwide, LLC 1L Term Loan   /           | SEKO Worldwide, LLC 1L Term Loan   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9974619 | PA      | $9698682.23    | 0.10%             | 2026-12-30      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| SEQUA Corp. TL   /                             | SEQUA Corp. TL   /                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12500000 | PA      | $11866052.21   | 0.12%             | 2028-11-23      | Variable      | 11.32%                | No            | 3                  | On Loan: No      |
| SEQUA Corp. TL   /                             | SEQUA Corp. TL   /                                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7128320 | PA      | $6765018.56    | 0.07%             | 2028-11-23      | Variable      | 11.32%                | No            | 3                  | On Loan: No      |
| VITAL CARE REVOLVER   /                        | VITAL CARE REVOLVER   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1777778 | PA      | $1736608.49    | 0.02%             | 2025-10-19      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| VITAL CARE TERM LOAN   /                       | VITAL CARE TERM LOAN   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5528185 | PA      | $5400165.15    | 0.05%             | 2025-10-19      | Variable      | 9.42%                 | No            | 3                  | 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        |    4151264 | PA      | $3990870.29    | 0.04%             | 2027-05-06      | None          | 13.80%                | No            | 3                  | 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        |   12954134 | PA      | $12453622.47   | 0.12%             | 2027-05-06      | Variable      | 13.80%                | No            | 3                  | On Loan: No      |
| SILVER POINT LOAN NOTE ISSUER  LLC   /         | SILVER POINT LOAN NOTE ISSUER  LLC   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $443601956.02  | 4.41%             | 2033-10-20      | None          | 0.00%                 | 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      | $39301585.60   | 0.39%             |  |  |  | No            | N/A                | On Loan: No      |
| GBP FWD CONTRACT 03/31/2023   /                | GBP FWD CONTRACT 03/31/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |  -67410008 | OU      | $-81655977.50  | -0.81%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FWD CONTRACT 05/04/2023   /                | GBP FWD CONTRACT 05/04/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -2014326 | OU      | $-2441858.04   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| SIMPLISAFE, Inc. DELAY DRAW   /                | SIMPLISAFE, Inc. DELAY DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4444444 | PA      | $4304703.97    | 0.04%             | 2028-05-02      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| SIMPLISAFE, Inc. TERM LOAN   /                 | SIMPLISAFE, Inc. TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   35466667 | PA      | $34351540.62   | 0.34%             | 2028-05-02      | Variable      | 10.47%                | No            | 3                  | On Loan: No      |
| GBP FWD CONTRACT 05/10/2023   /                | GBP FWD CONTRACT 05/10/2023   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |   -1752605 | OU      | $-2124870.37   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| GREAT BRITAIN POUND  /                         | GREAT BRITAIN POUND  /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |    -687954 | OU      | $-831666.08    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19919707 | PA      | $19712064.66   | 0.20%             | 2026-10-29      | Variable      | 11.06%                | No            | 3                  | On Loan: No      |
| Owl Rock Consumer Discretionary                | Owl Rock Consumer Discretionary                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29656571 | PA      | $29177674.03   | 0.29%             | 2026-03-26      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| SMARTLINX TERM LOAN   /                        | SMARTLINX TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1462500 | PA      | $1458611.73    | 0.01%             | 2026-03-05      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| SMILE DOCTORS LLC DELAY DRAW   /               | SMILE DOCTORS LLC DELAY DRAW   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3091873 | PA      | $3034204.62    | 0.03%             | 2028-12-23      | None          | 5.50%                 | No            | 3                  | On Loan: No      |
| SMILE DOCTORS LLC REVOLVER   /                 | SMILE DOCTORS LLC REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2208481 | PA      | $2167289.02    | 0.02%             | 2027-12-23      | None          | 6.50%                 | No            | 3                  | On Loan: No      |
| SMILE DOCTORS LLC TERM LOAN   /                | SMILE DOCTORS LLC TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19601148 | PA      | $19235556.90   | 0.19%             | 2028-12-23      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| XERIS BIOPHARMA HOLD WARRANTS   /              | XERIS BIOPHARMA HOLD WARRANTS   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     219298 | NC      | $283962.57     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| ZAVATION MEDICAL PRD REVOLVER   /              | ZAVATION MEDICAL PRD REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2027027 | PA      | $1968921.70    | 0.02%             | 2027-06-30      | None          | 8.17%                 | No            | 3                  | On Loan: No      |
| SMILIST MANAGEMENT DDTL C   /                  | SMILIST MANAGEMENT DDTL C   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3560749 | PA      | $3531488.44    | 0.04%             | 2025-12-23      | None          | 10.40%                | No            | 3                  | 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        |   13000000 | PA      | $13107961.27   | 0.13%             | 2029-06-04      | Variable      | 11.17%                | No            | 3                  | On Loan: No      |
| SOUTHERN VETERINARY PTNRS TERM LOAN 1L   /     | SOUTHERN VETERINARY PTNRS TERM LOAN 1L   /                                             | CUSIP: 84410HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   39900000 | PA      | $39059458.71   | 0.39%             | 2027-10-05      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| SPANX LLC REVOLVER   /                         | SPANX LLC REVOLVER   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12096621 | PA      | $12086468.57   | 0.12%             | 2028-11-18      | Variable      | 9.29%                 | No            | 3                  | On Loan: No      |
| SPANX LLC TERM LOAN   /                        | SPANX LLC TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   72208877 | PA      | $72355435.64   | 0.72%             | 2028-11-18      | Variable      | 9.64%                 | No            | 3                  | On Loan: No      |
| Specialty Networks (UroGPO) Term Loan   /      | Specialty Networks (UroGPO) Term Loan   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7000000 | PA      | $6994125.24    | 0.07%             | 2026-12-15      | Variable      | 8.76%                 | No            | 3                  | On Loan: No      |
| SPECIALTY INGREDIENT TERM LOAN   /             | SPECIALTY INGREDIENT TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5039340 | PA      | $4938553.04    | 0.05%             | 2029-02-10      | Variable      | 9.65%                 | No            | 3                  | On Loan: No      |
| SPIRIT RR HOLDINGS DELAY DRAW   /              | SPIRIT RR HOLDINGS DELAY DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     217352 | PA      | $214092.02     | 0.00%             | 2028-09-13      | Variable      | 10.92%                | No            | 3                  | On Loan: No      |
| ZAVATION MEDICAL PRD TERM LOAN   /             | ZAVATION MEDICAL PRD TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12810811 | PA      | $12443585.15   | 0.12%             | 2027-06-30      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| SPIRIT RR HOLDINGS REVOLVER   /                | SPIRIT RR HOLDINGS REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     100316 | PA      | $97306.96      | 0.00%             | 2028-09-13      | Fixed         | 9.38%                 | No            | 3                  | On Loan: No      |
| SPIRIT RR HOLDINGS TERM LOAN   /               | SPIRIT RR HOLDINGS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1003165 | PA      | $973069.61     | 0.01%             | 2028-09-13      | Variable      | 10.38%                | No            | 3                  | On Loan: No      |
| SPOTLESS BRANDS LLC DDTL 1L   /                | SPOTLESS BRANDS LLC DDTL 1L   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2708960 | PA      | $2681870.81    | 0.03%             | 2028-06-21      | None          | 8.54%                 | No            | 3                  | On Loan: No      |
| SPOTLESS BRANDS LLC REVOLVER 1L   /            | SPOTLESS BRANDS LLC REVOLVER 1L   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     250000 | PA      | $245000.00     | 0.00%             | 2028-06-21      | None          | 11.00%                | No            | 3                  | On Loan: No      |
| SPOTLESS BRANDS LLC TL 1L   /                  | SPOTLESS BRANDS LLC TL 1L   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7619220 | PA      | $7466835.47    | 0.07%             | 2028-06-21      | Variable      | 10.71%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12141667 | PA      | $12017434.17   | 0.12%             | 2027-02-23      | Variable      | 9.81%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12782986 | PA      | $12649858.70   | 0.13%             | 2027-02-23      | Variable      | 9.81%                 | No            | 3                  | On Loan: No      |
| STANTON CARPET INT TERM LOAN INCRE No. 1   /   | STANTON CARPET INT TERM LOAN INCRE No. 1   /                                           | CUSIP: 85473KAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     304481 | PA      | $296514.74     | 0.00%             | 2027-10-01      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| STANDARD ELEVATOR TERM LOAN EMI PORTA   /      | STANDARD ELEVATOR TERM LOAN EMI PORTA   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9925000 | PA      | $9481478.44    | 0.09%             | 2027-12-02      | Variable      | 9.45%                 | No            | 3                  | On Loan: No      |
| STARCOMPLIANCE TERM LOAN   /                   | STARCOMPLIANCE TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1500000 | PA      | $1425160.92    | 0.01%             | 2027-01-12      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| GOV DELIVERY HOLDING DELAYED DRAW   /          | GOV DELIVERY HOLDING DELAYED DRAW   /                                                  | CUSIP: 38722EAL0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8382905 | PA      | $8226551.22    | 0.08%             | 2027-01-29      | None          | 8.25%                 | No            | 3                  | On Loan: No      |
| GOV DELIVERY HOLDING REVOLVER   /              | GOV DELIVERY HOLDING REVOLVER   /                                                      | CUSIP: 38722EAJ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     536402 | PA      | $526396.85     | 0.01%             | 2027-01-29      | None          | 10.64%                | No            | 3                  | On Loan: No      |
| STATS 1L 1ST LIEN TERM LOAN   /                | STATS 1L 1ST LIEN TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3786774 | PA      | $3563584.54    | 0.04%             | 2026-07-10      | Variable      | 9.90%                 | 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      | $1001034.78    | 0.01%             |  |  |  | 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      | $12447385.43   | 0.12%             |  |  |  | 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      | $7972269.18    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| SWK BUYER DELAYED DRAW   /                     | SWK BUYER DELAYED DRAW   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3070175 | PA      | $3066713.94    | 0.03%             | 2029-03-11      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| SWK BUYER REVOLVER   /                         | SWK BUYER REVOLVER   /                                                                 | CUSIP: 78501LAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1228070 | PA      | $1220536.80    | 0.01%             | 2029-03-11      | None          | 7.75%                 | No            | 3                  | On Loan: No      |
| SWK BUYER TERM LOAN   /                        | SWK BUYER TERM LOAN   /                                                                | CUSIP: 78501LAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13168750 | PA      | $13087968.48   | 0.13%             | 2029-03-11      | Variable      | 8.83%                 | No            | 3                  | On Loan: No      |
| SYNTAX SYSTEMS TERM LOAN CLIF   /              | SYNTAX SYSTEMS TERM LOAN CLIF   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4962406 | PA      | $4830095.67    | 0.05%             | 2028-10-28      | Variable      | 9.25%                 | No            | 3                  | On Loan: No      |
| COP HOMETOWN ACQUISI D D TERM LOAN   /         | COP HOMETOWN ACQUISI D D TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2009951 | PA      | $1912080.47    | 0.02%             | 2027-07-16      | None          | 5.50%                 | No            | 3                  | On Loan: No      |
| COP HOMETOWN ACQUISI DD TERM LOAN   /          | COP HOMETOWN ACQUISI DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3065132 | PA      | $2915882.22    | 0.03%             | 2027-07-16      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| GOV DELIVERY HOLDING TERM LOAN   /             | GOV DELIVERY HOLDING TERM LOAN   /                                                     | CUSIP: 38722EAK2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6053637 | PA      | $5940727.18    | 0.06%             | 2027-01-29      | Variable      | 9.64%                 | No            | 3                  | On Loan: No      |
| GERSON LEHRMAN GROUP TERM LOAN   /             | GERSON LEHRMAN GROUP TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25000000 | PA      | $24825414.54   | 0.25%             | 2024-12-05      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| Tank Holding Corp. Term Loan   /               | Tank Holding Corp. Term Loan   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14962500 | PA      | $14578544.79   | 0.14%             | 2028-03-31      | Variable      | 9.94%                 | No            | 3                  | On Loan: No      |
| TAMARACK INTERMEDIAT REVOLVER   /              | TAMARACK INTERMEDIAT REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3023438 | PA      | $2869952.98    | 0.03%             | 2028-03-11      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| TAMARACK INTERMEDIAT TERM LOAN   /             | TAMARACK INTERMEDIAT TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18430371 | PA      | $17494755.03   | 0.17%             | 2028-03-11      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| TANGENT TECHNOLOGIES TERM LOAN 2ND LIEN   /    | TANGENT TECHNOLOGIES TERM LOAN 2ND LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2449993.04    | 0.02%             | 2028-05-30      | Variable      | 12.95%                | No            | 3                  | On Loan: No      |
| TANK HOLDING Corp. REVOLVER   /                | TANK HOLDING Corp. REVOLVER   /                                                        | CUSIP: 87583FAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1780415 | PA      | $1734727.89    | 0.02%             | 2028-03-31      | None          | 11.75%                | No            | 3                  | On Loan: No      |
| TANK HOLDING Corp. TERM LOAN   /               | TANK HOLDING Corp. TERM LOAN   /                                                       | CUSIP: 87583FAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   48099036 | PA      | $46864758.24   | 0.47%             | 2028-03-31      | Variable      | 9.94%                 | No            | 3                  | On Loan: No      |
| TCW DIRECT LENDING VIII LLC   /                | TCW DIRECT LENDING VIII LLC   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $13357447.48   | 0.13%             |  |  |  | No            | N/A                | On Loan: No      |
| TECHNIMARK HOLDINGS DELAY DRAW 2ND LIEN   /    | TECHNIMARK HOLDINGS DELAY DRAW 2ND LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2250000 | PA      | $2170125.07    | 0.02%             | 2029-07-09      | Variable      | 10.51%                | No            | 3                  | On Loan: No      |
| TECHNIMARK HOLDINGS TERM LOAN   /              | TECHNIMARK HOLDINGS TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12750000 | PA      | $12300170.13   | 0.12%             | 2029-07-09      | Variable      | 10.51%                | No            | 3                  | On Loan: No      |
| TEXAS HYDRAULICS HLD TERM LOAN 1ST LIEN   /    | TEXAS HYDRAULICS HLD TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9811321 | PA      | $9677448.68    | 0.10%             | 2026-12-22      | Variable      | 10.58%                | No            | 3                  | On Loan: No      |
| GOLUB CAPITAL DIRECT LENDING Corp.   /         | GOLUB CAPITAL DIRECT LENDING Corp.   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2053052 | NS      | $31056409.30   | 0.31%             |  |  |  | No            | N/A                | On Loan: No      |
| GOLUB CAPITAL BDC 4, Inc.   /                  | GOLUB CAPITAL BDC 4, Inc.   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2393455 | NS      | $36383964.78   | 0.36%             |  |  |  | No            | N/A                | On Loan: No      |
| THG ACQUISITION DELAY DRAW   /                 | THG ACQUISITION DELAY DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14245577 | PA      | $14086863.99   | 0.14%             | 2026-12-02      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| THG ACQUISITION REVOLVER   /                   | THG ACQUISITION REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     743884 | PA      | $735595.85     | 0.01%             | 2025-12-02      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| THOMPSON RIVERS LLC   /                        | THOMPSON RIVERS LLC   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $7887854.03    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| TIGER CONNECT, Inc. DELAY DRAW   /             | TIGER CONNECT, Inc. DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     541406 | PA      | $540118.15     | 0.01%             | 2028-02-16      | Variable      | 11.49%                | No            | 3                  | On Loan: No      |
| TIGER CONNECT, Inc. REVOLVER   /               | TIGER CONNECT, Inc. REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1875000 | PA      | $1870539.05    | 0.02%             | 2028-02-16      | Fixed         | 7.75%                 | No            | 3                  | On Loan: No      |
| TIGER CONNECT, Inc. TERM LOAN   /              | TIGER CONNECT, Inc. TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13125000 | PA      | $12880198.61   | 0.13%             | 2028-02-16      | Variable      | 11.49%                | No            | 3                  | On Loan: No      |
| GOVBRANDS INTERMEDIA DELAY DRAW   /            | GOVBRANDS INTERMEDIA DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2847390 | PA      | $2717581.35    | 0.03%             | 2027-08-04      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| GOVBRANDS INTERMEDIA REVOLVER   /              | GOVBRANDS INTERMEDIA REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     917000 | PA      | $875195.30     | 0.01%             | 2027-08-04      | None          | 9.17%                 | No            | 3                  | On Loan: No      |
| TILLEY CHEMICAL REVOLVER   /                   | TILLEY CHEMICAL REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1000000 | PA      | $965532.04     | 0.01%             | 2026-12-31      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| TILLEY CHEMICAL TERM LOAN   /                  | TILLEY CHEMICAL TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1556439 | PA      | $1502792.08    | 0.01%             | 2026-12-31      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| TIME MANUFACTURING TERM LOAN 1ST LIEN   /      | TIME MANUFACTURING TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   11680743 | PA      | $11803698.61   | 0.12%             | 2027-12-01      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| TIME MANUFACTURING REVOLVER 1ST LIEN   /       | TIME MANUFACTURING REVOLVER 1ST LIEN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3013699 | PA      | $2845033.14    | 0.03%             | 2027-12-01      | None          | 9.54%                 | No            | 3                  | On Loan: No      |
| GOVBRANDS INTERMEDIA TERM LOAN   /             | GOVBRANDS INTERMEDIA TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8628840 | PA      | $8235463.71    | 0.08%             | 2027-08-04      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Industrials                      | AG-Twin Brook Industrials                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19998400 | PA      | $19887139.88   | 0.20%             | 2026-01-17      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| TIME MANUFACTURING TERM LOAN 1ST LIEN   /      | TIME MANUFACTURING TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18136279 | PA      | $17121259.24   | 0.17%             | 2027-12-01      | Variable      | 11.23%                | No            | 3                  | On Loan: No      |
| TINICUM VOLTAGE ACQU TERM LOAN 1ST LIEN   /    | TINICUM VOLTAGE ACQU TERM LOAN 1ST LIEN   /                                            | CUSIP: 88751AAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24812500 | PA      | $23809304.14   | 0.24%             | 2024-11-22      | Variable      | 8.43%                 | No            | 3                  | On Loan: No      |
| GROUPE PREMIUM EUR TERM LOAN B   /             | GROUPE PREMIUM EUR TERM LOAN B   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    8500000 | PA      | $9091057.98    | 0.09%             | 2028-06-08      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| GSM PARENT HOLDINGS TERM LOAN 1ST LIEN   /     | GSM PARENT HOLDINGS TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29848101 | PA      | $29473712.31   | 0.29%             | 2026-11-16      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP HOLDCO DDTL A   /                  | TITAN GROUP HOLDCO DDTL A   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2428336.76    | 0.02%             | 2027-08-12      | Variable      | 8.77%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP HOLDCO DDTL B   /                  | TITAN GROUP HOLDCO DDTL B   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2428336.76    | 0.02%             | 2027-08-12      | None          | 8.77%                 | No            | 3                  | On Loan: No      |
| GSV HOLDING, LLC DELAYED DRAW AMND2   /        | GSV HOLDING, LLC DELAYED DRAW AMND2   /                                                | CUSIP: 36261DAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   49935000 | PA      | $48878626.33   | 0.49%             | 2028-04-03      | None          | 7.49%                 | No            | 3                  | On Loan: No      |
| GUIDEHOUSE, Inc. TERM LOAN NON-WAREHS   /      | GUIDEHOUSE, Inc. TERM LOAN NON-WAREHS   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25000000 | PA      | $24533711.63   | 0.24%             | 2028-10-16      | Variable      | 10.32%                | No            | 3                  | On Loan: No      |
| TITAN GROUP HOLDCO DDTL C   /                  | TITAN GROUP HOLDCO DDTL C   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3750000 | PA      | $3642505.14    | 0.04%             | 2027-08-12      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| TITAN GROUP HOLDCO REVOLVER   /                | TITAN GROUP HOLDCO REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2428336.76    | 0.02%             | 2027-08-12      | Variable      | 8.50%                 | No            | 3                  | On Loan: No      |
| GUIDEHOUSE, Inc. TERM LOAN WAREHOUSE   /       | GUIDEHOUSE, Inc. TERM LOAN WAREHOUSE   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2725813 | PA      | $2671296.67    | 0.03%             | 2028-10-16      | Variable      | 10.32%                | 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        |  351382473 | PA      | $351382473.20  | 3.49%             |  |  |  | No            | 1                  | On Loan: No      |
| TITAN GROUP HOLDCO TERM LOAN   /               | TITAN GROUP HOLDCO TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8662500 | PA      | $8414186.88    | 0.08%             | 2027-08-12      | Variable      | 8.40%                 | No            | 3                  | On Loan: No      |
| TIVITY HEALTH, INC. TERM LOAN HPS CLIF   /     | TIVITY HEALTH, INC. TERM LOAN HPS CLIF   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8039967 | PA      | $7831379.37    | 0.08%             | 2029-06-28      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| TIVITY HEALTH, INC. TERM LOAN MCCW   /         | TIVITY HEALTH, INC. TERM LOAN MCCW   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4920232.62    | 0.05%             | 2029-06-28      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| TIVITY HEALTH, INC. TERM LOAN STONEPOINT   /   | TIVITY HEALTH, INC. TERM LOAN STONEPOINT   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   30000000 | PA      | $29521395.69   | 0.29%             | 2029-06-28      | Variable      | 9.55%                 | No            | 3                  | On Loan: No      |
| HARVEST HILL BEVERAG TERM LOAN 2ND AMEND   /   | HARVEST HILL BEVERAG TERM LOAN 2ND AMEND   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7142857 | PA      | $6964285.71    | 0.07%             | 2026-08-28      | Variable      | 10.19%                | No            | 3                  | On Loan: No      |
| HCSS TERM LOAN CLIF   /                        | HCSS TERM LOAN CLIF   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $19787189.46   | 0.20%             | 2027-11-15      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| TMC BUYER,, Inc. DELAYED DRAW TL   /           | TMC BUYER,, Inc. DELAYED DRAW TL   /                                                   | CUSIP: 87258YAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     253834 | PA      | $220835.33     | 0.00%             | 2028-06-30      | Variable      | 8.31%                 | No            | 3                  | On Loan: No      |
| TMC BUYER,, Inc. TERM LOAN   /                 | TMC BUYER,, Inc. TERM LOAN   /                                                         | CUSIP: 87258YAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3680589 | PA      | $3202112.20    | 0.03%             | 2028-06-30      | Variable      | 9.98%                 | No            | 3                  | On Loan: No      |
| AGTB PRIVATE BDC    /                          | AGTB PRIVATE BDC    /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $127230094.27  | 1.26%             |  |  |  | No            | N/A                | On Loan: No      |
| ANY HOUR LLC DELAY DRAW   /                    | ANY HOUR LLC DELAY DRAW   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6633333 | PA      | $6493005.33    | 0.06%             | 2027-07-21      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| TPC HOLDCO TL 2ND LIEN PRO HEAL   /            | TPC HOLDCO TL 2ND LIEN PRO HEAL   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4780980.53    | 0.05%             | 2028-03-29      | Variable      | 9.11%                 | No            | 3                  | On Loan: No      |
| TRIDENT MARITIME SYS REVOLVER INCREMENTAL   /  | TRIDENT MARITIME SYS REVOLVER INCREMENTAL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     222222 | PA      | $219412.60     | 0.00%             | 2027-02-26      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| TRIDENT MARITIME SYS TERM LOAN INCREMENTA   /  | TRIDENT MARITIME SYS TERM LOAN INCREMENTA   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3053333 | PA      | $3014729.19    | 0.03%             | 2027-02-26      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| TRINTECH, Inc. 1L 1ST LIEN TERM LOAN   /       | TRINTECH, Inc. 1L 1ST LIEN TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     881653 | PA      | $859690.95     | 0.01%             | 2024-12-29      | Variable      | 9.76%                 | No            | 3                  | On Loan: No      |
| HEIBRON FACILITY B SUCSEZ EUR TL BOLT   /      | HEIBRON FACILITY B SUCSEZ EUR TL BOLT   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    8850000 | PA      | $9135385.25    | 0.09%             | 2026-09-18      | Variable      | 6.91%                 | No            | 3                  | On Loan: No      |
| HEILBRON MIDCO B.V. EUR TERM LOAN   /          | HEILBRON MIDCO B.V. EUR TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    4700000 | PA      | $4851560.53    | 0.05%             | 2026-09-18      | Variable      | 6.91%                 | No            | 3                  | On Loan: No      |
| ACS 1L TL 10/26 1st LIEN TERM LOAN   /         | ACS 1L TL 10/26 1st LIEN TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3880077 | PA      | $3665228.96    | 0.04%             | 2026-10-09      | Variable      | 8.32%                 | No            | 3                  | On Loan: No      |
| ACS 2L TL 10/27 2nd LIEN TERM LOAN   /         | ACS 2L TL 10/27 2nd LIEN TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6876457 | PA      | $6722978.72    | 0.07%             | 2027-10-09      | Variable      | 11.37%                | No            | 3                  | On Loan: No      |
| TRINTECH, Inc. 1L 1ST LIEN TERM LOAN   /       | TRINTECH, Inc. 1L 1ST LIEN TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     440827 | PA      | $429845.46     | 0.00%             | 2024-12-29      | Variable      | 9.76%                 | No            | 3                  | On Loan: No      |
| TROY GASTRO DELAY DRAW   /                     | TROY GASTRO DELAY DRAW   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4884729 | PA      | $4880629.55    | 0.05%             | 2025-11-25      | None          | 9.74%                 | No            | 3                  | On Loan: No      |
| TROY GASTRO REVOLVER   /                       | TROY GASTRO REVOLVER   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     591133 | PA      | $590636.89     | 0.01%             | 2025-11-25      | Variable      | 9.74%                 | No            | 3                  | On Loan: No      |
| TROY GASTRO TERM LOAN 1ST LIEN   /             | TROY GASTRO TERM LOAN 1ST LIEN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4404310 | PA      | $4400614.01    | 0.04%             | 2025-11-25      | Variable      | 9.74%                 | No            | 3                  | On Loan: No      |
| HELP/SYSTEMS HOLDING 2ND LIEN TERM LOAN   /    | HELP/SYSTEMS HOLDING 2ND LIEN TERM LOAN   /                                            | CUSIP: 40435TAK3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9693024.42    | 0.10%             | 2027-11-19      | Variable      | 10.94%                | No            | 3                  | On Loan: No      |
| HS GENESIS 9 SUMOCO TERM LOAN   /              | HS GENESIS 9 SUMOCO TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   25961187 | PA      | $27523605.02   | 0.27%             | 2027-03-03      | Variable      | 8.99%                 | No            | 3                  | On Loan: No      |
| Higginbotham Insuran TL 1L DD 12/21   /        | Higginbotham Insuran TL 1L DD 12/21   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   26731272 | PA      | $26450907.37   | 0.26%             | 2026-11-25      | None          | 7.17%                 | No            | 3                  | On Loan: No      |
| Higginbotham Insuran TL 1L 12/21   /           | Higginbotham Insuran TL 1L 12/21   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18158519 | PA      | $17968067.73   | 0.18%             | 2026-11-25      | Variable      | 7.77%                 | No            | 3                  | On Loan: No      |
| ANY HOUR LLC REVOLVER   /                      | ANY HOUR LLC REVOLVER   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1957690.05    | 0.02%             | 2027-07-21      | None          | 9.69%                 | No            | 3                  | On Loan: No      |
| ANY HOUR LLC TERM LOAN   /                     | ANY HOUR LLC TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11220000 | PA      | $10982641.19   | 0.11%             | 2027-07-21      | Variable      | 7.98%                 | No            | 3                  | On Loan: No      |
| HARBOR PURCHASER TERM LOAN   /                 | HARBOR PURCHASER TERM LOAN   /                                                         | CUSIP: 41154UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17000000 | PA      | $16577990.17   | 0.16%             | 2030-04-07      | Variable      | 12.82%                | No            | 3                  | On Loan: No      |
| HPS MEZZANINE PARTNERS 2019 LP   /             | HPS MEZZANINE PARTNERS 2019 LP   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9127182.04    | 0.09%             |  |  |  | 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        |    3571429 | PA      | $3533754.19    | 0.04%             | 2027-03-23      | Fixed         | 10.75%                | 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        |   22060861 | PA      | $21897196.03   | 0.22%             | 2027-03-23      | Variable      | 12.63%                | No            | 3                  | On Loan: No      |
| COP HOMETOWN ACQUISI DD TERM LOAN   /          | COP HOMETOWN ACQUISI DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4764534 | PA      | $4532535.55    | 0.05%             | 2027-07-16      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| COP HOMETOWN ACQUISI TERM LOAN   /             | COP HOMETOWN ACQUISI TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3145793 | PA      | $2992615.94    | 0.03%             | 2027-07-16      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| TRUCK-LITE Co. LLC TERM LOAN CLIF   /          | TRUCK-LITE Co. LLC TERM LOAN CLIF   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9923469 | PA      | $9718507.22    | 0.10%             | 2026-12-13      | Variable      | 8.25%                 | No            | 3                  | On Loan: No      |
| TRUCK-LITE Co. TERM LOAN 3RD AMEND   /         | TRUCK-LITE Co. TERM LOAN 3RD AMEND   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     218954 | PA      | $214432.11     | 0.00%             | 2026-12-13      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| ADS BUYER TERM LOAN 1ST LIEN   /               | ADS BUYER TERM LOAN 1ST LIEN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6479113 | PA      | $6374487.73    | 0.06%             | 2027-12-30      | Variable      | 8.76%                 | No            | 3                  | On Loan: No      |
| CC WDW BORROWER DELAYED DRAW   /               | CC WDW BORROWER DELAYED DRAW   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1631196 | PA      | $1605236.00    | 0.02%             | 2028-01-27      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| CC WDW BORROWER TERM LOAN   /                  | CC WDW BORROWER TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3262391 | PA      | $3165552.10    | 0.03%             | 2028-01-27      | Variable      | 10.95%                | No            | 3                  | On Loan: No      |
| ADVARRA HOLDINGS, Inc. DELAY DRAW   /          | ADVARRA HOLDINGS, Inc. DELAY DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     352200 | PA      | $349118.25     | 0.00%             | 2029-08-24      | Fixed         | 8.12%                 | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR TERM LOAN 1ST LIEN   /    | KOMLINE SANDERSON GR TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2150755 | PA      | $2120785.79    | 0.02%             | 2026-03-17      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| KWOR ACQUISITION REVOLVER 1ST LIEN   /         | KWOR ACQUISITION REVOLVER 1ST LIEN   /                                                 | CUSIP: 50152EAH3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2109039 | PA      | $2053862.40    | 0.02%             | 2027-12-22      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| TRUNK ACQUISITION REVOLVER 1ST LIEN   /        | TRUNK ACQUISITION REVOLVER 1ST LIEN   /                                                | CUSIP: 89818HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2497181.36    | 0.02%             | 2026-02-19      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| TRUNK ACQUISITION TERM LOAN 1ST LIEN   /       | TRUNK ACQUISITION TERM LOAN 1ST LIEN   /                                               | CUSIP: 89818HAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22331250 | PA      | $22306072.52   | 0.22%             | 2027-02-19      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| ADVARRA HOLDINGS, Inc. TERM LOAN   /           | ADVARRA HOLDINGS, Inc. TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3897800 | PA      | $3829588.50    | 0.04%             | 2029-08-24      | Variable      | 10.15%                | No            | 3                  | On Loan: No      |
| AFFINIPAY MIDCO LLC DELAY DRAW 1L   /          | AFFINIPAY MIDCO LLC DELAY DRAW 1L   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4640884 | PA      | $4592948.57    | 0.05%             | 2028-06-09      | Fixed         | 7.40%                 | No            | 3                  | On Loan: No      |
| AFFINIPAY MIDCO LLC REVOLVER 1L   /            | AFFINIPAY MIDCO LLC REVOLVER 1L   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2209945 | PA      | $2165026.26    | 0.02%             | 2028-06-09      | Fixed         | 7.40%                 | No            | 3                  | On Loan: No      |
| AFFINIPAY MIDCO LLC TERM LOAN 1L   /           | AFFINIPAY MIDCO LLC TERM LOAN 1L   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   33066298 | PA      | $32413126.86   | 0.32%             | 2028-06-09      | Variable      | 10.64%                | No            | 3                  | On Loan: No      |
| Covercraft Parent II DD TERM LOAN   /          | Covercraft Parent II DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4781570.33    | 0.05%             | 2027-08-20      | Variable      | 9.23%                 | No            | 3                  | On Loan: No      |
| CROSSROADS HOLDING, TERM LOAN   /              | CROSSROADS HOLDING, TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13895000 | PA      | $13357554.54   | 0.13%             | 2027-12-23      | Variable      | 8.88%                 | No            | 3                  | On Loan: No      |
| Afiniti, Inc.tl 6/24 1ST LIEN TERM LOAN   /    | Afiniti, Inc.tl 6/24 1ST LIEN TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5433517 | PA      | $5225258.03    | 0.05%             | 2024-06-13      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| AG DIRECT LENDING FUND II LP  GORE CRK   /     | AG DIRECT LENDING FUND II LP  GORE CRK   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $5114246.25    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| KWOR ACQUISITION TERM LOAN 1ST LIEN   /        | KWOR ACQUISITION TERM LOAN 1ST LIEN   /                                                | CUSIP: 50152EAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15147116 | PA      | $14750839.56   | 0.15%             | 2028-12-22      | None          | 6.92%                 | No            | 3                  | On Loan: No      |
| LAV GEAR HLDGS TL TERM LOAN   /                | LAV GEAR HLDGS TL TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     234477 | PA      | $231277.40     | 0.00%             | 2024-10-31      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| NELIPAK HOLDING TERM LOAN   /                  | NELIPAK HOLDING TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20868896 | PA      | $20559129.60   | 0.20%             | 2026-07-02      | Variable      | 7.37%                 | No            | 3                  | On Loan: No      |
| AG DIRECT LENDING FD II UNLEVERED LP KAIS   /  | AG DIRECT LENDING FD II UNLEVERED LP KAIS   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26043163.88   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| AG DLI LP KAISER FOUNDATION   /                | AG DLI LP KAISER FOUNDATION   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $9933655.15    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| Drilling Info Holdin 2020 TERM $67MM   /       | Drilling Info Holdin 2020 TERM $67MM   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13893130 | PA      | $13529659.73   | 0.13%             | 2025-07-30      | Variable      | 8.57%                 | No            | 3                  | On Loan: No      |
| DTI Holdco, Inc. Revolver   /                  | DTI Holdco, Inc. Revolver   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     881972 | PA      | $840881.38     | 0.01%             | 2027-04-26      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| AG GTDL FUND LP KAISER PERMANENTE   /          | AG GTDL FUND LP KAISER PERMANENTE   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3141297.73    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| AG GTDL FUND II LP KAISER PERMANENTE   /       | AG GTDL FUND II LP KAISER PERMANENTE   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26124689.20   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| AG KFHDL FUND LP KAISER FOUNDATION   /         | AG KFHDL FUND LP KAISER FOUNDATION   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3141537.75    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| ANY HOUR LLC DELAY DRAW   /                    | ANY HOUR LLC DELAY DRAW   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6637600 | PA      | $6497181.74    | 0.06%             | 2027-07-21      | None          | 6.76%                 | No            | 3                  | On Loan: No      |
| DTI Holdco, Inc. Term Loan   /                 | DTI Holdco, Inc. Term Loan   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6773548 | PA      | $6457969.01    | 0.06%             | 2029-04-26      | Variable      | 8.84%                 | No            | 3                  | On Loan: No      |
| Dwyer Instruments LLC INCREMENTAL DDTL   /     | Dwyer Instruments LLC INCREMENTAL DDTL   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1912917 | PA      | $1886815.65    | 0.02%             | 2027-07-21      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| LEONARD GROUP, Inc. TERM LOAN 1ST LIEN   /     | LEONARD GROUP, Inc. TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14924604 | PA      | $14838611.71   | 0.15%             | 2026-02-26      | Variable      | 9.81%                 | No            | 3                  | On Loan: No      |
| LIBERTY PURCHASER DDTL   /                     | LIBERTY PURCHASER DDTL   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1937210 | PA      | $1877677.81    | 0.02%             | 2029-11-22      | Fixed         | 10.90%                | No            | 3                  | On Loan: No      |
| KL STOCKTON MERGER SUB,LLC- DDTL   /           | KL STOCKTON MERGER SUB,LLC- DDTL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9986417 | PA      | $9775154.28    | 0.10%             | 2027-07-21      | None          | 7.72%                 | No            | 3                  | On Loan: No      |
| AHR INTERMEDIATE,INC DDTL   /                  | AHR INTERMEDIATE,INC DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10500000 | PA      | $10396963.43   | 0.10%             | 2027-07-29      | Variable      | 8.18%                 | No            | 3                  | On Loan: No      |
| Dwyer Instruments LLC INCREMENTAL REV   /      | Dwyer Instruments LLC INCREMENTAL REV   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     956458 | PA      | $936224.52     | 0.01%             | 2027-07-21      | Variable      | 8.88%                 | No            | 3                  | On Loan: No      |
| Dwyer Instruments LLC INCREMENTAL TERM   /     | Dwyer Instruments LLC INCREMENTAL TERM   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7602849 | PA      | $7442010.72    | 0.07%             | 2027-07-21      | Variable      | 10.73%                | No            | 3                  | On Loan: No      |
| NELIPAK HOLDING INCREMENTAL TL   /             | NELIPAK HOLDING INCREMENTAL TL   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4066671 | PA      | $4006307.37    | 0.04%             | 2026-07-02      | Variable      | 7.37%                 | No            | 3                  | On Loan: No      |
| OSP LAKESIDE INTER TERM LOAN   /               | OSP LAKESIDE INTER TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7443750 | PA      | $7344585.49    | 0.07%             | 2026-07-31      | Variable      | 12.22%                | No            | 3                  | On Loan: No      |
| Dwyer Instruments, I DD TERM LOAN   /          | Dwyer Instruments, I DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3185213 | PA      | $3117830.30    | 0.03%             | 2027-07-21      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| Dwyer Instruments, I REVOLVER   /              | Dwyer Instruments, I REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1920732 | PA      | $1880098.68    | 0.02%             | 2027-07-21      | Variable      | 8.88%                 | No            | 3                  | On Loan: No      |
| LIBERTY PURCHASER REVOLVER   /                 | LIBERTY PURCHASER REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     807170 | PA      | $782364.94     | 0.01%             | 2028-11-22      | Fixed         | 10.90%                | No            | 3                  | On Loan: No      |
| LIBERTY PURCHASER TL   /                       | LIBERTY PURCHASER TL   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6941660 | PA      | $6728336.59    | 0.07%             | 2029-11-22      | Variable      | 10.90%                | No            | 3                  | On Loan: No      |
| AHR INTERMEDIATE,INC TERM LOAN   /             | AHR INTERMEDIATE,INC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24438750 | PA      | $24077023.40   | 0.24%             | 2027-07-29      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| AIDC INTERMEDIATE 2 TERM LOAN PEAK RYZEX   /   | AIDC INTERMEDIATE 2 TERM LOAN PEAK RYZEX   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   55000000 | PA      | $54198679.49   | 0.54%             | 2027-07-22      | Variable      | 10.44%                | No            | 3                  | On Loan: No      |
| NETWRIX Corp. DELAY DRAW TERM COMM   /         | NETWRIX Corp. DELAY DRAW TERM COMM   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13041343 | PA      | $12934020.28   | 0.13%             | 2029-06-09      | Variable      | 9.53%                 | No            | 3                  | On Loan: No      |
| NETWRIX Corp. REVOLVER   /                     | NETWRIX Corp. REVOLVER   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2870000 | PA      | $2832078.04    | 0.03%             | 2029-06-09      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| EDPO, LLC DDTL B-1   /                         | EDPO, LLC DDTL B-1   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1006667 | PA      | $972770.01     | 0.01%             | 2027-12-08      | None          | 8.58%                 | No            | 3                  | On Loan: No      |
| EDPO, LLC TERM LOAN   /                        | EDPO, LLC TERM LOAN   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     242717 | PA      | $232113.86     | 0.00%             | 2027-12-08      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| AIR COMM Corp. DELAY DRAW 2   /                | AIR COMM Corp. DELAY DRAW 2   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13720114 | PA      | $13464213.15   | 0.13%             | 2027-07-01      | None          | 6.51%                 | No            | 3                  | On Loan: No      |
| AIR COMM Corp. REVOLER 2   /                   | AIR COMM Corp. REVOLER 2   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1184211 | PA      | $1162123.19    | 0.01%             | 2027-07-01      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD DELAY DRAW EUR CLIF   /   | LIFE SCIENCE INT HLD DELAY DRAW EUR CLIF   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    6000000 | PA      | $6333043.88    | 0.06%             | 2027-06-10      | Variable      | 7.23%                 | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD DELAY DRAW GBP CLIF   /   | LIFE SCIENCE INT HLD DELAY DRAW GBP CLIF   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    7500000 | PA      | $8940294.96    | 0.09%             | 2027-06-10      | None          | 8.42%                 | No            | 3                  | On Loan: No      |
| EMBER BLOCKER INC DDTL   /                     | EMBER BLOCKER INC DDTL   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11222326 | PA      | $11069201.68   | 0.11%             | 2028-07-07      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| EMBER BLOCKER INC Unitranche Term Loan   /     | EMBER BLOCKER INC Unitranche Term Loan   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16833490 | PA      | $16435236.00   | 0.16%             | 2028-07-07      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| NETWRIX Corp. TERM LOAN   /                    | NETWRIX Corp. TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   34088657 | PA      | $33638235.43   | 0.33%             | 2029-06-09      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| NEW ERA CLIF DELAYED DRAW 3   /                | NEW ERA CLIF DELAYED DRAW 3   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2034263 | PA      | $2003247.33    | 0.02%             | 2026-10-31      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| ALCAMI Corp. DDTL 1L   /                       | ALCAMI Corp. DDTL 1L   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1908023 | PA      | $1841242.66    | 0.02%             | 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        |    3052838 | PA      | $2945988.26    | 0.03%             | 2028-12-21      | Fixed         | 11.42%                | No            | 3                  | On Loan: No      |
| NEW ERA CLIF REVOLVER   /                      | NEW ERA CLIF REVOLVER   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     148393 | PA      | $146130.77     | 0.00%             | 2026-10-31      | Variable      | 10.98%                | No            | 3                  | On Loan: No      |
| NEWSCYCLE SOLUTIONS 1st  LIEN TERM LOAN   /    | NEWSCYCLE SOLUTIONS 1st  LIEN TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2292171 | PA      | $2232204.00    | 0.02%             | 2023-12-29      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| ENS HOLDINGS III COR ENS HOLDINGS III TER   /  | ENS HOLDINGS III COR ENS HOLDINGS III TER   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5690186 | PA      | $5512829.64    | 0.05%             | 2025-12-31      | Variable      | 8.42%                 | No            | 3                  | On Loan: No      |
| ERC TOPCO HOLDINGS REVOLVER   /                | ERC TOPCO HOLDINGS REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6657924 | PA      | $6350398.51    | 0.06%             | 2027-11-10      | None          | 10.15%                | No            | 3                  | On Loan: No      |
| Newscycle Solutions 1L TL 1/22 1st Lien   /    | Newscycle Solutions 1L TL 1/22 1st Lien   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     265882 | PA      | $258925.64     | 0.00%             | 2023-12-29      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| Newscycle Solutions 1L DDTL 12/22 Increm   /   | Newscycle Solutions 1L DDTL 12/22 Increm   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     345910 | PA      | $336860.68     | 0.00%             | 2023-12-29      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| FCG ACQUISITIONS,INC TERM LOAN   /             | FCG ACQUISITIONS,INC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4098361 | PA      | $3898799.95    | 0.04%             | 2028-04-01      | Variable      | 8.30%                 | No            | 3                  | On Loan: No      |
| GSV Holding, LLC - D DD TERM LOAN   /          | GSV Holding, LLC - D DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7413421 | PA      | $7256590.35    | 0.07%             | 2028-04-03      | None          | 5.99%                 | No            | 3                  | On Loan: No      |
| ALCAMI Corp. TL 1L   /                         | ALCAMI Corp. TL 1L   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22896282 | PA      | $22094911.95   | 0.22%             | 2028-12-21      | Variable      | 11.42%                | No            | 3                  | On Loan: No      |
| Alegeus Technologies Holding Corp. 1L 9/24   / | Alegeus Technologies Holding Corp. 1L 9/24   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5253731 | PA      | $5208350.79    | 0.05%             | 2024-09-05      | Variable      | 10.95%                | No            | 3                  | On Loan: No      |
| State Street Institutional US                  | State Street Institutional U.S. Government Money Market Fund                           | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    3385832 | PA      | $3385832.33    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Institutional US                  | State Street Institutional U.S. Government Money Market Fund                           | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     617304 | PA      | $617304.48     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| LIFE SCIENCE INT HLD DELAY DRAW   /            | LIFE SCIENCE INT HLD DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1553797 | PA      | $1532129.03    | 0.02%             | 2027-06-10      | None          | 10.52%                | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD REVOLVER   /              | LIFE SCIENCE INT HLD REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     517932 | PA      | $510709.68     | 0.01%             | 2027-06-10      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION HSI HALO DDTL $25MM   /   | HSI HALO ACQUISITION HSI HALO DDTL $25MM   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1485826 | PA      | $1443234.45    | 0.01%             | 2026-08-31      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION REVOLVER   /              | HSI HALO ACQUISITION REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1050000 | PA      | $1019901.44    | 0.01%             | 2025-09-02      | None          | 9.79%                 | No            | 3                  | On Loan: No      |
| ALERA GROUP HPS WARE DELAYED DRAW TL   /       | ALERA GROUP HPS WARE DELAYED DRAW TL   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2522730 | PA      | $2472275.59    | 0.02%             | 2028-09-30      | None          | 10.69%                | No            | 3                  | On Loan: No      |
| ALERA GROUP TERM LOAN   /                      | ALERA GROUP TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1261365 | PA      | $1236137.80    | 0.01%             | 2028-09-30      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| NORTH HAVEN GOLDFINC TERM LOAN   /             | NORTH HAVEN GOLDFINC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3500000 | PA      | $3383161.32    | 0.03%             | 2024-12-23      | Variable      | 11.75%                | No            | 3                  | On Loan: No      |
| NL1 ACQUIRECO, Inc. DELAY DRAW USD   /         | NL1 ACQUIRECO, Inc. DELAY DRAW USD   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1418528 | PA      | $1367183.43    | 0.01%             | 2028-05-26      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| ALERA GROUP DELAY DRAW 1ST LIEN   /            | ALERA GROUP DELAY DRAW 1ST LIEN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24942934 | PA      | $24852369.09   | 0.25%             | 2028-09-30      | None          | 9.05%                 | No            | 3                  | On Loan: No      |
| ALERA GROUP DELAYED DRAW TL   /                | ALERA GROUP DELAYED DRAW TL   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4879092.66    | 0.05%             | 2028-09-30      | None          | 10.69%                | No            | 3                  | On Loan: No      |
| HSI HALO ACQUISITION HSI HALO TERM LOAN $   /  | HSI HALO ACQUISITION HSI HALO TERM LOAN $   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8443217 | PA      | $8201190.09    | 0.08%             | 2026-08-31      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| INNOVETIVE PETCARE LLC 2022 DDTL   /           | INNOVETIVE PETCARE LLC 2022 DDTL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13965576 | PA      | $13844944.29   | 0.14%             | 2026-12-02      | Variable      | 9.34%                 | No            | 3                  | On Loan: No      |
| NL1 ACQUIRECO, Inc. TERM LOAN USD   /          | NL1 ACQUIRECO, Inc. TERM LOAN USD   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2084250 | PA      | $2008809.79    | 0.02%             | 2028-05-26      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| NOK FORWARD CONTRACT 08/11/2023   /            | NOK FORWARD CONTRACT 08/11/2023   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | NO        |  -13125000 | OU      | $-1354273.77   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| ALERA GROUP TERM LOAN   /                      | ALERA GROUP TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24937028 | PA      | $24362357.19   | 0.24%             | 2028-09-30      | Variable      | 10.19%                | No            | 3                  | On Loan: No      |
| ALERA GROUP TERM LOAN   /                      | ALERA GROUP TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2500000 | PA      | $2439546.33    | 0.02%             | 2028-09-30      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD REVOLVER  CLIF   /        | LIFE SCIENCE INT HLD REVOLVER  CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1288428 | PA      | $1270460.70    | 0.01%             | 2027-06-10      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| LIFESIZE TERM LOAN   /                         | LIFESIZE TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $621000.00     | 0.01%             | 2026-03-02      | None          | 9.00%                 | No            | 3                  | On Loan: No      |
| INTEGRITY MARKETING DELAYED TERM LOAN   /      | INTEGRITY MARKETING DELAYED TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   41106001 | PA      | $40339311.33   | 0.40%             | 2025-08-27      | None          | 8.55%                 | No            | 3                  | On Loan: No      |
| Integrated Power Ser REVOLVER   /              | Integrated Power Ser REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2730835 | PA      | $2645718.72    | 0.03%             | 2027-11-22      | Variable      | 7.03%                 | No            | 3                  | On Loan: No      |
| NORTHSTAR RECYCLING TERM LOAN   /              | NORTHSTAR RECYCLING TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1995000 | PA      | $1965781.17    | 0.02%             | 2027-10-01      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| NOVOTECH AUS BIDCO DELAY DRAW AUD   /          | NOVOTECH AUS BIDCO DELAY DRAW AUD   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |   18543750 | PA      | $12118422.28   | 0.12%             | 2028-01-14      | Variable      | 8.83%                 | No            | 3                  | On Loan: No      |
| Integrated Power Ser TERM LOAN   /             | Integrated Power Ser TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5610315 | PA      | $5435448.93    | 0.05%             | 2028-11-22      | Variable      | 8.57%                 | No            | 3                  | On Loan: No      |
| Invicti Intermediate REVOLVER   /              | Invicti Intermediate REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1090909 | PA      | $1051444.78    | 0.01%             | 2027-11-16      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| ALPINE ACQUISITION TERM LOAN 2ND AMENDM   /    | ALPINE ACQUISITION TERM LOAN 2ND AMENDM   /                                            | CUSIP: 02082AAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21891645 | PA      | $21044896.44   | 0.21%             | 2026-11-30      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| ALPINE ACQUISITION TERM A-2 LOAN   /           | ALPINE ACQUISITION TERM A-2 LOAN   /                                                   | CUSIP: 02082AAQ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2493750 | PA      | $2397294.11    | 0.02%             | 2026-11-30      | None          | 8.81%                 | No            | 3                  | On Loan: No      |
| Invicti Intermediate TERM LOAN   /             | Invicti Intermediate TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10909091 | PA      | $10514447.84   | 0.10%             | 2027-11-16      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| Jayhawk Buyer, LLC JAYHAWK TERM LOAN   /       | Jayhawk Buyer, LLC JAYHAWK TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8965167 | PA      | $8618402.89    | 0.09%             | 2026-10-15      | Variable      | 8.68%                 | No            | 3                  | On Loan: No      |
| ALPINE ACQUIS II REVOLVER 48FORTY   /          | ALPINE ACQUIS II REVOLVER 48FORTY   /                                                  | CUSIP: 02082AAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     475868 | PA      | $457461.64     | 0.00%             | 2026-11-30      | Variable      | 10.05%                | No            | 3                  | On Loan: No      |
| ALPINE ACQUIS II TERM LOAN 48FORTY   /         | ALPINE ACQUIS II TERM LOAN 48FORTY   /                                                 | CUSIP: 02082AAL8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29005636 | PA      | $27883724.94   | 0.28%             | 2026-11-30      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| AMBA BUYER DELAY DRAW   /                      | AMBA BUYER DELAY DRAW   /                                                              | CUSIP: 00165MAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14257915 | PA      | $13849207.72   | 0.14%             | 2027-07-30      | Fixed         | 6.83%                 | No            | 3                  | On Loan: No      |
| AMBA BUYER TERM LOAN   /                       | AMBA BUYER TERM LOAN   /                                                               | CUSIP: 00165MAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12413297 | PA      | $11995314.58   | 0.12%             | 2027-07-30      | None          | 6.83%                 | No            | 3                  | On Loan: No      |
| Jayhawk Buyer, LLC JAYHAWK 21 3RD AM TL   /    | Jayhawk Buyer, LLC JAYHAWK 21 3RD AM TL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     752903 | PA      | $723781.40     | 0.01%             | 2026-10-15      | Variable      | 8.68%                 | No            | 3                  | On Loan: No      |
| Jayhawk Buyer, LLC JAYHAWK 21 4TH AM TL   /    | Jayhawk Buyer, LLC JAYHAWK 21 4TH AM TL   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1100112 | PA      | $1057560.78    | 0.01%             | 2026-10-15      | Variable      | 8.68%                 | No            | 3                  | On Loan: No      |
| NOVOTECH AUS BIDCO DELAY DRAW   /              | NOVOTECH AUS BIDCO DELAY DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3125000 | PA      | $3000321.23    | 0.03%             | 2028-01-14      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| NOVOTECH AUS BIDCO TERM LOAN   /               | NOVOTECH AUS BIDCO TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16437500 | PA      | $15781689.65   | 0.16%             | 2028-01-14      | Variable      | 7.82%                 | No            | 3                  | On Loan: No      |
| KENE Acquisition, In KENE 2021 TL $45MM   /    | KENE Acquisition, In KENE 2021 TL $45MM   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5706875 | PA      | $5586607.48    | 0.06%             | 2026-08-10      | Variable      | 7.92%                 | No            | 3                  | On Loan: No      |
| KWOR ACQUISITION, IN DDTL   /                  | KWOR ACQUISITION, IN DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15313231 | PA      | $14912608.35   | 0.15%             | 2028-12-22      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| AMERILIFE HOLDINGS L DELAYED DRAW   /          | AMERILIFE HOLDINGS L DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4909091 | PA      | $4780659.99    | 0.05%             | 2029-08-31      | Variable      | 10.15%                | No            | 3                  | On Loan: No      |
| AMERILIFE HOLDINGS L REVOLVER   /              | AMERILIFE HOLDINGS L REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2454545 | PA      | $2365750.76    | 0.02%             | 2028-08-31      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| AMERILIFE HOLDINGS L TERM LOAN   /             | AMERILIFE HOLDINGS L TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19636364 | PA      | $18926006.12   | 0.19%             | 2029-08-31      | None          | 8.75%                 | No            | 3                  | On Loan: No      |
| ANAPLAN, INC. TERM LOAN 6/21/2029   /          | ANAPLAN, INC. TERM LOAN 6/21/2029   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25000000 | PA      | $24844534.11   | 0.25%             | 2029-06-21      | Variable      | 10.59%                | No            | 3                  | On Loan: No      |
| THE NPD GROUP L.P. TERM LOAN 1ST LIEN   /      | THE NPD GROUP L.P. TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10015265 | PA      | $9814959.23    | 0.10%             | 2028-12-01      | Variable      | 10.43%                | No            | 3                  | On Loan: No      |
| FINTHRIVE PREFERRED STOCK   /                  | FINTHRIVE PREFERRED STOCK   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      15000 | NS      | $16113506.74   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| LIFE SCIENCE INT HLD DELAY DRAW CLIF   /       | LIFE SCIENCE INT HLD DELAY DRAW CLIF   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6550650 | PA      | $6459300.71    | 0.06%             | 2027-06-10      | None          | 10.52%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS DELAY DRAW 1ST LIEN   /     | APEX SERVICE PTNRS DELAY DRAW 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4989800 | PA      | $4896732.57    | 0.05%             | 2025-07-31      | None          | 6.68%                 | 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        |    9417281 | PA      | $9100181.01    | 0.09%             | 2025-07-31      | Variable      | 12.50%                | No            | 3                  | On Loan: No      |
| APPFIRE 2ND SUPP DELAY DRAW   /                | APPFIRE 2ND SUPP DELAY DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10557895 | PA      | $10446914.45   | 0.10%             | 2027-03-09      | Variable      | 10.01%                | No            | 3                  | On Loan: No      |
| APPFIRE REVOLVER   /                           | APPFIRE REVOLVER   /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     980000 | PA      | $962370.95     | 0.01%             | 2027-03-09      | Variable      | 9.38%                 | No            | 3                  | On Loan: No      |
| APPFIRE TERM LOAN   /                          | APPFIRE TERM LOAN   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18370629 | PA      | $18040162.76   | 0.18%             | 2027-03-09      | None          | 9.38%                 | No            | 3                  | On Loan: No      |
| APPTIO, Inc. 1ST LIEN REVOLVER   /             | APPTIO, Inc. 1ST LIEN REVOLVER   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     928705 | PA      | $910221.14     | 0.01%             | 2025-01-10      | None          | 8.46%                 | No            | 3                  | On Loan: No      |
| KWOR ACQUISITION, IN TERM LOAN   /             | KWOR ACQUISITION, IN TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14460284 | PA      | $14081976.07   | 0.14%             | 2028-12-22      | None          | 7.35%                 | No            | 3                  | On Loan: No      |
| Liquid Environmental DD TERM LOAN   /          | Liquid Environmental DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4126005 | PA      | $3976744.65    | 0.04%             | 2026-05-31      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| Apptio, Inc. tl 1/25 1ST LIEN TERM LOAN   /    | Apptio, Inc. tl 1/25 1ST LIEN TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8232848 | PA      | $8068987.79    | 0.08%             | 2025-01-10      | Variable      | 9.94%                 | No            | 3                  | On Loan: No      |
| ASSOCIATIONS, Inc. TERM LOAN   /               | ASSOCIATIONS, Inc. TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21335770 | PA      | $21115585.66   | 0.21%             | 2027-07-02      | Variable      | 10.36%                | No            | 3                  | On Loan: No      |
| NXT STRUCTURED NOTES CLO NXT ISSUER I   /      | NXT STRUCTURED NOTES CLO NXT ISSUER I   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          1 | PA      | $77180241.53   | 0.77%             | 2031-01-26      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| MUFG IRS SWAP 7/19/25 FIXED 5.44%   /          | MUFG IRS SWAP 7/19/25 FIXED 5.44%   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  215000000 | NC      | $211970884.88  | 2.11%             | 2025-07-19      | Fixed         | 5.44%                 | No            | 2                  | On Loan: No      |
| ATOMIC BLOCKER LP   /                          | ATOMIC BLOCKER LP   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        875 | NS      | $874403.56     | 0.01%             |  |  |  | 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    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Liquid Environmental TERM LOAN   /             | Liquid Environmental TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9779361 | PA      | $9425587.01    | 0.09%             | 2026-05-31      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| LITERA BIDCO LLC LITERA COM ACQ TRANC   /      | LITERA BIDCO LLC LITERA COM ACQ TRANC   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1197438 | PA      | $1142128.61    | 0.01%             | 2026-05-29      | Variable      | 9.83%                 | No            | 3                  | 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    | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| APPLIED TECHNICAL SV DELAYED DRAW A   /        | APPLIED TECHNICAL SV DELAYED DRAW A   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2681818 | PA      | $2594980.96    | 0.03%             | 2026-12-29      | None          | 6.76%                 | No            | 3                  | On Loan: No      |
| LITERA BIDCO LLC LITERA COM ACQ TRANC   /      | LITERA BIDCO LLC LITERA COM ACQ TRANC   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1197438 | PA      | $1151121.75    | 0.01%             | 2026-05-29      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| LITERA BIDCO LLC - T TERM LOAN   /             | LITERA BIDCO LLC - T TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5458434 | PA      | $5247306.71    | 0.05%             | 2026-05-29      | Variable      | 10.08%                | No            | 3                  | On Loan: No      |
| APPLIED TECHNICAL SV DELAYED DRAW B   /        | APPLIED TECHNICAL SV DELAYED DRAW B   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3409091 | PA      | $3298704.61    | 0.03%             | 2026-12-29      | None          | 9.42%                 | No            | 3                  | On Loan: No      |
| AUD FORWARD CONTRACT 03/06/23   /              | AUD FORWARD CONTRACT 03/06/23   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | AU        |   -2783496 | OU      | $-1900233.34   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| TA TT BUYER TERM LOAN 1ST LIEN   /             | TA TT BUYER TERM LOAN 1ST LIEN   /                                                     | CUSIP: 87222BAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12000000 | PA      | $11693947.62   | 0.12%             | 2029-04-01      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| TURBO BUYER, Inc. DELAY DRAW CLIF   /          | TURBO BUYER, Inc. DELAY DRAW CLIF   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4999333 | PA      | $4813973.78    | 0.05%             | 2025-12-02      | None          | 8.88%                 | No            | 3                  | On Loan: No      |
| AUD FORWARD CONTRACT 03/31/23   /              | AUD FORWARD CONTRACT 03/31/23   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | AU        |  -13581885 | OU      | $-9279825.10   | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| AUD FORWARD CONTRACT 05/17/23   /              | AUD FORWARD CONTRACT 05/17/23   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | AU        |  -18969241 | OU      | $-12984596.98  | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| LITERA BIDCO LLC LITERA TRANCHE B TER   /      | LITERA BIDCO LLC LITERA TRANCHE B TER   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2248589 | PA      | $2161616.09    | 0.02%             | 2026-05-29      | Variable      | 10.08%                | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. DECEMBER 2020 TERM L   /    | LogicMonitor, Inc. DECEMBER 2020 TERM L   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2513966 | PA      | $2467077.15    | 0.02%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| AUSTRALIAN DOLLAR  /                           | AUSTRALIAN DOLLAR  /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | AU        |     -16518 | OU      | $-11245.72     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| AUVECO HOLDINGS DELAY DRAW   /                 | AUVECO HOLDINGS DELAY DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1973684 | PA      | $1917107.97    | 0.02%             | 2028-05-05      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. MARCH 2020 TERM LOAN   /    | LogicMonitor, Inc. MARCH 2020 TERM LOAN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     670391 | PA      | $657887.24     | 0.01%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. MAY 2022 TERM   /           | LogicMonitor, Inc. MAY 2022 TERM   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23608280 | PA      | $23167949.60   | 0.23%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| AUVECO HOLDINGS REVOLVER   /                   | AUVECO HOLDINGS REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1315789 | PA      | $1278071.98    | 0.01%             | 2028-05-05      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| AUVECO HOLDINGS TERM LOAN   /                  | AUVECO HOLDINGS TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9187500 | PA      | $8924137.60    | 0.09%             | 2028-05-05      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. JULY 2021 TERM   /          | LogicMonitor, Inc. JULY 2021 TERM   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4189944 | PA      | $4111795.24    | 0.04%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. AUGUST 2020 TERM LOA   /    | LogicMonitor, Inc. AUGUST 2020 TERM LOA   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2597765 | PA      | $2549313.05    | 0.03%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| AVALARA, Inc. HPS TERM LOAN   /                | AVALARA, Inc. HPS TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3162091 | PA      | $3083038.86    | 0.03%             | 2028-10-19      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| AVALARA, Inc. VISTA REVOLVER   /               | AVALARA, Inc. VISTA REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2727273 | PA      | $2660193.59    | 0.03%             | 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        |   27272727 | PA      | $26601935.86   | 0.26%             | 2028-10-19      | Variable      | 11.83%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Heathcare                        | AG-Twin Brook Heathcare                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7570000 | PA      | $7518282.01    | 0.07%             | 2024-04-02      | Variable      | 10.87%                | No            | 3                  | On Loan: No      |
| MUFG IRS SWAP 07/19/26 FIXED 5.50%   /         | MUFG IRS SWAP 07/19/26 FIXED 5.50%   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  130000000 | NC      | $127701030.23  | 1.27%             | 2026-07-19      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| MUFG IRS SWAP 7/19/26 FIXED 5.5%   /           | MUFG IRS SWAP 7/19/26 FIXED 5.5%   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |   10000000 | NC      | $9786802.68    | 0.10%             | 2026-07-19      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| UNITED MUSCULOSKELET PARTNERS DD   /           | UNITED MUSCULOSKELET PARTNERS DD   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5520833 | PA      | $5470568.33    | 0.05%             | 2028-07-15      | Variable      | 9.66%                 | No            | 3                  | On Loan: No      |
| UNITED MUSCULOSKELET PARTNERS TL   /           | UNITED MUSCULOSKELET PARTNERS TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3131250 | PA      | $3071400.39    | 0.03%             | 2028-07-15      | Variable      | 10.09%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12146509 | PA      | $12063524.93   | 0.12%             | 2024-04-02      | Variable      | 10.95%                | No            | 3                  | On Loan: No      |
| AWT MERGER SUB DELAYED DRAW CLIF   /           | AWT MERGER SUB DELAYED DRAW CLIF   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2416443 | PA      | $2377422.31    | 0.02%             | 2026-12-17      | None          | 8.99%                 | No            | 3                  | On Loan: No      |
| LogicMonitor, Inc. TERM LOAN FACILITY $   /    | LogicMonitor, Inc. TERM LOAN FACILITY $   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5027933 | PA      | $4934154.29    | 0.05%             | 2023-05-17      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| MCLARENS MIDCO INC. REVOLVER   /               | MCLARENS MIDCO INC. REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3485026 | PA      | $3411300.22    | 0.03%             | 2025-12-19      | Variable      | 9.98%                 | No            | 3                  | On Loan: No      |
| MCLARENS MIDCO INC. TERM LOAN   /              | MCLARENS MIDCO INC. TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5321253 | PA      | $5208681.65    | 0.05%             | 2025-12-19      | Variable      | 9.49%                 | No            | 3                  | On Loan: No      |
| MRI SOFTWARE LLC - T TERM LOAN   /             | MRI SOFTWARE LLC - T TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5544049 | PA      | $5395675.70    | 0.05%             | 2026-02-10      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| AXIOMSL GROUP DDTL    /                        | AXIOMSL GROUP DDTL    /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     713267 | PA      | $701748.85     | 0.01%             | 2027-12-03      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| AXIOMSL GROUP REV    /                         | AXIOMSL GROUP REV    /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     731098 | PA      | $719292.58     | 0.01%             | 2025-12-03      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| AIR COMM Corp. DELAY DRAW   /                  | AIR COMM Corp. DELAY DRAW   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9056707 | PA      | $8887785.82    | 0.09%             | 2027-07-01      | None          | 6.76%                 | No            | 3                  | On Loan: No      |
| AIR COMM Corp. REVOLVER   /                    | AIR COMM Corp. REVOLVER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2439024 | PA      | $2393532.82    | 0.02%             | 2027-07-01      | Variable      | 8.38%                 | No            | 3                  | On Loan: No      |
| AXIOMSL GROUP TL    /                          | AXIOMSL GROUP TL    /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10917439 | PA      | $10741143.52   | 0.11%             | 2027-12-03      | Variable      | 9.12%                 | No            | 3                  | On Loan: No      |
| BARINGS CMS FUND LP   /                        | BARINGS CMS FUND LP   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3211063.23    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BARINGS PRIVATE CREDIT Corp.   /               | BARINGS PRIVATE CREDIT Corp.   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   44235355 | NS      | $921397836.17  | 9.16%             |  |  |  | No            | N/A                | On Loan: No      |
| BARRACUDA DENTAL LLC DELAY DRAW   /            | BARRACUDA DENTAL LLC DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2943695 | PA      | $2880094.86    | 0.03%             | 2025-10-23      | Variable      | 10.68%                | No            | 3                  | On Loan: No      |
| UNITED MUSCULOSKELET REVOLVER   /              | UNITED MUSCULOSKELET REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1724138 | PA      | $1691980.18    | 0.02%             | 2028-07-15      | Fixed         | 7.71%                 | No            | 3                  | On Loan: No      |
| UNITED MUSCULOSKELET TERM LOAN   /             | UNITED MUSCULOSKELET TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8275862 | PA      | $8121504.45    | 0.08%             | 2028-07-15      | Variable      | 7.71%                 | No            | 3                  | On Loan: No      |
| BARRACUDA DENTAL LLC, Inc. DELAY DRAW   /      | BARRACUDA DENTAL LLC, Inc. DELAY DRAW   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     914236 | PA      | $894483.31     | 0.01%             | 2025-10-23      | Variable      | 10.68%                | No            | 3                  | On Loan: No      |
| BARRACUDA DENTAL LLC REVOLVER   /              | BARRACUDA DENTAL LLC REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     919540 | PA      | $899719.06     | 0.01%             | 2025-10-23      | None          | 9.26%                 | No            | 3                  | On Loan: No      |
| Motion & Control Enterprises DDTL   /          | Motion & Control Enterprises DDTL   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2345066 | PA      | $2271972.86    | 0.02%             | 2028-06-01      | Variable      | 9.70%                 | No            | 3                  | On Loan: No      |
| Motion & Control Enterprises Revolver   /      | Motion & Control Enterprises Revolver   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1410566 | PA      | $1366600.22    | 0.01%             | 2028-06-01      | Variable      | 9.69%                 | No            | 3                  | On Loan: No      |
| BARRACUDA DENTAL LLC TERM LOAN   /             | BARRACUDA DENTAL LLC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6891092 | PA      | $6742550.82    | 0.07%             | 2025-10-23      | Variable      | 10.68%                | No            | 3                  | On Loan: No      |
| BLACKBIRD PURCHASER DELAY DRAW 1ST LIEN   /    | BLACKBIRD PURCHASER DELAY DRAW 1ST LIEN   /                                            | CUSIP: 09228HAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10713282 | PA      | $10379362.27   | 0.10%             | 2026-04-08      | Fixed         | 5.25%                 | No            | 3                  | On Loan: No      |
| UNIFAUN - SEK TERM LOAN   /                    | UNIFAUN - SEK TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   11250000 | PA      | $1027399.96    | 0.01%             | 2027-08-18      | Variable      | 8.24%                 | No            | 3                  | On Loan: No      |
| UNIGUEST 7TH AMEND DDTL U.S. HOSPITALITY   /   | UNIGUEST 7TH AMEND DDTL U.S. HOSPITALITY   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2631579 | PA      | $2605263.16    | 0.03%             | 2025-12-18      | Fixed         | 8.00%                 | No            | 3                  | On Loan: No      |
| Motion & Control Enterprises Term   /          | Motion & Control Enterprises Term   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9403772 | PA      | $9110668.11    | 0.09%             | 2028-06-01      | Variable      | 9.69%                 | No            | 3                  | On Loan: No      |
| MRI SOFTWARE LLC - R REVOLVER   /              | MRI SOFTWARE LLC - R REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2159885 | PA      | $2102080.69    | 0.02%             | 2026-02-10      | Variable      | 7.89%                 | No            | 3                  | On Loan: No      |
| BLACKBIRD PURCHASER TERM LOAN 1ST LIEN   /     | BLACKBIRD PURCHASER TERM LOAN 1ST LIEN   /                                             | CUSIP: 09228HAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13265557 | PA      | $12752457.53   | 0.13%             | 2026-04-08      | Variable      | 8.57%                 | No            | 3                  | On Loan: No      |
| BETTERCLOUD,, Inc. REVOLVER   /                | BETTERCLOUD,, Inc. REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2512669 | PA      | $2464642.65    | 0.02%             | 2028-06-30      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| USER ZOOM TECHNOLOG TERM LOAN   /              | USER ZOOM TECHNOLOG TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   30000000 | PA      | $29216296.67   | 0.29%             | 2029-04-05      | Variable      | 9.35%                 | No            | 3                  | On Loan: No      |
| USER ZOOM TECHNOLOG TERM LOAN 2ND LIEN   /     | USER ZOOM TECHNOLOG TERM LOAN 2ND LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7896774 | PA      | $7746291.29    | 0.08%             | 2029-04-05      | Variable      | 9.35%                 | No            | 3                  | On Loan: No      |
| ORG USME BUYER USME HOLDINGS TL   /            | ORG USME BUYER USME HOLDINGS TL   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3348356 | PA      | $3294286.51    | 0.03%             | 2026-11-24      | Variable      | 9.45%                 | No            | 3                  | On Loan: No      |
| USRP HOLDINGS DELAY DRAW   /                   | USRP HOLDINGS DELAY DRAW   /                                                           | CUSIP: 90352YAK6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6892844 | PA      | $6678002.68    | 0.07%             | 2027-07-23      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| BETTERCLOUD,, Inc. TERM LOAN   /               | BETTERCLOUD,, Inc. TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16495351 | PA      | $16180064.31   | 0.16%             | 2028-06-30      | Variable      | 10.80%                | No            | 3                  | On Loan: No      |
| BUSINESS DEVELOPMENT Corp. OF AMERICA   /      | BUSINESS DEVELOPMENT Corp. OF AMERICA   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     659140 | NS      | $4972456.75    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| MyOrthos Management, DD TERM LOAN   /          | MyOrthos Management, DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9017609 | PA      | $8623666.41    | 0.09%             | 2027-11-01      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| MyOrthos Management, MYORTHOS 1L TERM LOA   /  | MyOrthos Management, MYORTHOS 1L TERM LOA   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4881385 | PA      | $4668137.32    | 0.05%             | 2027-11-01      | Variable      | 9.58%                 | No            | 3                  | On Loan: No      |
| USRP HOLDINGS REVOLVER   /                     | USRP HOLDINGS REVOLVER   /                                                             | CUSIP: 90352YAH3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     645161 | PA      | $625052.43     | 0.01%             | 2027-07-23      | Variable      | 6.51%                 | No            | 3                  | On Loan: No      |
| USRP HOLDINGS TERM LOAN   /                    | USRP HOLDINGS TERM LOAN   /                                                            | CUSIP: 90352YAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   16400420 | PA      | $15889239.58   | 0.16%             | 2027-07-23      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| BUSINESS DEVELOPMENT Corp. OF AMERICA FBLC   / | BUSINESS DEVELOPMENT Corp. OF AMERICA FBLC   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $68454106.63   | 0.68%             |  |  |  | No            | N/A                | On Loan: No      |
| BEACON MOBILITY 2 DELAYED DRAW VANPOOL   /     | BEACON MOBILITY 2 DELAYED DRAW VANPOOL   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4911372 | PA      | $4809931.22    | 0.05%             | 2024-05-22      | None          | 6.50%                 | No            | 3                  | On Loan: No      |
| NCWS Intermediate, I NCWS INTERMEDIATE DD   /  | NCWS Intermediate, I NCWS INTERMEDIATE DD   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     868438 | PA      | $826150.83     | 0.01%             | 2026-12-29      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| NCWS Intermediate, I NCWS INTERMEDIATE DD   /  | NCWS Intermediate, I NCWS INTERMEDIATE DD   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1990914 | PA      | $1893971.24    | 0.02%             | 2026-12-29      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| VALCOURT HOLDINGS TERM LOAN   /                | VALCOURT HOLDINGS TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1961095 | PA      | $1944155.70    | 0.02%             | 2027-01-07      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| VARAGON CAPITAL DIRECT LENDING FUND   /        | VARAGON CAPITAL DIRECT LENDING FUND   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $14460677.34   | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| VERMONT AUS PTY Ltd. AUD TERM LOAN   /         | VERMONT AUS PTY Ltd. AUD TERM LOAN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |   10835680 | PA      | $7065248.84    | 0.07%             | 2028-03-23      | Variable      | 8.86%                 | No            | 3                  | On Loan: No      |
| VERMONT AUS PTY Ltd. TERM LOAN   /             | VERMONT AUS PTY Ltd. TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7956269 | PA      | $7621626.05    | 0.08%             | 2028-03-23      | Variable      | 9.20%                 | No            | 3                  | On Loan: No      |
| NCWS Intermediate DD TERM LOAN   /             | NCWS Intermediate DD TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7663215 | PA      | $7290071.27    | 0.07%             | 2026-12-29      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| New ILC Dover, Inc. DD TERM LOAN   /           | New ILC Dover, Inc. DD TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7552848 | PA      | $7411975.92    | 0.07%             | 2026-02-02      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| VERTEX Cos. DELAY DRAW   /                     | VERTEX Cos. DELAY DRAW   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3910921 | PA      | $3588963.14    | 0.04%             | 2027-08-31      | Variable      | 8.80%                 | No            | 3                  | On Loan: No      |
| VERTEX Cos. REVOLVER   /                       | VERTEX Cos. REVOLVER   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1304348 | PA      | $1196970.31    | 0.01%             | 2026-08-31      | Variable      | 8.81%                 | No            | 3                  | On Loan: No      |
| New ILC Dover, Inc. REVOLVER   /               | New ILC Dover, Inc. REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1265038 | PA      | $1235108.95    | 0.01%             | 2026-02-02      | None          | 9.50%                 | No            | 3                  | On Loan: No      |
| OMNI INTERMEDIATE HOLDINGS TL   /              | OMNI INTERMEDIATE HOLDINGS TL   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11501979 | PA      | $11379591.59   | 0.11%             | 2026-12-30      | Variable      | 7.15%                 | No            | 3                  | On Loan: No      |
| VERTEX Cos. TERM LOAN   /                      | VERTEX Cos. TERM LOAN   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9684783 | PA      | $8887504.58    | 0.09%             | 2027-08-31      | Variable      | 8.62%                 | No            | 3                  | On Loan: No      |
| VSTG ACQUISITION COR TERM LOAN   /             | VSTG ACQUISITION COR TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12000000 | PA      | $11520000.00   | 0.11%             | 2029-07-13      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| OMNI INTERMEDIATE HOLDINGS DDTL-AGW   /        | OMNI INTERMEDIATE HOLDINGS DDTL-AGW   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10074046 | PA      | $9966852.66    | 0.10%             | 2026-12-30      | Variable      | 9.16%                 | No            | 3                  | On Loan: No      |
| OMNI INTERMEDIATE HOLDINGS DDTL   /            | OMNI INTERMEDIATE HOLDINGS DDTL   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4533321 | PA      | $4485083.70    | 0.04%             | 2026-12-30      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| VSTG ACQ Corp. TERM LOAN   /                   | VSTG ACQ Corp. TERM LOAN   /                                                           | CUSIP: 92919LAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $19200000.00   | 0.19%             | 2029-07-13      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| VSTG ACQ Corp. TL 1L GOLUB   /                 | VSTG ACQ Corp. TL 1L GOLUB   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9600000.00    | 0.10%             | 2029-07-13      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| ONS MSO, LLC - Revol REVOLVER   /              | ONS MSO, LLC - Revol REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5527184 | PA      | $5341071.98    | 0.05%             | 2024-07-08      | None          | 8.14%                 | No            | 3                  | On Loan: No      |
| Pearlman Enterprises TERM LOAN   /             | Pearlman Enterprises TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13894737 | PA      | $13496440.11   | 0.13%             | 2027-05-05      | Variable      | 8.44%                 | No            | 3                  | On Loan: No      |
| VIRGIN PULSE 4/21 2ND LIEN TERM LOAN   /       | VIRGIN PULSE 4/21 2ND LIEN TERM LOAN   /                                               | CUSIP: 92770HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15000000 | PA      | $13502453.76   | 0.13%             | 2029-04-06      | Variable      | 11.32%                | No            | 3                  | On Loan: No      |
| VRC Cos., LLC DELAYED DRAW   /                 | VRC Cos., LLC DELAYED DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5226368 | PA      | $5152628.67    | 0.05%             | 2027-06-29      | None          | 8.96%                 | No            | 3                  | On Loan: No      |
| Potter Electric Sign DD TERM LOAN   /          | Potter Electric Sign DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2647890 | PA      | $2591874.16    | 0.03%             | 2025-12-19      | Variable      | 5.75%                 | No            | 3                  | On Loan: No      |
| Potter Electric Sign REVOLVER   /              | Potter Electric Sign REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     637591 | PA      | $624103.01     | 0.01%             | 2025-12-19      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| VRC Cos., LLC TERM LOAN   /                    | VRC Cos., LLC TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4323632 | PA      | $4262629.17    | 0.04%             | 2027-06-29      | Variable      | 8.52%                 | No            | 3                  | On Loan: No      |
| VRC Cos. DELAY DRAW   /                        | VRC Cos. DELAY DRAW   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3114062 | PA      | $3070125.80    | 0.03%             | 2027-06-29      | None          | 8.38%                 | No            | 3                  | On Loan: No      |
| AIR COMM Corp. TERM LOAN   /                   | AIR COMM Corp. TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13246951 | PA      | $12999875.23   | 0.13%             | 2027-07-01      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| AIRNOV, Inc. TERM LOAN   /                     | AIRNOV, Inc. TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29608047 | PA      | $29539086.79   | 0.29%             | 2025-12-19      | Variable      | 9.75%                 | No            | 3                  | On Loan: No      |
| Potter Electric Sign TERM LOAN   /             | Potter Electric Sign TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10634160 | PA      | $10409194.28   | 0.10%             | 2025-12-19      | Variable      | 9.94%                 | No            | 3                  | On Loan: No      |
| Quality Automotive S DD TERM LOAN   /          | Quality Automotive S DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3178886 | PA      | $3071845.59    | 0.03%             | 2027-07-16      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| VRC Cos. REVOLVER   /                          | VRC Cos. REVOLVER   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     625000 | PA      | $616181.80     | 0.01%             | 2027-06-29      | Variable      | 10.75%                | No            | 3                  | On Loan: No      |
| VRC Cos. TERM LOAN   /                         | VRC Cos. TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18515625 | PA      | $18254385.71   | 0.18%             | 2027-06-29      | Variable      | 8.38%                 | No            | 3                  | On Loan: No      |
| BEACON MOBILITY REVOLVER VANPOOL   /           | BEACON MOBILITY REVOLVER VANPOOL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1000000 | PA      | $979345.71     | 0.01%             | 2024-05-22      | Variable      | 7.75%                 | No            | 3                  | On Loan: No      |
| BERLIN PACKAGING DELAY DR 2ND LN   /           | BERLIN PACKAGING DELAY DR 2ND LN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5100000 | PA      | $4781864.59    | 0.05%             | 2026-11-07      | Variable      | 10.11%                | No            | 3                  | On Loan: No      |
| Quality Automotive S REVOLVER   /              | Quality Automotive S REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1477132 | PA      | $1427394.02    | 0.01%             | 2027-07-16      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| Quality Automotive S TERM LOAN   /             | Quality Automotive S TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4868138 | PA      | $4704217.12    | 0.05%             | 2027-07-16      | Variable      | 9.60%                 | No            | 3                  | On Loan: No      |
| VSG ACQUISITION Corp. DELAY DRAW   /           | VSG ACQUISITION Corp. DELAY DRAW   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6685000 | PA      | $6511156.70    | 0.06%             | 2028-04-11      | None          | 8.07%                 | No            | 3                  | On Loan: No      |
| VSG ACQUISITION Corp. REVOLVER   /             | VSG ACQUISITION Corp. REVOLVER   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2333333 | PA      | $2272655.05    | 0.02%             | 2028-04-11      | Fixed         | 6.53%                 | No            | 3                  | On Loan: No      |
| ALACRITY HOLDCO TERM LOAN   /                  | ALACRITY HOLDCO TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5906489 | PA      | $5689976.20    | 0.06%             | 2029-12-21      | None          | 10.50%                | No            | 3                  | On Loan: No      |
| AMERICAN RENAL TERM LOAN   /                   | AMERICAN RENAL TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11880000 | PA      | $11141932.25   | 0.11%             | 2027-01-29      | Variable      | 7.26%                 | No            | 3                  | On Loan: No      |
| BERLIN PACKAGING EUR TERM LOAN 2ND LN   /      | BERLIN PACKAGING EUR TERM LOAN 2ND LN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   13068750 | PA      | $13116600.31   | 0.13%             | 2026-11-07      | Variable      | 8.44%                 | No            | 3                  | On Loan: No      |
| BETA PLUS TECHNOLOGI REVOLVER GS   /           | BETA PLUS TECHNOLOGI REVOLVER GS   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6700000 | PA      | $6556470.50    | 0.07%             | 2027-07-01      | Variable      | 8.20%                 | No            | 3                  | On Loan: No      |
| RACE WINNING BRANDS, TERM LOAN   /             | RACE WINNING BRANDS, TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14096470 | PA      | $13586521.51   | 0.14%             | 2027-11-16      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| RB Holdings Interco, DDTL   /                  | RB Holdings Interco, DDTL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2770160 | PA      | $2683817.72    | 0.03%             | 2028-05-04      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| VSG ACQUISITION Corp. TERM LOAN   /            | VSG ACQUISITION Corp. TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17456250 | PA      | $17002300.57   | 0.17%             | 2028-04-11      | Variable      | 9.31%                 | No            | 3                  | 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   | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| BETA PLUS TECHNOLOGI TERM LOAN GS   /          | BETA PLUS TECHNOLOGI TERM LOAN GS   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   50000000 | PA      | $49054022.14   | 0.49%             | 2029-07-01      | Variable      | 9.37%                 | No            | 3                  | On Loan: No      |
| BIGTIME SOFTWARE, Inc. REVOLVER   /            | BIGTIME SOFTWARE, Inc. REVOLVER   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2327586 | PA      | $2278346.18    | 0.02%             | 2028-06-30      | Variable      | 6.70%                 | No            | 3                  | On Loan: No      |
| ANGEL MEDFLIGHT TL TERM LOAN MH ACQUIS   /     | ANGEL MEDFLIGHT TL TERM LOAN MH ACQUIS   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7860000 | PA      | $4699836.32    | 0.05%             | 2025-10-12      | None          | 9.30%                 | No            | 3                  | On Loan: No      |
| ANTARES SENIOR LOAN PARALLEL LP   /            | ANTARES SENIOR LOAN PARALLEL LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $26179991.71   | 0.26%             |  |  |  | No            | N/A                | On Loan: No      |
| RB Holdings Interco, Revolver   /              | RB Holdings Interco, Revolver   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1385080 | PA      | $1334973.93    | 0.01%             | 2028-05-04      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| RB Holdings Interco, Term Loan   /             | RB Holdings Interco, Term Loan   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9210782 | PA      | $8877576.65    | 0.09%             | 2028-05-04      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| WATER HLDGS ACQ LLC DELAYED DRAW   /           | WATER HLDGS ACQ LLC DELAYED DRAW   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4108130 | PA      | $4021540.21    | 0.04%             | 2026-12-18      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| WATER HLDGS INFRAMAR REVOLVER 1ST LIEN   /     | WATER HLDGS INFRAMAR REVOLVER 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1285714 | PA      | $1226613.20    | 0.01%             | 2026-12-18      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| BIGTIME SOFTWARE, Inc. TERM LOAN   /           | BIGTIME SOFTWARE, Inc. TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15517241 | PA      | $15188974.53   | 0.15%             | 2028-06-30      | Variable      | 10.59%                | No            | 3                  | On Loan: No      |
| BIOCARE MEDICAL LLC REVOLVER   /               | BIOCARE MEDICAL LLC REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2777778 | PA      | $2705105.96    | 0.03%             | 2027-12-09      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS DELAYED DRAW   /            | APEX SERVICE PTNRS DELAYED DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2470967 | PA      | $2424879.31    | 0.02%             | 2025-07-31      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS DELAYED DRAW   /            | APEX SERVICE PTNRS DELAYED DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10106316 | PA      | $9917817.53    | 0.10%             | 2025-07-31      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| WATER HLDGS INFRAMAR TERM LOAN 1ST LIEN   /    | WATER HLDGS INFRAMAR TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13577143 | PA      | $12958181.43   | 0.13%             | 2026-12-18      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| WATLOW ELECTRIC MAN TERM LOAN 2022, Inc.   /   | WATLOW ELECTRIC MAN TERM LOAN 2022, Inc.   /                                           | CUSIP: 94254PAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   30000000 | PA      | $29662500.00   | 0.29%             | 2028-03-02      | Variable      | 9.11%                 | No            | 3                  | On Loan: No      |
| ROHRER CORPORATION - 1ST AMEND TERM LOAN   /   | ROHRER CORPORATION - 1ST AMEND TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9314224 | PA      | $8790735.72    | 0.09%             | 2027-03-15      | Variable      | 9.21%                 | No            | 3                  | On Loan: No      |
| ROHRER CORPORATION - 2ND AMEND TERM LOAN   /   | ROHRER CORPORATION - 2ND AMEND TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2623902 | PA      | $2476430.55    | 0.02%             | 2027-03-15      | Variable      | 9.21%                 | No            | 3                  | On Loan: No      |
| BIOCARE MEDICAL LLC TERM LOAN   /              | BIOCARE MEDICAL LLC TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   22055556 | PA      | $21478541.30   | 0.21%             | 2027-12-09      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| WOOF HOLDINGS INC                              | Woof Holdings, Inc.                                                                    | CUSIP: 98082EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8000000 | PA      | $7392546.63    | 0.07%             | 2028-12-21      | Floating      | 11.60%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS REVOLVER   /                | APEX SERVICE PTNRS REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1962696.93    | 0.02%             | 2025-07-31      | None          | 10.01%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS TERM LOAN   /               | APEX SERVICE PTNRS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9339866 | PA      | $9165662.77    | 0.09%             | 2025-07-31      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| Web P.T., Inc. 1L RC 8/24 1st Lien   /         | Web P.T., Inc. 1L RC 8/24 1st Lien   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1312500 | PA      | $1283091.21    | 0.01%             | 2028-01-18      | None          | 7.75%                 | No            | 3                  | On Loan: No      |
| WEB P.T., Inc. 1L 1ST LIEN TERM LOAN   /       | WEB P.T., Inc. 1L 1ST LIEN TERM LOAN   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9000000 | PA      | $8798339.75    | 0.09%             | 2028-01-18      | Variable      | 11.48%                | No            | 3                  | On Loan: No      |
| RSC ACQUISITION, INC REVOLVER   /              | RSC ACQUISITION, INC REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8690548 | PA      | $8376162.55    | 0.08%             | 2026-11-01      | Variable      | 8.21%                 | No            | 3                  | On Loan: No      |
| SAILPOINT TECH HOLD Revolver   /               | SAILPOINT TECH HOLD Revolver   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     603840 | PA      | $597112.67     | 0.01%             | 2028-08-16      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Black Mountain 9/27 2nd LIEN TERM LOAN   /     | Black Mountain 9/27 2nd LIEN TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3370787 | PA      | $3261752.16    | 0.03%             | 2027-09-26      | Variable      | 9.83%                 | No            | 3                  | On Loan: No      |
| BLUEHALO GLOBAL REVOLVER   /                   | BLUEHALO GLOBAL REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1285714 | PA      | $1249875.90    | 0.01%             | 2025-10-31      | None          | 7.00%                 | No            | 3                  | On Loan: No      |
| SAILPOINT TECH HOLD TERM LOAN   /              | SAILPOINT TECH HOLD TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7680847 | PA      | $7595273.10    | 0.08%             | 2029-08-16      | Variable      | 10.58%                | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS TERM LOAN   /               | APEX SERVICE PTNRS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6732000 | PA      | $6606437.82    | 0.07%             | 2025-07-31      | None          | 6.25%                 | No            | 3                  | On Loan: No      |
| APEX SERVICE PTNRS TERM LOAN   /               | APEX SERVICE PTNRS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     987306 | PA      | $968891.47     | 0.01%             | 2025-07-31      | Variable      | 9.46%                 | No            | 3                  | On Loan: No      |
| BLUEHALO GLOBAL TERM LOAN   /                  | BLUEHALO GLOBAL TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17208552 | PA      | $16728875.47   | 0.17%             | 2025-10-31      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| FSG ACQUISITIONS PREFERRED UNITS   /           | FSG ACQUISITIONS PREFERRED UNITS   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   11250000 | NS      | $11688212.63   | 0.12%             |  |  |  | No            | N/A                | On Loan: No      |
| SEISMIC SOFTWARE, IN 2021 DD TERM LOAN   /     | SEISMIC SOFTWARE, IN 2021 DD TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1902641 | PA      | $1843338.56    | 0.02%             | 2026-10-15      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| SEISMIC SOFTWARE INC SEISMIC DDTL $150MM   /   | SEISMIC SOFTWARE INC SEISMIC DDTL $150MM   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3659441 | PA      | $3545381.12    | 0.04%             | 2026-10-15      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| AQ SAGE BUYER DELAY DRAW   /                   | AQ SAGE BUYER DELAY DRAW   /                                                           | CUSIP: 00217MAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11268606 | PA      | $10860957.03   | 0.11%             | 2027-01-25      | None          | 9.76%                 | No            | 3                  | On Loan: No      |
| AQ SAGE BUYER TERM LOAN   /                    | AQ SAGE BUYER TERM LOAN   /                                                            | CUSIP: 00217MAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13647625 | PA      | $13085581.33   | 0.13%             | 2027-01-25      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| AQUILA HEYWOOD GBP TERM LOAN   /               | AQUILA HEYWOOD GBP TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   10791367 | PA      | $12501871.95   | 0.12%             | 2028-02-09      | Variable      | 7.72%                 | No            | 3                  | On Loan: No      |
| ARCSTOR MIDCO LLC TERM LOAN   /                | ARCSTOR MIDCO LLC TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15093646 | PA      | $12239432.02   | 0.12%             | 2027-03-16      | None          | 9.25%                 | No            | 3                  | On Loan: No      |
| SEISMIC SOFTWARE, IN DD TERM LOAN   /          | SEISMIC SOFTWARE, IN DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      16458 | PA      | $15945.34      | 0.00%             | 2026-10-15      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| SEISMIC SOFTWARE, IN REVOLVER   /              | SEISMIC SOFTWARE, IN REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     272390 | PA      | $263899.58     | 0.00%             | 2026-10-15      | Variable      | 6.25%                 | No            | 3                  | On Loan: No      |
| ARES STRAT INCOME FU L.P.   /                  | ARES STRAT INCOME FU L.P.   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     800000 | NS      | $20000000.00   | 0.20%             |  |  |  | No            | 3                  | On Loan: No      |
| ARMADA PARENT (IMIA) DELAYED DRAW   /          | ARMADA PARENT (IMIA) DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2000000 | PA      | $1967102.98    | 0.02%             | 2027-10-29      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| SEISMIC SOFTWARE INC SEISMIC TERM LOAN   /     | SEISMIC SOFTWARE INC SEISMIC TERM LOAN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4086032 | PA      | $3958675.63    | 0.04%             | 2026-10-15      | Variable      | 8.95%                 | No            | 3                  | On Loan: No      |
| SEISMIC SOFTWARE,INC New Incremental DDTL   /  | SEISMIC SOFTWARE,INC New Incremental DDTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   26204082 | PA      | $25387333.56   | 0.25%             | 2026-10-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| ARMADA PARENT (IMIA) REVOVLER   /              | ARMADA PARENT (IMIA) REVOVLER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2400000 | PA      | $2360523.58    | 0.02%             | 2027-10-29      | Variable      | 6.76%                 | No            | 3                  | On Loan: No      |
| ARMADA PARENT (IMIA) TERM LOAN   /             | ARMADA PARENT (IMIA) TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19850000 | PA      | $19523497.12   | 0.19%             | 2027-10-29      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| SMILE DOCTORS LLC DD TERM LOAN   /             | SMILE DOCTORS LLC DD TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18086791 | PA      | $17749444.14   | 0.18%             | 2028-12-23      | None          | 8.57%                 | No            | 3                  | On Loan: No      |
| SONAR ACQUISITIONCO Revolver   /               | SONAR ACQUISITIONCO Revolver   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2693750 | PA      | $2630020.15    | 0.03%             | 2028-07-07      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14887500 | PA      | $14668346.59   | 0.15%             | 2026-12-31      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| ASPEN OPCO LLC REVOLVER 1ST LIEN   /           | ASPEN OPCO LLC REVOLVER 1ST LIEN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2840909 | PA      | $2795033.82    | 0.03%             | 2027-12-01      | Variable      | 10.75%                | No            | 3                  | On Loan: No      |
| SONAR ACQUISITIONCO Initial Term Loan   /      | SONAR ACQUISITIONCO Initial Term Loan   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   40406250 | PA      | $39450302.18   | 0.39%             | 2028-07-07      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| TheKey, LLC DDTL Tranche B-2   /               | TheKey, LLC DDTL Tranche B-2   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20978229 | PA      | $20271846.29   | 0.20%             | 2027-03-30      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| ASPEN OPCO LLC TERM LOAN 1ST LIEN   /          | ASPEN OPCO LLC TERM LOAN 1ST LIEN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21988636 | PA      | $21633561.80   | 0.22%             | 2027-12-01      | Variable      | 9.10%                 | No            | 3                  | On Loan: No      |
| APPLIED TECHNICAL SV DELAYED DRAW   /          | APPLIED TECHNICAL SV DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2252386 | PA      | $2179454.13    | 0.02%             | 2026-12-29      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| TheKey, LLC Term Tranche B-2   /               | TheKey, LLC Term Tranche B-2   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3316517 | PA      | $3179935.02    | 0.03%             | 2027-03-30      | Variable      | 9.19%                 | No            | 3                  | On Loan: No      |
| Thunder Purchaser REVOLVER   /                 | Thunder Purchaser REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1371868 | PA      | $1301633.79    | 0.01%             | 2027-06-30      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| APPLIED TECHNICAL SV REVOLVER   /              | APPLIED TECHNICAL SV REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     909091 | PA      | $879654.56     | 0.01%             | 2026-12-29      | Variable      | 6.75%                 | No            | 3                  | On Loan: No      |
| APPLIED TECHNICAL SV TERM LOAN   /             | APPLIED TECHNICAL SV TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6715909 | PA      | $6498448.11    | 0.06%             | 2026-12-29      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Thunder Purchaser, I 2021 TERM   /             | Thunder Purchaser, I 2021 TERM   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4073590 | PA      | $3865037.47    | 0.04%             | 2028-06-30      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| TRACKFORCE ACQUIRECO REVOLVER   /              | TRACKFORCE ACQUIRECO REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1113074 | PA      | $1092313.66    | 0.01%             | 2028-06-23      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| AVI-SPL TERM LOAN   /                          | AVI-SPL TERM LOAN   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2399923 | PA      | $2397153.42    | 0.02%             | 2027-03-10      | None          | 6.38%                 | No            | 3                  | On Loan: No      |
| AWT MERGER SUB DELAYED DRAW   /                | AWT MERGER SUB DELAYED DRAW   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2484107 | PA      | $2443993.54    | 0.02%             | 2026-12-17      | Variable      | 10.60%                | No            | 3                  | On Loan: No      |
| AWT MERGER SUB REVOLVER   /                    | AWT MERGER SUB REVOLVER   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1071429 | PA      | $1054127.04    | 0.01%             | 2026-12-17      | Variable      | 10.60%                | No            | 3                  | On Loan: No      |
| AWT MERGER SUB TERM LOAN   /                   | AWT MERGER SUB TERM LOAN   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6316071 | PA      | $6214078.93    | 0.06%             | 2026-12-17      | Variable      | 10.60%                | No            | 3                  | On Loan: No      |
| TRACKFORCE ACQUIRECO TERM LOAN   /             | TRACKFORCE ACQUIRECO TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   30053004 | PA      | $29492468.89   | 0.29%             | 2028-06-23      | Variable      | 9.98%                 | No            | 3                  | On Loan: No      |
| Transact Holdings TERM LOAN   /                | Transact Holdings TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9442589 | PA      | $9066011.86    | 0.09%             | 2026-04-30      | Variable      | 8.82%                 | 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      | $149095.00     | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BARINGS CAPITAL INV BDC   /                    | BARINGS CAPITAL INV BDC   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4312845 | NS      | $96059193.47   | 0.95%             |  |  |  | No            | N/A                | On Loan: No      |
| Tribute Technology H DD TERM LOAN   /          | Tribute Technology H DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6414295 | PA      | $6166196.35    | 0.06%             | 2026-10-30      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| Tribute Technology H REVOLVER   /              | Tribute Technology H REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4882979 | PA      | $4743006.70    | 0.05%             | 2026-10-30      | Variable      | 9.54%                 | No            | 3                  | On Loan: No      |
| BCPE NORTH STAR TERM LOAN 1ST LIEN   /         | BCPE NORTH STAR TERM LOAN 1ST LIEN   /                                                 | CUSIP: 05552DAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13882104 | PA      | $12771535.73   | 0.13%             | 2028-06-10      | None          | 7.67%                 | No            | 3                  | On Loan: No      |
| BUSINESS DEVELOPMENT Corp. OF AMERICA   /      | BUSINESS DEVELOPMENT Corp. OF AMERICA   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4943553 | NS      | $37293426.73   | 0.37%             |  |  |  | No            | N/A                | On Loan: No      |
| Tribute Technology H 2021 TERM LOAN   /        | Tribute Technology H 2021 TERM LOAN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2138098 | PA      | $2033988.37    | 0.02%             | 2026-10-30      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| Trunk Acquisition, I DD TERM LOAN   /          | Trunk Acquisition, I DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7476994 | PA      | $7468564.19    | 0.07%             | 2027-02-19      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| BEACON MOBILITY DELAYED DRAW VANPOOL   /       | BEACON MOBILITY DELAYED DRAW VANPOOL   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17560057 | PA      | $17197366.13   | 0.17%             | 2024-05-22      | None          | 6.50%                 | No            | 3                  | On Loan: No      |
| BEACON MOBILITY TERM LOAN VAN POOL   /         | BEACON MOBILITY TERM LOAN VAN POOL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2237453 | PA      | $2191240.47    | 0.02%             | 2024-05-22      | Variable      | 9.72%                 | No            | 3                  | On Loan: No      |
| BENDON REVOLVER   /                            | BENDON REVOLVER   /                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1800000 | PA      | $1728575.23    | 0.02%             | 2025-12-11      | Fixed         | 7.50%                 | No            | 3                  | On Loan: No      |
| BENDON TERM LOAN   /                           | BENDON TERM LOAN   /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12277190 | PA      | $11790026.12   | 0.12%             | 2025-12-11      | Variable      | 10.68%                | No            | 3                  | On Loan: No      |
| Trunk Acquisition, I REVOLVER   /              | Trunk Acquisition, I REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1193049 | PA      | $1191703.72    | 0.01%             | 2026-02-19      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| TurningPoint Healthc REVOLVER   /              | TurningPoint Healthc REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1816524 | PA      | $1764452.79    | 0.02%             | 2027-07-14      | Variable      | 5.75%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   24750000 | PA      | $18036739.75   | 0.18%             | 2026-07-23      | Variable      | 8.43%                 | No            | 3                  | On Loan: No      |
| 1236904 BC LTD                                 | 1236904 BC Ltd.                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2932500 | PA      | $2839629.42    | 0.03%             | 2027-03-04      | Floating      | 9.57%                 | No            | 3                  | On Loan: No      |
| TurningPoint Healthc TERM LOAN   /             | TurningPoint Healthc TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12091871 | PA      | $11745253.88   | 0.12%             | 2027-07-14      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| THE ULTIMUS GROUP MI REVOLVER   /              | THE ULTIMUS GROUP MI REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1424528 | PA      | $1422922.21    | 0.01%             | 2024-02-01      | Variable      | 5.75%                 | No            | 3                  | On Loan: No      |
| MAG DS CORP                                    | MAG DS Corp.                                                                           | CUSIP: 55282CAE6<br>LEI: 549300GQKZRQJ3URK248 | Long             | LON              | CORP              | US        |    8355604 | PA      | $7951619.45    | 0.08%             | 2027-04-01      | Floating      | 7.75%                 | No            | 3                  | On Loan: No      |
| BOUNTEOUS INC DELAY DRAW   /                   | BOUNTEOUS INC DELAY DRAW   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4446450 | PA      | $4292275.79    | 0.04%             | 2027-08-02      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| THE ULTIMUS GROUP MI 2021 TERM LOAN   /        | THE ULTIMUS GROUP MI 2021 TERM LOAN   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6749000 | PA      | $6741390.81    | 0.07%             | 2026-02-01      | Variable      | 8.17%                 | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT H 2021 ADD TERM LOAM   /    | UROLOGY MANAGEMENT H 2021 ADD TERM LOAM   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1489164 | PA      | $1435292.97    | 0.01%             | 2026-06-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| BOUNTEOUS INC REVOLVER   /                     | BOUNTEOUS INC REVOLVER   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1800000 | PA      | $1737587.61    | 0.02%             | 2027-08-02      | None          | 7.29%                 | No            | 3                  | On Loan: No      |
| BOUNTEOUS INC TL TERM LOAN   /                 | BOUNTEOUS INC TL TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8591250 | PA      | $8293360.86    | 0.08%             | 2027-08-02      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| BRITISH ENGINEERING GBP ACQUISITION   /        | BRITISH ENGINEERING GBP ACQUISITION   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     950968 | PA      | $1114366.14    | 0.01%             | 2027-12-02      | Variable      | 9.22%                 | No            | 3                  | On Loan: No      |
| BRITISH ENGINEERING GBP SENIOR TERM   /        | BRITISH ENGINEERING GBP SENIOR TERM   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     396237 | PA      | $464319.61     | 0.00%             | 2027-12-02      | Variable      | 9.22%                 | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT H 2021 DD TERM LOAM   /     | UROLOGY MANAGEMENT H 2021 DD TERM LOAM   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1553192 | PA      | $1497003.95    | 0.01%             | 2026-06-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT H REVOLVER   /              | UROLOGY MANAGEMENT H REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1190476 | PA      | $1147409.64    | 0.01%             | 2026-06-15      | Variable      | 6.25%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19800000 | PA      | $19647630.00   | 0.20%             | 2026-12-14      | Variable      | 8.63%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Consumer Discretionary           | AG-Twin Brook Consumer Discretionary                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   23886833 | PA      | $23655896.73   | 0.24%             | 2027-12-14      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| UROLOGY MANAGEMENT H 2021 INC TERM LOAM   /    | UROLOGY MANAGEMENT H 2021 INC TERM LOAM   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6543971 | PA      | $6307238.55    | 0.06%             | 2026-06-15      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| U.S. Endodontics Par TERM LOAM   /             | U.S. Endodontics Par TERM LOAM   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13634946 | PA      | $13141693.36   | 0.13%             | 2027-11-01      | Variable      | 7.59%                 | No            | 3                  | On Loan: No      |
| BUSINESSOLVER.COM DELAY DRAW   /               | BUSINESSOLVER.COM DELAY DRAW   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1378788 | PA      | $1337331.56    | 0.01%             | 2027-12-01      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| BUSINESSOLVER.COM TERM LOAN   /                | BUSINESSOLVER.COM TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5095606 | PA      | $4922495.14    | 0.05%             | 2027-12-01      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| USHV Management, LLC TERM LOAN   /             | USHV Management, LLC TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13095486 | PA      | $12556181.33   | 0.12%             | 2027-12-23      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| USRP Holdings, Inc. REVOLVER   /               | USRP Holdings, Inc. REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3145613 | PA      | $3047567.87    | 0.03%             | 2027-07-23      | Variable      | 6.51%                 | No            | 3                  | On Loan: No      |
| CONNECT AMERICA.COM REVOLVER   /               | CONNECT AMERICA.COM REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     679061 | PA      | $654155.16     | 0.01%             | 2026-06-30      | None          | 9.50%                 | No            | 3                  | On Loan: No      |
| CONNECT AMERICA.COM TERM LOAN   /              | CONNECT AMERICA.COM TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7310646 | PA      | $7042518.32    | 0.07%             | 2026-06-30      | None          | 9.83%                 | No            | 3                  | On Loan: No      |
| USRP Holdings, Inc. TERM LOAN   /              | USRP Holdings, Inc. TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4938417 | PA      | $4784493.03    | 0.05%             | 2027-07-23      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| V GLOBAL HOLDINGS LL REVOLVER   /              | V GLOBAL HOLDINGS LL REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13733274 | PA      | $13167703.37   | 0.13%             | 2025-12-22      | None          | 7.63%                 | No            | 3                  | On Loan: No      |
| CAMPAIGN MONITOR UK DELAYED DRAW   /           | CAMPAIGN MONITOR UK DELAYED DRAW   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     298888 | PA      | $291517.50     | 0.00%             | 2025-05-06      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| CAMPAIGN MONITOR UK INCREMENTAL TERM LN   /    | CAMPAIGN MONITOR UK INCREMENTAL TERM LN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     813039 | PA      | $792990.02     | 0.01%             | 2025-05-06      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| V GLOBAL HOLDINGS LL TERM LOAN   /             | V GLOBAL HOLDINGS LL TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24465216 | PA      | $23457677.64   | 0.23%             | 2027-12-22      | Variable      | 8.99%                 | No            | 3                  | On Loan: No      |
| WORLD INSURANCE ASSOCIATES, LLC   /            | WORLD INSURANCE ASSOCIATES, LLC   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19792691 | PA      | $19175777.45   | 0.19%             | 2026-04-01      | None          | 7.30%                 | No            | 3                  | On Loan: No      |
| CAMPAIGN MONITOR UK FIRST LIEN TERM LOAN   /   | CAMPAIGN MONITOR UK FIRST LIEN TERM LOAN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2607331 | PA      | $2543034.45    | 0.03%             | 2025-05-06      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| CARLYLE SEC LENDING FUND III   /               | CARLYLE SEC LENDING FUND III   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3161484.30    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Wildcat BuyerCo, Inc 2ND INCREMENTAL DDTL   /  | Wildcat BuyerCo, Inc 2ND INCREMENTAL DDTL   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1387832 | PA      | $1358471.99    | 0.01%             | 2026-02-27      | None          | 7.42%                 | No            | 3                  | On Loan: No      |
| WEALTH ENHANCEMENT G DD TERM LOAN   /          | WEALTH ENHANCEMENT G DD TERM LOAN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5208000 | PA      | $5058711.15    | 0.05%             | 2027-10-04      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| CC SAG ACQUISITION DELAY DRAW 1A   /           | CC SAG ACQUISITION DELAY DRAW 1A   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5227544 | PA      | $5026061.55    | 0.05%             | 2028-06-29      | None          | 9.42%                 | No            | 3                  | On Loan: No      |
| CC SAG ACQUISITION REVOLVER   /                | CC SAG ACQUISITION REVOLVER   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     699301 | PA      | $672347.96     | 0.01%             | 2027-06-29      | Variable      | 6.72%                 | No            | 3                  | On Loan: No      |
| Wealth Enhancement G Revolver   /              | Wealth Enhancement G Revolver   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     439990 | PA      | $427377.90     | 0.00%             | 2027-10-04      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| Wealth Enhancement G May 2022 DDTL   /         | Wealth Enhancement G May 2022 DDTL   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7824831 | PA      | $7620119.04    | 0.08%             | 2027-10-04      | None          | 9.62%                 | No            | 3                  | On Loan: No      |
| CC SAG ACQUISITION TERM LOAN   /               | CC SAG ACQUISITION TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18817745 | PA      | $18092463.48   | 0.18%             | 2028-06-29      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| CDL TENDER FUND 2022-1 L.P.   /                | CDL TENDER FUND 2022-1 L.P.   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $50716503.28   | 0.50%             |  |  |  | No            | N/A                | On Loan: No      |
| CFGI HOLDINGS LLC DELAY DRAW 1ST LIEN   /      | CFGI HOLDINGS LLC DELAY DRAW 1ST LIEN   /                                              | CUSIP: 12528UAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2189781 | PA      | $2137974.27    | 0.02%             | 2027-11-02      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| CFGI HOLDINGS LLC REVOLER 1ST LIEN   /         | CFGI HOLDINGS LLC REVOLER 1ST LIEN   /                                                 | CUSIP: 12528UAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1751825 | PA      | $1697222.66    | 0.02%             | 2027-11-02      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| XIFIN, INC. XIFIN FOURTH AMEND T   /           | XIFIN, INC. XIFIN FOURTH AMEND T   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10131929 | PA      | $9740035.30    | 0.10%             | 2026-02-06      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| XIFIN, INC. - DDTL DD TERM LOAN   /            | XIFIN, INC. - DDTL DD TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1649591 | PA      | $1585786.77    | 0.02%             | 2026-02-06      | Variable      | 6.25%                 | No            | 3                  | On Loan: No      |
| CFGI HOLDINGS LLC TERM LOAN 1ST LIEN   /       | CFGI HOLDINGS LLC TERM LOAN 1ST LIEN   /                                               | CUSIP: 12528UAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15937956 | PA      | $15441190.26   | 0.15%             | 2027-11-02      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29512709 | PA      | $29346265.57   | 0.29%             | 2024-07-01      | None          | 8.57%                 | No            | 3                  | On Loan: No      |
| HPS Technology                                 | HPS Technology                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    7523888 | PA      | $8972405.17    | 0.09%             | 2027-09-15      | Variable      | 6.19%                 | No            | 3                  | On Loan: No      |
| CITRIN COOPERMAN ADV DELAY DRAW   /            | CITRIN COOPERMAN ADV DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2633824 | PA      | $2631613.10    | 0.03%             | 2027-10-01      | None          | 5.75%                 | No            | 3                  | On Loan: No      |
| XIFIN, INC. - Revolv REVOLVER   /              | XIFIN, INC. - Revolv REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2141658 | PA      | $2058821.07    | 0.02%             | 2026-02-06      | Variable      | 11.00%                | No            | 3                  | On Loan: No      |
| CITRIN COOPERMAN ADV TERM LOAN   /             | CITRIN COOPERMAN ADV TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6145588 | PA      | $6140430.56    | 0.06%             | 2027-10-01      | Variable      | 9.21%                 | No            | 3                  | On Loan: No      |
| CLARUS TERM LOAN   /                           | CLARUS TERM LOAN   /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1898942 | PA      | $1820888.87    | 0.02%             | 2025-07-01      | Variable      | 10.73%                | No            | 3                  | On Loan: No      |
| CLASSIC COLLISION DELAY DRAW   /               | CLASSIC COLLISION DELAY DRAW   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18500745 | PA      | $18044520.19   | 0.18%             | 2026-01-14      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| CLASSIC COLLISION REVOLVER   /                 | CLASSIC COLLISION REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1382979 | PA      | $1348874.75    | 0.01%             | 2026-01-14      | Variable      | 9.62%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9900173 | PA      | $9829908.42    | 0.10%             | 2026-06-10      | Variable      | 10.20%                | No            | 3                  | On Loan: No      |
| COLONIAL BAG TERM LOAN   /                     | COLONIAL BAG TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4426168 | PA      | $4399016.59    | 0.04%             | 2025-09-03      | None          | 5.51%                 | No            | 3                  | On Loan: No      |
| COLONIAL BAG 2 TERM LOAN 2   /                 | COLONIAL BAG 2 TERM LOAN 2   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9875000 | PA      | $9814423.44    | 0.10%             | 2025-09-03      | Variable      | 9.75%                 | No            | 3                  | On Loan: No      |
| COMAR DELAY DRAW   /                           | COMAR DELAY DRAW   /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     776043 | PA      | $766425.67     | 0.01%             | 2024-06-18      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| COMAR TERM LOAN   /                            | COMAR TERM LOAN   /                                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4897759 | PA      | $4837061.83    | 0.05%             | 2024-06-18      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| CONSOLIDATED LABEL 2 REVOLVER 2   /            | CONSOLIDATED LABEL 2 REVOLVER 2   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1339286 | PA      | $1314305.99    | 0.01%             | 2026-07-15      | Fixed         | 6.75%                 | No            | 3                  | On Loan: No      |
| CONSENSUS TL B GBP TERM LOAN   /               | CONSENSUS TL B GBP TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    3613000 | PA      | $4277533.92    | 0.04%             | 2028-06-16      | Variable      | 6.81%                 | No            | 3                  | On Loan: No      |
| CONSENSUS GBP TERM LOAN   /                    | CONSENSUS GBP TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    1797628 | PA      | $2128263.15    | 0.02%             | 2027-11-16      | Variable      | 6.78%                 | No            | 3                  | On Loan: No      |
| MUFG IRS SWAP 07/19/27 FIXED 5.61%   /         | MUFG IRS SWAP 07/19/27 FIXED 5.61%   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  130000000 | NC      | $127133933.06  | 1.26%             | 2027-07-19      | Fixed         | 5.61%                 | No            | 2                  | On Loan: No      |
| MUFG IRS SWAP 07/19/29 FIXED 5.72%   /         | MUFG IRS SWAP 07/19/29 FIXED 5.72%   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |  160000000 | NC      | $155086730.22  | 1.54%             | 2029-07-19      | Fixed         | 5.72%                 | No            | 2                  | On Loan: No      |
| CONSOLIDATED LABEL REVOLVER 7/15/2026   /      | CONSOLIDATED LABEL REVOLVER 7/15/2026   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     578516 | PA      | $567725.98     | 0.01%             | 2026-07-15      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| CONSOLIDATED LABEL TERM LOAN 7/15/2026   /     | CONSOLIDATED LABEL TERM LOAN 7/15/2026   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11671423 | PA      | $11453732.87   | 0.11%             | 2026-07-15      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| CONSOLIDATED LABEL 2 TERM LOAN 7/15/2026   /   | CONSOLIDATED LABEL 2 TERM LOAN 7/15/2026   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4937500 | PA      | $4845408.05    | 0.05%             | 2026-07-15      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| CONTINENTAL ACQUISIT DELAYED DRAW   /          | CONTINENTAL ACQUISIT DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2658532 | PA      | $2594837.00    | 0.03%             | 2027-01-20      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| WORLD INSURANCE DELAYED DRAW CLIF   /          | WORLD INSURANCE DELAYED DRAW CLIF   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $19889117.97   | 0.20%             | 2026-04-01      | None          | 7.80%                 | No            | 3                  | On Loan: No      |
| WILSON ELECTRONICS DDTL   /                    | WILSON ELECTRONICS DDTL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9226000 | PA      | $9174850.12    | 0.09%             | 2027-05-17      | Fixed         | 7.61%                 | No            | 3                  | On Loan: No      |
| CONTINENTAL ACQUISIT TERM LOAN   /             | CONTINENTAL ACQUISIT TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7211607 | PA      | $7038825.50    | 0.07%             | 2027-01-20      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| CORA HEALTH HLDGS DELAY DRAW   /               | CORA HEALTH HLDGS DELAY DRAW   /                                                       | CUSIP: 21775JAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5400901 | PA      | $5219040.75    | 0.05%             | 2027-06-15      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| CORA HEALTH HLDGS REVOLVER   /                 | CORA HEALTH HLDGS REVOLVER   /                                                         | CUSIP: 21775JAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     769231 | PA      | $743329.10     | 0.01%             | 2027-06-15      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| CORA HEALTH HLDGS TERM LOAN   /                | CORA HEALTH HLDGS TERM LOAN   /                                                        | CUSIP: 21775JAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13656062 | PA      | $13196232.24   | 0.13%             | 2027-06-15      | Variable      | 10.48%                | No            | 3                  | On Loan: No      |
| COVARIS INTERMEDIATE DELAY DRAW 3   /          | COVARIS INTERMEDIATE DELAY DRAW 3   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5921053 | PA      | $5622645.42    | 0.06%             | 2028-01-21      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| COVARIS INTERMEDIATE REVOLVER 3   /            | COVARIS INTERMEDIATE REVOLVER 3   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1184211 | PA      | $1124529.09    | 0.01%             | 2028-01-21      | Variable      | 9.66%                 | No            | 3                  | On Loan: No      |
| WILSON ELECTRONICS TERM LOAN   /               | WILSON ELECTRONICS TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29154950 | PA      | $28657572.92   | 0.28%             | 2027-05-17      | Variable      | 10.79%                | No            | 3                  | On Loan: No      |
| Woodland Foods, Inc. Term Loan   /             | Woodland Foods, Inc. Term Loan   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4987437 | PA      | $4809510.72    | 0.05%             | 2027-12-01      | Variable      | 10.51%                | No            | 3                  | On Loan: No      |
| Workforce Software 1L RC 7/25 1st Lien   /     | Workforce Software 1L RC 7/25 1st Lien   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     463235 | PA      | $450536.35     | 0.00%             | 2025-07-31      | None          | 9.57%                 | No            | 3                  | On Loan: No      |
| WORKFORCE SOFTWARE 1ST LIEN TERM LOAN   /      | WORKFORCE SOFTWARE 1ST LIEN TERM LOAN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4466442 | PA      | $4355182.09    | 0.04%             | 2025-07-31      | Variable      | 10.32%                | No            | 3                  | On Loan: No      |
| COVARIS INTERMEDIATE TERM LOAN 3   /           | COVARIS INTERMEDIATE TERM LOAN 3   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7875000 | PA      | $7478118.41    | 0.07%             | 2028-01-21      | Variable      | 9.16%                 | No            | 3                  | On Loan: No      |
| CP CONVERTERS TL TERM LOAN   /                 | CP CONVERTERS TL TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3509909 | PA      | $3506962.85    | 0.03%             | 2023-06-18      | Variable      | 10.24%                | No            | 3                  | On Loan: No      |
| WORLD INSURANCE DELAYED DRAW CLIF   /          | WORLD INSURANCE DELAYED DRAW CLIF   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12295082 | PA      | $12226916.80   | 0.12%             | 2026-04-01      | None          | 7.80%                 | No            | 3                  | On Loan: No      |
| WORLD INSURANCE TERM LOAN CLIF   /             | WORLD INSURANCE TERM LOAN CLIF   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2691393 | PA      | $2676472.07    | 0.03%             | 2026-04-01      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| 61033XAA8 REPO 6.37356%, 03/22/2023   /        | 61033XAA8 REPO 6.37356%, 03/22/2023   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |   -3825000 | PA      | $-3825000.00   | -0.04%            | 2023-03-22      | Fixed         | 6.37%                 | No            | 2                  | On Loan: No      |
| XACTLY 1L 1ST LIEN TERM LOAN   /               | XACTLY 1L 1ST LIEN TERM LOAN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2524544 | PA      | $2505897.58    | 0.02%             | 2023-07-31      | Variable      | 11.01%                | No            | 3                  | On Loan: No      |
| MUFG IRS SWAP 7/19/29 FIXED 5.72%   /          | MUFG IRS SWAP 7/19/29 FIXED 5.72%   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DIR              |  | US        |   40000000 | NC      | $38604088.68   | 0.38%             | 2029-07-19      | Fixed         | 5.72%                 | No            | 2                  | On Loan: No      |
| NZD FORWARD CONTRACT 03/31/2023   /            | NZD FORWARD CONTRACT 03/31/2023   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | NZ        |   -6310956 | OU      | $-4007203.41   | -0.04%            |  |  |  | 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        |    8333333 | PA      | $8162972.17    | 0.08%             | 2027-03-08      | Variable      | 13.81%                | No            | 3                  | 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        |   16666667 | PA      | $16236915.75   | 0.16%             | 2027-03-08      | Variable      | 12.82%                | No            | 3                  | On Loan: No      |
| ZENDESK, Inc. HPS WARE DDTL   /                | ZENDESK, Inc. HPS WARE DDTL   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1847826 | PA      | $1829347.83    | 0.02%             | 2028-11-22      | Fixed         | 7.25%                 | No            | 3                  | On Loan: No      |
| ZENDESK, Inc. HPS WARE TL   /                  | ZENDESK, Inc. HPS WARE TL   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7391304 | PA      | $7243478.26    | 0.07%             | 2028-11-22      | Variable      | 11.04%                | No            | 3                  | On Loan: No      |
| OAKBRIDGE INSURANCE DELAY DRAW   /             | OAKBRIDGE INSURANCE DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15039184 | PA      | $14505154.72   | 0.14%             | 2026-12-31      | None          | 7.52%                 | No            | 3                  | On Loan: No      |
| OAKBRIDGE INSURANCE REVOLVER   /               | OAKBRIDGE INSURANCE REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     603448 | PA      | $582020.33     | 0.01%             | 2026-12-31      | None          | 9.91%                 | No            | 3                  | On Loan: No      |
| ZIPS CAR WASH LLC TERM LOAN   /                | ZIPS CAR WASH LLC TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7481770 | PA      | $7332134.93    | 0.07%             | 2024-03-01      | None          | 8.25%                 | No            | 3                  | On Loan: No      |
| OAKBRIDGE INSURANCE TERM LOAN   /              | OAKBRIDGE INSURANCE TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1801293 | PA      | $1737330.67    | 0.02%             | 2026-12-31      | Variable      | 9.91%                 | No            | 3                  | On Loan: No      |
| OB HOSPITALIST GROUP TERM LOAN   /             | OB HOSPITALIST GROUP TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24937028 | PA      | $24427038.22   | 0.24%             | 2027-09-27      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| ODYSSEY Co.-INVEST PARTNERS B L.P.   /         | ODYSSEY Co.-INVEST PARTNERS B L.P.   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1522703.00    | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| OECONNECTION 2ND  LIEN TERM LOAN   /           | OECONNECTION 2ND  LIEN TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5333333 | PA      | $5241036.69    | 0.05%             | 2027-09-25      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| Office Ally (OA TOPC Term Loan   /             | Office Ally (OA TOPC Term Loan   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6982456 | PA      | $6789294.04    | 0.07%             | 2028-12-20      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| OIS MANAGEMENT SVCS DDTL   /                   | OIS MANAGEMENT SVCS DDTL   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4743590 | PA      | $4691006.55    | 0.05%             | 2028-11-16      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| OIS MANAGEMENT SVCS REVOLVER   /               | OIS MANAGEMENT SVCS REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1423077 | PA      | $1407301.96    | 0.01%             | 2028-11-16      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| OIS MANAGEMENT SVCS TL   /                     | OIS MANAGEMENT SVCS TL   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12333333 | PA      | $12196617.02   | 0.12%             | 2028-11-16      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| OLIVER PACKAGING REVOLVER   /                  | OLIVER PACKAGING REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1269841 | PA      | $1249836.27    | 0.01%             | 2028-07-06      | Variable      | 7.26%                 | No            | 3                  | On Loan: No      |
| OLIVER PACKAGING TERM LOAN A   /               | OLIVER PACKAGING TERM LOAN A   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8730159 | PA      | $8592624.36    | 0.09%             | 2028-07-06      | Variable      | 11.50%                | No            | 3                  | On Loan: No      |
| OLYMPIC BUYER, Inc. TERM LOAN CLIF   /         | OLYMPIC BUYER, Inc. TERM LOAN CLIF   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8954571 | PA      | $8691437.04    | 0.09%             | 2028-06-30      | Variable      | 8.32%                 | No            | 3                  | On Loan: No      |
| OMNI INTERM HLD CLIF DELAY DRAW 1ST LIEN   /   | OMNI INTERM HLD CLIF DELAY DRAW 1ST LIEN   /                                           | CUSIP: 68217UAJ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1549296 | PA      | $1532810.46    | 0.02%             | 2026-12-30      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| Omni Logistics, LLC 1L Term Loan   /           | Omni Logistics, LLC 1L Term Loan   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6982368 | PA      | $6908071.69    | 0.07%             | 2026-12-30      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| OMNI INTERM HLD CLIF REVOLVER 1ST LIEN   /     | OMNI INTERM HLD CLIF REVOLVER 1ST LIEN   /                                             | CUSIP: 68217UAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2253521 | PA      | $2229542.48    | 0.02%             | 2025-12-30      | Variable      | 7.25%                 | No            | 3                  | On Loan: No      |
| OMNI INTERM HLD CLIF TERM LOAN 1ST LIEN   /    | OMNI INTERM HLD CLIF TERM LOAN 1ST LIEN   /                                            | CUSIP: 68217UAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25940817 | PA      | $25664792.80   | 0.26%             | 2026-12-30      | Variable      | 8.69%                 | No            | 3                  | On Loan: No      |
| ONECARE MEDIA REVOLVER 1ST LIEN   /            | ONECARE MEDIA REVOLVER 1ST LIEN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1333333 | PA      | $1313805.29    | 0.01%             | 2026-09-29      | Fixed         | 7.50%                 | No            | 3                  | On Loan: No      |
| CPF DENTAL DELAY DRAW UNITRANCH   /            | CPF DENTAL DELAY DRAW UNITRANCH   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7812602 | PA      | $7549534.73    | 0.08%             | 2024-08-30      | None          | 12.19%                | No            | 3                  | On Loan: No      |
| CORETRUST PURCHASING REVOLVER   /              | CORETRUST PURCHASING REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2819549 | PA      | $2738725.67    | 0.03%             | 2029-09-30      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| ONECARE MEDIA TERM LOAN   /                    | ONECARE MEDIA TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9634144 | PA      | $9493041.58    | 0.09%             | 2026-09-29      | Variable      | 10.57%                | No            | 3                  | On Loan: No      |
| OPTIONS TECHNOLOGY TERM LOAN INTEGRA   /       | OPTIONS TECHNOLOGY TERM LOAN INTEGRA   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9898875 | PA      | $9634945.50    | 0.10%             | 2025-12-26      | None          | 6.22%                 | No            | 3                  | On Loan: No      |
| ORG USME BUYER TERM LOAN 1ST LIEN   /          | ORG USME BUYER TERM LOAN 1ST LIEN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7229268 | PA      | $7112529.37    | 0.07%             | 2026-11-24      | Variable      | 6.75%                 | No            | 3                  | On Loan: No      |
| OSCAR ACQUISITION TERM LOAN 1ST LIEN   /       | OSCAR ACQUISITION TERM LOAN 1ST LIEN   /                                               | CUSIP: 68778DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $18987600.00   | 0.19%             | 2029-04-29      | Variable      | 6.11%                 | No            | 3                  | On Loan: No      |
| CORETRUST PURCHASING TERM LOAN   /             | CORETRUST PURCHASING TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19360902 | PA      | $18805916.29   | 0.19%             | 2029-09-30      | Variable      | 10.84%                | No            | 3                  | On Loan: No      |
| CRESTLINE SPECIALTY3 LENDING LP   /            | CRESTLINE SPECIALTY3 LENDING LP   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17224375.62   | 0.17%             |  |  |  | No            | N/A                | On Loan: No      |
| CRS TH HOLDINGS DELAY DRAW   /                 | CRS TH HOLDINGS DELAY DRAW   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6355932 | PA      | $5983404.99    | 0.06%             | 2027-12-01      | Variable      | 8.50%                 | No            | 3                  | On Loan: No      |
| CRS TH HOLDINGS REVOLVER   /                   | CRS TH HOLDINGS REVOLVER   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4237288 | PA      | $3988936.66    | 0.04%             | 2027-12-01      | None          | 8.50%                 | No            | 3                  | On Loan: No      |
| CRS TH HOLDINGS TERM LOAN   /                  | CRS TH HOLDINGS TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14298729 | PA      | $13460667.51   | 0.13%             | 2027-12-01      | Variable      | 8.82%                 | No            | 3                  | On Loan: No      |
| HPS Consumer                                   | HPS Consumer                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5036176 | PA      | $4813302.90    | 0.05%             | 2025-06-27      | Variable      | 7.00%                 | No            | 3                  | 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      | $16238274.70   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| CSL III ADVISOR LLC CLASS B MEMBERSHIP   /     | CSL III ADVISOR LLC CLASS B MEMBERSHIP   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $24289.00      | 0.00%             |  |  |  | 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        |    5500000 | PA      | $5490768.24    | 0.05%             | 2026-05-12      | Fixed         | 12.00%                | No            | 3                  | On Loan: No      |
| OWL ROCK BDC ORCIC   /                         | OWL ROCK BDC ORCIC   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   16163843 | NS      | $146780335.74  | 1.46%             |  |  |  | No            | N/A                | On Loan: No      |
| CSL DUALCOM GBP TERM LOAN   /                  | CSL DUALCOM GBP TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    1772638 | PA      | $2094385.00    | 0.02%             | 2027-09-25      | Variable      | 8.21%                 | No            | 3                  | On Loan: No      |
| D4C DELAYED DRAW PROJECT COMPERS   /           | D4C DELAYED DRAW PROJECT COMPERS   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2639203 | PA      | $2647535.55    | 0.03%             | 2026-12-30      | None          | 7.50%                 | No            | 3                  | On Loan: No      |
| D4C REVOLVER PROJECT COMPERS   /               | D4C REVOLVER PROJECT COMPERS   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     714286 | PA      | $713686.25     | 0.01%             | 2026-12-30      | None          | 10.86%                | No            | 3                  | On Loan: No      |
| D4C TERM LOAN PROJECT COMPERS   /              | D4C TERM LOAN PROJECT COMPERS   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6491518 | PA      | $6512014.11    | 0.06%             | 2026-12-30      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| OWL ROCK TECH FIN Co.    /                     | OWL ROCK TECH FIN Co.    /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2119509 | NS      | $36189552.13   | 0.36%             |  |  |  | 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        |    2673813 | NS      | $38893054.64   | 0.39%             |  |  |  | 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      | $5257600.00    | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| P20 PARENT, INC. TERM LOAN   /                 | P20 PARENT, INC. TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   35000000 | PA      | $34337734.86   | 0.34%             | 2028-07-12      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| DATALINK REVOLVER   /                          | DATALINK REVOLVER   /                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     536290 | PA      | $504806.55     | 0.01%             | 2026-11-20      | None          | 7.25%                 | No            | 3                  | On Loan: No      |
| DATALINK TERM LOAN   /                         | DATALINK TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6213911 | PA      | $5849113.86    | 0.06%             | 2026-11-20      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| DCA HOLDINGS DD DENTAL CARE ALLIANCE   /       | DCA HOLDINGS DD DENTAL CARE ALLIANCE   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3954802 | PA      | $3772374.03    | 0.04%             | 2027-03-12      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| DCA HOLDINGS TL DENTAL CARE ALLIANCE   /       | DCA HOLDINGS TL DENTAL CARE ALLIANCE   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15870696 | PA      | $15138608.03   | 0.15%             | 2027-03-12      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| DECA DENTAL HOLDINGS DELAY DRAW   /            | DECA DENTAL HOLDINGS DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4800000 | PA      | $4713356.61    | 0.05%             | 2028-08-26      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| DECA DENTAL HOLDINGS TERM LOAN   /             | DECA DENTAL HOLDINGS TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13933333 | PA      | $13681826.77   | 0.14%             | 2028-08-26      | Variable      | 6.50%                 | No            | 3                  | On Loan: No      |
| DISPATCH ACQUISTION TERM LOAN DENALI   /       | DISPATCH ACQUISTION TERM LOAN DENALI   /                                               | CUSIP: 25471MAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21725000 | PA      | $20922824.54   | 0.21%             | 2028-03-25      | Variable      | 7.92%                 | No            | 3                  | On Loan: No      |
| DEERPATH IV LP ION REVOLVER 6/24/24   /        | DEERPATH IV LP ION REVOLVER 6/24/24   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      83957 | PA      | $83886.49      | 0.00%             | 2024-06-24      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| DEERPATH IV LP ION TERM LOAN 6/24/24   /       | DEERPATH IV LP ION TERM LOAN 6/24/24   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4022556 | PA      | $4019180.15    | 0.04%             | 2024-06-24      | Variable      | 8.23%                 | No            | 3                  | On Loan: No      |
| EAP HOLDCO DELAY DRAW 1ST LIEN   /             | EAP HOLDCO DELAY DRAW 1ST LIEN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1903188 | PA      | $1872455.62    | 0.02%             | 2027-11-17      | Variable      | 9.14%                 | No            | 3                  | On Loan: No      |
| EAP HOLDCO REVOLVER 1ST LIEN   /               | EAP HOLDCO REVOLVER 1ST LIEN   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2406511 | PA      | $2367650.50    | 0.02%             | 2027-11-17      | None          | 9.17%                 | No            | 3                  | On Loan: No      |
| EAP HOLDCO TERM LOAN 1ST LIEN   /              | EAP HOLDCO TERM LOAN 1ST LIEN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19266929 | PA      | $18955804.54   | 0.19%             | 2027-11-17      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| PATRIOT GROWTH INSUR DELAY DRAW CLIF   /       | PATRIOT GROWTH INSUR DELAY DRAW CLIF   /                                               | CUSIP: 70344EAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1854545 | PA      | $1796741.61    | 0.02%             | 2028-10-14      | None          | 9.31%                 | No            | 3                  | On Loan: No      |
| PATRIOT GROWTH INSUR DELAY DRAW CLIF   /       | PATRIOT GROWTH INSUR DELAY DRAW CLIF   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   30625656 | PA      | $30361118.60   | 0.30%             | 2028-10-14      | None          | 9.99%                 | No            | 3                  | On Loan: No      |
| EASY ICE TERM LOAN   /                         | EASY ICE TERM LOAN   /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4899244 | PA      | $4856925.75    | 0.05%             | 2024-12-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| HPS Consumer Discretionary                     | HPS Consumer Discretionary                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15485592 | PA      | $14893778.62   | 0.15%             | 2026-07-26      | Variable      | 10.82%                | No            | 3                  | On Loan: No      |
| EMBER BLOCKER INC DDTL   /                     | EMBER BLOCKER INC DDTL   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5487805 | PA      | $5412925.68    | 0.05%             | 2028-07-07      | Variable      | 8.06%                 | No            | 3                  | On Loan: No      |
| EMBER BLOCKER INC TERM LOAN   /                | EMBER BLOCKER INC TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8231707 | PA      | $8036958.17    | 0.08%             | 2028-07-07      | Variable      | 9.52%                 | No            | 3                  | On Loan: No      |
| PERFORCE SOFTWARE 1ST  LIEN TERM LOAN   /      | PERFORCE SOFTWARE 1ST  LIEN TERM LOAN   /                                              | CUSIP: 71376GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1181968 | PA      | $1104584.09    | 0.01%             | 2026-07-01      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| PERMACONN BIDCO PTY TERM LOAN   /              | PERMACONN BIDCO PTY TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | AU        |    2800000 | PA      | $1845946.09    | 0.02%             | 2027-12-08      | Variable      | 9.12%                 | No            | 3                  | On Loan: No      |
| EURO CURRENCY  /                               | EURO CURRENCY  /                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | XX        |    -873927 | OU      | $-935481.90    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| EUREKA EDUCATION EUR DELAYED DRAW   /          | EUREKA EDUCATION EUR DELAYED DRAW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    1500000 | PA      | $1562841.13    | 0.02%             | 2027-10-27      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| PETRUS BUYER, INC. DELAYED D NON WAREHO   /    | PETRUS BUYER, INC. DELAYED D NON WAREHO   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5494505 | PA      | $5416095.40    | 0.05%             | 2029-10-17      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| PETRUS BUYER, INC. REVOLVER NON WAREHO   /     | PETRUS BUYER, INC. REVOLVER NON WAREHO   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1923077 | PA      | $1866765.88    | 0.02%             | 2029-10-17      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| EUREKA EDUCATION EUR TERM LOAN   /             | EUREKA EDUCATION EUR TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    2500000 | PA      | $2604735.22    | 0.03%             | 2027-10-27      | Variable      | 5.47%                 | No            | 3                  | On Loan: No      |
| EVERGREEN ACQCO 1 LP                           | Evergreen Acqco 1 LP                                                                   | CUSIP: 30015FAG1<br>LEI: 549300F6POVHG3ME8T95 | Long             | LON              | CORP              | US        |   11880000 | PA      | $11513680.20   | 0.11%             | 2028-03-26      | Floating      | 7.75%                 | No            | 3                  | On Loan: No      |
| PETRUS BUYER, INC. TERM LOAN NON WAREHO   /    | PETRUS BUYER, INC. TERM LOAN NON WAREHO   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17582418 | PA      | $17067573.75   | 0.17%             | 2029-10-17      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| PETER FOY & ASSOC DELAYED DRAW CLIF   /        | PETER FOY & ASSOC DELAYED DRAW CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   53468259 | PA      | $53171825.49   | 0.53%             | 2028-11-01      | None          | 11.12%                | No            | 3                  | On Loan: No      |
| EXEGY, Inc. VELA HLDGS TERM LOAN   /           | EXEGY, Inc. VELA HLDGS TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8882621 | PA      | $8664178.72    | 0.09%             | 2026-05-17      | Variable      | 5.63%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Communications                   | AG-Twin Brook Communications                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12312280 | PA      | $12250144.62   | 0.12%             | 2024-10-01      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| FINGERPAINT MKTG DELAY DRAW TRANCHE 1   /      | FINGERPAINT MKTG DELAY DRAW TRANCHE 1   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4847093 | PA      | $4696015.27    | 0.05%             | 2026-12-30      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| FINGERPAINT MKTG DELAY DRAW TRANCHE 2   /      | FINGERPAINT MKTG DELAY DRAW TRANCHE 2   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10296637 | PA      | $9975703.52    | 0.10%             | 2026-12-30      | Variable      | 9.07%                 | No            | 3                  | On Loan: No      |
| PETER FOY & ASSOC TERM LOAN CLIF   /           | PETER FOY & ASSOC TERM LOAN CLIF   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21375000 | PA      | $21134880.40   | 0.21%             | 2028-11-01      | Variable      | 9.15%                 | 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        |   45000000 | PA      | $44962233.70   | 0.45%             | 2022-12-31      | Variable      | 11.14%                | No            | 3                  | On Loan: No      |
| FINGERPAINT MKTG REVOLVER   /                  | FINGERPAINT MKTG REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1680108 | PA      | $1627740.69    | 0.02%             | 2026-12-30      | Variable      | 10.75%                | No            | 3                  | On Loan: No      |
| FINGERPAINT MKTG TERM LOAN   /                 | FINGERPAINT MKTG TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8078488 | PA      | $7826692.11    | 0.08%             | 2026-12-30      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| HPS Financials                                 | HPS Financials                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    3570450 | PA      | $3818726.00    | 0.04%             | 2025-08-03      | Variable      | 5.25%                 | No            | 3                  | On Loan: No      |
| HPS Financials                                 | HPS Financials                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    4517888 | PA      | $5457079.51    | 0.05%             | 2025-08-03      | Variable      | 6.06%                 | No            | 3                  | On Loan: No      |
| PING IDENTITY HOLDIN REVOLVER   /              | PING IDENTITY HOLDIN REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     250000 | PA      | $243750.00     | 0.00%             | 2028-10-18      | Variable      | 10.70%                | No            | 3                  | On Loan: No      |
| PING IDENTITY HOLDIN TERM LOAN   /             | PING IDENTITY HOLDIN TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3277972 | PA      | $3196022.73    | 0.03%             | 2029-10-18      | Variable      | 11.32%                | No            | 3                  | On Loan: No      |
| HPS Technology                                 | HPS Technology                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   14442519 | PA      | $17444871.71   | 0.17%             | 2025-08-03      | Variable      | 5.26%                 | No            | 3                  | On Loan: No      |
| FORTIS MCCW DDTL   /                           | FORTIS MCCW DDTL   /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10000000 | PA      | $9912632.20    | 0.10%             | 2028-10-15      | Fixed         | 6.25%                 | No            | 3                  | On Loan: No      |
| POLYPHASE ELEVATOR DELAY DRAW 1ST LIEN   /     | POLYPHASE ELEVATOR DELAY DRAW 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20997144 | PA      | $20447819.77   | 0.20%             | 2027-06-23      | None          | 9.17%                 | No            | 3                  | On Loan: No      |
| POLYPHASE ELEVATOR TERM LOAN 1ST LIEN   /      | POLYPHASE ELEVATOR TERM LOAN 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9899749 | PA      | $9492052.99    | 0.09%             | 2027-06-23      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24750000 | PA      | $24408776.94   | 0.24%             | 2026-09-22      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| FORTIS MCCW DELAY DRAW 1ST LN 3   /            | FORTIS MCCW DELAY DRAW 1ST LN 3   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      50975 | PA      | $50147.33      | 0.00%             | 2028-10-15      | None          | 6.47%                 | No            | 3                  | On Loan: No      |
| FORTIS MCCW REVOLVER 1ST LN 3   /              | FORTIS MCCW REVOLVER 1ST LN 3   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1799100 | PA      | $1769905.67    | 0.02%             | 2027-10-15      | None          | 7.73%                 | No            | 3                  | On Loan: No      |
| FORTIS MCCW TERM LOAN 1ST LIEN 3   /           | FORTIS MCCW TERM LOAN 1ST LIEN 3   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18032316 | PA      | $17739698.10   | 0.18%             | 2028-10-15      | None          | 9.67%                 | No            | 3                  | On Loan: No      |
| FORTIS LIFE SCIENCES DELAY DRAW 1   /          | FORTIS LIFE SCIENCES DELAY DRAW 1   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11106063 | PA      | $10871114.43   | 0.11%             | 2027-09-17      | Variable      | 5.50%                 | No            | 3                  | On Loan: No      |
| FORTIS LIFE SCIENCES REVOLVER   /              | FORTIS LIFE SCIENCES REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2434783 | PA      | $2383274.84    | 0.02%             | 2027-09-17      | None          | 6.93%                 | No            | 3                  | On Loan: No      |
| PPV INTERMEDIATE DDTL   /                      | PPV INTERMEDIATE DDTL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4619299 | PA      | $4579398.37    | 0.05%             | 2029-08-31      | None          | 9.29%                 | No            | 3                  | On Loan: No      |
| PPV INTERMEDIATE REVOVLER   /                  | PPV INTERMEDIATE REVOVLER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2538076 | PA      | $2490737.26    | 0.02%             | 2029-08-31      | None          | 8.79%                 | No            | 3                  | On Loan: No      |
| FORTIS LIFE SCIENCES TERM LOAN   /             | FORTIS LIFE SCIENCES TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14341207 | PA      | $14037818.68   | 0.14%             | 2027-09-17      | Variable      | 8.67%                 | No            | 3                  | On Loan: No      |
| Twin Brook Consumer Discretionary              | Twin Brook Consumer Discretionary                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24714892 | PA      | $24352917.05   | 0.24%             | 2024-02-14      | Variable      | 11.16%                | No            | 3                  | On Loan: No      |
| AG-Twin Brook Communication Services           | AG-Twin Brook Communication Services                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24808239 | PA      | $24683040.82   | 0.25%             | 2024-10-01      | Variable      | 9.95%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC DELAYDRAW 2 CRES SPV   /   | GALWAY BORROWER LLC DELAYDRAW 2 CRES SPV   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2083655 | PA      | $2003061.08    | 0.02%             | 2023-09-30      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC DELAY DRAW 3 SPV   /       | GALWAY BORROWER LLC DELAY DRAW 3 SPV   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2442946 | PA      | $2348455.33    | 0.02%             | 2028-09-30      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC REVOLVER 2 CRES   /        | GALWAY BORROWER LLC REVOLVER 2 CRES   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     694552 | PA      | $667687.03     | 0.01%             | 2027-09-30      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC REVOLVER 3 CLIF   /        | GALWAY BORROWER LLC REVOLVER 3 CLIF   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     814315 | PA      | $782818.44     | 0.01%             | 2027-09-30      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC TERM LOAN 2 CRES   /       | GALWAY BORROWER LLC TERM LOAN 2 CRES   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9063899 | PA      | $8713315.72    | 0.09%             | 2028-09-30      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC TERM LOAN 3 CLIF   /       | GALWAY BORROWER LLC TERM LOAN 3 CLIF   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10623421 | PA      | $10212516.77   | 0.10%             | 2028-09-30      | Variable      | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC DELAY DRAW MCCW   /        | GALWAY BORROWER LLC DELAY DRAW MCCW   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     129545 | PA      | $124534.75     | 0.00%             | 2023-09-30      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| PPV INTERMEDIATE TL   /                        | PPV INTERMEDIATE TL   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   34593980 | PA      | $33948748.87   | 0.34%             | 2029-08-31      | None          | 9.01%                 | No            | 3                  | On Loan: No      |
| PPV INTERMEDIATE HLD TERM LOAN   /             | PPV INTERMEDIATE HLD TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5688028 | PA      | $5574267.79    | 0.06%             | 2029-08-31      | None          | 9.01%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC REVOLVER MCCW   /          | GALWAY BORROWER LLC REVOLVER MCCW   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     879765 | PA      | $845736.90     | 0.01%             | 2027-09-30      | Fixed         | 6.00%                 | No            | 3                  | On Loan: No      |
| GALWAY BORROWER LLC TERM LOAN MCCW   /         | GALWAY BORROWER LLC TERM LOAN MCCW   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13865389 | PA      | $13329088.45   | 0.13%             | 2028-09-30      | None          | 8.92%                 | No            | 3                  | On Loan: No      |
| GREAT BRITAIN POUND  /                         | GREAT BRITAIN POUND  /                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |    -587309 | OU      | $-709996.81    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| HPS Financials                                 | HPS Financials                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4050379 | PA      | $4019011.35    | 0.04%             | 2023-06-29      | Variable      | 10.67%                | No            | 3                  | On Loan: No      |
| PPV INT HOLDCO PIK DDTL   /                    | PPV INT HOLDCO PIK DDTL   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1875000 | PA      | $1854110.22    | 0.02%             | 2030-08-31      | Fixed         | 13.00%                | No            | 3                  | On Loan: No      |
| PPV INT HOLDCO PIK TL   /                      | PPV INT HOLDCO PIK TL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5645312 | PA      | $5511753.36    | 0.05%             | 2030-08-31      | Variable      | 13.00%                | No            | 3                  | On Loan: No      |
| PREMISE HEALTH HLDG TERM LOAN 1L   /           | PREMISE HEALTH HLDG TERM LOAN 1L   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14962500 | PA      | $14618756.66   | 0.15%             | 2025-04-10      | Variable      | 8.98%                 | No            | 3                  | On Loan: No      |
| PRIMEFLIGHT AVIATION TERM LOAN   /             | PRIMEFLIGHT AVIATION TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6039997 | PA      | $5867463.81    | 0.06%             | 2024-05-09      | Variable      | 9.64%                 | No            | 3                  | On Loan: No      |
| GERSON LEHRMAN GROUP TERM LOAN   /             | GERSON LEHRMAN GROUP TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9706807 | PA      | $9639020.09    | 0.10%             | 2024-12-05      | Variable      | 8.13%                 | No            | 3                  | On Loan: No      |
| GERSON LEHRMAN GROUP TERM LOAN 2   /           | GERSON LEHRMAN GROUP TERM LOAN 2   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   29625000 | PA      | $29418116.22   | 0.29%             | 2024-12-05      | Variable      | 7.77%                 | No            | 3                  | On Loan: No      |
| GRAFFITI BUYER, Inc. DELAYED DRAW   /          | GRAFFITI BUYER, Inc. DELAYED DRAW   /                                                  | CUSIP: 38428HAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5044643 | PA      | $4912665.65    | 0.05%             | 2027-08-10      | Variable      | 10.23%                | No            | 3                  | On Loan: No      |
| GRAFFITI BUYER, Inc. REVOLVER   /              | GRAFFITI BUYER, Inc. REVOLVER   /                                                      | CUSIP: 38428HAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2522321 | PA      | $2456332.82    | 0.02%             | 2027-08-10      | None          | 6.75%                 | No            | 3                  | On Loan: No      |
| GRAFFITI BUYER, Inc. TERM LOAN   /             | GRAFFITI BUYER, Inc. TERM LOAN   /                                                     | CUSIP: 38428HAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11153705 | PA      | $10861903.74   | 0.11%             | 2027-08-10      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| GS HOLDER, Inc. PREFERRED SHARES   /           | GS HOLDER, Inc. PREFERRED SHARES   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      15000 | NS      | $14610363.97   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14887500 | PA      | $14758905.12   | 0.15%             | 2026-08-20      | Variable      | 10.70%                | 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        |   10278511 | PA      | $10278510.95   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| PRIME BUYER (12/20) TERM LOAN   /              | PRIME BUYER (12/20) TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15402476 | PA      | $14963305.50   | 0.15%             | 2026-12-22      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| PRIMEFLIGHT AVIATION TERM LOAN   /             | PRIMEFLIGHT AVIATION TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24812500 | PA      | $24103727.04   | 0.24%             | 2024-05-09      | Variable      | 9.88%                 | No            | 3                  | On Loan: No      |
| State Street Institutional US                  | State Street Institutional U.S. Government Money Market Fund                           | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     997741 | PA      | $997741.32     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Institutional US                  | State Street Institutional U.S. Government Money Market Fund                           | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     150000 | PA      | $150000.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HPS Consumer Staples                           | HPS Consumer Staples                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8487400 | PA      | $8284408.67    | 0.08%             | 2026-09-01      | Variable      | 7.01%                 | No            | 3                  | On Loan: No      |
| HAWKEYE ACQUISITION DELAY DRAW   /             | HAWKEYE ACQUISITION DELAY DRAW   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3950000 | PA      | $3866437.85    | 0.04%             | 2026-11-19      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| PRISM PARENT Co., Inc. DDTL   /                | PRISM PARENT Co., Inc. DDTL   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     601852 | PA      | $595833.33     | 0.01%             | 2028-09-16      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| PRISM PARENT Co., Inc. TERM LOAN   /           | PRISM PARENT Co., Inc. TERM LOAN   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2407407 | PA      | $2359259.26    | 0.02%             | 2028-09-16      | Variable      | 10.32%                | No            | 3                  | On Loan: No      |
| HAWKEYE ACQUISITION REVOLVER   /               | HAWKEYE ACQUISITION REVOLVER   /                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     500000 | PA      | $489422.51     | 0.00%             | 2026-11-19      | Fixed         | 7.75%                 | No            | 3                  | On Loan: No      |
| HAWKEYE ACQUISITION TERM LOAN   /              | HAWKEYE ACQUISITION TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5403750 | PA      | $5289433.80    | 0.05%             | 2026-11-19      | Variable      | 9.92%                 | No            | 3                  | On Loan: No      |
| PROJECT LEOPARD HOLDINGS                       | Project Leopard Holdings, Inc.                                                         | CUSIP: 74338UAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   60000000 | PA      | $54945000.00   | 0.55%             | 2029-07-20      | Floating      | 9.80%                 | No            | 3                  | On Loan: No      |
| Project Leopard Hold TERM LOAN   /             | Project Leopard Hold TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14677326 | PA      | $13440760.84   | 0.13%             | 2029-07-20      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| PROXIMA Co.-INVEST LP   /                      | PROXIMA Co.-INVEST LP   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3389357.89    | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| PROJECT SPORT ARES PSA PRIVATE EQUITY   /      | PROJECT SPORT ARES PSA PRIVATE EQUITY   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $17865181.88   | 0.18%             |  |  |  | No            | N/A                | On Loan: No      |
| PROJECT SP CRESCENT PSA PRIVATE EQUITY   /     | PROJECT SP CRESCENT PSA PRIVATE EQUITY   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $6161942.86    | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| PROJECT SP PROVIDENC PSA PRIVATE EQUITY   /    | PROJECT SP PROVIDENC PSA PRIVATE EQUITY   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10081700.47   | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| PT INTERMEDIATE HLDG, Inc. TERM LOAN III   /   | PT INTERMEDIATE HLDG, Inc. TERM LOAN III   /                                           | CUSIP: 69373JAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21790500 | PA      | $21335471.43   | 0.21%             | 2025-10-15      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| PT INTERMEDIATE HLDG DELAYED DRAW B   /        | PT INTERMEDIATE HLDG DELAYED DRAW B   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9315900 | PA      | $9121365.65    | 0.09%             | 2025-10-15      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| PT INTERMEDIATE HLDG SPIDER DELAYED DRAW   /   | PT INTERMEDIATE HLDG SPIDER DELAYED DRAW   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13001750 | PA      | $12730247.84   | 0.13%             | 2025-10-15      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| PT INTERMEDIATE HLDG TERM LOAN B   /           | PT INTERMEDIATE HLDG TERM LOAN B   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2471325 | PA      | $2419718.87    | 0.02%             | 2025-10-15      | Variable      | 9.17%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT DDTL-2   /                   | PINNACLE TREATMNT DDTL-2   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     592541 | PA      | $579208.97     | 0.01%             | 2026-01-02      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT REVOLVER   /                 | PINNACLE TREATMNT REVOLVER   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     503862 | PA      | $492524.64     | 0.00%             | 2026-01-02      | Fixed         | 9.82%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMENT TL   /                      | PINNACLE TREATMENT TL   /                                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     157143 | PA      | $153607.15     | 0.00%             | 2028-11-04      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT TL 7TH AMEND   /             | PINNACLE TREATMNT TL 7TH AMEND   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7045840 | PA      | $6887308.50    | 0.07%             | 2026-01-02      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT TL 8TH AMEND   /             | PINNACLE TREATMNT TL 8TH AMEND   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     277124 | PA      | $270888.55     | 0.00%             | 2026-01-02      | Variable      | 9.82%                 | No            | 3                  | On Loan: No      |
| PINNACLE TREATMNT TL 9TH AMEND   /             | PINNACLE TREATMNT TL 9TH AMEND   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3000000 | PA      | $2932500.00    | 0.03%             | 2026-01-02      | Variable      | 10.82%                | No            | 3                  | On Loan: No      |
| PROCESS UNITY HLDGS DELAY DRAW 1ST LIEN   /    | PROCESS UNITY HLDGS DELAY DRAW 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1000000 | PA      | $963317.12     | 0.01%             | 2028-09-24      | Variable      | 9.75%                 | No            | 3                  | On Loan: No      |
| PROCESS UNITY HLDGS REVOLVER 1ST LIEN   /      | PROCESS UNITY HLDGS REVOLVER 1ST LIEN   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1000000 | PA      | $955450.05     | 0.01%             | 2028-09-24      | Variable      | 10.07%                | No            | 3                  | On Loan: No      |
| PROCESS UNITY HLDGS TERM LOAN 1ST LIEN   /     | PROCESS UNITY HLDGS TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5000000 | PA      | $4777250.24    | 0.05%             | 2028-09-24      | Variable      | 9.67%                 | No            | 3                  | On Loan: No      |
| PUZZEL - NOK TERM LOAN   /                     | PUZZEL - NOK TERM LOAN   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | NO        |   14005655 | PA      | $1414835.28    | 0.01%             | 2024-05-03      | Variable      | 11.07%                | No            | 3                  | On Loan: No      |
| Qualifacts. 1L DDTL 9/24 1st Lie   /           | Qualifacts. 1L DDTL 9/24 1st Lie   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     438596 | PA      | $427122.00     | 0.00%             | 2027-12-15      | Variable      | 10.43%                | No            | 3                  | On Loan: No      |
| Qualifacts. 1L RC 9/24 1st Lien   /            | Qualifacts. 1L RC 9/24 1st Lien   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     263158 | PA      | $256273.20     | 0.00%             | 2027-12-15      | Variable      | 7.50%                 | No            | 3                  | On Loan: No      |
| QUALIFACTS 1ST  LIEN TERM LOAN   /             | QUALIFACTS 1ST  LIEN TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2192982 | PA      | $2135609.97    | 0.02%             | 2027-12-15      | Variable      | 10.43%                | No            | 3                  | On Loan: No      |
| QUESTEL CLIF EUR TERM LOAN   /                 | QUESTEL CLIF EUR TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |    8850000 | PA      | $9230249.06    | 0.09%             | 2027-12-17      | Variable      | 7.44%                 | No            | 3                  | On Loan: No      |
| QUEST SOFTWARE U.S. HL TERM LOAN 2ND LIEN   /  | QUEST SOFTWARE U.S. HL TERM LOAN 2ND LIEN   /                                          | CUSIP: G7314UAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20000000 | PA      | $12070000.00   | 0.12%             | 2030-02-01      | Variable      | 11.59%                | No            | 3                  | On Loan: No      |
| HEIBRON COMMITED SUCSEZ EUR TL   /             | HEIBRON COMMITED SUCSEZ EUR TL   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     322466 | PA      | $332864.54     | 0.00%             | 2026-09-17      | Variable      | 5.68%                 | No            | 3                  | On Loan: No      |
| HEIBRON FACILITY B SUCSEZ EUR TL   /           | HEIBRON FACILITY B SUCSEZ EUR TL   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     859908 | PA      | $887637.39     | 0.01%             | 2026-09-18      | Variable      | 5.68%                 | No            | 3                  | On Loan: No      |
| HELP SYSTEMS TERM LOAN 3   /                   | HELP SYSTEMS TERM LOAN 3   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9780576 | PA      | $8859587.91    | 0.09%             | 2026-11-19      | Variable      | 7.13%                 | No            | 3                  | On Loan: No      |
| HH GLOBAL FINANCE TERM LOAN  EVERBERG   /      | HH GLOBAL FINANCE TERM LOAN  EVERBERG   /                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15000000 | PA      | $14469747.39   | 0.14%             | 2028-09-24      | Variable      | 7.00%                 | No            | 3                  | On Loan: No      |
| HIGGINBOTHAM INSRNCE DELAY DRAW MCCW   /       | HIGGINBOTHAM INSRNCE DELAY DRAW MCCW   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14968935 | PA      | $14811937.43   | 0.15%             | 2026-11-25      | None          | 9.00%                 | No            | 3                  | On Loan: No      |
| HOTSCHEDULES/FOURTH TERM LOAN   /              | HOTSCHEDULES/FOURTH TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1970000 | PA      | $1897623.47    | 0.02%             | 2025-07-09      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| HS SPA HOLDINGS INC HSSPA REVOLVER MCCW   /    | HS SPA HOLDINGS INC HSSPA REVOLVER MCCW   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     311429 | PA      | $303588.47     | 0.00%             | 2028-06-02      | None          | 9.48%                 | No            | 3                  | On Loan: No      |
| HS SPA HOLDINGS INC HSSPA TERM LOAN MCCW   /   | HS SPA HOLDINGS INC HSSPA TERM LOAN MCCW   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2169100 | PA      | $2114493.71    | 0.02%             | 2029-06-02      | Variable      | 10.45%                | No            | 3                  | On Loan: No      |
| HY CITE ENTERPRISES TERM LOAN   /              | HY CITE ENTERPRISES TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14479152 | PA      | $14107599.61   | 0.14%             | 2026-11-01      | Variable      | 12.49%                | No            | 3                  | On Loan: No      |
| ISAAC HVAC DELAYED DRAW   /                    | ISAAC HVAC DELAYED DRAW   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4711579 | PA      | $4623700.78    | 0.05%             | 2027-05-07      | None          | 6.00%                 | No            | 3                  | On Loan: No      |
| ISAAC HVAC REVOLVER   /                        | ISAAC HVAC REVOLVER   /                                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2368421 | PA      | $2324246.36    | 0.02%             | 2027-05-07      | Variable      | 8.16%                 | No            | 3                  | On Loan: No      |
| ISAAC HVAC TERM LOAN   /                       | ISAAC HVAC TERM LOAN   /                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7796053 | PA      | $7650644.29    | 0.08%             | 2027-05-07      | Variable      | 10.38%                | No            | 3                  | On Loan: No      |
| IMAGINE SOFTWARE DELAYED DRAW   /              | IMAGINE SOFTWARE DELAYED DRAW   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1607717 | PA      | $1565656.18    | 0.02%             | 2027-11-16      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| IMAGINE SOFTWARE REVOLVER   /                  | IMAGINE SOFTWARE REVOLVER   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1157556 | PA      | $1127272.45    | 0.01%             | 2027-11-16      | Fixed         | 6.50%                 | No            | 3                  | On Loan: No      |
| IMAGINE SOFTWARE TERM LOAN   /                 | IMAGINE SOFTWARE TERM LOAN   /                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7180466 | PA      | $6992611.92    | 0.07%             | 2027-11-16      | Variable      | 10.14%                | No            | 3                  | On Loan: No      |
| HPS Healthcare                                 | HPS Healthcare                                                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9825000 | PA      | $9734487.59    | 0.10%             | 2025-07-02      | Variable      | 6.76%                 | No            | 3                  | On Loan: No      |
| INDUSTRIAL SVC TL TERM LOAN 8/9/26   /         | INDUSTRIAL SVC TL TERM LOAN 8/9/26   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4469642 | PA      | $4424768.27    | 0.04%             | 2026-08-09      | Variable      | 6.82%                 | No            | 3                  | On Loan: No      |
| INDUSTRIAL SVC REV REVOLVER 8/9/26   /         | INDUSTRIAL SVC REV REVOLVER 8/9/26   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     375000 | PA      | $371235.41     | 0.00%             | 2026-08-09      | None          | 7.75%                 | No            | 3                  | On Loan: No      |
| INTERGULF Corp. TERM LOAN   /                  | INTERGULF Corp. TERM LOAN   /                                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   14810602 | PA      | $14730433.56   | 0.15%             | 2023-11-16      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| IVANTI SOFTWARE 2ND LIEN   /                   | IVANTI SOFTWARE 2ND LIEN   /                                                           | CUSIP: 46583HAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7000000 | PA      | $4077500.00    | 0.04%             | 2028-12-01      | Variable      | 12.01%                | No            | 3                  | On Loan: No      |
| JANE'S JADE BIDCO EUR TL   /                   | JANE'S JADE BIDCO EUR TL   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |     538430 | PA      | $565026.74     | 0.01%             | 2026-12-03      | Variable      | 7.91%                 | No            | 3                  | On Loan: No      |
| JANE'S JADE BIDCO USD TERM LOAN   /            | JANE'S JADE BIDCO USD TERM LOAN   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3375128 | PA      | $3308797.19    | 0.03%             | 2026-12-03      | Variable      | 9.30%                 | No            | 3                  | On Loan: No      |
| JTM FOODS LLC DELAY DRAW   /                   | JTM FOODS LLC DELAY DRAW   /                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1158366 | PA      | $1122261.18    | 0.01%             | 2027-05-14      | Variable      | 8.00%                 | No            | 3                  | On Loan: No      |
| JTM FOODS LLC REVOLVER   /                     | JTM FOODS LLC REVOLVER   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1119194 | PA      | $1084310.31    | 0.01%             | 2027-05-14      | None          | 5.75%                 | No            | 3                  | On Loan: No      |
| JTM FOODS LLC TERM LOAN   /                    | JTM FOODS LLC TERM LOAN   /                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7625909 | PA      | $7388219.39    | 0.07%             | 2027-05-14      | Variable      | 7.67%                 | No            | 3                  | On Loan: No      |
| KENE Acquisition,Inc TERM LOAN CLK   /         | KENE Acquisition,Inc TERM LOAN CLK   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15000000 | PA      | $14683887.81   | 0.15%             | 2026-08-08      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| KEY IMPACT HOLDINGS TERM LOAN   /              | KEY IMPACT HOLDINGS TERM LOAN   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13350000 | PA      | $13101002.03   | 0.13%             | 2026-06-21      | Variable      | 9.03%                 | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR DELAY DRAW   /            | KOMLINE SANDERSON GR DELAY DRAW   /                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9441209 | PA      | $9309651.06    | 0.09%             | 2026-03-17      | None          | 6.50%                 | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR REVOLVER   /              | KOMLINE SANDERSON GR REVOLVER   /                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2343750 | PA      | $2311091.19    | 0.02%             | 2026-03-17      | None          | 9.75%                 | No            | 3                  | On Loan: No      |
| KOMLINE SANDERSON GR TERM LOAN   /             | KOMLINE SANDERSON GR TERM LOAN   /                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8008073 | PA      | $7896484.91    | 0.08%             | 2026-03-17      | Variable      | 10.69%                | No            | 3                  | On Loan: No      |
| HPS Industrials                                | HPS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9766397 | PA      | $9774470.80    | 0.10%             | 2025-07-25      | Variable      | 9.42%                 | No            | 3                  | On Loan: No      |
| HPS Consumer                                   | HPS Consumer                                                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4519661 | PA      | $3971397.63    | 0.04%             | 2024-10-31      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| LAV GEAR HLDGS TL TERM LOAN   /                | LAV GEAR HLDGS TL TERM LOAN   /                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5340955 | PA      | $5268079.93    | 0.05%             | 2024-10-31      | Variable      | 8.92%                 | No            | 3                  | On Loan: No      |
| LERETA TERM LOAN   /                           | LERETA TERM LOAN   /                                                                   | CUSIP: 52675EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18315000 | PA      | $15479430.81   | 0.15%             | 2028-07-30      | Variable      | 9.32%                 | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD DELAY DRAW 1ST LIEN   /   | LIFE SCIENCE INT HLD DELAY DRAW 1ST LIEN   /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7051320 | PA      | $6952989.07    | 0.07%             | 2027-06-10      | None          | 10.42%                | No            | 3                  | On Loan: No      |
| LIFE SCIENCE INT HLD TERM LOAN 1ST LIEN   /    | LIFE SCIENCE INT HLD TERM LOAN 1ST LIEN   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2885772 | PA      | $2845529.86    | 0.03%             | 2027-06-10      | Variable      | 10.42%                | No            | 3                  | On Loan: No      |
| RCS Industrials                                | RCS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     340660 | PA      | $339422.87     | 0.00%             | 2026-02-03      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| RCS Industrials                                | RCS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     208333 | PA      | $207576.89     | 0.00%             | 2026-02-03      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| RCS Industrials                                | RCS Industrials                                                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1895833 | PA      | $1888949.77    | 0.02%             | 2026-02-03      | Variable      | 9.57%                 | No            | 3                  | On Loan: No      |
| LJ PERIMITER BUYER DELAYED DRAW CLK   /        | LJ PERIMITER BUYER DELAYED DRAW CLK   /                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2215190 | PA      | $2183672.66    | 0.02%             | 2028-10-31      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| LJ PERIMITER BUYER TERM LOAN CLK   /           | LJ PERIMITER BUYER TERM LOAN CLK   /                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7784810 | PA      | $7557185.94    | 0.08%             | 2028-10-31      | Variable      | 10.74%                | No            | 3                  | On Loan: No      |
| LMG REVOLVER   /                               | LMG REVOLVER   /                                                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     285714 | PA      | $282931.64     | 0.00%             | 2026-04-30      | None          | 8.05%                 | No            | 3                  | On Loan: No      |
| LGM TERM LOAN   /                              | LGM TERM LOAN   /                                                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4655357 | PA      | $4607919.50    | 0.05%             | 2026-04-30      | Variable      | 8.75%                 | No            | 3                  | On Loan: No      |
| LOC PERFORMANCE PROD TERM LOAN PRIME BUYE   /  | LOC PERFORMANCE PROD TERM LOAN PRIME BUYE   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10439062 | PA      | $10141413.39   | 0.10%             | 2026-12-22      | Variable      | 8.90%                 | No            | 3                  | On Loan: No      |
| LUTHER Co. INVEST L.P.   /                     | LUTHER Co. INVEST L.P.   /                                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $15433304.20   | 0.15%             |  |  |  | No            | N/A                | On Loan: No      |
| AG-Twin Brook Consumer Discretionary           | AG-Twin Brook Consumer Discretionary                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   19839884 | PA      | $19811176.17   | 0.20%             | 2026-04-22      | Variable      | 8.57%                 | No            | 3                  | On Loan: No      |
| NELLSON NUTRACEUTICA TERM LOAN A1   /          | NELLSON NUTRACEUTICA TERM LOAN A1   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   10997512 | PA      | $10667586.59   | 0.11%             | 2025-12-23      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| NELLSON NUTRACEUTICA TERM LOAN A2   /          | NELLSON NUTRACEUTICA TERM LOAN A2   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4002488 | PA      | $3882413.41    | 0.04%             | 2025-12-23      | Variable      | 10.17%                | No            | 3                  | On Loan: No      |
| RACE WINNING BRANDS TERM LOAN 1ST LIEN   /     | RACE WINNING BRANDS TERM LOAN 1ST LIEN   /                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   21710938 | PA      | $21142939.11   | 0.21%             | 2027-11-16      | Variable      | 8.37%                 | No            | 3                  | 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   | 0.16%             |  |  |  | No            | N/A                | On Loan: No      |
| Twin Brook Healthcare                          | Twin Brook Healthcare                                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1283790 | PA      | $1277873.95    | 0.01%             | 2025-07-03      | Variable      | 10.45%                | No            | 3                  | On Loan: No      |
| REDSAIL TECHNOLOGIES TERM LOAN KONA BUYER   /  | REDSAIL TECHNOLOGIES TERM LOAN KONA BUYER   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    9036182 | PA      | $8849546.36    | 0.09%             | 2027-12-11      | Variable      | 8.30%                 | No            | 3                  | On Loan: No      |
| AG-Twin Brook Healthcare                       | AG-Twin Brook Healthcare                                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17412082 | PA      | $17331845.54   | 0.17%             | 2025-07-03      | Variable      | 10.09%                | No            | 3                  | On Loan: No      |
| REFRIGIWEAR LLC REVOLVER 1ST LIEN   /          | REFRIGIWEAR LLC REVOLVER 1ST LIEN   /                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2601896 | PA      | $2553366.41    | 0.03%             | 2029-06-04      | Variable      | 7.48%                 | No            | 3                  | On Loan: No      |
| REFRIGIWEAR LLC TERM LOAN 1ST LIEN   /         | REFRIGIWEAR LLC TERM LOAN 1ST LIEN   /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15580368 | PA      | $15289770.70   | 0.15%             | 2029-06-04      | Variable      | 10.50%                | No            | 3                  | On Loan: No      |
| REGENT DEVELOPMENT LLC                         | Regent Development LLC                                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   11647556 | PA      | $11323581.46   | 0.11%             | 2026-02-25      | Variable      | 12.48%                | Yes           | 3                  | On Loan: No      |
| REGENT REVOLVER    /                           | REGENT REVOLVER    /                                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2819549 | PA      | $2741123.57    | 0.03%             | 2026-02-25      | Variable      | 12.48%                | No            | 3                  | On Loan: No      |

### Signature

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

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

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

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

**Title:** Treasurer