Cliffwater Corporate Lending Fund (CCLFX) NPORT-P/A Cliffwater Corporate Lending Fund (Jun 2022 report)

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS — 93.1%
		COMMUNICATIONS — 3.2%
$	2,940,000	1236904 B.C. Ltd. First Lien Term Loan, 6.560% (1-Month USD Libor+550 basis points), 3/4/20271,2,3,4	$	2,810,672
	24,936,080	AG-Twin Brook Communication Services First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 10/1/20242,3,4		24,590,028
		Aspen Opco, LLC
	2,462,121	Revolver, 0.500%, 12/1/20272,4,5		2,409,800
	22,102,273	First Lien Term Loan, 7.000% (3-Month USD Libor+550 basis points), 12/1/20272,3,4		21,632,591
	378,788	Revolver, 7.750% (3-Month USD Libor+450 basis points), 12/1/20272,3,4		370,738
		CM Acquisitions Holdings Inc.
	300,413	Delayed Draw, 7.000% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		291,951
	817,177	Incremental Term Loan, 7.000% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		794,156
	2,620,805	First Lien Term Loan, 7.000% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		2,546,975
	GBP 1,772,638	CSL DualCom Ltd First Lien Term Loan, 5.725% (6-Month GBP Libor+550 basis points), 9/25/20272,3,4,6		2,116,219
	10,000,000	EP Purchaser, LLC Second Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 11/4/20292,3,4		9,586,034
		Fingerpaint Marketing, Inc.
	1,545,699	Revolver, 0.500%, 12/30/20262,4,5		1,497,571
	10,296,637	Delayed Draw, 1.000%, 12/30/20262,4,5		9,976,033
	4,883,721	Delayed Draw, 7.256% (3-Month USD Libor+575 basis points), 12/30/20262,3,4		4,731,658
	8,119,186	First Lien Term Loan, 7.256% (3-Month USD Libor+575 basis points), 12/30/20262,3,4		7,866,381
	134,409	Revolver, 10.500% (3-Month USD Libor+575 basis points), 12/30/20262,3,4		130,224
	12,343,138	FuseFX, LLC First Lien Term Loan, 7.484% (1-Month USD Libor+575 basis points), 10/1/20242,3,4		12,171,846
	15,000,000	HH Global Finance Limited First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		14,489,943
		HPS Telecommunications
	9,825,000	First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 5/30/20252,3,4,7		9,542,624
	10,000,000	First Lien Term Loan, 7.350% (3-Month USD Libor+635 basis points), 7/23/20262,3,4		9,886,360
		Iconic Purchaser Corporation

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		COMMUNICATIONS (Continued)
$	1,230,769	Revolver, 0.500%, 11/5/20272,4,5	$	1,189,926
	307,692	Revolver, 6.620% (3-Month USD Libor+550 basis points), 11/5/20272,3,4		297,481
	18,415,385	First Lien Term Loan, 7.009% (3-Month USD Libor+550 basis points), 11/5/20282,3,4		17,804,267
	14,887,500	KeyImpact Holdings, Inc. First Lien Term Loan, 6.348% (3-Month USD Libor+525 basis points), 6/21/20262,3,4		14,607,931
	2,000,000	Lifesize Second Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 3/2/20262,3,4		1,937,517
		MBS Holdings, Inc.
	1,271,186	Revolver, 0.500%, 4/6/20272,4,5		1,237,890
	13,625,847	First Lien Term Loan, 6.750% (3-Month USD Libor+575 basis points), 4/6/20272,3,4		13,268,938
		Mc Group Ventures Corporation
	4,519,231	Delayed Draw, 1.000%, 6/30/20272,4,5		4,400,856
	15,269,231	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 6/30/20272,3,4		14,869,275
	5,070,673	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 6/30/20272,3,4		4,937,854
		OneCare Media, LLC
	1,333,333	Revolver, 0.500%, 9/29/20262,4,5		1,297,432
	9,886,921	First Lien Term Loan, 7.500% (3-Month USD Libor+650 basis points), 9/29/20262,3,4		9,620,704
	12,000,000	TA TT Buyer First Lien Term Loan, 5.875% (3-Month USD Libor+525 basis points), 4/1/20292,3,4		11,745,982
		Trunk Acquisition, Inc.
	1,193,049	Revolver, 0.500%, 2/19/20262,4,5		1,167,960
	2,500,000	Revolver, 0.500%, 2/19/20272,4,5		2,447,426
	22,388,628	First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 2/19/20272,3,4,8		21,917,807
	7,496,301	Delayed Draw, 7.006% (3-Month USD Libor+450 basis points), 2/19/20272,3,4		7,338,657
				267,529,707
		CONSUMER DISCRETIONARY — 9.9%
		ADPD Holdings, LLC
	1,586,136	Delayed Draw, 1.000%, 8/2/20272,4,5		1,560,406
	14,915,606	First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 8/2/20272,3,4		14,525,425
		ADS Buyer, Inc.
	11,672,776	First Lien Term Loan, 8.250% (3-Month USD Libor+525 basis points), 12/31/20262,3,4		11,487,737

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	6,541,000	First Lien Term Loan, 6.384% (3-Month USD Sofr+525 basis points), 12/30/20272,3,4	$	6,437,311
		AG-Twin Brook Consumer Discretionary
	19,889,942	First Lien Term Loan, 7.250% (3-Month USD Sofr+625 basis points), 4/22/20262,3,4		19,542,197
	14,962,500	First Lien Term Loan, 6.750% (3-Month USD Libor+550 basis points), 11/30/20262,3,4		14,688,926
	24,937,500	First Lien Term Loan, 6.750% (1-Month USD Libor+575 basis points), 12/14/20272,3,4		24,349,224
		Apex Service Partners, LLC
	417,949	Revolver, 6.722% (3-Month USD Libor+525 basis points), 7/31/20242,3,4		404,863
	1,582,051	Revolver, 0.500%, 7/31/20252,4,5		1,532,520
	9,375,405	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		9,081,876
	10,157,316	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		9,839,306
	6,766,000	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 7/31/20252,3,4		6,554,167
	1,000,000	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		968,692
	2,483,512	Delayed Draw, 6.500% (3-Month USD Libor+550 basis points), 7/31/20252,3,4		2,405,757
		Archimede
	EUR 4,500,000	First Lien Term Loan, 6.000% (3-Month EUR Libor+600 basis points), 10/17/20272,3,4,6		4,671,725
	EUR 1,500,000	Delayed Draw, 6.000% (3-Month EUR Libor+600 basis points), 10/27/20272,3,4,6		1,557,242
	EUR 2,500,000	First Lien Term Loan, 6.000% (3-Month EUR Libor+600 basis points), 10/27/20272,3,4,6		2,595,403
	10,848,269	Astro Acquisition, LLC First Lien Term Loan, 7.750% (3-Month USD Sofr+550 basis points), 9/15/20282,3,4		10,609,106
		Auveco Holdings, Inc.
	986,842	Revolver, 0.500%, 5/5/20282,4,5		966,901
	1,973,684	Delayed Draw, 1.000%, 5/5/20282,4,5		1,943,570
	328,947	Revolver, 7.617% (3-Month USD Sofr+600 basis points), 5/5/20282,3,4		322,300
	9,210,526	First Lien Term Loan, 7.617% (3-Month USD Sofr+600 basis points), 5/5/20282,3,4		9,024,413
		Bendon
	1,800,000	Revolver, 0.750%, 12/11/20252,4,5		1,705,694
	12,413,415	First Lien Term Loan, 8.510% (3-Month USD Libor+650 basis points), 12/11/20252,3,4		11,763,046

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	2,969,156	Chop't Creative Salad Company LLC First Lien Term Loan, 8.750% (1-Month USD Libor+725 basis points), 1/22/20252,3,4	$	2,935,415
		Classic Collision
	1,382,979	Revolver, 0.500%, 1/14/20262,4,5		1,352,223
	6,483,404	Delayed Draw, 1.000%, 1/14/20262,4,5		6,339,220
	4,974,769	First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 1/14/20262,3,4		4,864,135
	12,090,984	Delayed Draw, 6.000% (3-Month USD Libor+500 basis points), 6/23/20272,3,4		11,822,092
		COP Hometown Acquisitions, Inc.
	2,018,322	Delayed Draw, 5.500% (3-Month USD Libor+450 basis points), 7/16/20272,3,4		1,975,878
	3,080,574	Delayed Draw, 5.500% (3-Month USD Libor+450 basis points), 7/16/20272,3,4		3,015,791
	4,788,537	Delayed Draw, 5.500% (3-Month USD Libor+450 basis points), 7/16/20272,3,4		4,699,674
	3,169,565	First Lien Term Loan, 5.500% (3-Month USD Libor+450 basis points), 7/16/20272,3,4		3,102,911
		Covercraft Parent II
	2,225,000	Delayed Draw, 1.000%, 8/20/20272,4,5		2,178,209
	2,775,000	Delayed Draw, 5.506% (3-Month USD Libor+450 basis points), 8/20/20272,3,4		2,716,643
		EAP Holdco, LLC
	2,005,426	Revolver, 0.500%, 11/17/20272,4,5		1,962,810
	1,903,188	Delayed Draw, 1.000%, 11/17/20272,4,5		1,862,745
	19,363,991	First Lien Term Loan, 6.911% (3-Month USD Libor+550 basis points), 11/17/20272,3,4		18,952,499
	401,085	Revolver, 7.005% (3-Month USD Libor+550 basis points), 11/17/20272,3,4		392,562
		Evergreen Acqco 1 LP
	3,465,275	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 3/26/20282,3		3,277,561
	11,940,000	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 3/26/20281,2,3		11,293,210
	19,703,708	Fabletics, Inc. First Lien Term Loan, 11.000% (1-Month USD Sofr+950 basis points), 5/17/20292,3,4		19,191,669
		Gateway US Holdings, Inc.
	863,636	Revolver, 0.500%, 9/22/20242,4,5		844,819
	4,439,424	Delayed Draw, 1.000%, 9/22/20242,4,5		4,342,697
	1,924,212	Delayed Draw, 6.301% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		1,882,287
	45,455	Revolver, 6.301% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		44,464

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	22,670,455	First Lien Term Loan, 6.301% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4	$	22,176,504
	30,000,000	GSM Acquisition Corp. First Lien Term Loan, 6.000% (3-Month USD Sofr+500 basis points), 11/16/20262,3,4		29,347,544
		GSV Holding, LLC
	5,243,437	Delayed Draw, 1.000%, 4/3/20282,4,5		5,133,171
	2,194,063	Delayed Draw, 5.989% (3-Month USD Libor+475 basis points), 4/3/20282,3,4		2,147,922
	17,000,000	Houghton Mifflin Harcourt Company First Lien Term Loan, 10.025% (3-Month USD Sofr+850 basis points), 4/7/20302,3,4		16,548,997
		HPS Consumer Discretionary
	4,593,658	First Lien Term Loan, 7.506% (3-Month USD Libor+600 basis points), 10/31/20242,3,4,7		4,523,437
	5,036,176	First Lien Term Loan, 7.000% (3-Month USD Libor+800 basis points), 6/27/20252,3,4,7		4,852,166
	15,685,406	First Lien Term Loan, 7.989% (3-Month USD Libor+675 basis points), 7/26/20262,3,4		15,561,889
		HS Spa Holdings, Inc.
	311,429	Revolver, 0.500%, 6/2/20282,4,5		303,320
	2,180,000	First Lien Term Loan, 7.563% (3-Month USD Sofr+575 basis points), 6/2/20292,3,4		2,123,238
	7,461,244	Hudson's Bay Company First Lien Term Loan, 8.333% (3-Month USD Libor+733 basis points), 9/30/20262,3,4		7,244,455
	14,812,500	HY Cite Enterprises LLC First Lien Term Loan, 9.420% (3-Month USD Libor+800 basis points), 11/1/20262,3,4		14,360,074
	25,512,500	Iconix Brand Group, Inc. First Lien Term Loan, 9.563% (3-Month USD Libor+750 basis points), 8/4/20252,3,4		24,549,133
	15,343,972	Ingenio, LLC First Lien Term Loan, 8.580% (3-Month USD Sofr+700 basis points), 8/3/20262,3,4		15,016,988
		KBP Brands, LLC
	17,810,349	Delayed Draw, 1.000%, 5/26/20272,4,5		17,431,873
	2,189,651	Delayed Draw, 6.230% (3-Month USD Libor+525 basis points), 5/26/20272,3,4		2,143,120
		KBP Investments LLC
	3,444,691	Delayed Draw, 1.000%, 5/26/20272,4,5		3,351,057
	23,992,297	Delayed Draw, 6.000% (3-Month USD Libor+550 basis points), 5/26/20272,3,4		23,340,134

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	14,962,302	Leonard Group, Inc. First Lien Term Loan, 8.816% (3-Month USD Sofr+600 basis points), 2/26/20262,3,4	$	14,632,440
		Margaritaville Enterprises LLC
	312,500	Revolver, 0.500%, 6/17/20272,4,5		306,927
	5,108,297	Delayed Draw, 1.000%, 6/17/20272,4,5		5,055,397
	10,727,423	First Lien Term Loan, 5.750% (3-Month USD Sofr+475 basis points), 6/17/20272,3,4		10,536,110
		NL1 Acquire Corp.
	CAD 914,073	Revolver, 0.500%, 5/26/20262,4,5,6		675,728
	CAD 415,927	Revolver, 6.250% (3-Month CAD Libor+525 basis points), 5/26/20262,3,4,6		307,474
	CAD 1,963,468	Delayed Draw, 1.000%, 5/26/20282,4,5,6		1,451,493
	1,223,676	Delayed Draw, 1.000%, 5/26/20282,4,5		1,165,734
	CAD 1,919,651	Delayed Draw, 6.428% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6		1,419,102
	195,833	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 5/26/20282,3,4		186,560
	2,094,750	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 5/26/20282,3,4		1,995,563
	CAD 9,486,600	First Lien Term Loan, 6.678% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6		7,012,966
		Obagi Cosmeceuticals LLC
	1,900,000	Revolver, 0.500%, 3/16/20262,4,5		1,878,408
	2,100,000	Revolver, 7.560% (3-Month USD Libor+750 basis points), 3/16/20262,3,4		2,076,136
	10,848,750	First Lien Term Loan, 7.560% (3-Month USD Libor+750 basis points), 3/16/20262,3,4		11,020,754
	29,742,428	Owl Rock Consumer Discretionary First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 3/26/20262,3,4		29,257,413
	6,176,471	Penney Borrower LLC First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 12/16/20262,3,4		6,047,283
		Quality Automotive Services, LLC
	1,477,132	Revolver, 0.500%, 7/16/20272,4,5		1,446,069
	3,194,941	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 7/16/20272,3,4		3,127,753
	4,892,663	First Lien Term Loan, 7.598% (3-Month USD Libor+600 basis points), 7/16/20272,3,4		4,789,772
		Race Winning Brands, Inc.
	2,034,940	Revolver, 0.500%, 11/16/20272,4,5		1,990,683
	1,090,060	Revolver, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		1,066,352
	21,820,312	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		21,345,753

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	4,565,937	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4	$	4,466,635
	14,167,485	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		13,796,873
	1,959,900	RCS Consumer Discretionary First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 6/6/20252,3,4,7		1,903,719
		RefrigiWear, LLC
	1,517,773	First Lien Term Loan, 5.750% (3-Month USD Libor+475 basis points), 11/2/20272,3,4		1,493,228
	15,619,614	First Lien Term Loan, 5.750% (3-Month USD Libor+475 basis points), 11/27/20272,3,4		15,367,018
	2,601,896	Revolver, 0.500%, 6/4/20292,4,5		2,559,819
		Regent Holding Company, LLC
	2,819,549	Revolver, 8.756% (1-Month USD Libor+775 basis points), 2/25/20262,3,4		2,749,344
	1,127,820	First Lien Term Loan, 8.810% (1-Month USD Libor+775 basis points), 2/26/20262,3,4		1,099,691
		Spanx, LLC
	12,096,621	Revolver, 0.500%, 11/18/20282,4,5		11,743,481
	72,572,650	First Lien Term Loan, 7.095% (3-Month USD Libor+550 basis points), 11/18/20282,3,4		70,454,021
		Spotless Brands, LLC
	250,000	Revolver, 0.500%, 6/21/20282,4,5		244,274
	2,968,750	Delayed Draw, 1.000%, 6/21/20282,4,5		2,930,356
	5,000,000	First Lien Term Loan, 8.529% (3-Month USD Sofr+575 basis points), 6/21/20282,3,4		4,885,485
	156,250	Delayed Draw, 8.536% (3-Month USD Sofr+575 basis points), 6/21/20282,3,4		154,229
		Stanton Carpet Corp.
	1,189,468	Revolver, 0.500%, 10/1/20262,4,5		1,161,967
	9,280,312	First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 10/1/20272,3,4		9,065,743
	9,950,000	Summit Buyer, L.L.C. First Lien Term Loan, 6.006% (3-Month USD Libor+525 basis points), 9/17/20272,3,4		9,728,722
		Truck-Lite Co., LLC
	219,503	First Lien Term Loan, 7.250% (3-Month USD Libor+625 basis points), 12/13/20262,3,4		215,113
	9,974,490	First Lien Term Loan, 7.256% (3-Month USD Libor+625 basis points), 12/13/20262,3,4		9,782,250
		Twin Brook Consumer Discretionary
	4,891,498	First Lien Term Loan, 7.506% (3-Month USD Libor+575 basis points), 2/14/20242,3,4,7		4,734,115

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	19,949,402	First Lien Term Loan, 7.506% (2-Month USD Libor+575 basis points), 2/14/20242,3,4	$	19,307,534
	9,925,021	First Lien Term Loan, 7.250% (3-Month USD Libor+525 basis points), 4/20/20262,3,4		9,751,497
	8,000,000	Woof Holdings, Inc. Second Lien Term Loan, 9.313% (1-Month USD Libor+725 basis points), 12/21/20281,2,3,4		7,379,618
				821,508,945
		CONSUMER STAPLES — 1.4%
		BCPE North Star US Holdings Co.
	2,210,526	Delayed Draw, 1.000%, 6/10/20282,4,5		2,146,409
	11,730,526	First Lien Term Loan, 5.006% (1-Month USD Libor+400 basis points), 6/10/20282,3,4		11,390,277
	3,556,707	C.P. Converters, Inc. First Lien Term Loan, 7.500% (3-Month USD Libor+650 basis points), 6/18/20232,3,4		3,516,289
	13,895,000	Cardenas Markets, Inc. First Lien Term Loan, 8.000% (3-Month USD Libor+625 basis points), 6/3/20272,3,4		13,531,041
	8,487,400	HPS Consumer Staples First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 9/1/20262,3,4,7		8,427,716
		JTM Foods, LLC
	1,158,366	Delayed Draw, 0.500%, 5/14/20272,4,5		1,128,024
	447,678	Revolver, 0.500%, 5/14/20272,4,5		435,951
	671,517	Revolver, 5.750% (3-Month USD Libor+475 basis points), 5/14/20272,3,4		653,927
	7,664,522	First Lien Term Loan, 6.161% (3-Month USD Libor+475 basis points), 5/14/20272,3,4		7,463,760
	3,716,499	JUUL Labs, Inc. First Lien Term Loan, 8.500% (3-Month USD Libor+800 basis points), 8/2/20232,3,4		3,630,174
	25,000,000	Maxor National Pharmacy Services, LLC First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 12/6/20272,3,4		24,289,542
		Purfoods, LLC
	562,500	Delayed Draw, 1.000%, 8/12/20262,4,5		554,717
	2,428,125	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 8/12/20262,3,4		2,394,530
	4,432,500	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 8/12/20262,3,4		4,371,174
		RB Holdings Interco, LLC
	692,540	Revolver, 0.500%, 5/4/20282,4,5		675,268
	2,770,160	Delayed Draw, 1.000%, 5/4/20282,4,5		2,728,633

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER STAPLES (Continued)
$	692,540	Revolver, 6.000% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4	$	675,268
	9,233,867	First Lien Term Loan, 6.304% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4		9,003,570
		SWK Buyer, Inc.
	429,825	Revolver, 0.500%, 3/11/20292,4,5		421,072
	3,070,175	Delayed Draw, 1.000%, 3/11/20292,4,5		3,035,286
	13,201,754	First Lien Term Loan, 6.250% (3-Month USD Sofr+525 basis points), 3/11/20292,3,4		12,932,915
	798,246	Revolver, 7.750% (3-Month USD Sofr+425 basis points), 3/11/20292,3,4		781,990
				114,187,533
		ENERGY — 1.1%
		Drilling Info Holdings, Inc.
	13,964,377	First Lien Term Loan, 5.560% (1-Month USD Libor+450 basis points), 7/30/20252,3,4		13,518,571
	4,783,546	Second Lien Term Loan, 8.707% (1-Month USD Libor+825 basis points), 7/30/20262,3,4		4,643,808
	15,000,000	Evolution Well Services Holdings, LLC First Lien Term Loan, 9.750% (3-Month USD Sofr+725 basis points), 3/4/20272,3,4		14,203,224
	6,647,949	Goodnight Water Solutions, LLC First Lien Term Loan, 9.183% (3-Month USD Sofr+750 basis points), 6/3/20272,3,4		6,507,074
		Integrated Power
	2,730,835	Revolver, 0.500%, 11/22/20272,4,5		2,673,407
	3,167,877	Delayed Draw, 1.000%, 11/22/20282,4,5		3,101,258
	2,468,915	Delayed Draw, 6.250% (3-Month USD Libor+475 basis points), 11/22/20282,3,4		2,416,995
	5,735,625	Kene Acquisition, Inc. First Lien Term Loan, 5.256% (3-Month USD Libor+425 basis points), 8/10/20262,3,4		5,609,176
		Service Compression, LLC
	4,151,000	Delayed Draw, 1.000%, 5/6/20272,4,5		3,987,085
	5,966,000	Delayed Draw, 1.000%, 5/6/20272,4,5		5,730,414
	12,849,000	First Lien Term Loan, 9.000% (3-Month USD Sofr+800 basis points), 5/6/20272,3,4		12,341,618
	18,467,000	First Lien Term Loan, 11.000% (3-Month USD Sofr+800 basis points), 5/6/20272,3,4		17,737,774
				92,470,404
		FINANCIALS — 12.0%
	5,906,489	Alacrity First Lien Term Loan, 10.500% (3-Month USD Libor+975 basis points), 12/21/20292,3,4		5,684,940

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
		Alera Group Holdings, Inc.
$	18,088,168	Delayed Draw, 1.000%, 9/30/20282,4,5	$	17,767,538
	6,895,489	Delayed Draw, 6.559% (3-Month USD Libor+550 basis points), 9/30/20282,3,4		6,773,260
		Amba Buyer, Inc.
	14,257,915	Delayed Draw, 1.000%, 7/30/20272,4,5		14,015,709
	12,475,676	First Lien Term Loan, 6.827% (3-Month USD Sofr+575 basis points), 7/30/20272,3,4		12,202,118
	13,965,000	APEX Analytix, LLC First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 8/18/20262,3,4		13,657,125
	GBP 10,791,367	Apus Bidco Limited First Lien Term Loan, 6.221% (3-Month GBP Libor+550 basis points), 2/9/20282,3,4,6		12,649,235
		AQ Sage Buyer, LLC
	15,133,990	Delayed Draw, 1.000%, 1/25/20272,4,5		14,893,957
	17,868,014	Delayed Draw, 1.000%, 1/25/20272,4,5		17,578,157
	9,834,760	First Lien Term Loan, 6.750% (3-Month USD Libor+525 basis points), 1/25/20272,3,4		9,606,002
		AQ Sunshine, Inc.
	1,491,667	Revolver, 0.500%, 4/15/20242,4,5		1,456,551
	591,667	Revolver, 7.000% (2-Month USD Libor+600 basis points), 4/15/20242,3,4		577,738
	1,791,667	Delayed Draw, 1.000%, 4/15/20252,4,5		1,749,489
	13,740,741	Delayed Draw, 1.000%, 4/15/20252,4,5		13,398,040
	21,113,021	Delayed Draw, 7.000% (2-Month USD Libor+600 basis points), 4/15/20252,3,4		20,615,995
		AxiomSL Group, Inc.
	731,098	Revolver, 0.500%, 12/3/20252,4,5		711,948
	713,267	Delayed Draw, 1.000%, 12/3/20272,4,5		694,584
	10,972,718	First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 12/3/20272,3,4		10,685,303
		CC SAG Acquisition Corp.
	699,301	Revolver, 0.500%, 6/29/20272,4,5		673,777
	2,437,063	Delayed Draw, 1.000%, 6/29/20282,4,5		2,348,112
	2,803,698	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 6/29/20282,3,4		2,701,365
	18,913,024	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 6/29/20282,3,4		18,222,716
		CFGI Holdings, LLC
	1,751,825	Revolver, 0.500%, 11/2/20272,4,5		1,710,938
	2,189,781	Delayed Draw, 1.000%, 11/2/20272,4,5		2,158,612
	16,018,248	First Lien Term Loan, 6.310% (3-Month USD Libor+525 basis points), 11/2/20272,3,4		15,644,389

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
		Credit Connection, LLC
$	4,800,000	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 7/30/20262,3,4	$	4,688,033
	4,975,000	First Lien Term Loan, 6.760% (3-Month USD Libor+550 basis points), 7/30/20262,3,4		4,858,951
	600,000	Revolver, 0.500%, 7/29/20272,4,5		586,004
	9,118,291	Cresset Asset Management, LLC First Lien Term Loan, 8.400% (3-Month USD Sofr+700 basis points), 4/20/20252,3,4		9,008,072
	EUR 627,356	Dreamstart BidCo First Lien Term Loan, 5.500% (6-Month EUR Libor+525 basis points), 3/30/20272,3,4,6		643,496
		EdgeCo Buyer, Inc.
	10,000,000	Delayed Draw, 1.000%, 6/1/20262,4,5		9,730,146
	2,500,000	First Lien Term Loan, 6.222% (3-Month USD Libor+475 basis points), 6/1/20262,3,4		2,432,537
	8,932,500	Exegy, Inc. First Lien Term Loan, 5.632% (3-Month USD Libor+600 basis points), 5/17/20262,3,4		8,705,120
		Galway Borrower, LLC
	814,315	Revolver, 0.500%, 5/18/20232,4,5		797,011
	712,245	Delayed Draw, 1.000%, 5/18/20232,4,5		697,110
	1,730,701	Delayed Draw, 6.000% (3-Month USD Libor+525 basis points), 5/18/20232,3,4		1,693,923
	10,623,421	First Lien Term Loan, 6.000% (3-Month USD Libor+525 basis points), 5/18/20232,3,4		10,397,669
	288,183	Delayed Draw, 1.000%, 9/30/20232,4,5		282,059
	1,299,853	Delayed Draw, 1.000%, 9/30/20232,4,5		1,272,231
	1,795,472	Delayed Draw, 6.000% (3-Month USD Libor+525 basis points), 9/30/20232,3,4		1,757,318
	1,979	Delayed Draw, 6.000% (3-Month USD Libor+525 basis points), 9/30/20232,3,4		1,937
	694,552	Revolver, 0.500%, 9/30/20272,4,5		679,792
	879,765	Revolver, 0.500%, 9/30/20272,4,5		861,070
	293,856	Revolver, 0.500%, 9/30/20272,4,5		287,612
	305,115	Delayed Draw, 1.000%, 9/30/20282,4,5		298,631
	9,063,899	First Lien Term Loan, 6.000% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		8,871,288
	311,983	Delayed Draw, 6.000% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		305,353
	4,089,046	First Lien Term Loan, 6.000% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		4,002,152

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
$	12,758,600	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 9/30/20282,3,4	$	12,487,475
	EUR 8,500,000	Groupe Premium First Lien Term Loan, 6.000% (3-Month EUR Libor+600 basis points), 6/8/20282,3,4,6		8,806,755
		Helibron Midco B.V.
	EUR 322,466	First Lien Term Loan, 5.000% (3-Month EUR Libor+525 basis points), 9/17/20262,3,4,6		323,412
	EUR 859,908	First Lien Term Loan, 5.000% (3-Month EUR Libor+525 basis points), 9/18/20262,3,4,6		862,431
	EUR 8,850,000	First Lien Term Loan, 5.000% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6		8,875,966
		Higginbotham Insurance Agency, Inc.
	12,900,000	Delayed Draw, 1.000%, 11/25/20262,4,5		12,753,404
	23,012,034	Delayed Draw, 1.000%, 11/25/20262,4,5		22,750,525
	3,737,969	Delayed Draw, 6.250% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		3,695,491
	18,249,998	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		18,042,604
	2,095,417	Delayed Draw, 6.560% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		2,071,604
		HPS Financials
	4,149,716	First Lien Term Loan, 9.006% (3-Month USD Libor+850 basis points), 6/29/20232,3,4,7		4,027,152
	EUR 3,570,450	First Lien Term Loan, 5.250% (3-Month EUR Libor+550 basis points), 8/3/20252,3,4,6		3,693,531
	GBP 4,517,888	First Lien Term Loan, 6.059% (3-Month GBP Libor+550 basis points), 8/3/20252,3,4,6		5,428,578
	106,875,000	HPS Specialty Loan Fund V Feeder LP First Lien Term Loan, 4.598%, 5/14/20312,3,4,9		106,875,000
	9,847,661	J S Held LLC Delayed Draw, 1.000%, 7/1/20252,4,5		9,735,752
		J S Held, LLC
	9,863,326	Delayed Draw, 6.500% (6-Month USD Libor+550 basis points), 7/1/20252,3,4		9,751,239
	760,232	Delayed Draw, 6.500% (6-Month USD Libor+550 basis points), 7/1/20252,3,4		751,593
	45,694,965	First Lien Term Loan, 6.500% (6-Month USD Libor+550 basis points), 7/1/20252,3,4		45,175,687
	8,833,815	First Lien Term Loan, 6.500% (6-Month USD Libor+550 basis points), 7/1/20252,3,4		8,733,427
		Keystone Agency Investors
	9,514,134	Delayed Draw, 1.000%, 5/3/20272,4,5		9,312,523

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
$	9,019,007	Delayed Draw, 7.188% (3-Month USD Libor+600 basis points), 5/3/20272,3,4	$	8,769,382
	5,925,536	First Lien Term Loan, 7.188% (3-Month USD Libor+550 basis points), 5/3/20272,3,4		5,761,531
	5,625,000	Delayed Draw, 7.188% (3-Month USD Libor+600 basis points), 5/3/20272,3,4		5,469,313
	4,360,218	First Lien Term Loan, 7.188% (3-Month USD Libor+550 basis points), 5/3/20272,3,4		4,239,537
	5,224,753	First Lien Term Loan, 7.188% (3-Month USD Sofr+600 basis points), 5/3/20272,3,4		5,114,037
	439,624	Delayed Draw, 8.227% (3-Month USD Libor+600 basis points), 5/3/20272,3,4		430,308
		KWOR Acquisition, Inc.
	1,824,319	Revolver, 0.500%, 12/22/20272,4,5		1,781,885
	284,720	Revolver, 8.250% (3-Month USD Libor+525 basis points), 12/22/20272,3,4		278,098
	15,185,079	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 12/22/20282,3,4		14,831,872
		Mclarens Midco, Inc.
	3,485,026	Revolver, 0.500%, 12/19/20252,4,5		3,411,737
	5,348,895	First Lien Term Loan, 6.678% (3-Month USD Libor+575 basis points), 12/19/20252,3,4		5,236,411
		Oakbridge Insurance Agency LLC
	482,759	Revolver, 0.500%, 12/31/20262,4,5		470,471
	14,422,414	Delayed Draw, 1.000%, 12/31/20262,4,5		14,162,349
	120,690	Revolver, 6.884% (3-Month USD Libor+575 basis points), 12/31/20262,3,4		117,618
	1,804,974	First Lien Term Loan, 6.884% (3-Month USD Libor+575 basis points), 12/31/20262,3,4		1,759,034
	619,040	Delayed Draw, 7.516% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4		607,878
		Patriot Growth Insurance Services, LLC
	2,660,377	Revolver, 0.500%, 10/14/20282,4,5		2,598,761
	4,375,300	Delayed Draw, 1.000%, 10/14/20282,4,5		4,313,024
	17,964,322	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 10/14/20282,3,4		17,548,256
		Peter C. Foy & Associates Insurance Services, LLC
	53,571,429	Delayed Draw, 1.000%, 11/1/20282,4,5		53,457,318
	21,428,571	First Lien Term Loan, 6.750% (3-Month USD Libor+600 basis points), 11/1/20282,3,4		21,169,098
	11,799,812	Regent Holding Company, LLC First Lien Term Loan, 8.756% (1-Month USD Libor+775 basis points), 2/25/20261,2,3,4,10,11		11,506,003
		Reorg Research, Inc.
	3,571,429	Delayed Draw, 1.000%, 6/28/20242,4,5		3,513,189

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
$	6,380,357	First Lien Term Loan, 5.256% (3-Month USD Libor+475 basis points), 6/28/20242,3,4	$	6,276,311
		Riveron Acquisition Holdings, Inc.
	4,526,580	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		4,475,140
	862,170	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		852,373
	3,451,524	First Lien Term Loan, 7.998% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		3,376,229
		RSC Acquisition, Inc.
	8,690,548	Revolver, 0.500%, 11/1/20262,4,5		8,561,866
	1,120,482	Delayed Draw, 1.000%, 11/1/20262,4,5		1,103,891
	10,837,681	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 11/1/20262,3,4		10,714,521
	3,004,518	Delayed Draw, 7.777% (3-Month USD Libor+550 basis points), 11/1/20262,3,4		2,960,030
	3,000,000	Delayed Draw, 1.000%, 5/31/20292,4,5		2,953,260
		RSC Insurance Brokerage, Inc.
	1,492,457	Delayed Draw, 1.000%, 10/30/20262,4,5		1,475,497
	1,149,176	Delayed Draw, 5.500% (3-Month USD Libor+550 basis points), 10/30/20262,3,4		1,136,117
	37,453,376	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 10/30/20262,3,4		37,027,756
	8,453,568	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 10/30/20262,3,4		8,357,502
	2,778,946	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 10/30/20262,3,4		2,747,366
	1,500,000	StarCompliance Intermediate, LLC First Lien Term Loan, 7.750% (3-Month USD Libor+675 basis points), 1/12/20272,3,4		1,470,428
		The Ultimus Group Midco, LLC
	1,424,528	Revolver, 0.500%, 2/1/20242,4,5		1,394,571
	6,783,000	First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 2/1/20262,3,4		6,657,125
		THG Acquisition, LLC
	743,884	Revolver, 0.500%, 12/2/20252,4,5		721,457
	11,822,394	Delayed Draw, 1.000%, 12/2/20262,4,5		11,465,971
	2,433,035	Delayed Draw, 6.250% (3-Month USD Libor+550 basis points), 12/2/20262,3,4		2,359,684
		Turbo Buyer, Inc.
	4,733,333	Delayed Draw, 1.000%, 12/2/20252,4,5		4,620,141
	4,993,250	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 12/2/20252,3,4		4,873,842

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
$	4,987,500	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 12/2/20252,3,4	$	4,826,521
	266,667	Delayed Draw, 7.011% (3-Month USD Libor+600 basis points), 12/2/20252,3,4		260,290
		Vale Insurance Services LLC
	2,204,403	Revolver, 0.500%, 12/1/20272,4,5		2,147,970
	214,952	Revolver, 6.000% (3-Month USD Libor+500 basis points), 12/1/20272,3,4		209,449
	22,524,194	First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 12/1/20272,3,4,8		21,947,566
		Wealth Enhancement Group, LLC
	145,897	Revolver, 7.000% (3-Month USD Libor+600 basis points), 10/4/20272,3,4		144,436
	294,093	Revolver, 0.500%, 10/4/20272,4,5		291,147
	7,824,831	Delayed Draw, 1.000%, 10/4/20272,4,5		7,765,920
	5,234,250	Delayed Draw, 6.750% (3-Month USD Libor+575 basis points), 10/4/20272,3,4		5,124,176
		World Insurance Associates, LLC
	707,075	Delayed Draw, 1.000%, 4/1/20262,4,5		702,719
	20,000,000	Delayed Draw, 1.000%, 4/1/20262,4,5		19,876,788
	19,366,172	Delayed Draw, 1.000%, 4/1/20262,4,5		19,117,348
	2,704,918	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 4/1/20262,3,4		2,688,254
	11,588,007	Delayed Draw, 6.784% (3-Month USD Libor+575 basis points), 4/1/20262,3,4		11,516,618
	426,519	Delayed Draw, 7.304% (3-Month USD Sofr+525 basis points), 4/1/20262,3,4		421,038
				994,357,690
		GOVERNMENTS — 0.4%
		Govdelivery Holdings, LLC
	536,402	Revolver, 0.500%, 1/29/20272,4,5		528,980
	3,334,737	Delayed Draw, 1.000%, 1/29/20272,4,5		3,288,599
	5,073,600	Delayed Draw, 7.006% (3-Month USD Libor+650 basis points), 1/29/20272,3,4		5,003,404
	6,084,288	First Lien Term Loan, 7.500% (3-Month USD Libor+625 basis points), 1/29/20272,3,4		6,000,108
		LOC Performance Products
	3,213,443	Revolver, 0.500%, 12/30/20262,4,5		3,161,994
	642,689	Revolver, 6.250% (3-Month USD Libor+525 basis points), 12/30/20262,3,4		632,399
	10,492,187	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 12/30/20262,3,4		10,324,201
				28,939,685
		HEALTH CARE — 18.3%
		AAH Topco, LLC

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	423,729	Revolver, 0.500%, 12/22/20272,4,5	$	407,393
	4,364,226	Delayed Draw, 1.000%, 12/22/20272,4,5		4,239,125
	4,108,131	First Lien Term Loan, 7.142% (3-Month USD Libor+550 basis points), 12/22/20272,3,4		3,949,756
		ACI Group Holdings, Inc.
	3,238,929	Delayed Draw, 1.000%, 8/2/20282,4,5		3,112,782
	511,004	Delayed Draw, 6.500% (3-Month USD Libor+575 basis points), 8/2/20282,3,4		491,102
	10,127,679	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 8/2/20282,3,4		9,733,236
		ADCS Clinics Intermediate Holdings, LLC
	5,433,471	Delayed Draw, 1.000%, 5/7/20272,4,5		5,276,317
	2,258,013	Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 5/7/20272,3,4		2,192,704
	11,024,132	First Lien Term Loan, 8.222% (3-Month USD Libor+625 basis points), 5/7/20272,3,4		10,705,278
		ADMA Bilogics, Inc.
	3,571,429	Delayed Draw, 1.000%, 3/23/20272,4,5		3,530,627
	21,782,571	First Lien Term Loan, 11.112% (3-Month USD Sofr+950 basis points), 3/23/20272,3,4		21,601,836
		Affinity Hospice Intermediate Holdings, LLC
	5,239,105	Delayed Draw, 1.000%, 12/17/20272,4,5		5,154,833
	8,738,993	First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 12/17/20272,3,4		8,576,820
		AG-Twin Brook Healthcare
	7,570,000	Delayed Draw, 1.000%, 4/2/20242,4,5		7,402,257
	12,208,716	First Lien Term Loan, 7.750% (3-Month USD Libor+675 basis points), 4/2/20242,3,4		11,938,184
	19,949,527	First Lien Term Loan, 6.649% (3-Month USD Libor+550 basis points), 9/25/20252,3,4		19,464,489
	19,961,604	Delayed Draw, 6.750% (3-Month USD Libor+575 basis points), 10/29/20262,3,4		19,448,461
	19,900,000	First Lien Term Loan, 6.750% (3-Month USD Libor+575 basis points), 12/14/20262,3,4		19,480,002
	14,962,500	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		14,533,598
	9,930,556	Delayed Draw, 1.000%, 2/23/20272,4,5		9,662,088
	12,847,222	First Lien Term Loan, 7.149% (3-Month USD Sofr+600 basis points), 2/23/20272,3,4		12,499,904
	2,222,222	Delayed Draw, 7.202% (3-Month USD Sofr+625 basis points), 2/23/20272,3,4		2,162,146

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	5,253,731	Alegeus Technologies Holding Corp. First Lien Term Loan, 10.950% (3-Month USD Libor+825 basis points), 9/5/20242,3,4	$	5,147,936
	11,880,000	American Renal Associates Holdings, Inc. First Lien Term Loan, 7.260% (3-Month USD Libor+625 basis points), 1/29/20272,3,4		11,533,347
	7,860,000	AWC-MH Acquisition First Lien Term Loan, 8.010% (3-Month USD Libor+700 basis points), 10/12/20252,3,4		7,770,679
		Biocare Medical LLC
	2,777,778	Revolver, 0.500%, 12/9/20272,4,5		2,718,749
	22,166,667	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 12/9/20272,3,4		21,695,617
	12,125,971	Bridges Consumer Healthcare First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 1/20/20272,3,4		11,870,968
		Carevet LLC
	4,530,505	Delayed Draw, 1.000%, 9/1/20252,4,5		4,433,300
	1,576,730	First Lien Term Loan, 1.000%, 9/1/20252,4,5		1,542,900
	9,950,000	Delayed Draw, 7.560% (3-Month USD Libor+725 basis points), 9/1/20252,3,4		9,736,516
	7,657,667	Delayed Draw, 7.560% (3-Month USD Libor+625 basis points), 9/1/20252,3,4		7,493,367
	844,677	First Lien Term Loan, 9.500% (3-Month USD Libor+850 basis points), 9/1/20252,3,4		826,554
	1,000,000	First Lien Term Loan, 13.059% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4		984,681
	1,333,333	First Lien Term Loan, 13.060% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4		1,312,908
	957,300	First Lien Term Loan, 13.255% (1-Month USD Libor+1,200 basis points), 9/1/20252,3,4		936,761
		Community Medical Acquisition Corp.
	3,683,963	Revolver, 0.500%, 12/15/20272,4,5		3,562,072
	4,333,814	Delayed Draw, 1.000%, 12/15/20282,4,5		4,227,622
	25,663,003	First Lien Term Loan, 6.579% (3-Month USD Libor+475 basis points), 12/15/20282,3,4		24,813,896
		Connect America.com, LLC
	267,689	Revolver, 0.500%, 6/30/20262,4,5		260,148
	7,272,738	First Lien Term Loan, 8.000% (1-Month USD Libor+700 basis points), 6/30/20262,3,4		7,067,859
	404,615	Revolver, 9.500% (1-Month USD Libor+700 basis points), 6/30/20262,3,4		393,217
		CORA Health Holdings Corp.
	5,234,389	Delayed Draw, 0.500%, 6/15/20272,4,5		5,136,093

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	439,024	Revolver, 0.500%, 6/15/20272,4,5	$	430,780
	167,457	Delayed Draw, 6.750% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		164,313
	330,207	Revolver, 6.750% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		324,006
	13,725,206	First Lien Term Loan, 7.036% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		13,467,463
		Covaris Intermediate 3, LLC
	1,184,211	Revolver, 0.500%, 1/21/20282,4,5		1,143,916
	5,921,053	Delayed Draw, 1.000%, 1/21/20282,4,5		5,777,943
	7,894,737	First Lien Term Loan, 6.348% (3-Month USD Libor+525 basis points), 1/21/20282,3,4		7,626,106
		CPF Dental, LLC
	15,263	Delayed Draw, 0.500%, 8/30/20242,4,5		14,728
	3,727,751	Delayed Draw, 1.000%, 8/30/20242,4,5		3,693,489
	2,874,675	Delayed Draw, 10.000% (3-Month USD Libor+1,000 basis points), 8/30/20242,3,4,12		2,773,799
	4,084,851	Delayed Draw, 10.000% (3-Month USD Libor+850 basis points), 8/30/20242,3,4,12		4,047,307
	5,353,550	First Lien Term Loan, 10.125% (3-Month USD Libor+850 basis points), 8/30/20242,3,4,12		5,165,687
	13,965,000	Crossroads Holding, LLC First Lien Term Loan, 6.500% (3-Month USD Libor+525 basis points), 12/23/20272,3,4		13,705,847
		D4C Dental Brands, Inc.
	714,286	Revolver, 0.500%, 12/30/20262,4,5		706,169
	608,914	Delayed Draw, 1.000%, 12/30/20262,4,5		608,477
	2,652,595	Delayed Draw, 7.500% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		2,650,691
	1,707,434	Delayed Draw, 7.500% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		1,706,208
	6,524,554	First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		6,519,870
		DCA Holdings LLC
	1,184,498	Delayed Draw, 1.000%, 3/12/20272,4,5		1,135,203
	2,770,304	Delayed Draw, 7.000% (3-Month USD Libor+625 basis points), 3/12/20272,3,4		2,655,015
	15,921,145	First Lien Term Loan, 7.000% (3-Month USD Libor+625 basis points), 3/12/20272,3,4		15,258,566
		Deca Dental Holdings, LLC
	740,741	Revolver, 0.500%, 8/26/20282,4,5		725,000
	3,333,333	Delayed Draw, 1.000%, 8/26/20282,4,5		3,262,499
	1,474,074	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 8/26/20282,3,4		1,442,749

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	14,003,704	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 8/26/20282,3,4	$	13,706,120
	370,370	Revolver, 8.000% (3-Month USD Libor+650 basis points), 8/26/20282,3,4		362,500
		Dermatopathology Laboratory Of Central States, LLC
	10,403,226	First Lien Term Loan, 6.895% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4		10,258,855
	6,935,484	First Lien Term Loan, 6.895% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4		6,753,071
		DOCS MSO LLC
	967,742	Revolver, 0.500%, 6/1/20282,4,5		954,312
	645,161	Revolver, 0.500%, 6/1/20282,4,5		628,193
	3,629,032	Delayed Draw, 1.000%, 6/1/20282,4,5		3,614,818
	2,419,355	Delayed Draw, 1.000%, 6/1/20282,4,5		2,379,761
	10,750,000	Ensemble RCM, LLC First Lien Term Loan, 5.551% (3-Month USD Libor+500 basis points), 5/18/20292,3,4		10,577,483
		ERC Holdings, LLC
	1,420,118	Revolver, 0.500%, 11/10/20272,4,5		1,376,211
	6,657,924	Revolver, 0.500%, 11/10/20272,4,5		6,452,074
	2,769,231	Delayed Draw, 1.000%, 11/10/20282,4,5		2,683,611
	15,773,077	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 11/10/20282,3,4		15,285,403
	20,000,000	Finthrive Software Intermediate Holdings, Inc. Second Lien Term Loan, 8.416% (3-Month USD Libor+675 basis points), 1/6/20302,3,4		19,139,499
		Fortis Life Sciences, LLC
	1,826,087	Revolver, 0.500%, 9/17/20272,4,5		1,787,282
	11,106,063	Delayed Draw, 1.000%, 9/17/20272,4,5		10,870,055
	14,413,502	First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 9/17/20272,3,4		14,107,210
	608,696	Revolver, 6.935% (3-Month USD Libor+475 basis points), 9/17/20272,3,4		595,761
		FYi Eye Care Services and Products, Inc.
	CAD 13,684,211	Delayed Draw, 1.000%, 3/4/20272,4,5,6		10,397,460
	CAD 26,315,789	Delayed Draw, 6.177% (3-Month USD Libor+450 basis points), 3/4/20272,3,4,6		19,995,116
		HPS Healthcare
	9,730,857	First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 6/27/20242,3,4,7		9,620,276
	9,825,000	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 7/2/20252,3,4,7		9,764,472
		Integrated Oncology Network, LLC
	83,957	Revolver, 0.500%, 6/24/20242,4,5		83,003

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	4,032,638	First Lien Term Loan, 7.000% (3-Month USD Libor+550 basis points), 6/24/20242,3,4	$	3,986,811
	137,688	First Lien Term Loan, 7.000% (3-Month USD Libor+550 basis points), 6/24/20242,3,4		136,123
	134,701	Revolver, 0.500%, 6/24/20252,4,5		131,279
	1,355,681	Delayed Draw, 1.000%, 6/24/20252,4,5		1,321,240
	3,308,194	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 6/24/20252,3,4		3,224,150
	509,935	Delayed Draw, 7.175% (3-Month USD Libor+600 basis points), 6/24/20252,3,4		496,980
		IvyRehab Intermediate II, LLC
	3,837,719	Revolver, 0.500%, 4/21/20292,4,5		3,755,936
	7,214,912	Delayed Draw, 1.000%, 4/21/20292,4,5		7,132,485
	23,486,842	First Lien Term Loan, 5.637% (3-Month USD Libor+475 basis points), 4/21/20292,3,4		22,986,331
	460,526	Delayed Draw, 6.221% (3-Month USD Libor+485 basis points), 4/21/20292,3,4		455,265
		Jayhawk Buyer, LLC
	9,012,233	First Lien Term Loan, 6.006% (3-Month USD Sofr+575 basis points), 10/15/20262,3,4		8,769,034
	756,696	First Lien Term Loan, 6.006% (3-Month USD Sofr+575 basis points), 10/15/20262,3,4		736,276
	1,105,654	First Lien Term Loan, 6.006% (3-Month USD Sofr+575 basis points), 10/15/20262,3,4		1,075,818
		Keystone Acquisition Corp.
	1,630,435	Revolver, 0.500%, 1/26/20282,4,5		1,593,311
	3,260,870	Delayed Draw, 1.000%, 1/26/20292,4,5		3,218,811
	20,108,696	First Lien Term Loan, 7.947% (3-Month USD Libor+575 basis points), 1/26/20292,3,4		19,650,839
		Life Science Intermediate Holdings, LLC
	188,281	Revolver, 0.500%, 6/10/20252,4,5		185,297
	3,750,000	Delayed Draw, 1.000%, 6/10/20252,4,5		3,690,554
	1,553,797	Delayed Draw, 1.000%, 6/10/20252,4,5		1,544,612
	3,318,026	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		3,265,428
	329,651	Revolver, 7.000% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		324,425
	2,900,533	First Lien Term Loan, 7.145% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		2,854,553
	468,376	Revolver, 0.500%, 6/10/20272,4,5		460,951
	EUR 6,000,000	Delayed Draw, 1.000%, 6/10/20272,4,5,6		6,188,311
	GBP 7,500,000	Delayed Draw, 1.000%, 6/10/20272,4,5,6		8,984,916
	6,550,650	Delayed Draw, 1.000%, 6/10/20272,4,5		6,477,264
	820,052	Revolver, 7.000% (3-Month USD Libor+600 basis points), 6/10/20272,3,4		807,053

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	14,925,000	MedData First Lien Term Loan, 6.060% (3-Month USD Libor+475 basis points), 10/31/20262,3,4	$	14,663,909
		MedMark Services, Inc.
	415,962	Delayed Draw, 1.000%, 6/11/20272,4,5		409,631
	4,063,846	Delayed Draw, 1.000%, 6/11/20272,4,5		4,001,996
	1,579,745	Delayed Draw, 6.000% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		1,555,702
	3,930,982	Delayed Draw, 6.000% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		3,871,153
	7,940,000	First Lien Term Loan, 6.006% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		7,819,156
		Myorthos Management, LLC
	4,906,039	First Lien Term Loan, 6.060% (3-Month USD Libor+525 basis points), 11/1/20272,3,4		4,809,995
	9,062,442	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 11/1/20272,3,4		8,871,863
		National Dentex Labs LLC
	252,873	Revolver, 1.000%, 10/23/20252,4,5		245,125
	390,805	Delayed Draw, 1.000%, 10/23/20252,4,5		378,829
	6,926,149	First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		6,713,915
	2,958,626	Delayed Draw, 8.010% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		2,867,967
	666,667	Revolver, 8.010% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		646,238
	526,086	Delayed Draw, 8.010% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		509,966
		Novotech (Australia) Pty Limited
	3,125,000	Delayed Draw, 1.000%, 1/14/20282,4,5		3,022,385
	AUD 18,543,750	Delayed Draw, 7.612% (1-Month AUD BBSY+575 basis points), 1/14/20282,3,4,6		12,379,096
	13,437,500	First Lien Term Loan, 7.825% (1-Month USD Sofr+575 basis points), 1/14/20282,3,4		12,996,257
		OB Hospitalist Group
	1,534,351	Revolver, 0.500%, 9/27/20272,4,5		1,460,637
	183,206	Revolver, 6.461% (3-Month USD Libor+550 basis points), 9/27/20272,3,4		174,404
	13,216,031	First Lien Term Loan, 6.560% (3-Month USD Libor+550 basis points), 9/27/20272,3,4		12,581,101
		OIA Acquisition, LLC
	1,928,571	Revolver, 0.500%, 10/19/20272,4,5		1,887,589
	459,000	Delayed Draw, 1.000%, 10/19/20272,4,5		449,246
	1,380,397	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 10/19/20272,3,4		1,351,064

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	11,200,500	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 10/19/20272,3,4	$	10,962,485
		OIS Management Services, LLC
	1,275,862	Revolver, 0.500%, 7/9/20262,4,5		1,247,734
	11,980,345	Delayed Draw, 1.000%, 7/9/20262,4,5		11,770,663
	5,243,793	Delayed Draw, 5.750% (3-Month USD Libor+475 basis points), 7/9/20262,3,4		5,152,015
	5,527,184	Ons Mso, LLC Revolver, 0.500%, 7/8/20242,4,5		5,410,950
	1,128,204	PAW Midco, Inc First Lien Term Loan, 11.500% (3-Month USD Libor+1,150 basis points), 12/22/20312,3,4,12		1,084,710
		Pediatric Home Respiratory Services LLC
	1,912,698	Delayed Draw, 1.000%, 12/4/20242,4,5		1,896,486
	102,749	Delayed Draw, 7.184% (3-Month USD Libor+575 basis points), 12/4/20242,3,4		101,878
	4,687,355	Pediatric Home Respiratory Services, LLC First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 12/4/20242,3,4		4,552,991
		Pinnacle Dermatology Management, LLC
	773,196	Revolver, 0.500%, 5/18/20232,4,5		743,388
	3,092,784	Delayed Draw, 1.000%, 5/18/20232,4,5		3,004,128
	309,278	Revolver, 5.062% (3-Month USD Libor+575 basis points), 5/18/20232,3,4		297,355
	10,824,742	First Lien Term Loan, 7.437% (3-Month USD Libor+575 basis points), 5/18/20232,3,4		10,434,187
		Pinnacle Fertility, Inc.
	12,500,000	Delayed Draw, 1.000%, 3/14/20282,4,5		12,112,708
	68,750	First Lien Term Loan, 5.250% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4		66,620
	27,431,250	First Lien Term Loan, 5.495% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4		26,581,337
		Pinnacle Treatment Centers, Inc.
	128,571	Revolver, 0.500%, 12/31/20222,4,5		127,110
	337,714	Delayed Draw, 6.989% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		333,877
	4,015,827	First Lien Term Loan, 6.989% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		3,970,191
	157,143	Revolver, 8.000% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		155,357
		Premier Imaging, LLC
	10,332,779	Delayed Draw, 1.000%, 1/2/20252,4,5		10,062,127
	4,862,339	First Lien Term Loan, 6.750% (3-Month USD Libor+600 basis points), 1/2/20252,3,4		4,734,977

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	4,184,775	Delayed Draw, 6.750% (1-Month USD Libor+575 basis points), 1/2/20252,3,4	$	4,075,161
	2,878,397	First Lien Term Loan, 6.810% (1-Month USD Libor+600 basis points), 1/2/20252,3,4		2,803,002
	15,435,524	First Lien Term Loan, 6.810% (1-Month USD Libor+575 basis points), 1/2/20252,3,4		15,031,213
	15,000,000	Premise Health Holding Corp. First Lien Term Loan, 6.299% (3-Month USD Sofr+475 basis points), 4/10/20252,3,4		14,642,425
	839,695	Q-Centrix LLC First Lien Term Loan, 6.575% (3-Month USD Libor+500 basis points), 11/30/20242,3,4		828,077
	152,778	RCS Healthcare Revolver, 0.500%, 2/3/20262,4,5,7		150,286
	17,500,000	Redwood MSO, LLC First Lien Term Loan, 6.452% (1-Month USD Sofr+525 basis points), 7/3/20252,3,4		17,312,510
		Smile Doctors, LLC
	1,837,456	Revolver, 0.500%, 12/23/20272,4,5		1,795,595
	371,025	Revolver, 6.500% (3-Month USD Libor+575 basis points), 12/23/20272,3,4		362,572
	16,629,512	Delayed Draw, 1.000%, 12/23/20282,4,5		16,359,746
	3,091,873	Delayed Draw, 5.500% (3-Month USD Libor+475 basis points), 12/23/20282,3,4		3,036,694
	19,650,398	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 12/23/20282,3,4		19,202,723
	1,457,279	Delayed Draw, 8.570% (3-Month USD Libor+575 basis points), 12/23/20282,3,4		1,433,638
	3,368,750	Spear Education, LLC First Lien Term Loan, 6.756% (6-Month USD Libor+500 basis points), 2/26/20252,3,4		3,215,233
	GBP 1,797,628	SSCP Pegasus Midco Limited First Lien Term Loan, 6.780% (6-Month GBP Libor+675 basis points), 11/16/20272,3,4,6		2,150,379
		The Smilist Management, Inc.
	356,075	Revolver, 0.500%, 12/22/20252,4,5		344,284
	1,228,458	Delayed Draw, 1.000%, 12/22/20252,4,5		1,187,779
	1,780,375	Delayed Draw, 7.062% (3-Month USD Libor+700 basis points), 12/22/20252,3,4		1,721,419
	3,234,941	First Lien Term Loan, 7.062% (3-Month USD Libor+600 basis points), 12/22/20252,3,4		3,127,819
	2,563,739	Delayed Draw, 7.062% (3-Month USD Libor+600 basis points), 12/22/20252,3,4		2,478,844
		TheKey, LLC
	20,573,644	Delayed Draw, 1.000%, 3/30/20272,4,5		20,261,269

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	3,324,830	First Lien Term Loan, 6.049% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4	$	3,241,907
	405,599	Delayed Draw, 6.352% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4		399,440
		Tivity Health, Inc.
	8,039,967	First Lien Term Loan, 8.009% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		7,824,448
	5,000,000	First Lien Term Loan, 8.009% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		4,915,878
	30,000,000	First Lien Term Loan, 8.009% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		29,495,268
	5,000,000	TPC Holdco, LLC Second Lien Term Loan, 9.000% (3-Month USD Libor+400 basis points), 3/29/20282,3,4		4,818,546
		Troy Gastroenterology, P.C.
	2,561,576	Delayed Draw, 0.500%, 11/25/20252,4,5		2,532,467
	591,133	Revolver, 0.500%, 11/25/20252,4,5		584,415
	2,334,975	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 11/25/20252,3,4		2,308,441
	4,426,724	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 11/25/20252,3,4		4,376,419
		Turningpoint Healthcare
	1,816,524	Revolver, 0.500%, 7/14/20272,4,5		1,778,323
	12,152,941	First Lien Term Loan, 5.810% (3-Month USD Libor+475 basis points), 7/14/20272,3,4		11,897,371
		Twin Brook Healthcare
	4,690,285	First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 11/16/20222,3,4,7		4,629,101
	14,961,330	First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 11/16/20222,3,4		14,766,164
	29,658,460	First Lien Term Loan, 7.250% (3-Month USD Libor+550 basis points), 7/1/20242,3,4,7		29,050,174
	14,446,089	First Lien Term Loan, 7.006% (3-Month USD Libor+625 basis points), 11/27/20242,3,4		14,159,191
	9,950,000	First Lien Term Loan, 7.064% (3-Month USD Libor+525 basis points), 8/11/20252,3,4		9,704,798
	9,419,848	First Lien Term Loan, 7.060% (3-Month USD Libor+600 basis points), 3/5/20262,3,4		9,173,250
	CAD 24,875,000	First Lien Term Loan, 6.977% (3-Month CAD Libor+650 basis points), 7/23/20262,3,4,6		18,798,324
	14,962,500	First Lien Term Loan, 7.060% (3-Month USD Libor+575 basis points), 8/20/20262,3,4		14,586,498
	24,875,000	First Lien Term Loan, 6.500% (3-Month USD Libor+525 basis points), 9/22/20262,3,4		24,183,062

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	19,950,000	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 10/8/20262,3,4	$	19,538,901
	13,703,636	U.S. Endo Partners First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 11/1/20272,3,4		13,415,455
		Urology Management Holdings, Inc.
	1,190,476	Revolver, 0.500%, 6/15/20262,4,5		1,159,555
	1,287,014	Delayed Draw, 1.000%, 6/15/20262,4,5		1,247,222
	1,564,929	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		1,516,544
	13,602,630	Delayed Draw, 6.256% (3-Month USD Libor+500 basis points), 6/15/20262,3,4		13,182,063
	5,087,091	First Lien Term Loan, 6.256% (3-Month USD Libor+500 basis points), 6/15/20262,3,4		4,929,808
	1,496,622	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		1,450,350
	6,577,021	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		6,373,672
	13,161,458	USHV Management, LLC First Lien Term Loan, 6.500% (3-Month USD Libor+500 basis points), 12/23/20272,3,4		12,754,531
		USME Holdings, LLC
	743,478	Delayed Draw, 0.500%, 11/24/20262,4,5		733,192
	936,232	Revolver, 0.500%, 11/24/20262,4,5		923,279
	5,846,286	First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 11/24/20262,3,4		5,765,399
	3,365,224	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 11/24/20262,3,4		3,318,664
		Vardiman Black Holdings, LLC
	7,847,084	Delayed Draw, 1.000%, 3/18/20272,4,5		7,732,663
	10,201,705	First Lien Term Loan, 8.842% (3-Month USD Sofr+800 basis points), 3/18/20272,3,4		10,002,434
	4,424,265	Delayed Draw, 9.145% (3-Month USD Sofr+800 basis points), 3/18/20272,3,4		4,359,754
		Vermont Aus Pty Ltd.
	AUD 10,890,131	First Lien Term Loan, 6.016% (3-Month AUD BBSY+550 basis points), 3/23/20282,3,4,6		7,246,134
	7,996,250	First Lien Term Loan, 6.400% (3-Month USD Libor+550 basis points), 3/23/20282,3,4		7,708,467
		Vetcor Professional Practices LLC
	1,052,632	Revolver, 0.500%, 5/20/20262,4,5		1,010,490
	9,579	Delayed Draw, 1.000%, 5/20/20282,4,5		9,195

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	14,920,667	Delayed Draw, 5.054% (3-Month USD Libor+425 basis points), 5/20/20282,3,4	$	14,323,326
	9,451,737	Delayed Draw, 5.054% (3-Month USD Libor+425 basis points), 5/20/20282,3,4		9,073,342
	7,115,789	Second Lien Delayed Draw, 1.000%, 11/3/20282,4,5		6,753,147
	2,357,895	Second Lien Delayed Draw, 7.304% (3-Month USD Libor+650 basis points), 11/3/20282,3,4		2,237,729
		Vital Care Buyer, LLC
	1,481,481	Revolver, 0.500%, 10/19/20252,4,5		1,463,767
	5,556,319	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 10/19/20252,3,4		5,489,881
	296,296	Revolver, 6.899% (3-Month USD Libor+550 basis points), 10/19/20252,3,4		292,753
		WCAS Orthopedics MSO, LLC
	1,724,138	Revolver, 0.500%, 12/4/20262,4,5		1,687,499
	8,255,172	First Lien Term Loan, 5.750% (3-Month USD Libor+500 basis points), 12/6/20272,3,4		8,079,747
		Web P.T., Inc.
	9,000,000	First Lien Term Loan, 8.325% (3-Month USD Libor+675 basis points), 8/28/20242,3,4		8,818,765
	1,125,000	Revolver, 0.500%, 1/18/20282,4,5		1,102,346
	187,500	WebPT, Inc. Revolver, 7.750% (3-Month USD Libor+675 basis points), 1/18/20282,3,4		183,724
		Xeris Pharmaceuticals, Inc.
	8,333,333	Delayed Draw, 1.000%, 3/8/20272,4,5		8,155,748
	16,666,667	First Lien Term Loan, 11.339% (3-Month USD Sofr+900 basis points), 3/8/20272,3,4		16,222,545
		Xifin, Inc.
	2,141,658	Revolver, 0.500%, 2/6/20262,4,5		2,075,442
	1,649,591	Delayed Draw, 1.000%, 2/6/20262,4,5		1,598,589
	10,157,514	First Lien Term Loan, 7.416% (1-Month USD Libor+575 basis points), 2/6/20262,3,4		9,833,241
		Zavation Medical Products, LLC
	1,621,622	Revolver, 0.500%, 6/30/20272,4,5		1,587,162
	405,405	Revolver, 5.506% (3-Month USD Libor+450 basis points), 6/30/20272,3,4		396,790
	12,875,676	First Lien Term Loan, 5.506% (3-Month USD Libor+450 basis points), 6/30/20272,3,4		12,602,063
				1,508,450,587
		INDUSTRIALS — 19.1%
	4,354,866	3SI Holdco, Inc. First Lien Term Loan, 8.063% (3-Month USD Libor+575 basis points), 6/16/20232,3,4		4,273,087

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	14,942,812	Aero Operating LLC Incremental Term Loan, 8.500% (1-Month USD Libor+650 basis points), 2/7/20262,3,4	$	14,292,880
	1,661,622	AGData First Lien Term Loan, 7.500% (3-Month USD Libor+475 basis points), 7/21/20232,3,4		1,628,161
		AG-Twin Brook Industrials
	19,360,000	Delayed Draw, 1.000%, 1/17/20262,4,5		19,095,194
	640,000	Delayed Draw, 6.000% (3-Month USD Libor+500 basis points), 1/17/20262,3,4		631,246
		Air Comm Corporation, LLC
	2,113,764	Revolver, 0.500%, 7/1/20272,4,5		2,074,070
	1,044,051	Revolver, 0.500%, 7/1/20272,4,5		1,024,445
	243,902	Delayed Draw, 1.000%, 7/1/20272,4,5		239,322
	1,588,658	Delayed Draw, 1.000%, 7/1/20272,4,5		1,558,825
	12,196,564	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		11,967,527
	8,857,927	Delayed Draw, 6.756% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		8,691,586
	325,260	Revolver, 6.756% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		319,152
	13,314,024	First Lien Term Loan, 6.756% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		13,064,003
	140,159	Revolver, 6.756% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		137,527
	29,760,274	Airnov, Inc. First Lien Term Loan, 7.096% (3-Month USD Libor+500 basis points), 12/19/20252,3,4		29,401,482
		Any Hour, LLC
	2,000,000	Revolver, 0.500%, 7/21/20272,4,5		1,957,499
	1,706,667	Delayed Draw, 1.000%, 7/21/20272,4,5		1,670,399
	6,666,667	Delayed Draw, 6.750% (3-Month USD Libor+575 basis points), 7/21/20272,3,4		6,524,998
	11,276,667	First Lien Term Loan, 6.750% (3-Month USD Libor+575 basis points), 7/21/20272,3,4		11,037,033
	4,960,000	Delayed Draw, 6.756% (3-Month USD Libor+525 basis points), 7/21/20272,3,4		4,854,598
	4,996,600	Apex Service Partners, LLC Delayed Draw, 6.676% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		4,931,637
	3,836,404	Aptean, Inc. First Lien Term Loan, 5.310% (3-Month USD Libor+425 basis points), 4/23/20262,3,4		3,775,068
		Ardurra Group LLC
	651,720	Delayed Draw, 1.000%, 9/1/20252,4,5		634,649

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	4,875,680	Delayed Draw, 8.560% (3-Month USD Libor+725 basis points), 9/1/20252,3,4	$	4,747,968
	8,353,664	First Lien Term Loan, 8.560% (3-Month USD Libor+725 basis points), 9/1/20252,3,4		8,134,852
		Armada Parent, Inc.
	2,383,333	Revolver, 0.500%, 10/29/20272,4,5		2,312,423
	2,000,000	Delayed Draw, 1.000%, 10/29/20272,4,5		1,940,495
	16,667	Revolver, 6.756% (3-Month USD Libor+575 basis points), 10/29/20272,3,4		16,171
	19,950,000	First Lien Term Loan, 6.989% (3-Month USD Libor+575 basis points), 10/29/20272,3,4		19,356,435
		Armstrong Transport Group
	4,573,611	First Lien Term Loan, 5.506% (6-Month USD Libor+500 basis points), 6/18/20242,3,4		4,422,161
	173,658	First Lien Term Loan, 5.506% (6-Month USD Libor+500 basis points), 6/18/20242,3,4		167,908
	5,219,411	First Lien Term Loan, 5.506% (6-Month USD Libor+500 basis points), 6/18/20242,3,4		5,046,575
	4,987,469	Arrowhead Holdco Company First Lien Term Loan, 6.075% (3-Month USD Libor+450 basis points), 8/31/20282,3,4		4,877,514
		AWT Merger Sub, Inc.
	892,857	Revolver, 0.500%, 12/17/20262,4,5		882,711
	1,424,370	Delayed Draw, 1.000%, 12/17/20262,4,5		1,408,183
	178,571	Revolver, 6.750% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		176,542
	2,496,607	Delayed Draw, 7.509% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		2,468,236
	997,059	Delayed Draw, 7.509% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		985,728
	6,348,214	First Lien Term Loan, 7.523% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		6,276,073
		Beacon Mobility Corp.
	903,984	Revolver, 0.500%, 5/22/20242,4,5		878,518
	17,604,190	Delayed Draw, 6.500% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		17,108,266
	4,980,680	Delayed Draw, 6.500% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		4,840,370
	2,248,811	First Lien Term Loan, 6.562% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		2,185,460
	96,016	Revolver, 7.750% (3-Month USD Libor+675 basis points), 5/22/20242,3,4		93,311
		Blackbird Purchaser, Inc.
	10,713,282	Delayed Draw, 1.000%, 4/8/20262,4,5		10,560,792
	13,334,219	First Lien Term Loan, 5.560% (3-Month USD Libor+450 basis points), 4/8/20262,3,4		13,030,174

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		BlueHalo Global Holdings, LLC
$	467,713	Revolver, 0.500%, 10/31/20252,4,5	$	460,872
	818,001	Revolver, 7.000% (3-Month USD Libor+600 basis points), 10/31/20252,3,4		806,036
	17,339,169	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 10/31/20252,3,4		17,085,557
	14,962,500	BP Purchaser, LLC First Lien Term Loan, 7.188% (3-Month USD Libor+550 basis points), 12/10/20282,3,4		14,433,009
		British Engineering Services Holdco Limited
	GBP 950,968	Revolver, 7.129% (3-Month GBP Libor+675 basis points), 12/2/20272,3,4,6		1,134,145
	GBP 396,237	First Lien Term Loan, 7.219% (3-Month GBP Libor+675 basis points), 12/2/20272,3,4,6		472,561
		Caldwell & Gregory LLC
	7,500,000	Delayed Draw, 1.000%, 12/5/20232,4,5		7,340,622
	7,500,000	Delayed Draw, 6.500% (3-Month USD Sofr+550 basis points), 12/5/20232,3,4		7,340,622
	14,961,446	First Lien Term Loan, 6.500% (3-Month USD Sofr+650 basis points), 12/5/20232,3,4		14,643,509
		Citrin Cooperman Advisors LLC
	40,000,000	Delayed Draw, 1.000%, 10/1/20272,4,5		39,362,202
	5,952,381	Delayed Draw, 1.000%, 10/1/20272,4,5		5,855,821
		Citrin Cooperman Advisors, LLC
	2,647,059	Delayed Draw, 5.750% (6-Month USD Libor+500 basis points), 10/1/20272,3,4		2,616,978
	6,176,471	First Lien Term Loan, 6.472% (6-Month USD Libor+500 basis points), 10/1/20272,3,4		6,106,281
	4,426,168	Colonial Bag, LLC First Lien Term Loan, 5.506% (3-Month USD Libor+450 basis points), 9/3/20252,3,4		4,370,399
		Comar Holding Company, LLC
	4,923,320	First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 6/18/20242,3,4		4,855,203
	776,043	Delayed Draw, 7.250% (3-Month USD Libor+600 basis points), 6/18/20242,3,4		765,306
	14,619,202	Construction Resources Company LLC First Lien Term Loan, 7.250% (3-Month USD Libor+575 basis points), 6/10/20242,3,4		14,244,945
		Continental Acquisition Holdings, Inc.
	2,671,875	Delayed Draw, 7.750% (3-Month USD Libor+600 basis points), 1/20/20272,3,4		2,628,040
	7,248,214	First Lien Term Loan, 7.750% (3-Month USD Libor+675 basis points), 1/20/20272,3,4		7,129,300
		Dispatch Acquisition Holdings, LLC

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	7,940,000	First Lien Term Loan, 5.256% (3-Month USD Libor+425 basis points), 3/25/20282,3,4	$	7,640,055
	13,895,000	First Lien Term Loan, 5.256% (3-Month USD Libor+425 basis points), 3/25/20282,3,4		13,370,096
	2,750,000	First Lien Term Loan, 5.759% (3-Month USD Libor+475 basis points), 3/25/20282,3,4		2,646,115
		DTI Holdco, Inc.
	282,231	Revolver, 7.750% (3-Month USD Prime+375 basis points), 4/26/20272,3,4		278,000
	599,741	Revolver, 0.500%, 4/26/20272,4,5		590,751
	6,773,548	First Lien Term Loan, 5.722% (1-Month USD Sofr+475 basis points), 4/26/20292,3,4		6,537,218
		Dwyer Instruments, Inc.
	1,120,427	Revolver, 0.500%, 7/21/20272,4,5		1,096,865
	3,201,219	Delayed Draw, 1.000%, 7/21/20272,4,5		3,133,899
	800,305	Revolver, 6.506% (3-Month USD Libor+550 basis points), 7/21/20272,3,4		783,475
		Easy Ice, LLC
	6,134,164	Delayed Draw, 1.000%, 12/31/20242,4,5		6,033,775
	5,434,876	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 12/31/20242,3,4		5,345,931
	4,924,433	First Lien Term Loan, 6.750% (3-Month USD Libor+525 basis points), 12/31/20242,3,4		4,843,842
	1,106,159	Delayed Draw, 7.544% (3-Month USD Libor+525 basis points), 12/31/20242,3,4		1,088,057
	804,337	First Lien Term Loan, 6.250% (3-Month USD Libor+450 basis points), 12/31/20252,3,4		791,174
	4,987,500	EShipping First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 11/5/20272,3,4		4,861,791
	4,098,361	FCG Acquisitions, Inc. First Lien Term Loan, 5.784% (3-Month USD Sofr+475 basis points), 4/1/20282,3,4		3,923,106
		FLS Holding, Inc.
	2,000,000	Revolver, 0.500%, 12/17/20272,4,5		1,940,495
	5,000,000	Delayed Draw, 1.000%, 12/17/20282,4,5		4,851,237
	23,000,000	First Lien Term Loan, 7.280% (3-Month USD Libor+525 basis points), 12/17/20282,3,4,8		22,315,689
		Fortis Solutions Group, LLC
	1,679,160	Revolver, 0.500%, 10/15/20272,4,5		1,650,450
	119,940	Revolver, 7.732% (3-Month USD Libor+550 basis points), 10/15/20272,3,4		117,889
	1,709,145	Delayed Draw, 1.000%, 10/15/20282,4,5		1,679,922
	10,000,000	Delayed Draw, 1.000%, 10/15/20282,4,5		9,903,859
	3,538,231	Delayed Draw, 6.467% (3-Month USD Libor+550 basis points), 10/15/20282,3,4		3,477,734

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	12,921,139	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 10/15/20282,3,4	$	12,700,212
		Gerson Lehrman Group, Inc.
	29,775,000	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 12/5/20242,3,4,8		29,348,327
	9,822,335	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 12/5/20242,3,4		9,681,582
		Graffiti Buyer, Inc.
	1,639,509	Revolver, 0.500%, 8/10/20272,4,5		1,604,669
	5,044,643	Delayed Draw, 1.000%, 8/10/20272,4,5		4,937,442
	882,812	Revolver, 6.750% (3-Month USD Libor+575 basis points), 8/10/20272,3,4		864,052
	11,210,037	First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 8/10/20272,3,4		10,971,820
		HPS Industrials
	9,818,309	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 7/25/20252,3,4,7		9,699,274
	23,705,666	First Lien Term Loan, 7.911% (3-Month USD Libor+675 basis points), 10/15/20262,3,4		23,324,361
		HSI Halo Acquisition, Inc.
	875,000	Revolver, 0.500%, 9/2/20252,4,5		856,599
	175,000	Revolver, 7.348% (3-Month USD Libor+575 basis points), 9/2/20252,3,4		171,320
	1,493,435	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 8/31/20262,3,4		1,460,510
	8,486,739	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 8/31/20262,3,4		8,320,597
	184,671	iCIMS Revolver, 7.500% (3-Month USD Libor+650 basis points), 9/12/20242,3,4		180,952
	14,886,361	Intergulf Corp. First Lien Term Loan, 6.750% (2-Month USD Libor+575 basis points), 11/16/20232,3,4		14,581,018
		Isaac Heating & Air Conditioning
	2,052,632	Revolver, 0.500%, 5/7/20272,4,5		2,019,159
	947,368	Delayed Draw, 1.000%, 5/7/20272,4,5		931,920
	3,783,158	Delayed Draw, 6.000% (3-Month USD Libor+525 basis points), 5/7/20272,3,4		3,721,465
	315,789	Revolver, 6.402% (3-Month USD Libor+500 basis points), 5/7/20272,3,4		310,640
	7,835,526	First Lien Term Loan, 6.402% (3-Month USD Libor+500 basis points), 5/7/20272,3,4		7,707,751
		ISS Compressors Industries, Inc.
	4,451,015	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 2/5/20262,3,4		4,351,584
	124,446	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 2/5/20262,3,4		121,666

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	270,834	Revolver, 6.510% (3-Month USD Libor+550 basis points), 2/5/20262,3,4	$	264,783
	103,705	First Lien Term Loan, 7.457% (3-Month USD Libor+550 basis points), 2/5/20262,3,4		101,388
	145,833	Revolver, 0.500%, 8/9/20262,4,5		142,576
		Jade Bidco Limited
	EUR 538,430	First Lien Term Loan, 6.250% (6-Month EUR Libor+600 basis points), 12/3/20262,3,4,6		552,282
	3,375,128	First Lien Term Loan, 6.520% (3-Month USD Libor+600 basis points), 12/3/20262,3,4		3,303,406
		Komline-Sanderson Group, Inc.
	2,031,250	Revolver, 0.500%, 3/17/20262,4,5		2,001,173
	4,687,500	Delayed Draw, 1.000%, 3/17/20262,4,5		4,618,092
	9,488,593	Delayed Draw, 6.500% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		9,348,094
	8,028,314	First Lien Term Loan, 6.500% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		7,909,437
	2,181,999	First Lien Term Loan, 7.062% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		2,149,690
	2,343,750	First Lien Term Loan, 7.632% (3-Month USD Sofr+600 basis points), 3/17/20262,3,4		2,309,046
	312,500	Revolver, 9.000% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		307,873
		KPSKY Acquisition, Inc.
	90,385	Delayed Draw, 1.000%, 10/19/20282,4,5		89,223
	5,000,000	Delayed Draw, 1.000%, 10/19/20282,4,5		4,935,758
	13,115,184	First Lien Term Loan, 6.461% (1-Month USD Libor+550 basis points), 10/19/20282,3,4		12,680,728
	1,412,260	Delayed Draw, 7.750% (1-Month USD Libor+450 basis points), 10/19/20282,3,4		1,394,114
		Lav Gear Holdings, Inc.
	235,064	First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 10/31/20242,3,4		231,550
	5,326,859	First Lien Term Loan, 8.500% (1-Month USD Sofr+750 basis points), 10/31/20242,3,4,12		5,247,225
	18,407,500	Lereta, LLC First Lien Term Loan, 6.000% (1-Month USD Libor+525 basis points), 7/30/20282,3,4		18,075,787
		Liquid Environmental
	4,146,739	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 5/31/20262,3,4		4,059,535
	9,828,628	First Lien Term Loan, 6.327% (3-Month USD Libor+475 basis points), 5/31/20262,3,4		9,621,937
		Lithium Technologies, LLC
	367,018	Revolver, 0.500%, 10/3/20222,4,5		359,627
	244,678	Revolver, 9.000% (3-Month USD Libor+350 basis points), 10/3/20222,3,4		239,751

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount				Value
			SENIOR SECURED LOANS (Continued)
			INDUSTRIALS (Continued)
$	8,792,149		First Lien Term Loan, 9.030% (3-Month USD Libor+800 basis points), 10/3/20222,3,4	$	8,615,099
			Majco LLC
	1,666,667		Revolver, 0.500%, 12/23/20282,4,5		1,628,664
	6,583,333		Delayed Draw, 1.000%, 12/23/20282,4,5		6,489,628
	2,745,625		Delayed Draw, 5.500% (3-Month USD Libor+450 basis points), 12/23/20282,3,4		2,706,545
	9,000,000		First Lien Term Loan, 5.620% (3-Month USD Libor+450 basis points), 12/23/20282,3,4		8,794,783
			Marcone Yellowstone Buyer, Inc.
	5,191,879		Delayed Draw, 1.000%, 6/23/20282,4,5		5,130,025
	1,838,424		Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 6/23/20282,3,4		1,816,522
	21,914,773		First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 6/23/20282,3,4,8		21,437,151
			Motion & Control Enterprises LLC
	963,887		Revolver, 0.500%, 6/1/20282,4,5		941,891
	2,350,943		Delayed Draw, 1.000%, 6/1/20282,4,5		2,320,737
	446,679		Revolver, 6.755% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4		436,486
	9,403,772		First Lien Term Loan, 6.755% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4		9,189,182
			NCWS Intermediate, Inc.
	30,884		Delayed Draw, 1.000%, 12/29/20262,4,5		30,234
	7,670,781		Delayed Draw, 7.060% (3-Month USD Libor+600 basis points), 12/29/20262,3,4		7,509,469
	2,000,991		Delayed Draw, 7.060% (3-Month USD Libor+600 basis points), 12/29/20262,3,4		1,956,876
	870,625	��	Delayed Draw, 7.666% (3-Month USD Libor+600 basis points), 12/29/20262,3,4		851,431
			Northstar Recycling
	2,000,000		Revolver, 0.500%, 10/1/20272,4,5		1,947,613
	9,300,000		First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 10/1/20272,3,4		9,056,400
	2,000,000		First Lien Term Loan, 5.773% (3-Month USD Libor+475 basis points), 10/1/20272,3,4		1,949,530
			Omni Intermediate Holdings, LLC
	2,253,521		Revolver, 0.500%, 12/30/20252,4,5		2,203,264
	1,549,296		Delayed Draw, 1.000%, 12/30/20262,4,5		1,521,388
	26,071,831		First Lien Term Loan, 6.000% (1-Month USD Libor+500 basis points), 12/30/20262,3,4		25,479,948
	9,250,000		PaperWorks Industries, Inc First Lien Term Loan, 9.000% (3-Month USD Libor+725 basis points), 12/18/20252,3,4		8,952,840

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		PCX Holding Corp.
$	541,667	Revolver, 0.500%, 4/22/20272,4,5	$	535,511
	3,085,937	Delayed Draw, 1.000%, 4/22/20272,4,5		3,010,283
	3,112,500	Delayed Draw, 7.256% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		3,077,130
	6,203,125	First Lien Term Loan, 7.256% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		6,132,633
	83,333	Revolver, 8.484% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		82,386
		Polyphase Elevator Holding Company
	9,949,875	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 6/23/20272,3,4		9,664,841
	1,142,400	Delayed Draw, 7.750% (3-Month USD Libor+550 basis points), 6/23/20272,3,4		1,129,418
	19,857,600	Delayed Draw, 1.000%, 1/7/20282,4,5		19,631,938
		Potter Electric Signal Company, LLC
	366,547	Revolver, 0.500%, 12/19/20252,4,5		358,839
	2,647,890	Delayed Draw, 1.000%, 12/19/20252,4,5		2,592,206
	10,687,732	First Lien Term Loan, 6.859% (3-Month USD Libor+475 basis points), 12/19/20252,3,4		10,462,975
	271,044	Revolver, 7.250% (3-Month USD Libor+375 basis points), 12/19/20252,3,4		265,344
	5,000,000	Pregis TopCo LLC Second Lien Term Loan, 9.060% (3-Month USD Libor+800 basis points), 8/1/20272,3,4		4,874,688
	15,480,071	Prime Buyer, LLC  First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 12/22/20262,3,4		15,232,226
	24,937,500	PrimeFlight Aviation Services, Inc. First Lien Term Loan, 7.845% (3-Month USD Libor+550 basis points), 5/9/20242,3,4,8		24,284,298
		PT Intermediate Holdings III, LLC
	9,362,950	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 10/15/20252,3,4		9,159,320
	13,067,250	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 10/15/20252,3,4		12,783,057
	2,483,775	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 10/15/20252,3,4		2,429,757
	21,900,000	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 10/15/20252,3,4,8		21,423,707
		Radwell International, LLC
	2,921,300	Revolver, 0.500%, 12/11/20262,4,5		2,844,839
	7,303,400	Delayed Draw, 1.000%, 12/11/20262,4,5		7,112,243
	54,775,300	First Lien Term Loan, 6.600% (3-Month USD Libor+560 basis points), 4/1/20292,3,4,8		53,341,629
		RCS Industrials

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	285,714	Revolver, 0.500%, 1/31/20252,4,5	$	281,761
	1,357,609	First Lien Term Loan, 6.010% (3-Month USD Libor+500 basis points), 1/31/20252,3,4,7		1,338,826
	16,786,478	Retail Services WIS Corporation Delayed Draw, 10.000% (3-Month USD Libor+775 basis points), 5/20/20252,3,4		16,263,802
		RQM Buyer, Inc.
	4,687,500	Delayed Draw, 1.000%, 8/12/20232,4,5		4,591,673
	20,210,937	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 8/12/20262,3,4		19,799,615
		S4T Holdings Corp.
	4,545,455	Delayed Draw, 1.000%, 12/27/20262,4,5		4,421,899
	15,390,151	First Lien Term Loan, 7.154% (3-Month USD Libor+600 basis points), 12/27/20262,3,4		14,971,814
	10,000,000	Safety Products Holdings, LLC First Lien Term Loan, 7.624% (3-Month USD Libor+600 basis points), 12/15/20262,3,4		9,876,474
		Seko Global Logistics Network, LLC
	43,145	Revolver, 0.500%, 12/30/20262,4,5		42,654
	21,572	Revolver, 6.300% (3-Month USD Libor+500 basis points), 12/30/20262,3,4		21,327
	EUR 10,569,991	Seko Worldwide, LLC First Lien Term Loan, 6.000% (1-Month EUR Libor+500 basis points), 12/30/20262,3,4,6		10,984,304
		Sonny's Enterprises, LLC
	457,317	Revolver, 0.500%, 8/5/20252,4,5		452,120
	182,927	Revolver, 7.750% (3-Month USD Libor+675 basis points), 8/5/20252,3,4		180,848
	903,201	Delayed Draw, 7.750% (3-Month USD Libor+675 basis points), 8/5/20262,3,4		892,937
	5,855,945	First Lien Term Loan, 7.750% (3-Month USD Libor+675 basis points), 8/5/20262,3,4		5,789,398
		Spartronics LLC
	274,522	Revolver, 0.500%, 12/31/20252,4,5		269,394
	3,732,828	Revolver, 5.500% (3-Month USD Libor+475 basis points), 12/31/20252,3,4		3,663,099
	4,404,760	First Lien Term Loan, 5.550% (3-Month USD Libor+475 basis points), 12/31/20252,3,4		4,320,302
	8,235,188	First Lien Term Loan, 5.550% (3-Month USD Libor+475 basis points), 12/31/20252,3,4		8,077,284
	9,975,000	Standard Elevator Systems First Lien Term Loan, 7.111% (3-Month USD Libor+575 basis points), 12/2/20272,3,4		9,555,933
	3,806,243	Stats Intermediate Holdings, LLC First Lien Term Loan, 5.719% (3-Month USD Libor+525 basis points), 7/10/20262,3,4		3,692,445

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		System Planning and Analysis, Inc.
$	2,195,340	Revolver, 0.500%, 8/16/20272,4,5	$	2,149,628
	15,266,398	First Lien Term Loan, 7.299% (3-Month USD Libor+600 basis points), 8/16/20272,3,4		14,948,511
	5,204,301	Delayed Draw, 1.000%, 10/29/20272,4,5		5,134,735
		Tank Holding Corp.
	1,038,576	Revolver, 0.500%, 3/31/20282,4,5		1,005,501
	741,840	Revolver, 6.898% (1-Month USD Sofr+600 basis points), 3/31/20282,3,4		718,215
	48,219,585	First Lien Term Loan, 7.134% (1-Month USD Sofr+610 basis points), 3/31/20282,3,4		46,683,982
	9,937,107	Texas Hydraulics First Lien Term Loan, 8.880% (1-Month USD Libor+725 basis points), 12/22/20262,3,4		9,600,330
	GBP 13,639,921	The Citation Group Delayed Draw, 5.944% (3-Month GBP Libor+550 basis points), 9/15/20272,3,4,6		16,308,577
		The Vertex Companies, Inc.
	1,304,348	Revolver, 0.500%, 8/31/20262,4,5		1,253,161
	915,783	Delayed Draw, 1.000%, 8/31/20272,4,5		879,844
	9,733,696	First Lien Term Loan, 6.500% (1-Month USD Libor+550 basis points), 8/31/20272,3,4		9,351,711
	2,997,261	Delayed Draw, 7.166% (1-Month USD Libor+550 basis points), 8/31/20272,3,4		2,879,638
		Time Manufacturing Acquisition, LLC
	1,643,836	Revolver, 0.500%, 2/3/20232,4,5		1,590,592
	EUR 11,739,588	First Lien Term Loan, 7.250% (3-Month EUR Libor+650 basis points), 12/1/20272,3,4,6		11,904,572
	1,369,863	Revolver, 7.304% (3-Month USD Libor+650 basis points), 12/1/20272,3,4		1,325,493
	18,227,646	First Lien Term Loan, 7.304% (3-Month USD Libor+650 basis points), 12/1/20272,3,4		17,637,252
	24,937,500	Tinicum Voltage Acquisition Corp.  First Lien Term Loan, 5.500% (3-Month USD Libor+450 basis points), 11/22/20242,3,4		24,346,077
		Titan Group Holdco, LLC
	2,200,000	Revolver, 0.500%, 8/12/20272,4,5		2,153,249
	2,500,000	Delayed Draw, 1.000%, 8/12/20272,4,5		2,446,874
	2,500,000	Delayed Draw, 1.000%, 8/12/20272,4,5		2,446,874
	3,750,000	Delayed Draw, 1.000%, 8/12/20272,4,5		3,670,311
	300,000	Revolver, 5.500% (3-Month USD Libor+450 basis points), 8/12/20272,3,4		293,625
	8,706,250	First Lien Term Loan, 5.500% (3-Month USD Libor+450 basis points), 8/12/20272,3,4		8,521,239
		Transtar Holding Company
	1,448,276	Delayed Draw, 1.000%, 1/22/20272,4,5		1,397,311

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	10,321,510	First Lien Term Loan, 8.239% (1-Month USD Libor+700 basis points), 1/22/20272,3,4	$	9,957,274
		Trident Maritime Systems, Inc.
	66,667	Revolver, 1.000%, 2/26/20272,4,5		64,772
	13,420,000	First Lien Term Loan, 6.500% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		13,038,511
	1,377,778	Revolver, 8.000% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		1,338,612
		TSL Engineered Products, LLC
	14,561,413	First Lien Term Loan, 5.500% (3-Month USD Libor+475 basis points), 1/8/20282,3,4		14,308,384
	2,764,619	First Lien Term Loan, 5.500% (3-Month USD Sofr+475 basis points), 1/8/20282,3,4		2,708,153
	7,331,250	Twin Brook Aerospace First Lien Term Loan, 8.256% (1-Month USD Libor+725 basis points), 12/6/20242,3,4,7		6,906,197
		USRP Holdings, Inc.
	645,161	Revolver, 0.500%, 7/3/20272,4,5		628,404
	6,892,844	Delayed Draw, 1.000%, 7/3/20272,4,5		6,747,891
	16,483,226	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 7/3/20272,3,4		16,136,592
	3,145,613	Revolver, 0.500%, 7/23/20272,4,5		3,063,909
	4,963,351	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 7/23/20272,3,4		4,858,975
	EUR 1,300,000	Utac Ceram First Lien Term Loan, 5.250% (3-Month EUR Libor+575 basis points), 9/29/20272,3,4,6		1,315,936
	19,122,266	Valcourt Holdings II, LLC First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 1/7/20272,3,4		18,810,435
		VLS Recovery Services, LLC
	2,232,143	Revolver, 0.500%, 10/17/20242,4,5		2,201,260
	5,505,952	Delayed Draw, 1.000%, 10/17/20242,4,5		5,429,774
	16,731,399	First Lien Term Loan, 6.500% (1-Month USD Libor+550 basis points), 10/17/20242,3,4		16,499,910
	446,429	Delayed Draw, 6.562% (1-Month USD Libor+550 basis points), 10/17/20242,3,4		440,252
		VRC Companies, LLC
	468,750	Revolver, 0.500%, 6/29/20272,4,5		462,218
	3,121,332	Delayed Draw, 6.250% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		3,077,838
	18,609,375	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		18,350,063
	156,250	Revolver, 9.250% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		154,073

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		VSG Acquisition Corp.
$	2,333,333	Revolver, 0.500%, 4/11/20282,4,5	$	2,270,644
	8,166,667	Delayed Draw, 1.000%, 4/11/20282,4,5		7,947,253
	17,500,000	First Lien Term Loan, 6.531% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4		17,029,827
		Wildcat Buyerco, Inc.
	695,655	Delayed Draw, 1.000%, 2/27/20262,4,5		691,283
	760,367	Delayed Draw, 7.416% (3-Month USD Sofr+575 basis points), 2/27/20262,3,4		755,588
				1,578,788,295
		MATERIALS — 4.0%
	1,361,283	ADG Acquisiton, LLC Delayed Draw, 6.875% (3-Month USD Libor+588 basis points), 12/14/20232,3,4		1,329,165
		Alpine Acquisition Corp.
	659,472	Delayed Draw, 1.000%, 11/30/20262,4,5		645,104
	21,340,528	First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4		20,664,690
	404,488	Revolver, 0.500%, 3/1/20292,4,5		395,672
	71,380	Revolver, 7.000% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4		69,824
	29,151,392	First Lien Term Loan, 7.000% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4,8		28,516,052
		Berlin Packaging LLC
	EUR 4,527,699	Second Lien Term Loan, 1.000%, 11/7/20262,4,5,6		4,424,359
	EUR 13,068,750	Second Lien Term Loan, 7.250% (3-Month EUR Libor+700 basis points), 11/7/20262,3,4,6		12,770,471
	9,925,000	Colonial Bag, LLC Incremental Term Loan, 6.745% (3-Month USD Libor+500 basis points), 9/3/20252,3,4		9,799,947
		Consolidated Label Co.
	1,339,286	Revolver, 0.500%, 7/15/20262,4,5		1,317,446
	578,516	Revolver, 0.500%, 7/15/20262,4,5		569,082
	3,119,019	First Lien Term Loan, 6.038% (3-Month USD Libor+500 basis points), 7/15/20262,3,4		3,068,156
	8,552,404	First Lien Term Loan, 6.038% (3-Month USD Libor+500 basis points), 7/15/20262,3,4		8,412,939
	4,962,500	Incremental Term Loan, 6.239% (3-Month USD Libor+500 basis points), 7/15/20262,3,4		4,881,576
	2,568,379	Cyxtera Equipment Leases First Lien Term Loan, 8.250% (3-Month USD Libor+825 basis points), 1/1/20242,3,4		2,531,821

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		MATERIALS (Continued)
$	5,719,366	ENS Holdings III Corp. First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 12/31/20252,3,4	$	5,621,525
	7,692,158	HPS Materials First Lien Term Loan, 7.878% (3-Month USD Libor+588 basis points), 12/14/20232,3,4,7		7,510,672
		Indigo Buyer, Inc.
	1,666,667	Revolver, 0.500%, 5/23/20282,4,5		1,625,613
	5,000,000	Delayed Draw, 1.000%, 5/23/20282,4,5		4,926,604
	333,333	Revolver, 7.180% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4		325,123
	13,000,000	First Lien Term Loan, 7.180% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4		12,679,785
		New ILC Dover, Inc.
	875,722	Revolver, 0.500%, 2/2/20262,4,5		857,306
	3,601,785	Delayed Draw, 1.000%, 2/2/20262,4,5		3,526,041
	3,970,968	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 2/2/20262,3,4		3,887,460
	389,315	Revolver, 7.750% (3-Month USD Libor+675 basis points), 2/2/20262,3,4		381,128
	3,500,000	North Haven Goldfinc First Lien Term Loan, 11.750% (3-Month USD Libor+1,175 basis points), 12/23/20242,3,4		3,311,709
		Olympic Buyer, Inc.
	2,352,941	Revolver, 0.500%, 6/30/20282,4,5		2,227,804
	17,501,909	First Lien Term Loan, 5.000% (1-Month USD Libor+425 basis points), 6/30/20282,3,4		16,571,100
	9,000,000	First Lien Term Loan, 5.000% (3-Month USD Libor+425 basis points), 6/30/20282,3,4		8,521,350
	EUR 12,701,000	Optimum Group First Lien Term Loan, 5.500% (3-Month EUR Libor+575 basis points), 6/16/20282,3,4,6		12,975,133
	20,000,000	Oscar AcquisitionCo, LLC First Lien Term Loan, 6.109% (3-Month USD Sofr+450 basis points), 4/29/20292,3		17,950,000
	13,964,912	Pearlman Enterprises First Lien Term Loan, 5.310% (3-Month USD Libor+425 basis points), 5/5/20272,3,4		13,671,237
		Rohrer Corporation
	9,361,266	First Lien Term Loan, 6.062% (3-Month USD Libor+500 basis points), 3/15/20272,3,4		9,164,403
	2,637,121	First Lien Term Loan, 6.509% (3-Month USD Libor+500 basis points), 3/15/20272,3,4		2,555,586
	2,500,000	Tangent Technologies Acquisition, LLC Second Lien Term Loan, 9.750% (3-Month USD Sofr+875 basis points), 5/30/20282,3,4		2,443,453

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		MATERIALS (Continued)
		Technimark Holdings, LLC
$	12,750,000	Second Lien Term Loan, 7.500% (3-Month USD Libor+675 basis points), 7/9/20292,3,4	$	12,037,914
	2,250,000	Second Lien Term Loan, 7.500% (3-Month USD Libor+675 basis points), 7/9/20292,3,4,5		2,124,338
		Tilley Chemical Co., Inc.
	711,868	Revolver, 0.500%, 12/31/20262,4,5		697,937
	457,629	Revolver, 0.500%, 12/31/20262,4,5		448,674
	5,333,333	Delayed Draw, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		5,228,966
	19,063,125	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		18,690,079
	542,371	Revolver, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		531,757
	1,556,439	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		1,525,982
	843,688	Revolver, 8.250% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		827,178
	24,937,500	USALCO, LLC First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 10/19/20272,3,4		24,479,842
		V Global Holdings LLC
	7,661,476	Revolver, 0.500%, 12/22/20252,4,5		7,461,057
	2,059,991	Revolver, 7.634% (3-Month USD Sofr+575 basis points), 12/22/20252,3,4		2,006,103
	24,526,533	First Lien Term Loan, 6.500% (3-Month USD Sofr+575 basis points), 12/22/20272,3,4		23,884,936
				330,074,099
		REAL ESTATE — 1.3%
		Associations, Inc.
	25,000,000	Revolver, 0.500%, 7/2/20272,4,5		24,720,104
	3,932,810	Delayed Draw, 5.000% (3-Month USD Libor+400 basis points), 7/2/20272,3,4		3,888,779
	21,067,190	First Lien Term Loan, 5.000% (3-Month USD Libor+400 basis points), 7/2/20272,3,4		20,831,325
		CRS TH Holdings Corp
	4,237,288	Revolver, 0.500%, 12/1/20272,4,5		4,128,812
	6,355,932	Delayed Draw, 1.000%, 12/1/20272,4,5		6,193,218
	14,370,763	First Lien Term Loan, 5.756% (3-Month USD Libor+475 basis points), 12/1/20272,3,4		14,002,866
	3,659,575	Eagleview Technology Second Lien Term Loan, 7.500% (3-Month USD Libor+750 basis points), 8/14/20262,3,4		3,552,670
		MRI Software LLC
	2,159,885	Revolver, 0.500%, 2/10/20262,4,5		2,114,464
	17,500,000	Delayed Draw, 1.000%, 2/10/20262,4,5		17,232,839

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		REAL ESTATE (Continued)
$	5,558,131	First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 2/10/20262,3,4	$	5,441,246
	2,992,370	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 2/10/20262,3,4		2,958,364
				105,064,687
		TECHNOLOGY — 22.1%
		1WorldSync, Inc.
	5,764,930	First Lien Term Loan, 6.788% (3-Month USD Libor+575 basis points), 7/8/20252,3,4		5,648,123
	4,974,546	First Lien Term Loan, 6.788% (3-Month USD Libor+625 basis points), 7/8/20252,3,4		4,873,753
	144,643	Delayed Draw, 7.256% (3-Month USD Libor+575 basis points), 7/8/20252,3,4		141,712
		Acquia, Inc.
	266,585	Revolver, 0.500%, 10/31/20252,4,5		261,217
	2,031,627	First Lien Term Loan, 8.120% (1-Month USD Libor+700 basis points), 10/31/20252,3,4		1,990,716
	36,353	Revolver, 9.076% (3-Month USD Libor+700 basis points), 10/31/20252,3,4		35,620
		ACS
	3,900,026	First Lien Term Loan, 5.310% (3-Month USD Libor+425 basis points), 10/9/20262,3,4		3,749,478
	6,876,457	Second Lien Term Loan, 8.707% (3-Month USD Libor+825 basis points), 10/9/20272,3,4		6,675,580
		Afiniti, Inc.
	14,526,359	First Lien Term Loan, 11.750% (3-Month USD Libor+1,125 basis points), 6/13/20242,3,4,12		14,171,712
	5,433,517	First Lien Term Loan, 11.750% (3-Month USD Libor+650 basis points), 6/13/20242,3,4		5,300,863
	9,950,000	AG-Twin Brook Technology First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 10/29/20262,3,4		9,720,458
		AIDC Acquisition, LLC
	7,960,000	First Lien Term Loan, 6.429% (3-Month USD Libor+705 basis points), 4/1/20262,3,4		7,791,006
	9,340,271	First Lien Term Loan, 8.072% (1-Month USD Libor+701 basis points), 4/1/20262,3,4		9,141,973
	4,074,479	First Lien Term Loan, 8.112% (1-Month USD Libor+705 basis points), 4/1/20262,3,4		3,987,976
	5,877,471	First Lien Term Loan, 8.131% (3-Month USD Libor+300 basis points), 4/1/20262,3,4		5,752,690
	7,000,000	First Lien Term Loan, 8.205% (1-Month USD Libor+695 basis points), 4/1/20262,3,4		6,900,810

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	2,837,780	First Lien Term Loan, 8.576% (1-Month USD Libor+709 basis points), 4/1/20262,3,4	$	2,809,402
	14,925,000	First Lien Term Loan, 8.756% (1-Month USD Libor+709 basis points), 4/1/20262,3,4		14,608,136
	25,000,000	Anaplan, Inc. First Lien Term Loan, 6.750% (3-Month USD Sofr+650 basis points), 6/21/20292,3,4		24,822,546
		Appfire Technologies, LLC
	924,000	Revolver, 0.500%, 3/9/20272,4,5		906,575
	8,538,686	Delayed Draw, 1.000%, 3/9/20272,4,5		8,377,664
	11,020,000	Delayed Draw, 1.000%, 3/9/20272,4,5		10,894,512
	9,425,961	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 3/9/20272,3,4		9,248,206
	56,000	Revolver, 6.506% (3-Month USD Libor+550 basis points), 3/9/20272,3,4		54,944
		Applied Technical Services
	545,455	Revolver, 0.500%, 12/29/20262,4,5		523,671
	159,091	Delayed Draw, 1.000%, 12/29/20262,4,5		152,738
	3,409,091	Delayed Draw, 1.000%, 12/29/20262,4,5		3,272,947
	363,636	Revolver, 6.750% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		349,114
	2,266,193	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		2,175,691
	6,732,955	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		6,464,070
	2,568,182	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		2,465,620
		Apptio, Inc.
	557,223	Revolver, 0.500%, 1/10/20252,4,5		546,002
	371,482	Revolver, 7.255% (3-Month USD Libor+320 basis points), 1/10/20252,3,4		364,002
	8,232,848	First Lien Term Loan, 7.255% (3-Month USD Libor+725 basis points), 1/10/20252,3,4		8,067,062
	5,259,615	AQA Acquisition Holding, Inc. Second Lien Term Loan, 8.506% (3-Month USD Libor+750 basis points), 3/3/20292,3,4		5,094,382
	14,850,000	Arcstor Midco LLC First Lien Term Loan, 8.006% (3-Month USD Libor+700 basis points), 3/16/20272,3,4		14,274,574
		ASG II, LLC
	4,608,696	Delayed Draw, 1.000%, 5/25/20282,4,5		4,536,892
	30,724,638	First Lien Term Loan, 7.564% (3-Month USD Sofr+650 basis points), 5/25/20282,3,4		29,940,430
	8,004,594	ATP Intermediate, Inc. First Lien Term Loan, 9.976% (3-Month USD Libor+773 basis points), 6/16/20252,3,4		7,847,610

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	2,433,725	AVI-SPL First Lien Term Loan, 6.375% (3-Month USD Libor+538 basis points), 3/10/20272,3,4	$	2,384,810
		Benefit Street Technology
	2,666,666	Revolver, 0.500%, 10/1/20262,4,5		2,588,117
	24,937,500	First Lien Term Loan, 6.462% (3-Month USD Libor+525 basis points), 10/1/20272,3,4		24,202,940
	19,550,861	Delayed Draw, 1.000%, 5/2/20282,4,5		19,149,904
	156,406,889	First Lien Term Loan, 13.250% (3-Month USD Libor+1,225 basis points), 5/2/20282,3,4		151,651,767
		BetterCloud, Inc.
	2,512,669	Revolver, 0.500%, 6/30/20282,4,5		2,462,416
	16,081,081	First Lien Term Loan, 8.525% (3-Month USD Sofr+700 basis points), 6/30/20282,3,4		15,759,459
	3,370,787	Black Mountain Second Lien Term Loan, 9.826% (3-Month USD Libor+775 basis points), 9/26/20272,3,4		3,272,318
		Bounteous, Inc.
	1,488,000	Revolver, 0.500%, 8/2/20272,4,5		1,432,842
	4,300,000	Delayed Draw, 1.000%, 8/2/20272,4,5		4,140,605
	4,480,200	Delayed Draw, 6.000% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		4,314,125
	8,656,500	First Lien Term Loan, 6.006% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		8,335,616
	2,144,625	First Lien Term Loan, 6.006% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		2,065,127
	312,000	Revolver, 7.250% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		300,435
		BusinesSolver.com, Inc.
	1,378,788	Delayed Draw, 1.000%, 12/1/20272,4,5		1,354,292
	5,121,212	First Lien Term Loan, 6.500% (3-Month USD Libor+575 basis points), 12/1/20272,3,4		5,004,950
		Captify Intermediate Holdings Corp.
	2,493,750	Delayed Draw, 9.000% (3-Month USD Libor+800 basis points), 7/12/20262,3,4		2,445,979
	8,684,375	First Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 7/12/20262,3,4		8,518,015
		CEB Acquisitionco, LLC
	2,500,000	First Lien Term Loan, 6.990% (3-Month USD Libor+375 basis points), 12/21/20272,3,4		2,443,145
	2,493,750	First Lien Term Loan, 6.990% (3-Month USD Libor+575 basis points), 12/21/20272,3,4		2,400,112
	403,226	Charger Intermediateco, Inc. Delayed Draw, 7.166% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		396,504

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	1,898,941	Clarus First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 7/1/20252,3,4	$	1,790,816
		Cleo Communications Holding, LLC
	2,140,000	Revolver, 0.500%, 6/11/20282,4,5		2,084,157
	12,827,850	First Lien Term Loan, 8.190% (3-Month USD Libor+675 basis points), 6/11/20282,3,4		12,493,111
	10,000,000	Conservice Midco, LLC Second Lien Term Loan, 8.809% (3-Month USD Libor+775 basis points), 5/13/20282,3,4		9,854,313
	4,770,638	Corel Corporation First Lien Term Loan, 6.575% (3-Month USD Libor+500 basis points), 7/2/20262,3,4		4,602,601
		DataLink, LLC
	282,258	Revolver, 0.500%, 11/20/20262,4,5		263,703
	564,516	Revolver, 7.250% (3-Month USD Libor+650 basis points), 11/20/20262,3,4		527,405
	6,297,883	First Lien Term Loan, 7.250% (3-Month USD Libor+625 basis points), 11/20/20262,3,4		5,883,867
	45,000,000	David Phelps  First Lien Term Loan, 10.000% (1-Month USD Libor+700 basis points), 10/1/20222,3,4		44,477,736
	12,500,000	DCert Buyer, Inc. Second Lien Term Loan, 8.059% (1-Month USD Libor+700 basis points), 2/24/20292,3,4		12,195,789
		Diligent Corporation
	5,940,000	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 8/4/20252,3,4		5,731,558
	4,356,000	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 8/4/20252,3,4		4,202,281
	710,400	Delayed Draw, 1.000%, 8/24/20252,4,5		685,331
	887,008	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 8/24/20252,3,4		855,706
		Dude Solutions Holdings
	96,261	Revolver, 0.500%, 6/13/20252,4,5		94,323
	1,561,667	First Lien Term Loan, 7.500% (3-Month USD Libor+625 basis points), 6/13/20252,3,4		1,530,220
	110,013	Revolver, 8.500% (3-Month USD Libor+750 basis points), 6/13/20252,3,4		107,798
		Emburse, Inc.
	604,839	Revolver, 0.500%, 2/28/20242,4,5		594,756
	1,612,903	Delayed Draw, 1.000%, 2/28/20242,4,5		1,586,017
	2,016,129	First Lien Term Loan, 6.560% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		1,982,521

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	2,419,355	Delayed Draw, 6.560% (3-Month USD Libor+550 basis points), 2/28/20242,3,4	$	2,379,025
	201,613	Revolver, 6.560% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		198,252
	17,741,935	First Lien Term Loan, 6.560% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		17,446,185
	GBP 10,996,000	ERG Bidco, Ltd. First Lien Term Loan, 7.440% (3-Month GBP Libor+675 basis points), 6/25/20282,3,4,6		12,862,632
		ESG Investments, Inc
	2,142,857	Revolver, 0.500%, 9/11/20272,4,5		2,101,829
	8,035,714	Delayed Draw, 1.000%, 3/11/20282,4,5		7,881,859
	15,535,714	First Lien Term Loan, 5.744% (3-Month USD Libor+450 basis points), 3/11/20282,3,4		15,238,260
	1,951,784	Exegy, Inc. First Lien Term Loan, 5.632% (3-Month USD Libor+600 basis points), 5/17/20262,3,4		1,902,100
		Frontline Technologies Group LLC
	6,226,612	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 9/18/20232,3,4		6,155,852
	32,277,829	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 9/18/20232,3,4		31,911,024
	26,237,030	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 9/18/20232,3,4		25,938,873
	10,741,183	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 9/18/20232,3,4		10,619,120
		FSS Buyer LLC
	920,223	Revolver, 0.500%, 8/31/20272,4,5		886,111
	690,167	Revolver, 6.500% (3-Month USD Libor+575 basis points), 8/31/20272,3,4		664,583
	18,389,610	First Lien Term Loan, 5.870% (3-Month USD Libor+575 basis points), 8/31/20282,3,4		17,707,934
		Gainsight, Inc.
	2,625,000	Revolver, 0.500%, 7/30/20272,4,5		2,547,854
	20,100,000	First Lien Term Loan, 7.000% (3-Month USD Libor+625 basis points), 7/30/20272,3,4,12		19,509,281
	SEK 11,250,000	Goldcup 25952 AB First Lien Term Loan, 6.000% (3-Month SEK Stibor+575 basis points), 8/18/20272,3,4,6		1,081,994
		GovBrands Intermediate, Inc.
	917,000	Revolver, 0.500%, 4/4/20272,4,5		889,807
	905,972	Delayed Draw, 1.000%, 4/4/20272,4,5		879,107
	1,951,223	Delayed Draw, 6.506% (3-Month USD Libor+550 basis points), 8/4/20272,3,4		1,893,362

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	8,672,420	First Lien Term Loan, 6.506% (3-Month USD Libor+550 basis points), 8/4/20272,3,4	$	8,415,250
	500,000	Hawkeye AcquisitionCo, LLC Revolver, 0.500%, 11/19/20262,4,5		491,846
	20,000,000	HCSS First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 11/15/20272,3,4		19,337,720
		Help Systems Holdings, Inc.
	2,462,323	First Lien Term Loan, 4.750% (3-Month USD Libor+475 basis points), 11/19/20262,3		2,315,199
	10,000,000	Second Lien Term Loan, 7.500% (3-Month USD Libor+675 basis points), 11/19/20272,3,4		9,676,072
	1,985,000	HotSchedules First Lien Term Loan, 7.756% (3-Month USD Libor+675 basis points), 7/9/20252,3,4		1,933,595
		HPS Technology
	GBP 14,442,519	First Lien Term Loan, 5.690% (3-Month GBP Libor+550 basis points), 9/30/20262,3,4,6		17,353,760
	GBP 7,523,888	First Lien Term Loan, 6.191% (6-Month GBP Libor+625 basis points), 9/15/20272,3,4,6,7		8,995,940
	7,368,409	HS Purchaser LLC First Lien Term Loan, 4.750% (1-Month USD Libor+475 basis points), 11/30/20261,2,3,4		6,928,147
		IG Investments
	523,844	Revolver, 0.500%, 9/22/20282,4,5		501,474
	9,254,263	First Lien Term Loan, 6.750% (3-Month USD Libor+600 basis points), 9/22/20282,3,4		8,859,071
	198,699	Revolver, 9.750% (3-Month USD Libor+600 basis points), 9/22/20282,3,4		190,214
		Imagine Acquisitionco, Inc
	1,157,556	Revolver, 0.500%, 11/16/20272,4,5		1,132,958
	1,607,717	Delayed Draw, 1.000%, 11/16/20272,4,5		1,573,552
	7,216,640	Imagine Acquisitionco, Inc. First Lien Term Loan, 6.911% (3-Month USD Libor+550 basis points), 11/16/20272,3,4		7,063,284
	3,980,689	Information Resource First Lien Term Loan, 5.310% (3-Month USD Libor+425 basis points), 12/1/20252,3,4		3,930,502
		insightsoftware
	523,350	Revolver, 0.500%, 5/24/20242,4,5		494,896
	174,450	Revolver, 5.750% (3-Month USD Libor+475 basis points), 5/24/20242,3,4		164,965
	24,510,903	First Lien Term Loan, 6.750% (3-Month USD Libor+575 basis points), 5/24/20242,3,4		23,178,253
	2,576,262	Delayed Draw, 1.000%, 12/2/20262,4,5		2,436,191

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Invicti Intermediate 2, LLC
$	1,090,909	Revolver, 0.500%, 11/16/20272,4,5	$	1,057,180
	10,909,091	First Lien Term Loan, 7.559% (3-Month USD Libor+575 basis points), 11/16/20272,3,4		10,571,803
		IQN Holding Corp.
	577,540	Revolver, 0.500%, 5/2/20282,4,5		565,870
	1,443,850	Delayed Draw, 1.000%, 5/2/20292,4,5		1,421,820
	6,978,610	First Lien Term Loan, 6.897% (3-Month USD Sofr+550 basis points), 5/2/20292,3,4		6,837,596
	7,000,000	Ivanti Software, Inc. Second Lien Term Loan, 8.848% (3-Month USD Libor+725 basis points), 12/1/20282,3,4		6,589,894
	NOK$ 13,690,449	Jigsaw Bidco AS First Lien Term Loan, 8.200% (3-Month NOK Nibor+725 basis points), 5/3/20242,3,4,6		1,370,152
		Kaseya, Inc.
	4,100,000	Delayed Draw, 0.500%, 6/23/20292,4,5		4,059,537
	4,100,000	Revolver, 0.500%, 6/23/20292,4,5		4,028,861
	66,800,000	First Lien Term Loan, 8.286% (3-Month USD Sofr+575 basis points), 6/23/20292,3,4		65,640,951
		Kona Buyer, LLC
	9,429,921	First Lien Term Loan, 5.756% (3-Month USD Libor+550 basis points), 12/11/20272,3,4		9,276,146
	9,723,847	First Lien Term Loan, 5.756% (3-Month USD Libor+550 basis points), 12/11/20272,3,4		9,565,278
		Litera Bidco LLC
	1,203,563	First Lien Term Loan, 6.810% (1-Month USD Libor+575 basis points), 5/29/20262,3,4		1,171,084
	1,203,563	First Lien Term Loan, 6.810% (1-Month USD Libor+575 basis points), 5/29/20262,3,4		1,171,084
	5,486,145	First Lien Term Loan, 7.060% (1-Month USD Libor+600 basis points), 5/29/20262,3,4		5,343,649
	2,260,005	First Lien Term Loan, 7.060% (1-Month USD Libor+600 basis points), 5/29/20262,3,4		2,199,018
		LMG Holdings, Inc.
	165,714	Revolver, 0.500%, 4/30/20262,4,5		161,701
	4,678,929	First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 4/30/20262,3,4		4,565,160
	120,000	Revolver, 8.141% (3-Month USD Libor+650 basis points), 4/30/20262,3,4		117,094
		LogicMonitor, Inc.
	2,513,966	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4		2,433,709

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	670,391	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4	$	648,989
	4,189,944	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4		4,056,182
	2,597,765	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4		2,514,833
	5,027,933	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4		4,867,419
	23,608,280	First Lien Term Loan, 6.239% (3-Month USD Libor+500 basis points), 5/17/20232,3,4		23,001,934
	8,400,604	MAG DS Corp. First Lien Term Loan, 6.500% (1-Month USD Libor+525 basis points), 4/1/20271,2,3,4		8,116,192
	20,500,000	Mandolin Technology Intermediate Holdings, Inc. Second Lien Term Loan, 7.000% (3-Month USD Libor+650 basis points), 7/30/20292,3,4		20,035,671
		Marlin DTC-LS Midco 2, LLC
	2,914,145	First Lien Term Loan, 7.500% (3-Month USD Libor+650 basis points), 7/1/20252,3,4		2,748,213
	16,871,365	First Lien Term Loan, 7.506% (3-Month USD Libor+650 basis points), 7/1/20252,3,4		15,910,707
	14,000,000	Merlin International, Inc. First Lien Term Loan, 10.000% (3-Month USD Libor+700 basis points), 8/6/20232,3,4		13,840,904
		Mindbody, Inc.
	1,428,571	Revolver, 0.500%, 2/14/20252,4,5		1,399,804
	6,976,978	First Lien Term Loan, 9.884% (3-Month USD Libor+700 basis points), 2/14/20252,3,4		6,836,481
	169,523	Misys Ltd. Second Lien Term Loan, 4.739% (3-Month USD Libor+350 basis points), 6/13/20242,3		153,286
	7,000,000	MyComplianceoffice, Inc. First Lien Term Loan, 10.000% (3-Month USD Libor+850 basis points), 12/29/20252,3,4		6,821,813
		Netwrix Corporation And Concept Searching Inc.
	2,870,000	Revolver, 0.500%, 6/9/20292,4,5		2,829,572
	5,344,000	Delayed Draw, 1.000%, 6/9/20292,4,5		5,321,941
	14,347,000	Delayed Draw, 1.000%, 6/9/20292,4,5		14,216,339
	27,439,000	First Lien Term Loan, 6.496% (3-Month USD Sofr+500 basis points), 6/9/20292,3,4		27,052,478
		New Era Merger Sub, Inc.
	58,641	Revolver, 0.500%, 10/31/20262,4,5		56,801
	148,393	Revolver, 0.500%, 10/31/20262,4,5		143,738
	1,291,022	Delayed Draw, 1.000%, 10/31/20262,4,5		1,256,898

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	3,149,656	First Lien Term Loan, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4	$	3,066,405
	2,023,126	Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		1,969,652
	169,392	Revolver, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		164,077
	749,386	Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		729,579
		Newscycle Solutions
	2,303,848	First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		2,257,455
	267,237	First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		261,855
	347,666	Delayed Draw, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		340,665
	5,333,333	OEConnection LLC Second Lien Term Loan, 7.500% (3-Month USD Libor+700 basis points), 9/25/20272,3,4		5,177,535
	9,949,052	Options Technology Ltd. First Lien Term Loan, 6.222% (3-Month USD Libor+450 basis points), 12/26/20252,3,4		9,688,451
	7,500,000	OSP Lakeside Intermediate Holdings, LLC First Lien Term Loan, 9.047% (3-Month USD Libor+805 basis points), 7/31/20262,3,4		7,347,423
		PC Dreamscape Opco, Inc.
	1,315,789	Revolver, 0.500%, 4/25/20282,4,5		1,274,119
	3,289,474	Delayed Draw, 1.000%, 4/25/20282,4,5		3,217,802
	12,105,263	First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4		11,721,899
	3,289,474	Delayed Draw, 7.080% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4		3,217,802
		PCS Software, Inc.
	363,714	Revolver, 0.500%, 7/1/20242,4,5		357,674
	5,250,191	First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 7/1/20242,3,4		5,163,018
	20,415,482	PDFTron Systems, Inc. First Lien Term Loan, 6.998% (3-Month USD Sofr+550 basis points), 7/15/20272,3,4		19,794,865
	9,888,117	PDI TA Holdings, Inc. First Lien Term Loan, 5.544% (3-Month USD Libor+450 basis points), 10/24/20242,3,4		9,521,578
		PDQ
	1,764,706	Revolver, 0.500%, 8/27/20272,4,5		1,734,184
	7,377,353	Delayed Draw, 6.006% (3-Month USD Libor+550 basis points), 8/27/20272,3,4		7,249,756

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	10,769,412	First Lien Term Loan, 6.006% (3-Month USD Libor+550 basis points), 8/27/20272,3,4	$	10,583,146
		Pegasus Global Enterprise Holdings, LLC
	1,268,825	Delayed Draw, 0.500%, 5/29/20252,4,5		1,254,406
	775,467	Delayed Draw, 6.750% (3-Month USD Libor+625 basis points), 5/29/20252,3,4		766,654
	2,754,871	First Lien Term Loan, 6.750% (3-Month USD Libor+625 basis points), 5/29/20252,3,4		2,723,565
	1,185,006	Perforce Software, Inc. First Lien Term Loan, 4.514% (1-Month USD Libor+375 basis points), 7/1/20262,3		1,095,834
		ProcessUnity Holdings, LLC
	850,000	Revolver, 0.500%, 9/24/20282,4,5		821,809
	1,000,000	Delayed Draw, 1.000%, 9/24/20282,4,5		976,700
	5,000,000	First Lien Term Loan, 7.006% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		4,834,172
	150,000	Revolver, 7.633% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		145,025
	4,923,664	Q-Centrix LLC First Lien Term Loan, 6.075% (3-Month USD Libor+450 basis points), 11/30/20242,3,4		4,855,542
		Qualifacts
	263,158	Revolver, 0.500%, 9/19/20242,4,5		257,859
	2,192,982	First Lien Term Loan, 7.537% (3-Month USD Libor+650 basis points), 9/19/20242,3,4		2,148,822
	438,597	Delayed Draw, 7.540% (3-Month USD Libor+650 basis points), 9/19/20242,3,4		429,764
		Quantic Electronics, LLC
	227,245	Revolver, 0.500%, 11/19/20262,4,5		223,539
	1,090,985	Delayed Draw, 1.000%, 11/19/20262,4,5		1,073,194
	201,153	Revolver, 7.000% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		197,873
	3,970,000	Delayed Draw, 7.006% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		3,905,260
	5,431,250	First Lien Term Loan, 7.006% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		5,342,682
	2,321,139	Delayed Draw, 7.006% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		2,283,288
	3,673,167	First Lien Term Loan, 7.006% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		3,613,268
	20,000,000	Quest Software US Holdings, Inc.  First Lien Term Loan, 8.724% (3-Month USD Sofr+750 basis points), 2/1/20302,3,4		19,221,019
		Questel International

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	EUR 2,153,391	First Lien Term Loan, 6.250% (3-Month EUR Libor+525 basis points), 12/17/20272,3,4,6	$	2,231,104
	EUR 8,850,000	First Lien Term Loan, 6.250% (3-Month EUR Libor+525 basis points), 12/17/20272,3,4,6		9,169,386
	8,653,846	Quickbase, Inc. Second Lien Term Loan, 8.764% (3-Month USD Libor+800 basis points), 4/2/20272,3,4		8,401,048
		Ranger Buyer, Inc.
	1,538,462	Revolver, 0.500%, 11/18/20272,4,5		1,520,978
	384,615	Revolver, 7.705% (3-Month USD Libor+625 basis points), 11/18/20272,3,4		380,245
	23,076,923	First Lien Term Loan, 7.705% (3-Month USD Libor+625 basis points), 11/18/20282,3,4,8		22,814,677
		RCS Technology
	2,208,710	First Lien Term Loan, 6.750% (3-Month USD Libor+550 basis points), 2/28/20252,3,4,7		2,178,151
	343,264	Delayed Draw, 6.750% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		337,666
	55,556	Revolver, 6.750% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		54,650
	1,910,417	First Lien Term Loan, 6.750% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		1,879,263
		Recorded Future, Inc.
	178,771	Revolver, 0.500%, 7/3/20252,4,5		175,171
	1,126,241	First Lien Term Loan, 6.256% (3-Month USD Libor+525 basis points), 7/3/20252,3,4		1,103,562
		Redwood Services Group, LLC
	9,608,532	Delayed Draw, 1.000%, 6/15/20292,4,5		9,500,956
	40,391,468	First Lien Term Loan, 6.750% (3-Month USD Sofr+600 basis points), 6/15/20292,3,4		39,535,824
		Revalize, Inc.
	255,375	Revolver, 0.500%, 4/15/20272,4,5		252,069
	6,665,032	Delayed Draw, 1.000%, 4/15/20272,4,5		6,578,748
	19,960,114	Delayed Draw, 6.750% (3-Month USD Libor+525 basis points), 4/15/20272,3,4		19,701,714
	425,625	Revolver, 6.750% (3-Month USD Libor+575 basis points), 4/15/20272,3,4		420,115
	4,499,722	Delayed Draw, 6.756% (3-Month USD Libor+525 basis points), 4/15/20272,3,4		4,441,470
	142,968	Delayed Draw, 6.950% (3-Month USD Libor+575 basis points), 4/15/20272,3,4		141,117
	2,118,391	Rocket Software, Inc. First Lien Term Loan, 5.310% (3-Month USD Libor+425 basis points), 11/28/20252,3		1,975,399
		RPX Corporation

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	4,612,500	First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 10/23/20252,3,4	$	4,500,802
	8,000,000	First Lien Term Loan, 7.060% (3-Month USD Libor+600 basis points), 10/23/20252,3,4		7,806,270
		Safety Borrower Holdings
	169,492	Revolver, 9.000% (1-Month USD Prime+475 basis points), 9/1/20272,3,4		163,008
	508,475	Revolver, 0.500%, 9/1/20272,4,5		489,023
	1,694,915	Delayed Draw, 1.000%, 9/1/20272,4,5		1,630,076
	7,608,051	First Lien Term Loan, 6.756% (1-Month USD Libor+575 basis points), 9/1/20272,3,4		7,317,006
		Securonix, Inc.
	2,288,135	Revolver, 0.500%, 4/1/20282,4,5		2,220,783
	12,711,865	First Lien Term Loan, 7.435% (3-Month USD Sofr+650 basis points), 4/1/20282,3,4		12,337,688
		Seismic Software, Inc.
	272,390	Revolver, 0.500%, 10/15/20262,4,5		263,968
	1,089,558	Delayed Draw, 1.000%, 10/15/20262,4,5		1,055,871
	16,542	Delayed Draw, 5.989% (3-Month USD Libor+475 basis points), 10/15/20262,3,4		16,030
	3,677,970	Delayed Draw, 5.989% (3-Month USD Libor+475 basis points), 10/15/20262,3,4		3,560,553
	4,106,721	First Lien Term Loan, 5.989% (3-Month USD Libor+475 basis points), 10/15/20262,3,4		3,975,616
	817,169	Delayed Draw, 6.156% (3-Month USD Libor+475 basis points), 10/15/20262,3,4		791,904
	1,470,000	Smartlinx Solutions, LLC First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 3/5/20262,3,4		1,444,040
	13,000,000	Solera Global Holdings Second Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 6/4/20292,3,4		12,347,345
	GBP 3,613,000	SSCP Pegasus Bidco Ltd. First Lien Term Loan, 6.813% (3-Month GBP Libor+675 basis points), 6/16/20282,3,4,6		4,321,984
		Syntax Systems Ltd.
	876,568	Revolver, 0.500%, 10/29/20262,4,5		847,714
	1,103,630	Revolver, 6.250% (1-Month USD Libor+550 basis points), 10/29/20262,3,4		1,067,303
	4,987,469	First Lien Term Loan, 6.560% (1-Month USD Libor+550 basis points), 10/28/20282,3,4		4,822,314
	4,950,495	Delayed Draw, 1.000%, 10/29/20282,4,5		4,787,543
	17,978,960	First Lien Term Loan, 6.560% (1-Month USD Libor+550 basis points), 10/29/20282,3,4		17,387,160
		Tamarack Intermediate, L.L.C.

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	3,023,437	Revolver, 0.500%, 3/11/20282,4,5	$	2,931,527
	18,476,562	First Lien Term Loan, 6.500% (3-Month USD Sofr+575 basis points), 3/11/20282,3,4		17,914,887
	1,481,250	TaxSlayer LLC First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		1,452,025
		Thunder Purchase, Inc.
	1,136,691	Revolver, 0.500%, 6/30/20272,4,5		1,112,787
	235,177	Revolver, 7.984% (3-Month USD Libor+575 basis points), 6/30/20272,3,4		230,232
	4,083,877	First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 6/30/20282,3,4		3,993,843
		TigerConnect, Inc.
	1,875,000	Revolver, 0.500%, 2/16/20282,4,5		1,815,050
	541,406	Delayed Draw, 1.000%, 2/16/20282,4,5		534,791
	13,125,000	First Lien Term Loan, 7.750% (3-Month USD Sofr+675 basis points), 2/16/20282,3,4,12		12,705,349
	9,491,262	Transact Holdings, Inc. First Lien Term Loan, 5.810% (1-Month USD Libor+475 basis points), 4/30/20262,3,4		9,282,768
		Tribute Technology
	4,882,979	Revolver, 0.500%, 10/30/20262,4,5		4,780,292
	2,148,870	First Lien Term Loan, 6.506% (3-Month USD Libor+575 basis points), 10/30/20262,3,4		2,082,431
	6,446,609	Delayed Draw, 6.756% (3-Month USD Libor+575 basis points), 10/30/20262,3,4		6,247,292
		Trident Maritime Systems, Inc.
	222,222	Revolver, 0.500%, 2/26/20272,4,5		215,905
	3,053,333	First Lien Term Loan, 6.500% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		2,966,536
		Trintech, Inc.
	886,281	First Lien Term Loan, 7.240% (3-Month USD Libor+600 basis points), 12/29/20232,3,4		868,434
	443,141	First Lien Term Loan, 7.240% (3-Month USD Libor+600 basis points), 12/29/20232,3,4		434,217
	14,962,500	Twin Brook Technology First Lien Term Loan, 6.500% (3-Month USD Libor+550 basis points), 10/5/20272,3,4		14,614,025
	GBP 12,230,216	UKFast Leaders Limited First Lien Term Loan, 8.308% (3-Month GBP Libor+675 basis points), 9/8/20272,3,4,6		14,630,170
		Uniguest
	526,316	Revolver, 0.500%, 12/17/20252,4,5		520,335
	605,263	Delayed Draw, 1.000%, 12/17/20252,4,5		598,385

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	3,582,770	Delayed Draw, 8.000% (1-Month USD Libor+700 basis points), 12/17/20252,3,4	$	3,542,055
	5,197,368	First Lien Term Loan, 8.059% (1-Month USD Libor+700 basis points), 12/17/20252,3,4		5,138,305
		User Zoom Technologies, Inc.
	30,000,000	First Lien Term Loan, 6.500% (3-Month USD Sofr+575 basis points), 4/5/20292,3,4,8		29,190,439
	7,896,774	First Lien Term Loan, 6.947% (3-Month USD Sofr+575 basis points), 4/5/20292,3,4		7,739,436
	15,000,000	Virgin Pulse, Inc. Second Lien Term Loan, 8.309% (3-Month USD Libor+725 basis points), 4/6/20292,3,4		13,478,839
	29,524,000	Wilson Electronics Holdings,LLC First Lien Term Loan, 8.084% (3-Month USD Sofr+600 basis points), 5/17/20272,3,4		28,994,643
		Wiser Solutions, Inc.
	3,400,000	Delayed Draw, 1.000%, 4/29/20272,4,5		3,361,431
	10,664,000	First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 4/29/20272,3,4		10,332,169
		WorkForce Software, LLC
	463,235	Revolver, 7.500% (3-Month USD Libor+650 basis points), 7/31/20252,3,4		453,907
	4,365,630	First Lien Term Loan, 8.250% (3-Month USD Libor+650 basis points), 7/31/20252,3,4,12		4,277,718
	2,425,000	Worksoft First Lien Term Loan, 8.750% (3-Month USD Libor+775 basis points), 2/22/20252,3,4		2,383,966
	2,524,544	Xactly Corporation First Lien Term Loan, 8.250% (3-Month USD Libor+725 basis points), 7/29/20222,3,4		2,473,707
				1,824,008,104
		UTILITIES — 0.3%
	1,250,000	EDPO, LLC Delayed Draw, 1.000%, 12/8/20272,4,5		1,231,261
	7,843,955	TS OpCo Holding LLC First Lien Term Loan, 6.506% (3-Month USD Libor+525 basis points), 9/28/20232,3,4		7,630,739
		Water Holdings Acquisition, LLC
	519,305	Revolver, 0.500%, 12/18/20262,4,5		502,103
	3,817,808	Delayed Draw, 1.000%, 12/18/20262,4,5		3,758,719
	291,781	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 12/18/20262,3,4		287,265
	766,409	Revolver, 6.256% (3-Month USD Libor+525 basis points), 12/18/20262,3,4		741,021

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		UTILITIES (Continued)
$	13,645,715	First Lien Term Loan, 7.750% (3-Month USD Libor+525 basis points), 12/18/20262,3,4	$	13,193,684
				27,344,792
		TOTAL SENIOR SECURED LOANS
		(Cost $7,805,194,371)		7,692,724,528

Number of Shares
		PRIVATE INVESTMENT VEHICLES — 46.8%
		INVESTMENT PARTNERSHIPS — 6.4%
	N/A	AG Direct Lending Fund II (Unlevered) L.P.2,9	30,882,132
	N/A	AG Direct Lending Fund II L.P.2,9	22,458,722
	N/A	AG Direct Lending Fund III L.P.2,9	14,753,498
	N/A	AG DLI, L.P.2,9	13,626,961
	N/A	AG GTDL Fund II L.P.2,9	30,927,633
	N/A	AG GTDL Fund L.P.2,9	4,287,298
	N/A	AG KFHDL Fund L.P.2,9	4,287,178
	N/A	Annaly Credit Opportunities Onshore Fund, LP2,9	1,696,690
	N/A	Ares Commercial Finance Feeder (A) LP2,9	13,125,075
	N/A	Barings CMS Fund LP2,9	15,676,149
	N/A	CDL Tender Fund 2022-1, L.P.2,9	50,836,164
	N/A	Chilly HP SCF Investor, LP2,9	2,041,953
	N/A	Crescent Mezzanine Partners VIIC, L.P.2,9	6,263,108
	N/A	Crestline Specialty Lending III (U.S.), LP2,9	12,351,616
	N/A	HPS Mezzanine Partners 2019 LP2,9	9,894,995
	N/A	HPS Specialty Loan Fund V Feeder LP2,9	40,358,374
	N/A	Marlin Credit Opportunity Fund LP2,9	67,496,955
	N/A	Odyssey Company Investment Partners B L.P. 2,9	1,550,543
	N/A	Providence Debt Fund III (Non-US) L.P.2,9	11,433,738
	N/A	Raven Asset Based Credit Fund II, LP2,9	14,485,077
	N/A	Redwood Enhanced Income Corp.2,9	18,447,611
	N/A	Silver Point Specialty Credit Fund II, LP2,9	41,689,008
	N/A	Summit Partners Cred Offshort Fund II 2,9	9,942,858
	N/A	Thompson Rivers, LLC2,9	18,573,398
	N/A	Varagon Capital Corp. Direct Lending Fund 2,9	14,750,000
	N/A	Varagon Capital Direct Lending Fund2,9	12,460,449
	N/A	Vista Credit Partner Fund III LP2,9	29,357,505
	N/A	Waccamaw River, LLC 2,9	11,272,174
			524,926,862
		JOINT VENTURES — 1.1%
	N/A	FBLC Senior Loan Fund LLC2,9	80,235,000

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		PRIVATE INVESTMENT VEHICLES (Continued)
		JOINT VENTURES (Continued)
	N/A	Middle Market Credit Fund II, LLC2,9	$	14,999,492
				95,234,492
		NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 18.6%
	N/A	AGTB Private BDC2,9		43,575,000
	4,312,845	Barings Capital Investment Corporation2,9		97,480,947
	44,235,355	Barings Private Credit Corporation2,9		928,012,865
	5,602,693	Franklin BSP Lending Corporation2,9		42,855,000
	1,450,000	Golub Capital Direct Lending Corp.2,9		22,049,975
	1,593,455	Golub Capital IV BDC2,9		23,901,821
	1,645,985	Morgan Stanley Direct Lending Fund2,9		35,114,984
	10,000,000	New Mountain Guardian III BDC, LLC2,9		101,551,969
	500,000	New Mountain Guardian IV BDC, LLC2,9		5,000,000
	16,163,843	Owl Rock Core Income Corp.2,9		150,426,263
	2,119,509	Owl Rock Technology Finance Corp.2,9		37,218,006
	1,705,720	Owl Rock Technology Finance Corp. II2,9		24,555,301
	N/A	Stellus Private Credit BDC Feeder, LP2,9		9,150,694
	N/A	TCW Direct Lending VIII LLC2,9		13,734,307
				1,534,627,132
		PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 19.9%
	N/A	ABPCI Pacific Funding LP2,9		5,119,974
	N/A	BlackRock Shasta CLO VII2,9		460,375,215
	N/A	NXT Capital Structured Note I, LLC2,9		59,220,300
	N/A	Raven Senior Loan Fund LLC2,9		340,117,027
	N/A	Silver Point Loan Note Issuer LLC2,9		407,714,770
	N/A	Varagon Structured Note Issuer I LLC2,9		367,503,302
				1,640,050,588
		PRIVATE EQUITY — 0.1%
	4	Owl Rock Technology Holdings II LLC2,4		5,563,054
	N/A	Stellus Private BDC Advisor, LLC 2,4		1,022,872
				6,585,926
		SPECIAL PURPOSE VEHICLE FOR COMMON EQUITY — 0.2%
	N/A	Minerva Co-Invest LP2,9		15,308,912
		SPECIAL PURPOSE VEHICLE FOR PREFERRED EQUITY — 0.1%
	N/A	HPS Mint Co-Invest, L.P.2,9		10,142,068
		SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS — 0.4%
	N/A	17Capital Co. Investment Fund V-L LP2,6,9		23,594,546
	N/A	Endurance II L.P.2,9		10,479,651

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		PRIVATE INVESTMENT VEHICLES (Continued)
		SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS (Continued)
	N/A	Proxima Onshore Co-Invest, L.P.2,9	$	1,205,683
				35,279,880
		TOTAL PRIVATE INVESTMENT VEHICLES
		(Cost $3,773,257,662)		3,862,155,860

Principal Amount
		COLLATERALIZED LOAN OBLIGATIONS — 1.0%
$	12,000,000	ABPCI Direct Lending Fund CLO X LP 11.533% (3-Month USD Libor+1,047 basis points), 1/20/20321,2,3,4,10	11,275,920
		BlackRock Elbert CLO V LLC
	13,000,000	10.800% (3-Month Term SOFR+870 basis points), 6/15/20341,2,3,4,10	12,629,288
	39,500,000	18.000%, 6/15/20341,2,4,13	36,848,334
	10,000,000	Monroe Capital MML CLO IX Ltd. 9.836% (3-Month USD Libor+870 basis points), 10/22/20311,2,3,4,10,14	9,720,160
	2,910,000	Monroe Capital MML CLO VII Ltd. 8.755% (3-Month USD Libor+725 basis points), 11/22/20301,2,3,4,10	2,692,107
	15,000,000	Monroe Capital MML CLO VIII, Ltd. 19.500%, 11/22/2033*,1,2,4,10,13	11,840,437
		TOTAL COLLATERALIZED LOAN OBLIGATIONS
		(Cost $90,429,268)	85,006,246

Number of Shares
		PREFERRED STOCKS — 0.6%
		CONSUMER DISCRETIONARY — 0.0%
	1,871	Fabletics, Inc. - Series G2,4	1,871,000
		HEALTH CARE — 0.4%
	15,000	nThrive, Inc., 11.000%2,4	14,550,000
	17,500	Propharma, LLC Jayhawk Intermediate LLC, Series B Preferred, 13.000%2,4,12,15	16,974,740
			31,524,740
		INDUSTRIALS — 0.1%
	2,500	Atomic Transport, LLC LP Atomic Block, LLC, Class A Preferred, 8.500%2,4,16	2,500,000
	11,250,000	FSG Acquisition, LLC, - Senior Preferred, 12.250%2,4	10,968,750
	200	S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Preferred, 8.000%2,4,17	100,000
			13,568,750

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		PREFERRED STOCKS (Continued)
		TECHNOLOGY — 0.1%
	6,500	Mandolin Technology Intermediate Holdings, Inc. - Series A, 10.500%2,4	$	6,308,293
		TOTAL PREFERRED STOCKS
		(Cost $52,552,753)		53,272,783
		COMMON STOCKS — 0.1%
		FINANCIALS — 0.1%
	280,309	Forbright, Inc.2,4		4,774,561
		INDUSTRIALS — 0.0%
	2,188	Atomic Blocker, LLC Atomic Blocker, LLC, Class W Common2,4,16		1,213,027
	200	S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Common2,4,17		100,000
				1,313,027
		TOTAL COMMON STOCKS
		(Cost $4,365,607)		6,087,588

Principal Amount
		SUBORDINATED DEBT — 0.1%
		FINANCIALS — 0.1%
$	5,500,000	OTR Midco, LLC, 12.000%, 5/12/20262,4	5,344,374
		TOTAL SUBORDINATED DEBT
		(Cost $5,500,000)	5,344,374

Number of Shares
		WARRANTS — 0.0%
		CONSUMER DISCRETIONARY — 0.0%
	21,417	Fabletics, Inc.2,4	—
		ENERGY — 0.0%
	1	Service Compression, LLC 2,4	—
		HEALTH CARE — 0.0%
	1,300,435	ADMA Bilogics, Inc.2,4	1,997,432
	219,298	Xerix Biopharma Holdings, Inc.2,4	273,913
			2,271,345

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

Number of Shares			Value
		WARRANTS (Continued)
		TECHNOLOGY — 0.0%
	21,640	Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.)2,4	$	1,065,229
		TOTAL WARRANTS
		(Cost $1,152,261)		3,336,574
		SHORT-TERM INVESTMENTS — 0.4%
	29,939,009	State Street Institutional U.S. Government Money Market Fund, 1.41%2,18		29,939,009
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $29,939,009)		29,939,009
		TOTAL INVESTMENTS — 142.1%
		(Cost $11,762,390,931)		11,737,866,962
		Senior Notes (net of deferred offering costs of $185,000) — (10.8)%		(894,322,420	)
		Liabilities Less Other Assets — (31.3)%		(2,585,768,612	)
		NET ASSETS — 100.0%	$	8,257,775,930

Principal Amount
			REVERSE REPURCHASE AGREEMENTS — (0.1)%
$	(4,140,000	)	Agreement with Deutsche Bank AG, 3.534%, dated 6/22/2022, to be repurchased at $4,177,393 on 9/22/2022, collateralized by Monroe Capital MML CLO IX Ltd. with maturity of 10/22/2031, with a total value of $9,720,160	(4,140,000	)
			TOTAL REVERSE REPURCHASE AGREEMENTS
			(Proceeds $4,140,000)	(4,140,000	)

LLC – Limited Liability Company

LP – Limited Partnership

US – United States

RB – Revenue Bonds

LOC – Letter of Credit

BDC – Business Development Company

CAD - Canadian Dollars

EUR - Euro

GBP - Pound Sterling

NOK - Norwegian Krone

SEK - Swedish Krona

Libor - London Interbank Offered Rate

Stibor - Stockholm Interbank Offered Rate

Nibor - Norwegian Interbank Offered Rate

Sofr - Secured Overnight Financing Rate

CLO - Collateralized Loan Obligation

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

¹ Callable.

² As of June 30, 2022 all or a portion of the security has been pledged as collateral for a senior secured note. The value of the securities totaled $11,737,866,962 as of June 30, 2022. See Note 2, subsection Senior Notes of the Notes to Consolidated Financial Statements for additional information.

³ Floating rate security. Rate shown is the rate effective as of period end.

⁴ Value was determined using significant unobservable inputs.

⁵ Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. See Note 2 for additional information.

⁶ Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.

⁷ This investment was made through a participation. Please see Note 2 for a description of loan participations.

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

⁸ 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 $233,175,011 as of June 30, 2022. See note 2 for additional information.

⁹ Investment valued using net asset value per share as practical expedient. See Note 13 for respective investment strategies, unfunded commitments, and redemptive restrictions.

¹⁰ 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 $59,663,915, which represents 0.7% of total net assets of the Fund.

¹¹ Step rate security.

¹² Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.

¹³ Variable rate security. Rate shown is the rate in effect as of period end.

¹⁴ All or a portion of this security is segregated as collateral for reverse repurchase agreements. Total collateral had a fair value of $9,720,160 as of June 30, 2022. See note 2 for additional information.

¹⁵ Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.

¹⁶ Atomic Blocker, LLC holds Class A Preferred Units in Atomic Holdings, LLC, which is the holding company that owns Atomic Transport, LLC.

¹⁷ 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.

¹⁸ 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		25,759,098
ABPCI Pacific Funding LP		6/9/2022		5,189,873
AG Direct Lending Fund II (Unlevered) L.P.		3/31/2022		28,879,387
AG Direct Lending Fund II L.P.		3/31/2020		20,641,741
AG Direct Lending Fund III L.P.		6/28/2019		14,355,107
AG DLI, L.P.		3/31/2022		12,503,272
AG GTDL Fund II L.P.		3/31/2022		28,992,987
AG GTDL Fund L.P.		3/31/2022		4,033,367
AG KFHDL Fund L.P.		3/31/2022		4,039,188
AGTB Private BDC		5/10/2022		43,575,000
Annaly Credit Opportunities Onshore Fund, LP		4/16/2021		3,442,402
Ares Commercial Finance Feeder (A) LP		3/31/2021		11,309,134
Barings Capital Investment Corporation		1/25/2021		95,000,000
Barings CMS Fund LP		12/28/2021		15,000,000
Barings Private Credit Corporation		5/10/2021		900,000,000
BlackRock Shasta CLO VII		2/10/2021		457,069,906
CDL Tender Fund 2022-1, L.P.		4/4/2022		50,000,000
Chilly HP SCF Investor, LP		2/9/2022		1,967,311
Crescent Mezzanine Partners VIIC, L.P.		3/31/2021		5,524,605
Crestline Specialty Lending III (U.S.), LP		8/30/2021		12,285,567
Endurance II L.P.		8/24/2020		9,744,960
FBLC Senior Loan Fund LLC		4/1/2020		78,562,000
Franklin BSP Lending Corporation		1/20/2021		32,327,541
Golub Capital Direct Lending Corp.		7/13/2021		21,750,000
Golub Capital IV BDC		4/21/2022		23,901,821
HPS Mezzanine Partners 2019 LP		11/16/2020		8,708,498
HPS Mint Co-Invest, L.P.		5/25/2022		10,015,163
HPS Specialty Loan Fund V Feeder LP		5/14/2021		37,668,926
Marlin Credit Opportunity Fund LP		5/21/2021		68,626,771
Middle Market Credit Fund II, LLC		11/3/2020		12,708,191
Minerva Co-Invest LP		2/11/2022		14,720,019
Morgan Stanley Direct Lending Fund		7/16/2021		34,560,910
New Mountain Guardian III BDC, LLC		3/27/2020		100,000,000
New Mountain Guardian IV BDC, LLC		6/29/2022		5,000,000
NXT Capital Structured Note I, LLC		1/26/2022		59,124,117
Odyssey Company Investment Partners B L.P.		3/24/2022		1,555,423
Owl Rock Core Income Corp.		7/29/2021		150,000,000
Owl Rock Core Income Corp. II		3/31/2022		24,627,630
Owl Rock Technology Finance Corp.		9/24/2020		35,000,000
Providence Debt Fund III (Non-US) L.P.		3/31/2021		8,949,049
Proxima Onshore Co-Invest, L.P.		11/2/2021		1,135,246
Raven Asset Based Credit Fund II, LP		9/21/2021		13,661,842
Raven Senior Loan Fund LLC		5/5/2022		335,925,060
Redwood Enhanced Income Corp.		4/8/2022		18,200,000
Silver Point Loan Note Issuer LLC		3/22/2022		404,170,658
Silver Point Specialty Credit Fund II, LP		12/15/2020		41,326,575
Stellus Private Credit BDC Feeder, LP		1/31/2022		9,130,000
Summit Partners Cred Offshort Fund II		3/31/2022		7,685,081
TCW Direct Lending VIII LLC		1/31/2022		13,523,324
Thompson Rivers, LLC		6/29/2021		20,000,000
Varagon Capital Corp. Direct Lending Fund		5/23/2022		14,750,000
Varagon Capital Direct Lending Fund		3/25/2021		12,500,000
Varagon Structured Note Issuer I LLC		10/13/2021		365,000,000
Vista Credit Partner Fund III LP		9/15/2021		27,677,846
Waccamaw River, LLC		5/4/2021		11,278,065
Total				3,773,082,661

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

SWAP CONTRACT

INTEREST RATE SWAPS

Counterparty	Payments Made/Frequency		Payments Received/Frequency		Termination Date		Notional Value		Premiums Paid (Received)		Unrealized  Appreciation (Depreciation)
PNC Bank, N.A		Daily Simple SOFR1 + 1.446% / Quarterly		4.10% / Semi-annually		3/28/2027	$	650,000,000	$	-	$	1,811,069
PNC Bank, N.A		Daily Simple SOFR1 + 0.885% / Quarterly		4.10% / Semi-annually		3/28/2027		250,000,000		-		(5,043,129	)
TOTAL INTEREST RATE SWAPS											$	(3,232,060	)

¹ Reset daily with a five buseness day look back.

Cliffwater Corporate Lending Fund

Consolidated Schedule of Forward Foreign Currency Exchange Contracts

As of June 30, 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  June 30, 2022			Unrealized Appreciation (Depreciation)
Australian Dollars		State Street		USD		September 30, 2022		(29,289,839	)	$	(20,232,542	)	$	(20,230,680	)	$	1,862
Canadian Dollars		State Street		USD		August 18, 2022		(24,805,801	)		(19,335,272	)		(19,273,614	)		61,658
Canadian Dollars		State Street		USD		September 29, 2022		(41,410,193	)		(32,196,828	)		(32,181,534	)		15,294
Euro		State Street		USD		August 09, 2022		(3,615,550	)		(4,079,481	)		(3,800,161	)		279,320
Euro		State Street		USD		August 31, 2022		(11,734,695	)		(12,678,517	)		(12,353,504	)		325,013
Euro		State Street		USD		September 30, 2022		(104,935,337	)		(110,129,636	)		(110,799,980	)		(670,344	)
British Pound		State Street		USD		August 03, 2022		(3,802,164	)		(5,158,396	)		(4,631,450	)		526,946
British Pound		State Street		USD		August 04, 2022		(864,546	)		(1,087,780	)		(1,053,132	)		34,648
British Pound		State Street		USD		August 09, 2022		(14,568,385	)		(19,705,926	)		(17,747,998	)		1,957,928
British Pound		State Street		USD		September 15, 2022		(7,531,174	)		(9,039,292	)		(9,181,741	)		(142,449	)
British Pound		State Street		USD		September 30, 2022		(51,773,871	)		(62,975,148	)		(63,176,876	)		(201,728	)
British Pound		State Street		USD		November 04, 2022		(1,979,540	)		(2,493,072	)		(2,417,764	)		75,308
British Pound		State Street		USD		November 10, 2022		(1,750,327	)		(2,169,128	)		(2,138,148	)		30,980
Norwegian Krone		Marlin Credit Opportunities		USD		August 11, 2023		(13,125,000	)		(1,451,399	)		(1,346,387	)		105,012
Swedish Krona		Marlin Credit Opportunities		USD		August 23, 2024		(11,250,000	)		(1,279,529	)		(1,146,657	)		132,872
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS										$	(304,011,946	)	$	(301,479,626	)	$	2,532,320

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements

June 30, 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 June 30, 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 insurance companies, business development companies, asset management firms (on behalf of their investors), 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; and (vi) investments in bank loans including securities representing ownership or participation in a pool of such loans. 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. 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 June 30, 2022, net assets of the CCLF SPV were $3,293,813,831, or approximately 39.89% 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 June 30, 2022, net assets of the CCLF MCCW were $208,887,759, or approximately 2.53% 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 June 30, 2022, net assets of the CCLF HOLD were $19,143,659, or approximately 0.23% 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 June 30, 2022, net assets of the CCLF HOLD (D1) were $8,238,523, or approximately 0.10% 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 June 30, 2022, net assets of the CCLF HOLD (D2) were $489,145,581, or approximately 5.92% 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 June 30, 2022, net assets of the CCLF HOLD (D3) were $10,991,719, or approximately 0.13% 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 June 30, 2022, the Fund had fifteen 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. Changes in value, including accrued interest, are recorded as net change in unrealized appreciation/(depreciation) on the statement of operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the statement of assets and liabilities. 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 June 30, 2022, the Fund had two 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 out 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 June 30, 2022, the Fund had the following unfunded loan commitments as noted in the consolidated Schedule of Investments with a total principal amount of $1,348,158,454.

Borrower	Type	Principal Amount		Value
AAH Topco, LLC	Delayed Draw	$	4,364,226	$	4,239,125
AAH Topco, LLC	Revolver		423,729		407,393
ACI Group Holdings, Inc.	Delayed Draw		3,238,929		3,112,782
Acquia, Inc.	Revolver		266,585		261,217
ADCS Clinics Intermediate Holdings, LLC	Delayed Draw		5,433,471		5,276,317
ADMA Bilogics, Inc.	Delayed Draw		3,571,429		3,530,627
ADPD Holdings, LLC	Delayed Draw		1,586,136		1,560,406
Affinity Hospice Intermediate Holdings, LLC	Delayed Draw		5,239,105		5,154,833
AG-Twin Brook Healthcare	Delayed Draw		7,570,000		7,402,257
AG-Twin Brook Healthcare	Delayed Draw		9,930,556		9,662,088
AG-Twin Brook Industrials	Delayed Draw		19,360,000		19,095,194
Air Comm Corporation, LLC	Delayed Draw		1,588,658		1,558,825
Air Comm Corporation, LLC	Delayed Draw		243,902		239,322
Air Comm Corporation, LLC	Revolver		1,044,051		1,024,445
Air Comm Corporation, LLC	Revolver		2,113,764		2,074,070
Alera Group Holdings, Inc.	Delayed Draw		18,088,168		17,767,538
Alpine Acquisition Corp.	Delayed Draw		659,472		645,104
Alpine Acquisition Corp.	Revolver		404,488		395,672

Amba Buyer, Inc.	Delayed Draw	14,257,915	14,015,709
Any Hour, LLC	Delayed Draw	1,706,667	1,670,399
Any Hour, LLC	Revolver	2,000,000	1,957,499
Apex Service Partners, LLC	Revolver	1,582,051	1,532,520
Appfire Technologies, LLC	Delayed Draw	11,020,000	10,894,512
Appfire Technologies, LLC	Delayed Draw	8,538,686	8,377,664
Appfire Technologies, LLC	Revolver	924,000	906,575
Applied Technical Services	Delayed Draw	159,091	152,738
Applied Technical Services	Delayed Draw	3,409,091	3,272,947
Applied Technical Services	Revolver	545,455	523,671
Apptio, Inc.	Revolver	557,223	546,002
AQ Sage Buyer, LLC	Delayed Draw	17,868,014	17,578,157
AQ Sage Buyer, LLC	Delayed Draw	15,133,990	14,893,957
AQ Sunshine, Inc.	Delayed Draw	1,791,667	1,749,489
AQ Sunshine, Inc.	Delayed Draw	13,740,741	13,398,040
AQ Sunshine, Inc.	Revolver	1,491,667	1,456,551
Ardurra Group LLC	Delayed Draw	651,720	634,649
Armada Parent, Inc.	Delayed Draw	2,000,000	1,940,495
Armada Parent, Inc.	Revolver	2,383,333	2,312,423
ASG II, LLC	Delayed Draw	4,608,696	4,536,892
Aspen Opco, LLC	Revolver	2,462,121	2,409,800
Associations, Inc.	Revolver	25,000,000	24,720,104
Auveco Holdings, Inc.	Delayed Draw	1,973,684	1,943,570
Auveco Holdings, Inc.	Revolver	986,842	966,901
AWT Merger Sub, Inc.	Delayed Draw	1,424,370	1,408,183
AWT Merger Sub, Inc.	Revolver	892,857	882,711
AxiomSL Group, Inc.	Delayed Draw	713,267	694,584
AxiomSL Group, Inc.	Revolver	731,098	711,948
BCPE North Star US Holdings Co.	Delayed Draw	2,210,526	2,146,409
Beacon Mobility Corp.	Revolver	903,984	878,518
Bendon	Revolver	1,800,000	1,705,694
Benefit Street Technology	Delayed Draw	19,550,861	19,149,904

Benefit Street Technology	Revolver	2,666,667	2,588,117
Berlin Packaging LLC	Second Lien Term Loan	4,527,699	4,424,359
BetterCloud, Inc.	Revolver	2,512,669	2,462,416
Biocare Medical LLC	Revolver	2,777,778	2,718,749
Blackbird Purchaser, Inc.	Delayed Draw	10,713,282	10,560,792
BlueHalo Global Holdings, LLC	Revolver	467,713	460,872
Bounteous, Inc.	Delayed Draw	4,300,000	4,140,605
Bounteous, Inc.	Revolver	1,488,000	1,432,842
BusinesSolver.com, Inc.	Delayed Draw	1,378,788	1,354,292
Caldwell & Gregory LLC	Delayed Draw	7,500,000	7,340,622
Carevet LLC	Delayed Draw	4,530,505	4,433,300
Carevet LLC	First Lien Term Loan	1,576,730	1,542,900
CC SAG Acquisition Corp.	Delayed Draw	2,437,063	2,348,112
CC SAG Acquisition Corp.	Revolver	699,301	673,777
CFGI Holdings, LLC	Delayed Draw	2,189,781	2,158,612
CFGI Holdings, LLC	Revolver	1,751,825	1,710,938
Citrin Cooperman Advisors LLC	Delayed Draw	40,000,000	39,362,202
Citrin Cooperman Advisors LLC	Delayed Draw	5,952,381	5,855,821
Classic Collision	Delayed Draw	6,483,404	6,339,220
Classic Collision	Revolver	1,382,979	1,352,223
Cleo Communications Holding, LLC	Revolver	2,140,000	2,084,157
Community Medical Acquisition Corp.	Delayed Draw	4,333,814	4,227,622
Community Medical Acquisition Corp.	Revolver	3,683,963	3,562,072
Connect America.com, LLC	Revolver	267,689	260,148
Consolidated Label Co.	Revolver	1,339,286	1,317,446
Consolidated Label Co.	Revolver	578,516	569,082
CORA Health Holdings Corp.	Delayed Draw	5,234,389	5,136,093
CORA Health Holdings Corp.	Revolver	439,024	430,780
Covaris Intermediate 3, LLC	Delayed Draw	5,921,053	5,777,943
Covaris Intermediate 3, LLC	Revolver	1,184,211	1,143,916
Covercraft Parent II	Delayed Draw	2,225,000	2,178,209
CPF Dental, LLC	Delayed Draw	3,727,751	3,693,489

CPF Dental, LLC	Delayed Draw	15,263	14,728
Credit Connection, LLC	Revolver	600,000	586,004
CRS TH Holdings Corp	Delayed Draw	6,355,932	6,193,218
CRS TH Holdings Corp	Revolver	4,237,288	4,128,812
D4C Dental Brands, Inc.	Delayed Draw	608,914	608,477
D4C Dental Brands, Inc.	Revolver	714,286	706,169
DataLink, LLC	Revolver	282,258	263,703
DCA Holdings LLC	Delayed Draw	1,184,498	1,135,203
Deca Dental Holdings, LLC	Delayed Draw	3,333,333	3,262,499
Deca Dental Holdings, LLC	Revolver	740,741	725,000
Diligent Corporation	Delayed Draw	710,400	685,331
DOCS MSO LLC	Delayed Draw	3,629,032	3,614,818
DOCS MSO LLC	Revolver	967,742	954,312
DOCS MSO LLC	Delayed Draw	2,419,355	2,379,761
DOCS MSO LLC	Revolver	645,161	628,193
DTI Holdco, Inc.	Revolver	599,741	590,751
Dude Solutions Holdings	Revolver	96,261	94,323
Dwyer Instruments, Inc.	Delayed Draw	3,201,220	3,133,899
Dwyer Instruments, Inc.	Revolver	1,120,427	1,096,865
EAP Holdco, LLC	Delayed Draw	1,903,188	1,862,745
EAP Holdco, LLC	Revolver	2,005,426	1,962,810
Easy Ice, LLC	Delayed Draw	6,134,165	6,033,775
EdgeCo Buyer, Inc.	Delayed Draw	10,000,000	9,730,146
EDPO, LLC	Delayed Draw	1,250,000	1,231,261
Emburse, Inc.	Delayed Draw	1,612,903	1,586,017
Emburse, Inc.	Revolver	604,839	594,756
ERC Holdings, LLC	Delayed Draw	2,769,231	2,683,611
ERC Holdings, LLC	Revolver	1,420,118	1,376,211
ERC Holdings, LLC	Revolver	6,657,924	6,452,074
ESG Investments, Inc	Delayed Draw	8,035,714	7,881,859
ESG Investments, Inc	Revolver	2,142,857	2,101,829

Fingerpaint Marketing, Inc.	Delayed Draw	10,296,637	9,976,033
Fingerpaint Marketing, Inc.	Revolver	1,545,699	1,497,571
FLS Holding, Inc.	Delayed Draw	5,000,000	4,851,237
FLS Holding, Inc.	Revolver	2,000,000	1,940,495
Fortis Life Sciences, LLC	Delayed Draw	11,106,063	10,870,055
Fortis Life Sciences, LLC	Revolver	1,826,087	1,787,282
Fortis Solutions Group, LLC	Delayed Draw	10,000,000	9,903,859
Fortis Solutions Group, LLC	Delayed Draw	1,709,145	1,679,922
Fortis Solutions Group, LLC	Revolver	1,679,160	1,650,450
FSS Buyer LLC	Revolver	920,223	886,111
FYI EYE CARE SVCS&PR	Delayed Draw	13,684,211	10,397,460
Gainsight, Inc.	Revolver	2,625,000	2,547,854
Galway Borrower, LLC	Delayed Draw	288,183	282,059
Galway Borrower, LLC	Delayed Draw	712,245	697,110
Galway Borrower, LLC	Delayed Draw	305,115	298,631
Galway Borrower, LLC	Revolver	694,552	679,792
Galway Borrower, LLC	Revolver	814,315	797,011
Galway Borrower, LLC	Revolver	293,856	287,612
Galway Borrower, LLC	Delayed Draw	1,299,853	1,272,231
Galway Borrower, LLC	Revolver	879,765	861,070
Gateway US Holdings, Inc.	Delayed Draw	4,439,424	4,342,697
Gateway US Holdings, Inc.	Revolver	863,636	844,819
GovBrands Intermediate, Inc.	Delayed Draw	905,972	879,107
GovBrands Intermediate, Inc.	Revolver	917,000	889,807
Govdelivery Holdings, LLC	Delayed Draw	3,334,737	3,288,599
Govdelivery Holdings, LLC	Revolver	536,402	528,980
Graffiti Buyer, Inc.	Delayed Draw	5,044,643	4,937,442
Graffiti Buyer, Inc.	Revolver	1,639,509	1,604,669
GSV Holding, LLC	Delayed Draw	5,243,438	5,133,171
Hawkeye AcquisitionCo, LLC	Revolver	500,000	491,846
Higginbotham Insurance Agency, Inc.	Delayed Draw	23,012,034	22,750,525

Higginbotham Insurance Agency, Inc.	Delayed Draw	12,900,000	12,753,404
HS Spa Holdings, Inc.	Revolver	311,429	303,320
HSI Halo Acquisition, Inc.	Revolver	875,000	856,599
Iconic Purchaser Corporation	Revolver	1,230,769	1,189,926
IG Investments	Revolver	523,844	501,474
Imagine Acquisitionco, Inc	Delayed Draw	1,607,717	1,573,552
Imagine Acquisitionco, Inc	Revolver	1,157,556	1,132,958
Indigo Buyer, Inc.	Delayed Draw	5,000,000	4,926,604
Indigo Buyer, Inc.	Revolver	1,666,667	1,625,613
insightsoftware	Delayed Draw	2,576,262	2,436,191
insightsoftware	Revolver	523,350	494,896
Integrated Oncology Network, LLC	Revolver	83,957	83,003
Integrated Oncology Network, LLC	Delayed Draw	1,355,681	1,321,240
Integrated Oncology Network, LLC	Revolver	134,701	131,279
Integrated Power	Delayed Draw	3,167,877	3,101,258
Integrated Power	Revolver	2,730,835	2,673,407
Invicti Intermediate 2, LLC	Revolver	1,090,909	1,057,180
IQN Holding Corp.	Delayed Draw	1,443,850	1,421,820
IQN Holding Corp.	Revolver	577,540	565,870
Isaac Heating & Air Conditioning	Delayed Draw	947,368	931,920
Isaac Heating & Air Conditioning	Revolver	2,052,632	2,019,159
ISS Compressors Industries, Inc.	Revolver	145,833	142,576
IvyRehab Intermediate II, LLC	Delayed Draw	7,214,912	7,132,485
IvyRehab Intermediate II, LLC	Revolver	3,837,719	3,755,936
J S Held LLC	Delayed Draw	9,847,661	9,735,752
JTM Foods, LLC	Delayed Draw	1,158,366	1,128,024
JTM Foods, LLC	Revolver	447,678	435,951
Kaseya, Inc.	Delayed Draw	4,100,000	4,059,537
Kaseya, Inc.	Revolver	4,100,000	4,028,861
KBP Brands, LLC	Delayed Draw	17,810,349	17,431,873
KBP Investments LLC	Delayed Draw	3,444,691	3,351,057

Keystone Acquisition Corp.	Delayed Draw	3,260,870	3,218,811
Keystone Acquisition Corp.	Revolver	1,630,435	1,593,311
Keystone Agency Investors	Delayed Draw	9,514,134	9,312,523
Komline-Sanderson Group, Inc.	Delayed Draw	4,687,500	4,618,092
Komline-Sanderson Group, Inc.	Revolver	2,031,250	2,001,173
KPSKY Acquisition, Inc.	Delayed Draw	90,385	89,223
KPSKY Acquisition, Inc.	Delayed Draw	5,000,000	4,935,758
KWOR Acquisition, Inc.	Revolver	1,824,319	1,781,885
Life Science Intermediate Holdings, LLC	Delayed Draw	6,000,000	6,188,311
Life Science Intermediate Holdings, LLC	Delayed Draw	7,500,000	8,984,916
Life Science Intermediate Holdings, LLC	Delayed Draw	1,553,797	1,544,612
Life Science Intermediate Holdings, LLC	Revolver	188,281	185,297
Life Science Intermediate Holdings, LLC	Delayed Draw	3,750,000	3,690,554
Life Science Intermediate Holdings, LLC	Revolver	468,376	460,951
Life Science Intermediate Holdings, LLC	Delayed Draw	6,550,650	6,477,264
Lithium Technologies, LLC	Revolver	367,018	359,627
LMG Holdings, Inc.	Revolver	165,714	161,701
LOC Performance Products	Revolver	3,213,443	3,161,994
Majco LLC	Delayed Draw	6,583,333	6,489,628
Majco LLC	Revolver	1,666,667	1,628,663
Marcone Yellowstone Buyer, Inc.	Delayed Draw	5,191,879	5,130,025
Margaritaville Enterprises LLC	Delayed Draw	5,108,297	5,055,397
Margaritaville Enterprises LLC	Revolver	312,500	306,927
MBS Holdings, Inc.	Revolver	1,271,186	1,237,890
Mc Group Ventures Corporation	Delayed Draw	4,519,231	4,400,856
Mclarens Midco, Inc.	Revolver	3,485,026	3,411,737
MedMark Services, Inc.	Delayed Draw	4,063,846	4,001,996
MedMark Services, Inc.	Delayed Draw	415,962	409,631
Mindbody, Inc.	Revolver	1,428,571	1,399,804
Motion & Control Enterprises LLC	Delayed Draw	2,350,943	2,320,737
Motion & Control Enterprises LLC	Revolver	963,887	941,891

MRI Software LLC	Delayed Draw	17,500,000	17,232,839
MRI Software LLC	Revolver	2,159,885	2,114,464
National Dentex Labs LLC	Delayed Draw	390,805	378,829
National Dentex Labs LLC	Revolver	252,873	245,125
NCWS Intermediate, Inc.	Delayed Draw	30,884	30,234
Netwrix Corporation And Concept Searching Inc.	Delayed Draw	5,344,000	5,321,941
Netwrix Corporation And Concept Searching Inc.	Delayed Draw	14,347,000	14,216,339
Netwrix Corporation And Concept Searching Inc.	Revolver	2,870,000	2,829,572
New Era Merger Sub, Inc.	Delayed Draw	1,291,022	1,256,898
New Era Merger Sub, Inc.	Revolver	58,641	56,801
New Era Merger Sub, Inc.	Revolver	148,393	143,738
New ILC Dover, Inc.	Delayed Draw	3,601,785	3,526,041
New ILC Dover, Inc.	Revolver	875,722	857,306
NL1 Acquire Corp.	Delayed Draw	1,963,468	1,451,493
NL1 Acquire Corp.	Delayed Draw	1,223,676	1,165,734
NL1 Acquire Corp.	Revolver	914,073	675,728
Northstar Recycling	Revolver	2,000,000	1,947,613
Novotech (Australia) Pty Limited	Delayed Draw	3,125,000	3,022,385
Oakbridge Insurance Agency LLC	Delayed Draw	14,422,414	14,162,349
Oakbridge Insurance Agency LLC	Revolver	482,759	470,471
OB Hospitalist Group	Revolver	1,534,351	1,460,637
Obagi Cosmeceuticals LLC	Revolver	1,900,000	1,878,408
OIA Acquisition, LLC	Delayed Draw	459,000	449,246
OIA Acquisition, LLC	Revolver	1,928,571	1,887,589
Olympic Buyer, Inc.	Revolver	2,352,941	2,227,804
Omni Intermediate Holdings, LLC	Delayed Draw	1,549,296	1,521,388
Omni Intermediate Holdings, LLC	Revolver	2,253,521	2,203,264
OneCare Media, LLC	Revolver	1,333,333	1,297,432
Ons Mso, LLC	Revolver	5,527,184	5,410,950
PARADIGM ORAL SURG OIS MANAGEMENT	Delayed Draw	11,980,345	11,770,663
PARADIGM ORAL SURG OIS MANAGEMENT	Revolver	1,275,862	1,247,734

Patriot Growth Insurance Services, LLC	Delayed Draw	4,375,300	4,313,024
Patriot Growth Insurance Services, LLC	Revolver	2,660,377	2,598,761
PC Dreamscape Opco, Inc.	Delayed Draw	3,289,474	3,217,802
PC Dreamscape Opco, Inc.	Revolver	1,315,789	1,274,119
PCS Software, Inc.	Revolver	363,714	357,675
PCX Holding Corp.	Revolver	541,667	535,511
PCX Holding Corp.	Delayed Draw	3,085,938	3,010,283
PDQ	Revolver	1,764,706	1,734,184
Pediatric Home Respiratory Services LLC	Delayed Draw	1,912,698	1,896,486
Pegasus Global Enterprise Holdings, LLC	Delayed Draw	1,268,825	1,254,406
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw	53,571,429	53,457,318
Pinnacle Dermatology Management, LLC	Delayed Draw	3,092,784	3,004,128
Pinnacle Dermatology Management, LLC	Revolver	773,196	743,388
Pinnacle Fertility, Inc.	Delayed Draw	12,500,000	12,112,708
Pinnacle Treatment Centers, Inc.	Revolver	128,571	127,110
Polyphase Elevator Holding Company	Delayed Draw	19,857,600	19,631,938
Potter Electric Signal Company, LLC	Delayed Draw	2,647,890	2,592,206
Potter Electric Signal Company, LLC	Revolver	366,547	358,839
Premier Imaging, LLC	Delayed Draw	10,332,779	10,062,127
ProcessUnity Holdings, LLC	Delayed Draw	1,000,000	976,700
ProcessUnity Holdings, LLC	Revolver	850,000	821,809
Purfoods, LLC	Delayed Draw	562,500	554,717
Qualifacts	Revolver	263,158	257,859
Quality Automotive Services, LLC	Revolver	1,477,132	1,446,069
Quantic Electronics, LLC	Delayed Draw	1,090,985	1,073,194
Quantic Electronics, LLC	Revolver	227,245	223,539
Race Winning Brands, Inc.	Revolver	2,034,940	1,990,683
Radwell International, LLC	Delayed Draw	7,303,400	7,112,243
Radwell International, LLC	Revolver	2,921,300	2,844,839
Ranger Buyer, Inc.	Revolver	1,538,462	1,520,978
RB Holdings Interco, LLC	Delayed Draw	2,770,160	2,728,633
RB Holdings Interco, LLC	Revolver	692,540	675,268

RCS Healthcare	Revolver	152,778	150,286
RCS Industrials	Revolver	285,714	281,761
Recorded Future, Inc.	Revolver	178,771	175,171
Redwood Services Group, LLC	Delayed Draw	9,608,532	9,500,956
RefrigiWear, LLC	Revolver	2,601,896	2,559,819
Reorg Research, Inc.	Delayed Draw	3,571,429	3,513,189
Revalize, Inc.	Delayed Draw	6,665,032	6,578,748
Revalize, Inc.	Revolver	255,375	252,069
RQM Buyer, Inc.	Delayed Draw	4,687,500	4,591,673
RSC Acquisition, Inc.	Revolver	8,690,548	8,561,866
RSC Acquisition, Inc.	Delayed Draw	1,120,482	1,103,891
RSC Acquisition, Inc.	Delayed Draw	3,000,000	2,953,260
RSC Insurance Brokerage, Inc.	Delayed Draw	1,492,457	1,475,497
S4T Holdings Corp.	Delayed Draw	4,545,455	4,421,899
Safety Borrower Holdings	Delayed Draw	1,694,915	1,630,076
Safety Borrower Holdings	Revolver	508,475	489,023
Securonix, Inc.	Revolver	2,288,135	2,220,783
Seismic Software, Inc.	Delayed Draw	1,089,558	1,055,871
Seismic Software, Inc.	Revolver	272,390	263,968
Seko Global Logistics Network, LLC	Revolver	43,145	42,654
Service Compression, LLC	Delayed Draw	4,151,000	3,987,085
Service Compression, LLC	Delayed Draw	5,966,000	5,730,414
Smile Doctors, LLC	Delayed Draw	16,629,512	16,359,746
Smile Doctors, LLC	Revolver	1,837,456	1,795,595
Sonny's Enterprises, LLC	Revolver	457,317	452,120
Spanx, LLC	Revolver	12,096,621	11,743,482
Spartronics LLC	Revolver	274,522	269,394
Spotless Brands, LLC	Delayed Draw	2,968,750	2,930,357

Spotless Brands, LLC	Revolver	250,000	244,274
Stanton Carpet Corp.	Revolver	1,189,468	1,161,967
SWK Buyer, Inc.	Delayed Draw	3,070,175	3,035,286
SWK Buyer, Inc.	Revolver	429,825	421,072
Syntax Systems Ltd.	Delayed Draw	4,950,495	4,787,543
Syntax Systems Ltd.	Revolver	876,568	847,714
System Planning and Analysis, Inc.	Delayed Draw	5,204,301	5,134,735
System Planning and Analysis, Inc.	Revolver	2,195,341	2,149,628
Tamarack Intermediate, L.L.C.	Revolver	3,023,438	2,931,527
Tank Holding Corp.	Revolver	1,038,576	1,005,501
Technimark Holdings, LLC	Second Lien Term Loan	2,250,000	2,124,338
The Smilist Management, Inc.	Delayed Draw	1,228,459	1,187,779
The Smilist Management, Inc.	Revolver	356,075	344,284
The Ultimus Group Midco, LLC	Revolver	1,424,528	1,394,571
The Vertex Companies, Inc.	Delayed Draw	915,783	879,844
The Vertex Companies, Inc.	Revolver	1,304,348	1,253,161
TheKey, LLC	Delayed Draw	20,573,644	20,261,269
THG Acquisition, LLC	Delayed Draw	11,822,394	11,465,971
THG Acquisition, LLC	Revolver	743,884	721,457
Thunder Purchase, Inc.	Revolver	1,136,691	1,112,787
TigerConnect, Inc.	Delayed Draw	541,406	534,791
TigerConnect, Inc.	Revolver	1,875,000	1,815,050
Tilley Chemical Co., Inc.	Revolver	457,629	448,674
Tilley Chemical Co., Inc.	Revolver	711,868	697,937
Time Manufacturing Acquisition, LLC	Revolver	1,643,836	1,590,592

Titan Group Holdco, LLC	Delayed Draw	2,500,000	2,446,874
Titan Group Holdco, LLC	Delayed Draw	2,500,000	2,446,874
Titan Group Holdco, LLC	Delayed Draw	3,750,000	3,670,311
Titan Group Holdco, LLC	Revolver	2,200,000	2,153,249
Transtar Holding Company	Delayed Draw	1,448,276	1,397,311
Tribute Technology	Revolver	4,882,979	4,780,292
Trident Maritime Systems, Inc.	Revolver	222,222	215,905
Trident Maritime Systems, Inc.	Revolver	66,667	64,772
Troy Gastroenterology, P.C.	Delayed Draw	2,561,576	2,532,467
Troy Gastroenterology, P.C.	Revolver	591,133	584,415
Trunk Acquisition, Inc.	Revolver	1,193,049	1,167,960
Trunk Acquisition, Inc.	Revolver	2,500,000	2,447,426
Turbo Buyer, Inc.	Delayed Draw	4,733,333	4,620,141
Turningpoint Healthcare	Revolver	1,816,524	1,778,323
Uniguest	Delayed Draw	605,263	598,385
Uniguest	Revolver	526,316	520,335
Urology Management Holdings, Inc.	Delayed Draw	1,287,014	1,247,222
Urology Management Holdings, Inc.	Revolver	1,190,476	1,159,555
USME Holdings, LLC	Delayed Draw	743,478	733,192
USME Holdings, LLC	Revolver	936,232	923,279
USRP Holdings, Inc.	Delayed Draw	6,892,844	6,747,891
USRP Holdings, Inc.	Revolver	645,161	628,404
USRP Holdings, Inc.	Revolver	3,145,613	3,063,909
V Global Holdings LLC	Revolver	7,661,476	7,461,057
Vale Insurance Services LLC	Revolver	2,204,403	2,147,970
Vardiman Black Holdings, LLC	Delayed Draw	7,847,084	7,732,663

Vetcor Professional Practices LLC	Delayed Draw	9,579	9,195
Vetcor Professional Practices LLC	Second Lien Delayed Draw	7,115,789	6,753,147
Vetcor Professional Practices LLC	Revolver	1,052,632	1,010,490
Vital Care Buyer, LLC	Revolver	1,481,481	1,463,767
VLS Recovery Services, LLC	Delayed Draw	5,505,952	5,429,774
VLS Recovery Services, LLC	Revolver	2,232,143	2,201,260
VRC Companies, LLC	Revolver	468,750	462,218
VSG Acquisition Corp.	Delayed Draw	8,166,667	7,947,253
VSG Acquisition Corp.	Revolver	2,333,333	2,270,644
Water Holdings Acquisition, LLC	Delayed Draw	3,817,808	3,758,719
Water Holdings Acquisition, LLC	Revolver	519,305	502,103
WCAS Orthopedics MSO, LLC	Revolver	1,724,138	1,687,499
Wealth Enhancement Group, LLC	Revolver	294,093	291,147
Wealth Enhancement Group, LLC	Delayed Draw	7,824,831	7,765,920
Web P.T., Inc.	Revolver	1,125,000	1,102,346
Wildcat Buyerco, Inc.	Delayed Draw	695,655	691,283
Wiser Solutions, Inc.	Delayed Draw	3,400,000	3,361,431
World Insurance Associates, LLC	Delayed Draw	20,000,000	19,876,788
World Insurance Associates, LLC	Delayed Draw	19,366,172	19,117,348
World Insurance Associates, LLC	Delayed Draw	707,075	702,719
Xeris Pharmaceuticals, Inc.	Delayed Draw	8,333,333	8,155,748
Xifin, Inc.	Delayed Draw	1,649,591	1,598,589
Xifin, Inc.	Revolver	2,141,658	2,075,442
Zavation Medical Products, LLC	Revolver	1,621,622	1,587,162

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 14 thereto. For the period ended June 30, 2022, the average balance outstanding and weighted average interest rate were $5,249,670 and 1.55%, respectively.

	June 30, 2022
	Remaining Contractual Maturity of the Agreements
Reverse Repurchase Agreements	Overnight and Continuous		Up to 30 days		30–90 days		Greater Than 90 days		Total
Collateralized Loan Obligations	$	—	$	—	$	4,140,000	$	—	$	4,140,000
Total	$	—	$	—	$	4,140,000	$	—	$	4,140,000

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 April 26, 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 1.2175 basis points (0.012175%) per day and is not subject to any additional fees. As of June 30, 2022, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $233,175,011 with a maturity of 30-90 days. Secured borrowings outstanding as of March 31, 2022 with Macquarie were as follows:

Loan Name	Trade Date	Maturity Date	Amount
Alpine Acquisition Corp.	April 26, 2022	June 25, 2022	$	23,073,910
FLS Holding, Inc.	April 26, 2022	June 25, 2022		18,004,400
Gerson Lehrman Group, Inc.	April 26, 2022	June 25, 2022		23,750,922
Marcone Yellowstone Buyer, Inc.	April 26, 2022	June 25, 2022		17,345,981
PrimeFlight Aviation Services, Inc.	April 26, 2022	June 25, 2022		19,620,825
PT Intermediate Holdings III, LLC	April 26, 2022	June 25, 2022		17,344,800
Radwell International, LLC	April 26, 2022	June 25, 2022		36,522,460
Ranger Buyer, Inc.	April 26, 2022	June 25, 2022		18,276,923
Trunk Acquisition, Inc.	April 26, 2022	June 25, 2022		17,775,450
User Zoom Technologies, Inc.	April 26, 2022	June 25, 2022		23,640,000
Vale Insurance Services LLC	April 26, 2022	June 25, 2022		17,819,340
Total			$	233,175,011

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 Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 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.

The table below sets forth a summary of the key terms of the series of Notes outstanding at June 30, 2022.

Series	Principal Outstanding March 31, 2022		Payment Frequency	Unamortized Offering Costs		Value June 30, 2022		Fixed Interest Rate	Maturity Date
A	$	650,000,000	Semi-Annual	$	185,000	$	649,815,000	4.10%	March 28, 2027
A	$	250,000,000	Semi-Annual	$	-	$	250,000,000	4.10%	March 28, 2027

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. The Notes have been assigned an ‘AA’ long-term rating by Kroll Bond Rating Agency, LLC.

In keeping with the Investment Company Act requirement that the Fund may not issue more than one class of senior securities constituting indebtedness, the New 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 New Facility. The New 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 September 30, 2021.

For U.S. income tax tax purposes, CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), and CCLF HOLD (D3), 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), and CCLF HOLD (D3)’s 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

The Fund may invest in CLOs and Collateralized Debt Obligations (“CDOs”). CLOs and CDOs are created by the grouping of certain private loans and other lender assets/collateral into pools. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities. Interests in these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments from the asset pools may be divided into several different tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches entitled to receive regular installments of principal and interest, other tranches entitled to receive regular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.

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

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:

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

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

• 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 June 30, 2022:

Assets	Level 1		Level 2		Level 3		Net Asset Value		Total
Investments, at fair value
Senior Secured Loans	$	-	$	44,988,637	$	7,647,735,891	$	-	$	7,692,724,528
Private Investment Vehicles		-		-		6,585,926		3,855,569,934		3,862,155,860
Collateralized Loan Obligations		-		13,968,028		71,038,218		-		85,006,246
Preferred Stocks		-		-		53,272,783		-		53,272,783
Subordinated Debt		-		-		5,344,374		-		5,344,374
Common Stocks		-		-		6,087,588		-		6,087,588
Warrants		-		-		3,336,574		-		3,336,574
Short-Term Investments		29,939,009		-		-		-		29,939,009
Total Investments, at fair value	$	29,939,009	$	58,956,665	$	7,793,401,354	$	3,855,569,934	$	11,737,866,962
Other Financial Instruments1
Forward Contracts	$	-	$	3,546,841	$	-	$	-	$	3,546,841
Swap Contracts		-		1,811,069		-		-		1,811,069
Total Assets	$	29,939,009	$	64,314,575	$	7,793,401,354	$	3,855,569,934	$	11,743,224,872
Liabilities
Investments, at fair value
Reverse Repurchase Agreement	$	-	$	4,140,000	$	-	$	-	$	4,140,000
Other Financial Instruments1
Forward Contracts		-		804,202		-		-		804,202
Swap Contracts		-		5,043,129		-		-		5,043,129
Total Liabilities, at fair value	$	-	$	9,987,331	$	-	$	-	$	9,987,331

¹ 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 June 30, 2022:

	Senior Secured Loans			Private Investment Vehicles		Collateralized Loan Obligations			Preferred Stocks			Subordinated Debt			Warrants		Common Stocks		Total
Balance as of April 1, 2022	$	6,319,615,266		$	6,510,926	$	90,396,005		$	88,501,915		$	5,468,056		$	1,279,790	$	5,561,463	$	6,517,333,421
Purchases		2,154,561,039			-		52,110,000			13,770,130			-			-		-		2,220,441,169
Sales/Paydowns		(696,960,407	)		-		(55,500,000	)		(50,095,696	)		-			-		-		(802,556,103	)
Realized gains (losses)1		1,693,571			-		418,620			1,091,696			-			-		-		3,203,887
Original issue discount and amendment fees		(7,656,122	)		75,000		-			-			-			-		-		(7,581,122	)
Accretion		1,770,117			-		37,357			-			-			-		-		1,807,474
Change in Unrealized appreciation (depreciation)		(102,988,006	)		-		(5,147,844	)		4,738			(123,682	)		2,056,784		526,125		(105,671,885	)
Transfers In2		58,325,433			-		-			-			-			-		-		58,325,433
Transfers Out3		(80,625,000	)		-		(11,275,920	)		-			-			-		-		(91,900,920	)
Balance as of June 30, 2022	$	7,647,735,891		$	6,585,926	$	71,038,218		$	53,272,783		$	5,344,374		$	3,336,574	$	6,087,588	$	7,793,401,354

¹ Senior Secured Loans includes paydown gains (losses) of $1,589,199.

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

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