Cliffwater Corporate Lending Fund (CCLFX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-23333

Cliffwater Corporate Lending Fund

(Exact name of registrant as specified in charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

Registrant’s telephone number, including area code: (414) 299-2000

Terrance P. Gallagher

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

Date of fiscal year end: March 31

Date of reporting period: September 30, 2022

Item 1. Report to Shareholders

CLIFFWATER CORPORATE LENDING FUND

Semi-Annual Report

For the Period Ended September 30, 2022

(Unaudited)

Cliffwater Corporate Lending Fund

Table of Contents
For the Period Ended September 30, 2022 (Unaudited)

Letter to Shareholders	2-3
Consolidated Schedule of Investments	4-65
Consolidated Statement of Assets and Liabilities	66
Consolidated Statement of Operations	67
Consolidated Statements of Changes in Net Assets	68
Consolidated Statement of Cash Flows	69-70
Consolidated Financial Highlights	71-72
Notes to Consolidated Financial Statements	73-113
Other Information	114
Privacy Notice	115-116

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

www.cliffwaterfunds.com

1

Cliffwater Corporate Lending Fund

Letter to Shareholders
September 30, 2022 (Unaudited)

To our shareholders:

The Cliffwater Corporate Lending Fund recently completed three full years of operation, and we want to thank you for the continued trust you have placed in us.

Performance has been consistently strong relative to our objective. The Cliffwater Corporate Lending Fund (the Fund) produced a net 8.03% annualized return from its June 5, 2019 inception, through September 30, 2022. This compares to a 2.36% annualized return for the Morningstar LSTA US Leveraged Loan Index. The Fund also reported relatively consistent monthly returns. Its annualized standard deviation measures 2.21% for the same period compared to 8.48% for the Morningstar LSTA US Leveraged Loan Index.

The Fund experienced strong net investor inflows over the six months ended September 30, 2022, with net-asset-value growing from $6.7 billion on March 31, 2022, to $9.3 billion on September 30, 2022. This asset growth has been supported by significant investment in personnel and technology to grow our platform and the onboarding of additional strategic lending partners to access high quality senior corporate loans. Factors materially affecting the Fund’s performance during the most recently completed quarter include an increasing current cash yield as a result of rising interest rates, and very low realized losses.

We remain confident in the Fund’s continued performance despite the uncertain economic environment brought by high inflation and the prospect of a slowing economy. The Fund’s 8.7% net current yield at September 30, 2022, up from 7.2% at March 31, 2022, remains attractive and should continue to rise as the Federal Reserve pushes short-term interest rates higher.

We again sincerely thank you for your support.

Regards,

Stephen L. Nesbitt
Chief Investment Officer
Cliffwater LLC

The performance data shown represents past performance which does not guarantee future results. It is net of all fees. Current performance may be lower or higher than the performance quoted. All performance shown assumes reinvestment of dividends.

2

Cliffwater Corporate Lending Fund

Letter to Shareholders
September 30, 2022 (Unaudited) (Continued)

Important Disclosures

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

Shares are an illiquid investment.

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

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

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

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

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

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

The Fund is a non-diversified management investment company and may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Cybersecurity risks have significantly increased in recent years and the Fund could suffer such losses in the future. One of the fundamental risks associated with the Fund’s investments is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

3

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited)

Principal Amount			Value
		SENIOR SECURED LOANS — 101.6%
		COMMUNICATIONS — 3.1%
$	2,932,500	1236904 B.C. Ltd. First Lien Term Loan, 8.613% (1-Month USD Libor+550 basis points), 3/4/20271,2,3,4	$	2,835,206
	24,872,159	AG-Twin Brook Communication Services First Lien Term Loan, 8.192% (3-Month USD Sofr+575 basis points), 10/1/20242,3,4		24,690,499
		Aspen Opco, LLC
	2,651,515	Revolver, 0.500%, 12/1/20272,4,5		2,617,889
	21,988,636	First Lien Term Loan, 9.095% (3-Month USD Libor+550 basis points), 12/1/20272,3,4		21,709,783
	189,394	Revolver, 10.750% (Prime Rate+625 basis points), 12/1/20272,3,4		186,992
	5,000,000	BrightSign First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/14/20272,3,4		4,853,457
		CM Acquisitions Holdings Inc.
	299,651	Delayed Draw, 8.500% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		293,604
	815,108	Incremental Term Loan, 8.981% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		798,659
	2,614,068	First Lien Term Loan, 8.981% (3-Month EUR Libor+600 basis points), 5/6/20252,3,4		2,561,315
	GBP 1,772,638	CSL DualCom Ltd First Lien Term Loan, 7.077% (6-Month GBP Libor+550 basis points), 9/25/20272,3,4,6		1,965,849
	10,000,000	EP Purchaser, LLC Second Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 11/4/20292,3,4		9,814,225
		Fingerpaint Marketing, Inc.
	1,680,108	Revolver, 0.500%, 12/30/20262,4,5		1,637,803
	9,167,014	Delayed Draw, 1.000%, 12/30/20262,4,5		8,936,194
	5,988,925	Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 12/30/20262,3,4		5,838,127
	8,098,837	First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 12/30/20262,3,4		7,894,913
	12,343,138	FuseFX, LLC First Lien Term Loan, 8.899% (1-Month USD Sofr+575 basis points), 10/1/20242,3,4		12,252,987
	15,000,000	HH Global Finance Limited First Lien Term Loan, 7.310% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		14,797,776
		HPS Telecommunications
	9,800,000	First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 5/30/20252,3,4,7		9,525,065
	10,000,000	First Lien Term Loan, 9.434% (3-Month USD Libor+635 basis points), 7/23/20262,3,4		9,933,929
		Iconic Purchaser Corporation
	1,230,769	Revolver, 0.500%, 11/5/20272,4,5		1,178,614
	307,692	Revolver, 8.185% (3-Month USD Libor+550 basis points), 11/5/20272,3,4		294,654
	18,369,231	First Lien Term Loan, 8.493% (3-Month USD Libor+550 basis points), 11/5/20282,3,4		17,517,348

See accompanying Notes to Consolidated Financial Statements.

4

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		COMMUNICATIONS (Continued)
$	14,207,143	KeyImpact Holdings, Inc. First Lien Term Loan, 7.482% (3-Month USD Libor+475 basis points), 6/21/20262,3,4	$	13,991,461
	2,000,000	Lifesize Second Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 3/2/20262,3,4		1,946,369
		MBS Holdings, Inc.
	1,271,186	Revolver, 0.500%, 4/6/20272,4,5		1,248,711
	13,591,526	First Lien Term Loan, 8.556% (3-Month USD Libor+575 basis points), 4/6/20272,3,4		13,351,216
	12,275,823	MBS Services Holdings, LLC First Lien Term Loan, 11.332% (3-Month USD Libor+700 basis points), 2/26/20262,3,4		12,030,306
		Mc Group Ventures Corporation
	4,519,231	Delayed Draw, 1.000%, 6/30/20272,4,5		4,486,770
	15,230,769	First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 6/30/20272,3,4		15,121,371
	5,057,933	Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 6/30/20272,3,4		5,021,603
		OneCare Media, LLC
	1,333,333	Revolver, 0.500%, 9/29/20262,4,5		1,310,426
	9,760,532	First Lien Term Loan, 9.615% (3-Month USD Libor+650 basis points), 9/29/20262,3,4		9,592,838
	AUD 2,800,000	Permaconn TopCo Pty, Ltd. First Lien Term Loan, 9.102% (3-Month AUD BBSY+650 basis points), 12/8/20272,3,4,6		1,740,092
		Royal Buyer, LLC
	191,667	Revolver, 0.500%, 8/31/20282,4,5		187,833
	500,000	Delayed Draw, 1.000%, 8/31/20282,4,5		495,000
	58,333	Revolver, 8.903% (3-Month USD Sofr+600 basis points), 8/31/20282,3,4		57,167
	2,500,000	First Lien Term Loan, 8.903% (3-Month USD Sofr+600 basis points), 8/31/20282,3,4		2,450,000
	12,000,000	TA TT Buyer First Lien Term Loan, 8.981% (3-Month USD Sofr+525 basis points), 4/1/20292,3		11,560,020
		Trunk Acquisition, Inc.
	1,193,049	Revolver, 0.500%, 2/19/20262,4,5		1,185,166
	2,500,000	Revolver, 0.500%, 2/19/20272,4,5		2,483,482
	7,495,876	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 2/19/20272,3,4		7,446,350
	22,387,500	First Lien Term Loan, 9.642% (3-Month USD Libor+600 basis points), 2/19/20272,3,4		22,239,584
				290,080,653
		CONSUMER DISCRETIONARY — 8.9%
		ADS Buyer, Inc.
	11,643,594	First Lien Term Loan, 8.953% (3-Month USD Sofr+525 basis points), 12/31/20262,3,4		11,525,037
	6,524,647	First Lien Term Loan, 8.759% (3-Month USD Sofr+525 basis points), 12/30/20272,3,4		6,458,212

See accompanying Notes to Consolidated Financial Statements.

5

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
		AG-Twin Brook Consumer Discretionary
$	24,777,896	First Lien Term Loan, 11.160% (3-Month USD Sofr+675 basis points), 2/14/20242,3,4,7	$	24,212,220
	9,900,043	First Lien Term Loan, 8.566% (3-Month USD Sofr+625 basis points), 4/20/20262,3,4		9,834,632
	19,839,884	First Lien Term Loan, 10.065% (3-Month USD Sofr+625 basis points), 4/22/20262,3,4		19,708,801
	14,925,000	First Lien Term Loan, 9.565% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4,7		14,826,389
	24,875,000	First Lien Term Loan, 9.174% (1-Month USD Libor+575 basis points), 12/14/20272,3,4		24,577,629
		Archimede
	EUR 4,500,000	First Lien Term Loan, 5.475% (3-Month EUR Libor+600 basis points), 10/17/20272,3,4,6		4,380,898
	EUR 4,000,000	First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/17/20272,3,4,6		3,799,972
	EUR 1,500,000	Delayed Draw, 5.475% (3-Month EUR Libor+525 basis points), 10/27/20272,3,4,6		1,460,299
	EUR 2,500,000	First Lien Term Loan, 5.475% (3-Month EUR Libor+525 basis points), 10/27/20272,3,4,6		2,433,832
	EUR 4,200,000	First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/27/20272,3,4,6		3,989,971
	EUR 1,100,000	First Lien Term Loan, 5.475% (6-Month EUR Libor+525 basis points), 10/27/20272,3,4,6		1,044,992
	10,821,012	Astro Acquisition, LLC First Lien Term Loan, 8.480% (3-Month USD Sofr+550 basis points), 9/15/20282,3,4,7		10,580,503
		Auveco Holdings, Inc.
	986,842	Revolver, 0.500%, 5/5/20282,4,5		966,927
	1,973,684	Delayed Draw, 1.000%, 5/5/20282,4,5		1,933,855
	328,947	Revolver, 7.617% (3-Month USD Sofr+575 basis points), 5/5/20282,3,4		322,309
	9,187,500	First Lien Term Loan, 7.617% (3-Month USD Sofr+575 basis points), 5/5/20282,3,4		9,002,093
		Bendon
	1,800,000	Revolver, 0.750%, 12/11/20252,4,5		1,727,682
	12,345,302	First Lien Term Loan, 10.680% (3-Month USD Libor+700 basis points), 12/11/20252,3,4		11,849,309
	2,961,563	Chop’t Creative Salad Company LLC First Lien Term Loan, 10.365% (1-Month USD Libor+725 basis points), 1/22/20242,3,4		2,956,705
		Club Car Wash
	2,560,529	Delayed Draw, 1.000%, 6/16/20272,4,5		2,483,714
	2,439,471	Delayed Draw, 10.203% (3-Month USD Libor+650 basis points), 6/16/20272,3,4		2,366,287
		COP Hometown Acquisitions, Inc.
	2,012,694	Delayed Draw, 7.282% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7		1,970,005
	3,072,853	Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7		3,007,679
	4,776,535	Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7		4,687,033

See accompanying Notes to Consolidated Financial Statements.

6

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	3,153,717	First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 7/16/20272,3,4,7	$	3,086,828
		Covercraft Parent II
	2,225,000	Delayed Draw, 1.000%, 8/20/20272,4,5		2,177,809
	2,775,000	Delayed Draw, 8.174% (3-Month USD Libor+450 basis points), 8/20/20272,3,4,7		2,716,143
		Denali Midco 2 LLC
	7,500,000	Delayed Draw, 1.000%, 12/22/20272,4,5		7,246,342
	7,500,000	First Lien Term Loan, 9.445% (1-Month USD Sofr+650 basis points), 12/22/20272,3,4		7,246,342
		EAP Holdco, LLC
	1,604,341	Revolver, 0.500%, 11/17/20272,4,5		1,583,995
	989,658	Delayed Draw, 1.000%, 11/17/20272,4,5		977,107
	19,315,460	First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 11/17/20272,3,4		19,070,507
	802,170	Revolver, 8.750% (3-Month USD Libor+550 basis points), 11/17/20272,3,4		791,997
	913,530	Delayed Draw, 9.142% (3-Month USD Libor+550 basis points), 11/17/20272,3,4		901,945
	15,366,568	Evergreen Acqco 1 LP First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 3/26/20282,3,4		14,828,738
		Gateway US Holdings, Inc.
	409,091	Revolver, 0.500%, 9/22/20242,4,5		400,104
	1,176,273	Delayed Draw, 1.000%, 9/22/20242,4,5		1,150,432
	360,303	Delayed Draw, 8.315% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		352,388
	500,000	Revolver, 8.328% (3-Month USD Sofr+575 basis points), 9/22/20242,3,4		489,016
	22,613,636	First Lien Term Loan, 8.328% (3-Month USD Sofr+575 basis points), 9/22/20242,3,4		22,116,854
	1,226,211	Delayed Draw, 8.328% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		1,199,273
	342,424	Delayed Draw, 8.695% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		334,902
	126,970	Delayed Draw, 8.815% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		124,180
	372,727	Delayed Draw, 8.871% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		364,539
	695,455	Delayed Draw, 8.909% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		680,177
	250,121	Delayed Draw, 9.217% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		244,626
	1,810,606	Delayed Draw, 9.303% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4		1,770,830
	30,000,000	GSM Acquisition Corp. First Lien Term Loan, 7.280% (3-Month USD Sofr+500 basis points), 11/16/20262,3,4		29,801,788
		GSV Holding, LLC
	7,413,421	Delayed Draw, 9.174% (3-Month USD Libor+475 basis points), 4/3/20282,3,4,7		7,203,071
	24,000,000	Delayed Draw, 1.000%, 4/15/20292,4,5		23,319,018
	26,000,000	Delayed Draw, 7.488% (3-Month USD Libor+475 basis points), 4/15/20292,3,4		25,262,270
	17,000,000	Harbor Purchaser, Inc. First Lien Term Loan, 11.534% (1-Month USD Sofr+850 basis points), 4/7/20302,3,4,7		16,542,633

See accompanying Notes to Consolidated Financial Statements.

7

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
		HPS Consumer Discretionary
$	4,556,660	First Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 10/31/20242,3,4,7	$	4,434,128
	5,036,176	First Lien Term Loan, 8.524% (3-Month USD Libor+600 basis points), 6/27/20252,3,4,7		4,885,308
	15,585,499	First Lien Term Loan, 9.556% (3-Month USD Libor+675 basis points), 7/26/20262,3,4		15,505,748
		HS Spa Holdings, Inc.
	311,429	Revolver, 0.500%, 6/2/20282,4,5		303,264
	2,180,000	First Lien Term Loan, 7.512% (3-Month USD Sofr+575 basis points), 6/2/20292,3,4		2,122,848
	7,168,952	Hudson’s Bay Company First Lien Term Loan, 10.415% (3-Month USD Libor+733 basis points), 9/30/20262,3,4,7		6,959,375
	14,571,967	HY Cite Enterprises LLC First Lien Term Loan, 10.930% (3-Month USD Libor+800 basis points), 11/1/20262,3,4		14,117,637
	15,235,744	Ingenio, LLC First Lien Term Loan, 10.128% (3-Month USD Sofr+700 basis points), 8/3/20262,3,4,7		14,989,214
		Innovetive Petcare, LLC
	4,220,317	Delayed Draw, 1.000%, 12/2/20262,4,5		4,169,230
	9,769,683	Delayed Draw, 7.818% (1-Month USD Libor+500 basis points), 12/2/20262,3,4,7		9,651,421
		KBP Brands, LLC
	17,810,349	Delayed Draw, 1.000%, 5/26/20272,4,5		17,183,824
	2,189,651	Delayed Draw, 7.460% (3-Month USD Libor+525 basis points), 5/26/20272,3,4		2,112,624
		KBP Investments LLC
	3,444,691	Delayed Draw, 1.000%, 5/26/20272,4,5		3,350,440
	23,992,297	Delayed Draw, 8.620% (3-Month USD Libor+550 basis points), 5/26/20272,3,4		23,335,839
	14,962,302	Leonard Group, Inc. First Lien Term Loan, 9.815% (3-Month USD Sofr+600 basis points), 2/26/20262,3,4		14,847,352
		Margaritaville Enterprises LLC
	312,500	Revolver, 0.500%, 6/17/20272,4,5		306,870
	5,108,297	Delayed Draw, 1.000%, 6/17/20272,4,5		5,054,467
	10,700,604	First Lien Term Loan, 8.310% (3-Month USD Sofr+475 basis points), 6/17/20272,3,4		10,507,836
		NL1 Acquire Corp.
	CAD 563,195	Revolver, 0.500%, 5/26/20262,4,5,6		405,005
	CAD 766,805	Revolver, 8.183% (3-Month CAD Libor+550 basis points), 5/26/20262,3,4,6		551,425
	CAD 1,930,959	Delayed Draw, 1.000%, 5/26/20282,4,5,6		1,388,592
	1,182,780	Delayed Draw, 1.000%, 5/26/20282,4,5		1,114,920
	236,239	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 5/26/20282,3,4		222,685
	2,089,500	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 5/26/20282,3,4		1,969,618
	CAD 1,944,115	Delayed Draw, 9.673% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6		1,398,053

See accompanying Notes to Consolidated Financial Statements.

8

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
	CAD 9,657,750	First Lien Term Loan, 9.673% (3-Month CAD Libor+550 basis points), 5/26/20282,3,4,6	$	6,945,085
$	29,656,571	Owl Rock Consumer Discretionary First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 3/26/20262,3,4		29,132,219
	6,176,471	Penney Borrower LLC First Lien Term Loan, 9.707% (1-Month USD Libor+714 basis points), 12/16/20262,3,4,7		6,046,170
		Quality Automotive Services, LLC
	1,477,132	Revolver, 0.500%, 7/16/20272,4,5,7		1,445,803
	3,186,913	Delayed Draw, 8.483% (3-Month USD Libor+600 basis points), 7/16/20272,3,4,7		3,119,320
	4,880,400	First Lien Term Loan, 9.082% (3-Month USD Libor+600 basis points), 7/16/20272,3,4,7		4,776,889
		Race Winning Brands, Inc.
	2,139,107	Revolver, 0.500%, 11/16/20272,4,5		2,095,939
	985,893	Revolver, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		965,997
	21,765,625	First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		21,326,387
	4,554,494	First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		4,462,583
	14,131,977	First Lien Term Loan, 8.365% (3-Month USD Libor+525 basis points), 11/16/20272,3,4		13,759,762
	1,949,875	RCS Consumer Discretionary First Lien Term Loan, 8.168% (3-Month USD Libor+500 basis points), 6/6/20252,3,4,7		1,905,652
		RefrigiWear, LLC
	1,517,773	First Lien Term Loan, 7.475% (3-Month USD Sofr+475 basis points), 11/2/20272,3,4		1,490,937
	2,254,976	Revolver, 0.500%, 6/4/20292,4,5		2,215,107
	346,919	Revolver, 7.475% (3-Month USD Sofr+475 basis points), 6/4/20292,3,4		340,786
	15,580,368	First Lien Term Loan, 7.475% (3-Month USD Sofr+475 basis points), 6/4/20292,3,4		15,304,895
		Regent Holding Company, LLC
	11,723,684	First Lien Term Loan, 10.820% (1-Month USD Libor+775 basis points), 2/25/20261,2,3,4,8,9		11,604,312
	2,819,549	Revolver, 10.820% (1-Month USD Libor+775 basis points), 2/25/20262,3,4		2,790,840
	1,120,771	First Lien Term Loan, 10.820% (1-Month USD Libor+775 basis points), 2/26/20262,3,4		1,109,359
		Spanx, LLC
	8,709,567	Revolver, 0.500%, 11/18/20282,4,5		8,453,751
	3,387,054	Revolver, 8.033% (3-Month USD Libor+525 basis points), 11/18/20282,3,4		3,287,570
	72,390,763	First Lien Term Loan, 8.302% (3-Month USD Libor+550 basis points), 11/18/20282,3,4		70,264,513
		Spotless Brands, LLC
	69,000	Revolver, 0.500%, 6/21/20282,4,5		67,620
	1,976,809	Delayed Draw, 1.000%, 6/21/20282,4,5		1,957,041

See accompanying Notes to Consolidated Financial Statements.

9

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER DISCRETIONARY (Continued)
$	7,169,566	First Lien Term Loan, 9.191% (3-Month USD Sofr+665 basis points), 6/21/20282,3,4	$	7,026,174
	181,000	Revolver, 9.348% (3-Month USD Sofr+660 basis points), 6/21/20282,3,4		177,380
	1,200,901	Delayed Draw, 9.647% (3-Month USD Sofr+660 basis points), 6/21/20282,3,4		1,188,892
		Stanton Carpet Corp.
	1,189,468	Revolver, 0.500%, 10/1/20262,4,5		1,148,809
	304,481	First Lien Term Loan, 7.782% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4		294,073
	9,257,054	First Lien Term Loan, 8.674% (3-Month USD Libor+500 basis points), 10/1/20272,3,4		8,940,624
		Summit Buyer, L.L.C.
	1,382,979	Revolver, 0.500%, 1/14/20262,4,5		1,368,030
	3,430,213	Delayed Draw, 1.000%, 1/14/20262,4,5		3,393,134
	3,270,591	Delayed Draw, 1.000%, 1/14/20262,4,5		3,235,238
	9,925,000	First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 1/14/20262,3,4		9,817,717
	15,107,274	Delayed Draw, 8.217% (3-Month USD Libor+525 basis points), 1/14/20262,3,4		14,943,974
	4,962,154	First Lien Term Loan, 8.217% (3-Month USD Libor+525 basis points), 1/14/20262,3,4		4,908,516
		Truck-Lite Co., LLC
	219,503	First Lien Term Loan, 9.803% (3-Month USD Sofr+625 basis points), 12/13/20262,3,4		217,488
	9,948,980	First Lien Term Loan, 9.892% (3-Month USD Sofr+625 basis points), 12/13/20262,3,4		9,857,624
	8,000,000	Woof Holdings, Inc. Second Lien Term Loan, 10.815% (1-Month USD Libor+725 basis points), 12/21/20281,2,3,4		7,376,780
	7,500,000	Zips Car Wash, LLC First Lien Term Loan, 8.250% (3-Month USD Sofr+725 basis points), 3/1/20242,3,4		7,350,000
				831,091,552
		CONSUMER STAPLES — 1.2%
		BCPE North Star US Holdings Co.
	2,210,526	Delayed Draw, 1.000%, 6/10/20282,4,5		2,097,845
	11,701,052	First Lien Term Loan, 7.674% (1-Month USD Libor+400 basis points), 6/10/20282,3,4		11,104,595
	3,533,308	C.P. Converters, Inc. First Lien Term Loan, 8.777% (3-Month USD Libor+650 basis points), 6/18/20232,3,4		3,509,963
	8,487,400	HPS Consumer Staples First Lien Term Loan, 8.250% (3-Month USD Libor+600 basis points), 9/1/20262,3,4,7		8,431,323
		JTM Foods, LLC
	386,122	Delayed Draw, 0.500%, 5/14/20272,4,5		377,365
	559,597	Revolver, 0.500%, 5/14/20272,4,5		546,906
	559,597	Revolver, 0.500%, 5/14/20272,4,5		553,725
	559,597	Revolver, 7.672% (3-Month USD Libor+475 basis points), 5/14/20272,3,4		546,905

See accompanying Notes to Consolidated Financial Statements.

10

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		CONSUMER STAPLES (Continued)
$	7,645,216	First Lien Term Loan, 7.672% (3-Month USD Libor+475 basis points), 5/14/20272,3,4	$	7,471,823
	772,244	Delayed Draw, 8.379% (3-Month USD Libor+475 basis points), 5/14/20272,3,4		754,730
	1,354,225	First Lien Term Loan, 8.891% (3-Month USD Libor+525 basis points), 5/14/20272,3,4		1,340,014
	24,853,566	Maxor National Pharmacy Services, LLC First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 12/6/20272,3,4		24,433,878
		Purfoods, LLC
	4,421,250	First Lien Term Loan, 9.155% (3-Month USD Libor+625 basis points), 8/12/20262,3,4		4,376,232
	2,984,531	Delayed Draw, 9.171% (3-Month USD Libor+625 basis points), 8/12/20262,3,4		2,954,142
		RB Holdings Interco, LLC
	461,693	Revolver, 0.500%, 5/4/20282,4,5		450,096
	2,770,160	Delayed Draw, 1.000%, 5/4/20282,4,5,7		2,728,131
	923,387	Revolver, 7.448% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4,7		900,191
	9,233,867	First Lien Term Loan, 7.715% (3-Month USD Sofr+500 basis points), 5/4/20282,3,4,7		9,001,913
	5,039,340	Specialty Ingredients, LLC First Lien Term Loan, 8.793% (3-Month USD Sofr+600 basis points), 2/10/20292,3,4		4,938,553
		SWK Buyer, Inc.
	70,175	Revolver, 0.500%, 3/11/20292,4,5		67,356
	3,070,176	Delayed Draw, 1.000%, 3/11/20292,4,5		2,946,826
	13,201,754	First Lien Term Loan, 8.832% (3-Month USD Sofr+535 basis points), 3/11/20292,3,4		12,671,352
	1,157,895	Revolver, 9.750% (Prime Rate+425 basis points), 3/11/20292,3,4		1,111,374
	5,000,000	Woodland Foods, Inc. First Lien Term Loan, 8.582% (1-Month USD Libor+550 basis points), 12/1/20272,3,4		4,902,789
				108,218,027
		ENERGY — 0.7%
		Drilling Info Holdings, Inc.
	13,928,753	First Lien Term Loan, 7.615% (1-Month USD Libor+450 basis points), 7/30/20252,3,4,7		13,481,603
	4,783,546	Second Lien Term Loan, 11.366% (1-Month USD Libor+825 basis points), 7/30/20262,3,4		4,686,073
	12,660,120	Floating Infrastructure Holdings Finance LLC First Lien Term Loan, 8.250% (3-Month USD Sofr+575 basis points), 8/15/20272,3,4		12,406,918
	6,647,949	Goodnight Water Solutions, LLC First Lien Term Loan, 10.957% (3-Month USD Sofr+750 basis points), 6/3/20272,3,4		6,505,877
		Integrated Power Services
	2,730,836	Revolver, 0.500%, 11/22/20272,4,5,7		2,672,915
	5,624,447	First Lien Term Loan, 7.615% (3-Month USD Sofr+450 basis points), 11/22/20282,3,4,7		5,505,155

See accompanying Notes to Consolidated Financial Statements.

11

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		ENERGY (Continued)
$	5,721,250	Kene Acquisition, Inc. First Lien Term Loan, 7.924% (3-Month USD Libor+425 basis points), 8/10/20262,3,4,7	$	5,594,088
		Service Compression, LLC
	3,953,333	Delayed Draw, 0.500%, 5/6/20272,4,5		3,796,525
	197,667	Delayed Draw, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/20272,3,4,7,10		189,826
	12,888,261	First Lien Term Loan, 13.803% PIK (3-Month USD Sofr+800 basis points), 5/6/20272,3,4,7,10		12,377,050
				67,216,030
		FINANCIALS — 15.0%
		1364720 B.C. LTD
	CAD 2,000,000	Revolver, 0.500%, 9/9/20282,4,5,6		1,413,740
	CAD 5,000,000	Delayed Draw, 1.000%, 9/9/20282,4,5,6		3,570,416
	CAD 11,500,000	First Lien Term Loan, 8.480% (3-Month CAD Sofr+450 basis points), 9/9/20282,3,4,6		8,129,008
		Alera Group Holdings, Inc.
	6,145,980	Delayed Draw, 1.000%, 9/30/20282,4,5		5,997,928
	2,522,730	Delayed Draw, 1.000%, 9/30/20282,4,5		2,472,276
	5,000,000	Delayed Draw, 1.000%, 9/30/20282,4,5		4,873,877
	18,836,429	Delayed Draw, 9.053% (3-Month USD Libor+600 basis points), 9/30/20282,3,4		18,382,675
	25,000,000	First Lien Term Loan, 9.053% (3-Month USD Sofr+600 basis points), 9/30/20282,3,4		24,397,772
	3,761,365	First Lien Term Loan, 9.634% (3-Month USD Sofr+650 basis points), 9/30/20282,3,4		3,673,077
		Amba Buyer, Inc.
	14,257,915	Delayed Draw, 1.000%, 7/30/20272,4,5		13,791,994
	12,413,297	First Lien Term Loan, 8.803% (3-Month USD Sofr+575 basis points), 7/30/20272,3,4		12,007,655
		Amerilife Holdings LLC
	2,454,545	Revolver, 0.500%, 8/31/20282,4,5		2,396,791
	4,909,091	Delayed Draw, 1.000%, 8/31/20292,4,5		4,842,497
	19,636,364	First Lien Term Loan, 8.750% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4		19,174,331
	GBP 10,791,367	Apus Bidco Limited First Lien Term Loan, 7.220% (3-Month GBP Libor+550 basis points), 2/9/20282,3,4,6		11,553,167
		AQ Sage Buyer, LLC
	6,653,221	Delayed Draw, 1.000%, 1/25/20272,4,5		6,385,917
	17,868,014	Delayed Draw, 1.000%, 1/25/20272,4,5		17,150,137
	4,615,385	Delayed Draw, 7.505% (3-Month USD Libor+550 basis points), 1/25/20272,3,4		4,429,954
	13,678,274	First Lien Term Loan, 7.505% (3-Month USD Libor+550 basis points), 1/25/20272,3,4		13,128,727
		AQ Sunshine, Inc.
	1,200,000	Revolver, 0.500%, 4/15/20242,4,5		1,157,787
	883,333	Revolver, 10.420% (2-Month USD Libor+625 basis points), 4/15/20242,3,4		852,260
	1,791,667	Delayed Draw, 1.000%, 4/15/20252,4,5		1,728,640
	13,740,741	Delayed Draw, 1.000%, 4/15/20252,4,5,7		13,257,375
	21,069,271	Delayed Draw, 10.420% (2-Month USD Libor+625 basis points), 4/15/20252,3,4		20,328,105

See accompanying Notes to Consolidated Financial Statements.

12

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
		AxiomSL Group, Inc.
$	731,098	Revolver, 0.500%, 12/3/20252,4,5	$	712,690
	713,267	Delayed Draw, 1.000%, 12/3/20272,4,5		695,307
	10,945,078	First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 12/3/20272,3,4		10,669,488
	EUR 130,000,000	Castor Finance Holdings Limited First Lien Term Loan, 6.685% (3-Month EUR Libor+500 basis points), 7/5/20302,3,4,6		126,559,272
		CC SAG Acquisition Corp.
	699,301	Revolver, 0.500%, 6/29/20272,4,5		679,762
	2,437,063	Delayed Draw, 1.000%, 6/29/20282,4,5		2,368,971
	2,797,089	Delayed Draw, 8.000% (3-Month USD Libor+575 basis points), 6/29/20282,3,4		2,718,937
	18,865,385	First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 6/29/20282,3,4		18,338,279
		Cerity Partners, LLC
	443,192	Revolver, 0.500%, 7/28/20292,4,5		431,822
	709,108	Delayed Draw, 1.000%, 7/28/20292,4,5		697,965
	5,539,906	First Lien Term Loan, 8.314% (3-Month USD Libor+575 basis points), 7/28/20292,3,4		5,397,775
	952,864	Delayed Draw, 8.784% (3-Month USD Libor+575 basis points), 7/28/20292,3,4		937,891
		CFGI Holdings, LLC
	1,751,825	Revolver, 0.500%, 11/2/20272,4,5		1,681,442
	2,189,781	Delayed Draw, 1.000%, 11/2/20272,4,5		2,101,803
	15,978,102	First Lien Term Loan, 8.115% (3-Month USD Libor+525 basis points), 11/2/20272,3,4		15,336,155
		Cherry Bekaert Advisory LLC
	1,898,734	Revolver, 0.500%, 6/30/20282,4,5		1,860,452
	4,746,835	Delayed Draw, 1.000%, 6/30/20282,4,5,7		4,698,590
	474,684	Revolver, 8.075% (3-Month USD Sofr+550 basis points), 6/30/20282,3,4,7		465,113
	11,629,747	First Lien Term Loan, 9.053% (3-Month USD Sofr+550 basis points), 6/30/20282,3,4,7		11,395,267
		Credit Connection, LLC
	4,962,500	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 7/30/20262,3,4		4,916,436
	4,788,000	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 7/30/20262,3,4		4,743,556
	600,000	Revolver, 0.500%, 7/29/20272,4,5		594,431
	9,095,495	Cresset Asset Management, LLC First Lien Term Loan, 10.064% PIK (3-Month USD Sofr+700 basis points), 4/20/20252,3,4,10		8,911,945
	EUR 627,356	Dreamstart BidCo First Lien Term Loan, 7.139% (6-Month EUR Libor+600 basis points), 3/30/20272,3,4,6		610,751

See accompanying Notes to Consolidated Financial Statements.

13

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)	��
		FINANCIALS (Continued)
		EdgeCo Buyer, Inc.
$	10,000,000	Delayed Draw, 1.000%, 6/1/20262,4,5	$	9,728,356
	2,493,750	First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 6/1/20262,3,4		2,426,009
		Exegy, Inc.
	1,951,784	First Lien Term Loan, 8.557% (3-Month USD Libor+600 basis points), 5/17/20262,3,4		1,901,750
	8,910,000	First Lien Term Loan, 8.727% (3-Month USD Libor+600 basis points), 5/17/20262,3,4		8,681,595
		Galway Borrower, LLC
	814,315	Revolver, 0.500%, 5/18/20232,4,5		791,776
	8,930	Delayed Draw, 1.000%, 5/18/20232,4,5		8,683
	2,434,016	Delayed Draw, 6.916% (3-Month USD Libor+525 basis points), 5/18/20232,3,4		2,366,645
	10,623,421	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 5/18/20232,3,4		10,329,375
	692,815	Delayed Draw, 1.000%, 9/30/20232,4,5		673,639
	2,083,655	Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20232,3,4		2,025,982
	609,018	Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20232,3,4		592,161
	694,552	Revolver, 0.500%, 9/30/20272,4,5		675,327
	879,765	Revolver, 0.500%, 9/30/20272,4,5		855,414
	293,856	Revolver, 0.500%, 9/30/20272,4,5		285,723
	52,734	Delayed Draw, 1.000%, 9/30/20282,4,5		51,274
	9,063,899	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		8,813,019
	12,726,549	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		12,374,291
	564,364	Delayed Draw, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		548,743
	4,089,046	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 9/30/20282,3,4		3,975,865
	EUR 8,500,000	Groupe Premium First Lien Term Loan, 5.250% (Base Rate+25 basis points), 6/8/20282,3,4,6		8,275,029
		Helibron Midco B.V.
	EUR 322,466	First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/17/20262,3,4,6		308,249
	EUR 859,908	First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6		821,996
	EUR 8,850,000	First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6		8,459,820
	EUR 4,700,000	First Lien Term Loan, 5.685% (3-Month EUR Libor+500 basis points), 9/18/20262,3,4,6		4,492,786
	EUR 25,456,944	HG Genesis 9 Sumoco Limited First Lien Term Loan, 7.836% PIK (3-Month EUR Libor+700 basis points), 3/3/20272,3,4,6,10		24,682,662
		Higginbotham Insurance Agency, Inc.
	12,900,000	Delayed Draw, 1.000%, 11/25/20262,4,5		12,751,057

See accompanying Notes to Consolidated Financial Statements.

14

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
$	23,012,034	Delayed Draw, 1.000%, 11/25/20262,4,5	$	22,746,338
	3,728,603	Delayed Draw, 7.166% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		3,685,553
	18,204,258	First Lien Term Loan, 7.166% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		17,994,073
	2,090,167	Delayed Draw, 7.774% (3-Month USD Libor+550 basis points), 11/25/20262,3,4		2,066,034
		HPS Financials
	4,100,048	First Lien Term Loan, 10.674% (3-Month USD Libor+850 basis points), 6/29/20232,3,4,7		4,061,953
	EUR 3,570,450	First Lien Term Loan, 5.750% (3-Month EUR Libor+550 basis points), 8/3/20252,3,4,6		3,475,951
	GBP 4,517,888	First Lien Term Loan, 6.690% (3-Month GBP Libor+550 basis points), 8/3/20252,3,4,6		5,011,208
		HPS Specialty Loan Fund V Feeder LP
	106,875,000	First Lien Term Loan, 6.070%, 5/14/20312,3,4,11		106,875,000
	80,625,000	First Lien Term Loan, 6.070%, 5/14/20312,4,5		80,625,000
	EUR 3,700,000	iM Global Partner First Lien Term Loan, 5.475% (3-Month EUR Libor+525 basis points), 4/7/20282,3,4,6		3,543,900
		Integrity Marketing Acquisition, LLC
	19,764,786	Delayed Draw, 1.000%, 8/27/20252,4,5		19,563,902
	21,394,702	Delayed Draw, 8.550% (3-Month USD Sofr+575 basis points), 8/27/20252,3,4,7		21,177,251
		J S Held, LLC
	9,193,508	Delayed Draw, 1.000%, 7/1/20252,4,5		9,087,360
	9,838,560	Delayed Draw, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7		9,724,965
	1,412,485	Delayed Draw, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7		1,396,177
	45,578,189	First Lien Term Loan, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7		45,051,946
	8,811,675	First Lien Term Loan, 7.750% (6-Month USD Libor+550 basis points), 7/1/20252,3,4,7		8,709,936
		Keystone Agency Investors
	8,286,504	Delayed Draw, 1.000%, 5/3/20272,4,5		8,109,414
	8,997,947	Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4		8,805,654
	5,625,000	Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4		5,504,789
	1,667,255	Delayed Draw, 9.703% (3-Month USD Libor+600 basis points), 5/3/20272,3,4		1,631,624
	15,484,682	First Lien Term Loan, 9.703% (3-Month USD Sofr+600 basis points), 5/3/20272,3,4		15,153,762
		KWOR Acquisition, Inc.
	1,497,418	Revolver, 0.500%, 12/22/20272,4,5		1,459,535
	611,621	Revolver, 9.000% (3-Month USD Libor+525 basis points), 12/22/20272,3,4		596,148
	15,313,231	Delayed Draw, 1.000%, 12/22/20282,4,5		15,078,935
	14,496,525	First Lien Term Loan, 7.500% (3-Month USD Libor+525 basis points), 12/22/20282,3,4,12		14,129,784
	15,185,079	First Lien Term Loan, 8.056% (3-Month USD Libor+525 basis points), 12/22/20282,3,4		14,800,918
	5,906,489	KWOR Intermediate I, Inc. First Lien Term Loan, 10.500% PIK (3-Month USD Libor+975 basis points), 12/21/20292,3,4,10		5,683,894

See accompanying Notes to Consolidated Financial Statements.

15

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount				Value
			SENIOR SECURED LOANS (Continued)
			FINANCIALS (Continued)
			Mclarens Midco, Inc.
$	3,485,026		Revolver, 0.500%, 12/19/20252,4,5,7	$	3,411,110
	5,335,074		First Lien Term Loan, 9.493% (3-Month USD Libor+575 basis points), 12/19/20252,3,4,7		5,221,919
			Oakbridge Insurance Agency LLC
	482,759		Revolver, 0.500%, 12/31/20262,4,5		470,385
	13,529,310		Delayed Draw, 1.000%, 12/31/20262,4,5		13,282,905
	1,512,144		Delayed Draw, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4		1,484,604
	120,690		Revolver, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4		117,596
	1,804,975		First Lien Term Loan, 8.886% (3-Month USD Sofr+575 basis points), 12/31/20262,3,4		1,758,710
			Patriot Growth Insurance Services, LLC
	2,660,377		Revolver, 0.500%, 10/14/20282,4,5		2,606,690
	2,656,432		Delayed Draw, 1.000%, 10/14/20282,4,5		2,602,825
	35,000,000		Delayed Draw, 1.000%, 10/14/20282,4,5		34,450,024
	17,919,412		First Lien Term Loan, 8.314% (3-Month USD Libor+550 basis points), 10/14/20282,3,4		17,557,792
	1,718,868		Delayed Draw, 8.745% (3-Month USD Libor+550 basis points), 10/14/20282,3,4		1,684,181
			Peter C. Foy & Associates Insurance Services, LLC
	12,303,571		Delayed Draw, 1.000%, 11/1/20282,4,5		12,222,281
	21,428,571		First Lien Term Loan, 6.750% (3-Month USD Sofr+600 basis points), 11/1/20282,3,4		21,165,202
	41,267,857		Delayed Draw, 8.436% (3-Month USD Sofr+600 basis points), 11/1/20282,3,4		40,995,197
			Riveron Acquisition Holdings, Inc.
	4,514,985		First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		4,485,154
	859,962		First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		854,280
	3,451,524		First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/22/20252,3,4		3,428,720
			RSC Acquisition, Inc.
	2,641,633		Delayed Draw, 7.733% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4		2,611,133
	37,357,700		First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4		36,926,370
	8,432,249		First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4		8,334,891
	2,769,371		First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 10/30/20262,3,4		2,737,396
	8,690,548		Revolver, 0.500%, 11/1/20262,4,5		8,560,291
	532,895		Delayed Draw, 8.553% (3-Month USD Sofr+550 basis points), 11/1/20262,3,4		524,490
	14,936,261		First Lien Term Loan, 9.203% (3-Month USD Sofr+550 basis points), 11/1/20262,3,4		14,763,808
	2,418,947	��	Delayed Draw, 1.000%, 5/31/20292,4,5		2,380,822
	48,158		Delayed Draw, 9.203% (3-Month USD Sofr+550 basis points), 5/31/20292,3,4		47,399

See accompanying Notes to Consolidated Financial Statements.

16

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		FINANCIALS (Continued)
		Spirit RR Holdings, Inc.
$	100,316	Revolver, 0.500%, 9/13/20282,4,5	$	97,307
	217,352	Delayed Draw, 1.000%, 9/13/20282,4,5		214,092
	1,003,165	First Lien Term Loan, 9.379% (1-Month USD Sofr+650 basis points), 9/13/20282,3,4		973,070
	1,500,000	StarCompliance Intermediate, LLC First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 1/12/20272,3,4		1,490,089
		The Ultimus Group Midco, LLC
	1,424,528	Revolver, 0.500%, 2/1/20242,4,5,7		1,394,315
	6,766,000	First Lien Term Loan, 8.174% (3-Month USD Libor+475 basis points), 2/1/20262,3,4,7		6,639,219
		THG Acquisition, LLC
	743,884	Revolver, 0.500%, 12/2/20252,4,5		732,591
	11,109,588	Delayed Draw, 1.000%, 12/2/20262,4,5		10,940,930
	3,142,073	Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 12/2/20262,3,4		3,094,373
		Turbo Buyer, Inc.
	4,733,333	Delayed Draw, 1.000%, 12/2/20252,4,5		4,580,550
	4,986,500	Delayed Draw, 8.877% (3-Month USD Libor+600 basis points), 12/2/20252,3,4		4,825,545
	4,975,000	First Lien Term Loan, 8.877% (3-Month USD Libor+600 basis points), 12/2/20252,3,4		4,814,416
	266,667	Delayed Draw, 9.674% (3-Month USD Libor+600 basis points), 12/2/20252,3,4		258,059
		Vale Insurance Services LLC
	2,204,403	Revolver, 0.500%, 12/1/20272,4,5		2,189,839
	214,952	Revolver, 7.877% (3-Month USD Libor+500 basis points), 12/1/20272,3,4		213,531
	22,467,742	First Lien Term Loan, 8.674% (3-Month USD Libor+500 basis points), 12/1/20272,3,4		22,319,296
		Wealth Enhancement Group, LLC
	439,990	Revolver, 0.500%, 10/4/20272,4,5,7		435,503
	7,203,316	Delayed Draw, 1.000%, 10/4/20272,4,5		7,147,769
	621,515	Delayed Draw, 9.553% (6-Month USD Sofr+610 basis points), 10/4/20272,3,4,7		616,722
	5,221,125	Delayed Draw, 10.751% (3-Month USD Sofr+610 basis points), 10/4/20272,3,4,7		5,110,387
		World Insurance Associates, LLC
	15,094,109	Delayed Draw, 1.000%, 4/1/20262,4,5		14,994,381
	14,937,652	Delayed Draw, 1.000%, 4/1/20262,4,5		14,743,014
	4,905,891	Delayed Draw, 8.325% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4		4,873,477
	4,855,039	Delayed Draw, 8.325% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4		4,791,778
	12,295,082	Delayed Draw, 9.303% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4		12,213,848
	2,698,156	First Lien Term Loan, 9.303% (3-Month USD Sofr+575 basis points), 4/1/20262,3,4		2,680,329
				1,402,339,041
		GOVERNMENTS — 0.3%
		Govdelivery Holdings, LLC
	536,402	Revolver, 0.500%, 1/29/20272,4,5		532,858
	3,334,737	Delayed Draw, 1.000%, 1/29/20272,4,5		3,312,704

See accompanying Notes to Consolidated Financial Statements.

17

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		GOVERNMENTS (Continued)
$	5,060,884	Delayed Draw, 9.674% (3-Month USD Libor+650 basis points), 1/29/20272,3,4	$	5,027,447
	6,068,962	First Lien Term Loan, 10.670% (3-Month USD Libor+650 basis points), 1/29/20272,3,4		6,028,864
		LOC Performance Products
	3,213,443	Revolver, 0.500%, 12/30/20262,4,5		3,161,412
	642,689	Revolver, 8.903% (3-Month USD Libor+525 basis points), 12/30/20262,3,4		632,282
	10,465,625	First Lien Term Loan, 8.903% (3-Month USD Libor+525 basis points), 12/30/20262,3,4		10,296,169
				28,991,736
		HEALTH CARE — 19.5%
		123Dentist, Inc.
	CAD 6,681,175	Delayed Draw, 1.000%, 8/10/20292,4,5,6		4,760,526
	CAD 33,405,877	First Lien Term Loan, 9.413% (1-Month CAD Libor+575 basis points), 8/10/20292,3,4,6		23,562,198
		AAH Topco, LLC
	423,729	Revolver, 0.500%, 12/22/20272,4,5		413,060
	2,903,159	Delayed Draw, 1.000%, 12/22/20272,4,5		2,859,085
	1,461,067	Delayed Draw, 8.257% (1-Month USD Libor+550 basis points), 12/22/20272,3,4		1,438,886
	4,087,539	First Lien Term Loan, 8.584% (3-Month USD Libor+550 basis points), 12/22/20272,3,4		3,984,617
		ACI Group Holdings, Inc.
	2,779,286	Delayed Draw, 1.000%, 8/2/20282,4,5		2,749,319
	969,544	Delayed Draw, 9.174% (3-Month USD Libor+575 basis points), 8/2/20282,3,4		959,090
	10,102,232	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 8/2/20282,3,4		9,993,309
		ADCS Clinics Intermediate Holdings, LLC
	5,433,471	Delayed Draw, 1.000%, 5/7/20272,4,5		5,198,902
	10,996,364	First Lien Term Loan, 8.472% (3-Month USD Libor+650 basis points), 5/7/20272,3,4		10,436,630
	2,253,761	Delayed Draw, 9.306% (3-Month USD Libor+650 basis points), 5/7/20272,3,4		2,156,464
		ADMA Bilogics, Inc.
	3,571,429	Delayed Draw, 1.500%, 3/23/20272,4,5,7		3,529,977
	21,967,705	First Lien Term Loan, 12.634% PIK (1-Month USD Sofr+950 basis points), 3/23/20272,3,4,7,10		21,781,424
		Advarra Holdings, Inc.
	352,200	Delayed Draw, 1.000%, 8/24/20292,4,5		349,118
	3,897,800	First Lien Term Loan, 8.562% (3-Month USD Sofr+575 basis points), 8/24/20292,3,4		3,829,588
		AEC Parent Holdings, Inc.
	1,215,953	Delayed Draw, 1.000%, 6/13/20292,4,5,7		1,200,555
	6,079,767	First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 6/13/20292,3,4,7		5,926,792
		Affinity Hospice Intermediate Holdings, LLC
	5,239,105	Delayed Draw, 1.000%, 12/17/20272,4,5,7		5,153,884
	8,695,188	First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/17/20272,3,4,7		8,532,258

See accompanying Notes to Consolidated Financial Statements.

18

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
		AG-Twin Brook Healthcare
$	19,600,557	First Lien Term Loan, 9.355% (3-Month USD Libor+650 basis points), 11/16/20222,3,4,7	$	19,471,055
	7,570,000	Delayed Draw, 1.000%, 4/2/20242,4,5		7,496,211
	12,177,613	First Lien Term Loan, 10.174% (3-Month USD Libor+650 basis points), 4/2/20242,3,4		12,058,911
	29,583,125	First Lien Term Loan, 9.399% (3-Month USD Libor+625 basis points), 7/1/20242,3,4,7		29,340,719
	14,446,089	First Lien Term Loan, 9.674% (3-Month USD Libor+625 basis points), 11/27/20242,3,4		14,214,081
	9,925,000	First Lien Term Loan, 8.899% (3-Month USD Libor+525 basis points), 8/11/20252,3,4		9,836,346
	19,899,054	First Lien Term Loan, 8.649% (3-Month USD Libor+550 basis points), 9/25/20252,3,4,7		19,672,743
	7,756,717	First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 3/5/20262,3,4		7,494,712
	CAD 24,812,500	First Lien Term Loan, 6.978% (3-Month CAD Libor+650 basis points), 7/23/20262,3,4,6		17,684,674
	14,925,000	First Lien Term Loan, 9.149% (3-Month USD Libor+575 basis points), 8/20/20262,3,4		14,725,433
	24,812,500	First Lien Term Loan, 8.127% (3-Month USD Sofr+525 basis points), 9/22/20262,3,4		24,412,610
	19,900,000	First Lien Term Loan, 8.570% (3-Month USD Libor+600 basis points), 10/8/20262,3,4		19,720,329
	19,943,860	Delayed Draw, 10.315% (3-Month USD Libor+575 basis points), 10/29/20262,3,4,7		19,681,310
	19,850,000	First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 12/14/20262,3,4		19,657,859
	14,925,000	First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		14,673,046
	9,930,556	Delayed Draw, 1.000%, 2/23/20272,4,5		9,807,256
	2,216,667	Delayed Draw, 9.815% (3-Month USD Sofr+600 basis points), 2/23/20272,3,4		2,189,144
	12,815,104	First Lien Term Loan, 9.815% (3-Month USD Sofr+600 basis points), 2/23/20272,3,4		12,653,442
		AHR Intermediate, Inc.
	10,500,000	Delayed Draw, 1.000%, 7/29/20272,4,5		10,385,850
	24,438,750	First Lien Term Loan, 8.914% (3-Month USD Sofr+575 basis points), 7/29/20272,3,4		24,051,288
	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		5,213,369
	11,880,000	American Renal Associates Holdings, Inc. First Lien Term Loan, 9.306% (3-Month USD Libor+625 basis points), 1/29/20272,3,4		11,416,742
	7,860,000	AWC-MH Acquisition First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 10/12/20252,3,4		3,329,196
		Biocare Medical LLC
	2,777,778	Revolver, 0.500%, 12/9/20272,4,5		2,721,721

See accompanying Notes to Consolidated Financial Statements.

19

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	22,111,111	First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 12/9/20272,3,4	$	21,664,901
	12,095,350	Bridges Consumer Healthcare First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 1/20/20272,3,4,7		11,838,812
	NZD 6,300,000	Canopy Healthcare Group First Lien Term Loan, 9.360%, 3/18/20272,3,4,6		3,417,613
		Carevet LLC
	4,530,505	Delayed Draw, 1.000%, 9/1/20252,4,5		4,504,263
	9,925,000	Delayed Draw, 9.615% (3-Month USD Libor+650 basis points), 9/1/20252,3,4		9,732,649
	7,638,500	Delayed Draw, 9.615% (3-Month USD Libor+650 basis points), 9/1/20252,3,4		7,490,462
	1,000,000	First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4		994,208
	1,333,333	First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4		1,325,610
	844,677	First Lien Term Loan, 15.115% (3-Month USD Libor+1,200 basis points), 9/1/20252,3,4		839,784
	2,534,031	First Lien Term Loan, 15.115% (1-Month USD Libor+1,200 basis points), 9/1/20252,3,4		2,519,353
		Community Medical Acquisition Corp.
	3,683,963	Revolver, 0.500%, 12/15/20272,4,5		3,526,745
	4,333,814	Delayed Draw, 1.000%, 12/15/20282,4,5		4,148,863
	25,598,685	First Lien Term Loan, 8.043% (3-Month USD Libor+475 basis points), 12/15/20282,3,4		24,506,231
		Connect America.com, LLC
	254,803	Revolver, 0.500%, 6/30/20262,4,5		247,114
	417,501	Revolver, 9.803% (1-Month USD Libor+700 basis points), 6/30/20262,3,4		404,901
	7,255,322	First Lien Term Loan, 10.553% (1-Month USD Libor+700 basis points), 6/30/20262,3,4		7,036,367
		CORA Health Holdings Corp.
	5,169,567	Delayed Draw, 0.500%, 6/15/20272,4,5		5,078,165
	338,462	Revolver, 0.500%, 6/15/20272,4,5		332,477
	13,690,634	First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		13,448,573
	430,769	Revolver, 8.383% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		423,153
	231,807	Delayed Draw, 8.793% (3-Month USD Libor+575 basis points), 6/15/20272,3,4		227,708
		Covaris Intermediate 3, LLC
	789,474	Revolver, 0.500%, 1/21/20282,4,5		762,470
	5,921,053	Delayed Draw, 1.000%, 1/21/20282,4,5		5,776,879
	7,894,737	First Lien Term Loan, 7.556% (3-Month USD Libor+525 basis points), 1/21/20282,3,4		7,624,703
	394,737	Revolver, 8.365% (1-Month USD Libor+525 basis points), 1/21/20282,3,4		381,235
		CPF Dental, LLC
	15,225	Delayed Draw, 0.500%, 8/30/20242,4,5		14,857

See accompanying Notes to Consolidated Financial Statements.

20

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	2,857,942	Delayed Draw, 1.000%, 8/30/20242,4,5	$	2,788,839
	5,340,668	First Lien Term Loan, 11.625% (3-Month USD Libor+850 basis points), 8/30/20242,3,4		5,211,533
	2,867,501	Delayed Draw, 12.188% (3-Month USD Libor+1,000 basis points), 8/30/20242,3,4		2,798,166
	4,954,660	Delayed Draw, 12.188% (3-Month USD Libor+850 basis points), 8/30/20242,3,4		4,834,858
	13,930,000	Crossroads Holding, LLC First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 12/23/20272,3,4,7		13,668,980
		D4C Dental Brands, Inc.
	535,714	Revolver, 0.500%, 12/30/20262,4,5		532,175
	492,843	Delayed Draw, 1.000%, 12/30/20262,4,5		492,524
	2,645,899	Delayed Draw, 9.185% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		2,644,188
	1,819,224	Delayed Draw, 9.185% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		1,818,047
	178,571	Revolver, 10.142% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		177,392
	6,508,036	First Lien Term Loan, 10.670% (3-Month USD Libor+650 basis points), 12/30/20262,3,4		6,503,827
		DCA Holdings LLC
	652,787	Delayed Draw, 1.000%, 3/12/20272,4,5		640,462
	3,302,015	Delayed Draw, 8.379% (3-Month USD Libor+600 basis points), 3/12/20272,3,4		3,239,671
	15,921,145	First Lien Term Loan, 8.379% (3-Month USD Libor+600 basis points), 3/12/20272,3,4		15,620,544
		Deca Dental Holdings, LLC
	592,593	Revolver, 0.500%, 8/26/20282,4,5		586,559
	3,333,333	Delayed Draw, 1.000%, 8/26/20282,4,5		3,299,393
	13,968,518	First Lien Term Loan, 6.500% (3-Month USD Libor+575 basis points), 8/26/20282,3,4		13,826,289
	1,470,370	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 8/26/20282,3,4		1,455,399
	518,519	Revolver, 9.424% (3-Month USD Libor+575 basis points), 8/26/20282,3,4		513,239
		Dermatopathology Laboratory Of Central States, LLC
	10,403,226	First Lien Term Loan, 8.157% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4		10,115,275
	6,935,484	First Lien Term Loan, 8.157% (1-Month USD Sofr+575 basis points), 6/1/20282,3,4		6,743,517
		DOCS MSO LLC
	967,742	Revolver, 0.500%, 6/1/20282,4,5		940,956
	645,161	Revolver, 0.500%, 6/1/20282,4,5		627,304
	3,629,032	Delayed Draw, 1.000%, 6/1/20282,4,5		3,528,584
	2,419,355	Delayed Draw, 1.000%, 6/1/20282,4,5		2,352,390
		Emmes Blocker, Inc.
	11,222,326	Delayed Draw, 1.000%, 7/7/20282,4,5,7		11,073,547
	5,487,805	Delayed Draw, 1.000%, 7/7/20282,4,5		5,415,051
	16,833,490	First Lien Term Loan, 8.063% (3-Month USD Sofr+550 basis points), 7/7/20282,3,4,7		16,442,540
	8,231,707	First Lien Term Loan, 8.063% (3-Month USD Sofr+550 basis points), 7/7/20282,3,4		8,040,530
	10,750,000	Ensemble RCM, LLC First Lien Term Loan, 7.806% (3-Month USD Libor+500 basis points), 5/18/20292,3,4		10,318,101

See accompanying Notes to Consolidated Financial Statements.

21

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
		ERC Holdings, LLC
$	1,420,118	Revolver, 0.500%, 11/10/20272,4,5	$	1,363,063
	6,657,924	Revolver, 0.500%, 11/10/20272,4,5		6,390,431
	2,201,183	Delayed Draw, 1.000%, 11/10/20282,4,5		2,112,747
	16,301,598	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 11/10/20282,3,4		15,646,654
	20,000,000	Finthrive Software Intermediate Holdings, Inc. Second Lien Term Loan, 9.865% (3-Month USD Libor+675 basis points), 1/6/20302,3,4		19,132,139
		Fortis Life Sciences, LLC
	1,217,391	Revolver, 0.500%, 9/17/20272,4,5		1,198,910
	11,106,063	Delayed Draw, 1.000%, 9/17/20272,4,5		10,937,459
	1,217,391	Revolver, 8.392% (3-Month USD Sofr+475 basis points), 9/17/20272,3,4		1,198,910
	14,377,343	First Lien Term Loan, 8.674% (3-Month USD Sofr+475 basis points), 9/17/20272,3,4		14,159,077
		FYi Eye Care Services and Products, Inc.
	CAD 4,210,526	Delayed Draw, 1.000%, 3/4/20272,4,5,6		2,980,510
	CAD 35,789,474	Delayed Draw, 6.178% (3-Month USD Libor+450 basis points), 3/4/20272,3,4,6		25,334,333
		HPS Healthcare
	9,730,857	First Lien Term Loan, 9.554% (3-Month USD Libor+550 basis points), 6/27/20242,3,4,7		9,666,565
	9,825,000	First Lien Term Loan, 6.756% (3-Month USD Libor+575 basis points), 7/2/20252,3,4,7		9,760,086
		Integrated Oncology Network, LLC
	83,957	Revolver, 0.500%, 6/24/20242,4,5		83,402
	7,459,823	First Lien Term Loan, 8.228% (3-Month USD Sofr+600 basis points), 6/24/20242,3,4		7,410,536
	134,701	Revolver, 0.500%, 6/24/20252,4,5		133,811
	1,355,681	Delayed Draw, 1.000%, 6/24/20252,4,5		1,346,724
	508,660	Delayed Draw, 8.227% (3-Month USD Sofr+600 basis points), 6/24/20252,3,4		505,299
		IvyRehab Intermediate II, LLC
	3,837,719	Revolver, 0.500%, 4/21/20292,4,5		3,683,533
	4,221,491	Delayed Draw, 1.000%, 4/21/20292,4,5		4,094,093
	23,486,842	First Lien Term Loan, 7.324% (3-Month USD Sofr+485 basis points), 4/21/20292,3,4		22,543,219
	3,453,947	Delayed Draw, 7.925% (3-Month USD Sofr+485 basis points), 4/21/20292,3,4		3,349,712
		Jayhawk Buyer, LLC
	8,988,700	First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7		8,744,527
	754,799	First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7		734,296
	1,102,883	First Lien Term Loan, 8.680% (3-Month USD Libor+500 basis points), 10/15/20262,3,4,7		1,072,924
		Keystone Acquisition Corp.
	1,630,435	Revolver, 0.500%, 1/26/20282,4,5		1,585,306
	3,260,870	Delayed Draw, 1.000%, 1/26/20292,4,5		3,170,612
	20,058,424	First Lien Term Loan, 9.379% (3-Month USD Sofr+575 basis points), 1/26/20292,3,4		19,503,228

See accompanying Notes to Consolidated Financial Statements.

22

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
		Life Science Intermediate Holdings, LLC
$	188,281	Revolver, 0.500%, 6/10/20252,4,5	$	185,046
	3,750,000	Delayed Draw, 1.000%, 6/10/20252,4,5		3,685,572
	1,553,797	Delayed Draw, 1.000%, 6/10/20252,4,5		1,527,101
	3,309,673	Delayed Draw, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		3,252,810
	2,893,153	First Lien Term Loan, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		2,843,446
	329,651	Revolver, 8.907% (3-Month USD Libor+600 basis points), 6/10/20252,3,4		323,987
	468,376	Revolver, 0.500%, 6/10/20272,4,5		460,329
	EUR 6,000,000	Delayed Draw, 1.000%, 6/10/20272,4,5,6		5,779,023
	GBP 1,486,000	Delayed Draw, 1.000%, 6/10/20272,4,5,6		1,630,716
	6,550,650	Delayed Draw, 1.000%, 6/10/20272,4,5		6,438,104
	GBP 6,014,000	Delayed Draw, 8.188% (1-Month Euribor+623 basis points), 6/10/20272,3,4,6		6,599,681
	820,052	Revolver, 8.907% (3-Month USD Libor+600 basis points), 6/10/20272,3,4		805,963
		MB2 Dental Solutions, LLC
	6,250,000	Delayed Draw, 1.000%, 1/29/20272,4,5		6,187,686
	654,711	Delayed Draw, 7.239% (3-Month USD Sofr+600 basis points), 1/29/20272,3,4		641,637
	1,815,816	First Lien Term Loan, 7.239% (3-Month USD Sofr+600 basis points), 1/29/20272,3,4		1,779,553
	14,887,500	MedData First Lien Term Loan, 8.115% (3-Month USD Libor+475 basis points), 10/31/20262,3,4		14,289,370
		MedMark Services, Inc.
	415,962	Delayed Draw, 1.000%, 6/11/20272,4,5		409,555
	3,446,509	Delayed Draw, 1.000%, 6/11/20272,4,5		3,393,430
	4,538,479	Delayed Draw, 7.493% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		4,468,582
	1,575,785	Delayed Draw, 8.115% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		1,551,517
	7,920,000	First Lien Term Loan, 8.115% (3-Month USD Libor+500 basis points), 6/11/20272,3,4		7,798,025
		MN Acquisition, Inc.
	2,500,000	Revolver, 0.500%, 8/25/20282,4,5		2,437,815
	22,500,000	First Lien Term Loan, 8.664% (1-Month USD Sofr+550 basis points), 8/25/20282,3,4		21,940,337
		Myorthos Management, LLC
	9,017,609	Delayed Draw, 9.581% (3-Month USD Sofr+550 basis points), 11/1/20272,3,4,7		8,826,349
	4,881,385	First Lien Term Loan, 9.581% (3-Month USD Sofr+550 basis points), 11/1/20272,3,4,7		4,784,943
		National Dentex Labs LLC
	390,805	Delayed Draw, 1.000%, 10/23/20252,4,5		381,023
	524,759	Delayed Draw, 9.260% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		511,624
	919,540	Revolver, 9.810% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		896,525
	2,951,161	Delayed Draw, 10.680% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		2,877,295
	6,908,621	First Lien Term Loan, 10.680% (3-Month USD Libor+700 basis points), 10/23/20252,3,4		6,735,702
		Novotech (Australia) Pty Limited
	3,000,000	First Lien Term Loan, 7.612% (6-Month Sofr+525 basis points), 9/25/20232,3,4		2,922,851

See accompanying Notes to Consolidated Financial Statements.

23

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	3,125,000	Delayed Draw, 1.000%, 1/14/20282,4,5	$	3,044,637
	AUD 18,543,750	Delayed Draw, 7.612% (6-Month Sofr+525 basis points), 1/14/20282,3,4,6		11,556,143
	13,437,500	First Lien Term Loan, 7.612% (1-Month USD Sofr+575 basis points), 1/14/20282,3,4		13,091,937
		OB Hospitalist Group
	1,374,046	Revolver, 0.500%, 9/27/20272,4,5		1,344,506
	25,000,000	First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 9/27/20272,3,4		24,462,547
	343,511	Revolver, 8.282% (3-Month USD Libor+550 basis points), 9/27/20272,3,4		336,127
	13,182,824	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 9/27/20272,3,4		12,899,418
	7,000,000	Office Ally First Lien Term Loan, 8.524% (1-Month USD Libor+600 basis points), 12/20/20282,3,4		6,836,697
		OIA Acquisition, LLC
	1,928,571	Revolver, 0.500%, 10/19/20272,4,5		1,899,293
	459,000	Delayed Draw, 1.000%, 10/19/20272,4,5		452,032
	1,376,938	Delayed Draw, 8.127% (3-Month USD Libor+525 basis points), 10/19/20272,3,4		1,356,034
	11,172,429	First Lien Term Loan, 8.892% (3-Month USD Libor+525 basis points), 10/19/20272,3,4		11,002,817
		OIS Management Services, LLC
	1,275,862	Revolver, 0.500%, 7/9/20262,4,5		1,256,493
	17,211,028	Delayed Draw, 8.303% (3-Month USD Libor+475 basis points), 7/9/20262,3,4		16,949,743
		Ons Mso, LLC
	4,974,466	Revolver, 0.500%, 7/8/20242,4,5		4,868,959
	552,718	Revolver, 8.144% (3-Month USD Libor+475 basis points), 7/8/20242,3,4,7		540,995
		Org USME Buyer, LLC
	743,478	Delayed Draw, 0.500%, 11/24/20262,4,5		733,245
	936,232	Revolver, 0.500%, 11/24/20262,4,5		923,346
	7,229,268	First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4		7,129,767
	5,831,486	First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4		5,751,223
	3,356,790	First Lien Term Loan, 9.453% (3-Month USD Sofr+575 basis points), 11/24/20262,3,4		3,310,588
	1,161,000	PAW Midco, Inc First Lien Term Loan, 11.500% PIK (Fixed Rate+1,150 basis points), 12/22/20312,3,4,10		1,116,037
		Pediatric Home Respiratory Services, LLC
	1,226,320	Delayed Draw, 1.000%, 12/4/20242,4,5		1,201,572
	4,687,355	First Lien Term Loan, 8.841% (3-Month USD Sofr+575 basis points), 12/4/20242,3,4		4,592,762
	788,871	Delayed Draw, 9.426% (3-Month USD Sofr+575 basis points), 12/4/20242,3,4		772,951
		Pinnacle Dermatology Management, LLC
	773,196	Revolver, 0.500%, 5/18/20232,4,5		763,390
	2,542,268	Delayed Draw, 1.000%, 5/18/20232,4,5		2,497,319

See accompanying Notes to Consolidated Financial Statements.

24

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	309,278	Revolver, 8.764% (3-Month USD Libor+575 basis points), 5/18/20232,3,4	$	305,356
	11,348,196	First Lien Term Loan, 8.918% (3-Month USD Libor+575 basis points), 5/18/20232,3,4		11,005,724
		Pinnacle Fertility, Inc.
	3,125,000	Delayed Draw, 1.000%, 3/14/20282,4,5		3,039,644
	9,375,000	Delayed Draw, 8.203% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4		9,118,933
	27,500,000	First Lien Term Loan, 8.203% (3-Month USD Sofr+450 basis points), 3/14/20282,3,4		26,748,869
		Pinnacle Treatment Centers, Inc.
	107,143	Revolver, 0.500%, 12/31/20222,4,5		106,435
	4,005,583	First Lien Term Loan, 6.989% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		3,979,117
	178,571	Revolver, 8.000% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		177,392
	336,857	Delayed Draw, 8.556% (3-Month USD Libor+575 basis points), 12/31/20222,3,4		334,632
		PPV Intermediate Holdings LLC
	2,538,076	Revolver, 0.500%, 8/31/20292,4,5		2,477,936
	7,576,158	Delayed Draw, 1.000%, 8/31/20292,4,5		7,472,116
	1,245,691	Delayed Draw, 1.000%, 8/31/20292,4,5		1,231,573
	319,247	Delayed Draw, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4		315,629
	4,882,607	First Lien Term Loan, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4		4,784,955
	30,964,531	First Lien Term Loan, 9.009% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4		30,230,824
	672,590	Delayed Draw, 9.290% (3-Month USD Sofr+575 basis points), 8/31/20292,3,4		663,354
	1,875,000	Delayed Draw, 1.000%, 8/31/20302,4,5		1,844,581
	5,625,000	First Lien Term Loan, 13.000% (Fixed Rate+575 basis points), 8/31/20302,3,4		5,463,696
		Premier Imaging, LLC
	10,332,779	Delayed Draw, 1.000%, 1/2/20252,4,5		10,175,914
	4,862,339	First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 1/2/20252,3,4		4,788,523
	2,878,397	First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4		2,834,700
	4,174,293	Delayed Draw, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4		4,110,922
	15,396,839	First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 1/2/20252,3,4		15,163,095
	15,000,000	Premise Health Holding Corp. First Lien Term Loan, 6.300% (3-Month USD Sofr+475 basis points), 4/10/20252,3,4		14,639,730
		Q-Centrix LLC
	4,910,941	First Lien Term Loan, 7.570% (3-Month USD Libor+450 basis points), 11/30/20242,3,4		4,878,495
	837,574	First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 11/30/20242,3,4		832,040
		Raven Buyer, Inc.
	2,045,455	Revolver, 0.500%, 2/1/20272,4,5		2,009,076
	12,954,545	First Lien Term Loan, 8.413% (3-Month USD Sofr+600 basis points), 2/1/20272,3,4		12,724,146
	152,778	RCS Healthcare Revolver, 0.500%, 2/3/20262,4,5,7		151,768
		Redwood MSO, LLC
	1,283,790	First Lien Term Loan, 8.537% (1-Month USD Sofr+550 basis points), 7/3/20252,3,4,7		1,273,149

See accompanying Notes to Consolidated Financial Statements.

25

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	17,455,789	First Lien Term Loan, 8.649% (1-Month USD Sofr+550 basis points), 7/3/20252,3,4,7	$	17,265,595
		SDG Mgmt Company
	392,799	Revolver, 0.500%, 7/1/20282,4,5		384,929
	2,672,995	Delayed Draw, 1.000%, 7/1/20282,4,5		2,646,172
	47,136	Delayed Draw, 7.677% (3-Month USD Sofr+600 basis points), 7/1/20282,3,4		46,663
	6,117,839	First Lien Term Loan, 7.677% (3-Month USD Sofr+600 basis points), 7/1/20282,3,4		5,995,272
		Smile Doctors, LLC
	1,696,113	Revolver, 0.500%, 12/23/20272,5		1,661,885
	512,367	Revolver, 9.424% (3-Month USD Libor+575 basis points), 12/23/20272,3		502,028
	12,629,747	Delayed Draw, 1.000%, 12/23/20282,5		12,374,875
	3,091,873	Delayed Draw, 5.500% (3-Month USD Libor+475 basis points), 12/23/20282,3		3,029,478
	5,457,043	Delayed Draw, 8.570% (3-Month USD Libor+575 basis points), 12/23/20282,3		5,346,918
	19,650,398	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 12/23/20282,3		19,253,846
	40,000,000	Southern Veterinary Partners, LLC First Lien Term Loan, 8.445% (3-Month USD Sofr+550 basis points), 10/5/20272,3,4		39,115,497
	3,360,156	Spear Education, LLC First Lien Term Loan, 6.756% (6-Month USD Libor+500 basis points), 2/26/20252,3,4		3,207,687
	GBP 1,797,628	SSCP Pegasus Midco Limited First Lien Term Loan, 8.441% (6-Month GBP Libor+675 basis points), 11/16/20272,3,4,6		1,982,726
		The Smilist Management, Inc.
	356,075	Revolver, 0.500%, 12/22/20252,4,5		352,771
	338,271	Delayed Draw, 1.000%, 12/22/20252,4,5		335,133
	3,560,749	Delayed Draw, 1.000%, 12/22/20252,4,5		3,527,714
	1,780,375	Delayed Draw, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4		1,763,857
	3,226,751	First Lien Term Loan, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4		3,196,814
	3,453,927	Delayed Draw, 9.634% (1-Month USD Sofr+650 basis points), 12/22/20252,3,4		3,421,882
		TheKey, LLC
	20,573,644	Delayed Draw, 1.000%, 3/30/20272,4,5		20,257,540
	405,599	Delayed Draw, 8.134% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4,7		399,367
	3,324,830	First Lien Term Loan, 8.134% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4,7		3,241,310
		Tivity Health, Inc.
	8,039,967	First Lien Term Loan, 8.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		7,823,008
	5,000,000	First Lien Term Loan, 9.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		4,914,973
	30,000,000	First Lien Term Loan, 9.553% (3-Month USD Sofr+600 basis points), 6/28/20292,3,4		29,489,840
	5,000,000	TPC Holdco, LLC Second Lien Term Loan, 7.642% (3-Month USD Sofr+400 basis points), 3/29/20282,3,4		4,816,693
		Troy Gastroenterology, P.C.
	2,561,576	Delayed Draw, 0.500%, 11/25/20252,4,5		2,544,652

See accompanying Notes to Consolidated Financial Statements.

26

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
$	394,089	Revolver, 0.500%, 11/25/20252,4,5	$	391,485
	4,415,517	First Lien Term Loan, 8.277% (3-Month USD Libor+600 basis points), 11/25/20252,3,4		4,386,344
	2,329,064	Delayed Draw, 9.128% (3-Month USD Libor+600 basis points), 11/25/20252,3,4		2,313,676
	197,044	Revolver, 9.743% (3-Month USD Libor+600 basis points), 11/25/20252,3,4		195,742
		TurningPoint Healthcare Solutions, LLC
	1,816,524	Revolver, 0.500%, 7/14/20272,4,5,7		1,777,996
	12,122,406	First Lien Term Loan, 7.865% (3-Month USD Libor+475 basis points), 7/14/20272,3,4,7		11,865,294
	13,669,291	U.S. Endo Partners First Lien Term Loan, 8.743% (3-Month USD Libor+500 basis points), 11/1/20272,3,4,7		13,379,370
		United Musculoskeletal Partners Acquisition Holdings, LLC
	1,724,138	Revolver, 0.500%, 7/15/20282,4,5		1,689,376
	3,600,543	Delayed Draw, 1.000%, 7/15/20282,4,5		3,563,948
	8,275,862	First Lien Term Loan, 7.709% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4		8,109,003
	3,131,250	First Lien Term Loan, 8.595% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4		3,068,117
	1,920,290	Delayed Draw, 8.768% (1-Month USD Sofr+575 basis points), 7/15/20282,3,4		1,900,772
	7,000,000	UroGPO, LLC First Lien Term Loan, 8.764% (3-Month USD Libor+575 basis points), 12/15/20262,3,4		6,953,750
		Urology Management Holdings, Inc.
	1,190,476	Revolver, 0.500%, 6/15/20262,4,5		1,139,671
	1,287,014	Delayed Draw, 1.000%, 6/15/20262,4,5		1,232,089
	13,568,597	Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		12,989,541
	5,074,416	First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		4,857,860
	1,492,893	First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		1,429,182
	1,557,104	Delayed Draw, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		1,490,653
	6,560,496	First Lien Term Loan, 9.420% (3-Month USD Libor+525 basis points), 6/15/20262,3,4		6,280,519
	13,128,472	USHV Management, LLC First Lien Term Loan, 9.170% (3-Month USD Libor+500 basis points), 12/23/20272,3,4,7		12,720,224
		Vardiman Black Holdings, LLC
	11,642,397	Delayed Draw, 1.000%, 3/18/20272,4,5		11,426,610
	25,462,888	Delayed Draw, 9.612% (3-Month USD Sofr+700 basis points), 3/18/20272,3,4		24,990,944
	10,176,136	First Lien Term Loan, 9.612% (3-Month USD Sofr+700 basis points), 3/18/20272,3,4		9,975,529
		Vermont Aus Pty Ltd.
	7,976,259	First Lien Term Loan, 6.250% (3-Month USD Sofr+565 basis points), 3/23/20282,3,4		7,721,146
	AUD 10,862,906	First Lien Term Loan, 8.863% (3-Month AUD BBSY+575 basis points), 3/23/20282,3,4,6		6,726,103

See accompanying Notes to Consolidated Financial Statements.

27

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		HEALTH CARE (Continued)
		Vital Care Buyer, LLC
$	1,777,778	Revolver, 0.500%, 10/19/20252,4,5	$	1,751,322
	5,542,252	First Lien Term Loan, 8.000% (3-Month USD Libor+550 basis points), 10/19/20252,3,4		5,459,776
		Web P.T., Inc.
	9,000,000	First Lien Term Loan, 9.820% (3-Month USD Libor+675 basis points), 8/28/20242,3,4		8,762,587
	1,058,036	Revolver, 0.500%, 1/18/20282,4,5		1,030,126
	254,464	Revolver, 8.859% (3-Month USD Libor+675 basis points), 1/18/20282,3,4		247,752
		Xeris Pharmaceuticals, Inc.
	8,333,333	Delayed Draw, 2.000%, 3/8/20272,4,5,7		8,154,247
	16,666,667	First Lien Term Loan, 12.821% (3-Month USD Sofr+900 basis points), 3/8/20272,3,4,7		16,219,560
		Xifin, Inc.
	2,055,992	Revolver, 0.500%, 2/6/20262,4,5		1,992,058
	1,649,591	Delayed Draw, 1.000%, 2/6/20262,4,5,7		1,598,295
	10,157,514	First Lien Term Loan, 8.865% (1-Month USD Libor+575 basis points), 2/6/20262,3,4,7		9,831,431
	85,666	Revolver, 11.000% (3-Month USD Libor+575 basis points), 2/6/20262,3,4,7		83,002
		Zavation Medical Products, LLC
	1,621,622	Revolver, 0.500%, 6/30/20272,4,5		1,592,950
	405,405	Revolver, 8.174% (3-Month USD Libor+450 basis points), 6/30/20272,3,4		398,238
	12,843,243	First Lien Term Loan, 8.174% (3-Month USD Libor+450 basis points), 6/30/20272,3,4		12,616,164
				1,824,233,887
		INDUSTRIALS — 21.0%
	4,354,866	3SI Holdco, Inc. First Lien Term Loan, 10.065% (3-Month USD Libor+575 basis points), 6/16/20232,3,4		4,277,869
		Accurus Aerospace Corporation
	7,980,000	First Lien Term Loan, 7.722% (3-Month USD Libor+575 basis points), 4/5/20282,3,4		7,833,599
	1,995,000	First Lien Term Loan, 7.722% (3-Month USD Libor+575 basis points), 4/5/20282,3,4		1,958,400
	14,905,078	Aero Operating LLC Incremental Term Loan, 10.130% (1-Month USD Libor+700 basis points), 2/7/20262,3,4		14,343,498
	1,661,622	AGData First Lien Term Loan, 6.250% (3-Month USD Libor+475 basis points), 7/21/20232,3,4		1,623,936
	7,312,500	AG-Twin Brook Aerospace First Lien Term Loan, 10.365% (1-Month USD Libor+725 basis points), 12/6/20242,3,4,7		6,997,871
		AG-Twin Brook Industrials
	17,760,000	Delayed Draw, 1.000%, 1/17/20262,4,5		17,624,292
	2,240,000	Delayed Draw, 7.806% (3-Month USD Libor+500 basis points), 1/17/20262,3,4		2,222,884

See accompanying Notes to Consolidated Financial Statements.

28

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		Air Comm Corporation, LLC
$	2,113,764	Revolver, 0.500%, 7/1/20272,4,5	$	2,086,958
	1,044,051	Revolver, 0.500%, 7/1/20272,4,5		1,030,811
	9,079,573	Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		8,964,429
	325,260	Revolver, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		321,135
	13,280,488	First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		13,112,068
	13,754,654	Delayed Draw, 8.378% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		13,580,221
	140,159	Revolver, 8.627% (3-Month USD Libor+550 basis points), 7/1/20272,3,4		138,382
	29,684,160	Airnov, Inc. First Lien Term Loan, 8.602% (3-Month USD Libor+500 basis points), 12/19/20252,3,4		29,488,035
		Any Hour, LLC
	2,000,000	Revolver, 0.500%, 7/21/20272,4,5		1,969,637
	4,566,667	Delayed Draw, 1.000%, 7/21/20272,4,5		4,528,398
	6,633,333	Delayed Draw, 6.250% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4		6,532,631
	6,637,600	Delayed Draw, 6.756% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4		6,536,833
	5,433,333	Delayed Draw, 7.722% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4		5,387,803
	11,220,000	First Lien Term Loan, 7.982% (3-Month USD Sofr+525 basis points), 7/21/20272,3,4		11,049,666
		Apex Service Partners, LLC
	2,000,000	Revolver, 0.500%, 7/31/20252,4,5		1,929,645
	9,375,405	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		9,115,903
	10,157,316	Delayed Draw, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		9,800,006
	1,000,000	First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		964,822
	2,483,512	Delayed Draw, 6.500% (3-Month USD Libor+550 basis points), 7/31/20252,3,4		2,414,771
	4,996,600	Delayed Draw, 6.676% (3-Month USD Libor+525 basis points), 7/31/20252,3,4		4,820,832
	6,766,000	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 7/31/20252,3,4		6,527,988
	9,230,769	First Lien Term Loan, 12.500% PIK (Fixed Rate+1,250 basis points), 7/22/20272,3,4,10		8,967,704
	3,816,622	Aptean, Inc. First Lien Term Loan, 7.320% (3-Month USD Libor+425 basis points), 4/23/20262,3		3,622,071
		Ardurra Group LLC
	6,750,000	First Lien Term Loan, 10.534% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4		6,514,937
	4,851,240	Delayed Draw, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4		4,682,300
	8,311,791	First Lien Term Loan, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4		8,022,340
	1,704,095	First Lien Term Loan, 10.640% (1-Month USD Sofr+750 basis points), 9/1/20252,3,4		1,644,751
		Armada Parent, Inc.
	2,383,333	Revolver, 0.500%, 10/29/20272,4,5		2,340,479
	1,000,000	Delayed Draw, 1.000%, 10/29/20272,4,5		982,019
	19,850,000	First Lien Term Loan, 8.556% (3-Month USD Libor+575 basis points), 10/29/20272,3,4		19,493,082

See accompanying Notes to Consolidated Financial Statements.

29

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	1,000,000	Delayed Draw, 9.392% (3-Month USD Libor+575 basis points), 10/29/20272,3,4	$	982,019
	16,667	Revolver, 9.424% (3-Month USD Libor+575 basis points), 10/29/20272,3,4		16,367
	4,974,937	Arrowhead Holdco Company First Lien Term Loan, 7.570% (3-Month USD Libor+450 basis points), 8/31/20282,3,4,7		4,864,364
		AWT Merger Sub, Inc.
	928,571	Revolver, 0.500%, 12/17/20262,4,5		919,117
	1,424,370	Delayed Draw, 1.000%, 12/17/20262,4,5		1,409,867
	2,490,357	Delayed Draw, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		2,465,000
	142,857	Revolver, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		141,403
	6,332,143	First Lien Term Loan, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		6,267,668
	994,566	Delayed Draw, 8.994% (3-Month USD Libor+575 basis points), 12/17/20262,3,4		984,439
		Beacon Mobility Corp.
	1,000,000	Revolver, 0.500%, 5/22/20242,4,5		979,820
	17,560,057	Delayed Draw, 7.868% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		17,205,689
	4,968,193	Delayed Draw, 7.868% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		4,867,933
	2,243,132	First Lien Term Loan, 8.715% (3-Month USD Libor+550 basis points), 5/22/20242,3,4		2,197,865
		Blackbird Purchaser, Inc.
	10,713,282	Delayed Draw, 1.000%, 4/8/20262,4,5		10,282,858
	13,299,888	First Lien Term Loan, 7.621% (3-Month USD Libor+450 basis points), 4/8/20262,3,4		12,765,543
		BlueHalo Global Holdings, LLC
	341,663	Revolver, 0.500%, 10/31/20252,4,5		333,231
	944,051	Revolver, 8.685% (3-Month USD Libor+600 basis points), 10/31/20252,3,4		920,753
	17,339,169	First Lien Term Loan, 8.867% (3-Month USD Libor+600 basis points), 10/31/20252,3,4		16,911,247
	14,962,500	BP Purchaser, LLC First Lien Term Loan, 8.736% (3-Month USD Libor+550 basis points), 12/10/20282,3,4		14,114,521
		British Engineering Services Holdco Limited
	GBP 950,968	Revolver, 9.221% (3-Month GBP Libor+703 basis points), 12/2/20272,3,4,6		1,029,778
	GBP 396,237	First Lien Term Loan, 9.221% (3-Month GBP Libor+703 basis points), 12/2/20272,3,4,6		429,075
		Caldwell & Gregory LLC
	2,000,000	Delayed Draw, 1.000%, 12/5/20232,4,5		1,979,636
	13,000,000	Delayed Draw, 8.399% (3-Month USD Sofr+550 basis points), 12/5/20232,3,4		12,867,632
	14,922,891	First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 12/5/20232,3,4		14,770,944
	6,371,638	Captive Resources Midco, LLC First Lien Term Loan, 8.534% (3-Month USD Sofr+550 basis points), 7/1/20292,3,4		6,244,408
		CC WDW Borrower, Inc.
	1,631,196	Delayed Draw, 1.000%, 1/27/20282,4,5		1,603,520
	3,262,391	First Lien Term Loan, 9.429% (3-Month USD Sofr+675 basis points), 1/27/20282,3,4		3,162,168

See accompanying Notes to Consolidated Financial Statements.

30

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	12,000,000	CGI Parent, LLC First Lien Term Loan, 7.793% (3-Month USD Libor+450 basis points), 2/14/20282,3,4	$	11,749,951
		Citrin Cooperman Advisors, LLC
	2,647,908	Delayed Draw, 1.000%, 10/1/20272,4,5		2,604,474
	17,793,939	Delayed Draw, 1.000%, 10/1/20272,4,5		17,506,994
	22,206,061	Delayed Draw, 7.077% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4		21,847,965
	3,304,473	Delayed Draw, 7.077% (3-Month USD Sofr+500 basis points), 10/1/20272,3,4		3,250,269
	2,640,441	Delayed Draw, 7.675% (6-Month USD Sofr+500 basis points), 10/1/20272,3,4		2,591,380
	6,161,029	First Lien Term Loan, 9.209% (6-Month USD Sofr+500 basis points), 10/1/20272,3,4		6,049,634
		Colonial Bag, LLC
	4,426,168	First Lien Term Loan, 8.174% (3-Month USD Libor+450 basis points), 9/3/20252,3,4		4,396,924
	9,900,000	Incremental Term Loan, 8.270% (3-Month USD Libor+500 basis points), 9/3/20252,3,4		9,834,590
		Comar Holding Company, LLC
	4,910,540	First Lien Term Loan, 9.424% (3-Month USD Libor+625 basis points), 6/18/20242,3,4		4,878,095
	776,043	Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 6/18/20242,3,4		770,916
		Continental Acquisition Holdings, Inc.
	2,665,195	Delayed Draw, 9.001% (3-Month USD Libor+675 basis points), 1/20/20272,3,4		2,607,680
	7,229,911	First Lien Term Loan, 9.001% (3-Month USD Libor+675 basis points), 1/20/20272,3,4		7,073,889
		Coretrust Purchasing Group LLC
	250,000	Revolver, 0.500%, 9/30/20292,4,5		242,500
	2,819,549	Revolver, 0.500%, 9/30/20292,4,5		2,734,962
	596,443	Delayed Draw, 1.000%, 9/30/20292,4,5		587,496
	2,819,549	Delayed Draw, 1.000%, 9/30/20292,4,5		2,777,256
	4,095,575	First Lien Term Loan, 9.784% (3-Month USD Sofr+675 basis points), 9/30/20292,3,4		3,972,708
	19,360,902	First Lien Term Loan, 9.784% (3-Month USD Sofr+675 basis points), 9/30/20292,3,4		18,780,075
	EUR 900,000	CVL 3 First Lien Term Loan, 5.500% (3-Month EURIBOR+550 basis points), 12/21/20282,3,4,6		855,879
		Dispatch Acquisition Holdings, LLC
	7,920,000	First Lien Term Loan, 6.500% (3-Month USD Libor+465 basis points), 3/25/20282,3,4		7,619,408
	2,750,000	First Lien Term Loan, 6.830% (3-Month USD Libor+475 basis points), 3/25/20282,3,4		2,645,628
	13,860,000	First Lien Term Loan, 7.924% (3-Month USD Libor+425 basis points), 3/25/20282,3,4		13,333,964
		DTI Holdco, Inc.
	381,012	Revolver, 0.500%, 4/26/20272,4,5		375,231
	500,960	Revolver, 7.784% (3-Month USD Sofr+475 basis points), 4/26/20272,3,4,7		493,360

See accompanying Notes to Consolidated Financial Statements.

31

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	6,773,548	First Lien Term Loan, 7.327% (1-Month USD Sofr+475 basis points), 4/26/20292,3,4,7	$	6,536,015
		Dwyer Instruments, Inc.
	1,620,617	Revolver, 0.500%, 7/21/20272,4,5		1,587,942
	807,012	Revolver, 0.500%, 7/21/20272,4,5		790,741
	1,912,917	Delayed Draw, 1.000%, 7/21/20272,4,5,7		1,893,474
	300,114	Revolver, 8.877% (3-Month USD Libor+550 basis points), 7/21/20272,3,4,7		294,063
	149,447	Revolver, 8.877% (6-Month USD Libor+600 basis points), 7/21/20272,3,4,7		146,433
	3,193,216	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 7/21/20272,3,4,7		3,160,761
	7,621,969	First Lien Term Loan, 9.750% (3-Month USD Libor+600 basis points), 7/21/20272,3,4,7		7,468,294
		Easy Ice, LLC
	6,134,165	Delayed Draw, 1.000%, 12/31/20242,4,5		6,093,636
	1,106,160	Delayed Draw, 8.495% (3-Month USD Libor+475 basis points), 12/31/20242,3,4		1,098,851
	5,421,255	First Lien Term Loan, 8.783% (3-Month USD Libor+475 basis points), 12/31/20242,3,4		5,385,436
	4,911,839	First Lien Term Loan, 8.920% (3-Month USD Libor+475 basis points), 12/31/20242,3,4		4,879,386
	802,327	First Lien Term Loan, 7.649% (3-Month USD Libor+475 basis points), 12/31/20252,3,4		797,026
	8,000,000	Echo Global Logistics, Inc. Second Lien Term Loan, 8.239% (1-Month USD Libor+700 basis points), 11/23/20292,3,4		7,834,415
	4,575,203	EShipping First Lien Term Loan, 8.115% (3-Month USD Libor+575 basis points), 11/5/20272,3,4		4,528,618
		Explorer Investor, Inc.
	5,232,558	Delayed Draw, 1.000%, 6/28/20292,4,5		4,890,115
	24,767,442	First Lien Term Loan, 8.455% (1-Month USD Sofr+600 basis points), 6/28/20292,3,4		23,146,544
	4,098,361	FCG Acquisitions, Inc. First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 4/1/20282,3,4,7		3,922,384
		FLS Holding, Inc.
	2,000,000	Revolver, 0.500%, 12/17/20272,4,5		1,959,439
	23,000,000	First Lien Term Loan, 8.777% (3-Month USD Libor+525 basis points), 12/17/20282,3,4		22,533,553
	5,000,000	Delayed Draw, 8.815% (3-Month USD Libor+525 basis points), 12/17/20282,3,4		4,898,598
		Fortis Solutions Group, LLC
	1,679,160	Revolver, 0.500%, 10/15/20272,4,5		1,650,146
	119,940	Revolver, 9.670% (3-Month USD Libor+550 basis points), 10/15/20272,3,4		117,868
	602,699	Delayed Draw, 1.000%, 10/15/20282,4,5		592,285
	10,000,000	Delayed Draw, 1.000%, 10/15/20282,4,5		9,902,037
	3,145,427	Delayed Draw, 8.543% (3-Month USD Libor+550 basis points), 10/15/20282,3,4		3,091,077
	14,379,160	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20282,3,4		14,130,703

See accompanying Notes to Consolidated Financial Statements.

32

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		Gerson Lehrman Group, Inc.
$	9,796,954	First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/20242,3,4	$	9,718,139
	25,000,000	First Lien Term Loan, 8.127% (3-Month USD Libor+525 basis points), 12/5/20242,3,4		24,798,879
	29,700,000	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 12/5/20242,3,4		29,461,068
		Graffiti Buyer, Inc.
	1,303,199	Revolver, 0.500%, 8/10/20272,4,5		1,280,158
	5,044,643	Delayed Draw, 1.000%, 8/10/20272,4,5		4,955,450
	1,219,122	Revolver, 8.118% (3-Month USD Libor+575 basis points), 8/10/20272,3,4		1,197,567
	11,181,871	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 8/10/20272,3,4		10,984,167
	27,725,813	Guidehouse, Inc. First Lien Term Loan, 9.365% (3-Month USD Libor+625 basis points), 10/16/20282,3,4		27,171,297
		HPS Industrials
	9,792,353	First Lien Term Loan, 9.424% (3-Month USD Libor+550 basis points), 7/25/20252,3,4,7		9,824,931
	23,705,666	First Lien Term Loan, 9.238% (3-Month USD Libor+675 basis points), 10/15/20262,3,4		23,504,862
		HSI Halo Acquisition, Inc.
	875,000	Revolver, 0.500%, 9/2/20252,4,5		856,442
	175,000	Revolver, 9.493% (3-Month USD Libor+575 basis points), 9/2/20252,3,4,7		171,288
	1,489,630	Delayed Draw, 9.831% (3-Month USD Libor+575 basis points), 8/31/20262,3,4,7		1,456,522
	8,464,978	First Lien Term Loan, 9.831% (3-Month USD Libor+575 basis points), 8/31/20262,3,4,7		8,297,735
		iCIMS, Inc.
	184,671	Revolver, 0.500%, 9/12/20242,4,5		182,569
	1,904,761	Revolver, 0.500%, 8/18/20282,4,5		1,858,674
	20,000,000	First Lien Term Loan, 9.487% (3-Month USD Sofr+675 basis points), 8/18/20282,3,4		19,516,087
	20,000,000	Infogain Corporation First Lien Term Loan, 7.857% (3-Month USD Sofr+575 basis points), 7/30/20282,3,4		19,533,421
	14,848,481	Intergulf Corp. First Lien Term Loan, 9.424% (2-Month USD Libor+575 basis points), 11/16/20232,3,4		14,726,817
		Isaac Heating & Air Conditioning
	2,368,421	Revolver, 0.500%, 5/7/20272,4,5		2,338,385
	947,368	Delayed Draw, 1.000%, 5/7/20272,4,5		935,354
	7,815,789	First Lien Term Loan, 8.162% (3-Month USD Libor+500 basis points), 5/7/20272,3,4		7,716,672
	3,773,684	Delayed Draw, 9.030% (3-Month USD Libor+525 basis points), 5/7/20272,3,4		3,725,827
		ISS Compressors Industries, Inc.
	124,136	First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/20262,3,4		119,930
	103,705	First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 2/5/20262,3,4		100,192

See accompanying Notes to Consolidated Financial Statements.

33

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	83,333	Revolver, 0.500%, 8/9/20262,4,5	$	80,510
	291,667	Revolver, 8.664% (3-Month USD Libor+550 basis points), 8/9/20262,3,4		281,786
	4,481,585	First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 8/9/20262,3,4		4,329,759
		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		511,075
	3,375,128	First Lien Term Loan, 7.050% (3-Month USD Libor+600 basis points), 12/3/20262,3,4		3,269,008
	20,000,000	First Lien Term Loan, 7.050% (3-Month USD Sofr+625 basis points), 2/16/20292,3,4		19,371,162
		Komline-Sanderson Group, Inc.
	1,171,875	Revolver, 0.500%, 3/17/20262,4,5		1,154,310
	4,687,500	Delayed Draw, 1.000%, 3/17/20262,4,5		4,617,242
	8,008,073	First Lien Term Loan, 8.750% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		7,888,044
	2,176,498	First Lien Term Loan, 8.750% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		2,143,875
	9,464,871	Delayed Draw, 8.905% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		9,323,008
	1,171,875	Revolver, 9.052% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		1,154,310
	2,343,750	First Lien Term Loan, 9.155% (3-Month USD Libor+600 basis points), 3/17/20262,3,4		2,308,621
		KPSKY Acquisition, Inc.
	4,375,000	Delayed Draw, 1.000%, 10/19/20282,4,5		4,317,994
	13,082,232	First Lien Term Loan, 8.584% (1-Month USD Libor+550 basis points), 10/19/20282,3,4		12,292,419
	1,500,761	Delayed Draw, 10.750% (1-Month USD Libor+625 basis points), 10/19/20282,3,4		1,481,206
	625,000	Delayed Draw, 10.750% (3-Month USD Libor+625 basis points), 10/19/20282,3,4		616,856
		Lav Gear Holdings, Inc.
	5,340,955	First Lien Term Loan, 9.953% PIK (1-Month USD Sofr+640 basis points), 10/31/20242,3,4,10		5,259,873
	234,477	First Lien Term Loan, 9.953% PIK (3-Month USD Sofr+640 basis points), 10/31/20242,3,4,10		230,917
	18,361,250	Lereta, LLC First Lien Term Loan, 8.365% (1-Month USD Libor+525 basis points), 7/30/20282,3		15,701,807
		Liquid Environmental
	4,136,372	Delayed Draw, 7.147% (3-Month USD Libor+525 basis points), 5/31/20262,3,4,7		4,048,641
	9,803,995	First Lien Term Loan, 7.381% (3-Month USD Libor+475 basis points), 5/31/20262,3,4,7		9,596,055
		Lithium Technologies, LLC
	367,018	Revolver, 0.500%, 10/3/20222,4,5		362,840
	244,678	Revolver, 10.530% (3-Month USD Libor+800 basis points), 10/3/20222,3,4		241,893
	8,792,149	First Lien Term Loan, 10.530% (3-Month USD Libor+800 basis points), 10/3/20222,3,4		8,692,077

See accompanying Notes to Consolidated Financial Statements.

34

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	5,000,000	Lynx Franchising, LLC First Lien Term Loan, 8.500% (3-Month USD Libor+625 basis points), 12/18/20262,3,4	$	4,901,294
		Majco LLC
	1,200,000	Revolver, 0.500%, 12/23/20282,4,5		1,151,788
	6,583,333	Delayed Draw, 1.000%, 12/23/20282,4,5		6,351,748
	466,667	Revolver, 7.615% (1-Month USD Libor+450 basis points), 12/23/20282,3,4		447,918
	2,745,625	Delayed Draw, 8.243% (3-Month USD Libor+450 basis points), 12/23/20282,3,4		2,649,041
	8,977,500	First Lien Term Loan, 8.243% (3-Month USD Libor+450 basis points), 12/23/20282,3,4		8,616,814
	1,561,290	Management Consulting & Research, LLC Delayed Draw, 9.053% (3-Month USD Sofr+600 basis points), 10/29/20272,3,4		1,540,137
		Marcone Yellowstone Buyer, Inc.
	4,139,091	Delayed Draw, 1.000%, 6/23/20282,4,5		4,014,179
	2,888,312	Delayed Draw, 8.421% (3-Month USD Libor+550 basis points), 6/23/20282,3,4		2,801,147
	21,859,849	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 6/23/20282,3,4,12		21,200,151
		Motion & Control Enterprises LLC
	1,224,685	Revolver, 0.500%, 6/1/20282,4,5		1,196,518
	185,881	Revolver, 6.805% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4,7		181,606
	2,350,943	Delayed Draw, 7.803% (3-Month USD Sofr+490 basis points), 6/1/20282,3,4,7		2,320,310
	9,403,772	First Lien Term Loan, 8.195% (3-Month USD Sofr+475 basis points), 6/1/20282,3,4,7		9,187,491
		NCWS Intermediate, Inc.
	30,884	Delayed Draw, 1.000%, 12/29/20262,4,5		30,229
	7,651,556	Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7		7,489,269
	870,625	Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7		851,274
	1,995,953	Delayed Draw, 9.115% (3-Month USD Libor+600 basis points), 12/29/20262,3,4,7		1,951,590
		Northstar Recycling
	2,000,000	Revolver, 0.500%, 10/1/20272,4,5		1,975,636
	9,276,750	First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 10/1/20272,3,4		9,163,742
	2,000,000	First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 10/1/20272,3,4		1,975,636
		Omni Intermediate Holdings, LLC
	2,253,521	Revolver, 0.500%, 12/30/20252,4,5		2,203,752
	1,549,296	Delayed Draw, 1.000%, 12/30/20262,4,5		1,530,570
	4,533,321	Delayed Draw, 1.000%, 12/30/20262,4,5		4,478,529
	10,074,046	Delayed Draw, 8.000% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4		9,952,286
	26,006,324	First Lien Term Loan, 8.642% (1-Month USD Sofr+500 basis points), 12/30/20262,3,4		25,431,978
	11,556,190	First Lien Term Loan, 8.642% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4		11,300,973

See accompanying Notes to Consolidated Financial Statements.

35

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	7,000,000	Omni Logistics, LLC First Lien Term Loan, 7.104% (3-Month USD Sofr+500 basis points), 12/30/20262,3,4	$	6,836,697
	35,000,000	P20 Parent, Inc. First Lien Term Loan, 10.534% (1-Month USD Sofr+750 basis points), 7/12/20282,3,4		34,301,031
	9,000,000	PaperWorks Industries, Inc First Lien Term Loan, 10.806% (3-Month USD Libor+800 basis points), 12/18/20252,3,4		8,818,827
		PCX Holding Corp.
	437,500	Revolver, 0.500%, 4/22/20272,4,5		426,484
	101,563	Delayed Draw, 1.000%, 4/22/20272,4,5		99,054
	2,984,375	Delayed Draw, 9.293% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		2,910,675
	187,500	Revolver, 9.891% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		182,779
	3,104,688	Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		3,026,513
	6,187,500	First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 4/22/20272,3,4		6,031,702
		Pele Buyer LLC
	4,561,854	First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4		4,515,404
	173,216	First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4		171,453
	5,206,296	First Lien Term Loan, 7.615% (6-Month USD Libor+450 basis points), 6/18/20242,3,4		5,153,285
		Polyphase Elevator Holding Company
	18,593,400	Delayed Draw, 1.000%, 1/7/20282,4,5		18,218,179
	2,406,600	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 1/7/20282,3,4		2,358,034
	9,924,812	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 1/7/20282,3,4		9,575,681
		Potter Electric Signal Company, LLC
	456,895	Revolver, 0.500%, 12/19/20252,4,5		447,205
	2,647,890	Delayed Draw, 1.000%, 12/19/20252,4,5,7		2,591,729
	180,696	Revolver, 10.000% (Prime Rate+375 basis points), 12/19/20252,3,4,7		176,864
	10,660,946	First Lien Term Loan, 10.000% (Prime Rate+375 basis points), 12/19/20252,3,4,7		10,434,831
	5,000,000	Pregis TopCo LLC Second Lien Term Loan, 10.806% (3-Month USD Libor+800 basis points), 8/1/20272,3,4		4,934,109
	15,441,274	Prime Buyer, LLC First Lien Term Loan, 8.903% (3-Month USD Libor+525 basis points), 12/10/20272,3,4		15,191,254
		PrimeFlight Aviation Services, Inc.
	24,875,000	First Lien Term Loan, 8.575% (3-Month USD Sofr+550 basis points), 5/9/20242,3,4		24,497,366
	6,039,997	First Lien Term Loan, 8.575% (3-Month USD Sofr+550 basis points), 5/9/20242,3,4		5,845,554
	9,339,425	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4		9,134,625
	13,034,500	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4		12,748,672

See accompanying Notes to Consolidated Financial Statements.

36

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
		PT Intermediate Holdings III, LLC
$	2,477,550	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4	$	2,423,221
	21,845,250	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/15/20252,3,4,12		21,366,215
		Radwell International, LLC
	2,921,300	Revolver, 0.500%, 12/11/20262,4,5		2,844,315
	7,303,400	Delayed Draw, 1.000%, 12/11/20262,4,5		7,110,934
	54,775,300	First Lien Term Loan, 9.403% (3-Month USD Sofr+585 basis points), 4/1/20292,3,4,12		53,331,813
		RCS Industrials
	285,714	Revolver, 0.500%, 1/31/20252,4,5		283,827
	1,357,609	First Lien Term Loan, 6.010% (3-Month USD Libor+500 basis points), 1/31/20252,3,4,7		1,348,639
	16,679,717	Retail Services WIS Corporation Delayed Draw, 8.750% (3-Month USD Libor+775 basis points), 5/20/20252,3,4		16,011,250
		RQM Buyer, Inc.
	4,687,500	Delayed Draw, 1.000%, 8/12/20232,4,5		4,613,413
	20,160,156	First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4		19,841,520
	4,687,500	Delayed Draw, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4		4,656,529
	7,734,375	First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 8/12/20262,3,4		7,612,131
		S4T Holdings Corp.
	4,545,455	Delayed Draw, 1.000%, 12/27/20262,4,5		4,490,083
	15,351,515	First Lien Term Loan, 9.155% (3-Month USD Sofr+600 basis points), 12/27/20262,3,4		15,164,506
	10,000,000	Safety Products Holdings, LLC First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 12/15/20262,3,4		9,928,173
		Seko Global Logistics Network, LLC
	32,358	Revolver, 0.500%, 12/30/20262,4,5		31,604
	32,358	Revolver, 9.500% (3-Month USD Libor+500 basis points), 12/30/20262,3,4		31,603
		Seko Worldwide, LLC
	EUR 10,569,991	First Lien Term Loan, 6.000% (1-Month EUR Libor+500 basis points), 12/30/20262,3,4,6		10,117,017
	10,000,000	First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 12/30/20262,3,4		9,766,710
		Sonny’s Enterprises, LLC
	640,244	Revolver, 0.500%, 8/5/20252,4,5		636,014
	900,915	Delayed Draw, 9.560% (3-Month USD Libor+675 basis points), 8/5/20262,3,4		894,962
	5,841,082	First Lien Term Loan, 9.560% (3-Month USD Libor+675 basis points), 8/5/20262,3,4		5,802,490
		Spartronics LLC
	478,297	Revolver, 0.500%, 12/31/20252,4,5		475,136
	3,529,054	Revolver, 7.557% (3-Month USD Libor+475 basis points), 12/31/20252,3,4		3,505,737

See accompanying Notes to Consolidated Financial Statements.

37

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	12,639,948	First Lien Term Loan, 7.814% (3-Month USD Libor+475 basis points), 12/31/20252,3,4	$	12,556,435
	9,950,000	Standard Elevator Systems First Lien Term Loan, 9.487% (3-Month USD Libor+575 basis points), 12/2/20272,3,4		9,619,879
	3,796,508	Stats Intermediate Holdings, LLC First Lien Term Loan, 8.192% (3-Month USD Libor+525 basis points), 7/10/20262,3		3,590,851
		System Planning and Analysis, Inc.
	2,195,341	Revolver, 0.500%, 8/16/20272,4,5		2,149,232
	15,228,136	First Lien Term Loan, 8.728% (3-Month USD Sofr+600 basis points), 8/16/20272,3,4		14,908,302
	3,643,011	Delayed Draw, 1.000%, 10/29/20272,4,5		3,593,653
		Tank Holding Corp.
	1,780,415	Revolver, 0.500%, 3/31/20282,4,5		1,737,816
	48,219,585	First Lien Term Loan, 8.884% (1-Month USD Sofr+585 basis points), 3/31/20282,3,4,12		47,065,839
	15,000,000	First Lien Term Loan, 8.884% (1-Month USD Sofr+585 basis points), 3/31/20282,3,4,12		14,641,096
	9,874,214	Texas Hydraulics First Lien Term Loan, 10.370% (1-Month USD Libor+725 basis points), 12/22/20262,3,4		9,704,566
	GBP 13,639,922	The Citation Group Delayed Draw, 5.944% (3-Month GBP Libor+550 basis points), 3/9/20292,3,4,6		15,129,301
		The Vertex Companies, Inc.
	1,043,478	Revolver, 0.500%, 8/31/20262,4,5		941,654
	260,870	Revolver, 8.256% (1-Month USD Libor+550 basis points), 8/31/20262,3,4		235,414
	820,565	Delayed Draw, 1.000%, 8/31/20272,4,5		740,493
	3,092,478	Delayed Draw, 8.185% (1-Month USD Libor+550 basis points), 8/31/20272,3,4		2,790,710
	9,709,239	First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 8/31/20272,3,4		8,761,798
		Time Manufacturing Acquisition, LLC
	1,260,274	Revolver, 0.500%, 2/3/20232,4,5		1,218,886
	EUR 11,710,165	First Lien Term Loan, 7.250% (3-Month EUR Libor+650 basis points), 12/1/20272,3,4,6		11,099,174
	18,181,963	First Lien Term Loan, 7.304% (3-Month USD Libor+650 basis points), 12/1/20272,3,4		17,584,857
	1,753,425	Revolver, 9.543% (3-Month USD Libor+650 basis points), 12/1/20272,3,4		1,695,841
	24,875,000	Tinicum Voltage Acquisition Corp. First Lien Term Loan, 7.865% (3-Month USD Libor+450 basis points), 11/22/20242,3,4		24,280,591
		Titan Group Holdco, LLC
	1,950,000	Revolver, 0.500%, 8/12/20272,4,5		1,915,522
	321,317	Delayed Draw, 1.000%, 8/12/20272,4,5		315,636
	3,750,000	Delayed Draw, 1.000%, 8/12/20272,4,5		3,683,697
	2,500,000	Delayed Draw, 7.510% (3-Month USD Libor+450 basis points), 8/12/20272,3,4		2,455,798

See accompanying Notes to Consolidated Financial Statements.

38

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	2,178,683	Delayed Draw, 7.510% (3-Month USD Libor+450 basis points), 8/12/20272,3,4	$	2,140,162
	550,000	Revolver, 7.983% (3-Month USD Libor+450 basis points), 8/12/20272,3,4		540,276
	8,684,375	First Lien Term Loan, 8.424% (3-Month USD Libor+450 basis points), 8/12/20272,3,4		8,530,828
		TMC Buyer, Inc.
	253,834	Delayed Draw, 1.000%, 6/30/20282,4,5		220,835
	3,680,589	First Lien Term Loan, 8.055% (3-Month USD Sofr+600 basis points), 6/30/20282,3,4		3,202,112
		Transtar Holding Company
	1,448,276	Delayed Draw, 0.500%, 1/22/20272,4,5		1,414,850
	10,295,131	First Lien Term Loan, 10.070% (1-Month USD Libor+700 basis points), 1/22/20272,3,4		10,057,521
		Trident Maritime Systems, Inc.
	222,222	Revolver, 0.500%, 2/26/20272,4,5		220,182
	777,778	Revolver, 1.000%, 2/26/20272,4,5		770,636
	666,667	Revolver, 8.052% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		660,545
	3,053,333	First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		3,025,297
	13,420,000	First Lien Term Loan, 8.674% (1-Month USD Libor+550 basis points), 2/26/20272,3,4		13,296,773
		USRP Holdings, Inc.
	645,161	Revolver, 0.500%, 7/3/20272,4,5		628,288
	6,892,844	Delayed Draw, 1.000%, 7/3/20272,4,5		6,746,649
	16,441,823	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 7/3/20272,3,4		16,093,098
	3,145,613	Revolver, 0.500%, 7/23/20272,4,5		3,063,345
	4,950,884	First Lien Term Loan, 7.750% (3-Month USD Libor+550 basis points), 7/23/20272,3,4		4,845,878
	EUR 1,300,000	Utac Ceram First Lien Term Loan, 6.443% (3-Month EUR Libor+525 basis points), 9/29/20272,3,4,6		1,241,931
	19,073,917	Valcourt Holdings II, LLC First Lien Term Loan, 8.953% (3-Month USD Libor+540 basis points), 1/7/20272,3,4		18,879,703
		VRC Companies, LLC
	531,250	Revolver, 0.500%, 6/29/20272,4,5		523,195
	4,482,799	Delayed Draw, 1.000%, 6/29/20272,4,5		4,414,826
	3,118,113	Delayed Draw, 8.377% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		3,070,834
	18,562,500	First Lien Term Loan, 8.377% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		18,281,038
	4,323,632	First Lien Term Loan, 8.523% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		4,258,073
	743,570	Delayed Draw, 8.956% (3-Month USD Libor+550 basis points), 6/29/20272,3,4		732,295
	93,750	Revolver, 10.750% (Prime Rate+450 basis points), 6/29/20272,3,4		92,328
		VSG Acquisition Corp.
	735,000	Revolver, 0.500%, 4/11/20282,4,5		715,121

See accompanying Notes to Consolidated Financial Statements.

39

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		INDUSTRIALS (Continued)
$	8,003,333	Delayed Draw, 1.000%, 4/11/20282,4,5	$	7,786,875
	163,333	Delayed Draw, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7		158,916
	1,598,333	Revolver, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7		1,555,105
	17,500,000	First Lien Term Loan, 9.315% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4,7		17,026,694
	32,000,000	VSTG Intermediate Holdings, Inc. First Lien Term Loan, 7.676% (3-Month USD Sofr+525 basis points), 7/13/20292,3,4		31,085,623
	1,391,310	Wildcat Buyerco, Inc. Delayed Draw, 8.593% (3-Month USD Sofr+575 basis points), 2/27/20262,3,4,7		1,382,117
				1,965,679,105
		MATERIALS — 4.6%
	1,322,110	ADG Acquisiton, LLC Delayed Draw, 8.358% (3-Month USD Libor+588 basis points), 12/14/20232,3,4		1,313,098
		Alpine Acquisition Corp.
	21,946,649	First Lien Term Loan, 7.885% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4		20,956,020
	2,500,000	First Lien Term Loan, 8.812% (3-Month USD Sofr+575 basis points), 11/30/20262,3,4		2,387,155
	71,380	Revolver, 0.500%, 3/1/20292,4,5		68,158
	29,078,514	First Lien Term Loan, 8.193% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4		27,765,966
	404,488	Revolver, 10.500% (3-Month USD Sofr+575 basis points), 3/1/20292,3,4		386,230
	74,806,201	ASP Unifrax Holdings, Inc. First Lien Term Loan, 7.424% (3-Month USD Libor+375 basis points), 12/14/20252,3,4		69,301,067
		Berlin Packaging LLC
	2,828,099	Second Lien Term Loan, 1.000%, 11/7/20262,4,5		2,685,718
	EUR 13,068,750	Second Lien Term Loan, 8.443% (3-Month EUR Libor+700 basis points), 11/7/20262,3,4,6		12,162,681
	2,271,901	Second Lien Term Loan, 10.391% (3-Month USD Libor+675 basis points), 11/7/20262,3,4		2,157,521
		Consolidated Label Co.
	1,339,286	Revolver, 0.500%, 7/15/20262,4,5		1,322,301
	578,516	Revolver, 0.500%, 7/15/20262,4,5		571,180
	11,671,423	First Lien Term Loan, 7.818% (3-Month USD Libor+500 basis points), 7/15/20262,3,4		11,523,409
	4,950,000	Incremental Term Loan, 8.115% (3-Month USD Libor+500 basis points), 7/15/20262,3,4		4,887,226
	2,184,739	Cyxtera Equipment Leases First Lien Term Loan, 11.378% (3-Month USD Libor+825 basis points), 1/1/20242,3,4		2,153,246
	5,704,776	ENS Holdings III Corp. First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/31/20252,3,4,7		5,606,152
	7,460,886	HPS Materials First Lien Term Loan, 9.358% (3-Month USD Libor+588 basis points), 12/14/20232,3,4,7		7,410,034

See accompanying Notes to Consolidated Financial Statements.

40

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		MATERIALS (Continued)
		Indigo Buyer, Inc.
$	1,666,667	Revolver, 0.500%, 5/23/20282,4,5	$	1,625,314
	5,000,000	Delayed Draw, 1.000%, 5/23/20282,4,5,7		4,925,698
	333,333	Revolver, 8.632% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4,7		325,063
	13,000,000	First Lien Term Loan, 8.632% (3-Month USD Sofr+585 basis points), 5/23/20282,3,4,7		12,677,452
		Nelipak Holding Company
	20,922,821	First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 7/2/20262,3,4		20,590,222
	4,077,179	First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 7/2/20262,3,4		4,012,366
		New ILC Dover, Inc.
	1,138,534	Revolver, 0.500%, 2/2/20262,4,5		1,114,386
	3,601,785	Delayed Draw, 1.000%, 2/2/20262,4,5		3,525,392
	3,961,015	Delayed Draw, 8.674% (3-Month USD Libor+500 basis points), 2/2/20262,3,4,7		3,877,004
	75,902	Revolver, 9.500% (Prime Rate+400 basis points), 2/2/20262,3,4		74,292
	50,602	Revolver, 10.250% (Prime Rate+400 basis points), 2/2/20262,3,4,7		49,529
	3,500,000	North Haven Goldfinc First Lien Term Loan, 11.750% (3-Month USD Libor+1,075 basis points), 12/23/20242,3,4		3,344,014
		Oliver Packaging, LLC
	1,269,841	Revolver, 0.500%, 7/6/20282,4,5		1,248,500
	8,730,159	First Lien Term Loan, 7.260% (3-Month USD Sofr+500 basis points), 7/6/20282,3,4		8,583,440
		Olympic Buyer, Inc.
	2,352,941	Revolver, 0.500%, 6/30/20282,4,5		2,283,344
	8,977,285	First Lien Term Loan, 6.774% (3-Month USD Libor+425 basis points), 6/30/20282,3,4		8,711,750
	17,391,188	First Lien Term Loan, 7.365% (1-Month USD Libor+425 basis points), 6/30/20282,3,4		16,876,781
	EUR 12,701,000	Optimum Group First Lien Term Loan, 6.843% (3-Month EUR Libor+565 basis points), 6/16/20282,3,4,6		12,488,489
	20,000,000	Oscar AcquisitionCo, LLC First Lien Term Loan, 8.153% (3-Month USD Sofr+450 basis points), 4/29/20292,3		18,425,000
	13,929,825	Pearlman Enterprises First Lien Term Loan, 7.384% (3-Month USD Libor+425 basis points), 5/5/20272,3,4,7		13,634,378
		Rohrer Corporation
	9,337,745	First Lien Term Loan, 7.564% (3-Month USD Libor+500 basis points), 3/15/20272,3,4,7		9,139,695
	2,630,511	First Lien Term Loan, 7.961% (3-Month USD Libor+500 basis points), 3/15/20272,3,4,7		2,548,712
	2,500,000	Tangent Technologies Acquisition, LLC Second Lien Term Loan, 9.993% (3-Month USD Sofr+875 basis points), 5/30/20282,3,4		2,442,513

See accompanying Notes to Consolidated Financial Statements.

41

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		MATERIALS (Continued)
		Technimark Holdings, LLC
$	2,250,000	Second Lien Term Loan, 9.865% (1-Month USD Libor+675 basis points), 7/9/20292,3,4	$	2,157,370
	12,750,000	Second Lien Term Loan, 9.865% (3-Month USD Libor+675 basis points), 7/9/20292,3,4		12,225,097
		Tilley Chemical Co., Inc.
	711,868	Revolver, 0.500%, 12/31/20262,4,5		697,809
	457,629	Revolver, 0.500%, 12/31/20262,4,5		448,591
	542,371	Revolver, 7.000% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		531,659
	843,688	Revolver, 8.784% (3-Month USD Libor+550 basis points), 12/31/20262,3,4		827,025
	19,063,124	First Lien Term Loan, 8.784% (3-Month USD Libor+550 basis points), 12/31/20262,3,4		18,686,640
	1,556,439	First Lien Term Loan, 9.203% (3-Month USD Libor+550 basis points), 12/31/20262,3,4		1,525,701
	5,333,333	Delayed Draw, 9.303% (3-Month USD Libor+550 basis points), 12/31/20262,3,4		5,228,003
	24,875,000	USALCO, LLC First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 10/19/20272,3,4		24,702,601
		V Global Holdings LLC
	11,817,844	Revolver, 0.500%, 12/22/20252,4,5		11,506,579
	1,915,430	Revolver, 8.504% (3-Month USD Sofr+585 basis points), 12/22/20252,3,4,7		1,864,981
	24,526,533	First Lien Term Loan, 8.987% (3-Month USD Sofr+600 basis points), 12/22/20272,3,4,7		23,880,540
				429,463,092
		REAL ESTATE — 1.1%
		Associations, Inc.
	23,525,000	Revolver, 1.000%, 7/2/20272,4,5		23,257,337
	21,200,323	First Lien Term Loan, 7.859% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10		20,959,110
	3,957,887	Delayed Draw, 9.038% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10		3,912,854
	1,475,000	Delayed Draw, 9.090% PIK (3-Month USD Sofr+676 basis points), 7/2/20272,3,4,10		1,458,218
		CRS TH Holdings Corp
	4,237,288	Revolver, 0.500%, 12/1/20272,4,5		4,101,787
	6,355,932	Delayed Draw, 7.532% (3-Month USD Libor+475 basis points), 12/1/20272,3,4		6,152,681
	14,334,746	First Lien Term Loan, 7.865% (3-Month USD Libor+475 basis points), 12/1/20272,3,4		13,876,347
	3,659,575	Eagleview Technology Second Lien Term Loan, 11.174% (3-Month USD Libor+750 basis points), 8/14/20262,3		3,429,532
		MRI Software LLC
	2,159,885	Revolver, 0.500%, 2/10/20262,4,5,7		2,114,075
	11,885,000	Delayed Draw, 1.000%, 2/10/20262,4,5		11,701,406
	5,558,131	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4,7		5,440,245

See accompanying Notes to Consolidated Financial Statements.

42

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		REAL ESTATE (Continued)
$	2,984,739	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4	$	2,950,278
	5,615,000	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/10/20262,3,4		5,528,262
				104,882,132
		TECHNOLOGY — 25.9%
		1WorldSync, Inc.
	143,901	Delayed Draw, 7.441% (3-Month USD Libor+575 basis points), 7/8/20252,3,4		142,436
	5,735,508	First Lien Term Loan, 8.226% (3-Month USD Libor+575 basis points), 7/8/20252,3,4		5,677,108
	4,949,158	First Lien Term Loan, 8.226% (3-Month USD Libor+575 basis points), 7/8/20252,3,4		4,898,764
		Abracon Group Holdings, LLC
	865,385	Revolver, 0.500%, 7/6/20282,4,5		848,676
	1,730,769	Revolver, 0.500%, 7/6/20282,4,5		1,686,365
	4,326,923	Delayed Draw, 1.000%, 7/6/20282,4,5		4,258,932
	2,163,462	Delayed Draw, 1.000%, 7/6/20282,4,5		2,143,340
	11,971,154	First Lien Term Loan, 9.512% (3-Month USD Sofr+575 basis points), 7/6/20282,3,4		11,740,018
	23,942,308	First Lien Term Loan, 9.512% (3-Month USD Sofr+575 basis points), 7/6/20282,3,4		23,328,046
		Acquia, Inc.
	179,339	Revolver, 0.500%, 10/31/20252,4,5		177,513
	123,599	Revolver, 9.076% (3-Month USD Libor+700 basis points), 10/31/20252,3,4		122,340
	2,031,627	First Lien Term Loan, 10.741% (1-Month USD Libor+700 basis points), 10/31/20252,3,4		2,010,941
		ACS
	3,890,051	First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 10/9/20262,3		3,698,369
	6,876,457	Second Lien Term Loan, 11.365% (3-Month USD Libor+825 basis points), 10/9/20272,3,4		6,728,088
		Affinipay Midco, LLC
	2,209,945	Revolver, 0.500%, 6/9/20282,4,5		2,162,712
	4,640,884	Delayed Draw, 1.000%, 6/9/20282,4,5		4,588,039
	33,149,171	First Lien Term Loan, 8.815% (3-Month USD Sofr+575 basis points), 6/9/20282,3,4		32,459,630
		Afiniti, Inc.
	14,691,124	First Lien Term Loan, 11.750% PIK 4.50% (Fixed Rate+725 basis points), 6/13/20242,3,4,10		14,300,646
	5,433,517	First Lien Term Loan, 11.750% PIK 4.50% (Fixed Rate+725 basis points), 6/13/20242,3,4,10		5,290,185
		AG-Twin Brook Technology
	9,925,000	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 10/29/20262,3,4		9,811,741
	14,925,000	First Lien Term Loan, 8.306% (3-Month USD Libor+550 basis points), 10/5/20272,3,4		14,747,774
	55,000,000	AIDC Intermediate Co2, LLC First Lien Term Loan, 8.906% (3-Month USD Sofr+640 basis points), 7/22/20272,3,4		54,140,747

See accompanying Notes to Consolidated Financial Statements.

43

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Alert Media, Inc.
$	3,000,000	Delayed Draw, 1.000%, 6/20/20232,4,5,7	$	2,977,597
	3,000,000	First Lien Term Loan, 7.743% (3-Month USD Sofr+500 basis points), 4/12/20272,3,4,7		2,955,096
	25,000,000	Anaplan, Inc. First Lien Term Loan, 9.534% (3-Month USD Sofr+650 basis points), 6/21/20292,3,4,12		24,817,978
		Appfire Technologies, LLC
	900,900	Revolver, 0.500%, 3/9/20272,4,5		883,748
	4,995,257	Delayed Draw, 1.000%, 3/9/20272,4,5		4,900,155
	11,020,000	Delayed Draw, 1.000%, 3/9/20272,4,5		10,892,507
	12,945,630	First Lien Term Loan, 7.705% (3-Month USD Sofr+550 basis points), 3/9/20272,3,4		12,699,165
	79,100	Revolver, 8.634% (3-Month USD Sofr+550 basis points), 3/9/20272,3,4		77,594
		Applied Technical Services
	727,273	Revolver, 0.500%, 12/29/20262,4,5		722,468
	2,909,091	Delayed Draw, 1.000%, 12/29/20262,4,5		2,889,870
	181,818	Revolver, 9.379% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		180,617
	2,252,386	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		2,237,505
	6,715,909	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		6,671,537
	2,681,818	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		2,664,099
	500,000	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 12/29/20262,3,4		496,696
		Apptio, Inc.
	557,223	Revolver, 0.500%, 1/10/20252,4,5		544,585
	371,482	Revolver, 8.455% (3-Month USD Libor+725 basis points), 1/10/20252,3,4		363,057
	8,232,848	First Lien Term Loan, 8.455% (3-Month USD Libor+725 basis points), 1/10/20252,3,4		8,046,128
	5,259,615	AQA Acquisition Holding, Inc. Second Lien Term Loan, 10.570% (3-Month USD Libor+750 basis points), 3/3/20292,3,4		5,162,956
	14,812,500	Arcstor Midco LLC First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 3/16/20272,3,4		14,485,440
		ASG II, LLC
	4,608,696	Delayed Draw, 1.000%, 5/25/20282,4,5		4,536,057
	30,724,638	First Lien Term Loan, 9.370% (3-Month USD Sofr+625 basis points), 5/25/20282,3,4		29,934,920
	8,004,594	ATP Intermediate, Inc. First Lien Term Loan, 9.976% (3-Month USD Libor+773 basis points), 6/16/20252,3,4		7,846,166
	2,399,923	AVI-SPL First Lien Term Loan, 9.049% (3-Month USD Libor+538 basis points), 3/10/20272,3,4		2,384,067
		Benefit Street Technology
	2,666,666	Revolver, 0.500%, 10/1/20262,4,5		2,619,518

See accompanying Notes to Consolidated Financial Statements.

44

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	24,875,000	First Lien Term Loan, 9.248% (3-Month USD Sofr+550 basis points), 10/1/20272,3,4	$	24,435,190
	19,550,861	Delayed Draw, 1.000%, 5/2/20282,4,5		19,166,841
	156,406,889	First Lien Term Loan, 9.358% (3-Month USD Libor+625 basis points), 5/2/20282,3,4		153,334,727
		Beta Plus Technologies, Inc.
	6,700,000	Revolver, 0.500%, 7/1/20272,4,5		6,549,462
	50,000,000	First Lien Term Loan, 7.558% (3-Month USD Sofr+525 basis points), 7/1/20292,3,4		49,001,588
		BetterCloud, Inc.
	6,313,721	Revolver, 0.500% PIK, 6/30/20282,4,5,10		6,186,423
	40,826,435	First Lien Term Loan, 9.455% PIK (3-Month USD Sofr+700 basis points), 6/30/20282,3,4,10		40,003,288
		Bigtime Software, Inc.
	2,327,586	Revolver, 0.500%, 8/31/20282,4,5		2,268,874
	15,517,241	First Lien Term Loan, 9.075% (3-Month USD Sofr+650 basis points), 8/31/20282,3,4		15,125,826
	3,370,787	Black Mountain Second Lien Term Loan, 10.820% (3-Month USD Libor+775 basis points), 9/26/20272,3,4		3,251,558
		Bounteous, Inc.
	888,000	Revolver, 0.500%, 8/2/20272,4,5		871,856
	4,300,000	Delayed Draw, 1.000%, 8/2/20272,4,5		4,221,823
	4,468,950	Delayed Draw, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		4,387,701
	8,634,750	First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		8,477,764
	2,139,250	First Lien Term Loan, 8.924% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		2,100,357
	912,000	Revolver, 8.998% (3-Month USD Libor+500 basis points), 8/2/20272,3,4		895,419
		BusinesSolver.com, Inc.
	1,378,788	Delayed Draw, 1.000%, 12/1/20272,4,5		1,331,526
	5,108,409	First Lien Term Loan, 6.250% (3-Month USD Libor+550 basis points), 12/1/20272,3,4		4,911,853
	7,000,000	CAI Software First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 12/13/20282,3,4		6,836,697
		Captify Intermediate Holdings Corp.
	8,662,500	First Lien Term Loan, 9.000% (3-Month USD Libor+800 basis points), 7/12/20262,3,4		8,494,995
	2,487,500	Delayed Draw, 10.994% (3-Month USD Libor+800 basis points), 7/12/20262,3,4		2,439,400
		CEB Acquisitionco, LLC
	2,500,000	First Lien Term Loan, 8.560% (3-Month USD Libor+575 basis points), 12/21/20272,3,4		2,458,448
	2,487,500	First Lien Term Loan, 9.556% (3-Month USD Libor+375 basis points), 12/21/20272,3,4		2,471,065
	806,452	Charger Intermediateco, Inc. Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		792,863
	1,898,941	Clarus First Lien Term Loan, 8.751% (3-Month USD Libor+650 basis points), 7/1/20252,3,4		1,794,170

See accompanying Notes to Consolidated Financial Statements.

45

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Cleo Communications Holding, LLC
$	2,140,000	Revolver, 0.500%, 6/11/20282,4,5	$	2,078,627
	12,860,000	First Lien Term Loan, 9.694% (3-Month USD Libor+675 basis points), 6/11/20282,3,4		12,491,191
	10,000,000	Conservice Midco, LLC Second Lien Term Loan, 9.416% (3-Month USD Libor+775 basis points), 5/13/20282,3,4		9,850,524
	4,706,170	Corel Corporation First Lien Term Loan, 8.070% (3-Month USD Libor+500 basis points), 7/2/20262,3		4,514,269
		DataLink, LLC
	310,484	Revolver, 0.500%, 11/20/20262,4,5		291,801
	225,806	Revolver, 10.424% (3-Month USD Libor+675 basis points), 11/20/20262,3,4		212,219
	6,255,897	First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 11/20/20262,3,4		5,879,461
	45,000,000	David Phelps / Merlin Bridge Loan First Lien Term Loan, 10.115% (1-Month USD Libor+700 basis points), 12/31/20222,3,4,7		44,469,551
	12,500,000	DCert Buyer, Inc. Second Lien Term Loan, 9.903% (1-Month USD Libor+700 basis points), 2/24/20292,3,4		11,642,924
	25,000,000	Diamondback Acquisition, Inc. First Lien Term Loan, 8.615% (1-Month USD Libor+550 basis points), 9/13/20282,3,4		24,458,087
		Diligent Corporation
	5,925,000	First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 8/4/20252,3,4		5,885,853
	4,345,000	First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 8/4/20252,3,4		4,316,292
	710,400	Delayed Draw, 1.000%, 8/24/20252,4,5		705,706
	884,784	Delayed Draw, 8.627% (3-Month USD Libor+575 basis points), 8/24/20252,3,4		878,938
	EUR 6,500,000	Dragon Bidco First Lien Term Loan, 6.750% (6-Month EUR Libor+675 basis points), 4/27/20282,3,4,6		6,169,765
		Emburse, Inc.
	604,839	Revolver, 0.500%, 2/28/20242,4,5		594,647
	1,209,677	Delayed Draw, 1.000%, 2/28/20242,4,5		1,189,294
	2,016,129	First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		1,982,156
	2,419,355	Delayed Draw, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		2,378,587
	201,613	Revolver, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		198,216
	17,741,935	First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 2/28/20242,3,4		17,442,975
	GBP 10,996,000	ERG Bidco, Ltd. First Lien Term Loan, 7.691% (3-Month GBP Libor+675 basis points), 6/25/20282,3,4,6		11,882,726

See accompanying Notes to Consolidated Financial Statements.

46

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		ESG Investments, Inc
$	2,142,857	Revolver, 0.500%, 9/11/20272,4,5	$	2,046,052
	8,035,714	Delayed Draw, 1.000%, 3/11/20282,4,5		7,672,695
	15,496,875	First Lien Term Loan, 8.203% (3-Month USD Sofr+450 basis points), 3/11/20282,3,4		14,796,792
		Frontline Technologies Group LLC
	6,226,612	Delayed Draw, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4		6,154,720
	32,277,829	First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4		31,905,151
	26,237,030	First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4		25,934,099
	10,741,183	First Lien Term Loan, 11.000% (3-Month USD Libor+475 basis points), 9/18/20232,3,4		10,617,166
		FSS Buyer LLC
	920,223	Revolver, 0.500%, 8/31/20272,4,5		903,492
	690,167	Revolver, 6.500% (3-Month USD Libor+575 basis points), 8/31/20272,3,4		677,619
	18,389,610	First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 8/31/20282,3,4		18,055,274
		Gainsight, Inc.
	2,625,000	Revolver, 0.500% PIK, 7/30/20272,4,5,10		2,547,385
	21,515,836	First Lien Term Loan, 9.556% PIK (3-Month USD Libor+625 basis points), 7/30/20272,3,4,10,12		20,879,664
	SEK 11,250,000	Goldcup 25952 AB First Lien Term Loan, 8.243% (3-Month SEK Stibor+625 basis points), 8/18/20272,3,4,6		1,006,944
		GovBrands Intermediate, Inc.
	662,278	Revolver, 0.500%, 4/4/20272,4,5		637,789
	905,972	Delayed Draw, 1.000%, 4/4/20272,4,5		872,472
	1,946,320	Delayed Draw, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4		1,874,351
	254,722	Revolver, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4		245,303
	8,650,630	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 4/4/20272,3,4		8,330,754
	20,000,000	HCSS First Lien Term Loan, 8.615% (3-Month USD Libor+575 basis points), 11/15/20272,3,4		19,796,356
		Help Systems Holdings, Inc.
	9,805,654	First Lien Term Loan, 7.134% (3-Month USD Libor+400 basis points), 11/19/20262,3		9,040,813
	10,000,000	Second Lien Term Loan, 9.884% (3-Month USD Libor+675 basis points), 11/19/20272,3,4		9,672,351
	1,980,000	HotSchedules First Lien Term Loan, 10.424% (3-Month USD Libor+675 basis points), 7/9/20252,3,4		1,904,410
		HPS Technology
	GBP 14,442,519	First Lien Term Loan, 5.258% (3-Month GBP Libor+550 basis points), 8/3/20252,3,4,6		16,019,536

See accompanying Notes to Consolidated Financial Statements.

47

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
	GBP 7,523,888	First Lien Term Loan, 7.915% (6-Month GBP Libor+625 basis points), 9/15/20272,3,4,6,7	$	8,345,442
	GBP 20,744,922	Delayed Draw, 1.000%, 3/9/20292,4,5,6		23,010,114
	AUD 2,737,949	Delayed Draw, 5.250% (3-Month AUD BBSY+525 basis points), 3/9/20292,3,4,6		1,739,708
		IG Investments
$	722,543	Revolver, 0.500%, 9/22/20282,4,5		684,845
	9,231,069	First Lien Term Loan, 9.115% (3-Month USD Libor+600 basis points), 9/22/20282,3,4		8,749,443
		Imagine Acquisitionco, Inc.
	1,157,556	Revolver, 0.500%, 11/16/20272,4,5		1,134,196
	1,607,717	Delayed Draw, 1.000%, 11/16/20272,4,5		1,575,273
	7,198,553	First Lien Term Loan, 8.422% (3-Month USD Libor+550 basis points), 11/16/20272,3,4		7,053,284
		insightsoftware
	209,340	Revolver, 0.500%, 5/24/20242,4,5		206,915
	488,460	Revolver, 5.750% (3-Month USD Libor+475 basis points), 5/24/20242,3,4		482,803
	25,024,627	First Lien Term Loan, 8.662% (3-Month USD Libor+575 basis points), 5/24/20242,3,4		24,734,793
	1,999,993	Delayed Draw, 1.000%, 12/2/20262,4,5		1,976,829
		Invicti Intermediate 2, LLC
	1,090,909	Revolver, 0.500%, 11/16/20272,4,5,7		1,056,986
	10,909,091	First Lien Term Loan, 8.627% (3-Month USD Libor+575 basis points), 11/16/20272,3,4,7		10,569,857
		IQN Holding Corp.
	577,540	Revolver, 0.500%, 5/2/20282,4,5		565,766
	1,443,850	Delayed Draw, 1.000%, 5/2/20292,4,5		1,421,558
	6,978,610	First Lien Term Loan, 8.406% (3-Month USD Sofr+550 basis points), 5/2/20292,3,4		6,836,338
	7,000,000	Ivanti Software, Inc. Second Lien Term Loan, 10.332% (3-Month USD Libor+725 basis points), 12/1/20282,3,4		6,736,309
	NOK13,850,796	Jigsaw Bidco AS First Lien Term Loan, 10.320% (3-Month NOK Nibor+725 basis points), 5/3/20242,3,4,6		1,263,653
		Kaseya, Inc.
	4,100,000	Delayed Draw, 0.500% PIK, 6/23/20292,4,5,10		4,058,790
	4,100,000	Revolver, 0.500% PIK, 6/23/20292,4,5,10		4,028,119
	66,800,000	First Lien Term Loan, 8.286% PIK (3-Month USD Sofr+575 basis points), 6/23/20292,3,4,10,12		65,628,872
		Kona Buyer, LLC
	9,405,486	First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 12/11/20272,3,4		9,215,680
	9,698,650	First Lien Term Loan, 8.303% (3-Month USD Sofr+475 basis points), 12/11/20272,3,4		9,502,928

See accompanying Notes to Consolidated Financial Statements.

48

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Litera Bidco LLC
$	14,272,628	First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/18/20232,3,4	$	14,110,870
	10,727,372	First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/18/20232,3,4		10,605,794
	1,200,500	First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/29/20262,3,4		1,186,894
	1,200,500	First Lien Term Loan, 8.870% (1-Month USD Libor+575 basis points), 5/29/20262,3,4,7		1,186,894
	5,472,289	First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/29/20262,3,4		5,410,269
	2,254,297	First Lien Term Loan, 9.120% (1-Month USD Libor+600 basis points), 5/29/20262,3,4		2,228,748
		LMG Holdings, Inc.
	194,286	Revolver, 0.500%, 4/30/20262,4,5		191,249
	91,429	Revolver, 10.052% (3-Month USD Libor+650 basis points), 4/30/20262,3,4		89,999
	4,667,143	First Lien Term Loan, 10.674% (3-Month USD Libor+650 basis points), 4/30/20262,3,4		4,593,723
		LogicMonitor, Inc.
	2,513,966	First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7		2,433,261
	670,391	First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7		648,870
	4,189,944	First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7		4,055,436
	2,597,765	First Lien Term Loan, 10.070% (3-Month USD Sofr+650 basis points), 5/17/20232,3,4,7		2,514,370
	5,027,933	First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7		4,866,523
	23,608,280	First Lien Term Loan, 10.070% (3-Month USD Libor+650 basis points), 5/17/20232,3,4,7		22,997,702
	8,378,104	MAG DS Corp. First Lien Term Loan, 9.174% (1-Month USD Libor+550 basis points), 4/1/20271,2,3,4		7,857,215
	20,500,000	Mandolin Technology Intermediate Holdings, Inc. Second Lien Term Loan, 9.306% (3-Month USD Libor+650 basis points), 7/30/20292,3,4		20,027,966
		ManTech International Corporation
	5,689,166	Revolver, 0.500%, 9/14/20282,4,5		5,548,591
	1,054,852	Revolver, 8.556% (3-Month USD Sofr+575 basis points), 9/14/20282,3,4		1,028,787
	13,379,260	Delayed Draw, 1.000%, 9/14/20292,4,5		13,181,820
	54,876,722	First Lien Term Loan, 8.556% (3-Month USD Sofr+575 basis points), 9/14/20292,3,4		53,520,765
		Marlin DTC-LS Midco 2, LLC
	16,871,365	First Lien Term Loan, 9.570% (3-Month USD Libor+650 basis points), 7/1/20252,3,4		15,940,506
	2,914,145	First Lien Term Loan, 9.570% (3-Month USD Libor+650 basis points), 7/1/20252,3,4		2,753,360

See accompanying Notes to Consolidated Financial Statements.

49

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	7,500,000	Measurabl, Inc. First Lien Term Loan, 12.500% PIK (3-Month USD Sofr+550 basis points), 4/21/20262,3,4,10	$	7,404,444
		Mindbody, Inc.
	1,428,571	Revolver, 0.500%, 2/14/20252,4,5		1,392,601
	7,004,407	First Lien Term Loan, 12.142% (3-Month USD Libor+700 basis points), 2/14/20252,3,4		6,828,040
	169,054	Misys Ltd. Second Lien Term Loan, 6.871% (3-Month USD Libor+350 basis points), 6/13/20242,3		147,584
	7,000,000	MyComplianceoffice, Inc. First Lien Term Loan, 10.785% (3-Month USD Libor+850 basis points), 12/29/20252,3,4		6,820,557
		Netwrix Corporation And Concept Searching Inc.
	2,870,000	Revolver, 0.500%, 6/9/20292,4,5		2,829,051
	15,308,156	Delayed Draw, 1.000%, 6/9/20292,4,5		15,165,950
	30,702,785	First Lien Term Loan, 7.903% (3-Month USD Sofr+500 basis points), 6/9/20292,3,4		30,264,718
	1,119,059	Delayed Draw, 8.341% (3-Month USD Sofr+500 basis points), 6/9/20292,3,4		1,108,664
		New Era Merger Sub, Inc.
	58,641	Revolver, 0.500%, 10/31/20262,4,5		57,493
	148,393	Revolver, 0.500%, 10/31/20262,4,5		145,488
	332,030	Delayed Draw, 1.000%, 10/31/20262,4,5		325,529
	2,018,043	Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		1,978,529
	1,706,504	Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		1,673,090
	3,141,722	First Lien Term Loan, 9.056% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		3,080,206
	169,392	Revolver, 9.082% (3-Month USD Libor+625 basis points), 10/31/20262,3,4		166,075
		Newscycle Solutions
	2,298,037	First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		2,263,150
	266,563	First Lien Term Loan, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		262,516
	346,788	Delayed Draw, 10.674% (3-Month USD Libor+700 basis points), 12/29/20222,3,4		341,524
	5,333,333	OEConnection LLC Second Lien Term Loan, 10.115% (3-Month USD Libor+700 basis points), 9/25/20272,3,4		5,211,329
	9,924,313	Options Technology Ltd. First Lien Term Loan, 8.392% (3-Month USD Libor+450 basis points), 12/26/20252,3,4		9,743,882
	7,481,250	OSP Lakeside Intermediate Holdings, LLC First Lien Term Loan, 11.721% (3-Month USD Libor+805 basis points), 7/31/20262,3,4		7,327,705
		PC Dreamscape Opco, Inc.
	1,315,789	Revolver, 0.500%, 4/25/20282,4,5		1,273,885
	3,289,474	Delayed Draw, 1.000%, 4/25/20282,4,5		3,217,210

See accompanying Notes to Consolidated Financial Statements.

50

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
$	3,289,474	Delayed Draw, 9.303% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4	$	3,217,210
	12,105,263	First Lien Term Loan, 9.303% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4		11,719,742
		PCS Software, Inc.
	363,714	Revolver, 0.500%, 7/1/20242,4,5		361,310
	5,250,191	First Lien Term Loan, 9.703% (3-Month USD Libor+575 basis points), 7/1/20242,3,4		5,215,503
	20,364,444	PDFTron Systems, Inc. First Lien Term Loan, 8.564% (3-Month USD Sofr+550 basis points), 7/15/20272,3,4		19,654,180
	9,862,632	PDI TA Holdings, Inc. First Lien Term Loan, 7.157% (3-Month USD Libor+450 basis points), 10/24/20242,3,4		9,564,992
		PDQ
	1,764,706	Revolver, 0.500%, 8/27/20272,4,5		1,739,680
	7,358,824	Delayed Draw, 8.424% (3-Month USD Libor+475 basis points), 8/27/20272,3,4		7,254,465
	10,742,353	First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 8/27/20272,3,4		10,590,011
		Pegasus Global Enterprise Holdings, LLC
	1,268,825	Delayed Draw, 0.500%, 5/29/20252,4,5		1,260,442
	773,523	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 5/29/20252,3,4		768,412
	2,747,879	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 5/29/20252,3,4		2,729,724
	1,185,006	Perforce Software, Inc. First Lien Term Loan, 6.865% (1-Month USD Libor+375 basis points), 7/1/20262,3		1,107,981
	13,000,000	Polaris Newco, LLC Second Lien Term Loan, 11.168% (3-Month USD Libor+800 basis points), 6/4/20292,3,4		12,692,986
		Prism Parent Co., Inc.
	601,852	Delayed Draw, 1.000%, 9/16/20282,4,5		595,833
	2,407,407	First Lien Term Loan, 8.922% (3-Month USD Sofr+600 basis points), 9/16/20282,3,4		2,359,259
		ProcessUnity Holdings, LLC
	750,000	Revolver, 0.500%, 9/24/20282,4,5		710,194
	1,000,000	Delayed Draw, 1.000%, 9/24/20282,4,5		955,224
	250,000	Revolver, 9.080% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		236,731
	5,000,000	First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 9/24/20282,3,4		4,734,629
		Project Leopard Holdings, Inc.
	60,000,000	First Lien Term Loan, 7.827% (3-Month USD Sofr+525 basis points), 7/20/20292,3,12		54,025,200
	14,677,325	First Lien Term Loan, 7.827% (3-Month USD Sofr+525 basis points), 7/20/20292,3		13,215,757
		QF Holdings, Inc.
	263,158	Revolver, 0.500%, 9/19/20242,4,5		254,558
	2,192,982	First Lien Term Loan, 10.425% (3-Month USD Libor+625 basis points), 9/19/20242,3,4		2,121,320
	438,596	Delayed Draw, 10.430% (3-Month USD Libor+625 basis points), 9/19/20242,3,4		424,264

See accompanying Notes to Consolidated Financial Statements.

51

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Quantic Electronics, LLC
$	500,000	Revolver, 0.500%, 11/19/20262,4,5	$	493,659
	57,038	Revolver, 0.500%, 11/19/20262,4,5		56,315
	953,898	Delayed Draw, 1.000%, 11/19/20262,4,5		941,801
	2,453,209	Delayed Draw, 9.739% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		2,422,098
	371,359	Revolver, 9.892% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		366,649
	3,960,000	Delayed Draw, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		3,909,780
	5,417,500	First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		5,348,797
	3,663,915	First Lien Term Loan, 9.924% (3-Month USD Libor+625 basis points), 11/19/20262,3,4		3,617,450
	20,000,000	Quest Software US Holdings, Inc. First Lien Term Loan, 10.227% (3-Month USD Sofr+750 basis points), 2/1/20302,3,4		17,891,668
	EUR 11,003,391	Questel International First Lien Term Loan, 7.443% (3-Month EUR Libor+625 basis points), 12/17/20272,3,4,6		10,712,163
	8,653,846	Quickbase, Inc. Second Lien Term Loan, 11.115% (3-Month USD Libor+800 basis points), 4/2/20272,3,4		8,467,127
		Rally Buyer, Inc.
	1,500,000	Revolver, 0.500%, 7/19/20282,4,5		1,465,132
	1,682,180	Revolver, 0.500%, 7/19/20282,4,5		1,639,022
	3,000,000	Delayed Draw, 1.000%, 7/19/20282,4,5		2,960,164
	3,364,360	Delayed Draw, 1.000%, 7/19/20282,4,5		3,311,493
	10,500,000	First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/20282,3,4		10,255,923
	11,775,259	First Lien Term Loan, 8.782% (3-Month USD Sofr+575 basis points), 7/19/20282,3,4		11,473,154
		Ranger Buyer, Inc.
	1,538,462	Revolver, 0.500%, 11/18/20272,4,5		1,528,297
	384,615	Revolver, 8.865% (3-Month USD Libor+625 basis points), 11/18/20272,3,4		382,074
	23,019,231	First Lien Term Loan, 8.865% (3-Month USD Libor+625 basis points), 11/18/20282,3,4		22,867,141
		RCS Technology
	2,198,710	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 2/28/20252,3,4,7		2,184,183
	341,528	Delayed Draw, 8.122% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		339,271
	55,556	Revolver, 8.865% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		55,189
	1,900,694	First Lien Term Loan, 8.865% (3-Month USD Libor+575 basis points), 2/3/20262,3,4,7		1,888,136
		Recorded Future, Inc.
	178,771	Revolver, 0.500%, 7/3/20252,4,5		175,610
	1,123,404	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 7/3/20252,3,4		1,103,542
		Redwood Services Group, LLC
	9,608,532	Delayed Draw, 1.000%, 6/15/20292,4,5		9,499,208
	40,391,468	First Lien Term Loan, 9.307% (3-Month USD Sofr+600 basis points), 6/15/20292,3,4		39,528,549

See accompanying Notes to Consolidated Financial Statements.

52

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Revalize, Inc.
$	6,665,032	Delayed Draw, 1.000%, 4/15/20272,4,5	$	6,736,863
	19,860,114	Delayed Draw, 9.424% (3-Month USD Libor+525 basis points), 4/15/20272,3,4		20,074,153
	4,631,055	Delayed Draw, 9.424% (3-Month USD Libor+525 basis points), 4/15/20272,3,4		4,680,965
	681,000	Revolver, 9.424% (3-Month USD Libor+575 basis points), 4/15/20272,3,4		688,339
		Riskonnect Parent, LLC
	35,294,000	Delayed Draw, 1.000%, 12/7/20282,4,5		34,959,628
	24,706,000	First Lien Term Loan, 7.757% (3-Month USD Sofr+550 basis points), 12/7/20282,3,4		24,224,746
	2,112,931	Rocket Software, Inc. First Lien Term Loan, 7.365% (3-Month USD Libor+425 basis points), 11/28/20252,3		2,025,942
		RPX Corporation
	4,562,500	First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 10/23/20252,3,4		4,488,674
	7,913,279	First Lien Term Loan, 8.615% (3-Month USD Libor+550 basis points), 10/23/20252,3,4		7,785,234
		Safety Borrower Holdings
	508,475	Revolver, 0.500%, 9/1/20272,4,5		487,029
	9,283,898	First Lien Term Loan, 8.320% (1-Month USD Libor+525 basis points), 9/1/20272,3,4		8,892,338
	169,492	Revolver, 10.500% (Prime Rate+475 basis points), 9/1/20272,3,4		162,343
		SailPoint Technologies, Inc.
	603,840	Revolver, 0.500%, 8/16/20282,4,5,7		588,348
	7,680,847	First Lien Term Loan, 9.096% (3-Month USD Sofr+625 basis points), 8/16/20292,3,4,7		7,483,788
		Securonix, Inc.
	2,288,135	Revolver, 0.500%, 4/1/20282,4,5		2,264,837
	12,711,865	First Lien Term Loan, 10.097% (3-Month USD Sofr+650 basis points), 4/1/20282,3,4		12,582,431
		Seismic Software, Inc.
	272,390	Revolver, 0.500%, 10/15/20262,4,5,7		263,919
	1,089,558	Delayed Draw, 1.000%, 10/15/20262,4,5		1,055,677
	26,204,082	Delayed Draw, 1.000%, 10/15/20262,4,5,7		25,334,326
	16,500	Delayed Draw, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7		15,987
	3,668,706	Delayed Draw, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7		3,550,930
	4,096,376	First Lien Term Loan, 7.430% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7		3,964,872
	815,126	Delayed Draw, 7.490% (3-Month USD Libor+475 basis points), 10/15/20262,3,4,7		789,778
	1,466,250	Smartlinx Solutions, LLC First Lien Term Loan, 9.424% (3-Month USD Libor+600 basis points), 3/5/20262,3,4		1,456,562
		Sonar Acquisitionco, Inc.
	2,693,750	Revolver, 0.500%, 7/7/20282,4,5,7		2,620,627
	40,406,250	First Lien Term Loan, 7.857% (3-Month USD Sofr+575 basis points), 7/7/20282,3,4,7		39,309,401
	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		3,985,024

See accompanying Notes to Consolidated Financial Statements.

53

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
		Syntax Systems Ltd.
$	660,066	Revolver, 0.500%, 10/29/20262,4,5	$	648,725
	1,320,132	Revolver, 7.759% (1-Month USD Libor+550 basis points), 10/29/20262,3,4		1,297,451
	4,962,406	First Lien Term Loan, 8.024% (1-Month USD Libor+550 basis points), 10/28/20282,3,4		4,877,147
	4,950,495	Delayed Draw, 1.000%, 10/29/20282,4,5		4,865,441
	17,888,614	First Lien Term Loan, 8.024% (1-Month USD Libor+550 basis points), 10/29/20282,3,4		17,581,272
		Tamarack Intermediate, L.L.C.
	3,023,437	Revolver, 0.500%, 3/11/20282,4,5		2,930,988
	18,476,562	First Lien Term Loan, 9.232% (3-Month USD Sofr+575 basis points), 3/11/20282,3,4		17,911,590
	1,477,500	TaxSlayer LLC First Lien Term Loan, 9.674% (3-Month USD Libor+600 basis points), 12/31/20262,3,4		1,467,738
	9,942,935	The NPD Group, Inc. First Lien Term Loan, 8.762% (1-Month USD Sofr+575 basis points), 12/1/20282,3,4		9,744,076
		Thunder Purchase, Inc.
	1,136,691	Revolver, 0.500%, 6/30/20272,4,5		1,112,582
	235,177	Revolver, 9.424% (3-Month USD Libor+575 basis points), 6/30/20272,3,4,7		230,189
	4,083,877	First Lien Term Loan, 9.424% (3-Month USD Libor+575 basis points), 6/30/20282,3,4,7		3,993,108
		TigerConnect, Inc.
	1,875,000	Revolver, 0.500% PIK, 2/16/20282,4,5,10		1,814,716
	541,406	Delayed Draw, 1.000% PIK, 2/16/20282,4,5,10		534,693
	13,125,000	First Lien Term Loan, 9.975% PIK (3-Month USD Sofr+675 basis points), 2/16/20282,3,4,10		12,703,011
		Trackforce Acquireco, Inc.
	1,113,074	Revolver, 0.500%, 6/23/20282,4,5,7		1,090,632
	30,053,004	First Lien Term Loan, 7.957% (3-Month USD Sofr+600 basis points), 6/23/20282,3,4,7		29,447,071
	9,466,926	Transact Holdings, Inc. First Lien Term Loan, 7.865% (1-Month USD Libor+475 basis points), 4/30/20262,3,4,7		9,257,263
		Tribute Technology Holdings, LLC
	3,487,842	Revolver, 0.500%, 10/30/20262,4,5		3,413,866
	2,143,484	First Lien Term Loan, 9.174% (3-Month USD Libor+550 basis points), 10/30/20262,3,4,7		2,076,829
	6,430,452	Delayed Draw, 9.424% (3-Month USD Libor+575 basis points), 10/30/20262,3,4,7		6,230,488
	1,395,137	Revolver, 9.543% (3-Month USD Libor+625 basis points), 10/30/20262,3,4,7		1,365,546
		Trintech, Inc.
	883,967	First Lien Term Loan, 9.120% (3-Month USD Libor+600 basis points), 12/29/20232,3,4		862,858
	441,984	First Lien Term Loan, 9.120% (3-Month USD Libor+600 basis points), 12/29/20232,3,4		431,429

See accompanying Notes to Consolidated Financial Statements.

54

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		SENIOR SECURED LOANS (Continued)
		TECHNOLOGY (Continued)
	GBP 12,230,216	UKFast Leaders Limited First Lien Term Loan, 9.439% (3-Month GBP Libor+675 basis points), 9/8/20272,3,4,6	$	13,434,924
		Uniguest
$	526,316	Revolver, 0.500%, 12/17/20252,4,5		522,272
	605,263	Delayed Draw, 1.000%, 12/17/20252,4,5		600,311
	3,573,757	Delayed Draw, 10.115% (1-Month USD Libor+700 basis points), 12/17/20252,3,4		3,544,514
	5,184,211	First Lien Term Loan, 10.115% (1-Month USD Libor+700 basis points), 12/17/20252,3,4		5,144,382
	37,896,774	User Zoom Technologies, Inc First Lien Term Loan, 9.347% (3-Month USD Sofr+575 basis points), 4/5/20292,3,4,12		36,923,079
	15,000,000	Virgin Pulse, Inc. Second Lien Term Loan, 10.365% (3-Month USD Libor+725 basis points), 4/6/20292,3,4		13,473,656
	29,524,000	Wilson Electronics Holdings, LLC First Lien Term Loan, 9.034% (3-Month USD Sofr+600 basis points), 5/17/20272,3,4		28,989,307
		WorkForce Software, LLC
	154,412	Revolver, 0.500%, 7/31/20252,4,5		150,524
	4,432,826	First Lien Term Loan, 7.320% PIK (3-Month USD Libor+425 basis points), 7/31/20252,3,4,10		4,332,290
	308,824	Revolver, 9.570% PIK (3-Month USD Libor+650 basis points), 7/31/20252,3,4,10		301,048
	2,524,544	Xactly Corporation First Lien Term Loan, 10.060% (3-Month USD Libor+725 basis points), 7/31/20232,3,4		2,498,839
				2,415,123,798
		UTILITIES — 0.3%
		EDPO, LLC
	1,006,667	Delayed Draw, 1.000%, 12/8/20272,4,5,7		991,393
	243,333	First Lien Term Loan, 8.424% (3-Month USD Libor+475 basis points), 12/8/20272,3,4,7		239,642
	7,813,861	TS OpCo Holding LLC First Lien Term Loan, 8.306% (3-Month USD Libor+550 basis points), 9/28/20232,3,4		7,640,550
		Water Holdings Acquisition, LLC
	519,305	Revolver, 0.500%, 12/18/20262,4,5		511,174
	3,817,808	Delayed Draw, 1.000%, 12/18/20262,4,5		3,758,027
	766,409	Revolver, 8.924% (3-Month USD Libor+525 basis points), 12/18/20262,3,4		754,408
	13,611,429	First Lien Term Loan, 8.924% (3-Month USD Libor+525 basis points), 12/18/20262,3,4		13,398,295
	291,051	Delayed Draw, 8.953% (3-Month USD Libor+525 basis points), 12/18/20262,3,4		286,494
				27,579,983
		TOTAL SENIOR SECURED LOANS
		(Cost $9,643,725,412)		9,494,899,036

See accompanying Notes to Consolidated Financial Statements.

55

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Number of Shares			Value
		PRIVATE INVESTMENT VEHICLES — 45.1%
		INVESTMENT PARTNERSHIPS — 5.4%
	N/A	AG Direct Lending Fund II (Unlevered) L.P.2,11	$	27,705,019
	N/A	AG Direct Lending Fund II L.P.2,11		20,451,756
	N/A	AG Direct Lending Fund III L.P.2,11		14,863,339
	N/A	AG DLI, L.P.2,11		12,314,319
	N/A	AG GTDL Fund II L.P.2,11		27,962,684
	N/A	AG GTDL Fund L.P.2,11		3,504,921
	N/A	AG KFHDL Fund L.P.2,11		3,504,977
	N/A	Antares Senior Loan Parallel Feeder Fund II (Cayman) LP2,11		4,080,628
	N/A	Ares Commercial Finance Feeder (A) LP2,11		17,401,194
	N/A	Barings CMS Fund LP2,11		15,465,910
	N/A	CDL Tender Fund 2022-1 L.P.2,11		51,751,608
	N/A	Crescent Mezzanine Partners VIIC, L.P.2,11		6,193,035
	N/A	Crestline Specialty Lending III (U.S.), LP2,11		15,101,067
	N/A	HPS Mezzanine Partners 2019 LP2,11		9,181,546
	N/A	HPS Specialty Loan Fund V Feeder LP2,11		39,508,829
	N/A	Marlin Credit Opportunity Fund LP2,11		95,801,749
	N/A	Odyssey Company Investment Partners B L.P. 2,11		1,546,177
	N/A	Providence Debt Fund III (Non-US) L.P.2,11		10,479,240
	N/A	Raven Asset Based Credit Fund II, LP2,11		17,501,613
	N/A	Silver Point Specialty Credit Fund II, LP2,11		39,491,765
	N/A	Summit Partners Credit Offshore Fund II, LP2,11		8,971,881
	N/A	Thompson Rivers, LLC2,11		12,260,530
	N/A	Varagon Capital Direct Lending Fund, LP2,11		14,874,265
	N/A	Vista Credit Partner Fund III LP2,11		26,552,537
	N/A	Waccamaw River, LLC 2,11		10,828,581
				507,299,170
		JOINT VENTURES — 0.9%
	N/A	FBLC Senior Loan Fund LLC2,11		71,818,072
	N/A	Middle Market Credit Fund II, LLC2,11		14,809,358
				86,627,430
		NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 17.6%
	N/A	AGTB Private BDC2,11		72,892,974
	4,312,845	Barings Capital Investment Corporation2,11		95,829,533
	44,235,355	Barings Private Credit Corporation2,11		941,043,899
	N/A	Carlyle Secured Lending III2,11		1,925,000
	5,602,694	Franklin BSP Lending Corporation2,11		42,405,876
	1,993,455	Golub Capital BDC 4, Inc.2,11		29,983,526
	1,903,052	Golub Capital Direct Lending Corp.2,11		28,613,442
	1,755,730	Morgan Stanley Direct Lending Fund2,11		36,578,375
	10,000,000	New Mountain Guardian III BDC, LLC2,11		100,014,520
	500,000	New Mountain Guardian IV BDC, LLC2,11		4,875,442
	16,163,843	Owl Rock Core Income Corp.2,11		146,583,136
	2,119,509	Owl Rock Technology Finance Corp.2,11		34,727,700

See accompanying Notes to Consolidated Financial Statements.

56

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Number of Shares			Value
		PRIVATE INVESTMENT VEHICLES (Continued)
		NON-LISTED BUSINESS DEVELOPMENT COMPANIES (Continued)
	2,371,569	Owl Rock Technology Finance Corp. II2,11	$	33,688,358
	N/A	Redwood Enhanced Income Corp.2,11		22,047,896
	N/A	Sixth Street Lending Partners2,11		6,468,982
	N/A	Stellus Private Credit BDC Feeder, LP2,11		12,528,808
	N/A	TCW Direct Lending VIII LLC2,11		13,755,840
	N/A	Varagon Capital Corporation2,11		19,311,240
				1,643,274,547
		PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 20.1%
	N/A	ABPCI Pacific Funding LP2,11		28,455,721
	N/A	BlackRock Shasta CLO VII LLC2,11		534,922,659
	N/A	NXT Capital Structured Note I, LLC2,11		58,750,236
	N/A	Raven Senior Loan Fund LLC2,11		417,081,431
	N/A	Silver Point Loan Funding LLC2,11		412,326,976
	N/A	Varagon Structured Note Issuer I LLC2,11		422,881,242
				1,874,418,265
		PRIVATE EQUITY — 0.1%
	4	Owl Rock Technology Holdings II LLC2,4		5,107,600
	N/A	Stellus Private BDC Advisor, LLC 2,4		1,022,872
				6,130,472
		SPECIAL PURPOSE VEHICLE FOR PREFERRED EQUITY — 0.5%
	N/A	CCOF Sierra II, L.P.2,11		15,914,564
	N/A	Chilly HP SCF Investor, LP2,11		2,090,313
	N/A	HPS Mint Co-Invest Fund LP2,11		10,346,018
	N/A	Minerva Co-Invest LP2,11		15,228,940
				43,579,835
		SPECIAL PURPOSE VEHICLE FOR SENIOR SECURED BONDS — 0.4%
	N/A	17Capital Co. Investment Fund V-L LP2,6,11		22,538,073
	N/A	Endurance II L.P.2,11		10,475,832
	N/A	Proxima Onshore Co-Invest, L.P.2,11		1,487,608
				34,501,513
		SPECIAL PURPOSE VEHICLE FOR SUBORDINATED DEBT — 0.1%
	N/A	Luther Co-Invest, L.P.2,11		14,268,608
		TOTAL PRIVATE INVESTMENT VEHICLES
		(Cost $4,121,426,728)		4,210,099,840
Principal Amount
		COLLATERALIZED LOAN OBLIGATIONS — 0.9%
$	12,000,000	ABPCI Direct Lending Fund CLO X LP 13. 180% (3-Month USD Libor+1,047 basis points), 1/20/20321,2,3,4,8		11,290,287
		BlackRock Elbert CLO V LLC
	13,000,000	11.906% (3-Month Term SOFR+870 basis points), 6/15/20341,2,3,4,8		12,582,427
	39,500,000	18.000%, 6/15/20341,2,4,13		37,524,028

See accompanying Notes to Consolidated Financial Statements.

57

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount			Value
		PRIVATE INVESTMENT VEHICLES (Continued)
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
$	10,000,000	Monroe Capital MML CLO IX Ltd. 11.459% (3-Month USD Libor+870 basis points), 10/22/20311,2,3,8,14	$	9,161,310
	2,910,000	Monroe Capital MML CLO VII Ltd. 10.234% (3-Month USD Libor+725 basis points), 11/22/20301,2,3,8		2,580,132
	15,000,000	Monroe Capital MML CLO VIII, Ltd. 20.000%, 11/22/2033*,1,2,4,8,13		11,511,353
		TOTAL COLLATERALIZED LOAN OBLIGATIONS
		(Cost $90,463,327)		84,649,537
Number of Shares
		PREFERRED STOCKS — 0.7%
		HEALTH CARE — 0.3%
	15,000	nThrive, Inc., Series A-2 Preferred, 11.000% PIK2,4,10		14,500,495
	17,500	Propharma, LLC Jayhawk Intermediate LLC, Series B Preferred, 13.000% PIK2,4,10,15		16,977,015
				31,477,510
		INDUSTRIALS — 0.2%
	2,500	Atomic Transport, LLC Atomic Blocker, LLC, Class A Preferred, 8.500% PIK2,4,10,16		2,500,000
	11,250,000	FSG Acquisition, LLC, - Senior Preferred, 12.250% PIK2,4,10		10,968,750
	200	S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Preferred, 8.000% PIK2,4,10,17		99,999
				13,568,749
		TECHNOLOGY — 0.2%
	6,500	Mandolin Technology Intermediate Holdings, Inc. - Series A Preferred, 10.500% PIK2,4,10		6,310,095
	11,000	Riskonnect Parent, LLC Riskonnect Parent, LLC, Series B Preferred, 12.607% PIK2,4,10		10,795,170
				17,105,265
		TOTAL PREFERRED STOCKS
		(Cost $61,461,754)		62,151,524
		COMMON STOCKS — 0.1%
		FINANCIALS — 0.1%
	280,309	Forbright, Inc.2,4		5,268,893
		INDUSTRIALS — 0.0%
	2,188	Atomic Transport, LLC Atomic Blocker, LLC, Class W Common2,4,16		1,248,057
	200	S4T Holdings Corp. Vistria ESS Holdings, LLC, Class A Common2,4,17		150,265
				1,398,322
		TOTAL COMMON STOCKS
		(Cost $4,365,607)		6,667,215

See accompanying Notes to Consolidated Financial Statements.

58

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Principal Amount				Value
			SUBORDINATED DEBT — 0.0%
			FINANCIALS — 0.0%
$	5,500,000		OTR Midco, LLC, 12.000%, 5/12/20262,4	$	5,427,519
			TOTAL SUBORDINATED DEBT
			(Cost $5,500,000)		5,427,519
Number of Shares
			WARRANTS — 0.0%
			ENERGY — 0.0%
	1		Service Compression, LLC2,4		—
	1		Service Compression, LLC2,4		—
					—
			HEALTH CARE — 0.0%
	1,300,435		ADMA Bilogics, Inc.2,4		2,781,771
	219,298		Xerix Biopharma Holdings, Inc.2,4		269,942
					3,051,713
			TECHNOLOGY — 0.0%
	21,640		Afiniti, Inc. (via a participation with VHG Investment Fund I, L.P.)2,4		1,012,752
	1		Measurabl, Inc.2,4		—
					1,012,752
			TOTAL WARRANTS
			(Cost $1,152,261)		4,064,465
			SHORT-TERM INVESTMENTS — 1.8%
	170,309,177		State Street Institutional U.S. Government Money Market Fund, 2.90%2,18		170,309,177
			TOTAL SHORT-TERM INVESTMENTS
			(Cost $170,309,177)		170,309,177
			TOTAL INVESTMENTS — 150.2%
			(Cost $14,098,404,266)		14,038,268,313
			Senior Notes (net of deferred offering costs of $527,500) — (16.3)%		(1,526,567,716	)
			Liabilities Less Other Assets — (33.9)%		(3,163,917,914	)
			NET ASSETS — 100.0%	$	9,347,782,683
Principal Amount
			REVERSE REPURCHASE AGREEMENTS — (0.0)%
$	(3,960,000	)	Agreement with Deutsche Bank AG, 5.239%, dated 9/22/2022, to be repurchased at $4,012,447 on 12/22/2022, collateralized by Monroe Capital MML CLO IX Ltd. with maturity of 10/22/2031, with a total value of $9,161,310		(3,960,000	)
			TOTAL REVERSE REPURCHASE AGREEMENTS
			(Proceeds $3,960,000)		(3,960,000	)

Libor – London Interbank Offered Rate

EUR – Euro

See accompanying Notes to Consolidated Financial Statements.

59

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Sofr – Secured Overnight Financiang Rate

LLC – Limited Liability Company

GBP – Pound Sterling

AUD – Australian Dollar

NZD – New Zealand Dollar

CAD – Canadian Dollars

US – United States

LP – Limited Partnership

RB – Revenue Bonds

LOC – Letter of Credit

SEK – Swedish Krona

Stibor – Stockholm Interbank Offered Rate

NOK – Norweigian Krone

Nibor – Norwegian Interbank Offered Rate

BDC – Business Development Company

CLO – Collateralized Loan Obligation

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

¹ Callable.

² As of September 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 $14,038,268,313 as of September 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.

⁸ 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 $58,729,821, which represents 0.6% of total net assets of the Fund.

⁹ Step rate security.

¹⁰ Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.

¹¹ Investment valued using net asset value per share as practical expedient. See Note 12 for respective investment strategies, unfunded commitments, and redemptive restrictions.

¹² 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 $299,509,022 as of September 30, 2022. See note 2 for additional information.

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 $9,161,310 as of September 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 and Class W Common 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.

See accompanying Notes to Consolidated Financial Statements.

60

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

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 GP Sub Notes		6/9/2022		28,544,304
AG Direct Lending Fund II (Unlevered) L.P.		3/31/2022		25,709,810
AG Direct Lending Fund II L.P.		3/31/2020		18,644,892
AG Direct Lending Fund III L.P.		6/28/2019		14,355,107
AG DLI, L.P.		3/31/2022		11,122,893
AG GTDL Fund II L.P.		3/31/2022		25,996,459
AG GTDL Fund L.P.		3/31/2022		3,368,501
AG KFHDL Fund L.P.		3/31/2022		3,374,322
AGTB Private BDC		5/10/2022		72,291,000
Antares Senior Loan Parallel Feeder Fund II (Cayman) LP		8/3/2022		4,000,000
Ares Commercial Finance Feeder (A) LP		3/31/2021		15,404,552
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		532,289,942
Carlyle Secured Lending III		9/28/2022		1,925,000
CCOF Sierra II, L.P.		8/2/2022		15,600,000
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		5,520,162
Crestline Specialty Lending III (U.S.), LP		8/30/2021		14,868,016
Endurance II L.P.		8/24/2020		9,748,287
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		28,500,000
Golub Capital IV BDC		4/21/2022		29,901,821
HPS Mezzanine Partners 2019 LP		11/16/2020		8,243,850
HPS Mint Co-Invest Fund LP		5/25/2022		10,015,163
HPS Specialty Loan Fund V Feeder LP		5/14/2021		37,887,949
Luther Co-Invest, L.P.		7/15/2022		14,268,608
Marlin Credit Opportunity Fund LP		5/21/2021		100,408,617
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		36,805,201
New Mountain Guardian III BDC, LLC		3/27/2020		100,000,000

See accompanying Notes to Consolidated Financial Statements.

61

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

Security	First Acquisition Date		Cost
New Mountain Guardian IV BDC, LLC		6/29/2022	$	5,000,000
NXT Capital Structured Note I, LLC		1/26/2022		61,856,420
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 Technology Finance Corp.		9/24/2020		35,000,000
Owl Rock Technology Finance Corp. II		12/30/2021		33,947,433
Providence Debt Fund III (Non-US) L.P.		3/31/2021		8,449,093
Proxima Onshore Co-Invest, L.P.		11/2/2021		1,500,257
Raven Asset Based Credit Fund II, LP		9/21/2021		16,715,943
Raven Senior Loan Fund LLC		5/5/2022		404,924,444
Redwood Enhanced Income Corp.		4/8/2022		22,076,582
Silver Point Loan Note Issuer LLC		3/22/2022		404,002,302
Silver Point Specialty Credit Fund II, LP		12/15/2020		41,326,575
Sixth Street Lending Partners		8/31/2022		6,468,982
Stellus Private Credit BDC Feeder, LP		1/31/2022		12,450,000
Summit Partners Cred Offshore Fund II		3/31/2022		7,175,544
TCW Direct Lending VIII LLC		1/31/2022		13,523,324
Thompson Rivers, LLC		6/29/2021		14,600,849
Varagon Capital Corp. Direct Lending Fund		5/23/2022		19,296,490
Varagon Capital Direct Lending Fund		3/25/2021		15,000,000
Varagon Structured Note Issuer I LLC		10/13/2021		415,000,000
Vista Credit Partner Fund III LP		9/15/2021		25,265,385
Waccamaw River, LLC		5/4/2021		11,278,065
Total			$	4,121,251,727

See accompanying Notes to Consolidated Financial Statements.

62

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

SWAP CONTRACT

INTEREST RATE SWAPS

Counterparty1	Payments Made/Frequency	Payments Received/ Frequency	Termination Date	Notional Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
PNC Bank, N.A	Daily Simple SOFR2 + 1.446% / Quarterly	4.10% / Semi-annually	3/28/2027	$	650,000,000	$	—	$	(32,260,486	)
PNC Bank, N.A	Daily Simple SOFR2 + 0.905% / Quarterly	4.10% / Semi-annually	3/28/2027		250,000,000		—		(6,782,202	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.052%/ Quarterly	5.44% / Semi-annually	7/19/2025		215,000,000		—		(3,521,515	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.263%/ Quarterly	5.50% / Semi-annually	7/19/2026		130,000,000		—		(3,013,439	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.477% / Quarterly	5.61% / Semi-annually	7/19/2027		130,000,000		—		(3,919,193	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.688% / Quarterly	5.72% / Semi-annually	7/19/2029		160,000,000		—		(6,507,089	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.245% / Quarterly	5.50% / Semi-annually	7/19/2026		10,000,000		—		(239,717	)
MUFG Bank, Ltd.	Daily Simple SOFR2 + 2.684% / Quarterly	5.72% / Semi-annually	7/19/2029		40,000,000		—		(1,661,143	)
TOTAL INTEREST RATE SWAPS								$	(57,904,784	)

¹ Instrument is used in a hedge accounting relationship. The change in fair value for the instrument, and of the hedged item, is recorded in interest expense.

² Reset daily with a five buseness day look back.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

Currency Sold	Counterparty	Currency Purchased	Settlement Date	Currency Amount Sold			Value at Opening Date of Contract			Value at September 30, 2022			Unrealized Appreciation (Depreciation)
Australian Dollars	State Street	USD	October 31, 2022		(18,330,173	)	$	(11,778,969	)	$	(11,730,062	)	$	48,907
Australian Dollars	State Street	USD	December 30, 2022		(16,427,466	)		(10,566,146	)		(10,527,168	)		38,978
British Pound	State Street	USD	October 14, 2022		(5,793,737	)		(6,704,686	)		(6,471,102	)		233,584
British Pound	State Street	USD	November 04, 2022		(2,849,262	)		(3,553,229	)		(3,182,810	)		370,419
British Pound	State Street	USD	November 10, 2022		(1,750,327	)		(2,169,128	)		(1,955,377	)		213,751
British Pound	State Street	USD	December 15, 2022		(7,539,659	)		(8,736,731	)		(8,429,206	)		307,525
British Pound	State Street	USD	December 30, 2022		(51,949,146	)		(55,554,417	)		(58,002,233	)		(2,447,816	)
British Pound	State Street	USD	February 03, 2023		(3,812,896	)		(4,670,195	)		(4,257,099	)		413,096
British Pound	State Street	USD	March 31, 2023		(14,823,488	)		(15,822,146	)		(16,549,965	)		(727,819	)
Canadian Dollars	State Street	USD	November 14, 2022		(25,285,144	)		(19,773,329	)		(18,304,993	)		1,468,336
Canadian Dollars	State Street	USD	December 09, 2022		(11,491,996	)		(8,595,681	)		(8,323,321	)		272,360
Canadian Dollars	State Street	USD	December 30, 2022		(85,132,651	)		(61,986,785	)		(61,680,515	)		306,270
Euro	State Street	USD	October 31, 2022		(566,658	)		(544,218	)		(556,572	)		(12,354	)
Euro	State Street	USD	November 04, 2022		(3,687,062	)		(3,799,794	)		(3,622,482	)		177,312
Euro	State Street	USD	November 30, 2022		(11,737,208	)		(11,844,250	)		(11,562,768	)		281,482
Euro	State Street	USD	December 30, 2022		(281,981,749	)		(271,929,100	)		(278,248,138	)		(6,319,038	)
Euro	State Street	USD	March 31, 2023		(2,789,926	)		(2,710,692	)		(2,772,083	)		(61,391	)
New Zealand Dollar	State Street	USD	December 30, 2022		(6,291,604	)		(3,551,610	)		(3,524,019	)		27,591

See accompanying Notes to Consolidated Financial Statements.

63

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments
As of September 30, 2022 (Unaudited) (Continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — (Continued)

Currency Sold	Counterparty	Currency Purchased	Settlement Date	Currency Amount Sold			Value at Opening Date of Contract			Value at September 30, 2022			Unrealized Appreciation (Depreciation)
Norwegian Krone	Marlin Credit Opportunities	USD	August 11, 2023		(13,125,000	)	$	(1,451,399	)	$	(1,215,662	)	$	235,737
Swedish Krona	Marlin Credit Opportunities	USD	August 23, 2024		(11,250,000	)		(1,279,529	)		(1,055,829	)		223,700
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS							$	(507,022,034	)	$	(511,971,404	)	$	(4,949,370	)

USD – U.S. Dollar

See accompanying Notes to Consolidated Financial Statements.

64

Cliffwater Corporate Lending Fund

Consolidated Summary of Investments
As of September 30, 2022 (Unaudited)

Security Type/Sector	Percent of Total Net Assets
Senior Secured Loans
Technology		25.9	%
Industrials		21.0	%
Health Care		19.5	%
Financials		15.0	%
Consumer Discretionary		8.9	%
Materials		4.6	%
Communications		3.1	%
Consumer Staples		1.2	%
Real Estate		1.1	%
Energy		0.7	%
Governments		0.3	%
Utilities		0.3	%
Total Senior Secured Loans		101.6	%
Private Investment Vehicles		45.1	%
Collateralized Loan Obligations		0.9	%
Preferred Stocks
Health Care		0.3	%
Technology		0.2	%
Industrials		0.2	%
Total Preferred Stocks		0.7	%
Common Stocks
Financials		0.1	%
Industrials		0.0	%
Total Common Stocks		0.1	%
Subordinated Debt
Financials		0.0	%
Warrants
Health Care		0.0	%
Technology		0.0	%
Energy		0.0	%
Total Warrants		0.0	%
Short-Term Investments		1.8	%
Total Investments		150.2	%
Senior Notes		(16.3	)%
Liabilities in Excess of Other Assets		(33.9	)%
Total Net Assets		100.0	%

See accompanying Notes to Consolidated Financial Statements.

65

Cliffwater Corporate Lending Fund

Consolidated Statement of Assets and Liabilities
September 30, 2022 (Unaudited)

Assets:
Investments, at value (cost $14,007,134,075)	$	13,951,640,883
Joint ventures, at value (cost $91,270,191)		86,627,430
Foreign currency, at value (cost $759,866)		823,630
Cash		39,811,985
Cash deposited with brokers for swap contracts		62,510,000
Receivables:
Investment securities sold		16,858,253
Fund shares sold		12,902,857
Dividends and interest		112,970,127
Prepaid expenses		6,598,563
Prepaid commitment fees on secured credit facility		10,940,801
Total assets		14,301,684,529
Liabilities:
Reverse repurchase agreements, at value (proceeds $3,960,000)		3,960,000
Unrealized depreciation on forward foreign currency exchange contracts		4,949,370
Unrealized depreciation on swap contracts		57,904,784
Payables:
Senior notes (Net of deferred offering cost of $527,500) (Note 2)		1,526,567,716
Secured credit facility (Note 2)		1,500,000,000
Secured borrowings (Note 2)		299,509,022
Unfunded loan commitments (Note 2)		1,538,049,065
Investment securities purchased		556,807
Deferred tax liability		833,446
Interest on senior notes		7,087,375
Interest on secured credit facility		8,981,154
Interest on reverse repurchase agreements		5,187
Interest on secured borrowings		1,823,261
Investment Management fees		1,272,251
Audit fees		176,046
Fund administration fees		313,931
Custody fees		816,169
Trustees’ fees and expenses		23,750
Transfer Agency fees and expenses		137,025
Chief Compliance Officer fees		3,201
Other accrued expenses		932,286
Total liabilities		4,953,901,846
Net Assets	$	9,347,782,683
Components of Net Assets:
Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized)	$	9,262,709,740
Total distributable earnings		85,072,943
Net Assets	$	9,347,782,683
Class I Shares:
Net assets applicable to shares outstanding	$	9,347,782,683
Shares of beneficial interest issued and outstanding		876,343,980
Net asset value, offering, and redemption price per share	$	10.67

See accompanying Notes to Consolidated Financial Statements.

66

Cliffwater Corporate Lending Fund

Consolidated Statement of Operations
For the Six Months Ended September 30, 2022 (Unaudited)

Investment Income:
Interest (net of withholding taxes of $71,432)	$	286,158,859
Dividends		45,228,444
Distributions from investment partnerships		40,005,970
Distributions from joint venture investments		2,519,136
Total investment income		373,912,409
Expenses:
Investment management fees		40,675,875
Interest on secured credit facility		28,119,922
Interest on reverse repurchase agreements		68,541
Interest on senior notes		23,498,764
Interest on secured borrowings		5,455,057
Legal fees		472,284
Fund administration fees		2,245,326
Registration fees		264,129
Transfer agent fees and expenses		544,559
Custody fees		539,011
Audit fees		213,195
Trustees’ fees and expenses		173,750
Shareholder reporting fees		160,967
Chief Compliance Officer fees		38,834
Insurance fees		30,850
Commitment fees on secured credit facility		671,610
Miscellaneous expenses		1,926,152
Total fees and expenses		105,098,826
Net investment income		268,813,583
Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,100,067
Swap contracts		2,817,004
Forward foreign currency exchange contracts		52,832,246
Foreign currency transactions		7,536,514
Net realized gain		64,285,831
Net change in unrealized appreciation/depreciation on:
Investments		(123,405,947	)
Investments in joint ventures		(9,392,248	)
Swap contracts		(57,904,784	)
Senior notes		57,904,784
Forward foreign currency exchange contracts		(5,566,837	)
Foreign currency translations		4,473,732
Deferred tax expense		(332,911	)
Net change in unrealized appreciation/depreciation		(134,224,211	)
Net realized and unrealized gain (loss)		(69,938,380	)
Net Increase in Net Assets from Operations	$	198,875,203

See accompanying Notes to Consolidated Financial Statements.

67

Cliffwater Corporate Lending Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended September 30, 2022 (Unaudited)			For the Period January 1, 2022 through March 31, 2022*			For the Year Ended December 31, 2021
Net Increase in Net Assets from:
Operations:
Net investment income	$	268,813,583		$	86,763,291		$	158,812,770
Net realized gain on investments, forward foreign currency exchange contracts and foreign currency transactions		64,285,831			4,122,484			12,834,590
Net change in unrealized appreciation/depreciation on investments, swap contracts, senior notes, forward foreign currency exchange contracts, foreign currency translations and deferred taxes		(134,224,211	)		12,114,219			46,085,439
Net increase in net assets resulting from operations		198,875,203			102,999,994			217,732,799
Distributions to shareholders:
Distributions:
Class I		(273,284,016	)		—			(173,398,542	)
From return of capital:
Class I		—			—			(28,307,888	)
Total		(273,284,016	)		—			(201,706,430	)
Capital Transactions:
Proceeds from shares sold:
Class I		2,998,475,002			2,007,446,987			4,062,844,184
Reinvestment of distributions:
Class I		94,014,064			—			62,384,398
Cost of shares repurchased:
Class I		(413,081,035	)		(97,311,884	)		(156,498,524	)
Net increase in net assets from capital transactions		2,679,408,031			1,910,135,103			3,968,730,058
Net increase in net assets		2,604,999,218			2,013,135,097			3,984,756,427
Net Assets:
Beginning of period		6,742,783,465			4,729,648,368			744,891,941
End of period	$	9,347,782,683		$	6,742,783,465		$	4,729,648,368
Capital Share Transactions:
Shares sold:
Class I		281,516,952			187,681,586			382,870,006
Shares issued in reinvestment of distributions:
Class I		8,922,735			—			5,911,991
Shares redeemed:
Class I		(38,750,784	)		(9,103,076	)		(14,649,800	)
Net increase in capital shares outstanding		251,688,903			178,578,510			374,132,197

* Fiscal year end changed to March 31, effective January 1, 2022.

See accompanying Notes to Consolidated Financial Statements.

68

Cliffwater Corporate Lending Fund

Consolidated Statement of Cash Flows
For the Six Months Ended September 30, 2022 (Unaudited)

Cash flows provided by (used in) operating activities:
Net increase in net assets from operations	$	198,875,203
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Purchases of investments		(6,419,939,590	)
Sales of investments		1,388,932,117
Net accretion on investments		(4,814,727	)
Net realized gain on investments		(1,100,067	)
Net realized gain on paydowns		(6,175,449	)
Net change in unrealized (appreciation)/depreciation		132,798,195
Return of capital distributions received		92,164,682
Original issue discount and amendment fees		18,663,049
Net change in deferred tax liability		(332,911	)
Change in short-term investments, net		(94,060,812	)
(Increase)/Decrease in assets:
Cash deposited with brokers for swap contracts		(62,510,000	)
Foreign currency		1,135,326
Investment securities sold		3,004,282
Dividends and interest		(29,362,454	)
Prepaid expenses		(5,908,394	)
Prepaid commitment fees on secured credit facility		(1,207,980	)
Increase/(Decrease) in liabilities:
Investment securities purchased		(78,957,235	)
Unfunded loan commitments		470,392,035
Investment management fees		(149,191	)
Sub-advisory fees		(226,581	)
Interest on reverse repurchase agreements		2,361
Interest on secured credit facility		8,890,373
Interest on senior notes		6,920,670
Interest on secured borrowings		1,823,261
Audit fees		(199,805	)
Deferred tax liability		332,911
Legal fees		(38,597	)
Fund administration fees		(356,827	)
Trustees’ fees and expenses		23,750
Custody fees		227,232
Transfer Agency fees and expenses		(8,565	)
Chief Compliance Officer fees		(9,949	)
Other accrued expenses		387,389
Net cash used in operating activities		(4,380,786,298	)

See accompanying Notes to Consolidated Financial Statements.

69

Cliffwater Corporate Lending Fund

Consolidated Statement of Cash Flows
For the Six Months Ended September 30, 2022 (Unaudited) (Continued)

Cash flows provided by (used in) financing activities:
Proceeds from shares sold, net of receivable for fund shares sold	$	3,032,933,911
Cost of shares repurchased		(413,081,035	)
Distributions paid to shareholders, net of reinvestments		(179,269,952	)
Proceeds from reverse repurchase agreements		8,100,000
Payments made on reverse repurchase agreements		(10,395,000	)
Proceeds from secured borrowings		532,684,033
Payments made on secured borrowings		(437,343,426	)
Proceeds from revolving loan (see note 2)		1,568,000,000
Payments on revolving loan (see note 2)		(675,000,000	)
Proceeds from senior notes		935,000,000
Net cash provided by financing activities		4,361,628,531
Net increase in cash		(19,157,767	)
Cash
Cash, beginning of period		58,969,752
Cash, end of period	$	39,811,985

Non cash financing activities not included herein consist of $94,014,064 reinvested dividends.

Cash paid for interest on credit facility during the period was $19,229,549.

Cash paid for interest on reverse repurchase agreements during the period was $66,180.

Cash paid for interest on senior notes during the period was $21,837,021.

Cash paid for interest on secured borrowings during the period was $3,795,675.

See accompanying Notes to Consolidated Financial Statements.

70

Cliffwater Corporate Lending Fund

Consolidated Financial Highlights
Class I

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

	For the Six Months Ended September 30, 2022 (Unaudited)			For the Period January 1, 2022 through March 31, 2022**			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Period March 6, 2019* through December 31, 2019
Net asset value, beginning of period	$	10.79		$	10.60		$	10.35		$	10.15		$	10.00
Income from Investment Operations:
Net investment income1		0.35			0.16			0.72			0.72			0.34
Net realized and unrealized gain (loss) on investments2		(0.08	)		0.03			0.27			0.19			(0.04	)
Total income from investment operations		0.27			0.19			0.99			0.91			0.30
Less Distributions to shareholders:
From net investment income		(0.39	)		—			(0.62	)		(0.62	)		(0.15	)
From return of capital		—			—			(0.10	)		(0.09	)		—
From net realized gain		—			—			(0.02	)		—	3		—	3
Total Distributions to shareholders		(0.39	)		—			(0.74	)		(0.71	)		(0.15	)
Net asset value, end of period	$	10.67		$	10.79		$	10.60		$	10.35		$	10.15
Total return4		2.57	%5		1.79	%5		10.38	%		9.25	%		3.05	%5
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,347,783		$	6,742,783		$	4,729,648		$	744,892		$	268,536
Ratio of expenses to average net assets (excluding interest expense)7:
Before fees waived and deferred tax expense		1.18	%6		1.28	%6		1.32	%		1.80	%		2.25	%6
After fees waived		1.18	%6		1.28	%6		1.32	%		1.80	%		1.78	%6
Ratio of net investment income to average net assets (excluding interest expense)7:
Before fees waived		7.99	%6		6.75	%6		7.36	%		7.67	%		3.58	%6
After fees waived		7.99	%6		6.75	%6		7.36	%		7.67	%		4.05	%6

See accompanying Notes to Consolidated Financial Statements.

71

Cliffwater Corporate Lending Fund

Consolidated Financial Highlights
Class I (Continued)

	For the Six Months Ended September 30, 2022 (Unaudited)			For the Period January 1, 2022 through March 31, 2022**			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Period March 6, 2019* through December 31, 2019
Ratio of expenses to average net assets (including interest expense)7:
Before fees waived		2.58	%6		1.79	%6		1.94	%		2.43	%		2.28	%6
After fees waived		2.58	%6		1.79	%6		1.94	%		2.43	%		1.81	%6
Ratio of net investment income to average net assets (including interest expense)7:
Before fees waived		6.59	%6		6.24	%6		6.74	%		7.04	%		3.55	%6
After fees waived		6.59	%6		6.24	%6		6.74	%		7.04	%		4.02	%6
Senior Securities
Total Amount Outstanding exclusive of Treasury Securities
Reverse Repurchase Agreements8	$	3,960,000		$	6,255,000		$	6,833,000		$	12,557,000		$	6,034,000
Secured Borrowings8		299,509,022			204,168,415			249,990,230			—			—
Senior Credit Facility8		1,500,000,000			607,000,000			1,195,000,000			190,000,000			—
Senior Notes8		1,526,567,716			649,815,000			—			—			—
Asset Coverage Per $1,000 of Borrowings
Reverse Repurchase Agreements8		2,361,551			1,078,983			693,179			60,321			45,504
Secured Borrowings8		32,210			34,026			19,919			—			—
Senior Credit Facility8		7,232			12,108			4,958			4,916			—
Senior Notes8		7,123			11,376			—			—			—
Portfolio turnover rate		12	%5		16	%5		29	%		29	%		15	%5

* Commencement of operations.

** Fiscal year end changed to March 31, effective January 1, 2022.

¹ Based on average daily shares outstanding for the period.

² Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share with the other per share information presented.

³ Amount represents less than $0.01 per share.

⁴ Total returns would have been lower had expenses not been waived by the Investment Manager. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the repurchase of Fund shares.

⁵ Not annualized.

⁶ Annualized.

⁷ These ratios exclude the impact of epenses of the underlying investment companies holdings as represented in the Schedule of Investments.

⁸ As a result of the Fund having earmarked or segregated securities to collateralize the transactions or otherwise having covered the transactions, in accordance with releases and interpretive letters issued by the Securities and Exchange Commission (the “SEC”), the Fund does not treat its obligations under such transactions as senior securities representing indebtedness for purposes of the 1940 Act.

See accompanying Notes to Consolidated Financial Statements.

72

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 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 September 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 asset management firms (on behalf of their investors), insurance companies, business development companies and specialty finance companies) (“direct loans”); (ii) investing in notes or other pass-through obligations representing the right to receive the principal and interest payments on a direct loan (or fractional portions thereof); (iii) purchasing asset-backed securities representing ownership or participation in a pool of direct loans; (iv) investing in companies and/or private investment funds (private funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act) that primarily hold direct loans (the foregoing investments listed in clauses (i) through (iv) are collectively referred to herein as the “Direct Loan Instruments”); (v) investments in high yield securities, including securities representing ownership or participation in a pool of such securities; (vi) investments in bank loans including securities representing ownership or participation in a pool of such loans; and (vii) SPVs and/or joint ventures that primarily hold loans or credit-like securities. The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these types of investments. The Fund’s investments in hedge funds and private equity funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) and 3(c)(7) of the Investment Company Act will be limited to no more than 15% of the Fund’s assets. The Fund may make non-U.S. investments, some of which may be denominated in currencies other than the U.S. dollar. In most cases, the currency fluctuations of investments will be hedged through the use of currency derivatives or other instruments. Most direct loans are not rated by any rating agency, will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available with respect to issuers of direct loans may generally be less extensive than that available for issuers of registered or exchange listed securities.

Effective January 1, 2022, the Fund’s fiscal year end changed from December 31 to March 31.

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.

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, Statement of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statement of Cash Flows and Financial Highlights of the Fund includes the

73

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

accounts of CCLF SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2022, net assets of the CCLF SPV were $3,358,485,620, or approximately 35.95% 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, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights 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 September 30, 2022, net assets of the CCLF MCCW were $233,136,694, or approximately 2.50% of the Fund’s total net assets and are included in the net assets of CCLF SVP.

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, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights 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 September 30, 2022, net assets of the CCLF HOLD were $19,482,019, or approximately 0.21% 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, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights 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 September 30, 2022, net assets of the CCLF HOLD (D1) were $8,439,882, or approximately 0.09% of the Fund’s total net assets.

On July 26, 2021, CCLF Holdings (D2) LLC (“CCLF HOLD (D2)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights 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 September 30, 2022, net assets of the CCLF HOLD (D2) were $704,530,600, or approximately 7.54% 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, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights 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 September 30, 2022, net assets of the CCLF HOLD (D3) were $11,344,625, or approximately 0.12% of the Fund’s total net assets.

On June 14, 2022, KCLF Holdings LLC (“KCLF Holdings”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flows and Financial Highlights of the Fund includes the accounts of KCLF Holdings. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of September 30, 2022, net assets of the KCLF Holdings were $18,947,239, or approximately 0.20% of the Fund’s total net assets.

Investment Transactions and Related Investment Income

Investment transactions are accounted for on a trade-date basis. However, for daily Net Asset Value (“NAV”) determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium, accretion of discount and loan origination fees using the effective interest method over the respective term of the loan. Upon the prepayment of a loan or security, any unamortized loan origination fees, original issue discount and market discount are recorded as interest income. The Fund records prepayment premiums as interest income when it receives such amounts.

74

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Interest income from investments in the “equity” class of collateralized loan obligation (“CLO”) funds will be recorded based upon an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Effective yields for the CLO equity positions are updated generally once a quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized.

Realized gains and losses on investment transactions are determined using cost calculated on a specific identification basis. Paydown gains and losses are recorded as an adjustment to interest income in the consolidated Statements of Operations. Dividends are recorded on the ex-dividend date. Distributions from private investments that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than investment income.

Federal Income Taxes

The Fund intends to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the “more likely than not” standard as of September 30, 2022.

The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes as an income tax expense on the Consolidated Statements of Operations. For the six months ended September 30, 2022, the Fund did not have interest or penalties associated with underpayment of income taxes.

CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), CCLF HOLD (D3) and KCLF Holdings are disregarded entities for income tax purposes. 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.

Distributions to Shareholders

Distributions are paid at least quarterly on the Shares in amounts representing substantially all of the Fund’s net investment income, if any, earned each year. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses (including capital loss carryover); however, it may distribute any excess annually to its shareholders.

The exact amount of distributable income for each fiscal year can only be determined at the end of the Fund’s fiscal year, March 31. Under Section 19 of the Investment Company Act, the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

Foreign Currency Translation

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

The Fund does not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

75

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Forward Foreign Currency Exchange Contracts

The Fund may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter-parties to these forward contracts are major U.S. financial institutions. As of September 30, 2022, the Fund had twenty 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 September 30, 2022, the Fund had eight outstanding interest rate swap contracts.

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.

Warehouse Investments

The Fund may invest in Warehouse investments (“Warehouses”), which are financing structures created prior to and in anticipation of CLO or CDO closings and issuing securities and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO or CDO vehicles. To finance the acquisition of a Warehouse’s assets, a financing facility (a “Warehouse Facility”) is often opened by (i) the entity or affiliates of the entity that will become the collateral manager of the CLO or CDO upon its closing and/or (ii) third-party investors that may or may not invest in the CLO or CDO. The period from the date that a Warehouse is opened and asset accumulation begins to the date that the CLO

76

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

or CDO closes is commonly referred to as the “warehousing period.” In practice, investments in Warehouses are structured in a variety of legal forms, including subscriptions for equity interests or subordinated debt investments in special purpose vehicles that obtain a Warehouse Facility secured by the assets acquired in anticipation of a CLO or CDO closing.

The Warehouse investments represent leveraged investments in the underlying assets of a Warehouse. Therefore, the value of a Warehouse investment is often affected by, among other things, (i) changes in the market value of the underlying assets of the Warehouse; (ii) distributions, defaults, recoveries, capital gains, capital losses and prepayments on the underlying assets of the Warehouse; and (iii) the prices, interest rates and availability of eligible assets for reinvestment. Due to the leveraged nature of a Warehouse investment, a significant portion (and in some circumstances all) of the Warehouse investments made by the Fund may not be repaid.

Participations and Assignments

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

Commitments and Contingencies

Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. Commitment fees are processed as income when received and are part of the interest income in the Statements of Operations. As of September 30, 2022, the Fund received $2,274,088 in commitment fees. As of September 30, 2022, the Fund had the following unfunded loan commitments as noted in the consolidated Schedule of Investments with a total principal amount of $1,538,049,065 reflected as unfunded loan commitments within the consolidated Statement of Assets and Liabilities.

Borrower	Type	Principal Amount		Value
123Dentist, Inc.	Delayed Draw	$	6,681,175	$	4,760,526
1364720 B.C. LTD	Delayed Draw		5,000,000		3,570,416
1364720 B.C. LTD	Revolver		2,000,000		1,413,740
AAH Topco, LLC	Delayed Draw		2,903,159		2,859,085
AAH Topco, LLC	Revolver		423,729		413,060
Abracon Group Holdings, LLC	Delayed Draw		4,326,923		4,258,932
Abracon Group Holdings, LLC	Delayed Draw		2,163,462		2,143,340
Abracon Group Holdings, LLC	Revolver		865,385		848,676
Abracon Group Holdings, LLC	Revolver		1,730,769		1,686,365
ACI Group Holdings, Inc.	Delayed Draw		2,779,286		2,749,319
Acquia, Inc.	Revolver		179,339		177,513
ADCS Clinics Intermediate Holdings, LLC	Delayed Draw		5,433,471		5,198,902
ADMA Bilogics, Inc.	Delayed Draw		3,571,429		3,529,977

77

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Advarra Holdings, Inc.	Delayed Draw	$	352,200	$	349,118
AEC Parent Holdings, Inc.	Delayed Draw		1,215,953		1,200,555
Affinity Hospice Intermediate Holdings, LLC	Delayed Draw		5,239,105		5,153,884
Affinipay Midco, LLC	Delayed Draw		4,640,884		4,588,039
Affinipay Midco, LLC	Revolver		2,209,945		2,162,712
AG-Twin Brook Healthcare	Delayed Draw		9,930,556		9,807,256
AG-Twin Brook Healthcare	Delayed Draw		7,570,000		7,496,211
AG-Twin Brook Industrials	Delayed Draw		17,760,000		17,624,292
AHR Intermediate, Inc.	Delayed Draw		10,500,000		10,385,850
Any Hour, LLC	Delayed Draw		4,566,667		4,528,398
Any Hour, LLC	Revolver		2,000,000		1,969,637
Air Comm Corporation, LLC	Revolver		1,044,051		1,030,811
Air Comm Corporation, LLC	Revolver		2,113,764		2,086,958
Alera Group Holdings, Inc.	Delayed Draw		2,522,730		2,472,276
Alera Group Holdings, Inc.	Delayed Draw		6,145,980		5,997,928
Alera Group Holdings, Inc.	Delayed Draw		5,000,000		4,873,877
Alert Media, Inc.	Delayed Draw		3,000,000		2,977,597
Alpine Acquisition Corp.	Revolver		71,380		68,158
Amba Buyer, Inc.	Delayed Draw		14,257,915		13,791,994
Amerilife Holdings LLC	Delayed Draw		4,909,091		4,842,497
Amerilife Holdings LLC	Revolver		2,454,545		2,396,791
Apex Service Partners, LLC	Revolver		2,000,000		1,929,645
Appfire Technologies, LLC	Delayed Draw		11,020,000		10,892,507
Appfire Technologies, LLC	Delayed Draw		4,995,257		4,900,155
Appfire Technologies, LLC	Revolver		900,900		883,748
Applied Technical Services	Delayed Draw		2,909,091		2,889,870
Applied Technical Services	Revolver		727,273		722,468
Apptio, Inc.	Revolver		557,223		544,585
AQ Sage Buyer, LLC	Delayed Draw		17,868,014		17,150,137
AQ Sage Buyer, LLC	Delayed Draw		6,653,221		6,385,917
AQ Sunshine, Inc.	Delayed Draw		1,791,667		1,728,640
AQ Sunshine, Inc.	Delayed Draw		13,740,741		13,257,375
AQ Sunshine, Inc.	Revolver		1,200,000		1,157,787
Armada Parent, Inc.	Delayed Draw		1,000,000		982,019
Armada Parent, Inc.	Revolver		2,383,333		2,340,479
ASG II, LLC	Delayed Draw		4,608,696		4,536,057

78

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Aspen Opco, LLC	Revolver	$	2,651,515	$	2,617,889
Associations, Inc.	Revolver		23,525,000		23,257,337
Auveco Holdings, Inc.	Delayed Draw		1,973,684		1,933,855
Auveco Holdings, Inc.	Revolver		986,842		966,927
AWT Merger Sub, Inc.	Delayed Draw		1,424,370		1,409,867
AWT Merger Sub, Inc.	Revolver		928,571		919,117
AxiomSL Group, Inc.	Delayed Draw		713,267		695,307
AxiomSL Group, Inc.	Revolver		731,098		712,690
Blackbird Purchaser, Inc.	Delayed Draw		10,713,282		10,282,858
BCPE North Star US Holdings Co.	Delayed Draw		2,210,526		2,097,845
Beacon Mobility Corp.	Revolver		1,000,000		979,820
Bendon	Revolver		1,800,000		1,727,682
Benefit Street Technology	Delayed Draw		19,550,861		19,166,841
Benefit Street Technology	Revolver		2,666,667		2,619,518
Berlin Packaging LLC	Second Lien Term Loan		2,828,099		2,685,718
Beta Plus Technologies, Inc.	Revolver		6,700,000		6,549,462
BetterCloud, Inc.	Revolver		3,801,052		3,724,415
BetterCloud, Inc.	Revolver		2,512,669		2,462,009
Bigtime Software, Inc.	Revolver		2,327,586		2,268,874
Biocare Medical LLC	Revolver		2,777,778		2,721,721
BlueHalo Global Holdings, LLC	Revolver		341,663		333,231
Bounteous, Inc.	Delayed Draw		4,300,000		4,221,823
Bounteous, Inc.	Revolver		888,000		871,856
BusinesSolver.com, Inc.	Delayed Draw		1,378,788		1,331,526
Caldwell & Gregory LLC	Delayed Draw		2,000,000		1,979,636
Carevet LLC	Delayed Draw		4,530,505		4,504,264
CC SAG Acquisition Corp.	Delayed Draw		2,437,063		2,368,971
CC SAG Acquisition Corp.	Revolver		699,301		679,762
CC WDW Borrower, Inc.	Delayed Draw		1,631,196		1,603,520
Cerity Partners, LLC	Delayed Draw		709,108		697,965
Cerity Partners, LLC	Revolver		443,192		431,822
CFGI Holdings, LLC	Delayed Draw		2,189,781		2,101,803
CFGI Holdings, LLC	Revolver		1,751,825		1,681,443
Cherry Bekaert Advisory LLC	Delayed Draw		4,746,835		4,698,590
Cherry Bekaert Advisory LLC	Revolver		1,898,734		1,860,452
Citrin Cooperman Advisors, LLC	Delayed Draw		17,793,939		17,506,994
Citrin Cooperman Advisors LLC	Delayed Draw		2,647,908		2,604,474

79

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Cleo Communications Holding, LLC	Revolver	$	2,140,000	$	2,078,627
Club Car Wash	Delayed Draw		2,560,529		2,483,713
Community Medical Acquisition Corp.	Delayed Draw		4,333,814		4,148,863
Community Medical Acquisition Corp.	Revolver		3,683,963		3,526,745
Connect America.com, LLC	Revolver		254,803		247,114
Consolidated Label Co.	Revolver		1,339,286		1,322,301
Consolidated Label Co.	Revolver		578,516		571,180
CORA Health Holdings Corp.	Delayed Draw		5,169,567		5,078,165
CORA Health Holdings Corp.	Revolver		338,462		332,478
Coretrust Purchasing Group LLC	Delayed Draw		596,443		587,496
Coretrust Purchasing Group LLC	Revolver		250,000		242,500
Coretrust Purchasing Group LLC	Delayed Draw		2,819,549		2,777,256
Coretrust Purchasing Group LLC	Revolver		2,819,549		2,734,962
Covaris Intermediate 3, LLC	Delayed Draw		5,921,053		5,776,879
Covaris Intermediate 3, LLC	Revolver		789,474		762,470
Covercraft Parent II	Delayed Draw		2,225,000		2,177,809
CPF Dental, LLC	Delayed Draw		2,857,942		2,788,839
CPF Dental, LLC	Delayed Draw		15,225		14,857
Credit Connection, LLC	Revolver		600,000		594,431
CRS TH Holdings Corp	Revolver		4,237,288		4,101,787
D4C Dental Brands, Inc.	Delayed Draw		492,843		492,524
D4C Dental Brands, Inc.	Revolver		535,714		532,175
DataLink, LLC	Revolver		310,484		291,801
DCA Holdings LLC	Delayed Draw		652,787		640,462
Deca Dental Holdings, LLC	Delayed Draw		3,333,333		3,299,393
Deca Dental Holdings, LLC	Revolver		592,593		586,559
Denali Midco 2 LLC	Delayed Draw		7,500,000		7,246,342
Diligent Corporation	Delayed Draw		710,400		705,706
DOCS MSO LLC	Delayed Draw		3,629,032		3,528,584
DOCS MSO LLC	Revolver		967,742		940,956
DOCS MSO LLC	Delayed Draw		2,419,355		2,352,390
DOCS MSO LLC	Revolver		645,161		627,304
DTI Holdco, Inc.	Revolver		381,012		375,231
Dwyer Instruments, Inc.	Delayed Draw		1,912,916		1,893,475
Dwyer Instruments, Inc.	Revolver		807,011		790,742
Dwyer Instruments, Inc.	Revolver		1,620,617		1,587,942
EAP Holdco, LLC	Delayed Draw		989,658		977,107

80

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
EAP Holdco, LLC	Revolver	$	1,604,341	$	1,583,995
Easy Ice, LLC	Delayed Draw		6,134,165		6,093,636
EdgeCo Buyer, Inc.	Delayed Draw		10,000,000		9,728,356
EDPO, LLC	Delayed Draw		1,006,667		991,394
Emburse, Inc.	Delayed Draw		1,209,677		1,189,294
Emburse, Inc.	Revolver		604,839		594,647
Emmes Blocker, Inc.	Delayed Draw		11,222,326		11,073,547
Emmes Blocker, Inc.	Delayed Draw		5,487,805		5,415,051
ERC Holdings, LLC	Delayed Draw		2,201,183		2,112,747
ERC Holdings, LLC	Revolver		1,420,118		1,363,063
ERC Holdings, LLC	Revolver		6,657,924		6,390,431
ESG Investments, Inc	Delayed Draw		8,035,714		7,672,695
ESG Investments, Inc	Revolver		2,142,857		2,046,052
Explorer Investor, Inc.	Delayed Draw		5,232,558		4,890,115
FLS Holding, Inc.	Revolver		2,000,000		1,959,439
Fingerpaint Marketing, Inc.	Delayed Draw		9,167,014		8,936,194
Fingerpaint Marketing, Inc.	Revolver		1,680,108		1,637,803
FSS Buyer LLC	Revolver		920,223		903,493
Fortis Solutions Group, LLC	Delayed Draw		10,000,000		9,902,037
Fortis Solutions Group, LLC	Delayed Draw		602,699		592,285
Fortis Solutions Group, LLC	Revolver		1,679,160		1,650,146
Fortis Life Sciences, LLC	Delayed Draw		11,106,063		10,937,459
Fortis Life Sciences, LLC	Revolver		1,217,391		1,198,910
FYi Eye Care Services and Products, Inc.	Delayed Draw		4,210,526		2,980,510
Gainsight, Inc.	Revolver		2,625,000		2,547,385
Galway Borrower, LLC	Delayed Draw		8,930		8,683
Galway Borrower, LLC	Delayed Draw		52,734		51,274
Galway Borrower, LLC	Revolver		694,552		675,327
Galway Borrower, LLC	Revolver		814,315		791,776
Galway Borrower, LLC	Revolver		293,856		285,723
Galway Borrower, LLC	Delayed Draw		692,815		673,639
Galway Borrower, LLC	Revolver		879,765		855,414
Gateway US Holdings, Inc.	Delayed Draw		1,176,273		1,150,432
Gateway US Holdings, Inc.	Revolver		409,091		400,104
Govdelivery Holdings, LLC	Delayed Draw		3,334,737		3,312,704
Govdelivery Holdings, LLC	Revolver		536,402		532,858
GovBrands Intermediate, Inc.	Delayed Draw		905,972		872,472

81

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
GovBrands Intermediate, Inc.	Revolver	$	662,278	$	637,789
Graffiti Buyer, Inc.	Delayed Draw		5,044,643		4,955,450
Graffiti Buyer, Inc.	Revolver		1,303,199		1,280,158
GSV Holding, LLC	Delayed Draw		24,000,000		23,319,018
Higginbotham Insurance Agency, Inc.	Delayed Draw		23,012,034		22,746,338
Higginbotham Insurance Agency, Inc.	Delayed Draw		12,900,000		12,751,057
HPS Specialty Loan Fund V Feeder LP	First Lien Term Loan		80,625,000		80,625,000
HPS Technology	Delayed Draw		20,744,922		23,010,114
HSI Halo Acquisition, Inc.	Revolver		875,000		856,442
HS Spa Holdings, Inc.	Revolver		311,429		303,264
iCIMS, Inc.	Revolver		184,671		182,569
iCIMS, Inc.	Revolver		1,904,761		1,858,674
Iconic Purchaser Corporation	Revolver		1,230,769		1,178,614
Isaac Heating & Air Conditioning	Delayed Draw		947,368		935,354
Isaac Heating & Air Conditioning	Revolver		2,368,421		2,338,385
Imagine Acquisitionco, Inc.	Delayed Draw		1,607,717		1,575,273
Imagine Acquisitionco, Inc.	Revolver		1,157,556		1,134,196
Indigo Buyer, Inc.	Delayed Draw		5,000,000		4,925,697
Indigo Buyer, Inc.	Revolver		1,666,667		1,625,314
Innovetive Petcare, LLC	Delayed Draw		4,220,317		4,169,230
Integrated Oncology Network, LLC	Revolver		83,957		83,402
ISS Compressors Industries, Inc.	Revolver		83,333		80,510
IG Investments	Revolver		722,543		684,845
insightsoftware	Delayed Draw		1,999,993		1,976,829
insightsoftware	Revolver		209,340		206,915
Integrity Marketing Acquisition, LLC	Delayed Draw		19,764,786		19,563,901
Integrated Oncology Network, LLC	Delayed Draw		1,355,681		1,346,724
Integrated Oncology Network, LLC	Revolver		134,701		133,811
Integrated Power Services	Revolver		2,730,835		2,672,915
Invicti Intermediate 2, LLC	Revolver		1,090,909		1,056,986
IQN Holding Corp.	Delayed Draw		1,443,850		1,421,558
IQN Holding Corp.	Revolver		577,540		565,766
IvyRehab Intermediate II, LLC	Delayed Draw		4,221,491		4,094,093
IvyRehab Intermediate II, LLC	Revolver		3,837,719		3,683,533
J S Held, LLC	Delayed Draw		9,193,508		9,087,360
JTM Foods, LLC	Revolver		559,597		553,725
JTM Foods, LLC	Delayed Draw		386,122		377,365

82

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
JTM Foods, LLC	Revolver	$	559,597	$	546,906
Kaseya, Inc.	Delayed Draw		4,100,000		4,058,790
Kaseya, Inc.	Revolver		4,100,000		4,028,119
KBP Brands, LLC	Delayed Draw		17,810,349		17,183,824
KBP Investments LLC	Delayed Draw		3,444,691		3,350,440
Keystone Agency Investors	Delayed Draw		8,286,504		8,109,414
Keystone Acquisition Corp.	Delayed Draw		3,260,870		3,170,612
Keystone Acquisition Corp.	Revolver		1,630,435		1,585,306
Komline-Sanderson Group, Inc.	Delayed Draw		4,687,500		4,617,242
Komline-Sanderson Group, Inc.	Revolver		1,171,875		1,154,310
KPSKY Acquisition, Inc.	Delayed Draw		4,375,000		4,317,994
KWOR Acquisition, Inc.	Delayed Draw		15,313,231		15,078,935
KWOR Acquisition, Inc.	Revolver		1,497,418		1,459,535
Life Science Intermediate Holdings, LLC	Delayed Draw		6,000,000		5,779,023
Life Science Intermediate Holdings, LLC	Delayed Draw		1,486,000		1,630,716
Life Science Intermediate Holdings, LLC	Delayed Draw		1,553,797		1,527,101
Life Science Intermediate Holdings, LLC	Revolver		188,281		185,046
Life Science Intermediate Holdings, LLC	Delayed Draw		3,750,000		3,685,572
Life Science Intermediate Holdings, LLC	Revolver		468,376		460,329
Life Science Intermediate Holdings, LLC	Delayed Draw		6,550,650		6,438,104
Lithium Technologies, LLC	Revolver		367,018		362,840
LMG Holdings, Inc.	Revolver		194,286		191,249
LOC Performance Products	Revolver		3,213,443		3,161,412
Premier Imaging, LLC	Delayed Draw		10,332,779		10,175,914
Majco LLC	Delayed Draw		6,583,333		6,351,748
Majco LLC	Revolver		1,200,000		1,151,788
Marcone Yellowstone Buyer, Inc.	Delayed Draw		4,139,091		4,014,179
Margaritaville Enterprises LLC	Delayed Draw		5,108,297		5,054,467
Margaritaville Enterprises LLC	Revolver		312,500		306,870
MB2 Dental Solutions, LLC	Delayed Draw		6,250,000		6,187,686
MBS Holdings, Inc.	Revolver		1,271,186		1,248,711
Mc Group Ventures Corporation	Delayed Draw		4,519,231		4,486,770
Mclarens Midco, Inc.	Revolver		3,485,026		3,411,110
MedMark Services, Inc.	Delayed Draw		3,446,509		3,393,430
MedMark Services, Inc.	Delayed Draw		415,962		409,555
Mindbody, Inc.	Revolver		1,428,571		1,392,601
MN Acquisition, Inc.	Revolver		2,500,000		2,437,815

83

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
ManTech International Corporation	Delayed Draw	$	13,379,260	$	13,181,820
ManTech International Corporation	Revolver		5,689,166		5,548,591
Motion & Control Enterprises LLC	Revolver		1,224,685		1,196,518
MRI Software LLC	Delayed Draw		11,885,000		11,701,406
MRI Software LLC	Revolver		2,159,885		2,114,075
NCWS Intermediate, Inc.	Delayed Draw		30,884		30,229
National Dentex Labs LLC	Delayed Draw		390,805		381,023
Netwrix Corporation And Concept Searching Inc.	Delayed Draw		15,308,156		15,165,950
Netwrix Corporation And Concept Searching Inc.	Revolver		2,870,000		2,829,051
New Era Merger Sub, Inc.	Delayed Draw		332,030		325,529
New Era Merger Sub, Inc.	Revolver		58,641		57,493
New Era Merger Sub, Inc.	Revolver		148,393		145,488
New ILC Dover, Inc.	Delayed Draw		3,601,785		3,525,392
New ILC Dover, Inc.	Revolver		1,138,534		1,114,386
NL1 Acquire Corp.	Delayed Draw		1,930,959		1,388,592
NL1 Acquire Corp.	Delayed Draw		1,182,780		1,114,920
NL1 Acquire Corp.	Revolver		563,195		405,005
Novotech (Australia) Pty Limited	Delayed Draw		3,125,000		3,044,637
Northstar Recycling	Revolver		2,000,000		1,975,636
Oakbridge Insurance Agency LLC	Delayed Draw		13,529,310		13,282,905
Oakbridge Insurance Agency LLC	Revolver		482,759		470,385
OB Hospitalist Group	Revolver		1,374,046		1,344,506
OIA Acquisition, LLC	Delayed Draw		459,000		452,032
OIA Acquisition, LLC	Revolver		1,928,571		1,899,294
OIS Management Services, LLC	Revolver		1,275,862		1,256,493
Oliver Packaging, LLC	Revolver		1,269,841		1,248,500
Olympic Buyer, Inc.	Revolver		2,352,941		2,283,344
Omni Intermediate Holdings, LLC	Delayed Draw		1,549,296		1,530,571
Omni Intermediate Holdings, LLC	Delayed Draw		4,533,321		4,478,529
Omni Intermediate Holdings, LLC	Revolver		2,253,521		2,203,752
OneCare Media, LLC	Revolver		1,333,333		1,310,425
Ons Mso, LLC	Revolver		4,974,466		4,868,959
Org USME Buyer, LLC	Delayed Draw		743,478		733,245
Org USME Buyer, LLC	Revolver		936,232		923,346
Patriot Growth Insurance Services, LLC	Delayed Draw		2,656,432		2,602,825

84

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Patriot Growth Insurance Services, LLC	Delayed Draw	$	35,000,000	$	34,450,024
Patriot Growth Insurance Services, LLC	Revolver		2,660,377		2,606,690
PC Dreamscape Opco, Inc.	Delayed Draw		3,289,474		3,217,210
PC Dreamscape Opco, Inc.	Revolver		1,315,789		1,273,885
PCS Software, Inc.	Revolver		363,714		361,311
PCX Holding Corp.	Revolver		437,500		426,484
PCX Holding Corp.	Delayed Draw		101,563		99,055
Pinnacle Dermatology Management, LLC	Delayed Draw		2,542,268		2,497,319
Pinnacle Dermatology Management, LLC	Revolver		773,196		763,391
PDQ	Revolver		1,764,706		1,739,680
Pegasus Global Enterprise Holdings, LLC	Delayed Draw		1,226,320		1,201,572
Pegasus Global Enterprise Holdings, LLC	Delayed Draw		1,268,825		1,260,442
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw		12,303,571		12,222,281
Pinnacle Fertility, Inc.	Delayed Draw		3,125,000		3,039,644
Pinnacle Treatment Centers, Inc.	Revolver		107,143		106,435
Polyphase Elevator Holding Company	Delayed Draw		18,593,400		18,218,179
Potter Electric Signal Company, LLC	Delayed Draw		2,647,890		2,591,729
Potter Electric Signal Company, LLC	Revolver		456,895		447,205
PPV Intermediate Holdings LLC	Delayed Draw		7,576,158		7,472,116
PPV Intermediate Holdings LLC	Revolver		2,538,076		2,477,936
PPV Intermediate Holdings LLC	Delayed Draw		1,245,691		1,231,573
PPV Intermediate Holdings LLC	Delayed Draw		1,875,000		1,844,581
Prism Parent Co., Inc.	Delayed Draw		601,852		595,833
ProcessUnity Holdings, LLC	Delayed Draw		1,000,000		955,224
ProcessUnity Holdings, LLC	Revolver		750,000		710,194
QF Holdings, Inc.	Revolver		263,158		254,558
Quantic Electronics, LLC	Delayed Draw		953,898		941,801
Quantic Electronics, LLC	Revolver		57,038		56,315
Quantic Electronics, LLC	Revolver		500,000		493,659
Quality Automotive Services, LLC	Revolver		1,477,132		1,445,803
Race Winning Brands, Inc.	Revolver		2,139,107		2,095,939
Radwell International, LLC	Delayed Draw		7,303,400		7,110,934
Radwell International, LLC	Revolver		2,921,300		2,844,315
Rally Buyer, Inc.	Delayed Draw		3,000,000		2,960,164
Rally Buyer, Inc.	Revolver		1,500,000		1,465,132
Rally Buyer, Inc.	Delayed Draw		3,364,360		3,311,493

85

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Rally Buyer, Inc.	Revolver	$	1,682,180	$	1,639,022
Ranger Buyer, Inc.	Revolver		1,538,462		1,528,297
Raven Buyer, Inc.	Revolver		2,045,455		2,009,076
RB Holdings Interco, LLC	Delayed Draw		2,770,160		2,728,131
RB Holdings Interco, LLC	Revolver		461,693		450,096
RCS Healthcare	Revolver		152,778		151,768
RCS Industrials	Revolver		285,714		283,827
Recorded Future, Inc.	Revolver		178,771		175,610
Redwood Services Group, LLC	Delayed Draw		9,608,532		9,499,208
RefrigiWear, LLC	Revolver		2,254,976		2,215,107
Revalize, Inc.	Delayed Draw		6,665,032		6,736,863
Riskonnect Parent, LLC	Delayed Draw		35,294,000		34,959,628
Royal Buyer, LLC	Delayed Draw		500,000		495,000
Royal Buyer, LLC	Revolver		191,667		187,833
RQM Buyer, Inc.	Delayed Draw		4,687,500		4,613,413
RSC Acquisition, Inc.	Revolver		8,690,548		8,560,291
RSC Acquisition, Inc.	Delayed Draw		2,418,947		2,380,822
S4T Holdings Corp.	Delayed Draw		4,545,455		4,490,083
Safety Borrower Holdings	Revolver		508,475		487,029
SailPoint Technologies, Inc.	Revolver		603,840		588,348
SDG Mgmt Company	Delayed Draw		2,672,995		2,646,172
SDG Mgmt Company	Revolver		392,799		384,929
Securonix, Inc.	Revolver		2,288,135		2,264,837
Seismic Software, Inc.	Delayed Draw		1,089,558		1,055,677
Seismic Software, Inc.	Revolver		272,390		263,919
Seismic Software, Inc.	Delayed Draw		26,204,082		25,334,326
Seko Global Logistics Network, LLC	Revolver		32,358		31,604
Service Compression, LLC	Delayed Draw		3,953,333		3,796,525
Smile Doctors, LLC	Delayed Draw		12,629,747		12,374,875
Smile Doctors, LLC	Revolver		1,696,113		1,661,885
Sonar Acquisitionco, Inc.	Revolver		2,693,750		2,620,627
Sonny’s Enterprises, LLC	Revolver		640,244		636,014
Spanx, LLC	Revolver		8,709,567		8,453,751
Spartronics LLC	Revolver		478,297		475,136
Spirit RR Holdings, Inc.	Delayed Draw		217,352		214,092
Spirit RR Holdings, Inc.	Revolver		100,316		97,307
Spotless Brands, LLC	Delayed Draw		1,976,809		1,957,041

86

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Spotless Brands, LLC	Revolver	$	69,000	$	67,620
Stanton Carpet Corp.	Revolver		1,189,468		1,148,809
Summit Buyer, L.L.C	Delayed Draw		3,270,591		3,235,238
Summit Buyer, L.L.C	Delayed Draw		3,430,213		3,393,134
Summit Buyer, L.L.C	Revolver		1,382,979		1,368,030
System Planning and Analysis, Inc.	Delayed Draw		3,643,011		3,593,653
System Planning and Analysis, Inc.	Revolver		2,195,341		2,149,232
SWK Buyer, Inc.	Delayed Draw		3,070,175		2,946,826
SWK Buyer, Inc.	Revolver		70,175		67,356
Syntax Systems Ltd.	Delayed Draw		4,950,495		4,865,441
Syntax Systems Ltd.	Revolver		660,066		648,725
Tamarack Intermediate, L.L.C.	Revolver		3,023,438		2,930,988
Tank Holding Corp.	Revolver		1,780,415		1,737,816
The Smilist Management, Inc.	Delayed Draw		338,271		335,133
The Smilist Management, Inc.	Delayed Draw		3,560,749		3,527,714
The Smilist Management, Inc.	Revolver		356,075		352,771
The Vertex Companies, Inc.	Delayed Draw		820,565		740,493
The Vertex Companies, Inc.	Revolver		1,043,478		941,654
TheKey, LLC	Delayed Draw		20,573,644		20,257,540
THG Acquisition, LLC	Delayed Draw		11,109,588		10,940,930
THG Acquisition, LLC	Revolver		743,884		732,591
Thunder Purchase, Inc.	Revolver		1,136,691		1,112,582
TigerConnect, Inc.	Delayed Draw		541,406		534,693
TigerConnect, Inc.	Revolver		1,875,000		1,814,716
Tilley Chemical Co., Inc.	Revolver		457,629		448,591
Tilley Chemical Co., Inc.	Revolver		711,868		697,809
Time Manufacturing Acquisition, LLC	Revolver		1,260,274		1,218,886
Titan Group Holdco, LLC	Delayed Draw		321,317		315,636
Titan Group Holdco, LLC	Delayed Draw		3,750,000		3,683,697
Titan Group Holdco, LLC	Revolver		1,950,000		1,915,522
TMC Buyer, Inc.	Delayed Draw		253,834		220,835
Trackforce Acquireco, Inc.	Revolver		1,113,074		1,090,632
Tribute Technology Holdings, LLC	Revolver		3,487,842		3,413,866
Trident Maritime Systems, Inc.	Revolver		222,222		220,182
Trident Maritime Systems, Inc.	Revolver		777,778		770,636
Troy Gastroenterology, P.C.	Delayed Draw		2,561,576		2,544,652
Troy Gastroenterology, P.C.	Revolver		394,089		391,485

87

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrower	Type	Principal Amount		Value
Trunk Acquisition, Inc.	Revolver	$	1,193,049	$	1,185,166
Trunk Acquisition, Inc.	Revolver		2,500,000		2,483,482
Transtar Holding Company	Delayed Draw		1,448,276		1,414,850
Turbo Buyer, Inc.	Delayed Draw		4,733,333		4,580,550
TurningPoint Healthcare Solutions, LLC	Revolver		1,816,524		1,777,996
The Ultimus Group Midco, LLC	Revolver		1,424,528		1,394,315
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw		3,600,543		3,563,948
United Musculoskeletal Partners Acquisition Holdings, LLC	Revolver		1,724,138		1,689,376
Uniguest	Delayed Draw		605,263		600,311
Uniguest	Revolver		526,316		522,272
Urology Management Holdings, Inc.	Delayed Draw		1,287,014		1,232,089
Urology Management Holdings, Inc.	Revolver		1,190,476		1,139,671
USRP Holdings, Inc.	Delayed Draw		6,892,844		6,746,649
USRP Holdings, Inc.	Revolver		645,161		628,288
USRP Holdings, Inc.	Revolver		3,145,613		3,063,345
Vale Insurance Services LLC	Revolver		2,204,403		2,189,839
Vardiman Black Holdings, LLC	Delayed Draw		11,642,397		11,426,610
V Global Holdings LLC	Revolver		11,817,844		11,506,579
Vital Care Buyer, LLC	Revolver		1,777,778		1,751,322
VRC Companies, LLC	Delayed Draw		4,482,799		4,414,826
VRC Companies, LLC	Revolver		531,250		523,195
VSG Acquisition Corp.	Delayed Draw		8,003,333		7,786,875
VSG Acquisition Corp.	Revolver		735,000		715,121
Water Holdings Acquisition, LLC	Delayed Draw		3,817,808		3,758,027
Water Holdings Acquisition, LLC	Revolver		519,305		511,174
Web P.T., Inc.	Revolver		1,058,036		1,030,126
World Insurance Associates, LLC	Delayed Draw		15,094,109		14,994,381
World Insurance Associates, LLC	Delayed Draw		14,937,652		14,743,014
Wealth Enhancement Group, LLC	Revolver		439,990		435,503
Wealth Enhancement Group, LLC	Delayed Draw		7,203,316		7,147,769
WorkForce Software, LLC	Revolver		154,412		150,524
Xeris Pharmaceuticals, Inc.	Delayed Draw		8,333,333		8,154,247
Xifin, Inc.	Delayed Draw		1,649,591		1,598,295
Xifin, Inc.	Revolver		2,055,992		1,992,058
Zavation Medical Products, LLC	Revolver		1,621,622		1,592,950
Total		$	1,538,049,065	$	1,506,509,839

88

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Valuation of Investments

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the Investment Company Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Investment Manager as its valuation designee to perform fair value determinations and approved new Valuation Procedures for the Fund. The Board of Trustees of the Fund (the “Board”) has approved the valuation policy and procedures for the Fund (the “Valuation Procedures”). Under the Valuation Procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Investment Manager subject to the oversight of the Board (the “Valuation Designee”). Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on a day the Fund will calculate its net asset value as of the close of business on each day that the New York Stock Exchange is open for business and at such other times as the Board shall determine (each a “Determination Date” or at approximately 4:00 pm U.S. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the Determination Date, the mean between the closing bid and asked prices and if no asked price is available, at the bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price (which is the last trade price at or before 4:00:02 p.m. U.S. Eastern Time adjusted up to NASDAQ’s best offer price if the last trade price is below such bid and down to NASDAQ’s best offer price if the last trade is above such offer price) will be used.

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

Corporate loans are generally valued using unobservable pricing inputs received from the Sub-Advisers or the Fund’s investment partners. The Investment Manager will continuously monitor the valuations of Fund investments provided by the Sub-Advisers and investment partners and review any material concerns with the Valuation Committee. The Investment Manager may conclude, however, in certain circumstances, that a fair valuation provided by a Sub-Adviser or investment partner does not represent the fair value of a Fund investment and is not indicative of what actual fair value would be in an active, liquid or established market. In those circumstances, the Fund might value such investment at a discount or a premium to the value it receives from the Sub-Adviser or investment partner, in accordance with the Fund’s valuation procedures. Any such decision would be made in good faith, and subject to the review and supervision of the Valuation Committee. The Investment Manager may choose to value certain immaterial direct corporate loans internally upon approval of the Valuation Committee. The Board will consider, no less frequently than quarterly, all relevant information and the reliability of pricing information provided by the Sub-Advisers and investment partners. Additionally, the values of the Funds’ direct loan investments are adjusted daily based on the estimated total return that the asset will generate during the current quarter. The Investment Manager, Sub-Advisers and the Valuation Committee monitor these estimates regularly and update them as necessary if macro or individual changes warrant any adjustments. At the end of the quarter, each direct loan’s value is adjusted based on the actual income and appreciation or depreciation realized by such loan when its quarterly valuations and income are reported. This information is updated as soon as the information becomes available.

CLOs are not traded on a national securities exchange and instead are valued utilizing a market approach. The market approach is a method of determining the valuation of a security based on the selling price of similar securities. The types of factors that may be taken into account in pricing CLOs include: the yield of similar CLOs where pricing is available in the market; the riskiness of the underlying pool of loans; features of the CLO, including weighted average life test, liability pricing, management fees, covenant cushions, weighted average spread of underlying loans and net asset value.

89

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Redeemable securities issued by open-end registered investment companies are valued at the investment company’s applicable net asset value as reported by such companies, with the exception of exchange-traded open-end registered investment companies which are priced in accordance with the first paragraph within this valuation of investments section.

The Fund may invest in interests or shares in private investment companies and/or funds (“Private Investment Funds”) where the net asset value is calculated and reported by respective unaffiliated investment managers on a monthly or quarterly basis. Unless the Valuation Designee is aware of information that a value reported to the Fund by a portfolio, underlying manager, or administrator does not accurately reflect the value of the Fund’s interest in that Private Investment Fund, the Valuation Designee will use the net asset value provided by the Private Investment Funds as a practical expedient to estimate the fair value of such interests.

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 six months ended September 30, 2022, the average balance outstanding and weighted average interest rate were $4,682,951 and 2.93%, respectively.

	September 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	$	—	$	—	$	3,960,000	$	—	$	3,960,000
Total	$	—	$	—	$	3,960,000	$	—	$	3,960,000

Repurchase Offers

The Fund is a closed-end investment company structured as an interval fund and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% of the Fund’s outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. Under current regulations, such offers must be for not less than 5% nor more than 25% of the Fund’s Shares outstanding on the repurchase request deadline. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during in the particular repurchase offer.

90

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

Borrowing, Use of Leverage

On March 29, 2022, the Fund and certain of its wholly-owned subsidiaries (“Guarantors”) entered into a senior secured credit facility (the “Facility”) with Massachusetts Mutual Life Insurance Company as a joint lead arranger, PNC Bank, National Association (“PNC”) as administrative agent and joint lead arranger and with certain lenders from time to time as parties thereto (the “Lenders”). The Facility provides for borrowings on a committed basis in an aggregate principal amount up to $2,340,000,000. Under the Facility, the Fund has received a single 7-year term loan in the amount of $500,000,000 (“Term Loan”) and may borrow up to an additional $1,840,000,000 on a revolving basis (the “Revolving Loan”). The Revolving Loan may be increased from time to time in an aggregate of up to $2,500,000,000 on an uncommitted basis. The Revolving Loan matures on March 28, 2027, and the Term Loan matures on March 28, 2029.

In connection with the Facility and Notes (discussed below under “Senior Notes”), the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility and Notes each contain events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders or Note holders may declare the outstanding advances and all other obligations under the Facility and the Notes, respectively, immediately due and payable or incur a penalty rate of interest. The Facility and/or Notes may in the future be replaced or refinanced by entering into one or more new credit facilities or by the issuance of new debt securities, in each case having substantially different terms from the current Facility and Notes. For the six months ended September 30, 2022, the average balance outstanding, maximum amount borrowed and weighted average interest rate were $1,490,928,961, $1,525,000,000 and 3.76%, respectively. In addition, the interest rate at period end on the Term Loan and weighted average interest rate on the Revolving Loan were 5.71% and 4.55%, respectively. The interest expense during the six months ended September 30, 2022, was $28,119,922. Commitment fees incurred are prepaid and amortized over the term of the loan. For the six months ended September 30, 2022, fees were $671,610. Unused commitment fees for the six months ended September 30, 2022 were $396,771.

Certain Fund investments are held by CCLF SPV. The use of leverage increases both risk of loss and profit potential. The Fund is subject to the Investment Company Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed (including through one or more SPVs that are wholly-owned subsidiaries of the Fund), measured at the time the investment company incurs the indebtedness. This means that at any given time the value of the Fund’s total indebtedness may not exceed one-third the value of its total assets (including such indebtedness). The interests of persons with whom the Fund (or SPVs that are wholly-owned subsidiaries of the Fund) enters into leverage arrangements will not necessarily be aligned with the interests of the Fund’s shareholders and such persons will have claims on the Fund’s assets that are senior to those of the Fund’s shareholders. In addition to the risks created by the Fund’s use of leverage, the Fund is subject to the additional risk that it would be unable to timely, or at all, obtain leverage borrowing. The Fund might also be required to de-leverage, selling securities at a potentially inopportune time and incurring tax consequences. Further, the Fund’s ability to generate income from the use of leverage would be adversely affected.

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 August 12, 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 1.6772 basis points (0.016772%) per day and is not subject to any additional fees. As of September

91

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

30, 2022, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $299,509,022 with a maturity of 30-90 days. Interest expense on secured borrowings for the six months ended September 30, 2022 were $5,455,057. Secured borrowings outstanding as of September 30, 2022 with Macquarie were as follows:

Loan Name	Trade Date		Maturity Date		Amount
Anaplan, Inc.		August 12, 2022		December 10, 2022	$	19,920,000
Gainsight, Inc.		August 12, 2022		December 10, 2022		16,465,342
Kaseya, Inc.		August 12, 2022		December 10, 2022		52,691,840
KWOR Acquisition, Inc.		August 12, 2022		December 10, 2022		9,945,966
Marcone Yellowstone Buyer, Inc.		August 12, 2022		December 10, 2022		17,173,097
Project Leopard Holdings, Inc.		August 12, 2022		December 10, 2022		44,640,000
PT Intermediate Holdings III, LLC		August 12, 2022		December 10, 2022		17,161,628
Radwell International, LLC		August 12, 2022		December 10, 2022		42,812,375
Tank Holding Corp.		August 12, 2022		December 10, 2022		49,108,973
User Zoom Technologies, Inc.		August 12, 2022		December 10, 2022		29,589,801
Total					$	299,509,022

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. On July 22, 2022, the Fund issued additional notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 million with various maturities. On September 29, 2022, the Fund issued additional notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. 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 September 30, 2022.

Series	Principal Outstanding September 30, 2022		Payment Frequency		Unamortized Offering Costs		Value September 30, 2022		Fixed Interest Rate		Maturity Date
A	$	650,000,000		Semi-Annual	$	185,000	$	617,554,514		4.10%		March 28, 2027
A		250,000,000		Semi-Annual		—		243,217,798		4.10%		March 28, 2027
A		215,000,000		Semi-Annual		107,500		211,370,985		5.44%		July 19, 2025
A		130,000,000		Semi-Annual		65,000		126,921,561		5.50%		July 19, 2026
A		130,000,000		Semi-Annual		65,000		126,015,807		5.61%		July 19, 2027
A		160,000,000		Semi-Annual		80,000		153,412,911		5.72%		July 19, 2029
A		10,000,000		Semi-Annual		5,000		9,755,283		5.50%		July 19, 2026
A		40,000,000		Semi-Annual		20,000		38,318,857		5.72%		July 19, 2029

92

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

2. Significant Accounting Policies (continued)

The carrying value is inclusive of ($57,904,784) which represents an adjustment due to a hedge accounting relationship. The value presented above approximates fair value and reflects the carrying amount of the liability as reported on the Consolidated Statement of Assets and Liabilities. 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 Facility and Notes rank pari passu with each other, and the lien on the Fund’s assets securing the Notes is equal and ratable with the lien securing the Facility. The Facility and Notes are senior in all respects to the Fund’s outstanding shares with respect to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund.

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

3. Principal Risks

Non-Diversified Status

The Fund is a “non-diversified” management investment company. Thus, there are no percentage limitations imposed by the Investment Company Act on the Fund’s assets that may be invested, directly or indirectly, in the securities of any one issuer. Consequently, if one or more securities are allocated a relatively large percentage of the Fund’s assets, losses suffered by such securities could result in a higher reduction in the Fund’s capital than if such capital had been more proportionately allocated among a larger number of securities. The Fund may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company.

LIBOR Risk

LIBOR has been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Fund invests may have historically paid interest at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Fund and issuers of instruments in which the Fund invests may have also historically obtained financing at floating rates based on LIBOR. The underlying collateral of CLOs in which the Fund invests have also paid interest at floating rates based on LIBOR. In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, ICE announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the 1-week and 2-month U.S. dollar LIBOR settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar LIBOR settings.

On July 29, 2021, the U.S. Federal Reserve, in connection with the Alternative Reference Rates Committee (“ARRC”), a steering committee comprised of large U.S. financial institutions, formally recommended the forward-looking Secured Overnight Financing Rate (“SOFR”) term rates proposed by CME Group, Inc. as the replacement for U.S. dollar LIBOR, marking the final step in the ARRC’s Paced Transition Plan implemented to encourage the adoption of SOFR. In addition, as of the date of this prospectus, the current nominated replacement for GBP-LIBOR is the Sterling Overnight Interbank Average Rate (“SONIA”). In July 2020, Bloomberg began publishing fall-backs that the International Swaps and Derivatives Association (“ISDA”) intends to implement in lieu of LIBOR with respect to swaps and derivatives. Given the inherent differences between LIBOR and SOFR, or any other alternative Benchmark Rate that may be established, including SONIA, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. In many cases, the nominated replacements, as well as other potential replacements, are not complete or ready to implement and require margin adjustments. There is

93

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

3. Principal Risks (continued)

currently no final consensus as to which Benchmark Rate(s) (along with any adjustment and/or permutation thereof) will replace all or any LIBOR tenors after the discontinuation thereof and there can be no assurance that any such replacement Benchmark Rate(s) will attain market acceptance.

Any transition away from LIBOR to one or more alternative Benchmark Rates is complex and could have a material adverse effect on the Fund’s business, financial condition and results of operations, including, without limitation, as a result of any changes in the pricing and/or availability of the Fund’s investments, negotiations and/or changes to the documentation for certain of the Fund’s investments, the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation, basis risks between investments and hedges, basis risks within investments (e.g., securitizations), costs of modifications to processes and systems, and/or costs of administrative services and operations, including monitoring of recommended conventions and Benchmark Rates, or any component of or adjustment to the foregoing.

It is not possible to predict whether there will be any further changes in the methods pursuant to which the LIBOR rates are determined and any other reforms to LIBOR that will be enacted in the United States, the U.K. or elsewhere, or the effects thereof. Any such changes or further reforms to LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR rates, which could have a material adverse impact on the value of the Fund’s investments and any payments linked to LIBOR thereunder.

LIBOR is likely to perform differently than in the past until the final phase-outs in 2023 and, ultimately, will cease to exist as a global benchmark going forward. Until an alternative Benchmark Rate(s) becomes generally accepted and regularly implemented in the market, the uncertainty as to the future of LIBOR, its eventual phase-out, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset-liability management strategies available; (vi) basis risks between investments and hedges and basis risks within investments (e.g., securitizations); or (vii) any mismatch, during a transition period or otherwise, between a Benchmark Rate used for leverage facilities and another used for one or more of the Fund’s investments.

Limited Liquidity

Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

Pandemic Risk

The continuing spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including securities the Fund holds, and may adversely affect the Fund’s investments and operations. The outbreak was first detected in December 2019 and subsequently spread globally, and since then, the number of cases has fluctuated and new “variants” have been confirmed around the world. The transmission of COVID-19 and efforts to contain its spread have resulted in international and domestic travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains and consumer activity, as well

94

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

3. Principal Risks (continued)

as general concern and uncertainty that has negatively affected the economic environment. These disruptions have led to instability in the marketplace, including stock and credit market losses and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

The Fund and the Investment Manager have in place business continuity plans reasonably designed to ensure that they maintain normal business operations, and that the Fund, its portfolio and assets are protected. However, in the event of a pandemic or an outbreak, such as COVID-19, there can be no assurance that the Fund, its advisers and service providers, or the Fund’s portfolio companies, will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. A pandemic or disease could also impair the information technology and other operational systems upon which the Fund’s advisers rely and could otherwise disrupt the ability of the Fund’s service providers to perform essential tasks.

The foregoing could lead to increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes and markets, may adversely affect the performance of the Fund’s investments, the Fund and your investment in the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments.

Although vaccines are widely available in some parts of the world, the duration of the COVID-19 outbreak and its full impacts are unknown and the pace of recovery and response may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time, especially in certain sectors in which the Fund may make investments.

4. Investment Advisory and Other Agreements

The Fund has entered into an investment management agreement (the “Investment Management Agreement”) with the Investment Manager. Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.00% on an annualized basis of the Fund’s Net Assets. The Investment Manager has contractually agreed to an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Total Annual Expenses (excluding any taxes, leverage interest, distribution and servicing fees, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses) do not exceed 2.25% of the average daily net assets of Class I Shares (the “Expense Limit”). For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limitation and Reimbursement Agreement. The Expense Limitation and Reimbursement Agreement has an initial two-year term, which ends two years from the date of commencement of the Fund’s operations. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter.

The Fund may, at the discretion of the Investment Manager and subject to Board and shareholder approval, allocate its assets amongst the Investment Manager and one or more sub-advisers in percentages determined at the discretion of the Investment Manager (“allocated portion”). The portfolio management fees that were paid to Crescent Capital Group LP (“Crescent Capital”) were 1.00% on an annualized basis of the allocated portion of the Fund’s average daily assets managed by Crescent Capital and were paid monthly. See Note 13.

For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses were absorbed by the Investment Manager, the Investment Manager may recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the limitation on Fund expenses in effect at the time of the relevant reduction

95

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

4. Investment Advisory and Other Agreements (continued)

in advisory fees or payment of the Fund’s expenses, and (b) the limitation on Fund expenses at the time of the recoupment. At September 30, 2022 the amount of these potentially recoverable expenses is $490,297 expiring on December 31, 2022. For the six months ended September 30, 2022, the Investment Manager did not recover any previously waived expenses.

Foreside Fund Services, LLC serves as the Fund’s distributor; UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator. For the six months ended September 30, 2022, the Fund’s allocated UMBFS fees are reported on the consolidated Statement of Operations.

An officer of the Fund is an employee of UMBFS. The Fund does not compensate officers affiliated with the Fund’s administrator. For the six months ended September 30, 2022, the Fund’s allocated fees incurred for trustees who are not affiliated with the Fund’s administrator are reported on the consolidated Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer (“CCO”) services to the Fund. The Fund’s allocated fees incurred for CCO services for the six months ended September 30, 2022, are reported on the consolidated Statement of Operations.

5. 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 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 Valuation Designee in determining fair value is greatest for investments categorized in Level 3.

96

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

5. Fair Value of Investments (continued)

The Fund’s assets recorded at fair value have been categorized based on a fair value hierarchy as described in the Fund’s significant accounting policies. The following table presents information about the Fund’s assets and liabilities measured at fair value as of September 30, 2022:

Assets	Level 1		Level 2		Level 3		Net Asset Value		Total
Investments, at fair value
Senior Secured Loans	$	—	$	186,274,224	$	9,308,624,812	$	—	$	9,494,899,036
Private Investment Vehicles		—		—		6,130,472		4,203,969,368		4,210,099,840
Collateralized Loan Obligations		—		11,741,442		72,908,095		—		84,649,537
Preferred Stocks		—		—		62,151,524		—		62,151,524
Subordinated Debt		—		—		5,427,519		—		5,427,519
Common Stocks		—		—		6,667,215		—		6,667,215
Warrants		—		—		4,064,465		—		4,064,465
Short-Term Investments		170,309,177		—		—		—		170,309,177
Total Investments, at fair value	$	170,309,177	$	198,015,666	$	9,465,974,102	$	4,203,969,368	$	14,038,268,313
Other Financial Instruments1
Forward Contracts	$	—	$	4,619,048	$	—	$	—	$	4,619,048
Total Assets	$	170,309,177	$	202,634,714	$	9,465,974,102	$	4,203,969,368	$	14,042,887,361

Liabilities	Level 1		Level 2		Level 3		Net Asset Value		Total
Investments, at fair value
Reverse Repurchase Agreement	$	—	$	3,960,000	$	—	$	—	$	3,960,000
Other Financial Instruments1
Forward Contracts		—		9,568,418		—		—		9,568,418
Swap Contracts		—		57,904,784		—		—		57,904,784
Total Liabilities, at fair value	$	—	$	71,433,202	$	—	$	—	$	71,433,202

¹ Other financial instruments are derivative instruments such as futures contracts, forward contracts and swap contracts. Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

97

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

5. Fair Value of Investments (continued)

The following table presents the changes in assets and transfers in and out for investments that are classified in Level 3 of the fair value hierarchy for the six months ended September 30, 2022:

	Senior Secured Loans			Private Investment Vehicles			Collateralized Loan Obligations			Preferred Stocks			Subordinated Debt
Balance as of April 1, 2022	$	6,319,615,266		$	6,510,925		$	90,396,005		$	88,501,915		$	5,468,056
Purchases		4,360,317,415			—			52,110,000			24,550,131			—
Sales/Paydowns		(1,237,173,257	)		—			(55,500,000	)		(51,971,373	)		—
Realized gains (losses)1		6,652,748			—			418,620			1,096,373			—
Original issue discount and amendment fees		(18,427,610	)		75,000			—			—			—
Accretion		4,642,048			—			69,003			—			—
Change in Unrealized appreciation (depreciation)		(134,403,071	)		(455,453	)		(5,424,223	)		(25,522	)		(40,537	)
Transfers In2		42,567,261			—			—			—			—
Transfers Out3		(35,165,988	)		—			(9,161,310	)		—			—
Balance as of September 30, 2022	$	9,308,624,812		$	6,130,472		$	72,908,095		$	62,151,524		$	5,427,519

	Warrants		Common Stocks		Total
Balance as of April 1, 2022	$	1,279,790	$	5,561,463	$	6,517,333,420
Purchases		—		—		4,436,977,546
Sales/Paydowns		—		—		(1,344,644,630	)
Realized gains (losses)1		—		—		8,167,741
Original issue discount and amendment fees		—		—		(18,352,610	)
Accretion		—		—		4,711,051
Change in Unrealized appreciation (depreciation)		2,784,675		1,105,752		(136,458,379	)
Transfers In2		—		—		42,567,261
Transfers Out3		—		—		(44,327,298	)
Balance as of September 30, 2022	$	4,064,465	$	6,667,215	$	9,465,974,102

¹ Senior Secured Loans includes paydown gains (losses) of $5,839,530.

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.

98

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

5. Fair Value of Investments (continued)

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s investments that are categorized in Level 3 of the fair value hierarchy as of September 30, 2022.

Investments	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs	Weighted Average	Impact on Valuation from an increase in input
Collateralized Loan Obligations	$	72,908,095	Income approach	Interest Rate/ Discount Margin	8.15% - 17.00%	14.02%	Decrease
				Default Rate	3 CDR	3 CDR	Decrease
				Recovery Rate	65%	65%	Increase
				Term	Maturity, or Reinvestment +24 months	N/A	Decrease
				Prepayment Assumptions	20 CPR	20 CPR	Increase
				Reinvestment Assumptions	$97.00	$97.00	Decrease
Common Stocks		5,268,893	Market approach	LTM Revenue Multiple	3.1x	3.1x	Increase
		1,248,057	Market approach	Run Rate Adj. EBITDA Multiple	8.0x	8.0x	Increase
		150,265	Market approach	LTM EBITDA Multiple	18.0x	18.0x	Increase
Preferred Stocks		37,887,604	Income approach	Discount Rate	8.24% - 14.08%	13.35%	Decrease
		2,500,000	Market approach	Run Rate Adj. EBITDA Multiple	8.0x	8.0x	Increase
		21,763,920	Cost	Recent Transaction Price	$97.50 - $98.00	$97.75	Increase
Private Investment Vehicles		6,130,472	Income approach	Weighted Average Cost of Capital	15.00% - 16.00%	15.17%	Decrease
Senior Secured Loans		4,108,800,186	Income approach	Discount Rate	5.44% - 16.57%	9.31%	Decrease
				LTM Revenue ($ Millions)	$25 - $3,805	$367	Increase
				Debt/EBITDA	-10.1x — 11.2x	5.2x	Decrease
				Interest Coverage	-3.9x — 9.5x	2.4x	Increase
		3,329,196	Market approach	Enterprise value ( $ Millions)	$92	$92	Increase
		5,196,495,430	Cost	Recent Transaction Price	$87.00 - $100.46	$98.58	Increase
Subordinated Debt		5,427,519	Market approach	Public Company Comparison - LTM EBITDA Multiple	9.9x	9.9x	Increase

99

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

5. Fair Value of Investments (continued)

Investments	Fair Value		Valuation Technique	Unobservable Inputs	Range of Inputs	Weighted Average	Impact on Valuation from an increase in input
Warrants	$	1,012,752	Market approach	Enterprise value ($ Millions)	$3,181 - $3,760	$3,471	Increase
				Cost of equity	16.00%	16.00%	Decrease
		3,051,713	Income approach	Exercise Price	$1.65 - $2.28	$1.71	Decrease
				E xpected Volatility	103% - 125%	123%	Increase
Total	$	9,465,974,102

6. Capital Stock

The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment in Class I Shares by any investor is $10 million. However, the Fund, in its sole discretion, may accept investments below this minimum with respect to Class I Shares. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements.

Class I Shares will not be subject to any initial sales charge. Shares will generally be offered for purchase on each business day at NAV per share, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

A shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the shareholder’s purchase of the Shares.

Pursuant to Rule 23c-3 under the Investment Company Act, on a quarterly basis, the Fund offers shareholders holding all classes of shares the option of redeeming shares at NAV. The Board determines the quarterly repurchase offer amount (“Repurchase Offer Amount”), which can be no less than 5% and no more than 25% of all shares of all classes outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of all outstanding shares of the Fund on the repurchase request deadline If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than $2,500 worth of Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund will accept the total number of Shares tendered in connection

100

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

6. Capital Stock (continued)

with required minimum distributions from an IRA or other qualified retirement plan. It is the shareholder’s obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan. The results of the repurchase offers conducted for the six months ended September 30, 2022 are as follows:

Commencement Date	April 14, 2022				July 14, 2022
Repurchase Request	May 16, 2022				August 15, 2022
Repurchase Pricing date	May 16, 2022				August 15, 2022
Net Asset Value as of Repurchase Offer Date
Class I		$	10.66			$	10.66
Amount Repurchased
Class I		$	225,106,363			$	187,676,994
Percentage of Outstanding Shares Repurchased
Class I			2.94	%			2.11	%

7. Federal Income Taxes

Fund Income Tax

At September 30, 2022, gross unrealized appreciation and depreciation on investments, based on cost for federal income tax purposes were as follows:

Cost of investments including proceeds from reverse repurchase agreements	$	14,105,735,313
Gross unrealized appreciation		133,811,135
Gross unrealized depreciation		(205,238,135	)
Net unrealized depreciation on investments	$	(71,427,000	)

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

As of December 31, 2021, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	—
Undistributed long-term capital gains		—
Accumulated capital and other losses		—
Unrealized appreciation/(depreciation)
Investments		56,585,294
Foreign Currency		(62,219	)
Organizational costs		(41,312	)
Total distributable earnings	$	56,481,763

101

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

7. Federal Income Taxes (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2021 and December 31, 2020 were as follows:

	2021		2020
Distribution paid from:
Ordinary income	$	165,497,728	$	31,816,599
Return of Capital		28,307,888		4,439,794
Net long-term capital gains		7,900,814		1,478
Total distributions paid	$	201,706,430	$	36,257,871

Domestic Blocker Income Tax

CCLF Holdings LLC (the “Domestic Blocker”) recorded a provision for income tax expense (benefit) for the fiscal period ending March 31, 2022, in the amount of $500,534. This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

Deferred $ 500,534

As of March 31, 2022, temporary differences between financial and tax reporting that give rise to deferred income taxes totaled $500,534, resulting principally from differences in the recognition of income from partnership investments and the treatment of unrealized appreciation/depreciation. The Domestic Blocker has a net deferred tax liability recorded as of March 31, 2022. Should a net deferred tax asset exist in the future, the Domestic Blocker will assess whether a valuation allowance should be booked to reserve against that asset.

The statutory rate and effective federal rate is 21%. The Fund is currently using an estimated tax rate of 3.95% for state and local tax, net of federal tax benefit.

8. Investment Transactions

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term investments, were $6,419,939,590 and $1,394,178,294, respectively.

9. Indemnifications

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

10. Derivatives and Hedging Disclosures

U.S. GAAP requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows. The Fund invested in forward foreign exchange currency contracts and swap contracts for the six months ended September 30, 2022 in order to hedge overall portfolio currency risk and interest rate risk, respectively. By entering into these contracts, the Fund agrees to exchange different currencies at a specified exchange rate at an agreed-upon future date. The Fund may be susceptible to the risk of changes in the foreign exchange rate underlying the forward contract and of the counterparty’s potential inability to fulfill the terms of the contract.

102

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

10. Derivatives and Hedging Disclosures (continued)

The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations are presented in the tables below. Forward contracts are not designated as hedging instruments. Interest rate swap contracts are designated as hedging instruments and are offset by the Senior Notes. The fair values of derivative instruments as of September 30, 2022, and the realized and unrealized gain (loss) during the six months ended September 30, 2022 by risk category are as follows:

		Asset Derivatives		Liability Derivatives
Statement of Asset and Liabilities Location	Derivatives Instruments	Value		Value
Net unrealized appreciation on forward contracts	Forward Contracts	$	4,619,048	$	9,568,418
Net unrealized depreciation on swap contracts	Interest Rate Swap Contracts		—		57,904,784
Total		$	4,619,048	$	67,473,202

Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Instruments	Forward Contracts		Swap Contracts		Total
Foreign Currency Exchange Contracts	$	2,781,178	$	—	$	2,781,178
Interest Rate Contracts		—		2,817,004		2,817,004

Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives Instruments	Forward Contracts			Swap Contracts			Total
Foreign Currency Exchange Contracts	$	(5,566,837	)	$	—		$	(5,566,837	)
Interest Rate Contracts		—			(57,904,784	)		(57,904,784	)

The quarterly average volumes of derivative instruments as of September 30, 2022 are as follows:

Derivatives Instruments	Short Forward Contracts		Long Swap Contracts
Foreign Currency Exchange Contracts		16		—
Interest Rate Contracts		—		3

11. Joint Ventures

In accordance with Regulation S-X and GAAP, the Fund is not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which the Fund has a controlling interest unless the business of the controlled subsidiary consists of providing services to the Fund. In accordance with Regulation S-X Rules 3-09 and 4-08(g), the Fund evaluates its unconsolidated subsidiaries as significant subsidiaries under the respective rules. As of September

103

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

11. Joint Ventures (continued)

30, 2022, Middle Market Credit Fund II, LLC and FBLC Senior Loan Fund, LLC were not considered significant subsidiaries under Regulation S-X Rule 1-02(w). Based on the requirements under Regulation S-X Rule 4-08(g), the summarized financial information of these unconsolidated subsidiaries is presented below:

Middle Market Credit Fund II, LLC (“Credit Fund”)
Consolidated Statements of Assets and Liabilities (Unaudited)
(amounts in thousands)

	As of September 30, 2022
ASSETS
Investments, at fair value (amortized cost of $241,485)	$	238,651
Cash, cash equivalents and restricted cash		10,514
Interest receivable		3,722
Receivable for investments sold/repaid		403
Total assets	$	253,290
LIABILITIES AND MEMBERS’ EQUITY
Notes payable, net of unamortized debt issuance costs of $746		156,754
Interest and credit facility fees payable		1,771
Dividend payable		5,215
Other liabilities		364
Total liabilities		164,104
Members’ equity
Members’ contributions		90,805
Members’ distributions		(1,718	)
Accumulated income from operations		99
Total members’ equity		89,186
Total liabilities and members’ equity	$	253,290

Consolidated Statements of Operations (Unaudited)
(amounts in thousands)

	For the three month period ended September 30, 2022
Investment income:
Interest income	$	5,119
Other income		64
Total investment income		5,183
Expenses:
Professional fees	$	87
Administrative service fees		21
Interest expense		2,062
Credit facility fees		15
Other general and administrative		91
Total expenses		2,276

104

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

11. Joint Ventures (continued)

	For the three month period ended September 30, 2022
Net investment income (loss)	$	2,907
Net realized gain (loss) on investments		—
Net change in unrealized appreciation (depreciation) on investments		(908	)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments		(908	)
Net increase (decrease) in net assets resulting from operations	$	1,999

FBLC Senior Loan Fund, LLC
Consolidated Statement of Assets, Liabilities and Members’ Equity (Unaudited):

	As of September 30, 2022
ASSETS
Investments, at fair value (amortized cost of $943,942)	$	873,144
Cash and cash equivalents		68,270
Receivable for unsettled trades		23,837
Cash collateral on deposit with custodian		22,190
Interest receivable		6,097
Prepaid expenses and other assets		23
Total assets	$	993,561
LIABILITIES
Revolving credit facilities (net of deferred financing costs of $1,737)	$	576,813
Secured borrowings		65,302
Distribution payable		7,733
Payable for unsettled trades		7,186
Interest and credit facility fees payable		5,273
Accounts payable and accrued expenses		884
Total liabilities	$	663,191
MEMBERS’ CAPITAL
Capital contributed		383,496
Accumulated earnings		(53,126	)
Total members’ capital		330,370
Total liabilities and members’ capital	$	993,561

105

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

11. Joint Ventures (continued)

Consolidated Statement of Operations:

Investment income:
Interest from investments	$	47,661
Interest from cash and cash equivalents		394
Total interest income		48,055
Fee and other income		652
Total investment income		48,707
Operating expenses:
Interest and credit facility financing expenses		14,800
Other general and administrative		1,237
Professional fees		723
Total expenses		16,760
Net investment income		31,947
Realized and unrealized loss on investments:
Net realized loss from investments		(3,318	)
Net change in unrealized appreciation on investments		(73,965	)
Net realized and unrealized loss on investments		(77,283	)
Net decrease in members’ capital resulting from operations	$	(45,336	)

12. Private Investment Vehicles

The following table represents investment strategies, unfunded commitments and redemptive restrictions of investments that are measured at NAV per share (or its equivalent) as a practical expedient as of September 30, 2022:

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

17Capital Co. Investment Fund V-L LP

Direct lending to a European private equity fund

$

25,759,098

$

22,538,073

$

287,500

None

N/A

Liquidation to commence on the earlier of 5/7/2031 but no later than 180 days following full realization

ABPCI Pacific Funding LP

Middle market direct lending

28,544,304

28,455,721

176,455,696

None

Redemptions pursuant to the note purchase and security agreement upon the direction of a majority of the subordinated notes

November 3, 2031 after the payment in full of the obligations of the issuer pursuant to the note purchase agreement

AG Direct Lending Fund II (Unlevered) L.P.

Middle market direct lending

25,709,810

27,705,019

2,398,584

None

N/A

Fifth anniversary of the expiration of the commtiment period with one one-year extension available

106

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

AG Direct Lending Fund II L.P.

Middle market direct lending

$

18,644,892

$

20,451,756

—

None

N/A

December 31, 2024 with one-year extensions available

AG Direct Lending Fund III L.P.

Middle market direct lending

14,355,107

14,863,339

1,600,000

None

N/A

September 30, 2026 with one-year extensions available

AG DLI, L.P.

Middle market direct lending

11,122,893

12,314,319

1,500,000

None

N/A

Until the earlier of the dissolution of investments or the partnership

AG GTDL Fund II L.P.

Middle market direct lending

25,996,460

27,962,684

2,400,000

None

N/A

Fifth anniversary of the expiration of the commtiment period with one one-year extension available

AG GTDL Fund L.P.

Middle market direct lending

3,368,501

3,504,921

820,000

None

N/A

Fifth anniversary of the expiration of the commtiment period with one one-year extension available

AG KFHDL Fund L.P.

Middle market direct lending

3,374,322

3,504,977

820,000

None

N/A

Fifth anniversary of the expiration of the commtiment period with one one-year extension available

AGTB Private BDC

Middle market direct lending

72,291,000

72,892,974

52,709,000

None

N/A

Six-year anniversary of the initial closing as determined by the board if a merger has not occurred

Antares Senior Loan Parallel Feeder Fund II (Cayman) LP

Middle market direct lending

4,000,000

4,080,628

196,000,000

None

N/A

Until the dissolution of the partnership in accordance with the limited partnership agreement

Ares Commercial Finance Feeder (A) LP

Direct lending to specialty finance companies

15,404,552

17,401,194

8,985,234

None

N/A

June 30, 2025

107

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

Barings Capital Investment Corporation

Middle market direct lending

$

95,000,000

$

95,829,533

—

None

N/A

Until the earlier of a liquidity event or July 13, 2027

Barings CMS Fund LP

Middle market direct lending

15,000,000

15,465,910

235,000,000

None

N/A

Until distribution of investment proceeds

Barings Private Credit Corporation

Middle market direct lending

900,000,000

941,043,899

—

Quarterly2

Redemptions permitted at the discretion of the investment manager

N/A

BlackRock Shasta CLO VII LLC

Middle market direct lending

532,289,942

534,922,659

124,710,058

None

Redemptions pursuant to the Note Purchase and Security Agreement upon the direction of a majority of the subordinated note purchasers with the consent of the collateral manager

Earlier of twelve years from closing date and the amortization date (if any)

Carlyle Secured Lending III

Middle market direct lending

1,925,000

1,925,000

5,075,000

None

N/A

Perpetual until the company is sold and/or liquidated and dissolved

CCOF Sierra II, L.P.

Preferred equity co-investment

15,600,000

15,914,565

400,000

None

N/A

Ten-year anniversary of the the final closing date with two one-year externsions

CDL Tender Fund 2022-1 L.P.

Middle market direct lending

50,000,000

51,751,608

—

None

N/A

Until the dissolution of the partnership in accordance with the limited partnership agreement

Chilly HP SCF Investor, LP

Preferred equity co-investment

1,967,311

2,090,313

—

None

N/A

Until the dissolution of the partnership in accordance with the limited partnership agreement

Crescent Mezzanine Partners VIIC, L.P.

Mezzanine level subordinated debt

5,520,162

6,193,035

3,471,590

None

N/A

December 21, 2025 available

Crestline Specialty Lending III (U.S.), LP

Middle market direct lending

14,868,016

15,101,067

15,563,580

None

N/A

December 1, 2028 with one-year exensions available

108

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

Endurance II L.P.

Direct lending to an international education company

$

9,748,287

$

10,475,832

300,000

None

N/A

Until the completion of the liquidation

FBLC Senior Loan Fund LLC

Middle market direct lending

78,562,000

71,818,072

—

None

N/A

Until all investments are amortized, liquidated, transferred or disposed

Franklin BSP Lending Corporation

Middle market direct lending

32,327,541

42,405,876

—

Semi-Annually1

N/A

N/A

Golub Capital BDC 4, Inc.

Middle market direct lending

29,901,821

29,983,526

170,098,179

None

N/A

Perpetual until the company is sold and/or liquidated and dissolved

Golub Capital Direct Lending Corp.

Middle market direct lending

28,500,000

28,613,442

21,500,000

None

N/A

July 1, 2027 with extensions upon the approval of shareholders

HPS Mezzanine Partners 2019 LP

Mezzanine level subordinated debt

8,243,850

9,181,546

2,096,859

None

N/A

April 12, 2029 with one-year extensions available

HPS Mint Co-Invest Fund LP

Preferred equity co-investment

10,015,163

10,346,018

—

None

N/A

Until all investments are liquidated and all proceeds are distributed or as determined by the general partner

HPS Specialty Loan Fund V Feeder LP

Secured debt origination

37,887,949

39,508,829

26,875,000

None

N/A

September 10, 2028 with 1 year extenstions available

Luther Co-Invest, L.P.

Direct lending to French football league media rights

14,268,608

14,268,608

5,733,333

None

N/A

Until all investments are liquidated and all proceeds are distributed or as determined by the general partner.

Marlin Credit Opportunity Fund LP

Middle market direct lending

100,408,617

95,801,749

24,591,383

None

N/A

May 19, 2028 with one-year extensions available

109

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

Middle Market Credit Fund II, LLC

Middle market direct lending

$

12,708,191

$

14,809,358

—

None

N/A

Until all investments are amortized, liquidated, transferred or disposed

Minerva Co-Invest LP

Preferred equity co-investment

14,720,019

15,228,940

298,500

None

N/A

Until distribution of investment proceeds

Morgan Stanley Direct Lending Fund

Middle market direct lending

36,805,201

36,578,375

8,694,799

Quarterly3

N/A

N/A

New Mountain Guardian III BDC, LLC

Middle market direct lending

100,000,000

100,014,520

—

None

N/A

July 15, 2025 with one-year extensions available

New Mountain Guardian IV BDC, LLC

Middle market direct lending

5,000,000

4,875,442

20,000,000

None

N/A

Six years from the end of the closing period with a one-year extension available

NXT Capital Structured Note I, LLC

Middle market direct lending

61,856,420

58,750,236

119,993,080

None

Optional redemption pursuant to the indenture upon the direction of the investment manager or at the written direction of a majority of the holders of the subordinated notes

Nine years from the initial closing date

Odyssey Company Investment Partners B L.P.

Common equity co-investment

1,555,423

1,546,177

444,577

None

N/A

Until the dissolution of the parternship in accordance with the limited partnership agreement

Owl Rock Core Income Corp.

Middle market direct lending

150,000,000

146,583,136

—

Quarterly2

N/A

N/A

Owl Rock Technology Finance Corp.

Direct lending and mezzaning financing for technology and life-sciences companies

35,000,000

34,727,700

—

None

N/A

Until earliest of an Exchange Listing, the fifth anniversary of the final closing, and August 10, 2025

110

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

Owl Rock Technology Finance Corp. II

Direct lending and mezzaning financing for technology and life-sciences companies

$

33,947,433

$

33,688,358

41,052,567

None

N/A

Earlier of the five year anniversary of the Final Closing and the seven year anniversary of the Initial Closing, with two one-year extensions available

Providence Debt Fund III (Non-US) L.P.

Middle market direct lending

8,449,093

10,479,240

14,040,163

None

N/A

October 24, 2021 with one-year extensions available

Proxima Onshore Co-Invest, L.P.

Direct lending to a renewable energy company

1,500,257

1,487,608

8,533,712

None

N/A

Until the completion of the liquidation

Raven Asset Based Credit Fund II, LP

Asset based lending

16,715,943

17,501,613

8,402,621

None

N/A

January 2029 with two one-year extensions available available

Raven Senior Loan Fund LLC

Asset based lending

404,924,444

417,081,431

95,075,556

None

Pursuant to the priority of payments, notes may be redeemed in whole or in part on the applicable quarterly payment date in accordance with the note purchase and security agreement

The earlier of twelve years from closing and the amortization date selected by a majority of the subordinated notes in accordance to the note purchase and security agreement

Redwood Enhanced Income Corp.

Middle market direct lending

22,076,582

22,047,896

33,923,418

None

180 calendar days following the pricing of an initial public offering of the shares and/or the first trade of the shares on a securities exchange

Seven-year anniversary of the initial closing with two one-year extensions

Silver Point Loan Funding LLC

Middle market direct lending

404,002,302

412,326,976

1,096,636,772

None

Optional redemption pursuant to the indenture at the written direction of a majority of the subordinated notes with the consent of the the investment manager

November 2034

111

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description

Investment Category

Cost

Fair Value

Unfunded Commitments

Redemption Frequency

Redemption Lock-up Period

Fund Term

Silver Point Specialty Credit Fund II, LP

Middle market direct lending

$

41,326,575

$

39,491,765

8,676,338

None

N/A

September 6, 2023 with one-year extensions available

Sixth Street Lending Partners

Middle market direct lending

6,468,982

6,468,982

43,531,018

None

N/A

Ten years from final closing subject to two one-year extensions if approved by majority of the board

Stellus Private Credit BDC Feeder, LP

Middle market direct lending

12,450,000

12,528,808

37,550,000

None

N/A

Until the partnership is terminated and wound up in accordance to the limited partnership agreement

Summit Partners Credit Offshore Fund II, LP

Middle market direct lending

7,175,544

8,971,881

2,509,233

None

N/A

Eight anniversary of the fist draw-dwon date with two one-year extensions available

TCW Direct Lending VIII LLC

Middle market direct lending

13,523,324

13,755,840

36,476,676

None

N/A

Sixth anniversary of the final closing date

Thompson Rivers, LLC

Middle market direct lending

14,600,849

12,260,530

—

None

Redemptions permitted with the consent of the investment fund’s voting members

Until cancellation of the Certificate of Formation

Varagon Capital Corporation

Middle market direct lending

19,296,490

19,311,240

5,703,510

None

N/A

September 2026 with one-year extensions available

Varagon Capital Direct Lending Fund, LP

Middle market direct lending

15,000,000

14,874,265

35,000,000

None

N/A

Until the fourth anniverversary of the end of the reinvestment period with one-year extension available

Varagon Structured Note Issuer I LLC

Middle market direct lending

415,000,000

422,881,242

85,000,000

None

Redemptions pursuant to the Indenture upon direction of a majority of the subordinated notes with the consent of the investment manager

October 2033 provided that the scheduled reinvestment end date is extended

112

Cliffwater Corporate Lending Fund

Notes to Consolidated Financial Statements
September 30, 2022 (Unaudited) (Continued)

12. Private Investment Vehicles (continued)

Security Description	Investment Category	Cost		Fair Value		Unfunded Commitments		Redemption Frequency		Redemption Lock-up Period		Fund Term
Vista Credit Partner Fund III LP	Direct lending to middle market technology companies	$	25,265,385	$	26,552,537		25,652,428		None		N/A		March 31, 2027 with two one-year extensions available
Waccamaw River, LLC	Middle market direct lending		11,278,065		10,828,581		1,240,000		None		Redemptions permitted with the prior consent of the Board		Until cancellation of the Certificate of Formation
Total		$	4,121,251,728	$	4,203,969,369	$	2,807,825,964

¹ Up to 10% at each semi-annual tender offer

² Up to 5% at each quarterly tender offer

³ Up to 2.5% at each quarterly tender offer

13. Subsequent Events

In preparing these consolidated financial statements, management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein.

The Fund commenced a repurchase offer October 13, 2022 as follows:

Commencement Date	October 13, 2022
Repurchase Request	November 14, 2022
Repurchase Pricing date	November 14, 2022
Net Asset Value as of Repurchase Offer Date
Class I	$10.58
Amount Repurchased
Class I	$351,675,872
Percentage of Outstanding Shares Repurchased
Class I	3.54%

On November 8, 2022, Crescent Capital Group LP was terminated as sub-adviser to the Fund. On November 11, 2022, BlackRock Capital Investment Advisers was terminated as sub-adviser to the Fund.

Other than as described above, there have been no other subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements.

113

Cliffwater Corporate Lending Fund

Other Information
September 30, 2022 (Unaudited)

Proxy Voting

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

Availability of Quarterly Portfolio Schedules

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

114

Cliffwater Corporate Lending Fund

Privacy Notice
September 30, 2022 (Unaudited)

PRIVACY NOTICE

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

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

Questions? Call 1-(888)-442-4420

115

Cliffwater Corporate Lending Fund

Privacy Notice
September 30, 2022 (Unaudited) (Continued)

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

116

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Investment Manager

Cliffwater LLC
4640 Admiralty Way, 11th Floor
Marina del Rey, CA 90292
Website: www.cliffwaterfunds.com

Custodian Bank

State Street Bank and Trust Company
1 Iron Street
Boston, MA 02210

Fund Administrator, Transfer Agent and Fund Accountant

UMB Fund Services
235 W. Galena Street
Milwaukee, WI 53212-3949
Phone: (414) 299-2200

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
http://www.foreside.com

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

Item 2. Code of Ethics.

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semi-annual reports.

Item 6. Investments.

See the Semi-Annual Report to Shareholders under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 13. Exhibits.

(a)(1) Not applicable to semi-annual reports.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant's independent public accountant. Not applicable.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

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

(registrant)	Cliffwater Corporate Lending Fund
By (Signature and Title)*	/s/ Stephen Nesbitt
	Stephen Nesbitt, President
	(Principal Executive Officer)
Date	December 9, 2022

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

By (Signature and Title)*	/s/ Stephen Nesbitt
	Stephen Nesbitt, President
	(Principal Executive Officer)
Date	December 9, 2022

By (Signature and Title)*	/s/ Lance J. Johnson
	Lance J. Johnson, Treasurer
	(Principal Financial Officer)
Date	December 9, 2022