Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments

As of June 30, 2022 (Unaudited)

 

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

Delayed Draw, 6.301% (3-Month USD Sofr+565 basis points),

9/22/20242,3,4

   1,882,287 
 45,455   Revolver, 6.301% (3-Month USD Sofr+565 basis points), 9/22/20242,3,4   44,464 
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount		      Value 
    SENIOR SECURED LOANS (Continued)    
    CONSUMER DISCRETIONARY (Continued)    
$4,565,937   First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4  $4,466,635 
 14,167,485   First Lien Term Loan, 6.250% (3-Month USD Libor+525 basis points), 11/16/20272,3,4   13,796,873 
 1,959,900   RCS Consumer Discretionary
First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 6/6/20252,3,4,7		   1,903,719 
     RefrigiWear, LLC     
 1,517,773   First Lien Term Loan, 5.750% (3-Month USD Libor+475 basis points), 11/2/20272,3,4   1,493,228 
 15,619,614   First Lien Term Loan, 5.750% (3-Month USD Libor+475 basis points), 11/27/20272,3,4   15,367,018 
 2,601,896   Revolver, 0.500%, 6/4/20292,4,5   2,559,819 
     Regent Holding Company, LLC     
 2,819,549   Revolver, 8.756% (1-Month USD Libor+775 basis points), 2/25/20262,3,4   2,749,344 
 1,127,820   First Lien Term Loan, 8.810% (1-Month USD Libor+775 basis points), 2/26/20262,3,4   1,099,691 
     Spanx, LLC     
 12,096,621   Revolver, 0.500%, 11/18/20282,4,5   11,743,481 
 72,572,650   First Lien Term Loan, 7.095% (3-Month USD Libor+550 basis points), 11/18/20282,3,4   70,454,021 
     Spotless Brands, LLC     
 250,000   Revolver, 0.500%, 6/21/20282,4,5   244,274 
 2,968,750   Delayed Draw, 1.000%, 6/21/20282,4,5   2,930,356 
 5,000,000   First Lien Term Loan, 8.529% (3-Month USD Sofr+575 basis points), 6/21/20282,3,4   4,885,485 
 156,250  

Delayed Draw, 8.536% (3-Month USD Sofr+575 basis points),

6/21/20282,3,4

   154,229 
     Stanton Carpet Corp.     
 1,189,468   Revolver, 0.500%, 10/1/20262,4,5   1,161,967 
 9,280,312   First Lien Term Loan, 6.000% (3-Month USD Libor+500 basis points), 10/1/20272,3,4   9,065,743 
 9,950,000   Summit Buyer, L.L.C.
First Lien Term Loan, 6.006% (3-Month USD Libor+525 basis points), 9/17/20272,3,4		   9,728,722 
     Truck-Lite Co., LLC     
 219,503   First Lien Term Loan, 7.250% (3-Month USD Libor+625 basis points), 12/13/20262,3,4   215,113 
 9,974,490   First Lien Term Loan, 7.256% (3-Month USD Libor+625 basis points), 12/13/20262,3,4   9,782,250 
     Twin Brook Consumer Discretionary     
 4,891,498   First Lien Term Loan, 7.506% (3-Month USD Libor+575 basis points), 2/14/20242,3,4,7   4,734,115 

 

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

Delayed Draw, 7.202% (3-Month USD Sofr+625 basis points),

2/23/20272,3,4

   2,162,146 
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount		      Value 
    SENIOR SECURED LOANS (Continued)    
    HEALTH CARE (Continued)    
$3,324,830   First Lien Term Loan, 6.049% (3-Month USD Sofr+500 basis points), 3/30/20272,3,4  $3,241,907 
 405,599  

Delayed Draw, 6.352% (3-Month USD Sofr+500 basis points),

3/30/20272,3,4

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

Delayed Draw, 9.145% (3-Month USD Sofr+800 basis points),

3/18/20272,3,4

   4,359,754 
     Vermont Aus Pty Ltd.     
    AUD 10,890,131   First Lien Term Loan, 6.016% (3-Month AUD BBSY+550 basis points), 3/23/20282,3,4,6   7,246,134 
 7,996,250   First Lien Term Loan, 6.400% (3-Month USD Libor+550 basis points), 3/23/20282,3,4   7,708,467 
     Vetcor Professional Practices LLC     
 1,052,632   Revolver, 0.500%, 5/20/20262,4,5   1,010,490 
 9,579   Delayed Draw, 1.000%, 5/20/20282,4,5   9,195 
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount		      Value 
    SENIOR SECURED LOANS (Continued)    
    INDUSTRIALS (Continued)    
     BlueHalo Global Holdings, LLC     
$467,713   Revolver, 0.500%, 10/31/20252,4,5  $460,872 
 818,001   Revolver, 7.000% (3-Month USD Libor+600 basis points), 10/31/20252,3,4   806,036 
 17,339,169   First Lien Term Loan, 7.000% (3-Month USD Libor+600 basis points), 10/31/20252,3,4   17,085,557 
 14,962,500   BP Purchaser, LLC
First Lien Term Loan, 7.188% (3-Month USD Libor+550 basis points), 12/10/20282,3,4		   14,433,009 
     British Engineering Services Holdco Limited     
          GBP 950,968   Revolver, 7.129% (3-Month GBP Libor+675 basis points), 12/2/20272,3,4,6   1,134,145 
          GBP 396,237   First Lien Term Loan, 7.219% (3-Month GBP Libor+675 basis points), 12/2/20272,3,4,6   472,561 
     Caldwell & Gregory LLC     
 7,500,000   Delayed Draw, 1.000%, 12/5/20232,4,5   7,340,622 
 7,500,000  

Delayed Draw, 6.500% (3-Month USD Sofr+550 basis points),

12/5/20232,3,4

   7,340,622 
 14,961,446   First Lien Term Loan, 6.500% (3-Month USD Sofr+650 basis points), 12/5/20232,3,4   14,643,509 
     Citrin Cooperman Advisors LLC     
 40,000,000   Delayed Draw, 1.000%, 10/1/20272,4,5   39,362,202 
 5,952,381   Delayed Draw, 1.000%, 10/1/20272,4,5   5,855,821 
     Citrin Cooperman Advisors, LLC     
 2,647,059   Delayed Draw, 5.750% (6-Month USD Libor+500 basis points), 10/1/20272,3,4   2,616,978 
 6,176,471   First Lien Term Loan, 6.472% (6-Month USD Libor+500 basis points), 10/1/20272,3,4   6,106,281 
 4,426,168   Colonial Bag, LLC
First Lien Term Loan, 5.506% (3-Month USD Libor+450 basis points), 9/3/20252,3,4		   4,370,399 
     Comar Holding Company, LLC     
 4,923,320   First Lien Term Loan, 6.810% (3-Month USD Libor+575 basis points), 6/18/20242,3,4   4,855,203 
 776,043   Delayed Draw, 7.250% (3-Month USD Libor+600 basis points), 6/18/20242,3,4   765,306 
 14,619,202   Construction Resources Company LLC
First Lien Term Loan, 7.250% (3-Month USD Libor+575 basis points), 6/10/20242,3,4		   14,244,945 
     Continental Acquisition Holdings, Inc.     
 2,671,875   Delayed Draw, 7.750% (3-Month USD Libor+600 basis points), 1/20/20272,3,4   2,628,040 
 7,248,214   First Lien Term Loan, 7.750% (3-Month USD Libor+675 basis points), 1/20/20272,3,4   7,129,300 
     Dispatch Acquisition Holdings, LLC     
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount		      Value 
    SENIOR SECURED LOANS (Continued)    
    INDUSTRIALS (Continued)    
    VSG Acquisition Corp.    
$2,333,333   Revolver, 0.500%, 4/11/20282,4,5  $2,270,644 
 8,166,667   Delayed Draw, 1.000%, 4/11/20282,4,5   7,947,253 
 17,500,000   First Lien Term Loan, 6.531% (3-Month USD Sofr+550 basis points), 4/11/20282,3,4   17,029,827 
     Wildcat Buyerco, Inc.     
 695,655   Delayed Draw, 1.000%, 2/27/20262,4,5   691,283 
 760,367  

Delayed Draw, 7.416% (3-Month USD Sofr+575 basis points),

2/27/20262,3,4

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

Principal
Amount		      Value 
    SENIOR SECURED LOANS (Continued)    
    TECHNOLOGY (Continued)    
$3,149,656   First Lien Term Loan, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4  $3,066,405 
 2,023,126   Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4   1,969,652 
 169,392   Revolver, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4   164,077 
 749,386   Delayed Draw, 7.250% (3-Month USD Libor+625 basis points), 10/31/20262,3,4   729,579 
     Newscycle Solutions     
 2,303,848   First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4   2,257,455 
 267,237   First Lien Term Loan, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4   261,855 
 347,666   Delayed Draw, 8.000% (3-Month USD Libor+700 basis points), 12/29/20222,3,4   340,665 
 5,333,333   OEConnection LLC
Second Lien Term Loan, 7.500% (3-Month USD Libor+700 basis points), 9/25/20272,3,4		   5,177,535 
 9,949,052   Options Technology Ltd.
First Lien Term Loan, 6.222% (3-Month USD Libor+450 basis points), 12/26/20252,3,4		   9,688,451 
 7,500,000   OSP Lakeside Intermediate Holdings, LLC
First Lien Term Loan, 9.047% (3-Month USD Libor+805 basis points), 7/31/20262,3,4		   7,347,423 
     PC Dreamscape Opco, Inc.     
 1,315,789   Revolver, 0.500%, 4/25/20282,4,5   1,274,119 
 3,289,474   Delayed Draw, 1.000%, 4/25/20282,4,5   3,217,802 
 12,105,263   First Lien Term Loan, 6.750% (3-Month USD Sofr+575 basis points), 4/25/20282,3,4   11,721,899 
 3,289,474  

Delayed Draw, 7.080% (3-Month USD Sofr+575 basis points),

4/25/20282,3,4

   3,217,802 
     PCS Software, Inc.     
 363,714   Revolver, 0.500%, 7/1/20242,4,5   357,674 
 5,250,191   First Lien Term Loan, 8.000% (3-Month USD Libor+575 basis points), 7/1/20242,3,4   5,163,018 
 20,415,482   PDFTron Systems, Inc.
First Lien Term Loan, 6.998% (3-Month USD Sofr+550 basis points), 7/15/20272,3,4		   19,794,865 
 9,888,117   PDI TA Holdings, Inc.
First Lien Term Loan, 5.544% (3-Month USD Libor+450 basis points), 10/24/20242,3,4		   9,521,578 
     PDQ     
 1,764,706   Revolver, 0.500%, 8/27/20272,4,5   1,734,184 
 7,377,353   Delayed Draw, 6.006% (3-Month USD Libor+550 basis points), 8/27/20272,3,4   7,249,756 
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

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

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

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

 

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

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

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

 

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

 

LLC – Limited Liability Company

LP – Limited Partnership

US – United States

RB – Revenue Bonds

LOC – Letter of Credit

BDC – Business Development Company

CAD - Canadian Dollars

EUR - Euro

GBP - Pound Sterling

NOK - Norwegian Krone

SEK - Swedish Krona

Libor - London Interbank Offered Rate

Stibor - Stockholm Interbank Offered Rate

Nibor - Norwegian Interbank Offered Rate

Sofr - Secured Overnight Financing Rate

CLO - Collateralized Loan Obligation

 

*Subordinated note position. Rate shown is the effective yield as of period end.
1Callable.
2As of June 30, 2022 all or a portion of the security has been pledged as collateral for a senior secured note. The value of the securities totaled $11,737,866,962 as of June 30, 2022. See Note 2, subsection Senior Notes of the Notes to Consolidated Financial Statements for additional information.
3Floating rate security. Rate shown is the rate effective as of period end.
4Value was determined using significant unobservable inputs.
5Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. See Note 2 for additional information.
6Foreign securities entered into in foreign currencies are converted to U.S. Dollars using period end spot rates.
7This investment was made through a participation. Please see Note 2 for a description of loan participations.
   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

8All or a portion of this security is segregated as collateral for secured borrowings made with Macquarie US Trading LLC. Total collateral had a fair value of $233,175,011 as of June 30, 2022. See note 2 for additional information.
9Investment valued using net asset value per share as practical expedient. See Note 13 for respective investment strategies, unfunded commitments, and redemptive restrictions.
10Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted. They may only be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $59,663,915, which represents 0.7% of total net assets of the Fund.
11Step rate security.
12Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any.
13Variable rate security. Rate shown is the rate in effect as of period end.
14All or a portion of this security is segregated as collateral for reverse repurchase agreements. Total collateral had a fair value of $9,720,160 as of June 30, 2022. See note 2 for additional information.
15Jayhawk Intermediate, LLC is the holding company that owns ProPharma Group, LLC.
16Atomic Blocker, LLC holds Class A Preferred Units in Atomic Holdings, LLC, which is the holding company that owns Atomic Transport, LLC.
17Vistria 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.
18The rate is the annualized seven-day yield at period end.

   

 

Additional information on restricted securities is as follows:

 

Security  First Acquisition Date   Cost 
17Capital Co. Investment Fund V-L LP   9/23/2021    25,759,098 
ABPCI Pacific Funding LP   6/9/2022    5,189,873 
AG Direct Lending Fund II (Unlevered) L.P.   3/31/2022    28,879,387 
AG Direct Lending Fund II L.P.   3/31/2020    20,641,741 
AG Direct Lending Fund III L.P.   6/28/2019    14,355,107 
AG DLI, L.P.   3/31/2022    12,503,272 
AG GTDL Fund II L.P.   3/31/2022    28,992,987 
AG GTDL Fund L.P.   3/31/2022    4,033,367 
AG KFHDL Fund L.P.   3/31/2022    4,039,188 
AGTB Private BDC   5/10/2022    43,575,000 
Annaly Credit Opportunities Onshore Fund, LP   4/16/2021    3,442,402 
Ares Commercial Finance Feeder (A) LP   3/31/2021    11,309,134 
Barings Capital Investment Corporation   1/25/2021    95,000,000 
Barings CMS Fund LP   12/28/2021    15,000,000 
Barings Private Credit Corporation   5/10/2021    900,000,000 
BlackRock Shasta CLO VII   2/10/2021    457,069,906 
CDL Tender Fund 2022-1, L.P.   4/4/2022    50,000,000 
Chilly HP SCF Investor, LP   2/9/2022    1,967,311 
Crescent Mezzanine Partners VIIC, L.P.   3/31/2021    5,524,605 
Crestline Specialty Lending III (U.S.), LP   8/30/2021    12,285,567 
Endurance II L.P.   8/24/2020    9,744,960 
FBLC Senior Loan Fund LLC   4/1/2020    78,562,000 
Franklin BSP Lending Corporation   1/20/2021    32,327,541 
Golub Capital Direct Lending Corp.   7/13/2021    21,750,000 
Golub Capital IV BDC   4/21/2022    23,901,821 
HPS Mezzanine Partners 2019 LP   11/16/2020    8,708,498 
HPS Mint Co-Invest, L.P.   5/25/2022    10,015,163 
HPS Specialty Loan Fund V Feeder LP   5/14/2021    37,668,926 
Marlin Credit Opportunity Fund LP   5/21/2021    68,626,771 
Middle Market Credit Fund II, LLC   11/3/2020    12,708,191 
Minerva Co-Invest LP   2/11/2022    14,720,019 
Morgan Stanley Direct Lending Fund   7/16/2021    34,560,910 
New Mountain Guardian III BDC, LLC   3/27/2020    100,000,000 
New Mountain Guardian IV BDC, LLC   6/29/2022    5,000,000 
NXT Capital Structured Note I, LLC   1/26/2022    59,124,117 
Odyssey Company Investment Partners B L.P.   3/24/2022    1,555,423 
Owl Rock Core Income Corp.   7/29/2021    150,000,000 
Owl Rock Core Income Corp. II   3/31/2022    24,627,630 
Owl Rock Technology Finance Corp.   9/24/2020    35,000,000 
Providence Debt Fund III (Non-US) L.P.   3/31/2021    8,949,049 
Proxima Onshore Co-Invest, L.P.   11/2/2021    1,135,246 
Raven Asset Based Credit Fund II, LP   9/21/2021    13,661,842 
Raven Senior Loan Fund LLC   5/5/2022    335,925,060 
Redwood Enhanced Income Corp.   4/8/2022    18,200,000 
Silver Point Loan Note Issuer LLC   3/22/2022    404,170,658 
Silver Point Specialty Credit Fund II, LP   12/15/2020    41,326,575 
Stellus Private Credit BDC Feeder, LP   1/31/2022    9,130,000 
Summit Partners Cred Offshort Fund II   3/31/2022    7,685,081 
TCW Direct Lending VIII LLC   1/31/2022    13,523,324 
Thompson Rivers, LLC   6/29/2021    20,000,000 
Varagon Capital Corp. Direct Lending Fund   5/23/2022    14,750,000 
Varagon Capital Direct Lending Fund   3/25/2021    12,500,000 
Varagon Structured Note Issuer I LLC   10/13/2021    365,000,000 
Vista Credit Partner Fund III LP   9/15/2021    27,677,846 
Waccamaw River, LLC   5/4/2021    11,278,065 
Total        3,773,082,661 

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Investments - Continued

As of June 30, 2022 (Unaudited)

 

SWAP CONTRACT

INTEREST RATE SWAPS

 

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

 

1Reset daily with a five buseness day look back.

   

 

Cliffwater Corporate Lending Fund

Consolidated Schedule of Forward Foreign Currency Exchange Contracts

As of June 30, 2022 (Unaudited)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

 

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

   

 

Cliffwater Corporate Lending Fund

 

 

Notes to Consolidated Financial Statements

June 30, 2022 (Unaudited)

 

 

1. Organization

 

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

 

The SEC has granted the Fund exemptive relief permitting the Fund to offer multiple classes of shares. The Fund’s Registration Statement currently offers Class I Shares. Only Class I shares have been issued as of June 30, 2022.

 

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

 

Consolidation of a Subsidiary

On February 3, 2020, CCLF SPV LLC (“CCLF SPV”) was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF SPV. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF SPV were $3,293,813,831, or approximately 39.89% of the Fund’s total net assets.

 

On April 15, 2021, MCCW Holdings, LLC (“CCLF MCCW”) was formed as a limited liability company, and it is a wholly owned subsidiary of CCLF SPV. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF MCCW. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF MCCW were $208,887,759, or approximately 2.53% of the Fund’s total net assets.

   

 

On May 25, 2021, CCLF Holdings LLC (“CCLF HOLD”) was formed as a limited liability company, and it is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF HOLD were $19,143,659, or approximately 0.23% of the Fund’s total net assets.

 

On July 26, 2021, CCLF Holdings (D1) LLC (“CCLF HOLD (D1)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D1). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF HOLD (D1) were $8,238,523, or approximately 0.10% of the Fund’s total net assets.

 

On July 26, 2021, CCLF Holdings (D2) LLC (“CCLF HOLD (D2)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D2). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF HOLD (D2) were $489,145,581, or approximately 5.92% of the Fund’s total net assets.

 

On March 16, 2022, CCLF Holdings (D3) LLC (“CCLF HOLD (D3)”) was formed as a limited liability company, and is a wholly owned subsidiary of the Fund. The consolidated Schedule of Investments of the Fund includes the accounts of CCLF HOLD (D3). All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2022, net assets of the CCLF HOLD (D3) were $10,991,719, or approximately 0.13% of the Fund’s total net assets.

 

2. Significant Accounting Policies

 

Basis of Preparation and Use of Estimates

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

 

Forward Foreign Currency Exchange Contracts

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

 

Interest Rate Swap Contracts

The Fund may engage in various swap transactions, including interest rate agreements, primarily to manage risk, or as alternatives to direct investments. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as net change in unrealized appreciation/(depreciation) on the statement of operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the statement of assets and liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. As of June 30, 2022, the Fund had two outstanding interest rate swap contracts.

   

 

Participations and Assignments

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

 

Commitments and Contingencies

Commercial loans purchased by the Fund (whether through participations or as a lender of record) may be structured to include both term loans, which are generally fully funded at the time of investment, and unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities and delayed draw term loans, which may obligate the Fund to supply additional cash to the borrower on demand, representing a potential financial obligation by the Fund in the future. The Fund may receive a commitment fee based on the undrawn portion of such unfunded loan commitments. The commitment fee is typically set as a percentage of the commitment amount. As of June 30, 2022, the Fund had the following unfunded loan commitments as noted in the consolidated Schedule of Investments with a total principal amount of $1,348,158,454.

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

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

   

 

Reverse Repurchase Agreements

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

 

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the consolidated Schedule of Investments and footnote 14 thereto. For the period ended June 30, 2022, the average balance outstanding and weighted average interest rate were $5,249,670 and 1.55%, respectively.

 

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

 

Secured Borrowings

 

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

 

On April 26, 2022, the Fund entered into sale/buy-back agreements with Macquarie US Trading LLC (“Macquarie”), and pursuant to such agreements, the Fund assigned certain assets to Macquarie, with a corresponding repurchase obligation at an agreed-upon price within 120 days after the sale date (the “Macquarie Sale/Buy-Back”). The Macquarie Sale/Buy-Back has a funding cost of 1.2175 basis points (0.012175%) per day and is not subject to any additional fees. As of June 30, 2022, secured borrowings pursuant to the Macquarie Sale/Buy-Back were $233,175,011 with a maturity of 30-90 days. Secured borrowings outstanding as of March 31, 2022 with Macquarie were as follows:

 

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

   

 

Senior Notes

 

On March 29, 2022, the Fund issued Series A Senior Secured Notes (the “Notes”) in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. The obligations of the Fund and each of the Guarantors under the Facility and the Notes are secured by a first-priority security interest on substantially all of the assets of the Fund and each of the Guarantors.

 

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

 

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

 

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

 

The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”) of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes. The Notes have been assigned an ‘AA’ long-term rating by Kroll Bond Rating Agency, LLC.

 

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

 

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

 

Federal Income Taxes

The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Fund intends to continue to qualify as a “regulated investment company” under Subchapter M of the Code. As so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. Based on its analysis, there were no tax positions identified by management of the Fund that did not meet the “more likely than not” standard as of September 30, 2021.

   

 

For U.S. income tax tax purposes, CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), and CCLF HOLD (D3), are a disregarded entity and therefore is not subject to U.S. income taxes. As a wholly owned subsidiary, CCLF SPV, CCLF MCCW, CCLF HOLD (D1), CCLF HOLD (D2), and CCLF HOLD (D3)’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income and net capital gain. CCLF HOLD is a limited liability company that has elected to be taxed as a corporation and is therefore obligated to pay federal and state income tax on its taxable income. Currently, the federal income tax rate for a corporation is 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax asset will not be realized.

 

Collateralized Loan Obligations and Collateralized Debt Obligations

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

 

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

 

3. Fair Value of Investments

 

Fair value – Definition

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

 

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

 

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

 

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

 

Investments in private investment funds measured based upon Net Asset Value (“NAV”) as a practical expedient to determine fair value are not required to be categorized in the fair value hierarchy.

   

 

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

 

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

 

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

   

 

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

 

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

 

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

 

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

 

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

 

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