FlowStone Opportunity Fund

Schedule of Investments

December 31, 2023 (Unaudited)

 

 

Investment Funds*  Geographic
Region**		  Investment
Strategy		  Cost   Fair Value   % of
Net Assets		  Original
Acquisition Date
Primary Investments                        
Apax X USD, L.P.(a)(b)  Guernsey  Leveraged Buyout  $2,208,574   $2,721,728    0.40%  3/3/2020
Apax XI USD, L.P.(a)(b)  Guernsey  Leveraged Buyout   —    39,824    0.01%  6/30/2022
Clayton, Dubilier & Rice Fund XII, L.P.(a)(b)(c)  North America  Leveraged Buyout   —    (151,375)   -0.02%  9/2/2022
Clearlake Capital Partners VII (USTE), L.P.(b)  North America  Leveraged Buyout   5,769,543    6,147,087    0.90%  10/29/2021
Fin VC Flagship II,  LP(a)(b)  North America  Venture   2,311,305    2,530,532    0.37%  5/6/2021
Great Hill Equity Partners VIII, L.P.(a)(b)  North America  Leveraged Buyout   1,094,004    803,176    0.12%  1/31/2022
Kohlberg Investors X, L.P.(a)(b)  North America  Leveraged Buyout   39,205    109,327    0.02%  6/30/2023
Liquid Stock I, L.P.(a)(b)  North America  Private Equity Fund   3,545,951    3,932,125    0.57%  8/30/2019
Madison Dearborn Capital Partners VIII-A, L.P.(b)  North America  Leveraged Buyout   3,742,103    3,806,250    0.55%  6/21/2021
New Mountain Partners VI, L.P.(b)  North America  Leveraged Buyout   2,000,450    2,351,841    0.34%  4/8/2020
Sun Capital Partners VIII-A, L.P.(a)(b)  Cayman  Leveraged Buyout   2,569,165    2,200,000    0.32%  6/30/2022
The Veritas Capital Fund VIII, LP(b)(d)  North America  Leveraged Buyout   5,589,215    5,496,778    0.80%  3/16/2022
Trident Capital IX, L.P.(a)(b)  North America  Leveraged Buyout   2,353,337    2,563,096    0.38%  9/17/2021
Vista Equity Partners Fund VIII-A, L.P.(a)(b)(d)  North America  Leveraged Buyout   1,202,985    1,544,943    0.23%  8/24/2022
Warburg Pincus Global Growth 14, L.P.(a)(b)  North America  Leveraged Buyout   2,862,660    2,999,583    0.44%  1/31/2022
   Total Primary Investments (Cost $35,288,497) (5.43%)***              37,094,915         
                         
                         
Secondary Investments                        
AEA Investors Fund V LP (a)(b)  North America  Leveraged Buyout  $495,492   $435,997    0.06%  1/1/2022
AIC Credit Opportunities Partners Fund II, L.P.(b)  North America  Private Credit   2,095,871    1,557,296    0.23%  10/31/2019
American Securities Partners VI, L.P.(a)(b)(d)  North America  Leveraged Buyout   2,935,757    3,067,052    0.45%  12/31/2021
Ampersand CF Limited Partnership - Class A(a)(b)  North America  Leveraged Buyout   169,070    1,529,000    0.22%  10/29/2020
Ampersand CF Limited Partnership - Class B(a)(b)  North America  Leveraged Buyout   302,220    2,448,000    0.36%  10/29/2020
Arsenal Capital Partners III-B LP(a)(b)  North America  Leveraged Buyout   2,034,163    1,133,931    0.17%  1/1/2022
Audax Mezzanine Fund III, L.P.(a)(b)  North America  Private Credit   351,978    530,000    0.08%  6/30/2021
Audax Private Equity Fund III, L.P.(a)(b)  North America  Leveraged Buyout   75    170,000    0.02%  6/30/2023
Audax Private Equity Fund IV, L.P. (Rose)(a)(b)(d)  North America  Leveraged Buyout   38    80,000    0.01%  6/30/2023
Audax Private Equity Fund V-A, L.P.(a)(b)  North America  Leveraged Buyout   13,745,274    15,070,000    2.21%  6/30/2023
Audax Private Equity Fund VI-A, L.P.(b)  North America  Leveraged Buyout   23,875,335    20,960,000    3.07%  6/30/2023
August Capital V, L.P.(a)(b)  North America  Venture   10,066,877    11,370,926    1.67%  6/30/2022
August Capital V Special Opportunities, L.P.(a)(b)  North America  Venture   11,460    973,504    0.15%  6/30/2022
Awz Pentera II, LLC(a)(b)  North America  Venture   10,237,575    17,946,000    2.63%  8/24/2022
Bain Capital Empire Holdings, L.P. - Class C(a)(b)(d)  North America  Leveraged Buyout   6,685,141    7,353,707    1.08%  10/5/2022
Bain Capital Europe III, L.P.(a)(b)(d)  North America  Leveraged Buyout   190,183    79,006    0.01%  12/31/2021
Bain Capital Venture Fund 2009, L.P.(a)(b)(d)  North America  Venture   6,649,539    3,217,313    0.47%  6/30/2022
BC European Capital IX, L.P.(b)  Guernsey  Leveraged Buyout   8,768,927    4,721,057    0.69%  12/31/2020
BC Partners Galileo (2) L.P.(a)(b)  Guernsey  Leveraged Buyout   2,202,193    3,286,758    0.48%  6/10/2021
Brookfield Capital Partners V L.P.(b)  North America  Leveraged Buyout   23,262,699    27,591,569    4.04%  6/30/2023
Caltius Partners IV, L.P.(b)  North America  Private Credit   3,973,205    3,011,501    0.44%  6/30/2021
Canaan VII, L.P.(a)(b)  North America  Venture   190,743    788,679    0.12%  12/31/2019
Carlyle Europe Partners IV, L.P.(b)  United Kingdom  Leveraged Buyout   1,405,173    847,275    0.12%  12/31/2021
Carlyle Partners VI, L.P.(b)  North America  Leveraged Buyout   2,417,862    1,080,866    0.16%  12/31/2021
Castle Harlan Partners V & AIV(a)(b)(d)(e)  North America  Leveraged Buyout   737,815    213,394    0.03%  9/30/2021
Centerbridge Special Credit Partners, L.P.(a)(b)  North America  Private Credit   71,891    18,755    0.00%  12/31/2021
Cerberus Institutional Partners VI, L.P.(a)(b)  North America  Leveraged Buyout   842,806    1,546,087    0.23%  7/30/2021
Charles River Partnership XIV, LP(a)(b)  North America  Venture   1,012,487    243,020    0.04%  6/30/2022
Clarus Lifesciences II, L.P.(b)  North America  Venture   —    561,629    0.08%  6/30/2022
Clayton, Dubilier & Rice Fund IX, L.P.(b)  North America  Leveraged Buyout   6,447,747    3,917,790    0.57%  12/31/2021
Columbia Capital Equity Partners V (QP), L.P.(a)(b)  North America  Venture   4,933,543    9,546,300    1.40%  6/30/2022
Court Square Capital Partners (Offshore) III, L.P.(b)  North America  Leveraged Buyout   4,783,918    3,926,891    0.57%  12/31/2021
CRG Partners III (Holdings I) L.P.(b)(d)  North America  Private Credit   390,900    343,863    0.05%  6/30/2021
Crosslink Ventures V, L.P.(a)(b)(e)  North America  Venture   468,540    694,415    0.10%  1/1/2020
CVC Capital Partners VI (A) L.P.(a)(b)  Jersey  Leveraged Buyout   5,307,110    3,869,858    0.57%  1/1/2022
Dace Ventures I, L.P.(a)(b)  North America  Venture   294,908    299,800    0.04%  12/31/2019
DBAG Fund VI (Guernsey) L.P.(a)(b)  Guernsey  Leveraged Buyout   1,430,652    601,024    0.09%  12/31/2021
DFJ Growth 2006 Continuation, L.P.(a)(b)(d)  North America  Leveraged Buyout   1,497,477    8,323,998    1.22%  12/31/2019
EagleTree Partners IV, LP(a)(b)  North America  Leveraged Buyout   1,277,183    1,383,920    0.20%  6/30/2021
EnerTech Capital Partners III, L.P.(a)(b)  North America  Venture   128,580    5,191    0.00%  12/31/2019
Falcon Strategic Partners III, L.P.(b)  North America  Private Credit   1,464,069    2,414,000    0.35%  6/30/2021
Fin Venture Capital I, L.P.(a)(b)  North America  Venture   3,674,232    7,243,824    1.06%  6/30/2020
Flexpoint Fund II (Cayman), L.P.(b)(d)  Cayman  Venture   1,900,626    3,759,575    0.55%  6/30/2022
Flexpoint Fund II, L.P.(b)(d)  North America  Venture   1,684,485    2,739,071    0.40%  6/30/2022
Flybridge Capital Partners III, LP(a)(b)  North America  Venture   10,938,653    9,970,268    1.46%  6/30/2022
Francisco Partners III (Cayman), L.P.(a)(b)  Cayman  Leveraged Buyout   —    605,626    0.09%  12/31/2020
Francisco Partners III (Domestic AIV), L.P.(a)(b)  North America  Leveraged Buyout   —    221,305    0.03%  12/31/2020
Francisco Partners III, L.P.(a)(b)  North America  Leveraged Buyout   —    850,680    0.12%  12/31/2020
GF Capital Private Equity Fund II-B, L.P.(a)(b)(d)  North America  Leveraged Buyout   6,284,719    5,133,867    0.75%  12/31/2021
GTCR Evergreen Fund I/C LP(b)  North America  Leveraged Buyout   5,119,200    6,287,264    0.92%  3/31/2023
Hony Capital Fund V, L.P.(a)(b)  North America  Leveraged Buyout   1,571,692    1,005,450    0.15%  1/31/2022
ICG Ludgate Hill IB SCSp(a)(b)(d)  Luxembourg  Leveraged Buyout   1,851,373    14,524,344    2.13%  6/22/2021
ICG Ludgate Hill IIIA Porsche LP(a)(b)  Luxembourg  Leveraged Buyout   24,995,713    37,185,495    5.44%  9/26/2022
Icon Partners IV, L.P.(b)  North America  Leveraged Buyout   8,478,653    8,403,359    1.23%  5/21/2021
Icon Partners V C, L.P.(b)  North America  Leveraged Buyout   7,494,294    8,866,212    1.30%  8/27/2021
IK VII Fund(a)(b)  Jersey  Leveraged Buyout   83,039    169,366    0.02%  12/31/2021
Institutional Venture Partners XIV, L.P.(a)(b)(d)  North America  Venture   2,500,076    901,332    0.13%  12/31/2021
Intermediate Capital Asia Pacific Fund 2008, L.P.(b)(d)  Jersey  Private Credit   297,818    850,294    0.12%  6/30/2021
JFL-NG Continuation Fund, L.P.(a)(b)  North America  Leveraged Buyout   2,791,659    5,141,440    0.75%  10/27/2021
JK&B Capital V, L.P.(a)(b)(e)  North America  Venture   148,521    6,795    0.00%  12/31/2019
Kohlberg TE Investors VIII-B, L.P.(a)(b)  North America  Leveraged Buyout   25,625,133    31,555,501    4.62%  12/30/2022
LEP Opportunities II, L.P.(a)(b)  North America  Leveraged Buyout   9,526,835    12,670,224    1.85%  6/27/2022
Lincolnshire Equity Fund IV-A, L.P.(a)(b)  North America  Leveraged Buyout   1,738,548    2,769,000    0.41%  12/31/2020
Littlejohn Fund IV, LP(a)(b)(d)  North America  Leveraged Buyout   268,332    838,347    0.12%  9/30/2021
Lord Investment S.a r.l. (Valextra SpA)(a)(d)(f)  Western Europe  Leveraged Buyout   1,877,051    1,483,642    0.22%  3/31/2022
MDCP Insurance SPV, L.P.(a)(b)  North America  Leveraged Buyout   8,969,153    12,644,465    1.85%  4/24/2023
MDV IX, L.P.(a)(b)  North America  Venture   6,134,654    8,113,980    1.19%  12/31/2020
Milestone Partners FS LP(a)(b)  North America  Leveraged Buyout   1,537,850    421,081    0.06%  12/31/2021
Milestone Partners IV, L.P.(a)(b)  North America  Leveraged Buyout   1,610,840    1,650,000    0.24%  12/31/2021
Morgenthaler Venture Partners IX, LP(a)(b)  North America  Venture   203,481    510,745    0.07%  12/31/2020
NEO Capital Private Equity Fund II L.P.(a)(b)(d)  Western Europe  Fund of Funds   1,797,828    1,969,185    0.29%  1/18/2022
New Enterprise Associates 13, L.P.(a)(b)  North America  Venture   5,899,346    4,474,060    0.65%  1/3/2023
Northstar Mezzanine Partners V, L.P.(b)  North America  Private Credit   1,681,184    240,445    0.04%  6/30/2021
NYLCAP Mezzanine Offshore Partners III, L.P.(b)  North America  Private Credit   636,592    469,314    0.07%  6/30/2021
Oaktree European Principal Fund III (U.S.), L.P.(a)(b)  North America  Private Credit   1,149,338    928,884    0.14%  11/1/2021
Onex Partners III LP (b)  North America  Leveraged Buyout   477,198    760,000    0.11%  10/1/2021
Park Square Capital Partners II, L.P.(a)(b)  Guernsey  Private Credit   1,680,967    2,115,357    0.31%  6/30/2021
Parthenon Investors III, L.P.(b)  North America  Leveraged Buyout   434,543    1,540,942    0.23%  12/31/2019
Peepul Capital Fund II LLC(a)(b)  Global  Venture   780,497    1,685,847    0.25%  6/30/2022
Pegasus WSJLL Fund, L.P.(b)  North America  Leveraged Buyout   8,671,788    10,000,000    1.46%  12/14/2021
Permira V(a)(b)(d)  Guernsey  Leveraged Buyout   5,847,856    3,250,343    0.48%  2/1/2022
Platinum Equity Capital Partners III, L.P.(a)(b)(d)  North America  Leveraged Buyout   1,144,105    888,080    0.13%  3/31/2022
Point 406 Ventures I, L.P.(a)(b)  North America  Venture   1,865,426    706,828    0.10%  12/31/2019
Pro SPV, LP(a)(b)  North America  Leveraged Buyout   9,712,729    9,451,731    1.38%  8/27/2021
PT2-A, L.P.(a)(b)  North America  Leveraged Buyout   6,454,213    8,741,132    1.28%  12/15/2021
Quad-C Partners VIII, LP(a)(b)(d)  North America  Leveraged Buyout   672,956    4,182    0.00%  9/30/2021
Redpoint Ventures IV, L.P.(a)(b)(d)  North America  Venture   3,020,976    1,290,147    0.19%  12/31/2020
Rembrandt Venture Partners Fund Two, L.P.(a)(b)  North America  Venture   922,119    1,170,501    0.17%  12/31/2019
Reverence Capital Partners Opportunities Fund I, L.P.(a)(b)(d)  North America  Leveraged Buyout   1,373,601    1,441,910    0.21%  12/31/2020
Riverstone Global Energy and Power Fund VI, LP(b)  North America  Leveraged Buyout   193,657    467,920    0.07%  6/30/2021
Roark Capital Partners CF LP(b)(d)  North America  Leveraged Buyout   12,093,144    17,951,537    2.63%  8/19/2022
Savant Growth Fund I, LP(a)(b)  North America  Leveraged Buyout   1,981,510    1,779,143    0.26%  12/8/2020
SEI Holding I LP (a)(b)  North America  Leveraged Buyout   923,761    1,506,645    0.22%  3/31/2022
StepStone Real Estate Partners III, L.P.(b)(d)  North America  Fund of Funds   75,166    121,077    0.02%  6/30/2021
Summit Partners Growth Equity Fund IX-A, L.P.(a)(b)  North America  Leveraged Buyout   2,862,321    2,594,836    0.38%  6/30/2021
Summit Partners Subordinated Debt IV-B, L.P.(a)(b)  North America  Private Credit   694,505    570,918    0.08%  6/30/2021
TA XII-B, L.P.(a)(b)  North America  Leveraged Buyout   15,332,314    17,023,344    2.49%  6/30/2023
TA Subordinated Debt Fund III, L.P.(b)  North America  Private Credit   86,573    193,609    0.03%  7/30/2021
TCW/Crescent Mezzanine Partners VB, L.P.(a)(b)  North America  Private Credit   26,042    —    0.00%  6/30/2021
The Peninsula Fund V, L.P.(b)  North America  Private Credit   8,119,382    5,003,076    0.73%  7/1/2021
The Resolute Fund III, L.P.(a)(b)  North America  Leveraged Buyout   1,714,619    2,357,383    0.35%  12/31/2021
The Veritas Capital Partners IV, LP(a)(b)(d)  North America  Leveraged Buyout   28,583    61,647    0.01%  1/1/2022
TowerBrook Investors IV (OS), L.P.(b)  North America  Leveraged Buyout   4,116,462    2,059,147    0.30%  12/31/2021
TZP Capital Partners I (PIV), LP(a)(b)  North America  Leveraged Buyout   85,755    87,683    0.01%  4/7/2021
TZP Capital Partners II-A (Blocker), LP(b)  North America  Leveraged Buyout   613,012    940,794    0.14%  4/7/2021
TZP Small Cap Partners I-A (Blocker), LP(b)  North America  Leveraged Buyout   285,381    284,290    0.04%  4/7/2021
Versant Venture Capital IV, L.P.(a)(b)  North America  Venture   6,545,505    903,286    0.13%  12/31/2020
Warburg Pincus Financial Sector, L.P.(a)(b)  North America  Leveraged Buyout   19,237,218    18,163,474    2.66%  6/30/2022
Warburg Pincus Global Growth L.P.(b)  North America  Leveraged Buyout   15,784,390    24,498,856    3.59%  6/30/2022
Warburg Pincus Private Equity XII, L.P.(a)(b)  North America  Leveraged Buyout   16,136,942    14,068,829    2.06%  6/30/2022
   Total Secondary Investments (Cost $451,622,610) (75.45%)***              515,448,306         
   Total Investment Funds (Cost $486,911,107) (80.88%)***             $552,543,221         

 

 

Short-Term Investment (18.56%)***  Shares   Fair Value 
Money Market Fund          
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 5.21% (g)   126,793,009   $126,793,009 
   Total Money Market Fund (Cost $126,793,009) (18.56%)***       $126,793,009 
           
Total Investments (Cost $613,704,116) (99.44%)***       $679,336,230 
Assets less other liabilities (0.56%)***        3,858,696 
Net Assets - 100.00%***       $683,194,926 

 

 

Primary Investments are investments in newly established private equity partnerships where underlying portfolio companies are not known as of the time of investment.

 

Secondary Investments are Private Equity Fund Investments generally acquired in the secondary market.

 

*Restricted investments as to resale. Certain Investment Funds will distribute proceeds upon realization events and such proceeds are distributed at the discretion of the Investment Manager, as they become available.
**The geographic region disclosed is based on where each Investment Fund is domiciled.
***As a percentage of total net assets.
(a)Non-income producing.
(b)Investment Funds are issued in private placement transactions and as such are restricted as to resale per Rule 12-12-8 of Regulation S-X.
(c)As of December 31, 2023, no capital has been contributed to this Investment Fund and the fair value represents a liability of a commitment to the Investment Fund.
(d)Fair valued by the Valuation Designee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment.
(e)The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner.
(f)The Fund invests indirectly in Valextra SpA through Lord Investments S.a.r.l.
(g)The rate quoted is the annualized seven-day yield of the fund at the period end.