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FlowStone Opportunity Fund 
Consolidated Schedule of Investments 
June 30, 2026 (Unaudited) 
                    
Investment Funds* 

Geographic

Region**

 

Investment

Strategy

  Cost   Fair Value   % of Net Assets  

Original

 Acquisition Date

 
Co-Investments                          
MDCP Co-Investors (Jade I), L.P.(a)   Western Europe  Leveraged Buyout  $10,871,750   $12,644,154    1.67%   4/29/2025 
Total Co-Investments (Cost $10,871,750) (1.67%)***              12,644,154           
                           
                           
Primary Investments                          
Apax X USD, L.P.  Guernsey  Leveraged Buyout  $2,028,637   $2,627,381    0.35%   3/3/2020 
Apax XI USD, L.P.(a)   Guernsey  Leveraged Buyout   4,308,833    4,851,230    0.64%   6/30/2022 
Arlington Capital Partners VI, L.P.(a)   North America  Leveraged Buyout   9,054,628    11,097,119    1.47%   12/15/2023 
Audax Private Equity Junior Capital Fund II, L.P.  North America  Private Equity Fund   428,601    466,173    0.06%   7/20/2023 
Berkshire Fund XI-TE, L.P.(a)   North America  Leveraged Buyout   2,196,416    2,313,005    0.31%   6/28/2024 
Clayton, Dubilier & Rice Fund XII, L.P.  North America  Leveraged Buyout   4,669,857    6,469,691    0.86%   9/2/2022 
Clearlake Capital Partners VII (USTE), L.P.(a)   North America  Leveraged Buyout   8,339,427    8,330,046    1.10%   10/29/2021 
CVC Capital Partners IX (A) L.P.  North America  Leveraged Buyout   3,261,512    3,992,361    0.53%   6/12/2023 
Fin VC Flagship II,  LP(a)   North America  Venture   2,804,581    2,954,441    0.39%   5/6/2021 
Great Hill Equity Partners VIII, L.P.(a)   North America  Leveraged Buyout   3,900,533    3,648,610    0.48%   1/31/2022 
Kohlberg Investors X, L.P.  North America  Leveraged Buyout   4,234,192    5,544,142    0.73%   6/30/2023 
Liquid Stock I, L.P.(a)   North America  Private Equity Fund   3,384,500    3,116,701    0.41%   8/30/2019 
Madison Dearborn Capital Partners VIII-A, L.P.  North America  Leveraged Buyout   4,582,794    4,070,463    0.54%   6/21/2021 
New Mountain Partners VI, L.P.  North America  Leveraged Buyout   1,482,454    2,208,236    0.29%   4/21/2020 
New Mountain Partners VII, L.P.(a)   North America  Leveraged Buyout   3,688,623    4,299,828    0.57%   12/22/2023 
Platinum Equity Capital Partners VI, L.P.(a)   North America  Leveraged Buyout   6,139,955    8,566,191    1.13%   12/29/2023 
Stone Point Fund IX, L.P.  North America  Leveraged Buyout   4,981,301    6,158,792    0.82%   3/31/2026 
Stone Point Fund X, L.P.(a)   North America  Leveraged Buyout   340,822    194,853    0.03%   3/31/2026 
Sun Capital Partners VIII-A, L.P.(a)(b)   Cayman  Leveraged Buyout   4,511,533    4,997,405    0.66%   6/30/2022 
The Veritas Capital Fund VIII, LP  North America  Leveraged Buyout   9,363,838    12,281,500    1.63%   3/16/2022 
The Veritas Capital Fund IX, LP(a)   North America  Leveraged Buyout   403,453    (7,474)   0.00%   12/18/2024 
Vista Equity Partners Fund VIII-A, L.P.(a)   North America  Leveraged Buyout   6,527,849    7,737,499    1.02%   8/24/2022 
Warburg Pincus Global Growth 14, L.P.(a)   North America  Leveraged Buyout   7,623,935    11,098,733    1.46%   1/31/2022 
Total Primary Investments (Cost $98,258,274) (15.48%)***              117,016,926           
                           
                           
Secondary Investments                          
AEA Investors Fund V LP (a)   North America  Leveraged Buyout  $508,297   $311,742    0.04%   1/1/2022 
AIC Credit Opportunities Partners Fund II, L.P.  North America  Private Credit   1,453,580    651,284    0.09%   10/31/2019 
American Securities Partners VI, L.P.  North America  Leveraged Buyout   3,027,387    1,483,298    0.20%   12/31/2021 
Ampersand CF Limited Partnership - Class A(a)   North America  Leveraged Buyout   164,850    1,732,923    0.23%   10/29/2020 
Ampersand CF Limited Partnership - Class B(a)   North America  Leveraged Buyout   276,734    2,752,535    0.36%   10/29/2020 
Arsenal Capital Partners III-B LP(a)   North America  Leveraged Buyout   2,097,406    365,000    0.05%   1/1/2022 
Audax Mezzanine Fund III, L.P.  North America  Private Credit   279,733    189,714    0.03%   6/30/2021 
Audax Private Equity Fund III, L.P.  North America  Leveraged Buyout   —    75,378    0.01%   6/30/2023 
Audax Private Equity Fund V-A, L.P.  North America  Leveraged Buyout   12,228,784    9,243,046    1.22%   6/30/2023 
Audax Private Equity Fund VI-A, L.P.  North America  Leveraged Buyout   21,991,999    20,060,041    2.66%   6/30/2023 
August Capital V, L.P.(a)   North America  Venture   10,066,876    6,520,635    0.86%   6/30/2022 
August Capital V Special Opportunities, L.P.(a)   North America  Venture   11,460    345,373    0.05%   6/30/2022 
Awz Pentera II, LLC(a)   North America  Venture   10,338,600    18,750,166    2.48%   8/24/2022 
Bain Capital Empire Holdings, L.P. - Class C(a)   North America  Leveraged Buyout   6,738,340    7,110,722    0.94%   10/5/2022 
Bain Capital Venture Fund 2009, L.P.(a)   North America  Venture   5,976,404    1,014,363    0.13%   6/30/2022 
BC European Capital IX, L.P.  Guernsey  Leveraged Buyout   7,964,808    2,507,554    0.33%   12/31/2020 
BC Partners Galileo (2) L.P.  Guernsey  Leveraged Buyout   1,839,525    2,305,998    0.31%   6/10/2021 
Brookfield Capital Partners V L.P.  North America  Leveraged Buyout   24,609,873    30,383,252    4.02%   6/30/2023 
Caltius Partners IV, L.P.  North America  Private Credit   2,790,633    679,329    0.09%   6/30/2021 
Canaan VII, L.P.(a)   North America  Venture   —    315,216    0.04%   12/31/2019 
Carlyle Europe Partners IV, L.P.(a)   United Kingdom  Leveraged Buyout   1,392,494    813,695    0.11%   12/31/2021 
Carlyle Partners VI, L.P.(a)   North America  Leveraged Buyout   2,057,874    315,304    0.04%   12/31/2021 
Castle Harlan Partners V & AIV(a)(b)(c)    North America  Leveraged Buyout   —    13,419    0.00%   9/30/2021 
Cerberus Institutional Partners VI, L.P.  North America  Leveraged Buyout   377,331    617,294    0.08%   7/30/2021 
Charles River Partnership XIV, LP(a)   North America  Venture   939,206    263,336    0.03%   6/30/2022 
Clarus Lifesciences II, L.P.(a)   North America  Venture   —    318,187    0.04%   6/30/2022 
Clayton, Dubilier & Rice Fund IX, L.P.  North America  Leveraged Buyout   6,232,341    2,295,563    0.30%   12/31/2021 
Columbia Capital Equity Partners V (QP), L.P.(a)   North America  Venture   4,933,543    9,549,299    1.26%   6/30/2022 
Court Square Capital Partners (Offshore) III, L.P.  North America  Leveraged Buyout   4,360,222    1,337,304    0.18%   12/31/2021 
CRG Partners III (Holdings I) L.P.(a)(b)   North America  Private Credit   341,326    109,285    0.01%   6/30/2021 
Crosslink Ventures V, L.P.(a)(b)(c)   North America  Venture   338,990    416,509    0.06%   1/1/2020 
Cub SPV, L.P.(a)   North America  Leveraged Buyout   364,007    1,948,712    0.26%   6/30/2026 
CVC Capital Partners VI (A) L.P.  Jersey  Leveraged Buyout   5,018,754    2,375,799    0.31%   1/1/2022 
Dace Ventures I, L.P.(a)   North America  Venture   304,071    154,700    0.02%   12/31/2019 
DBAG Fund VI (Guernsey) L.P.(a)   Guernsey  Leveraged Buyout   1,491,060    635,276    0.08%   12/31/2021 
DFJ Growth 2006 Continuation, L.P.(a)   North America  Leveraged Buyout   1,497,477    72,621,212    9.61%   12/31/2019 
EagleTree Partners IV, LP  North America  Leveraged Buyout   1,271,824    898,937    0.12%   6/30/2021 
EnerTech Capital Partners III, L.P.(a)(b)   North America  Venture   128,580    4,458    0.00%   12/31/2019 
Falcon Strategic Partners III, L.P.(a)   North America  Private Credit   1,464,069    1,729,773    0.23%   6/30/2021 
Fifth Cinven Fund (No.4) Limited Partnership(a)   Western Europe  Leveraged Buyout   1,255,162    1,713,300    0.23%   3/31/2026 
Fin Venture Capital I, L.P.(a)   North America  Venture   3,674,232    4,427,290    0.59%   6/30/2020 
Flexpoint Fund II, L.P.(b)(d)   North America  Venture   414,645    930,034    0.12%   6/30/2022 
Flexpoint Fund II, (Cayman), L.P.(a)(b)   Cayman  Leveraged Buyout   —    2,307    0.00%   12/31/2020 
Flybridge Capital Partners III, LP(a)   North America  Venture   10,332,308    5,257,691    0.70%   6/30/2022 
Francisco Partners III (Cayman), L.P.(a)   Cayman  Leveraged Buyout   —    186,153    0.02%   12/31/2020 
Francisco Partners III (Domestic AIV), L.P.(a)   North America  Leveraged Buyout   —    68,023    0.01%   12/31/2020 
Francisco Partners III, L.P.  North America  Leveraged Buyout   —    261,476    0.03%   12/31/2020 
GF Capital Private Equity Fund II-B, L.P.(a)   North America  Leveraged Buyout   6,450,956    4,234,826    0.56%   12/31/2021 
GTCR Evergreen Fund I/C LP  North America  Leveraged Buyout   1,498,690    4,435,974    0.59%   3/31/2023 
Harvest Partners IX (Parallel), L.P.  North America  Leveraged Buyout   6,357,499    6,786,544    0.90%   3/31/2026 
Hony Capital Fund V, L.P.(a)(b)   Cayman  Leveraged Buyout   1,392,656    775,554    0.10%   1/31/2022 
ICG Ludgate Hill IB SCSp(a)(b)   Luxembourg  Leveraged Buyout   —    9,815,016    1.30%   6/22/2021 
ICG Ludgate Hill IIIA Pioneer LP(a)(b)   Luxembourg  Leveraged Buyout   12,974,150    25,618,360    3.39%   9/26/2022 
Icon Partners IV B, L.P.(a)   North America  Leveraged Buyout   8,963,275    10,731,873    1.42%   5/21/2021 
Icon Partners V C, L.P.  North America  Leveraged Buyout   8,019,188    8,086,480    1.07%   8/27/2021 
IK VII Fund(a)(b)   Jersey  Leveraged Buyout   —    4,832    0.00%   12/31/2021 
Institutional Venture Partners XIV, L.P.  North America  Venture   2,331,270    519,089    0.07%   12/31/2021 
Intermediate Capital Asia Pacific Fund 2008, L.P.(a)   Jersey  Private Credit   —    154,834    0.02%   6/30/2021 
JFL-NG Continuation Fund, L.P.(a)   North America  Leveraged Buyout   2,833,216    5,761,539    0.76%   10/27/2021 
KKR Americas Fund XII L.P. (Ranger)  North America  Leveraged Buyout   3,245,800    3,622,940    0.48%   3/28/2024 
KKR Americas Fund XII L.P. (ST)  North America  Leveraged Buyout   15,830,646    17,460,810    2.31%   3/28/2024 
KKR Asian Fund III L.P.  North America  Leveraged Buyout   3,151,128    3,170,436    0.42%   3/28/2024 
KKR Health Care Strategic Growth Fund L.P.  North America  Leveraged Buyout   1,942,113    2,303,990    0.30%   3/28/2024 
KKR North America Fund XI L.P.(a)   North America  Leveraged Buyout   767,311    890,692    0.12%   3/28/2024 
Kohlberg TE Investors VIII-B, L.P.(a)   North America  Leveraged Buyout   26,180,327    26,740,764    3.54%   12/30/2022 
LEP Opportunities II, L.P.(a)   North America  Leveraged Buyout   9,637,797    9,274,901    1.23%   6/27/2022 
Lightspeed Ascent Fund, L.P.(a)   North America  Venture   19,139,763    25,829,934    3.42%   11/13/2024 
Lincolnshire Equity Fund IV-A, L.P.(a)   North America  Leveraged Buyout   1,768,488    1,685,932    0.22%   12/31/2020 
Littlejohn Fund IV, LP  North America  Leveraged Buyout   —    95,612    0.01%   9/30/2021 
Lord Investment S.a r.l. (Valextra SpA)(a)(b)(e)   Western Europe  Leveraged Buyout   1,896,624    116,504    0.02%   3/31/2022 
Madison Dearborn Capital Partners VII-A, L.P.  North America  Leveraged Buyout   6,669,779    7,875,695    1.04%   9/27/2024 
Madison Dearborn Capital Partners VIII, L.P. (Sol)  North America  Leveraged Buyout   4,130,686    4,070,463    0.54%   9/27/2024 

 

 

 

 

MDCP Insurance SPV, L.P.  North America  Leveraged Buyout   8,066,498    14,796,069    1.96%   4/24/2023 
MDCP VII Auxiliary SPV, L.P.(a)   North America  Leveraged Buyout   725,012    985,940    0.13%   9/27/2024 
MDV IX, L.P.(a)   North America  Venture   6,134,654    7,434,346    0.98%   12/31/2020 
Milestone Partners FS LP(a)   North America  Leveraged Buyout   1,537,850    607,734    0.08%   12/31/2021 
Milestone Partners IV, L.P.(a)   North America  Leveraged Buyout   1,610,840    1,608,122    0.21%   12/31/2021 
Morgenthaler Venture Partners IX, LP(a)   North America  Venture   143,443    367,196    0.05%   12/31/2020 
NEO Capital Private Equity Fund II L.P.(a)(b)   Western Europe  Fund of Funds   1,982,161    2,265,878    0.30%   1/18/2022 
New Enterprise Associates 13, L.P.(a)   North America  Venture   5,103,250    1,360,368    0.18%   1/3/2023 
New Mountain WCO Continuation Feeder, L.P.(a)   North America  Leveraged Buyout   3,725,311    3,972,594    0.53%   3/27/2026 
New Mountain WCO Rollover Fund, L.P.(a)   North America  Leveraged Buyout   627,536    662,139    0.09%   4/23/2026 
NYLCAP Mezzanine Offshore Partners III, L.P.  North America  Private Credit   —    —    0.00%   6/30/2021 
Oaktree European Principal Fund III (U.S.), L.P.(a)   Cayman  Private Credit   1,149,338    440,274    0.06%   11/1/2021 
Onex Partners III LP  North America  Leveraged Buyout   314,623    402,767    0.05%   10/1/2021 
Park Square Capital Partners II, L.P.(a)   Guernsey  Private Credit   1,682,432    426,161    0.06%   6/30/2021 
Parthenon Investors III, L.P.(a)   North America  Leveraged Buyout   434,543    623,160    0.08%   12/31/2019 
Peepul Capital Fund II LLC(a)(b)   Mauritius  Venture   780,497    54,057    0.01%   6/30/2022 
Pegasus WSJLL Fund, L.P.(a)   North America  Leveraged Buyout   8,887,155    10,250,000    1.36%   12/14/2021 
Permira V(b)   Guernsey  Leveraged Buyout   5,012,387    1,378,728    0.18%   2/1/2022 
Platinum Equity Capital Partners III, L.P.  North America  Leveraged Buyout   1,072,433    334,704    0.04%   3/31/2022 
PlayCore CV, L.P.  North America  Leveraged Buyout   1,748    1,072,722    0.14%   11/8/2024 
Point 406 Ventures I, L.P.(a)   North America  Venture   1,865,426    471,094    0.06%   12/31/2019 
Pro SPV, LP  North America  Leveraged Buyout   9,738,281    2,914,664    0.39%   8/27/2021 
PT2-A, L.P.(a)   North America  Leveraged Buyout   6,515,319    9,381,544    1.24%   12/15/2021 
Raine Partners II, L.P.(a)   North America  Leveraged Buyout   1,512,037    1,400,721    0.19%   9/27/2024 
Raine Partners III, L.P.(a)   North America  Leveraged Buyout   2,395,966    1,887,700    0.25%   9/27/2024 
Redpoint Ventures IV, L.P.(a)   North America  Venture   3,020,976    1,387,549    0.18%   12/31/2020 
Rembrandt Venture Partners Fund Two, L.P.(a)   North America  Venture   922,119    1,051,211    0.14%   12/31/2019 
Reverence Capital Partners Opportunities Fund I, L.P.(a)(b)   North America  Leveraged Buyout   965,696    886,424    0.12%   12/31/2020 
Riverstone Global Energy and Power Fund VI, LP  North America  Leveraged Buyout   —    96,628    0.01%   6/30/2021 
Roark Capital Partners CF LP  North America  Leveraged Buyout   10,962,434    18,833,493    2.49%   8/19/2022 
Savant Growth Fund I, LP(a)   North America  Leveraged Buyout   2,072,626    775,189    0.10%   12/8/2020 
SEI Holding I LP(a)   North America  Leveraged Buyout   911,878    2,008,859    0.27%   3/31/2022 
StepStone Real Estate Partners III, L.P.(b)   North America  Fund of Funds   36,946    38,973    0.01%   6/30/2021 
Stone Point Parallel Fund IX, L.P.  North America  Leveraged Buyout   14,486,092    14,855,747    1.97%   9/17/2021 
Summit Partners Growth Equity Fund IX-A, L.P.(a)   North America  Leveraged Buyout   2,582,582    1,584,460    0.21%   6/30/2021 
Summit Partners Subordinated Debt IV-B, L.P.(a)   North America  Private Credit   571,962    127,579    0.02%   6/30/2021 
TA XII-B, L.P.  North America  Leveraged Buyout   12,504,057    10,868,273    1.44%   6/30/2023 
TA Subordinated Debt Fund III, L.P.(a)   North America  Private Credit   86,573    79,879    0.01%   7/30/2021 
The Peninsula Fund V, L.P.  North America  Private Credit   7,751,805    837,575    0.11%   7/1/2021 
The Resolute III Continuation Fund, L.P.  North America  Leveraged Buyout   2,110,919    2,286,419    0.30%   9/20/2024 
The Veritas Capital Partners IV, LP(a)   North America  Leveraged Buyout   27,559    4,367    0.00%   1/1/2022 
TI IV R1 CF Reinvest, L.P.(a)   North America  Leveraged Buyout   865,554    1,215,343    0.16%   12/11/2024 
TowerBrook Investors IV (OS), L.P.  North America  Leveraged Buyout   3,720,094    832,435    0.11%   12/31/2021 
Triton Fund IV L.P.  Western Europe  Leveraged Buyout   2,961,509    2,591,565    0.34%   3/31/2026 
TZP Capital Partners I (PIV), LP(a)   North America  Leveraged Buyout   85,988    122,610    0.02%   4/7/2021 
TZP Capital Partners II-A (Blocker), LP(a)   North America  Leveraged Buyout   653,921    897,464    0.12%   4/7/2021 
TZP Small Cap Partners I-A (Blocker), LP  North America  Leveraged Buyout   251,238    143,421    0.02%   4/7/2021 
Versant Venture Capital IV, L.P.(a)   North America  Venture   6,545,505    373,612    0.05%   12/31/2020 
Vestar Capital Partners Rainforest, L.P.(a)   North America  Leveraged Buyout   6,901,703    7,096,364    0.94%   4/5/2024 
Warburg Pincus Financial Sector, L.P.(a)   North America  Leveraged Buyout   15,589,904    12,481,102    1.65%   6/30/2022 
Warburg Pincus Global Growth L.P.  North America  Leveraged Buyout   10,998,469    21,917,457    2.90%   6/30/2022 
Warburg Pincus Global Growth L.P. (ST)  North America  Leveraged Buyout   16,287,617    21,917,457    2.90%   3/21/2024 
Warburg Pincus Jovian FS, L.P.  North America  Leveraged Buyout   —    2,800,313    0.37%   12/3/2024 
Warburg Pincus Jovian GG, L.P.  North America  Leveraged Buyout   —    4,716,168    0.62%   12/3/2024 
Warburg Pincus Private Equity XII, L.P.(a)   North America  Leveraged Buyout   14,193,237    10,977,366    1.45%   6/30/2022 
West Street Capital Partners VII (Offshore), L.P.(a)   North America  Leveraged Buyout   6,688,190    11,149,890    1.48%   6/30/2026 
West Street Capital Partners VIII (Offshore), L.P.(a)   North America  Leveraged Buyout   38,249,043    45,674,653    6.04%   6/30/2026 
WP Global Growth 14 Partners, L.P. (Ranger)(a)   North America  Leveraged Buyout   2,157,972    3,314,450    0.44%   3/27/2024 
WP Global Growth Partners L.P. (Ranger)(a)   North America  Leveraged Buyout   1,977,043    2,718,438    0.37%   3/27/2024 
WP XI Partners, L.P.  North America  Leveraged Buyout   678,768    575,740    0.08%   3/27/2024 
Total Secondary Investments (Cost $564,574,886) (88.47%)***              668,462,654           
Total Investment Funds (Cost $673,704,910) (105.62%)***             $798,123,734           
                           
Short-Term Investment (9.17%)***              Shares         Fair Value 
Money Market Fund                          
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 3.51% (f)               69,283,788        $69,283,788 
Total Money Market Fund (Cost $69,283,788) (9.17%)***                       $69,283,788 
                           
Total Investments (Cost $742,988,698) (114.79%)***                       $867,407,522 
Liabilities in excess of other assets (-14.79%)***                        (111,739,559)
Net Assets - 100.00%***                       $755,667,963 
                           

Co-Investments are direct investments in Private Equity Funds made alongside a lead Private Equity Firm.

 

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 Underlying Investment Fund's 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) Fair valued by the Valuation Designee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment. The total value of these investments is $47,427,743, which represents 6.28% of total net assets.

(c) The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner.

(d) This investment is made through the wholly owned subsidiary FlowStone Opportunity Fund (Blocker), LLC the “Subsidiary”.

(e) The Fund invests indirectly in Valextra SpA through Lord Investments S.a.r.l.

(f) The rate quoted is the annualized seven-day yield of the fund at the period end.