FlowStone Opportunity Fund
Schedule of Investments
June 30, 2020 (Unaudited)
| Investment Funds | Geographic Region | Redemptions Permitted * | Redemption Notice Period* | Investment Strategy | Cost | Fair Value | % of Shareholders' Capital | Original Acquisition Date | ||||||||||||||||
| Primary Investments | ||||||||||||||||||||||||
| Apax X USD, L.P.(a)(b)(c) | Guernsey | NA | NA | Leveraged Buyout | $ | - | $ | (29,663 | ) | -0.05 | % | 3/3/2020 | ||||||||||||
| Liquid Stock I, L.P.(a)(b) | North America | NA | NA | Private Equity Fund | 1,253,379 | 1,597,130 | 2.80 | % | 8/30/2019 | |||||||||||||||
| Total Primary Investments (Cost $1,253,379) (2.75%)** | 1,567,467 | |||||||||||||||||||||||
| Secondary Investments | ||||||||||||||||||||||||
| AIC Credit Opportunities Partners Fund II, L.P.(b) | North America | NA | NA | Private Credit | 6,750,000 | 6,011,129 | 10.55 | % | 10/31/2019 | |||||||||||||||
| Ampersand 2006, L.P.(b)(d) | North America | NA | NA | Venture | 1,494,515 | 2,300,771 | 4.04 | % | 12/31/2019 | |||||||||||||||
| Canaan VII, L.P.(a)(b) | North America | NA | NA | Venture | 423,760 | 667,873 | 1.17 | % | 12/31/2019 | |||||||||||||||
| Catterton Partners VI, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 922,168 | 1,343,662 | 2.36 | % | 12/31/2019 | |||||||||||||||
| Cortec Group Fund IV, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 26,946 | 31,568 | 0.06 | % | 12/31/2019 | |||||||||||||||
| Crosslink Ventures V, L.P.(a)(b) | North America | NA | NA | Venture | 460,328 | 696,387 | 1.22 | % | 1/1/2020 | |||||||||||||||
| Dace Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 277,117 | 327,000 | 0.57 | % | 12/31/2019 | |||||||||||||||
| Draper Fisher Jurvetson Growth 2006, L.P. (a)(b) | North America | NA | NA | Leveraged Buyout | 1,884,795 | 2,507,332 | 4.40 | % | 12/31/2019 | |||||||||||||||
| Emerald Partners V, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 5,949 | 23,000 | 0.04 | % | 12/31/2019 | |||||||||||||||
| EnerTech Capital Partners III, L.P.(a)(b) | North America | NA | NA | Venture | 282,526 | 300,594 | 0.53 | % | 12/31/2019 | |||||||||||||||
| Fin Venture Capital I, L.P. (a)(b) | North America | NA | NA | Venture | 1,198,840 | 2,554,023 | 4.48 | % | 6/30/2020 | |||||||||||||||
| Institutional Venture Partners XII, L.P.(a)(b) | North America | NA | NA | Venture | 513,662 | 760,697 | 1.33 | % | 12/31/2019 | |||||||||||||||
| JK&B Capital V, L.P.(a)(b)(d) | North America | NA | NA | Venture | 146,191 | 198,874 | 0.35 | % | 12/31/2019 | |||||||||||||||
| Parthenon Investors III, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 1,024,992 | 2,620,245 | 4.60 | % | 12/31/2019 | |||||||||||||||
| Point 406 Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 1,791,010 | 2,113,111 | 3.71 | % | 12/31/2019 | |||||||||||||||
| Rembrandt Venture Partners Fund Two, L.P.(a)(b) | North America | NA | NA | Venture | 895,816 | 1,009,686 | 1.77 | % | 12/31/2019 | |||||||||||||||
| Tudor Ventures III, L.P.(a)(b) | North America | NA | NA | Venture | 82,622 | 75,419 | 0.13 | % | 12/31/2019 | |||||||||||||||
| Total Secondary Investments (Cost $18,181,237) (41.31%)** | 23,541,371 | |||||||||||||||||||||||
| Total Investment Funds (Cost $19,434,616) (44.06%)** | $ | 25,108,838 | ||||||||||||||||||||||
| Short-Term Investment (91.52%)** | ||||||||||||||||||||||||
| Money Market Fund | ||||||||||||||||||||||||
| Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio (Shares 52,153,512), 0.06% (e) | $ | 52,153,512 | ||||||||||||||||||||||
| Total Money Market Fund (Cost $52,153,512) (91.52%)** | $ | 52,153,512 | ||||||||||||||||||||||
| Total Investments (Cost $71,588,128) (135.58%)** | $ | 77,262,350 | ||||||||||||||||||||||
| Liabilities less other assets (-35.58%)** | (20,274,003 | ) | ||||||||||||||||||||||
| Shareholders' Capital - 100.00%** | $ | 56,988,347 | ||||||||||||||||||||||
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.
| * | Certain Portfolio Funds will distribute proceeds upon realization events and such proceeds are distributed at the discretion of the Investment Manager, as they become available. |
| ** | As a percentage of total shareholders' capital. |
| (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 June 30, no capital has been contributed to this Investment Fund and the fair value represents a liability of a commitment to the Investment Fund. |
| (d) | The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner. |
| (e) | The rate quoted is the annualized seven-day yield of the fund at the period end. |
