FlowStone Opportunity Fund
Schedule of Investments
December 31, 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) | Guernsey | NA | NA | Leveraged Buyout | $ | 48,904 | $ | 99,959 | 0.09 | % | 3/3/2020 | |||||||||||||
Liquid Stock I, L.P.(a)(b) | North America | NA | NA | Private Equity Fund | 2,248,108 | 2,649,790 | 2.56 | % | 8/30/2019 | |||||||||||||||
New Mountain Partners VI, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 17,953 | (15,000 | ) | -0.01 | % | 4/8/2020 | ||||||||||||||
Total Primary Investments (Cost $2,314,965) (2.64%)** | 2,734,749 | |||||||||||||||||||||||
Secondary Investments | ||||||||||||||||||||||||
AIC Credit Opportunities Partners Fund II, L.P.(b) | North America | NA | NA | Private Credit | 6,772,625 | 6,883,831 | 6.63 | % | 10/31/2019 | |||||||||||||||
Ampersand CF Limited Partnership - Class A (a)(b) | North America | NA | NA | Leveraged Buyout | 2,108,870 | 2,172,136 | 2.09 | % | 10/29/2020 | |||||||||||||||
Ampersand CF Limited Partnership - Class B (a)(b) | North America | NA | NA | Leveraged Buyout | 3,760,000 | 3,872,800 | 3.74 | % | 10/29/2020 | |||||||||||||||
Ampersand 2006, L.P.(a)(b)(c) | North America | NA | NA | Venture | - | 48,162 | 0.05 | % | 12/31/2019 | |||||||||||||||
BC European Capital IX, L.P.(a)(b) | Guernsey | NA | NA | Leveraged Buyout | 11,309,115 | 18,446,160 | 17.79 | % | 12/31/2020 | |||||||||||||||
Canaan VII, L.P.(a)(b) | North America | NA | NA | Venture | 432,808 | 1,006,235 | 0.97 | % | 12/31/2019 | |||||||||||||||
Catterton Partners VI, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 936,990 | 1,460,155 | 1.41 | % | 12/31/2019 | |||||||||||||||
Crosslink Ventures V, L.P.(a)(b) | North America | NA | NA | Venture | 468,540 | 590,824 | 0.57 | % | 1/1/2020 | |||||||||||||||
Dace Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 286,224 | 328,660 | 0.32 | % | 12/31/2019 | |||||||||||||||
DFJ Growth 2006 Continuation, L.P. (a)(b) | North America | NA | NA | Leveraged Buyout | 1,916,951 | 3,065,206 | 2.96 | % | 12/31/2019 | |||||||||||||||
Emerald Partners V, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 6,272 | 18,000 | 0.02 | % | 12/31/2019 | |||||||||||||||
EnerTech Capital Partners III, L.P.(a)(b) | North America | NA | NA | Venture | 287,373 | 275,482 | 0.27 | % | 12/31/2019 | |||||||||||||||
Fin Venture Capital I, L.P. (a)(b) | North America | NA | NA | Venture | 2,065,032 | 3,590,559 | 3.46 | % | 6/30/2020 | |||||||||||||||
Francisco Partners III, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 386,438 | 3,965,303 | 3.82 | % | 12/31/2020 | |||||||||||||||
Institutional Venture Partners XII, L.P.(a)(b) | North America | NA | NA | Venture | 342,941 | 99,153 | 0.10 | % | 12/31/2019 | |||||||||||||||
JK&B Capital V, L.P.(a)(b)(c) | North America | NA | NA | Venture | 148,521 | 198,795 | 0.19 | % | 12/31/2019 | |||||||||||||||
Lincolnshire Equity Fund IV-A, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 1,536,827 | 3,090,960 | 2.98 | % | 12/31/2020 | |||||||||||||||
MDV IX, L.P.(a)(b) | North America | NA | NA | Venture | 790,291 | 2,378,606 | 2.29 | % | 12/31/2020 | |||||||||||||||
Morgenthaler Venture Partners IX, LP(a)(b) | North America | NA | NA | Venture | 895,040 | 2,370,085 | 2.29 | % | 12/31/2020 | |||||||||||||||
Parthenon Investors III, L.P.(b) | North America | NA | NA | Leveraged Buyout | 897,613 | 3,684,286 | 3.55 | % | 12/31/2019 | |||||||||||||||
Point 406 Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 1,865,426 | 4,023,762 | 3.88 | % | 12/31/2019 | |||||||||||||||
Redpoint Ventures IV, L.P.(a)(b) | North America | NA | NA | Venture | 3,087,122 | 2,453,213 | 2.37 | % | 12/31/2020 | |||||||||||||||
Rembrandt Venture Partners Fund Two, L.P.(a)(b) | North America | NA | NA | Venture | 908,144 | 990,821 | 0.96 | % | 12/31/2019 | |||||||||||||||
Reverence Capital Partners Opportunities Fund I, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 1,400,000 | 1,907,053 | 1.84 | % | 12/31/2020 | |||||||||||||||
Tudor Ventures III, L.P.(a)(b) | North America | NA | NA | Venture | 83,402 | 121,664 | 0.12 | % | 12/31/2019 | |||||||||||||||
Versant Venture Capital IV, L.P.(a)(b) | North America | NA | NA | Venture | 6,499,320 | 5,171,856 | 4.99 | % | 12/31/2020 | |||||||||||||||
Total Secondary Investments (Cost $49,191,885) (69.66%)** | 72,213,767 | |||||||||||||||||||||||
Total Investment Funds (Cost $51,506,850) (72.30%)** | $ | 74,948,516 | ||||||||||||||||||||||
Short-Term Investment (30.24%)** | ||||||||||||||||||||||||
Money Market Fund | ||||||||||||||||||||||||
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio (Shares 31,353,649), 0.01% (d) | $ | 31,353,649 | ||||||||||||||||||||||
Total Money Market Fund (Cost $31,353,649) (30.24%)** | $ | 31,353,649 | ||||||||||||||||||||||
Total Investments (Cost $82,860,499) (102.54%)** | $ | 106,302,165 | ||||||||||||||||||||||
Liabilities less other assets (-2.54%)** | (2,629,946 | ) | ||||||||||||||||||||||
Shareholders' Capital - 100.00%** | $ | 103,672,219 |
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) | The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner. |
(d) | The rate quoted is the annualized seven-day yield of the fund at the period end. |