FlowStone Opportunity Fund NPORT-P Flowstone Opportunity Fund (Jun 2022 report)

FlowStone Opportunity Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Investment Funds*	Geographic Region**	Investment Strategy	Shares		Cost		Fair Value			% of Shareholders' Capital		Original Acquisition Date
Primary Investments
Apax X USD, L.P.(a)(b)	Guernsey	Leveraged Buyout			$	1,232,812	$	1,446,985			0.31%	3/3/2020
Clearlake Capital Partners VII (USTE), L.P.(a)(b)	North America	Leveraged Buyout				3,083,000		2,897,912			0.62%	10/29/2021
Fin VC Flagship II,  LP(a)(b)	North America	Venture				1,340,268		1,344,176			0.29%	5/6/2021
Great Hill Equity Partners VIII, L.P.(a)(b)(c)	North America	Leveraged Buyout				-		(235,538	)		-0.05%	1/31/2022
Liquid Stock I, L.P.(a)(b)	North America	Private Equity Fund				3,680,998		4,908,646			1.05%	8/30/2019
Madison Dearborn Capital Partners VIII-A, L.P.(b)	North America	Leveraged Buyout				1,889,266		2,019,238			0.43%	6/21/2021
New Mountain Partners VI, L.P.(a)(b)	North America	Leveraged Buyout				1,184,625		1,195,000			0.26%	4/8/2020
Sun Capital Partners VIII-A, L.P.(a)(b)(c)	North America	Leveraged Buyout				-		(77,000	)		-0.02%	6/30/2022
Trident Capital IX, L.P.(a)(b)	North America	Leveraged Buyout				489,463		390,000			0.08%	9/17/2021
Warburg Pincus Global Growth 14, L.P.(a)(b)	North America	Leveraged Buyout				1,000,000		974,904			0.21%	1/31/2022
Total Primary Investments (Cost $13,900,432) (3.18%)***								14,864,323
Secondary Investments
AEA Investors Fund V LP (a)(b)	North America	Leveraged Buyout			$	688,694	$	1,040,141			0.21%	1/1/2022
AEA-SEI Holding II (Delta Rigging) (a)(b)	North America	Leveraged Buyout				997,860		1,348,219			0.29%	3/31/2022
AIC Credit Opportunities Partners Fund II, L.P.(b)	North America	Private Credit				4,795,321		4,507,222			0.96%	10/31/2019
American Securities Partners VI, L.P.(b)	North America	Leveraged Buyout				2,922,345		3,030,840			0.65%	12/31/2021
Ampersand CF Limited Partnership - Class A(a)(b)	North America	Leveraged Buyout				168,142		1,265,862			0.27%	10/29/2020
Ampersand CF Limited Partnership - Class B(a)(b)	North America	Leveraged Buyout				300,564		2,256,964			0.48%	10/29/2020
Ampersand 2006, L.P.(a)(b)(d)	North America	Venture				-		35,055			0.01%	12/31/2019
Arsenal Capital Partners III-B LP.(a)(b)	North America	Leveraged Buyout				2,034,163		1,728,732			0.37%	1/1/2022
Audax Mezzanine Fund III, L.P.(b)	North America	Private Credit				351,978		499,675			0.11%	6/30/2021
August Capital V, L.P.(a)(b)	North America	Venture				10,040,620		13,392,893			2.86%	6/30/2022
August Capital V Special Opportunities, L.P.(a)(b)	North America	Venture				-		1,214,278			0.26%	6/30/2022
Bain Capital Europe III, L.P.(a)(b)	North America	Leveraged Buyout				190,183		102,503			0.02%	12/31/2021
Bain Capital Venture Fund 2009, L.P.(a)(b)	North America	Venture				6,631,759		5,495,709			1.17%	6/30/2022
BC European Capital IX, L.P.(a)(b)	Guernsey	Leveraged Buyout				8,699,298		8,029,460			1.71%	12/31/2020
BC Partners Galileo (2) L.P.(a)(b)	Guernsey	Leveraged Buyout				2,177,902		2,581,528			0.55%	6/10/2021
Caltius Partners IV, L.P.(b)	North America	Private Credit				4,411,390		4,226,288			0.90%	6/30/2021
Canaan VII, L.P.(a)(b)	North America	Venture				432,808		886,583			0.19%	12/31/2019
Carlyle Europe Partners IV, L.P.(a)(b)	United Kingdom	Leveraged Buyout				1,733,577		1,806,084			0.39%	12/31/2021
Carlyle Partners VI, L.P.(b)	North America	Leveraged Buyout				2,557,812		1,893,210			0.40%	12/31/2021
Castle Harlan Partners V & AIV(a)(b)(d)(e)	North America	Leveraged Buyout				737,572		125,500			0.03%	9/30/2021
Catterton Partners VI, L.P.(a)(b)	North America	Leveraged Buyout				546,441		1,051,306			0.22%	12/31/2019
Centerbridge Special Credit Partners, L.P.(a)(b)	North America	Private Credit				71,891		26,128			0.01%	12/31/2021
Cerberus Institutional Partners VI, L.P.(a)(b)	North America	Leveraged Buyout				1,330,675		1,829,655			0.39%	7/30/2021
Charles River Partnership XIV, LP(a)(b)	North America	Venture				1,180,261		2,079,285			0.44%	6/30/2022
Clarus Lifesciences II, L.P.(a)(b)	North America	Venture				-		696,807			0.15%	6/30/2022
Clayton, Dubilier & Rice Fund IX, L.P.(b)	North America	Leveraged Buyout				7,013,772		6,331,130			1.35%	12/31/2021
Columbia Capital Equity Partners V (QP), L.P.(a)(b)	North America	Venture				4,917,967		8,679,990			1.85%	6/30/2022
Court Square Capital Partners (Offshore) III, L.P.(b)	North America	Leveraged Buyout				5,442,524		4,736,765			1.01%	12/31/2021
CRG Partners III (Holdings I) L.P.(b)(e)	North America	Private Credit				568,759		602,996			0.13%	6/30/2021
Crosslink Ventures V, L.P.(a)(b)(d)(e)	North America	Venture				468,540		472,980			0.10%	1/1/2020
CVC Capital Partners VI (A) L.P.(a)(b)	Jersey	Leveraged Buyout				5,638,141		5,631,975			1.20%	1/1/2022
Dace Ventures I, L.P.(a)(b)	North America	Venture				294,908		365,100			0.08%	12/31/2019
DBAG Fund VI (Guernsey) L.P.(a)(b)	Guernsey	Leveraged Buyout				1,462,296		1,399,385			0.30%	12/31/2021
DFJ Growth 2006 Continuation, L.P.(a)(b)(e)	North America	Leveraged Buyout				1,497,477		6,012,179			1.28%	12/31/2019
EagleTree Partners IV, LP(a)(b)	North America	Leveraged Buyout				1,154,854		1,638,749			0.35%	6/30/2021
Emerald Partners V, L.P.(a)(b)(d)	North America	Leveraged Buyout				733		3,154			0.00%	12/31/2019
EnerTech Capital Partners III, L.P.(a)(b)	North America	Venture				149,040		26,769			0.01%	12/31/2019
Falcon Strategic Partners III, L.P.(b)	North America	Private Credit				1,849,215		2,777,516			0.59%	6/30/2021
Fin Venture Capital I, L.P.(a)(b)	North America	Venture				3,573,341		10,459,430			2.23%	6/30/2020
Flexpoint Fund II (Cayman), L.P.(a)(b)	North America	Venture				1,895,956		3,194,925			0.68%	6/30/2022
Flexpoint Fund II, L.P.(a)(b)	North America	Venture				1,796,464		3,013,263			0.64%	6/30/2022
Flybridge Capital Partners III, LP(a)(b)	North America	Venture				11,017,305		11,294,561			2.41%	6/30/2022
Francisco Partners III (Cayman), L.P.(a)(b)	Cayman	Leveraged Buyout				-		653,478			0.14%	12/31/2020
Francisco Partners III (Domestic AIV), L.P.(a)(b)	North America	Leveraged Buyout				-		238,791			0.05%	12/31/2020
Francisco Partners III, L.P.(a)(b)	North America	Leveraged Buyout				-		917,894			0.20%	12/31/2020
GF Capital Private Equity Fund II-B, L.P.(a)(b)	North America	Leveraged Buyout				5,671,611		5,083,675			1.09%	12/31/2021
Hony Capital Fund V, L.P.(a)(b)	North America	Leveraged Buyout				1,977,535		1,545,749			0.33%	1/31/2022
ICG Ludgate Hill IB SCSp(a)(b)(e)	Luxembourg	Leveraged Buyout				9,691,474		23,313,279			4.98%	6/22/2021
Icon Partners IV, L.P.(a)(b)	North America	Leveraged Buyout				8,349,670		8,913,088			1.90%	5/21/2021
Icon Partners V, L.P.(a)(b)	North America	Leveraged Buyout				7,417,800		7,714,526			1.65%	8/27/2021
IK VII Fund(a)(b)	Jersey	Leveraged Buyout				516,357		599,078			0.13%	12/31/2021
Institutional Venture Partners XII, L.P.(a)(b)(d)	North America	Venture				342,941		96,609			0.02%	12/31/2019
Institutional Venture Partners XIV, L.P.(a)(b)	North America	Venture				2,759,794		1,774,376			0.38%	12/31/2021
Intermediate Capital Asia Pacific Fund 2008, L.P.(a)(b)(e)	Jersey	Private Credit				245,618		756,185			0.16%	6/30/2021
JFL-NG Continuation Fund, L.P.(a)(b)	North America	Leveraged Buyout				2,764,117		3,960,311			0.85%	10/27/2021
JK&B Capital V, L.P.(a)(b)(d)	North America	Venture				148,521		145,496			0.03%	12/31/2019
Lincolnshire Equity Fund IV-A, L.P.(b)	North America	Leveraged Buyout				1,606,812		2,791,946			0.60%	12/31/2020
Littlejohn Fund IV, LP(a)(b)(e)	North America	Leveraged Buyout				268,332		620,549			0.13%	9/30/2021
Lord Investment S.a r.l. (Valextra SpA)(a)(b)(e)	Western Europe	Leveraged Buyout				1,843,552		1,685,827			0.36%	3/31/2022
MDV IX, L.P.(a)(b)	North America	Venture				6,121,499		8,892,125			1.90%	12/31/2020
Milestone Partners FS LP(a)(b)	North America	Leveraged Buyout				1,530,920		1,288,014			0.27%	12/31/2021
Milestone Partners IV, L.P.(a)(b)	North America	Leveraged Buyout				1,550,211		1,417,413			0.30%	12/31/2021
Morgenthaler Venture Partners IX, LP(a)(b)	North America	Venture				572,678		1,340,589			0.29%	12/31/2020
NEO Capital Private Equity Fund II L.P.(a)(b)	Western Europe	Fund of Funds				1,588,583		1,589,484			0.34%	1/18/2022
Northstar Mezzanine Partners V, L.P.(b)	North America	Private Credit				1,283,511		1,038,216			0.22%	6/30/2021
NYLCAP Mezzanine Offshore Partners III, L.P.(b)	North America	Private Credit				645,533		417,542			0.09%	6/30/2021
Oaktree European Principal Fund III (U.S.), L.P.(a)(b)	North America	Private Credit				1,525,605		1,744,834			0.37%	11/1/2021
Onex Partners III LP(b)	North America	Leveraged Buyout				516,086		698,259			0.15%	10/1/2021
Onset VI, L.P.(a)(b)	North America	Venture				3,271,640		5,717,262			1.22%	6/30/2022
Park Square Capital Partners II, L.P.(b)	Guernsey	Private Credit				1,680,967		1,868,975			0.40%	6/30/2021
Parthenon Investors III, L.P.(b)	North America	Leveraged Buyout				431,547		721,423			0.15%	12/31/2019
Peepul Capital Fund II LLC(a)(b)(e)	Rest of World	Venture				1,481,233		3,220,391			0.69%	6/30/2022
Pegasus WSJLL Fund, L.P.(a)(b)	North America	Leveraged Buyout				8,544,061		9,200,000			1.96%	12/14/2021
Permira V(a)(b)(e)	Guernsey	Leveraged Buyout				6,274,399		4,296,583			0.92%	2/1/2022
Platinum Equity Capital Partners III, L.P.(a)(b)(e)	North America	Leveraged Buyout				1,236,439		1,465,855			0.31%	3/31/2022
Point 406 Ventures I, L.P.(a)(b)	North America	Venture				1,865,426		876,342			0.19%	12/31/2019
Pro SPV, LP(a)(b)	North America	Leveraged Buyout				8,345,445		12,978,889			2.77%	8/27/2021
PT2-A, L.P.(a)(b)	North America	Leveraged Buyout				6,454,213		6,432,666			1.37%	12/15/2021
Quad-C Partners VIII, LP(a)(b)	North America	Leveraged Buyout				678,626		8,913			0.00%	9/30/2021
Redpoint Ventures IV, L.P.(a)(b)	North America	Venture				3,020,976		1,575,345			0.34%	12/31/2020
Rembrandt Venture Partners Fund Two, L.P.(a)(b)	North America	Venture				922,119		1,010,721			0.22%	12/31/2019
Reverence Capital Partners Opportunities Fund I, L.P.(b)(e)	North America	Leveraged Buyout				1,487,996		1,968,683			0.42%	12/31/2020
Riverstone Global Energy and Power Fund VI, LP(b)	North America	Leveraged Buyout				398,541		812,145			0.17%	6/30/2021
Savant Growth Fund I, LP(a)(b)	North America	Leveraged Buyout				1,922,024		1,707,729			0.36%	12/8/2020
StepStone Real Estate Partners III, L.P.(b)(e)	North America	Fund of Funds				133,888		234,645			0.05%	6/30/2021
Summit Partners Growth Equity Fund IX-A, L.P.(a)(b)	North America	Leveraged Buyout				2,849,840		3,040,649			0.65%	6/30/2021
Summit Partners Subordinated Debt IV-B, L.P.(a)(b)	North America	Private Credit				828,415		676,516			0.14%	6/30/2021
TA Subordinated Debt Fund III, L.P.(b)	North America	Private Credit				890,213		686,931			0.15%	7/30/2021
TCW/Crescent Mezzanine Partners VB, L.P.(a)(b)	North America	Private Credit				26,042		265,945			0.06%	6/30/2021
The Peninsula Fund V, L.P.(b)	North America	Private Credit				10,442,873		14,106,662			3.01%	7/1/2021
The Resolute Fund III, L.P.(a)(b)	North America	Leveraged Buyout				1,630,206		2,341,024			0.50%	12/31/2021
The Veritas Capital Partners IV, LP(a)(b)	North America	Leveraged Buyout				28,583		101,589			0.02%	1/1/2022
TowerBrook Investors IV (OS), L.P.(b)	North America	Leveraged Buyout				4,455,408		3,622,121			0.77%	12/31/2021
TZP Capital Partners I (PIV), LP(a)(b)	North America	Leveraged Buyout				74,639		67,377			0.01%	4/7/2021
TZP Capital Partners II-A (Blocker), LP(b)	North America	Leveraged Buyout				592,717		967,933			0.21%	4/7/2021
TZP Small Cap Partners I-A (Blocker), LP(b)	North America	Leveraged Buyout				310,512		362,450			0.08%	4/7/2021
Versant Venture Capital IV, L.P.(a)(b)	North America	Venture				6,545,505		1,094,986			0.23%	12/31/2020
Warburg Pincus Financial Sector, L.P.(a)(b)	North America	Leveraged Buyout				19,484,914		19,088,080			4.07%	6/30/2022
Warburg Pincus Global Growth L.P.(a)(b)	North America	Leveraged Buyout				16,880,228		22,976,105			4.90%	6/30/2022
Warburg Pincus Private Equity XII, L.P.(a)(b)	North America	Leveraged Buyout				21,821,411		23,299,334			4.97%	6/30/2022
Total Secondary Investments (Cost $295,692,354) (75.49%)***								353,822,396
Total Investment Funds (Cost $309,592,786) (78.67%)***							$	368,686,719
Short-Term Investment (21.66%)***
Money Market Fund
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 1.34% (f)				101,496,222			$	101,496,222
Total Money Market Fund (Cost $101,496,222) (21.66%)***							$	101,496,222
Total Investments (Cost $411,089,008) (100.33%)***							$	470,182,941
Liabilities less other assets  (-0.33%)***								(1,670,075	)
Shareholders' Capital - 100.00%***							$	468,512,866

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 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, 2022, 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) Fair valued by the Fair Value Committee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment.

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