FlowStone Opportunity Fund
Schedule of Investments
June 30, 2021 (Unaudited)
Investment Funds | Geographic Region* | Redemptions Permitted ** | Redemption Notice Period** | Investment Strategy | Shares | Cost | Fair Value | % of Shareholders' Capital | Original Acquisition Date | ||||||||||||||||||||
Primary Investments | |||||||||||||||||||||||||||||
Apax X USD, L.P.(a)(b) | Guernsey | NA | NA | Leveraged Buyout | $ | 395,654 | $ | 566,640 | 0.29 | % | 3/3/2020 | ||||||||||||||||||
Fin VC Flagship II, LP(a)(b) | North America | NA | NA | Venture | 692,700 | 675,982 | 0.35 | % | 5/6/2021 | ||||||||||||||||||||
Liquid Stock I, L.P.(a)(b) | North America | NA | NA | Private Equity Fund | 3,018,968 | 4,325,473 | 2.21 | % | 8/30/2019 | ||||||||||||||||||||
Madison Dearborn Capital Partners VIII-A, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 1,127,772 | 1,578,214 | 0.81 | % | 6/21/2021 | ||||||||||||||||||||
New Mountain Partners VI, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 278,236 | 246,372 | 0.13 | % | 4/8/2020 | ||||||||||||||||||||
Total Primary Investments (Cost $5,513,330) (3.79%)*** | 7,392,681 | ||||||||||||||||||||||||||||
Secondary Investments | |||||||||||||||||||||||||||||
AIC Credit Opportunities Partners Fund II, L.P.(b) | North America | NA | NA | Private Credit | 6,772,626 | 7,025,593 | 3.60 | % | 10/31/2019 | ||||||||||||||||||||
Ampersand CF Limited Partnership - Class A (a)(b) | North America | NA | NA | Leveraged Buyout | 2,243,479 | 2,592,372 | 1.33 | % | 10/29/2020 | ||||||||||||||||||||
Ampersand CF Limited Partnership - Class B (a)(b) | North America | NA | NA | Leveraged Buyout | 4,018,450 | 4,622,058 | 2.36 | % | 10/29/2020 | ||||||||||||||||||||
Ampersand 2006, L.P.(a)(b)(c) | North America | NA | NA | Venture | - | 62,743 | 0.03 | % | 12/31/2019 | ||||||||||||||||||||
Audax Mezzanine Fund III, L.P.(a)(b)(c) | North America | NA | NA | Credit | 916,367 | 123,003 | 0.06 | % | 6/30/2021 | ||||||||||||||||||||
BC European Capital IX, L.P.(a)(b) | Guernsey | NA | NA | Leveraged Buyout | 11,507,979 | 18,634,515 | 9.52 | % | 12/31/2020 | ||||||||||||||||||||
Caltius Partners IV, L.P.(a)(b) | North America | NA | NA | Credit | 4,722,855 | 5,294,650 | 2.71 | % | 6/30/2021 | ||||||||||||||||||||
Canaan VII, L.P.(a)(b) | North America | NA | NA | Venture | 432,808 | 886,849 | 0.45 | % | 12/31/2019 | ||||||||||||||||||||
Catterton Partners VI, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 750,710 | 1,398,841 | 0.71 | % | 12/31/2019 | ||||||||||||||||||||
CRG Partners III (Holdings I) L.P.(a)(b) | North America | NA | NA | Credit | 606,665 | 706,826 | 0.36 | % | 1/1/2020 | ||||||||||||||||||||
Crosslink Ventures V, L.P.(a)(b) | North America | NA | NA | Venture | 468,540 | 578,592 | 0.30 | % | 1/1/2020 | ||||||||||||||||||||
Dace Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 291,049 | 337,000 | 0.17 | % | 12/31/2019 | ||||||||||||||||||||
DFJ Growth 2006 Continuation, L.P. (a)(b)(d) | North America | NA | NA | Leveraged Buyout | 1,497,477 | 3,799,285 | 1.94 | % | 12/31/2019 | ||||||||||||||||||||
EagleTree Partners IV, LP(a)(b) | North America | NA | NA | Leveraged Buyout | 1,264,824 | 1,594,711 | 0.81 | % | 6/30/2021 | ||||||||||||||||||||
Emerald Partners V, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 733 | 11,461 | 0.01 | % | 12/31/2019 | ||||||||||||||||||||
EnerTech Capital Partners III, L.P.(a)(b) | North America | NA | NA | Venture | 287,373 | 275,633 | 0.14 | % | 12/31/2019 | ||||||||||||||||||||
Falcon Strategic Partners III, L.P. (a)(b) | North America | NA | NA | Credit | 2,143,184 | 2,864,274 | 1.46 | % | 6/30/2021 | ||||||||||||||||||||
Fin Venture Capital I, L.P. (a)(b) | North America | NA | NA | Venture | 3,535,432 | 9,635,067 | 4.92 | % | 6/30/2020 | ||||||||||||||||||||
Francisco Partners III (Cayman), L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 116,043 | 1,672,547 | 0.85 | % | 12/31/2020 | ||||||||||||||||||||
Francisco Partners III (Domestic AIV), L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 6,383 | 611,175 | 0.31 | % | 12/31/2020 | ||||||||||||||||||||
Francisco Partners III, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 118,668 | 2,349,307 | 1.20 | % | 12/31/2020 | ||||||||||||||||||||
GCG Investors II-A, L.P.(a)(b) | North America | NA | NA | Credit | 43,090 | 43,476 | 0.02 | % | 6/30/2021 | ||||||||||||||||||||
ICG Ludgate Hill IB SCSp(a)(b) | Luxembourg | NA | NA | Leveraged Buyout | 20,308,102 | 27,747,720 | 14.18 | % | 6/22/2021 | ||||||||||||||||||||
Icon Partners IV, L.P.(a)(b)(d) | North America | NA | NA | Leveraged Buyout | 8,333,333 | 8,333,333 | 4.26 | % | 5/21/2021 | ||||||||||||||||||||
Institutional Venture Partners XII, L.P.(a)(b) | North America | NA | NA | Venture | 342,941 | 98,760 | 0.05 | % | 12/31/2019 | ||||||||||||||||||||
Intermediate Capital Asia Pacific Fund 2008, L.P.(a)(b)(d) | Jersey | NA | NA | Credit | 123,321 | 633,543 | 0.32 | % | 6/30/2021 | ||||||||||||||||||||
JK&B Capital V, L.P.(a)(b)(c) | North America | NA | NA | Venture | 148,521 | 196,479 | 0.10 | % | 12/31/2019 | ||||||||||||||||||||
Lincolnshire Equity Fund IV-A, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 1,573,920 | 3,281,998 | 1.68 | % | 12/31/2020 | ||||||||||||||||||||
MDV IX, L.P.(a)(b) | North America | NA | NA | Venture | 799,172 | 2,310,051 | 1.18 | % | 12/31/2020 | ||||||||||||||||||||
Morgenthaler Venture Partners IX, LP(a)(b) | North America | NA | NA | Venture | 734,726 | 11,035,488 | 5.64 | % | 12/31/2020 | ||||||||||||||||||||
Northstar Mezzanine Partners V, L.P.(a)(b) | North America | NA | NA | Credit | 3,460,432 | 4,057,416 | 2.07 | % | 6/30/2021 | ||||||||||||||||||||
NYLCAP Mezzanine Offshore Partners III, L.P.(a)(b) | North America | NA | NA | Credit | 1,632,373 | 1,933,294 | 0.99 | % | 6/30/2021 | ||||||||||||||||||||
Park Square Capital Partners II, L.P.(a)(b) | Guernsey | NA | NA | Credit | 1,824,970 | 2,304,305 | 1.18 | % | 6/30/2021 | ||||||||||||||||||||
Parthenon Investors III, L.P.(b) | North America | NA | NA | Leveraged Buyout | 449,508 | 5,569,848 | 2.85 | % | 12/31/2019 | ||||||||||||||||||||
Point 406 Ventures I, L.P.(a)(b) | North America | NA | NA | Venture | 1,865,426 | 3,450,918 | 1.76 | % | 12/31/2019 | ||||||||||||||||||||
Redpoint Ventures IV, L.P.(a)(b) | North America | NA | NA | Venture | 3,075,823 | 3,902,130 | 1.99 | % | 12/31/2020 | ||||||||||||||||||||
Rembrandt Venture Partners Fund Two, L.P.(a)(b) | North America | NA | NA | Venture | 918,894 | 1,152,293 | 0.59 | % | 12/31/2019 | ||||||||||||||||||||
Reverence Capital Partners Opportunities Fund I, L.P.(b)(d) | North America | NA | NA | Leveraged Buyout | 1,475,282 | 1,609,498 | 0.82 | % | 12/31/2020 | ||||||||||||||||||||
Riverstone Global Energy and Power Fund VI, LP(b) | North America | NA | NA | Leveraged Buyout | 456,905 | 725,968 | 0.37 | % | 6/30/2021 | ||||||||||||||||||||
Savant Growth Fund I, LP(a)(b) | North America | NA | NA | Leveraged Buyout | 1,459,579 | 2,090,093 | 1.07 | % | 12/8/2020 | ||||||||||||||||||||
StepStone Real Estate Partners III, L.P.(a)(b)(d) | North America | NA | NA | Fund of Funds | 195,984 | 281,043 | 0.14 | % | 6/30/2021 | ||||||||||||||||||||
Summit Partners Growth Equity Fund IX-A, L.P.(a)(b) | North America | NA | NA | Leveraged Buyout | 3,033,819 | 4,377,701 | 2.24 | % | 6/30/2021 | ||||||||||||||||||||
Summit Partners Subordinated Debt IV-B, L.P.(a)(b) | North America | NA | NA | Credit | 818,883 | 906,899 | 0.46 | % | 6/30/2021 | ||||||||||||||||||||
TCW/Crescent Mezzanine Partners VB, L.P.(a)(b) | North America | NA | NA | Credit | 25,926 | 342,632 | 0.18 | % | 6/30/2021 | ||||||||||||||||||||
Tudor Ventures III, L.P.(a)(b) | North America | NA | NA | Venture | 83,402 | 174,500 | 0.09 | % | 12/31/2019 | ||||||||||||||||||||
TZP Capital Partners I (PIV), LP(a)(b) | North America | NA | NA | Leveraged Buyout | 70,696 | 111,641 | 0.06 | % | 4/7/2021 | ||||||||||||||||||||
TZP Capital Partners II-A (Blocker), LP(a)(b) | North America | NA | NA | Leveraged Buyout | 582,911 | 904,487 | 0.46 | % | 4/7/2021 | ||||||||||||||||||||
TZP Small Cap Partners I-A (Blocker), LP(a)(b) | North America | NA | NA | Leveraged Buyout | 265,029 | 352,497 | 0.18 | % | 4/7/2021 | ||||||||||||||||||||
Versant Venture Capital IV, L.P.(a)(b) | North America | NA | NA | Venture | 6,548,973 | 1,979,679 | 1.01 | % | 12/31/2020 | ||||||||||||||||||||
Total Secondary Investments (Cost $102,353,586) (79.18%)*** | 154,984,192 | ||||||||||||||||||||||||||||
Total Investment Funds (Cost $107,866,916) (82.97%)*** | $ | 162,376,873 | |||||||||||||||||||||||||||
Investments in Securities | |||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||
CRISPR Therapeutics AG | Switzerland | 4,617 | $ | 700,076 | $ | 747,446 | 0.38 | % | 12/31/2020 | ||||||||||||||||||||
Total Common Stocks (Cost $700,076) (0.38%)*** | 747,446 | ||||||||||||||||||||||||||||
Total Investment in Securities (Cost $700,076) (0.38%)*** | $ | 747,446 | |||||||||||||||||||||||||||
Short-Term Investment (26.95%)*** | |||||||||||||||||||||||||||||
Money Market Fund | |||||||||||||||||||||||||||||
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01% (e) | 52,733,677 | $ | 52,733,677 | ||||||||||||||||||||||||||
Total Money Market Fund (Cost $52,733,677) (26.95%)*** | $ | 52,733,677 | |||||||||||||||||||||||||||
Total Investments (Cost $161,300,669) (110.30%)*** | $ | 215,857,996 | |||||||||||||||||||||||||||
Liabilities less other assets (-10.30%)*** | (20,183,249 | ) | |||||||||||||||||||||||||||
Shareholders' Capital - 100.00%*** | $ | 195,674,747 |
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.
* | The geographic region disclosed is based on where each Investment Fund is domiciled. |
** | 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. |
*** | 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) | Fair valued by the Fair Value Committee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment. |
(e) | The rate quoted is the annualized seven-day yield of the fund at the period end. |