FlowStone Opportunity Fund

Consolidated Schedule of Investments

December 31, 2025 (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	$	13,644,323		1.78	%	4/29/2025
Total Co-Investments (Cost $10,871,750) (1.78%)***						13,644,323
Primary Investments
Apax X USD, L.P.	Guernsey	Leveraged Buyout	$	2,131,860	$	2,691,809		0.35	%	3/3/2020
Apax XI USD, L.P.(a)	Guernsey	Leveraged Buyout		2,851,768		3,232,380		0.42	%	6/30/2022
Arlington Capital Partners VI, L.P.(a)	North America	Leveraged Buyout		7,583,039		10,482,060		1.37	%	12/15/2023
Audax Private Equity Junior Capital Fund II, L.P.	North America	Private Equity Fund		367,050		380,000		0.05	%	7/20/2023
Berkshire Fund XI-TE, L.P. (a)(b)	North America	Leveraged Buyout		977,970		842,657		0.11	%	6/28/2024
Clayton, Dubilier & Rice Fund XII, L.P.	North America	Leveraged Buyout		3,653,427		5,205,022		0.68	%	9/2/2022
Clearlake Capital Partners VII (USTE), L.P.(a)	North America	Leveraged Buyout		7,158,077		7,909,499		1.03	%	10/29/2021
CVC Capital Partners IX (A) L.P.	North America	Leveraged Buyout		3,311,719		3,697,728		0.48	%	6/12/2023
Fin VC Flagship II,  LP(a)	North America	Venture		2,777,868		2,962,195		0.39	%	5/6/2021
Great Hill Equity Partners VIII, L.P.(a)	North America	Leveraged Buyout		3,882,743		3,665,547		0.48	%	1/31/2022
Kohlberg Investors X, L.P.(a)	North America	Leveraged Buyout		4,443,453		5,020,012		0.65	%	6/30/2023
Liquid Stock I, L.P.(a)	North America	Private Equity Fund		3,384,500		3,761,916		0.49	%	8/30/2019
Madison Dearborn Capital Partners VIII-A, L.P.	North America	Leveraged Buyout		4,731,018		4,907,777		0.64	%	6/21/2021
New Mountain Partners VI, L.P.	North America	Leveraged Buyout		2,279,011		3,290,574		0.43	%	4/21/2020
New Mountain Partners VII, L.P.(a)	North America	Leveraged Buyout		3,581,665		4,252,376		0.55	%	12/22/2023
Platinum Equity Capital Partners VI, L.P.(a)	North America	Leveraged Buyout		6,139,955		6,900,000		0.90	%	12/29/2023
Sun Capital Partners VIII-A, L.P.(a)	Cayman	Leveraged Buyout		4,511,533		5,115,022		0.67	%	6/30/2022
The Veritas Capital Fund VIII, LP(a)(b)	North America	Leveraged Buyout		8,627,887		11,109,724		1.45	%	3/16/2022
The Veritas Capital Fund IX, LP(a)	North America	Leveraged Buyout		309,729		30,158		0.00	%	12/18/2024
Trident Capital IX, L.P.	North America	Leveraged Buyout		4,091,028		5,360,573		0.70	%	9/17/2021
Trident X US Fund, L.P. (a)	North America	Leveraged Buyout		48,088		(38,207	)	0.00	%	5/19/2025
Vista Equity Partners Fund VIII-A, L.P.(a)(b)	North America	Leveraged Buyout		5,596,672		7,152,990		0.93	%	8/24/2022
Warburg Pincus Global Growth 14, L.P.(a)	North America	Leveraged Buyout		7,019,935		9,836,034		1.27	%	1/31/2022
Total Primary Investments (Cost $89,459,995) (14.04%)***						107,767,846
Secondary Investments
AEA Investors Fund V LP (a)	North America	Leveraged Buyout	$	508,297	$	288,296		0.04	%	1/1/2022
AIC Credit Opportunities Partners Fund II, L.P.	North America	Private Credit		1,453,580		776,201		0.10	%	10/31/2019
American Securities Partners VI, L.P.(a)(b)	North America	Leveraged Buyout		3,021,894		1,574,302		0.21	%	12/31/2021
Ampersand CF Limited Partnership - Class A(a)	North America	Leveraged Buyout		164,850		1,814,847		0.24	%	10/29/2020
Ampersand CF Limited Partnership - Class B(a)	North America	Leveraged Buyout		276,734		2,882,660		0.38	%	10/29/2020
Arsenal Capital Partners III-B LP(a)(b)	North America	Leveraged Buyout		2,097,406		479,481		0.06	%	1/1/2022
Audax Mezzanine Fund III, L.P.	North America	Private Credit		279,733		180,432		0.02	%	6/30/2021
Audax Private Equity Fund III, L.P.	North America	Leveraged Buyout		—		130,000		0.02	%	6/30/2023
Audax Private Equity Fund V-A, L.P.	North America	Leveraged Buyout		12,735,459		9,310,000		1.21	%	6/30/2023
Audax Private Equity Fund VI-A, L.P.	North America	Leveraged Buyout		22,345,752		18,500,000		2.40	%	6/30/2023
August Capital V, L.P.(a)	North America	Venture		10,066,877		7,380,676		0.96	%	6/30/2022
August Capital V Special Opportunities, L.P.(a)	North America	Venture		11,460		539,127		0.07	%	6/30/2022
Awz Pentera II, LLC(a)	North America	Venture		10,338,601		18,775,000		2.44	%	8/24/2022
Bain Capital Empire Holdings, L.P. - Class C(a)(b)	North America	Leveraged Buyout		6,723,140		6,796,176		0.89	%	10/5/2022
Bain Capital Venture Fund 2009, L.P.(a)(b)	North America	Venture		5,976,404		1,497,064		0.20	%	6/30/2022
BC European Capital IX, L.P.	Guernsey	Leveraged Buyout		7,995,828		3,647,983		0.48	%	12/31/2020
BC Partners Galileo (2) L.P.	Guernsey	Leveraged Buyout		1,839,525		2,276,846		0.30	%	6/10/2021
Brookfield Capital Partners V L.P.	North America	Leveraged Buyout		24,358,609		29,288,025		3.83	%	6/30/2023
Caltius Partners IV, L.P.	North America	Private Credit		2,790,633		533,380		0.07	%	6/30/2021
Canaan VII, L.P.(a)	North America	Venture		—		349,919		0.05	%	12/31/2019
Carlyle Europe Partners IV, L.P.(a)	United Kingdom	Leveraged Buyout		1,392,494		867,973		0.11	%	12/31/2021
Carlyle Partners VI, L.P.(a)	North America	Leveraged Buyout		2,094,502		341,873		0.04	%	12/31/2021
Castle Harlan Partners V & AIV(a)(b)(c)	North America	Leveraged Buyout		737,815		81,667		0.01	%	9/30/2021
Cerberus Institutional Partners VI, L.P.	North America	Leveraged Buyout		424,601		1,125,450		0.15	%	7/30/2021
Charles River Partnership XIV, LP(a)	North America	Venture		939,206		264,274		0.03	%	6/30/2022
Clarus Lifesciences II, L.P.	North America	Venture		—		315,852		0.04	%	6/30/2022
Clayton, Dubilier & Rice Fund IX, L.P.	North America	Leveraged Buyout		6,232,341		1,999,281		0.26	%	12/31/2021
Columbia Capital Equity Partners V (QP), L.P.(a)	North America	Venture		4,933,543		9,527,868		1.24	%	6/30/2022
Court Square Capital Partners (Offshore) III, L.P.	North America	Leveraged Buyout		4,419,571		2,346,151		0.31	%	12/31/2021
CRG Partners III (Holdings I) L.P.(a)(b)	North America	Private Credit		341,326		152,235		0.02	%	6/30/2021
Crosslink Ventures V, L.P.(a)(b)(c)	North America	Venture		338,990		414,304		0.05	%	1/1/2020
CVC Capital Partners VI (A) L.P.	Jersey	Leveraged Buyout		5,105,622		2,668,742		0.35	%	1/1/2022
Dace Ventures I, L.P.(a)	North America	Venture		304,071		181,748		0.02	%	12/31/2019
DBAG Fund VI (Guernsey) L.P.(a)	Guernsey	Leveraged Buyout		1,491,060		756,548		0.10	%	12/31/2021
DFJ Growth 2006 Continuation, L.P.(a)(b)	North America	Leveraged Buyout		1,497,477		36,034,215		4.70	%	12/31/2019
EagleTree Partners IV, LP	North America	Leveraged Buyout		1,245,301		871,793		0.11	%	6/30/2021
EnerTech Capital Partners III, L.P.(a)(b)	North America	Venture		128,580		3,895		0.00	%	12/31/2019
Falcon Strategic Partners III, L.P.(a)	North America	Private Credit		1,464,069		1,806,179		0.24	%	6/30/2021
Fin Venture Capital I, L.P.(a)	North America	Venture		3,674,232		10,068,640		1.31	%	6/30/2020
Flexpoint Fund II, L.P.(b)(d)	North America	Venture		1,404,575		2,105,713		0.27	%	6/30/2022
Flybridge Capital Partners III, LP(a)	North America	Venture		10,332,308		4,389,873		0.57	%	6/30/2022
Francisco Partners III (Cayman), L.P.(a)	Cayman	Leveraged Buyout		—		385,630		0.05	%	12/31/2020
Francisco Partners III (Domestic AIV), L.P.(a)	North America	Leveraged Buyout		—		140,915		0.02	%	12/31/2020
Francisco Partners III, L.P.(a)	North America	Leveraged Buyout		—		541,666		0.07	%	12/31/2020
GF Capital Private Equity Fund II-B, L.P.(a)	North America	Leveraged Buyout		6,450,956		4,687,081		0.61	%	12/31/2021
GTCR Evergreen Fund I/C LP	North America	Leveraged Buyout		5,151,260		8,510,458		1.11	%	3/31/2023
Hony Capital Fund V, L.P.(a)(b)	North America	Leveraged Buyout		1,392,656		779,651		0.10	%	1/31/2022
ICG Ludgate Hill IB SCSp(a)(b)	Luxembourg	Leveraged Buyout		—		11,541,546		1.50	%	6/22/2021
ICG Ludgate Hill IIIA Porsche LP(a)	Luxembourg	Leveraged Buyout		13,588,895		28,244,220		3.68	%	9/26/2022
Icon Partners IV, L.P.(a)	North America	Leveraged Buyout		8,963,275		10,727,391		1.40	%	5/21/2021
Icon Partners V C, L.P.	North America	Leveraged Buyout		8,019,188		10,227,396		1.33	%	8/27/2021
IK VII Fund(a)	Jersey	Leveraged Buyout		—		3,136		0.00	%	12/31/2021
Institutional Venture Partners XIV, L.P.(b)	North America	Venture		2,399,235		616,800		0.08	%	12/31/2021
Intermediate Capital Asia Pacific Fund 2008, L.P.(a)(b)	Jersey	Private Credit		297,818		482,768		0.06	%	6/30/2021
JFL-NG Continuation Fund, L.P.(a)	North America	Leveraged Buyout		2,824,861		5,700,000		0.74	%	10/27/2021
KKR Americas Fund XII L.P. (Ranger)	North America	Leveraged Buyout		3,726,446		4,888,631		0.64	%	3/28/2024
KKR Americas Fund XII L.P. (ST)	North America	Leveraged Buyout		18,496,092		23,688,741		3.09	%	3/28/2024
KKR Asian Fund III L.P.	North America	Leveraged Buyout		3,427,472		3,923,430		0.51	%	3/28/2024
KKR Health Care Strategic Growth Fund L.P.(a)	North America	Leveraged Buyout		1,934,163		2,353,826		0.31	%	3/28/2024
KKR North America Fund XI L.P.(a)	North America	Leveraged Buyout		1,184,056		1,685,124		0.22	%	3/28/2024
Kohlberg TE Investors VIII-B, L.P.(a)	North America	Leveraged Buyout		25,779,279		29,640,962		3.86	%	12/30/2022
LEP Opportunities II, L.P.(a)	North America	Leveraged Buyout		9,637,797		10,400,000		1.36	%	6/27/2022
Lightspeed Ascent Fund, L.P.(a)	North America	Venture		17,959,621		24,464,126		3.19	%	11/13/2024
Lincolnshire Equity Fund IV-A, L.P.(a)	North America	Leveraged Buyout		1,768,488		1,837,000		0.24	%	12/31/2020
Littlejohn Fund IV, LP(b)	North America	Leveraged Buyout		—		88,595		0.01	%	9/30/2021
Lord Investment S.a r.l. (Valextra SpA)(a)(b)(e)	Western Europe	Leveraged Buyout		1,896,624		162,095		0.02	%	3/31/2022
Madison Dearborn Capital Partners VII-A, L.P.	North America	Leveraged Buyout		6,957,395		8,140,187		1.06	%	9/27/2024
Madison Dearborn Capital Partners VIII, L.P. (Sol)	North America	Leveraged Buyout		4,278,910		4,907,777		0.64	%	9/27/2024
MDCP Insurance SPV, L.P.	North America	Leveraged Buyout		8,044,308		14,210,558		1.85	%	4/24/2023
MDCP VII Auxiliary SPV, L.P.(a)	North America	Leveraged Buyout		725,012		1,103,810		0.14	%	9/27/2024
MDV IX, L.P.(a)	North America	Venture		6,134,654		7,202,477		0.94	%	12/31/2020
Milestone Partners FS LP(a)	North America	Leveraged Buyout		1,537,850		691,076		0.09	%	12/31/2021
Milestone Partners IV, L.P.(a)	North America	Leveraged Buyout		1,610,840		1,440,169		0.19	%	12/31/2021
Morgenthaler Venture Partners IX, LP(a)	North America	Venture		143,443		333,273		0.04	%	12/31/2020
NEO Capital Private Equity Fund II L.P.(a)	Western Europe	Fund of Funds		1,884,820		2,370,296		0.31	%	1/18/2022
New Enterprise Associates 13, L.P.(a)	North America	Venture		5,340,088		3,634,906		0.47	%	1/3/2023
NYLCAP Mezzanine Offshore Partners III, L.P.	North America	Private Credit		609,757		10,335		0.00	%	6/30/2021
Oaktree European Principal Fund III (U.S.), L.P.(a)	North America	Private Credit		1,149,338		389,821		0.05	%	11/1/2021
Onex Partners III LP	North America	Leveraged Buyout		314,623		551,276		0.07	%	10/1/2021
Park Square Capital Partners II, L.P.	Guernsey	Private Credit		1,682,432		434,649		0.06	%	6/30/2021
Parthenon Investors III, L.P.(a)	North America	Leveraged Buyout		434,543		964,239		0.13	%	12/31/2019
Peepul Capital Fund II LLC(a)(b)	Mauritius	Venture		780,497		1,670,402		0.22	%	6/30/2022
Pegasus WSJLL Fund, L.P.(a)	North America	Leveraged Buyout		8,843,167		10,160,000		1.32	%	12/14/2021
Permira V(b)	Guernsey	Leveraged Buyout		5,012,387		1,228,945		0.16	%	2/1/2022
Platinum Equity Capital Partners III, L.P.	North America	Leveraged Buyout		1,072,433		423,000		0.06	%	3/31/2022
PlayCore CV, L.P.	North America	Leveraged Buyout		—		1,072,290		0.14	%	11/8/2024
Point 406 Ventures I, L.P.(a)	North America	Venture		1,865,426		558,636		0.07	%	12/31/2019
Pro SPV, LP	North America	Leveraged Buyout		9,738,281		3,295,502		0.43	%	8/27/2021
PT2-A, L.P.(a)(b)	North America	Leveraged Buyout		6,515,319		9,218,193		1.20	%	12/15/2021
Raine Partners II, L.P.(a)	North America	Leveraged Buyout		1,512,037		1,500,000		0.20	%	9/27/2024
Raine Partners III, L.P.(a)	North America	Leveraged Buyout		2,395,966		2,500,000		0.33	%	9/27/2024
Redpoint Ventures IV, L.P.(a)(b)	North America	Venture		3,020,976		1,112,181		0.14	%	12/31/2020
Rembrandt Venture Partners Fund Two, L.P.(a)	North America	Venture		922,119		1,176,990		0.15	%	12/31/2019
Reverence Capital Partners Opportunities Fund I, L.P.(a)(b)	North America	Leveraged Buyout		1,118,664		1,361,655		0.18	%	12/31/2020
Riverstone Global Energy and Power Fund VI, LP	North America	Leveraged Buyout		13,903		136,514		0.02	%	6/30/2021
Roark Capital Partners CF LP	North America	Leveraged Buyout		10,933,940		17,700,000		2.31	%	8/19/2022
Savant Growth Fund I, LP(a)	North America	Leveraged Buyout		2,062,694		1,290,719		0.17	%	12/8/2020
SEI Holding I LP(a)	North America	Leveraged Buyout		911,878		1,707,530		0.22	%	3/31/2022
StepStone Real Estate Partners III, L.P.(b)	North America	Fund of Funds		36,946		43,667		0.01	%	6/30/2021
Summit Partners Growth Equity Fund IX-A, L.P.(a)	North America	Leveraged Buyout		2,677,312		1,793,041		0.23	%	6/30/2021
Summit Partners Subordinated Debt IV-B, L.P.(a)	North America	Private Credit		571,962		129,088		0.02	%	6/30/2021
TA XII-B, L.P.	North America	Leveraged Buyout		13,015,461		13,670,236		1.78	%	6/30/2023
TA Subordinated Debt Fund III, L.P.(a)	North America	Private Credit		86,573		77,949		0.01	%	7/30/2021
The Peninsula Fund V, L.P.	North America	Private Credit		7,751,805		743,226		0.10	%	7/1/2021
The Resolute III Continuation Fund, L.P.(a)	North America	Leveraged Buyout		2,084,745		2,123,538		0.28	%	9/20/2024
The Veritas Capital Partners IV, LP(a)	North America	Leveraged Buyout		27,559		4,216		0.00	%	1/1/2022
TI IV R1 CF Reinvest, L.P.(a)	North America	Leveraged Buyout		864,512		1,103,803		0.14	%	12/11/2024
TowerBrook Investors IV (OS), L.P.	North America	Leveraged Buyout		3,857,625		916,345		0.12	%	12/31/2021
TZP Capital Partners I (PIV), LP(a)	North America	Leveraged Buyout		85,988		113,652		0.01	%	4/7/2021
TZP Capital Partners II-A (Blocker), LP(a)	North America	Leveraged Buyout		637,813		922,731		0.12	%	4/7/2021
TZP Small Cap Partners I-A (Blocker), LP(a)	North America	Leveraged Buyout		300,084		229,908		0.03	%	4/7/2021
Versant Venture Capital IV, L.P.(a)	North America	Venture		6,545,505		288,440		0.04	%	12/31/2020
Vestar Capital Partners Rainforest, L.P.(a)	North America	Leveraged Buyout		6,884,157		8,055,950		1.05	%	4/5/2024
Warburg Pincus Financial Sector, L.P.(a)	North America	Leveraged Buyout		15,589,904		12,579,244		1.64	%	6/30/2022
Warburg Pincus Global Growth L.P.	North America	Leveraged Buyout		11,361,638		22,020,037		2.87	%	6/30/2022
Warburg Pincus Global Growth L.P. (ST)	North America	Leveraged Buyout		16,650,786		22,020,037		2.87	%	3/21/2024
Warburg Pincus Jovian FS, L.P.(a)	North America	Leveraged Buyout		17,804		2,273,110		0.30	%	12/3/2024
Warburg Pincus Jovian GG, L.P. (a)	North America	Leveraged Buyout		12,112		4,930,284		0.64	%	12/3/2024
Warburg Pincus Private Equity XII, L.P.(a)	North America	Leveraged Buyout		14,334,793		10,766,814		1.40	%	6/30/2022
WP Global Growth 14 Partners, L.P. (Ranger)(a)	North America	Leveraged Buyout		1,976,772		2,937,961		0.38	%	3/27/2024
WP Global Growth Partners L.P. (Ranger)(a)	North America	Leveraged Buyout		2,022,293		2,734,360		0.36	%	3/27/2024
WP XI Partners, L.P.	North America	Leveraged Buyout		781,968		717,072		0.09	%	3/27/2024
Total Secondary Investments (Cost $502,128,465) (75.95%)***						582,757,992
Total Investment Funds (Cost $602,460,210) (91.77%)***					$	704,170,161
Short-Term Investment (8.50%)***					Shares					Fair Value
Money Market Fund
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 3.64% (f)						65,241,168				65,241,168
Total Money Market Fund (Cost $65,241,168) (8.50%)***										65,241,168
Total Investments (Cost $667,701,378) (100.27%)***										769,411,329
Liabilities in excess of other assets (-0.27%)***										(2,056,873	)
Net Assets - 100.00%***										767,354,456

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 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 $96,550,921, which represents 12.58% 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.