# EDGAR Filing Document

**Accession Number:** 0001741739
**File Stem:** 0001145549-23-013743
**Filing Date:** 2023-2
**Character Count:** 58589
**Document Hash:** ae5e03febdf28afbbdb8c4190abf3e48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013743.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013743

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FlowStone Opportunity Fund
- **CENTRAL INDEX KEY:** 0001741739
- **IRS NUMBER:** 364909711
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23352
- **FILM NUMBER:** 23684697

**BUSINESS ADDRESS:**
- **STREET 1:** 55 NOD ROAD
- **STREET 2:** SUITE 120
- **CITY:** AVON
- **STATE:** CT
- **ZIP:** 06001
- **BUSINESS PHONE:** 312-429-2419

**MAIL ADDRESS:**
- **STREET 1:** 55 NOD ROAD
- **STREET 2:** SUITE 120
- **CITY:** AVON
- **STATE:** CT
- **ZIP:** 06001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cresset Private Markets Opportunity Fund
- **DATE OF NAME CHANGE:** 20190130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cresset Private Equity Opportunity Fund
- **DATE OF NAME CHANGE:** 20180523

## Nport-Ex

**FlowStone Opportunity Fund**

**Schedule of Investments**

**December 31, 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.<sup>(a)(b)</sup> | Guernsey | Leveraged Buyout |  | $1965136 | $2156120 | 0.41% | 3/3/2020 |
| Apax XI USD, L.P.<sup>(a)(b)(c)</sup> | Guernsey | Leveraged Buyout |  |  | (56256) | -0.01% | 6/30/2022 |
| Clearlake Capital Partners VII (USTE), L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 4033729 | 3935690 | 0.76% | 10/29/2021 |
| Fin VC Flagship II, LP<sup>(a)(b)</sup> | North America | Venture |  | 1691697 | 1794841 | 0.34% | 5/6/2021 |
| Great Hill Equity Partners VIII, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 271976 | (50260) | -0.01% | 1/31/2022 |
| Liquid Stock I, L.P.<sup>(a)(b)</sup> | North America | Private Equity Fund |  | 3889802 | 4890583 | 0.95% | 8/30/2019 |
| Madison Dearborn Capital Partners VIII-A, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 2787649 | 2726826 | 0.53% | 6/21/2021 |
| New Mountain Partners VI, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1263883 | 1300000 | 0.25% | 4/8/2020 |
| Sun Capital Partners VIII-A, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 2013255 | 1876006 | 0.36% | 6/30/2022 |
| The Veritas Capital Fund VIII, LP<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 2605222 | 2456494 | 0.47% | 3/16/2022 |
| Trident Capital IX, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1027108 | 922655 | 0.18% | 9/17/2021 |
| Vista Equity Partners Fund VIII-A, L.P.<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 31606 | (35715) | -0.01% | 8/24/2022 |
| Warburg Pincus Global Growth 14, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 2012660 | 1951141 | 0.37% | 1/31/2022 |
| **Total Primary Investments (Cost $23,593,723) (4.59%)\*\*\*** |  |  |  |  | 23868125 |  |  |
| **Secondary Investments** |  |  |  |  |  |  |  |
| AEA Investors Fund V LP <sup>(a)(b)</sup> | North America | Leveraged Buyout |  | $495492 | $867287 | 0.17% | 1/1/2022 |
| AEA-SEI Holding II (Delta Rigging) <sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1007860 | 1092247 | 0.21% | 3/31/2022 |
| AIC Credit Opportunities Partners Fund II, L.P.<sup>(b)</sup> | North America | Private Credit |  | 4795321 | 4231481 | 0.81% | 10/31/2019 |
| American Securities Partners VI, L.P.<sup>(b)(d)</sup> | North America | Leveraged Buyout |  | 2922345 | 3089775 | 0.59% | 12/31/2021 |
| Ampersand CF Limited Partnership - Class A<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 169072 | 1200000 | 0.23% | 10/29/2020 |
| Ampersand CF Limited Partnership - Class B<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 302221 | 2000000 | 0.38% | 10/29/2020 |
| Ampersand 2006, L.P.<sup>(a)(b)(e)</sup> | North America | Venture |  |  | 18000 | 0.00% | 12/31/2019 |
| Arsenal Capital Partners III-B LP.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 2034163 | 1423173 | 0.27% | 1/1/2022 |
| Audax Mezzanine Fund III, L.P.<sup>(b)(d)</sup> | North America | Private Credit |  | 351978 | 566906 | 0.11% | 6/30/2021 |
| August Capital V, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 10066877 | 12963898 | 2.49% | 6/30/2022 |
| August Capital V Special Opportunities, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 11460 | 1112687 | 0.21% | 6/30/2022 |
| Awz Pentera II, LLC<sup>(a)(b)</sup> | North America | Venture |  | 10197898 | 17215000 | 3.31% | 8/24/2022 |
| Bain Capital Empire Holdings, L.P. - Class C<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 6548736 | 6521104 | 1.25% | 10/5/2022 |
| Bain Capital Europe III, L.P.<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 190183 | 109010 | 0.02% | 12/31/2021 |
| Bain Capital Venture Fund 2009, L.P.<sup>(a)(b)(d)</sup> | North America | Venture |  | 6649539 | 5262418 | 1.01% | 6/30/2022 |
| BC European Capital IX, L.P.<sup>(a)(b)</sup> | Guernsey | Leveraged Buyout |  | 8737248 | 6769981 | 1.30% | 12/31/2020 |
| BC Partners Galileo (2) L.P.<sup>(a)(b)</sup> | Guernsey | Leveraged Buyout |  | 2187016 | 2791445 | 0.54% | 6/10/2021 |
| Caltius Partners IV, L.P.<sup>(b)</sup> | North America | Private Credit |  | 4136905 | 4008806 | 0.77% | 6/30/2021 |
| Canaan VII, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 432808 | 925938 | 0.18% | 12/31/2019 |
| Carlyle Europe Partners IV, L.P.<sup>(a)(b)(d)</sup> | United Kingdom | Leveraged Buyout |  | 1485687 | 1153103 | 0.22% | 12/31/2021 |
| Carlyle Partners VI, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 2487381 | 1483632 | 0.29% | 12/31/2021 |
| Castle Harlan Partners V & AIV<sup>(a)(b)(d)(e)</sup> | North America | Leveraged Buyout |  | 737815 | 185653 | 0.04% | 9/30/2021 |
| Catterton Partners VI, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 546441 | 1019220 | 0.20% | 12/31/2019 |
| Centerbridge Special Credit Partners, L.P.<sup>(a)(b)</sup> | North America | Private Credit |  | 71891 | 10936 | 0.00% | 12/31/2021 |
| Cerberus Institutional Partners VI, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1210697 | 1748715 | 0.34% | 7/30/2021 |
| Charles River Partnership XIV, LP<sup>(a)(b)(d)</sup> | North America | Venture |  | 1094080 | 1960673 | 0.38% | 6/30/2022 |
| Clarus Lifesciences II, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 5565 | 716607 | 0.14% | 6/30/2022 |
| Clayton, Dubilier & Rice Fund IX, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 7059797 | 5326350 | 1.02% | 12/31/2021 |
| Columbia Capital Equity Partners V (QP), L.P.<sup>(a)(b)</sup> | North America | Venture |  | 4933543 | 8770420 | 1.69% | 6/30/2022 |
| Court Square Capital Partners (Offshore) III, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 4781863 | 3753032 | 0.72% | 12/31/2021 |
| CRG Partners III (Holdings I) L.P.<sup>(b)(d)</sup> | North America | Private Credit |  | 402758 | 371793 | 0.07% | 6/30/2021 |
| Crosslink Ventures V, L.P.<sup>(a)(b)(e)</sup> | North America | Venture |  | 468540 | 500165 | 0.10% | 1/1/2020 |
| CVC Capital Partners VI (A) L.P.<sup>(b)</sup> | Jersey | Leveraged Buyout |  | 5429727 | 4748548 | 0.91% | 1/1/2022 |
| Dace Ventures I, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 294908 | 300000 | 0.06% | 12/31/2019 |
| DBAG Fund VI (Guernsey) L.P.<sup>(a)(b)</sup> | Guernsey | Leveraged Buyout |  | 1454279 | 1393240 | 0.27% | 12/31/2021 |
| DFJ Growth 2006 Continuation, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1497477 | 6005863 | 1.15% | 12/31/2019 |
| EagleTree Partners IV, LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1205189 | 1621112 | 0.31% | 6/30/2021 |
| EnerTech Capital Partners III, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 149040 | 25819 | 0.00% | 12/31/2019 |
| Falcon Strategic Partners III, L.P.<sup>(b)(d)</sup> | North America | Private Credit |  | 1849215 | 2874393 | 0.55% | 6/30/2021 |
| Fin Venture Capital I, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 3620010 | 8303679 | 1.60% | 6/30/2020 |
| Flexpoint Fund II (Cayman), L.P.<sup>(a)(b)(d)</sup> | North America | Venture |  | 1900626 | 3093968 | 0.59% | 6/30/2022 |
| Flexpoint Fund II, L.P.<sup>(a)(b)(d)</sup> | North America | Venture |  | 1801552 | 3033800 | 0.58% | 6/30/2022 |
| Flybridge Capital Partners III, LP<sup>(a)(b)(d)</sup> | North America | Venture |  | 10939815 | 9349232 | 1.80% | 6/30/2022 |
| Francisco Partners III (Cayman), L.P.<sup>(a)(b)</sup> | Cayman | Leveraged Buyout |  |  | 624183 | 0.12% | 12/31/2020 |
| Francisco Partners III (Domestic AIV), L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  |  | 228086 | 0.04% | 12/31/2020 |
| Francisco Partners III, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  |  | 876745 | 0.17% | 12/31/2020 |
| GF Capital Private Equity Fund II-B, L.P.<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 5786761 | 5175485 | 0.99% | 12/31/2021 |
| Hony Capital Fund V, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1942502 | 1517395 | 0.29% | 1/31/2022 |
| ICG Ludgate Hill IB SCSp<sup>(a)(b)(d)</sup> | Luxembourg | Leveraged Buyout |  | 8054301 | 21072596 | 4.05% | 6/22/2021 |
| ICG Ludgate Hill IIIA Porsche LP<sup>(b)(d)</sup> | Luxembourg | Leveraged Buyout |  | 33124263 | 39766507 | 7.64% | 9/26/2022 |
| Icon Partners IV, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 8349670 | 9584828 | 1.84% | 5/21/2021 |
| Icon Partners V, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 7418042 | 7592185 | 1.46% | 8/27/2021 |
| IK VII Fund<sup>(a)(b)</sup> | Jersey | Leveraged Buyout |  | 516357 | 605522 | 0.12% | 12/31/2021 |
| Institutional Venture Partners XII, L.P.<sup>(a)(b)(d)(e)</sup> | North America | Venture |  | 333256 | 20809 | 0.00% | 12/31/2019 |
| Institutional Venture Partners XIV, L.P.<sup>(a)(b)(d)</sup> | North America | Venture |  | 2673071 | 1381176 | 0.27% | 12/31/2021 |
| Intermediate Capital Asia Pacific Fund 2008, L.P.<sup>(a)(b)</sup> | Jersey | Private Credit |  | 245618 | 756185 | 0.15% | 6/30/2021 |
| JFL-NG Continuation Fund, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 2775678 | 4921962 | 0.95% | 10/27/2021 |
| JK&B Capital V, L.P.<sup>(a)(b)(e)</sup> | North America | Venture |  | 148521 | 145449 | 0.03% | 12/31/2019 |
| Kohlberg TE Investors VIII-B, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 26634186 | 31856069 | 6.12% | 12/30/2022 |
| LEP Opportunities II, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 8223899 | 8128242 | 1.56% | 6/27/2022 |
| Lincolnshire Equity Fund IV-A, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 1606812 | 2794609 | 0.54% | 12/31/2020 |
| Littlejohn Fund IV, LP<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 268332 | 798901 | 0.15% | 9/30/2021 |
| Lord Investment S.a r.l. (Valextra SpA)<sup>(a)(b)(d)</sup> | Western Europe | Leveraged Buyout |  | 1867892 | 1785594 | 0.34% | 3/31/2022 |
| MDV IX, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 6134654 | 8536196 | 1.64% | 12/31/2020 |
| Milestone Partners FS LP<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 1537850 | 1280122 | 0.25% | 12/31/2021 |
| Milestone Partners IV, L.P.<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 1610840 | 1391869 | 0.27% | 12/31/2021 |
| Morgenthaler Venture Partners IX, LP<sup>(a)(b)</sup> | North America | Venture |  | 480634 | 717038 | 0.14% | 12/31/2020 |
| NEO Capital Private Equity Fund II L.P.<sup>(a)(b)</sup> | Western Europe | Fund of Funds |  | 1607411 | 1628360 | 0.31% | 1/18/2022 |
| Northstar Mezzanine Partners V, L.P.<sup>(b)</sup> | North America | Private Credit |  | 939194 | 425000 | 0.08% | 6/30/2021 |
| NYLCAP Mezzanine Offshore Partners III, L.P.<sup>(b)</sup> | North America | Private Credit |  | 656104 | 428001 | 0.08% | 6/30/2021 |
| Oaktree European Principal Fund III (U.S.), L.P.<sup>(a)(b)</sup> | North America | Private Credit |  | 1149338 | 1172327 | 0.23% | 11/1/2021 |
| Onex Partners III LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 473895 | 665000 | 0.13% | 10/1/2021 |
| Onset VI, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 3212435 | 5121122 | 0.98% | 6/30/2022 |
| Park Square Capital Partners II, L.P.<sup>(b)</sup> | Guernsey | Private Credit |  | 1680967 | 2039984 | 0.39% | 6/30/2021 |
| Parthenon Investors III, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 431547 | 774818 | 0.15% | 12/31/2019 |
| Peepul Capital Fund II LLC<sup>(a)(b)(d)</sup> | Rest of World | Venture |  | 1012484 | 2421104 | 0.47% | 6/30/2022 |
| Pegasus WSJLL Fund, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 8586099 | 9700000 | 1.86% | 12/14/2021 |
| Permira V<sup>(a)(b)(d)</sup> | Guernsey | Leveraged Buyout |  | 6050072 | 3238826 | 0.62% | 2/1/2022 |
| Platinum Equity Capital Partners III, L.P.<sup>(b)(d)</sup> | North America | Leveraged Buyout |  | 1248161 | 1216258 | 0.23% | 3/31/2022 |
| Point 406 Ventures I, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 1865426 | 657783 | 0.13% | 12/31/2019 |
| Pro SPV, LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 8345445 | 12319762 | 2.37% | 8/27/2021 |
| PT2-A, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 6454213 | 7041948 | 1.35% | 12/15/2021 |
| Quad-C Partners VIII, LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 678626 | 8832 | 0.00% | 9/30/2021 |
| Redpoint Ventures IV, L.P.<sup>(a)(b)(d)</sup> | North America | Venture |  | 3020976 | 1504193 | 0.29% | 12/31/2020 |
| Rembrandt Venture Partners Fund Two, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 922119 | 916507 | 0.18% | 12/31/2019 |
| Reverence Capital Partners Opportunities Fund I, L.P.<sup>(b)(d)</sup> | North America | Leveraged Buyout |  | 1493696 | 1814114 | 0.35% | 12/31/2020 |
| Riverstone Global Energy and Power Fund VI, LP<sup>(b)</sup> | North America | Leveraged Buyout |  | 317082 | 694763 | 0.13% | 6/30/2021 |
| Roark Capital Partners CF LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 12070648 | 14940952 | 2.87% | 8/19/2022 |
| Savant Growth Fund I, LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1941327 | 1279881 | 0.25% | 12/8/2020 |
| StepStone Real Estate Partners III, L.P.<sup>(b)(d)</sup> | North America | Fund of Funds |  | 67825 | 137607 | 0.03% | 6/30/2021 |
| Summit Partners Growth Equity Fund IX-A, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 2858840 | 2950668 | 0.57% | 6/30/2021 |
| Summit Partners Subordinated Debt IV-B, L.P.<sup>(a)(b)</sup> | North America | Private Credit |  | 737351 | 633662 | 0.12% | 6/30/2021 |
| TA Subordinated Debt Fund III, L.P.<sup>(a)(b)</sup> | North America | Private Credit |  | 669849 | 553889 | 0.11% | 7/30/2021 |
| TCW/Crescent Mezzanine Partners VB, L.P.<sup>(a)(b)</sup> | North America | Private Credit |  | 26042 | 349254 | 0.07% | 6/30/2021 |
| The Peninsula Fund V, L.P.<sup>(b)</sup> | North America | Private Credit |  | 8856221 | 11124598 | 2.14% | 7/1/2021 |
| The Resolute Fund III, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 1651848 | 2338068 | 0.45% | 12/31/2021 |
| The Veritas Capital Partners IV, LP<sup>(a)(b)(d)</sup> | North America | Leveraged Buyout |  | 28583 | 85480 | 0.02% | 1/1/2022 |
| TowerBrook Investors IV (OS), L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 4442557 | 3034531 | 0.58% | 12/31/2021 |
| TZP Capital Partners I (PIV), LP<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 79463 | 65501 | 0.01% | 4/7/2021 |
| TZP Capital Partners II-A (Blocker), LP<sup>(b)</sup> | North America | Leveraged Buyout |  | 601334 | 955344 | 0.18% | 4/7/2021 |
| TZP Small Cap Partners I-A (Blocker), LP<sup>(b)</sup> | North America | Leveraged Buyout |  | 278721 | 235980 | 0.05% | 4/7/2021 |
| Versant Venture Capital IV, L.P.<sup>(a)(b)</sup> | North America | Venture |  | 6545505 | 1060602 | 0.20% | 12/31/2020 |
| Warburg Pincus Financial Sector, L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 19885218 | 19196773 | 3.69% | 6/30/2022 |
| Warburg Pincus Global Growth L.P.<sup>(a)(b)</sup> | North America | Leveraged Buyout |  | 16890390 | 23312760 | 4.48% | 6/30/2022 |
| Warburg Pincus Private Equity XII, L.P.<sup>(b)</sup> | North America | Leveraged Buyout |  | 20662142 | 21137043 | 4.06% | 6/30/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Investments (Cost $384,837,311) (86.22%)\*\*\*** |  |  |  |  | 448658157 |  |  |
| &nbsp;&nbsp;&nbsp; **Total Investment Funds (Cost $408,431,034) (90.81%)\*\*\*** |  |  |  |  | $472526282 |  |  |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment (9.71%)\*\*\*** | | |
| **Money Market Fund** |  |  |
| Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 4.10% <sup>(f)</sup> | 50526149 | $50526149 |
| &nbsp;&nbsp;&nbsp;**Total Money Market Fund (Cost $50,526,149) (9.71%)\*\*\*** |  | $50526149 |
| **Total Investments (Cost $458,957,183) (100.52%)\*\*\*** |  | $**523052431** |
| Liabilities less other assets (-0.52%)\*\*\* |  | (2704600) |
| **Shareholders' Capital - 100.00%\*\*\*** |  | $**520347831** |

---

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.

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> 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.

<sup>(c)</sup> As of December 31, 2022, no capital has been contributed to this Investment Fund and the fair value represents a liability of a commitment to the Investment Fund.

<sup>(d)</sup> Fair valued by the Fair Value Committee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment.

<sup>(e)</sup> The Investment Fund is liquidating its assets and is in the process of returning capital to its limited partners in a reasonable manner.

<sup>(f)</sup> The rate quoted is the annualized seven-day yield of the fund at the period end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FLOWSTONE OPPORTUNITY FUND

- **b. Investment Company Act file number:** 811-23352

- **c. CIK number of Registrant:** 0001741739

- **d. LEI of Registrant:** 54930070WA2NYCEI1614

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 55 Nod Road

  - **City:** Avon

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06001

  - **Telephone number:** 3124292419

**Item A.2. Information about the Series.**

- **a. Name of Series:** FLOWSTONE OPPORTUNITY FUND

- **c. LEI of Series:** 54930070WA2NYCEI1614

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $506229711.60

**Total Liabilities:** $2738640.64

**Net Assets:** $503491070.96

**Cash Not Reported:** $78355597.06

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.00%                | 0.00%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $6172056.34              | $-2231483.24                               |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                 | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AEA Investors Fund V LP                               | AEA Investors Fund V LP                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    901606 | OU      | $901606.00    | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AEA-SEI Holding II (Delta Rigging)                    | AEA-SEI Holding II (Delta Rigging)                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1484019 | OU      | $1484019.00   | 0.29%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AIC Credit Opportunities Partners Fund II L.P.        | AIC Credit Opportunities Partners Fund II L.P.        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4345094 | OU      | $4345094.00   | 0.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| American Securities Partners VI, L.P.                 | American Securities Partners VI, L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3089775 | OU      | $3089775.00   | 0.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ampersand 2006 Limited Partnership                    | Ampersand 2006 Limited Partnership                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     24181 | OU      | $24181.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ampersand CF Limited Partnership - Class A            | Ampersand CF Limited Partnership - Class A            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1260929 | OU      | $1260928.91   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ampersand CF Limited Partnership - Class B            | Ampersand CF Limited Partnership - Class B            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2248168 | OU      | $2248168.09   | 0.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Apax X USD, L.P.                                      | Apax X USD, L.P.                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   1492071 | OU      | $1492071.00   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Arsenal Capital Partners III-B LP                     | Arsenal Capital Partners III-B LP                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1216082 | OU      | $1216082.00   | 0.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Audax Mezzanine Fund III, L.P.                        | Audax Mezzanine Fund III, L.P.                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    566906 | OU      | $566906.00    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| August Capital V Special Opportunities, L.P.          | August Capital V Special Opportunities, L.P.          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1208607 | OU      | $1208607.00   | 0.24%             |  |  |  | Yes           | N/A                | On Loan: No      |
| August Capital V, L.P.                                | August Capital V, L.P.                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12011983 | OU      | $12011983.00  | 2.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Awz Pentera II, LLC                                   | Awz Pentera II, LLC                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  17050000 | OU      | $17050000.00  | 3.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bain Capital Europe III, L.P.                         | Bain Capital Europe III, L.P.                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     99815 | OU      | $99814.75     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bain Capital Venture Fund 2009, L.P.                  | Bain Capital Venture Fund 2009, L.P.                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4913651 | OU      | $4913651.00   | 0.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BC European Capital IX                                | BC European Capital IX                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   6570004 | OU      | $6570004.18   | 1.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BC Partners Galileo (2) L.P.                          | BC Partners Galileo (2) L.P.                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   2397028 | OU      | $2397028.13   | 0.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Caltius Partners IV, L.P.                             | Caltius Partners IV, L.P.                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3931792 | OU      | $3931792.00   | 0.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Canaan VII, L.P.                                      | Canaan VII, L.P.                                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    882110 | OU      | $882110.00    | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carlyle Europe Partners IV, L.P.                      | Carlyle Europe Partners IV, L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |   1055835 | OU      | $1055835.17   | 0.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carlyle Partners VI, L.P.                             | Carlyle Partners VI, L.P.                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1603756 | OU      | $1603756.00   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Castle Harlan Partners V & AIV                        | Castle Harlan Partners V & AIV                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    120814 | OU      | $120814.00    | 0.02%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Catterton Partners VI, L.P.                           | Catterton Partners VI, L.P.                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1028318 | OU      | $1028318.00   | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Centerbridge Special Credit Partners                  | Centerbridge Special Credit Partners                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     22731 | OU      | $22731.00     | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Cerberus Institutional Partners VI, L.P.              | Cerberus Institutional Partners VI, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1829006 | OU      | $1829006.00   | 0.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Charles River Partnership XIV, LP                     | Charles River Partnership XIV, LP                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2077235 | OU      | $2077235.00   | 0.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Clarus Lifesciences II, L.P.                          | Clarus Lifesciences II, L.P.                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    710015 | OU      | $710014.60    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Clayton,Dubilier & Rice Fund IX, LP                   | Clayton,Dubilier & Rice Fund IX, LP                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6159235 | OU      | $6159235.00   | 1.22%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Clearlake Capital Partners VII (USTE), L.P.           | Clearlake Capital Partners VII (USTE), L.P.           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3254194 | OU      | $3254194.00   | 0.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Columbia Capital Equity Partners V (QP), L.P.         | Columbia Capital Equity Partners V (QP), L.P.         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8679990 | OU      | $8679990.00   | 1.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Court Square Capital Partners (Offshore) III, L.P.    | Court Square Capital Partners (Offshore) III, L.P.    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4086295 | OU      | $4086295.00   | 0.81%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CRG Partners III (Holdings I) L.P.                    | CRG Partners III (Holdings I) L.P.                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    444439 | OU      | $444439.00    | 0.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Crosslink Ventures V, L.P.                            | Crosslink Ventures V, L.P.                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    472980 | OU      | $472980.00    | 0.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CVC Capital Partners VI (A) L.P.                      | CVC Capital Partners VI (A) L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | JE        |   4754753 | OU      | $4754752.59   | 0.94%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Dace Ventures I, LP                                   | Dace Ventures I, LP                                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    388000 | OU      | $388000.00    | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DBAG Fund VI (Guernsey) L.P.                          | DBAG Fund VI (Guernsey) L.P.                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   1428322 | OU      | $1428321.95   | 0.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| DFJ Growth 2006 Continuation, L.P.                    | DFJ Growth 2006 Continuation, L.P.                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KY        |   6012179 | OU      | $6012179.00   | 1.19%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EagleTree Partners IV, LP                             | EagleTree Partners IV, LP                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1618551 | OU      | $1618551.00   | 0.32%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Emerald Partners V, LP                                | Emerald Partners V, LP                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |      2940 | OU      | $2940.00      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EnerTech Capital Partners III, L.P.                   | EnerTech Capital Partners III, L.P.                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     26263 | OU      | $26263.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Falcon Strategic Partners III, L.P.                   | Falcon Strategic Partners III, L.P.                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2737517 | OU      | $2737517.00   | 0.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fin VC Flagship II, LP                                | Fin VC Flagship II, LP                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1338113 | OU      | $1338113.35   | 0.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fin Venture Capital I, L.P.                           | Fin Venture Capital I, L.P.                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9406357 | OU      | $9406356.89   | 1.87%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Flexpoint Fund II (Cayman), L.P.                      | Flexpoint Fund II (Cayman), L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3093968 | OU      | $3093968.00   | 0.61%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Flexpoint Fund II, L.P.                               | Flexpoint Fund II, L.P.                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3033877 | OU      | $3033877.00   | 0.60%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Flybridge Capital Partners III, LP                    | Flybridge Capital Partners III, LP                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9349232 | OU      | $9349232.00   | 1.86%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Francisco Partners III, L.P.                          | Francisco Partners III, L.P.                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1709056 | OU      | $1709056.00   | 0.34%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GF Capital Private Equity Fund II-B, L.P.             | GF Capital Private Equity Fund II-B, L.P.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5083209 | OU      | $5083209.00   | 1.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Great Hill Equity Partners VIII, L.P.                 | Great Hill Equity Partners VIII, L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   -288784 | OU      | $-288784.00   | -0.06%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Hony Capital Fund V, L.P.                             | Hony Capital Fund V, L.P.                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1427936 | OU      | $1427935.53   | 0.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG Ludgate Hill IB SCSp                              | ICG Ludgate Hill IB SCSp                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |  20763397 | OU      | $20763397.22  | 4.12%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ICG Ludgate Hill IIIA Porsche LP                      | ICG Ludgate Hill IIIA Porsche LP                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |  39534971 | OU      | $39534971.00  | 7.85%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Icon Partners IV, L.P.                                | Icon Partners IV, L.P.                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8966956 | OU      | $8966956.00   | 1.78%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Icon Partners V, L.P.                                 | Icon Partners V, L.P.                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7597404 | OU      | $7597404.00   | 1.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| IK VII Fund                                           | IK VII Fund                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | JE        |    558162 | OU      | $558162.15    | 0.11%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Institutional Venture Partners XII, L.P.              | Institutional Venture Partners XII, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     38500 | OU      | $38500.00     | 0.01%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Institutional Venture Partners XIV, L.P               | Institutional Venture Partners XIV, L.P               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1786318 | OU      | $1786318.00   | 0.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Intermediate Capital Asia Pacific Fund 2008, L.P.     | Intermediate Capital Asia Pacific Fund 2008, L.P.     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | JE        |    756185 | OU      | $756185.00    | 0.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JFL-NG Continuation Fund, L.P.                        | JFL-NG Continuation Fund, L.P.                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3955229 | OU      | $3955229.00   | 0.79%             |  |  |  | Yes           | N/A                | On Loan: No      |
| JK&B Capital V, L.P.                                  | JK&B Capital V, L.P.                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    145496 | OU      | $145496.00    | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LEP Opportunities II, L.P.                            | LEP Opportunities II, L.P.                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   8042986 | OU      | $8042986.00   | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Lincolnshire Equity Fund IV-A, L.P.                   | Lincolnshire Equity Fund IV-A, L.P.                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2791088 | OU      | $2791088.00   | 0.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Liquid Stock I, LP                                    | Liquid Stock I, LP                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5066734 | OU      | $5066734.00   | 1.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Littlejohn Fund IV, LP                                | Littlejohn Fund IV, LP                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    722547 | OU      | $722547.00    | 0.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Lord Investment S.a r.l. (Valextra SpA)               | Lord Investment S.a r.l. (Valextra SpA)               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |   1623211 | OU      | $1623211.20   | 0.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Madison Dearborn Capital Partners VIII-A, L.P.        | Madison Dearborn Capital Partners VIII-A, L.P.        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2842190 | OU      | $2842190.00   | 0.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MDV IX, L.P.                                          | MDV IX, L.P.                                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1967420 | OU      | $1967420.00   | 0.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MDV IX, L.P. (Owl)                                    | MDV IX, L.P. (Owl)                                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6885987 | OU      | $6885987.00   | 1.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Milestone Partners FS                                 | Milestone Partners FS                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1280993 | OU      | $1280993.00   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Milestone Partners IV                                 | Milestone Partners IV                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1391869 | OU      | $1391869.00   | 0.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Morgenthaler Venture Partners IX, LP                  | Morgenthaler Venture Partners IX, LP                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    828354 | OU      | $828354.00    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NEO Capital Private Equity Fund II L.P.               | NEO Capital Private Equity Fund II L.P.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |   1489309 | OU      | $1489309.02   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| New Mountain Partners VI, L.P.                        | New Mountain Partners VI, L.P.                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1279000 | OU      | $1279000.00   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Northstar Mezzanine Partners V, L.P.                  | Northstar Mezzanine Partners V, L.P.                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    214535 | OU      | $214535.00    | 0.04%             |  |  |  | Yes           | N/A                | On Loan: No      |
| NYLCAP Mezzanine Offshore Partners III, L.P.          | NYLCAP Mezzanine Offshore Partners III, L.P.          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    407688 | OU      | $407688.00    | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Oaktree European Principal Fund III (U.S.), L.P.      | Oaktree European Principal Fund III (U.S.), L.P.      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1519772 | OU      | $1519772.00   | 0.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Onex Partners III                                     | Onex Partners III                                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    690915 | OU      | $690915.00    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ONSET VI, L.P.                                        | ONSET VI, L.P.                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4437554 | OU      | $4437554.00   | 0.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Park Square Capital Partners II, L.P.                 | Park Square Capital Partners II, L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   1684599 | OU      | $1684599.17   | 0.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Parthenon Investors III, L.P.                         | Parthenon Investors III, L.P.                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    671223 | OU      | $671223.00    | 0.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Peepul Capital Fund II LLC                            | Peepul Capital Fund II LLC                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | XX        |   3110919 | OU      | $3110919.00   | 0.62%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Pegasus WSJLL Fund, L.P.                              | Pegasus WSJLL Fund, L.P.                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   9200000 | OU      | $9200000.00   | 1.83%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Permira V                                             | Permira V                                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GG        |   3326046 | OU      | $3326046.01   | 0.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Platinum Equity Capital Partners III, L.P.            | Platinum Equity Capital Partners III, L.P.            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1296420 | OU      | $1296420.00   | 0.26%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Point 406 Ventures I, LP                              | Point 406 Ventures I, LP                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    795104 | OU      | $795104.00    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pro SPV, LP                                           | Pro SPV, LP                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  13317578 | OU      | $13317578.00  | 2.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PT2-A, L.P.                                           | PT2-A, L.P.                                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6715225 | OU      | $6715225.00   | 1.33%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Quad-C Partners VIII, LP                              | Quad-C Partners VIII, LP                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |      8919 | OU      | $8919.00      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Redpoint Ventures IV, L.P.                            | Redpoint Ventures IV, L.P.                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1553827 | OU      | $1553827.00   | 0.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Rembrandt Venture Partners Fund Two, L.P.             | Rembrandt Venture Partners Fund Two, L.P.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    995344 | OU      | $995344.00    | 0.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Reverence Capital Partners Opportunities Fund I, L.P. | Reverence Capital Partners Opportunities Fund I, L.P. | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1782770 | OU      | $1782770.36   | 0.35%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Riverstone Global Energy and Power Fund VI, LP        | Riverstone Global Energy and Power Fund VI, LP        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    701727 | OU      | $701727.00    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Roark Capital Partners CF LP                          | Roark Capital Partners CF LP                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  13528919 | OU      | $13528918.86  | 2.69%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Savant Growth Fund I, LP                              | Savant Growth Fund I, LP                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1279881 | OU      | $1279881.00   | 0.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| StepStone Real Estate Partners III, L.P.              | StepStone Real Estate Partners III, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    174834 | OU      | $174834.00    | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Summit Partners Growth Equity Fund IX-A, L.P.         | Summit Partners Growth Equity Fund IX-A, L.P.         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3005556 | OU      | $3005556.00   | 0.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Summit Partners Subordinated Debt IV-B, L.P.          | Summit Partners Subordinated Debt IV-B, L.P.          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    689770 | OU      | $689770.00    | 0.14%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sun Capital Partners VIII-A, L.P.                     | Sun Capital Partners VIII-A, L.P.                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    -85000 | OU      | $-85000.00    | -0.02%            |  |  |  | Yes           | N/A                | On Loan: No      |
| TA Subordinated Debt Fund III, L.P.                   | TA Subordinated Debt Fund III, L.P.                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    587752 | OU      | $587752.00    | 0.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TCW/Crescent Mezzanine Partners VB, L.P.              | TCW/Crescent Mezzanine Partners VB, L.P.              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    266094 | OU      | $266093.60    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Peninsula Fund V, L.P.                            | The Peninsula Fund V, L.P.                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  13423226 | OU      | $13423226.00  | 2.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Resolute Fund III, L.P.                           | The Resolute Fund III, L.P.                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2336050 | OU      | $2336050.00   | 0.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Veritas Capital Fund IV, LP                       | The Veritas Capital Fund IV, LP                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     97136 | OU      | $97136.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| The Veritas Capital Fund VIII, LP                     | The Veritas Capital Fund VIII, LP                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    -33446 | OU      | $-33446.00    | -0.01%            |  |  |  | Yes           | N/A                | On Loan: No      |
| TowerBrook Investors IV (OS), L.P.                    | TowerBrook Investors IV (OS), L.P.                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3364062 | OU      | $3364062.00   | 0.67%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Trident Capital IX, L.P.                              | Trident Capital IX, L.P.                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    440179 | OU      | $440179.00    | 0.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TZP Capital Partners I (PIV), LP                      | TZP Capital Partners I (PIV), LP                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |     69131 | OU      | $69131.00     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TZP Capital Partners II-A (Blocker), LP               | TZP Capital Partners II-A (Blocker), LP               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    957298 | OU      | $957298.00    | 0.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TZP Small Cap Partners I-A (Blocker), LP              | TZP Small Cap Partners I-A (Blocker), LP              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    249166 | OU      | $249166.00    | 0.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Versant Venture Capital IV, L.P.                      | Versant Venture Capital IV, L.P.                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1035596 | OU      | $1035596.00   | 0.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Vista Equity Partners Fund VIII-A, L.P.               | Vista Equity Partners Fund VIII-A, L.P.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    -35715 | OU      | $-35715.00    | -0.01%            |  |  |  | Yes           | N/A                | On Loan: No      |
| Warburg Pincus Financial Sector, L.P.                 | Warburg Pincus Financial Sector, L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  19215538 | OU      | $19215538.00  | 3.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Warburg Pincus Global Growth 14, L.P.                 | Warburg Pincus Global Growth 14, L.P.                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |    932392 | OU      | $932392.00    | 0.19%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Warburg Pincus Global Growth L.P.                     | Warburg Pincus Global Growth L.P.                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  23364215 | OU      | $23364215.00  | 4.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Warburg Pincus Private Equity XII, L.P.               | Warburg Pincus Private Equity XII, L.P.               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  21708074 | OU      | $21708074.00  | 4.31%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-01-04

**Name of Applicant:** FLOWSTONE OPPORTUNITY FUND

**Signature:** /s/ Trent Statczar

**Name of Signer:** Trent Statczar

**Title:** Principal Financial Officer