# EDGAR Filing Document

**Accession Number:** 0001741739
**File Stem:** 0001999371-25-007351
**Filing Date:** 2025-6
**Character Count:** 178204
**Document Hash:** abe8a5cf78e856cc5e5a27371c5fe8d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007351.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001999371-25-007351

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FlowStone Opportunity Fund
- **CENTRAL INDEX KEY:** 0001741739

**ORGANIZATION NAME:**
- **EIN:** 364909711
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23352
- **FILM NUMBER:** 251030231

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number **811-23352**

FlowStone Opportunity Fund

(Exact name of registrant as specified in charter)

**55 Nod Road, Ste 120**

**Avon, CT 06001**

(Address of principal executive offices) (Zip code)

**Scott Conners**

**FlowStone Partners, LLC**

**55 Nod Road, Ste 120**

**Avon, CT 06001**

(Name and address of agent for service)

registrant's telephone number, including area code: **(312) 429-2419**

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

(a) ![](flow-fs_033125img001.gif)

**FlowStone Opportunity Fund**<br>

**Annual Report**

For the Year Ended March 31, 2025

**FlowStone Opportunity Fund**

**Table of Contents**<br>

---

| | |
|:---|:---|
|  [Investor Letter (Unaudited)](#flow-fs_033125a5) | 2 |
|  [Management Discussion of Fund Performance (Unaudited)](#flow-fs_033125a6) | 4 |
|  [Consolidated Schedule of Investments](#flow-fs_033125a7) | 5 |
|  [Consolidated Statement of Assets and Liabilities](#flow-fs_033125a8) | 11 |
|  [Consolidated Statement of Operations](#flow-fs_033125a9) | 12 |
|  [Consolidated Statements of Changes in Net Assets](#flow-fs_033125a10) | 13 |
|  [Consolidated Statement of Cash Flows](#flow-fs_033125a11) | 15 |
|  [Consolidated Financial Highlights](#flow-fs_033125a12) | 16 |
|  [Notes to the Consolidated Financial Statements](#flow-fs_033125a13) | 19 |
|  [Report of Independent Registered Public Accounting Firm](#flow-fs_033125a14) | 28 |
|  [Other Information (Unaudited)](#flow-fs_033125a15) | 29 |
|  [Fund Management (Unaudited)](#flow-fs_033125a16) | 30 |
|  [Privacy Notice (Unaudited)](#flow-fs_033125a17) | 35 |

---

**FlowStone Opportunity Fund**

**Investor Letter**<br> **March 31, 2025 (Unaudited)**<br>

To All FlowStone Opportunity Fund investors:

We are very pleased to present you with the annual report for FlowStone Opportunity Fund ("FSOF" or "Fund"), dated March 31, 2025. For the twelve months ended March 31, 2025, the Fund accepted $64.2 million in new subscriptions. The Fund's Net Asset Value is $712.3 million, as of March 31, 2025.

During the twelve months ended March 31, 2025, the Fund's Class I Shares net total return was 3.17%. Over the same period, the Russell 2000 Index generated a -4.01% total return. FSOF is managed to provide broadly diversified private equity exposure that is often difficult to access for most investors. FlowStone Partners, LLC (the "Adviser" or "FlowStone") seeks to generate private equity-like returns through a broad portfolio that may result in less return volatility, in both up and down markets, compared to broad-based public equity indices which may be driven by a handful of positions. This reduced correlation was in full view over the past fiscal-year; and in particular, the quarter ended March 31, 2025, with returns that out paced the Russell 2000 Index in a highly volatile environment. The Adviser's investment strategy seeks to acquire and manage quality private equity assets, generally at discounts to what we assess to be appropriate and sustainable valuations. This approach has resulted in net total returns of 14.14% over the five years ended March 31, 2025 and 13.63% since the Fund's inception date of August 31, 2019 through March 31, 2025.

The Fund's objective is to generate an appropriate level of excess risk-adjusted returns through traditional private equity investment horizons, while shorter term results may experience a less correlated outcome. For example, public markets that rally following a drawdown, such as in 2023 and 2024, may outperform private equity over the short term, but private markets may outperform public indices when they experience downdrafts and during a more sustained rebound in public markets and exit activity supported by strong capital markets. This was evidenced across the Great Financial Crisis and through the COVID environment It is difficult, if not impossible, for investors to forecast these inflection points and empirical evidence suggests the best way to benefit from private equity is to consistently invest over a long-term horizon.

In building the FSOF portfolio, we continuously seek to balance transaction types across various metrics: highly diversified versus single-asset; tail-end versus "sweet spot"; and growth versus purchase discount. Each transaction type can provide benefits to the portfolio in different market environments and we seek to utilize a balanced approach to build a diversified portfolio that can provide appropriate risk adjusted returns.

The key components of our performance are 1) the excess risk adjusted returns possible through properly executed private equity secondary transactions, including the Adviser's ability to purchase assets at a discount to Net Asset Value (as reported by the underlying managers); 2) the continuance of the long-term historical outperformance of private equity as an asset class relative to public indices as measured by PME (Private Market Equivalent) metrics; 3) the level of investment portfolio diversification across all of the relevant metrics (fund, manager, investment strategy, industry sector, and vintage year); and 4) the quality of the Fund's portfolio (in the Adviser's assessment). Equally as important, the Adviser has increased the profile of the Fund's portfolio through the enhancement of its diversification as measured by all the relevant exposures: funds, managers, asset type, industry sector, and vintage year.

From the inception date through Q1 2025, the Fund completed 38 private equity secondary transactions, and 22 primary investments, the details of which can be found in the Fact Sheet section of the Adviser's website (<u><u>www.flowstonepartners.com</u></u>). The opening months of 2025 have seen an increase in secondary transaction volume. The industry is on pace to exceed the prior transaction value high-water mark of $160 billion in 2024. We are pleased with the quality, pricing, and pace of the Fund's deal flow pipeline and investment activity. We anticipate that the private equity secondary markets will continue to enjoy increased transaction volume as pent-up supply finds its way to the market and the economic environment creates pressures for investors to actively manage their private equity portfolios through secondary transactions. These pressures include a downturn in liquidity proceeds from mature portfolios creating pressure on institutional investors' investment budgets through 2025.

As of March 31, 2025, the Fund has approximately $89.5 million of uninvested capital available to make secondary purchases and primary commitments in the private equity market. The Adviser's experience investing through multiple macro environments over the past 30 years suggests that the increase in deal volume, combined with a relatively favorable pricing environment at the smaller end of the secondary market where the Fund focuses, may create an attractive buying opportunity.

As always, we sincerely appreciate your trust in the FlowStone team's ability to be good stewards of your capital. Every day, we strive to re-earn that trust. Please don't hesitate to contact us with any questions or concerns.

Sincerely,

![](flow-fs_033125img002.gif)

Scott P. Conners, CFA<br>President<br>FlowStone Opportunity Fund

**FlowStone Opportunity Fund**

**Investor Letter**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

*Past performance is not indicative of future results. Investment in this Fund may result in the loss of all principal amounts invested. Shares of beneficial interest in the Fund (the "Shares") are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Agreement and Declaration of Trust (as amended). Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at a Fund shareholder's option nor will they be exchangeable for Shares or shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program. The amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.* 

*The Russell 2000 is a stock market index that tracks the performance of 2,000 small-cap U.S. public companies.*

*This is not an offer to sell Shares and is not soliciting an offer to buy Shares in any state or jurisdiction where such offer or sale is not permitted. You are advised to read the Prospectus carefully prior to investment.*

*Investments in the Fund may be made only by "Eligible Investors" defined as a "qualified client" within the meaning of Rule 205-3 under the Investment Advisers Act of 1940 and an "accredited investor" within the meaning of Rule 501 under the Securities Act of 1933, as amended (the "Securities Act").*

*Diversification does not eliminate the risk of experiencing investment losses.*

*This material represents the manager's assessment of the Fund and market environment as of March 31, 2025 and should not be relied upon by the reader as research, tax or investment advice, is subject to change at any time based upon economic, market, or other conditions and the Adviser undertakes no obligation to update the views expressed herein. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent.*

*This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund's management's predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict.*

*The Fund's principal underwriter is Distribution Services, LLC (formerly, UMB Distribution Services, LLC).*

**FlowStone Opportunity Fund**

**Management Discussion of Fund Performance**<br> **March 31, 2025 (Unaudited)**<br>

This chart represents historical performance of a hypothetical investment of $1,000,000 in the Fund, Class I, S&P 500\* and Russell 2000 Index\*\* from August 31, 2019 to March 31, 2025 and includes the reinvestment of dividends and capital gains.

![](flow-fs_033125img003.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One <br>Year** | **Five <br>Year** | **Annualized** <br> **Since Inception** | **Cumulative** <br> **Since Inception** | **Expense Ratio <br>Gross/Net\*\*\*** |
|  FlowStone Opportunity Fund, Class I  | 3.17% | 14.14% | 13.63% | 104.20% | 4.01% /4.01% |
|  S&P 500\*  | 8.25% | 18.59% | 14.16% | 109.56% |  |
|  Russell 2000\*\*  | -4.01% | 13.27% | 6.90% | 45.20% |  |

---

****Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of*** ***fund shares.****

The total returns shown reflect any expenses that were contractually or voluntarily reduced, reimbursed or paid by any party during the periods presented. In such instances, and without activity, the total returns would have been lower.

\*The S&P 500 Index is a market capitalization weighted price index composed of 500 widely held U.S. common stocks and is frequently used as a measure of U.S. stock market performance.

\*\*The Russell 2000 is a stock market index that tracks the performance of 2,000 small-cap U.S. public companies.

\*\*\*Reflects the expense ratios as reported in the Registration Statement dated July 31, 2024.

The above indices are for illustrative purposes only and do not reflect the deduction of expenses associated with the Fund, such as investment management, incentive and fund accounting fees. The Fund's performance reflects the deduction of these expenses. An investor cannot invest directly in an index, although an investor can invest in its underlying securities.

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\*** | **Geographic<br>Region\*\*** | **Investment<br>Strategy** | **Fair<br>Value** | **% of<br>Net Assets** | **Original**<br> **Acquisition<br>Date** |
|  **Primary Investments** |  |  |  |  |  |
|  Apax X USD, L.P.<sup>(a)(b)</sup>  | Guernsey | Leveraged Buyout | $2632732<br>| 0.37% | 3/3/2020 |
|  Apax XI USD, L.P.<sup>(a)(b)</sup>  | Guernsey | Leveraged Buyout | 2375057 | 0.33% | 6/30/2022 |
|  Arlington Capital Partners VI, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 7367253 | 1.03% | 12/15/2023 |
|  Audax Private Equity Junior Capital Fund II, L.P.<sup>(a)</sup>  | North America | Private Equity Fund | 272949 | 0.04% | 7/20/2023 |
|  Berkshire Fund XI-TE, L.P. <sup>(a)(b)</sup>  | North America | Leveraged Buyout | (113226) | -0.02% | 6/28/2024 |
|  Clayton, Dubilier & Rice Fund XII, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 3479657 | 0.49% | 9/2/2022 |
|  Clearlake Capital Partners VII (USTE), L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 7224118 | 1.01% | 10/29/2021 |
|  CVC Capital Partners IX (a) L.P.<sup>(a)(b)</sup>  | Jersey | Leveraged Buyout | 1625711 | 0.23% | 6/12/2023 |
|  Fin VC Flagship II, LP<sup>(a)(b)</sup>  | North America | Venture | 2959970 | 0.42% | 5/6/2021 |
|  Great Hill Equity Partners VIII, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2085070 | 0.29% | 1/31/2022 |
|  Kohlberg Investors X, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2453211 | 0.34% | 6/30/2023 |
|  Liquid Stock I, L.P.<sup>(a)(b)</sup>  | North America | Private Equity Fund | 4069867 | 0.57% | 8/30/2019 |
|  Madison Dearborn Capital Partners VIII-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 4939656 | 0.69% | 6/21/2021 |
|  New Mountain Partners VI, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 3281651 | 0.47% | 4/21/2020 |
|  New Mountain Partners VII, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1426458 | 0.21% | 12/22/2023 |
|  Platinum Equity Capital Partners VI, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 6006964 | 0.85% | 12/29/2023 |
|  Sun Capital Partners VIII-A, L.P.<sup>(a)</sup>  | Cayman | Leveraged Buyout | 4275293 | 0.60% | 6/30/2022 |
|  The Veritas Capital Fund VIII, LP<sup>(a)</sup>  | North America | Leveraged Buyout | 10131627 | 1.42% | 3/16/2022 |
|  The Veritas Capital Fund IX, LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | (41872) | -0.01% | 12/18/2024 |
|  Trident Capital IX, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 4362838 | 0.61% | 9/17/2021 |
|  Vista Equity Partners Fund VIII-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 5261716 | 0.74% | 8/24/2022 |
|  Warburg Pincus Global Growth 14, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 7181465 | 1.01% | 1/31/2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Investments (Cost $73,409,201) (11.69%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Investments (Cost $73,409,201) (11.69%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Investments (Cost $73,409,201) (11.69%)\*\*\***  | 83258165 |  |  |
|  **Secondary Investments** |  |  |  |  |  |
|  AEA Investors Fund V LP <sup>(a)(b)</sup>  | North America | Leveraged Buyout | $412560<br>| 0.06% | 1/1/2022 |
|  AIC Credit Opportunities Partners Fund II, L.P.<sup>(a)</sup>  | North America | Private Credit | 767873 | 0.11% | 10/31/2019 |
|  American Securities Partners VI, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 1830920 | 0.25% | 12/31/2021 |
|  Ampersand CF Limited Partnership - Class A<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1822498 | 0.26% | 10/29/2020 |
|  Ampersand CF Limited Partnership - Class B<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2899338 | 0.40% | 10/29/2020 |
|  Arsenal Capital Partners III-B LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 544596 | 0.08% | 1/1/2022 |
|  Audax Mezzanine Fund III, L.P.<sup>(a)</sup>  | North America | Private Credit | 449778 | 0.06% | 6/30/2021 |
|  Audax Private Equity Fund III, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 118476 | 0.02% | 6/30/2023 |
|  Audax Private Equity Fund V-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 11729377 | 1.65% | 6/30/2023 |
|  Audax Private Equity Fund VI-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 18977792 | 2.65% | 6/30/2023 |
|  August Capital V, L.P.<sup>(a)(b)</sup>  | North America | Venture | 7924726 | 1.11% | 6/30/2022 |
|  August Capital V Special Opportunities, L.P.<sup>(a)(b)</sup>  | North America | Venture | 761686 | 0.11% | 6/30/2022 |
|  Awz Pentera II, LLC<sup>(a)(b)</sup>  | North America | Venture | 18810829 | 2.63% | 8/24/2022 |
|  Bain Capital Empire Holdings, L.P. - Class C<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 6805032 | 0.96% | 10/5/2022 |
|  Bain Capital Europe III, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 3000 | 0.00% | 12/31/2021 |
|  Bain Capital Venture Fund 2009, L.P.<sup>(a)(b)</sup>  | North America | Venture | 918322 | 0.13% | 6/30/2022 |
|  BC European Capital IX, L.P.<sup>(a)</sup>  | Guernsey | Leveraged Buyout | 4245071 | 0.60% | 12/31/2020 |
| BC Partners Galileo (2) L.P.<sup>(a)(b)</sup>  | Guernsey | Leveraged Buyout | 2082530 | 0.29% | 6/10/2021 |
|  Brookfield Capital Partners V L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 29447716 | 4.12% | 6/30/2023 |
|  Caltius Partners IV, L.P.<sup>(a)(b)</sup>  | North America | Private Credit | 1984711 | 0.28% | 6/30/2021 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025 (Continued)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\*** | **Geographic<br>Region\*\*** | **Investment<br>Strategy** | **Fair<br>Value** | **% of<br>Net Assets** | **Original**<br> **Acquisition<br>Date** |
|  **Secondary Investments (continued)** |  |  |  |  |  |
|  Canaan VII, L.P.<sup>(a)(b)</sup>  | North America | Venture | $935843<br>| 0.13% | 12/31/2019 |
|  Carlyle Europe Partners IV, L.P.<sup>(a)(b)</sup>  | United Kingdom | Leveraged Buyout | 732350 | 0.10% | 12/31/2021 |
|  Carlyle Partners VI, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 706111 | 0.10% | 12/31/2021 |
|  Castle Harlan Partners V & AIV<sup>(a)(b)(c)(d)</sup>  | North America | Leveraged Buyout | 76287 | 0.01% | 9/30/2021 |
|  Cerberus Institutional Partners VI, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1477971 | 0.21% | 7/30/2021 |
|  Charles River Partnership XIV, LP<sup>(a)(b)</sup>  | North America | Venture | 335030 | 0.05% | 6/30/2022 |
|  Clarus Lifesciences II, L.P.<sup>(a)</sup>  | North America | Venture | 283679 | 0.04% | 6/30/2022 |
|  Clayton, Dubilier & Rice Fund IX, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 2817387 | 0.40% | 12/31/2021 |
|  Columbia Capital Equity Partners V (QP), L.P.<sup>(a)(b)</sup>  | North America | Venture | 5385385 | 0.76% | 6/30/2022 |
|  Court Square Capital Partners (Offshore) III, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 2696624 | 0.38% | 12/31/2021 |
|  CRG Partners III (Holdings I) L.P.<sup>(a)(c)</sup>  | North America | Private Credit | 197409 | 0.03% | 6/30/2021 |
|  Crosslink Ventures V, L.P.<sup>(a)(b)(c)(d)</sup>  | North America | Venture | 414304 | 0.06% | 1/1/2020 |
|  CVC Capital Partners VI (b) L.P.<sup>(a)(b)</sup>  | Jersey | Leveraged Buyout | 3262468 | 0.46% | 1/1/2022 |
|  Dace Ventures I, L.P.<sup>(a)(b)</sup>  | North America | Venture | 339700 | 0.05% | 12/31/2019 |
|  DBAG Fund VI (Guernsey) L.P.<sup>(a)(b)</sup>  | Guernsey | Leveraged Buyout | 709564 | 0.10% | 12/31/2021 |
|  DFJ Growth 2006 Continuation, L.P.<sup>(a)(b)(c)</sup>  | North America | Leveraged Buyout | 15764969 | 2.21% | 12/31/2019 |
|  EagleTree Partners IV, LP<sup>(a)</sup>  | North America | Leveraged Buyout | 1124327 | 0.16% | 6/30/2021 |
|  EnerTech Capital Partners III, L.P.<sup>(a)(b)(c)</sup>  | North America | Venture | 4128 | 0.00% | 12/31/2019 |
|  Falcon Strategic Partners III, L.P.<sup>(a)(b)</sup>  | North America | Private Credit | 2222364 | 0.31% | 6/30/2021 |
|  Fin Venture Capital I, L.P.<sup>(a)(b)</sup>  | North America | Venture | 6559842 | 0.92% | 6/30/2020 |
|  Flexpoint Fund II (Cayman), L.P.<sup>(a)(c)</sup>  | Cayman | Venture | 295311 | 0.04% | 6/30/2022 |
|  Flexpoint Fund II, L.P.<sup>(a)(c)(e)</sup>  | North America | Venture | 2409895 | 0.34% | 6/30/2022 |
|  Flybridge Capital Partners III, LP<sup>(a)(b)</sup>  | North America | Venture | 4427442 | 0.62% | 6/30/2022 |
|  Francisco Partners III (Cayman), L.P.<sup>(a)(b)</sup>  | Cayman | Leveraged Buyout | 443901 | 0.06% | 12/31/2020 |
|  Francisco Partners III (Domestic AIV), L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 162208 | 0.02% | 12/31/2020 |
|  Francisco Partners III, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 623515 | 0.09% | 12/31/2020 |
|  GF Capital Private Equity Fund II-B, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 4670022 | 0.66% | 12/31/2021 |
|  GTCR Evergreen Fund I/C LP<sup>(a)</sup>  | North America | Leveraged Buyout | 7814996 | 1.10% | 3/31/2023 |
|  Hony Capital Fund V, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 848674 | 0.12% | 1/31/2022 |
|  ICG Ludgate Hill IB SCSp<sup>(a)(b)(c)</sup>  | Luxembourg | Leveraged Buyout | 12772027 | 1.79% | 6/22/2021 |
|  ICG Ludgate Hill IIIA Porsche LP<sup>(a)(b)</sup>  | Luxembourg | Leveraged Buyout | 30811012 | 4.33% | 9/26/2022 |
|  Icon Partners IV, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 9454699 | 1.33% | 5/21/2021 |
|  Icon Partners V C, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 10238216 | 1.44% | 8/27/2021 |
|  IK VII Fund<sup>(a)(b)</sup>  | Jersey | Leveraged Buyout | 126138 | 0.02% | 12/31/2021 |
|  Institutional Venture Partners XIV, L.P.<sup>(a)(b)</sup>  | North America | Venture | 794279 | 0.11% | 12/31/2021 |
|  Intermediate Capital Asia Pacific Fund 2008, L.P.<sup>(a)(b)</sup>  | Jersey | Private Credit | 482768 | 0.07% | 6/30/2021 |
|  JFL-NG Continuation Fund, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 5143456 | 0.72% | 10/27/2021 |
|  KKR Americas Fund XII L.P. (Ranger)<sup>(a)</sup>  | North America | Leveraged Buyout | 4928814 | 0.69% | 3/28/2024 |
|  KKR Americas Fund XII L.P. (ST)<sup>(a)</sup>  | North America | Leveraged Buyout | 23545147 | 3.30% | 3/28/2024 |
|  KKR Asian Fund III L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 4273570 | 0.60% | 3/28/2024 |
|  KKR Health Care Strategic Growth Fund L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2572182 | 0.36% | 3/28/2024 |
|  KKR North America Fund XI L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 1900466 | 0.27% | 3/28/2024 |
|  Kohlberg TE Investors VIII-B, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 29218310 | 4.09% | 12/30/2022 |
|  LEP Opportunities II, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 11795779 | 1.66% | 6/27/2022 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025 (Continued)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\*** | **Geographic<br>Region\*\*** | **Investment<br>Strategy** | **Fair<br>Value** | **% of<br>Net Assets** | **Original**<br> **Acquisition<br>Date** |
|  **Secondary Investments (continued)** |  |  |  |  |  |
|  Lightspeed Ascent Fund, L.P.<sup>(a)(b)</sup>  | North America | Venture | $17374695<br>| 2.44% | 11/13/2024 |
|  Lincolnshire Equity Fund IV-A, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2335147 | 0.33% | 12/31/2020 |
|  Littlejohn Fund IV, LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 98855 | 0.01% | 9/30/2021 |
|  Lord Investment S.a r.l. (Valextra SpA)<sup>(a)(b)(c)(f)</sup>  | Western Europe | Leveraged Buyout | 1051315 | 0.15% | 3/31/2022 |
|  Madison Dearborn Capital Partners VII-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 9242705 | 1.30% | 9/27/2024 |
|  Madison Dearborn Capital Partners VIII, L.P. (Sol)<sup>(a)</sup>  | North America | Leveraged Buyout | 4939656 | 0.69% | 9/27/2024 |
|  MDCP Insurance SPV, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 15210783 | 2.13% | 4/24/2023 |
|  MDCP VII Auxiliary SPV, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 930144 | 0.13% | 9/27/2024 |
|  MDV IX, L.P.<sup>(a)(b)</sup>  | North America | Venture | 7595673 | 1.07% | 12/31/2020 |
|  Milestone Partners FS LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 564740 | 0.08% | 12/31/2021 |
|  Milestone Partners IV, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1612811 | 0.23% | 12/31/2021 |
|  Morgenthaler Venture Partners IX, LP<sup>(a)(b)</sup>  | North America | Venture | 465155 | 0.07% | 12/31/2020 |
|  NEO Capital Private Equity Fund II L.P.<sup>(a)(b)(c)</sup>  | Western Europe | Fund of Funds | 2950482 | 0.41% | 1/18/2022 |
|  New Enterprise Associates 13, L.P.<sup>(a)</sup>  | North America | Venture | 2943823 | 0.41% | 1/3/2023 |
|  NYLCAP Mezzanine Offshore Partners III, L.P.<sup>(a)</sup>  | North America | Private Credit | 47902 | 0.01% | 6/30/2021 |
|  Oaktree European Principal Fund III (U.S.), L.P.<sup>(a)(b)</sup>  | North America | Private Credit | 609126 | 0.09% | 11/1/2021 |
|  Onex Partners III LP<sup>(a)</sup>  | North America | Leveraged Buyout | 553498 | 0.08% | 10/1/2021 |
|  Park Square Capital Partners II, L.P.<sup>(a)</sup>  | Guernsey | Private Credit | 504102 | 0.07% | 6/30/2021 |
|  Parthenon Investors III, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 566607 | 0.08% | 12/31/2019 |
|  Peepul Capital Fund II LLC<sup>(a)(b)(c)</sup>  | Mauritius | Venture | 1674263 | 0.24% | 6/30/2022 |
|  Pegasus WSJLL Fund, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 10180000 | 1.42% | 12/14/2021 |
|  Permira V<sup>(a)</sup>  | Guernsey | Leveraged Buyout | 2427475 | 0.34% | 2/1/2022 |
|  Platinum Equity Capital Partners III, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 527231 | 0.07% | 3/31/2022 |
|  PlayCore CV, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1051640 | 0.15% | 11/8/2024 |
|  Point 406 Ventures I, L.P.<sup>(a)(b)</sup>  | North America | Venture | 707611 | 0.10% | 12/31/2019 |
|  Pro SPV, LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 5157556 | 0.72% | 8/27/2021 |
|  PT2-A, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 8801248 | 1.24% | 12/15/2021 |
|  Raine Partners II, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2813066 | 0.39% | 9/27/2024 |
|  Raine Partners III, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 3197556 | 0.45% | 9/27/2024 |
|  Redpoint Ventures IV, L.P.<sup>(a)(b)</sup>  | North America | Venture | 1011386 | 0.14% | 12/31/2020 |
|  Rembrandt Venture Partners Fund Two, L.P.<sup>(a)(b)</sup>  | North America | Venture | 1050297 | 0.15% | 12/31/2019 |
|  Reverence Capital Partners Opportunities Fund I, L.P.<sup>(a)(b)(c)</sup>  | North America | Leveraged Buyout | 1230105 | 0.17% | 12/31/2020 |
|  Riverstone Global Energy and Power Fund VI, LP<sup>(a)</sup>  | North America | Leveraged Buyout | 352959 | 0.05% | 6/30/2021 |
|  Roark Capital Partners CF LP<sup>(a)</sup>  | North America | Leveraged Buyout | 17664577 | 2.48% | 8/19/2022 |
|  Savant Growth Fund I, LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1160468 | 0.16% | 12/8/2020 |
|  SEI Holding I LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1506645 | 0.21% | 3/31/2022 |
|  StepStone Real Estate Partners III, L.P.<sup>(a)(c)</sup>  | North America | Fund of Funds | 84878 | 0.01% | 6/30/2021 |
|  Summit Partners Growth Equity Fund IX-A, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2152775 | 0.30% | 6/30/2021 |
|  Summit Partners Subordinated Debt IV-B, L.P.<sup>(a)(b)</sup>  | North America | Private Credit | 129155 | 0.02% | 6/30/2021 |
|  TA XII-B, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 14408698 | 2.02% | 6/30/2023 |
|  TA Subordinated Debt Fund III, L.P.<sup>(a)</sup>  | North America | Private Credit | 71699 | 0.01% | 7/30/2021 |
|  The Peninsula Fund V, L.P.<sup>(a)</sup>  | North America | Private Credit | 3997626 | 0.56% | 7/1/2021 |
|  The Resolute III Continuation Fund, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2216662 | 0.31% | 9/20/2024 |
|  The Veritas Capital Partners IV, LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 4216 | 0.00% | 1/1/2022 |
|  TI IV R1 CF Reinvest, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 884777 | 0.12% | 12/11/2024 |
|  TowerBrook Investors IV (OS), L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 1071247 | 0.15% | 12/31/2021 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025 (Continued)** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Funds\*** | **Geographic<br>Region\*\*** | **Investment<br>Strategy** | **Fair<br>Value** | **% of<br>Net Assets** | **Original**<br> **Acquisition<br>Date** |
|  **Secondary Investments (continued)** |  |  |  |  |  |
|  TZP Capital Partners I (PIV), LP<sup>(a)(b)</sup>  | North America | Leveraged Buyout | $127597<br>| 0.02% | 4/7/2021 |
|  TZP Capital Partners II-A (Blocker), LP<sup>(a)</sup>  | North America | Leveraged Buyout | 899730 | 0.13% | 4/7/2021 |
|  TZP Small Cap Partners I-A (Blocker), LP<sup>(a)</sup>  | North America | Leveraged Buyout | 213565 | 0.03% | 4/7/2021 |
|  Versant Venture Capital IV, L.P.<sup>(a)(b)</sup>  | North America | Venture | 198139 | 0.03% | 12/31/2020 |
|  Vestar Capital Partners Rainforest, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 8398628 | 1.18% | 4/5/2024 |
|  Warburg Pincus Financial Sector, L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 12940043 | 1.82% | 6/30/2022 |
|  Warburg Pincus Global Growth L.P.<sup>(a)</sup>  | North America | Leveraged Buyout | 24543330 | 3.45% | 6/30/2022 |
|  Warburg Pincus Global Growth L.P. (ST)<sup>(a)</sup>  | North America | Leveraged Buyout | 24543330 | 3.45% | 3/21/2024 |
|  Warburg Pincus Jovian FS, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 1909138 | 0.27% | 12/3/2024 |
|  Warburg Pincus Jovian GG, L.P. <sup>(a)(b)</sup>  | North America | Leveraged Buyout | 4175485 | 0.59% | 12/3/2024 |
|  Warburg Pincus Private Equity XII, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 12372947 | 1.74% | 6/30/2022 |
|  WP Global Growth 14 Partners, L.P. (Ranger)<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 2144466 | 0.30% | 3/27/2024 |
|  WP Global Growth Partners L.P. (Ranger)<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 3052564 | 0.43% | 3/27/2024 |
|  WP XI Partners, L.P.<sup>(a)(b)</sup>  | North America | Leveraged Buyout | 853763 | 0.12% | 3/27/2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Investments (Cost $517,546,756) (81.40%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Investments (Cost $517,546,756) (81.40%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Investments (Cost $517,546,756) (81.40%)\*\*\***  | 579841160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Funds (Cost $590,955,957) (93.09%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Funds (Cost $590,955,957) (93.09%)\*\*\***  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Funds (Cost $590,955,957) (93.09%)\*\*\***  | $663099325<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| **Short-Term Investment (10.48%)\*\*\*** | **Shares** | **Fair Value** |
|  **Money Market Fund** |  |  |
|  Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 4.400%<sup>(g)</sup>  | 74679379 | $74679379<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Money Market Fund (Cost $74,679,379) (10.48%)\*\*\***  |  | $74679379<br>|
|  **Total Investments (Cost $665,635,336) (103.57%)\*\*\***  |  | $737778704<br>|
|  Liabilities in excess of other assets (-3.57%)\*\*\*  |  | (25483104) |
|  **Net Assets - 100.00%\*\*\***  |  | **$** **712295600**<br>|

---

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 Fund 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)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. As of March 31, 2025, the aggregate cost of each investment restricted to sale was $2,253,830, $2,288,469, $6,544,509, $276,292, $49,934, $2,536,613, $6,646,584, $1,686,459, $2,777,868, $2,400,121, $2,227,090, $3,442,022, $4,562,492, $2,288,576, $1,494,135, $5,678,360, $4,009,649, $8,358,745, $154,467, $3,596,048, $4,541,811, $5,595,127, $505,299, $1,453,580, $3,021,894, $164,850, $276,734, $2,097,406, $502,563, $75, $13,450,507, $23,284,283, $10,066,876, $11,460, $10,338,601, $6,685,141, $190,183, $5,976,404, $8,173,937, $1,829,037, $24,126,275, $3,973,205, $190,743, $1,256,341, $2,223,739, $737,815, $424,601, $940,297, $0, $6,336,799, $4,933,543, $4,473,354, $341,326, $338,990, $5,202,371, $294,908, $1,484,580, $1,497,477, $1,333,693, $128,580, $1,464,069, $3,674,232, $0, $1,496,461, $10,332,308, $0, $0, $0, $6,450,956, $5,151,260, $1,392,656, $717,556, $15,790,635, $8,563,143, $7,553,289, $83,039, $2,426,365, $297,818, $2,809,429, $3,884,240, $19,288,354, $3,669,817, $2,028,179, $1,398,613, $25,248,827, $9,614,398, $17,959,621, $1,768,488, $0, $1,887,069, $7,876,889, $4,110,384, $9,048,206, $725,012, $6,134,654, $1,537,850, $1,610,840, $203,481, $1,861,545, $5,451,913, $577,389, $1,149,338, $320,156, $1,680,967, $434,543, $780,497, $8,800,894, $5,658,549, $1,091,985, $16,024, $1,865,426, $9,728,372, $6,454,213, $2,251,521, $2,395,966, $3,020,976, $922,119, $1,118,664, $170,383, $11,029,665, $1,989,999, $911,878, $62,098, $2,724,293, $571,962, $14,200,607, $86,573, $8,113,653, $2,081,131, $27,559, $9,514, $3,989,244, $85,988, $630,132, $297,647, $6,545,505, $6,364,233, $16,283,804, $13,261,838, $18,550,986, $7,129, $165,821, $14,637,169, $1,549,687, $2,259,818, and $891,778, respectively totaling $590,955,957.

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025 (Continued)** <br>

(b)Non-income producing.

(c)Fair valued by the Valuation Designee based on policies and procedures established by the Board of Trustees and considered a Level 3 investment.

(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)This investment is made through the wholly owned subsidiary FlowStone Opportunity Fund (Blocker), LLC (the "Subsidiary").

(f)The Fund invests indirectly in Valextra SpA through Lord Investments S.a.r.l.

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

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Schedule of Investments**<br> **March 31, 2025 (Continued)** <br>

**Investment Strategy as a Percentage of Total Shareholders' Capital (Unaudited)**

![](flow-fs_033125img004.gif)

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Statement of Assets and Liabilities**<br> **March 31, 2025**<br>

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments in Investment Funds, at fair value (cost $590,955,957)  | $663099325<br>|
|  Investments in Short-Term Investments, at fair value (cost $74,679,379)  | 74679379 |
|  Cash  | 15223727 |
|  Investments in Investment Funds paid in advance  | 1001 |
|  Receivable from investments sold  | 97238 |
|  Prepaid expenses  | 75000 |
|  Due from investors  | 100000 |
|  Dividends receivable  | 265971 |
|  **Total Assets**  | 753541641 |
|  **Liabilities** |  |
|  Subscriptions received in advance  | 13915250 |
|  Investment Advisory fee payable  | 2351173 |
|  Professional fees payable  | 298527 |
|  Administration & Accounting fees payable  | 22500 |
|  Payable for shares repurchased  | 23976108 |
|  Transfer Agent fees payable  | 45000 |
|  Chief Compliance Officer & Chief Financial Officer fees payable  | 42500 |
|  Trustees' fees payable  | 52500 |
|  Distribution & Servicing fee payable  | 31 |
|  Interest payable  | 106250 |
|  Blocker tax payable  | 263830 |
|  Other accrued expenses  | 172372 |
|  **Total Liabilities**  | 41246041 |
|  **Commitments and contingencies (See Note 12)** |  |
|  **Components of Net Assets** |  |
|  Paid-in Capital  | $613783895<br>|
|  Total distributable earnings  | 98511705 |
|  **Net Assets**  | $712295600<br>|
|  **Net Assets Attributable to:** |  |
|  Class D Shares  | $49312<br>|
|  Class I Shares  | 72264053 |
|  Class M Shares  | 639982235 |
|  | $712295600<br>|
|  **Shares Outstanding:** |  |
|  Class D Shares  | 2856 |
|  Class I Shares  | 4166511 |
|  Class M Shares  | 36897328 |
|  | 41066695 |
|  **Net asset value and public offering price per share:** |  |
|  Class D Shares  | $17.27<br>|
|  Class D Shares - Public offering price per share<sup>(a)</sup>  | $17.53<br>|
|  Class I Shares  | $17.34<br>|
|  Class M Shares  | $17.34<br>|
|  <sup>(a)</sup>Computation of public offering price per share based on Class D maximum front-end load of 1.50% or 100/98.5 of net asset value. | <sup>(a)</sup>Computation of public offering price per share based on Class D maximum front-end load of 1.50% or 100/98.5 of net asset value. |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Statement of Operations**<br> **For the Year Ended March 31, 2025**<br>

---

| | |
|:---|:---|
|  **Income** |  |
|  Dividend income  | $12283691<br>|
|  Interest income  | 109334 |
|  Income from underlying Investment Funds  | 2058441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Income**  | 14451466 |
|  **Expenses** |  |
|  Investment Advisory fee (See Note 8)  | 9454781 |
|  Incentive Fee (See Note 8)  | 3209014 |
|  Administration & Accounting fees  | 716420 |
|  Professional fees  | 704000 |
|  Interest expense  | 430903 |
|  Commitment fees  | 330827 |
|  Trustees' fees  | 258750 |
|  Transfer Agent fees  | 258634 |
|  Chief Compliance Officer & Chief Financial Officer fees  | 198333 |
|  Distribution & Servicing fee (See Note 8)  | 124 |
|  Other expenses  | 541824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses**  | 16103610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)**  | (1652144) |
|  **Net Realized Gain and Change in Unrealized Appreciation/Depreciation on Investments <br>in Investment Funds, Investments in Securities and Foreign Currency Translation**  |  |
|  Net realized gain on Investments in Investment Funds, investments in <br>securities and foreign currency transactions  | 34715209 |
|  Net change in unrealized appreciation/depreciation on Investments in <br>Investment Funds and foreign currency translation  | (9689603) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Net Realized Gain and Change in Unrealized Appreciation/Depreciation <br>on Investments in Investment Funds, Investments in Securities and <br>Foreign Currency Translation**  | 25025606 |
|  **Net increase in Net Assets from operations**  | $23373462<br>|

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Statements of Changes in Net Assets**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended March 31, 2025** | **For the <br>Year Ended March 31, 2024** |
|  **Operations** |  |  |
|  Net investment income (loss)  | $(1652144) | $(5424091) |
|  Net realized gain from investments in Investment Funds, investments in securities and foreign currency transactions  | 34715209 | 20138915 |
|  Net change in unrealized appreciation/depreciation on investments in Investment Funds and foreign currency translation  | (9689603) | 20738038 |
|  **Net increase in Net Assets from operations**  | 23373462 | 35452862 |
|  **Distributions to Shareholders**  |  |  |
|  Distributions Class D Shares  | (1874) | (1436) |
|  Distributions Class I Shares  | (3155146) | (2793247) |
|  Distributions Class M Shares  | (23742273) | (16851642) |
|  **Net decrease in Net Assets from distributions**  | (26899293) | (19646325) |
|  **Shareholders' Capital Transactions** |  |  |
|  **Class D Shares** |  |  |
|  Proceeds from sale of Shares  |  | 50000 |
|  Reinvestment of distributions  |  |  |
|  Exchange of shares  |  |  |
|  Repurchase of Shares  |  |  |
|  **Total Class D Transactions**  |  | 50000 |
|  **Class I Shares** |  |  |
|  Proceeds from sale of Shares  | 3974716 | 76321000 |
|  Reinvestment of distributions  | 2758341 | 2504286 |
|  Exchange of shares  | (2066006) | (546023241) |
|  Repurchase of Shares  | (28278731) | (5764448) |
|  **Total Class I Transactions**  | (23611680) | (472962403) |
|  **Class M Shares** |  |  |
|  Proceeds from sale of Shares  | 82720081 | 71954526 |
|  Reinvestment of distributions  | 19762178 | 15069519 |
|  Exchange of shares  | 2066006 | 546023241 |
|  Repurchase of Shares  | (77066893) | (16712872) |
|  **Total Class M Transactions**  | 27481372 | 616334414 |
|  **Increase in Net Assets from capital transactions**  | 3869692 | 143422011 |
|  **Net Assets** |  |  |
|  Beginning of year  | 711951739 | 552723191 |
|  End of year  | $712295600<br>| $711951739<br>|

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Statements of Changes in Net Assets (Continued)**<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br>Year Ended March 31, 2025** | **For the <br>Year Ended March 31, 2024** |
|  **Fund Share Transactions** |  |  |
|  Class D Shares outstanding at beginning of year  | 2856 |  |
|  Shares sold  |  | 2856 |
|  Shares reinvested  |  |  |
|  Shares exchanged  |  |  |
|  Shares redeemed  |  |  |
|  Class D Shares outstanding at end of year  | 2856 | 2856 |
|  Class I Shares outstanding at beginning of year  | 5514945 | 32453577 |
|  Shares sold  | 227182 | 4421491 |
|  Shares reinvested  | 160555 | 149242 |
|  Shares exchanged  | (115801) | (31177889) |
|  Shares redeemed  | (1620370) | (331476) |
|  Class I Shares outstanding at end of year  | 4166511 | 5514945 |
|  Class M Shares outstanding at beginning of year  | 35282383 |  |
|  Shares sold  | 4715617 | 4172494 |
|  Shares reinvested  | 1149633 | 898064 |
|  Shares exchanged  | 115801 | 31177889 |
|  Shares redeemed  | (4366106) | (966064) |
|  Class M Shares outstanding at end of period  | 36897328 | 35282383 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Statement of Cash Flows**<br> **For the Year Ended March 31, 2025**<br>

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| Net increase in Net Assets from operations  | $23373462<br>|
| Adjustments to reconcile net increase in Net Assets from operations to net cash <br>used in operating activities: |  |
| Purchases of investments in Investment Funds  | (77713658) |
| Capital distributions received from Investment Funds  | 71804374 |
| Net realized gain from investments in Investment Funds, investments in securities and <br>foreign currency transactions  | (34715209) |
| Net change in unrealized appreciation/depreciation on investments in Investment Funds and <br>foreign currency translation  | 9689603 |
| Net cash paid (received) for purchases, sales, and maturities of short-term investments  | 2182060 |
| Changes in operating assets and liabilities: |  |
| (Increase) Decrease in investments in Investment Funds paid in advance  | 76513 |
| (Increase) Decrease in prepaid expense  | 230827 |
| (Increase) Decrease in dividends receivable  | 340815 |
| (Increase) Decrease in due from investor  | (100000) |
| Increase (Decrease) in investment advisory fees payable  | 45397 |
| Increase (Decrease) in administration & accounting fees payable  | (306602) |
| Increase (Decrease) in transfer agent fees payable  | (20062) |
| Increase (Decrease) in chief compliance officer & chief financial officer fees payable  | 28333 |
| Increase (Decrease) in professional fees payable  | 31701 |
| Increase (Decrease) in trustees' fees payable  | (1250) |
| Increase (Decrease) in incentive fee payable  | (1939054) |
| Increase (Decrease) in distribution & service fee payable  | 1 |
| Increase (Decrease) in interest payable  | 8264 |
| Increase (Decrease) in blocker tax payable  | (17597) |
| Increase (Decrease) in other accrued expenses  | 29452 |
| **Net cash used in operating activities**  | (6972630) |
| **Cash flows from financing activities** |  |
| Proceeds from sale of Shares  | 66689797 |
| Distributions  | (4378774) |
| Repurchase of Shares  | (92128241) |
| Redemption fees  | 9106 |
| **Net cash used in financing activities**  | (29808112) |
| Net change in cash  | (36780742) |
| Cash at beginning of year  | 52004469 |
| **Cash at end of year**  | $15223727<br>|
| **Supplemental disclosure of financing activity**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplemental disclosure of reinvested distributions  | $22520519<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Supplemental disclosure of non-cash stock distributions  | 827388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supplemental disclosure of interest expense  | 430903 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Financial Highlights - Class D Shares**<br>

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended <br>March 31, 2025** | **For the Period <br> July 3, 2023 (Commencement of Operations) <br> to March 31, 2024** |
|  **Net asset value per Share, beginning of period<sup>(1)</sup>**  | $17.42<br>| $17.51<br><sup>(1)</sup> |
|  Net increase in Net Assets from operations:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss\*  | (0.08) | (0.09) |
|  Net realized gain and change in unrealized appreciation  | 0.59 | 0.50 |
|  Net increase in Net Assets from operations:  | 0.51 | 0.41 |
|  Distributions from capital gains  | (0.66) | (0.50) |
|  Total distributions  | (0.66) | (0.50) |
|  **Net asset value per Share, end of period**  | $17.27<br>| $17.42<br>|
|  **Total Return<sup>(2)</sup>**<sup>**(3)**</sup>  | 2.94% | 2.47% |
|  **Ratios/Supplemental Data:** |  |  |
|  Shareholders' Capital, end of period (in thousands)  | $49<br>| $50<br>|
|  Ratio of net investment income/(loss) to average Net Assets<sup>(4)</sup><sup>(5)</sup><sup>(6)</sup>  | (0.46)% | (0.59)% |
|  Ratio of gross expenses to average Net Assets<sup>(4)</sup><sup>(6)</sup><sup>(7)</sup>  | 2.41% | 2.19% |
|  Ratio of net expenses to average Net Assets<sup>(4)</sup><sup>(5)</sup><sup>(6)</sup><sup>(7)</sup>  | 2.41% | 2.19% |
|  Portfolio Turnover<sup>(3)</sup>  | 0.00% | 0.00% |

---

\*Per share data is computed using the average shares method.

(1)The net asset value per Share as of the beginning of the period, July 3, 2023 (Commencement of Operations) represents the initial net asset value per Share of $17.51.

(2)Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested distributions at net asset value per Share, if any.

(3)Not annualized for periods less than 12 months.

(4)Annualized, except for incentive fees.

(5)The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund's total annual ordinary operating expenses, excluding certain "Specified Expenses", as outlined in the Notes to the Consolidated Financial Statements.

(6)The income and expense ratios do not reflect the Fund's proportionate share of the net income (loss) and expenses, including incentive fees or allocations, of the Investment Funds. The Investment Funds' expense ratios, excluding incentive fees or allocations range from 0.00% to 155.20% (unaudited). The Investment Funds' incentive fees or allocations can be up to 30% of profits earned.

(7) The incentive fee of $215 and $144, respectively, is exclusive of the 2.25% expense cap.

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Financial Highlights - Class I Shares**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br>Year<br>Ended<br>March<br>31,<br>2025** | **Year<br>Ended<br>March<br>31,<br>2024** | **Year<br>Ended<br>March<br>31,<br>2023** | **Year<br>Ended<br>March<br>31,<br>2022** | **Year<br>Ended<br>March<br>31,<br>2021** |
|  **Net asset value per Share, beginning of year**  | $17.45<br>| $17.03<br>| $17.05<br>| $14.64<br>| $10.54<br>|
|  Net increase in Net Assets from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss\*  | (0.04) | (0.20) | (0.28) | (0.41) | (0.48 |
|  Net realized gain and change in unrealized appreciation  | 0.59 | 1.12 | 1.32 | 3.41 | 4.58 |
|  Net increase in Net Assets from operations:  | 0.55 | 0.92 | 1.04 | 3.00 | 4.10 |
|  Distributions from net investment income  |  |  |  |  |  |
|  Distributions from capital gains  | (0.66) | (0.50) | (1.06) | (0.59) |  |
|  Total distributions  | (0.66) | (0.50) | (1.06) | (0.59) |  |
|  **Net asset value per Share, end of year**  | $17.34<br>| $17.45<br>| $17.03<br>| $17.05<br>| $14.64<br>|
|  **Total Return<sup>(1)</sup>**  | 3.17% | 5.54% | 6.27% | 20.53% | 38.90 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Shareholders' Capital, end of year (in thousands)  | $72264<br>| $96228<br>| $552723<br>| $377915<br>| $135521<br>|
|  Ratio of net investment income/(loss) to average Shareholders' Capital<sup>(2)</sup><sup>(3)</sup>  | (0.25)% | (1.17)% | (1.64)% | (2.40)% | (3.65 |
|  Ratio of gross expenses to average <br>Shareholders' Capital<sup>(3)</sup><sup>(4)</sup>  | 2.20% | 2.05% | 2.67% | 3.49% | 6.32 |
|  Ratio of net expenses to average <br>Shareholders' Capital<sup>(2)</sup><sup>(3)</sup><sup>(4)</sup>  | 2.20% | 2.05% | 2.67% | 3.49% | 5.48 |
|  Portfolio Turnover  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00 |

---

\*Per share data is computed using the average shares method.

\*\*Amount represents less than $0.005 per share.

(1)Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested distributions at net asset value per Share, if any.

(2)The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund's total annual ordinary operating expenses, excluding certain "Specified Expenses", as outlined in the Notes to the Consolidated Financial Statements.

(3)The income and expense ratios do not reflect the Fund's proportionate share of the net income (loss) and expenses, including incentive fees or allocations, of the Investment Funds. The Investment Funds' expense ratios, excluding incentive fees or allocations range from 0.00% to 155.20% (unaudited). The Investment Funds' incentive fees or allocations can be up to 30% of profits earned.

(4)The incentive fee of $383,478, $2,141,991, $3,227,039, $4,382,456 and 3,209,563, respectively, is exclusive of the 1.95% expense cap.

*See accompanying Notes to the Consolidated Financial Statements.*

**FlowStone Opportunity Fund**

**Consolidated Financial Highlights - Class M Shares**<br>

---

| | | |
|:---|:---|:---|
|  | **For the Year<br>Ended<br>March 31,<br>2025** | **For the Period<br>July 3, 2023<br>(Commencement<br>of Operations)<br>to March 31,<br>2024** |
|  **Net asset value per Share, beginning of period**  | $17.45<br>| $17.51<br><sup>(1)</sup> |
|  Net increase in Net Assets from operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss\*  | (0.04) | (0.06) |
|  Net realized gain and change in unrealized appreciation  | 0.59 | 0.50 |
|  Net increase in Net Assets from operations:  | 0.55 | 0.44 |
|  Distributions from capital gains  | (0.66) | (0.50) |
|  Total distributions  | (0.66) | (0.50) |
|  **Net asset value per Share, end of period**  | $17.34<br>| $17.45<br>|
|  **Total Return<sup>(2)</sup>**<sup>**(3)**</sup>  | 3.16% | 2.64% |
|  **Ratios/Supplemental Data:** |  |  |
|  Shareholders' Capital, end of period (in thousands)  | $639982<br>| $615674<br>|
|  Ratio of net investment income/(loss) to average Net Assets<sup>(4)</sup><sup>(5)</sup><sup>(6)</sup>  | (0.22)% | (0.36)% |
|  Ratio of gross expenses to average Net Assets<sup>(4)</sup><sup>(6)</sup><sup>(7)</sup>  | 2.22% | 1.99% |
|  Ratio of net expenses to average Net Assets<sup>(4)</sup><sup>(5)</sup><sup>(6)</sup><sup>(7)</sup>  | 2.22% | 1.99% |
|  Portfolio Turnover<sup>(3)</sup>  | 0.00% | 0.00% |

---

\*Per share data is computed using the average shares method.

(1)The net asset value per Share as of the beginning of the period, July 3, 2023 (Commencement of Operations) represents the initial net asset value per Share of $17.51.

(2)Total Return based on net asset value per Share is the combination of changes in net asset value per Share and reinvested distributions at net asset value per Share, if any.

(3)Not annualized for periods less than 12 months.

(4)Annualized, except for incentive fees.

(5)The Adviser entered into an Expense Limitation and Reimbursement Agreement with the Fund for a one-year term ending at the end of the Limitation Period to limit the amount of the Fund's total annual ordinary operating expenses, excluding certain "Specified Expenses", as outlined in the Notes to the Consolidated Financial Statements.

(6)The income and expense ratios do not reflect the Fund's proportionate share of the net income (loss) and expenses, including incentive fees or allocations, of the Investment Funds. The Investment Funds' expense ratios, excluding incentive fees or allocations range from 0.00% to 155.20% (unaudited). The Investment Funds' incentive fees or allocations can be up to 30% of profits earned.

(7)The incentive fee of $2,825,321 and $1,798,153, respectively, is exclusive of the 1.95% expense cap.

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025**<br>

**1. Organization**

FlowStone Opportunity Fund (the "Fund") was organized as a Delaware statutory trust on May 23, 2018 and commenced operations on August 30, 2019. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund has received an exemptive order from the U.S. Securities and Exchange Commission ("SEC") that permits the Fund to offer multiple classes of shares. The Fund has registered four separate classes of shares of beneficial interests, designated as Class A Shares, Class D Shares, Class I Shares and Class M Shares (collectively, the "Shares"). Only Class D Shares, Class I Shares and Class M Shares are currently offered for purchase. As of March 31, 2025, the Fund has issued and outstanding Shares of Class D, Class I, and Class M. Shares are generally offered for purchase as of the first business day of each calendar quarter. All Shares have the same rights and privileges, and have ownership in the same underlying investment portfolio. The Fund allocates income and expenses to each class of Shares based on net assets at the end of the prior quarter plus capital transactions effective as of the beginning of the current quarter. The separate classes of Shares differ principally in the applicable sales charges (if any) and distribution and servicing fees. Share class specific expenses are further described in the Fund's prospectus. FlowStone Partners, LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended. (the "Advisers Act") serves as the Fund's investment adviser (the "Adviser").

The Fund's primary investment objective is to generate appropriate risk-adjusted long-term returns by investing in a diversified portfolio of private equity investments ("Investment Funds"). The Fund's investments are expected to consist primarily of: (i) secondary investments in private equity funds managed by third-party managers; (ii) primary investments in private equity funds managed by third-party managers (together with third-party manager described in (ii), "Investment Fund Managers"); and (iii) direct co-investments in the equity and/or debt of operating companies.

The Board of Trustees (the "Board") of the Fund has overall responsibility for the management and supervision of the business operations of the Fund. As permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser.

**2. Summary of Significant Accounting Policies**

The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies ("ASC 946").

Consolidation of Subsidiaries — FlowStone Opportunity Fund (Blocker), LLC (the "Subsidiary), is an investment company and a wholly-owned subsidiary of the Fund. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and the Consolidated Financial Highlights of the Fund for Class D, Class I and Class M Shares include the accounts of its Subsidiary. All inter-company accounts and transactions have been eliminated in consolidation. The Subsidiary was organized as a Delaware limited liability company on December 19, 2023. On March 31, 2025, the Subsidiary had net assets of $2,409,895 which equals 0.34% of the Fund's total net assets.

A) Investment Transactions - Purchases of investments in the Investment Funds are recorded as of the first day of legal ownership of an Investment Fund and redemptions from the Investment Funds are recorded as of the last day of legal ownership. Non-cash stock distributions received from Investment Funds are recorded on the date that the distributions are known. Realized gains or losses on investments in the Investment Funds and investments in securities are recorded at the time of the disposition of the respective investment based on specific identification. Investment in security transactions are recorded on trade date.

B) Valuation of Investments - Rule 2a-5 under the 1940 Act ("Rule 2a-5") establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective September 8, 2022, and in accordance with the requirements of Rule 2a-5, the Board designated the Adviser as the valuation designee (in such capacity, the "Valuation Designee") with the day-to-day responsibility for fair valuation determinations and pricing of the investments subject to oversight by the Board.

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

The Board has approved procedures pursuant to which the Fund values its investments in Investment Funds at fair value, generally at an amount equal to the Net Asset Value ("NAV") of the Fund's investment in the Investment Funds as determined by the Investment Fund's general partner or investment manager. This is commonly referred to as using NAV as the practical expedient which allows for estimation of the fair value of an investment in an investment entity based on NAV or its equivalent if the NAV of the investment entity is calculated in a manner consistent with ASC 946. Because of the inherent uncertainty of valuations of the investments in the Investment Funds, their estimated values may differ significantly from the values that would have been used had a ready market for the Investment Funds existed, and the differences could be material. In accordance with its valuation policies, if no such information is available, or if such information is deemed to not be reflective of fair value by the Valuation Designee, an estimated fair value is determined in good faith by the Valuation Designee pursuant to the Fund's valuation procedures. Investments in open-end investment companies, including money market funds, are valued at their reported NAV per share.

Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined.

C) Use of Estimates - The preparation of the financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

D) Dividend, Interest and Investment Income Recognition and Expenses - Dividend, interest and investment income is recognized on an accrual basis as earned. The Fund accounts for income from underlying Investment Fund distributions based on the nature of such distributions as determined by the underlying investment managers and can be classified as income, capital gain or a return of capital. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Expenses are subject to the Fund's Expense Limitation Agreement (see Note 8).

E) Foreign Currency Translation - The functional currency of the Fund is the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the composite rate of exchange as reported at the end of each reporting period by third-party pricing sources. Purchases and sales of investments and income and expenses denominated in currencies other than U.S. dollars are translated at the rates of exchange on the respective dates of such transactions. The resulting foreign exchange realized and or unrealized gain (loss) from such transactions is included in net change in unrealized appreciation/depreciation on investments in Investment Funds and foreign currency translation on the Consolidated Statement of Operations.

F) Segment Reporting - In this reporting period, FSOF adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The President acts as the Fund's chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the long-term strategic asset allocation is pre-determined in accordance with the terms of the prospectus, based on a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows, and Consolidated Financial Highlights.

**3. Risk Associated with Investments in Investment Funds**

A) Dependence on the Investment Fund Managers - Because the Fund invests in Investment Funds, an investment in the Fund will be affected by the investment policies and decisions of the Investment Fund Manager of each Investment Fund in direct proportion to the amount of Fund assets that are invested in each Investment Fund. The Fund's NAV may fluctuate in response to, among other things, various market and economic factors related to the markets in which the

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

Investment Funds invest and the financial condition and prospects of issuers in which the Investment Funds invest. The success of the Fund depends upon the ability of the Investment Fund Managers to develop and implement strategies that achieve their investment objectives. Fund shareholders (collectively, "Shareholders") will not have an opportunity to evaluate the specific investments made by the Investment Funds or the Investment Fund Managers, or the terms of any such investments. In addition, the Investment Fund Managers could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Investment Fund Managers will be able to select or implement successful strategies or achieve their respective investment objectives.

B) Investment Funds Not Registered - The Fund is registered as an investment company under the 1940 Act. The 1940 Act is designed to afford various protections to investors in pooled investment vehicles. For example, the 1940 Act imposes limits on the amount of leverage that a registered investment company can assume, restricts layering of costs and fees, restricts transactions with affiliated persons and requires that the investment company's operations be supervised by a board of directors, a majority of whose members are independent of management. However, most of the Investment Funds in which the Fund invests are not subject to the provisions of the 1940 Act. Many Investment Fund Managers may not be registered as investment advisers under the Advisers Act. As an indirect investor in the Investment Funds managed by Investment Fund Managers that are not registered as investment advisers, the Fund will not have the benefit of certain of the protections of the Advisers Act. The Investment Funds generally are exempted from regulation under the 1940 Act because they permit investment only by investors who meet very high thresholds of investment experience and sophistication, as measured by net worth. The Fund's investment qualification thresholds are generally lower. As a result, the Fund provides an avenue for investing in Investment Funds that would not otherwise be available to certain investors. This means that investors who would not otherwise qualify to meet the initial subscription threshold would qualify to invest in largely unregulated vehicles and will have the opportunity to make such an investment through the Fund.

C) Maintenance of Security and Other Assets in The Custody of a Bank - The Investment Funds typically do not maintain their securities and other assets in the custody of a bank or a member of a securities exchange, as generally required of registered investment companies, in accordance with certain SEC rules. A registered investment company, which places its securities in the custody of a bank or member of a securities exchange, is required to have a written custodian agreement, which provides that securities held in custody will be at all times individually segregated from the securities of any other person and marked to clearly identify such securities as the property of such investment company and which contains other provisions designed to protect the assets of such investment company. The Investment Funds in which the Fund invests may maintain custody of their assets with brokerage firms which do not separately segregate such customer assets as would be required in the case of registered investment companies, or may not use a custodian to hold their assets. Under the provisions of the Securities Investor Protection Act of 1970, as amended, the bankruptcy of any brokerage firm used to hold Investment Fund assets could have a greater adverse effect on the Fund than would be the case if custody of assets were maintained in accordance with the requirements applicable to registered investment companies. There is also a risk that an Investment Fund Manager could convert assets committed to it by the Fund to its own use or that a custodian could convert assets committed to it by an Investment Fund Manager to its own use. There can be no assurance that the Investment Fund Managers or the entities they manage will comply with all applicable laws and that assets entrusted to the Investment Fund Managers will be protected.

D) Investment Funds are Generally Non-diversified - While there are no regulatory requirements that the investments of the Investment Funds be diversified, some Investment Funds may undertake to comply with certain investment concentration limits. Investment Funds may at certain times hold large positions in a relatively limited number of investments. Investment Funds may target or concentrate their investments in particular markets, sectors or industries. Those Investment Funds that concentrate in a specific industry or target a specific sector will also be subject to the risks of that industry or sector, which may include, but are not limited to, rapid obsolescence of technology, sensitivity to regulatory changes, minimal barriers to entry and sensitivity to overall market swings. As a result, the NAVs of such Investment Funds may be subject to greater volatility than those of investment companies that are subject to diversification requirements, and this may negatively impact the NAV of the Fund.

E) Investment Funds' Securities are Generally Illiquid - The securities of the Investment Funds in which the Fund invests or plans to invest will generally be illiquid. Subscriptions to purchase the securities of Investment Funds are generally subject to restrictions or delays. Similarly, the Fund may not be able to dispose of Investment Fund interests that it has purchased in a timely manner and, if adverse market conditions were to develop during any period in which the Fund is unable to sell Investment Fund interests, the Fund might obtain a less favorable price than that which prevailed when it acquired or subscribed for such interests, and this may negatively impact the NAV of the Fund.

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

F) Investment Fund Operations Not Transparent - The Adviser does not control the investments or operations of the Investment Funds. An Investment Fund Manager may employ investment strategies that differ from its past practices and are not fully disclosed to the Adviser and that involve risks that are not anticipated by the Adviser. Some Investment Fund Managers may have a limited operating history, and some may have limited experience in executing one or more investment strategies to be employed for an Investment Fund. Furthermore, there is no guarantee that the information given to the Administrator (defined in Note 8) and reports given to the Adviser with respect to the Fund Investments will not be fraudulent, inaccurate or incomplete.

G) Investments in Investment Funds of Foreign Investment Fund Managers - These investments may carry certain risks not ordinarily associated with investments in Investment Funds of domestic Investment Fund Managers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries. Certain countries may also impose substantial restrictions on investments on their capital markets by foreign entities, including restriction on investment in issuers or industries deemed sensitive to the relevant nation's interests. These factors may limit the investment opportunities available or result in lack of liquidity and high valuation volatility.

**4. Market Risk**

The Fund is subject to market risk, which means the value of the Shares will fluctuate based on market conditions and Shareholders could lose money. The value of the Shares could also decline significantly and unexpectedly, based on many factors, including national and international political, economic, or regulatory developments, interest rate levels, market, or other conditions, as well as global events such as war, military conflict or other conflict, natural or environmental disasters and infectious disease outbreaks. Events in the financial markets and in the broader economy may cause uncertainty and volatility and may adversely affect Fund performance. Events in one market may impact other markets. Future events may impact the Fund in unforeseen ways.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Fund's underlying investments have a commercial relationship could adversely affect, among other things, the Fund and/or the Fund's underlying investments' ability to pursue key strategic initiatives, including by affecting the Fund's ability to borrow from financial institutions on favorable terms.

Additionally, if the sponsor of an Investment Fund has a commercial relationship with a bank that has failed or is otherwise distressed, the Investment Fund and/or its portfolio companies may experience issues receiving financial support from a sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect the Fund and the performance of its investments.

**5. Foreign Currency Risk**

Although the Fund invests predominantly in the United States, the Fund's portfolio includes investments in different currencies. Any returns on, and the value of such investments may, therefore, be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors. A decline in the value of the currencies in Fund investments that are denominated against the U.S. dollar may result in a decrease of the Fund's NAV. The Adviser may or may not elect to hedge the value of investments made by the Fund against currency fluctuations, and even if the Adviser deems hedging appropriate, it may not be possible or practicable to hedge currency risk exposure. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations.

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

**6. Capital Share Transactions**

The offering of Shares of beneficial interest in the Fund are registered under the Securities Act of 1933, as amended. Shares have been and are expected to be offered quarterly at the NAV per Share as of the date such Shares are purchased.

The Board may, from time to time and in its sole discretion, cause the Fund to repurchase Shares from Shareholders pursuant to written tenders by Shareholders at such times and on such terms and conditions as established by the Board. In determining whether the Fund should offer to repurchase Shares, the Board considers the recommendation of the Adviser, as well as a variety of other operational, business and economic factors. The Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct tender offers of no more than 5% of the Fund's net assets quarterly on or about each January 1, April 1, July 1 and October 1. A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the first anniversary of the Shareholder's purchase of such Shares.

During the year ended March 31, 2025, the Fund completed four tender offers. The results were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tender Offer Activity** | **Tender Offer Activity** | **Tender Offer Activity** | **Tender Offer Activity** | **Tender Offer Activity** |
|  Commencement Date  | May 30, 2024 | August 30, 2024 | December 2, 2024 | March 3, 2025 |
|  Tender Offer Expiration Date  | June 28, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |
|  Valuation Date  | June 28, 2024 | September 30, 2024 | December 31, 2024 | March 31, 2025 |
|  Tender Offer Date NAV - Class D  | $17.48 | $17.79 | $17.41 | $17.27 |
|  Tender Offer Date NAV - Class I  | $17.52 | $17.84 | $17.47 | $17.34 |
|  Tender Offer Date NAV - Class M  | $17.53 | $17.84 | $17.47 | $17.34 |
|  Shares Tendered - Class D  |  |  |  |  |
|  Shares Tendered - Class I  | 613608 | 130098 | 46272 | 830392 |
|  Shares Tendered - Class M  | 997128 | 2170248 | 646417 | 552313 |
|  Value of Shares Tendered - Class D  |  |  |  |  |
|  Value of Shares Tendered - Class I  | $10750414 | $2320944 | $808375 | $14398998 |
|  Value of Shares Tendered - Class M  | $17479651 | $38717222 | $11292911 | $9577109 |
|  Percentage of Shares Tendered - <br>Total Fund  | 3.76% | 5.42% | 1.64% | 3.26% |

---

**7. Fair Value Disclosures**

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurement). The guidance establishes three levels of fair value as listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, including inputs in markets that are not considered to be active.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 - Inputs that are unobservable.

The notion of unobservable inputs is intended to allow for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Under Level 3, the owner of an asset must determine fair value based on its own assumptions about what market participants would take into account in determining the fair value of the asset, using the best information available.

The inputs or methodology for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes "observable" requires significant judgment by the Valuation Designee. The Valuation Designee considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Private equity funds are generally restricted securities that are subject to substantial holding periods and restrictions on resale and are not traded in public markets. Accordingly, the Fund may not be able to resell such investments for extended periods, if at all.

As the Fund uses the NAV as a practical expedient to determine the fair value of certain Investment Funds, these investments have not been classified in the GAAP fair value hierarchy.

The following table is a summary of information about the levels within the fair value hierarchy at which the Fund's investments are measured as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investment Funds  | $— | $— | $38925373 | $38925373 |
|  Short-Term Investments  | 74679379 |  |  | 74679379 |
|  NAV as a practical expedient  |  |  |  | 624173952 |
|  **Total**  | $74679379 | $— | $38925373 | $737778704 |

---

The following is a reconciliation of Investment Funds in which significant unobservable inputs (Level 3) were used in determining value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Beginning<br>balance<br>March 31,<br>2024** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Total realized<br>gain/(loss)** | **Total<br>unrealized<br>appreciation<br>(depreciation)** | **Purchases** | **Capital<br>distributions** | **Balance as of<br>March 31, 2025** |
| $49500864 | $24007 | $(11920508) | $2309449 | $4814922 | $143339 | $(5946700) | $38925373 |

---

Transfers into and out of Level 3 investments are recorded at the end of the reporting period.

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value<br>March 31, 2025** | **Valuation<br>Methodologies** | **Unobservable Input** | **Input Range** |
|  Investment Funds | $38925373 | Adjusted reported NAV | Reported NAV with <br>fair value adjustments | Not applicable |

---

**8. Investment Management Fee and Other Expenses**

A) Investment Management Fee and Incentive Fee - The Fund pays the Adviser an investment management fee (the "Investment Management Fee") in consideration of the advisory and other services provided by the Adviser to the Fund. The Fund pays the Adviser a quarterly Investment Management Fee equal to 1.25% on an annualized basis of NAV. For purposes of determining the Investment Management Fee payable to the Adviser for any quarter, NAV is calculated prior to any reduction for any fees and expenses of the Fund for that quarter, including, without limitation, the Investment Management Fee payable to the Adviser for that quarter.

In addition, at the end of each calendar quarter of the Fund, the Adviser will be entitled to receive an amount (the "Incentive Fee") equal to 10% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined below). For the purposes of the Incentive Fee, the term "net profits" shall mean the amount by which the NAV of the Fund on the last day of the relevant period exceeds the NAV of the Fund as of the commencement of the same period, including any net change in unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including offering and organizational expenses). The Fund will maintain a memorandum account (the "Loss Recovery Account"), which will have an initial balance of zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the Fund for the quarter, and (ii) decreased (but not below zero) upon the close of each calendar quarter by

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

the amount of the net profits of the Fund for the quarter. Shareholders will benefit from the Loss Recovery Account in proportion to their holdings of Shares.

The Adviser has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction-related expenses, extraordinary expenses, acquired fund fees and expenses, and the Incentive Fee) do not exceed 2.80% on an annualized basis for Class A Shares (Class A share are not currently being offered), 2.25% on an annualized basis of Class D Shares, 1.95% on an annualized basis for Class I Shares, and 1.95% on an annualized basis for Class M Shares (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the Waiver, and (b) the expense limit in effect at the time of recoupment. The Expense Limitation Agreement will continue until at least March 15, 2026, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation Agreement may be terminated by the Board upon thirty days' written notice to the Adviser. As of March 31, 2025, all eligible waivers have been recouped.

The Fund has adopted a Distribution and Service Plan (the "Distribution and Service Plan") for Class A Shares and Class D Shares in compliance with Rule 12b-1 under the 1940 Act. Only Class D shares are currently offered. The Distribution and Service Plan allows the Fund to pay distribution and servicing fees for the sale and servicing of its Class A and Class D Shares. Under the Distribution and Service Plan, the Fund will be permitted to pay as compensation up to a maximum of 0.85% per year on Class A Shares and up to a maximum of 0.30% per year on Class D Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class (the "Distribution and Servicing Fee") to the Fund's Distributor (defined below) and/or other qualified recipients. Because these fees are paid out of the Fund's assets on an ongoing basis, over time these fees will increase the cost of an investment and may cost more than paying other types of sales charges. Class I and Class M Shares are not subject to the Distribution and Servicing Fee.

B) Administration, Accounting, and Transfer Agent Fees - Pursuant to an agreement between the Fund and UMB Fund Services, Inc. (the "Administrator"), the Administrator provides administration, fund accounting, and assists with compliance services to the Fund. The Fund pays the Administrator a basis point fee, subject to fee minimums, for various administration, fund accounting, and investor accounting and taxation services to the Fund, as well as certain out of pocket expenses.

C) Distribution – Effective December 6, 2024 Distribution Services, LLC, a broker dealer (the "Distributor"), was engaged by the Fund to serve as the Fund's distributor. Prior to December 6, 2024 UMB Distribution Services, LLC served as distributor. The Distributor may retain additional unaffiliated broker-dealers to assist in the distribution of Fund shares.

D) Chief Compliance Officer and Chief Financial Officer Fees - Foreside Fund Officer Services, LLC provides chief compliance officer and chief financial officer services to the Fund under a Fund CCO Agreement and a Fund CFO Agreement.

E) Custodian Fees – UMB Bank n.a. serves as the custodian for the Fund's assets and is responsible for maintaining custody of the Fund's cash.

F) Fund Borrowing – The Fund entered into a line of credit agreement (the "Credit Agreement") with TriState Capital Bank on January 9, 2024. The Credit Agreement matures on January 8, 2026. The terms of the Credit Agreement provide a $50,000,000 committed, secured revolving credit facility. The Credit Agreement provides for a commitment fee of 0.85% per annum on unused capacity plus interest accruing on any borrowed amounts, for any day, at a rate per annum equal to the greater of (a) the Prime Rate, and (b) the Federal Funds Effective Rate plus 0.50%. During the year ended March 31, 2025, the Fund complied with all debt covenants outlined in the Credit Agreement and incurred interest expense of $430,903 at an effective rate of 0.86% as of March 31, 2025.The interest expense and commitment fee described above are included in other expenses on the Consolidated Statement of Operations.

**9. Federal Income Taxes**

It is the Fund's intention to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), that are applicable to a regulated investment company ("RIC"). The Fund intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, to not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify for RIC tax treatment, among other

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

requirements, the Fund is required to distribute at least 90% of its investment company taxable income, as defined by the Code. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. While the Fund intends to distribute substantially all of its taxable net investment income and capital gains, if any, in a manner necessary to minimize the imposition of a 4% excise tax, there can be no assurance that it will avoid any or all of the excise tax. In such event, the Fund will be liable only for the amount by which it does not meet the foregoing distribution requirements. The Fund has adopted September 30 as its tax year end.

If the Fund were to fail to meet the requirements of Subchapter M to qualify as a RIC, and if the Fund were ineligible to or otherwise were not to cure such failure, the Fund would be subject to tax on its taxable income at corporate rates, whether or not distributed to Shareholders, and all distributions out of earnings and profits would be taxable to Shareholders as ordinary income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment under Subchapter M.

In accounting for income taxes, the Fund follows the guidance in FASB ASC Codification 740, as amended by ASU 2009-06, "Accounting for Uncertainty in Income Taxes" ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. Management has concluded, there were no uncertain tax positions as of March 31, 2025 for federal income tax purposes or in, the Fund's major state and local tax jurisdiction of Delaware.

Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect the applicable tax characterization. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The tax basis components of distributable earnings may differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities due to temporary book/tax differences arising primarily from partnership investments.

At September 30, 2024, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of Investments  | $652442645 |
|  Gross Unrealized Appreciation  | $174923490 |
|  Gross Unrealized Depreciation  | (65849127) |
|  Net Unrealized Appreciation/(Depreciation)  | $109074363 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. Permanent differences due to differing book and tax treatments for the timing of the recognition of income, gain and losses and return of capital on certain partnership transactions resulted in reclassifications to increase total distributable earnings and decrease in paid-in capital as of September 30, 2024.

As of September 30, 2024 the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed long-term gains  | $15651999 |
|  Tax accumulated earnings  | 15651999 |
|  Accumulated capital and other losses  | (6402709) |
|  Unrealized appreciation on investments  | 109074363 |
|  Total accumulated earnings/(deficit)  | $118323653 |

---

**FlowStone Opportunity Fund**

**Notes to the Consolidated Financial Statements**<br> **March 31, 2025 (Continued)** <br>

The tax character of the distributions paid during the tax year ended September 30, 2024 and September 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **2024** | **2023** |
|  Ordinary income  | $— | $— |
|  Net long term capital gains  | 19646325 | 30243230 |
|  Total distributions paid  | $19646325 | $30243230 |

---

As of September 30, 2024, the Fund had qualified late-year ordinary losses of $6,402,709, which are deferred until fiscal year 2025 for tax purposes. Net late year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the funds next taxable year.

**10. Investment Transactions**

Purchases and sales of investments, excluding short-term investments, for the year ended March 31, 2025 were $77,713,658 and $0, respectively.

**11. Indemnification**

Under the Fund's organizational documents, its officers and Board are indemnified against certain liabilities arising out of the performance of their services to the Fund. In addition, in the normal course of business, the Fund may enter into contracts and agreements that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

**12. Commitments**

As of March 31, 2025, the Fund had outstanding investment commitments to Investment Funds totalling approximately $176,677,631.

**13. Subsequent Events**

Management has evaluated subsequent events through the date the financial statements were issued, and has determined that there were no subsequent events that require disclosure in or adjustment to the financial statements.

**FlowStone Opportunity Fund**

**Report of Independent Registered Public Accounting Firm**<br>

To the Board of Trustees and Shareholders of FlowStone Opportunity Fund

<u><u>Opinion on the Consolidated</u></u> <u><u>Financial Statements</u></u>

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of FlowStone Opportunity Fund and its subsidiary (the "Fund") as of March 31, 2025, the related consolidated statements of operations and cash flows for the year ended March 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis</u></u> <u><u>for Opinion</u></u>

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian and underlying investment fund managers; when replies were not received from the underlying investment fund managers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP<br>Chicago, Illinois<br>May 30, 2025

We have served as the Fund's auditor since 2018.

**FlowStone Opportunity Fund**

**Other Information**<br> **March 31, 2025 (Unaudited)**<br>

**Proxy Voting**

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling the Fund c/o UMB Fund Services, Inc., by telephone at 1-888-799-0799, (ii) by accessing the Fund's Form N-PX on the Fund's website at www.flowstonepartners.com, or (iii) by visiting the SEC's website at www.sec.gov.

**Availability of Quarterly Portfolio Schedules**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORTs are available, without charge and upon request, on the SEC's website at www.sec.gov.

**Tax Information**

For the year ended March 31, 2025, the Fund designates $19,646,325 as long-term capital gain distributions.

**FlowStone Opportunity Fund**

**Fund Management**<br> **March 31, 2025 (Unaudited)**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| **NAME, ADDRESS^ <br>AND YEAR <br>OF BIRTH** | **POSITION(S) WITH <br> THE FUND** | **TERM OF OFFICE AND LENGTH OF TIME SERVICED\*** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS\*\* HELD BY THE TRUSTEE** | **PORTFOLIOS <br>IN FUND COMPLEX OVERSEEN <br>BY TRUSTEE <br>OR OFFICER** | **OTHER DIRECTORSHIPS <br> HELD BY THE TRUSTEE** |
| Jason S. Gull<br>Birth year: 1970 | &nbsp;&nbsp; Trustee | Since Inception | Retired (since 2016); Partner, Head of Secondary Investments, and Member of the Executive Committee at Adams Street Partners, LLC (investment advisory firm) (2004-2016). | 1 | Advisory Board Member, Cougar Capital, a Brigham Young University affiliated investment fund; Member of the Brigham Young University Marriott School of Business National Advisory Council; Career Advisory Board Member, BYU-Pathway Worldwide. |
| Michael H. Moskow<br>Birth year: 1938 | &nbsp;&nbsp; Trustee | Since Inception | Retired (since 2007); Consultant, Board and Advisory Board Member, and Board Member, Taylor Capital Group (financial services firm) (2008-2014); Discover Financial Services (2007-2023). | 1 | Former Board Member, CityBase; Educational Corporation of America; National Futures Association; and Commonwealth Edison, a subsidiary of Exelon; Current Board Member, Chicago Council on Global Affairs (and Vice Chair); Board Member, Word Business Chicago; and National Bureau of Economic Research. |
| Marek Herchel<br>Birth year: 1976 | &nbsp;&nbsp; Trustee | Since Inception | Head of MLC Private Equity, MLC Asset Management US, LLC (asset management firm) (since 2017); Managing Director, AlpInvest Partners, <br>The Carlyle Group (global investment firm) (2011-2017). | 1 |  |

---

**FlowStone Opportunity Fund**

**Fund Management**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INDEPENDENT TRUSTEES (CONTINUED)** | **INDEPENDENT TRUSTEES (CONTINUED)** | **INDEPENDENT TRUSTEES (CONTINUED)** | **INDEPENDENT TRUSTEES (CONTINUED)** | **INDEPENDENT TRUSTEES (CONTINUED)** | **INDEPENDENT TRUSTEES (CONTINUED)** |
| **NAME, ADDRESS^ <br>AND YEAR <br>OF BIRTH** | **POSITION(S) WITH THE <br>FUND** | **TERM OF OFFICE AND LENGTH OF TIME SERVICED\*** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS\*\* HELD BY THE TRUSTEE** | **PORTFOLIOS <br>IN FUND COMPLEX OVERSEEN <br>BY TRUSTEE <br>OR OFFICER** | **OTHER DIRECTORSHIPS HELD BY THE TRUSTEE** |
| Shoshana Vernick<br>Birth year: 1976 | &nbsp;&nbsp; Trustee | Since August 2022 | Managing Partner, Avathon Capital (investment management firm) (since 2015). | 1 | Board Member, Shorelight; Board Member, Academic Programs International; Board Member, SusieCakes Bakeries; Board Member; ReUp Education; Board Member, Edvance; Board Member, Summit Professional Education, Board Member Oculus IT; Illinois Venture Capital Association. |

---

^The address for each Independent Trustee is c/o Joshua Deringer, Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996.

\*Each Trustee serves an indefinite term, until his or her successor is elected.

\*\*Includes any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the 1940 Act.

The statement of additional information includes additional information about the Trustees of the Fund and is available, without charge, upon request, by calling 1-888-799-0799 or emailing FlowStone@umb.com.

**FlowStone Opportunity Fund**

**Fund Management**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** |
| **NAME, ADDRESS AND YEAR <br>OF BIRTH** | **POSITION(S) WITH THE <br>FUND** | **TERM OF OFFICE AND LENGTH OF TIME SERVICED\*** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND <br>OTHER DIRECTORSHIPS\*\* <br>HELD BY THE TRUSTEE** | **PORTFOLIOS IN FUND COMPLEX OVERSEEN <br>BY TRUSTEE <br>OR OFFICER** | **OTHER DIRECTORSHIPS HELD BY THE <br>TRUSTEE DURING <br>THE PAST 5 YEARS** |
| Scott P. Conners\*\*\*<br> Birth year: 1968<br> 55 Nod Road, Suite 120<br> Avon, CT 06001 | &nbsp;&nbsp; Trustee; President | Since Inception | President and Managing Director, FlowStone Partners, LLC (since 2019). | 1 |  |
| Eric Becker<br> Birth year: 1962\*\*\*<br> c/o Cresset Capital Management, LLC<br> 444 W. Lake Street<br> Suite 4700<br> Chicago, IL 60606 | &nbsp;&nbsp; Trustee | Since Inception | Co-Chairman at Cresset Capital Management (since 2017); Chairman at Caretta Group (private investment firm) (since 2014); Chairman at Vennpoint Real Estate (real estate firm) (since 2014); Senior Managing Director and Co-Founder at Sterling Partners (investment management firm). | 1 | Board Member, Kuvare Holdings; Board Member, Chesapeake Spice Company; Board Member, Roti Modern Mediterranean Restaurants; Board Member, HiTech Corp.; Board Member, Living Classrooms Foundation; Board Member, Karma for Cara Foundation; Board President, Admirals Cove Foundation; Council Member, Fidelity Advisory Council; Board Member, Coaching Corps; Board Member, Remedi Healthcare; Board Member, TUF Partners; Member, Cresset Advisory Board; Member, Cresset Partners Advisory Board. |

---

**FlowStone Opportunity Fund**

**Fund Management**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** | **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** | **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** | **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** | **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** | **INTERESTED TRUSTEES AND OFFICERS (CONTINUED)** |
| **NAME, ADDRESS AND YEAR <br>OF BIRTH** | **POSITION(S) WITH THE <br>FUND** | **TERM OF OFFICE AND LENGTH OF TIME SERVICED\*** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND <br>OTHER DIRECTORSHIPS\*\* <br>HELD BY THE TRUSTEE** | **PORTFOLIOS IN FUND COMPLEX OVERSEEN <br>BY TRUSTEE <br>OR OFFICER** | **OTHER DIRECTORSHIPS HELD BY THE <br>TRUSTEE DURING <br>THE PAST 5 YEARS** |
| Avy Stein\*\*\*<br> Birth year: 1955<br> c/o Cresset Capital Management, LLC<br> 444 W. Lake Street<br> Suite 4700<br> Chicago, IL 60606 | &nbsp;&nbsp; Trustee | Since <br>August <br>2022 | Co-Chairman at Cresset Capital Management (since 2017). | 1 | Board Member, HilCo Global; Trustee, Treasurer, and Chairman of the Investment Committee, Ravinia Festival; Member, Harvard Law School Leadership Council; Director, Western Golf Association; Lead Director, Interval Leisure Group. |
| Trent Statczar^<br> Birth year: 1971<br> 190 Middle Street<br> Suite 301<br> Portland, ME 04101 | &nbsp;&nbsp; Chief Financial Officer; Treasurer | Since Inception | Director, Fund Officers at ACA Group (since 2016); Senior Director, PFO Services at Beacon Hill Fund Services (investment management solutions firm) (2008-2016). | 1 | N/A |
| Andrew Jones^<br> Birth year: 1994<br> 190 Middle Street<br> Suite 301<br> Portland, ME 04101 | &nbsp;&nbsp; Chief Compliance Officer | Since <br>January <br>2023 | Senior Principal Consultant, Fund Officers (since 2024) and Principal Consultant, Fund Officers at ACA Group (2022-2024); Due Diligence Manager (from July 2022 to October 2022), and Associate Director, Due Diligence (2020-2022) at Foreside Financial Group. | 1 | N/A |
| Charlie H. Finnegan<br> Birth year: 1993<br> 880 Third Avenue<br> New York, NY 10022 | &nbsp;&nbsp; Secretary | Since <br>2021 | Vice President (since 2023), Senior Associate (2021-2022), Associate (2019-2020), FlowStone Partners. | 1 | N/A |

---

\*Each Trustee/Officer serves an indefinite term, until his or her successor is elected.

\*\*Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the 1940 Act.

\*\*\*Messrs. Conners, Becker and Stein are deemed to be interested persons of the Fund because of their affiliations with the Fund's Adviser.

^Foreside Fund Officer Services, LLC (d/b/a ACA Group), formerly a part of Foreside Financial Group, provides chief compliance officer and chief financial officer services to the Fund under a Fund CCO Agreement and Fund CFO/Treasurer Agreement. Messrs. Statczar and Jones are employees of ACA Group.

**FlowStone Opportunity Fund**

**Fund Management**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ADVISORY BOARD MEMBER(S)** | **ADVISORY BOARD MEMBER(S)** | **ADVISORY BOARD MEMBER(S)** | **ADVISORY BOARD MEMBER(S)** | **ADVISORY BOARD MEMBER(S)** | **ADVISORY BOARD MEMBER(S)** |
| &nbsp;&nbsp; **NAME, ADDRESS<sup>^</sup>** **AND YEAR <br>OF BIRTH** | **POSITION(S) WITH THE FUND\*** | **TERM OF OFFICE AND LENGTH OF TIME SERVICED\*** | **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS\*\* <br>HELD BY THE TRUSTEE** | **PORTFOLIOS <br>IN FUND COMPLEX OVERSEEN <br>BY TRUSTEE <br>OR OFFICER** | **OTHER <br>DIRECTORSHIPS <br>HELD BY THE TRUSTEE DURING THE <br>PAST 5 YEARS** |
| Craige L. Stout\*<br>Birth year: 1962 | &nbsp;&nbsp; Advisory <br>Board <br>Member | &nbsp;&nbsp; Since <br>2020 | &nbsp;&nbsp; CEO, Stout Risius Ross, LLC (global bank and advisory firm) (since 1991). | 1 |  |
| W. Walter Green III<br>Birth year: 1949 | &nbsp;&nbsp; Advisory <br>Board <br>Member | &nbsp;&nbsp; Since <br>2023 | &nbsp;&nbsp; Principal, Greenwood Advisors. | 1 | Chairman, Advisory Board of College of Charleston's School of Business Investment Program; Chairman, Advisory Board, Mercer University SHBS Student Managed Investment Program; Member, Advisory Board, University of Georgia Entrepreneurship Program. |

---

^The address for each Advisory Board Member is c/o Joshua Deringer, Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103-6996.

\*Prior to June 2020, Mr. Stout served as an Independent Trustee.

\*\*Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the 1940 Act.

The statement of additional information includes additional information about the Trustees, Officers and Advisory Board Members of the Fund and is available, without charge, upon request, by calling 1-888-799-0799 or emailing <u><u>FlowStone@umb.com</u></u>.

**FlowStone Opportunity Fund**

**Privacy Notice**<br> **March 31, 2025 (Unaudited)**<br>

**PRIVACY NOTICE**

---

| | |
|:---|:---|
| **FACTS** | **WHAT DOES FLOWSTONE OPPORTUNITY FUND ("FLOWSTONE") DO WITH YOUR** **PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> •Social Security number and name<br> •Address, phone number and e-mail address<br> •Transactions and account balances<br> When you are no longer our customer, we may continue to share your information as described in this notice. |
| **How?** | All financial companies need to share personal information to run their everyday business. In the section below, we list the reasons financial companies can share their personal information; the reasons we choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
|  **Reasons we can share your** **personal information** | **Does<br>FlowStone<br>share?** | **Can you** **limit<br>this sharing?** |
|  For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
|  For our marketing purposes — to offer our products and services to you | Yes | No |
|  For joint marketing with other financial companies | No | No |
|  For our affiliates' everyday business purposes —<br>information about your transactions and experiences | Yes | No |
|  For our affiliates' everyday business purposes —<br>information about your creditworthiness | No | No |
|  For non-affiliates to market to you | No | No |

---

---

| | |
|:---|:---|
| **Questions?**  | Call **1-888-799-0799** or go to **www.flowstonepartners.com** |

---

**FlowStone Opportunity Fund**

**Privacy Notice**<br> **March 31, 2025 (Unaudited) (Continued)**<br>

---

| | |
|:---|:---|
|  **Who** **We Are** | **Who** **We Are** |
|  **Who is providing** **this notice?** | FlowStone Opportunity Fund ("FlowStone") |
|  **What** **We Do** | **What** **We Do** |
|  **How does FlowStone protect my** **personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. <br> We restrict access to information about you to those employees we determine need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards to protect this information.<br> We continuously assess new technology for protecting information and upgrade our systems where appropriate. |
|  **How does FlowStone collect my** **personal information?** | We collect your personal information, for example, when you establish your investment or give us contact information. |
|  **Why can't I limit** **all sharing?** | Federal law gives you the right to limit only<br> •sharing for affiliates' everyday business purposes — information about your creditworthiness<br> • affiliates from using your information to market to you<br> • sharing for non-affiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |
|  **Definitions** | **Definitions** |
|  Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
|  Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
|  **For Other** **Important Information** | **For Other** **Important Information** |
|  For helpful information about identity theft, visit the Federal Trade Commission's (FTC) consumer website at www.ftc.gov/idtheft. | For helpful information about identity theft, visit the Federal Trade Commission's (FTC) consumer website at www.ftc.gov/idtheft. |

---

ITEM 1. REPORTS TO STOCKHOLDERS CONTINUED.

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. The code of ethics is included as Exhibit 19(a)(1).

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. Michael Moskow is qualified to serve as the audit committee financial expert serving on its audit committee and that Mr. Michael Moskow is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

---

| | | |
|:---|:---|:---|
|  | *Current Year* | *Previous Year* |
| Audit Fees | $295000 | $285000 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $100500 | $101000 |
| All Other Fees | $0 | $0 |

---

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

(e)(2) All of the services described in paragraphs (b) through (d) of Item 4 were approved by the Audit Committee.

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

---

| | |
|:---|:---|
| *Current Year* | *Previous Year* |
| $100500 | $101000 |

---

(h) The Audit Committee considered the non-audit services rendered to the registrant's investment adviser and believes the services are compatible with the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Proxy Voting Policies and Procedures Summary**

Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. However, FlowStone Opportunity Fund (the "Fund") may occasionally receive notices or proposals from its Investment Funds seeking the consent of or voting by holders ("proxies"). The Fund has delegated any voting of proxies in respect of portfolio holdings to FlowStone Partners, LLC (the "Adviser") to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

The Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser will generally vote in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser will generally vote in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser will seek to avoid any direct or indirect conflict of interest presented by the voting decision. If any substantive aspect or foreseeable result of the matter to be voted on presents an actual or potential conflict of interest involving the Adviser, the Adviser will make written disclosure of the conflict to the Independent Trustees indicating how the Adviser proposes to vote on the matter and its reasons for doing so.

The Fund intends to hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Fund, in all, or substantially all, instances, the Fund will seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members.

The following table provides biographical information about the members of the Adviser who are primarily responsible for the day-to-day portfolio management of the Fund as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio Manager** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Length of Time of Service to the Fund** | &nbsp;&nbsp;**Business Experience During the Past 5 Years** |
| &nbsp;&nbsp;Scott P. Conners, CFA | &nbsp;&nbsp;Managing Director and President | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Managing Director, FlowStone Partners, LLC (since March 2019); Managing Director, Cresset SPG, LLC, from 2017 to 2019; Partner and Member of the Private Equity Investment Committee at Landmark Partners, LLC from 2003-2015 (employee since 1993) |
| &nbsp;&nbsp;Andreas Münderlein | &nbsp;&nbsp;Managing Director | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Managing Director, FlowStone Partners, LLC (since March 2019), Investment Manager, Partners Group (2002 to 2019) |
| &nbsp;&nbsp;Michael A. Carrano | &nbsp;&nbsp;Managing Director | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Managing Director, FlowStone Partners, LLC (since March 2019), Managing Director Landmark Partners |

---

(a)(2) Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest.

The following table shows information regarding accounts (other than the Fund) managed by Scott Conners, Münderlein , and Michael A. Carrano as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Number of Accounts\* | &nbsp;&nbsp;Total Assets in Accounts\* ($ Million) |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

\*as of June 3, 2025, the most recent available financial information

**Conflicts of Interest**

The Adviser may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and other investment funds and/or accounts managed by the Adviser, and in such circumstances the Adviser will allocate such opportunities among the Fund and such other funds and/or accounts under procedures intended to result in allocations that are fair and equitable taking into account the sourcing of the transaction, the nature of the investment focus of each fund, including the Fund, and/or account, the relative amounts of capital available for investment, and other considerations deemed relevant by the Adviser in good faith. Where there is an insufficient amount of an investment opportunity to satisfy the Fund and other investment funds and/or accounts managed by the Adviser, the allocation policy provides that allocations between the Fund and other investment funds and/or accounts will generally be made *pro rata* based on the amount that each such party would have invested if sufficient amounts of an investment opportunity were available. The Adviser's allocation policy provides that in circumstances where *pro rata* allocation is not practicable or possible, investment opportunities will be allocated on a random or rotational basis that is fair and equitable over time. In addition, the Adviser's Investment Committee will review allocations. Not all other investment funds and/or accounts managed by Adviser have the same fees and certain other investment funds and/or accounts managed by the Adviser may have a higher management fee than the Fund or a performance-based fee. If the fee structure of another investment fund and/or account is more advantageous to the Adviser than the fee structure of the Fund, the Adviser could have an incentive to favor the other fund and/or account over the Fund.

(a)(3) Compensation of the Portfolio Management Team Portfolio Manager Compensation Structure.

The compensation of each portfolio manager is typically comprised of a fixed annual salary and a discretionary annual bonus determined by the Adviser. In addition, each portfolio manager may be eligible to receive a share of any fees or carried interest earned by the Adviser in any given year. Such amounts are payable by the Adviser and not by the Fund.

(a)(4) Disclosure of Securities Ownership.

**Portfolio Management Team's Ownership of Shares**

The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in the Fund as of March 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Portfolio Manager</u>** | &nbsp;&nbsp;**<u>Dollar Range of Fund Shares Beneficially Owned</u>** |
| &nbsp;&nbsp;Scott P. Conners | &nbsp;&nbsp;Over $1,000,000 |
| &nbsp;&nbsp;Andreas Münderlein | &nbsp;&nbsp;$100001-$500000 |
| &nbsp;&nbsp;Michael A. Carrano | &nbsp;&nbsp;$100001-$500000 |

---

(b) Not Applicable.

ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The registrant's nominating committee accepts and reviews shareholder nominations for trustees. A shareholder nomination for trustee may be submitted to the registrant by sending the nomination to the nominating committee. The nominating committee will evaluate candidates recommended by management of the registrant and by shareholders in a similar manner, as long as the recommendation submitted by a shareholder includes at a minimum: the name, address and telephone number of the recommending shareholder and information concerning the shareholder's interests in the registrant in sufficient detail to establish that the shareholder held shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the nominating committee in evaluating the recommended nominee's qualifications to serve as a trustee.

ITEM 16. CONTROLS AND PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

[(a)(1) Code of ethics or any amendments thereto, that is subject to disclosure required by item 2 is attached hereto.](ex99-coe.htm)

(a)(2) Not applicable.

[(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) <u>FlowStone Opportunity Fund</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Trent Statczar |
|  | Trent Statczar, Chief Financial Officer, Treasurer |
|  | (Principal Financial Officer) |

---

Date <u>June 6, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Scott Conners |
|  | Scott Conners, President |
|  | (Principal Executive Officer) |

---

Date <u>June 6, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Trent Statczar |
|  | Trent Statczar, Chief Financial Officer, Treasurer |
|  | (Principal Financial Officer) |

---

Date <u>June 6, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

[FlowStone Opportunity Fund N-CSR](flowstone-ncsr_033125.htm)

**Exhibit 99.COE**

**FlowStone Opportunity Fund** **(the "Fund")**

**<u>CODE OF BUSINESS CONDUCT AND ETHICS</u>**

**<u>FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS</u>**

**Introduction** 

This Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (this "**Code**") applies to the Fund's Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each, an "Officer").

The Code provides guidance on how you, as an Officer, uphold these ethical standards. It applies to your service to the Fund.

The Code consists of an outline of policies regarding conduct in several key areas: ethical behavior and legal compliance, conflicts of interest, confidentiality and business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Fund and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment enhance the Fund's brand, build the Fund's reputation, and are the foundation of trust for our shareholder and business relationships.

The Code also requires that Officers adhere to the specific information and guidance that is provided in all of the Fund's policies and procedures, including the Fund's Compliance Policies and Procedures Manual and the Code of Ethics adopted by the Fund's Board; publications that address individual conduct; and documents to which you agree as a requirement of your employment, collectively referred to as "**company policies**." Company policies may be published in paper or electronic media.

You are responsible for reviewing the Code, including company policies, applicable to you, and for acting in compliance with the Code in your daily activities. You may obtain company policies and forms from the Chief Compliance Officer of the Fund.

**Fund Conduct**

The following general principles guide our Fund's conduct:

&nbsp;&nbsp;&nbsp;&nbsp;▪ We will act in accordance with applicable laws and
regulations and will not tolerate behavior that is otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We will make public disclosures as required by law
and regulation and as deemed appropriate to enable reasonable evaluation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We will strive to provide an equitable return for
our investors.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We will conduct business fairly, in open competition.

**Individual Conduct**

The following general principles guide your individual conduct as an Officer:

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will not take any action that will violate any
applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will adhere to the highest standards of ethical
conduct.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will maintain the confidentiality of all information
you obtain in the course of your employment.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will escalate issues which you reasonably believe
may place the Fund at risk, and report any behavior you reasonably believe is wrong.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will not abuse or take the Fund's assets
or use them for your personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will not engage in any activities that create
a conflict of interest between you and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will comport yourself publicly in a manner that
does not bring discredit on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will deal fairly with shareholders of the Fund,
colleagues and others.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will comply with this Code.

You have personal responsibility to conduct the Fund's business in a manner consistent with these principles, and you cannot avoid this responsibility by contrary instructions from others or by turning a blind eye. Many of these principles are explained in more detail below and in the Fund's other policies and procedures. If you have questions on any of them, you should consult with the Chief Compliance Officer or the President of the Fund.

**Ethical Behavior**

Your decisions and behavior have far-reaching implications. Standards of ethical and professional conduct reflect on the individual, on the Fund's brand, and on the investment industry as a whole. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action.

**Escalation of Concerns**

Guidance is provided throughout the Code on the appropriate means for escalating, disclosing and seeking approvals for activities governed by the Code. At a minimum, if you know of, or reasonably believe there is, a violation of applicable laws or this Code, you must report that information immediately to the Chief Compliance Officer or the President. If you believe the person to whom you have reported the violation, or possible violation, has not taken appropriate action, you must contact the Board of Trustees of the Fund. Neither you nor the person to whom you make a report should conduct preliminary investigations, unless authorized to do so by the Chief Compliance Officer or the President. Anyone who in good faith raises an issue in accordance with this Code regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

**Compliance with Laws, Rules, Regulations and Policies**

The foundation of the Fund's ethical standards is compliance with the letter and spirit of the law. You must respect and obey all of the laws, rules and regulations applicable to our business, including among others, securities and other federal, state and local laws. You are responsible for being familiar and complying with the Fund's policies and procedures. Although you are not expected to know the details of each law governing our business, you are expected to be familiar with and comply with the Fund's policies and procedures and, when in doubt, to seek advice from the Chief Compliance Officer or the President as outlined in this Code.

**Conflicts of Interest**

To maintain the highest ethical standards in conducting our business, it is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Fund. A "conflict of interest" occurs when your private interest interferes in any way – or even appears to interfere – with the interests of the Fund. You have a duty to report any material transaction or relationship that reasonably could be expected to be or to create a conflict of interest with the Fund. If you have any questions regarding what might constitute a conflict of interest, or to report any transaction or relationship that you believe has occurred or may occur that might constitute a conflict of interest, contact the Chief Compliance Officer or the President.

Certain conflicts of interest arise out of the relationships between Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and the Investment Advisers Act of 1940, as amended (the "**Investment Advisers Act**"). For example, Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The Fund's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund on the one hand and the Adviser on the other hand. Each Officer may also be an officer or employee of the Adviser, or its respective affiliates. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Fund, for the Adviser), be involved in establishing policies and implementing decisions that will have different effects on the Fund and the Adviser. The participation of the Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the trustees of the Fund (the "**Trustees**") that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

**Outside Directorships, Outside Employment and Other Outside Activities**

Your position with the Fund and the Adviser must be your primary business association and must take precedence over any other employment or business affiliation you may have. We encourage you to accept appropriate directorships and advisory positions at most non-profit organizations and commercial firms; however, your service as an adviser to, or member of, the board of a public company, non-profit charitable, civic, social service, religious, professional or trade organization must be consistent with the provisions for the Code, and not create a conflict of interest with your responsibilities to the Fund. This includes outside positions and activities that may be misconstrued to be activities of the Fund. Unless you have obtained prior approval from the Chief Compliance Officer or the President, you may not hold any position, whether paid or unpaid, with any other organization or outside activity that may interfere with your duties and responsibilities at the Fund. Approval will only be granted where it is clear that the proposed activity will not interfere with your duties at the Fund or the Adviser and that none of the Fund or the Adviser will incur any liability or responsibility for such outside activity.

Conflicts of interest may arise in certain business situations in which you, or a member of your household (or of a relative whose financial interests you control), participate. Examples include making significant investments in companies that compete with the Fund or in entities that do business with the Fund. *If you or a member of your household intends to hold such an investment, you must disclose it in writing to, and obtain prior approval for the investment from, the Chief Compliance Officer or the President.*

**Personal Investment Accounts and "Inside Information"**

You must disclose any investment accounts maintained by you or any related parties. You must do this at the time you become an Officer, at the time of any change in such information, and annually thereafter. Officers may not buy, sell, trade or carry securities or commodities for their personal investment accounts under circumstances that could result in their becoming obligated to any dealer, broker or client or that could produce or appear to produce conflicts of interest.

You should avoid circumstances that could introduce a personal financial bias into the handling of shareholder and Fund matters. In this regard, you should not become over-indebted and should borrow only from banks and other traditional lenders.

A "corporate opportunity" is an opportunity discovered through the use of Fund property, information or position. Officers are prohibited from taking corporate opportunities for themselves personally. This rule includes any fee or other compensation offered or paid by Fund shareholders in connection with routine company activity or for individual service as an executor, trustee, director or other fiduciary. It covers any other services performed for your benefit because of your role at the Fund, such as endorsements, lectures, articles, book reviews, compensation received from vendors and compensation paid for participating in interviews with the media and making radio or television appearances. You may not use Fund property, information or position for improper personal gain, and you may not compete with the Fund directly or indirectly.

**Confidentiality of Information**

As an investment company, we have particular responsibilities for safeguarding the information of our shareholders and the proprietary information of the Fund. You should be mindful of this obligation when you use the telephone, fax, e-mail, and other electronic means of storing and transmitting information. You should not discuss confidential information in public areas where it can be overheard, read confidential documents in public places, nor leave or discard confidential documents where they can be retrieved by others.

**Confidentiality of Shareholder Information**

Information concerning the identity of the Fund's underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Fund except as they may need to know it in order to fulfill their responsibilities to the Fund. You may not disclose such information to anyone or any firm outside the Fund unless (i) the outside firm needs to know the information in order to perform services for the Fund and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Compliance Officer or the President.

Information regarding shareholder or Fund transactions must not be used in any way to influence trades in personal accounts. Trading ahead of Fund transactions is known as front-running and is prohibited. Following Fund transactions with your trading activity is known as piggybacking or shadowing and is likewise prohibited. If you reasonably believe improper trading in personal or Fund accounts has occurred, you must report such conduct to the Chief Compliance Officer or the President.

**Privacy**

The Fund is committed to safeguarding customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates as allowed by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information and report any breaches of these safeguards to the Chief Compliance Officer or the President.

**Proprietary Information of the Fund**

You have the responsibility to safeguard the Fund's proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Fund (databases, records, salary information or unpublished financial reports). If you have any questions about what constitutes proprietary information, or if you believe such information has been compromised, contact the Chief Compliance Officer or the President.

**Non-Retaliation**

It is your obligation to report issues regarding possible violations of business regulations or this Code when you suspect in good faith that a violation may have or might occur. No Officer will be retaliated against for making a good faith complaint or bringing inappropriate conduct to the Fund's attention, for assisting another Officer in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Chief Compliance Officer or the President.

**Business Practices**

It is your obligation to report issues regarding possible violations of business regulations or this Code when you suspect in good faith that a violation may have or might occur. As a financial institution, it is imperative that we operate with efficiency and with the highest business standards, and that we maintain and provide accurate information.

**Financial Disclosures**

The Fund is committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Fund. You are required to comply with Fund policies and procedures to provide such full, fair, accurate, timely and understandable disclosure. If you have any questions about your duties in supporting the Fund's financial reporting processes, contact the Chief Compliance Officer or the President.

**Conduct of Audits**

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Fund's financial statements.

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Offering or paying bribes or other financial incentives,
including offering future employment or contracts for non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Providing an auditor with inaccurate or misleading
legal analysis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Threatening to cancel or canceling existing non-audit
or audit engagements if the auditor objects to the issuer's accounting;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Seeking to have a partner removed from the audit engagement
because the partner objects to the Fund's accounting;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Blackmailing; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Making physical threats.

If you reasonably believe improper influence has occurred, you must report such conduct to the Chief Compliance Officer or the President.

**Record-Keeping**

We require honest and accurate recording and reporting of information to maintain the integrity of our business records and to make responsible business decisions. The Fund's books, records and accounts must (i) accurately reflect all transactions of the Fund and all other events that are subject of a specific regulatory record-keeping requirement; (ii) be maintained in reasonable detail; and (iii) conform both to applicable legal requirements and to the Fund's system of internal controls. Unrecorded or "off the books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to e-mail, internal memoranda, formal reports, and all other forms of business records. You must be familiar with the Fund's record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Compliance Officer or the President regarding record retention.

*Any suspected breach of this obligation should be reported immediately to the Chief Compliance Officer or the President.*

**Cooperating with Compliance, Audit, Regulatory Authorities and Authorized Investigations**

You must cooperate fully with compliance officers, auditors, examiners and regulatory authorities, and others who are conducting authorized examinations, investigations or other reviews of the Fund's records and business practices. Authorized requests for information and access to the Fund's records are to be satisfied in a timely, responsive and respectful manner.

Any Officer who has been convicted of any crime involving dishonesty or a breach of trust must disclose such conviction to the Chief Compliance Officer or the President promptly, even if that crime did not relate to Fund business.

If you have any questions related to the appropriateness of providing access to the Fund's records, you should contact the Chief Compliance Officer or the President. In the event of litigation or governmental investigation, you should consult the Chief Compliance Officer or the President regarding document production and record retention.

**Competition and Fair Dealing**

We operate our business fairly and honestly. We seek competitive advantage through performance and dedication to our values and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized but at a minimum require that there be no agreement or understanding between the Fund and its competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Fund's shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice. If you have any question about what constitutes an unfair business practice, you should consult the Chief Compliance Officer or the President.

**Vendor Selection, Brokerage Allocation**

The selection of professional services, including those of brokers, dealers, attorneys or business consultants, should be based on competitive analysis of quality, price and benefit to the Fund. When transacting business on behalf of the Fund, if you feel that you may have a potential conflict of interest, you must notify the Chief Compliance Officer or the President of the potential conflict prior to initiating the transaction.

If you are in a position to influence the selection of brokers, you are prohibited from having any financial interest in a brokerage firm (other than those whose shares are traded publicly) and you may not accept gifts or entertainment or any other form of compensation from the brokerage community except as permitted under this Code.

**Prohibition of Bribery and Kickbacks**

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Fund's policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees. If you have any questions or need any guidance, you should contact the Chief Compliance Officer or the President.

**Compliance Procedures**

We will work together to ensure compliance with the Code and to take prompt action in response to reported violations of the Code.

**Seeking Guidance**

If you are unsure of what to do in any situation, seek guidance before you act. Use the Fund's resources, including the Chief Compliance Officer and the President. If you feel that it is not appropriate to discuss a matter with the Chief Compliance Officer or the President, you may contact the Board of Trustees of the Fund. Remember that you must report all incidents of misconduct, and you may do so without fear of retaliation. If you have violated the Code, however, making a report will not protect you from the consequences of your actions.

**Reporting Conduct that May be in Violation of the Code**

You must report conduct that you believe to be in violation of the Code, the Fund's policy, law or regulation. Reports should be escalated in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;▪ If you have a reasonable belief that a violation has
occurred, or may occur, you must report the conduct to the Chief Compliance Officer or the President.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Chief Compliance Officer and the President will
take all appropriate action to investigate any potential violation reported to them and will notify counsel for the Fund's
independent Trustees and counsel for the Fund of the substance of the potential violation.

&nbsp;&nbsp;&nbsp;&nbsp;▪ If after investigation, the Chief Compliance Officer
or the President reasonably believes that no violation has occurred, they are not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any matter that the Chief Compliance Officer or the
President believes is a violation will be reported to the Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;▪ If the Board of Trustees concurs that a violation
has occurred, the Board of Trustees will consider appropriate action, which may include review of, and appropriate modification
to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or a recommendation
to dismiss the Officer.

**Roles in Observing Compliance**

As an Officer of the Fund, you have a role in observing compliance with the Code. In general, that includes:

Role of Officers

&nbsp;&nbsp;&nbsp;&nbsp;▪ Read and be familiar with conduct rules outlined in
this Code and periodically review them.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Affirm in writing to the Board of Trustees that the
Officer has received, read and understands the Code by completing Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Annually affirm to the Board of Trustees that the
Officer has complied with the requirements of the Code by completing Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Comply with the conduct standards outlined in this
Code in all dealings and actions, including those with shareholders, the public and vendors.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Report in a timely manner to the Chief Compliance
Officer or the President any conduct that may constitute a violation of the Code, the Fund's policies, or laws, rules and
regulations.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Raise questions or concerns about conduct issues with
the Chief Compliance Officer or the President, and seek advice when in doubt.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Cooperate with management during fact-finding investigations
and comply with any confidentiality rules imposed.

Role of the Board of Trustees

&nbsp;&nbsp;&nbsp;&nbsp;▪ Review the Code annually and recommend any changes.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Review the Officer reports of compliance with the
Code.

**Interpretation of Code and Waivers of the Code**

The Chief Compliance Officer is responsible for applying the Code to specific situations in which questions are presented under him and has the authority to interpret the Code in any particular situation. However, waivers of the Code may be made only by the Board of Trustees and will be promptly disclosed publicly as required by law.

**Amendments**

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Board of Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

**Other Policies and Procedures**

This Code constitutes the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Adviser, or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Adviser's and the Fund's codes of ethics under Rule 17j-1 pursuant to the Investment Company Act and the Adviser's policies and procedures set forth in its compliance manual and elsewhere are separate requirements applying to the Officers and are not part of this Code.

**Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees and their counsel.

**Internal Use**

This Code is intended for internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Contacts** 

If you have further questions about the Code, or about its applicability with respect to a particular matter, please contact the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Compliance Officer or the President, you may contact the Board of Trustees of the Fund.

Adopted: January 3, 2019

Amended: November 22, 2019 <br> February 21, 2020

## Ex-99.Cert

[FlowStone Opportunity Fund N-CSR](flowstone-ncsr_033125.htm)

**Exhibit 99.CERT**

**FlowStone Opportunity Fund**

**Exhibit 19(a)(3) to Form N-CSR**

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND <br> SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Scott Conners, certify that:

1. I have reviewed this report on Form N-CSR of FlowStone Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Scott Conners |
|  |  | Scott Conners, President |
|  |  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND <br> SECTION 302 OF THE SARBANES-OXLEY ACT

I, Trent Statczar, certify that:

1. I have reviewed this report on Form N-CSR of FlowStone Opportunity Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Trent Statczar |
|  |  | Trent Statczar, Chief Financial Officer, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

[FlowStone Opportunity Fund N-CSR](flowstone-ncsr_033125.htm)

**Exhibit 99.906CERT**

**FlowStone Opportunity Fund**

**Exhibit 19(b) to Form N-CSR**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Scott Conners, President of FlowStone Opportunity Fund (the "Registrant"), certify that to my knowledge:

1. The
 Form N-CSR of the Registrant for the period ended March 31, 2025 (the "Report")
 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

/s/ Scott Conners

Scott Conners

President & Principal Executive Officer

June 6, 2025

I, Trent Statczar, Chief Financial Officer & Treasurer of the FlowStone Opportunity Fund (the "Registrant"), certify that to my knowledge:

1. The
 Form N-CSR of the Registrant for the period ended March 31, 2025 (the "Report")
 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

/s/ Trent Statczar

Trent Statczar

Principal Financial Officer & Treasurer

June 6, 2025

These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.