0001145549-23-036768.txt : 20230613 0001145549-23-036768.hdr.sgml : 20230613 20230613113559 ACCESSION NUMBER: 0001145549-23-036768 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 EFFECTIVENESS DATE: 20230613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FlowStone Opportunity Fund CENTRAL INDEX KEY: 0001741739 IRS NUMBER: 364909711 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23352 FILM NUMBER: 231010671 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 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001741739 XXXXXXXX false false false N-2 FLOWSTONE OPPORTUNITY FUND 811-23352 0001741739 54930070WA2NYCEI1614 55 Nod Road Suite 120 Avon 06001 US-CT US 3124292419 FLOWSTONE PARTNERS, LLC 55 Nod Road Suite 120 Avon 06001 3124292419 INVESTMENT ADVISER UMB FUND SERVICES, INC. 235 WEST GALENA STREET MILWAUKEE 53212 4142992000 TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR Faegre Drinker Biddle & Reath LLP One Logan Square Ste. 2000 Philadelphia 19103 2159882700 Legal Counsel N N N N-2 Y Marek Herchel N/A N Michael H. Moskow N/A N Jason S. Gull N/A N Eric Becker N/A Y Scott P. Conners 004881432 Y Avy Stein N/A Y Shoshana Vernick N/A N Andrew Jones 006708436 690 Taylor Road Suite 210 Gahanna 43230 XXXXXX Y N N N N N N FORESIDE FUND SERVICES, LLC 8-51293 000046106 N/A N UMB Distribution Services, LLC 8-42106 000025938 N/A N Y PricewaterhouseCoopers LLP 00238 815600D764B08A7EA935 N N N N N N FlowStone Opportunity Fund 54930070WA2NYCEI1614 N Fund of Funds Y N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y N Y Y FLOWSTONE PARTNERS, LLC 801-115230 000301768 N/A N UMB FUND SERVICES, INC. 84-05792 N/A N N N N UMB Bank National Association VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N UMB FUND SERVICES 084-05792 SEC File Number N N N 0.000000000000 0.000000000000 N 484405062.000000000000 Other Shares Shares N N Other Shares N N N 1.250000000000 2.670000000000 0.000000000000 17.030000000000 true INTERNAL CONTROL RPT 2 flowstonefp0083766-1_g1aiii.htm 3.31.23 FLOWSTONE OPPORTUNITY FUND INTERNAL CONTROL LETTER

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of FlowStone Opportunity Fund

In planning and performing our audit of the financial statements of FlowStone Opportunity Fund (the “Fund”) as of and for the year ended March 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of March 31, 2023.

This report is intended solely for the information and use of the Board of Trustees of FlowStone Opportunity Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Pricewaterhousecoopers LLP

Chicago, Illinois

June 1, 2023