Company: FOF
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049815
Chunk: 23

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 23
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 interest payments), and may include high yield securities, senior loans and mortgage-related securities. Securities and other investments in which Portfolio Funds pursuing these strategies are expected to focus their investments, along with equity, convertible, preferred and high yield securities and the real estate, energy and utilities sectors, are described with their accompanying risks, under “Principal Risks of the Fund—Portfolio Fund Investment Risk.”

Under normal circumstances, at least 80% of the Fund’s net assets will be invested in common stock issued by Portfolio Funds. The Fund is not required to invest in Portfolio Funds focusing on U.S. or foreign securities, or equity or fixed income securities, in any specific proportion, and allocation of the

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C OHEN& S TEERSC LOSED-E NDO PPORTUNITYF UND, I NC.

Fund’s portfolio between Portfolio Funds focusing on U.S. and foreign securities, and between equity and fixed income securities, will vary over time, perhaps significantly. The Fund also has the ability to invest directly in income-producing securities and instruments relating to closed-endfunds.

In selecting Portfolio Funds, the investment manager seeks to identify closed-endfunds that meet one or more of the following characteristics:

| • |     | strong fundamentals, including ability to meet current and projected future dividend payments out of                                                                                                                                                     
 current income or a combination of current income and realized and unrealized gains, and leverage/risk management, as the investment manager believes that a conservative approach to leverage has the potential to help mitigate the effects of changes 
 in interest rates;                                                                                                                                                                                                                                       |

| • |     | relatively high current income; |

| • |     | share prices at a discount to net asset value; |

| • |     | undervalued funds where recent total return on market price trails recent total return on net asset 
 value;                                                                                              |

| • |     | well-regarded asset managers with strong track records managing the asset class(es) in which a 
 Portfolio Fund invests;                                                                        |

| • |     | diversification of sectors and asset classes among the Portfolio Funds; |

| • |     | market capitalization generally greater than $200 million; and |

| • |     | average daily trading volumes generally greater than $750,000 per day. |

There is no requirement that any Portfolio Fund in the Fund’s portfolio satisfy all the criteria set forth above, and the investment manager will use its discretion in selecting a portfolio of Portfolio Funds that the investment manager believes will help the Fund achieve its investment objective.

In addition to the criteria