Company: FOF
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049815
Chunk: 4

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 4
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 These two groups performed exceptionally well as credit concerns eased.

Tax-free municipal bond funds, which are primarily composed of long-duration, investment-grade bonds, ended the year with modestly positive returns on a NAV basis. Overall, the group had stronger returns on a market price basis as the average discount to NAV narrowed from –13.0% at the beginning of the year to –8.8%. The Fund added to relative performance through underweights to diversified and high-yield municipal bond funds, where discounts to NAV are greater than their historical average.

3

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

Sincerely,

| DOUGLAS R. BOND   |     | JEFFREY PALMA     |
| Portfolio Manager |     | Portfolio Manager |

The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.

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4

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

Performance Review (Unaudited)

Growth of a $10,000 Investment

Average Annual Total Returns—For Period Ended December 31, 2024

|                      |     | 1 Year |       |   |     | 5 Years |      |   |     | 10 Years |      |   |     | Since Inception(c) |      |   |
| Fund at NAV          |     |        | 20.91 | % |     |         | 6.40 | % |     |