Company: FOF
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196847
Chunk: 26

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 26
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 the Fund and the investment strategies used in pursuing the Fund’s objective. The Board also considered information provided by the Investment Manager in response to a request for information submitted by counsel to the Independent Directors, on behalf of the Independent Directors, as well as information provided by the Investment Manager in response to a supplemental request. In particular, the Board considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Manager:The Board reviewed the services that the Investment Manager provides to the Fund, including, but not limited to, making the day-to-dayinvestment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board regarding the Fund’s portfolio, providing individuals to serve as Fund officers, and generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Manager to its other funds and accounts, including those that have investment objectives and strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Manager’s personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board further noted the Investment Manager’s ability to attract qualified and experienced personnel. The Board also considered the administrative services provided by the Investment Manager, including

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Cohen & Steers Closed-EndOpportunity Fund, Inc.

compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Manager are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Manager:The Board considered the investment performance of the Fund compared to Peer Funds and compared to a relevant linked blended benchmark. The Board considered that, on a net asset value basis (NAV), the Fund outperformed the Peer Group median for the one-yearperiod ended March 31, 2025, ranking one out of six peers, and underperformed the Peer Group medians for the three-, five- and ten-yearperiods ended March 31, 2025, ranking four out of six peers, four out of six peers and five out of six peers, respectively. The Board noted that, on a NAV basis, the Fund outperformed its linked benchmark for the one-,three-, five- and ten-yearperiods ended