Company: FOF
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196847
Chunk: 3

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 3
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 Fund, Inc. Fund Performance The portfolio delivered positive total returns for the six-monthperiod and outperformed its benchmark on a NAV basis, although it underperformed on a market price basis. Within the equity category, fund selection and allocation decisions were significant contributors to relative performance. Fund selection within U.S. sector equity funds and positioning in global hybrid funds aided relative performance. An underweight allocation to utilities funds weighed on relative returns as these defensive assets performed well amid the period’s volatility, with utilities funds significantly outperforming while the Fund maintained minimal exposure to this sector. The Fund’s commodity positioning provided mixed results during the period. Single-commodity funds delivered strong positive attribution through exposure to precious metals funds that benefited from economic uncertainty. However, the Fund’s significant overweight allocation to diversified commodity funds was the primary detractor from relative performance. This negative impact was largely driven by diversified commodity strategies that faced headwinds from commodity price volatility during the period. Among fixed income closed-endfunds, the Fund’s tactical positioning provided mixed results across various sectors. An underweight allocation to U.S. multi-sector bond funds contributed positively as these funds advanced but trailed broader funds. The Fund’s non-investment in collateralized loan funds added to relative performance amid negative returns for this sector. An underweight allocation to bank loan funds similarly contributed to relative returns as the sector underperformed the benchmark. Diversified municipal bond funds faced challenges from interest rate volatility, though the Fund’s underweight position contributed positively to relative performance. Sincerely,

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

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Cohen & Steers Closed-EndOpportunity Fund, Inc.

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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