Company: FOF
Filing Date: 2025-09-05
Form Type: N-CSRS
Source: 0001193125-25-196847
Chunk: 15

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-09-05
Form: N-CSRS
Chunk 15
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 financial and political factors. The price of gold, silver and other precious metals may fluctuate sharply over short periods of time due to: changes in inflation or expectations regarding inflation in various countries; the availability of supplies of gold, silver and other precious metals; changes in industrial and commercial demand; gold, silver and other precious metals sales by governments, central banks or international agencies; investment speculation, monetary and other economic policies of various governments; and government restrictions on private ownership of gold, silver and other precious metals. No income is derived from holding physical gold, silver or other precious metals, which is

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Cohen & Steers Closed-EndOpportunity Fund, Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

unlike securities that may pay dividends or make other current payments. Although a Portfolio Fund may have contractual protections with respect to the credit risk of their custodian, gold or silver held in physical form (even in a segregated account) involves the risk of delay in obtaining the assets in the case of bankruptcy or insolvency of the custodian. This could impair disposition of the assets under those circumstances. If a Portfolio Fund holds physical gold or silver, the Portfolio Fund is also subject to an increased risk of loss and expense in connection with the transportation of such assets to and from the Portfolio Fund’s custodian. In addition, gains derived from trading in gold and other precious metals may result in negative tax consequences due to appreciation in value, which could limit the ability of a Portfolio Fund to sell its holdings of physical gold or silver at the desired time.

Covered Call Writing Risk :The Fund may invest in Portfolio Funds that engage in a strategy known as “covered call option writing,” which is designed to produce income from option premiums and offset a portion of a market decline in the underlying security. The writer (seller) of a covered call option forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.

Municipal Bond Risk :The Fund may invest in