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

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 25
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 are not currently available but which may be developed in the future.

The Fund may buy and sell shares of Portfolio Funds to take advantage of potential short-term trading opportunities, but short-term trading will not be used as the primary means of achieving the Fund’s investment objective.

Temporary Defensive Positions. When the investment manager believes that market or general economic conditions justify a temporary defensive position, the Fund may deviate from its investment objectives and invest all or any portion of its assets in investment grade debt securities. In such a case, the Fund may not pursue or achieve its investment objective.

Principal Risks of the Fund

The Fund is a diversified, closed-endmanagement investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective.

Risks of investing in the Fund include risks associated with (1) investments in closed-endfunds generally, including both your investment in Common Shares and the Fund’s investment in Portfolio Fund shares; (2) the risks of the Portfolio Funds’ investments; and (3) any direct investments in income-producing securities and derivative, structured and other instruments related to closed-endfunds including derivatives, which are the same risks as described below for Portfolio Fund investments in such securities and instruments. Since the Fund pursues its investment objective by investing in Portfolio Funds, it is subject to particular risks associated with investing in other closed-endfunds that are separate from risks associated with the investments held by the Portfolio Funds.

Both the Fund, and the Portfolio Funds, have management fees. In addition, the Portfolio Funds typically incur operating expenses that are borne by their investors, including the Fund. As a result, Fund investors will bear not only the Fund’s management fees and any operating expenses not paid by the investment manager, but also the fees and expenses of the Portfolio Funds attributable to the Fund’s investments. Investors would bear less expenses if they invested directly in the Portfolio Funds.

Risks of Investing in Closed-EndFunds

Market Price Discount from Net Asset Value Risk.Shares of closed-endinvestment companies frequently trade at a discount from their net asset value (NAV). This characteristic is a risk separate and distinct from the risk that NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the shares at the time of sale is