Company: FOF
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049815
Chunk: 39

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 39
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 production spending, government regulation, world events and economic conditions. The natural resources industry can be significantly  
 affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, and tax and government regulations. At times, the performance of securities of companies in the energy 
 and natural resources industry will lag the performance of other industries or the broader market as a whole. Other risks inherent in investing in the energy and                                                                                       |

39

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

| natural resources industry include those associated with the volatility of commodity prices; a decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a                                     
 decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution; a decline in demand for such commodities; the inability to cost-effectively acquire additional reserves sufficient to replace 
 depletion in resources used by energy and natural resources companies; and stricter laws, regulations or enforcement policies, which would likely increase compliance costs.                                                                        |

| • |     | Utilities. Issuers in the utility industry are subject to a variety of factors that may                                                                                                                                                                   
 adversely affect their business or operations, including: high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and    
 unsettled capital markets; governmental regulation of rates charged to customers; costs associated with compliance with and changes in environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition     
 from other providers of utility services; inexperience with and potential losses resulting from a developing deregulatory environment; and costs associated with the reduced availability of certain types of fuel, occasionally reduced availability and 
 high costs of natural gas for resale, and the effects of energy conservation policies.                                                                                                                                                                    |

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