Company: FOF
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049815
Chunk: 26

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 26
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 above or below the investor’s

30

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

purchase price or adjusted basis for the shares. Because the market price of the shares is determined by factors such as relative supply of and demand for shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the shares may trade at, above or below NAV.

Market Risk. Your investment in the Fund represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. The Fund and the Portfolio Funds may utilize leverage, which magnifies this risk. Your shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. See “Leverage Risk” below.

Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

Risks of Investing in Other Investment Companies.Since the Fund concentrates its assets in closed-endmanagement investment companies, risks of investing in the Fund include the risks associated with the purchased closed-endinvestment companies’ portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the Fund’s expenses, but also indirectly the expenses of the Portfolio Funds. Shareholders will therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. Risks associated with investments in closed-endfunds generally include market risk, leverage risk, risk of market price discount from NAV, risk of anti-takeover provisions and non-diversification.

To the extent the Fund invests a portion of its assets in other investment companies, including ETFs and other types of pooled investment funds, those assets will be subject to the risks of the purchased investment fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the Fund’s expenses, but also indirectly the expenses of the purchased investment funds. In addition, restrictions under the 1940 Act may limit the Fund’s ability to invest in other investment companies to the extent desired.

The SEC has adopted Rule 12d1-4permitting fund of fund arrangements subject to various conditions, and rescinding the present rule and certain exemptive relief previously granted. Once in effect, Rule 12d1-4may adversely affect the Fund’s ability to