Company: FOF
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049815
Chunk: 27

Company: Cohen & Steers Closed-End Opportunity Fund, Inc.
Filing Date: 2025-03-07
Form: N-CSR
Chunk 27
---
 invest in other investment companies and could also significantly affect the Fund’s ability to redeem its investments in other investment companies, making such investments less attractive. The effects of rule and other regulatory changes are not known as of the date of this report, but they could impact the Fund’s ability to achieve its desired investment strategies or cause the Fund to incur losses, realize taxable gains distributable to shareholders, incur greater or unexpected expenses or experience other adverse consequences.

Manager Risk.The success of the Fund’s strategy is subject to the ability of the investment manager to achieve the Fund’s investment objective. Similarly, the Fund’s investments in Portfolio Funds is subject to the ability of the Portfolio Funds’ managers to achieve the Portfolio Fund’s investment objectives.

Dividend Risk.Common Shares, as well as shares issued by the Portfolio Funds, do not assure dividend payments. Dividends are paid only when declared by the Board of Directors of the Fund or the boards of directors of the Portfolio Funds, as the case may be, and the level of dividends may vary over time. If a Portfolio Fund reduces or eliminates the level of its regular dividends, this may reduce the level of dividends paid by the Fund, and may cause the market prices of the Portfolio Fund’s shares and the Common Shares to fall.

31

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

Inflation Risk.Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and shares of Portfolio Funds and distributions can decline.

Risk of Anti-Takeover Provisions.Certain provisions of the Fund’s Charter and By-Lawscould limit the ability of other entities or persons to acquire control of the Fund or change the Fund’s structure. The provisions may have the effect of depriving common stockholders of an opportunity to sell their shares at a premium over prevailing market prices or have the effect of inhibiting conversion of the Fund to an open-end fund.Portfolio Funds also may have similar provisions in their organizational documents, which would have a similar effect on the Fund’s investments.

Dilution Risk.Strategies may be employed by a Portfolio Fund that, under certain circumstances, have the effect of reducing its share price and the Fund’s proportionate interest. These include rights offerings in which the Fund does not subscribe. However, the Fund would not subscribe only when the investment manager believes participation is not consistent with pursuing the Fund’s investment