Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) Notification of Sources of Distribution Under Section 19(a)

Rhea-AI Summary

Cohen & Steers Closed‑End Opportunity Fund (NYSE:CNS) announced estimated sources for the distribution payable October 31, 2025 and cumulative distributions YTD through October 31, 2025. The current distribution is estimated at $0.0870 per share composed of Net Investment Income $0.0320 (36.78%), Short‑Term Gains $0.0177 (20.34%), Long‑Term Gains $0.0351 (40.34%) and Return of Capital $0.0022 (2.54%). YTD distributions total $0.8700 per share with 56.05% from long‑term gains and 10.45% return of capital. Performance metrics: YTD NAV total return 15.82%, Cumulative distribution rate 6.69%, 5‑year average annual NAV return 12.09%, and current annualized distribution rate 8.02%.

Positive

• YTD NAV total return 15.82% (Jan 1–Sep 30, 2025)
• Five‑year average annual NAV return 12.09% (through Sep 30, 2025)
• YTD long‑term gains represent 56.05% of 2025 distributions

Negative

• YTD return of capital $0.0910 per share (10.45% of 2025 distributions)
• Fund estimates distributed more than income and gains, so portion may be return of capital
• Managed distribution policy may be amended or suspended, which could negatively affect market price

Insights

Fund Distribution Analyst

Monthly distribution sources show a mix of income, gains and a small return of capital; routine disclosure with limited directional impact.

The Fund declares a managed distribution policy that targets regular monthly payments; the current per-share distribution is $0.0870 and year-to-date totals $0.8700. The estimated composition for October 2025 is roughly 36.78% net investment income, 20.34% short-term gains, 40.34% long-term gains, and 2.54% return of capital. The Fund reports a year-to-date NAV cumulative total return of 15.82% and a five-year average annual NAV return of 12.09%.

Key dependencies and risks include the accuracy of year-end tax characterization and the Board’s discretion to amend or suspend the managed distribution policy, which the Fund notes could adversely affect the market price. The notice emphasizes these source amounts are estimates and may change when final tax reporting is prepared; shareholders will receive Form 1099-DIV after the calendar year ends. Monitor the final Form 1099-DIV and any Board statements through year-end for confirmed tax treatment, and watch subsequent monthly notices for changes to the distribution composition within the next 1–3 months.

NEW YORK, Oct. 28, 2025 /PRNewswire/ -- This press release provides shareholders of Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) (the "Fund") with information regarding the sources of the distribution to be paid on October 31, 2025 and cumulative distributions paid fiscal year-to-date.

In December 2021, the Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The managed distribution policy seeks to deliver the Fund's long-term total return potential through regular monthly distributions declared at a fixed rate per common share. The policy gives the Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. The Board of Directors of the Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of the Fund's shares.

The Fund's monthly distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes. Return of capital includes distributions paid by the Fund in excess of its net investment income and net realized capital gains and such excess is distributed from the Fund's assets. A return of capital is not taxable; rather, it reduces a shareholder's tax basis in his or her shares of the Fund. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.

At the time of each monthly distribution, information will be posted to cohenandsteers.com and mailed to shareholders in a concurrent notice. However, this information may change at the end of the year because the final tax characteristics of the Fund's distributions cannot be determined with certainty until after the end of the calendar year. Final tax characteristics of all of the Fund's distributions will be provided on Form 1099-DIV, which is mailed after the close of the calendar year.

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year-to-date from the sources indicated. All amounts are expressed per common share.

DISTRIBUTION ESTIMATES	October 2025		YEAR-TO-DATE (YTD) October 31, 2025*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2025 Distributions
Net Investment Income	$0.0320	36.78 %	$0.2734	31.43 %
Net Realized Short-Term Capital Gains	$0.0177	20.34 %	$0.0180	2.07 %
Net Realized Long-Term Capital Gains	$0.0351	40.34 %	$0.4876	56.05 %
Return of Capital (or other Capital Source)	$0.0022	2.54 %	$0.0910	10.45 %
Total Current Distribution	$0.0870	100.00 %	$0.8700	100.00 %

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's managed distribution policy. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported in this Notice are only estimates, are likely to change over time, and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The amounts and sources of distributions year-to-date may be subject to additional adjustments.

* THE FUND WILL SEND YOU A FORM 1099-DIV FOR THE CALENDAR YEAR THAT WILL TELL YOU HOW TO REPORT THESE DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES

The Fund's Year-to-date Cumulative Total Return for fiscal year 2025 (January 1, 2025 through September 30, 2025) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return with the Fund's Cumulative Distribution Rate for 2025. In addition, the Fund's Average Annual Total Return for the five-year period ending September 30, 2025 is set forth below. Shareholders should note the relationship between the Average Annual Total Return with the Fund's Current Annualized Distribution Rate for 2025. The performance and distribution rate information disclosed in the table is based on the Fund's net asset value per share (NAV). The Fund's NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of shares outstanding. While NAV performance may be indicative of the Fund's investment performance, it does not measure the value of a shareholder's individual investment in the Fund. The value of a shareholder's investment in the Fund is determined by the Fund's market price, which is based on the supply and demand for the Fund's shares in the open market.

Fund Performance and Distribution Rate Information :

Year-to-date January 1, 2025 to September 30, 2025
Year-to-date Cumulative Total Return1	15.82 %
Cumulative Distribution Rate2	6.69 %
Five-year period ending September 30, 2025
Average Annual Total Return3	12.09 %
Current Annualized Distribution Rate4	8.02 %

1.	Year-to-date Cumulative Total Return is the percentage change in the Fund's NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.
2.	Cumulative Distribution Rate for the Fund's current fiscal period (January 1, 2025 through October 31, 2025) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of September 30, 2025.
3.	Average Annual Total Return represents the compound average of the Annual NAV Total Returns of the Fund for the five-year period ending September 30, 2025. Annual NAV Total Return is the percentage change in the Fund's NAV over a year including distributions paid and assuming reinvestment of those distributions.
4.	The Current Annualized Distribution Rate is the current fiscal period's distribution rate annualized as a percentage of the Fund's NAV as of September 30, 2025.

Investors should consider the investment objectives, risks, charges and expense of the Fund carefully before investing. You can obtain the Fund's most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission's EDGAR Database. You should read these reports and other filings carefully before investing.

Shareholders should not use the information provided here in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.

Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)

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SOURCE Cohen & Steers, Inc.

FAQ

What is Cohen & Steers Closed‑End Opportunity Fund's (CNS) distribution per share on October 31, 2025?

The Fund estimates a $0.0870 per share distribution payable October 31, 2025.

How much of CNS's October 2025 distribution is from long‑term capital gains?

Estimated long‑term capital gains are $0.0351 per share, or 40.34% of the current distribution.

What portion of CNS's 2025 year‑to‑date distributions is return of capital?

Year‑to‑date return of capital is estimated at $0.0910 per share, or 10.45% of 2025 distributions.

What are CNS's reported performance and distribution rates for 2025?

YTD NAV total return is 15.82%, cumulative distribution rate 6.69%, five‑year average NAV return 12.09%, and current annualized distribution rate 8.02%.

Will CNS send tax information for 2025 distributions for shareholders?

Yes. Final tax characteristics will be provided on Form 1099‑DIV after year‑end.