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) posted estimated sources for its distribution to be paid December 31, 2025 and cumulative distributions paid fiscal year-to-date.

For December 2025 the Fund estimates a $0.0870 per-share distribution composed of 29.77% net investment income, 21.95% long-term capital gains and 48.28% return of capital. Year-to-date through Dec 31, 2025 distributions total $1.0440 per share with 59.02% long-term gains, 29.39% net investment income and 7.50% return of capital.

The Fund reports a YTD NAV cumulative total return of 17.83% (Jan 1–Nov 30, 2025) and a five-year average annual NAV total return of 10.36%. The current annualized distribution rate is 7.99%. Final tax characterizations will be reported on Form 1099-DIV.

Positive

• Year-to-date NAV cumulative total return of 17.83%
• Five-year average annual NAV total return of 10.36%
• Current annualized distribution rate of 7.99%

Negative

• December distribution is 48.28% return of capital per share
• Fund estimates YTD distributions exceeded income and gains, indicating portion may be return of capital
• Year-to-date distributions include only 7.50% return of capital but final tax treatment may change

Key Figures

Net investment income (Dec) $0.0259 per share December 2025 distribution; 29.77% of current payout

Long-term capital gains (Dec) $0.0191 per share December 2025 distribution; 21.95% of current payout

Return of capital (Dec) $0.0420 per share December 2025 distribution; 48.28% of current payout

Total distribution (Dec) $0.0870 per share December 2025 current monthly distribution; 100.00% total

YTD distributions $1.0440 per share Year-to-date through December 31, 2025; 100.00% of 2025 distributions

YTD NAV total return 17.83% January 1, 2025 to November 30, 2025, NAV basis

Cumulative distribution rate 7.99% Fiscal 2025 distributions vs NAV as of November 30, 2025

Five-year avg total return 10.36% Average annual total return over five years to November 30, 2025 (NAV)

Market Reality Check

$62.99 Last Close

Volume Volume 195,483 vs 20-day average 535,732 indicates relatively light trading ahead of this fund update. low

Technical Shares trade below the 200-day MA of 72.89, with the stock at 62.99, remaining well under the 52-week high of 100.185.

Peers on Argus

CNS slipped 0.29% with relatively light volume, while key asset-management peers like AB, APAM, DNP and FHI also showed modest declines between roughly -0.43% and -0.67%, suggesting a generally soft sector tone rather than a reaction specific to this FOF distribution notice.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	AUM and flows update	Positive	+1.3%	Higher AUM from market appreciation despite net outflows and distributions.
Dec 08	Workplace award news	Positive	-3.5%	Best-places-to-work recognition without corresponding positive price move.
Nov 26	RFI distribution notice	Neutral	-0.8%	Section 19(a) disclosure on RFI distribution mix and NAV returns.
Nov 26	FOF distribution notice	Neutral	-0.8%	FOF distribution breakdown with NAV performance metrics and estimates.
Nov 26	RNP distribution notice	Neutral	-0.8%	RNP distribution composition and NAV-based total return figures.

Pattern Detected

Operational and AUM updates have seen mixed but generally modest reactions, while recurring closed-end fund distribution notices have coincided with small price moves and one divergence on reputational news.

Recent Company History

Over the last several months, Cohen & Steers has reported preliminary assets under management of $91.9 billion as of November 30, 2025, reflecting market appreciation offset by net outflows and distributions. The company has also issued multiple Section 19(a) notices for its closed-end funds, including FOF, RFI and RNP, detailing distribution sources and NAV-based performance metrics. A separate recognition as a “Best Place to Work in Money Management” on Dec. 8, 2025 drew a negative price reaction, showing that reputational positives have not always aligned with near-term stock moves.

Market Pulse Summary

This announcement details the composition of FOF’s December distribution and 2025 year-to-date payouts, showing a blend of net investment income, capital gains and a 48.28% return-of-capital component for December. It also highlights NAV-based results, including a 17.83% year-to-date cumulative total return and a 10.36% five-year average annual total return versus a 7.99% distribution rate. Investors may focus on how much of the payout comes from long-term gains versus return of capital and how NAV performance compares with distribution levels.

Key Terms

managed distribution policy financial

"In December 2021, the Fund implemented a managed distribution policy..."

A managed distribution policy is a company’s plan to pay regular cash to shareholders at a set rate by combining income, dividends and occasional return of capital. Think of it as a scheduled withdrawal from a household account: it can provide steady income for investors, but part of the payment may come from savings rather than ongoing earnings, so investors should watch how those payments are funded and whether they are sustainable over time.

return of capital financial

"The Fund's monthly distributions may include... and/or return of capital..."

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

net asset value financial

"The performance and distribution rate information... is based on the Fund's net asset value per share (NAV)."

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

NAV financial

"The Fund's NAV is calculated as the total market value of all the securities..."

Net asset value (NAV) is the total value of all the investments and assets in a fund or company, minus any debts or liabilities, divided by the number of shares or units outstanding. It represents the per-share worth, giving investors an idea of what each share is truly worth based on the underlying assets. Think of it like a company's total worth divided among its shares, helping investors assess whether a share is fairly priced.

Form 1099-DIV regulatory

"Final tax characteristics... will be provided on Form 1099-DIV..."

Form 1099-DIV is a U.S. tax document brokers, mutual funds and other financial institutions send to investors showing dividends and other distributions paid during the year. Investors use it like an annual receipt to report taxable income — including regular dividends, dividends that may qualify for lower tax rates, and capital gains distributions — so it directly affects tax liability and helps reconcile brokerage records with a tax return.

total return financial

"The Fund's Year-to-date Cumulative Total Return for fiscal year 2025..."

Total return measures how much an investment grows over a period by combining changes in its market price with any income it pays (like dividends or interest), usually shown as a percentage. It matters to investors because it gives a complete picture of performance—similar to looking at your paycheck plus any year-end bonus rather than just the hourly wage—so you can compare investments more fairly and judge real wealth change.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 18, 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 December 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	December 2025		YEAR-TO-DATE (YTD)  December 31, 2025*
Source	Per Share Amount	% of Current Distribution	Per Share Amount	% of 2025 Distributions
Net Investment Income	$0.0259	29.77 %	$0.3068	29.39 %
Net Realized Short-Term Capital Gains	$0.0000	0.00 %	$0.0428	4.09 %
Net Realized Long-Term Capital Gains	$0.0191	21.95 %	$0.6162	59.02 %
Return of Capital (or other Capital Source)	$0.0420	48.28 %	$0.0782	7.50 %
Total Current Distribution	$0.0870	100.00 %	$1.0440	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 November 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 November 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 November 30, 2025
Year-to-date Cumulative Total Return1	17.83 %
Cumulative Distribution Rate2	7.99 %
Five-year period ending November 30, 2025
Average Annual Total Return3	10.36 %
Current Annualized Distribution Rate4	7.99 %

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 December 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 November 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 November 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 November 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 the per-share December 31, 2025 distribution for CNS?

The Fund estimates a $0.0870 per-share distribution to be paid December 31, 2025.

How much of CNS's December 2025 distribution is return of capital?

The Fund estimates 48.28% of the December 2025 distribution is return of capital.

What are CNS's year-to-date distributions per share for 2025?

Year-to-date distributions through December 31, 2025 total an estimated $1.0440 per share.

What are CNS's reported returns for 2025 and five years?

CNS reports a YTD NAV cumulative total return of 17.83% (Jan 1–Nov 30, 2025) and a five-year average annual NAV total return of 10.36%.

Will the tax characterization of CNS distributions change?

Final tax characteristics may change and will be reported on Form 1099-DIV after year-end.

How does CNS's managed distribution policy affect shareholders?

The managed distribution policy pays fixed monthly distributions but may be amended or suspended by the Board, which could affect the share market price.