NEW
YORK, Nov. 29, 2023 /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
November 30, 2023 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
|
November
2023
|
YEAR-TO-DATE
(YTD)
November 30,
2023*
|
Source
|
Per Share
Amount
|
% of Current
Distribution
|
Per Share
Amount
|
% of 2023
Distributions
|
Net Investment
Income
|
$0.0321
|
36.90 %
|
$0.3768
|
39.37 %
|
Net Realized Short-Term
Capital Gains
|
$0.0000
|
0.00 %
|
$0.0000
|
0.00 %
|
Net Realized Long-Term
Capital Gains
|
$0.0000
|
0.00 %
|
$0.0000
|
0.00 %
|
Return of Capital (or
other Capital Source)
|
$0.0549
|
63.10 %
|
$0.5802
|
60.63 %
|
Total Current
Distribution
|
$0.0870
|
100.00 %
|
$0.9570
|
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
2023 (January 1, 2023 through
October 31, 2023) 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 2023. In addition, the Fund's Average Annual
Total Return for the five-year period ending October 31, 2023 is set forth below. Shareholders
should note the relationship between the Average Annual Total
Return with the Fund's Current Annualized Distribution Rate for
2023. 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, 2023 to October 31, 2023
|
Year-to-date Cumulative
Total Return1
|
0.50 %
|
Cumulative Distribution
Rate2
|
9.73 %
|
|
Five-year period
ending October 31, 2023
|
Average Annual Total
Return3
|
4.02 %
|
Current Annualized
Distribution Rate4
|
10.61 %
|
|
|
|
|
|
|
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, 2023 through
November 30, 2023) measured on the dollar value of distributions in
the year-to-date period as a percentage of the Fund's NAV as of
October 31, 2023.
|
|
|
3.
|
Average Annual Total
Return represents the compound average of the Annual NAV Total
Returns of the Fund for the five-year period ending October 31,
2023. 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 October 31,
2023.
|
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.
Website: https://www.cohenandsteers.com
Symbol: (NYSE: CNS)
About Cohen & Steers. Cohen & Steers is a
leading global investment manager specializing in real assets and
alternative income, including 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.
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SOURCE Cohen & Steers