Cohen & Steers Closed-end Opportunity Fund, Inc. (NYSE: FOF) announced that its Board of Directors has approved changes to the fund's 80% investment policy and related investment strategy disclosure, effective October 1, 2026.

Under the revised policy, at least 80% of the fund's net assets will be invested in common stock or other securities issued by portfolio funds listed on a U.S. or non-U.S. securities exchange. The updated policy replaces the fund's existing 80% investment requirement.

The fund's disclosure will also be revised to define "Portfolio Fund" as any closed-end pooled investment vehicle that does not offer a daily redemption or repurchase right. This definition expands the scope of eligible investments to include vehicles not registered under the Investment Company Act of 1940.

The changes give the fund broader flexibility to invest across a range of U.S. and non-U.S. investment vehicles. Eligible asset classes for portfolio funds will include bank loans, convertible securities, commodities, municipal securities, high yield securities, private credit, private equity, private real estate, REITs, preferred securities, MLPs, and utilities, among others.

The fund will remain subject to a 1940 Act provision limiting investment in any single portfolio fund to 3% of that fund's total outstanding stock. The fund may also use derivatives, including options, futures, swaps, forward contracts, and currency instruments, without limit, to seek returns and manage risk.

According to the announcement, the fund's investment manager will select portfolio funds based on criteria that may include share prices at a discount to net asset value, relatively high current income, market capitalization generally greater than $200 million, and average daily trading volumes generally greater than $750,000 per day.

The information was provided in a press release issued by Cohen & Steers, Inc. (NYSE: CNS).