Cohen & Steers Closed-End Opportunity Fund, Inc. Declares a Special Dividend and...

Cohen & Steers Closed-End Opportunity Fund, Inc. Declares a Special Dividend
and Capital Gain Distributions

NEW YORK, Dec. 19 /PRNewswire-FirstCall/ -- The board of directors of
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) has declared a
special dividend of $0.07 per common share, a short-term capital gain
distribution of $0.13 per share and a long-term capital gain distribution of
$0.06 per share. The distributions are payable on December 31, 2007 to common
shareholders of record on December 26, 2007, with an ex-dividend date of
December 21, 2007.*
* Shareholders should keep in mind that certain broker-dealers may
distribute information on fund capital gain distributions based on preliminary
data and subsequently distribute revised reports after the fund calculates
final distribution amounts for the 2007 taxable year.
You should also remember that the net asset value of a fund with a capital
gain distribution will decline on the "ex-dividend" date to reflect the
adjusted net asset value of the portfolio after the distribution, in addition
to any effect the market's performance had on the securities within the fund's
portfolio on that day. Capital gain distributions do not affect the overall
performance of an investment in a fund. If you own funds in a retirement plan
or any type of IRA, you will not owe any current taxes on those distributions.
Income may be subject to state and local taxes as well as the alternative
minimum tax.
Please note that the distributions paid by the fund to shareholders are
subject to recharacterization for tax purposes. The final tax treatment of
these distributions is reported to shareholders on their 1099-DIV forms, which
are mailed to shareholders after the close of each fiscal year. In addition,
the fund pays distributions pursuant to a level rate distribution policy.
Under this policy, the fund may pay distributions in excess of the fund's net
investment income, and this excess will be a tax-free return of capital
distributed from the fund's assets. Distributions of capital decrease the
fund's total assets and, therefore, could have the effect of increasing the
fund's expense ratio. In addition, in order to make these distributions, the
fund may have to sell portfolio securities during unfavorable market
conditions. Information concerning the estimated composition of each fund
distribution is available at cohenandsteers.com.
SOURCE Cohen & Steers Closed-End Opportunity Fund, Inc.

Francis C. Poli, executive vice president and general counsel, Cohen & Steers
Capital Management, Inc., +1-212-446-9112