Cohen & Steers Future of Energy Fund, Inc.

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$133	1.25%

How did the Fund perform during the last year and what affected its performance?

The share class had a 12.18% total return in the 12 months ended November 30, 2025, compared with the Linked Index,¹ which returned -1.97%, and the MSCI World Index - net, which returned 16.99%.

An out-of-index allocation to the renewable energy equipment sector helped the Fund's relative performance in the period compared with the Linked Index,¹ as the Fund's holdings in the sector had a sizable gain. Stock selection in the exploration & production sector also aided performance, due in part to a non-investment in Texas Pacific Land, which had a large decline in the period. An out-of-index allocation to power generation companies further contributed positively to relative performance.

Factors that detracted from relative performance included an underweight and stock selection in the refining & marketing sector, due mainly to the timing of an allocation to Valero Energy. An out-of-index position in the drilling support sector detracted as well; the allocation consisted of a position in Seadrill Limited, which had a significant decline in the period. The timing of the Fund's allocation to renewable energy development further hindered performance.

The Fund used derivatives in the form of forward foreign currency exchange contracts to manage currency risk on certain Fund positions denominated in foreign currencies. The currency exchange contracts significantly detracted from the Fund's total return for the 12 months ended November 30, 2025.

Top contributors	Top detractors
Renewable Energy Equipment	Refining & Marketing
Exploration & Production	Drilling & Drilling Support
Power Generation	Renewable Energy Project Development

Date	Class A	MSCI World Index - net	Linked Index¹
11/30/2015	9550	10000	10000
11/30/2016	11275	10315	12665
11/30/2017	11161	12756	12806
11/30/2018	11180	12773	12105
11/30/2019	10127	14629	11740
11/30/2020	7911	16753	10129
11/30/2021	11031	20402	13391
11/30/2022	14479	18186	17733
11/30/2023	15012	20548	18651
11/30/2024	18042	26266	21335
11/30/2025	20240	30729	20914

	1 Year	5 Years	10 Years
With sales charge²	7.13%	19.56%	7.30%
Without sales charge	12.18%	20.67%	7.80%
MSCI World Index - net	16.99%	12.90%	11.88%
Linked Index¹	-1.97%	15.61%	7.66%

Net assets	$123,778,411
Number of portfolio holdings (excluding derivatives)	39
Portfolio turnover rate	115%
Net advisory fees paid	$525,806

Top ten holdings^3,4	(%)
Chevron Corp.	9.7%
Marathon Petroleum Corp.	5.7%
First Solar, Inc.	5.4%
Suncor Energy, Inc.	5.1%
TC Energy Corp.	4.8%
Energy Transfer LP	4.5%
ConocoPhillips	4.5%
Shell PLC	4.4%
EQT Corp.	3.8%
Nextpower, Inc.	3.7%

Sector diversification^3,5	(%)
Integrated Oils	25.6%
Exploration & Production	13.9%
Midstream - Oil & Gas	13.3%
Power Generation	9.9%
Renewable Energy Equipment	8.4%
Refining & Marketing	6.7%
Integrated Electric Utilities	5.9%
Measurement Instruments	3.7%
Oilfield Services & Equipment	3.3%
Other (includes short-term Investments)	9.3%

Country diversification^3,5	(%)
United States	68.5%
Canada	15.8%
Denmark	5.2%
Germany	5.1%
Spain	2.2%
Netherlands	1.1%
Australia	0.6%
Finland	0.5%
Other (includes short-term Investments)	1.0%

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$201	1.90%

How did the Fund perform during the last year and what affected its performance?

The share class had a 11.39% total return in the 12 months ended November 30, 2025, compared with the Linked Index,¹ which returned -1.97%, and the MSCI World Index - net, which returned 16.99%.

Top contributors	Top detractors
Renewable Energy Equipment	Refining & Marketing
Exploration & Production	Drilling & Drilling Support
Power Generation	Renewable Energy Project Development

Date	Class C	MSCI World Index - net	Linked Index¹
11/30/2015	10000	10000	10000
11/30/2016	11725	10315	12665
11/30/2017	11529	12756	12806
11/30/2018	11476	12773	12105
11/30/2019	10321	14629	11740
11/30/2020	8017	16753	10129
11/30/2021	11119	20402	13391
11/30/2022	14483	18186	17733
11/30/2023	14930	20548	18651
11/30/2024	17819	26266	21335
11/30/2025	19848	30729	20914

	1 Year	5 Years	10 Years
With sales charge	10.39%²	19.88%	7.09%
Without sales charge	11.39%	19.88%	7.09%
MSCI World Index - net	16.99%	12.90%	11.88%
Linked Index¹	-1.97%	15.61%	7.66%

Net assets	$123,778,411
Number of portfolio holdings (excluding derivatives)	39
Portfolio turnover rate	115%
Net advisory fees paid	$525,806

Top ten holdings^3,4	(%)
Chevron Corp.	9.7%
Marathon Petroleum Corp.	5.7%
First Solar, Inc.	5.4%
Suncor Energy, Inc.	5.1%
TC Energy Corp.	4.8%
Energy Transfer LP	4.5%
ConocoPhillips	4.5%
Shell PLC	4.4%
EQT Corp.	3.8%
Nextpower, Inc.	3.7%

Sector diversification^3,5	(%)
Integrated Oils	25.6%
Exploration & Production	13.9%
Midstream - Oil & Gas	13.3%
Power Generation	9.9%
Renewable Energy Equipment	8.4%
Refining & Marketing	6.7%
Integrated Electric Utilities	5.9%
Measurement Instruments	3.7%
Oilfield Services & Equipment	3.3%
Other (includes short-term Investments)	9.3%

Country diversification^3,5	(%)
United States	68.5%
Canada	15.8%
Denmark	5.2%
Germany	5.1%
Spain	2.2%
Netherlands	1.1%
Australia	0.6%
Finland	0.5%
Other (includes short-term Investments)	1.0%

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$96	0.90%

How did the Fund perform during the last year and what affected its performance?

The share class had a 12.56% total return in the 12 months ended November 30, 2025, compared with the Linked Index,¹ which returned -1.97%, and the MSCI World Index - net, which returned 16.99%.

Top contributors	Top detractors
Renewable Energy Equipment	Refining & Marketing
Exploration & Production	Drilling & Drilling Support
Power Generation	Renewable Energy Project Development

Date	Class I	MSCI World Index - net	Linked Index¹
11/30/2015	100000	100000	100000
11/30/2016	118396	103153	126650
11/30/2017	117612	127555	128056
11/30/2018	118232	127730	121053
11/30/2019	107337	146291	117396
11/30/2020	84310	167532	101288
11/30/2021	117870	204015	133906
11/30/2022	155193	181865	177327
11/30/2023	161465	205477	186510
11/30/2024	194731	262657	213349
11/30/2025	219185	307290	209136

	1 Year	5 Years	10 Years
Class I²	12.56%	21.06%	8.16%
MSCI World Index - net	16.99%	12.90%	11.88%
Linked Index¹	-1.97%	15.61%	7.66%

Net assets	$123,778,411
Number of portfolio holdings (excluding derivatives)	39
Portfolio turnover rate	115%
Net advisory fees paid	$525,806

Top ten holdings^3,4	(%)
Chevron Corp.	9.7%
Marathon Petroleum Corp.	5.7%
First Solar, Inc.	5.4%
Suncor Energy, Inc.	5.1%
TC Energy Corp.	4.8%
Energy Transfer LP	4.5%
ConocoPhillips	4.5%
Shell PLC	4.4%
EQT Corp.	3.8%
Nextpower, Inc.	3.7%

Sector diversification^3,5	(%)
Integrated Oils	25.6%
Exploration & Production	13.9%
Midstream - Oil & Gas	13.3%
Power Generation	9.9%
Renewable Energy Equipment	8.4%
Refining & Marketing	6.7%
Integrated Electric Utilities	5.9%
Measurement Instruments	3.7%
Oilfield Services & Equipment	3.3%
Other (includes short-term Investments)	9.3%

Country diversification^3,5	(%)
United States	68.5%
Canada	15.8%
Denmark	5.2%
Germany	5.1%
Spain	2.2%
Netherlands	1.1%
Australia	0.6%
Finland	0.5%
Other (includes short-term Investments)	1.0%

How did the Fund perform during the last year and what affected its performance?

The share class had a 11.98% total return in the 12 months ended November 30, 2025, compared with the Linked Index,¹ which returned -1.97%, and the MSCI World Index - net, which returned 16.99%.

Top contributors	Top detractors
Renewable Energy Equipment	Refining & Marketing
Exploration & Production	Drilling & Drilling Support
Power Generation	Renewable Energy Project Development

How did the Fund perform during the last year and what affected its performance?

The share class had a 12.54% total return in the 12 months ended November 30, 2025, compared with the Linked Index,1 which returned -1.97%, and the MSCI World Index - net, which returned 16.99%.

Top contributors	Top detractors
Renewable Energy Equipment	Refining & Marketing
Exploration & Production	Drilling & Drilling Support
Power Generation	Renewable Energy Project Development

(b) Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics as defined in Item 2 of Form N-CSR (“Code of Ethics”) that applies to its Principal Executive Officer and Principal Financial Officer. The Code of Ethics was in effect during the reporting period. The Registrant has not amended the Code of Ethics as described in Form N-CSR during the reporting period. The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the reporting period. Upon request, a copy of the Code of Ethics can be obtained free of charge by calling 800-330-7348 or writing to the Secretary of the Registrant, 1166 Avenue of the Americas, 30^th Floor, New York, NY 10036.

Item 3. Audit Committee Financial Expert.

The Registrant’s board has determined that Gerald J. Maginnis qualifies as an audit committee financial expert based on his years of experience in the public accounting profession. The Registrant’s board has determined that Michael G. Clark qualifies as an audit committee financial expert based on his years of experience in the public accounting profession and the investment management and financial services industry. The Registrant’s board has determined that Ramona Rogers-Windsor qualifies as an audit committee financial expert based on her years of experience in the investment management and financial services industry. Each of Messrs. Clark and Maginnis and Ms. Ramona Rogers-Windsor is a member of the board’s audit committee, and each is independent as such term is defined in Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years ended November 30, 2025 and November 30, 2024 for professional services rendered by the Registrant’s principal accountant were as follows:


	2025	2024
Audit Fees	$53,950	$52,892
Audit-Related Fees	$0	$0
Tax Fees	$18,000	$33,967
All Other Fees	$0	$0

Tax fees were billed in connection with tax compliance services, including the preparation and review of federal and state tax returns and the computation of corporate and franchise tax amounts.

(e)(1) The audit committee is required to pre-approve audit and non-audit services performed for the Registrant by the principal accountant. The audit committee also is required to pre-approve non-audit services performed by the Registrant’s principal accountant for the Registrant’s investment advisor and any sub-advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant, if the engagement for services relates directly to the operations and financial reporting of the Registrant.

The audit committee may delegate pre-approval authority to one or more of its members who are independent members of the board of directors of the Registrant. The member or members to whom such authority is delegated shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee may not delegate its responsibility to pre-approve services to be performed by the Registrant’s principal accountant to the investment advisor.

(e)(2) No services included in (b) – (d) above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended November 30, 2025 and November 30, 2024, the aggregate fees billed by the Registrant’s principal accountant for non-audit services rendered to the Registrant and for non-audit services rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant were:


	2025	2024
Registrant	$18,000	$33,967
Investment Advisor	$0	$0

(h) The Registrant’s audit committee considered whether the provision of non-audit services that were rendered to the Registrant’s investment advisor (not including any sub-advisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment advisor) and/or to any entity controlling, controlled by or under common control with the Registrant’s investment advisor that provides ongoing services to the Registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included in Item 7 below.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Cohen & Steers Future of Energy Fund, Inc.

We would like to share with you our report for the year ended November 30, 2025. The total returns for the Cohen & Steers Future of Energy Fund, Inc. (the Fund) and its comparative benchmarks were:


	Six Months Ended November 30, 2025			Year Ended November 30, 2025
Cohen & Steers Future of Energy Fund, Inc.:
Class A		21.99	%		12.18	%
Class C		21.56	%		11.39	%
Class I		22.18	%		12.56	%
Class R		21.84	%		11.98	%
Class Z		22.15	%		12.54	%
MSCI World Index—net^(a)		14.46	%		16.99	%
S&P Energy Select Sector Index^(a)		12.74	%		-1.97	%

The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current total returns of the Fund can be obtained by visiting our website at cohenandsteers.com. All share class returns assume the reinvestment of all dividends and distributions at net asset value (NAV). Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. Performance quoted does not reflect the deduction of the maximum 4.50% initial sales charge on Class A shares or the 1.00% maximum contingent deferred sales charge on Class C shares. The 1.00% maximum contingent deferred sales charge on Class C shares applies if redemption occurs on or before the one year anniversary date of their purchase. If such charges were included, returns would have been lower. Index performance does not reflect the deduction of any fees, taxes or expenses. An investor cannot invest directly in an index. Performance figures for periods shorter than one year are not annualized.

Please note that all distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s investment company taxable income and net realized gains are return of capital distributed from the Fund’s assets. Return of capital distributions decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio.

^(a)

The MSCI World Index—net is a free-float-adjusted index that measures performance of large- and mid-capitalization companies representing developed market countries and is net of dividend withholding taxes. The S&P Energy Select Sector Index is a modified market cap index comprised of energy-related companies within the S&P 500, as defined by the Global Industry Classification Standard (GICS) energy sector classification.

Cohen & Steers Future of Energy Fund, Inc.

SCHEDULE OF INVESTMENTS

November 30, 2025


		Shares		Value

COMMON STOCK	98.8%
BASE METALS	2.7%
Cameco Corp. (Canada)^(a)			29,194	$	2,583,961
Centrus Energy Corp., Class A^(a)			2,716		704,259

					3,288,220

ELECTRICAL POWER EQUIPMENT	2.4%
Net Power, Inc.^(a)			160,804		466,331
Siemens Energy AG (Germany)^(a)			18,374		2,457,486

					2,923,817

EXPLORATION & PRODUCTION	13.9%
ConocoPhillips			62,193		5,515,897
EOG Resources, Inc.			18,342		1,978,185
EQT Corp.			77,828		4,736,612
Expand Energy Corp.			35,400		4,316,322
Tamboran Resources Corp. (Australia)^(a)			30,140		717,031

					17,264,047

INFRASTRUCTURE CONSTRUCTION	1.0%
MasTec, Inc.^(a)			5,629		1,203,931

INTEGRATED ELECTRIC UTILITIES	5.9%
Black Hills Corp.			37,426		2,761,664
NextEra Energy, Inc.			52,241		4,507,876

					7,269,540

INTEGRATED OILS	25.6%
Cenovus Energy, Inc. (Canada)			204,526		3,649,453
Chevron Corp.			79,547		12,021,938
Exxon Mobil Corp.			37,815		4,383,515
Shell PLC			147,020		5,420,252
Suncor Energy, Inc. (Canada)			139,634		6,280,357

					31,755,515

MARINE SHIPPING	2.0%
Kirby Corp.^(a)			21,855		2,480,980

MEASUREMENT INSTRUMENTS	3.7%
Nextpower, Inc., Class A^(a)			50,626		4,638,354

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

November 30, 2025


		Shares		Value

MIDSTREAM—OIL & GAS	13.3%
Energy Transfer LP			330,324	$	5,519,714
Kinetik Holdings, Inc.			22,648		785,433
Koninklijke Vopak NV (Netherlands)			28,985		1,312,626
Targa Resources Corp.			11,817		2,071,638
TC Energy Corp. (Canada)			109,234		5,902,850
Venture Global, Inc., Class A			113,229		844,689

					16,436,950

OILFIELD SERVICES & EQUIPMENT	3.3%
Baker Hughes Co.			41,435		2,080,037
Tenaris SA			97,982		1,975,395

					4,055,432

POWER GENERATION	9.9%
Fortum OYJ (Finland)			28,471		584,401
Iberdrola SA (Spain)			128,255		2,705,488
Orsted AS (Denmark)^(a)(b)			191,081		4,058,639
RWE AG (Germany)			75,631		3,837,396
TransAlta Corp. (Canada)			75,146		1,092,915

					12,278,839

REFINING & MARKETING	6.7%
HF Sinclair Corp.			22,741		1,203,226
Marathon Petroleum Corp.			36,726		7,114,928

					8,318,154

RENEWABLE ENERGY EQUIPMENT	8.4%
First Solar, Inc.^(a)			24,343		6,643,692
Shoals Technologies Group, Inc., Class A^(a)			163,609		1,372,679
Vestas Wind Systems AS (Denmark)			100,377		2,387,738

					10,404,109

TOTAL COMMON STOCK
(Identified cost—$97,182,815)					122,317,888

WARRANTS—ELECTRICAL POWER EQUIPMENT	0.0%
Net Power, Inc., exercise price $11.50, expires 3/12/26^(a)			10,772		8,095

TOTAL WARRANTS
(Identified cost—$36,625)					8,095

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

November 30, 2025


		Shares		Value

SHORT-TERM INVESTMENTS	1.1%
MONEY MARKET FUNDS
State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.93%^(c)			1,389,354	$	1,389,354

TOTAL SHORT-TERM INVESTMENTS
(Identified cost—$1,389,354)					1,389,354

TOTAL INVESTMENTS IN SECURITIES
(Identified cost—$98,608,794)	99.9%				123,715,337
OTHER ASSETS IN EXCESS OF LIABILITIES	0.1				63,074

NET ASSETS	100.0%			$	123,778,411

Forward Foreign Currency Exchange Contracts



Counterparty	Contracts to Deliver		In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman	CAD	23,949,730	USD	16,995,749		12/22/25	$	(164,910	)
Brown Brothers Harriman	DKK	40,744,335	USD	6,313,965		12/22/25		(23,136	)
Brown Brothers Harriman	EUR	10,934,445	USD	12,655,418		12/22/25		(42,615	)
Brown Brothers Harriman	GBP	4,312,749	USD	5,672,818		12/22/25		(39,441	)
Brown Brothers Harriman	USD	315,873	CAD	444,258		12/22/25		2,451
Brown Brothers Harriman	USD	312,775	GBP	237,355		12/22/25		1,603

							$	(266,048	)

Glossary of Portfolio Abbreviations


CAD		Canadian Dollar
DKK		Danish Krone
EUR		Euro Currency
GBP		British Pound
USD		United States Dollar

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

SCHEDULE OF INVESTMENTS—(Continued)

November 30, 2025

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Quoted Prices in Active Markets for Identical Investments (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stock	$	122,317,888	$	—		$	—	$	122,317,888
Warrants		8,095		—			—		8,095
Short-Term Investments		—		1,389,354			—		1,389,354

Total Investments in Securities	$	122,325,983	$	1,389,354		$	—	$	123,715,337

Forward Foreign Currency Exchange Contracts	$	—	$	4,054		$	—	$	4,054

Total Derivative Assets	$	—	$	4,054		$	—	$	4,054

Forward Foreign Currency Exchange Contracts	$	—	$	(270,102	)	$	—	$	(270,102	)

Total Derivative Liabilities	$	—	$	(270,102	)	$	—	$	(270,102	)

Note: Percentages indicated are based on the net assets of the Fund.

^(a)	Non–income producing security.

^(b)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $4,058,639 which represents 3.3% of the net assets of the Fund, of which 0.0% are illiquid.

^(c)	Rate quoted represents the annualized seven–day yield.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2025


ASSETS:
Investments in securities, at value (Identified cost—$98,608,794)	$	123,715,337
Foreign currency, at value (Identified cost—$10,332)		10,368
Receivable for:
Dividends and distributions		466,711
Fund shares sold		227,425
Unrealized appreciation on forward foreign currency exchange contracts		4,054
Other assets		218

Total Assets		124,424,113

LIABILITIES:
Unrealized depreciation on forward foreign currency exchange contracts		270,102
Payable for:
Investment advisory fees		50,239
Shareholder servicing fees		29,510
Fund shares redeemed		24,991
Distribution fees		6,367
Administration fees		5,026
Directors’ fees		827
Other liabilities		258,640

Total Liabilities		645,702

NET ASSETS	$	123,778,411

NET ASSETS consist of:
Paid-in capital	$	154,252,782
Total distributable earnings/(accumulated loss)		(30,474,371	)

	$	123,778,411

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

STATEMENT OF ASSETS AND LIABILITIES—(Continued)

November 30, 2025


CLASS A SHARES:
NET ASSETS	$	15,977,611
Shares issued and outstanding ($0.001 par value common stock outstanding)		1,606,576

Net asset value and redemption price per share	$	9.95

Maximum offering price per share ($9.95 ÷ 0.955)^(a)	$	10.42

CLASS C SHARES:
NET ASSETS	$	4,916,077
Shares issued and outstanding ($0.001 par value common stock outstanding)		496,047

Net asset value and offering price per share^(b)	$	9.91

CLASS I SHARES:
NET ASSETS	$	102,520,728
Shares issued and outstanding ($0.001 par value common stock outstanding)		10,292,163

Net asset value, offering and redemption price per share	$	9.96

CLASS R SHARES:
NET ASSETS	$	290,992
Shares issued and outstanding ($0.001 par value common stock outstanding)		29,154

Net asset value, offering and redemption price per share	$	9.98

CLASS Z SHARES:
NET ASSETS	$	73,003
Shares issued and outstanding ($0.001 par value common stock outstanding)		7,322

Net asset value, offering and redemption price per share	$	9.97

^(a)	On investments of $100,000 or more, the offering price is reduced.

^(b)	Redemption price per share is equal to the net asset value per share less any applicable contingent deferred sales charge of 1.00% on shares held for less than one year.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

STATEMENT OF OPERATIONS

For the Year Ended November 30, 2025


Investment Income:
Dividends and distributions (net of $186,359 of foreign withholding tax)	$	2,941,690

Expenses:
Investment advisory fees		964,130
Distribution fees—Class A		44,369
Distribution fees—Class C		37,239
Distribution fees—Class R		1,262
Shareholder servicing fees—Class A		17,748
Shareholder servicing fees—Class C		12,413
Shareholder servicing fees—Class I		74,457
Professional fees		140,017
Administration fees		92,780
Registration and filing fees		90,781
Shareholder reporting expenses		81,107
Transfer agent fees and expenses		25,493
Custodian fees and expenses		19,503
Directors’ fees and expenses		5,887
Miscellaneous		32,824

Total Expenses		1,640,010
Reduction of Expenses (See Note 2)		(438,324	)

Net Expenses		1,201,686

Net Investment Income (Loss)		1,740,004

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in securities		3,524,630
Written option contracts		141,649
Forward foreign currency exchange contracts		(389,747	)
Foreign currency transactions		(42,803	)

Net realized gain (loss)		3,233,729

Net change in unrealized appreciation (depreciation) on:
Investments in securities		9,323,174
Written option contracts		1,457
Forward foreign currency exchange contracts		(689,983	)
Foreign currency translations		2,313

Net change in unrealized appreciation (depreciation)		8,636,961

Net Realized and Unrealized Gain (Loss)		11,870,690

Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,610,694

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

STATEMENT OF CHANGES IN NET ASSETS


	For the Year Ended November 30, 2025			For the Year Ended November 30, 2024
Change in Net Assets:
From Operations:
Net investment income (loss)	$	1,740,004		$	2,314,126
Net realized gain (loss)		3,233,729			34,660,603
Net change in unrealized appreciation (depreciation)		8,636,961			(15,099,051	)

Net increase (decrease) in net assets resulting from operations		13,610,694			21,875,678

Distributions to Shareholders:
Class A		(222,505	)		(836,315	)
Class C		(23,675	)		(310,551	)
Class I		(1,290,945	)		(7,168,196	)
Class R		(2,195	)		(20,365	)
Class Z		(432	)		(2,410	)
Tax Return of Capital to Shareholders:
Class A		(786,622	)		—
Class C		(209,509	)		—
Class I		(3,823,433	)		—
Class R		(10,014	)		—
Class Z		(1,526	)		—

Total distributions		(6,370,856	)		(8,337,837	)

Capital Stock Transactions:
Increase (decrease) in net assets from Fund share transactions		(7,751,462	)		(3,503,033	)

Total increase (decrease) in net assets		(511,624	)		10,034,808
Net Assets:
Beginning of year		124,290,035			114,255,227

End of year	$	123,778,411		$	124,290,035

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

FINANCIAL HIGHLIGHTS

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the financial statements. They should be read in conjunction with the financial statements and notes thereto.


	Class A
	For the Year Ended November 30,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$9.33			$8.33			$8.34			$6.58			$4.91

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.10			0.14			0.12			0.09			0.06
Net realized and unrealized gain (loss)		0.97			1.47			0.16			1.93			1.85

Total from investment operations		1.07			1.61			0.28			2.02			1.91

Less dividends and distributions to shareholders from:

Net investment income		(0.09	)		(0.61	)		(0.29	)		(0.13	)		(0.08	)
Tax return of capital		(0.36	)		—			—			(0.13	)		(0.16	)

Total dividends and distributions to shareholders		(0.45	)		(0.61	)		(0.29	)		(0.26	)		(0.24	)

Net increase (decrease) in net asset value		0.62			1.00			(0.01	)		1.76			1.67

Net asset value, end of year		$9.95			$9.33			$8.33			$8.34			$6.58



Total return^(b)(c)		12.18	%		20.18	%		3.68	%		31.26	%		39.44	%



Ratios/Supplemental Data:

Net assets, end of year (in millions)		$16.0			$21.7			$14.1			$17.7			$12.7

Ratios to average daily net assets:

Expenses (before expense reduction)		1.56	%		1.65	%		1.51	%		1.55	%		1.68	%

Expenses (net of expense reduction)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%

Net investment income (loss) (before expense reduction)		0.90	%		1.17	%		1.28	%		0.86	%		0.51	%

Net investment income (loss) (net of expense reduction)		1.21	%		1.57	%		1.54	%		1.16	%		0.94	%

Portfolio turnover rate		115	%		220	%		74	%		58	%		94	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

^(c)	Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)


	Class C
	For the Year Ended November 30,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$9.30			$8.31			$8.31			$6.56			$4.89

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.05			0.09			0.07			0.04			0.02
Net realized and unrealized gain (loss)		0.95			1.46			0.17			1.91			1.85

Total from investment operations		1.00			1.55			0.24			1.95			1.87

Less dividends and distributions to shareholders from:

Net investment income		(0.03	)		(0.56	)		(0.24	)		(0.07	)		(0.04	)
Tax return of capital		(0.36	)		—			—			(0.13	)		(0.16	)

Total dividends and distributions to shareholders		(0.39	)		(0.56	)		(0.24	)		(0.20	)		(0.20	)

Net increase (decrease) in net asset value		0.61			0.99			—			1.75			1.67

Net asset value, end of year		$9.91			$9.30			$8.31			$8.31			$6.56



Total return^(b)(c)		11.39	%		19.35	%		3.09	%		30.26	%		38.69	%



Ratios/Supplemental Data:

Net assets, end of year (in millions)		$4.9			$5.6			$4.8			$6.0			$5.8

Ratios to average daily net assets:

Expenses (before expense reduction)		2.21	%		2.30	%		2.16	%		2.20	%		2.33	%

Expenses (net of expense reduction)		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%

Net investment income (loss) (before expense reduction)		0.23	%		0.69	%		0.62	%		0.20	%		(0.12	)%

Net investment income (loss) (net of expense reduction)		0.54	%		1.09	%		0.88	%		0.50	%		0.31	%

Portfolio turnover rate		115	%		220	%		74	%		58	%		94	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

^(c)	Does not reflect sales charges, which would reduce return.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)


	Class I
	For the Year Ended November 30,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$9.34			$8.34			$8.35			$6.59			$4.92

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.13			0.18			0.15			0.12			0.08
Net realized and unrealized gain (loss)		0.97			1.46			0.16			1.92			1.85

Total from investment operations		1.10			1.64			0.31			2.04			1.93

Less dividends and distributions to shareholders from:

Net investment income		(0.12	)		(0.64	)		(0.32	)		(0.15	)		(0.10	)
Tax return of capital		(0.36	)		—			—			(0.13	)		(0.16	)

Total dividends and distributions to shareholders		(0.48	)		(0.64	)		(0.32	)		(0.28	)		(0.26	)

Net increase (decrease) in net asset value		0.62			1.00			(0.01	)		1.76			1.67

Net asset value, end of year		$9.96			$9.34			$8.34			$8.35			$6.59



Total return^(b)		12.56	%		20.60	%		4.04	%		31.66	%		39.81	%



Ratios/Supplemental Data:

Net assets, end of year (in millions)		$102.5			$96.7			$95.0			$119.9			$83.8

Ratios to average daily net assets:

Expenses (before expense reduction)		1.28	%		1.37	%		1.24	%		1.28	%		1.40	%

Expenses (net of expense reduction)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%

Net investment income (loss) (before expense reduction)		1.15	%		1.66	%		1.53	%		1.14	%		0.77	%

Net investment income (loss) (net of expense reduction)		1.53	%		2.13	%		1.87	%		1.52	%		1.27	%

Portfolio turnover rate		115	%		220	%		74	%		58	%		94	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)


	Class R
	For the Year Ended November 30,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$ 9.36			$ 8.36			$ 8.36			$ 6.60			$ 4.92

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.09			0.14			0.11			0.08			0.05
Net realized and unrealized gain (loss)		0.97			1.46			0.17			1.92			1.86

Total from investment operations		1.06			1.60			0.28			2.00			1.91

Less dividends and distributions to shareholders from:

Net investment income		(0.08	)		(0.60	)		(0.28	)		(0.11	)		(0.07	)
Tax return of capital		(0.36	)		—			—			(0.13	)		(0.16	)

Total dividends and distributions to shareholders		(0.44	)		(0.60	)		(0.28	)		(0.24	)		(0.23	)

Net increase (decrease) in net asset value		0.62			1.00			—			1.76			1.68

Net asset value, end of year		$ 9.98			$ 9.36			$ 8.36			$ 8.36			$ 6.60



Total return^(b)		11.98	%		19.92	%		3.62	%		30.94	%		39.33	%



Ratios/Supplemental Data:

Net assets, end of year (in 000s)		$291.0			$258.9			$287.0			$300.5			$204.4

Ratios to average daily net assets:

Expenses (before expense reduction)		1.71	%		1.80	%		1.65	%		1.70	%		1.83	%

Expenses (net of expense reduction)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%

Net investment income (loss) (before expense reduction)		0.74	%		1.23	%		1.13	%		0.70	%		0.36	%

Net investment income (loss) (net of expense reduction)		1.05	%		1.63	%		1.38	%		1.00	%		0.79	%

Portfolio turnover rate		115	%		220	%		74	%		58	%		94	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

FINANCIAL HIGHLIGHTS—(Continued)


	Class Z
	For the Year Ended November 30,
Per Share Operating Data:	2025			2024			2023			2022			2021
Net asset value, beginning of year		$9.35			$8.35			$8.36			$6.60			$4.92

Income (loss) from investment operations:

Net investment income (loss)^(a)		0.14			0.19			0.15			0.06			0.07
Net realized and unrealized gain (loss)		0.96			1.45			0.16			1.98			1.87

Total from investment operations		1.10			1.64			0.31			2.04			1.94

Less dividends and distributions to shareholders from:

Net investment income		(0.12	)		(0.64	)		(0.32	)		(0.15	)		(0.10	)
Tax return of capital		(0.36	)		—			—			(0.13	)		(0.16	)

Total dividends and distributions to shareholders		(0.48	)		(0.64	)		(0.32	)		(0.28	)		(0.26	)

Net increase (decrease) in net asset value		0.62			1.00			(0.01	)		1.76			1.68

Net asset value, end of year		$9.97			$9.35			$8.35			$8.36			$6.60



Total return^(b)		12.54	%		20.59	%		4.04	%		31.62	%		40.02	%



Ratios/Supplemental Data:

Net assets, end of year (in 000s)		$73.0			$31.4			$45.3			$59.0			$719.5

Ratios to average daily net assets:

Expenses (before expense reduction)		1.21	%		1.30	%		1.16	%		1.20	%		1.33	%

Expenses (net of expense reduction)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%

Net investment income (loss) (before expense reduction)		1.33	%		1.75	%		1.62	%		0.57	%		0.73	%

Net investment income (loss) (net of expense reduction)		1.64	%		2.15	%		1.88	%		0.87	%		1.16	%

Portfolio turnover rate		115	%		220	%		74	%		58	%		94	%

^(a)	Calculation based on average shares outstanding.

^(b)	Return assumes the reinvestment of all dividends and distributions at net asset value.

See accompanying notes to financial statements.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS

Note 1. Organization and Significant Accounting Policies

Cohen & Steers Future of Energy Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on July 8, 2013 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a non-diversified, open-end management investment company. The Fund’s investment objective is to provide attractive total return, comprised of current income and price appreciation. The authorized shares of the Fund are divided into six classes designated Class A, C, F, I, R and Z shares. Each of the Fund’s shares has equal dividend, liquidation and voting rights (except for matters relating to distribution and shareholder servicing of such shares). Class F shares are currently not available for purchase.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946—Investment Companies. The accounting policies of the Fund are in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Portfolio Valuation: Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Exchange-traded options are valued at their last sale price as of the close of options trading on applicable exchanges on the valuation date. In the absence of a last sale price on such day, options are valued based upon prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.

Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.

Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).

The Board of Directors has designated the investment advisor as the Fund’s “Valuation Designee” under Rule 2a-5 under the 1940 Act. As Valuation Designee, the investment advisor is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.

Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.

The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

The inputs or methodology used for valuing securities may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

The levels associated with valuing the Fund’s investments as of November 30, 2025 are disclosed in the Fund’s Schedule of Investments.

Security Transactions, Investment Income and Expense Allocations: Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends on foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions from common stock and Master Limited Partnerships (MLPs) are recorded as income and return of capital based on information reported by the securities and management’s estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by these securities and actual amounts may differ from the estimated amounts. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.

When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

At November 30, 2025, the Fund did not have any option contracts outstanding.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon prevailing exchange rates on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates. Pursuant to U.S. federal income tax regulations, certain foreign currency gains/losses included in realized and unrealized gain/loss are included in or are a reduction of ordinary income for federal income tax purposes.

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts.

Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.

Dividends and Distributions to Shareholders: Dividends from net investment income and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP. Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains, unless offset by any available capital loss carryforward, are typically distributed to shareholders at least annually. Dividends and distributions to shareholders are recorded on the ex-dividend date and are automatically reinvested in full and fractional

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

shares of the Fund based on the NAV per share at the close of business on the payable date, unless the shareholder has elected to have them paid in cash.

Dividends from net investment income are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended November 30, 2025, a significant portion of the dividends have been reclassified to distributions from tax return of capital.

Income Taxes: It is the policy of the Fund to continue to qualify as a regulated investment company (RIC), if such qualification is in the best interest of the shareholders, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to RICs, and by distributing substantially all of its taxable earnings to its shareholders. Also, in order to avoid the payment of any federal excise taxes, the Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. Accordingly, no provision for federal income or excise tax is necessary. Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Fund’s tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for all open tax years and has concluded that as of November 30, 2025, no additional provisions for income tax are required in the Fund’s financial statements. The Fund’s tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities.

Note 2. Investment Advisory Fees, Administration Fees and Other Transactions with Affiliates

Investment Advisory Fees: Cohen & Steers Capital Management, Inc. serves as the Fund’s investment advisor pursuant to an investment advisory agreement (the investment advisory agreement). Under the terms of the investment advisory agreement, the investment advisor provides the Fund with day-to-day investment decisions and generally manages the Fund’s investments in accordance with the stated policies of the Fund, subject to the supervision of the Board of Directors.

For the services provided to the Fund, the investment advisor receives a fee, accrued daily and paid monthly, at the annual rate of 0.80% of the average daily net assets of the Fund.

For the year ended November 30, 2025, and through June 30, 2027, the investment advisor contractually agreed to waive its fee and/or reimburse expenses so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses), did not exceed 1.25% for Class A shares, 1.90% for Class C shares, 0.90% for Class I shares, 1.40% for Class R shares and 0.90% for Class Z shares. This contractual agreement can only be amended or terminated by agreement of the Board of Directors and the investment advisor and will terminate automatically in the event of termination of the investment advisory agreement between the Fund and investment advisor. For the year ended November 30, 2025, fees waived and/or expenses reimbursed totaled $438,324.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Under subadvisory agreements between the investment advisor and each of Cohen & Steers Asia Limited and Cohen & Steers UK Limited (collectively, the subadvisors), affiliates of the investment advisor, the subadvisors are responsible for managing the Fund’s investments in certain non-U.S. holdings. For their services provided under the subadvisory agreements, the investment advisor (not the Fund) pays the subadvisors. The investment advisor allocates 50% of the investment advisory fee received from the Fund among itself and each subadvisor based on the portion of the Fund’s average daily net assets managed by the investment advisor and each subadvisor.

Administration Fees: The Fund has entered into an administration agreement with the investment advisor under which the investment advisor performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.05% of the average daily net assets of the Fund. For the year ended November 30, 2025, the Fund incurred $60,258 in fees under this administration agreement. Additionally, the Fund pays State Street Bank and Trust Company as co-administrator under a fund accounting and administration agreement.

Distribution Fees: Shares of the Fund are distributed by Cohen & Steers Securities, LLC (the distributor), an affiliated entity of the investment advisor. The Fund has adopted a distribution plan (the plan) pursuant to Rule 12b-1 under the 1940 Act, which allows the Fund to pay distribution fees for the sale and distribution of its shares. The plan provides that the Fund will pay the distributor a fee, accrued daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets attributable to Class A shares, up to 0.75% of the average daily net assets attributable to Class C shares and up to 0.50% of the average daily net assets attributable to Class R shares. In addition, with respect to Class R shares, such amounts may also be used to pay for services to Fund shareholders or services related to the maintenance of shareholder accounts.

There is a maximum initial sales charge of 4.50% for Class A shares. There is a contingent deferred sales charge (CDSC) of 1.00% on purchases of $1 million or more of Class A shares, which applies if redemption occurs within one year from purchase. There is a CDSC of 1.00% on Class C shares, which applies if redemption occurs within one year from purchase. For the year ended November 30, 2025, the Fund has been advised that the distributor received $10,745, which represents a portion of the sales commissions paid by shareholders from the sale of Class A shares, and $648 and $19 of CDSC relating to redemptions of Class A and Class C shares, respectively. The distributor has advised the Fund that proceeds from the CDSC on these classes are used by the distributor to defray its expenses related to providing distribution-related services to the Fund in connection with the sale of these classes, including payments to dealers and other financial intermediaries for selling these classes. The payment of a CDSC may result in the distributor receiving amounts greater or less than the upfront commission paid by the distributor to the financial intermediary.

Shareholder Servicing Fees: For shareholder services, the Fund pays the distributor or its affiliates a fee, accrued daily, at an annual rate of up to 0.10% of the average daily net assets of the Fund’s Class A and Class I shares and up to 0.25% of the average daily net assets of the Fund’s Class C shares. The distributor is responsible for paying qualified financial institutions for shareholder services.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Directors’ and Officers’ Fees: Certain directors and officers of the Fund are also directors, officers and/or employees of the investment advisor. The Fund does not pay compensation to interested directors and officers, except for the Chief Compliance Officer, who received compensation from the investment advisor, which was reimbursed by the Fund, in the amount of $712 for the year ended November 30, 2025.

Note 3. Purchases and Sales of Securities

Purchases and sales of securities, excluding short-term investments, for the year ended November 30, 2025, totaled $137,616,771 and $150,424,127, respectively.

Note 4. Derivative Investments

The following tables present the value of derivatives held at November 30, 2025 and the effect of derivatives held during the year ended November 30, 2025, if any, along with the respective location in the financial statements.

Statement of Assets and Liabilities

Assets

Liabilities

Derivatives

Location

Fair Value

Location

Fair Value

Foreign Currency

Exchange Risk:

Forward Foreign Currency Exchange Contracts^(a)

Unrealized appreciation

4,054

Unrealized depreciation

270,102

^(a)	Forward foreign currency exchange contracts executed with Brown Brothers Harriman are not subject to a master netting agreement or another similar arrangement.

Statement of Operations


Derivatives	Location	Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Equity Risk:
Written Option Contracts	Net Realized and Unrealized Gain (Loss)	$	141,649		$	1,457

Foreign Currency Exchange Risk:
Forward Foreign Currency Exchange Contracts	Net Realized and Unrealized Gain (Loss)	$	(389,747	)	$	(689,983	)

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

The following summarizes the monthly average volume of the Fund’s option contracts and forward foreign currency exchange contracts activity for the year ended November 30, 2025:


	Purchased Option Contracts^(b)		Written Option Contracts^(b)		Forward Foreign Currency Exchange Contracts
Average Notional Amount^(a)	$	268,452	$	661,725	$	43,665,167

^(a)

Average notional amount represents the average for all months in which the Fund had option contracts and forward foreign currency exchange contracts outstanding at month-end. For the period, this represents one month for purchased option contracts, nine months for written option contracts and twelve months for forward foreign currency exchange contracts.

^(b)	Notional amount is calculated using the number of contracts multiplied by notional contract size multiplied by the underlying price.

Note 5. Income Tax Information

The tax character of dividends and distributions paid was as follows:


	For the Year Ended November 30,
	2025		2024
Ordinary income	$	1,539,752	$	8,337,837
Tax return of capital		4,831,104		—

Total dividends and distributions	$	6,370,856	$	8,337,837

As of November 30, 2025, the tax-basis components of accumulated earnings, the federal tax cost and net unrealized appreciation (depreciation) in value of investments held were as follows:


Cost of investments in securities for federal income tax purposes	$	106,341,160

Gross unrealized appreciation on investments	$	21,812,824
Gross unrealized depreciation on investments		(4,438,647	)

Net unrealized appreciation (depreciation) on investments	$	17,374,177

During the year ended November 30, 2025, the Fund utilized net capital loss carryforwards of $1,704, 333.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

As of November 30, 2025, the Fund has a net capital loss carryforward of $47,851,548 which may be used to offset future capital gains. The loss is comprised of a short-term capital loss carryforward of $17,912,265 and a long-term capital loss carryforward of $29,939,283, which under current federal income tax rules, may offset capital gains recognized in any future period.

As of November 30, 2025, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and partnership investments and permanent book/tax differences primarily attributable to partnership investments. To reflect reclassifications arising from the permanent differences, paid-in capital was charged $4,721 and total distributable earnings/(accumulated loss) was credited $4,721. Net assets were not affected by this reclassification.

Note 6. Capital Stock

The Fund is authorized to issue 1.4 billion shares of capital stock, at a par value of $0.001 per share, classified in six classes as follows: 200 million of Class A capital stock, 200 million of Class C capital stock, 200 million of Class F capital stock, 400 million of Class I capital stock, 200 million of Class R capital stock and 200 million of Class Z capital stock. Class F shares are currently not available for purchase. The Board of Directors of the Fund may increase or decrease the aggregate number of shares of common stock that the Fund has authority to issue. With the exception of Class C shares held through certain intermediaries, Class C shares will automatically convert into Class A shares on a monthly basis approximately eight years after the original date of purchase. Transactions in Fund shares were as follows:


	For the Year Ended November 30, 2025						For the Year Ended November 30, 2024
	Shares			Amount			Shares			Amount
Class A:
Sold		580,083		$	5,081,689			1,428,847		$	12,397,162
Issued as reinvestment of dividends and distributions		61,570			539,451			76,169			647,539
Redeemed		(1,363,745	)		(11,657,775	)		(873,089	)		(7,683,608	)

Net increase (decrease)		(722,092	)	$	(6,036,635	)		631,927		$	5,361,093

Class C:
Sold		47,327		$	416,259			102,634		$	894,457
Issued as reinvestment of dividends and distributions		22,267			194,807			31,896			271,797
Redeemed		(170,892	)		(1,510,488	)		(117,903	)		(1,001,682	)

Net increase (decrease)		(101,298	)	$	(899,422	)		16,627		$	164,572

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)


	For the Year Ended November 30, 2025						For the Year Ended November 30, 2024
	Shares			Amount			Shares			Amount
Class I:
Sold		3,492,969		$	30,128,071			3,577,966		$	30,938,887
Issued as reinvestment of dividends and distributions		480,458			4,212,897			712,818			6,088,940
Redeemed		(4,031,950	)		(35,203,866	)		(5,322,272	)		(45,980,990	)

Net increase (decrease)		(58,523	)	$	(862,898	)		(1,031,488	)	$	(8,953,163	)

Class R:
Sold		1,243		$	10,189			1,817		$	16,048
Issued as reinvestment of dividends and distributions		1,377			12,119			2,360			20,232
Redeemed		(1,116	)		(9,838	)		(10,876	)		(94,732	)

Net increase (decrease)		1,504		$	12,470			(6,699	)	$	(58,452	)

Class Z:
Sold		4,268		$	37,460			155		$	1,331
Issued as reinvestment of dividends and distributions		223			1,958			269			2,287
Redeemed		(529	)		(4,395	)		(2,486	)		(20,701	)

Net increase (decrease)		3,962		$	35,023			(2,062	)	$	(17,083	)

Note 7. Other Risks

Energy Sector Risk: The Fund will be subject to more risks related to the energy sector than if the Fund were more broadly diversified over numerous sectors of the economy. A downturn in the energy sector of the economy could have a larger impact on the Fund than on an investment company that does not concentrate in the sector. At times, the performance of securities of companies in the sector has lagged the performance of other sectors or the broader market as a whole. Recent uncertainty in the energy markets has had an adverse effect on energy-related securities, and it is unclear when these markets may stabilize. In addition, there are several specific risks associated with investments in the energy sector, including the following: fluctuations in commodity prices; reduced volumes of energy commodities available for transporting, processing, storing or distributing; slowdowns in new construction and acquisitions that can limit growth potential; reduced demand for energy commodities; depletion of energy commodities; regulatory changes; rising interest rates; extreme weather or other natural disasters; and terrorism, war, sanctions, trade disruptions and other geopolitical risks.

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Market Volatility Risk: The Fund’s strategy of focusing its investments in equity securities of energy and energy-related companies means that the performance of the Fund will be closely tied to the performance of the energy infrastructure industry. Recent market volatility in the energy markets has significantly affected the performance of the energy infrastructure industry, as well as the performance of the energy and energy-related companies in which the Fund invests. In addition, volatility in the energy markets may affect the ability of energy and energy-related companies to finance capital expenditures and new acquisitions and to maintain or increase distributions to investors due to a lack of access to capital.

Utilities Sector Risks: Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including high interest costs associated with capital construction and improvement programs; difficulty in raising adequate capital in periods of high inflation and unsettled capital markets; governmental regulation of rates the issuer can charge to customers; costs associated with compliance with environmental and other regulations; effects of economic slowdowns and surplus capacity; the potential impact of natural disasters and terrorist attacks on the utility industry and its customers; increased competition; potential losses resulting from a changes in regulations; and liabilities for environmental damage and general civil liabilities.

Clean Energy Risk: Many clean energy companies are involved in the development and commercialization of new technologies, which may be subject to delays resulting from budget constraints, technological difficulties, or public and regulatory opposition. Clean energy companies may be highly dependent upon government subsidies, contracts with government entities, and the successful development of new and proprietary technologies. In addition, seasonal weather conditions, fluctuations in the supply of and demand for clean energy products, changes in energy prices, and international political events may cause fluctuations in the performance of clean energy companies and the prices of their securities.

Renewable Companies Risk: Renewable companies may be subject to a variety of factors that may adversely affect their business or operations, including costs and losses associated with environmental and other regulations and enforcement policies or changes thereto, obsolescence of its existing offerings, the effects of economic slowdown, short production cycles, increased competition from other providers of services, the effects of energy conservation policies and other factors.

Because many renewable companies may be concentrated in a particular industry or industry sector (for example, the energy sector), they are subject to risks associated with such industry or sector. Renewable energy companies may be more volatile than companies operating in more established industries. Renewable energy companies and other companies operating in the renewable energy group of industries are subject to specific risks, including, among others: fluctuations in commodity prices and/or interest rates; the success of research or exploration projects, changes in governmental or environmental regulation; reduced availability of renewable energy sources or other commodities for transporting, processing, storing or delivering resources; slowdowns in new construction; seasonal weather conditions, extreme weather or other natural disasters; and threats of attack by terrorists on certain clean energy assets. Additionally, the industry also can be significantly affected by the supply of and demand for specific products or services, including the supply of and demand and price of traditional energy sources (e.g., oil and gas).

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

Interest Rate Risk to Energy and Energy-Related Companies Risk: Rising interest rates could increase the costs of capital thereby increasing operating costs and reducing the ability of Energy and Energy-Related Companies to carry out acquisitions or expansions in a cost-effective manner. As a result, rising interest rates could negatively affect the financial performance of Energy and Energy-Related Companies. Rising interest rates may also impact the price of the securities of Energy and Energy-Related Companies as the yields on alternative investments increase.

Market Disruption and Geopolitical Risk: Geopolitical events, such as war (including ongoing conflicts in Ukraine and the Middle East), terrorist attacks, recent political and military developments in Venezuela, natural or environmental disasters (including hurricanes, wildfires, and flooding), country instability, public health emergencies (including epidemics and pandemics), market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers and other governmental trade or market control programs, the potential exit of a country from its respective union and related geopolitical events, have led and may in the future lead to market volatility and may have long-lasting impacts on U.S. and global economies and financial markets. Supply chain disruptions or significant changes in the supply or prices of commodities or other economic inputs may have material and unexpected effects on both global securities markets and individual countries, regions, sectors, companies or industries. Events occurring in one region of the world may negatively impact industries and regions that are not otherwise directly impacted by the events. Additionally, those events, as well as other changes in foreign and domestic political and economic conditions, could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, secondary trading, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund’s investments.

Russia’s military invasion of Ukraine significantly amplified already existing geopolitical tensions. The United States and many other countries have instituted various economic sanctions against Russia, Russian individuals and entities and Belarus. The extent and duration of the military action, sanctions imposed and other punitive actions taken (including any Russian retaliatory responses to such sanctions and actions), and resulting disruptions in Europe and globally cannot be predicted, but could be significant and have a severe adverse effect on the global economy, securities markets and commodities markets globally, including through global supply chain disruptions, increased inflationary pressures and reduced economic activity.

Ongoing conflicts in the Middle East could have similar negative impacts. The possibility of a prolonged conflict, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

Systemic risk events in the financial sectors and/or resulting government actions can negatively impact investments held by the Fund. For example, issues with certain regional U.S. banks and other financial institutions in March 2023 raised economic concerns over disruption in the U.S. banking system. These risks also may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms, and exchanges, with which the Fund interacts. There can be no certainty that any actions taken by the U.S. government to strengthen public confidence in the U.S. banking system or financial markets will be effective in mitigating the effects of financial institution failures on the economy and restoring or maintaining public

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

confidence. In addition, raising the U.S. Government debt ceiling has become increasingly politicized. Any failure to increase the total amount that the U.S. Government is authorized to borrow could lead to a default on U.S. Government obligations. A default or a threat of default by the U.S. Government would be highly disruptive to the U.S. and global securities markets and could significantly reduce the value of the Fund’s investments.

The strengthening or weakening of the U.S. dollar relative to other currencies may, among other things, adversely affect the Fund’s investments denominated in non-U.S. dollar currencies. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have, and the duration of those effects.

The rapid development and increasingly widespread use and regulation of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT (collectively, AI Technologies), may pose risks to the Fund. For instance, the rapid advanced development of AI Technologies and efforts to regulate or control its use and advancement may have significant positive or negative impacts on a wide range of different industries and the global economy. It is not possible to predict which companies, sectors, or economies may benefit or be disadvantaged by such developments, nor is it possible to determine the full extent of current or future risks related thereto.

Some political leaders around the world (including in the U.S. and certain European nations) have been and may be elected on protectionist platforms, raising questions about the future of global free trade. Global trade disruption, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the Fund and its investments.

Regulatory Risk: Legal and regulatory developments may adversely affect the Fund. The regulatory environment for the Fund is evolving, and changes in the regulation of investment funds and other financial institutions or products (such as banking or insurance products), and their trading activities and capital markets, or a regulator’s disagreement with the Fund’s interpretation of the application of certain regulations, may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing, and the value of investments held by the Fund. The U.S. government has proposed and adopted multiple regulations that could have a long-lasting impact on the Fund and on the fund industry in general. These regulations or any laws and regulations that may be adopted in the future may restrict the Fund’s ability to engage in transactions or raise additional capital and/or increase overall expenses of the Fund.

Additional legislative or regulatory actions may alter or impair certain market participants’ ability to utilize certain investment strategies and techniques.

The Fund and the instruments in which it invests may be subject to new or additional regulatory constraints in the future. While the full extent of all of these regulations is still unclear, these regulations and actions may adversely affect both the Fund and the instruments in which the Fund invests and its ability to execute its investment strategy. For example, climate change regulation (such as decarbonization legislation, other mandatory controls to reduce emissions of greenhouse gases, or related disclosure requirements) could significantly affect the Fund or its

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

investments by, among other things, increasing compliance costs or underlying companies’ operating costs and capital expenditures. Similarly, regulatory developments in other countries may have an unpredictable and adverse impact on the Fund.

Cybersecurity Risk: With the increased use of technologies such as the Internet and AI Technologies, and the dependence on computer systems to perform necessary business functions, the Fund and its service providers (including the investment advisor), and their own service providers, may be susceptible to operational and information security risks resulting from cyber-attacks and/or other technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website or company system, misappropriating or releasing confidential information without authorization (including personal data), gaining unauthorized access to digital systems for purposes of misappropriating assets and causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service. New ways to carry out cyber-attacks continue to develop. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict, and geopolitical tensions may increase the scale and sophistication of deliberate cyber security attacks, particularly those from nation-states or from entities with nation-state backing. Successful cyber-attacks against, or security breakdowns of, the Fund, the investment advisor, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Fund or its shareholders.

Each of the Fund and the investment advisor may have limited ability to detect, prevent or mitigate cyber-attacks or security or technology breakdowns affecting the Fund’s third-party service providers. While the Fund has established business continuity plans and systems designed to detect, prevent or reduce the impact of cyber-attacks, such plans and systems are subject to inherent limitations.

MLP Risk: An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or industry sector (for example, the energy sector) or a particular geographic region are subject to risks associated with such industry, sector or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes.

Counterparty Risk: Weakening energy market fundamentals may increase counterparty risk and impact MLP profitability. Specifically, energy companies suffering financial distress may be able to abrogate contracts with MLPs, decreasing or eliminating sources of revenue.

Liquidity Risk: Although the equity securities, including those of the MLPs, in which the Fund invests generally trade on major stock exchanges, certain securities may trade less frequently, particularly those of MLPs and other issuers with smaller capitalizations. Securities with limited

Cohen & Steers Future of Energy Fund, Inc.

NOTES TO FINANCIAL STATEMENTS—(Continued)

trading volumes may display volatile or erratic price movements. Also, the Fund may be one of the largest investors in certain sub-sectors of the energy or natural resource sectors. Thus, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. Larger purchases or sales of these securities by the Fund in a short period of time may cause abnormal movements in the market price of these securities. As a result, these securities may be difficult to dispose of at a fair price at the times when the investment advisor believes it is desirable to do so.

Foreign (Non-U.S.) Securities Risk: The Fund directly purchases securities of foreign issuers. Risks of investing in foreign securities, which can be expected to be greater for investments in emerging markets, include currency risks, future political and economic developments and possible imposition of foreign withholding taxes on income or proceeds payable on the securities. In addition, there may be less publicly available information about a foreign issuer than about a domestic issuer, and foreign issuers may not be subject to the same accounting, auditing and financial recordkeeping standards and requirements as domestic issuers. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Non-Diversification Risk: As a “non-diversified” investment company, the Fund can invest in fewer individual companies than a diversified investment company. As a result, the Fund is more susceptible to any single political, regulatory or economic occurrence and to the financial condition of individual issuers in which it invests. The Fund’s relative lack of diversity may subject investors to greater risk of loss than a fund that has a diversified portfolio.

This is not a complete list of the risks of investing in the Fund. For additional information concerning the risks of investing in the Fund, please consult the Fund’s prospectus.

Note 8. Operating Segments

An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive committee of the Fund’s investment advisor and the Fund’s chief executive officer and chief financial officer act as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s total returns, expense ratios, subscriptions and redemptions, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements.

Cohen & Steers Future of Energy Fund, Inc.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Cohen & Steers Future of Energy Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Cohen & Steers Future of Energy Fund, Inc. (the “Fund”) as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

January 22, 2026

We have served as the auditor of one or more investment companies in the Cohen & Steers family of funds since 1991.

Cohen & Steers Future of Energy Fund, Inc.

(The following pages are unaudited)

TAX INFORMATION—2025

For the fiscal year ended November 30, 2025, for individual taxpayers, the Fund designates $1,539,752 as qualified dividend income eligible for reduced tax rates. In addition, for corporate taxpayers, 100.00% of the ordinary dividends paid qualified for the dividends received deduction (DRD).

OTHER INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling (800) 330-7348, (ii) on our website at cohenandsteers.com or (iii) on the SEC’s website at http://www.sec.gov. In addition, the Fund’s proxy voting record for the most recent 12-month period ended June 30 is available by August 31 of each year (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Disclosures of the Fund’s complete holdings are required to be made monthly on Form N-PORT, with every third month made available to the public by the SEC 60 days after the end of the Fund’s fiscal quarter. The Fund’s Form N-PORT is available (i) without charge, upon request, by calling (800) 330-7348 or (ii) on the SEC’s website at http://www.sec.gov.

Please note that distributions paid by the Fund to shareholders are subject to recharacterization for tax purposes and are taxable up to the amount of the Fund’s investment company taxable income and net realized gains. Distributions in excess of the Fund’s net investment company taxable income and realized gains are a return of capital distributed from the Fund’s assets. The final tax treatment of all distributions is reported to shareholders on their 1099-DIV forms, which are mailed after the close of each calendar year. 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’s may have to sell portfolio securities at a less than opportune time.

Cohen & Steers Future of Energy Fund, Inc.

APPROVAL OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

The Board of Directors of the Fund (the Board), including a majority of the directors who are not parties to the Fund’s investment advisory and subadvisory agreements (the Advisory Agreements), or interested persons of any such party (the Independent Directors), has the responsibility under the Investment Company Act of 1940 to approve the Fund’s Advisory Agreements for their initial two year terms and their continuation annually thereafter at a meeting of the Board called for the purpose of voting on the approval or continuation. The Advisory Agreements were discussed at a meeting of the Independent Directors, in their capacity as the Contract Review Committee, held on June 3, 2025 and at a meeting of the full Board held on June 17, 2025. The Independent Directors, in their capacity as the Contract Review Committee, also discussed the Advisory Agreements in executive sessions on June 16 and 17, 2025. At the meeting of the full Board on June 17, 2025, the Advisory Agreements were unanimously continued for a term ending June 30, 2026 by the Board, including the Independent Directors. The Independent Directors were represented by independent counsel who assisted them in their deliberations during the meetings and executive session.

In considering whether to continue the Advisory Agreements, the Board reviewed materials provided by an independent data provider, which included, among other items, fee, expense and performance information compared to peer funds (the Peer Funds and, collectively with the Fund, the Peer Group) and performance comparisons to a larger category universe; summary information prepared by the Fund’s investment advisor (the Investment Advisor); and a memorandum from counsel to the Independent Directors outlining the legal duties of the Board. The Board of Directors also considered a supplemental peer group compiled by the Investment Advisor that consists of funds that go beyond traditional and alternative energy and focus more broadly on the evolving energy transition landscape which more fully reflects the Fund’s investment focus. The Board also spoke directly with a representative of the independent data provider and met with investment advisory personnel. In addition, the Board considered information provided from time to time by the Investment Advisor throughout the year at meetings of the Board, including presentations by portfolio managers relating to the investment performance of the Fund and the investment strategies used in pursuing the Fund’s objective. The Board also considered information provided by the Investment Advisor in response to a request for information submitted by counsel to the Independent Directors, on behalf of the Independent Directors, as well as information provided by the Investment Advisor in response to a supplemental request. In particular, the Board considered the following:

(i) The nature, extent and quality of services to be provided by the Investment Advisor and the Subadvisors: The Board reviewed the services that the Investment Advisor and the sub-investment advisors (the Subadvisors) provide to the Fund, including, but not limited to, making the day-to-day investment decisions for the Fund, placing orders for the investment and reinvestment of the Fund’s assets, furnishing information to the Board regarding the Fund’s portfolio, providing individuals to serve as Fund officers, and for the Investment Advisor, generally managing the Fund’s investments in accordance with the stated policies of the Fund. The Board also discussed with officers and portfolio managers of the Fund the types of transactions conducted on behalf of the Fund. Additionally, the Board took into account the services provided by the Investment Advisor and the Subadvisors to other funds and accounts, including those that have investment objectives and

Cohen & Steers Future of Energy Fund, Inc.

strategies similar to those of the Fund. The Board also considered the education, background and experience of the Investment Advisor’s and Subadvisors’ personnel, particularly noting the potential benefit that the portfolio managers’ work experience and favorable reputation can have on the Fund. The Board further noted the Investment Advisor and Subadvisors’ ability to attract qualified and experienced personnel. The Board also considered the administrative services provided by the Investment Advisor, including compliance and accounting services. After consideration of the above factors, among others, the Board concluded that the nature, extent and quality of services provided by the Investment Advisor and the Subadvisors are satisfactory and appropriate.

(ii) Investment performance of the Fund and the Investment Advisor and the Subadvisors: The Board considered the investment performance of the Fund compared to Peer Funds and compared to a relevant linked benchmark and custom linked benchmark for various periods ended March 31, 2025. The Board noted that the Fund outperformed the Peer Group median for the three-year period ended March 31, 2025, ranking four out of nine peers, represented the Peer Group median for the one-year period ended March 31, 2025, ranking five out of nine peers, and underperformed the Peer Group medians for the five- and ten-year periods ended March 31, 2025, ranking six out of nine peers and six out of eight peers, respectively. The Board noted that the Fund underperformed the linked benchmark for the one-, three-, five- and ten-year periods ended March 31, 2025. The Board further noted that the Fund outperformed the custom linked benchmark for the one-, three- and five-year periods ended March 31, 2025, and underperformed the custom linked benchmark for the ten-year period ended March 31, 2025. The Board also considered the Fund’s performance as compared to a supplemental peer group compiled by the Investment Advisor, and noted that the Fund represented the supplemental peer group median for the five-year period and underperformed the supplemental peer group median for the one-, three- and ten-year periods ended March 31, 2025, ranking three out of five peers, five out of five peers, four out of five peers, and five out of five peers, respectively. The Board engaged in discussions with the Investment Advisor regarding the contributors to and detractors from the Fund’s performance. The Board also considered supplemental information provided by the Investment Advisor, including a narrative summary of various factors affecting performance and the Investment Advisor’s performance in managing similarly managed funds and accounts. In addition, the Board took into account changes to the Fund’s investment strategy that became effective March 28, 2024, noting that the Fund’s strategy change makes longer-term performance less relevant to the analysis of Fund performance given that longer periods include a greater length of time during which the Fund pursued its previous investment strategy. The Board determined that Fund performance, in light of all the considerations noted above, supported the continuation of the Advisory Agreements.

(iii) Cost of the services to be provided and profits to be realized by the Investment Advisor from the relationship with the Fund: The Board considered the contractual and actual management fees paid by the Fund as well as the Fund’s total expense ratio. As part of its analysis, the Board gave consideration to the fee and expense analyses provided by the independent data provider. The Board noted that the Fund’s actual management fee was the lowest in the Peer Group, ranking one out of nine peers. The Fund’s total expense ratio represented the peer group median, ranking the Fund four out of nine peers. The Board also considered the Fund’s actual management fee, as well as the Fund’s total expense ratio, compared to a supplemental peer group compiled by the Investment Advisor, and noted that the Fund’s actual management fee and overall total expense ratio were lower than the supplemental peer group median, ranking one out of five peers and two

Cohen & Steers Future of Energy Fund, Inc.

out of five peers, respectively. The Board considered that the Investment Advisor continues to waive a portion of its fees and/or reimburse expenses to limit the overall operating expenses of the Fund. In light of the considerations above, the Board concluded that the Fund’s expense structure was satisfactory.

The Board also reviewed information regarding the profitability to the Investment Advisor of its relationship with the Fund. The Board considered the level of the Investment Advisor’s profits and whether the profits were reasonable for the Investment Advisor. The Board noted that the Investment Advisor is currently waiving a portion of its fee and/or reimbursing expenses of the Fund. Since the Subadvisors are paid by the Investment Advisor (and not by the Fund) for investment services provided to the Fund and are affiliates of the Investment Advisor, the Board considered the profitability of the Investment Advisor as a whole and did not consider the Subadvisors’ separate profitability to be particularly relevant to their determination. The Board took into consideration other benefits to be derived by the Investment Advisor in connection with the Advisory Agreements, noting particularly the research and related services, within the meaning of Section 28(e) of the Securities Exchange Act of 1934, that the Investment Advisor receives by allocating the Fund’s brokerage transactions. The Board further considered that the Investment Advisor continues to reinvest profits back in the business, including upgrading and/or implementing new trading, compliance and accounting systems, and by adding investment personnel to the portfolio management teams. The Board also considered the administrative services provided by the Investment Advisor and the associated administration fee paid to the Investment Advisor for such services under the Administration Agreement. The Board determined that the services received under the Administration Agreement are beneficial to the Fund. The Board concluded that the profits realized by the Investment Advisor from its relationship with the Fund were reasonable and consistent with the Investment Advisor’s fiduciary duties.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale: The Board noted that the Investment Advisor is currently waiving a portion of its fee and/or reimbursing expenses of the Fund. In considering economies of scale, the Board also noted, as discussed above in (iii), that the Investment Advisor continues to reinvest profits back in the business.

(v) Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisors or other clients: As discussed above in (iii), the Board compared the fees paid under the Advisory Agreements to those under other investment advisory contracts of other investment advisors managing Peer Funds. The Board also compared the services rendered and fees paid under the Advisory Agreements to fees paid, including the ranges of such fees, under the Investment Advisor’s other fund advisory agreements and advisory contracts with institutional and other clients with similar investment mandates, noting that the Investment Advisor provides more services to the Fund than it does to institutional or subadvised accounts. The Board also considered the entrepreneurial risk and financial exposure assumed by the Investment Advisor in developing and managing the Fund that the Investment Advisor does not have with institutional and other clients and other differences in the management of registered investment companies and institutional accounts. The Board determined that on a comparative basis the fees under the Advisory Agreements were reasonable in relation to the services provided.

Cohen & Steers Future of Energy Fund, Inc.

Cohen & Steers Privacy Policy



Facts		What Does Cohen & Steers Do With Your Personal Information?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number and account balances • Transaction history and account transactions • Purchase history and wire transfer instructions

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Cohen & Steers chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Cohen & Steers share?	Can you limit this sharing?

For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus	Yes	No

For our marketing purposes— to offer our products and services to you	Yes	No

For joint marketing with other financial companies—	No	We don’t share

For our affiliates’ everyday business purposes— information about your transactions and experiences	No	We don’t share

For our affiliates’ everyday business purposes— information about your creditworthiness	No	We don’t share

For our affiliates to market to you—	No	We don’t share

For non-affiliates to market to you—	No	We don’t share



Questions? Call (800) 330-7348

Cohen & Steers Future of Energy Fund, Inc.

Cohen & Steers Privacy Policy—(Continued)



Who we are

Who is providing this notice?		Cohen & Steers Capital Management, Inc., Cohen & Steers Asia Limited, Cohen & Steers Japan Limited, Cohen & Steers UK Limited, Cohen & Steers Ireland Limited, Cohen & Steers Singapore Private Limited, Cohen & Steers Securities, LLC, Cohen & Steers Private Funds and Cohen & Steers Registered Funds (collectively, Cohen & Steers).

What we do

How does Cohen & Steers protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We restrict access to your information to those employees who need it to perform their jobs, and also require companies that provide services on our behalf to protect your information.

How does Cohen & Steers collect my personal information?		We collect your personal information, for example, when you: • Open an account or buy securities from us • Provide account information or give us your contact information • Make deposits or withdrawals from your account We also collect your personal information from other companies.

Why can’t I limit all sharing?		Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for non-affiliates to market to you State law and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with affiliates.

Non-affiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Cohen & Steers does not share with non-affiliates.

Joint marketing		A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Cohen & Steers does not jointly market.

Cohen & Steers Future of Energy Fund, Inc.

Cohen & Steers Open-End Mutual Funds

COHEN & STEERS REALTY SHARES

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSJAX, CSJCX, CSJIX, CSRSX, CSJRX, CSJZX

COHEN & STEERS

REAL ESTATE SECURITIES FUND

•

Designed for investors seeking total return, investing primarily in U.S. real estate securities

•

Symbols: CSEIX, CSCIX, CREFX, CSDIX, CIRRX, CSZIX

COHEN & STEERS

INSTITUTIONAL REALTY SHARES

•

Designed for institutional investors seeking total return, investing primarily in U.S. real estate securities

•

Symbol: CSRIX

COHEN & STEERS GLOBAL REALTY SHARES

•

Designed for investors seeking total return, investing primarily in global real estate equity securities

•

Symbols: CSFAX, CSFCX, CSSPX, GRSRX, CSFZX

COHEN & STEERS

INTERNATIONAL REALTY FUND

•

Designed for investors seeking total return, investing primarily in international (non-U.S.) real estate securities

•

Symbols: IRFAX, IRFCX, IRFIX, IRFRX, IRFZX

COHEN & STEERS REAL ASSETS FUND

•

Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets

•

Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX

COHEN & STEERS

PREFERRED SECURITIES AND INCOME FUND

•

Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities issued by U.S. and non-U.S. companies

•

Symbols: CPXAX, CPXCX, CPXFX, CPXIX, CPRRX, CPXZX

COHEN & STEERS

LOW DURATION PREFERRED AND INCOME FUND

•

Designed for investors seeking high current income and capital preservation by investing in low-duration preferred and other income securities issued by U.S. and non-U.S. companies

•

Symbols: LPXAX, LPXCX, LPXFX, LPXIX, LPXRX, LPXZX

COHEN & STEERS FUTURE OF ENERGY FUND

•

Designed for investors seeking total return, investing primarily in securities of traditional and alternative energy companies

•

Symbols: MLOAX, MLOCX, MLOIX, MLORX, MLOZX

COHEN & STEERS

GLOBAL INFRASTRUCTURE FUND

•

Designed for investors seeking total return, investing primarily in global infrastructure securities

•

Symbols: CSUAX, CSUCX, CSUIX, CSURX, CSUZX

Distributed by Cohen & Steers Securities, LLC.

Please consider the investment objectives, risks, charges and expenses of any Cohen & Steers U.S. registered open-end fund carefully before investing. A summary prospectus and prospectus containing this and other information can be obtained by calling (800) 330-7348 or by visiting cohenandsteers.com. Please read the summary prospectus and prospectus carefully before investing.

Cohen & Steers Future of Energy Fund, Inc.

OFFICERS AND DIRECTORS

Joseph M. Harvey

Director and Chair

Adam M. Derechin

Director

Michael G. Clark

Director

George Grossman

Director

Dean A. Junkans

Director

Gerald J. Maginnis

Director

Jane F. Magpiong

Director

Daphne L. Richards

Director

Ramona Rogers-Windsor

Director

James Giallanza

President and Chief Executive Officer

Albert Laskaj

Chief Financial Officer

Steven Frank

Treasurer

Dana A. DeVivo

Secretary and Chief Legal Officer

Stephen Murphy

Chief Compliance Officer and Vice President

Nargis Hilal

Deputy Chief Compliance Officer and

Vice President

Benjamin Morton

Vice President

Tyler S. Rosenlicht

Vice President

KEY INFORMATION

Investment Advisor and Administrator

Cohen & Steers Capital Management, Inc.

1166 Avenue of the Americas, 30^th Floor

New York, NY 10036

(212) 832-3232

Co-administrator and Custodian

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

(800) 437-9912

Legal Counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Distributor

Cohen & Steers Securities, LLC

1166 Avenue of the Americas, 30^th Floor

New York, NY 10036


NASDAQ Symbol: Class		A—MLOAX
		C—MLOCX
		F—MLOFX*
		I—MLOIX
		R—MLORX
		Z—MLOZX

Website: cohenandsteers.com

This report is authorized for delivery only to shareholders of Cohen & Steers Future of Energy Fund, Inc. unless accompanied or preceded by the delivery of a currently effective prospectus setting forth details of the Fund. Performance data quoted represent past performance. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell your shares.

*	Class F shares are currently not available for purchase.


¹	The Linked Index consists of the Alerian Midstream Energy Select Index (Total Return) through 1/31/19; the Alerian Midstream Energy Select Canada-Capped Index through 10/30/20; the blended benchmark consisting of 70% Alerian Midstream Energy Index, 20% S&P 500 Utilities Index and 10% S&P 500 Oil & Gas Refining & Marketing Index through 3/28/24; and the S&P Energy Select Sector Index thereafter.
²	Reflects a 4.50% front-end sales charge.
³	Based on net assets.
⁴	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁵	Excludes derivative instruments, if any.


¹	The Linked Index consists of the Alerian Midstream Energy Select Index (Total Return) through 1/31/19; the Alerian Midstream Energy Select Canada-Capped Index through 10/30/20; the blended benchmark consisting of 70% Alerian Midstream Energy Index, 20% S&P 500 Utilities Index and 10% S&P 500 Oil & Gas Refining & Marketing Index through 3/28/24; and the S&P Energy Select Sector Index thereafter.
²	Reflects a contingent deferred sales charge of 1.00%.
³	Based on net assets.
⁴	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁵	Excludes derivative instruments, if any.


¹	The Linked Index consists of the Alerian Midstream Energy Select Index (Total Return) through 1/31/19; the Alerian Midstream Energy Select Canada-Capped Index through 10/30/20; the blended benchmark consisting of 70% Alerian Midstream Energy Index, 20% S&P 500 Utilities Index and 10% S&P 500 Oil & Gas Refining & Marketing Index through 3/28/24; and the S&P Energy Select Sector Index thereafter.
²	This class does not impose a sales charge.
³	Based on net assets.
⁴	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁵	Excludes derivative instruments, if any.


¹	The Linked Index consists of the Alerian Midstream Energy Select Index (Total Return) through 1/31/19; the Alerian Midstream Energy Select Canada-Capped Index through 10/30/20; the blended benchmark consisting of 70% Alerian Midstream Energy Index, 20% S&P 500 Utilities Index and 10% S&P 500 Oil & Gas Refining & Marketing Index through 3/28/24; and the S&P Energy Select Sector Index thereafter.
²	This class does not impose a sales charge.
³	Based on net assets.
⁴	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁵	Excludes derivative instruments, if any.


¹	The Linked Index consists of the Alerian Midstream Energy Select Index (Total Return) through 1/31/19; the Alerian Midstream Energy Select Canada-Capped Index through 10/30/20; the blended benchmark consisting of 70% Alerian Midstream Energy Index, 20% S&P 500 Utilities Index and 10% S&P 500 Oil & Gas Refining & Marketing Index through 3/28/24; and the S&P Energy Select Sector Index thereafter.
²	This class does not impose a sales charge.
³	Based on net assets.
⁴	Determined on the basis of the value of individual securities held, excluding short-term investments and derivative instruments, if any.
⁵	Excludes derivative instruments, if any.

	1 Year	5 Years	10 Years
Class R²	11.98%	20.48%	7.62%
MSCI World Index - net	16.99%	12.90%	11.88%
Linked Index¹	-1.97%	15.61%	7.66%

	1 Year	5 Years	10 Years
Class Z²	12.54%	21.08%	8.19%
MSCI World Index - net	16.99%	12.90%	11.88%
Linked Index¹	-1.97%	15.61%	7.66%