<SEC-DOCUMENT>0001104659-12-016646.txt : 20120308
<SEC-HEADER>0001104659-12-016646.hdr.sgml : 20120308
<ACCEPTANCE-DATETIME>20120308165140
ACCESSION NUMBER:		0001104659-12-016646
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120308
DATE AS OF CHANGE:		20120308
EFFECTIVENESS DATE:		20120308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COHEN & STEERS QUALITY INCOME REALTY FUND INC
		CENTRAL INDEX KEY:			0001157842
		IRS NUMBER:				134189110
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10481
		FILM NUMBER:		12677890

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2128323232

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & STEERS INCOME REALTY FUND INC
		DATE OF NAME CHANGE:	20010821
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a12-2349_1ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-10481</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen &amp; Steers Quality Income Realty   Fund, Inc.</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280 Park Avenue, New York, NY</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10017</font></p>    </td>   </tr>
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<td width="66%" colspan="7" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam M. Derechin</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cohen &amp; Steers Capital Management, Inc.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">280 Park Avenue</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10017</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for   service)</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(212) 832-3232</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31,   2011</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1. Reports to Stockholders.</font></b></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To Our Shareholders:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We would like to share with you our report for the year ended December 31, 2011. The net asset value (NAV) at that date was $9.47 per common share. The Fund's common stock is traded on the New York Stock Exchange (NYSE) and its share price can differ from its NAV; at year end, the Fund's closing price on the NYSE was $8.47.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The total returns, including income, for the Fund and its comparative benchmarks were:</font></p>
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<td colspan="3" width="215" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Six Months Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="142" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cohen &amp; Steers Quality Income Realty <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fund at Market Value<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#150;9.36</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6.07</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="215" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cohen &amp; Steers Quality Income Realty <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fund at NAV<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#150;5.34</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7.31</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">FTSE NAREIT Equity REIT Index<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#150;1.73</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8.29</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="215" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">S&amp;P 500 Index<sup>b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#150;3.69</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.11</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="215" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Blended benchmark&#151;80% FTSE NAREIT <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Equity REIT Index, 20% BofA Merrill Lynch <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REIT Preferred Index<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.07</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9.47</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>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 sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effects of leverage, resulting from borrowings under a credit agreement. Current total returns of the Fund can be obtained by visiting our Web site at cohenandsteers.com.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>The Fund implements fair value pricing when the daily change in a specific U.S. market index exceeds a predetermined percentage. Fair value pricing adjusts the valuation of certain non-U.S. holdings to account for such index change following the close of foreign markets. This standard practice has been adopted by a majority of the fund industry. In the event fair value pricing is implemented on the first and/or last day of a performance measurement period, the Fund's return may diverge from the relative performance of its benchmark index, which does not use fair value pricing. An investor cannot invest directly in an index.</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund makes regular quarterly distributions at a level rate (the "Policy"). Distributions paid by the Fund 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. As a result of the Policy, the Fund may pay distributions in excess of the Fund's investment company taxable income and realized gains. This excess would be a "return of capital" distributed from the Fund's assets. Distributions of capital decrease the Fund's total assets and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;As a closed-end investment company, the price of the Fund's NYSE-traded shares will be set by market forces and at times may deviate from the NAV per share of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;The FTSE NAREIT Equity REIT Index is an unmanaged, market-capitalization-weighted index of all publicly traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly traded equity REITs as a whole. The S&amp;P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance. The BofA Merrill Lynch REIT Preferred Index is an unmanaged index of real estate preferred securities.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Investment Review</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">U.S. real estate securities overcame macro headwinds in 2011 to advance and significantly outperform the broader U.S. equity market. REITs trended upward through July, aided by a steady improvement in real estate fundamentals and low and declining financing costs. However, August brought severe volatility to REITs and broader global capital markets as investors reacted to unsettling developments; the U.S. economy suddenly appeared vulnerable to recession, Standard &amp; Poor's issued its first U.S. credit rating downgrade, Europe's sovereign debt crisis began to spread to the so-called "core" and China's growth trajectory was beginning to slow.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">While REITs struggled into September, the group generated fourth-quarter returns large enough to end the year with a gain. Fears of recession eased as late-period U.S. economic data stabilized and demonstrated moderate improvement; in Europe, fiscal and monetary authorities seemed to get a temporary handle on the region's formidable debt problems. Meanwhile, REITs reported third quarter earnings that generally met or exceeded expectations. They also continued to demonstrate ready access to capital, via equity and bond offerings and the refinancing of bank lines with improved terms.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Performance by property type varied widely. The self storage sector (total return of +35.2%<sup>c</sup> in the index) was a standout, benefiting from accelerating cash flow growth driven by improving broader fundamentals, coupled with taking market share from smaller private operators. Apartment owners (+15.1%) also outperformed; fundamentals were aided by improving employment trends among a younger demographic that typically has a higher-than-average propensity to rent.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The gain in regional malls (+22.0%) was driven by a strong return from Simon Property Group, which owns high-quality malls and outlet centers in desirable locations. Certain lower-quality mall owners struggled; this performance reflected a wider sector trend in which companies with the better assets and stronger balance sheets outperformed their peers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shopping center REITs (&#150;0.7%) were among the underperformers. Compared with mall owners, who focus on higher income demographics, shopping centers tend to be susceptible to the broader issues of limited job and wage growth. The office sector (&#150;0.8%) was restrained by declines in companies focused on suburban properties, where demand has been lackluster. Good performers included companies with office properties concentrated on the east and west coasts. Industrial property companies (&#150;5.2%) declined as ProLogis, which is 80% of the sector, was hindered by slowing global growth. The company's large presence in Europe was also a liability.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>REIT Preferred securities also advanced</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Preferred securities issued by REITs had a total return of +12.1% in the period as measured by the BofA Merrill Lynch REIT Preferred Index. The group was aided by the factors that lifted real estate common shares and by demand for quality income in a low-yield environment.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>c</sup>&nbsp;&nbsp;Sector returns as measured by the FTSE NAREIT Equity REIT Index.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Fund performance</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund had a positive total return in the period on a NAV basis, although it underperformed its blended benchmark. It was ahead of that benchmark through July, but lost ground in August due to an allocation that continued to favor companies with greater cyclical sensitivity. Economically sensitive stocks were hit the hardest in the market's sudden reversal. We adjusted our cyclical leaning downward to produce a more balanced portfolio reflective of slower economic growth, and with primarily downside tail risks.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">From a sector standpoint, our overweight and stock selection in the hotel sector (&#150;14.3% return in the index) detracted from performance. The group was highly sensitive to economic expectations on both the up and down sides, but ended the year with a loss. Stock selection in the shopping center and apartment sectors also hindered relative returns.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Performance benefited from our stock selection and underweight in office REITs, where we did not own or were underweight companies with secondary assets. Stock selection in the regional mall sector also helped performance; our preference was for owners of high-quality properties. The Fund's allocation to REIT preferred securities had a gain but underperformed the broader REIT preferred market.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund employs leverage as part of a yield-enhancement strategy. Leverage, which can increase total return in rising markets (just as it can have the opposite effect in declining markets), supported the Fund's performance for the year to date compared with its benchmarks, which are not leveraged.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>The Fund used swaps during the year</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In connection with its use of leverage, the Fund pays interest on borrowings based on a floating rate under the terms of its credit agreement. To reduce the impact that changes in interest rates could have on the performance of the Fund with respect to these borrowings, the Fund used interest rate swaps to exchange the floating rate for a fixed rate. During the period, the Fund's use of swaps had a negative impact on the NAV and performance of the Fund.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Investment Outlook</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We expect GDP growth of between 1% and 2% in 2012, with modest but steady gains in employment. This should support continued gradual improvement in real estate fundamentals, given low new supply in most sectors. In this environment, we seek to identify markets with above-average employment (and income) trends. And in an election year that should present opportunities and risks, we will monitor how the results might affect employment in the financial and health care industries, and the Washington, D.C. market generally.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In terms of sector positioning, we like high-quality retail owners with portfolios able to thrive despite disintermediation from e-commerce or the potential loss of major tenants (e.g., Sears). We favor urban office owners that we believe should benefit from the growth of the technology, media and life science employment in markets such as San Francisco, Boston and New York. We expect that apartment companies will continue to benefit from positive demographic trends&#151;the key 20-30 year old population group is expanding twice as fast as other segments. We remain underweight suburban offices, secondary retail and health care properties.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">With regard to REIT preferreds, we note that bond yields are at or near historic lows, and that the Federal Reserve is likely to hold interest rates steady until 2013. In such an environment, demand for the 7-8% yields offered by the mostly investment-grade group is likely to provide relative stability to total returns in the year ahead. For the near term, given recent appreciation, we look for much of the total return from REIT preferreds to be in the form of income returns.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sincerely,</font></p>
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</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 0pt 0pt;">
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</td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MARTIN COHEN</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ROBERT H. STEERS</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Co-chairman</i></font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Co-chairman</i></font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="1">&nbsp;</td>
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</td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">JOSEPH M. HARVEY</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">WILLIAM F. SCAPELL</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Portfolio Manager</i></font></td>
<td colspan="1">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Portfolio Manager</i></font></td>
<td colspan="1">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">&nbsp;&nbsp;<img src="j1223492_ba005.jpg">
&nbsp;&nbsp;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&nbsp;&nbsp;THOMAS N. BOHJALIAN&nbsp;&nbsp;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>&nbsp;&nbsp;Portfolio Manager&nbsp;&nbsp;</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>The views and opinions in the preceding commentary are subject to change. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice and is not intended to predict or depict performance of any investment.</i></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Visit Cohen &amp; Steers online at cohenandsteers.com</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For more information about any of our funds, visit cohenandsteers.com, where you will find daily net asset values, fund fact sheets and portfolio highlights. You can also access newsletters, education tools and market updates covering the global real estate, listed infrastructure, utilities, large cap value and preferred securities sectors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In addition, our Web site contains comprehensive information about our firm, including our most recent press releases, profiles of our senior investment professionals and an overview of our investment approach.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Our Leverage Strategy<BR>(Unaudited)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Our current leverage strategy utilizes borrowings up to the maximum permitted by the 1940 Act to provide additional capital for the Fund, with an objective of increasing the net income available for shareholders. As of December 31, 2011, leverage represented 31% of the Fund's managed assets.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">It has been our philosophy to utilize interest rate swap transactions to seek to reduce the interest rate risk inherent in our utilization of leverage. Considering that borrowings have variable interest rate payments, we seek to lock in those rates on a significant portion of this additional capital through interest rate swap agreements (where we effectively convert our variable rate obligation to a fixed rate obligation for the term of the swap agreements). Specifically, as of December 31, 2011, we have fixed the rate on 70% of our borrowings at an average interest rate of 3.0% for an average remaining period of 2.4 years (when we first entered into the swaps, the average term was 5.2 years). Locking in a significant portion of our leveraging costs is designed to protect the dividend-paying ability of the Fund. The use of leverage increases the volatility of the Fund's net asset value in both up and down markets. However, we believe that locking in a portion of the Fund's leveraging costs for the term of the swap agreements partially protects the Fund's expenses from an increase in short-term interest rates.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Leverage Facts<sup>a</sup></font></p>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Leverage (as a % of managed assets)</font></td>
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&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">31</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> F</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ixed Rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">70</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="193" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> V</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ariable Rate</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="290" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Weighted Average Rate on Swaps</font></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.0</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
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<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Weighted Average Term on Swaps</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.4 </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">years</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="290" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Current Rate on Debt<sup>b</sup></font></td>
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<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.3</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund seeks to enhance its dividend yield through leverage. The use of leverage is a speculative technique and there are special risks and costs associated with leverage. The net asset value of the Fund's common shares may be reduced by the issuance and ongoing costs of leverage. So long as the Fund is able to invest in securities that produce a realized investment yield that is greater than the total cost of leverage, the leverage strategy will produce higher current net investment income for the common shareholders. On the other hand, to the extent that the total cost of leverage exceeds the incremental income gained from employing such leverage, the common shareholders would realize lower net investment income. In addition to the impact on net income, the use of leverage will have an effect of magnifying capital appreciation or depreciation for common shareholders. Specifically, in an up market, leverage will typically generate greater capital appreciation than if the Fund was not employing leverage. Conversely, in down markets, the use of leverage will generally result in greater capital depreciation than if the Fund had been unlevered. To the extent that the Fund is required or elects to reduce its leverage, the Fund may need to liquidate investments, including under adverse economic conditions which may result in capital losses potentially reducing returns to common shareholders. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Data as of December 31, 2011. Information is subject to change.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;See Note 6 in Notes to Financial Statements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">DECEMBER 31, 2011</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Top Ten Holdings<sup>a</sup><BR>(Unaudited)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Security</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">% of<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Managed<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Simon Property Group</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">161,876,949</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10.8</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Equity Residential</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">90,540,942</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6.0</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HCP</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60,464,392</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4.0</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Boston Properties</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">55,284,773</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.7</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ventas</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,058,637</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.1</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Vornado Realty Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,612,439</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.1</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Public Storage</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,397,574</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.1</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ProLogis</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">43,804,683</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.9</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">AvalonBay Communities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">39,293,883</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.6</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SL Green Realty Corp.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,435,888</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.8</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Top ten holdings are determined on the basis of the value of individual securities held. All of the securities listed above are common stock. The Fund may also hold positions in other types of securities issued by the companies listed above. See the Schedule of Investments for additional details on such other positions.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Sector Breakdown</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Based on Managed Assets)<BR>(Unaudited)</font></p>
<p align="center"><img src="j1223492_ba006.jpg" height="186 pt" width="452 pt">
</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">COMMON STOCK&#151;REAL ESTATE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">114.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DIVERSIFIED</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5.6%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">American Assets Trust<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">363,105</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,447,283</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BGP Holdings PLC (EUR) (Australia)<sup>c,d,e</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,927,678</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Forest City Enterprises<sup>a,b,e</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">337,378</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,987,808</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Vornado Realty Trust<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">606,459</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,612,439</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">58,047,530</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HEALTH CARE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cogdell Spencer<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">614,648</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,612,254</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HCP<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,459,435</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60,464,392</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Healthcare Realty Trust</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">445,700</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,285,563</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Senior Housing Properties Trust<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">976,557</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">21,913,939</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ventas<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">853,594</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">47,058,637</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">140,334,785</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HOTEL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hersha Hospitality Trust<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,000,699</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,763,411</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hospitality Properties Trust<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">327,569</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,527,536</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Host Hotels &amp; Resorts<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,287,838</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,021,367</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hyatt Hotels Corp., Class A<sup>a,e</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">445,498</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">16,768,545</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">RLJ Lodging Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">236,590</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,981,810</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Starwood Hotels &amp; Resorts Worldwide</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">306,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,702,805</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">71,765,474</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INDUSTRIAL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">First Industrial Realty Trust<sup>a,b,e</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">430,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,408,107</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ProLogis<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,532,168</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">43,804,683</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">48,212,790</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">OFFICE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">17.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Alexandria Real Estate Equities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">272,666</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,805,774</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BioMed Realty Trust</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">409,922</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,411,390</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Boston Properties<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">555,068</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">55,284,773</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Douglas Emmett<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">842,746</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,371,687</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hudson Pacific Properties<sup>f</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">841,396</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,914,167</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Kilroy Realty Corp.<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">405,712</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,445,456</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Liberty Property Trust<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">616,325</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,032,116</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Mack-Cali Realty Corp.<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">394,894</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,539,721</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SL Green Realty Corp.<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">396,697</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,435,888</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">180,240,972</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
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<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">RESIDENTIAL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">APARTMENT</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Apartment Investment &amp; Management Co.<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,137,351</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,056,711</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Associated Estates Realty Corp.<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">693,990</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,069,141</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">AvalonBay Communities<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">300,872</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">39,293,883</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BR</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">E Properties<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">233,675</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,795,914</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Campus Crest Communities<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">593,937</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,975,006</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Education Realty Trust<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,115,761</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,414,235</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Equity Residential<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,587,602</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">90,540,942</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Essex Property Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">111,800</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,709,018</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Post Properties<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">263,487</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,519,652</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">UDR<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">927,077</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,269,633</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">246,644,135</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MANUFACTURED HOME</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Equity Lifestyle Properties<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">218,689</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,584,369</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL RESIDENTIAL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">261,228,504</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SELF STORAGE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CubeSmart<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,826,638</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">19,435,428</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Extra Space Storage</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">349,164</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,460,244</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Public Storage<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">345,066</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,397,574</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sovran Self Storage</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">110,267</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,705,093</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">78,998,339</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SHOPPING CENTER</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">31.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">COMMUNITY CENTER</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10.8%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Acadia Realty Trust<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">720,829</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">14,517,496</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DDR Corp.<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">981,330</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,942,786</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Federal Realty Investment Trust<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">255,963</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23,228,642</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Kimco Realty Corp.<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,385,849</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,506,188</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ramco-Gershenson Properties Trust</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">601,660</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,914,318</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Regency Centers Corp.<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">594,298</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,357,491</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Urstadt Biddle Properties, Class A</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">235,074</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,250,138</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Weingarten Realty Investors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">332,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,263,878</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">111,980,937</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REGIONAL MALL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20.3%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">General Growth Properties<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,342,937</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,170,914</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Simon Property Group<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,255,444</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">161,876,949</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Taubman Centers</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">299,196</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">18,580,072</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Westfield Group (Australia)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">954,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,627,009</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Westfield Retail Trust (Australia)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,459,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,718,033</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">211,972,977</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL SHOPPING CENTER</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">323,953,914</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SPECIALTY</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.6%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Digital Realty Trust<sup>a,b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">228,102</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,207,560</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DuPont Fabros Technology<sup>a,b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">505,594</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,245,487</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">27,453,047</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL COMMON STOCK<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Identified cost&#151;$913,496,703)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="100" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,190,235,355</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">PREFERRED SECURITIES&#151;$25 PAR VALUE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">23.1%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">FINANCE&#151;MORTGAGE LOAN/BROKER</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Countrywide Capital IV, 6.75%, due 4/1/33</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">110,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,184,600</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Countrywide Capital V, 7.00%, due 11/1/36</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">139,068</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,820,299</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,004,899</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INSURANCE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MULTI-LINE&#151;FOREIGN</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ING Groep N.V., 7.05%<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">165,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,988,150</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ING Groep N.V., 7.375%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,843,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,831,150</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REINSURANCE&#151;FOREIGN</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Endurance Specialty Holdings Ltd., 7.50%, Series B</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">98,500</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,510,765</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL INSURANCE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,341,915</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INTEGRATED TELECOMMUNICATIONS SERVICES</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Qwest Corp., 7.50%, due 9/15/51</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">190,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,016,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='9',FILE='12-2349-2.ca',USER='106493',CD='Feb 27 21:13 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REAL ESTATE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">21.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DIVERSIFIED</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Capital Lease Funding, 8.125%, Series A<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">105,370</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,532,041</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cousins Properties, 7.75%, Series A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">60,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,446,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DuPont Fabros Technology, 7.875%, Series A<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,022,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DuPont Fabros Technology, 7.625%, Series B<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">150,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,741,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Lexington Realty Trust, 6.50%, Series C <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">($</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">50 </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Par Value)<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">76,395</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,207,826</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Lexington Realty Trust, 7.55%, Series D<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">515,025</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">12,314,248</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">28,263,115</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HEALTH CARE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cogdell Spencer, 8.50%, Series A</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">80,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,024,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Health Care REIT, 7.875%, Series D<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">88,600</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,253,098</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Health Care REIT, 7.625%, Series F<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">371,254</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,559,790</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,836,888</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">HOTEL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4.2%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ashford Hospitality Trust, 9.00%, Series E<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">405,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">9,861,750</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hersha Hospitality Trust, 8.00%, Series B<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">150,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,315,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hospitality Properties Trust, 8.875%, Series B<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">94,825</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,461,657</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Hospitality Properties Trust, 7.00%, Series C<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">163,499</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,043,330</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">LaSalle Hotel Properties, 7.25%, Series G<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">350,195</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">8,404,680</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">LaSalle Hotel Properties, 7.50%, Series H</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">99,900</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,444,553</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Pebblebrook Hotel Trust, 7.875%, Series A<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">220,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,282,200</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sunstone Hotel Investors, 8.00%, Series A<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">160,450</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,775,389</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Sunstone Hotel Investors, 8.00%, Series D</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">180,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,077,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">43,665,559</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INDUSTRIAL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">First Industrial Realty Trust, 7.25%, Series J<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">121,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,612,390</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">First Potomac Realty Trust, 7.75%, Series A<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,565,500</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Monmouth Real Estate Investment Corp., 7.63%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series A<sup>c</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,970,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,147,890</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='10',FILE='12-2349-2.ca',USER='106493',CD='Feb 27 21:13 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">OFFICE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BioMed Realty Trust, 7.375%, Series A<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">224,499</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,709,010</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CommonWealth REIT, 6.50%, Series D (Convertible)<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">173,800</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,526,402</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Corporate Office Properties Trust, 7.625%, Series J<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">263,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,531,525</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cousins Properties, 7.50%, Series B<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">307,775</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,441,999</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Kilroy Realty Corp., 7.50%, Series F<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">133,800</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,343,662</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SL Green Realty Corp., 7.625%, Series C<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">165,034</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,110,997</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,663,595</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">RESIDENTIAL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4.1%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">APARTMENT</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.7%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Alexandria Real Estate Equities, 7.00%, Series D<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,798,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Apartment Investment &amp; Management Co., 8.00%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series T<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">148,861</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,764,695</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Apartment Investment &amp; Management Co., 7.75%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series U<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,024,750</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">25,680,235</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Apartment Investment &amp; Management Co., 8.00%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series V<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">150,900</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,801,171</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">38,044,101</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MANUFACTURED HOME</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.4%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Equity Lifestyle Properties, 8.034%, Series A<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">170,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,302,700</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL RESIDENTIAL</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">42,346,801</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SHOPPING CENTER</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4.7%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">COMMUNITY CENTER</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.2%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Cedar Shopping Centers, 8.875%, Series A<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">200,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,754,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">DDR Corp., 7.375%, Series H<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">284,331</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,895,027</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Kite Realty Group Trust, 8.25%, Series A</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2,305,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ramco-Gershenson Properties Trust, 7.25%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series D ($50 Par Value)(Convertible)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">135,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,722,650</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Urstadt Biddle Properties, 8.50%, Series C <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">($</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100 </font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Par Value)<sup>c</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,133,500</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,810,177</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='11',FILE='12-2349-2.ca',USER='106493',CD='Feb 27 21:13 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REGIONAL MALL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CBL &amp; Associates Properties, 7.75%, Series C<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">155,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,857,950</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CBL &amp; Associates Properties, 7.375%, Series D<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">726,988</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">17,215,076</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Simon Property Group, 8.375%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Series J ($50 Par Value)<sup>c</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">80,941</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,340,487</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">26,413,513</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL SHOPPING CENTER</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">49,223,690</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SPECIALTY</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Entertainment Properties Trust, 9.00%, Series E<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">191,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,105,430</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL REAL ESTATE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="100" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">223,252,968</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;$25 PAR VALUE<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Identified cost&#151;$235,407,953)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">240,615,782</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">PREFERRED SECURITIES&#151;CAPITAL SECURITIES</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.9%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BANK</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.0%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Citigroup Capital III, 7.625%, due 12/1/36<sup>a</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,913,576</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Farm Credit Bank of Texas, 10.00%, due 12/15/20, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">($1,000 Par Value) Series I<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,023,750</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">10,937,326</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BANK&#151;FOREIGN</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">LBG Capital No.1 PLC, 8.00%, due 12/29/49, 144A<sup>g</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,300,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,139,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INSURANCE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MULTI-LINE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MetLife Capital Trust IV, 7.875%, due 12/15/37, 144A<sup>g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,170,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">PROPERTY CASUALTY</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Liberty Mutual Group, 7.80%, due 3/15/37, 144A<sup>a,g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,525,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,972,500</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REINSURANCE&#151;FOREIGN</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.4%</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Catlin Insurance Co., 7.249%, due 12/31/49, 144A<sup>a,g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,640,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,978,800</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL INSURANCE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="100" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,121,300</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REAL ESTATE&#151;DIVERSIFIED</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.3%</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">IVG Immobilien AG, 8.00% (Germany)(EUR)<sup>c</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,500,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3,148,264</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL PREFERRED SECURITIES&#151;CAPITAL SECURITIES<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Identified cost&#151;$31,803,285)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,345,890</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='12',FILE='12-2349-2.ca',USER='106493',CD='Feb 27 21:13 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Principal<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CORPORATE BONDS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.2%</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="598" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REAL ESTATE</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">INDUSTRIAL</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.5%</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">First Industrial LP, 7.60%, due 7/15/28<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,081,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,744,399</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">OFFICE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.6%</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BR Properties SA, 9.00%, due 10/29/49, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">144</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">A (Brazil)<sup>c,g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,500,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">6,565,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SHOPPING CENTER</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.1%</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BR Malls International Finance Ltd., 8.50%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">due 1/29/49, 144A (Brazil)<sup>a,c,g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">4,140,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">General Shopping Finance Ltd., 10.00%, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">due 11/29/49, 144A<sup>a,g</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,415,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="356" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,573,538</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL CORPORATE BONDS<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Identified cost&#151;$22,547,298)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="100" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,882,937</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Number<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">of Shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">SHORT-TERM INVESTMENTS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.2%</font></td>
<td colspan="1" width="25" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="598" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">MONEY MARKET FUNDS</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">BlackRock Liquidity Funds: FedFund, 0.01%<sup>h</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,350,435</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,350,435</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Federated Government Obligations Fund, 0.01%<sup>h</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="85" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,350,380</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">11,350,380</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL SHORT-TERM INVESTMENTS <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(Identified cost&#151;$22,700,815)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">22,700,815</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">TOTAL INVESTMENTS (Identified cost&#151;$1,225,956,054)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">144.6</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,506,780,779</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">LIABILITIES IN EXCESS OF OTHER ASSETS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(44.6</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(464,707,338</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="271" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">NET ASSETS (Equivalent to $9.47 per share based on <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">109,998,718 shares of common stock outstanding)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">100.0</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> </font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1,042,073,441</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Glossary of Portfolio Abbreviations</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">EUR&nbsp;&nbsp;Euro Currency</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">REIT&nbsp;&nbsp;Real Estate Investment Trust</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Note: Percentages indicated are based on the net assets of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;A portion or all of the security is pledged in connection with the revolving credit agreement: $988,931,489 has been pledged as collateral.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;A portion of the security has been rehypothecated in connection with the Fund's revolving credit agreement in the aggregate amount of $422,484,916.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>c</sup>&nbsp;&nbsp;Illiquid security. Aggregate holdings equal 2.6% of net assets of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>d</sup>&nbsp;&nbsp;Fair valued security. This security has been valued at its fair value as determined in good faith under procedures established by and under the general supervision of the Fund's Board of Directors. Aggregate fair value securities represent 0.0% of the net assets of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>e</sup>&nbsp;&nbsp;Non-income producing security.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>f</sup>&nbsp;&nbsp;A portion of the security is segregated as collateral for interest rate swap transactions: $8,354,400 has been segregated as collateral.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>g</sup>&nbsp;&nbsp;Resale is restricted to qualified institutional investors. Aggregate holdings equal 3.3% of net assets of the Fund, of which 1.0% are illiquid.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>h</sup>&nbsp;&nbsp;Rate quoted represents the seven day yield of the fund.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>14</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">SCHEDULE OF INVESTMENTS&#151;(Continued)</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Interest rate swaps outstanding at December 31, 2011 are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Counterparty</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Notional<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Amount</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Fixed<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Rate<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Payable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="115" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Floating Rate<sup>a<BR></sup></font><font face="Arial, Helvetica" style="font-size:9pt;">(resets monthly)<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Receivable</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Termination<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Date</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Unrealized<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Depreciation</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Merrill Lynch Derivative <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Products AG<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">15,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.934</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.294</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">July 25, 2012</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(220,472</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Merrill Lynch Derivative <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Products AG<sup>b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">35,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.430</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.291</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">November 22, 2012</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(969,564</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Merrill Lynch Derivative <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Products AG<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">88,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.600</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.294</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">January 29, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(5,634,756</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Royal Bank of Canada</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">20,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.615</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.283</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">January 16, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(692,387</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Royal Bank of Canada</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">70,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">1.865</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.277</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">June 13, 2015</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(2,710,189</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Royal Bank of Canada</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">46,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2.474</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.276</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">February 10, 2016</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(3,030,688</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">UBS AG</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">5,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.600</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.285</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">January 17, 2013</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(171,291</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">UBS AG</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">13,000,000</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.639</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.285</font></td>
<td colspan="1" width="25" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="108" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">April 17, 2013</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(548,293</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="125" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">UBS AG</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">30,000,000</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">3.615</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">0.294</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="108" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">February 28, 2014</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(1,997,028</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="554" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">$</font></td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(15,974,668</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Based on LIBOR (London Interbank Offered Rate). Represents rates in effect at December 31, 2011.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><sup>b</sup>&nbsp;&nbsp;Cash in the amount of $6,986,000 has been pledged as collateral.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<!-- Document name: 12-2349-2.da-->
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF ASSETS AND LIABILITIES</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">ASSETS:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investments in securities, at value (Identified cost&#151;$1,225,956,054)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,506,780,779</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash (includes $6,986,000 pledged as collateral for open swap positions)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,083,905</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Receivable for:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dividends and interest</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">8,245,145</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investment securities sold</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">4,740,726</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">27,836</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,526,878,391</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">LIABILITIES:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Unrealized depreciation on interest rate swap transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">15,974,668</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Payable for:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Revolving credit agreement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">460,000,000</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investment securities purchased</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">5,516,571</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dividends declared on common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,915,063</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investment management fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,037,785</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest expense</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">51,570</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">25,007</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">284,286</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Liabilities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">484,804,950</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,042,073,441</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NET ASSETS consist of:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Paid-in capital</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">937,032,858</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Accumulated undistributed net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">3,957,096</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Accumulated net realized loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(163,656,305</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">264,739,792</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,042,073,441</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">NET ASSET VALUE PER COMMON SHARE:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">($1,042,073,441 &divide; 109,998,718 shares outstanding)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">9.47</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE PER COMMON SHARE</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">8.47</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">MARKET PRICE DISCOUNT TO NET ASSET VALUE PER COMMON SHARE</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(10.56</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:6pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='16',FILE='12-2349-2.da',USER='106493',CD='Feb 27 20:05 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF OPERATIONS</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investment Income:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Dividend income (net of $32,194 of foreign withholding tax)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">43,650,339</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest income (net of $20,475 of foreign withholding tax)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">4,714,873</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Rehypothecation income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">257,488</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">48,622,700</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Expenses:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investment management fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">13,043,490</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest expense</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">5,981,484</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Administration fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">567,489</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Custodian fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">233,312</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Shareholder reporting expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">184,879</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Professional fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">93,200</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Directors' fees and expenses</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">93,010</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Transfer agent fees and expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">25,189</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Registration and filing fees</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">11,416</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Line of credit fees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">604</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Miscellaneous</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">203,609</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">20,437,682</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Reduction of Expenses (See Note 2)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(306,906</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Expenses</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">20,130,776</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Investment Income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">28,491,924</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss):</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain (loss) on:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">63,979,587</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">22,882</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest rate swap transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(8,832,418</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">55,170,051</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation) on:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(11,678,707</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Foreign currency translations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(23,604</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest rate swap transactions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(2,486,593</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation (depreciation)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(14,188,904</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 3pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized and unrealized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">40,981,147</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:1pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Increase in Net Assets Resulting from Operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">69,473,071</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:1pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='17',FILE='12-2349-2.da',USER='106493',CD='Feb 27 20:05 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF CHANGES IN NET ASSETS</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="225" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="150" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="533" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in Net Assets Applicable to Common Shares:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="533" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">From Operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">28,491,924</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">27,490,858</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">55,170,051</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">87,376,886</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(depreciation)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(14,188,904</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">167,066,630</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase in net assets resulting <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">from operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">69,473,071</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">281,934,374</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Less Dividends and Distributions to Common <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Shareholders from:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"> </font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(71,651,695</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(41,256,099</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(7,547,382</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(17,530,927</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total dividends and distributions <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">to common shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(79,199,077</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(58,787,026</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="533" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Capital Stock Transactions:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Increase in net assets from common share<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">transactions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">112,023,521</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total increase (decrease) in net assets<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">applicable to common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(9,726,006</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">335,170,869</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="533" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Assets Applicable to Common Shares:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,051,799,447</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="109" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">716,628,578</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="225" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">End of year<sup>a</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,042,073,441</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="109" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,051,799,447</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>a</sup>&nbsp;&nbsp;Includes accumulated undistributed net investment income of $3,957,096 and $3,490,813, respectively.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">STATEMENT OF CASH FLOWS</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended December 31, 2011</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Decrease in Cash:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash Flows from Operating Activities:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase in net assets resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">69,473,071</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Adjustments to reconcile net increase in net assets resulting from<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">operations to net cash provided by operating activities:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Purchases of long-term investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(824,510,148</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net purchases, sales and maturities of short-term investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">5,999,996</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net amortization/accretion of premium (discount)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(10,380</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Proceeds from sales and maturities of long-term investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">876,976,234</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase in dividends and interest receivable and other assets</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(350,319</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net decrease in interest expense payable, accrued expenses and <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">other liabilities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(107,598</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized appreciation on investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">11,678,707</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net change in unrealized depreciation on interest rate swaps</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">2,486,593</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized gain from investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(63,979,587</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash provided for operating activities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">77,656,569</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="517" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash Flows from Financing Activities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Distributions paid on common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(79,626,701</font></td>
<td colspan="1" width="28" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Decrease in cash</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(1,970,132</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash at beginning of year (including cash pledged as collateral of $8,970,000)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">9,054,037</font></td>
<td colspan="1" width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="382" bgcolor="#cceeff" align="left" valign="bottom" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cash at end of year (including cash pledged as collateral of $6,986,000)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,083,905</font></td>
<td colspan="1" width="28" bgcolor="#cceeff" valign="bottom" style="padding:3pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>19</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following table includes selected data for a common share outstanding throughout each year and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="216" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="501" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Per Share Operating Performance:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net asset value per common share, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.56</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.44</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.38</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">15.66</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25.61</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="717" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Income from investment operations:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.65</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.41</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.27</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.77</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.06</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized and unrealized gain (loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.02</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.25</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.20</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(8.92</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(7.22</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total income (loss) from investment <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.63</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.66</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.47</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(8.15</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(6.16</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="717" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Less dividends and distributions to preferred <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">shareholders from:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.00</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)<sup>a</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.33</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.22</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.38</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total dividends and distributions to <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">preferred shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.00</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)<sup>a</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.33</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.60</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total from investment operations <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">applicable to common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.63</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.66</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.47</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(8.48</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(6.76</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Anti-dilutive effect from the purchase of <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">common shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.01</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Anti-dilutive effect from the issuance of <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">reinvested common shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.00</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>a</sup></font>&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.00</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>a</sup></font>&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="717" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Less dividends and distributions to common <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">shareholders from:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net investment income</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.65</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.39</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.26</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.34</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.89</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net realized gain</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.07</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.16</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1.53</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Tax return of capital</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.15</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1.46</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.77</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total dividends and distributions to <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">common shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.72</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.55</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.41</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(1.80</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(3.19</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net increase (decrease) in net asset value <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">per common share</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(0.09</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.12</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.06</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(10.28</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(9.95</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net asset value, per common share, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">end of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.47</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">9.56</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.44</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.38</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">15.66</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Market value, per common share, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">end of year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.47</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">8.65</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.07</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.80</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">14.52</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total net asset value return<sup>b</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">7.31</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">37.80</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">54.24</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%<sup>c</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150;58.62</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%<sup>c</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150;27.49</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:5pt .7pt 0pt 0pt; border:none; border-top:double windowtext 2.25pt;border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total market value return<sup>b</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.07</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">52.82</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">77.83</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150;68.42</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#150;30.40</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='20',FILE='12-2349-2.ea',USER='106493',CD='Feb 27 20:05 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS&#151;(Continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="216" valign="bottom" style="padding:0pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="19" width="501" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">For the Year Ended December 31,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ratios/Supplemental Data:</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="92" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2010</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2009</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2008</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Net assets applicable to common shares, <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">end of year (in millions)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,042.1</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1,051.8</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">716.6</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">210.9</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">609.1</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of expenses to average daily net assets <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">applicable to common shares (before expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">reduction)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.90</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.10</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.42</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.11</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.52</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of expenses to average daily net assets <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">applicable to common shares (net of expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">reduction)<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.87</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.98</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.18</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.76</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.14</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of expenses to average daily net assets <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">applicable to common shares (net of expense <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">reduction and excluding interest expense)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.32</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.36</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.61</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.72</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of net investment income to average daily <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">net assets applicable to common shares <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(before expense reduction)<sup>d</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.62</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.87</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.62</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.36</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3.73</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of net investment income to average <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">daily net assets applicable to common shares <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">(net of expense reduction)<sup>d</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.65</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.99</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5.85</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">6.71</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">4.12</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of expenses to average daily managed <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">assets (before expense reduction)<sup>d,e</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.33</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.43</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2.04</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.20</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.02</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Ratio of expenses to average daily managed <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">assets (net of expense reduction)<sup>d,e</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.31</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.35</font></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.90</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">1.00</font></td>
<td colspan="1" width="29" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">0.76</font></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Portfolio turnover rate</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">53</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">77</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">77</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">23</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">26</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="717" align="left" valign="bottom" style="padding:5pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Preferred Shares/Revolving Credit Agreement:</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Liquidation value, end of period (in 000's)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">120,825</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">434,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Total shares outstanding (in 000's)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">5</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">17</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Asset coverage ratio for revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">agreement</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">327</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">329</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%<sup>f</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">294</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%<sup>f</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,786</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Asset coverage per $1,000 for revolving credit <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">agreement</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,265</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">3,286</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">2,938</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">37,859</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Asset coverage ratio for auction market <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">preferred shares</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">262</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%<sup>g</sup></font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">240</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Asset coverage per share for auction market <BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">preferred shares<sup>g</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">65,500</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">60,088</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Liquidation preference per share</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,000</font></td>
<td colspan="1" width="29" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,000</font></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="216" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Average market value per share<sup>h</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="39" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&#151;</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,000</font></td>
<td colspan="1" width="29" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">$</font></td>
<td colspan="1" width="49" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">25,000</font></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>21</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">FINANCIAL HIGHLIGHTS&#151;(Continued)</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>a</sup>&nbsp;&nbsp;Amount is less than $0.005.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>b</sup>&nbsp;&nbsp;Total market value return is computed based upon the New York Stock Exchange market price of the Fund's shares and excludes the effects of brokerage commissions. Total net asset value return measures the changes in value over the period indicated, taking into account dividends as reinvested. Dividends and distributions, if any, are assumed for purposes of these calculations, to be reinvested at prices obtained under the Fund's dividend reinvestment plan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>c</sup>&nbsp;&nbsp;Reflects adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values differ from the net asset value and returns reported on December 31, 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>d</sup>&nbsp;&nbsp;Ratios do not reflect dividend payments to preferred shareholders, where applicable.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>e</sup>&nbsp;&nbsp;Average daily managed assets represent net assets applicable to common shares plus liquidation preference of preferred shares and/or the outstanding balance of the revolving credit agreement.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>f</sup>&nbsp;&nbsp;For the period June 1, 2009 through June 10, 2010, the Fund utilized temporary relief from the Securities and Exchange Commission permitting the Fund to maintain 200% asset coverage.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>g</sup>&nbsp;&nbsp;Includes the effect of the outstanding borrowings from the revolving credit agreement.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><sup>h</sup>&nbsp;&nbsp;Based on weekly prices.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">See accompanying notes to financial statements.<br>22</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 1. Significant Accounting Policies</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Quality Income Realty Fund, Inc. (the Fund) was incorporated under the laws of the State of Maryland on August 22, 2001 and is registered under the Investment Company Act of 1940, as amended, as a nondiversified, closed-end management investment company. The Fund's investment objective is high current income.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Portfolio Valuation:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Investments in securities that are listed on the New York Stock Exchange are valued, except as indicated below, at the last sale price reflected at the close of the New York Stock Exchange 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 asked prices on such day or, if no asked price is available, at the bid price. Exchange traded options are valued at their last sale price as of the close of options trading on applicable exchanges. In the absence of a last sale, options are valued at the average of the quoted bid and asked prices as of the close of business. Over-the-counter options quotations are provided by the respective counterparty when such prices are believed by Cohen &amp; Steers Capital Management, Inc. (the investment manager), pursuant to delegation by the Board of Directors, to reflect the fair market value.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Securities not listed on the New York Stock Exchange 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 on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities. 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 foreign securities may be fair valued pursuant to procedures established by the Board of Directors.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Readily marketable securities traded in the over-the-counter market, including listed securities whose primary market is believed by the investment manager to be over-the-counter, are valued at the official closing prices as reported by sources as the Board of Directors deem appropriate to reflect their fair market value. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day, or if no asked price is available, at the bid price. However, certain fixed-income securities may be valued on the basis of prices provided by a pricing service when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair market value of such securities. Interest rate swaps are valued utilizing quotes received from an outside pricing service.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or asked price or a counterparty valuation does not reflect market value, </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>23</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">will be valued at fair value 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund's use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Fair value is defined as the price that the Fund would receive to sell an investment or 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 1&#151;quoted prices in active markets for identical investments</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 2&#151;other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 3&#151;significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>24</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The following is a summary of the inputs used as of December 31, 2011 in valuing the Fund's investments carried at value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Quoted Prices <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">In Active<BR></font><font face="Arial, Helvetica" style="font-size:10pt;"> Market for<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Identical Assets<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 1)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Other <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Observable<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 2)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Significant <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unobservable <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Inputs<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(Level 3)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Common Stock</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,190,235,355</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,190,235,355</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">*</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;$25 Par <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">240,615,782</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">240,615,782</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Preferred Securities&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Capital Securities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">30,345,890</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">30,345,890</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Corporate Bonds&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Real Estate&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Shopping Center</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">11,573,538</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">4,140,000</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Corporate Bonds&#151;Other <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Industries</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">11,309,399</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">11,309,399</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Money Market Funds</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">22,700,815</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">22,700,815</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,506,780,779</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,430,851,137</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">68,496,104</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other Financial Instruments**</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(15,974,668</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(15,974,668</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">*&nbsp;&nbsp;BGP Holdings PLC was acquired via a spinoff and has been fair valued at zero pursuant to the Fund's fair value procedures and classified as a Level 3 security. Its likelihood of having value in the future is remote.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">**&nbsp;&nbsp;Other financial instruments are interest rate swap contracts.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="177" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Investments <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">in Securities</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="130" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Common <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Stock&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Bank</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Corporate <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Bonds&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Real Estate&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Office</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="125" align="center" valign="bottom" style="padding:2pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Corporate <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Bonds&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Real Estate&#151;<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Shopping <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Center</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Balance as of December 31, 2010</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">9,848,500</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">2,386,000</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,462,500</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Realized loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(68,415</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(68,415</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in unrealized <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">appreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">102,500</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">102,500</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Sales</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(3,317,585</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(2,317,585</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(1,000,000</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Transfers into Level 3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Transfers out of Level 3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(6,565,000</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="89" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(6,565,000</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="20" valign="bottom" style="padding:2pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="177" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Balance as of December 31, 2011</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="89" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,433,538</font></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='25',FILE='12-2349-2.fa',USER='106493',CD='Feb 27 20:05 2012' -->
<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Investments classified as Level 3 infrequently trade and have significant unobservable inputs. The Level 3 corporate bonds have been fair valued utilizing an independent broker quote. Transfers are recognized at the end of the period.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Security Transactions and Investment Income:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Security transactions are recorded on trade date. Realized gains and losses on investments sold are recorded on the basis of identified cost. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized over the life of the respective securities. 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. The Fund records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or an increase in realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as an increase to unrealized appreciation/(depreciation) and realized gain/(loss) on investments as necessary once the issuers provide information about the actual composition of the distributions.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Options:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund may write put or call options on an index and put and covered call options on a security with the intention of earning option premiums. Option premiums may increase the Fund's realized gains and therefore may help increase distributable income. When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded in 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 premiums 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 call premium is added to the proceeds of the security sold to determine its gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying index or security. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contract. During the year ended December 31, 2011, the Fund did not write options.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Currency Translations:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The books and records of the Fund are maintained in U.S. dollars as follows: (1) the foreign currency market value of investment securities, other assets and liabilities and foreign currency contracts are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales, income and expenses are translated at the exchange rates prevailing on the respective dates of such transactions. The resultant exchange gains and losses are recorded as realized and unrealized gain/loss on foreign exchange transactions. Pursuant to U.S. federal income tax regulations, certain foreign exchange gains/losses included in realized and unrealized gain/loss are included in or are a reduction of ordinary income for federal income tax purposes. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of the securities.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>26</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Foreign Securities:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Interest Rate Swaps:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce the risk that an increase in short-term interest rates could have on the performance of the Fund's common shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. In these interest rate swaps, the Fund agrees to pay the other party to the interest rate swap (which is known as the counterparty) a fixed rate payment in exchange for the counterparty agreeing to pay the Fund a variable rate payment that is intended to approximate the Fund's variable rate payment obligation on the credit agreement. The payment obligation is based on the notional amount of the swap. Depending on the state of interest rates in general, the use of interest rate swaps could enhance or harm the overall performance of the common shares. The market value of interest rate swaps is based on pricing models that consider the time value of money, volatility, the current market and contractual prices of the underlying financial instrument. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statement of Assets and Liabilities. The change in value of swaps, including the accrual of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation in the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or termination of swap agreements. Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that such amount is positive.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">For each swap counterparty, the Fund entered into an International Swap and Derivatives Association Inc. Master Agreement and related annexes thereto ("ISDAs") which sets forth the general terms and conditions of the Fund's swap transactions. During 2008, the Fund notified Merrill Lynch Derivative Products AG ("MLDP") and UBS AG ("UBS") that it breached certain terms and conditions of its ISDAs. On November 21, 2008, UBS granted a conditional waiver to the Fund stating that UBS did not intend to presently exercise its rights under the ISDA. MLDP has required that the Fund post collateral in the form of cash or U.S. Treasury securities. The collateral amount is determined by the approximate unrealized depreciation of a particular swap transaction on each valuation date. As of December 31, 2011, this amount was $6,986,000 and was pledged in cash by the Fund to MLDP. At December 31, 2011, the Fund continues to operate under the existing terms of all of its various ISDAs, including those with MLDP and UBS. However, MLDP and UBS reserve any and all rights to take any future action with respect to such events, including termination of outstanding swap transactions; termination or renegotiation of the ISDAs; requiring posting of collateral in the form of cash or U.S. Treasury securities representing the unrealized depreciation on outstanding interest rate swap transactions or continuation under the current terms of the ISDAs. Any action resulting in the early termination of an interest rate </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>27</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">swap transaction would cause the Fund to realize any market depreciation that existed on such transaction. In addition to realizing such losses, the early termination of a swap transaction may generate additional expenses for the Fund.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Dividends and Distributions to Shareholders:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> 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 shares of the Fund in accordance with the Fund's Reinvestment Plan unless the shareholder has elected to have them paid in cash.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Distributions paid by the Fund are subject to recharacterization for tax purposes. Based upon the results of operations for the year ended December 31, 2011, a portion of the dividends have been reclassified to distributions from net realized capital gains.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Income Taxes:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> It is the policy of the Fund to continue to qualify as a regulated investment company, 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 regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders. 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 income tax returns as well as its tax positions in non-U.S. jurisdictions where it trades for all open tax years and has concluded that as of December 31, 2011, no additional provisions for income tax would be 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 2. Investment Management Fees, Administration Fees and Other Transactions with Affiliates</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Investment Management Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The investment manager serves as the Fund's investment manager pursuant to an investment management agreement (the investment management agreement). Under the terms of the investment management agreement, the investment manager 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">For the services under the investment management agreement, the Fund pays the investment manager a management fee, accrued daily and paid monthly, at an annual rate of 0.85% of the Fund's average daily managed asset value. Managed asset value is the net asset value of the common shares plus the amount of any borrowings used for leverage outstanding.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The investment manager has contractually agreed to waive its management fee in the amount of 0.02% of average daily managed asset value in 2011. Effective January 1, 2012 the investment manager is no longer waiving fees.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>28</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Administration Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> The Fund has entered into an administration agreement with the investment manager under which the investment manager performs certain administrative functions for the Fund and receives a fee, accrued daily and paid monthly, at the annual rate of 0.02% of the Fund's average daily managed asset value. For the year ended December 31, 2011, the Fund paid the investment manager $306,906 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.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>Directors' and Officers' Fees:</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> Certain directors and officers of the Fund are also directors, officers, and/or employees of the investment manager. The Fund does not pay compensation to any directors and officers affiliated with the investment manager except for the Chief Compliance Officer, who received compensation from the investment manager that was reimbursed by the Fund in the amount of $24,884 for the year ended December 31, 2011.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 3. Purchases and Sales of Securities</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Purchases and sales of securities, excluding short-term investments, for the year ended December 31, 2011, totaled $816,031,249 and $852,431,411, respectively.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 4. Income Tax Information</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The tax character of dividends and distributions paid was as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="165" valign="bottom" style="padding:4pt .7pt 3pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="208" align="center" valign="bottom" style="padding:4pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">For the Year Ended<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31,</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">2011</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="100" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">2010</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Ordinary income</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">71,651,695</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">41,256,099</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Long-term capital gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7,547,382</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">17,530,927</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="165" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total dividends and distributions</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">79,199,077</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">58,787,026</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2011, the tax-basis components of accumulated earnings and the federal tax cost were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="187" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Cost for federal income tax purposes</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">1,238,092,648</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="187" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">590,908,914</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="187" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Gross unrealized depreciation</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(322,220,783</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="187" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">268,688,131</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="187" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Other cost basis adjustments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="85" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(11,937,458</font></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="187" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Total net unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="85" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">256,750,673</font></td>
<td colspan="1" width="19" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The other cost basis adjustments are primarily attributable to unrealized depreciation on interest rate swaps.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>29</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2011, the Fund had a net capital loss carryforward of $147,211,720, of which $3,821,030 will expire on December 31, 2015, $91,522,166 will expire on December 31, 2016 and $51,868,524 will expire on December 31, 2017. This carryforward may be used to offset future capital gains to the extent provided by regulations. Included in the net capital loss carryforward is $99,712,210 of capital loss carryforwards that were acquired from the Fund's mergers with Cohen &amp; Steers Premium Income Realty Fund, Inc. ("RPF"), Cohen &amp; Steers Advantage Income Realty Fund, Inc. ("RLF") and Cohen &amp; Steers Worldwide Realty Income Fund, Inc. ("RWF") (See Note 10). Federal tax rules limit the Fund's use of these capital loss carryforwards. It is possible that all or a portion of these losses will not be able to be utilized prior to their expiration. In addition, the Fund incurred short-term capital losses of $4,195,330 and net ordinary losses of $303,040 after October 31, 2011, that it has elected to treat as arising in the following fiscal year.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">During the year ended December 31, 2011, the Fund utilized net capital loss carryforwards of $60,767,373.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2011, the Fund had temporary book/tax differences primarily attributable to wash sales on portfolio securities and permanent book/tax differences primarily attributable to foreign currency transactions, sales of passive foreign investment companies, prior year REIT adjustments, Fund distributions and differing treatment of interest rate swaps. To reflect reclassifications arising from the permanent differences, paid-in capital was charged $50,757,746, accumulated net realized loss was credited $7,131,692 and accumulated undistributed net investment income was credited $43,626,054. Net assets were not affected by this reclassification.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 5. Capital Stock</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund is authorized to issue 300 million shares of common stock at a par value of $0.001 per share.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">During the years ended December 31, 2011 and December 31, 2010, the Fund issued no shares of common stock for the reinvestment of dividends.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">On December 14, 2011, the Board of Directors approved the continuation of the delegation of its authority to management to effect repurchases, pursuant to management's discretion and subject to market conditions and investment considerations, of up to 10% of the Fund's common shares outstanding ("Share Repurchase Program") as of January 1, 2012 through the fiscal year ended December 31, 2012. During the year ended December 31, 2011, the Fund did not effect any repurchases. During the year ended December 31, 2010, the Fund repurchased 1,068,654 Treasury shares of its common stock at an average price of $6.60 per share (including brokerage commissions) at a weighted average discount of 17.5%. These repurchases, which had a total cost of $7,048,807, resulted in an increase of $0.01 to the Fund's net asset value per share.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>30</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 6. Borrowings</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund has a $460,000,000 revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a facility fee of 0.55% per annum (prior to May 19, 2011, the rate was 0.95%) on the unused portion of the credit agreement. The credit agreement has a 270-day rolling term that resets daily (effective February 1, 2012, the rolling term will be 360 days); however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">As of December 31, 2011, the Fund has outstanding borrowings of $460,000,000. During the year ended December 31, 2011, the Fund borrowed an average daily balance of $460,000,000 at a weighted average borrowing cost of 1.28%. As of December 31, 2011, the aggregate value of rehypothecated securities was $422,484,916. During the year ended December 31, 2011, the Fund earned $257,488 in fees from rehypothecated securities.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 7. Derivative Investments</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The following tables present the value of derivatives held at December 31, 2011 and the effect of derivatives held during the year ended December 31, 2011, along with the respective location in the financial statements. The balance of outstanding interest rate swaps at December 31, 2011 is representative of the volume outstanding throughout the year ended December 31, 2011.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="19" width="542" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Statement of Assets and Liabilities</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="219" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Assets</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="240" align="center" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Liabilities</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Derivatives</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Location</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Fair Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Location</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Fair Value</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" align="left" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest rate <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Unrealized appreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="63" align="right" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#151;</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Unrealized depreciation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="73" align="right" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(15,974,668</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 10pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>31</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
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<tr>
<td colspan="15" width="510" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Statement of Operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Derivatives</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Location</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Realized <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Loss</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="115" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Change in <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Unrealized <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">Depreciation</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="75" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Interest rate <BR></font><font face="Arial, Helvetica" style="font-size:10pt;">contracts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="204" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net Realized and Unrealized Gain (Loss)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(8,832,418</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">(2,486,593</font></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 8. Legal Proceedings</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors of the Fund received a letter from a law firm on behalf of purported holders of the Fund's common shares demanding that the Board of Directors take action against the investment manager and the Fund's directors and officers to recover, for the benefit of the Fund, alleged damages related to such parties' alleged breaches of fiduciary duties related to the redemption of the Fund's auction preferred shares at their liquidation preference. In response to the demand letter, the Fund's Board of Directors established a committee of independent directors to investigate the claims, and the committee retained independent counsel to assist it in conducting its investigation (the "Special Committee").</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Subsequently, the Fund was named as a nominal defendant in a putative shareholder derivative action captioned </font><font face="Arial, Helvetica" style="font-size:10pt;"><i>Klein v. Cohen &amp; Steers Capital Management, Inc., et al.</i></font><font face="Arial, Helvetica" style="font-size:10pt;"> filed in the Supreme Court of the State of New York, County of New York on September 8, 2010 (the "Complaint"). The Complaint, filed purportedly on behalf, and for the benefit, of the Fund, name as defendants the investment manager, Cohen &amp; Steers, Inc., the investment manager's parent company, and the Fund's current officers, including the two Interested Directors (collectively, the "Defendants"), and name the Fund as a nominal defendant. The Complaint contains the same basic allegations contained in the demand letter and seeks a declaration that the investment manager and Fund officers have breached their fiduciary duties, indeterminate monetary damages in favor of the Fund and an award of plaintiffs' costs and disbursements in pursuing the action. In derivative actions, Maryland law requires a report to shareholders when indemnification or expense advances are provided to Directors. The respective Funds are hereby reporting that the Interested Directors, along with the other Defendants, received indemnification and expense advances with respect to the Complaint.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">On November 1, 2010, after an extensive investigation conducted with the assistance of independent counsel, the Special Committee determined that the Fund should not pursue claims based on the allegations in the demand letter and rejected the demands made in the letter.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">On April 14, 2011, Cohen &amp; Steers, Inc. announced the voluntary dismissal by plaintiffs of the Complaint in its entirety with prejudice. The court approved the dismissal without any settlement or concessions by the Defendants or Fund.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 9. Other</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on claims </font></p>
<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>32</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">that may be made against the Fund in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 10. Mergers</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">On June 29, 2009, the Boards of Directors of the Fund and each of RPF, RLF and RWF approved a proposal, subject to approval by the relevant fund's shareholders, to merge RPF, RLF and RWF with and into the Fund in accordance with the Maryland General Corporation Law. The purpose of the transaction was to combine four funds managed by the investment manager with comparable investment objectives and strategies. On November 24, 2009, RPF's, RLF's and the Fund's shareholders approved their respective mergers. After the close of business on December 18, 2009, the Fund acquired all of the net assets of RPF and RLF with the investment portfolio constituting the principal asset.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Although the Fund's shareholders approved the merger with RWF, RWF failed to receive a sufficient number of votes to approve the merger. On December 10, 2009, both RWF's and the Fund's Boards of Directors determined that the merger remained in the best interest of shareholders of both funds and set new record and shareholder meeting dates of December 17, 2009 and February 26, 2010, respectively.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">On February 26, 2010, RWF's shareholders approved the merger with the Fund and as of the close of business on March 12, 2010, the Fund acquired all the net assets of RWF based upon the respective valuations. The acquisition was accomplished by a tax-free exchange of 15,740,708 shares worth $119,072,328 of RWF for 14,702,451 shares of the Fund. The net assets of RWF and the Fund immediately before the acquisition were $119,072,328 (including $14,284,114 of unrealized appreciation) and $780,443,201, respectively. The combined net assets of the Fund immediately following the acquisition were $899,515,529. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however the cost basis of the investments received from RWF was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributed to shareholders for tax purposes.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Merger related expenses, which were borne by the Fund, were approximately $413,000.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Assuming the acquisition of RWF had been completed on January 1, 2010, the Fund's pro-forma results of operations for the year ended December 31, 2010, are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net investment income </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">28,036,111</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net realized and unrealized gain</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">260,361,616</font></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="254" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Net increase in net assets resulting from operations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">$</font></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">288,397,727</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:4pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisitions were completed, it is not possible to separate the amounts of changes in net assets attributable to RWF that have been included in the Fund's statement of operations.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>33</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 11. New Accounting Pronouncement</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2011-04, "Fair Value Measurements and Disclosures (Topic 820)&#151;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs" ("ASU 2011-04"). ASU 2011-04 clarifies the application of existing fair value measurement requirements, changes certain principles related to measuring fair value, and requires additional disclosures about fair value measurements.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Required disclosures are expanded under the new guidance, especially for fair value measurements that are categorized within Level 3 of the fair value hierarchy, for which quantitative information about the unobservable inputs used, and a narrative description of the valuation processes in place and sensitivity of recurring Level 3 measurements to changes in unobservable inputs will be required.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Management is currently evaluating the impact the adoption of this pronouncement will have on the Fund's financial statements. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Note 12. Subsequent Events</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Events and transactions occurring after December 31, 2011 and through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements and no additional disclosure is required.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>34</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">To the Board of Directors and Shareholders of<BR>Cohen &amp; Steers Quality Income Realty Fund, Inc.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Cohen &amp; Steers Quality Income Realty Fund, Inc. (the "Fund") at December 31, 2011, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">PricewaterhouseCoopers LLP<BR>New York, New York<BR>February 23, 2012</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>35</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">AVERAGE ANNUAL TOTAL RETURNS</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">(Periods ended December 31, 2011) (Unaudited)</font></p>
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<td colspan="11" width="329" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Based on Net Asset Value</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="11" width="329" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Based on Market Value</font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(2/28/02)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">One Year</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Five Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">Since Inception<BR></font><font face="Arial, Helvetica" style="font-size:10pt;">(2/28/02)</font></td>
<td colspan="1">&nbsp;</td>
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<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7.31</font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#150;7.30</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">7.46</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">6.07</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">&#150;8.72</font></td>
<td colspan="1" width="25" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="88" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;">5.91</font></td>
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<font face="Arial, Helvetica" style="font-size:10pt;">%</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
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<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><i>The performance data quoted represent past performance. Past performance is no guarantee of future results. The investment return will vary and the principal value of an investment will fluctuate and shares, if sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance results reflect the effect of leverage from utilization of borrowings under a credit agreement and/or from the issuance of preferred shares. Current total returns of the Fund can be obtained by visiting our Web site at cohenandsteers.com.</i></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">TAX INFORMATION&#151;2011 (Unaudited)</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Pursuant to the Jobs and Growth Relief Reconciliation Act of 2003, the Fund designates qualified dividend income of $2,259,265. Additionally, 1.6% of the ordinary dividends qualified for the dividends received deduction available to corporations. Also, the Fund designates a long-term capital gain distribution of $7,547,382 at the 15% rate.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">REINVESTMENT PLAN</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund has a dividend reinvestment plan commonly referred to as an "opt-out" plan (the "Plan"). Each common shareholder who participates in the Plan will have all distributions of dividends and capital gains ("Dividends") automatically reinvested in additional common shares by Computershare as agent (the "Plan Agent"). Effective January 1, 2012, Computershare acquired certain lines of business from The Bank of New York Mellon, who acted as plan agent prior to such date. All terms and conditions of the Plan remain unchanged. Shareholders who elect not to participate in the Plan will receive all Dividends in cash paid by check mailed directly to the shareholder of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, as dividend disbursing agent. Shareholders whose common shares are held in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent serves as agent for the shareholders in administering the Plan. After the Fund declares a Dividend, the Plan Agent will, as agent for the shareholders, either: (i) receive the cash payment and use it to buy common shares in the open market, on the NYSE or elsewhere, for the participants' accounts or (ii) distribute newly issued common shares of the Fund on behalf of the participants.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent will receive cash from the Fund with which to buy common shares in the open market if, on the Dividend payment date, the net asset value ("NAV") per share exceeds the market price per share plus estimated brokerage commissions on that date. The Plan Agent will receive the Dividend in newly issued common shares of the Fund if, on the Dividend payment date, the market price per share plus estimated brokerage commissions equals or exceeds the NAV per share of the Fund on that date. The number of shares to be issued will be computed at a per share rate equal to the greater of (i) the NAV or (ii) 95% of the closing market price per share on the payment date.</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">If the market price per share is less than the NAV on a Dividend payment date, the Plan Agent will have until the last business day before the next ex-dividend date for the common stock, but in no event more than 30 days after the Dividend payment date (as the case may be, the "Purchase Period"), to invest the Dividend amount in shares acquired in open market purchases. If at the close of business on any day during the Purchase Period on which NAV is calculated, the NAV equals or is less than the market price per share plus estimated brokerage commissions, the Plan Agent will cease making open market purchases and the uninvested portion of such Dividends shall be filled through the issuance of new shares of common stock from the Fund at the price set forth in the immediately preceding paragraph.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Participants in the Plan may withdraw from the Plan upon notice to the Plan Agent. Such withdrawal will be effective immediately if received not less than ten days prior to a Dividend record date; otherwise, it will be effective for all subsequent Dividends. If any participant elects to have the Plan Agent sell all or part of his or her shares and remit the proceeds, the Plan Agent is authorized to deduct a $15.00 fee plus $0.10 per share brokerage commissions.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Plan Agent's fees for the handling of reinvestment of Dividends will be paid by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open market purchases in connection with the reinvestment of Dividends. The automatic reinvestment of Dividends will not relieve participants of any income tax that may be payable or required to be withheld on such Dividends.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund reserves the right to amend or terminate the Plan. All correspondence concerning the Plan should be directed to the Plan Agent at 800-432-8224.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">OTHER INFORMATION</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">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 Web site at cohenandsteers.com or (iii) on the Securities and Exchange Commission's Web site 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 Web site at http://www.sec.gov.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available (i) without charge, upon request by calling 800-330-7348, or (ii) on the SEC's Web site at http://www.sec.gov. In addition, the Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Please note that the 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. To the extent this occurs, the Fund's shareholders of record will be notified of the estimated amount of capital returned to shareholders for each such distribution and this information will also be available at cohenandsteers.com. 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 </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>37</font></p>
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<p><font face="Arial, Helvetica" style="font-size:10pt;">and, therefore, could have the effect of increasing the Fund's expense ratio. In addition, in order to make these distributions, the Fund may have to sell portfolio securities at a less than opportune time.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">Notice is hereby given in accordance with Rule 23c-1 under the Investment Company Act of 1940 that the Fund may purchase, from time to time, shares of its common stock in the open market.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Change to Investment Policy</i></font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors approved revisions to the ratings criteria for determining whether a security is deemed investment grade or below investment grade. The determination of whether a security is deemed investment grade or below investment grade will be determined at the time of investment. A security will be considered to be investment grade if it is rated as such by one nationally recognized statistical rating organization (NRSRO) (for example minimum Baa3 or BBB- by Moody's or S&amp;P) or, if unrated, is judged to be investment grade by the investment manager.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>38</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">MANAGEMENT OF THE FUND</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The business and affairs of the Fund are managed under the direction of the Board of Directors. The Board of Directors approves all significant agreements between the Fund and persons or companies furnishing services to it, including the Fund's agreements with its advisor, administrator, co-administrator, custodian and transfer agent. The management of the Fund's day-to-day operations is delegated to its officers, the advisor, administrator and co-administrator, subject always to the investment objective and policies of the Fund and to the general supervision of the Board of Directors.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The Board of Directors and officers of the Fund and their principal occupations during at least the past five years are set forth below. The statement of additional information (SAI) includes additional information about fund directors and is available, without charge, upon request by calling 800-330-7348.</font></p>
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<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address<sup>1</sup> and Age</font></td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:10pt;"><i>Interested Director</i><i><sup>4</sup></i></font></td>
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<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Robert H. Steers <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 58</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director and Co-Chairman</font></td>
<td colspan="1">&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Co-Chairman and Co-Chief Executive Officer of Cohen &amp; Steers Capital Management, Inc. (the Advisor) since 2003 and its parent, Cohen &amp; Steers, Inc. since 2004. Vice President of Cohen &amp; Steers Securities, LLC.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">1991 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Martin Cohen <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 63</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director and Co-Chairman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Co-Chairman and Co-Chief Executive Officer of the Advisor since 2003 and Cohen &amp; Steers, Inc. since 2004. Prior to that, President of the Advisor; Vice President of Cohen &amp; Steers Securities, LLC.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">1991 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="23" width="3622" align="left" valign="top" style="padding:0pt .7pt 1pt 0pt;">
<font face="Arial, Helvetica" style="font-size:10pt;"><i>Disinterested Directors</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Michael G. Clark <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 46</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">From May 2006 to June 2011, President and Chief Executive Officer of DWS Funds and Managing Director of Deutsche Asset Management.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">June 2011 to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

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<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>&nbsp;&nbsp;(table continued on next page)</i></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>39</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address<sup>1</sup> and Age</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Bonnie Cohen<sup>5</sup> <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 69</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Consultant. Board Member, United States Department of Defense Business Board since 2010; Advisory Board member, Posse Foundation since 2004; Trustee, H. Rubenstein Foundation since 1996; Trustee, District of Columbia Public Libraries since 2004; Board member Teluride Mountain Film Festival since 2010; Former Director, Reis, Inc. (real estate analytics firm) from 2003 to 2009; Former member of the Investment Committee, The Moriah Fund from 2002 to 2008; Former Board member, Foundation for Arts and Preservations in Embassies from 2001 to 2009; Former Under Secretary of State for Management, United States Department of State, 1996-2000.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">2001 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">George Grossman <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 58</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Attorney-at-law</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">1993 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Richard E. Kroon <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 69</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Member of Investment Committee, Monmouth University since 2004; Retired Chairman and Managing Partner of Sprout Group venture capital funds, then an affiliate of Donaldson, Lufkin and Jenrette Securities Corporation from 1981 to 2001. Former chairman of the National Venture Capital Association for the year 2000.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">2004 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>&nbsp;&nbsp;(table continued on next page)</i></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>40</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address<sup>1</sup> and Age</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Richard J. Norman <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 68</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Private Investor. Member, District of Columbia Department of Corrections Chaplains Corps from 2008 to February 2010; Member, Montgomery County, Maryland Department of Corrections Chaplains Corp since February 2010; Special Representative, Salvation Army World Service Organization (SAWSO) since 2010; Advisory Board Member, The Salvation Army since 1985; Financial Education Fund Chair, The Foundation Board of Maryland Public Television since 2009; Former President, Executive Committee, Chair of Investment Committee, The Foundation Board of Maryland Public Television from 1997 to 2008. Prior thereto, Investment Representative of Morgan Stanley Dean Witter from 1966 to 2000.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">2001 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Frank K. Ross <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 68</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Visiting Professor of Accounting, Howard University School of Business since 2004; Board member and Audit Committee Chair and Human Resources and Compensation Committee Member, Pepco Holdings, Inc. (electric utility) since 2004. Formerly, Midatlantic Area Managing Partner for Assurance Services at KPMG LLP and Managing Partner of its Washington, DC offices from 1977 to 2003.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">2004 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>&nbsp;&nbsp;(table continued on next page)</i></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>41</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address<sup>1</sup> and Age</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Term of<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Office<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">During At Least <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Past 5 Years<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including Other <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Directorships Held)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Number of <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Funds Within <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Fund <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Complex<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Overseen by <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Director<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">(Including <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">the Fund)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>3</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Willard H. Smith Jr. <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 75</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="139" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">&#151;<sup>6</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Board member, Essex Property Trust, Inc. since 1996; Former Board member, Realty Income Corporation from 1996 to 2009; Former Board member, Highwoods Property Trust from 1996 to 2005; Former Board member, Crest Net Lease, Inc. from 1999 to 2009 Formerly, Managing Director at Merrill Lynch &amp; Co., Equity Capital Markets Division, from 1983 to 1995.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">1996 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">C. Edward Ward Jr. <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 65</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="123" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="155" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Until next election of directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2953" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Member of The Board of Trustees of Manhattan College, Riverdale, New York since 2004. Formerly Director of closed-end fund management for the New York Stock Exchange, where he worked from 1979 to 2004.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="70" align="right" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">19</font></td>
<td colspan="1" width="8" valign="top" style="padding:2pt .7pt 0pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="105" align="left" valign="top" style="padding:2pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">2004 </font><font face="Arial, Helvetica" style="font-size:9pt;">to present</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>1</sup>&nbsp;&nbsp;The address for each director is 280 Park Avenue, New York, NY 10017.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>2</sup>&nbsp;&nbsp;On March 12, 2008, the Board of Directors adopted a mandatory retirement policy stating a Director must retire from the Board on December 31st of the year in which he or she turns 75 years of age.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>3</sup>&nbsp;&nbsp;The length of time served represents the year in which the director was first elected or appointed to any fund in the Cohen &amp; Steers fund complex.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>4</sup>&nbsp;&nbsp;"Interested person", as defined in the 1940 Act, of the fund because of affiliation with CSCM (Interested Directors).</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>5</sup>&nbsp;&nbsp;Martin Cohen and Bonnie Cohen are not related.</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>6</sup>&nbsp;&nbsp;Effective December 31, 2011, Willard H. Smith, Jr. retired from the Board of Directors in accordance with the mandatory retirement policy.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>42</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;">The officers of the fund (other than Messrs. Cohen and Steers, whose biographies are provided above), their address, their ages and their principal occupations for at least the past five years are set forth below.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and Age<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation During At Least the Past 5 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Adam M. Derechin <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 47</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">President and Chief Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Chief Operating Officer of CSCM (since 2003) and CNS (since 2004). Prior to that, Senior Vice President of CSCM and Vice President and Assistant Treasurer of the Cohen &amp; Steers funds.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2005</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Joseph M. Harvey <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 48</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">President and Chief Investment Officer of CSCM (since 2003) and President of CNS (since 2004). Prior to that, Senior Vice President and Director of Investment Research of CSCM.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2004</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">William F. Scapell <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 44</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President of CSCM since 2003. Prior to that, chief strategist for preferred securities at Merrill Lynch &amp; Co., Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2003</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Thomas N. Bohjalian <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 46</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President of CSCM since 2006. Prior to that, Vice President of CSCM from 2003 through 2005. Prior thereto, Vice President at AEW Capital Management.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Yigal Jhirad <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 47</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Vice President</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President of CSCM since 2007. Prior to that, executive director at Morgan Stanley and head of prime brokerage equity product marketing responsible for developing and marketing quantitative and derivatives product to hedge funds.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Francis C. Poli <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 49</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Executive Vice President, Secretary and General Counsel of CSCM and CNS since March 2007. Prior thereto, General Counsel of Allianz Global Investors of America LP.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2007</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">James Giallanza <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 45</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Treasurer and Chief Financial Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President of CSCM since September 2006. Prior thereto, Deputy Head of the US Funds Administration and Treasurer &amp; CFO of various mutual funds within the Legg Mason (formally Citigroup Asset Management) fund complex from August 2004 to September 2006; Director/Controller of the US wholesale business at UBS Global Asset Management (U.S.) from September 2001 to July 2004.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>&nbsp;&nbsp;(table continued on next page)</i></font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p><font face="Arial, Helvetica" style="font-size:9pt;"><i>(table continued from previous page)</i></font></p>
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<tr>
<td colspan="3" width="118" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Name, Address and Age<sup>1</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Position(s) Held<BR></font><font face="Arial, Helvetica" style="font-size:9pt;">with Fund</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Principal Occupation During At Least the Past 5 Years</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Length <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">of Time <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Served<sup>2</sup></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="118" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Lisa D. Phelan <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">Age: 43</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="171" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1679" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Senior Vice President and Director of Compliance of CSCM since 2007 and prior to that, Vice President since 2006. Chief Compliance Officer of CSSL since 2004. Prior to that, Compliance Officer of CSCM since 2004. Chief Compliance Officer, Avatar Associates &amp; Overture Asset Managers, 2003-2004.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="63" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Since 2006</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>1</sup>&nbsp;&nbsp;The address of each officer is 280 Park Avenue, New York, NY 10017</font></p>
<p><font face="Arial, Helvetica" style="font-size:10pt;"><sup>2</sup>&nbsp;&nbsp;Officers serve one-year terms. The length of time served represents the year in which the officer was first elected to that position in any fund in the Cohen &amp; Steers fund complex. All of the officers listed above are officers of one or more of the other funds in the complex.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>44</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Facts</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">What Does Cohen &amp; Steers Do With Your Personal Information?</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Why?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">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.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">What?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">The types of personal information we collect and share depend on the product or service you have with us. This information can include:<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Social Security number and account balances<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Transaction history and account transactions<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Purchase history and wire transfer instructions</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">How?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">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 &amp; Steers chooses to share; and whether you can limit this sharing.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="601" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Reasons we can share your personal information</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Does Cohen &amp; Steers <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">share?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Can you limit this <BR></font><font face="Arial, Helvetica" style="font-size:9pt;">sharing?</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our everyday business purposes&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or reports to credit bureaus</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Yes</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our marketing purposes&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">to offer our products and services to you</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Yes</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For joint marketing with other financial companies&#151;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We don't share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">information about your transactions and experiences</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We don't share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates' everyday business purposes&#151;<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">information about your creditworthiness</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We don't share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For our affiliates to market to you&#151;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We don't share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="601" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">For non-affiliates to market to you&#151;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">No</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="86" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We don't share</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; height:18pt;">&nbsp;</p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">Questions?</font><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;</font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Call 800.330.7348</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>45</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Privacy Policy&#151;(Continued)</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="261" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Who we are</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="center" valign="bottom" style="padding:0pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;"> </font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Who is providing this notice?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Cohen &amp; Steers Capital Management, Inc., Cohen &amp; Steers Asia Limited, Cohen &amp; Steers UK Limited, Cohen &amp; Steers Europe SA, Cohen &amp; Steers Securities, LLC, Cohen &amp; Steers Private Funds, and Cohen &amp; Steers Open and Closed-End Funds (collectively, "Cohen &amp; Steers").</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">What we do</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;"> </font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">How does Cohen &amp; Steers protect my personal information?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">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.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">How does Cohen &amp; Steers collect my personal information?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We collect your personal information, for example, when you<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Open an account or buy securities from us<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Provide account information or give us your contact information<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; Make deposits or withdrawals from your account<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">We also collect your personal information from other companies.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Why can't I limit all sharing?</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Federal law gives you the right to limit only<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; sharing for affiliates' everyday business purposes&#151;information about your creditworthiness<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; affiliates from using your information to market to you<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">&bull; sharing for non-affiliates to market to you<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">State law and individual companies may give you additional rights to limit sharing.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;">Definitions</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="center" valign="bottom" style="padding:18pt .7pt 3pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:9pt;"> </font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Affiliates</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Companies related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with affiliates.</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Non-affiliates</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Companies not related by common ownership or control. They can be financial and nonfinancial companies.<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not share with non-affiliates so they can market to you.</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
<tr>
<td colspan="3" width="261" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">Joint marketing</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1634" align="left" valign="top" style="padding:3pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;">A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<BR></font><font face="Times New Roman PS, Times New Roman, Times" style="font-size:9pt;"><i>&bull; Cohen &amp; Steers does not jointly market.</i></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="8" height="8"></td></tr>
</table>

<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>46</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Cohen &amp; Steers Investment Solutions</i></b></font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY SHARES</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global real estate equity securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSFAX, CSFBX*, CSFCX, CSSPX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INSTITUTIONAL REALTY SHARES</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in REITs</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REALTY INCOME FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in real estate securities with an emphasis on both income and capital appreciation</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSEIX, CSBIX*, CSCIX, CSDIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS INTERNATIONAL REALTY FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in international real estate securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: IRFAX, IRFCX, IRFIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>EMERGING MARKETS REAL ESTATE FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in emerging market real estate securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: APFAX, APFCX, APFIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REALTY SHARES</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in REITs</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: CSRSX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS <BR>INSTITUTIONAL GLOBAL REALTY SHARES</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for institutional investors seeking total return, investing primarily in global real estate securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRSIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL INFRASTRUCTURE FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return, investing primarily in global infrastructure securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CSUAX, CSUBX*, CSUCX, CSUIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS DIVIDEND VALUE FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking high current income and long-term growth of income and capital appreciation, investing primarily in dividend paying common stocks and preferred stocks</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: DVFAX, DVFCX, DVFIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS<BR>PREFERRED SECURITIES AND INCOME FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return (high current income and capital appreciation), investing primarily in preferred and debt securities</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: CPXAX, CPXCX, CPXIX</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS REAL ASSETS FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors seeking total return and the maximization of real returns during inflationary environments by investing primarily in real assets</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbols: RAPAX, RAPCX, RAPIX, RAPRX, RAPZX</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by Cohen &amp; Steers Securities, LLC.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>COHEN &amp; STEERS GLOBAL REALTY MAJORS ETF</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: GRI</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by ALPS Distributors, Inc.</font></p>
<p align="center"><font face="Arial, Helvetica" style="font-size:9pt;"><b>ISHARES COHEN &amp; STEERS<BR>REALTY MAJORS INDEX FUND</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Designed for investors who seek a relatively low-cost "passive" approach for investing in a portfolio of real estate equity securities of companies in a specified index</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:9pt;">&nbsp;&nbsp;&bull;&nbsp;&nbsp;Symbol: ICF</font></p>
<p><font face="Arial, Helvetica" style="font-size:8pt;">Distributed by SEI Investments Distribution Co.</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>*&nbsp;&nbsp;Class B shares are no longer offered except through dividend reinvestment and permitted exchanges by existing Class B shareholders.</i></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. A prospectus containing this and other information can be obtained by calling 800-330-7348 or by visiting cohenandsteers.com. Please read the prospectus carefully before investing.</i></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>47</font></p>
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<p align="center"><font face="Arial, Helvetica" style="font-size:18pt;"><b>COHEN &amp; STEERS QUALITY INCOME REALTY FUND, INC.</b></font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">OFFICERS AND DIRECTORS</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Robert H. Steers<BR>Director and co-chairman</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Martin Cohen<BR>Director and co-chairman</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Michael G. Clark<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Bonnie Cohen<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">George Grossman<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard E. Kroon<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Richard J. Norman<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Frank K. Ross<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Willard H. Smith Jr.<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">C. Edward Ward, Jr.<BR>Director</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Adam M. Derechin<BR>President and chief executive officer</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Joseph M. Harvey<BR>Vice president</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">William F. Scapell<BR>Vice president</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Thomas N. Bohjalian<BR>Vice president</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Yigal D. Jhirad<BR>Vice president</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Francis C. Poli<BR>Secretary</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">James Giallanza<BR>Treasurer and chief financial officer</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Lisa D. Phelan<BR>Chief compliance officer</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">KEY INFORMATION</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Investment Manager</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Cohen &amp; Steers Capital Management, Inc.<BR>280 Park Avenue<BR>New York, NY 10017<BR>(212) 832-3232</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Fund Co-administrator and Custodian</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Transfer Agent</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Computershare<BR>480 Washington Boulevard<BR>Jersey City, NJ 07310<BR>(866) 227-0757</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Legal Counsel</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ropes &amp; Gray, LLP<BR>1211 Avenue of the Americas<BR>New York, NY 10036</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">New York Stock Exchange Symbol: RQI</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Web site: cohenandsteers.com</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;">This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Fund shares. Past performance is no guarantee of future results and your investment may be worth more or less at the time you sell.</font></p>
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<p align="left"><font face="Arial, Helvetica" style="font-size:13pt;">COHEN &amp; STEERS</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:13pt;">QUALITY INCOME REALTY FUND</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:13pt;">280 PARK AVENUE </font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:13pt;">NEW YORK, NY 10017</font></p>
<p align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Annual Report </b></font><font face="Arial, Helvetica" style="font-size:10pt;">December 31, 2011</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" style="font-size:34pt;">Cohen &amp; Steers Quality Income Realty Fund</font></p>
<p><font face="Arial, Helvetica" style="font-size:7pt;">RQIAR</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2. Code of Ethics.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has adopted an Amended and Restated Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer.&#160; The Code of Ethics was in effect during the reporting period.&#160; The Registrant has not amended the Code of Ethics as described in Form&nbsp;N-CSR during the reporting period.&#160; The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form&nbsp;N-CSR during the reporting period. &#160;A current copy of the Code of Ethics is available on the Registrant&#146;s website at cohenandsteers.com/downloads/code_of_ethics_exec_and_senior.pdf.&#160; Upon request, a copy of the Code of Ethics can be made by calling 800-330-7348 or writing to the Secretary of the Registrant, 280 Park Avenue, 10th floor, New York, NY&#160; 10017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3. Audit Committee Financial Expert.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant&#146;s board has determined that Michael G. Clark and Frank K. Ross, each a member of the board&#146;s Audit Committee, are each an &#147;audit committee financial expert&#148;.&#160; Mr.&nbsp;Clark and Mr.&nbsp;Ross are each &#147;independent,&#148; as such term is defined in Form&nbsp;N-CSR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4. Principal Accountant Fees and Services.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&#151; (d)&nbsp;Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant&#146;s principal accountant were as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;width:66.66%;">
<tr>
<td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2011</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2010</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,000</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related Fees</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Other Fees</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax fees were billed in connection with the preparation of tax returns, calculation and designation of dividends and other miscellaneous tax services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(1)&#160;&#160;&#160;&#160;&#160;&#160; The registrant&#146;s 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&#146;s principal accountant for the registrant&#146;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&#146;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.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&#160; The audit committee may not delegate its responsibility to pre-</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">approve services to be performed by the registrant&#146;s principal accountant to the investment advisor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;(2)&#160;&#160;&#160;&#160;&#160; No services included in (b)&nbsp;&#151; (d)&nbsp;above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C)&nbsp;of Rule&nbsp;2-01 of Regulation S-X.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the fiscal years ended December&nbsp;31, 2010 and December&nbsp;31, 2010, the aggregate fees billed by the registrant&#146;s principal accountant for non-audit services rendered to the registrant and for non-audit services rendered to the registrant&#146;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&#146;s investment advisor that provides ongoing services to the registrant were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;width:66.66%;">
<tr>
<td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2011</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2010</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.98%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Advisor</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant&#146;s audit committee considered whether the provision of non-audit services that were rendered to the registrant&#146;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&#146;s investment advisor that provides ongoing services to the registrant that were not required to be pre-approved pursuant to paragraph (c)(7)(ii)&nbsp;of Rule&nbsp;2-01 of Regulation S-X was compatible with maintaining the principal accountant&#146;s independence.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5. Audit Committee of Listed Registrants.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant has a separately-designated standing audit committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the Securities Exchange Act of 1934.&#160; The members of the committee are Frank K. Ross (chairman), Bonnie Cohen, George Grossman and Richard E. Kroon.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6. Schedule of Investments.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Included in Item 1 above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant has delegated voting of proxies in respect of portfolio holdings to Cohen&nbsp;&amp; Steers Capital Management,&nbsp;Inc., in accordance with the policies and procedures set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COHEN&nbsp;&amp; STEERS CAPITAL MANAGEMENT,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT OF POLICIES AND PROCEDURES REGARDING THE VOTING OF SECURITIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This statement sets forth the policies and procedures that Cohen&nbsp;&amp; Steers Capital Management,&nbsp;Inc. (&#147;C&amp;S&#148;) follows in exercising voting rights with respect to securities held in our client portfolios.&#160; All proxy-voting rights that are exercised by C&amp;S shall be subject to this Statement of Policy and Procedures.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting rights are an important component of corporate governance. The Advisor has three overall objectives in exercising voting rights:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Objectives</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting rights are an important component of corporate governance. The Advisor has three overall objectives in exercising voting rights:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A. Responsibility. The Advisor shall seek to ensure that there is an effective means in place to hold companies accountable for their actions. While management must be accountable to its board, the board must be accountable to a company&#146;s shareholders. Although accountability can be promoted in a variety of ways, protecting shareholder voting rights may be among our most important tools.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B. Rationalizing Management and Shareholder Concerns. The Advisor seeks to ensure that the interests of a company&#146;s management and board are aligned with those of the company&#146;s shareholders. In this respect, compensation must be structured to reward the creation of shareholder value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C. Shareholder Communication. Since companies are owned by their shareholders, the Advisor seeks to ensure that management effectively communicates with its owners about the company&#146;s business operations and financial performance. It is only with effective communication that shareholders will be able to assess the performance of management and to make informed decisions on when to buy, sell or hold a company&#146;s securities.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In exercising voting rights, the Advisor follows the general principles set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The ability to exercise a voting right with respect to a security is a valuable right and, therefore, must be viewed as part of the asset itself.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In exercising voting rights, the Advisor shall engage in a careful evaluation of issues that may materially affect the rights of shareholders and the value of the security.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Consistent with general fiduciary principles, the exercise of voting rights shall always be conducted with reasonable care, prudence and diligence.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In exercising voting rights on behalf of clients, the Advisor shall conduct itself in the same manner as if the Advisor was the constructive owner of the securities.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">To the extent reasonably possible, the Advisor shall participate in each shareholder voting opportunity.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Voting rights shall not automatically be exercised in favor of management-supported proposals.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Advisor, and its officers and employees, shall never accept any item of value in consideration of a favorable proxy voting decision.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are general guidelines followed in exercising proxy voting rights:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Prudence</font></i><font size="2" style="font-size:10.0pt;">. In making a proxy voting decision, the Advisor shall give appropriate consideration to all relevant facts and circumstances, including the value of the securities to be voted and the likely effect any vote may have on that value. Since voting rights must be exercised on the basis of an informed judgment, investigation shall be a critical initial step.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Third Party Views</font></i><font size="2" style="font-size:10.0pt;">. While the Advisor may consider the views of third parties, the Advisor shall never base a proxy voting decision solely on the opinion of a third party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rather, decisions shall be based on a reasonable and good faith determination as to how best to maximize shareholder value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholder Value. </font></i><font size="2" style="font-size:10.0pt;">Just as the decision whether to purchase or sell a security is a matter of judgment, determining whether a specific proxy resolution will increase the market value of a security is a matter of judgment as to which informed parties may differ. In determining how a proxy vote may affect the economic value of a security, the Advisor shall consider both short-term and long-term views about a company&#146;s business and prospects, especially in light of our projected holding period on the stock (e.g., the Advisor may discount long-term views on a short-term holding).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are guidelines as to how specific proxy voting issues shall be analyzed and assessed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While these guidelines will provide a framework for the Advisor decision making process, the mechanical application of these guidelines can never address all proxy voting decisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When new issues arise or old issues present nuances not encountered before, the Advisor must be guided by its reasonable judgment to vote in a manner that the Advisor deems to be in the best interests of the Fund and its shareholders. In addition, because the regulatory framework and the business cultures and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">practices vary from region to region, the below general guidelines may be inconsistent in certain circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Uncontested Director Elections</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Votes on director nominees should be made on a case-by-case basis using a &#147;mosaic&#148; approach, where all factors are considered in director elections and where no single issue is deemed to be determinative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, a nominee&#146;s experience and business judgment may be critical to the long-term success of the portfolio company, notwithstanding the fact that he or she may serve on the board of more than four public companies. In evaluating nominees, the Advisor considers the following factors:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee attended less than 75 percent of the board and committee meetings without a valid excuse for the absences;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee is an inside or affiliated outside director and sits on the audit, compensation, or nominating committees;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee ignored a significant shareholder proposal that was approved by a (i)&nbsp;majority of the shares outstanding or (ii)&nbsp;majority of the votes cast for two consecutive years;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee, without shareholder approval, to our knowledge instituted a new poison pill plan, extended an existing plan, or adopted a new plan upon the expiration of an existing plan during the past year;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee is an inside or affiliated outside director and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee is an insider or affiliated outsider on boards that are not at least majority independent;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee is the CEO of a publicly-traded company who serves on more than two public boards;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee serves on more than four public company boards;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee serves on the audit committee where there is evidence (such as audit reports or reports mandated under the Sarbanes Oxley Act) that there exists material weaknesses in the company&#146;s internal controls;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee serves on the compensation committee if that director was present at the time of the grant of backdated options or options the pricing or the timing of which Advisor believes may have been manipulated to provide additional benefits to executives;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee is believed by us to have a material conflict of interest with the portfolio company; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether the nominee (or the overall board) in our view has a record of making poor corporate or strategic decisions or has demonstrated an overall lack of good business judgment.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor votes on a case-by-case basis for shareholder proposals requesting companies to amend their bylaws in order to create access to the proxy so as to nominate candidates for directors. The Advisor recognizes the importance of shareholder access to the ballot process as a means to ensure that boards do not become self-perpetuating and self-serving. However, the Advisor is also aware that some proposals may promote certain interest groups and could be disruptive to the nomination process. Special attention will be paid to companies that display a chronic lack of shareholder accountability.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Contests</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Director Nominees in a Contested Election</font></i><font size="2" style="font-size:10.0pt;">. By definition, this type of board candidate or slate runs for the purpose of seeking a significant change in corporate policy or control. Therefore, the economic impact of the vote in favor of or in opposition to that director or slate must be analyzed using a higher standard such as is normally applied to changes in control. Criteria for evaluating director nominees as a group or individually should also include: the underlying reason why the new slate (or individual director) is being proposed; performance; compensation; corporate governance provisions and takeover activity; criminal activity; attendance at meetings; investment in the company; interlocking directorships; inside, outside and independent directors; number of other board seats; and other experience. It is impossible to have a general policy regarding director nominees in a contested election.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reimbursement of Proxy Solicitation Expenses</font></i><font size="2" style="font-size:10.0pt;">. Decisions to provide full reimbursement for dissidents waging a proxy contest should be made on a case-by-case basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ratification of Auditors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor votes for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and are therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company&#146;s financial position. Generally, the Advisor votes against auditor ratification and withhold votes from audit committee members if non-audit fees exceed audit fees. The Advisor votes on a case-by-case basis on auditor rotation proposals. Criteria for evaluating the rotation proposal include, but are not limited to: tenure of the audit firm; establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the rotation period advocated in the proposal; and any significant audit related issues. Generally, the Advisor votes against auditor indemnification and limitation of liability; however the Advisor recognizes there may be situations where indemnification and limitations on liability may be appropriate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Takeover Defenses</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Advisor recognizes that a takeover attempt can be a significant distraction for the board and management to deal with, the simple fact is that the possibility of a corporate takeover keeps management focused on maximizing shareholder value. As a result, the Advisor opposes measures that are designed to prevent or obstruct corporate takeovers because they can entrench current management. The following are our guidelines on change of control issues:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholder Rights Plans</font></i><font size="2" style="font-size:10.0pt;">. The Advisor acknowledges that there are arguments for and against shareholder rights plans, also known as &#147;poison pills.&#148; Companies should put their case for rights plans to shareholders. The Advisor reviews on a case-by-case basis management proposals to ratify a poison pill. The Advisor generally looks for shareholder friendly features including a two- to three-year sunset provision, a permitted bid provision and a 20 percent or higher flip-in provision.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Greenmail</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company&#146;s ability to make greenmail payments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Unequal Voting Rights</font></i><font size="2" style="font-size:10.0pt;">. Generally, The Advisor votes against dual-class recapitalizations as they offer an effective way for a firm to thwart hostile takeovers by concentrating voting power in the hands of management or other insiders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Classified Boards</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes in favor of shareholder proposals to declassify a board of directors, although the Advisor acknowledges that a classified board may be in the long-term best interests of a company in certain situations. In voting on shareholder proposals to declassify a board of directors, the Advisor evaluates all facts and circumstances surrounding such proposal, including whether the shareholder proposing the de-classification has an agenda in making such proposal that may be at odds with the long-term best interests of the company or whether it would be in the best interests of the company to thwart a shareholder&#146;s attempt to control the board of directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cumulative Voting</font></i><font size="2" style="font-size:10.0pt;">. Having the ability to cumulate our votes for the election of directors&#151;that is, cast more than one vote for a director about whom they feel strongly&#151;generally increases shareholders&#146; rights to effect change in the management of a corporation. The Advisor generally supports, therefore, proposals to adopt cumulative voting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholder Ability to Call Special Meeting</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes on a case-by-case basis for shareholder proposals requesting companies to amend their governance documents (bylaws and/or charter) in order to allow shareholders to call special meetings. The Advisor recognizes the importance on shareholder ability to call a special meeting, however, the Advisor is also aware that some proposals are put forth in order to promote the agenda(s)&nbsp;of certain special interest groups and could be disruptive to the management of the company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholder Ability to Act by Written Consent</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes against proposals to allow or facilitate shareholder action by written consent. The requirement that all shareholders be given notice of a shareholders&#146; meeting and matters to be discussed therein seems to provide a reasonable protection of minority shareholder rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholder Ability to Alter the Size of the Board</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes for proposals that seek to fix the size of the board and vote against proposals that give management the ability to alter the size of the board without shareholder approval. While the Advisor recognizes the importance of such proposals, the Advisor is however also aware that these proposals are sometimes put forth in order to promote the agenda(s)&nbsp;of certain special interest groups and could be disruptive to the management of the company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miscellaneous Board Provisions</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Board Committees</font></i><font size="2" style="font-size:10.0pt;">. Boards should delegate key oversight functions, such as responsibility for audit, nominating and compensation issues, to independent committees. The chairman and members of any committee should be clearly identified in the annual report. Any committee should have the authority to engage independent advisors where appropriate at the company&#146;s expense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit, nominating and compensation committees should consist solely of non-employee directors, who are independent of management.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Separate Chairman and CEO Positions</font></i><font size="2" style="font-size:10.0pt;">. The Advisor will generally vote for proposals looking to separate the CEO and Chairman roles. The Advisor does acknowledge, however, that under certain circumstances, it may be reasonable for the CEO and Chairman roles to be held by a single person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lead Directors and Executive Sessions</font></i><font size="2" style="font-size:10.0pt;">. In cases where the CEO and Chairman roles are combined, Advisor will vote for the appointment of a &#147;lead&#148; (non-insider) director and for regular &#147;executive&#148; sessions (board meetings taking place without the CEO/Chairman present).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Majority of Independent Directors</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for proposals that call for the board to be composed of a majority of independent directors. The Advisor believes that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Independent Committees</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for shareholder proposals requesting that the board&#146;s audit, compensation, and nominating committees consist exclusively of independent directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stock Ownership Requirements</font></i><font size="2" style="font-size:10.0pt;">. The Advisor supports measures requiring senior executives to hold a minimum amount of stock in a company (often expressed as a percentage of annual compensation), requiring stock acquired through option exercise to be held for a certain minimum amount of time and issuing restricted stock awards instead of options.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Term of Office</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes against shareholder proposals to limit the tenure of outside directors. Term limits pose artificial and arbitrary impositions on the board and could harm shareholder interests by forcing experienced and knowledgeable directors off the board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Director and Officer Indemnification and Liability Protection</font></i><font size="2" style="font-size:10.0pt;">. Proposals concerning director and officer indemnification and liability protection should be evaluated on a case-by-case basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Board Size</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes for proposals to limit the size of the board to 15 members or less.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Majority Vote Standard</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes for proposals asking for the board to initiate the appropriate process to amend the company&#146;s governance documents (charter or bylaws) to provide that director nominees shall be elected by the affirmative vote of the majority of votes cast at an annual meeting of shareholders. The Advisor would generally review on a case-by-case basis proposals that address alternative approaches to a majority vote requirement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confidential Voting</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for shareholder proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor also votes for management proposals to adopt confidential voting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bundled Proposals</font></i><font size="2" style="font-size:10.0pt;">. The Advisor reviews on a case-by-case basis bundled or &#147;conditioned&#148; proxy proposals. In the case of items that are conditioned upon each other, the Advisor examines the benefits and costs of the packaged items. In instances where the joint effect of the conditioned items is not in shareholders&#146; best interests, the Advisor votes against the proposals. If the combined effect is positive, the Advisor supports such proposals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Date/Location of Meeting</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes against shareholder proposals to change the date or location of the shareholders&#146; meeting. No one site will meet the needs of all shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Adjourn Meeting if Votes are Insufficient</font></i><font size="2" style="font-size:10.0pt;">. Open-end requests for adjournment of a shareholder meeting generally will not be supported. However, where management specifically states the reason for requesting an adjournment and the requested adjournment is necessary to permit a proposal that would otherwise be supported under this policy to be carried out; the adjournment request will be supported.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disclosure of Shareholder Proponents</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Capital Structure</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Increase Additional Common Stock</font></i><font size="2" style="font-size:10.0pt;">. The Advisor generally votes for increases in authorized shares, provided that the increase is not greater than three times the number of shares outstanding and reserved for issuance (including shares reserved for stock-related plans and securities convertible into common stock, but not shares reserved for any poison pill plan). Votes generally are cast in favor of proposals to authorize additional shares of stock except where the proposal:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">creates a blank check preferred stock; or</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">establishes classes of stock with superior voting rights.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Blank Check Preferred Stock</font></i><font size="2" style="font-size:10.0pt;">. Votes generally are cast in opposition to management proposals authorizing the creation of new classes of preferred stock with unspecific voting, conversion, distribution and other rights, and management proposals to increase the number of authorized blank check preferred shares. The Advisor may vote in favor of this type of proposal when it receives assurances to its reasonable satisfaction that (i)&nbsp;the preferred stock was authorized by the board for the use of legitimate capital formation purposes and not for anti- takeover purposes, and (ii)&nbsp;no preferred stock will be issued with voting power that is disproportionate to the economic interests of the preferred stock. These representations should be made either in the proxy statement or in a separate letter from the company to the Advisor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Preemptive Rights</font></i><font size="2" style="font-size:10.0pt;">. Votes regarding shareholder proposals seeking preemptive rights are determined on a case-by-case basis after evaluating:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The size of the company;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The shareholder base; and</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The liquidity of the stock.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, it would be difficult to support a shareholder proposal that would require an S&amp;P 500 company with over $1 billion in equity held by thousands of shareholders (with no single shareholder owning a significant percentage of outstanding shares) to implement preemptive rights each time it conducted a new offering. Such a requirement would be impractical and extremely costly. Moreover, at companies with that large of a shareholder base and the ease with which shareholders could preserve their relative interest through purchases of shares on the on the open market, the cost of implementing preemptive rights does not seem justifiable in relation to the benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dual Class&nbsp;Capitalizations</font></i><font size="2" style="font-size:10.0pt;">. Because classes of common stock with unequal voting rights limit the rights of certain shareholders, the Advisor votes against adoption of a dual or multiple class capitalization structure.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restructurings/Recapitalizations</font></i><font size="2" style="font-size:10.0pt;">. The Advisor reviews proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case- by-case basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In voting, the Advisor considers the following issues:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">dilution&#151;how much will ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be?</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">change in control&#151;will the transaction result in a change in control of the company?</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">bankruptcy&#151;generally, approve proposals that facilitate debt restructurings unless there are clear signs of self-dealing or other abuses.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Share Repurchase Programs</font></i><font size="2" style="font-size:10.0pt;">. Boards may institute share repurchase or stock buy-back programs for a number of reasons. The Advisor will generally vote in favor of such programs where the repurchase would be in the long-term best interests of shareholders, and where the company is not thought to be able to use the cash in a more useful way.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor will vote against such programs when shareholders&#146; interests could be better served by deployment of the cash for alternative uses, or where the repurchase is a defensive maneuver or an attempt to entrench management.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Targeted Share Placements</font></i><font size="2" style="font-size:10.0pt;">. These shareholder proposals ask companies to seek stockholder approval before placing 10% or more of their voting stock with a single investor. The proposals are typically in reaction to the placement by various companies of a large block of their voting stock in an ESOP, parent capital fund or with a single friendly investor, with the aim of protecting themselves against a hostile tender offer. These proposals are voted on a case-by-case basis after reviewing the individual situation of the company receiving the proposal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Executive and Director Compensation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stock-based Incentive Plans</font></i><font size="2" style="font-size:10.0pt;">. Votes with respect to compensation plans should be determined on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders). Other matters included in our analysis are the amount of the company&#146;s outstanding stock to be reserved for the award of stock options or restricted stock, whether the exercise price of an option is less than the stock&#146;s fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices. Every award type is valued. An estimated dollar cost for the proposed plan and all continuing plans is derived. This cost, dilution to shareholders&#146; equity, will also be expressed as a percentage figure for the transfer of shareholder wealth and will be considered along with dilution to voting power. Once the cost of the plan is estimated, it is compared to an allowable industry-specific and market cap-based dilution cap.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the proposed plan cost is above the allowable cap, an against vote is indicated. If the proposed cost is below the allowable cap, a vote for the plan is indicated unless the plan violates the repricing guidelines. If the company has a history of repricing options or has the express ability to reprice underwater stock options without first securing shareholder approval under the proposed plan, the plan receives an against vote&#151;even in cases where the plan cost is considered acceptable based on the quantitative analysis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor votes against equity plans that have high average three year burn rates, unless the company has publicly committed to reduce the burn rate to a rate that is comparable to its peer group (as determined by the Advisor).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Approval of Cash or Cash-and-Stock Bonus Plans</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for cash or cash-and-stock bonus plans to exempt the compensation from limits on deductibility under the provisions of Section&nbsp;162(m)&nbsp;of the Internal Revenue Code of 1986, as amended (the Code).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Executive Compensation</font></i><font size="2" style="font-size:10.0pt;">. Executive compensation should be tied to the performance of the executive and the company as well as relevant market conditions. The Advisor feels that the performance criteria and specific amounts and types of executive compensation are best decided by a company&#146;s board of directors and/or its compensation committee and fully disclosed to shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor will, however, vote for shareholder proposals that call for shareholders to vote, in a non-binding manner, on executive pay since such vote is non-binding and is merely informative for the board of directors and/or compensation committee. Further, the Advisor generally votes for shareholder proposals that seek additional disclosure of executive and director pay information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reload/Evergreen Features</font></i><font size="2" style="font-size:10.0pt;">. The Advisor will generally vote against plans that enable the issuance of reload options and that provide an automatic share replenishment (&#147;evergreen&#148;) feature.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Golden Parachutes</font></i><font size="2" style="font-size:10.0pt;">. The Advisor opposes the use of accelerated employment contracts that result in cash grants of greater than three times annual compensation (salary and bonus) in the event of termination of employment following a change in control of a company. In general, the guidelines call for voting against &#147;golden parachute&#148; plans because they impede potential takeovers that shareholders should be free to consider. The Advisor generally withholds its votes at the next shareholder meeting for directors who to our knowledge approved golden parachutes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">401(k)&nbsp;Employee Benefit Plans</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for proposals to implement a 401(k)&nbsp;savings plan for employees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee Stock Purchase Plans</font></i><font size="2" style="font-size:10.0pt;">. The Advisor supports employee stock purchase plans, although the Advisor generally believes the discounted purchase price should be at least 85% of the current market price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Option Expensing</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for shareholder proposals to expense fixed-price options.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vesting</font></i><font size="2" style="font-size:10.0pt;">. The Advisor believes that restricted stock awards normally should vest over at least a two-year period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Option Repricing</font></i><font size="2" style="font-size:10.0pt;">. Stock options generally should not be re-priced, and never should be re-priced without shareholder approval. In addition, companies should not issue new options, with a lower strike price, to make up for previously issued options that are substantially underwater. The Advisor will vote against the election of any slate of directors that, to its knowledge, has authorized a company to re-price or replace underwater options during the most recent year without shareholder approval.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stock Holding Periods</font></i><font size="2" style="font-size:10.0pt;">. Generally vote against all proposals requiring executives to hold the stock received upon option exercise for a specific period of time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Transferable Stock Options</font></i><font size="2" style="font-size:10.0pt;">. Review on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Recoup Bonuses</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes on a case-by-case on shareholder proposals to recoup unearned incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Incorporation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reincorporation Outside of the United States</font></i><font size="2" style="font-size:10.0pt;">. Generally, the Advisor will vote against companies looking to reincorporate outside of the U.S.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Voting on State Takeover Statutes</font></i><font size="2" style="font-size:10.0pt;">. The Advisor reviews on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti greenmail provisions, and disgorgement provisions). In voting on these shareholder proposals, the Advisor evaluates all facts and circumstances surrounding such proposal, including whether the shareholder proposing such measure has an agenda in making such proposal that may be at odds with the long-term best interests of the company or whether it would be in the best interests of the company to thwart a shareholder&#146;s attempt to control the board of directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Voting on Reincorporation Proposals</font></i><font size="2" style="font-size:10.0pt;">. Proposals to change a company&#146;s state of incorporation are examined on a case-by-case basis. In making our decision, the Advisor reviews management&#146;s rationale for the proposal, changes to the charter/bylaws, and differences in the state laws governing the companies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mergers and Corporate Restructurings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mergers and Acquisitions</font></i><font size="2" style="font-size:10.0pt;">. Votes on mergers and acquisitions should be considered on a case-by-case basis, taking into account factors including the following: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor votes against proposals that require a super-majority of shareholders to approve a merger or other significant business combination. The Advisor supports proposals that seek to lower super-majority voting requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nonfinancial Effects of a Merger or Acquisition</font></i><font size="2" style="font-size:10.0pt;">. Some companies have proposed a charter provision which specifies that the board of directors may examine the nonfinancial effect of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. The Advisor generally votes against proposals to adopt such charter provisions. The Advisor feels it is the directors&#146; fiduciary duty to base decisions solely on the financial interests of the shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Corporate Restructuring</font></i><font size="2" style="font-size:10.0pt;">. Votes on corporate restructuring proposals, including minority squeeze outs, leveraged buyouts, &#147;going private&#148; proposals, spin-offs, liquidations, and asset sales, should be considered on a case-by-case basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Spin-offs</font></i><font size="2" style="font-size:10.0pt;">. Votes on spin-offs should be considered on a case-by-case basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Asset Sales</font></i><font size="2" style="font-size:10.0pt;">. Votes on asset sales should be made on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Liquidations</font></i><font size="2" style="font-size:10.0pt;">. Votes on liquidations should be made on a case-by-case basis after reviewing management&#146;s efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the liquidation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Appraisal Rights</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for proposals to restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for their shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Changing Corporate Name</font></i><font size="2" style="font-size:10.0pt;">. The Advisor votes for changing the corporate name.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Social Issues.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Advisor believes that it is the responsibility of the board and management to run a company on a daily basis. With this in mind, in the absence of unusual circumstances, the Advisor does not believe that shareholders should be involved in determining how a company should address broad social and policy issues. As a result, the Advisor generally votes against these types of proposals, which are generally initiated by shareholders, unless the Advisor believes the proposal has significant economic implications.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Portfolio Managers of Closed-End Investment Companies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information pertaining to the portfolio managers of the registrant, as of December&nbsp;31, 2011, is set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin Cohen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director and   co-chairman</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio   manager since inception</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-founder, co-chairman and   co-chief executive officer of Cohen&nbsp;&amp; Steers Capital   Management,&nbsp;Inc. (&#147;C&amp;S&#148;) and its parent company, Cohen&nbsp;&amp;   Steers,&nbsp;Inc. (&#147;CNS&#148;). Vice president and director of Cohen&nbsp;&amp;   Steers Securities, LLC. Director and co-chairman of each of the   Cohen&nbsp;&amp; Steers funds. Previously, president of C&amp;S and each of   the Cohen&nbsp;&amp; Steers funds.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Steers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director and   co-chairman</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio   manager since inception</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-founder, co-chairman and   co-chief executive officer of C&amp;S and CNS. Vice President and Director of   Cohen&nbsp;&amp; Steers Securities, LLC. Director and co-chairman of each of   the Cohen&nbsp;&amp; Steers funds. Previously, chairman of C&amp;S and each   of the Cohen&nbsp;&amp; Steers funds.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph Harvey</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President of C&amp;S and CNS.   Previously, senior vice president of C&amp;S and director of research.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice president</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio   manager since 2004</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio   manager since 2005</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior   vice president of C&amp;S. Previously, chief strategist for preferred   securities at Merrill Lynch&nbsp;&amp; Co.</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N. Bohjalian</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio   manager since 2006</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior   vice president of C&amp;S. Previously, vice president of C&amp;S.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&amp;S utilizes a team-based approach in managing the registrant. Mr.&nbsp;Cohen and Mr.&nbsp;Steers are the leaders of this team and they act in a supervisory capacity. Mr.&nbsp;Harvey and Mr.&nbsp;Bohjalian direct and supervise the execution of the registrant&#146;s investment strategy, and lead and guide the other members of the team. Mr.&nbsp;Scapell manages the registrant&#146;s preferred securities investments.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each portfolio manager listed above manages other investment companies and/or investment vehicles and accounts in addition to the registrant. The following tables show, as of December&nbsp;31, 2011, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category. Two (2)&nbsp;of the 42 other accounts managed by Messrs.&nbsp;Cohen, Steers and Harvey, with total assets of $105.89 million, are subject to performance-based fees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin Cohen</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Registered   investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,439,761,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other pooled   investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,668,923,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,275,709,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Steers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Registered   investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,439,761,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other pooled   investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,668,923,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,275,709,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph Harvey</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Registered   investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,439,761,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other pooled   investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,668,923,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,275,709,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Registered   investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,460,047,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other pooled   investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,340,002,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">522,559,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N. Bohjalian</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;assets</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Registered   investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,308,328,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other pooled   investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,340,002,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.0%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204,043,000</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share Ownership.</font></u><font size="2" style="font-size:10.0pt;"> The following table indicates the dollar range of securities of the registrant owned by the registrant&#146;s portfolio managers as of December&nbsp;31, 2011:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Securities&nbsp;Owned</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Martin Cohen</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$500,001 - $1,000,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert Steers</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$100,001 - $500,000</font></p>    </td>   </tr>
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<td width="65%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:65.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph Harvey</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$50,001 - $100,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William F. Scapell</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas N. Bohjalian</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.46%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicts of Interest.</font></u><font size="2" style="font-size:10.0pt;"> It is possible that conflicts of interest may arise in connection with the portfolio managers&#146; management of a Fund&#146;s investments on the one hand and the investments of other accounts or vehicles for which the portfolio managers are responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among a Fund and the other accounts or vehicles he advises. In addition, due to differences in the investment strategies or restrictions among a Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may provide more revenue to the Advisor. While this may appear to create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities, the Advisor strives to ensure that portfolio managers endeavor to exercise their discretion in a manner that is equitable to all interested persons. In this regard, in the absence of specific account-related impediments (such as client-imposed restrictions or lack of available cash), it is the policy of the Advisor to allocate investment ideas pro rata to all accounts with the same primary investment objective.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain of the portfolio managers may from time to time manage one or more accounts on behalf of the Advisor and its affiliated companies (the &#147;CNS Accounts&#148;). Certain securities held and traded in the CNS Accounts also may be held and traded in one or more client accounts. It is the policy of the Advisor however not to put the interests of the CNS Accounts ahead of the interests of client accounts. The Advisor may aggregate orders of client accounts with those of the CNS Accounts; however, under no circumstances will preferential treatment be given to the CNS Accounts. For all orders involving the CNS Accounts, purchases or sales will be allocated prior to trade placement, and orders that are only partially filled will be allocated across all accounts in proportion to the shares each account, including the CNS Accounts, was designated to receive prior to trading. As a result, it is expected that the CNS Accounts will receive the same average price as other accounts included in the aggregated order. Shares will not be allocated or re-allocated to the CNS Accounts after trade execution or after the average price is known. In the event so few shares of an order are executed that a pro-rata allocation is not practical, a rotational system of allocation may be used; however, the CNS Accounts will never be part of that rotation or receive shares of a partially filled order other than on a pro-rata basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because certain CNS Accounts are managed with a cash management objective, it is possible that a security will be sold out of the CNS Accounts but continue to be held for one or more client accounts. In situations when this occurs, such security will remain in a client account only if the portfolio manager, acting in its reasonable judgment and consistent with its fiduciary duties, believes this is appropriate for, and consistent with the objectives and profile of, the client account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&amp;S Compensation Structure.</font></u><font size="2" style="font-size:10.0pt;"> Compensation of C&amp;S&#146;s portfolio managers and other investment professionals has three primary components: (1)&nbsp;a base salary, (2)&nbsp;an annual cash bonus and (3)&nbsp;long-term stock-based compensation consisting generally of restricted stock units of C&amp;S&#146;s parent, CNS. C&amp;S&#146;s investment professionals, including the portfolio managers, also receive certain retirement, insurance and other benefits that are broadly available to all of its employees. Compensation of C&amp;S&#146;s investment professionals is reviewed primarily on an annual basis. Cash</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect in the January following the fiscal year-end of CNS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Method to Determine Compensation.</font></u><font size="2" style="font-size:10.0pt;"> C&amp;S compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of funds and accounts managed by the portfolio manager versus appropriate peer groups or benchmarks. C&amp;S uses a variety of benchmarks to evaluate the portfolio managers&#146; performance for compensation purposes, including the NAREIT Equity REIT Index with respect to Messrs.&nbsp;Cohen, Steers, Harvey and Bohjalian and the Merrill Lynch Fixed Rate Preferred Index with respect to Mr.&nbsp;Scapell.&#160; In evaluating the performance of a portfolio manager, primary emphasis is normally placed on one- and three-year performance, with secondary consideration of performance over longer periods of time. Performance is evaluated on a pre-tax and pre-expense basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds and accounts with a primary investment objective of high current income, consideration will also be given to the fund&#146;s and account&#146;s success in achieving this objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis. C&amp;S has three funds or accounts with performance-based advisory fees. Portfolio managers are also evaluated on the basis of their success in managing their dedicated team of analysts. Base compensation for portfolio managers of C&amp;S varies in line with the portfolio manager&#146;s seniority and position with the firm.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Salaries, bonuses and stock-based compensation are also influenced by the operating performance of the Advisor and CNS. While the annual salaries of the Advisor&#146;s portfolio managers are fixed, cash bonuses and stock based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10. Submission of Matters to a Vote of Security Holders.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant&#146;s Board implemented after the registrant last provided disclosure in response to this Item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11. Controls and Procedures.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;The registrant&#146;s principal executive officer and principal financial officer have concluded that the registrant&#146;s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant in this Form&nbsp;N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission&#146;s rules&nbsp;and forms, based upon such officers&#146; evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;There were no changes in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12. Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)&nbsp; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;(2)&nbsp;Certifications of principal executive officer and principal financial officer as required by Rule&nbsp;30a-2(a)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Certifications of chief executive officer and chief financial officer as required by Rule&nbsp;30a- 2(b)&nbsp;under the Investment Company Act of 1940.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COHEN &amp; STEERS QUALITY INCOME   REALTY FUND, INC.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Adam M. Derechin</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President and Chief Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March 8, 2012</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant   to the requirements of the Securities Exchange Act of 1934 and the Investment   Company Act of 1940, this report has been signed below by the following   persons on behalf of the registrant and in the capacities and on the dates   indicated.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="40%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President   and Chief Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Executive Officer)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="40%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt .2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer   and Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal   Financial Officer)</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.9%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March 8, 2012</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-99.CERT
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<DESCRIPTION>EX-99.CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a) CERTIFICATIONS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Adam M. Derechin, certify that:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed this report on Form N-CSR of Cohen &amp; Steers Quality Income Realty Fund, Inc.;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March 8, 2012</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Adam M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 12 (a)(2)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(a) CERTIFICATIONS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, James Giallanza, certify that:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">I have reviewed this report on Form N-CSR of Cohen &amp; Steers Quality Income Realty Fund, Inc.;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: March 8, 2012</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   James Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<DESCRIPTION>EX-99.906CERT
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EX-99.906CERT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b) CERTIFICATIONS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report of Cohen &amp; Steers Quality Income Realty Fund, Inc. (the &#147;Company&#148;) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Adam M. Derechin, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">s/Adam   M. Derechin</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam   M. Derechin</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Executive Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March 8, 2012</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:4.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\jmathew\12-2349-1\task5165693\2349-1-mo.htm',USER='105205',CD='Mar  6 10:43 2012' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 12 (b)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RULE 30a-2(b) CERTIFICATIONS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Report of Cohen &amp; Steers Quality Income Realty Fund, Inc. (the &#147;Company&#148;) on Form N-CSR as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, James Giallanza, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">s/James   Giallanza</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James   Giallanza</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal   Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:   March 8, 2012</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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