COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
| Shares | Value | |||||||||||
| COMMON STOCK—REAL ESTATE |
114.2 | % | ||||||||||
| APARTMENT |
4.4 | % | ||||||||||
| Essex Property Trust, Inc.(a) |
|
167,880 | $ | 40,626,960 | ||||||||
| UDR, Inc.(a) |
|
918,881 | 31,039,800 | |||||||||
|
|
|
|||||||||||
| 71,666,760 | ||||||||||||
|
|
|
|||||||||||
| DATA CENTERS |
19.5 | % | ||||||||||
| Digital Realty Trust, Inc. |
|
975,044 | 175,712,679 | |||||||||
| Equinix, Inc. |
|
78,742 | 77,186,058 | |||||||||
| Iron Mountain, Inc. |
|
662,756 | 67,693,898 | |||||||||
|
|
|
|||||||||||
| 320,592,635 | ||||||||||||
|
|
|
|||||||||||
| FREE STANDING |
6.3 | % | ||||||||||
| Agree Realty Corp.(a) |
|
471,852 | 35,568,204 | |||||||||
| Essential Properties Realty Trust, Inc.(a) |
|
1,012,574 | 30,741,747 | |||||||||
| NETSTREIT Corp.(a)(b) |
|
1,091,504 | 20,553,020 | |||||||||
| Realty Income Corp.(a) |
|
277,807 | 16,996,232 | |||||||||
|
|
|
|||||||||||
| 103,859,203 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
21.8 | % | ||||||||||
| CareTrust REIT, Inc.(a) |
|
573,360 | 21,013,644 | |||||||||
| Healthcare Realty Trust, Inc., Class A |
|
1,691,899 | 28,745,364 | |||||||||
| Omega Healthcare Investors, Inc. |
|
587,273 | 25,734,303 | |||||||||
| Welltower, Inc.(c) |
|
1,423,518 | 281,443,744 | |||||||||
|
|
|
|||||||||||
| 356,937,055 | ||||||||||||
|
|
|
|||||||||||
| HOTEL |
2.8 | % | ||||||||||
| Host Hotels & Resorts, Inc.(a) |
|
2,433,930 | 46,634,099 | |||||||||
|
|
|
|||||||||||
| INDUSTRIALS |
9.8 | % | ||||||||||
| EastGroup Properties, Inc.(a) |
|
141,745 | 26,235,582 | |||||||||
| First Industrial Realty Trust, Inc.(a) |
|
391,740 | 22,662,159 | |||||||||
| Lineage, Inc.(d) |
|
142,519 | 4,668,922 | |||||||||
| Prologis, Inc.(a)(b) |
|
805,555 | 106,478,260 | |||||||||
|
|
|
|||||||||||
| 160,044,923 | ||||||||||||
|
|
|
|||||||||||
| MANUFACTURED HOME |
5.9 | % | ||||||||||
| Equity LifeStyle Properties, Inc.(a) |
|
897,567 | 56,026,132 | |||||||||
| Sun Communities, Inc.(a) |
|
322,168 | 40,580,281 | |||||||||
|
|
|
|||||||||||
| 96,606,413 | ||||||||||||
|
|
|
|||||||||||
| OFFICE |
5.1 | % | ||||||||||
| BXP, Inc. |
|
805,909 | 41,826,677 | |||||||||
| Highwoods Properties, Inc.(a) |
|
469,536 | 10,052,766 | |||||||||
| Hudson Pacific Properties, Inc.(c)(e) |
|
254,084 | 1,501,636 | |||||||||
| Kilroy Realty Corp.(a) |
|
1,084,698 | 30,599,331 | |||||||||
|
|
|
|||||||||||
| 83,980,410 | ||||||||||||
|
|
|
|||||||||||
| REGIONAL MALL |
3.3 | % | ||||||||||
| Simon Property Group, Inc.(a)(b) |
|
289,108 | 53,927,315 | |||||||||
|
|
|
|||||||||||
| SELF STORAGE |
8.0 | % | ||||||||||
| Extra Space Storage, Inc.(a) |
|
593,609 | 77,839,948 | |||||||||
| Public Storage(a)(b)(c) |
|
195,671 | 53,003,361 | |||||||||
|
|
|
|||||||||||
| 130,843,309 | ||||||||||||
|
|
|
|||||||||||
1
| Shares | Value | |||||||||||
| SHOPPING CENTER |
4.3 | % | ||||||||||
| Kimco Realty Corp.(a)(b) |
3,160,016 | $ | 71,005,560 | |||||||||
|
|
|
|||||||||||
| SINGLE FAMILY HOMES |
2.0 | % | ||||||||||
| Invitation Homes, Inc.(a) |
|
1,292,219 | 32,111,642 | |||||||||
|
|
|
|||||||||||
| SPECIALTY |
2.4 | % | ||||||||||
| Lamar Advertising Co., Class A(a)(b) |
|
306,987 | 38,882,973 | |||||||||
|
|
|
|||||||||||
| TELECOMMUNICATIONS |
16.3 | % | ||||||||||
| American Tower Corp.(a) |
|
799,522 | 137,981,507 | |||||||||
| Crown Castle, Inc.(a)(b)(c) |
|
1,390,358 | 113,050,009 | |||||||||
| SBA Communications Corp., Class A |
|
95,300 | 16,402,083 | |||||||||
|
|
|
|||||||||||
| 267,433,599 | ||||||||||||
|
|
|
|||||||||||
| TIMBERLAND |
2.3 | % | ||||||||||
| Rayonier, Inc.(a)(b) |
|
1,244,191 | 25,655,218 | |||||||||
| Weyerhaeuser Co.(a)(b) |
|
494,036 | 12,069,300 | |||||||||
|
|
|
|||||||||||
| 37,724,518 | ||||||||||||
|
|
|
|||||||||||
| TOTAL COMMON STOCK |
|
1,872,250,414 | ||||||||||
|
|
|
|||||||||||
| PREFERRED SECURITIES—EXCHANGE-TRADED |
11.6 | % | ||||||||||
| BANKING |
1.5 | % | ||||||||||
| Bank of America Corp., 4.25%, Series QQ(a)(f) |
|
50,000 | 850,000 | |||||||||
| Bank of America Corp., 5.375%, Series KK(a)(b)(f) |
|
100,000 | 2,165,000 | |||||||||
| Bank of America Corp., 6.00%, Series GG(a)(b)(f) |
|
224,608 | 5,554,556 | |||||||||
| Citigroup, Inc., 6.25%, Series II(a)(b)(f) |
|
125,000 | 3,081,250 | |||||||||
| JPMorgan Chase & Co., 4.55%, Series JJ(f) |
|
8,503 | 159,856 | |||||||||
| JPMorgan Chase & Co., 5.75%, Series DD(a)(f) |
|
75,000 | 1,815,000 | |||||||||
| Wells Fargo & Co., 4.375%, Series CC(a)(b)(f) |
|
139,519 | 2,434,607 | |||||||||
| Wells Fargo & Co., 4.70%, Series AA(a)(b)(f) |
|
225,800 | 4,263,104 | |||||||||
| Wells Fargo & Co., 7.50%, Series L (Convertible)(a)(b)(f) |
|
4,000 | 4,620,000 | |||||||||
|
|
|
|||||||||||
| 24,943,373 | ||||||||||||
|
|
|
|||||||||||
| DIVERSIFIED |
1.4 | % | ||||||||||
| AH Realty Trust, Inc., 6.75%, Series A(a)(f) |
|
378,000 | 8,225,280 | |||||||||
| Alpine Income Property Trust, Inc., 8.00%, Series A(a)(f) |
|
50,000 | 1,246,500 | |||||||||
| DigitalBridge Group, Inc., 7.125%, Series J(a)(b)(f) |
|
398,512 | 6,567,478 | |||||||||
| DigitalBridge Group, Inc., 7.15%, Series I(a)(b)(f) |
|
404,770 | 6,577,512 | |||||||||
|
|
|
|||||||||||
| 22,616,770 | ||||||||||||
|
|
|
|||||||||||
| FINANCE |
0.1 | % | ||||||||||
| KKR & Co., Inc., 6.875%, due 6/1/65, Series T(a) |
|
49,956 | 1,161,977 | |||||||||
| KKR Group Finance Co. IX LLC, 4.625%, due 4/1/61(a) |
|
50,000 | 800,000 | |||||||||
|
|
|
|||||||||||
| 1,961,977 | ||||||||||||
|
|
|
|||||||||||
| FREE STANDING |
0.2 | % | ||||||||||
| Agree Realty Corp., 4.25%, Series A(a)(b)(f) |
|
156,565 | 2,630,292 | |||||||||
|
|
|
|||||||||||
| HEALTH CARE |
0.1 | % | ||||||||||
| Chiron Real Estate, Inc., 8.00%, Series B(a)(b)(f) |
|
94,000 | 2,356,580 | |||||||||
|
|
|
|||||||||||
| HOTEL |
1.1 | % | ||||||||||
| Pebblebrook Hotel Trust, 5.70%, Series H(a)(f) |
|
234,000 | 4,069,260 | |||||||||
| Pebblebrook Hotel Trust, 6.375%, Series G(a)(f) |
|
168,800 | 3,274,720 | |||||||||
2
| Shares | Value | |||||||||||
| RLJ Lodging Trust, 1.95%, Series A (Convertible)(a)(f) |
|
115,291 | $ | 2,778,513 | ||||||||
| Summit Hotel Properties, Inc., 5.875%, Series F(a)(b)(f) |
|
122,693 | 2,121,362 | |||||||||
| Summit Hotel Properties, Inc., 6.25%, Series E(a)(b)(f) |
|
226,000 | 3,921,100 | |||||||||
| Sunstone Hotel Investors, Inc., 6.125%, Series H(a)(f) |
|
96,680 | 1,864,957 | |||||||||
|
|
|
|||||||||||
| 18,029,912 | ||||||||||||
|
|
|
|||||||||||
| INDUSTRIALS |
0.3 | % | ||||||||||
| LXP Industrial Trust, 6.50%, Series C(a)(b)(f) |
|
92,192 | 4,240,832 | |||||||||
| Rexford Industrial Realty, Inc., 5.625%, Series C(a)(f) |
|
35,000 | 717,500 | |||||||||
|
|
|
|||||||||||
| 4,958,332 | ||||||||||||
|
|
|
|||||||||||
| INSURANCE |
0.2 | % | ||||||||||
| Allstate Corp., 7.375%, Series J(a)(f) |
|
81,248 | 2,066,949 | |||||||||
| American Financial Group, Inc., 5.875%, due 3/30/59(a) |
|
26,958 | 554,796 | |||||||||
| Prudential Financial, Inc., 4.125%, due 9/1/60 |
|
5,027 | 81,890 | |||||||||
|
|
|
|||||||||||
| 2,703,635 | ||||||||||||
|
|
|
|||||||||||
| MANUFACTURED HOME |
0.1 | % | ||||||||||
| UMH Properties, Inc., 6.375%, Series D(a)(b)(f) |
|
115,000 | 2,387,400 | |||||||||
|
|
|
|||||||||||
| OFFICE |
0.2 | % | ||||||||||
| Hudson Pacific Properties, Inc., 4.75%, Series C(a)(f) |
|
40,939 | 527,704 | |||||||||
| Vornado Realty Trust, 5.25%, Series N(a)(f) |
|
128,040 | 2,080,650 | |||||||||
|
|
|
|||||||||||
| 2,608,354 | ||||||||||||
|
|
|
|||||||||||
| SELF STORAGE |
2.4 | % | ||||||||||
| National Storage Affiliates Trust, 6.00%, Series A(a)(b)(f) |
|
234,120 | 5,307,500 | |||||||||
| Public Storage, 4.00%, Series P(a)(b)(f) |
|
174,252 | 2,653,858 | |||||||||
| Public Storage, 4.00%, Series R(a)(b)(f) |
|
196,001 | 2,985,095 | |||||||||
| Public Storage, 4.10%, Series S(a)(f) |
|
96,792 | 1,528,346 | |||||||||
| Public Storage, 4.125%, Series M(a)(b)(f) |
|
191,800 | 3,001,670 | |||||||||
| Public Storage, 4.625%, Series L(a)(b)(f) |
|
821,114 | 14,385,917 | |||||||||
| Public Storage, 4.70%, Series J(a)(b)(f) |
|
233,965 | 4,178,615 | |||||||||
| Public Storage, 4.75%, Series K(a)(f) |
|
101,000 | 1,834,160 | |||||||||
| Public Storage, 4.875%, Series I(a)(f) |
|
76,213 | 1,418,324 | |||||||||
| Public Storage, 5.15%, Series F(a)(f) |
|
75,000 | 1,470,750 | |||||||||
|
|
|
|||||||||||
| 38,764,235 | ||||||||||||
|
|
|
|||||||||||
| SHOPPING CENTER |
1.1 | % | ||||||||||
| CTO Realty Growth, Inc., 6.375%, Series A(a)(f) |
|
56,754 | 1,147,566 | |||||||||
| Kimco Realty Corp., 5.125%, Series L(a)(f) |
|
51,193 | 991,608 | |||||||||
| Kimco Realty Corp., 5.25%, Class M(a)(f) |
|
201,358 | 4,027,160 | |||||||||
| Regency Centers Corp., 5.875%, Series B(a)(b)(f) |
|
209,900 | 4,619,899 | |||||||||
| Regency Centers Corp., 6.25%, Series A(a)(b)(f) |
|
161,156 | 3,601,837 | |||||||||
| Saul Centers, Inc., 6.00%, Series E(a)(f) |
|
111,000 | 2,507,490 | |||||||||
| Saul Centers, Inc., 6.125%, Series D(a)(f) |
|
101,300 | 2,086,780 | |||||||||
|
|
|
|||||||||||
| 18,982,340 | ||||||||||||
|
|
|
|||||||||||
| SINGLE FAMILY HOMES |
0.5 | % | ||||||||||
| American Homes 4 Rent, 5.875%, Series G(a)(b)(f) |
|
155,530 | 3,471,430 | |||||||||
| American Homes 4 Rent, 6.25%, Series H(a)(b)(f) |
|
239,974 | 5,675,385 | |||||||||
|
|
|
|||||||||||
| 9,146,815 | ||||||||||||
|
|
|
|||||||||||
| SPECIALTY |
0.3 | % | ||||||||||
| EPR Properties, 5.75%, Series G(a)(f) |
|
132,002 | 2,670,401 | |||||||||
3
| Shares | Value | |||||||||||
| EPR Properties, 9.00%, Series E (Convertible)(a)(f) |
|
57,085 | $ | 1,734,242 | ||||||||
|
|
|
|||||||||||
| 4,404,643 | ||||||||||||
|
|
|
|||||||||||
| TELECOMMUNICATION SERVICES |
0.7 | % | ||||||||||
| AT&T, Inc., 4.75%, Series C(a)(b)(f) |
|
379,911 | 6,990,362 | |||||||||
| AT&T, Inc., 5.00%, Series A(a)(f) |
|
88,182 | 1,731,895 | |||||||||
| T-Mobile USA, Inc., Senior Debt, 5.50%, due 6/1/70(a)(b) |
|
135,504 | 2,886,235 | |||||||||
|
|
|
|||||||||||
| 11,608,492 | ||||||||||||
|
|
|
|||||||||||
| UTILITIES |
1.4 | % | ||||||||||
| CMS Energy Corp., 5.875%, due 3/1/79(a)(b) |
|
251,310 | 5,553,951 | |||||||||
| DTE Energy Co., 5.25%, due 12/1/77, Series E(a)(b) |
|
114,351 | 2,349,913 | |||||||||
| DTE Energy Co., 6.25%, due 10/1/85, Series H(a)(b) |
|
99,600 | 2,369,484 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.50%, due 6/1/85, Series U |
|
28,042 | 695,722 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.50%, due 4/15/86, Series Z(a)(b) |
|
114,040 | 2,846,438 | |||||||||
| Sempra, 5.75%, due 7/1/79(a) |
|
89,854 | 1,850,992 | |||||||||
| Southern Co., 4.95%, due 1/30/80, Series 2020(a)(b) |
|
284,607 | 5,492,915 | |||||||||
| Southern Co., 6.50%, due 3/15/85(a) |
|
67,675 | 1,684,431 | |||||||||
| Xcel Energy, Inc., 6.25%, due 10/15/85 |
|
10,257 | 253,143 | |||||||||
|
|
|
|||||||||||
| 23,096,989 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED SECURITIES—EXCHANGE-TRADED |
|
191,200,139 | ||||||||||
|
|
|
|||||||||||
| Principal Amount* |
||||||||||||
| PREFERRED SECURITIES—OVER-THE-COUNTER |
10.1 | % | ||||||||||
| BANKING |
4.8 | % | ||||||||||
| Banco Bilbao Vizcaya Argentaria SA, 9.375% to 3/19/29 (Spain)(a)(f)(g)(h) |
|
1,200,000 | 1,297,369 | |||||||||
| Bank of America Corp., 6.625% to 5/1/30, Series OO(a)(b)(f)(h) |
|
2,000,000 | 2,051,810 | |||||||||
| Bank of Nova Scotia, 8.625% to 10/27/27, due 10/27/82 (Canada)(a)(h) |
|
1,000,000 | 1,040,020 | |||||||||
| Barclays PLC, 9.625% to 12/15/29 (United Kingdom)(a)(b)(f)(g)(h) |
|
5,400,000 | 5,893,047 | |||||||||
| BNP Paribas SA, 7.75% to 8/16/29 (France)(a)(b)(f)(g)(h)(i) |
|
3,800,000 | 3,923,131 | |||||||||
| BNP Paribas SA, 8.50% to 8/14/28 (France)(a)(b)(f)(g)(h)(i) |
|
2,200,000 | 2,293,713 | |||||||||
| Charles Schwab Corp., 4.00% to 6/1/26, Series I(a)(b)(f)(h) |
|
1,688,000 | 1,677,614 | |||||||||
| Charles Schwab Corp., 4.00% to 12/1/30, Series H(a)(b)(f)(h) |
|
3,850,000 | 3,564,050 | |||||||||
| Citigroup Capital III, 7.625%, due 12/1/36(a) |
|
1,090,000 | 1,207,659 | |||||||||
| Citigroup, Inc., 6.50% to 5/15/31, Series JJ(a)(f)(h) |
|
452,000 | 451,046 | |||||||||
| Citigroup, Inc., 6.875% to 8/15/30, Series GG(a)(b)(f)(h) |
|
3,900,000 | 3,930,061 | |||||||||
| Citigroup, Inc., 6.95% to 2/15/30, Series FF(a)(b)(f)(h) |
|
3,500,000 | 3,528,004 | |||||||||
| Citigroup, Inc., 7.00% to 8/15/34, Series DD(a)(f)(h) |
|
1,250,000 | 1,287,203 | |||||||||
| Cooperatieve Rabobank UA, 6.50% (Netherlands)(f)(j) |
|
EUR 1,500,000 | 1,920,587 | |||||||||
| Credit Suisse Group AG, 5.25%, Claim (Switzerland)(e)(f)(g)(i)(k) |
|
1,500,000 | 375,000 | |||||||||
| ING Groep NV, 7.25% to 11/16/34 (Netherlands)(f)(g)(h)(j) |
|
1,600,000 | 1,636,771 | |||||||||
| NatWest Group PLC, 8.125% to 11/10/33 (United Kingdom)(a)(f)(g)(h) |
|
1,550,000 | 1,678,630 | |||||||||
| Nordea Bank Abp, 6.75% to 11/10/33 (Finland)(a)(b)(f)(g)(h)(i) |
|
2,000,000 | 1,995,261 | |||||||||
| PNC Financial Services Group, Inc., 6.00% to 5/15/27, Series U(a)(b)(f)(h) |
|
2,270,000 | 2,270,467 | |||||||||
| PNC Financial Services Group, Inc., 6.20% to 9/15/27, Series V(a)(b)(f)(h) |
|
4,260,000 | 4,271,800 | |||||||||
| Royal Bank of Canada, 6.50% to 11/24/35, due 11/24/85 (Canada)(a)(h) |
|
2,000,000 | 1,933,990 | |||||||||
| Royal Bank of Canada, 6.75% to 8/24/30, due 8/24/85 (Canada)(a)(b)(h) |
|
2,100,000 | 2,109,030 | |||||||||
| Societe Generale SA, 8.125% to 11/21/29 (France)(a)(b)(f)(g)(h)(i) |
|
2,400,000 | 2,472,382 | |||||||||
| Societe Generale SA, 9.375% to 11/22/27 (France)(a)(f)(g)(h)(i) |
|
1,800,000 | 1,883,032 | |||||||||
4
| Principal Amount* |
Value | |||||||||||
| State Street Corp., 6.70% to 9/15/29, Series J(a)(f)(h) |
|
1,800,000 | $ | 1,856,327 | ||||||||
| Swedbank AB, 7.75% to 3/17/30 (Sweden)(f)(g)(h)(j) |
|
2,200,000 | 2,317,177 | |||||||||
| Toronto-Dominion Bank, 7.25% to 7/31/29, due 7/31/84 (Canada)(a)(b)(h) |
|
2,000,000 | 2,042,350 | |||||||||
| Toronto-Dominion Bank, 8.125% to 10/31/27, due 10/31/82 (Canada)(a)(h) |
|
1,000,000 | 1,032,271 | |||||||||
| UBS Group AG, 6.85% to 9/10/29 (Switzerland)(a)(b)(f)(g)(h)(i) |
|
2,600,000 | 2,578,224 | |||||||||
| UBS Group AG, 7.00% to 2/5/35 (Switzerland)(a)(f)(g)(h)(i) |
|
1,800,000 | 1,750,631 | |||||||||
| UBS Group AG, 9.25% to 11/13/28 (Switzerland)(a)(b)(f)(g)(h)(i) |
|
2,600,000 | 2,772,784 | |||||||||
| UBS Group AG, 9.25% to 11/13/33 (Switzerland)(a)(b)(f)(g)(h)(i) |
|
2,200,000 | 2,478,518 | |||||||||
| Wells Fargo & Co., 6.85% to 9/15/29(a)(b)(f)(h) |
|
5,450,000 | 5,652,903 | |||||||||
| Wells Fargo & Co., 7.625% to 9/15/28(a)(b)(f)(h) |
|
2,060,000 | 2,165,241 | |||||||||
|
|
|
|||||||||||
| 79,338,103 | ||||||||||||
|
|
|
|||||||||||
| BROKERAGE |
0.2 | % | ||||||||||
| Goldman Sachs Group, Inc., 4.125% to 11/10/26, Series V(a)(f)(h) |
|
1,675,000 | 1,653,305 | |||||||||
| Goldman Sachs Group, Inc., 7.50% to 5/10/29, Series X(a)(f)(h) |
|
1,820,000 | 1,907,688 | |||||||||
|
|
|
|||||||||||
| 3,560,993 | ||||||||||||
|
|
|
|||||||||||
| ENERGY |
0.3 | % | ||||||||||
| BP Capital Markets PLC, 6.45% to 12/1/33(a)(b)(f)(h) |
|
2,000,000 | 2,080,418 | |||||||||
| Phillips 66 Co., 5.875% to 12/15/30, due 3/15/56, Series A(a)(b)(h) |
|
3,000,000 | 2,956,524 | |||||||||
|
|
|
|||||||||||
| 5,036,942 | ||||||||||||
|
|
|
|||||||||||
| HEALTH CARE |
0.2 | % | ||||||||||
| Humana, Inc., 6.625% to 6/15/31, due 9/15/56(a)(b)(h) |
|
2,879,000 | 2,767,711 | |||||||||
|
|
|
|||||||||||
| INSURANCE |
0.9 | % | ||||||||||
| Corebridge Financial, Inc., 6.875% to 9/15/27, due 12/15/52(a)(b)(h) |
|
1,060,000 | 1,068,497 | |||||||||
| Dai-ichi Life Insurance Co. Ltd., 6.20% to 1/16/35 (Japan)(a)(b)(f)(h)(i) |
|
3,200,000 | 3,220,307 | |||||||||
| Equitable Holdings, Inc., 6.70% to 12/28/34, due 3/28/55(a)(b)(h) |
|
4,140,000 | 4,190,802 | |||||||||
| MetLife Capital Trust IV, 7.875%, due 12/15/37(a)(b)(i) |
|
2,000,000 | 2,164,132 | |||||||||
| Prudential Financial, Inc., 6.00% to 6/1/32, due 9/1/52(a)(b)(h) |
|
1,700,000 | 1,704,670 | |||||||||
| Voya Financial, Inc., 7.758% to 9/15/28, Series A(a)(b)(f)(h) |
|
2,500,000 | 2,605,170 | |||||||||
|
|
|
|||||||||||
| 14,953,578 | ||||||||||||
|
|
|
|||||||||||
| PIPELINES |
1.1 | % | ||||||||||
| Enbridge, Inc., 7.375% to 10/15/27, due 1/15/83 (Canada)(a)(b)(h) |
|
2,610,000 | 2,651,447 | |||||||||
| Enbridge, Inc., 7.625% to 10/15/32, due 1/15/83 (Canada)(a)(b)(h) |
|
3,800,000 | 4,104,954 | |||||||||
| Enbridge, Inc., 8.50% to 10/15/33, due 1/15/84 (Canada)(a)(b)(h) |
|
2,430,000 | 2,735,249 | |||||||||
| Energy Transfer LP, 6.50% to 11/15/26, Series H(a)(f)(h) |
|
1,480,000 | 1,478,259 | |||||||||
| Energy Transfer LP, 7.125% to 5/15/30, Series G(a)(b)(f)(h) |
|
3,825,000 | 3,903,259 | |||||||||
| South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 12/1/34, due 3/1/55 (Canada)(a)(b)(h) |
|
2,300,000 | 2,396,218 | |||||||||
|
|
|
|||||||||||
| 17,269,386 | ||||||||||||
|
|
|
|||||||||||
| SHOPPING CENTER |
0.1 | % | ||||||||||
| Unibail-Rodamco-Westfield SE, 4.75% to 6/11/31 (France)(f)(h)(j) |
|
EUR 1,700,000 | 1,945,295 | |||||||||
|
|
|
|||||||||||
| TELECOMMUNICATION SERVICES |
0.7 | % | ||||||||||
| Bell Canada, 7.00% to 6/15/35, due 9/15/55 (Canada)(a)(b)(h) |
|
2,081,000 | 2,130,765 | |||||||||
| Vodafone Group PLC, 4.125% to 3/4/31, due 6/4/81 (United Kingdom)(a)(b)(h) |
|
5,710,000 | 5,228,372 | |||||||||
| Vodafone Group PLC, 5.125% to 12/4/50, due 6/4/81 (United Kingdom)(a)(h) |
|
500,000 | 388,886 | |||||||||
| Vodafone Group PLC, 7.00% to 1/4/29, due 4/4/79 (United Kingdom)(a)(h) |
|
3,354,000 | 3,451,959 | |||||||||
|
|
|
|||||||||||
| 11,199,982 | ||||||||||||
|
|
|
|||||||||||
5
| Principal Amount* |
Value | |||||||||||
| UTILITIES |
1.8 | % | ||||||||||
| AES Corp., 7.60% to 10/15/29, due 1/15/55(a)(h) |
|
750,000 | $ | 744,332 | ||||||||
| Algonquin Power & Utilities Corp., 4.75% to 1/18/27, due 1/18/82 (Canada)(a)(b)(h) |
|
2,600,000 | 2,530,779 | |||||||||
| American Electric Power Co., Inc., 6.95% to 9/15/34, due 12/15/54(a)(b)(h) |
|
2,600,000 | 2,760,074 | |||||||||
| CenterPoint Energy, Inc., 6.85% to 11/15/34, due 2/15/55, Series B(a)(h) |
|
1,000,000 | 1,051,438 | |||||||||
| Dominion Energy, Inc., 4.35% to 1/15/27, Series C(a)(b)(f)(h) |
|
2,500,000 | 2,462,562 | |||||||||
| Dominion Energy, Inc., 6.875% to 11/3/29, due 2/1/55, Series A(a)(b)(h) |
|
2,415,000 | 2,487,162 | |||||||||
| Emera, Inc., 6.75% to 6/15/26, due 6/15/76, Series 16-A (Canada)(a)(h) |
|
735,000 | 736,518 | |||||||||
| Entergy Corp., 7.125% to 9/1/29, due 12/1/54(a)(b)(h) |
|
3,000,000 | 3,075,729 | |||||||||
| EUSHI Finance, Inc., 7.625% to 9/15/29, due 12/15/54(a)(b)(h) |
|
2,167,000 | 2,241,967 | |||||||||
| NextEra Energy Capital Holdings, Inc., 6.50% to 5/15/35, due 8/15/55(a)(h) |
|
1,190,000 | 1,228,473 | |||||||||
| Puget Energy, Inc., 7.25% to 6/15/36, due 9/15/56(h)(i) |
|
1,602,000 | 1,595,984 | |||||||||
| Sempra, 4.125% to 1/1/27, due 4/1/52(a)(b)(h) |
|
5,000,000 | 4,867,973 | |||||||||
| Sempra, 6.40% to 7/1/34, due 10/1/54(a)(b)(h) |
|
4,190,000 | 4,178,307 | |||||||||
|
|
|
|||||||||||
| 29,961,298 | ||||||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED
SECURITIES—OVER-THE-COUNTER |
|
166,033,288 | ||||||||||
|
|
|
|||||||||||
| CORPORATE BONDS |
2.7 | % | ||||||||||
| APARTMENT |
0.3 | % | ||||||||||
| ERP Operating LP, 4.50%, due 6/1/45(a) |
|
1,500,000 | 1,281,702 | |||||||||
| Essex Portfolio LP, 5.50%, due 4/1/34(a)(b) |
|
3,440,000 | 3,489,782 | |||||||||
|
|
|
|||||||||||
| 4,771,484 | ||||||||||||
|
|
|
|||||||||||
| DIVERSIFIED |
0.2 | % | ||||||||||
| American Assets Trust LP, 6.15%, due 10/1/34(a)(b) |
|
2,685,000 | 2,664,352 | |||||||||
|
|
|
|||||||||||
| FINANCE |
0.1 | % | ||||||||||
| HA Sustainable Infrastructure Capital, Inc., 6.00%, due 3/15/36(a) |
|
1,250,000 | 1,213,659 | |||||||||
|
|
|
|||||||||||
| FREE STANDING |
0.0 | % | ||||||||||
| Agree LP, 5.625%, due 6/15/34(a) |
|
925,000 | 945,015 | |||||||||
|
|
|
|||||||||||
| HEALTH CARE |
0.1 | % | ||||||||||
| National Health Investors, Inc., 5.35%, due 2/1/33(a) |
|
1,000,000 | 984,568 | |||||||||
| Sabra Health Care LP, 3.20%, due 12/1/31(a)(b) |
|
500,000 | 451,690 | |||||||||
|
|
|
|||||||||||
| 1,436,258 | ||||||||||||
|
|
|
|||||||||||
| HOTEL |
0.1 | % | ||||||||||
| Host Hotels & Resorts LP, 5.70%, due 7/1/34(a)(b) |
|
2,265,000 | 2,289,623 | |||||||||
|
|
|
|||||||||||
| INDUSTRIALS |
0.0 | % | ||||||||||
| Americold Realty Operating Partnership LP, 5.409%, due 9/12/34(a) |
|
1,000,000 | 952,889 | |||||||||
|
|
|
|||||||||||
| INFRASTRUCTURE |
0.1 | % | ||||||||||
| Crown Castle, Inc., 4.00%, due 11/15/49(a) |
|
1,800,000 | 1,309,668 | |||||||||
|
|
|
|||||||||||
| OFFICE |
0.2 | % | ||||||||||
| Hudson Pacific Properties LP, 5.95%, due 2/15/28(a)(b) |
|
2,975,000 | 2,825,082 | |||||||||
|
|
|
|||||||||||
| REGIONAL MALL |
0.2 | % | ||||||||||
| Simon Property Group LP, 5.85%, due 3/8/53(a)(b) |
|
2,620,000 | 2,618,929 | |||||||||
|
|
|
|||||||||||
6
| Principal Amount* |
Value | |||||||||||
| RETAIL |
0.1 | % | ||||||||||
| Essential Properties LP, 2.95%, due 7/15/31(a)(b) |
|
1,473,000 | $ | 1,327,462 | ||||||||
|
|
|
|||||||||||
| SELF STORAGE |
0.1 | % | ||||||||||
| Public Storage Operating Co., 5.35%, due 8/1/53(a)(b) |
|
1,705,000 | 1,609,637 | |||||||||
|
|
|
|||||||||||
| SHOPPING CENTER |
0.6 | % | ||||||||||
| Federal Realty OP LP, 4.50%, due 12/1/44(a) |
|
1,700,000 | 1,455,977 | |||||||||
| Global Net Lease, Inc., 4.50%, due 9/30/28(a)(b)(i) |
|
4,200,000 | 4,072,018 | |||||||||
| Kimco Realty OP LLC, 6.40%, due 3/1/34(a)(b) |
|
1,460,000 | 1,580,487 | |||||||||
| Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, due 11/15/31(a)(b) |
|
1,160,000 | 1,027,814 | |||||||||
| Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, due 7/15/34(a)(b) |
|
1,995,000 | 2,050,466 | |||||||||
|
|
|
|||||||||||
| 10,186,762 | ||||||||||||
|
|
|
|||||||||||
| SPECIALTY |
0.6 | % | ||||||||||
| Newmark Group, Inc., 7.50%, due 1/12/29(a) |
|
840,000 | 881,122 | |||||||||
| VICI Properties LP, 5.625%, due 5/15/52(a) |
|
1,765,000 | 1,578,830 | |||||||||
| VICI Properties LP, 6.125%, due 4/1/54(a) |
|
1,100,000 | 1,048,977 | |||||||||
| VICI Properties LP/VICI Note Co., Inc., 4.125%, due 8/15/30(a)(b)(i) |
|
6,297,000 | 6,032,427 | |||||||||
|
|
|
|||||||||||
| 9,541,356 | ||||||||||||
|
|
|
|||||||||||
| TOTAL CORPORATE BONDS |
|
43,692,176 | ||||||||||
|
|
|
|||||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES |
0.3 | % | ||||||||||
| NYO Commercial Mortgage Trust, 5.333% (1 Month USD Term SOFR + 1.659%), |
|
4,450,000 | 4,433,463 | |||||||||
|
|
|
|||||||||||
| TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
|
4,433,463 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| WARRANTS—REAL ESTATE—OFFICE |
0.2 | % | ||||||||||
| Hudson Pacific Properties, Inc., exercise price $0.07(e)(m) |
|
446,575 | 2,607,998 | |||||||||
|
|
|
|||||||||||
| TOTAL WARRANTS |
|
2,607,998 | ||||||||||
|
|
|
|||||||||||
| Ownership%†† | ||||||||||||
| PRIVATE REAL ESTATE—OFFICE |
1.1 | % | ||||||||||
| Legacy Gateway JV LLC, Plano, TX(n) |
|
56.5 | % | 18,409,711 | ||||||||
|
|
|
|||||||||||
| TOTAL PRIVATE REAL ESTATE |
|
18,409,711 | ||||||||||
|
|
|
|||||||||||
7
| Shares | Value | |||||||||||
| SHORT-TERM INVESTMENTS |
2.6 | % | ||||||||||
| MONEY MARKET FUNDS |
||||||||||||
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 3.60%(o) |
|
33,392,200 | $ | 33,392,200 | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.60%(o) |
|
9,217,560 | 9,217,560 | |||||||||
|
|
|
|||||||||||
| TOTAL SHORT-TERM INVESTMENTS |
|
42,609,760 | ||||||||||
|
|
|
|||||||||||
| TOTAL INVESTMENTS IN SECURITIES |
142.8 | % | 2,341,236,949 | |||||||||
| WRITTEN OPTION CONTRACTS |
(0.1 | ) | (1,306,088 | ) | ||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS |
(42.7 | ) | (699,823,270 | ) | ||||||||
| SERIES A CUMULATIVE PREFERRED STOCK, AT LIQUIDATION VALUE |
(0.0 | ) | (125,000 | ) | ||||||||
|
|
|
|
|
|||||||||
| NET ASSETS |
100.0 | % | $ | 1,639,982,591 | ||||||||
|
|
|
|
|
|||||||||
8
Exchange-Traded Option Contracts
| Written Options | ||||||||||||||||||||||||||||||
| Description | Exercise Price |
Expiration Date |
Number of Contracts |
Notional Amount(p) |
Premiums Received |
Value | ||||||||||||||||||||||||
| Call—Iron Mountain, Inc. |
$ | 115.00 | 6/18/26 | (509 | ) | $ | (5,198,926 | ) | $ | (253,725 | ) | $ | (131,664 | ) | ||||||||||||||||
| Put—BXP, Inc. |
60.00 | 4/17/26 | (699 | ) | (3,627,810 | ) | (208,705 | ) | (573,444 | ) | ||||||||||||||||||||
| Put—Prologis, Inc. |
125.00 | 4/17/26 | (365 | ) | (4,824,570 | ) | (76,868 | ) | (55,496 | ) | ||||||||||||||||||||
| Put—Simon Property Group, Inc. |
175.00 | 4/17/26 | (259 | ) | (4,831,127 | ) | (51,535 | ) | (28,012 | ) | ||||||||||||||||||||
| Put—Omega Healthcare Investors, Inc. |
42.00 | 5/15/26 | (1,058 | ) | (4,636,156 | ) | (78,670 | ) | (114,905 | ) | ||||||||||||||||||||
| Put—SBA Communications Corp |
170.00 | 5/15/26 | (257 | ) | (4,423,227 | ) | (192,741 | ) | (177,231 | ) | ||||||||||||||||||||
| Put—Iron Mountain, Inc. |
85.00 | 6/18/26 | (466 | ) | (4,759,724 | ) | (96,265 | ) | (92,077 | ) | ||||||||||||||||||||
| Put—Simon Property Group, Inc. |
175.00 | 6/18/26 | (258 | ) | (4,812,474 | ) | (158,300 | ) | (133,259 | ) | ||||||||||||||||||||
| (3,871 | ) | $ | (37,114,014 | ) | $ | (1,116,809 | ) | $ | (1,306,088 | ) | ||||||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts
| Notional Amount |
Fixed Rate |
Fixed Rate Pay/ Receive |
Fixed Payment Frequency |
Floating Rate |
Floating Rate Pay/ Receive |
Floating Payment Frequency |
Maturity Date |
Unrealized Appreciation (Depreciation) |
Upfront Payments (Receipts) |
Value | ||||||||||||||||||||||||||
| $115,000,000 | 0.762% | Pay | Monthly | 3.794%(q) | Receive | Monthly | 9/15/26 | $ | 1,775,004 | $ | (3,761 | ) | $ | 1,771,243 | ||||||||||||||||||||||
| 190,000,000 | 1.237% | Pay | Monthly | 3.794%(q) | Receive | Monthly | 9/15/27 | 7,131,564 | (14,886 | ) | 7,116,678 | |||||||||||||||||||||||||
| 200,000,000 | 3.246% | Pay | Monthly | 3.680%(q) | Receive | Monthly | 9/15/28 | 1,448,445 | — | 1,448,445 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| $ | 10,355,013 | $ | (18,647 | ) | $ | 10,336,366 | ||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
Forward Foreign Currency Exchange Contracts
| Counterparty | Contracts to Deliver |
In Exchange For |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
| Brown Brothers Harriman |
EUR | 3,329,024 | USD | 3,835,802 | 4/20/26 | $ | (15,333 | ) | ||||||||||||||||
Glossary of Portfolio Abbreviations
| EUR | Euro Currency | |
| OIS | Overnight Indexed Swap | |
| REIT | Real Estate Investment Trust | |
| SOFR | Secured Overnight Financing Rate | |
| USD | United States Dollar |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Schedule of Investments.
9
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
| Quoted Prices in Active Markets for Identical Investments (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||||||||||||
| Common Stock |
$ | 1,872,250,414 | $ | — | $ | — | $ | 1,872,250,414 | ||||||||
| Preferred Securities—Exchange-Traded |
191,200,139 | — | — | 191,200,139 | ||||||||||||
| Preferred Securities—Over-the-Counter |
— | 166,033,288 | — | 166,033,288 | ||||||||||||
| Corporate Bonds |
— | 43,692,176 | — | 43,692,176 | ||||||||||||
| Commercial Mortgage-Backed Securities |
— | 4,433,463 | — | 4,433,463 | ||||||||||||
| Warrants |
— | 2,607,998 | — | 2,607,998 | ||||||||||||
| Private Real Estate |
— | — | 18,409,711 | (r) | 18,409,711 | |||||||||||
| Short-Term Investments |
— | 42,609,760 | — | 42,609,760 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | 2,063,450,553 | $ | 259,376,685 | $ | 18,409,711 | $ | 2,341,236,949 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest Rate Swap Contracts |
$ | — | $ | 10,355,013 | $ | — | $ | 10,355,013 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Assets |
$ | — | $ | 10,355,013 | $ | — | $ | 10,355,013 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (15,333 | ) | $ | — | $ | (15,333 | ) | ||||||
| Written Option Contracts |
— | (1,306,088 | ) | — | (1,306,088 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Derivative Liabilities |
$ | — | $ | (1,321,421 | ) | $ | — | $ | (1,321,421 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
| Balance as of December 31, 2025 |
Change in unrealized appreciation (depreciation) |
Balance as of March 31, 2026 |
||||||||||
| Private Real Estate—Office |
$ | 18,341,950 | $ | 67,761 | $ | 18,409,711 | ||||||
The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2026 which were valued using significant unobservable inputs (Level 3) amounted to $67,761.
The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy.
| Fair Value at March 31, 2026 |
Valuation Technique |
Unobservable Inputs |
Amount | Valuation Impact from an Increase in Input(s) | ||||||
| Discounted | Terminal Capitalization Rate |
7.25% | Decrease | |||||||
| Private Real Estate—Office |
$18,409,711 | Cash Flow | Discount Rate | 8.50% | Decrease |
Note: Percentages indicated are based on the net assets of the Fund.
| * | Amount denominated in U.S. dollars unless otherwise indicated. |
| †† | Legacy Gateway JV LLC, owns a Class A office building located at 6860 N. Dallas Parkway, Plano, Texas 75024. |
| (a) | All or a portion of the security is pledged as collateral in connection with the Fund’s revolving credit agreement. $1,497,126,578 in aggregate has been pledged as collateral. |
| (b) | A portion of the security has been rehypothecated in connection with the Fund’s revolving credit agreement. $653,436,081 in aggregate has been rehypothecated. |
| (c) | All or a portion of the security is pledged in connection with exchange-traded written option contracts. $25,849,345 in aggregate has been pledged as collateral. |
| (d) | Restricted security. Aggregate holdings equal 0.3% of the net assets of the Fund. This security was acquired on August 3, 2020, at a cost of $8,757,813. |
10
| (e) | Non–income producing security. |
| (f) | Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. |
| (g) | Contingent Capital security (CoCo). CoCos are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. Aggregate holdings amounted to $35,345,670 which represents 2.2% of the net assets of the Fund (1.5% of the managed assets of the Fund). |
| (h) |
Security converts to floating rate after the indicated fixed–rate coupon period. |
| (i) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $44,041,007 which represents 2.7% of the net assets of the Fund, of which 0.02% are illiquid. |
| (j) | Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. Aggregate holdings amounted to $7,819,830 which represents 0.5% of the net assets of the Fund, of which 0.0% are illiquid. |
| (k) | Security is in default. |
| (l) | Variable rate. Rate shown is in effect at March 31, 2026. |
| (m) | These warrants do not have a stated expiration date. |
| (n) |
Security value is determined based on significant unobservable inputs (Level 3). |
| (o) | Rate quoted represents the annualized seven–day yield. |
| (p) | Represents the number of contracts multiplied by notional contract size multiplied by the underlying price. |
| (q) | Based on 1-Day USD-SOFR-OIS. Represents rates in effect at March 31, 2026. |
| (r) | Private Real Estate, where observable inputs are limited, has been fair valued by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as Level 3 security. See Note 1 - Portfolio Valuation. |
| (s) | Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may result in a materially higher or lower fair value measurement. |
11
COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price. Centrally cleared interest rate swaps are valued based upon prices provided by a third-party pricing service. Forward foreign currency exchange contracts are valued daily at the prevailing forward exchange rate. Exchange-traded options are valued at their last sale price as of the close of options trading on the applicable exchanges on the valuation date, when supported by sufficient trading volume, or otherwise based on prices provided by a third-party pricing service. Over-the-counter (OTC) options are valued based upon prices provided by a third-party pricing service or counterparty.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the OTC market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment manager) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Fixed-income securities are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment manager, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features which are then used to calculate the fair values.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The Fund utilizes an independent valuation services firm (the Independent Valuation Advisor) to assist the investment manager in the determination of the Fund’s fair value of private real estate investments held by the Cohen & Steers RQI Trust (the REIT Subsidiary). Limited scope appraisals are prepared on a monthly basis and typically include a limited comparable sales and a full discounted cash flow analysis. Annually, a full scope, detailed appraisal report is completed which typically includes market analysis, cost approach, sales comparison approach and an income approach containing a discounted cash flow analysis. The full scope report is prepared by a third-party appraisal firm. The investment manager, including through communication with the Independent Valuation Advisor, monitors for material events that the investment manager believes may be expected to have a material impact on the most recent estimated fair values of such private real estate investments. However, rapidly changing market conditions or material events may not be immediately reflected in the Fund’s or REIT Subsidiary’s daily NAV. The investment manager, in conjunction with the Independent Valuation Advisor, values the private real estate investments using the valuation methodology it deems most appropriate and consistent with industry best practices and market conditions. The investment manager expects the primary methodology used to value private real estate investments will be the income approach. Consistent with industry practices, the income approach incorporates actual contractual lease income, professional judgments regarding comparable rental and operating expense data, the capitalization or discount rate and projections of future rent and expenses based on appropriate market evidence, and other subjective factors. Other methodologies that may also be used to value properties include, among other approaches, sales comparisons and cost approaches. Private real estate appraisals are reported on a free and clear basis (i.e. any property-level indebtedness that may be in place is not incorporated into the valuation). Property level debt is valued separately in accordance with GAAP.
The Board of Directors has designated the investment manager as the Fund’s “Valuation Designee” under Rule 2a-5 under the Investment Company Act of 1940. As Valuation Designee, the investment manager is authorized to make fair valuation determinations, subject to the oversight of the Board of Directors. The investment manager has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
Securities for which market prices are unavailable, or securities for which the investment manager determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets.
For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities are categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The levels associated with valuing the Fund’s investments as of March 31, 2026 are disclosed in the Fund’s Consolidated Schedule of Investments.
Note 2. Derivative Investments
Forward Foreign Currency Exchange Contracts: The Fund may enter into forward foreign currency exchange contracts to hedge the currency exposure associated with certain of its non-U.S. dollar-denominated securities. A forward foreign currency exchange contract is a commitment between two parties to purchase or sell foreign currency at a set price on a future date. The market value of a forward foreign currency exchange contract fluctuates with changes in foreign currency exchange rates. These contracts are marked to market daily and the change in value is recorded by the Fund as unrealized appreciation and/or depreciation on forward foreign currency exchange contracts. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are included in net realized gain or loss on forward foreign currency exchange contracts.
Forward foreign currency exchange contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Schedule of Investments. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the contract. Risks may also arise upon entering these contracts from the potential inability of the counterparties to meet the terms of their contracts. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective contracts.
Option Contracts: The Fund may purchase and write exchange-listed and OTC put or call options on securities, stock indices and other financial instruments for hedging purposes, to enhance portfolio returns and/or reduce overall volatility.
When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium
COHEN & STEERS QUALITY INCOME REALTY FUND, INC.
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
Centrally Cleared Interest Rate Swap Contracts: The Fund uses interest rate swaps in connection with borrowing under its credit agreement. The interest rate swaps are intended to reduce interest rate risk by countering the effect that an increase in short-term interest rates could have on the performance of the Fund’s shares as a result of the floating rate structure of interest owed pursuant to the credit agreement. When entering into 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’s agreement to pay the Fund a variable rate payment that was intended to approximate the Fund’s variable rate payment obligation on the credit agreement, the accruals for which would begin at a specific date in the future (the effective date). 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 Fund. Swaps are marked-to-market daily and changes in the value are recorded as unrealized appreciation (depreciation).
Immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the CCP) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited is recorded as cash collateral pledged for interest rate swap contracts. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin on interest rate swap contracts. Any upfront payments paid or received upon entering into a swap agreement would be recorded as assets or liabilities, respectively, and amortized or accreted over the life of the swap and recorded as realized gain (loss). Payments received from or paid to the counterparty during the term of the swap agreement, or at termination, are recorded as realized gain (loss).
Swap agreements involve, to varying degrees, elements of market and counterparty risk, and exposure to loss in excess of the related amounts reflected on the Consolidated Schedule of Investments. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.