Form 3 COHEN & STEERS ADVANTAGE For: May 29 Filed by: BANK OF AMERICA CORP /DE/ (10K)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last)

(First)

(Middle)

BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST

(Street)

CHARLOTTE

28255

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
05/29/2009

3. Issuer Name and Ticker or Trading Symbol
COHEN & STEERS ADVANTAGE INCOME REALTY FUND INC [RLF]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Auction Rate Preferred	287 ⁽¹⁾	I	By Subsidiary
Common Stock	17,637	I	By Subsidiary

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Excercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Excercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:
1. The Auction Rate Preferred Shares ("Shares") reported in Table 1 represent 239 Shares beneficially owned by Merrill Lynch, Pierce, Fenner & Smith, Inc. ("MLPFS") and 48 Shares beneficially owned by Bank of America, N.A. ("BANA"). MLPFS and BANA are each indirect, wholly owned subsidiaries of Bank of America Corporation ("Bank of America").
Remarks: The�Shares�reported�herein�represent�Bank�of�America's�combined�holdings�in�multiple�series�of�auction�rate�preferred�securities�of�the�issuer,�which�are�treated�herein�as�one�class�of�securities�in�accordance�with�the�Auction�Rate�Securities-Global�Exemptive�Relief�no-action�letter�issued�by�the�Securities�and�Exchange�Commission�(SEC)�on�September�22,�2008.��Bank�of�America�undertakes�to�provide�upon�request�by�the�SEC,�the�issuer�or�a�security�holder�of�the�issuer,�complete�information�regarding�the�number�of�equity�securities�of�the�issuer�purchased�or�sold�at�each�different�price�and�date�of�all�transactions�in�such�securities�that�occurred�after�Bank�of�America�became�a�10%�owner�but�prior�to�the�date�of�this�filing.

	/s/ Debra I. Cho, Senior Vice President, on behalf of Bank of America Corporation and Bank of America, N.A.	06/09/2009
	** Signature of Reporting Person	Date
	/s/ Benjamin Leavitt, Attorney-in-Fact, on behalf of Merrill Lynch, Pierce, Fenner & Smith, Inc.	06/09/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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