Note 1. Significant Accounting Policies
Cohen & Steers Advantage Income Realty Fund, Inc. (the fund) was incorporated under the laws of the State of Maryland on
June 21, 2000 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.
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.
Portfolio Valuation: 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 for the day or, if no asked price is available, at the bid price.
Securities not listed on the New York Stock Exchange but listed on other domestic or foreign securities exchanges or admitted
to trading on the National Association of Securities Dealers Automated Quotations, Inc. (Nasdaq) national market system 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.
Readily marketable securities traded in the over-the-count