NEW YORK, March 15, 2005 (PRIMEZONE) -- Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), a closed-end management investment company which seeks a high level of current income exempt from regular federal income taxes, today announced its results for the fiscal quarter ended January 31, 2005.
At January 31,
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2005 2004
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Net Assets $163,503,247(a) $164,636,063(a)
Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $14.95 $15.11
Market Price $13.05 $14.22
Discount to NAV 12.71% 5.89%
(a) Net assets are inclusive of $55 million Preferred stock issuance.
Quarter ended January 31,
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2005 2004
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Net Investment Income $1,559,256 $1,616,745
Per Share $0.21 $0.22
Net Realized and Unrealized Gain $727,565 $1,896,447
Per Share $0.10 $0.26
Top 5 State Positions at January 31, 2005
(as a percentage of investments):
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Illinois 13.7%
Texas 13.6
California 11.6
Georgia 8.2
Ohio 5.9
At the last meeting of the Board of Directors of the Fund, the Board approved an amendment to the sub-advisory agreement between PA Fund Management LLC, the Fund's investment manager and OpCap Advisors LLC, the Fund's investment adviser, to replace OpCap Advisors with Oppenehimer Capital LLC, OpCap Advisor's parent company. The amendment did not result in the change of management or personnel of those involved in the day to day management of the Fund's portfolio.
PA Fund Management LLC, an indirect wholly owned subsidiary of Allianz Global Investors of America, L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Oppenheimer Capital LLC, a PA Fund Management affiliate, serves as the Fund's investment adviser. Allianz is a leading global financial services company.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information is available at www.pimcoadvisors.com or by calling the Fund's transfer agent at 1-800-331-1710.