NEW YORK, April 1, 2005 (PRIMEZONE) -- The Board of Directors of Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), a closed-end management investment company which seeks a high level of current income exempt from federal income taxes, announced today that it has declared a dividend of $0.06 cents per common share.
The dividend will be payable on May 2, 2005 to shareholders of record on April 15, 2005, with an ex-dividend date of April 13, 2005.
At March 31, 2005, the Fund's net assets were $159.9 million (inclusive of $55 million of preferred stock).
Allianz Global Investors Fund Management LLC (formerly 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). OpCap Advisors LLC, an Allianz Global Investors affiliate, serves as the Fund's investment adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information, including updated portfolio statistics and performance as of February 28, 2005, is available at www.allianzinvestors.com or by calling the Fund's transfer agent at 1-800-331-1710.