NEW YORK, Oct. 7, 2005 (PRIMEZONE) -- Allianz Global Investors Fund Management LLC, the investment manager to Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), a closed-end management investment company that seeks a high-level of current income exempt from regular federal income taxes, today announced that the Board of Directors of the Fund approved the exclusive use of Moody's Investors Services to continue to rate its preferred shares. The preferred shares are currently rated "Aaa" by Moody's.
Allianz Global Investors Fund Management LLC, an indirect wholly owned subsidiary of Allianz Global Investors of America, L.P., is a member of Munich-based Allianz Group (NYSE:AZ). Oppenheimer Capital LLC, an Allianz Global Investors Fund Management 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 is available at www.allianzinvestors.com/closedendfunds/ or by calling the Fund's transfer agent at 1-800-331-1710.
This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.