NEW YORK, Dec. 26, 2006 (PRIME NEWSWIRE) -- 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 and year ended October 31, 2006.
At October 31,
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2006 2005
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Net Assets (a) $161,575,837 $159,394,869
Common Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $14.69 $14.39
Market Price $13.11 $12.37
Discount to NAV (10.76)% (14.04)%
Quarter ended October 31,
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2006 2005
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Net Investment Income $ 1,522,713 $ 1,521,946
Per Common Share $0.21 $0.21
Net Realized and Change in
Unrealized Gain (Loss) $ 3,167,479 $ (2,663,932)
Per Common Share $0.44 $(0.37)
3 Month Average Overdistributed
Net Investment Income Per
Common Share (b) $(0.0074) $(0.0003)
Year ended October 31,
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2006 2005
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Net Investment Income $ 5,886,638 $ 6,146,909
Per Common Share $0.81 $0.85
Net Realized and Change in
Unrealized Gain (Loss) $ 2,387,069 $ (3,314,998)
Per Common Share $0.33 $(0.46)
(a) Net assets are inclusive of market value of Preferred shares
of $55 million.
(b) Calculated using the month-end balances for the three months
Ended October 31, 2006 and October 31, 2005, respectively. Please
Note that generally there is a close correlation between what the
Fund earns (net of expenses) and what it pays in monthly
dividends. However, since net earning rates fluctuate from month
to month while monthly dividends have remained relatively stable,
there will be periods when the Fund may modestly over-earn or
under-earn its monthly dividend which would have the effect of
adding to or subtracting from Fund's undistributed
(overdistributed) net investment income balance. Fund management
analyzes the Fund's current and projected net earning rates
prior to recommending dividend amounts to the Fund's Board of
Directors for declaration. There can be no assurance that the
current dividend rate or the undistributed (overdistributed) net
investment income balance will remain constant.
Top 5 State Positions at October 31, 2006
(as a percentage of investments)
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California 15.0 %
Texas 9.3
New York 8.8
Illinois 8.4
Florida 7.2
Allianz Global Investors 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, an Allianz Global Investors Fund Management affiliate, serves as the Fund's investment adviser. On November 21, 2006, the Fund's Board of Directors approved a change of the Fund's Investment Adviser to Pacific Investment management Company LLC ("PIMCO"). PIMCO replaced Oppenheimer Capital LLC on December 1, 2006 on an interim basis, pending full shareholder approval. It is anticipated that the Board of Directors will bring the proposal to approve PIMCO as Investment Adviser on a permanent basis before shareholders at the next annual meeting, which is in February 2007.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. 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.