NEW YORK, March 15, 2007 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), investment manager to Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), announced that at a meeting held today, the Fund's stockholders approved a new Portfolio Management Agreement between AGIFM and Pacific Investment Management Company LLC ("PIMCO"), pursuant to which PIMCO will act as the Fund's sub-adviser. This change does not affect the management fees paid by the Fund.
AGIFM also announced that pending the satisfaction of legal requirements, the Fund's name will be changed to "PIMCO Municipal Advantage Fund Inc."
On December 1, 2006, the Fund's Board appointed PIMCO to replace Oppenheimer Capital LLC as the Fund's sub-adviser, but that appointment was on an interim basis, pending the stockholder approval of the Portfolio Management Agreement that was obtained today.
Mark McCray, Managing Director at PIMCO, will continue to be the lead portfolio manager for the Fund as he has been since December 1, 2006. Mr. McCray is responsible for PIMCO's municipal bond funds and is the portfolio manager for PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II and PIMCO Municipal Income Fund III, as well as several state-specific municipal closed-end funds managed by AGIFM and sub-advised by PIMCO. At December 31, 2006, Mr. McCray was responsible for overseeing municipal assets of approximately $8.2 billion.
The Fund is a closed-end management investment company that seeks to provide a high level of current income that is exempt from regular federal income taxes. At February 28, 2007, the Fund's net assets were $162.1 million, inclusive of the preferred shares issued and outstanding.
AGIFM, 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). PIMCO is an affiliate of AGIFM.
The Fund's daily New York Stock Exchange closing price, the latest available net asset value per share as well as other information is available by calling the Fund's shareholder servicing agent at 1-800-331-1710. In addition, this information plus updated portfolio statistics and performance is available at http://www.allianzinvestors.com/closedendfunds.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.