NEW YORK, June 13, 2007 (PRIME NEWSWIRE) -- The Board of Directors of PIMCO Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), a closed-end management investment company that seeks a high level of current income exempt from federal income taxes, today announced the Fund will increase its monthly dividend from 4.0 cents per common share to 4.5 cents per common share, effective with the next dividend declaration on July 2, 2007.
As previously announced, Pacific Investment Management Company LLC ("PIMCO") assumed the role of sub-adviser to the Fund on December 1, 2006, at the Fund's Board's direction. A new Portfolio Management Agreement between the Fund's investment manager and PIMCO with respect to the Fund was approved by the Fund's stockholders at a meeting on March 15, 2007.
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). PIMCO, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-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, is available at www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
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.