NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- 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 nine months ended July 31, 2005.

                                                 At July 31,
                                                 -----------
                                           2005                2004
                                       ------------        ------------
 Net Assets (a)                       $161,972,059        $160,920,789
 Common Shares Outstanding               7,257,093           7,257,093
 Net Asset Value ("NAV")                    $14.74              $14.60
 Market Price                               $12.90              $12.68
 Discount to NAV                            12.48%              13.15%

 (a) Net assets are inclusive of $55 million Preferred stock issuance.


                                            Quarter ended July 31,
                                            ----------------------
                                           2005               2004
                                      ------------        ------------

 Net Investment Income                  $1,510,586          $1,563,814
 Per Common Share                            $0.21               $0.21
 Net Realized and Change in
   Unrealized Gain (Loss)                 $(34,582)           $814,259
 Per Common Share                           $(0.00)(c)           $0.12

 3 Month Average Overdistributed
    Net Investment Income Per
     Common Share (b)                      $0.0060                  NA

 (b)Calculated using the month-end balances for the three months ended
    July 31, 2005. 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 net investment income balance
    will remain constant.
 (c) Less than $0.005.

                                          Nine months ended July 31,
                                          --------------------------
                                          2005                 2004
                                      ------------        ------------
 Net Investment Income                  $4,624,963          $4,806,864
 Per Common Share                            $0.64               $0.66
 Net Realized and Change
   in Unrealized loss                    $(651,066)        $(1,682,299)
 Per Common Share                           $(0.09)             $(0.23)



             Top 5  State Positions at  July 31, 2005
                 (as a percentage of investments):
                 ---------------------------------

             Texas                          13.1%
             Illinois                       12.6
             California                     11.7
             Georgia                         8.2
             New York                        6.9

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.

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.

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.

CONTACT:  Allianz Global Investors Fund Management LLC
          Christoph Hofmann
          (203) 352-4993