NEW YORK, Jan. 16, 2009 (GLOBE NEWSWIRE) -- PIMCO 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, consistent with the preservation of capital, today announced its results for the fiscal quarter and year ended October 31, 2008.
At October 31,
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2008 2007
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Net Assets (a) $126,742,889 $156,743,723
Common Shares Outstanding 7,258,006 7,257,093
Net Asset Value ("NAV") $9.88 $14.02
Market Price $9.62 $13.19
Discount to NAV (2.63)% (5.92)%
Quarter ended October 31,
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2008 2007
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Net Investment Income $1,640,028 $1,557,829
Per Common Share $0.23 $0.21
Net Realized and Change
in Unrealized Loss $(17,258,943) $(1,298,018)
Per Common Share ($2.38) ($0.18)
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (b) (c) $(0.0460) $0.0548
Year ended October 31,
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2008 2007
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Net Investment Income $6,570,344 $6,182,414
Per Common Share $0.91 $0.85
Net Realized and Change in
Unrealized Loss $(29,280,139) $(5,219,449)
Per Common Share ($4.04) ($0.72)
(a) Net assets are inclusive of market value of Preferred stock of
$55 million.
(b) 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 over-earn or under-earn
its monthly dividend which would have the effect of adding to or
subtracting from the 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.
(c) Calculated using the accumulated fiscal year-to-date "tax" basis
balance at October 31, 2008 and October 31, 2007.
Top 5 State Positions at October 31, 2008
(as a percentage of total investments)
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Illinois 11.3 %
Ohio 8.5
Texas 8.4
California 7.7
Massachusetts 6.5
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). Pacific Investment Management Company LLC, 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, 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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.