NEW YORK, Dec. 22, 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 federal income taxes, today announced its results for the fiscal quarter and year ended October 31, 2005.
At October 31,
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2005 2004
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Net Assets (a) $159,394,869 $164,522,471
Common Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $14.39 $15.10
Market Price $12.37 $13.29
Discount to NAV (14.04)% (11.99)%
Quarter ended October 31,
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2005 2004
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Net Investment Income $1,521,946 $1,574,697
Per Common Share $0.21 $0.22
Net Realized and Change in
Unrealized Gain (Loss) $(2,663,932) $3,567,131
Per Common Share $(0.37) $0.49
3 Month Average Undistributed
Net Investment Income
Per Common Share (b) $(0.0003) NA
Year ended October 31,
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2005 2004
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Net Investment Income $6,146,909 $6,381,561
Per Common Share $0.85 $0.88
Net Realized and Change in
Unrealized Gain (Loss) $(3,314,998) $1,884,832
Per Common Share $(0.46) $0.26
(a) Net assets are inclusive of $55 million Preferred shares issuance.
(b) Calculated using the month-end balances for the three months
ended October 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.
Top 5 State
Positions at
October 31, 2005
(as a percentage of
total investments):
Texas 13.2 %
Illinois 12.6
California 11.9
Washington 8.2
Florida 7.1
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 (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.