NEW YORK, April 8, 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 ended January 31, 2009.
At January 31,
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2009 2008
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Net Assets (a) $123,743,763 $153,166,025
Common Shares Outstanding 7,258,006 7,257,093
Net Asset Value ("NAV") $9.47 $13.53
Market Price $8.91 $13.30
Discount to NAV (5.91)% (1.70)%
Undistributed Net Investment
Income
Per Common Share (b) $0.0138 $0.0257
Quarter ended January 31,
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2009 2008
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Net Investment Income $1,583,990 $1,649,295
Per Common Share $0.22 $0.23
Net Realized and Change in
Unrealized Loss $(3,079,135) $(3,366,536)
Per Common Share ($0.42) ($0.46)
(a) Net assets are inclusive of market value of Preferred stock of
$55 million. On April 24, 2009, the Fund is scheduled to redeem
all of its outstanding Preferred stock.
(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 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 January 31, 2009
(as a percentage of total investments)
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Illinois 14.0 %
Texas 8.6
California 8.0
Massachusetts 7.2
New Mexico 6.7
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.