NEW YORK, June 27, 2007 (PRIME 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 six months ended April 30, 2007.
At April 30,
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2007 2006
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Net Assets (a) $ 160,942,928 $ 157,997,044
Common Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $ 14.60 $ 14.19
Market Price $ 13.73 $ 12.31
Discount to NAV (5.96)% (13.25)%
Quarter ended April 30,
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2007 2006
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Net Investment Income $ 1,507,722 $ 1,487,992
Per Common Share $ 0.21 $ 0.20
Net Realized and Change in
Unrealized Gain (Loss) $ 364,468 $ (2,369,677)
Per Common Share $ 0.05 $ (0.33)
3 Month Average Undistributed
(Overdistributed) Net Investment
Income Per Common Share (b) $ 0.0332 $ (0.0114)
Six months ended April 30,
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2007 2006
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Net Investment Income $ 3,028,056 $ 2,893,876
Per Common Share $ 0.42 $ 0.39
Net Realized and Change in
Unrealized Loss $ (917,352) $ (1,078,021)
Per Common Share $ (0.13) $ (0.15)
(a) Net assets are inclusive of market value of Preferred shares
of $55 million.
(b) Calculated using the estimated accumulated month-end tax-basis
balances for the three months ended April 30, 2007 and April 30,
2006, respectively. 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
(overdistributed) net investment income balance will remain
constant.
Top 5 State Positions at April 30, 2007
(as a percentage of investments)
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California 14.5%
Texas 9.4
New York 7.5
Illinois 7.4
Washington 6.4
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. In making an investment decision, individuals should utilize other information sources and the advice of their own professional adviser.