NEW YORK, June 17, 2005 (PRIMEZONE) -- The Board of Directors of Municipal Advantage Fund Inc. (the "Fund") (NYSE:MAF), a closed-end management investment company that seeks a high level of current income exempt from federal income taxes, announced its intention to decrease the Fund's monthly per share common dividend from $0.06 per common share to $0.05 per common share, effective with the next monthly dividend declaration, which is scheduled for July 1, 2005 and payable on August 1, 2005. The reduction in the monthly common share dividend is a result of increased interest payments to Preferred Shareholders consistent with the increase in short-term interest rates during the past twelve months. Higher short-term interest rates result in increased interest payments to Preferred Shareholders, which reduces the amount of net investment income available to be paid as dividends to common shareholders.
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 http://www.allianzinvestors.com/closedendfunds/ or by calling the Fund's transfer agent at 1-800-331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.