Municipal Advantage Fund Inc. Reports Results for the Fiscal Quarter and Six Months Ended April 30, 2006


NEW YORK, June 28, 2006 (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 six months ended April 30, 2006.



                                             At April 30,
                                             -----------
                                      2006                  2005
                                 ------------          ------------
 Net Assets (a)                  $157,997,044          $162,128,754
 Common Shares Outstanding          7,257,093             7,257,093
 Net Asset Value ("NAV")               $14.19                $14.76
 Market Price                          $12.31                $12.89
 Discount to NAV                       (13.25)%              (12.67)%


                                        Quarter ended April 30,
                                        ----------------------
                                      2006                  2005
                                  -----------           ----------- 
 Net Investment Income             $1,487,992            $1,555,121
 Per Common Share                       $0.20                 $0.22
 Net Realized and Change in
  Unrealized Loss                 $(2,369,677)          $(1,344,049)
 Per Common Share                      $(0.33)               $(0.19)
 3 Month Average Under 
  (Overdistributed)
  Net Investment Income Per  
   Common Share (b)                  $(0.0114)              $0.0095


 (a) Net assets are inclusive of the market value of Preferred shares
     of $55 million.

 (b) Calculated using the month-end balances for the three months
     ended April 30, 2006. 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 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.

                                       Six months ended April 30,
                                       ------------------------- 
                                      2006                  2005
                                  -----------            ----------
 Net Investment Income             $2,893,876            $3,114,377
 Per Common Share                       $0.39                 $0.43
 Net Realized and Change in 
  Unrealized Loss                 $(1,078,021)            $(616,484)
 Per Common Share                      $(0.15)               $(0.09)



                      (as a percentage of total investments):

       New York                                        11.0%
       Texas                                           11.0
       California                                       9.8
       Illinois                                         8.4
       Washington                                       8.2

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 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.



            

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