NEW YORK, Jan. 3, 2008 (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 year ended October 31, 2007.
At October 31,
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2007 2006
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Net Assets (a) $156,743,723 $161,575,837
Common Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $14.02 $14.69
Market Price $13.19 $13.11
Discount to NAV (5.92)% (10.76)%
Quarter ended October 31,
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2007 2006
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Net Investment Income $1,557,829 $1,522,713
Per Common Share $0.21 $0.21
Net Realized and Change in
Unrealized Gain (Loss) $(1,298,018) $3,167,479
Per Common Share ($0.18) $0.44
Undistributed (Overdistributed)
Net Investment Income Per Common
Share (b) $0.0548 (c) $(0.0074)(d)
Year ended October 31,
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2007 2006
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Net Investment Income $6,182,414 $5,886,638
Per Common Share $0.85 $0.81
Net Realized and Change in
Unrealized Gain (Loss) $(5,219,449) $2,387,069
Per Common Share $(0.72) $0.33
(a) Net assets are inclusive of market value of Preferred shares of
$55 million.
(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
(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.
(c) Calculated using the accumulated balance at October 31, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended October 31, 2006.
Top 5 State Positions at October 31, 2007
(as a percentage of total investments)
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California 14.6 %
Texas 9.2
Wisconsin 6.7
Ohio 6.2
Michigan 5.9
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 any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.