NEW YORK, April 8, 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 ended January 31, 2008.
At January 31,
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2008 2007
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Net Assets (a) $153,166,025 $160,429,351
Common Shares Outstanding 7,257,093 7,257,093
Net Asset Value ("NAV") $13.53 $14.53
Market Price $13.30 $13.43
Discount to NAV (1.70)% (7.57)%
Quarter ended January 31,
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2008 2007
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Net Investment Income $1,649,295 $1,520,334
Per Common Share $0.23 $0.21
Net Realized and Change in
Unrealized Gain (Loss) $(3,366,536) $(1,281,820)
Per Common Share Net Investment
Income Per Common Share (b) $(0.46) $(0.18)
Undistributed
Net Investment Income Per
Common Share (b) $0.0257 (c) $0.0144 (d)
(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 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.
(c) Calculated using the accumulated balance at January 31, 2008.
(d) Calculated using the average fiscal year-to-date month-end balances
for the three months ended January 31, 2007.
Top 5 State Positions at January 31, 2008
(as a percentage of total investments)
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Ohio 9.7 %
Illinois 9.5
Texas 8.4
California 7.7
Michigan 6.0
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.