September 01, 2006 at 13:20 PM EDT
Municipal Advantage Fund Inc. Declares Monthly Dividend of 4.0 Cents Per Common Share

NEW YORK, Sept. 1, 2006 (PRIMEZONE) -- The Board of Directors of 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, announced today that it has declared a dividend of $0.04 cents per common share.

The dividends will be payable on October 2, 2006 to shareholders of record on September 11, 2006, with an ex-dividend date of September 7, 2006.

At August 31, 2006, the Fund's net assets were $160.4 million (inclusive of $55 million of preferred stock).

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). OpCap Advisors 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, including updated portfolio statistics and performance is available at www.allianzinvestors.com or by calling the Fund's shareholder servicing 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.

CONTACT:  Christoph Hofmann
          (203) 352-4993
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