-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ECSAdW0/xyjlywq1smeSorqI2NSl5C6OwwVyOpefOh0g34BZBT9ws2y9YK3D0U1f mvdJgUkRRfLkcfPeKebDWA== 0001048703-07-000064.txt : 20070309 0001048703-07-000064.hdr.sgml : 20070309 20070309160912 ACCESSION NUMBER: 0001048703-07-000064 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070309 DATE AS OF CHANGE: 20070309 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MUNICIPAL ADVANTAGE FUND INC CENTRAL INDEX KEY: 0000897951 IRS NUMBER: 133703018 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47776 FILM NUMBER: 07684632 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2125041652 MAIL ADDRESS: STREET 1: 1345 AVE. OF THE AMERICAS, 46TH FL CITY: NEW YORK STATE: NY ZIP: 10105 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Karpus Management, Inc. CENTRAL INDEX KEY: 0001048703 IRS NUMBER: 161290550 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 BUSINESS PHONE: 5855864680 MAIL ADDRESS: STREET 1: 183 SULLY'S TRAIL CITY: PITTSFORD STATE: NY ZIP: 14534 FORMER COMPANY: FORMER CONFORMED NAME: KARPUS MANAGEMENT INC DATE OF NAME CHANGE: 19971029 SC 13D/A 1 maf13da.htm UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Amendment No. 4
Under the Securities Exchange Act of 1934

Municipal Advantage Fund Inc. (MAF)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

626189104

(CUSIP Number)

George W. Karpus, President
Karpus Management, Inc.,
d/b/a Karpus Investment Management
183 Sully's Trail
Pittsford, New York 14534
(585) 586-4680

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

March 9, 2007

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D/A,
and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. _____

CUSIP No.: 626189104

1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

Karpus Management, Inc., d/b/a Karpus Investment Management
I.D. #16-1290558

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) _____
(b) X

3. SEC Use Only

4. Source of Funds (See Instructions)

5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

N/A

6. Citizenship or Place of Organization

New York

Number of Shares Beneficially Owned by Each reporting Person With:

7. Sole Voting Power

8. Shared Voting Power

9. Sole Dispositive Power

10. Shared Dispositive Power

11. Aggregate Amount Beneficially Owned by Each Reporting Person

676,347

12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

N/A

13. Percent of Class Represented by Amount in Row (11)

9.32%

14. Type of Reporting Person (See Instructions)

The following constitutes Amendment No. 4 ("Amendment No. 4") to the Schedule 13D filed by the undersigned. This Amendment amends the original Schedule 13D as specifically set forth.

Item 3. Source and Amount of Funds or Other Considerations.

Item 3 is hereby amended as follows:

KIM, an independent investment advisor, has accumulated 676,347 shares of MAF on behalf of accounts that are managed by KIM (the “Accounts”) under limited powers of attorney, which represents 9.32% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts.

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended as follows:

(a) As of the date of this Report, KIM represents beneficial ownership of 676,347 shares or 9.32% of the outstanding shares. Jo Ann Van Degriff presently owns 1,900 shares. Mrs. Van Degriff purchased shares on November 11, 2005 at $12.29 (150 shares), December 7, 2005 at $12.31 (1,000 shares), December 29, 2006 at $13.34 (1,300 shares). Ms. Van Degriff sold shares on September 15, 2006 at $12.80 (100 shares), September 18, 2006 at $12.82 (50 shares), September 19, 2006 at $12.83 (50 shares), September 20, 2006 at $12.85 (100 shares), September 21, 2006 at $12.86 (200 shares) and September 25, 2006 at $13.02 (50 shares). George W. Karpus presently owns 19,000 shares. Mr. Karpus purchased shares on May 11, 2004 at $12.17 (2,100 shares), December 14, 2005 at $12.30 (2,000 shares), November 27, 2006 at $13.28 (3,000 shares), November 30, 2006 at $13.31 (4,500 shares), December 7, 2006 at $13.39 (1,000 shares), December 11, 2006 at $13.29 (1,000 shares), January 10, 2007 at $13.37 (1,000 shares), January 17, 2007 at $13.34 (1,200 shares), January 19, 2007 at $13.37 (2,700 shares), February 12, 2007 at $13.54 (2,500 shares). Mr. Karpus sold shares on December 29, 2004 at $13.05 (50 shares), September 7, 2006 at $12.72 (50 shares), September 12, 2006 at $12.76 (50 shares), September 13, 2006 at $12.81 (50 shares), September 15, 2006 at $12.79 (250 shares), September 18, 2006 at $12.80 (250 shares), September 19, 2006 at $12.82 (100 shares), September 20, 2006 at $12.84 (400 shares), September 21, 2006 at $12.85 (700 shares) and September 25, 2006 at $13.01 (100 shares). Karpus Investment Management, Inc. presently owns 3,150 shares. Karpus Investment Management, Inc. purchased shares on November 10, 2004 at $12.87 (1,400 shares), November 27, 2006 at $13.28 (500 shares), December 4, 2006 at $13.40 (1,000 shares) and on December 6, 2006 at $13.43 (1,000 shares). Karpus Investment Management, Inc. sold shares on December 29, 2004 at $13.05 (50 shares), September 7, 2006 at $12.72 (50 shares), September 15, 2006 at $12.80 (100 shares), September 18, 2006 at $12.81 (100 shares), September 19, 2006 at $12.83 (50 shares), September 20, 2006 at $12.84 (150 shares), September 21, 2006 at $12.86 (200 shares) and September 25, 2006 at $13.02 (50 shares). Urbana Partners L.P. is a hedge fund managed by Karpus Investment Management, of which George W. Karpus owns 7.91%. Urbana Partners L.P. currently owns 19,000 shares of MAF. None of the other principals of KIM presently own shares of MAF.

(c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases:


	Date	Shares	Price Per Share
	1/3/2007	51,000	 $13.41
	1/4/2007	3,238	 $13.37
	1/9/2007	2,000	 $13.37
	1/10/2007	13,420	 $13.37
	1/11/2007	5,500	 $13.31
	1/12/2007	5,500	 $13.33
	1/16/2007	3,300	 $13.34
	1/17/2007	2,200	 $13.35
	1/19/2007	9,700	 $13.37
	1/22/2007	8,500	 $13.33
	1/23/2007	3,200	 $13.34
	1/24/2007	4,900	 $13.35
	1/25/2007	4,100	 $13.36
	1/26/2007	1,700	 $13.35
	1/29/2007	2,800	 $13.35
	1/30/2007	10,500	 $13.41
	1/31/2007	7,800	 $13.43
	2/1/2007	5,100	 $13.44
	2/2/2007	8,400	 $13.44
	2/8/2007	100	 $13.43
	2/12/2007	5,100	 $13.51
	2/13/2007	5,100	 $13.52
	2/14/2007	6,000	 $13.52
	2/15/2007	11,200	 $13.51
	2/16/2007	3,054	 $13.54
	2/16/2007	-40	 $13.57
	2/20/2007	3,500	 $13.56
	2/21/2007	12,300	 $13.55
	2/21/2007	-700	 $13.56
	2/22/2007	3,900	 $13.54
	2/23/2007	130	 $13.54
	2/26/2007	2,500	 $13.63
	2/27/2007	12,100	 $13.65
	2/28/2007	12,400	 $13.62

The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares. None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding.

Item 7. Materials to be Filed as Exhibits.

Item 7 is hereby amended as follows:

Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

Karpus Management, Inc.


By:  	/s/
Name:   	Dana R. Consler
Title:  	Senior Vice-President
Date:  	March 9, 2007

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