<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 0000897951
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 MUNICIPAL ADVANTAGE FUND INC.
001 B000000 811-7532
001 C000000 2126677300
002 A000000 ONE WORLD FINANCIAL CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10281
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
<PAGE> PAGE 2
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000001 13-5674085
022 C000001 23741
022 D000001 15090
022 A000002 RAYMOND JAMES & ASSOC.
022 B000002 59-1237041
022 C000002 0
022 D000002 9577
022 A000003 FIRST ALBANY CORP.
022 B000003 14-1391446
022 C000003 1238
022 D000003 2587
022 A000004 GOLDMAN SACHS & COMPANY
022 B000004 13-5108880
022 C000004 2452
022 D000004 1000
022 A000005 BEAR STEARNS & CO.
022 B000005 13-3299429
022 C000005 2932
022 D000005 0
022 A000006 GRUNTAL
022 B000006 13-3179859
022 C000006 1466
022 D000006 1325
022 A000007 BELLE HAVEN INVESTMENTS, L.P.
022 B000007 06-1325829
022 C000007 445
022 D000007 2005
022 A000008 TUCKER ANTHONY CORP.
022 B000008 04-2566229
022 C000008 979
022 D000008 995
022 A000009 COWEN & CO.
022 B000009 13-5616116
022 C000009 0
022 D000009 1915
022 A000010 J. P. MORGAN
022 B000010 13-3224016
022 C000010 1000
022 D000010 500
023 C000000 37130
023 D000000 36745
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
<PAGE> PAGE 3
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
<PAGE> PAGE 4
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.4
062 M000000 0.0
062 N000000 0.0
062 O000000 97.1
062 P000000 0.0
062 Q000000 0.0
<PAGE> PAGE 5
062 R000000 0.0
063 A000000 0
063 B000000 21.2
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 18630
071 B000000 20445
071 C000000 152427
071 D000000 12
072 A000000 6
072 B000000 4625
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 466
072 G000000 0
072 H000000 0
072 I000000 12
072 J000000 19
072 K000000 0
072 L000000 22
072 M000000 14
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 35
072 S000000 20
072 T000000 0
072 U000000 9
072 V000000 0
072 W000000 96
072 X000000 693
072 Y000000 0
072 Z000000 3932
072AA000000 0
072BB000000 62
072CC010000 0
072CC020000 2573
072DD010000 3856
072DD020000 0
072EE000000 0
073 A010000 0.3900
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 66
074 B000000 0
<PAGE> PAGE 6
074 C000000 2200
074 D000000 147869
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 2808
074 M000000 61
074 N000000 153004
074 O000000 0
074 P000000 75
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 579
074 S000000 55000
074 T000000 97350
074 U010000 7257
074 U020000 0
074 V010000 13.41
074 V020000 0.00
074 W000000 0.0000
074 X000000 5500
074 Y000000 0
075 A000000 0
075 B000000 101284
076 000000 11.13
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE MARK BIDERMAN
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
Municipal Advantage Fund Inc.'s Semi Annual Report dated April 30. 1996,
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000897951
<NAME> MUNICIPAL ADVANTAGE FUND INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 150,261,638
<INVESTMENTS-AT-VALUE> 150,069,158
<RECEIVABLES> 2,807,971
<ASSETS-OTHER> 127,080
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 153,004,209
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 654,664
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 55,000,000
<PAID-IN-CAPITAL-COMMON> 100,625,610
<SHARES-COMMON-STOCK> 7,257,093
<SHARES-COMMON-PRIOR> 7,257,093
<ACCUMULATED-NII-CURRENT> 279,903
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,363,488)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (192,480)
<NET-ASSETS> 152,349,545
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,624,672
<OTHER-INCOME> 0
<EXPENSES-NET> 692,988
<NET-INVESTMENT-INCOME> 3,931,684
<REALIZED-GAINS-CURRENT> (62,205)
<APPREC-INCREASE-CURRENT> (2,572,511)
<NET-CHANGE-FROM-OPS> 1,296,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,855,808)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,558,840)
<ACCUMULATED-NII-PRIOR> 204,027
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 466,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 695,308
<AVERAGE-NET-ASSETS> 101,284,122
<PER-SHARE-NAV-BEGIN> 13.77
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.37)
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.41
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>