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001 A000000 MUNICIPAL ADVANTAGE FUND INC.
001 B000000 811-7532
001 C000000 2126677300
002 A000000 ONE WORLD FINANCIAL CENTER
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002 D010000 10281
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<PAGE> PAGE 2
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022 B000001 13-5674085
022 C000001 27009
022 D000001 22593
022 A000002 BEAR STEARNS & CO.
022 B000002 13-3299429
022 C000002 11292
022 D000002 6582
022 A000003 FIRST ALBANY CORP.
022 B000003 14-1391446
022 C000003 1928
022 D000003 4221
022 A000004 WILLIAM R. HOUGH
022 B000004 59-2246010
022 C000004 0
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022 B000005 13-1912900
022 C000005 3527
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022 B000006 23-2177819
022 C000006 1407
022 D000006 1393
022 A000007 COWEN & COMPANY
022 B000007 13-5616116
022 C000007 0
022 D000007 2360
022 A000008 BELLE HAVEN INVESTMENTS
022 B000008 06-1325829
022 C000008 925
022 D000008 990
022 A000009 FIRST UNION NATIONAL BANK
022 B000009 56-1252143
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SIGNATURE MARK BIDERMAN
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The semi-annual report for the period Nov 1, 1996 to April 30, 1997
</LEGEND>
<CIK> 0000897951
<NAME> MUNICIPAL ADVANTAGE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 150,358,368
<INVESTMENTS-AT-VALUE> 153,119,271
<RECEIVABLES> 2,773,722
<ASSETS-OTHER> 72,495
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,965,488
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 668,424
<TOTAL-LIABILITIES> 668,424
<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> 366,922
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,456,371)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,760,903
<NET-ASSETS> 155,297,064
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,637,853
<OTHER-INCOME> 0
<EXPENSES-NET> (704,294)
<NET-INVESTMENT-INCOME> 3,933,559
<REALIZED-GAINS-CURRENT> (2,036)
<APPREC-INCREASE-CURRENT> (1,030,460)
<NET-CHANGE-FROM-OPS> 2,901,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,901,298
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,000,235)
<ACCUMULATED-NII-PRIOR> 334,661
<ACCUMULATED-GAINS-PRIOR> (3,454,335)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 464,556
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 705,372
<AVERAGE-NET-ASSETS> 101,135,278
<PER-SHARE-NAV-BEGIN> 13.96
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> (.14)
<PER-SHARE-DIVIDEND> .54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.82
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F56>
<FN>
<F56>Ratios calculated on the basis of income and expenses applicable to both
the common and preferred shares relative to the average net assets of common
shareholders.
</FN>
</TABLE>
