PIMCO Municipal Advantage Fund Inc. Reports Results for the Fiscal Quarter and Six Months Ended April 30, 2009

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 and six months ended April 30, 2009.

At April 30,

        
        
           
        
        
        
      
      
        
        
        
        
        
          2009
        
        
           
        
        
          2008
        
        
        
        
        
      
      
        
          Net Assets
        
        
        
        
          $69,071,377
        
        
        
        
          $147,586,016
        
        
        
        
          (a)
        
      
      
        
          Common Shares Outstanding
        
        
        
        
          7,258,006
        
        
        
        
          7,258,006
        
        
        
        
        
      
      
        
          Net Asset Value ("NAV")
        
        
        
        
          $9.52
        
        
        
        
          $12.76
        
        
        
        
        
      
      
        
          Market Price
        
        
        
        
          $9.46
        
        
        
        
          $12.50
        
        
        
        
        
      
      
        
          Discount to NAV
        
        
        
        
          (0.63)%
        
        
        
        
          (2.04)%
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          

Quarter ended April 30,

        
        
        
        
        
      
      
        
        
        
        
        
          2009
        
        
        
        
          2008
        
        
        
        
        
      
      
        
          Net Investment Income
        
        
        
        
          $1,098,167
        
        
        
        
          $1,619,704
        
        
        
        
        
      
      
        
          Per Common Share
        
        
        
        
          $0.15
        
        
        
        
          $0.22
        
        
        
        
        
      
      
        
          Net Realized and Change in Unrealized Gain (Loss)
        
        
        
        
          $629,077
        
        
        
        
          (5,435,092)
        
        
        
        
        
      
      
        
          Per Common Share
        
        
        
        
          $0.09
        
        
        
        
          $(0.75)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          

Six Months ended April 30,

        
        
        
        
        
      
      
        
        
        
        
        
          2009
        
        
        
        
          2008
        
        
        
        
        
      
      
        
          Net Investment Income
        
        
        
        
          $2,682,157
        
        
        
        
          $3,268,999
        
        
        
        
        
      
      
        
          Per Common Share
        
        
        
        
          $0.37
        
        
        
        
          $0.45
        
        
        
        
        
      
      
        
          Net Realized and Change in Unrealized Loss
        
        
        
        
          $(2,450,058)
        
        
        
        
          $(8,801,628)
        
        
        
        
        
      
      
        
          Per Common Share
        
        
        
        
          $(0.33)
        
        
        
        
          $(1.21)
        
        
        
        
        
      
    
    
      
        
          (a)
        
        
           
        
        
          Net assets are inclusive of market value of Preferred stock of $55 
          million. On April 24, 2009, the Fund redeemed all of its outstanding 
          Preferred stock.
        
      
    
    
      
        
        
        
           
        
        
          Top 5 State Positions at April 30, 2009
        
      
      
        
        
        
        
        
          

(as a percentage of total investments)

        
      
      
        
          Illinois
        
        
        
        
          15.7
        
        
          %
        
      
      
        
          Massachusetts
        
        
        
        
          13.1
        
        
        
      
      
        
          Arizona
        
        
        
        
          12.4
        
        
        
      
      
        
          Texas
        
        
        
        
          10.5
        
        
        
      
      
        
          Georgia
        
        
        
        
          7.7
        
        
        
      
    
    

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 [phone].

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. There can be no assurance that the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.