- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM N-Q		OMB APPROVAL
			OMB Number:      3235-0578
			Expires:      April 30, 2010
			Estimated average burden
			hours per response	10.5

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-07532

PIMCO Municipal Advantage Fund Inc.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas New York, New York	10105
(Address of principal executive offices)	(Zip code)

Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code:

212-739-3371

Date of fiscal year end:	October 31, 2009
Date of reporting period:	January 31, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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Item 1. Schedule of Investments
PIMCO Municipal Advantage Fund Inc. Schedule of Investments
January 31, 2009 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
MUNICIPAL BONDS & NOTES—95.3%
		Alabama—0.9%
$1,000		Montgomery Medical Clinic Board Rev.,
		Jackson Hospital & Clinic, 4.75%, 3/1/26	Baa2/BBB-		$675,460
500		Tuscaloosa Educational Building Auth. Rev.,
		Stillman College, 5.00%, 6/1/26	NR/BBB-		341,355
					1,016,815
		Alaska—0.3%
705		Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A	Baa3/NR		369,328
		Arizona—6.5%
700		Health Facs. Auth. Rev., Beatitudes Campus, 5.20%, 10/1/37	NR/NR		411,411
		Pima Cnty. Industrial Dev. Auth. Rev.,
1,000		American Charter Schools Foundation, 5.625%, 7/1/38	NR/NR		675,350
6,300		Correctional Facs. 5.00%, 9/1/39	Aa2/AA		5,766,012
1,200		Salt Verde Financial Corp. Gas Rev., 5.00%, 12/1/37	A2/AA-		767,964
					7,620,737
		California—8.0%
1,000		Foothill Eastern Corridor Agcy. Toll Road Rev., 5.75%, 1/15/40	Baa3/BBB-		734,680
4,000		Golden State Tobacco Securitization Corp. Rev.,
		5.125%, 6/1/47, Ser. A-1	Baa3/BBB		2,169,480
1,000		Health Facs. Finance Auth. Rev.,
		Adventist Health System, 5.00%, 3/1/33	NR/A		782,560
5,000		State, GO, 5.125%, 11/1/24	A1/A+		5,013,150
1,000		Statewide Community Dev. Auth. Rev.,
		Huntington Park Chapter School, 5.25%, 7/1/42, Ser. A	NR/NR		617,090
					9,316,960
		Colorado—1.5%
500		Confluence Metropolitan Dist. Rev., 5.40%, 12/1/27	NR/NR		312,505
575		Educational & Cultural Facs. Auth. Rev., 5.75%, 12/1/37 (a)(c)	NR/NR		369,811
		Health Facs. Auth. Rev.,
1,000		Valley View Hospital, 5.125%, 5/15/37	NR/BBB		691,240
650		Volunteers of America, 5.30%, 7/1/37	NR/NR		349,076
					1,722,632
		District of Columbia—0.9%
1,000		Dist. of Columbia Rev., World Wildlife Fund,
		6.00%, 7/1/18, Ser. A (AMBAC)	Aa3/AA		1,048,780
		Florida—3.7%
4,275		Miami-Dade Cnty. Expressway Auth. Rev.,
		5.00%, 7/1/29, Ser. B (MBIA-FGIC)	A3/AA		3,998,664
500		Orange Cnty. Health Facs. Auth. Rev., 5.50%, 7/1/32	NR/NR		299,365
					4,298,029
		Georgia—4.0%
825		Atlanta Dev. Auth. Rev., 5.25%, 7/1/12, Ser. A	A3/NR		860,986
2,000		Chatham Cnty. Hospital Auth. Rev., 5.75%, 1/1/29, Ser. A	Baa2/BBB		1,387,360
1,750		Cherokee Cnty. Water & Sewer Auth. Rev., 5.50%, 8/1/23, (MBIA)	Baa1/AA		1,952,825
750		Medical Center Hospital Auth. Rev., 5.25%, 7/1/37	NR/NR		441,270
					4,642,441

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PIMCO Municipal Advantage Fund Inc. Schedule of Investments
January 31, 2009 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Hawaii—0.9%
$1,000		State Marina Rev., 5.75%, 7/1/21, Ser. A (MBIA-FGIC)	A2/AA		$1,029,820
		Illinois—12.3%
1,000		Chicago Wastewater System Rev.,
		6.00%, 1/1/17, (Pre-refunded @ $101, 1/1/10) (MBIA)(b)	A2/AA		1,059,540
		Finance Auth. Rev., Ser. A,
425		Leafs Hockey Club, 6.00%, 3/1/37	NR/NR		249,951
7,250		Sherman Health Systems, 5.50%, 8/1/37	Baa1/A-		5,045,202
		Health Facs. Auth. Rev.,
1,000		Centegra Health Rev., 5.25%, 9/1/24	NR/A-		877,810
3,000		Decatur Memorial Hospital, 5.75%, 10/1/24	A2/A		2,754,600
1,100		McHenry & Lake Cntys. Community High School Dist. No. 156, GO,
		5.125%, 1/1/19, (Pre-refunded @ $100, 1/1/11) (FGIC)(b)	Aa3/NR		1,182,720
5,000		Metropolitan Pier & Exposition Auth. Rev.,
		zero coupon, 6/15/36, Ser. A (MBIA)	A1/AAA		948,000
2,000		Regional Transportation Auth. Rev., 6.00%, 6/1/23, (MBIA-FGIC)	Aa2/AA+		2,276,660
					14,394,483
		Indiana—0.9%
1,500		Health & Educational Facs. Financing Auth. Rev.,
		Community Foundation of Northwest Indiana, 5.50%, 3/1/37	NR/BBB		1,093,335
		Iowa—1.4%
		Finance Auth. Rev.,
750		Deerfield Retirement Community, Inc., 5.50%, 11/15/37	NR/NR		416,018
500		Edgewater LLC, 6.75%, 11/15/37	NR/NR		356,710
1,600		Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A	NR/NR		899,600
					1,672,328
		Maryland—1.9%
1,150		Baltimore Water Project Rev., 5.125%, 7/1/42, Ser. A (MBIA-FGIC)	A1/AA		1,099,538
1,500		Health & Higher Educational Facs. Auth. Rev.,
		Mercy Medical Center, 5.00%, 7/1/37, Ser. A	Baa2/BBB		1,065,660
					2,165,198
		Massachusetts—7.2%
500		Dev. Finance Agcy. Rev., 5.20%, 11/1/41	NR/NR		276,045
1,000		Health & Educational Facs. Auth. Rev.,
		Partners Healthcare, 5.125%, 7/1/19, Ser. B	Aa2/AA		1,007,260
1,500		State, GO, 5.50%, 11/1/20, Ser. C, (Pre-refunded @ $100, 11/1/12) (b)	Aa2/AA		1,699,905
90		State Water Pollution Abatement Trust Rev., 6.375%, 2/1/15, Ser. A	Aaa/AAA		90,003
5,500		Water Res. Auth. Rev., 5.00%, 8/1/41, Ser. A	Aa2/AA		5,286,710
					8,359,923
		Michigan—5.9%
1,065		Bloomingdale Public School Dist., GO,
		5.50%, 5/1/19, (Pre-refunded @ $100, 5/1/11) (Q-SBLF)(b)	Aa3/AA-		1,166,463
1,500		Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A	NR/NR		818,340
2,000		Grand Valley State Univ. Rev., 5.50%, 2/1/18, (MBIA-FGIC)	NR/AA		2,241,600
		Kalamazoo Economic Dev. Corp. Rev., Heritage Community,
1,250		5.125%, 5/15/37	NR/NR		719,737
350		5.50%, 5/15/36	NR/NR		215,663
1,075		Lincoln Consolidated School Dist., GO,
		5.50%, 5/1/19, (Pre-refunded @ $100, 11/1/11) (Q-SBLF)(b)	Aa3/AA-		1,195,271

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PIMCO Municipal Advantage Fund Inc. Schedule of Investments
January 31, 2009 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		Michigan (continued)
$825		Meridian Economic Dev. Corp. Rev.,
		Burcham Hills, 5.25%, 7/1/26, Ser. A-1	NR/NR		$512,713
					6,869,787
		Minnesota—0.2%
500		St. Paul Housing & Redev. Auth. Rev., Marian Center, 5.375%, 5/1/43	NR/NR		279,160
		Missouri—1.0%
500		Branson Regional Airport Transportation Dev. Dist. Rev.,
		6.00%, 7/1/37, Ser. A	NR/NR		312,765
1,260		Joplin Industrial Dev. Auth. Rev.,
		Christian Homes, Inc., 5.75%, 5/15/26, Ser. F	NR/NR		848,900
					1,161,665
		New Jersey—2.9%
1,500		Middlesex Cnty. Improvement Auth. Rev.,
		6.125%, 1/1/25, Ser. B	NR/NR		879,030
		Tobacco Settlement Financing Corp. Rev.,
3,000		5.00%, 6/1/41, Ser. 1A	Baa3/BBB		1,608,090
750		6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (b)	Aaa/AAA		911,460
					3,398,580
		New Mexico—6.7%
8,035		Albuquerque Sales Tax Rev., 5.00%, 7/1/37, Ser. A (FSA)	Aa3/AAA		7,797,485
		New York—3.2%
245		Dutchess Cnty. Industrial Dev. Agcy. Rev., Elant Fishkill, Inc.,
		5.25%, 1/1/37, Ser. A	NR/NR		141,767
750		New York City, GO, 5.25%, 9/15/33, Ser. C	Aa3/AA		712,238
2,825		Triborough Bridge & Tunnel Auth. Rev., 5.125%, 11/15/29, Ser. B	Aa2/AA-		2,827,175
					3,681,180
		North Dakota—0.6%
1,000		Stark Cnty. Healthcare Rev., Benedictine Living Communities,
		6.75%, 1/1/33	NR/NR		757,660
		Ohio—5.3%
8,500		Buckeye Tobacco Settlement Financing Auth. Rev.,
		5.875%, 6/1/47, Ser. A-2	Baa3/BBB		4,875,600
405		Hamilton Cnty. Sales Tax Rev., 5.25%, 12/1/32, Ser. B (AMBAC)	A2/NR		377,383
885		Summit Cnty., GO, 6.25%, 12/1/15,
		(Pre-refunded @ $101, 12/1/10) (FGIC)(b)	Aa2/NR		981,438
					6,234,421
		Pennsylvania—3.3%
		Allegheny Cnty. Hospital Dev. Auth. Rev.,
1,500		5.375%, 11/15/40, Ser. A	Ba3/BB		774,390
2,000		6.00%, 7/1/23, Ser. B (MBIA)	Aa3/AA		2,129,320
1,500		Philadelphia Hospitals & Higher Education Facs. Auth. Rev.,
		Temple Univ. Health System, 5.00%, 7/1/34, Ser. A	Baa3/BBB		922,710
					3,826,420
		Puerto Rico—0.2%
5,000		Sales Tax Financing Corp. Rev., zero coupon, 8/1/54, Ser. A (AMBAC)	A1/A+		185,000

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PIMCO Municipal Advantage Fund Inc. Schedule of Investments
January 31, 2009 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		South Dakota—0.6%
$630		Heartland Consumers Power Dist. Rev., 7.00%, 1/1/16	Aaa/AAA		$735,078
		Texas—8.6%
		Corpus Christi, GO, (FSA),
390		5.00%, 3/1/21	Aa3/AAA		399,087
610		5.00%, 3/1/21, (Pre-refunded @ $100, 3/1/11) (b)	Aa3/AAA		658,928
1,200		HFDC of Central Texas, Inc. Rev.,
		Village at Gleannloch Farms, 5.50%, 2/15/37, Ser. A	NR/NR		729,060
1,400		Houston Water, CP, 7.50%, 12/15/15, Ser. H (AMBAC)	Baa1/A		1,698,970
250		Lubbock Educational Facs. Auth. Rev.,
		Lubbock Christian Univ., 5.25%, 11/1/37	NR/BBB		170,370
2,000		Richardson Hospital Auth. Rev., 6.00%, 12/1/19	Baa2/BBB-		1,654,080
1,000		State Public Finance Auth. Rev., 5.00%, 2/15/18, Ser. A	NR/NR		779,710
1,000		Texas Tech Univ. Rev., 5.50%, 8/15/18, Ser. 7,
		(Pre-refunded @ $100, 2/15/12) (MBIA)(b)	Aa3/AA		1,124,410
2,750		Tyler Health Facs. Dev. Corp. Rev.,
		East Texas Medical Center, 5.375%, 11/1/37, Ser. A	Baa3/NR		1,785,438
1,000		Univ. of Houston Rev., 5.25%, 2/15/17,
		(Pre-refunded @ $100, 2/15/10) (MBIA)(b)	Aa3/AA		1,048,550
					10,048,603
		Virginia—0.3%
500		Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27	NR/NR		334,765
		Washington—4.2%
3,000		State Motor Vehicle Rev., GO,
		5.625%, 7/1/25, Ser. B, (Pre-refunded @ $100, 7/1/10) (b)	Aa1/AA+		3,201,420
2,010		State, GO, zero coupon, 12/1/14, Ser. F (MBIA)	Aa1/AA+		1,694,772
					4,896,192
		Wisconsin—1.9%
3,040		Health & Educational Facs. Auth. Rev.,
		Franciscan Sisters Healthcare, 5.00%, 9/1/33	NR/BBB+		1,969,950
300		Milwaukee Redev. Auth. Rev., Academy of Learning,
		5.50%, 8/1/22, Ser. A	NR/NR		227,367
					2,197,317
		Total Municipal Bonds & Notes (cost—$133,558,930)			111,154,122
VARIABLE RATE DEMAND NOTES (d)(e) —4.7%
		Alaska—0.2%
200		Valdez Rev., Exxon Pipeline Co., 0.30%, 2/2/09	VMIG1/A-1+		200,000
		Illinois—1.7%
1,995		Chicago Sales Tax Rev., 0.65%, 2/2/09	VMIG1/A-1+		1,995,000
		Maryland—0.9%
1,000		Montgomery Cnty., GO, 0.60%, 2/2/09, Ser. A	VMIG1/A-1		1,000,000
		New Hampshire—1.1%
1,300		Health & Education Facs. Auth. Rev.,
		Dartmouth College, 0.15%, 2/2/09, Ser. B	VMIG1/A-1+		1,300,000

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PIMCO Municipal Advantage Fund Inc. Schedule of Investments
January 31, 2009 (unaudited)
Principal
Amount			Credit Rating
(000)			(Moody's/S&P)		Value*
		North Carolina—0.8%
$1,000		Medical Care Commission Rev., Wake Forest Univ.,
		0.40%, 2/2/09, Ser. D	VMIG1/NR		$1,000,000
		Total Variable Rate Demand Notes (cost—$5,495,000)			5,495,000
		Total Investments (cost—$139,053,930)— 100.0%			$116,649,122

 

Notes to Schedule of Investments:

*	Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.
	Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Directors, or persons acting at their discretion pursuant to procedures established by the Board of Directors. The Fund's investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the last quoted mean price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
	The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold and these differences could be material. The Fund’s net asset value is normally determined daily as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (“NYSE”) on each day the NYSE is open for business.
(a)	Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $369,811, representing 0.32% of total investments.
(b)	Pre-refunded bonds are collateralized by U.S. Government or other eligible securities which are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).
(c)	144A Security—Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
(d)	Variable Rate Notes—Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on January 31, 2009.
(e)	Maturity date shown is date of next put.

Glossary:
AMBAC—insured by American Municipal Bond Assurance Corp.
CP—Certificates of Participation
FGIC—insured by Financial Guaranty Insurance Co.
FSA—insured by Financial Security Assurance, Inc.
GO—General Obligation Bond
MBIA—insured by Municipal Bond Investors Assurance
NR—Not Rated
Q-SBLF—Qualified School Bond Loan Fund

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Fair Value Measurements –Effective November 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of the fair value measurements. Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants. The three levels of the fair value hierarchy under SFAS 157are described below:

• Level 1 – quoted prices in active markets for identical investments that the Fund has the ability to access.
• Level 2 – valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.), or quotes from inactive exchanges.
• Level 3 – valuations based on significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The valuation techniques used by the Fund to measure fair value during the three months ended January 31, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used at January 31, 2009 in valuing the Fund’s investments carried at value:

			Investments in
Valuation Inputs			Securities
Level 1 - Quoted Prices		$	—
Level 2 - Other Significant Observable Inputs			116,649,122
Level 3 - Significant Unobservable Inputs			—
Total		$	116,649,122

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Item 2.	Controls and Procedures
(a)	The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b)	There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3.	Exhibits
	(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: PIMCO Municipal Advantage Fund Inc.
By	/s/ Brian S. Shlissel
President & Chief Executive Officer
Date: March 19, 2009
By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: March 19, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Brian S. Shlissel
President & Chief Executive Officer
Date: March 19, 2009
By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
Date: March 19, 2009

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