NEW YORK, July 8, 2008 (PRIME NEWSWIRE) -- 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, 2008.

                                              At April 30,
                                              ------------
                                          2008               2007
                                      -----------        -----------
 Net Assets (a)                      $147,586,016       $160,942,928
 Common Shares Outstanding              7,258,006          7,257,093
 Net Asset Value ("NAV")                   $12.76             $14.60
 Market Price                              $12.50             $13.73
 Discount to NAV                            (2.04)%            (5.96)%

                                          Quarter ended April 30,
                                          -----------------------
                                         2008                2007
                                      -----------        -----------
 Net Investment Income                 $1,619,704         $1,507,722
 Per Common Share                           $0.22              $0.21
 Net Realized and Change in
  Unrealized Gain (Loss)              $(5,435,092)          $364,468
 Per Common Share                          ($0.75)             $0.05
 Undistributed Net Investment
   Income Per Common Share (b)            $0.0042 (c)        $0.0332(d)

                                        Six Months ended April 30,
                                        --------------------------
                                          2008               2007
                                      -----------        -----------
 Net Investment Income                 $3,268,999         $3,028,056
 Per Common Share                           $0.45              $0.42
 Net Realized and Change
  in Unrealized Loss                  $(8,801,628)         $(917,352)
 Per Common Share                          ($1.21)            ($0.13)

 (a) Net assets are inclusive of market value of Preferred stock of
     $55 million.
 (b) Please note that generally there is a close correlation between
     what the Fund earns (net of expenses) and what it pays in monthly
     dividends. However, since net earning rates fluctuate from month
     to month while monthly dividends have remained relatively stable,
     there will be periods when the Fund may over-earn or under-earn
     its monthly dividend which would have the effect of adding to or
     subtracting from the Fund's undistributed net investment income
     balance.