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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549

FORM N-Q

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, 2008           
 
Date of reporting period:    
July 31, 2008

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 30b1-5 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.

Item 1. Schedule of Investments

PIMCO Municipal Advantage Fund Inc. Schedule of Investments
July 31, 2008 (unaudited)
Principal              
Amount                 Credit Rating          
(000)       (Moody's/S&P)   Value*  
MUNICIPAL BONDS & NOTES—97.3%          
    Alabama—1.8%          
                  $1,600   Huntsville-Redstone Village Special Care Facs. Financing Auth. Rev.,          
          5.50%, 1/1/43   NR/NR               $1,277,120   
1,000   Montgomery Medical Clinic Board,          
          Jackson Hospital & Clinic Rev., 4.75%, 3/1/26   Baa2/BBB-   856,600  
500   Tuscaloosa Educational Building Auth. Rev.,          
          Stillman College, 5.00%, 6/1/26   NR/BBB-   428,545  
            2,562,265  
 
    Alaska—0.3%          
705   Northern Tobacco Securitization Corp. Rev., 5.00%, 6/1/46, Ser. A   Baa3/NR   503,490  
 
    Arizona—5.4%          
700   Health Facs. Auth. Rev., Beatitudes Project, 5.20%, 10/1/37   NR/NR   550,606  
    Pima Cnty. Industrial Dev. Auth. Rev.,          
1,000         American Charter Schools Foundation, 5.625%, 7/1/38   NR/NR   893,600  
1,500         Center for Academic Success, 5.50%, 7/1/37 (b)   NR/BBB-   1,289,880  
650         Choice Education & Dev. Corp., 6.375%, 6/1/36   NR/NR   604,929  
3,400         Correctional Facs., 5.00%, 9/1/39   Aa2/AA   3,321,222  
1,200   Salt Verde Financial Corp. Rev., 5.00%, 12/1/37   Aa3/AA-   1,004,376  
            7,664,613  
 
    California—7.5%          
1,000   Foothill Eastern Corridor Agcy. Toll Road Rev., 5.75%, 1/15/40   Baa3/BBB-   970,280  
4,000   Golden State Tobacco Securitization Corp. Rev.,          
          5.125%, 6/1/47, Ser. A-1   Baa3/BBB   2,906,200  
1,000   Health Facs. Finance Auth. Rev.,          
          Adventist Health System, 5.00%, 3/1/33   NR/A   897,820  
5,000   State, GO, 5.125%, 11/1/24   A1/A+   5,108,950  
1,000   Statewide Community Dev. Auth. Rev.,          
          Huntington Park Chapter School, 5.25%, 7/1/42, Ser. A   NR/NR   822,620  
            10,705,870  
 
    Colorado—3.1%          
500   Confluence Metropolitan Dist. Rev., 5.40%, 12/1/27   NR/NR   435,455  
575   Educational & Cultural Facs. Auth. Rev., 5.75%, 12/1/37 (b)   NR/NR   481,574  
    Health Facs. Auth. Rev.,          
2,000       Valley View Hospital, 5.125%, 5/15/37   NR/BBB   1,729,600  
650       Volunteers of America, 5.30%, 7/1/37   NR/NR   526,630  
1,600   Madre Metropolitan Dist. No. 2, GO, 5.50%, 12/1/36, Ser. A   NR/NR   1,179,184  
            4,352,443  
 
    District of Columbia—1.3%          
725   District of Columbia, GO, 5.25%, 6/1/27, Ser. A (MBIA-IBC)   Aaa/AAA   734,084  
1,000   District of Columbia Rev., 6.00%, 7/1/18, Ser. A (AMBAC)   Aaa/AAA   1,051,610  
            1,785,694  
 
    Florida—4.6%          
1,355   Highlands Cnty. Health Facs. Auth. Rev., Adventist Health System,          
          5.375%, 11/15/35, Ser. D, (Pre-refunded @ $100, 11/15/13) (a)   A1/NR   1,478,441  
500   Lee Cnty. Industrial Dev. Auth. Rev., 5.375%, 6/15/37, Ser. A   NR/BB   400,440  
4,275   Miami-Dade Cnty. Expressway Auth. Rev., 5.00%, 7/1/29, Ser. B (FGIC)   A3/A   4,171,887  
500   Orange Cnty. Health Facs. Auth. Rev., 5.50%, 7/1/32   NR/NR   421,070  
            6,471,838  

PIMCO Municipal Advantage Fund Inc. Schedule of Investments
July 31, 2008 (unaudited)
Principal              
Amount                 Credit Rating          
(000)       (Moody's/S&P)   Value*   
    Georgia—3.6%          
                     $825   Atlanta Dev. Auth. Rev., 5.25%, 7/1/12, Ser. A   A3/NR                   $846,491  
2,000   Chatham Cnty. Hospital Auth. Rev., 5.75%, 1/1/29, Ser. A   Baa2/BBB   1,755,960  
1,750   Cherokee Cnty. Water & Sewer Auth. Rev., 5.50%, 8/1/23 (MBIA)   Aaa/AAA   1,959,003  
750   Medical Center Hospital Auth. Rev., 5.25%, 7/1/37   NR/NR   598,980  
            5,160,434  
 
    Hawaii—0.7%          
1,000   State, Marina Rev., 5.75%, 7/1/21, Ser. A (FGIC)   A2/A-   1,036,360  
 
    Illinois—9.6%          
1,000   Chicago Wastewater System Rev.,          
          6.00%, 1/1/17, (Pre-refunded @ $101, 1/1/10) (MBIA)(a)   Aaa/AAA   1,063,420  
    Finance Auth. Rev., Ser. A          
425       Leafs Hockey Club, 6.00%, 3/1/37   NR/NR   367,638  
7,250       Sherman Health Systems, 5.50%, 8/1/37   Baa1/A-   6,670,942  
1,000   Health Facs. Auth. Rev, Centegra Health Rev., 5.25%, 9/1/24   NR/A-   972,470  
1,100   McHenry & Lake Cntys. Community High School Dist. No. 156,          
          GO, 5.125%, 1/1/19, (Pre-refunded @ $100, 1/1/11) (FGIC)(a)   Aa3/NR   1,162,491  
5,000   Metropolitan Pier & Exposition Auth. Rev.,          
          zero coupon, 6/15/36, Ser. A (MBIA)   Aaa/AAA   1,102,700  
2,000   Regional Transportation Auth. Rev., 6.00%, 6/1/23 (FGIC)   Aa2/AA+   2,293,000  
            13,632,661  
 
    Indiana—0.9%          
1,500   Health & Educational Facs. Financing Auth. Rev.,          
          Community Foundation of Northwest Indiana, 5.50%, 3/1/37   NR/BBB-   1,290,720  
 
    Iowa—1.6%          
    Finance Auth. Rev.,          
750       Deerfield Retirement Community, Inc., 5.50%, 11/15/37   NR/NR   536,528  
500       Edgewater LLC, 6.75%, 11/15/37   NR/NR   474,360  
1,600       Wedum Walnut Ridge LLC, 5.625%, 12/1/45, Ser. A   NR/NR   1,306,080  
            2,316,968  
 
    Maryland—0.9%          
1,500   Health & Higher Educational Facs. Auth. Rev., 5.00%, 7/1/37, Ser. A   Baa2/BBB   1,298,865  
 
    Massachusetts—6.1%          
500   Dev. Finance Agcy. Rev., 5.20%, 11/1/41   NR/NR   388,460  
1,000   Health & Educational Facs. Auth. Rev.,          
          Partners Healthcare, 5.125%, 7/1/19, Ser. B   Aa2/AA   1,015,400  
1,500   State, GO, 5.50%, 11/1/20, Ser. C, (Pre-refunded @ $100, 11/1/12) (a)   Aa2/AA   1,636,905  
90   State Water Pollution Abatement Trust Rev., 6.375%, 2/1/15, Ser. A   Aaa/AAA   90,170  
5,500   Water Res. Auth. Rev., 5.00%, 8/1/41, Ser. A   Aa2/AA   5,521,505  
            8,652,440  
 
    Michigan—6.2%          
1,065   Bloomingdale Public School Dist., GO,          
          5.50%, 5/1/19, (Pre-refunded @ $100, 5/1/11) (Q-SBLF)(a)   Aa3/AA-   1,144,044  
1,500   Garden City Hospital Finance Auth. Rev., 5.00%, 8/15/38, Ser. A   NR/NR   1,089,300  

PIMCO Municipal Advantage Fund Inc. Schedule of Investments
July 31, 2008 (unaudited)
Principal              
Amount                 Credit Rating          
(000)       (Moody's/S&P)   Value*   
    Michigan (continued)          
                  $2,000   Grand Valley State Univ. Rev., 5.50%, 2/1/18 (FGIC)   Baa3/A+               $2,123,420  
    Kalamazoo Economic Dev. Corp. Rev.,          
1,250         5.125%, 5/15/37   NR/NR   968,850  
350         5.50%, 5/15/36   NR/NR   288,806  
1,075   Lincoln Consolidated School Dist., GO,          
          5.50%, 5/1/19, (Pre-refunded @ $100, 11/1/11) (Q-SBLF)(a)   Aa3/AA-   1,162,140  
825   Meridian Economic Dev. Corp. Rev., 5.25%, 7/1/26   NR/NR   735,982  
1,500   Public Educational Facs. Auth. Rev., 5.00%, 9/1/36   NR/BBB-   1,254,960  
            8,767,502  
 
    Minnesota—0.3%          
500   St. Paul Housing & Redev. Auth. Rev., 5.375%, 5/1/43   NR/NR   413,960  
 
    Missouri—1.1%          
500   Branson Regional Airport Transportation Dev. Dist. Rev.,          
          6.00%, 7/1/37, Ser. A   NR/NR   428,480  
1,260   Joplin Industrial Dev. Auth. Rev., 5.75%, 5/15/26, Ser. F   NR/NR   1,182,535  
            1,611,015  
 
    New Jersey—3.1%          
1,500   Middlesex Cnty. Improvement Auth. Rev., 6.125%, 1/1/25, Ser. B   NR/NR   1,343,445  
    Tobacco Settlement Financing Corp. Rev.,          
3,000         5.00%, 6/1/41, Ser. 1A   Baa3/BBB   2,129,370  
750         6.75%, 6/1/39, (Pre-refunded @ $100, 6/1/13) (a)   Aaa/AAA   869,145  
            4,341,960  
 
    New Mexico—5.7%          
8,035   Albuquerque, Sales Tax Rev., 5.00%, 7/1/37, Ser. A (FSA)   Aaa/AAA   8,091,807  
 
    New York—3.6%          
245   Dutchess Cnty. Industrial Dev. Agcy. Rev., 5.25%, 1/1/37   NR/NR   198,303  
    New York City, GO,          
1,250         5.00%, 11/1/34, Ser. D   Aa3/AA   1,246,275  
750         5.25%, 9/15/33, Ser. C   Aa3/AA   759,000  
2,825   Triborough Bridge & Tunnel Auth. Rev., 5.125%, 11/15/29, Ser. B   Aa2/AA-   2,880,709  
            5,084,287  
 
    North Dakota—0.7%          
1,000   Stark Cnty. Healthcare Rev., Benedictine Living Communities,          
          6.75%, 1/1/33   NR/NR   943,070  
 
    Ohio—9.0%          
    Buckeye Tobacco Settlement Financing Auth. Rev., Ser. A-2,          
5,455         5.75%, 6/1/34   Baa3/BBB   4,545,270  
8,500         5.875%, 6/1/47   Baa3/BBB   6,867,235  
405   Hamilton Cnty. Sales Tax Rev., 5.25%, 12/1/32, Ser. B (AMBAC)   Aaa/NR   406,810  
885   Summit Cnty., GO, 6.25%, 12/1/15,          
          (Pre-refunded @ $101, 12/1/10) (FGIC)(a)   Aa2/AAA   973,031  
            12,792,346  
 
    Pennsylvania—3.3%          
    Allegheny Cnty. Hospital Dev. Auth. Rev.,          
1,500         5.375%, 11/15/40, Ser. A   Ba2/BB   1,167,555  
2,000         6.00%, 7/1/23, Ser. B (MBIA)   Aaa/AAA   2,262,480  

PIMCO Municipal Advantage Fund Inc. Schedule of Investments
July 31, 2008 (unaudited)
Principal              
Amount                 Credit Rating          
(000)       (Moody's/S&P)   Value*   
    Pennsylvania (continued)          
                  $1,500   Philadelphia Hospitals & Higher Education Facs. Auth. Rev.,          
          5.00%, 7/1/34   Baa3/BBB               $1,250,790  
            4,680,825  
 
    Puerto Rico—0.2%          
5,000   Sales Tax Financing Corp. Rev., zero coupon, 8/1/54, Ser. A (AMBAC)   Aaa/AAA   341,800  
 
    South Dakota—0.6%          
700   Heartland Consumers Power Dist. Rev., 7.00%, 1/1/16   Aaa/AAA   798,770  
 
    Tennessee—1.8%          
1,325   Blount Cnty. Health & Educational Facs. Board Rev.,          
          5.125%, 4/1/23, Ser. A   NR/NR   1,170,373  
1,500   Sumner Cnty. Health Educational & Housing Facs. Board Rev., 5.50%, 11/1/37   NR/NR   1,351,455  
            2,521,828  
 
    Texas—8.0%          
    Corpus Christi, GO (FSA),          
390         5.00%, 3/1/21   Aaa/AAA   396,950  
610         5.00%, 3/1/21, (Pre-refunded @ $100, 3/1/11) (a)   Aaa/AAA   645,874  
1,200   HFDC of Central Texas, Inc. Rev.,          
          Village at Gleannloch Farms, 5.50%, 2/15/37, Ser. A   NR/NR   955,512  
1,400   Houston Water Rev., CP, 7.50%, 12/15/15, Ser. H (AMBAC)   Aaa/AAA   1,721,720  
250   Lubbock Educational Facs. Auth.,          
          Lubbock Christian Univ. Rev., 5.25%, 11/1/37   NR/BBB   216,717  
2,000   Richardson Hospital Auth. Rev., 6.00%, 12/1/19   Baa2/BBB-   2,058,420  
1,000   State Public Finance Auth. Rev., 5.00%, 2/15/18, Ser. A   NR/NR   898,610  
1,000   Texas Tech Univ. Rev., 5.50%, 8/15/18,          
          Ser. 7, (Pre-refunded @ $100, 2/15/12) (MBIA)(a)   Aaa/AAA   1,086,230  
2,750   Tyler Health Facs. Dev. Corp. Rev.,          
          East Texas Medical Center, 5.375%, 11/1/37   Baa3/NR   2,382,325  
1,000   Univ. of Houston Rev., 5.25%, 2/15/17,          
          (Pre-refunded @ $100, 2/15/10) (MBIA)(a)   Aaa/AAA   1,046,340  
            11,408,698  
 
    Utah—0.6%          
880   Spanish Fork City Rev., 5.55%, 11/15/21   NR/NR   819,623  
 
    Virginia—0.3%          
500   Lewistown Commerce Center Community Dev. Auth. Rev., 6.05%, 3/1/27   NR/NR   445,320  
 
    Washington—3.3%          
1,500   State Housing Finance Commission Rev.,          
          Skyline at First Hill, 5.25%, 1/1/17, Ser. A   NR/NR   1,452,420  
3,000   State Motor Vehicle Rev., GO,          
          5.625%, 7/1/25, Ser. B, (Pre-refunded @ $100, 7/1/10) (a)   Aa1/AA+   3,188,910  
            4,641,330  
 
    Wisconsin—2.1%          
3,040   Health & Educational Facs. Auth. Rev.,          
          Franciscan Sisters Healthcare, 5.00%, 9/1/33   NR/BBB+   2,680,459  
300   Milwaukee Redev. Auth. Rev., 5.50%, 8/1/22, Ser. A   NR/NR   273,993  
            2,954,452  
    Total Municipal Bonds & Notes (cost $147,963,972)       138,093,254  

PIMCO Municipal Advantage Fund Inc. Schedule of Investments
July 31, 2008 (unaudited)
Principal              
Amount                 Credit Rating          
(000)       (Moody's/S&P)   Value*   
VARIABLE RATE DEMAND NOTES (c)(d) —2.7%          
    Alaska—0.8%          
                  $1,200   Valdez Rev., 1.90%, 8/1/08   VMIG1/A-1+               $1,200,000  
 
    Illinois—1.4%          
2,000   Chicago Sales Tax Rev., 2.10%, 8/1/08   VMIG1/A-1+   2,000,000  
 
    New York—0.2%          
300   New York City, GO, 2.00%, 8/1/08   VMIG1/A-1+   300,000  
 
    Texas—0.3%          
400   Gulf Coast Waste Disposal Auth. Rev., 1.90%, 8/1/08   VMIG1/A-1+   400,000  
    Total Variable Rate Demand Notes (cost—$3,900,000)       3,900,000  
 
    Total Investments (cost $151,863,972)— 100.0%       $141,993,254  

 

 

 

 

 

 

 


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 person acting at their discretion pursuant to guidelines 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 bid 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. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Short-term investments 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. The Fund’s net asset value is 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)   

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).

  (b)   

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.

  (c)   

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 July 31, 2008.

  (d)   

Maturity date shown is the 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
IBC—Insurance Bond Certificate
MBIA—insured by Municipal Bond Investors Assurance
NR—Not Rated
Q-SBLF—Qualified School Bond Loan Fund

Other Investments:

(1) Futures contracts outstanding at July 31, 2008:

        Market        
        Value   Expiration  
Unrealized
Type
  Contracts             (000)            
Date
  (Depreciation)
Short: U.S. Treasury Bond Futures   (250)   $(28,875)  
9/19/08
           
      $(127,515)     
 
The Fund pledged $490,100 in cash as collateral for futures contracts.

 


Item 2. Controls and Procedures

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial Officer & Accounting have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17CFR270.30a -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 occured 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

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: September 24, 2008
   
By  /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
   
Date: September 24, 2008

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: September 24, 2008
   
By  /s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer
   
Date: September 24, 2008

 


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