NEW YORK, May 1, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of 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 federal income taxes, consistent with the preservation of capital, announced today that it has declared a dividend of $0.06 cents per common share.

The dividends will be payable on June 1, 2009 to shareholders of record on May 11, 2009, with an ex-dividend date of May 7, 2009.

At April 30, 2009, the Fund's net assets were approximately $69.1 million.

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, including updated portfolio statistics and performance is available at www.allianzinvestors.com or by calling the Fund's shareholder servicing agent at (800) 331-1710.

Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. There can be no assurance the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the Investment Company Act of 1940.

PIMCO Closed-end Funds:
Financial Advisors:
  (800) 628-1237
Shareholders:
  (800) 285-4086
Media Relations:
  (212) 739-3501