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SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No.)

PIMCO Municipal Advantage Fund Inc.

(Name of Issuer)

Auction Rate Preferred

(Title of Class of Securities)

722015203
(See Item 2(e))

(CUSIP Number)

January 30, 2009

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

[X ] Rule 13d-1(b)

[ ] Rule 13d-1(c)

[ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 722015203


-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 Bank of America Corporation 56-0906609

-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) [_]
 (b) [ ]

-------------------------------------------------------------------------------
3. SEC USE ONLY

-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 Delaware
-------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 ----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 243
 ----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 ----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 243
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 243
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 [_]
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 22.1%
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 HC
-------------------------------------------------------------------------------


CUSIP No. 722015203

-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 Merrill Lynch, Pierce, Fenner & Smith, Inc. 13-5674085
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) [_]
 (b) [_]

-------------------------------------------------------------------------------
3. SEC USE ONLY

-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 Delaware
-------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 ----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 208
 ----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 ----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 208
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 208
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 [_]
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 18.9%
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*

 BD, IA

-------------------------------------------------------------------------------


CUSIP No. 722015203

-------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 Bank of America, N.A. 94-1687665
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 (a) [_]
 (b) [_]

-------------------------------------------------------------------------------
3. SEC USE ONLY

-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 United States
-------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 0
 ----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY 35
 ----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 0
 ----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH 35
-------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 35
-------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 [_]
-------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 3.2%
-------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON

 BK

-------------------------------------------------------------------------------


CUSIP NO. 722015203

Item 1(a). Name of Issuer:
 PIMCO Municipal Advantage Fund Inc.

Item 1(b). Address of Issuer's Principal Executive Offices:

 1345 Avenue of the Americas
 New York, NY 10105


Item 2(a). Name of Person Filing:

 Bank of America Corporation ("Bank of America")
 Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("MLPFS")
 Bank of America, N.A. ("BANA")

Item 2(b). Address of Principal Business Office, or if None, Residence:

The address of the principal business office of Bank of America and BANA is:

 Bank of America Corporate Center
 100 North Tryon Street
 Charlotte, North Carolina 28255

The address of the principal business office of MLPFS is:

 4 World Financial Center
 250 Vesey Street
 New York, New York 10080.

Item 2(c). Citizenship:

 See Item 4 of Cover Pages

Item 2(d). Title of Class of Securities:

 Auction Rate Preferred

Item 2(e). CUSIP Numbers:
 722015203

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
 or (c), Check Whether the Person Filing is a:

(a) [_] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)19) of the Exchange Act.
(d) [_] Investment company registered under Section 8 of the Investment
 Company Act.
(e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E)
(f) [_] An employee benefit plan or endowment fund in accordance with
 Rule 13d-1(b)(1)(ii)(F)
(g) [X] A parent holding company or control person in accordance with
 Rule 13d-1(b)(1)(ii)(G)
(h) [_] A savings association as defined in Section 3(b) of the Federal


CUSIP No. 722015203

 Deposit Insurance Act
(i) [_] A church plan that is excluded from the definition of an investment
 company under Section 3(c)(14) of the Investment Company Act
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).


Item 4. Ownership.

 Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

The number of shares reported herein represents combined holdings in multiple
series of auction rate preferred securities of the issuer, which are treated
herein as one class of securities in accordance with the Securities and
Exchange Commission's Auction Rate Securities Global Exemptive Relief no action
letter issued on September 22, 2008.

(a) Amount beneficially owned:
 See Item 9 of Cover Pages
(b) Percent of class:
 See Item 11 of Cover Pages

(c) Number of shares as to which such person has:

 (i) Sole power to vote or to direct the vote:

 (ii) Shared power to vote or to direct the vote:

 (iii) Sole power to dispose or to direct the disposition of:

 (iv) Shared power to dispose or to direct the disposition of

 See Items 5-8 of Cover Pages

Item 5. Ownership of Five Percent or Less of a Class.

 If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than 5
percent of the class of securities, check the following [ ]

Item 6. Ownership of More Than Five Percent on Behalf of Another Person.

 Not Applicable

Item 7. Identification and Classification of the Subsidiary Which Acquired the
 Security Being Reported on by the Parent Holding Company.

 With respect to the beneficial ownership of the reporting person, see
Items 5 through 11 of the cover pages to this Schedule 13G, which are
incorporated herein by reference.

Item 8. Identification and Classification of Members of the Group.

 Not Applicable


CUSIP No. 722015203

Item 9. Notice of Dissolution of Group.

 Not Applicable

Item 10. Certifications.

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

 SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.



February 10, 2009

 Bank of America Corporation
 Bank of America, N.A.


 By: /s/ Debra I. Cho
 ------------------------------------
 Name: Debra I. Cho
 Title: Senior Vice President


 Merrill Lynch, Pierce, Fenner & Smith, Inc.

 By: /s/ Pia K. Thompson
 ------------------------------------
 Name: Pia K. Thompson
 Title: Assistant Secretary


* Executed pursuant to a Power of Attorney, dated November 17, 1995, a copy
 of which is attached hereto as Exhibit A.


Schedule 13G Exhibit A

Power of Attorney

The undersigned, Merrill Lynch & Co., Inc. (the "Corporation"), a corporation duly organized under the laws of Delaware, with its principal place of business at World Financial Center, North Tower, 250 Vesey Street, New York, New York 10281 does hereby make, constitute and appoint Richard B. Alsop, Richard D. Kreuder, Andrea Lowenthal, Gregory T. Russo, or any individual from time to time elected or appointed as secretary or an assistant secretary of the Corporation, acting severally, each of whose address is Merrill Lynch & Co., Inc., World Financial Center, North Tower, 250 Vesey Street, New York, New York 10281, as its true and lawful attorneys-in-fact, for it and in its name, place and stead (i) to execute on behalf of the Corporation and cause to be filed and/or delivered, as required under Section 13(d) of the Securities Exchange Act of 1934 (the "Act") and the regulations thereunder, any number, as appropriate, of original, copies, or electronic filings of the Securities and Exchange Commission Schedule 13D or Schedule 13G Beneficial Ownership Reports (together with any amendments and joint filing agreements under Rule 13d-1(f)(1) of the Act, as may be required thereto) to be filed and/or delivered with respect to any equity security (as defined in Rule 13d-1(d) under the Act) beneficially owned by the undersigned and which must be reported by the undersigned pursuant to Section 13(d) of the Act and the regulations thereunder, (ii) to execute on behalf of the Corporation and cause to be filed and/or delivered, any number, as appropriate, of original, copies or electronic filings of any forms (including without limitation), Securities and Exchange Commission Forms 3, 4 and 5) required to be filed pursuant to Section 16(a) of the Act and the regulations thereunder, and (iii) generally to take such other actions and perform such other things necessary to effectuate the foregoing as fully in a all respects as if the undersigned could do if personally present.

This Power of Attorney shall remain in effect until revoked, in writing, by the undersigned.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney, this 17th day of November 1995.

MERRILL LYNCH & CO., INC.

By: /s/ David H. Komansky
----------------------------------------
Name: David H. Komansky
Title: President and Chief Operating Officer

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