PIMCO Floating Rate Income Fund and PIMCO Floating Rate Strategy Fund Declare Common Share Dividends


NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) -- PIMCO Floating Rate Income Fund (NYSE:PFL) and PIMCO Floating Rate Strategy Fund (NYSE:PFN) (each a "Fund" and collectively the "Funds") announced today that they have declared the following dividends on the Funds' common shares, which consist of the monthly dividend amounts that where scheduled to have been declared in November and December, but were previously postponed.



 PIMCO Floating Rate Income Fund         $0.195641 per common share
 PIMCO Floating Rate Strategy Fund       $0.187315 per common share

The dividends will be payable on January 2, 2009 to shareholders of record on December 29, 2008, with an ex-dividend date of December 24, 2008.

The Funds' investment objective is to seek high current income, consistent with the preservation of capital. There can be no assurance that the Funds will achieve their stated objective.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' 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 Funds' sub-adviser.

The Funds' daily New York Stock Exchange closing prices and net asset values per share are available by calling the Funds' shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.

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 further declines in the securities markets and in the Funds' performance, a general downturn in the economy, inability to obtain leverage to replace ARPS that have been redeemed, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds' ability to maintain leverage and to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940.



            

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