PIMCO Floating Rate Income Fund and PIMCO Floating Rate Strategy Fund Declare Monthly...

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

NEW YORK, June 6, 2008 (PRIME NEWSWIRE) -- The Boards of Trustees of PIMCO
Floating Rate Income Fund (NYSE:PFL) and PIMCO Floating Rate Strategy Fund
(NYSE:PFN) (collectively, the "Funds") announced today that they have declared
the following dividends on the Funds' common shares:

PIMCO Floating Rate Income Fund $0.10132 per common share
PIMCO Floating Rate Strategy Fund $0.09715 per common share
The dividends will be payable on July 3, 2008 to shareholders of record on June
16, 2008, with an ex-dividend date of June 12, 2008.

At May 30, 2008, the Funds' net assets(a) were approximately:

(in millions)
PIMCO Floating Rate Income Fund $492.8
PIMCO Floating Rate Strategy Fund $1,121.9

(a) Net assets are inclusive of market value of Preferred Shares of
$210 million and $480 million for PFL and PFN, respectively.
The Funds' investment objective is to seek high current income, consistent with
the preservation of capital.

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, weekly net asset values
per share, as well as other information, including updated portfolio statistics
and performance is available at www.allianzinvestors.com or by calling the
Funds' 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 Funds' 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.

-0-
CONTACT: Christoph Hofmann
(800) 285-4086