PFL and PFN Declare Monthly Common Share Income Dividends

http://www.businesswire.com/news/home/20091102006393/en

* PIMCO Floating Rate Income Fund
* PIMCO Floating Rate Strategy Fund

NEW YORK--(Business Wire)--
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 $0.06269 per common share
PIMCO Floating Rate Strategy Fund $0.05852 per common share

The dividends will be payable on December 1, 2009 to shareholders of record on
November 12, 2009, with an ex-dividend date of November 9, 2009.

At October 31, 2009, the Funds` net assets (a) were approximately:

(in millions)
PIMCO Floating Rate Income Fund $276.8
PIMCO Floating Rate Strategy Fund $563.0

(a) Net assets are inclusive of market value of Preferred Shares of $78,975,000
million and $161,000,000 million for PFL and PFN, respectively.

Since PFN and PFL invest predominantly in floating rate assets, the amount of
each Fund`s monthly distributions to shareholders is expected to vary with
fluctuations in market interest rates. The Funds, from time to time, may
distribute less than the entire amount of net investment income earned in a
particular period. Such undistributed net investment income would be available
to supplement future distributions, including distributions that might otherwise
have been reduced by a decrease in the Funds` monthly net income due to
fluctuations in investment income or expenses, or due to an increase in the
dividend rate on the Funds` outstanding Preferred Shares. As a result, the
distributions paid by the Funds for any particular period may be more or less
than the amount of net investment income actually earned by the Funds during
such period.

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 meet
their stated objectives.

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. 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, 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) 254-5197.

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. The Funds` ability 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.

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

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