PIMCO Floating Rate Income Fund Reports Results for the Fiscal Quarter Ended October 31, 2008


NEW YORK, Jan. 16, 2009 (GLOBE NEWSWIRE) -- PIMCO Floating Rate Income Fund (the "Fund") (NYSE:PFL), a closed-end management investment company which seeks high current income, consistent with the preservation of capital, today announced its results for the fiscal quarter ended October 31, 2008.


                                             At October 31, 
                                             -------------
                                        2008               2007
                                        ----               ----
 Net Assets (a)                     $ 378,034,876     $ 537,033,959
 Common Shares Outstanding             18,265,782        18,220,942
 Net Asset Value ("NAV")            $        9.20     $       17.95
 Market Price                       $        8.56     $       17.34
 Discount to NAV                            (6.96)%           (3.40)%


                                       Quarter ended October 31,
                                       ------------------------
                                        2008               2007
                                        ----               ----
 Net Investment Income (b)          $   7,115,377     $   9,304,798
 Per Common Share (b)               $        0.39     $        0.51
 Net Realized and Change in
  Unrealized Gain (Loss) (b)        $(100,323,417)    $  12,280,196
 Per Common Share (b)               $       (5.49)    $        0.67
 Undistributed Net Investment
   Income Per Common Share (c)(d)   $      0.1296     $      0.0031


 (a) Net assets are inclusive of market value of Preferred Shares of
     $210 million. The Fund redeemed $93 million of Preferred Shares
     during December 2008.

 (b) The information provided is in accordance with generally accepted
     accounting principals ("GAAP"), which requires the Fund to treat
     amounts accrued under swap agreements as net realized and
     unrealized gain (loss). However, these amounts are treated as net
     income (loss) for federal income tax purposes. By using GAAP, Net
     Investment Income for the fiscal quarters ended October 31, 2008
     and October 31, 2007 was $456,926 ($0.03 per common share) and
     $1,694,742 ($0.09 per common share), respectively, lower, (and
     Net Realized and Change in Unrealized Gain (Loss) correspondingly
     higher (lower)) than those figures would have been if swap
     amounts were treated as net income in accordance with federal
     income tax treatment.

 (c) Note that generally there is a close correlation between what the
     Fund earns (net of expenses) and what it pays in monthly
     dividends. However, since net earning rates fluctuate from month
     to month, there will be periods when the Fund may over-earn or
     under-earn its monthly dividend which would have the effect of
     adding to or subtracting from the Fund's undistributed net
     investment income balance. Fund management analyzes the Fund's
     current and projected net earnings rates prior to recommending
     dividend amounts to the Fund's Board of Trustees for declaration.
     There can be no assurance that the current dividend rate or the
     undistributed net investment income balance will remain constant.
     Inclusive of amounts accrued under swap agreements, in accordance
     with federal income tax treatment.

 (d) Calculated using the accumulated balance at October 31, 2008 and
     October 31, 2007, respectively.

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, weekly net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its objective. The Fund's 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

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