PIMCO Floating Rate Income Fund Reports Results for the Fiscal Quarter and Year Ended July 31, 2007


NEW YORK, Oct. 9, 2007 (PRIME 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 and year ended July 31, 2007.



                                At July 31, 2007   At July 31, 2006
                                ----------------   ----------------
 Net Assets (a)                     $526,289,226       $555,749,627
 Common Shares Outstanding            18,201,455         18,066,771
 Net Asset Value ("NAV")                  $17.38             $19.14
 Market Price                             $17.88             $20.02
 Premium to NAV                            2.88%              4.60%



                                       Quarter ended July 31,
                                -----------------------------------
                                      2007               2006
                                ----------------   ----------------
 Net Investment Income (b)            $9,607,525         $9,382,787
 Per Common Share (b)                      $0.54              $0.52
 Net Realized and Change in
  Unrealized Loss (b)               $(30,686,109)       $(3,854,342)
 Per Common Share (b)                     $(1.69)            $(0.21)

 Undistributed Net Investment
  Income Per Common Share (c)            $0.0140(d)         $0.0187(e)


                                        Year ended July 31,
                                -----------------------------------
                                      2007               2006
                                ----------------   ----------------
 Net Investment Income (b)           $38,505,179        $34,537,366
 Per Common Share (b)                      $2.13              $1.91
 Net Realized and Change in
  Unrealized Loss (b)               $(23,476,848)       $(2,645,142)
 Per Common Share (b)                     $(1.29)            $(0.14)


 (a) Net assets are inclusive of market value of Preferred shares
     outstanding of $210 million.

 (b) The information provided is in accordance with generally accepted
     accounting principals ("GAAP"), which requires the Fund to treat
     amounts received by the Fund under swap agreements as net
     realized 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 quarter and year ended July 31,
     2007 was $1,803,924 ($0.10 per common share) and $5,242,555
     ($0.29 per common share) respectively, lower, (and Net Realized
     and Change in Unrealized Loss correspondingly lower) than those
     figures would have been if the swap amounts were treated as net
     income (loss) in accordance with federal income tax treatment. By
     using GAAP, Net Investment Income for the fiscal quarter and year
     ended July 31, 2006 was $861,826 ($0.05 per common share) and
     $2,885,742 ($0.16 per common share) respectively, lower, (and Net
     Realized and Change in Unrealized Loss correspondingly lower)
     than those figures would have been if swap amounts were treated
     as net income (loss) 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 while monthly dividends have remained relatively stable,
     there will be periods when the Fund may modestly 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 will remain constant.
     Inclusive of amounts received under swap agreements, in
     accordance with federal income tax treatment.

 (d) Calculated using the accumulated balance at July 31, 2007.

 (e) Calculated using the average fiscal year-to-date month-end
     balances for the three months ended July 30, 2006.

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 investment 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 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.



            

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