PIMCO Floating Rate Income Fund Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2007


NEW YORK, April 2, 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 six months ended January 31, 2007.



                                At January 31,      At January 31,
                                         2007                2006
                                --------------      --------------
 Net Assets (a)                   $561,027,723        $558,124,627
 Common Shares Outstanding          18,143,895          18,024,012
 Net Asset Value ("NAV")                $19.35              $19.31
 Market Price                           $20.78              $18.60
 Premium (Discount) to NAV                7.39%              (3.68)%



                                 Quarter ended       Quarter ended
                              January 31, 2007    January 31, 2006
                              ----------------    ----------------
 Net Investment Income (b)          $9,906,126          $8,456,262
 Per Common Share (b)                    $0.55               $0.47
 Net Realized and Change in
  Unrealized Gain (Loss) (b)        $7,835,588          $2,406,135
 Per Common Share (b)                    $0.43               $0.13
 3 Month Average Accumulated
  Undistributed (Overdistributed)
  Net Investment Income Per
  Common Share (c)                    $(0.0093)            $0.0862


                                    Six Months          Six Months
                                         ended               ended
                              January 31, 2007    January 31, 2006
                              ----------------    ----------------
 Net Investment Income (b)         $19,619,962         $16,478,942
 Per Common Share (b)                    $1.08               $0.92
 Net Realized and Change in
  Unrealized Gain (Loss) (b)        $9,968,372         $(1,186,727)
 Per Common Share (b)                    $0.55              $(0.07)


 (a) Net assets are inclusive of market value of Preferred shares 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 six months ended
     January 31, 2007 was $1,023,948 ($0.06 per common share) and
     $1,807,327 ($0.10 per common share) lower, respectively (and Net
     Realized and Change in Unrealized Gain (Loss) correspondingly
     higher (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 six months ended January 31,
     2006 was $642,322 ($0.04 per common share) and $1,554,566 ($0.09
     per common share) lower, respectively (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 (loss) in accordance with federal income tax
     treatment.

 (c) Calculated using the estimated accumulated month-end balances
     for the three months ended January 31, 2007 and January 31, 2006,
     respectively. Please 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 (overdistributed) 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
     (overdistributed) net investment income will remain constant.
     Inclusive of amounts received under swap agreements, in
     accordance with federal income tax treatment.

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 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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