PIMCO Floating Rate Income Fund and PIMCO Floating Rate Strategy Fund Postpone Declaration of Next Monthly Common Share Dividends


NEW YORK, March 6, 2009 (GLOBE NEWSWIRE) -- PIMCO Floating Rate Income Fund (NYSE:PFL) and PIMCO Floating Rate Strategy Fund (NYSE:PFN) (each a "Fund" and collectively, the "Funds") announced today that the Funds are required to postpone the declaration of their next scheduled monthly common share dividends which would have been paid in April 2009.

The Funds are not permitted to pay or declare common share dividends unless the Funds' auction rate preferred shares ("ARPS") have asset coverage of at least 200% ("200% Level") after the payment or the declaration of the common share dividend, in accordance with the Funds' By-laws and the Investment Company Act of 1940, as amended.

The Funds intend to resume declaring dividends as soon as possible. As previously communicated in a press release dated February 27, 2009, the Funds are redeeming a portion of their outstanding ARPS. These redemptions are intended to increase and maintain asset coverage of the Funds' ARPS above the 200% Level, permitting the Funds to declare and pay future common share dividends. Depending on market conditions, the coverage ratios may increase or decrease further. An announcement regarding actual dividend declaration and payment dates will be made at a future date.

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 achieve their stated objective.

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' New York Stock Exchange closing prices and net asset values per share are available by calling the Funds' shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.

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 further declines in the securities markets and 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 their 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 maintain leverage and 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, as amended.



            

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