PIMCO Floating Rate Income Fund and PIMCO Floating Rate Strategy Fund to Begin Reporting Daily Net Asset Value and to Change Monthly Dividend Schedule

NEW YORK--(BUSINESS WIRE)-- PIMCO Floating Rate Income Fund (NYSE:PFL) and PIMCO Floating Rate Strategy Fund (NYSE:PFN) (each a "Fund" and collectively the "Funds") announced effective August 3, 2009 the Funds will begin to report their net asset value (“NAV”) daily.

In connection with the change to daily NAV reporting, the Funds’ Board of Trustees has approved a change to the Funds’ monthly dividend schedule. Commencing in August 2009, the Funds’ monthly dividends are expected to be declared on the first business day of each month and be paid on the first business day of the following month. This change will not impact the previously declared dividends for the Funds payable on August 7, 2009.

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’ daily New York Stock Exchange closing prices, daily net asset values per share beginning August 3, 2009, 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.

Contacts

For information on PIMCO Closed-End Funds:

Financial Advisors: 800-628-1237

Shareholders: 800-285-4086

Media Relations: 212-739-3501