Contact: Christoph Hofmann

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PIMCO Floating Rate Strategy Fund Reports Results for the Fiscal Quarter and Six Months Ended January 31, 2008

NEW YORK, April 8, 2008 (PRIME NEWSWIRE) -- PIMCO Floating Rate Strategy Fund (the "Fund") (NYSE:PFN), 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, 2008.

(a) Net assets are inclusive of market value of Preferred Shares outstanding of $480 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, 2008 was $3,977,378 ($0.09 per common share) and $8,133,866 ($0.19 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 in accordance with federal income tax treatment. By using GAAP, Net Investment Income for the fiscal quarter and six months ended January 31, 2007 was $2,343,752 ($0.06 per common share) and $4,142,763 ($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 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 (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.

(d) Calculated using the accumulated balance at January 31, 2008.

(e) Calculated using the average fiscal year-to-date month-end balances for the three months ended January 31, 2007.

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 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.