PIMCO Floating Rate Income Fund Declares Monthly Common Share Income Dividend


NEW YORK, May 6, 2005 (PRIMEZONE) -- The Board of Trustees of 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 a dividend of $0.105323 cents per common share.

The dividend will be payable on June 3, 2005, to shareholders of record on May 20, 2005, with an ex-dividend date of May 18, 2005.

At April 30, 2005, the Fund's net assets were $557.3 million (inclusive of $210 million of preferred shares).

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. Allianz is a leading global financial services company.

The Fund's daily New York Stock Exchange closing price, weekly net asset value per share as well as other information, including updated portfolio statistics and performance as of March 31, 2005 are available at www.allianzinvestors.com or by calling the Fund's transfer agent at 1-800-331-1710.

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 of 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.



            

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