PIMCO Floating Rate Income Fund Reports Results for the Fiscal Quarter and Nine Months Ended April 30, 2006


NEW YORK, July 12, 2006 (PRIMEZONE) -- 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 nine months ended April 30, 2006.


                                      At April 30,     At April 30,
                                          2006             2005
                                     ------------      ------------
 Net Assets (a)                      $560,566,420      $557,283,595
 Common Shares Outstanding             18,047,096        18,013,174
 Net Asset Value ("NAV")                   $19.43            $19.28
 Market Price                              $18.79            $19.85
 Premium (Discount) to NAV                  (3.29)%            2.96%


                                     Quarter ended      Quarter ended
                                    April 30, 2006      April 30, 2005
                                  -----------------   ----------------
 Net Investment Income                 $8,675,637 (b)    $9,186,447
 Per Common Share                           $0.47 (b)         $0.51
 Net Realized and Change
   in Unrealized Gain (Loss)           $2,395,927 (b)   $(9,790,910)
 Per Common Share                           $0.14 (b)        $(0.55)
 3 Month Average Undistributed
   Net Investment
    Income Per Common Share (c)           $0.0493           $0.0165


                                 Nine Months ended   Nine Months ended
                                   April 30, 2006      April 30, 2005
                                ------------------  ------------------

 Net Investment Income                $25,154,579 (b)   $20,147,380
 Per Share                                  $1.39 (b)         $1.12
 Net Realized and Change in
  Unrealized Gain (Loss)               $1,209,200 (b)     $(546,549)
 Per Share                                  $0.07 (b)        $(0.03)

 (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 nine months ended
      April 30, 2006 was $469,350  ($0.03 per common share) and
      $2,023,916  ($0.11 per common  share)  lower,  respectively,
      (and Net Realized  and  Change in  Unrealized  Gain  (Loss)
      correspondingly  higher (lower)  than those  figures  would
      be if swap  amounts were treated as net income (loss) in
      accordance with federal income tax treatment.

 (c)  Calculated  using the  month-end  balances for the three
      months ended April 30, 2006 and April 30, 2005, 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
      net  investment income balance.  Fund Management  analyzes
      the Fund's current and projected net earning  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  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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